Financial Data and Key Metrics Changes - Fiscal 2025 saw a 6% increase in sales, with segment margins expanding by 100 basis points and adjusted EPS rising by 17% [8][24] - Free cash flow conversion reached 102%, reflecting disciplined execution and financial strength [8][24] - The company ended the quarter with approximately $400 million in available cash and net debt declined to 2.4 times compared to the prior year [24] Business Line Data and Key Metrics Changes - Organic revenue grew 4% in Q4, with segment margin expanding 20 basis points to 18.8% [23] - Orders grew 6% in the quarter, with 9% growth in the Americas, supported by strength in data centers [24] - EMEA orders increased 3%, while APAC orders saw a small decline of 1% [24] Market Data and Key Metrics Changes - In the Americas, sales were up 3% organically, while EMEA delivered 9% organic growth [25] - APAC sales declined 3% organically, primarily due to lower volumes in China [25] - The backlog grew 13% to a record $15 billion, with system backlog growing 14% and service backlog growing 9% [26] Company Strategy and Development Direction - The company is updating its long-term growth algorithm to reflect improved mid-single-digit top-line growth and double-digit adjusted EPS growth [8][27] - The proprietary business system is being developed as a growth engine, focusing on customer-centric and continuous improvement [7][9] - The company aims to leverage strengths in HVAC controls and digital solutions to capture significant opportunities in decarbonization and mission-critical systems [21][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate evolving market conditions and maintain strong operational discipline [30] - The guidance for fiscal 2026 includes expectations for mid-single-digit organic revenue growth and approximately 100% free cash flow conversion [29][30] - Management highlighted the importance of technological innovation and sustainability in driving future growth [15][21] Other Important Information - The company is focused on strengthening leadership capabilities and aligning talent with strategic priorities [10] - Recent initiatives include a major announcement to provide green heat to Zurich through a waste incineration project, showcasing leadership in decarbonization [18][19] Q&A Session Summary Question: Can you walk through the 50% operating leverage target for 2026? - Management indicated that EMEA and APAC will be the main drivers of margin improvement, with overall operating leverage expected to be in the 50s or above [33] Question: Can you rank the opportunities going forward, including cost and portfolio opportunities? - Management emphasized ongoing efforts to reduce G&A costs and improve productivity, with a vibrant acquisition pipeline being pursued [34][38] Question: What are the drivers behind the decline in amortization? - The decline is attributed to impairments and portfolio actions, with further reductions possible through contemplated divestitures [49][50] Question: What is the outlook for orders in the first quarter? - Management expressed confidence in the health of the pipeline and the potential for order growth despite tough comparisons [51][52] Question: Can you elaborate on the margin improvement opportunities in EMEA and APAC? - Management noted that improvements will come from a combination of pricing discipline and ongoing deployment of the business system [62] Question: How does the transition from air cooling to liquid cooling affect content opportunities? - Management stated that the need for more cooling due to newer chips will increase the demand for chillers, maintaining strong opportunities in both air and liquid cooling solutions [66][67] Question: What is the strategic investment in Excelsius and its complementarity with the CDU? - The CDU launch is aimed at capturing significant market opportunities, while Excelsius anticipates future cooling needs for upcoming chip launches [94][95] Question: How is the company addressing accountability and KPIs? - Management is in the process of establishing enterprise KPIs to enhance accountability, with some tweaks to compensation structures being considered [84][85]

Financial Data and Key Metrics Changes - Fiscal 2025 saw a sales growth of 6%, with segment margins expanding by 100 basis points and adjusted EPS increasing by 17% [6][20] - Free cash flow conversion reached 102%, reflecting disciplined execution and financial strength [6][21] - The company ended the quarter with approximately $400 million in available cash, and net debt declined to 2.4 times compared to the prior year [21] Business Line Data and Key Metrics Changes - Organic revenue grew 4% in the fourth quarter, with segment margin expanding by 20 basis points to 18.8% [20] - Orders grew 6% in the quarter, with a notable 9% growth in the Americas, supported by strength in data centers [21] - In EMEA, orders increased by 3%, while APAC saw a small decline of 1% due to decreasing systems [22] Market Data and Key Metrics Changes - The backlog expanded by 13% to a record $15 billion, with system