Core Insights - Civeo's management confirmed that there has been "no change" to the capital allocation framework, with plans to use at least 75% of annual free cash flow for stock buybacks after completing the current program [1][7] - The company announced a new authorization to repurchase up to 10% of its outstanding shares, effective after the completion of the existing buyback program [2][7] - Civeo reported significant progress in share repurchases, having bought back 2.3 million shares for approximately $54 million in 2025, reducing the share count by about 17% [3][7] Financial Performance - For Q4 2025, Civeo reported revenue of $161.6 million, an increase from $151.0 million in Q4 2024, primarily due to higher activity in Australia [8][10] - Adjusted EBITDA for Q4 2025 rose 90% to $21.7 million, attributed to margin improvements in Canada and contributions from the Australian acquisition [9][10] - Full-year 2025 revenue was $638.8 million, down from $682.1 million in 2024, while adjusted EBITDA increased to $88.2 million from $79.9 million, driven by cost reductions in Canada [10][11] Regional Performance - Australia achieved record annual revenues of AUD 460 million in 2025, with Q4 revenue of AUD 119.5 million, up 9% year-over-year [12][16] - In Canada, Q4 revenue rose to $42.1 million from $40.7 million, with adjusted EBITDA improving to $3.4 million from a loss of $5.4 million a year earlier, driven by cost reductions [15][16] Guidance and Outlook - Civeo guided for 2026 revenue of $650 million to $700 million, adjusted EBITDA of $85 million to $90 million, and capital expenditures of $25 million to $30 million [5][19] - The company expects stable but subdued oil sands activity in Canada, with potential upside from North American infrastructure projects [21] - Management noted that met coal prices improved entering 2026, which could enhance activity in the latter half of the year [20]

Core Viewpoint - Pet Valu Holdings Ltd. reported strong financial results for Q4 and fiscal year 2025, highlighting revenue growth, operational execution, and plans for future expansion in the Canadian pet industry as it celebrates its 50th anniversary in 2026 [4][5]. Fourth Quarter Highlights - Revenue for Q4 2025 was $326.4 million, an increase of 10.6% from $295.1 million in Q4 2024. Excluding the impact of an additional week, revenue was $305.5 million [6][7]. - Adjusted EBITDA was $74.6 million, up 9.4% from $68.2 million in Q4 2024, representing 22.9% of revenue [14]. - Net income increased to $29.4 million, a rise of 1.6% compared to $28.9 million in Q4 2024 [13]. - The company opened 14 new stores, bringing the total to 863 stores [6]. Fiscal Year Highlights - Total revenue for Fiscal 2025 was $1,175.6 million, a 7.1% increase from $1,097.2 million in Fiscal 2024 [21]. - Same-store sales growth was 1.6%, compared to a decline of 0.5% in Fiscal 2024 [22]. - Adjusted Net Income was $113.2 million, slightly down from $113.3 million in the previous year, with Adjusted Net Income per diluted share increasing to $1.61 from $1.57 [30][31]. 2026 Outlook - The company anticipates revenue growth of 2% to 4% for Fiscal 2026, with plans for approximately 40 new store openings and flat to slight same-store sales growth [4][36]. - Adjusted EBITDA margin is expected to remain flat to slightly expand, with Adjusted Net Income per diluted share projected to grow in the mid to high single digits [36].

Core Viewpoint - Graphene Manufacturing Group Limited (GMG) is advancing its Gen 2.0 Graphene Manufacturing Technology plant, with an additional investment of AU$1.4 million approved to complete construction, aiming for a production capacity of 10 tons of graphene per year [1][2]. Group 1: Gen 2.0 Plant Development - The total estimated capital cost for the Gen 2.0 Plant is AU$2.3 million, primarily funded through a previous financing round of C$5,796,000 [1]. - The project is on track to meet its original budget and is expected to be operational by mid-2026, with early work and procurement substantially complete [2]. - The plant will be largely self-powered, utilizing renewable energy sources, an energy storage system, and hydrogen-enriched natural gas from tail gas power generation [3]. Group 2: Financial Performance - GMG reported a significant increase in share price of 178% during Q2 FY2026, reflecting growing market confidence, although this led to a higher calculated fair value for the warrant liability, resulting in a non-cash loss [7]. - As of December 31, 2025, GMG had a cash balance of A$13.9 million, up from A$7.7 million at June 30, 2025, and a positive underlying net assets position of A$21.5 million excluding the warrant liability [11]. - The company's market capitalization was approximately USD$200 million as of December 31, 2025 [8]. Group 3: Non-IFRS Measures and Adjustments - GMG uses EBITDA as a non-IFRS measure to assess operational performance, which is revenue before finance costs, tax, depreciation, and amortization, adjusted for non-cash items [9]. - The adjusted loss for the year was reported at (A$3,597) for the three-month period ended December 31, 2025, with a basic and diluted loss per share of (A$0.1785) [14]. - The company views the warrant liability as a technical accounting matter that does not reflect operational performance or strategic progress [8]. Group 4: Business Objectives and Focus - GMG is focused on developing commercial scale-up capabilities and securing market applications, particularly in energy savings and energy storage solutions [15][16]. - The company is working on graphene-enhanced products for HVAC-R systems and has developed graphene lubricant additives for diesel engines [16]. - Collaborative efforts with the University of Queensland aim to advance R&D and commercialization of graphene aluminium-ion batteries [17].

