Market Trends & Demand - Global copper consumption exceeds 25 million metric tons per year, driven by electric vehicles, renewable energy, and AI data centers [1] - Clean energy and electrification are projected to double global copper demand by 2050 [3] - China consumes over half of the world's copper, but a weaker property market may slow demand [4] Price Volatility & Supply Issues - Copper prices experienced significant volatility in 2025 due to US tariffs, with a 13% jump on July 8th and a subsequent 25% drop on July 30th after policy amendment [2] - New mines can take decades to come online, and existing mines face disruptions, potentially leading to supply issues [4] - Tariffs and supply issues could continue to cause wild price swings in the second half of 2025 [4] Long-Term Outlook - Long-term copper demand is strong due to the energy transition and AI, but supply may struggle to keep up [5] - Supply constraints create uncertainty and price risks for copper [5] - Electric vehicles use three to four times as much copper as gasoline-powered cars [3]

Forward Looking Statements This presentation contains forward-looking statements based on current expectations, including statements regarding our earnings guidance and financial outlook and goals. These forward-looking statements are often identified by words such as "estimate," "predict," "may," "believe," "plan," "expect," "require," "intend," "assume," "project," "anticipate," "goal," "seek," "strategy," "likely," "should," "will," "could," and similar words. Because actual results may differ materially ...

Financial Performance and Guidance - The company reaffirms its 2025 adjusted EPS guidance of $1.85-$1.89, narrowing to the upper half of the range[13] - The company projects an annual adjusted EPS growth of 6%-8% from 2025-2029[9, 13] - The company targets an annual FFO/Debt of 14%-16% through 2029[9, 13] - The company anticipates a total shareholder return of 9%-11% annually[9] Capital Investment and Rate Base - The company plans a base capital investment of $19.4 billion from 2025-2029, supporting an 8%-10% rate base growth[9, 13] - The company estimates its year-end 2024 regulated electric and gas rate base to be $21.3 billion[9] - The company's capital investments are allocated across Gas System Hardening (~48%), Electric System Modernization (~17%), Electric Generation (~14%), Growth (~11%), and IT & Facilities (~10%)[42] Second Quarter 2025 Results - The company's GAAP net income available to common shareholders for the second quarter of 2025 was $102.2 million, compared to $85.8 million in the second quarter of 2024, an increase of $16.4 million[27] - The company's adjusted net income available to common shareholders for the second quarter of 2025 was $101.9 million, compared to $94.7 million in the second quarter of 2024, an increase of $7.2 million[27] - The company's GAAP diluted earnings per share for the second quarter of 2025 was $0.22, compared to $0.19 in the second quarter of 2024, an increase of $0.03[27]

Financial Data and Key Metrics Changes - The company reported revenue of Rs. 44,010 million and EBITDA of Rs. 6,170 million for Q2 2025, marking a notable improvement over the previous quarter and the same period last year [8][33] - The net profit after tax was Rs. 500 million, with earnings per share (EPS) of Rs. 1.47, indicating a return to profitability after several challenging quarters [9][12] - The company closed the quarter with a strong liquidity position of $339 million and no term debt maturities until October 2028 [10][11] Business Line Data and Key Metrics Changes - In the carbon segment, revenue increased by 14.2% to Rs. 31,910 million, driven by a volume increase of approximately 67,000 metric tons (11%) and higher pricing due to a surge in Chinese CPC prices [13][35] - The advanced materials segment saw a revenue decrease of 13% to Rs. 8,180 million, primarily due to lower demand for seasonal products [18][37] - The cement segment experienced a 1.6% increase in revenue, attributed to a 13% rise in selling prices, contributing positively to margin improvements [21][38] Market Data and Key Metrics Changes - The global aluminum industry outlook remains resilient, with LME prices consistently trading above $2,600, supported by low inventories and rising demand expectations [28][29] - The cement industry in India is expected to grow due to government emphasis on infrastructure development and housing projects, despite a steady volume environment [22] Company Strategy and Development Direction - The company is focusing on restoring normalized operating margins and enhancing cost efficiency across all business lines, particularly in the cement segment [12][21] - Strategic initiatives include investments in R&D for advanced materials and biocarbon production, aligning with global shifts towards cleaner technologies [23][25][26] - The company is actively