Core Viewpoint - Vale S.A. is anticipated to report year-over-year growth in revenues and earnings for Q4 2025, with sales expected to reach $10.75 billion, a 6% increase from the previous year, and earnings per share projected to grow by 185% to 57 cents [1][4]. Financial Performance - The Zacks Consensus Estimate for Vale's sales is $10.75 billion, indicating a 6% increase from the year-ago quarter [1]. - The consensus estimate for earnings has increased by 24% over the past 60 days to 57 cents per share, reflecting a solid 185% year-over-year growth [1]. - Vale's earnings performance has been mixed, with two earnings misses and two beats in the last four quarters, averaging a surprise of 1.99% [2][3]. Production and Sales Insights - Iron ore production rose by 6% year-over-year to approximately 90.4 million tons, driven by strong performance at the Brucutu plant and ramp-up of the Capanema and VGR1 projects [6]. - Total iron ore sales increased by 4.5% year-over-year to 84.9 million tons, with iron ore fines sales up 5.2% to 73.6 million tons [7]. - Nickel production was 46.2 thousand tons, up 1.5% year-over-year, while copper production increased by 6% to 108.1 thousand tons [8]. Pricing Trends - The average realized price for iron ore fines was $95.4 per ton, up 2.6% year-over-year, while realized prices for iron ore pellets declined by 8% to $131.4 per ton [7]. - The average realized price for copper operations was $11,003 per ton, reflecting a 19.8% year-over-year increase [9]. Market Position and Valuation - Vale's shares have gained 75.6% over the past year, outperforming the industry average of 75.4% and other major iron miners [11]. - The stock is trading at a forward 12-month price/sales ratio of 1.87, which is a premium compared to the industry's 1.43 [12]. Strategic Outlook - Vale plans to invest $4 billion in capital expenditures for its Iron Ore Solutions business in 2026 and $3.9 billion annually from 2027, aiming to increase production capacity to 335–345 million tons by 2026 and 360 million tons by 2030 [14]. - The company is also increasing investments in base metals to capitalize on the energy transition, supported by strong cost discipline and declining fixed costs [14][18].

Core Viewpoint - Duke Energy has released its fourth-quarter and full-year 2025 financial results, highlighting its ongoing commitment to energy transition and customer reliability [1] Company Overview - Duke Energy is a Fortune 150 company based in Charlotte, N.C., serving 8.7 million electric customers across several states and owning 55,700 megawatts of energy capacity [1] - The company also provides natural gas services to 1.8 million customers in North Carolina, South Carolina, Tennessee, Ohio, and Kentucky [1] Financial Results - The financial results for the fourth quarter and full year of 2025 are available on the company's investor website, with a presentation scheduled for discussion by the CEO and CFO [1] Strategic Initiatives - Duke Energy is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner energy generation methods, including natural gas, nuclear, renewables, and energy storage [1]

Core Insights - GE Vernova has completed a modernization project at InterGen's 800-MW Coryton Power Plant in the UK, enhancing generation capacity and efficiency while reducing emissions [1][2] Group 1: Project Details - The modernization included two high-efficiency upgrades on GT26 gas turbines, resulting in an additional 85 MW of generation capacity and a 2.46% efficiency gain [1] - The project is expected to reduce carbon dioxide emissions by approximately 67,500 tonnes annually [1] - The Coryton plant is a combined-cycle facility located 30 miles east of London on the River Thames [1] Group 2: Technological Advancements - GE Vernova's HE upgrade incorporates breakthroughs in gas turbine, compressor, and combustor technology, allowing for an increase in power output beyond the expected 77 MW [2] - The upgrades are designed to extend maintenance intervals, which included comprehensive inspections and testing of various components [2] Group 3: Collaboration and Commitment - The project involved over 300 experts from various teams, showcasing GE Vernova's capability to deliver high-impact solutions [2] - The company emphasizes its commitment to keeping gas turbine fleets competitive in the UK's energy landscape and providing pathways for future carbon emission reductions through fuel flexibility [2]

Core Viewpoint - Eramet has implemented a temporary management structure in its finance department due to the suspension of its CFO, which is unrelated to the dismissal of its CEO, Paulo Castellari, over operational disagreements with the Board of Directors [2][3]. Group 1: Management Changes - The CFO, who joined Eramet in mid-September 2025, has been temporarily suspended to facilitate an independent investigation following employee warnings regarding the finance department's management [3]. - The dismissal of CEO Paulo Castellari was due to divergences in operating methods with the Board of Directors, as stated in a previous press release [2]. Group 2: Company Overview - Eramet focuses on transforming Earth's mineral resources to provide sustainable solutions for industrial growth and energy transition challenges [4]. - The company is involved in the recovery and development of essential metals such as manganese, nickel, lithium, and cobalt, which are crucial for building a more sustainable world [4][5]. - Eramet aims to be a reference point for the responsible transformation of mineral resources, contributing to robust infrastructures, efficient mobility, and safer health tools [5].

Corporate Presentation February 2026 65, 90, 105 67, 166, 220 7, 41, 118 191, 191, 191 The information in the Presentation may include statements that are, or may be deemed to be, forward -looking statements regardin g future events and the future results of the Company that are based on current expectations, estimates, forecasts and projections about the industry in which the Company ope rates and the beliefs, assumptions and predictions about future events of the management of the Company. In particular, ...

