Financial Data and Key Metrics Changes - Gran Tierra reported a net loss of $193 million, or $5.45 per share, compared to a net income of $3.2 million, or $0.10 per share in 2024 [9] - Adjusted EBITDA decreased by 23% to $284 million from $367 million in 2024 [9] - Funds flow from operations were $178 million, down from $225 million in 2024 [9] - Net cash provided by operating activities increased by 31% to $313 million from $239 million in 2024 [10] - Cash and cash equivalents decreased to $83 million as of December 31, 2025, from $103 million at the end of 2024 [10] Business Line Data and Key Metrics Changes - Capital expenditures increased by 3% to $256 million due to a higher number of wells drilled in Colombia, Ecuador, and Canada [9] - Total operating expenses rose by 23% to $249 million, with operating expenses per BOE at $15.17, which is 6% lower than 2024 [11] Market Data and Key Metrics Changes - Gran Tierra's net oil and gas sales for the year were $597 million, a slight decrease of 4% compared to 2024 [10] - The company achieved an average working interest production of 45,709 barrels per day, representing a 32% increase from 2024 [17] Company Strategy and Development Direction - The company is focusing on disciplined, opportunistic debt reduction and enhancing liquidity through a bond exchange and prepayment agreement [5][6] - Entry into Azerbaijan is viewed as a capital-efficient addition to the portfolio, aligning with the strategy of pursuing risk-mitigated growth in proven basins [7] - The company aims to target net debt to EBITDA of 1x by 2028, contingent on pricing [42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational focus on cash flow generation and maximizing the value of a diversified portfolio [19] - The company is committed to safe, responsible operations and supporting local communities while enhancing long-term value [19] Other Important Information - The company has hedged approximately 50% of oil volumes for 2026, with an average floor price around $60 [8] - Year-end 2025 NAV per share was $22.61 before tax on a 1P basis, reflecting a meaningful discount compared to the current share price [16] Q&A Session Summary Question: Exposure to near-term prices and capital allocation changes - Management explained pricing mechanisms in Colombia, Ecuador, and Canada, and stated that capital expenditures for 2026 are set, with a focus on debt reduction and free cash flow generation [22][23] Question: Incremental hedges and war premium effects - Management confirmed that about 50% of production is hedged for the year and that they are looking to add more hedges into 2027 [29] Question: Pipeline disruptions and production recovery - Management reported no disruption in Ecuador and confirmed production levels in Ecuador are stable, with ongoing water injection pilot tests [31][32] Question: Production guidance and asset disposition - Management indicated that production guidance will be revised after closing a transaction expected soon [36] Question: Debt reduction targets - Management reiterated the target of achieving a net debt to EBITDA ratio of 1x by 2028, depending on pricing conditions [42] Question: Hedging program ceiling price - Management stated the average ceiling price for hedges is approximately $74 [47] Question: Allocation between share buybacks and debt reduction - Management emphasized a focus on debt reduction, with any excess cash prioritized for repurchasing outstanding debt over share buybacks [49]

FY2026 INTERIM PRESENTATION ANALYST BRIEFING 27 February 2026 SECTION ONE FINANCIAL HIGHLIGHTS RESULT HIGHLIGHTS SUSTAINED BUSINESS IMPROVEMENT PRIORITIZE ON REDUCING INDEBTEDNESS ENHANCED SHAREHOLDERS' FUNDS ON BACK OF DEBT EXCHANGE NARROWED LOSS WITH LOWER FINANCING COST 3 FINANCIAL HIGHLIGHTS PRIORITIZING CASH FLOW IN AN UNCERTAIN MARKET | Core Operating Profit | Segment Results | | Loss Attributable To Shareholders | | | | --- | --- | --- | --- | --- | --- | | HK$3.6B | HK$3.2B -24% YoY | | HK$3.7B One- ...

Group 1 - The total U.S. national debt has surpassed $38.5 trillion, resulting in a debt burden of $12 for every newborn [1] - The interest payment on the national debt for this year is projected to be $1.24 trillion, exceeding the total military spending [1] - The probability of a U.S. debt crisis occurring between 2020 and 2027 is estimated to be less than 5% due to several factors [3] Group 2 - The U.S. government has a debt ceiling set at $41.1 trillion until 2027, providing ample borrowing capacity [3] - The Federal Reserve can intervene by purchasing large amounts of debt if necessary, as seen during past market crises [3] - Major foreign holders of U.S. debt, such as China and Japan, are unlikely to allow a collapse due to the significant losses they would incur [3] Group 3 - The U.S. is likely to utilize debt refinancing as a strategy to manage its debt crisis, allowing it to extend repayment periods and reduce interest payments [5] - In 2026, approximately $9.1 trillion of U.S. debt will mature, prompting the government to issue new bonds to replace older, higher-interest debt [5] Group 4 - The structure of buyers for U.S. debt has changed, with traditional central bank buyers becoming more cautious and some withdrawing from the market [6] - Current buyers include hedge funds, pension funds, and asset management companies, which prioritize profit and may exit quickly if market conditions change [6] Group 5 - Global central banks are diversifying their reserves by purchasing gold, with over 800 tons bought in 2025, as a hedge against the declining trust in the U.S. dollar [8] - Gold is viewed as a stable asset that does not rely on creditworthiness, providing a safeguard in an era of increasing monetary instability [8] Group 6 - The U.S. debt is unlikely to collapse suddenly but may gradually lose its dominance in the global currency system over the next 10 to 20 years [9] - The future currency landscape may feature multiple currencies coexisting, including the euro and the renminbi, alongside the U.S. dollar [9]

