Q3'25 Earnings Presentation November 5, 2025 Disclaimer Forward-Looking Statements This presentation and the related conference call contain "forward-looking statements." All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve ...

Financial Data and Key Metrics Changes - The company reported record Q3 numbers, with silver production reaching 3.9 million ounces and year-to-date production at 11.3 million ounces [10] - Revenues for the quarter were also a record, contributing to a cash flow of $140 million and a cash position exceeding $560 million [10][19] - EBITDA reached another record of $128 million, indicating strong operational performance [19] Business Line Data and Key Metrics Changes - The company is on track to meet its guidance of over 30 million silver equivalent ounces for the year, with a breakdown of 55% silver, 35% gold, and 10% lead and zinc [12] - Significant improvements were noted at San Dimas, with production increasing and costs decreasing, bringing the operation back within budget [14] - At La Encantada, a transition to sub-level caving is expected to reduce costs and enhance operations by Q1 2026 [15] Market Data and Key Metrics Changes - The company maintained a strong inventory level, holding 758,000 ounces of silver and nearly 4,000 ounces of gold, representing $50 million in potential revenue [16] - Marketable securities amounted to $140 million as of September 30, contributing to the company's liquidity [18] Company Strategy and Development Direction - The company is focused on operational efficiencies and cost reductions while continuing to enhance its production capabilities [3][10] - The integration of the Los Gatos acquisition is progressing well, with plans to increase throughput to 4,000 tons per day [12] - Exploration efforts at Santa Elena have yielded two major discoveries, which are expected to extend the mine's life significantly [13] Management's Comments on Operating Environment and Future Outlook - Management views the ongoing tax dispute with the Mexican government as non-material and continues to work towards resolution [4][6] - The company is optimistic about ending 2025 on a positive note, anticipating a strong Q4 performance [10] - Management emphasized the importance of focusing on operational achievements rather than sensationalized media reports [3][8] Other Important Information - The company plans to provide further guidance in January 2026 regarding its budget and production targets [12][21] - Safety and sustainability performance have improved, positioning the company favorably within the mining sector [18] Q&A Session Summary Question: Are you doing any share buyback at these prices? - The company confirmed that share buybacks were conducted recently [23]

Financial Data and Key Metrics Changes - The company reported net income attributable to limited partners of $332 million and adjusted EBITDA of $634 million for Q3 2025, with adjusted gross margin remaining relatively flat compared to the previous quarter [17][20] - Operating and maintenance expenses decreased by 5%, or $12 million, quarter over quarter, attributed to reduced asset maintenance and repair expenses [17][18] - Cash flow from operating activities totaled $570 million, generating free cash flow of $397 million [19] Business Line Data and Key Metrics Changes - Natural gas throughput increased by 2% sequentially, driven by higher volumes from the Chepeta plant in Utah and the DJ Basin [7][10] - Crude oil and NGLs throughput decreased by 4% sequentially, primarily due to reduced throughput in the Delaware Basin [8] - Produced water throughput remained flat sequentially, with expectations for a 40% year-over-year increase in Q4 2025 due to the Aris acquisition [10][12] Market Data and Key Metrics Changes - The Delaware Basin throughput was in line with expectations, with low double-digit year-over-year growth anticipated for natural gas and low to mid-single digits for crude oil and NGLs [10][11] - The DJ Basin is expected to see flat growth for natural gas and low to mid-single digits for crude oil and NGLs [12] - The Powder River Basin is projected to have flat throughput growth for both natural gas and crude oil and NGLs [12] Company Strategy and Development Direction - The acquisition of Aris Water Solutions positions the company as a leader in produced water midstream solutions in the Delaware Basin, enhancing its commercial capabilities [4][24] - The company aims to capture $40 million in annual run rate synergies from the Aris acquisition and is focused on organic growth alongside potential inorganic opportunities [4][15][67] - The company plans to maintain a disciplined capital allocation framework while pursuing growth opportunities in both Texas and New Mexico [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to address produced water challenges in the Delaware Basin and highlighted the importance of regulatory engagement [4][24] - The company anticipates continued throughput growth in the Delaware Basin, driven by the Aris acquisition and ongoing projects like the Pathfinder pipeline [10][14] - Management acknowledged potential commodity price weakness impacting certain basins but remains optimistic about overall growth prospects [12][58] Other Important Information - The company expects capital expenditures to be at least $1.1 billion in 2026, with a focus on supporting throughput growth across all product lines [22] - The company declared a quarterly distribution of $0.91 per unit, consistent with the prior quarter [19] Q&A Session Summary Question: Discussion on O&M expense sustainability - Management indicated that the reduction in O&M expenses is sustainable and that further improvements are expected [30][34] Question: Potential for distribution step-ups with major projects - Management confirmed that distribution step-ups are possible with successful project completions or acquisitions, while being mindful of yield levels [35][37] Question: Update on the Pathfinder project and pore space agreement - Management noted that the pore space agreement enhances project efficiency and allows for better growth potential in New Mexico [40][41] Question: Plans for expanding gas and oil infrastructure in New Mexico - Management plans to pursue both organic and inorganic growth opportunities in New Mexico, leveraging the Aris acquisition [45][46] Question: Insights on synergies from the Aris acquisition - Management expressed confidence in achieving the $40 million synergy target and anticipates additional operational synergies [64][67]

