SASOL LIMITED Interim Financial Results 23 February 2026 Copyright ©, 2026, Sasol AGENDA Strengthen our foundation Business overview Simon Baloyi Financial performance Walt Bruns Grow and Transform Copyright ©, 2026, Sasol 2 Disclaimer - Forward-looking statements Sasol may, in this document, make certain statements that are not historical facts that relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may als ...

Core Viewpoint - IREN Limited (NASDAQ:IREN) has been added to the MSCI USA Index, which is expected to enhance its visibility and accessibility to institutional investors and index-tracking funds [2][3]. Group 1: Company Overview - IREN Limited, founded in 2018, operates renewable-energy-powered data centers focused on Bitcoin mining and AI cloud services, with its headquarters in Sydney, Australia [4]. Group 2: MSCI USA Index Inclusion - The inclusion in the MSCI USA Index will take effect after market close on February 27, 2026, and the index tracks approximately 85% of the U.S.'s free float-adjusted market capitalization [2]. - Co-Founder and Co-CEO Daniel Roberts stated that this milestone reflects the scale and liquidity built in the business and will broaden institutional access as the company executes its AI Cloud strategy [3]. Group 3: Analyst Ratings - On February 10, 2026, Canaccord Genuity analyst Joseph Vafi reiterated a Buy rating on IREN Limited with a price target of $70 [3].

Financial Data and Key Metrics Changes - Alliant Energy reported ongoing earnings per share (EPS) growth of $0.18 for 2025 compared to 2024, driven by increased revenue requirements from rate-based increases and favorable temperature impacts on electric and gas sales [13][14] - The company achieved a 10-year compound annual EPS growth of 6.3%, with ongoing EPS growth of 6% in 2025, exceeding the midpoint of guidance [5][14] - A total shareholder return of over 13% was delivered for the year, marking the 22nd consecutive year of dividend increases [5] Business Line Data and Key Metrics Changes - In Wisconsin, Alliant Energy completed 275 MW of energy storage investments and turbine upgrades, contributing to regulatory execution strength [6] - Electric sales increased by nearly 1% in 2025 compared to 2024, primarily driven by higher commercial and industrial sales [14] - The company closed the year with four executed electric service agreements (ESAs) totaling 3 GW of peak load, indicating a 50% future growth in demand [9] Market Data and Key Metrics Changes - The company is actively engaged with customers and pursuing 2-4 gigawatts of additional large load growth opportunities beyond current projections [10] - The approval of individual customer rate contracts in Iowa supports economic development while maintaining flat retail electric base rates for existing customers [8] Company Strategy and Development Direction - Alliant Energy's strategy focuses on unlocking customer and community potential, with significant capital investments in data centers that strengthen local tax bases [6][7] - The company aims to be a partner of choice, aligning capital and regulatory solutions to enable growth while meeting customer and shareholder expectations [9] - A proactive approach to safe harboring renewable and energy storage investments is emphasized to maintain reliability and cost-effectiveness [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of navigating public policy shifts and the acceleration of electric demand as key factors influencing performance [5] - The company expects a compound annual earnings growth rate of 7%+ from 2027 to 2029, based on current projections for capital expenditure plans and data center load [18] - Management expressed confidence in executing projects within the updated capital expenditure plan, with a focus on maintaining stable base rates for customers [19][21] Other Important Information - The company has a four-year capital plan of approximately $13.4 billion, with a balanced mix of funding sources including cash from operations and new financings [20] - Regulatory decisions in Iowa and Wisconsin are aligned with capital investment plans, reducing regulatory uncertainty for 2026 [21][23] Q&A Session Summary Question: On the 3 GW of data centers, what are the minimum take agreements? - Management confirmed that any additional demand from hyperscalers would be accretive to current planning assumptions [30] Question: How are conversations with hyperscalers evolving, especially regarding stricter safeguards? - Management noted that Iowa has strategic advantages for data center growth, and they are committed to ensuring Wisconsin remains open for business [32] Question: What is the path to construction for the relocated QTS project? - Management clarified that they are using individual customer rate constructs for both states and are pleased with their ability to pivot quickly [42] Question: What are the goals for timing on bringing in another deal for the 2-4 GW of growth? - Management indicated that they have three buckets of opportunities and are focused on high-quality electric service agreements [44] Question: Is the 1% retail sales growth assumption conservative? - Management stated that most data center load is expected to come in 2027 and beyond, making the 1% growth assumption consistent with current expectations [53] Question: How does the shift in renewables in CapEx relate to QTS? - Management explained that the shift is part of a consistent investment plan and reflects a proactive approach to meet customer needs [57]