Group 1 - The core viewpoint is that the expansion of local government debt in China is not a blind increase but is rooted in complex economic development logic and governance wisdom [2] - Local government borrowing serves as a key engine driving regional economic growth, addressing the funding gap for infrastructure and public services amid rapid urbanization and industrial upgrades [3] - Debt replacement acts as a "safety valve" to mitigate potential risks, with central government measures effectively reducing local governments' interest burdens and liquidity risks [5] Group 2 - Optimizing the debt structure is crucial for enhancing governance efficiency, with a focus on balancing central and local government debt to improve macroeconomic control and social confidence [7] - Local government borrowing is a scientific decision that weighs development needs against risk prevention, emphasizing the importance of debt management and effective fund utilization for sustainable development [9]

Core Viewpoint - The recent sharp decline in gold prices, marking the largest single-day drop since 1980, has raised concerns about the sustainability of gold as an investment, particularly for retail investors who may have been misled by speculative narratives [1][2][5]. Group 1: Price Movement and Market Reaction - On December 26, 2025, gold prices fell dramatically from over $5,500 to $4,865 per ounce, a drop of up to 12% in a single day, while silver experienced an even steeper decline of over 26% [1]. - Following the price drop, domestic gold ETFs and futures in the A-share market hit their daily limit down, leaving investors unable to sell their positions [1]. - Retail investors who entered the market at around $5,200 in early December faced losses of nearly 20% within a week, contradicting the notion of gold as a safe haven [1]. Group 2: Economic Insights and Expert Opinions - Economist Ma Guangyuan warned that gold is a poor investment choice for ordinary people, citing that the rapid price increase was driven by excessive liquidity and speculative behavior rather than actual demand [2]. - The factors influencing gold prices include U.S. Federal Reserve interest rates, the strength of the dollar, geopolitical conflicts, and central bank purchasing decisions, rather than retail investor actions [4]. - The accumulation of leveraged positions around the $5,500 mark made the market susceptible to forced liquidations, exacerbating the price decline [5]. Group 3: Psychological and Behavioral Aspects - Many investors confuse hedging with value preservation, with the former being about liquidity in crises and the latter about long-term stability [5]. - The proliferation of narratives promoting gold as a path to wealth, particularly through social media, has led to increased speculative buying, which has not materialized into actual demand [5]. - A recent incident involving a self-proclaimed "golden hundred times" influencer being investigated highlights the risks associated with speculative investment advice [7]. Group 4: Market Dynamics and Future Outlook - The current gold price fluctuates around $4,800, with uncertainty about future movements prompting some investors to consider buying at lower prices while others contemplate selling [8]. - The price of gold in RMB has decreased less than in USD, indicating that some capital may be returning to domestic markets as a temporary safe haven [7].

Core Viewpoint - The article discusses the dynamics of gold prices, emphasizing the interplay between monetary policy, central bank gold purchases, and market sentiment, while highlighting the uncertainty in predictions made by industry experts [5][9][10]. Group 1: Gold Price Dynamics - The recent surge in gold prices is attributed to the convergence of the gold cycle, interest rate cuts, and central bank gold accumulation [7]. - Central banks, including China, are increasing their gold reserves, which creates a feedback loop that drives gold prices higher as countries perceive their dollar reserves as depreciating [8]. - Predictions from institutions like Goldman Sachs suggest that gold prices could exceed $5,400 per ounce, reflecting a significant upward adjustment from previous forecasts [10]. Group 2: Monetary Policy and Debt Management - The increase in money supply is not merely due to central banks printing money; rather, it involves complex debt management strategies, often referred to as "debt replacement" [12][13]. - Countries, including the U.S., are not genuinely repaying debts but managing interest payments, leading to a continuous increase in money supply [14][15]. - This ongoing monetary expansion is expected to eventually drive gold prices up, as gold is viewed as a true form of currency compared to fiat money [16]. Group 3: Investment Perspectives - The article suggests that wealthy individuals who invest in gold for long-term holding can benefit from price increases, while typical investors may struggle to profit from short-term trading [22]. - The supply dynamics of gold are characterized by limited production and long-term holding by central banks and trusts, contrasting sharply with silver, which has a more elastic supply due to industrial demand [23]. - The author advises cautious participation in gold investment, emphasizing the importance of learning through experience rather than speculative trading [24][25].

