NYSE │ JSE │ GSE Q4 & FULL YEAR 2025 EARNINGS RESULTS 20 FEBRUARY 2026 MINING TO EMPOWER PEOPLE AND ADVANCE SOCIETIES Nevada, United States INVESTOR NOTE │ DISCLAIMER Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equ ...

Core Insights - TDS Telecom has significantly transformed in 2025, completing the largest transaction in its history with the sale of its wireless business and launching a new tower company, Array, which is now operational [1][2] - The company ended 2025 with 1.06 million marketable fiber service addresses and aims to increase this to 2.1 million by 2026, marking a growth of 300,000 addresses [1][2] - TDS reported total operating revenues of $330.7 million for Q4 2025, a 12% increase from $295.3 million in Q4 2024, and a total revenue of $1,228.2 million for the year, down 5% from $1,297.0 million in 2024 [1][2] Financial Performance - TDS Telecom's net income for Q4 2025 was $37.2 million, or $0.32 per diluted share, compared to $1.0 million, or $0.01 per diluted share in Q4 2024 [1][2] - For the full year 2025, net income attributable to TDS common shareholders was $48.2 million, or $0.39 per diluted share, compared to a loss of $141.4 million, or $(1.24) per diluted share in 2024 [1][2] - Array's site rental revenues grew by 51% year over year, contributing to a total operating revenue of $60.3 million in Q4 2025, compared to $26.1 million in Q4 2024 [2][3] Operational Highlights - TDS Telecom deployed 140,000 new marketable fiber service addresses in 2025, with fiber net additions of 44,900 [1][2] - The company repaid $150 million of debt in January 2026 and repurchased 1,765,863 common shares for $67.4 million in Q4 2025 [1][2] - Array paid a special dividend of $10.25 per share on February 2, 2026, following the sale of wireless spectrum to AT&T for $1.018 billion [1][2] 2026 Guidance - TDS estimates total operating revenues for TDS Telecom in 2026 to be between $1,015 million and $1,055 million, with adjusted EBITDA projected between $310 million and $350 million [1][2] - Array's estimated total operating revenues for 2026 are projected to be between $200 million and $215 million, with adjusted EBITDA expected to be between $50 million and $65 million [1][2] - Capital expenditures for TDS Telecom are estimated to be between $550 million and $600 million for 2026, compared to $406 million in 2025 [1][2]

Core Insights - Array Digital Infrastructure, Inc. reported strong financial results for Q4 and full year 2025, with total operating revenues of $60.3 million for Q4 2025, up from $26.1 million in Q4 2024, and full-year revenues of $163.0 million compared to $102.9 million in 2024 [1][2][3] - The company achieved a net income of $41.4 million for Q4 2025, significantly higher than $11.7 million in Q4 2024, and a full-year net income of $169.7 million compared to a loss of $85.9 million in 2024 [1][3] - Array is focused on integrating T-Mobile's MLA, increasing tower tenancy, and monetizing its spectrum assets, including a recent transaction with AT&T [1][2] Financial Performance - Total operating revenues for Q4 2025 were $60.3 million, a 131% increase year-over-year, while full-year revenues reached $163.0 million, a 58% increase from 2024 [1][2] - Net income attributable to Array shareholders for Q4 2025 was $41.4 million, translating to diluted earnings per share of $0.48, compared to $11.7 million and $0.13 in Q4 2024 [1][3] - For the full year 2025, net income was $169.7 million, with diluted earnings per share of $1.94, compared to a loss of $85.9 million and $(1.00) per share in 2024 [1][3] Operational Highlights - Co-location applications, excluding T-Mobile applications, increased by 47%, and site rental revenues rose by 51% [1][2] - The company owns 4,450 cell towers across 19 states, facilitating the deployment of 5G and other wireless technologies [2] - The tower tenancy rate was reported at 21.0% as of December 31, 2025, reflecting growth in co-location [2] Future Guidance - For 2026, Array estimates total operating revenues between $200 million and $215 million, with adjusted EBITDA expected in the range of $200 million to $215 million [1][2] - Capital expenditures for 2026 are projected to be between $25 million and $35 million [1][2] Strategic Transactions - Array closed a sale of spectrum licenses to AT&T for $1.018 billion on January 13, 2026, and has additional agreements with T-Mobile for spectrum licenses totaling $178 million [1][2] - A license purchase agreement with Verizon is expected to close in the second or third quarter of 2026, pending regulatory approval [1][2]

CORPORATION AND SUBSIDIARY COMPANIESCondensed Consolidated Balance Sheets(In millions, except shares)December 31,December 31,20252024AssetsCurrent assets:Cash and cash equivalents$26.9$27.7Restricted cash0.91.6Receivables, less provisions of $2.7 at December 31, 2025 and $2.5 at December 31, 2024460.8425.6Inventories648.3684.6Prepaid expenses and other current assets85.968.1Total current assets1,222.81,207.6Property, plant, and equipment, at cost1,179.81,152.0Less: accumulated depreciation570.0515.3Property ...