working to secure reliable sources of raw materials and strengthen its supply chain to support long-term growth [41] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the global economic outlook, despite ongoing geopolitical tensions and tariff concerns [30][42] - The company is closely monitoring market dynamics and adjusting strategies to mitigate risks and protect margins [12][18] - Management emphasized the importance of operational efficiency and strategic investments to drive sustained earnings improvement [40][42] Other Important Information - The company made targeted capital investments totaling $28 million, reflecting its commitment to strengthening operational capabilities [9] - The repayment of $44 million in senior secured notes in March 2025 underscores the company's disciplined financial management [10][11] Q&A Session Summary Question: What is the outlook for the aluminum industry? - The aluminum industry outlook remains promising, with stable pricing and expected demand growth, despite recent tariff increases [28][29] Question: How is the company addressing the challenges in the advanced materials segment? - The company is focusing on strategic sales efforts for specialty products with higher margins and monitoring market developments closely [19][20][37] Question: What steps is the company taking to enhance operational efficiency? - The company is implementing initiatives to reduce power and fuel costs and improve logistics to enhance cost efficiency across its operations [21][22]

Financial Data and Key Metrics Changes - The company reported a revenue increase of 53% year-over-year, reaching $135 million, and adjusted EBITDA rose by 57% to $96 million [7][26] - Net income decreased to $6 million from $9 million in the same quarter last year, primarily due to a non-cash charge related to a foreign currency shareholder loan [7][28] - The company raised its full-year 2025 guidance, with revenues now expected between $528 million and $535 million, and adjusted EBITDA between $393 million and $400 million [7][30] Business Line Data and Key Metrics Changes - Revenue from electricity sales increased by 37% to $160 million, driven by newly operational projects [26][27] - New projects contributed $30 million to revenues from electricity sales, with significant contributions from projects in Israel and Europe [27][28] Market Data and Key Metrics Changes - Revenue distribution for the second quarter was 40% from Israel, 35% from Europe, and 25% from the U.S. [27] - The company is well-positioned in the U.S. market due to regulatory clarity and a supportive business environment, which is expected to drive accelerated growth [11][12] Company Strategy and Development Direction - The company aims for an annual revenue run rate of approximately $2 billion by 2028, which is about four times the expected revenue for 2025 [8] - The company is expanding its leadership team to support its growth strategy, with a new CEO set to take over in October [8][9] - The focus is on capitalizing on the growing demand for renewable energy, particularly in the U.S. and Europe, where energy storage opportunities are being pursued [10][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive market environment for renewable energy, driven by electrification trends and AI demand [10] - The company believes that project returns will remain attractive due to lower capital expenditures and higher power prices [11] - Management highlighted the importance of energy storage in Europe and Israel, where the company is expanding its projects significantly [13][14] Other Important Information - The company has secured $310 million in financing for the hybridization of the Hekama project in Spain, contributing to its expansion plans [29] - The company has raised $1.8 billion in project finance and $300 million from corporate debt and asset sales to support its growth strategy [29] Q&A Session Summary Question: Safe harbor and project completion timelines - Management confirmed that they have six gigawatts fully safe harbored, which accounts for the majority of their plans towards 2027, and they are well-positioned to accelerate projects if needed [35][36] Question: Supply chain and tariff impacts - Management stated that current projects will not be impacted by new tariff cases, and they have a diversified supply chain strategy to mitigate risks [40][41] Question: FX contributions to guidance - Management acknowledged that while FX has been a tailwind, the guidance increase is primarily due to strong operational performance [60] Question: Component costs and market adaptation - Management discussed that U.S. component costs are higher due to tariffs, but they expect gradual adaptation in the market [62] Question: ITC sales revenue contribution - Management clarified that the estimated tax benefit contribution has been adjusted to $70 million to $80 million for the year, slightly narrowing the previous range [67][68]

