Core Insights - Delek Logistics Partners achieved a record year in 2025, driven by strong performance across its crude, gas, and water businesses, highlighted by the startup of the Libby 2 gas plant and the acquisition of Gravity Water Midstream [2][3] - The company provided 2026 EBITDA guidance of $520 to $560 million, factoring in a $10 million negative impact from Winter Storm Fern [2][3] - Delek Logistics declared a quarterly cash distribution of $1.125 per common limited partner unit for Q4 2025, marking a 0.4% increase from Q3 2025 and a 1.8% increase from Q4 2024 [5] Financial Performance - For Q4 2025, net income was $47.3 million, or $0.88 per diluted common limited partner unit, compared to $35.3 million, or $0.68 per diluted common limited partner unit, in Q4 2024 [3][4] - Net cash provided by operating activities was $43.2 million in Q4 2025, down from $49.9 million in Q4 2024 [3] - Adjusted EBITDA for Q4 2025 was $142.3 million, an increase from $114.3 million in Q4 2024, reflecting contributions from H2O Midstream and Gravity operations [4][7] Segment Performance - The Gathering and Processing segment reported an Adjusted EBITDA of $70.9 million in Q4 2025, up from $66.0 million in Q4 2024, primarily due to contributions from Gravity and H2O Midstream acquisitions [8] - The Wholesale Marketing and Terminalling segment's Adjusted EBITDA was $20.9 million in Q4 2025, slightly down from $21.2 million in Q4 2024, mainly due to the assignment of a marketing agreement [9] - The Storage and Transportation segment saw Adjusted EBITDA rise to $34.7 million in Q4 2025 from $17.8 million in Q4 2024, driven by increased interest income from sales-type leases [10] Debt and Liquidity - As of December 31, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $10.9 million, resulting in a leverage ratio of approximately 4.07x [6][25] - The company had additional borrowing capacity of $0.9 billion under its $1.2 billion revolving credit facility [6] Distribution and Growth Strategy - Delek Logistics has delivered 52 consecutive quarterly distributions, marking 13 years of distribution growth [2] - The company is optimistic about future growth opportunities, particularly in the Delaware Basin, driven by advancements in integrated acid gas injection and sour gas treating solutions [2]

Core Insights - Escalade, Inc. reported a mixed financial performance for the fourth quarter and full year 2025, with net income increasing but net sales declining [1] - The company announced a quarterly dividend increase, reflecting confidence in its long-term cash generation profile [1] Fourth Quarter 2025 Results - Quarterly dividend increased to $0.1525 per share [1] - Total debt decreased by 27.9% to $18.5 million, with net leverage at 0.3x [1] - Cash provided by operations rose to $14.9 million from $12.3 million in 2024 [1] - EBITDA increased by 9.3% to $6.5 million [1] - Net income was $3.7 million, or $0.27 per diluted share, compared to $2.7 million, or $0.19 per diluted share in 2024 [1] - Gross margin improved by 280 basis points to 27.7% [1] - Net sales decreased by 2.2% to $62.6 million, attributed to uneven consumer demand [1] Full Year 2025 Results - Cash provided by operations was $31.0 million, down from $36.0 million in 2024 [1] - EBITDA totaled $23.9 million, a decrease of 8.4% [1] - Net income increased to $13.7 million, or $0.99 per diluted share, from $13.0 million, or $0.93 per diluted share in 2024 [1] - Gross margin improved by 219 basis points to 26.9% [1] - Net sales decreased by 4.5% to $240.2 million [1] Management Commentary - The Interim President and CEO highlighted strong margin performance and operational execution [1] - The company is focusing on growth while maintaining operational discipline [1] - Recent acquisitions, including AllCornhole, are expected to support growth in premium categories [1] - The company aims to deploy free cash flow towards organic growth investments, strategic M&A, and debt reduction [1]

