Performance Webcast 7th of November, 2025 P-78 Arrival at the Búzios Field in September 2025 We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. Figures for 4Q25 on are estimates or targets. All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this presentation. In ...

Core Insights - MAX Power Mining Corp. has commenced drilling Canada's first Natural Hydrogen well at the Lawson target, marking a significant milestone in the country's energy exploration efforts [1][4][8] - The drilling program is part of a larger initiative on Canada's largest permitted land package for Natural Hydrogen exploration, covering approximately 1.3 million acres, with an additional 5.7 million acres under application [2][4] - The company is utilizing advanced technology and expertise through a partnership with Stampede Drilling, emphasizing safety and efficiency in the drilling process [2][4] Company Developments - The CEO of MAX Power expressed pride in the achievement of being the first to drill for Natural Hydrogen in Canada, highlighting the dedication and expertise of the team involved [3][4] - A strategic investment of $5 million has been announced, with a leading Southeast Asian conglomerate, which includes provisions for a board seat contingent on maintaining a minimum ownership stake [5][8] - The company is preparing to present its findings and developments at the world's largest Natural Hydrogen event in Paris, showcasing its commitment to advancing this new energy sector [3][4] Industry Context - The drilling at Lawson represents a new chapter in domestic energy exploration focused on clean, naturally generated hydrogen, positioning Canada as a leader in resource innovation [4][8] - MAX Power's exploration efforts are part of a broader trend towards decarbonization and the development of alternative energy sources in North America [8]

Core Insights - XCF Global, Inc. is recognized for its role in decarbonizing the aviation industry through Sustainable Aviation Fuel (SAF) [1] - The company was featured in a white paper by Posh Robotics, highlighting the potential of renewable fuel facilities [1] - XCF and Posh have signed a Letter of Intent to explore the deployment of Posh's Flex Gensets at XCF's New Rise Reno renewable fuels facility [1] Company Overview - XCF Global, Inc. is a key player in the aviation decarbonization sector [1] - The company focuses on Sustainable Aviation Fuel (SAF) as a primary product [1] Industry Context - The white paper titled "Unlocking the Full Value of Renewable Fuel Facilities: Powering the Future with Posh Flex Gensets" emphasizes the importance of renewable fuel facilities in the clean energy transition [1] - Posh Robotics, the author of the white paper, is an advanced clean energy company supported by Y-Combinator and founded by Stanford alumni [1]

Financial Data and Key Metrics Changes - Sales for Q3 2025 were $8.3 billion, a decrease of 2% compared to Q3 2024, primarily due to weaker North America heavy and medium-duty truck demand, with unit volumes declining 40% year-over-year [8][19] - EBITDA was $1.2 billion, or 14.3% of sales, compared to $1.4 billion, or 16.4% a year ago; excluding non-cash charges, EBITDA was $1.4 billion, or 17.2% of sales, an increase of 80 basis points from the previous year [9][20] - Operating cash flow was strong at $1.3 billion, compared to $640 million a year ago [23] Business Line Data and Key Metrics Changes - Engine segment revenues were $2.6 billion, a decrease of 11% from a year ago, with EBITDA at 10%, down from 14.7% [24] - Component segment revenue was $2.3 billion, a decrease of 15% from a year ago, with EBITDA at 12.5% compared to 12.9% [24] - Distribution segment revenues increased 7% to a record $3.2 billion, with EBITDA at a record 15.5% [24] - Power systems segment revenues were a record $2 billion, an increase of 18% from a year ago, with EBITDA increasing from 19.4% to 22.9% [25] Market Data and Key Metrics Changes - North America revenues decreased 4% compared to 2024, while international revenues increased by 2% [19] - Revenues in China were $1.7 billion, up 16% from last year, driven by stronger unit demand [11] - Revenues in India were $713 million, an increase of 3% from a year ago, with power generation revenues increasing 41% [12] Company Strategy and Development Direction - The company announced a collaboration with Komatsu to develop hybrid powertrains for heavy mining equipment, aiming to support customers' sustainability efforts [5][6] - The company is undergoing a strategic review of its electrolyzer business due to significantly lower demand expectations [16][50] - The company expects near-term weakness in North America on-highway truck markets to persist, anticipating a 15% decline in unit shipments from Q3 levels [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the global trade and policy landscapes remain dynamic, presenting ongoing challenges [14] - The company is hopeful for stabilization in global trade policy and clarity on EPA regulations, which will support plans to reinstate guidance for 2026 [17][28] - Management expressed cautious optimism about demand in North America on-highway markets nearing a bottom [28] Other Important Information - The company faced $240 million in non-cash charges related to its electrolyzer business, reflecting lower demand expectations [9][20] - Tariff costs increased in Q3, but the company managed to recover a greater proportion of these costs through pricing [19][26] Q&A Session Summary Question: Engine margins in the fourth quarter and power systems margin targets - Management indicated that engine business faces complexities with product changeover and additional costs, but they are managing costs effectively [32] - Power systems have shown strong performance, and management is committed to investing for profitable growth [36] Question: Capacity additions and future investments - Management confirmed that they are reaching the end of capacity expansion for large engines and are actively exploring additional capacity investments in response to strong demand [40][42] Question: Impact of Section 232 tariffs - Management stated that they need more details to quantify the headwind from tariffs and emphasized their strong manufacturing position in the U.S. [44][46] Question: Performance of Accelera segment - Management noted that most losses in the Accelera segment are from electrolyzers, and they are looking at actions to reduce these losses [48][50] Question: Natural gas engines and data center opportunities - Management highlighted their capability in natural gas engine development and the importance of high reliability for data centers [54]