Core Insights - PPL Corporation (PPL) is set to report its third-quarter 2025 results on November 5, with earnings expected at 46 cents per share, reflecting a year-over-year increase of 9.52%, and revenues projected at $2.17 billion, indicating a growth of 5.14% from the previous year [1][7]. Earnings Estimates - The Zacks Consensus Estimate for the current quarter (Q3 2025) is 46 cents per share, with a year-over-year growth estimate of 9.52% [2]. - For the next quarter (Q4 2025), the estimate is 43 cents per share, with a year-over-year growth of 26.47% [2]. - The current year estimate stands at $1.81 per share, reflecting a 7.10% increase from the previous year, while the next year estimate is $1.96 per share, indicating an 8.29% growth [2]. Earnings Surprise History - PPL has beaten the Zacks Consensus Estimate in two of the last four quarters, resulting in a negative average surprise of 0.18% [3]. Earnings Prediction Model - The current Earnings ESP for PPL is 0.00%, and it holds a Zacks Rank of 4 (Sell), indicating that an earnings beat is not predicted this time [5]. Key Factors Influencing Q3 Results - PPL's earnings are expected to benefit from ongoing cost reduction initiatives, energy efficiency programs, and a return on capital investment in the latter half of 2025 [9]. - The company is also likely to see increased earnings due to strong demand from data centers and higher sales volumes in Pennsylvania and Kentucky [10]. Stock Performance - Over the past three months, PPL's stock has returned 1.8%, outperforming the industry growth of 1% [11]. - PPL is trading at a forward 12-month price-to-earnings ratio of 18.78X, which is higher than the industry average of 15.27X, indicating a premium valuation [12]. Return on Equity - PPL's trailing 12-month return on equity (ROE) is 8.81%, which is below the industry average of 10.35% [15]. Investment Considerations - PPL plans to invest $20 billion from 2025 to 2028, with $4.3 billion allocated for 2025, focusing on infrastructure projects for generation, transmission, and distribution [17]. - The company operates in a favorable regulatory environment, with over 60% of its capital investment plan subject to contemporaneous recovery, reducing regulatory lag impacts [18]. Strategic Initiatives - PPL is implementing a "Utility of the Future" strategy, including IT transformation and enhanced engineering standards to improve grid resilience and efficiency [19]. Overall Outlook - PPL is expected to benefit from rising demand, cost savings, energy efficiency programs, and infrastructure upgrades, with strong liquidity and growth driven by data center demand acting as tailwinds [20].

Financial Data and Key Metrics Changes - Consolidated net revenue was approximately $92.7 million, down 16% year over year [9] - Adjusted EBITDA for the third quarter was $14.2 million, a decrease of 44.1% [15] - Net loss was approximately $2.8 million or $0.06 per share, compared to a net loss of $31.8 million or $0.68 per share for the previous year [16] Business Line Data and Key Metrics Changes - Revenue for the Radio Broadcasting segment was $34.7 million, a decrease of 12.6% year over year [9] - Net revenue for the Reach Media segment was $6.1 million, down 40% from the prior year [10] - Net revenues for the Digital segment were down 30.6% at $12.7 million [11] - Cable Television segment revenue was approximately $39.8 million, a decrease of 7% [12] Market Data and Key Metrics Changes - Local ad sales were down 6.5% against a market that was down 10.1%, indicating outperformance [9] - National ad sales were down 29.1% against a market that was down 21.5%, indicating underperformance [10] - Cable subscribers to TV One decreased to 34.1 million from 34.3 million at the end of Q2 [12] Company Strategy and Development Direction - The company is adjusting its guidance for the year, lowering the EBITDA forecast from $60 million to a range of $56 million to $58 million [7] - A second reduction in force was completed in October as part of ongoing cost reduction efforts [14] - The company is exploring potential M&A opportunities in light of anticipated deregulation in the industry [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing changes in operating strategy and a focus on improving performance in key markets [21][25] - The company is preparing for a political year, which is expected to drive demand [21] - Management acknowledged challenges faced in the current year but believes they are better positioned for future growth [25] Other Important Information - Operating expenses decreased to approximately $83.7 million for the quarter, a decrease of 4.2% from the prior year [12] - Interest expense decreased to approximately $9.4 million in Q3, down from $11.6 million last year [16] - The company repurchased $4.5 million of its 2028 notes at an average price of 52% [16] Q&A Session Summary Question: What is the outlook for 2026 and demand? - Management feels good about 2026 due to changes in operating strategy and the upcoming political year [21][25] Question: Are there plans for M&A activity? - Management is exploring M&A opportunities but currently has no transformative deals in progress [28][30] Question: Will the company continue debt buyback activity? - Management confirmed plans to continue executing on debt buybacks while maintaining liquidity [33]