I N V E S T O R P R E S E N T A T I O N M A R C H 2 0 2 6 EBITDA and Adjusted EBITDA Management uses EBITDA and Adjusted EBITDA to facilitate internal and external comparisons to our historical operating results and in making operating decisions. EBITDA and Adjusted EBITDA are widely used by investors, lenders, credit and equity analysts in the valuation, comparison, and investment recommendations of companies. Additionally, EBITDA and Adjusted EBITDA are utilized by our Board of Directors to evaluate manag ...

Core Insights - Energy Fuels reported a "breakout year" in 2025, with significant increases in uranium mining and processing volumes, alongside advancements in rare earth production and a strengthened balance sheet following a $700 million convertible note offering [4][5]. Financial Performance - The company ended 2025 with total assets of $1.4 billion and working capital of $927 million, including approximately $862 million in cash [5][16]. - Energy Fuels reported a net loss of $86 million for 2025, compared to a net loss of $47 million in 2024, attributed to higher costs and increased investments across its portfolio [17]. - Average month-end uranium spot prices were about 13.8% lower in 2025 compared to 2024, impacting revenue per pound and gross margin, which stood at 31% [17]. Production and Inventory - Energy Fuels exceeded its 2025 guidance by mining over 1.7 million pounds of uranium and processing approximately 1.0 million pounds of U3O8, ending the year with over 2.0 million pounds of total uranium inventory [3][7]. - The company sold 650,000 pounds of uranium in 2025 at an average price of $74.20 per pound, with six long-term contracts representing about 50% of its production capabilities [7]. Rare Earth Production - The White Mesa Mill is positioned as a strategic asset, being the only operating conventional uranium mill in the U.S. and capable of processing monazite, with production reaching 350,000 pounds in December 2025 [9]. - Energy Fuels is advancing rare earth production, having produced 29 kilograms of dysprosium oxide and planning to produce its first kilogram of terbium oxide soon [8][10]. Expansion Plans - The company is pursuing multiple phases of expansion at the White Mesa Mill, including a Phase 1 expansion for mid and heavy rare earth oxides and a Phase 2 feasibility study indicating a net present value of approximately $1.9 billion and a 33% internal rate of return [6][12][18]. - Energy Fuels has received government approvals for the Donald joint venture project in Australia, expected to supply feedstock to the White Mesa Mill by late 2027 or early 2028 [13]. 2026 Outlook and Leadership Transition - For 2026, the company anticipates a material increase in mined and processed uranium, with guidance of 2.0 to 2.5 million pounds mined and 1.5 to 2.5 million pounds processed [5][23]. - A leadership transition is planned, with Ross Bhappu set to become CEO in April, while Mark Chalmers will retire but remain as a consultant [20].

