Fourth Quarter and Full Year 2025 Earnings January 28, 2026 © 2026 Deluxe Corporation Brian Anderson Vice President, Strategy & Investor Relations 2 Today's Presenters Barry McCarthy President and Chief Executive Officer Chip Zint Senior Vice President and Chief Financial Officer Brian Anderson Vice President, Strategy & Investor Relations 3 Cautionary Statement Statements made in this presentation regarding Deluxe, the company's,or management's intentions, expectations, outlook, or predictions about future ...

Core Insights - National Fuel Gas Company reported strong first-quarter results for fiscal 2026, with adjusted EPS increasing by 24% year-over-year, driven by operational success in its Integrated Upstream and Gathering segment and growth in regulated businesses [3][7]. Financial Performance - The company achieved GAAP earnings of $181.6 million, or $1.98 per share, compared to $45.0 million, or $0.49 per share, in the prior year [7]. - Adjusted earnings were $187.7 million, or adjusted EPS of $2.06, up from $151.9 million, or $1.66 per share, in the previous year [7]. - The Integrated Upstream and Gathering segment's adjusted EPS rose by 45% to $1.36, supported by a 14% increase in natural gas price realizations and a 12% growth in natural gas production [7]. Segment Performance - The Utility segment's net income increased by 5% year-over-year, attributed to ongoing investments in system modernization in New York and Pennsylvania [7]. - The Pipeline and Storage segment experienced a slight decrease in GAAP earnings, primarily due to reduced other income [22]. - The Corporate and All Other segment reported a net loss of $7.7 million, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition [25]. Operational Highlights - The company is focused on capital efficiency improvements, with an expanding inventory of high-quality Appalachian development locations, including approximately 200 new drilling locations [4]. - Key projects such as the Tioga Pathway and Shippingport Lateral expansion are on track for completion later in the calendar year [4]. - National Fuel successfully issued $350 million in common equity to fund the acquisition of CenterPoint Energy's Ohio gas utility, expected to close in Q4 2026 [7]. Guidance and Outlook - The company reaffirmed its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share, with a midpoint of $7.85 [9]. - The guidance incorporates first-quarter results and pricing assumptions consistent with previous guidance, including an average NYMEX natural gas price of $3.75 per MMBtu [9]. - Sensitivities to adjusted EPS guidance were provided based on varying NYMEX natural gas price assumptions [9].

Core Insights - Concentra Group Holdings Parent, Inc. reported preliminary unaudited financial results for Q4 and full year 2025, exceeding previous guidance for the year [1][2] - The company anticipates continued growth in 2026, supported by strong performance in 2025 and a detailed business outlook [5][9] Financial Performance - For Q4 2025, Concentra expects to report revenue of $539.1 million, a 15.9% increase from Q4 2024's $465.0 million [5] - Net income for Q4 2025 is projected at $36.2 million, up 58.7% from $22.8 million in Q4 2024 [5] - Adjusted EBITDA for Q4 2025 is expected to be $95.3 million, reflecting a 22.9% increase from $77.5 million in Q4 2024 [5] - Full year 2025 revenue is anticipated to be $2,163.4 million, a 13.9% increase from $1,900.2 million in FY 2024 [5] Operational Metrics - Total patient visits for Q4 2025 reached 3,264,322, a 9.0% increase from 2,994,988 in Q4 2024 [29] - The average revenue per visit in Q4 2025 was $149.63, up 3.1% from $145.08 in Q4 2024 [29] - For the full year 2025, total patient visits were 13,546,707, a 7.3% increase from 12,623,503 in FY 2024 [32] Business Outlook - For 2026, Concentra expects revenue in the range of $2.25 billion to $2.35 billion, with Adjusted EBITDA between $450 million and $470 million [12][35] - The company aims to maintain a net leverage ratio of 3.0x or below and anticipates free cash flow of $200 million to $225 million [12][35] Company Overview - Concentra is the largest provider of occupational health services in the U.S. by number of locations, operating 628 occupational health centers and 411 onsite health clinics [10] - The company supports approximately 53,000 patients daily across 47 states, focusing on improving the health of America's workforce [10]