Financial Data and Key Metrics Changes - The company is experiencing a significant decline in volumes, with Advanced Materials (AM) expected to be down around 4% and Advanced Functional Products (AFP) down around 2% on a full-year basis [8][12] - The company anticipates a $100 million cost reduction target for next year, building on $75 million achieved this year [11][68] - The company expects a meaningful increase in revenue from the circular polyester methanolysis plant, contributing positively to EBITDA [12][23] Business Line Data and Key Metrics Changes - The fibers business is facing cyclical headwinds, particularly in textiles, which have seen a significant drop in demand due to tariffs and market conditions [30][42] - The company is optimistic about the ARPET capacity conversion, expecting a significant step up in volume and revenue from this project [19][20] - The CI (Chemical Intermediates) segment is expected to benefit from increased volume and aggressive cost management, although it is currently in a manufacturing recession [38][40] Market Data and Key Metrics Changes - Consumer durable demand is projected to be 5-15% below 2019 levels, impacting the overall market dynamics [27] - The North American market is experiencing a mixed impact due to trade wars and lower demand in building construction and consumer durables [39][40] - The company is seeing some recovery in demand for specialty plastics, with customers planning for higher orders in Q1 [67] Company Strategy and Development Direction - The company is focusing on innovation as a core part of its strategy, aiming to regain market share and drive growth through new product launches [12][76] - There is an emphasis on aggressive cost management to enhance competitiveness in a challenging market environment [68][76] - The company is exploring opportunities for portfolio optimization and potential M&A to adapt to industry changes [76][78] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the chaotic market conditions and the challenges posed by inventory levels and consumer demand [64][66] - There is cautious optimism about a potential recovery in demand as economic conditions stabilize [40][66] - The company is committed to maintaining its dividend and managing cash flow effectively, with expectations of strong cash generation in 2026 [60] Other Important Information - The company has completed its buyback program for the year while maintaining net debt levels [47] - A headcount reduction of 7% is part of the cost-cutting measures, aimed at improving productivity and competitiveness [68][70] Q&A Session Summary Question: Can you help with the bridge to 2026? - Management discussed the importance of considering full-year EBIT and the impact of cost savings and asset utilization on future earnings [5][6] Question: What is the status of the ARPET capacity conversion? - Management confirmed that the Kingsport plant is running well, with 90% yields and plans for a 30% capacity expansion [16][20] Question: How is the Renew product performing in the market? - Management noted strong interest from over 100 customers, but actual volume purchases are limited by soft consumer durable markets [26][27] Question: What are the expectations for fibers next year? - Management explained that the fibers business is facing cyclical challenges, but they expect to stabilize volumes and regain market share [30][32] Question: What is the outlook for the Pepsi contract? - Management indicated that the restructuring of the Pepsi contract is aimed at pulling forward volume into next year, which is seen as a positive development [36][57] Question: How should we think about CI earnings next year? - Management highlighted that CI earnings could improve due to increased volume, cost reductions, and potential recovery in demand [40][41]

Core Insights - Erste Group Bank raised its annual targets following third-quarter results that exceeded expectations, driven by loan growth and reduced customer deposit costs, resulting in a record high for its shares [1] Financial Performance - The third-quarter results showed significant loan growth, which contributed positively to the bank's performance [1] - Lower customer deposit costs also played a crucial role in enhancing the bank's financial results [1] Market Reaction - The positive earnings report and raised targets led to Erste Group Bank's shares reaching a record high [1]