backlog growing by 14% and service backlog by 9% [21][24] - In the Americas, sales were up 3% organically, while EMEA delivered 9% organic growth [22] - APAC experienced a 3% organic sales decline, primarily due to lower volumes in China [22] Company Strategy and Development Direction - The company is updating its long-term growth algorithm to reflect improved mid-single-digit top-line growth and double-digit adjusted EPS growth [6][24] - The proprietary business system is being developed as a growth engine, focusing on customer-centric and continuous improvement [5][8] - The company aims to leverage strengths in HVAC controls and digital solutions to capture significant opportunities in decarbonization and mission-critical systems [19][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate evolving market conditions and achieve long-term growth commitments [26] - The guidance for fiscal 2026 includes expectations for mid-single-digit organic revenue growth and approximately 100% free cash flow conversion [25][26] - Management highlighted the importance of operational efficiencies and a record backlog in supporting future growth [25][26] Other Important Information - The company is focusing on investments in organic growth, returning capital to shareholders, and pursuing selective acquisitions [24] - Recent leadership changes include the appointment of a new leader for the Americas segment to sharpen customer focus [10] Q&A Session Summary Question: Can you walk through the 50% operating leverage target for 2026? - Management indicated that EMEA and APAC will be the main drivers of margin improvement, with a comfortable outlook for operating leverage in the 50s or above [28][29] Question: What are the opportunities for cost and portfolio improvements? - Management emphasized ongoing efforts to reduce G&A costs and improve productivity through the proprietary business system, with a vibrant acquisition pipeline [31][32] Question: Can you provide more detail on the $250 million benefits from operating leverage? - Management confirmed that the operating leverage will continue to improve over time, driven by productivity and responsible cost reductions [32][34] Question: What is the outlook for orders in the first quarter? - Management noted that the health of the pipeline continues to improve, with expectations for order growth despite tough comparisons [36] Question: How will the company achieve 100% cash flow conversion? - Management highlighted strong improvements in receivable management and inventory management as key drivers for free cash flow conversion [38][39] Question: What are the targeted actions for margin improvement in EMEA and APAC? - Management stated that margin improvement will come from a combination of pricing discipline, operational efficiency, and ongoing deployment of the business system [40] Question: How does the company view the content opportunity in data centers? - Management expressed confidence in the continued demand for both air and liquid cooling solutions, emphasizing the strength of their chiller offerings [41] Question: What is the impact of technology investments on aftermarket services? - Management indicated that technology investments are driving both share gain and margin improvement by lowering costs to serve [43] Question: Can you discuss the order growth from specific verticals? - Management noted strong growth in data centers, pharmaceuticals, and advanced manufacturing as key verticals driving backlog growth [45]

Financial Performance - Funds From Operations (FFO) reached $302 million, a 10% increase compared to the previous year, driven by improved hydroelectric results, growth activities, and inflation-linked cash flows[8] - Normalized FFO, adjusted for generation, was $352 million[8] - Available liquidity stands at approximately $4.7 billion[8] Operational Highlights - Capacity reached 48,673 MW[8] - Actual renewable generation was 7,186 GWh[8] - The company delivered approximately 1,800 MW of new capacity globally and expects to deliver approximately 8,000 MW in 2025[11] Growth and Development - Approximately $2.1 billion was committed or deployed across multiple investments[13] - The company completed the acquisition of a 15% incremental stake in Isagen for $1 billion[13] - The company raised approximately $1.1 billion across three hydro assets through upfinancings[14] Capital Allocation - Distributions of $0.373 per LP unit ($1.492 annualized) represent an over 5% increase from the prior year[8] - The company executed approximately $7.7 billion of financings in the quarter, bringing year-to-date financings to $27 billion[14] - The company closed and agreed to sell assets that will generate expected proceeds of approximately $2.8 billion[14] Contract Profile - Approximately 90% of generation, on a proportionate basis, is contracted for an average term of 13 years[19] - Approximately 70% of revenues are indexed to inflation[19]

