TotalEnergies has signed a 10-year contract to supply 800 GWh of renewable electricity with a constant delivery profile to SWM, a major global paper and fiber-based materials producer. The agreement will cover roughly half of SWM’s electricity needs in France and begin in January 2026. The power will be delivered to three SWM facilities - Papeteries de Saint Girons, PDM Industries, and LTR Industries - using around 50 MW of TotalEnergies’ existing renewable generation assets in France. The structure of th ...

Core Insights - Woodside Energy achieved record annual production of 198.8 million barrels of oil equivalent in 2025, surpassing guidance due to strong offshore oil performance and LNG reliability [1][2] Production Performance - Full-year output reached 198.8 million barrels of oil equivalent, marking the highest annual production to date, with fourth-quarter production at 48.9 million barrels, a 4% decrease from the previous quarter due to seasonal weather and lower gas demand [2] - Operational reliability was high, with Sangomar offshore Senegal at 99.2% and Shenzi deepwater oil field at 98% reliability, while Pluto LNG achieved 100% reliability for the second consecutive quarter [3] Financial Metrics - Average realized prices fell to $57 per barrel of oil equivalent in the fourth quarter, a 5% decrease quarter-on-quarter, attributed to weaker oil-linked and gas hub pricing; however, Woodside ended the year with strong cash generation and liquidity of approximately $9.3 billion [4] Project Development - The Scarborough Energy Project was 94% complete at year-end, on budget, and targeting first LNG cargoes in Q4 2026, with the floating production unit now in Australia [5] - In the U.S., the Louisiana LNG project reached 22% completion, with first LNG targeted for 2029; a 10% equity stake was sold to de-risk the project, contributing around $1.9 billion in capital [6] Diversification Efforts - Woodside is expanding into lower-carbon markets with the Beaumont New Ammonia project in Texas achieving first ammonia production in December, with conventional deliveries set for 2026 and lower-carbon ammonia targeted for the second half of the year [7] - The Trion deepwater oil project offshore Mexico is 50% complete, on track for first oil in 2028, while the Greater Western Flank Phase 4 development at the North West Shelf was approved, expected to yield an internal rate of return of around 30% [8]

Core Viewpoint - The integration of artificial intelligence in data centers is enhancing the efficiency of waste heat utilization, providing a sustainable heating solution for buildings, exemplified by the Technical University of Dublin's Tallaght campus being heated by waste heat from an Amazon Web Services data center [1][3][8]. Group 1: Data Center Heat Utilization - Data centers traditionally generate excess heat, but their integration with district heating networks has been slow due to low-temperature waste heat [2]. - The AI boom is increasing the computing capacity of data centers, necessitating new methods to balance efficiency and sustainability [3]. - AI technology enables higher temperature outputs from data centers, making it easier to connect to heating systems with less hardware [4]. Group 2: Social and Economic Impact - Providing heat to district heating networks enhances the social license of data centers, contributing positively to community sustainability efforts [5]. - Ireland's easing of the moratorium on new data center applications reflects a shift in sentiment regarding the economic potential of these facilities amid the AI boom [7]. - The Tallaght scheme demonstrates the benefits of integrated planning, combining power system and distribution grid operators [8]. Group 3: Project Outcomes and Benefits - The Tallaght campus project has reduced carbon dioxide emissions by approximately 704 metric tons in 2024, despite increased energy demand from new buildings [9]. - AWS's data center in Tallaght provides recycled heat free of charge, supporting the heating of 55,000 square meters of public buildings and commercial space [10][11]. - The project currently meets 92% of the campus's heating demand and significantly advances TU Dublin's decarbonization goals for 2030 [24]. Group 4: Challenges and Future Prospects - The integration of data centers into heating networks faces challenges such as permitting delays and high capital costs [13]. - The life cycle mismatch between district heating networks and data center equipment poses risks of stranded assets [13]. - Scaling up waste heat utilization could potentially supply heat for at least 3.5 million homes by 2035 if aligned with AI infrastructure development [21].