Financial Data and Key Metrics Changes - Delek Logistics achieved a record Adjusted EBITDA of $536 million for 2025, reflecting strong execution across its businesses [3] - Adjusted EBITDA for Q4 was approximately $142 million, up from $114 million in the same period last year, and $6 million higher than the previous record set in Q3 [11] - Distributable cash flow (DCF) as adjusted totaled $73 million, with a DCF coverage ratio of approximately 1.22 times [11] Business Line Data and Key Metrics Changes - In the Gathering and Processing segment, Adjusted EBITDA for Q4 was $71 million compared to $66 million in Q4 2024, primarily due to acquisitions of H2O and Gravity [12] - Storage and transportation Adjusted EBITDA increased to $35 million from $18 million in Q4 2024, driven by the sale of certain assets to DK [12] - Investments in pipeline joint ventures contributed $26 million in Q4, compared to $18 million in the same quarter last year [12] Market Data and Key Metrics Changes - Approximately 80% of the run rate EBITDA in 2026 is expected to come from third parties, indicating increased economic separation from the sponsor, DK [7] - The company is focusing on the Delaware Basin, where the demand for sour gas solutions is increasing, necessitating further processing capacity [8] Company Strategy and Development Direction - Delek Logistics aims to be a premier full-service provider in the Permian Basin, focusing on natural gas, crude, and water businesses [3] - The company announced a 2026 EBITDA guidance range of $520 million to $560 million, reflecting growth opportunities while managing leverage and coverage [5] - The integration of H2O and Gravity has strengthened the company's competitive position and growth platform [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable growth and long-term value for unit holders [6] - The company is optimistic about the growth potential in the Delaware gas business, which is expected to be a significant growth engine [20] - Management highlighted the importance of maintaining financial discipline while pursuing growth opportunities [10] Other Important Information - The board approved a distribution increase to $1.125 per unit, marking 13 consecutive years of distribution growth [5] - Total capital expenditures for Q4 were approximately $32 million, with $26 million allocated to growth capital [13] Q&A Session Summary Question: Growth expectations for the GMT segment - Management discussed the clear strategy in crude, gas, and water, emphasizing a return on investment of 1-3 times, which is beneficial for coverage and leverage ratios [17] Question: EBITDA impact from transactions with DK - Management noted that these transactions have furthered the economic separation of the two entities, with 82% of DKL's EBITDA now coming from third-party businesses [23] Question: Next steps on Libby processing expansion - Management indicated that they are looking at future expansions and are optimistic about the macro and micro conditions in the area [28] Question: Thoughts on sour gas midstream M&A - Management stated that they are open to acquisitions but will only pursue deals that are accretive to free cash flow and maintain their financial principles [34]

Financial Data and Key Metrics Changes - The company reported a record high production of 82,000 gold equivalent ounces in Q4 2025, an increase of 11% compared to Q3 2025 and 23% compared to Q4 2024 [5] - Annual production reached 280,000 ounces, up 9% at constant prices, with EBITDA for the quarter at $208 million and annual EBITDA at $548 million [7][46] - The adjusted net income for the quarter was $73 million, while the company reported a net loss of $20 million due to non-cash losses related to gold derivatives [11][47] Business Line Data and Key Metrics Changes - Borborema was highlighted as a top performer with an EBITDA contribution of approximately $50 million in its first quarter of commercial production [49] - Other mines such as Minosa and Araçá also performed well, contributing $48 million and $41 million to EBITDA respectively [50] - The acquisition of MSG generated $10 million in EBITDA in just one month, indicating strong potential returns from this investment [50] Market Data and Key Metrics Changes - The company experienced a significant increase in daily trading volume, moving from $1 million-$2 million to $100 million per day after listing on NASDAQ [14][44] - The average gold price for Q4 was approximately $4,000 per ounce, contributing to the substantial increase in revenues [46] Company Strategy and Development Direction - The company aims to increase production through greenfield projects, enhance resources and reserves, and pursue mergers and acquisitions while maintaining significant dividends for shareholders [4][14] - The strategy includes expanding the capacity of existing operations, such as increasing Almas' plant capacity to 3 million tons and preparing for potential future expansions [12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over 600,000 ounces of production in the coming years, despite some short-term production impacts due to lower grades from updated cutoffs [60][76] - The company is focused on long-term value creation, even if it means sacrificing short-term production levels [76] Other Important Information - The company is updating its resource and reserves based on higher gold prices, which will be published in the upcoming 20-F report [13][31] - The company has maintained a low net debt over