Core Insights - Metallus reported a net sales increase of 7% year-over-year for 2025, totaling $1.2 billion, driven by improved market demand and higher shipments across key end markets [1][2] - The company experienced a net loss of $1.2 million for the full year 2025, compared to a net income of $1.3 million in 2024, with adjusted net income of $15.3 million for 2025 [1][2] - The order book increased by over 50% year-over-year, indicating a stronger start to 2026 [1] Financial Performance - Fourth-quarter 2025 net sales were $267.3 million, a decrease of 13% from the third quarter, primarily due to lower shipments and seasonal factors [1][4] - Adjusted EBITDA for the fourth quarter was $2.4 million, down from $29.0 million in the third quarter [1] - Full-year 2025 adjusted EBITDA was $75.6 million, slightly lower than $77.7 million in 2024 [1][2] Operational Highlights - Manufacturing costs increased due to planned maintenance and lower production volume, with melt utilization declining to 66% in Q4 2025 from 72% in Q3 2025 [1][4] - Ship tons for 2025 totaled 631,700, a 14% increase from 2024, with significant growth in the aerospace and defense sectors [1][2] - The company is implementing operational optimization initiatives and increasing staffing levels to meet growing demand [1] Cash and Liquidity - As of December 31, 2025, total liquidity was $389.2 million, with cash and cash equivalents at $156.7 million [1][2] - The company invested $109.0 million in capital expenditures in 2025, including $81.3 million for government-funded projects [1][2] - Metallus repurchased 0.9 million common shares for $13.1 million during 2025, representing 3.8% of outstanding shares [2] Outlook - The company anticipates first-quarter adjusted EBITDA to be higher than in the fourth quarter of 2025, supported by a strong order book [2] - Price increases for certain products are expected to be implemented in 2026, with average base prices projected to rise slightly [2] - A new four-year labor agreement with the United Steelworkers was ratified on February 5, 2026, which includes a one-time payment of approximately $2.0 million [2]

Core Insights - EuroDry Ltd. reported a profitable fourth quarter of 2025, with net income attributable to controlling shareholders of $3.2 million, contrasting with a net loss of $6.2 million in the same period of 2024 [6][21][24] - The company experienced a 19.9% increase in total net revenues for Q4 2025, reaching $17.4 million, driven by higher time charter rates despite a decrease in the average number of vessels operated [10][24] - For the full year 2025, total net revenues decreased by 14.4% to $52.3 million, attributed to a lower number of vessels operated and reduced time charter equivalent rates [24][36] Fourth Quarter 2025 Highlights - Average time charter equivalent rate for Q4 2025 was $16,262 per day, a 33.3% increase compared to Q4 2024 [10][22] - Adjusted EBITDA for Q4 2025 was $7.5 million, significantly up from $1.8 million in Q4 2024 [9][22] - The company operated an average of 11.2 vessels in Q4 2025, down from 13.0 vessels in Q4 2024 [8][10] Full Year 2025 Highlights - Average time charter equivalent rate for the full year 2025 was $11,642 per day, down from $13,039 per day in 2024 [24] - Adjusted EBITDA for the full year 2025 was $12.5 million, compared to $9.4 million in 2024 [37] - The company reported a net loss attributable to controlling shareholders of $4.3 million for the full year 2025, an improvement from a net loss of $12.6 million in 2024 [36][38] Operational Insights - Total vessel operating expenses for Q4 2025 were $6.2 million, a decrease from $6.6 million in Q4 2024, primarily due to a lower number of vessels operated [12][26] - The company has initiated a strategy shift to secure longer-term charters as market rates strengthen, with a recent one-year time charter for an Ultramax vessel at $15,500 per day [7][8] - As of December 31, 2025, the company had outstanding debt of $103.7 million and cash reserves of $25.7 million [9][65] Fleet Profile - EuroDry's fleet consists of 11 dry bulk vessels with a total deadweight tonnage of 766,420 [40] - The company has two Ultramax vessels under construction, expected to be delivered in 2027 [42][43] - The average daily results indicate a fleet utilization rate of 99.6% for Q4 2025, reflecting efficient deployment of vessels [44][49]