Core Insights - ADNOC has signed a 15-year sales and purchase agreement with Shell for up to 1 million tons per annum of LNG from the Ruwais LNG project, marking ADNOC's first long-term LNG deal with Shell [1] - The agreement converts a prior Heads of Agreement into a definitive deal, bringing ADNOC's total contracted LNG volumes from Ruwais to over 8 million tons per annum, which is over 80% of the project's 9.6 million tons per annum capacity [2] - The Ruwais LNG project will be the first LNG export terminal in the Middle East and Africa powered entirely by clean energy, set to operational in Q4 2028, doubling ADNOC Gas's existing LNG capacity to roughly 15 million tons per annum [3] ADNOC's Strategic Moves - The deal with Shell underscores ADNOC's rapid progress in commercializing the Ruwais project and its commitment to expanding its lower-carbon LNG portfolio, achieving long-term offtake commitments in just over a year [4] - The agreement strengthens Shell's strategic partnership with ADNOC, supporting its efforts to grow its LNG trading and marketing business amid tightening global gas supplies and rising demand for lower-carbon energy sources [5] Industry Context - The Ruwais facility's low-carbon profile aligns with ADNOC's broader decarbonization strategy and the UAE's national push to become a leading global supplier of cleaner energy [6] - The deal highlights the growing importance of long-term LNG contracts as buyers seek supply security in an increasingly volatile global energy market [6]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenue of $106 million, an increase from $104.9 million in the same quarter last year, marking an 8% increase when excluding the alternative fuel tax credit from last year's figures [14][16] - Adjusted EBITDA for Q3 2025 was $17.3 million, down from $21.3 million in Q3 2024, primarily due to the absence of the alternative fuel tax credits [15][16] - The GAAP net loss for Q3 2025 was $23.8 million compared to $18.2 million in Q3 2024, with the 2025 loss impacted by $3 million in one-time costs [14][15] Business Line Data and Key Metrics Changes - The downstream fueling business continues to perform well, with 61 million gallons of renewable natural gas (RNG) sold in Q3 2025 [5] - The company has 140 refuse companies and 309 fueling sites, maintaining strong relationships with transit agencies [6][12] - The upstream RNG production business is expected to produce between 5 and 6 million gallons by the end of 2025, with plans to double that in 2026 [21][22] Market Data and Key Metrics Changes - The heavy-duty trucking sector remains a significant opportunity, with approximately 250,000 new Class 8 trucks sold annually in the U.S. and Canada [8] - The company is facing challenges in the heavy-duty sector due to lower freight rates and uncertain regulations, impacting truck sales [8][30] - RIN pricing has stabilized, but LCFS credit prices are facing headwinds, with expectations for gradual improvement in 2026 [10][76] Company Strategy and Development Direction - The company is focused on practical decarbonization solutions that are cost-effective compared to diesel, aiming to resonate with fleets and shippers [12][33] - Clean Energy is expanding its hydrogen fueling infrastructure alongside RNG, with new contracts awarded for hydrogen stations [6][7] - The company is actively pursuing partnerships to lower barriers for fleets adopting RNG-powered equipment [9][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position in the RNG market, highlighting strong customer relationships and a robust supply chain [22][12] - The company is confident in maintaining its 2025 outlook, with expectations for continued growth in RNG production and sales [16][48] - Management noted that while the market environment presents challenges, the company is well-positioned to capitalize on the demand for low-emission fuels [30][33] Other Important Information - The company has $232 million in cash and short-term investments, providing financial flexibility for growth [5][16] - The average carbon intensity score of the fuel sold in California is minus 194, showcasing the company's commitment to sustainability [12] Q&A Session Summary Question: What is the expected run rate of volumes for the RNG upstream business by the end of 2025? - The company expects to exit 2025 with production between 5 and 6 million gallons, with plans to double that in 2026 [21][22] Question: What are the initial impressions of the Pioneer Clean Fleet Solutions and its impact on X15N adoption? - Initial interest is positive, with the first deal in the works and meetings held with 20 different fleets [27][28] Question: How does the company view the current market environment for heavy-duty trucks? - The market is facing headwinds due to lower freight rates, but there is a clear demand for sustainable solutions that make economic sense [30][33] Question: What is the timeline for certification of environmental attributes for new projects? - Certification processes for RINs and LCFS credits can take time, with expectations for full certification by 2026 [43][44] Question: What are the expectations for RNG volume growth in 2026? - The company anticipates a nice growth trajectory but does not expect a step change, with increased adoption rates expected [56][58] Question: How is the company managing fuel margins in light of market changes? - The company is confident in maintaining fuel margins despite narrowing spreads between WTI and Henry Hub prices [59][60]