Core Insights - Hawkins, Inc. reported record results in revenue, gross profit, operating income, and Adjusted EBITDA for the third quarter of fiscal 2026, driven by acquisition activity in the Water Treatment segment and improvements in the Industrial Solutions segment [3][5]. Financial Performance - Revenue for the third quarter reached $244.1 million, an increase of 8% from $226.2 million in the same period last year, with Water Treatment segment growth of 21% and Industrial Solutions segment growth of 10% [5][7]. - Gross profit increased by 5% to $50.8 million, maintaining a gross margin of 21% [5][11]. - Adjusted EBITDA was $34.8 million, a 3% increase from the previous year, with a trailing 12-month Adjusted EBITDA of $179 million [5][17]. Earnings and Expenses - Diluted earnings per share (EPS) were $0.69, a decrease of 4% due to increased amortization and interest expenses related to acquisitions [5][6]. - Selling, general, and administrative (SG&A) expenses rose by 3% to $28.3 million, accounting for 12% of sales, influenced by costs from acquired businesses [15]. Segment Performance - The Water Treatment segment reported sales of $120.5 million, up 21% from $99.8 million, attributed to $19 million from acquired businesses and improved pricing [8]. - The Food & Health Sciences segment saw a decline in sales by 10% to $70.0 million, primarily due to decreased sales volumes [9]. - The Industrial Solutions segment's sales increased by 10% to $53.6 million, driven by higher sales of manufactured products [10]. Cash Flow and Debt Management - Operating cash flow for the quarter was $35 million, with $15 million used to pay down debt, resulting in a leverage ratio of 1.47x Adjusted EBITDA [5][19]. - Total debt outstanding at the end of the quarter was $264 million, reflecting a strategic focus on reducing leverage [19]. Future Outlook - The company anticipates continued pricing pressures in the Food and Health Sciences segment but expects to return to historical organic revenue growth rates in fiscal 2027 [3].

Core Insights - MSCI's fourth-quarter 2025 adjusted earnings per share (EPS) were $4.66, surpassing the Zacks Consensus Estimate by 0.86% and reflecting an 11.5% year-over-year increase [1][10] - Revenues for MSCI rose 10.6% year over year to $822.5 million, aligning with the Zacks Consensus Estimate, driven by strong growth in recurring subscription revenues and asset-based fees [1][10] Revenue Breakdown - Recurring subscriptions amounted to $584.2 million, a 7.5% increase year over year, contributing 71% to total revenues [2] - Asset-based fees reached $211.7 million, up 20.7% year over year, contributing 25.7% to total revenues [2] - Non-recurring revenues were $26.6 million, increasing 7.1% year over year, contributing 3.2% to total revenues [2] Segment Performance - Index revenues were $479.1 million, a 14% year-over-year increase, with recurring subscriptions and asset-based fees rising 7.8% and 20.7%, respectively [4] - Analytics operating revenues were $182.3 million, up 5.5% year over year, with recurring subscriptions increasing 7.1% [5] - The Sustainability and Climate segment generated $90.3 million in operating revenues, a 5.9% year-over-year increase [6] - All Other – Private Assets operating revenues were $70.9 million, reflecting an 8.4% year-over-year increase [7] Operating Metrics - Adjusted EBITDA increased 13.2% year over year to $512 million, with an adjusted EBITDA margin of 62.2% [8] - Total operating expenses rose 6.1% year over year to $358.9 million, driven by higher compensation costs [9] - Operating income improved 14.4% year over year to $463.6 million, with an operating margin expansion of 190 basis points to 56.4% [11] Balance Sheet and Cash Flow - Total cash and cash equivalents as of December 31, 2025, were $515.3 million, up from $400.1 million as of September 30, 2025 [12] - Total debt increased to $6.2 billion as of December 31, 2025, from $5.6 billion as of September 30, 2025 [12] - Free cash flow was $464.8 million, a 17.8% year-over-year increase from $423.3 million [13] 2026 Guidance - For 2026, MSCI anticipates total operating expenses between $1.490 billion and $1.530 billion [14] - Adjusted EBITDA expenses are expected to range from $1.305 billion to $1.335 billion [14] - Net cash provided by operating activities and free cash flow are projected to be between $1.64 billion and $1.69 billion, and $1.47 billion to $1.53 billion, respectively [14]

