First Quarter 2025 Earnings Call April 30, 2025 Bluestone Gathering Lateral Pipeline NYSE: DTM Safe Harbor Statement 2 New slide First Quarter 2025 Accomplishments Strong financial performance Acquisition performing well and integration progressing as planned Progressing commercial opportunities and executing on construction projects This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities l ...

1Q 2025 Earnings Presentation NABORS INDUSTRIES Forward-Looking Statements We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements. Such statements, including statements in this document that relate to matters that are not historical facts, are "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the U.S. ...

Core Viewpoint - The recent large-scale blackout in Spain and Portugal is being scrutinized, with critics attributing it to the aggressive renewable energy transition strategy of the Spanish government, which they argue neglects the fundamental stability of the power grid [2][5]. Group 1: Incident Overview - On Monday, a significant blackout occurred in Spain, causing the country to disconnect from the European grid, impacting millions and marking one of the most severe power outages in Europe in nearly two decades [1]. - The blackout's effects were felt across the Iberian Peninsula, with energy supply gradually restoring by the evening, but full recovery may take several days [1]. Group 2: Historical Context - A historical reference is made to a similar incident in July 2021, where a water bomber accidentally damaged a high-voltage transmission line, leading to a significant power outage in Spain and Portugal [3]. - The 2021 incident highlighted the vulnerability of the Iberian Peninsula's power grid, which has a low inertia and limited frequency control reserves, leading to severe consequences during system disturbances [3]. Group 3: Technical Analysis - Experts argue that the root cause of the recent blackout is not solely due to the energy transition but rather the inherent weaknesses in the power grid itself [5]. - The blackout was attributed to "strong oscillations" in the grid, stemming from a significant imbalance between power generation and load demand, exacerbated by extreme temperature fluctuations [7][8]. Group 4: Structural Issues - Spain's geographical isolation as an "energy island" with limited interconnections to the European grid is a fundamental issue contributing to its grid's fragility [7]. - The current interconnection capacity between Spain and the European grid is only about 7.5% of its peak load, significantly below the EU's target of 15% by 2030 [7]. Group 5: Climate Challenges - The increasing frequency and intensity of extreme weather events due to climate change pose a common challenge for power grids, as evidenced by the recent heatwave in Spain [8]. - Simplistic attributions of power outages to renewable energy sources can mislead public perception and policy direction, as seen in past incidents in other regions [8].

Core Insights - Crédit Agricole S.A. reported increased revenues and strong profitability despite a significant tax impact, with Q1 2025 revenues reaching €7,256 million, up 6.6% year-on-year, and net income group share at €1,824 million, down 4.2% from Q1 2024 [1][24][14] Financial Performance - Revenues for Crédit Agricole Group totaled €10,048 million in Q1 2025, reflecting a 5.5% increase compared to Q1 2024, driven by growth in various business lines, particularly Asset Gathering and Corporate and Investment Banking [15][25] - Operating expenses increased by 7.2% to €5,992 million, leading to a cost/income ratio of 59.6%, up 1.0 percentage point year-on-year [15][24] - Gross operating income was €4,056 million, a 3.0% increase from the previous year, while net pre-tax income rose by 1.6% to €3,399 million [15][17] Business Segments - The Asset Gathering division saw revenues increase by 15% to €2,058 million, supported by strong inflows and the integration of Degroof Petercam [43][40] - Corporate and Investment Banking achieved record revenues of €1,887 million, up 7.3% year-on-year, driven by strong performance in capital markets and investment banking activities [60][54] - Insurance revenues reached €727 million, a slight increase of 0.7%, with significant contributions from savings/retirement and property and casualty insurance segments [46][35] Customer Growth and Market Position - Crédit Agricole Group added 550,000 new customers in retail banking during Q1 2025, with a total of €835 billion in on-balance sheet deposits, reflecting a 1.3% year-on-year increase [6][7] - The loan production in France showed recovery, with home loan production increasing by 37% for Regional Banks compared to Q1 2024 [7][18] Capital and Solvency - The phased-in CET1 ratio for Crédit Agricole S.A. stood at 12.1%, while the Group's ratio was 17.6%, benefiting from the positive impact of CRR3 [3] Strategic Initiatives - The Group continues to support energy transition initiatives, increasing its exposure to low-carbon energy financing by 141% since the end of 2020, totaling €26.3 billion by the end of 2024 [11][12] - Partnerships and acquisitions were highlighted, including the creation of a joint venture with Sofinco Leasing and the planned acquisition of Banque Thaler by Indosuez Wealth Management [5][40]

