50% acquisition of EPH flexible generation in Europe November 17, 2025 Scandale CCGT, Italy Key deregulated markets to scale up the integrated model power capacity + + = ~70% and generation USA Europe Brazil Economic growth driving power demand growth Integrated Power Strategy as presented on Sept. 29th Sharpening focus on key deregulated markets USA, Europe, Brazil Leveraging the multi-energy model to strengthen Oil & Gas positions Selected renewable markets Selectively targeting large-scale growing market ...

Core Insights - San Francisco-based investment firm No Street GP LP has significantly reduced its stake in Chart Industries by selling 565,000 shares, resulting in a position decrease of approximately $79.7 million [1][2][6] - Chart Industries' stock is currently priced at $203.54, reflecting a 20% increase over the past year, outperforming the S&P 500 by 5 percentage points [3][4] Company Overview - Chart Industries, Inc. is a leading global provider of highly engineered cryogenic equipment and process technologies, with a strong presence in the energy transition and industrial gas markets [5] - The company reported a trailing twelve months (TTM) revenue of $4.3 billion and a net income of $66.7 million, with a market capitalization of $9.2 billion [4][5] Operational Performance - In the third quarter, Chart Industries achieved record orders of $1.7 billion, representing a year-over-year increase of 43.9%, and an adjusted operating income of $251.5 million, yielding a strong margin of 22.9% [7][8] - The company has a growing backlog valued at $6 billion, indicating strong demand for its products [8] Strategic Considerations - The reduction in stake by No Street GP reflects a shift in opportunity cost, as the stock is expected to be acquired for $210 per share in mid-2026, limiting potential upside for investors [6][8] - Chart Industries' GAAP results were impacted by a $266 million termination fee related to previously terminated merger talks, which may affect investor sentiment [8]

Core Viewpoint - Consolidated Lithium Metals Inc. has successfully closed a non-brokered private placement, raising approximately $3.44 million through the issuance of 57,361,667 units at a price of $0.06 per unit [1][5]. Group 1: Offering Details - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of one common share at $0.10 per share from January 14, 2026, until November 14, 2028 [2]. - The offering was conducted under the "Listed Issuer Financing Exemption," meaning the units are not subject to a hold period under Canadian securities laws [3]. - Finder fees of $250,000 were paid to Integrity Capital Group, along with the issuance of 4,000,000 finder warrants, also exercisable at $0.10 per share until November 14, 2028 [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to advancing exploration activities for the company's lithium properties in Québec, as well as for working capital and general corporate purposes [5]. Group 3: Insider Participation - Certain insiders subscribed for approximately $150,000 worth of units, which is classified as a related party transaction. The company relied on exemptions from formal valuation and minority approval requirements [6]. Group 4: Company Overview - Consolidated Lithium Metals is a Canadian junior mining exploration company focused on critical mineral projects, trading on the TSX Venture Exchange and Frankfurt Stock Exchange [8]. - The company aims to support the energy transition through responsible development of critical mineral supply chains [8].

Core Viewpoint - Consolidated Lithium Metals Inc. has successfully closed a non-brokered private placement, raising approximately $3.44 million through the issuance of 57,361,667 units at a price of $0.06 per unit [1][5]. Group 1: Offering Details - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of one common share at $0.10 per share from January 14, 2026, until November 14, 2028 [2]. - The offering was conducted under the "Listed Issuer Financing Exemption," meaning the units are not subject to a hold period under Canadian securities laws [3]. - Finder fees of $250,000 were paid to Integrity Capital Group, along with the issuance of 4,000,000 finder warrants, also exercisable at $0.10 until November 14, 2028 [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to advancing exploration activities for the company's lithium properties in Québec, as well as for working capital and general corporate purposes [5]. Group 3: Insider Participation - Certain insiders subscribed for approximately $150,000 worth of units, which is classified as a related party transaction. The company relied on exemptions from formal valuation and minority approval requirements [6].