Core Insights - Acceleware Ltd. will present its EM Powered Heat solutions at the MICA Conference & Innovation Showcase 2025, highlighting its potential to transform the mining industry [1][2] - The conference aims to connect industry leaders, investors, and innovators to explore technologies that enhance productivity, sustainability, and safety in mining [2][3] Company Overview - Acceleware is an advanced electromagnetic heating company specializing in RF power-to-heat solutions for large industrial applications, focusing on electrifying and decarbonizing industrial process heat [4][5] - The company has partnered with a consortium of potash partners to decarbonize the drying process of potash ore and other critical minerals [5] Industry Engagement - Acceleware has been actively participating in global mining conferences, including PDAC 2025 and CIM Connect, to promote its EM Powered Heat technology [3] - The MICA Conference will feature 12 innovative mining-technology companies, showcasing advancements that propel the industry forward [2]

Core Viewpoint - The Memorandum of Understanding (MOU) between California Resources Corporation (CRC) and Capital Power aims to explore carbon management services, specifically targeting the transportation and sequestration of up to 3 million metric tons of CO2 emissions annually, supporting California's decarbonization goals [1][3][8] Company Overview - California Resources Corporation (CRC) is an independent energy and carbon management company focused on energy transition and environmental stewardship while providing responsibly sourced energy [4] - Carbon TerraVault (CTV), CRC's carbon management business, is developing services for capturing, transporting, and permanently storing CO2, engaging in various carbon capture and sequestration (CCS) projects [5] - Capital Power is a growth-oriented power producer with approximately 12 GW of power generation capacity across 32 facilities in North America, emphasizing reliable and affordable power while building lower-carbon power systems [6] MOU Details - The MOU signifies a partnership to evaluate and develop CCS solutions for Capital Power's La Paloma facility, a 1.1 GW natural gas combined cycle generation facility located in Kern County, California [8] - CTV plans to serve as the exclusive provider for transportation and sequestration services for the targeted 3 million metric tons of captured CO2 per annum, aligning with California's broader decarbonization objectives [8] - The collaboration will also assess potential data center sites, power infrastructure needs, regulatory permitting, and further integration opportunities [8]

Core Insights - Blink Charging Co. has been selected as the electric vehicle (EV) collaborator for Karbon Homes, a social housing provider managing approximately 34,000 homes in Northeast England and Yorkshire [1][2] Group 1: Blink Charging Co. - Blink Charging is a global leader in EV charging equipment and services, providing innovative solutions to facilitate the transition to electric transportation [7] - The company aims to enhance the accessibility and quality of charging infrastructure as more drivers switch to electric vehicles [5] - Blink is committed to training Karbon colleagues and customers who will be using the EV chargers [4] Group 2: Karbon Homes - Karbon Homes focuses on sustainability and aims to equip all new developments with renewable technologies, including EV charging infrastructure [3] - The organization’s mission includes delivering quality homes and services that support thriving communities, with a strong emphasis on affordability, safety, and sustainability [2] - Karbon Homes has a strategic commitment to decarbonization and energy-efficient homes, aligning with its 'Stronger Foundations' strategy [2][3]

Financial Data and Key Metrics Changes - Total revenues reached approximately EUR 1.8 billion, a 7.4% growth year over year with flat deliveries [13] - EBIT was over EUR 500 million, indicating strong profitability [13] - Industrial free cash flow was EUR 365 million, reflecting solid business performance [13][20] - EBITDA margin stood at 37.9% and EBIT margin at 28.4%, despite challenges from increased import tariffs [19] Business Line Data and Key Metrics Changes - Shipments were driven by models such as the 296 GTS, Purosangue, and the 12-cylinder family, while deliveries of the Daytona SP3 were lower due to its phase-out [16][17] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, particularly relevant for the SF90 XS family and Purosangue [18] Market Data and Key Metrics Changes - The U.S. market showed normalization in consumer behavior following clarity on tariffs, with business proceeding as usual [66] - The company noted a significant changeover of models, with