Financial Performance - Q4'24 net sales increased to $135 million from $133 million in Q4'23[19] - Adjusted EBITDA for Q4'24 was $38 million, a year-over-year improvement from $25 million in Q4'23[19, 6] - Adjusted EBITDA margin increased to 28% in Q4'24 from 19% in Q4'23[19] - The company repurchased approximately $222 million in principal amount of Senior Secured Notes and 4.6 million shares of common stock over the 24-months ended 12/31/24[28] Market and Pricing Trends - Tampa Ammonia price was $460 per metric ton as of February 26, 2025, compared to $445 per metric ton on February 26, 2024[14] - UAN (NOLA) price was $290 per short ton as of February 26, 2025, compared to $245 per short ton on February 26, 2024[14] - Natural gas price (NYMEX Spot Price) was $3.86 per MMBtu as of February 26, 2025, compared to $1.66 per MMBtu on February 26, 2024[14] 2025 Outlook - Ammonia production is projected to be between 790,000 and 820,000 tons in 2025, compared to 757,000 tons in 2024[29] - AN and Nitric Acid sales volume is expected to be between 590,000 and 620,000 short tons in 2025, compared to 554,000 short tons in 2024[29] - UAN sales volume is projected to be between 620,000 and 650,000 short tons in 2025, compared to 483,000 short tons in 2024[29] - Ammonia sales volume is expected to be between 250,000 and 280,000 short tons in 2025, compared to 321,000 short tons in 2024[29]

Industry Overview - The Zacks Manufacturing - Construction and Mining industry is positioned to benefit from increased infrastructure investment in the U.S. and strong demand from the mining sector driven by the energy transition trend [1][5] - The industry includes companies that manufacture and sell construction, mining, and utility equipment, supporting various sectors such as oil and gas, power generation, and industrial applications [3] Current Trends - The U.S. manufacturing sector showed resilience in early 2025, with a manufacturing index reading of 50.9% in January and 50.3% in February, indicating expansion, although it dipped to 49% in March due to tariff concerns [4] - Industrial production increased at an annual rate of 5.5% in Q1 2025, despite a 0.3% decline in March [4] - The energy transition trend is expected to drive demand for mining equipment as the shift from fossil fuels to zero emissions requires more commodities [5] Financial Performance - The Manufacturing - Construction and Mining industry has underperformed compared to the Zacks S&P 500 composite, declining 12.8% over the past year, while the S&P 500 rose 8.2% [10] - The industry is currently trading at a forward 12-month EV/EBITDA ratio of 10.11, lower than the S&P 500's 12.88 and the Industrial Products sector's 19.30 [11] Company Highlights - **Komatsu**: Reported a 6.2% increase in fiscal 2024 consolidated net sales, driven by higher demand for mining equipment, and targets business growth above industry levels with a return on equity (ROE) target of over 10% [18][19] - **Hitachi Construction Machinery**: Achieved a fiscal 2025 revenue target of 300 billion JPY from the Americas, focusing on value-chain businesses and digital technologies [22][23] - **Caterpillar**: Holds a substantial backlog of $30 billion, with long-term demand supported by increased infrastructure spending and a shift toward clean energy, despite a 19.6% decline in shares over the past six months [26][27]

Financial Highlights - The company's backlog reached a record of $602 million[7], a 55% increase year-over-year[24] - Orders also hit a record of $228 million[7], representing a 57% increase year-over-year[6, 24] - Revenue was $177 million[7], above consensus estimates[7], and up 40% year-over-year[24] - Adjusted EBITDA was $14 million[7], above consensus estimates[7], but up only 6% year-over-year[24] - Adjusted EPS was $0.10[7], above consensus estimates[7], but down $0.01 year-over-year[24] Strategic Actions and Outlook - The company completed the acquisition of Profire Energy and the divestiture of the Global Pump Solutions business in Q1[7] - The sales pipeline is strong and growing, now over $5 billion[6, 11, 14] - The company is maintaining its FY2025 outlook, with revenue guidance of $700-$750 million and adjusted EBITDA of $90-$100 million[6, 22] Tariff and Inflation Management - The company is taking price and cost actions to address tariffs and expected inflation impacts[6] - The estimated gross impact of tariffs is $3-$10 million, with mitigation actions identified to offset $3-$6 million[21]

