Investor Presentation March 2026 Vitesse is the French word for velocity. VTS represents the velocity of capital compounding. Disclaimer Forward Looking Statements This presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding Vitesse's financial position, operating ...

Financial Data and Key Metrics Changes - In Q4 2025, oil, natural gas, and NGL revenues totaled $76 million, with run rate production at 25,627 BOE per day, exceeding guidance [9] - The Q4 distribution was declared at $0.37 per common unit, a 6% increase from Q3 2025, with total distributions for the year amounting to $1.60 per common unit [5][10] - Adjusted EBITDA for Q4 was reported at $64.8 billion, with cash G&A expenses at $2.63 per BOE [9][10] - Proved developed reserves increased approximately 8% in 2025 to nearly 73 million BOE [5] Business Line Data and Key Metrics Changes - The company reported strong organic production growth in Q4, with an active rig count of 85, representing a 16% market share of U.S. land rigs [5] - The line of sight wells exceeded the number needed to maintain flat production, indicating resilience in production levels [5] Market Data and Key Metrics Changes - The company maintains a conservative balance sheet with approximately $441.5 million in debt outstanding and a net debt to trailing twelve-month Adjusted EBITDA ratio of about 1.5 times [11] - The company has approximately $183.5 million in undrawn capacity under its secured revolving credit facility as of December 31, 2025 [11] Company Strategy and Development Direction - Kimbell Royalty Partners aims to be a leading consolidator in the fragmented U.S. oil and natural gas royalty sector, which is estimated to exceed $650 billion [12] - The company is focused on diversifying its portfolio of high-quality royalty assets across leading U.S. basins, with a particular emphasis on the Permian Basin [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing development and stability of production, with guidance for 2026 production remaining unchanged at 25,500 BOE per day [12] - The company anticipates significant growth opportunities from the development of the Woodford Barnett area, which is expected to drive production growth without additional costs [39][42] Other Important Information - The company redeemed 50% of the Series A Cumulative Convertible Preferred Units in 2025, simplifying its capital structure and lowering the cost of capital [4] - The company has seen a favorable dynamic in the MidCon area, with recent consolidation and improvements in gas and NGL prices [20] Q&A Session Summary Question: Regarding 2026 guidance and expected production cadence - Management indicated a relatively stable production cadence for 2026, acknowledging the unpredictability of development [18] Question: Competitive landscape for M&A post-industry consolidation - Management highlighted their ability to target meaningful deals in the $100 million-$500 million range across various basins, positioning them competitively [19] Question: Increase in net line-of-sight maintenance well assumption - Management explained that the increase was due to the acquisition of high upside properties, leading to a modest increase in maintenance levels [26] Question: Addressing net debt and mezzanine equity - Management anticipates redeeming some mezzanine equity in the latter half of the year while balancing cash interest expenses [30] Question: Natural gas and NGL realizations - Management provided insights on seasonal differentials, noting that natural gas realizations increased from 18% to 24% in Q4 [35] Question: Impact of Waha price inflection in 2027 - Management expects significant improvements in differentials and production growth from the continued development of the Woodford Barnett area [39]

Millicom International Cellular (NasdaqGS:TIGO) Q4 2025 Earnings call February 26, 2026 08:00 AM ET Company ParticipantsBart Vanhaeren - CFOEduardo Nieto Leal - VP of Equity ResearchLeonardo Ormos - Director of Equity ResearchLivia Manzatto - Executive Director of Equity ResearchMarcelo Benitez - CEOConference Call ParticipantsAndreas Johnson - VP and Senior AnalystPhani Kanumuri - AnalystOperatorHello, everyone, and welcome to our 4th quarter 2025 results call. This event is being recorded. Our speakers to ...

