February 5, 2026 Global. Connected. Sustainable. 4Q25 FINANCIAL RESULTS The meeting place for companies, technologies and data Strong Execution Throughout 2025 Positioned for Long-Term Sustainable Growth 5,500+ Customers 232,500 Cross Connects 55+ Metros 300+ Data Centers Capacity Host What You Need, How You Need Coverage Deploy Where You Need Connectivity Connect How You Need to Whom You Need Control Implement and Operate the Way You Need 4Q25 Highlights FY 2025 Highlights $1.2B Total Bookings at 100% shar ...

Core Insights - The technology sector is experiencing a significant selloff, particularly in software stocks, which have dropped 15% this week and 29% from their all-time highs in September [3][4] - Alphabet, the parent company of Google, has announced a capital expenditure forecast of $185 billion for the fiscal year, significantly higher than the market's expectation of around $120 billion, leading to a decline in its stock price [6][30] - Bitcoin has fallen below $70,000 for the first time since late 2024, reflecting broader negative momentum in the cryptocurrency market [2][46] Group 1: Market Trends - The NASDAQ is down 1.4%, marking its lowest point since November, with a general risk-off sentiment affecting various asset classes [2][5] - Software stocks are reported to be oversold, with 70% of them classified as such, indicating extreme market conditions [4] - The S&P 500 and Dow Jones Industrial Average are both down 1.2%, showing a broad market decline [5] Group 2: Company Earnings and Forecasts - Qualcomm's stock has dropped nearly 8% following a lackluster revenue forecast of $11 billion, raising concerns about memory supply constraints affecting handset demand [7][74] - Qualcomm reported record revenue of $1.24 billion and nearly $740 million in royalties, reflecting a 27% year-on-year increase, with strong demand in the data center business [9][10] - Alphabet's cloud business grew by 48%, exceeding investor expectations, but concerns over high capital expenditures are causing investor anxiety [29][31] Group 3: Cryptocurrency Market - Bitcoin's price has decreased by approximately 45% from its October high, with the cryptocurrency market facing fundamental issues and a loss of faith among investors [6][47][50] - The decline in Bitcoin is attributed to broader market pressures, including the performance of other asset classes like gold and silver [46][50] - The cryptocurrency exchange Gemini plans to cut about 25% of its workforce, indicating distress within the industry [6] Group 4: Investment Opportunities - The selloff in software loans has pushed nearly $18 billion into distressed territory, presenting potential investment opportunities for discerning investors [51][52] - Companies that can withstand or benefit from AI advancements are seen as more resilient, while those lagging in AI adoption may face revenue stress [54][56] - The market is witnessing a shift in focus towards companies with strong fundamentals and growth potential in the AI space [52][56]