Financial Data and Key Metrics Changes - In Q4 2025, Alta Equipment Group generated approximately $509 million in revenue, an increase of $11 million year-over-year, primarily driven by higher equipment sales [17] - New and used equipment sales totaled approximately $301 million for the quarter, up $13.8 million versus Q4 2024, and up $90 million sequentially from Q3 2025 [18] - Adjusted EBITDA for Q4 was $40.6 million, essentially flat year-over-year, with improved earnings quality due to a higher contribution from product support [19] - For the full year 2025, Alta generated $1.84 billion in revenue and $164.4 million in adjusted EBITDA, down modestly from 2024 [20] Business Line Data and Key Metrics Changes - The material handling segment generated $15.4 million of adjusted EBITDA, a reduction of $2.9 million year-over-year, mainly due to lower revenues [20] - The construction segment delivered $26.4 million of adjusted EBITDA, up modestly year-over-year, as SG&A reductions and revenue mix improvements offset pressure on equipment margin [20] - Master distribution returned to positive EBITDA in Q4, reflecting improved volumes and gross margins year-over-year [20] Market Data and Key Metrics Changes - The broader economic data indicates improved construction employment and manufacturing employment, contributing to a more constructive environment for equipment demand [6] - Demand for high-value specialty equipment remains strong, with notable sales of Volvo EC950F ultra high-reach machines [9] - Quote activity in material handling has improved significantly from late-year lows, with bookings strengthening to start the year [10] Company Strategy and Development Direction - The company’s strategy focuses on customers tied to long-term, fully funded infrastructure programs, particularly in Florida, which is seen as a key growth driver [7] - The company aims to achieve over $200 million of high-quality EBITDA and approximately $1.4 billion in equipment sales by 2028, with a disciplined leverage target of approximately 3.5 times [12] - The company is pursuing selective M&A opportunities while divesting non-core assets to focus on higher return opportunities [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with improved market conditions, normalized inventories, and expanding product support opportunities [13] - The company expects a modest recovery in new and used equipment volumes as industry activity reverts closer to long-term averages, particularly in the second half of 2026 [24] - Management highlighted that while 2025 was challenging, the company is better positioned for future growth with a focus on core dealership capabilities and improved earnings quality [27] Other Important Information - The company reduced net debt by approximately $25 million sequentially in Q4, ending the year with a net leverage of 4.9 times [23] - The company plans to continue reducing the rental fleet to improve returns on capital and cash flow [20] Q&A Session Summary Question: Is reshoring translating into real equipment demand today? - Management indicated that reshoring is a longer-range demand driver, with benefits seen in advanced manufacturing but not yet translating into active equipment utilization [30][31] Question: Do you anticipate more federal funding coming through for construction? - Management noted that there is still federal funding available for infrastructure spending, with several years of projects expected to continue [32][33] Question: Can you walk through scenarios that would drive results to the high and low end of the 2026 guidance? - Management explained that broader macro factors and specific initiatives will influence results, with a focus on construction and material handling volumes [38][39] Question: What is the outlook for equipment margins in construction? - Management acknowledged ongoing compression on equipment margins but expects some relief as competitive discounting decreases [45][46] Question: How does the company balance debt pay down with potential M&A and dividends? - Management stated that the priority is to de-lever until leverage returns to a more normal level, with no immediate plans to reinstate dividends [48] Question: How should we think about the impact of weather on Q1 performance? - Management indicated that parts and service would be most impacted by weather, while equipment sales would be less affected [72] Question: What is the end game for the rent-to-sell business? - Management stated that they are not yet finished with the rationalization program and aim to reduce the fleet further over the next 12 months [90]

Core Insights - Grifols reported a net profit of 402 million euros ($473.96 million) for 2025, more than double the previous year's profit, driven by revenues of 7.5 billion euros, which increased by 7% year-over-year [1][1][1] - Adjusted EBITDA rose to 1.8 billion euros, aligning with market expectations [1][1][1] - The company has experienced a 25% decline in market value since January 2024 due to allegations from Gotham City Research regarding overstated earnings and understated debt, which Grifols has denied and is currently suing the fund [1][1][1]