EBITDA ratio, below 0.3 times, allowing for continued dividend payments despite acquisitions [48] Q&A Session Summary Question: Guidance and Production Expectations - Inquiry about the implications of guidance for 2026, considering upcoming technical report updates and processing capacity expansions [58] Response - Management confirmed that the budget for 2026 incorporates new gold prices and lower cutoffs, which may affect production but will ultimately increase reserves [60] Question: Expansion and Road Relocation - Questions regarding the timeline for the physical relocation of the road and the expected incremental processing capacity [75] Response - Management indicated that the road relocation would take approximately two years, coinciding with the plant expansion [77] Question: Reserves Report and Geological Interpretation - Inquiry about key shifts in the reserves report and geological interpretations [84] Response - Management stated that the new reserves report will be published by the end of March, with ongoing underground development and exploration efforts [89] Question: Capital Allocation and M&A Opportunities - Questions regarding capital allocation priorities and potential acquisitions in Brazil and Latin America [86] Response - Management highlighted the company's strong cash flow and EBITDA growth, indicating room for further acquisitions while maintaining a low leverage position [90]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 reached a record $80.2 million, up from $70.9 million in Q3 2025 and $29.2 million in Q4 2024 [5][6] - For the full fiscal year 2025, adjusted EBITDA was $232.3 million, significantly higher than $127.6 million in fiscal 2024 [6] - The company exited 2025 with an EBITDA run rate of over $320 million annually, indicating strong future performance [8] Business Line Data and Key Metrics Changes - In the rail segment, adjusted EBITDA was $41.3 million in Q4, with $22 million from Transtar and $19.3 million from Wheeling [8][9] - Long Ridge generated $36.2 million of EBITDA in Q4, a slight increase from $35.7 million in Q3 [17] - Jefferson terminal reported $13.6 million of adjusted EBITDA in Q4, up from $11 million in Q3 [20] Market Data and Key Metrics Changes - Wheeling's Q4 revenue was $43.8 million, an 8% year-over-year increase, with adjusted EBITDA up 34% year-over-year [15] - Gas production at Long Ridge averaged approximately 105,000 MMBtu per day, a new record [9] - Jefferson terminal volumes averaged 210,000 barrels per day, driven by the new ammonia export contract [20] Company Strategy and Development Direction - The company is focused on integrating Transtar and Wheeling, with a target of $20 million in annual cost savings [12] - Plans to monetize Long Ridge are progressing, with expectations for a sale announcement in the first half of 2026 [12][59] - The company is pursuing four M&A opportunities in the rail sector, aiming to enhance its freight rail business [39][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong macro environment for power generation, anticipating continued growth for Long Ridge [19] - The company is optimistic about the demand for services at Jefferson, expecting significant revenue contributions from new contracts [20] - Management highlighted the importance of deleveraging and optimizing operations before pursuing further acquisitions [42] Other Important Information - A new term loan of approximately $1.3 billion was closed, used to repay a bridge loan related to the Wheeling acquisition [11] - The company is advancing construction of Phase 2 at Repauno, with expectations for completion by early 2027 [22] - The company has received permits for Phase 3 at Repauno, which is planned to be twice the size of Phase 2 [23] Q&A Session Summary Question: Expansion of business development opportunities at Jefferson - Management noted increased commercial interest at Jefferson, with potential for $10 million-$15 million in incremental EBITDA from ammonia contracts and additional refined products [28][30] Question: Updates on Repauno Phase 2 and Phase 3 - Management clarified that Phase 2 is on track for early 2027 operations, with significant demand driving the need for Phase 3 [36][38] Question: M&A opportunities in the rail segment - Management acknowledged the active M&A market and the pursuit of smaller, accretive rail properties that fit well with existing operations [48][49] Question: Impact of Long Ridge sale on data center discussions - Management confirmed that the sale process is not impacting data center discussions, with expectations for a transaction announcement in the first half of 2026 [58][59]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 reached a record $80.2 million, up from $70.9 million in Q3 2025 and $29.2 million in Q4 2024 [5][6] - For the full fiscal year 2025, adjusted EBITDA was $232.3 million, significantly higher than $127.6 million in fiscal 2024 [6] - The company exited 2025 with an EBITDA run rate of over $320 million annually, indicating strong future performance [8] Business Line Data and Key Metrics Changes - In the rail segment, adjusted EBITDA was $41.3 million in Q4, with $22 million from Transtar and $19.3 million from Wheeling [8][9] - Long Ridge generated $36.2 million of EBITDA in Q4, slightly up from $35.7 million in Q3, despite outages impacting production [17][18] - Jefferson terminal reported $13.6 million of adjusted EBITDA in Q4, up from $11 million in Q3, driven by a new ammonia export contract [20] Market Data and Key Metrics Changes - Wheeling's Q4 revenue was $43.8 million, an 8% year-over-year increase, with adjusted EBITDA up 34% year-over-year [15] - Gas production at Long Ridge averaged approximately 105,000 MMBtu per day, exceeding the plant's requirements [18] - Jefferson terminal volumes averaged 210,000 barrels per day, setting a new quarterly revenue record [20] Company Strategy and Development Direction - The company is focused on integrating Transtar and Wheeling, with a target of $20 million in annual cost savings [12][16] - Plans to monetize Long Ridge are progressing, with expectations for a sale announcement in the first half of 2026 [12][60] - The company is pursuing four M&A opportunities in the rail sector, aiming to enhance its freight rail business [39][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong macro environment for power generation and the potential for growth at Long Ridge [19] - The company anticipates continued growth at Jefferson, with multiple new contracts expected to contribute significantly to revenues [20][21] - Management highlighted the importance of deleveraging and optimizing operations before pursuing further acquisitions [42][63] Other Important Information - A new term loan of approximately $1.3 billion was closed, used to repay a bridge loan related to the Wheeling acquisition [11] - The company is advancing construction on phase two of the Repauno project, with expectations for operational commencement in early 2027 [22][36] Q&A Session Summary Question: Expansion opportunities at Jefferson Terminal - Management noted significant commercial interest and potential for additional ammonia volumes, refined products, and Utah crudes, estimating $50 million in incremental EBITDA from these opportunities [28][30] Question: Updates on Repauno phase two and three - Management clarified that phase two is on track for early 2027, with ongoing demand driving the need for phase three planning and construction [36][38] Question: M&A market for rail - Management discussed the active M&A market, focusing on smaller, geographically relevant opportunities that could enhance the existing rail portfolio [48][49] Question: Long Ridge asset sale impact - Management confirmed that the sale process is progressing well, with expectations for significant net proceeds and minimal tax implications [59][62]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 reached a record $80.2 million, up from $70.9 million in Q3 2025 and $29.2 million in Q4 2024 [5][6] - For the full fiscal year 2025, adjusted EBITDA was $232.3 million, significantly higher than $127.6 million in fiscal 2024 [6] - The company exited 2025 with an EBITDA run rate of over $320 million annually, indicating strong future performance [7] Business Line Data and Key Metrics Changes - Rail segment adjusted EBITDA was $41.3 million in Q4, with $22 million from Transtar and $19.3 million from Wheeling [7][8] - Long Ridge generated $36.2 million in EBITDA for Q4, a slight increase from $35.7 million in Q3 [19] - Jefferson terminal reported $13.6 million in adjusted EBITDA for Q4, up from $11 million in Q3 [21] Market Data and Key Metrics Changes - Wheeling's Q4 revenue was $43.8 million, an 8% year-over-year increase, with adjusted EBITDA up 34% year-over-year [15] - Gas production at Long Ridge averaged approximately 105,000 MMBtu per day, setting a new record [9] - Jefferson terminal volumes averaged 210,000 barrels per day, driven by the new ammonia export contract [21] Company Strategy and Development Direction - The company is focused on integrating Transtar and Wheeling, with a target of $20 million in annual cost savings [12] - Plans to monetize Long Ridge are progressing, with expectations for a sale announcement in the first half of 2026 [12][56] - The company is pursuing four M&A opportunities in the rail sector, aiming to enhance its freight rail business [40][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong macro environment for power generation, anticipating continued growth for Long Ridge [20] - The company is optimistic about the demand for services at Jefferson, expecting significant revenue contributions from new contracts [22] - Management highlighted the importance of deleveraging and optimizing operations while exploring strategic acquisitions [40] Other Important Information - A new term loan of approximately $1.3 billion was closed, used to repay a bridge loan related to the Wheeling acquisition [11] - The company is advancing construction on phase two of the Repauno project, with expectations for operational commencement in early 2027 [35][36] Q&A Session Summary Question: Expansion of business development opportunities at Jefferson - Management noted increased commercial interest at Jefferson, with potential for $10 million-$15 million in incremental EBITDA from ammonia contracts and additional refined products [28][30] Question: Updates on Repauno phase two and three - Management clarified that phase two is on track for early 2027, with significant demand driving the need for phase three [35][36] Question: M&A opportunities in the rail segment - Management confirmed active pursuit of four actionable M&A opportunities, focusing on smaller properties that fit well with existing operations [46][48] Question: Impact of Long Ridge asset sales on data center discussions - Management indicated no impact on data center developments, with a goal to announce a transaction for Long Ridge in the first half of 2026 [56]