Financial Data and Key Metrics Changes - NAREIT funds from operations (FFO) for Q4 2025 were $0.77 per fully diluted share, up from $0.71 per share in Q4 2024, representing an increase of 8.5% [13] - For the full year 2025, FFO per fully diluted share was $2.96, compared to $2.65 in 2024, marking a 12% increase [13] - Cash same-store NOI growth for 2025 was 7.1%, driven by rental rate increases and new leasing, despite lower average occupancy [13][14] - The company finished Q4 with in-service occupancy of 94.4%, an increase of 40 basis points from Q3 [14] Business Line Data and Key Metrics Changes - Total leasing for 2025 reached 941 million sq ft, the second highest year on record, and 12% higher than 2024 [8] - Cash rental rate increase on new and renewal leasing for 2025 was 32%, with a projected range of 30%-40% for 2026 [9][10] - The company signed 231,000 sq ft of leases in two developments, including a significant lease in Houston [9] Market Data and Key Metrics Changes - The overall leasing market saw a record 226 million sq ft of leasing activity in Q4 2025, a 22% increase year-over-year [7] - Vacancy in Q4 was 6.7%, with net absorption of 58 million sq ft and completions at 78 million sq ft [8] - Construction starts nationally in Q4 were 45 million sq ft, consistent with Q3 but below 2022's peak levels [8] Company Strategy and Development Direction - The company is focused on capitalizing on growth opportunities within its portfolio and new developments to enhance shareholder value [18] - The company plans to break ground on two new buildings in Q1 2026, continuing its methodical expansion strategy [11] - The company is evaluating potential higher uses for its land bank, particularly in data center opportunities [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a volatile economy, emphasizing a resilient portfolio and growth opportunities ahead [6] - The company anticipates cash same-store NOI growth of 5%-6% for 2026, with a focus on maintaining occupancy levels [17] - Management noted that the leasing environment is improving, with increased tenant engagement and reduced sublet space availability [48] Other Important Information - The board declared a first-quarter dividend of $0.50 per share, a 12.4% increase aligned with anticipated cash flow growth [12] - Bad debt expense for 2025 was $700,000, better than the original guidance of $1 million, with a forecast of $1 million for 2026 [16] Q&A Session Summary Question: Update on development leasing and its impact on occupancy - Management indicated that the 1.7 million sq ft development opportunity could positively impact occupancy if leased in the second half of 2026 [20][22] Question: Status of the Denver property for lease or sale - Management confirmed active discussions with prospects for leasing the Denver property, with updates to follow [21] Question: Contribution of development projects to FFO guidance - Management stated that even without leasing the 1.7 million sq ft or the 708,000 sq ft, they would still be within the FFO guidance range [26] Question: Trends in concessions and rental rates - Management noted that concessions are flat to drifting up, with free rent averaging between half a month to one month per year of term [50] Question: Retention rates and tenant activity - The company achieved a 71% retention rate in 2025 and expects similar results in 2026, with ongoing discussions for renewals [56] Question: Activity from major tenants like Amazon and Walmart - Management reported that Amazon remains active in seeking additional space, with significant leasing activity noted in Q4 2025 [34][36]

Financial Data and Key Metrics Changes - For 2025, the company exceeded its adjusted earnings per share guidance, delivering $3.61 per share, which is an increase of over 8% from 2024's actual result [10] - The company raised its annual guidance for 2026 by $0.03, now expecting earnings per share between $3.83 and $3.90, representing 6%-8% growth from 2025 actual results [11][22] - The company has a target dividend payout ratio of approximately 55% over time, continuing a trend of dividend growth for over 20 years [12] Business Line Data and Key Metrics Changes - The utility segment is expected to provide $4.28-$4.33 of adjusted earnings per share, driven by normal weather and constructive regulatory outcomes [23] - Northstar is projected to contribute $0.25-$0.30 to earnings per share, benefiting from favorable capacity contracts and renewable projects [23] Market Data and Key Metrics Changes - The company reported that its residential natural gas rate is 28% below the national average, reflecting a balance between system investment and customer affordability [10] - The company aims to keep residential bills below the national average and Midwest average, with recent electric bill increases among the lowest in the country [17][18] Company Strategy and Development Direction - The company has received approval for a 20-year renewable energy plan, providing approximately $14 billion of customer investment opportunities over the next decade [5][8] - A five-year $24 billion utility customer investment plan has been outlined, with increased investments in electric generation and gas delivery systems [12][15] - The company is focusing on customer affordability while making significant infrastructure investments, leveraging operational efficiencies to save customers money [17][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a constructive outcome in the pending electric and gas rate cases, expecting a return on equity (ROE) of 9.9% or better [9][53] - The management highlighted a strong regulatory environment in Michigan, which supports long-term investments and customer benefits [8][9] - The company is optimistic about the growth potential from data centers and manufacturing customers, with ongoing discussions and agreements in place [19][20] Other Important Information - The company has invested over $1 billion in gas infrastructure improvements to ensure reliability and safety for customers [6] - The company has a strong focus on energy efficiency, with programs expected to save customers approximately $1.2 billion [17] Q&A Session Summary Question: Update on data center opportunities - Management reported progress in discussions with data centers, with a growing pipeline and positive indicators for the Large Load Tariff [36][75] Question: Clarification on the financial plan and growth expectations - Management explained that the data center investments are not included in the current financial plan, but they expect a low double-digit CAGR when considering additional opportunities [42][45] Question: Concerns about authorized returns and regulatory feedback - Management expressed confidence in achieving a constructive outcome in the rate case, emphasizing the strong justification for capital investments and operational needs [50][53] Question: Capacity needs and Integrated Resource Plan (IRP) - Management clarified that the IRP will address capacity gaps and that additional load from data centers would lead to increased rate base growth [56][58]

EARNINGS REPORT PRESENTATION 2025 YEAR END February 5, 2026 © 2026 Xcel Energy Inc. 1 SAFE HARBOR Except for the historical statements contained in this presentation, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2026 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated ...