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 totaled $1.34 billion, contributing to a record full-year adjusted EBITDA of $4.83 billion, reflecting sustained momentum from the business system and positive performance in Industrial and Energy Technology (IET) [4][30] - Adjusted earnings per share rose to $0.78, resulting in a full-year adjusted EPS of $2.60, a 10% increase from 2024 [4] - Adjusted EBITDA margins for Q4 rose 30 basis points year-over-year to a record 18.1% [4] - For the full year, company-adjusted EBITDA margins increased by 90 basis points to a record of 17.4% [5] Business Line Data and Key Metrics Changes - IET achieved record fourth-quarter order bookings of $4 billion, contributing to a full-year total of $14.9 billion, exceeding guidance [6] - IET margins increased by 160 basis points to 20% in Q4, while OFSE margins declined due to market conditions [4][35] - OFSE revenue fell 8% to $14.3 billion for the full year, with EBITDA of $2.62 billion resulting in resilient margins of 18.3% [37] Market Data and Key Metrics Changes - LNG equipment orders in 2025 totaled $2.3 billion, with expectations for similar levels in 2026 [8] - New Energy orders reached a record $2 billion for the full year, well above the target of $1.4 billion to $1.6 billion [10] - Global LNG demand is expected to increase by at least 75% by 2040, primarily driven by growth across Asia [16] Company Strategy and Development Direction - The company is focused on scaling its power systems portfolio to capture growing demand, particularly in data centers and renewable energy [3][19] - The pending acquisition of Chart is expected to enhance the power generation portfolio and enable integrated trigeneration solutions [28][49] - The company aims to achieve a 20% adjusted EBITDA margin by 2028, supported by ongoing productivity improvements and cost management initiatives [45][49] Management's Comments on Operating Environment and Future Outlook - The global macro environment remains resilient despite geopolitical uncertainties, with expectations for modest GDP growth in 2026 [14] - The company anticipates continued investment in generative AI and digital infrastructure, which will drive energy demand [14][15] - Management expressed confidence in achieving the three-year IET orders target of at least $40 billion, supported by strong order momentum [47] Other Important Information - The company generated robust free cash flow of $1.3 billion in Q4, contributing to a record annual free cash flow of $2.7 billion [7] - The balance sheet remains strong, with cash increasing to $3.7 billion and a net debt to adjusted EBITDA ratio decreasing to 0.5 times [31] Q&A Session Summary Question: Can you elaborate on your strategy for further enhancing your current capabilities or sustaining growth from Power Systems? - Management highlighted a multi-year growth cycle in global power demand, driven by factors such as data centers and electrification, with a market opportunity of $100 billion annually for Power Systems by 2030 [52][54] Question: Can you walk through some of the moving pieces within the $14.5 billion IET order intake guide for 2026? - Management indicated that the order outlook reflects strength across the IET portfolio, with LNG, gas infrastructure, and power systems expected to drive growth [63][65] Question: Can you discuss the margin outlook for IET and OFSE? - Management expects IET margins to reach 20% in 2026, driven by higher-margin backlog conversion and productivity improvements, while OFSE margins are projected to remain resilient despite macro headwinds [70][73]

Financial Performance - The company achieved third quarter revenues of $4.3 billion, with steel shipments totaling 3.2 million tonnes and adjusted EBITDA of $557 million [1][7][8] - Net income for the third quarter was reported at $318 million, or $2.05 per diluted share, which reflects a decrease in revenue compared to the second quarter due to lower flat-rolled steel pricing [7][8] - Operating income for the third quarter was $395 million, a 29% decline from the previous quarter, primarily due to steel metal spread contraction [8] Operational Highlights - The Sinton team reached a 72% utilization rate in September, with periods exceeding 90% during the quarter, demonstrating the mill's capability [1][23] - The company successfully ramped up four new value-add flat-rolled steel coating lines, expected to contribute fully to earnings by 2025, adding 1.1 million tons of higher-margin product [2][12] - Safety performance improved significantly, with the lowest total recordable incident rate and lost time rates in company history, and 84% of locations reported no recordable injuries [5][6] Market Dynamics - The domestic steel industry operated at an estimated production utilization rate of 78%, while the company's steel mills operated at 86%, indicating a competitive advantage [21] - The company is experiencing steady underlying steel demand, although a surge in steel imports has put pressure on supply dynamics for certain products [22][24] - The company anticipates increased fixed asset investment and demand drivers for steel and steel fabrication products in 2025 due to moderating interest rates and public funding [11][24] Strategic Investments - Approximately $1.9 billion has been invested in strategic growth initiatives through September 2024, with expectations for an additional $350 million to $400 million in the fourth quarter [13][14] - The company has repurchased $970 million of common stock year-to-date 2024, representing 4.5% of outstanding shares, with a remaining $486 million available for further repurchases [14] - The company is committed to sustainability, with new greenhouse gas emissions intensity targets aligned with the Paris Agreement, and is on track to introduce biocarbon into steel production by the first quarter of 2025 [15][16][81] Future Outlook - The company expects capital investments in 2025 to be in the range of $700 million to $800 million, with a focus on high-return strategic growth [14] - The aluminum production investments are projected to be EBITDA positive in the second half of 2025, with plans to operate the rolling mill at approximately 75% capacity in 2026 [12][66] - The company is optimistic about steel demand and pricing dynamics as it approaches the end of 2024 and enters 2025, driven by ongoing infrastructure spending and manufacturing onshoring [24][40]

Core Insights - Republic Services, Inc. has been recognized as one of the World's Most Admired Companies by Fortune for the fifth time, highlighting its strengths in social responsibility, innovation, quality of management, financial soundness, and long-term investment value [1][2] Group 1: Recognition and Awards - The company ranked high in a comprehensive survey evaluating around 1,500 candidates across nine criteria related to corporate reputation, including investment value and management quality [2] - Republic Services has also been recognized as one of Ethisphere's World's Most Ethical Companies for the seventh time and certified as a Great Place to Work for the ninth consecutive year [3] Group 2: Company Overview - Republic Services, Inc. is a leader in the environmental services industry, offering a complete set of products and services such as recycling, solid waste, special waste, hazardous waste, and field services [4] - The company's commitments to advance circularity and support decarbonization align with its vision to partner with customers for a more sustainable world [4]