Financial Data and Key Metrics Changes - The company reported third quarter GAAP net sales of $542 million, a 49% decrease year-over-year, primarily due to significant long-term actions taken in India [4][16] - Adjusted EBITDA was $236 million, reflecting a 17% increase year-over-year on an as-reported basis and a 23% increase on a like-for-like basis [9] - Adjusted EPS was $0.89, up 30% from the prior year, driven by higher adjusted EBITDA [9] Business Line Data and Key Metrics Changes - Excluding India, third quarter revenue was $961 million, down 4% year-over-year on a like-for-like basis, driven by a 6% price decline [5] - The company's growth portfolio increased by mid-single digits, with sales of new active ingredients nearly doubling compared to the prior year [5] - Sales in Latin America lagged by 8% year-over-year, attributed to low liquidity and pricing pressure from generics [6][8] Market Data and Key Metrics Changes - The market landscape in Latin America is challenging due to constrained credit for customers in Brazil and Argentina and increased competition from generics [3][6] - Sales improved in North America and EMEA, driven by higher volumes, including contributions from the recent launch of Isoflex™ Active in Great Britain [8] - The company observed generic pressure in Asia and to a lesser extent in North America and EMEA [8] Company Strategy and Development Direction - The company is focusing on being a pure play agricultural sciences company and has a strong pipeline of innovative technologies [3] - A strategic review of the manufacturing footprint is underway to transition production to lower-cost sources [13] - The company aims to become cost-competitive while growing a portfolio of IP-protected products that command higher margins [14] Management's Comments on Operating Environment and Future Outlook - Management expects the challenging conditions observed in Q3 to continue into Q4, with anticipated sales excluding India in the range of $1.12 billion to $1.22 billion [10] - The company is adjusting its full-year guidance to reflect lower sales and EBITDA expectations, with revenue now expected between $3.92 billion and $4.02 billion [11] - Management acknowledges the need for a disciplined approach to cost control and pricing to navigate the current market challenges [9][12] Other Important Information - Free cash flow guidance has been lowered to a range of negative $200 million to $0, driven by lower cash from operations [12][23] - The company has initiated a significant reduction in its quarterly dividend, which will reduce the funding need for the dividend by $250 million in 2026 [24] - The company is taking immediate actions to amend financial covenants to provide additional flexibility [24] Q&A Session Summary Question: Can you talk about the buckets of what's eating up that cash flow? - Management indicated that the primary issue is lower sales leading to reduced collections, compounded by liquidity constraints affecting cash sales [32][34] Question: What do you expect the sale price for the India business might be? - The estimated value of the India business is about $450 million, with strong interest from local and international companies [40][41] Question: How do you remain committed to the investment-grade rating? - Management is focused on reducing cash use for dividends to allow for debt repayment and restructuring costs, aiming to return to healthier metrics over time [49][50] Question: How much of your portfolio is reassessing production costs? - The company is starting to reassess its manufacturing portfolio, with some products being candidates for relocation to lower-cost sources [70] Question: Are you considering partnerships or acquisitions? - Management believes partnerships will be increasingly important, especially in technology, but is not currently considering selling any active ingredients close to commercialization [79][97]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 decreased by 11.5%, or 5% when excluding the impact of Political, The Daily Wire, and The Dan Bongino Show, consistent with prior guidance [5][18] - EBITDA for the quarter was reported at $16.7 million [18] - Digital revenue increased by 8% year-over-year, excluding the impact of The Daily Wire and Dan Bongino, with Digital Marketing Services growing by 34% [18] Business Line Data and Key Metrics Changes - Broadcast spot revenue market share grew for the third consecutive quarter, indicating strong sales execution and local programming [5] - Digital Marketing Services business saw a 34% year-over-year growth, driven by an 88% increase in new accounts and an 8% increase in campaign order size [7] - Podcasting revenue increased by 15% year-over-year, contributing to an overall digital revenue growth of over 8% when normalized [8] Market Data and Key Metrics Changes - In Dallas, the largest market, the company gained almost 4 points of market share, with total revenue up mid-single digits while peers were down nearly 10% [9] - National advertising environment remained weak, leading to a 27% decline in total network revenue, although market share was gained year-to-date [10] Company Strategy and Development Direction - The company is focused on leveraging core competencies and valuable assets, including a vast audience reach and established client relationships [15] - Plans to launch the Westwood One Sports 24/7 Network to capitalize on strong consumer brand recognition and digital distribution opportunities [11] - Continued investment in Digital Marketing Services is expected to yield strong returns, with a focus on AI-driven projects to enhance efficiency and growth [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in the broadcast radio sector but expressed confidence in outperforming peers through strategic execution [15] - The company anticipates continued revenue pacing down mid-single digits, excluding political impacts, and down mid to high teens when including those impacts [12][20] Other Important Information - The company ended the quarter with $90 million in cash and $109 million in total liquidity, with a debt maturity of $697 million [19] - A litigation against Nielsen was acknowledged, with a preliminary injunction hearing scheduled for early December [16] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a lack of detailed Q&A during the call [21][22]

Industry Trend - Hollywood is seeking Silicon Valley partnerships to accelerate TV and movie production and decrease expenses [1] Cost Reduction - The venture aims to reduce the time and money required for Hollywood productions [1]