Financial Data and Key Metrics Changes - In 2025, Alliant Energy achieved ongoing earnings per share (EPS) growth of $0.18 compared to 2024, driven by increased revenue from rate-based increases and favorable temperature impacts on electric and gas sales [11][12] - The company reported a 10-year compound annual EPS growth of 6.3%, with ongoing EPS growth of 6% in 2025, exceeding the midpoint of guidance [4][11] - A total shareholder return of over 13% was delivered for the year, and the dividend was increased for the 22nd consecutive year [4] Business Line Data and Key Metrics Changes - Electric sales increased by nearly 1% in 2025 compared to 2024, primarily due to higher commercial and industrial sales across both IPL and WPL [12] - The company completed 275 MW of energy storage investments and turbine upgrades in Wisconsin, contributing to operational performance [5] Market Data and Key Metrics Changes - In Iowa, the approval of individual customer rate contracts supports economic development while maintaining flat retail electric base rates for existing customers through the end of the decade [6] - The company closed the year with four executed Electric Service Agreements (EFAs) totaling 3 GW of peak load, indicating a 50% future growth in demand [7] Company Strategy and Development Direction - Alliant Energy's strategy focuses on unlocking customer and community potential, with significant capital investments in data centers that enhance local tax bases and support public services [5] - The company aims to attract large load customers by ensuring regulatory solutions align with customer needs, emphasizing a customer-centric approach [6][7] - A proactive approach to renewable and energy storage investments is central to the company's strategy, with plans to maximize existing resources and extend asset life [9] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of agility and disciplined decision-making in navigating the evolving energy landscape, with a focus on long-term value [7][9] - The company expects to pursue industry-leading demand growth and successful project execution, with a compound annual earnings growth rate of 7%+ projected for 2027-2029 [16] Other Important Information - The company has a four-year capital expenditure plan of approximately $13.4 billion, with funding through a mix of cash from operations and new financings [18] - Regulatory decisions in Iowa and Wisconsin are aligned with capital investment plans, reducing regulatory uncertainty for 2026 [19][20] Q&A Session Summary Question: Minimum take agreements for the 3 GW of data centers - Management confirmed that any additional demand from hyperscalers would be accretive to current planning assumptions [26] Question: Conversations with hyperscalers and data center developments - Management noted that Iowa has strategic advantages over Wisconsin for data center growth, and they are committed to ensuring Wisconsin remains open for business [29] Question: Path to construction for the relocated QTS project - Management clarified that they are pleased with their ability to pivot quickly and have a robust plan for the new site [39] Question: Timing for additional deals in the 2-4 GW range - Management indicated that they are in active discussions and have structured their approach to ensure high-quality Electric Service Agreements [41] Question: Land control and zoning for new projects - Management confirmed that they own considerable land zoned for industrial use, which supports their economic development strategy [48] Question: Retail sales growth assumptions for 2026 - Management expects retail sales growth of approximately 1%, consistent with 2025, with significant data center load anticipated in 2027 and beyond [50] Question: Shift in capital expenditures related to QTS - Management explained that the shift in capital expenditures is primarily a refinement of their planning process rather than a significant change [64] Question: Regulatory continuity amid gubernatorial races - Management emphasized their commitment to reliability and affordability, ensuring that customers benefit from data center growth [72] Question: Local concerns regarding data center developments in Wisconsin - Management indicated that challenges are primarily at the township level, with local support for data centers being crucial [75]

Key Takeaways Dominion Energy is set to report Q4 2025 earnings on Feb. 23, with EPS seen at 64 cents.Dominion Energy may benefit from data center demand and no Millstone refueling outage.D faces higher financing costs, weaker margins and trades at a premium to its industry.Dominion  Energy (D) is scheduled to release its fourth-quarter 2025 results on Feb. 23, before market open. The Zacks Consensus Estimate for earnings is currently pegged at 64 cents per share on revenues of $3.56 billion.Fourth-quarter ...

Company Overview - HA Sustainable Infrastructure Capital (HASI) focuses on yield-oriented sustainable infrastructure investments, capitalizing on the shift towards renewable energy through long-term contracts that generate repeatable revenues [1]. Investment Focus - The company originates and structures investments in various sectors, including solar, wind, storage, and natural gas, aligning with the growing demand for sustainable energy solutions [1].