Financial Performance - Cemig's Recurring EBITDA decreased by 16.3% from R$1,762 million in 3Q24 to R$1,475 million in 3Q25 [37] - Recurring Net Profit decreased by 30.2% from R$1,118 million in 3Q24 to R$780 million in 3Q25 [37] - Cemig D's Recurring EBITDA decreased by 4.7% from R$773 million in 3Q24 to R$737 million in 3Q25 [66] - Cemig D's Recurring Net Profit decreased by 28.0% from R$372 million in 3Q24 to R$268 million in 3Q25 [66] - Cemig GT's EBITDA decreased by 12.6% from R$602 million in 3Q24 to R$526 million in 3Q25 [90] - Cemig GT's Net Profit decreased by 17.6% from R$467 million in 3Q24 to R$385 million in 3Q25 [90] - Gasmig's EBITDA decreased by 16.0% [97] Investments - Investments grew by 17.0% in 9M25/9M24, totaling R$4,7 billion [14, 16] - Distribution investments reached R$3,602 million [19] - Generation investments reached R$149 million [19] - Transmission investments reached R$297 million [19] - Gasmig's Central-Oeste project has an estimated CAPEX of R$800 million, with R$675 million realized until September 2025 (84%) [97] Operational Highlights - Additional Allowed Annual Revenue (RAP) of R$32.3 million in 9M25, 12.5% above the additional RAP in 12M24, equivalent to a total of R$28.7 million [31] - Cemig D's market, including Micro and Mini Distributed Generation (DG), declined by 2.0% [72]

Financial Data and Key Metrics Changes - The company reported an EBITDA of COP 12.3 trillion for the third quarter, with an EBITDA margin of 41% and a net income of COP 2.6 trillion, reflecting a recovery from the previous quarter [28][29] - Year-to-date investment reached nearly $4.2 billion, representing 72% of the annual target [8][37] - Cumulative EBITDA for the year reached COP 36.7 trillion, demonstrating strong adaptability despite external pressures [29] Business Line Data and Key Metrics Changes - The exploration and production segment achieved a total accumulated production of 751,000 barrels of oil equivalent per day, aligning with the target range of 740,000-750,000 [12][29] - The refining segment saw throughput rebound to approximately 429,000 barrels per day, marking the second highest quarterly level in its history [16][17] - The midstream segment transported an average of 1,118,000 barrels per day, reflecting a 1% increase compared to the third quarter of 2024 [15] Market Data and Key Metrics Changes - The average production for the year was 751,000 barrels per day, supported by strong contributions from domestic and international operations [4][12] - The company reported a 15% decline in Brent prices year to date, impacting overall financial performance [28] Company Strategy and Development Direction - The company is focused on reinforcing core business operations, maintaining financial discipline, and advancing strategic projects related to energy transition [4] - A multimodal logistics initiative was launched to enhance export capabilities, with projected annual benefits of $1 million-$2 million [7] - The company is committed to sustainability, having reduced greenhouse gas emissions by 379,000 tons of CO2 equivalent and increased renewable energy capacity to 234 megawatts [8][9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility and maintaining operational stability despite external pressures [28] - The company anticipates a challenging price environment in 2026 but remains committed to maintaining low lifting costs and capital discipline [38] - The management emphasized the importance of energy security and the ongoing integration of renewable energy sources [39] Other Important Information - The company achieved ISO 37001 certification, reflecting its commitment to ethical business conduct [9] - The workplace environment index improved from 60 to 68, indicating a focus on employee well-being and sustainable growth [9] Q&A Session Summary Question: Clarification on the potential sale of the Permian asset - Management clarified that there is no formal instruction or political request to sell the Permian asset, and any decision will be rigorously analyzed by the board [40][42] Question: Impact of a senior management member potentially being on the OFAC list - The company has a robust compliance system in place to monitor risks and ensure operational continuity [43][44][45] Question: Exchange rate impact on operating earnings - A sensitivity analysis indicated that a COP 100 variation in the exchange rate could affect net profit by COP 700 billion, with current rates positively impacting EBITDA [48][52] Question: Government assistance for the Sirius project - The company is working closely with the government to facilitate the Sirius project, with a timetable established for consultations [49][56] Question: Production growth outlook for 2026 amid oil price volatility - Management expects to maintain production levels similar to 2025, with ongoing assessments of the investment plan [65][67] Question: Refining margins and future expectations - The company is focused on improving operational efficiency and maximizing valuable products to enhance refining margins [69][83] Question: Dividend policy amid lower net income - The company plans to maintain its dividend distribution policy within the range of 40% to 60% of distributable profit [86]

