Company Overview & Strategic Update Italy Corporate Day February 17, 2026 01 INDEX Enrico Meneghetti Chairman & CEO Alberto Stocco CFO ESPE AT A GLANCE Enrico Meneghetti, Chairman & CEO MARKET OVERVIEW Enrico Meneghetti, Chairman & CEO 1H 2025 CONSOLIDATED FINANCIAL RESULTS Enrico Meneghetti, Chairman & CEO Q&A SESSION Alberto Stocco, CFO ANNEX Alberto Stocco, CFO OUTLOOK AND STRATEGY ESPE AT A GLANCE Enrico Meneghetti Chairman & CEO ESPE AT A GLANCE +800 Ground-mounted and rooftop photovoltaic plants insta ...

Core Viewpoint - Voltalia's subsidiary Renvolt has signed a turnkey EPC contract for the ESB Wexford Hub project, a 124.2-megawatt solar power plant in Ireland, enhancing its collaboration with ESB and solidifying its role in the energy transition [1][2][4]. Group 1: Contract Details - The contract involves engineering, procurement, and construction services for the Wexford Hub solar plant, which will be followed by an operation and maintenance contract [2]. - This project marks a continuation of the partnership with ESB, which has previously resulted in four completed or ongoing projects [1][4]. Group 2: Capacity and Performance - With the new contract, Renvolt's capacity under construction for third parties now exceeds 1 gigawatt, confirming its significance in Ireland's energy transition [3]. - Renvolt has a total of 5.6 gigawatts of projects built or under construction and manages 1.9 gigawatts of assets [8]. Group 3: Company Strategy and Vision - Voltalia emphasizes its commitment to delivering competitive and reliable solutions to support clients' low-carbon ambitions, as stated by CEO Robert Klein [4]. - Renvolt aims to leverage its international experience and local expertise to ensure project performance and reliability, reinforcing its position as a strategic partner in Europe's energy transition [2][7].

Core Viewpoint - Duke Energy is providing support to Florida customers facing higher power bills due to a recent cold snap, offering resources for bill payment and fraud prevention [1] Group 1: Customer Support Initiatives - Duke Energy anticipates an increase in scam reports similar to the nearly 800 reports received in February 2025, urging customers to recognize common scams [1] - The company offers various assistance programs, including installment plans, due date extensions, and access to the Share the Light Fund® [1] - Energy efficiency solutions are available, such as free home assessments and rebates for improvement projects to help customers reduce energy usage over time [1] Group 2: Company Overview - Duke Energy Florida, a subsidiary of Duke Energy, has an energy capacity of 12,300 megawatts, serving 2 million customers across a 13,000-square-mile area in Florida [1] - Duke Energy is one of America's largest energy holding companies, serving 8.4 million customers across multiple states and owning a total energy capacity of 54,800 megawatts [1] - The company is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner energy generation methods, including natural gas, nuclear, renewables, and energy storage [1]

Core Insights - Orrön Energy AB has successfully closed one of the three solar projects in its portfolio transaction, achieving a milestone that triggers payments totaling MEUR 1.6 [1] - The total consideration for the entire 234 MW portfolio sale is up to MEUR 14, contingent on meeting development milestones [2] - The remaining two projects are progressing towards closing conditions and are expected to reach the ready-to-permit stage in 2026 and the ready-to-build stage in 2027 [3] Group 1 - The first project in the portfolio has an estimated installed capacity of 93 MW and is part of a larger agreement involving three Agri-PV projects in Germany with a combined capacity of 234 MW [1] - The milestone-based payment structure stipulates that 40 percent of the total consideration is due upon reaching the ready-to-permit milestone, with the remaining 60 percent upon achieving the ready-to-build milestone [2] - Orrön Energy is committed to developing the projects until they reach the ready-to-build stage, with the expectation of favorable permit approvals and grid reservations [3] Group 2 - Orrön Energy is an independent, publicly listed renewable energy company within the Lundin Group, focusing on high-quality, cash flow-generating assets and greenfield growth opportunities in various regions [4] - The company has significant financial capacity to support further growth and acquisitions, backed by a major shareholder and a management team with a proven track record [4]

COMPANY PRESENTATION February 2026 Safe Harbor Statement The material in this presentation contains certain statements that are neither reported financial results nor other historical information . These estimates are forward -looking statements within the meaning of the safe - harbor provisions of the securities laws . These forward -looking estimates are subject to risk and uncertainties that could cause actual results to differ materially from the expressed in the forward -looking statements . Many of th ...