Core Insights - Clearway Energy reported mixed results for Q2 2025, with revenue of $392 million, falling short of analyst expectations by $30.72 million, but net income rose significantly from the previous year [1][5][11] Financial Performance - Revenue (GAAP) for Q2 2025 was $392 million, a 7.1% increase from $366 million in Q2 2024, but below the estimated $422.72 million [2][5] - EPS (GAAP) decreased by 34.9% year-over-year to $0.28, compared to $0.43 in Q2 2024 [2] - Net income (GAAP) surged to $12 million, up 200% from $4 million in Q2 2024 [2] - Adjusted EBITDA fell by 2.8% to $343 million, down from $353 million in the previous year [2] - Cash Available for Distribution (CAFD) decreased by 18.7% to $152 million, compared to $187 million in Q2 2024 [2][7] Business Operations - Clearway Energy operates a portfolio of approximately 12 GW of generation capacity, with 96% of total generation in 2024 coming from renewable energy and storage assets [3] - The company focuses on expanding its asset base through acquisitions and new project developments, leveraging partnerships for access to new projects and technology [3][4] Segment Performance - The Flexible Generation segment reported a net loss of $11 million due to lower energy prices and reduced plant availability, with adjusted EBITDA dropping to $52 million [5][6] - The Renewables & Storage segment saw net income rise to $63 million, with output increasing by 1% to 5,591,000 megawatt hours [6] Strategic Initiatives - The company closed the acquisition of the Catalina Solar facility for approximately $127 million, enhancing long-term cash flow [8] - Clearway Energy has over 1.6 GW in sponsor-backed projects planned for 2025 and 2026, including a new 291 MW battery storage project [8] Dividend and Liquidity - The quarterly dividend was increased by 1.6% to $0.4456 per share [9][13] - Liquidity at the end of the quarter was $1.30 billion, with available revolving credit of $512 million [9] Future Guidance - Management raised the bottom end of its fiscal 2025 CAFD guidance to $405–$440 million, reflecting confidence from recent acquisitions [11] - The long-term CAFD per share target for 2027 was adjusted to $2.50–$2.70, up from $2.40–$2.60 [11] Operational Focus - The company aims to improve operational execution in its Flexible Generation segment, which faced challenges during the quarter [12] - Growth in battery energy storage projects is a key trend, with adaptations in contract terms to address supply chain pressures [12]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported an EPS of $0.06 per share compared to a net financial loss of $0.09 per share in the previous year [22] - Year-to-date NFE is $313.4 million or $3.13 per share, an increase of nearly 55% year-over-year [22] - The company raised the lower end of its fiscal 2025 NFEPS guidance range by $0.05 to $3.2 to $3.3 per share, reflecting strong operating performance [8][27] Business Line Data and Key Metrics Changes - New Jersey Natural Gas remains the strongest contributor to NFEPS, benefiting from a recent rate case settlement and customer growth [9] - The Clean Energy Ventures (CED) is expected to contribute over 20% of NFEPS this year, driven by high-performing operating assets and the monetization of the residential solar portfolio [9] - Approximately 65% of full-year NFEPS is expected to come from utility operations, rising to over 70% when excluding the CEV gain related to the sale of the residential solar business [10] Market Data and Key Metrics Changes - New Jersey Natural Gas serves approximately 588,000 customers, with over 90% being residential, primarily in economically vibrant counties [10] - The company has invested approximately $383 million in capital projects, with more than 47% earning near real-time returns through mechanisms such as SaveGreen [13] Company Strategy and Development Direction - The company is focused on disciplined execution and consistent performance across all segments, with an emphasis on utility investments and regulatory progress [5] - The SaveGreen program is highlighted as a key investment area, with capital projections raised by over 30% for 2025 [11] - The company aims to enhance utility infrastructure, expand clean energy investments, and optimize storage and transportation capabilities [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changing environments and allocate capital effectively to meet customer needs [27] - The company anticipates continued growth in the natural gas sector, supported by strong demand and infrastructure investments [36] - Management remains optimistic about reaching a resolution in the Adelphia Gateway rate case by the end of the year [7][19] Other Important Information - The company has a strong balance sheet with projected cash flow from operations between $460 million and $500 million for