Financial Data and Key Metrics Changes - Sales for Q3 2025 were $8.3 billion, a decrease of 2% compared to Q3 2024, primarily due to weaker North America heavy and medium-duty truck demand, with unit volumes declining 40% year-over-year [6][12] - EBITDA was $1.2 billion, or 14.3% of sales, compared to $1.4 billion, or 16.4% a year ago; excluding non-cash charges, EBITDA was $1.4 billion, or 17.2% of sales, an increase of 80 basis points from the previous year [7][8][19] - Operating cash flow was strong at $1.3 billion, compared to $640 million a year ago, indicating improved credit metrics and capital allocation flexibility [23] Business Line Data and Key Metrics Changes - Engine segment revenues were $2.6 billion, a decrease of 11% from a year ago, with EBITDA at 10%, down from 14.7% due to weaker North American truck volumes [23] - Component segment revenue decreased 15% to $2.3 billion, with EBITDA at 12.5% compared to 12.9% a year ago, impacted by weaker on-highway demand [24] - Distribution segment revenues increased 7% to a record $3.2 billion, with EBITDA at a record 15.5% driven by higher power generation demand [24] - Power systems segment revenues reached a record $2 billion, an increase of 18% from a year ago, with EBITDA increasing from 19.4% to 22.9% [25] Market Data and Key Metrics Changes - North America revenues decreased 4% compared to 2024, with heavy-duty truck industry production down 34% and medium-duty truck production down 51% [9][12] - In China, revenues were $1.7 billion, up 16% from a weak quarter last year, driven by stronger unit demand, with industry demand for medium and heavy-duty trucks increasing by 50% [10] - India revenues were $713 million, an increase of 3% from a year ago, with power generation revenues increasing 41% due to strong data-centered demand [11] Company Strategy and Development Direction - The company announced a collaboration with Komatsu to develop hybrid powertrains for mining equipment, aiming to support customers' sustainability efforts [4][5] - The company is undergoing a strategic review of its electrolyzer business due to significantly lower demand expectations, with potential further charges anticipated [15][49] - The company expects near-term weakness in North America on-highway truck markets to persist, with a projected 15% decline in unit shipments from Q3 levels [12][27] Management's Comments on Operating Environment and Future Outlook - Management noted that the global trade and policy landscapes remain dynamic, presenting ongoing challenges, particularly with tariff costs increasing [13][15] - There is cautious optimism regarding the bottoming of North American on-highway markets, with expectations for demand recovery in the future [27] - Management emphasized the importance of clarity in trade and regulatory policies for reinstating guidance for 2026 [16][27] Other Important Information - The company faced $240 million in non-cash charges related to its electrolyzer business, reflecting lower demand expectations due to reduced U.S. government incentives [8][19] - The effective tax rate for the quarter was 32.7%, impacted by increased tax expenses related to recent U.S. tax legislation [21] Q&A Session Summary Question: Engine margins outlook for Q4 and power systems margin targets - Management indicated that engine margins are expected to remain under pressure due to product changeovers and additional costs, but efforts are being made to manage costs effectively [32][34] - For power systems, strong performance is anticipated, with continued investment for profitable growth, although incremental margin improvements may not continue at the same rate [34][35] Question: Capacity additions and future investments in data centers - Management confirmed that capacity investments for large engines are nearing completion, with expectations for a 30-35% revenue increase in the data center market for 2025 [39][40] Question: Impact of Section 232 tariffs - Management acknowledged the uncertainty surrounding tariffs and their impact on profitability, emphasizing the need for more clarity to predict future financial implications [43][45] Question: Performance of Accelera segment and e-mobility growth - Management noted that e-mobility is growing, particularly in bus applications, while the electrolyzer segment has faced significant challenges, leading to strategic reviews [60][61]