Core Insights - The company reported a net investment income of $11.3 million for the quarter, reflecting a decline due to increased expenses and lower interest income despite a rise in average earning assets [3][7][8] - The total assets increased to $923 million, primarily driven by investments valued at $903 million, while liabilities rose to $445 million [8][9] - The company has a robust pipeline of late-stage deals exceeding $100 million, indicating strong investment activity despite a decline in earning assets [5][6] Financial Performance - Interest income rose to $23.9 million, a 1% increase, attributed to a $20.3 million rise in average earning assets, although the weighted average yield declined by 30 basis points to 12.2% [3][7] - Total investment income reached $24.5 million, with fee income increasing by $400,000 from the previous quarter [7] - Net realized gains were $300,000, offsetting a $1.4 million write-off related to note refinancing [2] Investment Activity - Fundings for the quarter totaled $99.1 million, including two new private equity-sponsored investments [4] - Net originations were $46.3 million, with exits and prepayments declining to $52.8 million [4] - The company is focusing on lower middle market deal flows, which are showing resilience and growth potential [5][11] Balance Sheet and Leverage - The company ended the quarter with a conservative leverage position, with net debt at 93% of NAV [6][9] - The current line of credit facility totals $365 million, with over $150 million available for near-term investment activities [6] - Net assets declined to $477 million, with NAV per share decreasing from $21.34 to $21.13 [9] Market Outlook - The company anticipates continued investment opportunities in the lower middle market, driven by domestic manufacturing and reshoring trends [5][30][31] - There is cautious optimism regarding the sustainability of investments in sectors impacted by government contracts, particularly in light of recent shutdowns [32][34] - The company is monitoring interest rate exposure and has strategies in place to manage potential declines in interest income [39][43]

Core Insights - La Rosa Holdings Corp. has entered into a contract to purchase land in Osceola County, Florida, to develop a Tier III AI data center, marking a significant step in its expansion strategy [1][4][6] Group 1: Acquisition and Development - The acquisition is expected to close on June 15, 2026, pending customary closing conditions [6] - The planned data center will cover up to 10,000 square feet and support an estimated IT load of approximately 1,500 kW, catering to enterprise, cloud, and AI workloads [2] - The facility is designed to Tier III standards, ensuring high availability, redundancy, and operational reliability, and will serve various industries including healthcare, financial services, and technology [3] Group 2: Strategic Location and Market Position - The selected site is in a high-growth corridor of Central Florida, providing access to major transportation routes, robust utility infrastructure, and a skilled workforce [4] - The project positions La Rosa Holdings at the forefront of regional data center growth, capitalizing on the area's accelerating economic development and technology adoption [4] Group 3: Sustainability and Future Plans - Sustainability is a key focus, with the data center designed to incorporate energy-efficient systems and environmentally responsible practices [5] - The CEO indicated that the company is exploring expansion into other high-demand regions, including Texas, to develop additional data centers as demand for AI and high-density computing infrastructure grows [6]

Company Overview - SanDisk is a leading supplier of data storage solutions, including USB drives and solid state drives (SSDs), utilizing NAND flash technology favored in edge devices and data center applications [2][3] - The company has a global presence with over 10,000 employees across more than 30 countries and holds over 11,000 patents to protect its intellectual property [2] Financial Performance - In fiscal 2Q26, SanDisk reported total revenue of $3.03 billion, a 61% year-over-year increase, exceeding forecasts by $337 million [7] - The company's data center segment generated $440 million in revenue, reflecting a 64% sequential gain and a 76% year-over-year increase [1][7] - Non-GAAP EPS for the quarter was $6.20, up 404% from the prior year, and $2.66 above expectations [7] Market Position and Trends - SanDisk's stock has surged approximately 1,800% since its spin-off from Western Digital, with a 193% gain in the current year, leading to a market cap of $98 billion [3] - The demand for memory storage, particularly in AI-driven applications, is significantly increasing, benefiting companies like SanDisk [5][8] - Analysts predict continued strong demand and pricing for NAND products, with limited new supply expected in the near term [8] Analyst Insights - Analyst Melissa Fairbanks from Raymond James has a positive outlook on SanDisk, citing strong demand and pricing implications from the data center and AI cycle, and has set a price target of $725 [8] - The consensus rating for SanDisk is a Strong Buy, with 12 Buys and 4 Holds among recent analyst reviews [9]