fiscal 2025 [25] - The company maintains $825 million of credit capacity across its credit facilities, providing flexibility to fund its capital plan [26] Q&A Session Summary Question: What would be the year-over-year impact of the Adelphia rate case settlement in 2026? - Management indicated that details are still under negotiation and have not been made public yet [34] Question: How have the 131 megawatt target for CEV changed relative to initial expectations? - Management stated that the 131 megawatts is what is currently under construction, with high confidence in the projections shared [35] Question: What is the timeline for the Leaf River expansion decision? - Management expects to narrow down the expansion details in the coming months, with a binding open season currently taking place [42] Question: Can you break out the utility gross margin for the quarter? - Management noted that the gross margin benefits from the new rate case and progress on operational efficiency [46] Question: What is driving the stronger demand for the SaveGreen program? - Management highlighted strong market demand for efficient HVAC systems and successful execution of the program [64] Question: Is there interest in growth projects for gas infrastructure in the Northeast? - Management confirmed ongoing investments in reliability and expanding the system to meet customer growth [67]

Financial Performance & Guidance - Q2 2025 diluted EPS was $1.85[9], compared to $2.07 in Q2 2024, representing a decrease of approximately 10%[11] - Year-to-date diluted EPS decreased by approximately 10% from $3.84 in 2024 to $3.46 in 2025[11] - The company increased its 2025 EPS guidance to a range of $6.06 to $6.46, up from the previous guidance of $5.68 to $6.08, representing an increase of approximately 6% at the midpoint[9, 12] - The company reaffirmed a 7% EPS growth for the Electric segment[9] - The company's Return on Equity (ROE) is 17%[9] Capital Investments & Rate Base - The company anticipates a $1.4 billion capital investment spending plan to remain intact[19] - Significant rate base growth is expected, with a Compound Annual Growth Rate (CAGR) of 9%[26] - The company expects to convert rate base growth into electric EPS growth near a 1:1 ratio[29] Projects & Regulatory Updates - Regulatory approval was obtained for the direct assignment of Abercrombie Solar and Solway Solar projects, totaling 345 MW[9] - A South Dakota rate case was filed, seeking a $5.7 million net revenue increase, representing a 12.5% increase, with a proposed ROE of 10.8%[9, 23] - The company is investing an estimated $230 million in wind repowering projects, with completion dates in 2024 and 2025[30] - The company is investing an estimated $80 million in Solway Solar, with completion dates in 2026-2027[30] - The company is investing an estimated $450 million in Abercrombie Solar, with completion dates in 2028[30] Manufacturing Platform - PVC pipe sales prices have declined since late 2022[48] - Year-over-year trends show sales prices down 15% QTD and 13% YTD, while sales volumes are up 11% QTD and 12% YTD[48]

Financial Data and Key Metrics Changes - The company's reported and adjusted net income for Q2 2025 was $8 million, resulting in earnings per diluted share of $0.23, compared to adjusted net income of $39 million or $1.15 per share in 2024 [14] - Revenues increased slightly due to the addition of Skyland, despite overall lower commodity prices [14] - Adjusted EBITDA for Q2 was $65 million, down from $98 million in 2024 [15] Business Line Data and Key Metrics Changes - The Agribusiness segment reported adjusted pretax income of $17 million, down from $33 million in 2024, with adjusted EBITDA of $46 million compared to $56 million in 2024 [18][20] - The Renewables segment generated pretax income of $10 million, down from $23 million in 2024, with EBITDA of $30 million compared to $52 million last year [21][22] Market Data and Key Metrics Changes - The company noted improved fertilizer results due to increased volume and margin driven by high corn plantings [9] - The wheat harvest was completed, and facilities are prepared for increased corn volumes expected at harvest [9] Company Strategy and Development Direction - The company has acquired its partner's share of four ethanol plants, which is expected to be immediately accretive to EPS and align reported EPS and EBITDA [12][13] - The company is focused on pursuing additional opportunities in ethanol and renewable feedstocks, with plans to improve efficiencies and lower carbon intensity [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the year, anticipating improvements in the Agribusiness segment as the fall harvest approaches [23] - The company is evaluating additional growth projects and acquisitions aligned with its strategy, with a target of achieving a run rate EPS of approximately $4.3 per share by 2026 [27][28] Other Important