Core Insights - Bitcoin (BTC-USD) has experienced a significant decline, losing nearly 25% of its value since the beginning of the year and down 46% from its peak [1] Group 1: Analyst Background - The analyst, Uttam, specializes in growth-oriented investment analysis, focusing on the technology sector, including semiconductors, artificial intelligence, and cloud software [1] - Uttam has prior experience in Silicon Valley, leading teams at major technology firms such as Apple and Google [1] - He co-authors The Pragmatic Optimist Newsletter, which is frequently cited by prominent publications like the Wall Street Journal and Forbes [1]

Financial Data and Key Metrics Changes - Headline earnings per share for 2025 increased by 281% to ZAR 2.44 per share [57] - Adjusted EBITDA increased almost threefold, from ZAR 13 billion to just under ZAR 38 billion, a 189% increase [57] - Net debt to Adjusted EBITDA decreased from 1.77 times at the end of 2024 to 0.59 times at the end of 2025 [58] Business Line Data and Key Metrics Changes - Total full year PGM production reached 1.8 million ounces, aligning with guidance and stable year-on-year [21][22] - Underground production increased by 2% to over 1.6 million ounces, supported by improvements at Rustenburg [23] - Total production for gold operations was lower by 10% at 19.7 tons, with underground production reduced by 8% [27][28] Market Data and Key Metrics Changes - Gold spot prices broke the $4,500 mark during December, up 73% since the beginning of the year [65] - Platinum imports into the U.S. increased over 50% year-on-year, with significant flows driven by tariff uncertainty [66] - Lithium prices moved from low $7,000 per ton levels up to just over $16,000 per ton currently [68] Company Strategy and Development Direction - The company is focusing on simplification of operations and maximizing operating margins [3][4] - A disciplined capital allocation framework is in place, with a third towards shareholder returns, a third towards reducing gross debt, and a third towards growth [4] - The company aims for organic growth in its resource base, particularly in South Africa [4] Management's Comments on Operating Environment and Future Outlook - The management noted a significant change in the latter half of 2025, including a leadership transition and a strategic refresh [2][3] - The outlook for 2026 is positive, with expectations of additional earnings and cash flow improvements due to rising PGM prices [26] - The focus remains on embedding a culture of safety and accountability to eliminate fatal incidents [19][20] Other Important Information - The company declared a dividend of ZAR 1.31 per share, reflecting a 2% yield [14] - A settlement payment of $215 million was made regarding the Appian court case [7] - The renewable energy program aims to reduce emissions by 40% by 2030, with significant savings expected [45][46] Q&A Session Summary Question: What were the key financial highlights for 2025? - The headline earnings per share increased by 281% to ZAR 2.44, and adjusted EBITDA rose by 189% to just under ZAR 38 billion [57][58] Question: How did the company perform in terms of production? - PGM production reached 1.8 million ounces, while gold production was lower by 10% at 19.7 tons [21][27] Question: What is the outlook for commodity prices? - Gold prices are expected to remain strong, with PGM prices having reset at a higher base [69]

Sibanye Stillwater (NYSE:SBSW) H2 2025 Earnings call February 20, 2026 02:00 AM ET Company ParticipantsCharl Keyter - CFOCharles Carter - COOGrant Stuart - VP of RecyclingJames Wellsted - Senior VP of Investor RelationsKleantha Pillay - Senior VPMelanie Naidoo-Vermaak - Chief Sustainability OfficerNeal Froneman - CEORalph Memory - Head of Projects and WaterRichard Stewart - COORobert van Niekerk - EVPNone - Company RepresentativeConference Call ParticipantsAdrian Hammond - Equity Research AnalystChris Nicho ...

Core Viewpoint - The Adani Group plans to invest $100 billion by 2035 in renewable energy-powered AI data centers, significantly expanding its data center capacity and catalyzing further investments in the AI ecosystem in India [1]. Investment Plans - The investment will increase AdaniConnex's data center capacity from 2 gigawatts (GW) to 5 GW across multiple campuses in India [1]. - This initiative is expected to catalyze an additional $150 billion in related investments, creating an estimated $250 billion AI ecosystem [1]. Strategic Partnerships - Adani Group is partnering with Google (Alphabet) to develop a multi-gigawatt AI data center campus in Visakhapatnam, Andhra Pradesh, and is also developing other campuses in Noida, Delhi NCR [1]. - Collaborations with Microsoft are underway for projects in Hyderabad and Pune, with discussions ongoing with other international tech companies for additional AI campuses [1]. Renewable Energy Infrastructure - The backbone of the renewable energy supply will be the Khavda project, which has a capacity of 30 GW, with over 10 GW already operational [1]. - The group has committed an additional $55 billion to expand its renewable energy portfolio, including large-scale battery energy storage systems [1]. Data Center Features - The data centers will feature advanced liquid cooling systems, high-efficiency energy designs, and dedicated capacity for Indian language models and national data initiatives to support data sovereignty [1]. - A portion of the GPU capacity will be allocated to Indian AI startups, research institutes, and deep tech innovators [1].