Core Insights - Comfort Systems USA, Inc. (FIX) has experienced a significant stock surge of 74.6% over the past six months, outperforming the Zacks Building Products - Air Conditioner and Heating industry, the broader Construction sector, and the S&P 500 Index [1] Group 1: Business Performance - The company is benefiting from a favorable infrastructure spending environment, with a disciplined bidding approach and strong execution in both mechanical and electrical segments [2] - FIX's backlog reached $9.38 billion, reflecting a 65% year-over-year increase from $5.68 billion and a 15.5% sequential growth [4] - The gross margin expanded by 340 basis points to 23.6% year-over-year, with a 370 basis point increase in the third quarter, driven by a favorable project mix and strong end-market demand [9] Group 2: Market Position and Strategy - Comfort Systems has a strong focus on margin expansion, particularly in the technology and advanced manufacturing sectors, which now account for 42% of revenues, up from 32% the previous year [6] - The company has seen exceptionally strong bookings across traditional construction and modular operations, with modular demand sold out through early 2026 [5] - FIX's disciplined bidding strategy has allowed it to maintain margins and return on equity (ROE), which stands at 43.6%, significantly higher than the industry average [12] Group 3: Shareholder Value and Financial Health - The company increased its quarterly dividend by 20% to 60 cents per share, indicating management's confidence in cash flows and long-term demand [10] - Operating cash flow for the first nine months of 2025 was $717.8 million, a 12.4% increase year-over-year, with cash and cash equivalents rising to $860.5 million, up 56.5% from the end of 2024 [11] - The company repurchased 0.3 million shares for approximately $125.4 million, reinforcing its commitment to shareholder-friendly capital allocation [10] Group 4: Competitive Landscape - Comfort Systems operates in a competitive environment, primarily against Quanta Services, AECOM, and Carrier Global, each focusing on different aspects of the infrastructure lifecycle [14][16] - The company’s exposure to hyperscale data centers and AI facilities positions it well for growth, although it faces risks related to project delays and labor inflation [18][19] Group 5: Valuation and Future Outlook - FIX is currently trading at a premium with a forward P/E ratio of 39.61, raising concerns about valuation amidst strong operating momentum [20] - The earnings estimate for 2026 remains unchanged at $30.61 per share, implying a year-over-year growth of 16.4% [13] - While the company shows long-term growth potential, near-term upside may be limited due to its premium valuation and exposure to large, complex projects [24][25]

Core Viewpoint - Jabil Inc. is recognized as a strong investment opportunity, particularly due to its strategic acquisition of Hanley Energy Group and the sustained demand in data centers, which is expected to enhance its growth outlook [2][3][4]. Group 1: Company Performance and Outlook - Goldman Sachs raised its price target for Jabil Inc. to $282 from $255, maintaining a Buy rating, reflecting confidence in the company's growth driven by data center demand [2]. - Jabil confirmed the acquisition of Hanley Energy Group for approximately $725 million in cash, with potential additional earnouts of up to $58 million based on future revenue targets [3]. - The acquisition is seen as a strategic fit, enhancing Jabil's capabilities in energy management and critical power systems, which are increasingly important for data center infrastructure [4]. Group 2: Industry Trends - The rising importance of power management is highlighted as hyperscalers increase AI deployments, indicating a growing market for Jabil's enhanced solutions [5]. - Jabil's focus on providing customized solutions across the full data center lifecycle aligns with industry trends towards energy optimization and efficient power systems [5]. Group 3: Company Overview - Jabil Inc. offers engineering, manufacturing, and supply chain solutions across various industries, supporting electronics design, production, and product management [6].