Core Insights - Duke Energy's nuclear fleet achieved a record reliability in 2025, with a capacity factor of 96.9%, providing consistent power to over 8 million homes in the Carolinas [1][1][1] - The nuclear plants generated approximately $600 million in savings for customers through federal nuclear production tax credits, directly reducing costs [1][1][1] - The company is focused on extending the operational lifespan of its nuclear facilities, conducting power uprates, and engaging in advanced reactor development to meet growing energy demands [1][1][1] Company Overview - Duke Energy operates 11 nuclear units across six sites in the Carolinas, making nuclear energy its largest generation source [1][1] - The company serves 8.6 million customers across multiple states and has a total energy capacity of 55,100 megawatts [1][1] - Duke Energy is investing in electric grid upgrades and cleaner generation methods, including natural gas, nuclear, renewables, and energy storage [1][1] Future Strategy - The nuclear strategy aims to enhance reliability and capacity while ensuring low-cost power for customers [1][1] - The company emphasizes the importance of skilled teams operating the facilities to maintain high performance and reliability [1][1]

Achieved 6.2% organic revenue growth in 2025 by aligning services with global megatrends including the energy transition, digitalization, and sustainability requirements. Expanded adjusted EBITDA margins by 300 basis points to 25.9%, significantly exceeding long-term targets through improved laboratory utilization and technology-enabled employee productivity. Navigated geopolitical uncertainties and trade policy shifts by leveraging a diversified global footprint and the essential nature of safety cer ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved adjusted earnings per share of $0.14, with a board-declared dividend of $0.05 per share [3][17] - Adjusted EBITDA for Q4 2025 was $37.4 million, down from $40.7 million in Q4 2024 [17] - Daily vessel operating expenses increased by 13% to $5,683 in Q4 2025 compared to $5,047 in Q4 2024 [19] Business Line Data and Key Metrics Changes - The company operated an average of 45 vessels in Q4 2025, earning an average time charter equivalent of $17,050, compared to 45.9 vessels earning $16,521 in Q4 2024 [18] - The company has a revenue backlog of $178 million, supporting debt service and shareholder returns [20] Market Data and Key Metrics Changes - The dry bulk fleet is projected to grow by about 3% in 2026, with the order book at approximately 11.4% of the current fleet [4] - Global dry bulk demand is forecasted to grow by 2%-3% in 2026, with cargo volumes expected to expand by 1%-2% [9][12] Company Strategy and Development Direction - The company maintains a prudent balance between spot and time charter exposure to capture market opportunities while preserving cash flow visibility [3] - The fleet is focused on quality, with approximately 80% being Japanese-built, and an average fleet age of 10.5 years, which is younger than the global average [6][15] Management Comments on Operating Environment and Future Outlook - The management noted increased market volatility in the dry bulk market due to geopolitical reasons, but expressed optimism about the market's recovery [3][9] - The company anticipates that supply growth will marginally match demand for 2026, indicating a balanced market outlook [12] Other Important Information - The company has significant liquidity with $382 million in capital resources and a comfortable leverage of 34% [13][20] - The company has an active share repurchase program of 10 million shares [14] Q&A Session Summary Question: Fleet renewal and Capesize age - Management indicated that second-hand prices are rising, but quality tonnages are scarce, leading to a focus on newbuilds [24][25] Question: Time charter market appetite - Management noted that there is currently no interest in 2-3 year contracts, with the market just starting to improve [26][27]

Operational highlights and financial results Q4 2025 Earnings Presentation February 19, 2026 © 2025 TechnipFMC. All rights reserved. The information contained in this document is company confidential and proprietary property of TechnipFMC and its affiliates. It is to be used only for the benefit of TechnipFMC and may not be distributed, transmitted, reproduced, altered, or used for any purpose without the express written consent of TechnipFMC. Disclaimer Forward-looking statements This communication contain ...

Safe Bulkers, Inc. Q4 2025 Earnings Call Summary - Moby Strategic Positioning and Operational Context Performance was driven by a slightly improved charter market environment in Q4 2025 compared to the prior year, resulting in higher charter hires. Management attributes their competitive advantage to a high-quality fleet, noting that 80% of their vessels are Japanese-built compared to a 40% global average. The company maintains a deliberate balance between spot market exposure and time charters to c ...