Financial Data and Key Metrics Changes - Stantec reported net revenue of CAD 1.7 billion in Q3 2025, an increase of almost 12% compared to Q3 2024, driven by organic and acquisition growth, each over 5% [2][7] - Adjusted EBITDA grew by close to 18% year over year, achieving a record margin of 19% [2][7] - Adjusted EPS increased by 17.7% to CAD 1.53 compared to Q3 2024 [2][8] - Year-to-date operating cash flows rose 86% from CAD 296 million to CAD 551 million [8] Business Line Data and Key Metrics Changes - The water business delivered almost 13% organic growth, while energy and resources achieved nearly 10% organic growth [2] - In the U.S., net revenue increased over 14% in Q3, driven by 4.6% organic growth and almost 9% acquisition growth [3] - The buildings business saw net revenue increase by more than 40% in Q3, attributed to the acquisition of Page and continued organic growth [3] Market Data and Key Metrics Changes - In Canada, net revenue grew 7.6% in Q3, entirely from organic growth, with double-digit growth in water and energy resources [4] - Global business delivered net revenue growth of almost 11% in Q3, achieving 5.5% organic and 2.8% acquisition growth [5] - The U.K., Australia, and New Zealand saw continued double-digit organic growth in the water business due to public sector investment [5] Company Strategy and Development Direction - Stantec maintains its net revenue growth guidance for the full year while increasing adjusted EBITDA margin outlook to 17.2%-17.5% [12] - The company aims to achieve net revenue of CAD 7.5 billion by the end of next year, supported by ongoing high levels of activity in its water business [14] - Stantec is optimistic about the long-term support for infrastructure investments following the recent federal budget release in Canada [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong momentum going into 2026, driven by ongoing demand in water, energy transition, and infrastructure projects [16][18] - The company acknowledges some near-term challenges in the U.S. market but remains optimistic about long-term growth drivers [28][30] - Management highlighted the importance of maintaining a diversified portfolio to mitigate risks associated with changing market conditions [32] Other Important Information - Stantec's contract backlog stood at CAD 8.4 billion, an almost 15% increase year over year, representing approximately 13 months of work [10] - The integration of the Page acquisition is progressing well, with expected revenue synergies already being realized [48][49] Q&A Session Summary Question: Outlook for 2026 - Management indicated strong momentum going into 2026, with continued support in water and infrastructure projects [16][18] Question: Canadian Infrastructure Opportunities - Management noted solid organic growth in Canada, particularly in land development and transportation projects, with strong public sector demand [20][22] Question: Concerns about Economic Indicators - Management acknowledged some uncertainty in the U.S. market but emphasized strong long-term demand drivers [28][30] Question: M&A Pipeline Update - Management confirmed ongoing discussions regarding potential acquisitions, maintaining a positive outlook for M&A activity [33][34] Question: Margin Sustainability - Management expressed confidence in continued EBITDA margin expansion, driven by organic revenue growth and operational efficiencies [54] Question: Exposure to Defense Sector - Management indicated limited exposure to the defense sector but sees potential growth opportunities in related infrastructure projects [57] Question: Free Cash Flow Performance - Management highlighted strong free cash flow performance due to effective working capital management and collection efforts [60]

Core Insights - Venture Global, Inc. (VG) reported third-quarter 2025 diluted earnings per share of 16 cents, missing the Zacks Consensus Estimate of 22 cents, but improved from a loss of 15 cents in the same quarter last year [1][9] - Total revenues for the quarter reached $3.3 billion, significantly up from $926 million in the year-ago quarter, and exceeded the Zacks Consensus Estimate of $3.2 billion [1][9] - The company experienced a substantial increase in LNG sales volumes from the Plaquemines project, which helped offset higher operating costs and expenses [2][5] Financial Performance - Income from operations was $1.32 billion, compared to $189 million in the third quarter of 2024, driven by increased LNG sales volumes [3] - Adjusted EBITDA for the third quarter was $1.5 billion, a 273% increase from $283 million in the previous year, primarily due to higher LNG sales volumes [5] - The cost of sales rose to $1.4 billion from $272 million in the year-ago period, while total operating expenses increased to $2 billion from $737 million [6] Export and Production Metrics - Venture Global exported 100 cargoes in the second quarter, a significant increase from 31 cargoes in the same period last year, with total LNG volumes exported reaching 373 trillion British thermal units (TBtu), up from 100 TBtu [4] Balance Sheet and Outlook - As of September 30, 2025, the company had $1.9 billion in cash and cash equivalents and a net long-term debt of $31.7 billion [7] - For the full year 2025, VG has narrowed its Adjusted EBITDA guidance to a range of $6.35-$6.5 billion, expecting total cargoes across all projects to be between 382-386 [8]