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO was $27.5 million or $0.17 per share, flat compared to the prior year quarter [20] - Adjusted EBITDAre decreased by $5 million year-over-year to $125.6 million, primarily impacted by an $11.8 million decline in hotel EBITDA [20] - RevPAR for 94 comparable hotels increased by 70 basis points year-over-year, while gross operating profit margin percentage declined by 370 basis points to 20.5% [21] Business Line Data and Key Metrics Changes - The hotel portfolio generated adjusted hotel EBITDA of $21.3 million, a decline of 35% from the prior year due to elevated labor costs and higher overhead costs [21] - The remaining 77 hotels delivered RevPAR of $106, an increase of 170 basis points year-over-year, with adjusted hotel EBITDA of $25 million during the quarter [21] - Annualized base rent for the net lease portfolio increased by 2.4%, largely due to recent acquisition activity, with a portfolio consisting of 760 properties across 42 states [18] Market Data and Key Metrics Changes - The U.S. lodging industry experienced a RevPAR decline of 1.1% year-over-year, with SVC's portfolio outpacing the industry by 180 basis points [11] - The luxury and upper upscale segments were the only segments to post growth, while the business transient segment remained muted due to a prolonged government shutdown [11] Company Strategy and Development Direction - The company is focused on optimizing its portfolio, strengthening its financial profile, and repositioning for long-term growth, including selling additional hotels and improving cash flows [5][7] - In 2026, the company plans to reduce net lease acquisition activity to approximately $25 million, funded through sales of select net lease assets [10][16] - The company is targeting staggered closings for hotel sales in the back half of 2026, estimating total proceeds of $175 million-$200 million for debt reduction [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, anticipating improvements in lodging market conditions and stabilization of demand, particularly with large events like the World Cup [14] - The company expects continued improvement in its net lease portfolio through ongoing leasing and sales of non-core assets [15] - Management noted that the new leadership at Sonesta is expected to drive operational discipline and efficiencies across the SVC-owned portfolio [14] Other Important Information - The company completed the sale of 66 hotels for $534 million in Q4 2025, increasing total dispositions for the year to 112 hotels for nearly $860 million [6][7] - The company has $5.2 billion of debt outstanding with a weighted average interest rate of 5.95% [22] - Capital expenditures for Q4 2025 totaled $106 million, bringing the full-year spend to $238 million [24] Q&A Session Summary Question: Can you share how RevPAR has trended in the first quarter to date? - Management indicated that RevPAR is tracking in line with or exceeding projections for the full year guidance [29] Question: Can you walk through the strategy shift regarding net lease acquisition guidance? - Management explained that the $25 million guidance will be supported by sales of net lease properties, reflecting a healthy outlook based on performance [31] Question: What does your guidance assume for expense growth at the midpoint? - Management noted an expectation of over 4% top-line growth, with labor costs being a significant factor impacting margins [32] Question: How might the changes at Sonesta impact SVC? - Management views the new management team at Sonesta positively, expecting incremental benefits but noted that 2026 guidance is based on existing forecasts [33] Question: Can you provide details on the hotel dispositions for 2026? - Management confirmed that the dispositions reflect previously communicated assets and expect a total drag of about $10 million from the sales [55]

Bank of America Global Materials Conference Agustin Izquierdo Chief Financial Officer February 26th, 2026 Cautionary statement The statements in this presentation relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this presentation, the words "believe," "could," "int ...

Core Viewpoint - Stella-Jones Inc. reported financial results for Q4 and the full year 2025, showing sales in line with guidance and strong performance in utility products despite challenging market conditions [2][5]. Financial Highlights - Q4 2025 sales were $727 million, slightly down from $730 million in Q4 2024. Excluding acquisitions, pressure-treated wood sales decreased by $14 million, or 2% [4][10]. - Full year 2025 sales reached $3,492 million, compared to $3,469 million in 2024, with a notable contribution from acquisitions [10][15]. - Gross profit for Q4 2025 was $143 million, up from $138 million in Q4 2024, with a gross profit margin of 19.7% [3][7]. - Operating income for Q4 2025 increased to $83 million from $81 million in Q4 2024, while EBITDA rose to $122 million, representing a margin of 16.8% [8][15]. - Net income for Q4 2025 was $50 million, or $0.91 per share, compared to $52 million, or $0.93 per share, in Q4 2024 [9][30]. Segment Performance - Utility products, which accounted for 52% of 2025 sales, saw an increase to $1,822 million from $1,705 million in 2024, driven by volume growth and new contracts [11][20]. - Railway ties sales decreased to $821 million in 2025 from $890 million in 2024, primarily due to lower sales volumes [20]. - Residential lumber sales remained stable at $615 million in 2025, with pricing above 2024 levels despite softer demand [20][14]. Strategic Initiatives - The company is investing approximately US$50 million in a new greenfield manufacturing facility for steel lattice structures in the U.S., expected to be operational by the end of 2027 [19]. - Recent acquisitions of Locweld and Brooks are aimed at enhancing the company's presence in the utility sector and expanding its market reach [2][5]. Liquidity and Capital Resources - Stella-Jones generated $557 million in operating cash flow in 2025 and returned $158 million to shareholders, achieving its capital return objective [17]. - As of December 31, 2025, the company had available liquidity of $634 million and a net debt-to-EBITDA ratio of 2.4x [18][15]. Dividend Announcement - The Board of Directors declared a quarterly dividend of $0.34 per share, representing a 10% increase compared to the previous year [23].