Financial Performance - Revenue increased by 7.7% to $115.1 million, driven by Vapor Power and OPEX growth[11] - Organic revenue declined by 5% despite a 34% decline in large project revenue[10] - Adjusted EBITDA increased by 5% year-over-year to $23.2 million[11] - Adjusted EPS decreased by 5% to $0.38[11] - Free Cash Flow was $8.8 million, a significant increase of 663.2% year-over-year[11] Strategic Initiatives and Diversification - The company achieved its 70% diversification target ahead of plan[10] - OPEX sales increased by 22% year-over-year, or 4% organically[13] - Revenue from diversified end markets increased by 16%, while revenue from Oil & Gas decreased by 7%[29] Balance Sheet and Cash Flow - Net debt to Adjusted EBITDA leverage was 1.1x[11] - Cash and cash equivalents increased by 47.9% to $49.1 million[30] - Total debt increased by 49% to $169.1 million[30] Fiscal Year 2025 Guidance - The company projects revenue between $527 million and $553 million, representing 7%-12% growth[33] - Adjusted EPS is projected to be between $1.90 and $2.06[33] - Adjusted EBITDA is expected to be between $112 million and $120 million, representing 8%-15% growth[33]

Core Viewpoint - ClearSign Technologies Corporation is positioned as an emerging leader in industrial combustion and sensing technologies that support decarbonization and improve operational and energy efficiency while significantly reducing emissions [1] Company Announcement - ClearSign will host a conference call on November 19, 2025, at 5:00 PM ET [1] - The company plans to file its quarterly report on form 10-Q with the SEC shortly and will release a summary of its financial and operating results for the quarter ending September 30, 2025, on the same day as the call [1]

Core Insights - MAX Power Mining Corp. has appointed Tom Kishchuk, a seasoned leader in the energy sector, to its Board of Directors as the company prepares to launch Canada's first dedicated Natural Hydrogen drill program [1][3][9] - The company is transitioning from vision to execution, marking a significant moment in its growth story with the commencement of drilling at the Lawson target on the Genesis Trend [9][11] - The addition of Kishchuk is expected to enhance the company's capabilities in complex project development, particularly in the Natural Hydrogen sector [3][9] Company Developments - Tom Kishchuk has over three decades of experience in guiding organizations through dynamic market changes and has previously contributed to Saskatchewan's nuclear power supply chain [2][4] - Kishchuk's appointment follows his advisory role with MAX Power, where his expertise in Natural Hydrogen and energy systems is seen as critical for the company's upcoming drilling program [3][4] - Brent Dunlop has transitioned to Chairman of MAX Power's Advisory Board, focusing on strategic partnerships and technical initiatives, which aligns with the company's clean energy strategy [6][7] Industry Context - MAX Power is positioned as a pioneer in Canada's Natural Hydrogen industry, holding approximately 1.3 million acres (521,000 hectares) of permits for exploration [11] - The company aims to define a new era of clean, reliable energy through its innovative approach and leadership in the Natural Hydrogen sector [9][11] - The upcoming drill program is anticipated to be a significant step in unlocking shareholder value and advancing the company's strategic objectives [9][11]