Information - The company generated cash flow from operations of $43 million in Q2, down from $89 million in 2024, but continues to demonstrate positive cash flows throughout the ag cycle [16] - Capital spending for Q2 was $49 million, up from $29 million in 2024, with expectations to reach $200 million for the year [17] Q&A Session Summary Question: Did the timing of the ethanol transaction correlate with regulatory tailwinds? - Management indicated that while they have been looking at ethanol capacity for eight quarters, the recent regulatory changes did not materially affect the transaction timing [32] Question: Can you characterize the non-strategic exits in the Agribusiness segment? - Management noted a financial impact of about $7 million from minority investments and a few million dollars from the sale of underperforming facilities [34][35] Question: What is the outlook for merchandising and storage in the second half of the year? - Management expects improved opportunities for both merchandising and storage due to a large corn crop [38] Question: Why was acquiring the balance of the ethanol assets the right move now? - Management stated that acquiring the remaining 50% of the ethanol plants allows for better capital deployment and full earnings benefits without integration risk [42] Question: What is the updated outlook for ethanol margins? - Management believes the second half of 2025 will be better than the first half, with opportunities to drive more free cash flow from the plants [49] Question: How does the Port of Houston investment work with lower soybean meal prices? - Management explained that the price of soybean meal will drive it to export parity, making the investment competitive despite lower prices [53] Question: What was the revenue contribution from Skyland in the quarter? - Management reported revenue of about $200 million from Skyland in each of the first two quarters, with a revised EBITDA outlook for the full year of $25 million to $30 million [62]

Bellevue Gold (BGL) 2025 Conference Summary Company Overview - Bellevue Gold operates a new mine in the Northern goldfields of Western Australia, transitioning from explorer to developer and now to producer with a focus on high-grade underground mining [21][24] Key Industry Insights - The company is positioned to produce 7% of the global antimony supply, highlighting its significance in the critical minerals market [1] - The U.S. is heavily reliant on antimony, consuming about 40% of the world's supply, which underscores the demand for Bellevue's production [2] Financial Highlights - The company raised $105 million through bonds and an additional $60 million in capital, totaling $250 million in funding within six days [4][5] - The project has a projected EBITDA of $2.51 billion and free cash flow of $1 billion over the first seven years [6] - The net present value (NPV) is estimated at $700 million with a capital expenditure (CapEx) of $150 million, resulting in a 5:1 NPV to CapEx ratio, which is considered excellent [7] - The payback period for the investment is projected at 11 months, with a mid-tier pricing strategy of $2,800 per ounce of gold and $41,000 per tonne of antimony [8] Production and Operational Updates - The company plans to commence antimony production in early 2026, with a mine life projected to exceed 20 years [6][7] - Bellevue produced 130,000 ounces of gold in FY 2025 and aims to increase production in FY 2026 and beyond [29][30] - The company has established a strong operational base with all necessary infrastructure in place, transitioning from a construction site to an operational site [30][25] Mining and Development Strategy - Bellevue's mining operation consists of multiple underground mines, with a focus on high-grade areas to enhance production [32][39] - The company has implemented a significant amount of development work to ensure consistent production rates, achieving a strong exit rate in June 2025 [35][38] - The ore body at Bellevue is unique, allowing for flexible mining strategies to optimize production based on market conditions [16][20] Sustainability and Environmental Initiatives - Bellevue has achieved net zero greenhouse gas emissions for its gold project, positioning itself as the world's first net zero gold producer [52] - The company has invested in renewable energy infrastructure, including a 90-megawatt hybrid power station, aiming for 80-90% renewable energy penetration [51][56] - Sustainability is embedded in the company's operations, appealing to environmentally conscious consumers and investors [57] Future Outlook - Bellevue is optimistic about its exploration potential, with significant opportunities to extend the mine life through ongoing drilling and resource evaluation [49][48] - The company is well-positioned in a favorable mining jurisdiction, with a strong focus on operational efficiency and sustainability [58]