Core Viewpoint - Pan Global Resources Inc. has filed an independent Technical Report for its Escacena Project, providing initial Mineral Resource Estimates that indicate a strong foundation for future studies and potential resource expansion [1]. Group 1: Mineral Resource Estimates - La Romana (Cu-Sn-Ag) Mineral Resources at a cut-off grade of 0.2% Cu include: - Inferred: 4.0 million tonnes (Mt) containing 15.8 thousand tonnes (kt) Cu, 0.3 kt Sn, 0.2 million ounces (Moz) Ag with average grades of 0.40% Cu, 71 parts per million (ppm) Sn, 1.4 grams per tonne (g/t) Ag [1] - Measured and Indicated: 32.4 Mt containing 119.5 kt Cu, 8.8 kt Sn, 1.7 Moz Ag with average grades of 0.37% Cu, 270 ppm Sn, 1.7 g/t Ag [1] - Cañada Honda (Au-Cu-Ag) Mineral Resources at a cut-off grade of 0.25 g/t Au include: - Inferred: 5.0 Mt containing 104 thousand ounces (koz) Au, 6.8 kt Cu, 0.2 Moz Ag with average grades of 0.65 g/t Au, 0.14% Cu, 1.2 g/t Ag [1] Group 2: Project Details - The Escacena Project has expanded from 5,760 hectares to over 10,000 hectares with the addition of new mineral rights [1] - The project is located near the operating mine at Riotinto and adjacent to former mines, indicating a favorable mining environment [1] - Pan Global is actively exploring for copper-rich deposits, with a focus on the Iberian Pyrite Belt, which is recognized for its strategic importance in the European market [1]

Core Viewpoint - Natural Resource Partners L.P. (NRP) has shown strong performance with a 19.5% increase over the past three months, outperforming the industry average of 7.8% [1] Group 1: Company Overview - NRP is one of the largest private mineral owners in the U.S., with diversified mineral interests across approximately 13 million acres, with the Mineral Rights segment accounting for 93% of 2024 revenues [3] - The company operates under a capital-light royalty model, leasing properties to third-party operators, which limits operating risks and generates consistent cash flows [4] Group 2: Revenue Drivers - Coal remains the primary earnings driver, with NRP's production totaling 27.7 million tons in 2024, where metallurgical coal accounted for about 70% of coal royalty revenues in Q3 2025 [5] - NRP also owns coal-related infrastructure assets that provide stable fee-based income streams, enhancing earnings visibility [6] Group 3: Energy Transition Opportunities - NRP controls 3.5 million acres of pore space for carbon sequestration, generating $13.4 million in 2024 from carbon-related activities, and is involved in leasing land for geothermal, wind, and solar projects [9] Group 4: Financial Performance - NRP generated $41.8 million in free cash flow in Q3 2025, totaling $190 million for the first nine months of 2025, demonstrating resilience amid challenging market conditions [11] - The partnership has made significant progress in debt reduction, repaying $32 million in Q3 2025 and nearly $130 million over the past 12 months, resulting in a consolidated leverage ratio of 0.4X [12][13] Group 5: Valuation - NRP trades at a trailing 12-month EV/EBITDA multiple of 9.53X, below the industry average of 10.1X, indicating potential upside if operating momentum continues [16] Group 6: Conclusion - NRP combines a diversified mineral portfolio, a resilient royalty-based business model, strong free cash flow, and an improved balance sheet, positioning it well for long-term value creation despite commodity price risks [17][18]

Core Insights - Antero Resources reported Q4 2025 adjusted earnings of 42 cents per share, missing the Zacks Consensus Estimate of 52 cents, and down from 58 cents in the same quarter last year [1][2][9] - Total revenues for the quarter were $1,412 million, exceeding the Zacks Consensus Estimate of $1,309 million, and up from $1,169 million year-over-year [1][3] Production Overview - Total production in Q4 was 323 billion cubic feet equivalent (Bcfe), an increase from 316 Bcfe a year ago, and above the estimate of 319 Bcfe [3] - Natural gas production accounted for 64% of total production, reaching 208 Bcf, a 6% increase from 196 Bcf year-over-year, slightly below the estimate of 210 Bcf [3] - Oil production decreased to 756 thousand barrels (MBbls), down 11% from 850 MBbls in the previous year, and below the estimate of 841 MBbls [4] - C2 Ethane production was 7,668 MBbls, a 10% decrease from 8,518 MBbls year-over-year, while C3+ NGLs production increased by 1% to 10,678 MBbls [4] Price Realizations - Weighted natural-gas-equivalent price realization was $3.97 per thousand cubic feet equivalent (Mcfe), up from $3.64 year-over-year [5] - Realized prices for natural gas rose 34% to $3.71 per Mcf from $2.77 a year ago [5] - Oil price realization was $45.99 per barrel (Bbl), down from $57.80 year-over-year [5] - Realized price for C3+ NGLs decreased to $35.41 per Bbl from $44.29, while C2 Ethane's realized price increased to $12.54 per Bbl from $10.31 [6] Operating Expenses - Total operating expenses rose to $1,122 million from $1,111 million in the previous year [7] - Average lease operating costs remained flat at 10 cents per Mcfe, while gathering and compression costs increased by 6% to 75 cents per Mcfe [7] - Transportation expenses rose 12% year-over-year to 67 cents per Mcfe, and processing costs increased by 6% to 90 cents per Mcfe [7] Capital Expenditures and Financials - Antero Resources spent $159 million on drilling and completion operations in Q4 [10] - As of December 31, 2025, the company had a long-term debt of $1.4 billion [10] Future Outlook - The company expects Q1 2026 production to average 3.8 Bcfe/d and net production for 2026 to be 4.1 Bcfe/d [11] - Drilling and completion capital for 2026 is projected to be $1 billion [11]