Core Viewpoint - Teck Resources Limited is a prominent Canadian resource company focused on copper and zinc operations, with a strategic merger with Anglo American aimed at enhancing its position in the critical minerals market [1][5]. Financial Performance - On February 19, 2026, Teck reported earnings per share of $1, exceeding the estimated $0.59, driven by higher copper prices, although revenue was slightly below expectations at $2.23 billion compared to the estimated $2.26 billion [2][6]. - The company's financial health is strong, evidenced by a current ratio of 2.78 and a debt-to-equity ratio of 0.15, indicating a solid ability to meet short-term liabilities [3][6]. Market Valuation - Teck's market capitalization is $29 billion, with a price-to-earnings ratio of 33.92 and a PEG ratio of 0.58, reflecting the market's assessment of its earnings and growth potential [4]. - The enterprise value to sales ratio stands at 4.19, and the enterprise value to operating cash flow ratio is 29.14, indicating how the market values the company relative to its sales and cash flow [4]. Strategic Initiatives - Teck is advancing its strategic initiatives, particularly at the Quebrada Blanca site, and the proposed merger with Anglo American has received strong shareholder support and key regulatory approval, positioning the company for future growth as a top-five global copper producer [5].

Core Viewpoint - HPQ Silicon Inc. has achieved a significant operational milestone with the first purchase order for 50 kilograms of fumed silica, indicating progress from technical validation to commercial engagement [4][6]. Company Developments - HPQ's subsidiary, HPQ Silica Polvere Inc. (HSPI), received a purchase order from a strategic industrial partner for fumed silica produced using the Fumed Silica Reactor (FSR) pilot plant [1][2]. - The FSR was operated in semi-continuous mode, generating critical data for scaling up to a proposed 1,000 tonne-per-year facility [3][4]. - Independent laboratory testing confirmed that the fumed silica meets the necessary specifications for commercial applications [5][6]. Industry Context - Fumed silica is a high-value material used in various industries, including cosmetics, pharmaceuticals, and construction, serving critical functions such as thickening and reinforcing agents [7]. - Traditional production methods are energy-intensive, while the FSR technology aims to provide a more efficient, plasma-based production method using quartz as feedstock [8][12]. Technical Validation and Future Steps - The successful operation of the FSR in extended production runs supports the engineering viability of the plasma-based approach [9]. - The formation of a joint venture under the non-binding memorandum of understanding (MOU) is contingent upon successful third-party testing and validation [10][11]. - The company is focused on aligning technical performance, engineering scalability, and market demand before finalizing commercial commitments [11].

Core Insights - The company anticipates strong operational performance and improved financial results in 2025, primarily driven by higher production volumes, achieving an industry-leading 8% increase in copper equivalent production and setting annual production records for copper and bauxite [1][4] Financial Performance - Underlying EBITDA for 2025 rose to $25.4 billion, a 9% year-on-year increase, while underlying earnings reached $10.9 billion, with a commitment to return 60% of these earnings (approximately $6.5 billion) to shareholders [6][7] - Copper was highlighted as the standout segment, with EBITDA more than doubling to $7.4 billion, supported by nearly $3 billion of volume improvement year-on-year [6][8] Production and Operations - The company reported a significant rebound in Pilbara operations following four cyclones earlier in the year, achieving production records from April [1] - Simandou project is approximately two-thirds complete, with a commitment to a 60 million tonnes per annum ramp-up and a first shipment of high-quality iron ore achieved in December [5][16] Cost Management and Capital Expenditure - The company aims to unlock $650 million in annualized productivity savings by Q1 2026, with a focus on operational discipline and streamlining processes [5][12] - Capital expenditure for 2025 is projected at around $11 billion, including $1.6 billion for Simandou and over $1 billion for lithium growth projects, with guidance stepping down to $10 billion thereafter [14] Market Dynamics - Copper and aluminum prices increased by 9% on average for the year, with copper ending the year 44% higher than the previous year, while aluminum was 17% higher [10] - Iron ore EBITDA fell 11% year-over-year but was offset by strong performances in copper and aluminum [11] Strategic Initiatives - The company is directing 85% of its exploration budget toward copper, with significant projects identified in Peru, Arizona, and Chile [17] - Discussions with Glencore were constructive, but the company concluded that no agreement could deliver value for shareholders [18]