only 15% of the lineup in ramp-up phase at the beginning of 2025, increasing to 35% by year-end [13] Company Strategy and Development Direction - The company aims for EUR 9 billion in revenues by the end of the decade, with a 40% EBITDA margin and a 30% EBIT margin [4] - A flexible approach to powertrain offerings has been adopted, recalibrating to 40% ICE, 40% hybrid, and 20% electric by 2030 [6] - The company plans to introduce an average of four new models per year between 2026 and 2030, focusing on innovation and client-centricity [5][8] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain and volatile, but the company is committed to a six-year growth plan [9] - Management expressed confidence in maintaining pricing power through continuous innovation and product differentiation [39][81] Other Important Information - The company has achieved approximately 30% reduction in Scope One and Scope Two emissions and aims for a 10x reduction by 2030 [10] - The order book extends well into 2027, indicating strong demand for new models [12] Q&A Session Summary Question: Impact of mix on Q4 performance - Management noted that the mix impact in the second half of the year has been slightly better than anticipated, mainly due to strong personalization [29] Question: Pricing power and future expectations - Management expressed confidence that pricing power will continue, driven by innovation and product richness [39] Question: Hybrid share reduction - The reduction in hybrid offerings is linked to the changeover of models and not indicative of a broader trend [46] Question: Demand for new models - Demand for the Purosangue is strong, with over 40% of potential buyers being new to the brand [54] Question: F1 budget increase - The increase in the F1 budget will flow through as a cost increase, impacting the P&L [96] Question: FX impact on order backlog - The company can adjust pricing based on currency fluctuations, with a 90-day notice period for changes [98]

Financial Data and Key Metrics Changes - Total revenues reached approximately €1.8 billion, reflecting a 7.4% year-over-year growth with flat deliveries [13] - EBIT exceeded €500 million, indicating strong profitability [13] - Industrial free cash flow was reported at €365 million, showcasing solid business performance [13][20] - EBITDA margin stood at 37.9% and EBIT margin at 28.4%, despite challenges from increased import tariffs [19] Business Line Data and Key Metrics Changes - Shipments were driven by models such as the 296 GTS, Purosangue, and the 12-cylinder family, while deliveries of the Daytona SP3 were lower due to its phase-out [16][17] - Personalizations accounted for approximately 20% of total revenues from cars and spare parts, particularly benefiting the SF90 XS family and Purosangue [18] Market Data and Key Metrics Changes - The company noted a significant changeover of models, with only 15% of the lineup in ramp-up phase at the beginning of 2025, increasing to 35% by year-end [13] - The order book extends well into 2027, indicating strong demand for new models [12] Company Strategy and Development Direction - The company aims for €9 billion in revenues by the end of the decade, with a 40% EBITDA margin and a 30% EBIT margin [4] - A flexible powertrain strategy has been recalibrated to 40% ICE, 40% hybrid, and 20% electric, reflecting market dynamics and client preferences [6][7] - The company plans to introduce an average of four new models per year between 2026 and 2030, focusing on innovation and exclusivity [5][8] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains uncertain, but the company expresses confidence in its business model and growth plans [9] - The company has achieved a 30% reduction in Scope One and Scope Two emissions and aims for a tenfold reduction by 2030 [10] Other Important Information - The company has completed its share repurchase program ahead of schedule, reflecting strong confidence in future performance [14] - The introduction of the Ferrari Elettrica is seen as a significant opportunity for innovation and market engagement [10][11] Q&A Session Summary Question: Impact of mix on Q4 performance - Management noted that the mix impact in the second half of the year has been slightly better than anticipated, primarily due to strong personalization [25][29] Question: Pricing power and future expectations - Management expressed confidence in maintaining pricing power through continuous innovation and product enrichment [37][39] Question: Hybrid vehicle share and delivery figures - The reduction in hybrid offerings is linked to model changes, and initial deliveries of the F80 are expected to be limited in Q4 [45][47] Question: Consumer behavior in the U.S. market - The business in the U.S. is proceeding normally, with tariffs now stabilized at 15%, and no unusual order cancellations have been observed [64][66] Question: Margin stability amidst investments - Management emphasized the importance of continuous innovation to maintain margin stability, despite necessary investments in new facilities and technologies [88][92]