Financial Data and Key Metrics Changes - Total revenue increased by 8% year over year, with subscription product revenue rising by 7% [10][34] - Adjusted diluted EPS grew by 9%, and there was a year-over-year margin expansion of 240 basis points [10][34] - The company returned over $900 million to shareholders through dividends and repurchases in the first quarter [10] Business Line Data and Key Metrics Changes - Market Intelligence revenue increased by 5%, with data analytics and insights products growing by 74% year over year [37] - Ratings revenue rose by 8%, with transaction revenue growing by 7% and non-transaction revenue increasing by 10% [41][42] - Commodity Insights revenue increased by 9%, driven by strong demand in Energy and Resource Data and Insight [43] - Mobility revenue grew by 9%, with dealer revenue increasing by 11% [46] Market Data and Key Metrics Changes - Build issuance increased by 9% year over year in the first quarter, driven by structured finance and bank loans [12] - Active users across Capital IQ platforms, Platts Connect, and Automotive Mastermind increased by 23% year over year [14] - The company expects build issuance to be approximately flat year over year, down from initial expectations of low single-digit growth [22] Company Strategy and Development Direction - The company announced its intent to separate its Mobility division into a standalone public company, expected to be completed in 12 to 18 months [11][27] - The separation aims to maximize shareholder value and enhance strategic focus [27][29] - The company continues to innovate in product offerings and customer engagement strategies [11][24] Management's Comments on Operating Environment and Future Outlook - Management noted unpredictable market movements, geopolitical risks, and regulatory fluidity impacting the operating environment [14][20] - There is optimism for long-term growth despite near-term headwinds, with recurring revenue accounting for approximately 75% of total revenue [18][19] - The company expects lower global GDP growth and slightly higher inflation than previously forecasted [21] Other Important Information - The company plans to host an Investor Day in November to provide updates on the separation and multiyear strategy [12][29] - The company integrated Visible Alpha data into Capital IQ Pro and launched an AI-powered tool for data ingestion [24][25] Q&A Session Summary Question: Timing and implications of the Mobility announcement - Management indicated that the decision was based on a thorough assessment and is expected to create long-term shareholder value [58][60] Question: Confidence in Market Intelligence revenue acceleration - Management expressed confidence due to stable retention rates and a strong sales pipeline, expecting stronger performance in the second half of the year [64][66] Question: Expense management levers - Management discussed monitoring headcount, incentive compensation, and third-party spending as key levers for managing expenses [70][72] Question: Issuance guidance and market conditions - Management expects build issuance to be flat for the year, with potential for opportunistic issuance despite market volatility [76][78] Question: Share count and M&A ambitions - Management confirmed no plans for transformative M&A, focusing instead on high-quality organic growth opportunities [83][84] Question: Performance of private credit ratings - Management noted strong demand for ratings in private credit, with expectations for moderate growth in the remainder of the year [88][89] Question: Holistic cost management approach - Management highlighted ongoing initiatives to simplify operations and improve productivity, indicating room for further cost optimization [92][95] Question: Customer behavior in subscription businesses - Management reported no major changes in customer behavior, with strong engagement and usage of subscription products [99][100]

A wind farm seen in Hulunbuir, Inner Mongolia autonomous region. WANG ZHENG/FOR CHINA DAILY China's combined installed capacity of wind and solar power surpassed that of coal power for the first time by the end of the first quarter, marking a significant milestone in the country's energy transition, the National Energy Administration said. As of end-March, the installed capacity of wind power and solar power nationwide increased by 17.2 percent and 43.4 percent year-on-year, respectively, with the combined ...

Core Points - Duke Energy lineworkers excelled at the Carolinas Lineman's Rodeo, with 30 participants earning top awards and qualifying for the International Lineman's Rodeo [1][3] - The competition emphasizes essential skills such as equipment repair, pole climbing, and rescue operations, while fostering safety and teamwork among participants [2][7] - The event highlights the commitment of Duke Energy's line teams, especially following the challenges posed by Hurricane Helene [4][12] Company Overview - Duke Energy is a major energy holding company serving 8.6 million customers across several states, with a total energy capacity of 55,100 megawatts [14] - The company is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner energy sources, including natural gas, nuclear, renewables, and energy storage [15] - Duke Energy collaborates with local community colleges to recruit and train entry-level lineworkers, addressing the growing demand for skilled labor in the energy sector [12][13] Event Details - The Carolinas Lineman's Rodeo serves as a qualifying event for the International Lineman's Rodeo, where top winners will compete on a global stage [3][9] - The 2025 event involved significant community support, with numerous volunteers and participants contributing to its success [10] - The rodeo not only showcases technical skills but also promotes camaraderie and teamwork among lineworkers [2][10]