Core Insights - The increasing demand for clean electricity driven by AI data centers, urbanization, industrial growth, and electric vehicle adoption highlights the importance of nuclear energy as a reliable, emission-free power source [1][2] Group 1: Nuclear Energy's Role - Nuclear energy provides a high volume of clean energy with zero emissions, making it a reliable solution for consistent power supply [2] - Unlike solar and wind energy, nuclear power offers continuous electricity generation, supporting both growth and decarbonization goals [2] Group 2: Company Analysis - Constellation Energy - Constellation Energy (CEG) is positioned to benefit from rising demand for clean energy, particularly from data centers and electrification, due to its strong nuclear fleet [3] - CEG's strategic acquisitions and capital investments enhance its reliability and efficiency, generating predictable cash flows [3] - The Zacks Consensus Estimate projects CEG's 2026 earnings per share (EPS) to grow by 21.24%, with a return on equity (ROE) of 21.59% and a debt-to-capital ratio of 33.46% [6][8][11][14] Group 3: Company Analysis - Dominion Energy - Dominion Energy (D) emphasizes clean, reliable power and infrastructure modernization, with its nuclear fleet providing carbon-free baseload electricity [4] - The company is exploring small modular reactors (SMRs) for scalable future capacity and is investing in transmission and distribution upgrades [4] - The Zacks Consensus Estimate indicates D's 2026 EPS growth of 5.81%, with a ROE of 9.6% and a higher debt-to-capital ratio of 60.48% [9][8][14] Group 4: Comparative Metrics - CEG's EPS growth of 21.24% significantly outpaces D's expected growth of 5.81% [8] - CEG's ROE of 21.59% is more than double that of D's 9.6% [8][11] - CEG trades at a higher Price/Earnings (P/E) ratio of 22.27 compared to D's 19.36, indicating a premium valuation [13] Group 5: Price Performance - Over the past twelve months, CEG shares have increased by 5.1%, while D shares have risen by 7% [16] Group 6: Conclusion - Both companies are well-positioned to meet rising electricity demand, but CEG's superior earnings estimates, ROE, and lower debt usage provide it with a competitive edge over D [19][20]

Introducing Global Ship Lease Investor Presentation January 2026 January 2026 1 Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation r ...

Core Viewpoint - Cerrado Gold Inc. is hosting a management conference call to discuss an unfavorable opinion regarding the environmental impact assessment for the Lago Salgada Project in Portugal, scheduled for January 26, 2026 [1]. Company Overview - Cerrado Gold is a Toronto-based gold production, development, and exploration company, owning 100% of the Minera Don Nicolás and Las Calandrias mine in Argentina [3]. - The company holds an 80% interest in the Lagoa Salgada VMS project in Portugal and is developing the Mont Sorcier Iron project in Canada [3]. Operations in Argentina - In Argentina, the company is optimizing asset value at the Minera Don Nicolás operation and increasing production at the Las Calandrias heap leach project [4]. - An extensive exploration campaign is ongoing to unlock potential resources in the Deseado Massif region [4]. Operations in Portugal - The Lagoa Salgada project is a high-grade polymetallic project located on the Iberian Pyrite Belt, with mineralization including zinc, copper, lead, tin, silver, and gold [5]. - The project covers a large 7,209-hectare property concession, offering significant exploration and development opportunities due to its proximity to Lisbon and existing infrastructure [5]. Operations in Canada - The Mont Sorcier project is a high-purity, high-grade Direct Reduced Iron project, with potential for long mine life and low operating costs [6]. - The project supports the transition of steel producers from blast furnaces to electric arc furnaces, aiding in industry decarbonization and sustainable development goals [6].

Core Insights - The Framework Agreement aims to support large-scale sustainability and decarbonization initiatives in the Brazilian State of Mato Grosso, a vital agricultural region [1][2] Industry Overview - Brazil's decarbonization market was valued at approximately USD $43.1 billion in 2024 and is projected to reach USD $76.8 billion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 10.1% from 2025 to 2030 [3] - The sustainability management software market in Brazil, which includes carbon management, compliance, reporting, and related ESG solutions, was valued at approximately $141.4 million in 2024 and is projected to reach $341.4 million by 2030 [4] Company Initiatives - Diginex Limited has signed a Joint Venture Framework Agreement with BGlobal and the State of Mato Grosso to establish a digital infrastructure platform for decarbonization and ESG reporting [2][6] - The Framework Agreement focuses on creating standardized, auditable sustainability and emissions data aligned with international standards, and aims to implement a "Digital Green Passport" concept to support export market access [2][6] - The collaboration intends to enhance existing initiatives like the "Passaporte Verde" program by providing a structured digital backbone for disclosure, traceability, and reporting across agriculture and natural-resource value chains [7] Strategic Focus - The initial focus of the Framework Agreement will be on the beef sector, with potential expansion to additional sectors over time [2][8] - The parties aim to explore how digital tools can help companies in Mato Grosso measure, disclose, and manage sustainability performance in a consistent and credible manner [6][9]