Core Viewpoint - The Henan Province successfully issued government bonds totaling 5.33742 billion yuan on December 5, 2023, in Shenzhen, which is aimed at optimizing debt structure and reducing financing costs [1] Group 1: Bond Issuance Details - A total of 3.42249 billion yuan in 30-year new special bonds was issued at an interest rate of 2.48%, intended to supplement government fund finances [1] - An issuance of 0.80234 billion yuan in 20-year new special bonds was made at an interest rate of 2.49%, designated for existing government investment projects [1] - Additionally, 1.11259 billion yuan in 20-year refinancing special bonds was issued at an interest rate of 2.48%, aimed at replacing existing hidden debts [1] Group 2: Impact and Objectives - The issuance completes the local government debt limit set by the Ministry of Finance for Henan Province for the replacement of existing hidden debts by 2025 [1] - The bond issuance is expected to positively impact the optimization of debt maturity structure, reduction of financing costs for existing debts, alleviation of short-term repayment pressure, and smoothing of fiscal expenditure rhythm [1]

Group 1: New World Development - New World Development announced the completion of a debt exchange offer, with a total of approximately $1.362 billion in new notes expected to be issued, which is 71.7% of the original issuance cap of $1.9 billion [1] - As of June 30, 2025, the company's total debt reached HKD 146.1 billion, with net debt at HKD 120.1 billion, and short-term debt decreased by HKD 35 billion to HKD 6.6 billion [2] - The company reported a revenue decline of 22.64% year-on-year to approximately HKD 27.681 billion for the first half of 2025, with a significant increase in shareholder losses to HKD 16.302 billion, up 38.07% year-on-year [2] Group 2: Peng Bo Shi - Peng Bo Shi Telecom Media Group announced that its subsidiary failed to repay approximately $218.54 million in principal and interest on a bond due December 1, 2025, due to liquidity issues [3] - The company is negotiating with creditors for an extension and restructuring plan, facing potential litigation risks if unresolved [3] - The "18 Peng Bo Bond" has been suspended since April 12, 2024, with the maturity date adjusted to May 25, 2026, indicating uncertainty in repayment [3] Group 3: Jin Di Group - Jin Di Group reported that it has not yet repaid public debt with a face value of approximately RMB 501 million [4][5] - The company’s revenue for the first three quarters of 2025 was approximately RMB 23.994 billion, a decrease of 41.48% year-on-year, with a net loss of RMB 5.186 billion [4] - Jin Di Group emphasizes cash flow management as a core strategy to ensure financial safety [4] Group 4: Fang Yuan Real Estate - Fang Yuan Real Estate disclosed overdue debts totaling RMB 6.306 billion and has been restricted from high consumption activities due to legal issues [6] - The company is facing a bondholder meeting on December 11, 2025, to discuss adjustments to bond repayment arrangements [6] - Fang Yuan has a total of RMB 918 million in outstanding bonds and $340 million in offshore debt, which has defaulted [6]

Core Viewpoint - China Nuclear Power (601985) is currently in a phase of rapid development, with a historical peak in the number of nuclear units under construction and awaiting approval, totaling 19 units [1] Financing and Cost Management - The company has significant funding needs that must be addressed through loans and other means [1] - The financing cost for ongoing projects is between 2% and 3% [1] - The company has been continuously engaging in debt replacement to lower financing costs, aiming to create greater value and better returns for shareholders [1]

Core Viewpoint - China Jinmao has mortgaged part of the Jin Mao Tower to secure a loan of up to 9.9 billion yuan, primarily for debt replacement rather than new financing [1][11]. Group 1: Loan Details - The loan agreement was signed with a syndicate led by China Construction Bank and includes seven state-owned banks [1]. - The mortgaged assets include floors 31-50, the 88th floor, and the underground parking lot, with the assessed value of these assets at 4.76 billion yuan [1][10]. - The actual loan amount is 2.08 times the assessed value, indicating strong premium capabilities of core assets in Shanghai [10]. Group 2: Purpose of the Loan - The funds from the loan will be used to replace three green asset-backed securities issued in 2023 and 2024, totaling 10 billion yuan [4][13]. - The three green bonds issued are "Jinmao Xinyue 2023-1" (3 billion yuan), "Jinmao Green 2023-1" (3.501 billion yuan), and "Jinmao Green 2024-3" (3.499 billion yuan) [4][12]. Group 3: Financial Implications - The debt replacement is expected to lower interest expenses, as the green bonds have a coupon rate between 3.2% and 3.6%, while the mortgage financing rate is likely below 3% [6][15]. - If the average financing cost for Jinmao is 2.7% in the first half of 2025, the company could save tens of millions in interest from this debt replacement [15]. - This strategy reflects a shift from market borrowing to bank borrowing, maximizing the financial attributes of the Jin Mao Tower [15]. Group 4: Historical Context and Market Conditions - This is not the first instance of such a strategy; earlier in March, Jinmao used the Beijing Kaicheng World Trade Center as collateral to secure 8.69 billion yuan for debt repayment [6][15]. - The current market environment, characterized by declining interest rates, makes such operations a normal practice for companies with valuable assets [7].