Financial Data and Key Metrics Changes - Underlying EBITDA increased by 9% to $25.4 billion, driven by strong operational performance and productivity improvements [4][10] - Stable underlying earnings of $10.9 billion, with a dividend payout of 60%, equating to $6.5 billion returned to shareholders [4][22] - Net debt rose to $14.4 billion, reflecting the Arcadium acquisition, but remains manageable with a gearing of 18% [11][21] Business Line Data and Key Metrics Changes - Copper equivalent production increased by 8%, setting annual records for both copper and bauxite [4][10] - Copper EBITDA more than doubled to $7.4 billion, driven by higher prices and rising volumes, with shipments up 60% at Oyu Tolgoi [18][19] - Iron ore delivered $15.2 billion of EBITDA, with unit costs in line with guidance at $23.50 per ton [18][19] Market Data and Key Metrics Changes - Copper and aluminum prices rose by 9%, with copper ending the year 44% higher than the previous year [12][18] - Iron ore remains supported by Chinese steel export growth, with a structurally balanced market [11][12] - Lithium markets showed strong momentum, with battery storage demand emerging as a fast-growing pillar of the energy transition [12][19] Company Strategy and Development Direction - The company aims for a 3% CAGR for copper equivalent production through to the end of the decade, focusing on operational excellence and cost reductions [5][6] - A disciplined approach to capital allocation is emphasized, with all projects required to create shareholder value [8][9] - The company is prioritizing copper in its exploration budget, directing 85% towards copper projects [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the need for improved safety practices following a recent tragedy at Simandou, emphasizing the importance of safe operations [2][3] - The company is confident in achieving its production targets at Simandou despite recent challenges [59] - Future growth is expected to be driven by strong demand for aluminum, lithium, and copper, with supply constraints in the sector [5][12] Other Important Information - The company is actively testing the market for asset sales, including RTIT and the Borates businesses, aiming for $5 billion-$10 billion in cash proceeds [8] - The company has a robust project pipeline to extend growth into the 2030s, with a focus on copper [7][19] Q&A Session Summary Question: Insights on Glencore discussions and coal ownership - Management assessed the transaction with a focus on underlying asset quality and potential value creation, ultimately deciding against the merger due to limited synergies [10][39] Question: Opportunities in streaming agreements - The company has various options to release capital across its portfolio, including potential streaming agreements, but will prioritize value-driven decisions [31][32] Question: Cost-cutting opportunities in Pilbara - The $650 million productivity program is expected to exceed initial targets, with systematic reviews across all business units to identify further cost reductions [33][34] Question: Iron ore negotiations and market dynamics - Ongoing conversations with customers focus on securing supply and pricing, reflecting the evolving iron ore market [76][77] Question: Geopolitical risk considerations - The company evaluates opportunities in high-risk regions with a focus on value and potential returns, using higher discount rates for riskier projects [96][100]

Financial Performance - EQT Corporation reported fourth-quarter 2025 adjusted earnings from continuing operations of 90 cents per share, exceeding the Zacks Consensus Estimate of 73 cents and up from 67 cents in the prior year [1] - Adjusted operating revenues increased to $2,094 million from $1,821 million in the prior-year quarter, surpassing the Zacks Consensus Estimate of $2,064 million [1] Production and Sales - Sales volume increased to 609 billion cubic feet equivalent (Bcfe) from 605 Bcfe in the year-ago quarter, beating the estimate of 598 Bcfe [3] - Natural gas sales volume was 572 Bcf, up from 566 Bcf in the year-ago quarter, exceeding the estimate of 561 Bcf [3] - Total liquid sales volume decreased to 6,127 thousand barrels (MBbls) from 6,552 MBbls in the prior year, missing the projection of 6,145 MBbls [3] Commodity Prices - The average realized price was $3.44 per thousand cubic feet of natural gas equivalent (Mcfe), up from $3.01 year over year [4] - The average natural gas price, including cash-settled derivatives, was $3.32 per Mcf, an increase from $2.86 [4] - The natural gas sales price was $3.76 per Mcf, higher than $2.97 recorded a year ago [4] - The oil price was $44.98 per barrel compared to $54.75 in the prior year [5] Expenses - Total operating expenses were $1,372 million, up from $843 million in the prior-year quarter [6] - Gathering expenses totaled 10 cents per Mcfe, up from 9 cents year over year [6] - Transmission expenses stood at 40 cents per Mcfe, down from 41 cents recorded a year ago [6] - Lease operating expenses amounted to 11 cents per Mcfe, higher than 9 cents in the corresponding period of 2024 [6] - Selling, general and administrative expenses came in at 18 cents per Mcfe, flat year over year [6] Cash Flow - Adjusted operating cash flow totaled $1.55 billion in the reported quarter, up from $1.23 billion a year ago [7] - Free cash flow amounted to $857 million, an increase from $588 million in the corresponding period of 2024 [7] Capital Expenditure and Balance Sheet - Total capital expenditure was $655 million, higher than $583 million reported a year ago [9] - As of December 31, 2025, the company had cash and cash equivalents of $111 million and net debt worth $7.69 billion [9] Guidance - For the first quarter of 2026, EQT expects total sales volume to be between 560 Bcfe and 610 Bcfe [10] - Total sales volume is forecasted to be in the range of 2,275-2,375 Bcfe for 2026 [10] - Total maintenance capital expenditures are projected to be between $515 million and $590 million, with growth capital expenditures anticipated to be between $120 million and $145 million in the first quarter [10]