Core Viewpoint - PyroGenesis Inc. is set to build a commercial fumed silica reactor for USD 20 million in collaboration with HPQ Silicon Inc. and a joint venture partner, aiming to produce 1,000 tonnes per year of fumed silica [1][2][3] Company Overview - PyroGenesis is a leader in ultra-high temperature processes and engineering innovation, specializing in plasma-based technology for heavy industry and defense [1][14] - The company has a 35-year history in plasma technology and is involved in various sectors including aluminum, aerospace, and environmental services [14] Joint Venture Details - A non-binding memorandum of understanding (MOU) has been signed to form a joint venture (JV) for the fumed silica production plant [1][2] - The fumed silica reactor (FSR) will be financed by the JV partner, with terms yet to be finalized [2][3] - The JV will operate the system with the goal of selling fumed silica at market prices, and HSPI will charge a royalty for each kilogram sold [3][5] Production and Technology - The FSR will convert quartz into fumed silica in an eco-friendly process without harmful chemicals, expected to be delivered within 12 months of JV formation [6][11] - The technology aims to lower capital and operating costs, reduce CO2 emissions, and simplify logistics by producing fumed silica at a single location [13] Market Context - Fumed silica is widely used in various products, including cosmetics, pharmaceuticals, and construction materials, serving as a thickening and anti-caking agent [12] - The demand for fumed silica is expected to grow, positioning the JV to capture opportunities in the advanced materials market [16]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted earnings of $0.51 per share, an increase from $0.49 in the same period last year [14] - Full-year adjusted EPS for 2025 was $1.90, up from $1.75 in 2024, reflecting strong regulatory execution and cost management [14][15] - The FFO to debt ratio improved to 16.1%, exceeding the targeted range of 14%-16% [21] Business Line Data and Key Metrics Changes - The base utility investment plan includes $21 billion over the next five years, focusing on grid modernization and safety [15] - The Amazon project at GenCo represents a capital investment of $6-$7 billion through 2032, with most falling within the five-year planning window [15] Market Data and Key Metrics Changes - The company is actively engaged in approximately 24 data center projects, reflecting strong demand in Virginia, the data center capital of the world [10] - In Indiana, the Economic Development Team managed over 140 active projects, indicating robust economic development across the service territory [10] Company Strategy and Development Direction - The company aims to deliver safe, reliable, and competitive energy while focusing on disciplined capital deployment and operational excellence [4] - A commitment to customer affordability is highlighted through regulatory and rate design tools that mitigate bill impacts [6] - The company is advancing its data center initiative, with key milestones achieved in zoning approvals and ongoing negotiations for new capacity [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic direction and highlighted the potential for significant upside in developing projects supporting data center growth [8][22] - The company anticipates continued growth in adjusted EPS, reaffirming guidance for 2026 at $2.02-$2.07 per share, representing an 8% year-over-year growth [18][22] Other Important Information - The company has maintained ISO 55001 and API 1173 certifications, emphasizing its commitment to safety management [8] - A 7.1% increase in dividends for 2026 was approved, reflecting alignment with earnings growth [20] Q&A Session Summary Question: Update on strategic negotiations for GenCo - Management indicated that the organization is focused on executing data center opportunities, expecting faster execution compared to previous deals like Amazon [26][27] Question: Pennsylvania strategy and rate case considerations - Management confirmed no current plans for a rate case in Pennsylvania, following a recent successful rate case that increased revenue [29] Question: Timing for NIPSCO gas rate case filing - Management stated that no determination has been made regarding a rate case filing for NIPSCO at this time [32] Question: Scale of future GenCo opportunities - Management noted that they are in strategic negotiations for 1-3 GW, with various sizes and shapes of contracts being considered [33] Question: Impact of Senate Bill 103 on large load customer opportunities in Ohio - Management is working on optimizing regulatory strategies based on recent legislative changes, but no upside from economic development has been incorporated into current forecasts [35] Question: Update on Schahfer coal plant operations - Management confirmed that they will comply with federal orders regarding the Schahfer plant and are prepared to operate it reliably [39] Question: Coordination between electric and gas operations - Management highlighted ongoing efforts to improve coordination between gas and electric operations across the U.S. for better reliability [41] Question: Future reporting for GenCo - Management anticipates breaking out GenCo as its own segment in future financial reports, likely starting in 2026 [43]