Financial Data and Key Metrics Changes - The company achieved a record quarterly leasing volume of nearly 4 million sq ft with a weighted average rent roll-up of 25.7%, marking the fifth consecutive quarter of double-digit rent growth [5][9] - Normalized FFO grew 113% year-over-year, reaching $18.9 million or $0.29 per share, which was at the high end of guidance [12][5] - Same property cash basis NOI increased by 5.2% year-over-year [5] - Total shareholder return exceeded 55% in 2025, ranking the company third among all U.S. REITs [5] Business Line Data and Key Metrics Changes - The company completed 42 new and renewal leases and two rent resets totaling 7.3 million sq ft, expected to generate an increase of approximately $10.6 million in annualized rental revenue [7] - Renewals represented the majority of leasing activity, with a tenant retention rate of 96% [9] - Notable lease renewals included Amazon and Restoration Hardware, with significant roll-ups in rent [9][10] Market Data and Key Metrics Changes - Consolidated occupancy at year-end was 94.5%, a 40 basis point increase from Q3 [7] - The company owns 409 properties across 39 states, totaling approximately 60 million sq ft, with a weighted average lease term of seven years [6] Company Strategy and Development Direction - The company is focused on leasing priorities, particularly a 2.2 million sq ft land parcel in Hawaii and a 535,000 sq ft property in Indianapolis [8] - The company aims to generate organic cash flow growth and reduce leverage, which has declined from 12.4x to 11.8x over the last year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance and momentum, positioning the company well for 2026 [8] - The company noted that tenant retention remains strong, and there are no material known move-outs expected [23][25] - Management indicated that while construction has slowed, the company has not seen significant issues with competing supply [45] Other Important Information - The company successfully refinanced $1.2 billion of floating rate debt into fixed rate debt, resulting in annual cash savings of over $8 million [6] - The company ended the quarter with cash on hand of $95 million and restricted cash of $88 million, with a total net debt to total assets ratio of 69% [14] Q&A Session Summary Question: What is the non-cash interest amount for the quarter? - The non-cash interest amount for the quarter is $4.5 million [20] Question: Can you provide an update on another asset that was under contract for sale? - The company had a property under LOI for about $50 million, but the tenant preferred to engage in a renewal discussion instead of purchasing the property [21] Question: Are there any known move-outs we need to be aware of? - There are no material known move-outs at this point, and progress is being made on expirations [22][23] Question: Are there any changes in the marketing process for the Indianapolis and Hawaii vacancies? - Progress is being made in Indianapolis, and discussions are ongoing in Hawaii, but no concessions can be made due to the nature of the ground lease [24][25] Question: How did interest expense change from Q4 to Q1? - The change is primarily due to the number of days in the quarter, with 92 days in Q4 and 90 in Q1 [26] Question: What is the thought process around refinancing the Monmouth JV loan? - The company is actively evaluating refinance opportunities and has flexibility due to the extension option [42]

Core Insights - Fidelity National Information Services, Inc. (FIS) is scheduled to report its fourth-quarter 2025 results on February 24, 2026, with earnings estimated at $1.69 per share and revenues at $2.74 billion [1][4] Financial Performance Estimates - The fourth-quarter earnings estimate has seen two downward revisions in the past 30 days, indicating a 20.7% year-over-year increase in earnings and a 5.4% increase in revenues [2][4] - For the full year 2025, the revenue estimate is $10.59 billion, reflecting a 4.6% year-over-year rise, while the EPS estimate is $5.77, indicating a growth of approximately 10.5% year-over-year [4] Earnings Prediction Model - The current model does not predict an earnings beat for FIS, with an Earnings ESP of -0.37% and a Zacks Rank of 3 (Hold) [5] Revenue Breakdown - Q4 revenues are expected to show growth in Banking Solutions and Capital Market Solutions, with increases of 6.4% and 6.6% year-over-year, respectively [8][9] - Total recurring revenues are projected to increase by 7.9% in the upcoming quarter, with North America and All Other revenues expected to grow by 6.5% and 0.5% year-over-year, respectively [9] EBITDA Projections - The adjusted EBITDA for 2025 is projected to be between $4.33 billion and $4.345 billion, with an anticipated margin of around 40.9% [8][11] - The adjusted EBITDA for Capital Market Solutions is expected to grow by 6% year-over-year, while Banking Solutions is projected to see a 10.9% increase [10]

Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, which is an increase of over $800 million or 20% year-over-year [6][20] - The fourth quarter Adjusted EBITDA was $1.34 billion, reflecting a 5% increase over the third quarter [19] - The company invested approximately $3.3 billion in growth capital projects in 2025, with net maintenance capital at $226 million [20][21] - The net consolidated leverage ratio at year-end was approximately 3.5 times, within the long-term target range of 3-4 times [21] Business Line Data and Key Metrics Changes - Permian volumes grew by 11% in 2025, translating to an increase of over 600 million cubic feet per day [6] - NGL transport volumes increased by almost 170,000 barrels per day, while frac volumes rose by more than 120,000 barrels per day [6] - The logistics and transportation segment saw NGL transportation volumes average a record 1.05 million barrels per day, and fractionation volumes averaged 1.14 million barrels per day [17][18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [14] - The Delaware Express project and other expansions are expected to enhance the company's market position and operational capacity [18] Company Strategy and Development Direction - Targa Resources plans to continue investing in growth capital projects, with an estimated $4.5 billion in growth capital spending for 2026 [21][22] - The company is focused on maintaining a strong balance sheet while generating significant free cash flow, with expectations of reaching over $6 billion in Adjusted EBITDA following the completion of major projects [11][22] - The strategy emphasizes growing Adjusted EBITDA, increasing common dividends, and reducing common shares outstanding [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit Permian volume growth for 2026 and beyond, supported by strong producer relationships and commercial success [7][32] - The outlook for 2027 and beyond has improved, with expectations of sustained higher Waha prices benefiting Targa and its producers [17][32] - Management acknowledged the potential for volatility in natural gas prices but emphasized the stability provided by fee-based contracts [22][88] Other Important Information - The company is in an elevated growth capital environment, investing in gathering, processing, and downstream infrastructure [10] - Targa is ordering long lead items for additional processing plants planned for early 2028, indicating a proactive approach to future capacity needs [9][10] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted strong producer relationships and existing customer activity as key drivers for resilience in growth outlook for 2026, with low double-digit growth expected [30][32] Question: CapEx budget increase - The increase in CapEx is attributed to new plants and additional field capital, reflecting a larger base for growth and the need for incremental spending [33][37] Question: Durability of commercial success - Management indicated that even without significant new commercial success, strong growth is expected from existing contracts and dedicated acreage [44][45] Question: Waha price exposure and marketing opportunities - Management noted that while Waha prices may be volatile, the company has significant transport positions to mitigate risks and capture marketing opportunities [86][88] Question: Impact of new technologies on well recovery - Management acknowledged improvements in well recovery due to technological advancements by producers, contributing positively to Targa's outlook [72][74] Question: Export volumes and capacity - The company remains confident in growing export volumes in tandem with new capacity coming online, supported by strong commercial commitments [108]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially in Q4 2025, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The Delaware Basin remained the primary growth engine, with throughput records contributing to overall performance, while the DJ and Powder River Basins are expected to see declines [11][26] - The company anticipates that natural gas throughput will remain flat year-over-year in 2026, with crude oil and NGL throughput expected to decline by low- to mid-single digits [8][26] Company Strategy and Development Direction - The company’s long-term growth strategy remains focused on mid- to low-single-digit Adjusted EBITDA growth, supported by producers' development plans and undrilled inventory [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's capabilities in produced water solutions [10][16] - The company plans to reduce its capital expenditure program for 2026 to $925 million, down from previous estimates, to align with revised producer activity levels [9][40] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility, leading to a reduction in expected activity levels from producers [5][7] - The company expects continued pricing pressure in the near term due to Waha Hub pricing challenges, but anticipates new egress solutions to alleviate some of this pressure [12][60] - Management remains confident in the long-term demand for natural gas, particularly for power generation and LNG, which is expected to drive future growth [46] Other Important Information - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with significant integration milestones completed ahead of schedule [17] - The company’s balance sheet remains strong, with net leverage around 3x throughout 2025, allowing for continued investment in growth opportunities [16][44] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that their capital deployment strategy remains unchanged, focusing on opportunities for synergies and disciplined capital allocation [52][54] Question: Can you elaborate on the Waha pricing situation? - Management indicated that they are working on commercial solutions to help customers with Waha exposure and expect new egress solutions to help stabilize pricing [60] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with overall long-term growth for gas and oil assets projected at 2%-3% [70]