Core Insights - KBR has been awarded a contract by ENKA to provide detailed engineering design services for the Associated Gas Upstream Project Phase 2 (AGUP2) in Iraq, part of the Gas Growth Integrated Project (GGIP) operated by TotalEnergies [1][2][3] Company Summary - KBR has a long-standing relationship with TotalEnergies and ENKA, having previously delivered the Front-End Engineering Design (FEED) for the AGUP2 project [2][3] - The company has been a trusted service provider in Iraq for over 40 years, contributing to the country's energy infrastructure development [4] - KBR employs approximately 37,000 people globally, providing diverse and mission-critical roles across 29 countries [5] Project Details - The AGUP2 project aims to process oil and associated gas from the Ratawi oil field, increasing production capacity to 210,000 barrels per day of oil and 154 million standard cubic feet per day of gas, while eliminating routine flaring [3][4] - The GGIP includes multiple components such as gas recovery, power generation, oil field redevelopment, and renewable energy investment, with a goal of improving Iraq's electricity supply [6] Strategic Importance - The AGUP2 project is seen as a strategic milestone for Iraq's energy future, supporting the country's goal of energy self-sufficiency and improved environmental performance [4] - KBR's expertise in gas processing and energy transition technologies positions the company as a key player in Iraq's decarbonization efforts and TotalEnergies' integrated approach to responsible energy production [4]

Core Insights - The company reported a 6% growth in sales, a 100 basis point expansion in segment margins, and a 17% increase in adjusted EPS, achieving a free cash flow conversion of 102% [1][22][23] - The backlog reached a record $15 billion, reflecting sustained demand for the company's solutions [1][24][27] - The proprietary business system is evolving as a growth engine, combining 80/20 and Lean principles with digital and AI approaches to enhance customer focus and operational efficiency [2][5][6] Financial Performance - Fiscal 2025 was marked by strong execution, with organic revenue growth of 4% and adjusted EPS of $1.26, a 14% year-over-year increase [22][23] - The company ended the quarter with $400 million in available cash and a net debt ratio of 2.4 times, within the long-term target range [23] - Adjusted free cash flow improved by approximately $700 million to $2.5 billion for the year [23] Segment Performance - Orders grew 6% in the quarter, with notable growth in The Americas (9%) and EMEA (3%), while APAC saw a slight decline of 1% [24][25] - The Americas experienced a 3% organic sales increase, while EMEA delivered 9% organic growth [25][27] - The backlog grew 13%, with system backlog increasing by 14% and service backlog by 9% [27] Strategic Initiatives - The company is updating its long-term growth algorithm to reflect improved mid-single-digit top-line growth and double-digit adjusted EPS growth [2][28] - The focus remains on investing in organic growth, returning capital to shareholders, and pursuing selective acquisitions [29] - The proprietary business system aims to identify and remove barriers to growth, with over 700 colleagues engaged in priority areas [6][9] Market Position and Innovations - The company is strengthening its leadership in advanced thermal management, particularly for data centers, with new product launches like the coolant distribution unit [13][14][15] - The transition to liquid cooling technologies is expected to enhance the company's competitive advantage in the data center vertical [14][15][56] - A significant project in Zurich will provide green heat to the city, showcasing the company's commitment to sustainable solutions [16][17][18] Future Outlook - The company anticipates organic sales growth of approximately 3% for the first quarter and mid-single-digit growth for the full year [30][31] - Adjusted EPS is expected to be approximately $4.55 per share, reflecting over 20% growth [30] - The guidance for fiscal 2026 includes a target of 50% operating leverage and approximately 100% free cash flow conversion [30][31]