Core Insights - Williams Companies, Inc. reported a revenue of $3.2 billion for the quarter ended December 2025, reflecting a 16.6% increase year-over-year and a surprise of +1.8% over the Zacks Consensus Estimate of $3.14 billion [1] - The company's EPS for the quarter was $0.55, which is an increase from $0.47 in the same quarter last year, although it fell short of the consensus estimate of $0.58 by -4.99% [1] Financial Performance Metrics - The stock of Williams Companies has returned +12.3% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.3% change [3] - The company holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3] Operational Metrics - Northeast G&P gathering volumes were reported at 4.02 Bcf/D, slightly below the average estimate of 4.18 Bcf/D from two analysts [4] - West NGL equity sales reached 7 million barrels of oil, compared to the average estimate of 7.54 million barrels from two analysts [4] - West gathering volumes were 6.56 Bcf/D, exceeding the average estimate of 6.51 Bcf/D from two analysts [4] - Adjusted EBITDA for the West segment was $388 million, slightly below the average estimate of $388.81 million from four analysts [4] - Adjusted EBITDA for Transmission, Power & Gulf was $998 million, compared to the average estimate of $1.01 billion from four analysts [4] - Adjusted EBITDA for Northeast G&P was $508 million, slightly below the average estimate of $514.02 million from four analysts [4] - Adjusted EBITDA for Gas & NGL Marketing Services was $42 million, exceeding the average estimate of $32.87 million from three analysts [4] - Adjusted EBITDA for Other was $97 million, slightly above the average estimate of $96.11 million from three analysts [4] - Modified EBITDA for Northeast G&P was $508 million, slightly below the average estimate of $515.05 million from two analysts [4] - Modified EBITDA for the West segment was $201 million, significantly below the average estimate of $390.61 million from two analysts [4] - Modified EBITDA for Transmission, Power & Gulf was $998 million, compared to the average estimate of $1.01 billion from two analysts [4]

4Q 2025 Earnings Conference Call & Webcast February 25, 2026 www.talosenergy.com NYSE: TALO 1 Cautionary Statements Cautionary Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this presentation, regarding our strategy ...

Financial Data and Key Metrics Changes - The company reported Q4 2025 revenue of $821.5 million, a 6.1% increase year-over-year. Full-year revenue for 2025 was $3.31 billion, reflecting a 5% increase over the prior year [13][14] - Adjusted EBITDA for Q4 was $99.8 million, with full-year adjusted EBITDA at $608.9 million, near the upper end of guidance [13][14] - Same-facility revenue grew 4.4% year-over-year in Q4, driven by a 1.3% increase in revenue per patient day and a 3.1% increase in patient days [14] Business Line Data and Key Metrics Changes - The company added 181 beds in Q4 2025, totaling 1,089 beds added for the full year, exceeding guidance [15][16] - Startup losses related to new facilities were $12.8 million in Q4, compared to $11.2 million in Q4 2024 [14] - The company expects to add between 400 and 600 new beds in 2026, primarily through new facilities nearing completion [16] Market Data and Key Metrics Changes - The company has expanded its footprint to over 12,500 beds, serving 84,000 patients per day [22] - The New York Medicaid program changes are expected to impact same-facility growth by approximately 350 basis points [18][19] Company Strategy and Development Direction - The focus is on operational excellence and execution, with a commitment to quality management and accountability [5][6] - The company is evaluating service lines comprehensively to ensure alignment with long-term value creation [10] - Joint ventures with leading health systems are being pursued to expand presence and better serve local communities [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for behavioral health services and the potential to unlock significant EBITDA and free cash flow from existing facilities [9][12] - The company anticipates a challenging environment but remains focused on delivering quality care and improving operational performance [22] - Management expects full-year 2026 revenue to be between $3.37 billion and $3.45 billion, with adjusted EBITDA of $575 million to $610 million [17] Other Important Information - The company is committed to maintaining strong relationships with partners and aligning staffing with patient needs [6][10] - Regulatory matters are being addressed, with a focus on recruitment and retention of qualified staff [11] Q&A Session Summary Question: Status of the value creation review - Management confirmed that the value creation review is ongoing and focused on immediate progress while also considering long-term value [26][27] Question: Growth algorithm in the current environment - Management believes the growth algorithm remains unchanged, with strong demand expected to continue [29] Question: Timeline for realizing embedded earnings from development activity - Management indicated that the realization of the $200 million incremental EBITDA opportunity is expected within five years [34][35] Question: Addressing average length of stay pressures from managed Medicaid - Management acknowledged the challenges but emphasized stable length of stay metrics and advocacy for patient needs [41][43] Question: Plans to rebuild trust with referral sources - Management highlighted the importance of consistent high-quality care and effective communication with referral sources [52][54] Question: Long-term CapEx strategy - Management indicated a significant reduction in CapEx for 2026, focusing on existing facilities and potential M&A opportunities [60][63] Question: Impact of California's new staffing requirements - Management expects a $4 million EBITDA impact from California's new staffing guidelines, which is included in guidance [79][80] Question: Volume growth expectations excluding specific headwinds - Management anticipates underlying core growth in the 1%-2% range, with additional contributions from ramping facilities [114]