Core Insights - Abaxx Commodity Exchange and TMX Trayport announced an integration that will allow trading access through TMX Trayport's Joule platform, expected to be completed by the end of Q1 2026 [1][3]. Group 1: Trading Integration - The integration will enable traders to view Abaxx Exchange markets alongside energy and commodities, allowing for direct order submissions from their existing trading environment [2]. - TMX Trayport's Joule platform is utilized by over 9,800 traders globally, facilitating the positioning of Abaxx Exchange benchmarks with existing gas, power, and environmental contracts [3][8]. Group 2: Product Offerings - Abaxx Exchange will expand its suite of physically-deliverable LNG futures, enhancing the range of trans-Atlantic and trans-Pacific gas prices available on the Joule platform [4]. - The introduction of weather-indexed derivatives and environmental contracts, including CORSIA-eligible and REDD+ units, will provide new tools for managing risks associated with European power prices and climate-related exposures [4]. Group 3: Market Impact - The integration is expected to enhance liquidity by allowing traders to view both OTC-cleared markets and Abaxx Exchange order books within the Joule platform [5]. - Abaxx Exchange aims to connect with a global network of core power and gas market participants, integrating its benchmarks into existing workflows for risk management [5]. Group 4: Company Background - TMX Trayport is a global software provider for the energy trading market, developing electronic platforms for traders, brokers, and exchanges [7]. - Abaxx Technologies focuses on building smarter markets through better tools and technology, addressing challenges such as the energy transition [10][12].

Core Viewpoint - Stellantis expects to incur a financial impact of approximately 22 billion euros ($26 billion) as it restructures its business to expedite the transition to electric and hybrid vehicles [1] Group 1: Financial Impact - The anticipated charges are primarily due to overestimating the pace of the energy transition, which has led to a disconnect with the actual needs and desires of car buyers [1] - The financial impact also reflects the consequences of previous operational inefficiencies, which are being progressively addressed by the new management team [2]

Core Insights - Duke Energy Foundation is investing $500,000 to support community colleges in North Carolina to prepare skilled energy and trade workers [1][7] - The funding will provide grants of $25,000 to eligible community colleges to enhance programs in critical energy and skilled trade careers [2][8] - This initiative is crucial due to North Carolina's rapid growth and increasing energy demand, necessitating a strong workforce pipeline [2][8] Funding Details - A total of $500,000 will be awarded, with up to 20 community colleges eligible for grants [7][8] - Over the past five years, Duke Energy Foundation has invested more than $6 million in workforce development in North Carolina [8] Community Impact - The investment aims to align education with workforce needs, enhancing skills and economic mobility in North Carolina [8] - Community colleges play a vital role in building a skilled workforce that supports the state's economy and energy grid [8]

Financial Data and Key Metrics Changes - Fourth quarter 2025 revenue was $138.3 million, up 3% compared to Q3 2025 and up 7% year-over-year [13] - Full year 2025 revenue was $526.5 million, slightly up year-over-year, driven by growth in service revenue [13] - Operating margins in reservoir description for Q4 2025 were 14%, expanding sequentially by 60 basis points [8] - Net income ex items for Q4 was $9.7 million, down 5% sequentially and down 7% year-over-year [24] - Earnings per diluted share ex items for Q4 was $0.21, compared to $0.22 in the prior quarter [24] Business Line Data and Key Metrics Changes - Reservoir description revenue for Q4 was $92.3 million, up over 5% compared to Q3 [41] - Production enhancement revenue for Q4 was $46 million, up over 8% year-over-year [45] - Operating income for reservoir description was $12.7 million, yielding operating margins of 14% [41] - Operating income for production enhancement was $3 million, yielding operating margins of 7%, down from 11% in Q3 [46] Market Data and Key Metrics Changes - Strong international demand for proprietary technologies helped offset a seasonally soft US land market [6] - Demand for laboratory services tied to crude oil was negatively impacted by geopolitical conflicts and sanctions [8] - U.S. land completion activity is expected to decline in the first half of 2026 compared to the same period in 2025 [32] Company Strategy and Development Direction - Core Laboratories continues to execute its strategic plan focused on technology investments to solve client problems and capitalize on opportunities [6] - The company aims to maximize free cash flow, return on invested capital, and return excess free cash to shareholders [11] - Core Lab plans to introduce new product and service offerings in key geographic markets while maintaining a strong balance sheet [10] Management's Comments on Operating Environment and Future Outlook - Management maintains a constructive multiyear outlook despite near-term economic headwinds and commodity price volatility [36] - The IEA forecasts global crude oil demand growth of approximately 900,000-1.4 million barrels per day in 2026 [30] - Geopolitical conflicts and evolving trade dynamics continue to create uncertainty in demand for Core Lab's products and services [32] Other Important Information - The company returned free cash to shareholders through dividends and share repurchases, repurchasing over 363,000 shares in Q4 [9] - Core Lab's operational leverage allows for revenue and profitability growth with minimal capital requirements [28] - The company expects capital expenditures in 2026 to be in the range of $15 million-$18 million, primarily targeted at growth opportunities [28] Q&A Session Summary Question: Comments on Venezuela's market potential - Management noted a long history in Venezuela and the potential to monetize legacy data if operators return [56] Question: Update on Middle East operations - Management confirmed expanded lab capabilities in Saudi Arabia and ongoing engagement with Aramco [59] Question: Future cash flow and debt management - Management indicated a mix of using free cash flow for share buybacks and debt reduction, with a focus on maintaining a comfortable leverage ratio [62]

Fourth quarter 2025 results Consistent delivery with more to come February 5, 2026 Shell plc | February 5, 2026 Shell plc Definitions & cautionary note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation "Shell", "Shell Group" and "Group" are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general o ...