Market Overview - The US equity market experienced a rally in the third quarter of 2025, with the S&P 500 Index increasing by 8.12% [1] - Bonds also saw gains, with the Bloomberg U.S. Aggregate Bond Index rising by 2.03% during the same period [1] Performance Analysis - The composite return for the quarter was 7.22% gross of fees and 7.10% net of fees, which underperformed the S&P 500 Index's 8.12% gain [1] - The underperformance of the strategy was attributed to security selection [1] Company Focus: Baker Hughes Company - Baker Hughes Company (NASDAQ:BKR) is highlighted as a key stock in the Core Equity Strategy, providing technologies and services across the energy and industrial value chain [2][3] - The stock had a one-month return of 5.16% and a 52-week gain of 10.64%, closing at $47.51 per share on November 13, 2025, with a market capitalization of $46.882 billion [2] Business Segments of Baker Hughes - Baker Hughes operates through two main segments: Industrial & Energy Technology (IET) and Oilfield Services & Equipment (OFSE) [3] - The IET segment offers a range of technologies and services for clean power, geothermal, hydrogen, and emissions abatement [3] - The OFSE segment focuses on designing and manufacturing products for oilfield operations, while also expanding capabilities for the energy transition [3]

Core Insights - ArcelorMittal S.A. reported a third-quarter 2025 net income of $377 million, or 50 cents per share, an increase from $287 million, or 37 cents per share, in the same quarter last year [1] - Adjusted earnings were 62 cents per share, surpassing the Zacks Consensus Estimate of 58 cents [1] - Total sales increased approximately 3% year over year to $15,657 million, exceeding the consensus estimate of $14,711 million [1] Financial Performance - Total steel shipments rose 1.5% year over year to 13.6 million metric tons, beating the consensus estimate of 13.57 million metric tons [2] - Cash and cash equivalents at the end of the quarter were $5,733 million, up from $5,443 million in the prior quarter, with net debt around $9.1 billion [6] Segment Performance - **North America**: Sales increased 20% year over year to $3,111 million, with crude steel production up 0.6% to 1,662 million metric tons and steel shipments rising 8.6% to 2,615 million metric tons, exceeding the consensus estimate of 2,555 million metric tons [2] - **Brazil**: Sales decreased 13% year over year to $2,807 million, with crude steel production down 6% to 3,595 million metric tons and shipments falling 6.8% to 3,530 million metric tons, missing the consensus estimate of 3,646 million metric tons [3] - **Europe**: Sales rose 0.6% year over year to $7,186 million, with crude steel production declining nearly 7.8% to 7,251 million metric tons, while shipments increased around 3% to 7,001 million metric tons, surpassing the consensus mark of 6,871 million metric tons [4] - **Mining**: Sales increased 24.3% year over year to $732 million, with iron ore production totaling 8.5 million metric tons, up 28.8% from the previous year [5] Future Outlook - The European Commission's new steel-sector trade tool and the Carbon Border Adjustment Mechanism (CBAM) are expected to enhance fair competition and support industry capacity utilization [7] - The company remains optimistic about its medium- and long-term outlook, anticipating benefits from rising steel demand linked to energy transition, infrastructure development, and defense needs [8] - Recent M&A activities and high-return organic growth projects are expected to boost future EBITDA by $2.1 billion, including $0.7 billion in 2025 and $0.8 billion in 2026 [10] Market Performance - ArcelorMittal's shares have gained 57.9% over the past year, contrasting with a 14.3% decline in the industry [11]