Core Insights - AT&T reported strong financial performance for Q4 and full-year 2025, meeting or exceeding all consolidated financial guidance, driven by growth in converged fiber and 5G customers [1][2][3] - The company returned over $12 billion to shareholders in 2025 and expects to return an additional $45 billion+ from 2026-2028 [1][2] - AT&T's customer-centric, investment-led strategy has resulted in increased profitability and high customer satisfaction, with 42% of AT&T Fiber households also choosing AT&T for wireless services [1][3] Fourth-Quarter Results - Free cash flow was $4.2 billion, up from $4.0 billion in the previous year [2][3] - Revenues reached $33.5 billion, a 3.6% increase year-over-year, driven by higher mobility and consumer wireline revenues [3][4] - Net income was $4.2 billion, with adjusted EBITDA of $11.2 billion, compared to $10.8 billion in the year-ago quarter [2][3] Full-Year Results - Free cash flow for the full year was $16.6 billion, compared to $15.3 billion in 2024 [2][3] - Total revenues for 2025 were $125.6 billion, up 2.7% from $122.3 billion in 2024 [3][4] - Net income attributable to common stock was $21.9 billion, significantly up from $10.7 billion in the previous year [3][4] Segment Performance - Consumer Wireline fiber revenues increased by 13.6% year-over-year, contributing to strong broadband growth [3][4] - Mobility service revenues grew by 2.4% year-over-year, with 421,000 postpaid phone net adds [2][3] - Business Wireline revenues declined by 7.5% due to pressures on legacy services, partially offset by growth in fiber and advanced connectivity services [4][5] Long-Term Outlook - AT&T anticipates improved growth in adjusted EBITDA and adjusted EPS through 2028, with adjusted EPS expected to be between $2.25 and $2.35 in 2026 [2][3] - The company expects free cash flow to exceed $18 billion in 2026, $19 billion in 2027, and $21 billion in 2028 [2][3] - AT&T plans to maintain its annualized common stock dividend of $1.11 per share while executing share repurchases totaling approximately $8 billion during 2026 [2][3] Capital Allocation - The company expects to return over $45 billion to shareholders through dividends and share repurchases from 2026 to 2028 [1][2] - AT&T's net debt-to-adjusted EBITDA ratio is projected to increase to approximately 3.2x following acquisitions and decline to around 3x by the end of 2026 [2][3] - The company aims to reduce net leverage to its target range of 2.5x within three years following the closing of its acquisitions [2][3]

Core Insights - Polaris faced significant tariff-related cost pressures, amounting to $37 million in Q4, which impacted adjusted gross margin and led to modest adjusted EPS of approximately $0.08 [1][6] - The company reported a 9% increase in adjusted sales and North American retail sales, excluding youth products, indicating a focus on more profitable segments [2][6] - Polaris anticipates a challenging 2026, with total sales growth projected at 1-3%, and adjusted EPS expected to be between $1.50 and $1.60, while facing a tariff headwind of approximately $90 million [5][22] Financial Performance - In FY2025, Polaris generated roughly $605 million in free cash flow and paid down about $530 million of debt, but expects lower free cash flow of around $120 million in 2026 [4][16] - The company achieved adjusted EBITDA margin expansion of 80-120 basis points year-over-year, despite the impact of tariffs [19] - Polaris expects operating cash flow of about $160 million in 2026, with the first half of the year anticipated to be challenging for covenant compliance due to tariff pressures [16][17] Operational Highlights - Polaris gained market share across all segments in 2025, including off-road vehicles and motorcycles, with strong retail trends in utility vehicles [3][7] - The company reported a healthy dealer inventory level, with "just under 100 days" across the network, and a 9% decrease in off-road vehicle dealer inventory [12] - Significant operational improvements led to over $60 million in savings in 2025, with a $25 million reduction in warranty expenses due to quality enhancements [13][15] Strategic Outlook - Polaris is in the final stages of shifting youth manufacturing from China to Mexico, which is expected to improve dealer inventory levels by 2026 [2] - The company plans to reduce its reliance on China-based materials from approximately 14% at the end of 2025 to below 5% by the end of 2027 [23] - Transition service agreements related to the Indian Motorcycle separation are expected to generate $30 million to $35 million in other income in 2026 [20]

Core Viewpoint - Baker Hughes Co is a leading player in the oilfield services industry, showing strong financial performance and growth potential, which has led to an increased price target from Barclays [1][2]. Financial Performance - For Q4 2025, Baker Hughes reported an adjusted EBITDA of $1.34 billion, exceeding guidance [2]. - The company achieved a record high adjusted EBITDA of $4.83 billion for the full year [2][6]. - Baker Hughes generated $1.3 billion in free cash flow for Q4 and a record annual free cash flow of $2.7 billion [3][6]. Market Position and Demand - The company has a record backlog of $32.4 billion and a book-to-bill ratio exceeding 1, indicating strong demand for its services [3]. - The stock price increased by 4.40%, reaching $56.29, with a market capitalization of approximately $55.55 billion [5]. Segment Performance - The Power Systems segment saw orders rise to $2.5 billion in 2025, including $1 billion for data center applications [4]. - The Industrial and Energy Technology (IET) segment achieved a record $14.9 billion in orders for the full year, reflecting strong order momentum [4].

Group 1 - The expected revenue of the company is projected to be $730 million, with $577 million coming from TiO2, $78 million from zircon, and $75 million from other products [1] - The company anticipates a net loss of $176 million for Q4, alongside an expected Adjusted EBITDA of $57 million [1]

4Q 2025 Results January 26, 2026 Copyright 2024 Baker Hughes Company. All rights reserved. The information contained in this document is company confidential and proprietary property of Baker Hughes and its affiliates. Copyright 2026 Baker Hughes Company. All rights reserved. The information contained in this document is company confidential and proprietary property of Baker Hughes and its affiliates. It is used only for the benefit of Baker Hughes and may not be distributed, transmitted, reproduced, altere ...