Core Insights - The investment wave in AI infrastructure is pushing tech giants into an unprecedented capital-intensive cycle, with hyperscalers like Amazon, Google, Meta, Microsoft, and Oracle expected to exceed historical capital expenditure peaks from the internet bubble era [1][4]. Capital Expenditure Trends - Morgan Stanley forecasts that the capital expenditure to sales ratio for these hyperscalers will reach 34%, 39%, and 37% from 2026 to 2028, surpassing the internet bubble peak of approximately 32% [1][4]. - Including financing leases, this ratio could rise to 38%, 44%, and 45% during the same period [1][7]. - The total capital expenditure for these companies is projected to exceed $2 trillion over the next three years, accounting for about 40% of the total capital expenditure of Russell 1000 index constituents [1]. Revenue Adjustments - Despite the significant increase in capital expenditure, revenue forecasts have not seen a corresponding rise, leading to a decline in free cash flow (FCF) expectations for hyperscalers [3][10]. - Over the past six months, capital expenditure expectations for 2026 and 2027 have been raised by over $630 billion, while revenue expectations have only seen limited adjustments [3][10]. Financing Leases Impact - The use of financing leases has significantly inflated the actual investment scale, with total commitments for future leases exceeding $660 billion among the five companies [13]. - For instance, Oracle's capital expenditure to sales ratio could rise dramatically from 75% to over 100% when including financing leases [15]. Sector Performance Disparity - Semiconductor companies have emerged as the biggest beneficiaries of the current investment cycle, with their revenue expectations rising by approximately 60%, compared to only 8% for hyperscalers [3][17]. - The market has shown a preference for semiconductor firms, with stock prices increasing significantly more than those of hyperscalers since December 2023 [17]. Future Outlook - Analysts believe that while companies like Meta, Google, and Amazon are leveraging AI investments to enhance user engagement and monetization, the substantial capital expenditures will lead to increased depreciation costs, putting pressure on profit margins if sales do not keep pace [18].

Core Insights - The article discusses the evolution of dividend investing in the A-share market, highlighting the "Dividend+" product line from E Fund, which represents a three-tiered approach to dividend investment [1] Group 1: Dividend Investment Strategies - E Fund's "Dividend+" strategy transitions from a defensive "ballast" to a value-reassessed "scarce asset," and finally to a "growth dividend" driven by profit quality [1] - The E Fund CSI Dividend ETF Fund (A/C/Y: 009051/009052/022925) tracks the CSI Dividend Index, focusing on high-dividend sectors like banking and coal, with a dividend yield of 4.8%, serving as a "shock absorber" for investment volatility [1] - The E Fund National Value 100 ETF Fund (A/C: 025497/025498) tracks the National Value 100 Index, emphasizing undervalued value stocks, featuring a 4.8% dividend yield and a 10.6% return on equity, embodying both "dividend + value" [1] - The E Fund National Free Cash Flow ETF Fund (A/C: 024566/024567) follows the National Free Cash Flow Index, using "free cash flow" as a core selection criterion, which is essential for sustainable dividends and future expansion [1] Group 2: Essence of "Dividend+" - The essence of "Dividend+" lies in combining high dividends with considerations of profit quality and valuation safety margins, focusing on long-term value returns and enhancing the defensive and offensive capabilities of dividend investing [1]

截至午间收盘，国证成长100指数上涨1.5%，国证价值100指数、国证自由现金流指数均上涨0.2%。 天风证券表示，在产业主线景气度确凿的背景下，大盘成长可能同步走强；"高股息"资产作为长期底仓的配置逻辑依然坚固，节后风格可能是"成长与红利 共舞"，而非简单的完全切换。 每日经济新闻 ...

自由现金流ETF（159201）及其联接基金（A：023917；C：023918）紧密跟踪国证自由现金流指数， 成分股聚焦高自由现金流率公司，政策红利持续释放叠加市场关注度持续上升，自由现金流ETF （159201）成为投资者资产组合中兼具成长潜力与政策确定性的优质配置选择。基金管理费年费率为 0.15%，托管费年费率为0.05%，均为市场最低费率水平。 每日经济新闻 截至2月26日10点20分，国证自由现金流指数涨0.07%，成分股涨跌互现，烽火通信、盐湖股份、景津 装备等领涨。相关ETF方面，同类规模最大的自由现金流ETF（159201）跟随指数上行，盘中交投活 跃，成交额突破1.6亿元。自由现金流ETF昨日净流入超1.6亿元，近20个交易日净流入超36亿元，资金 布局特征显著。 银河证券研报表示，3月前后，A股市场或将以政策催化为核心驱动力，资金围绕政策导向的产业主线 与主题机会博弈，呈现"政策热点轮动，风格快速切换"的特征。同时，3月市场逻辑将从"政策预期"逐 步转向"业绩兑现"，上市公司2025年年报披露与随后的2026年一季报披露将成为行情锚点，业绩超预期 标的或获得资金聚焦。 ...

Financial Data and Key Metrics Changes - EOG Resources reported adjusted net income of $5.5 billion for 2025, or $10.16 per share, with free cash flow of $4.7 billion, generating a 19% return on capital employed [11][12] - The company generated $4.7 billion in free cash flow in 2025, returning 100% to shareholders through dividends and share repurchases [5][12] - EOG ended 2025 with $3.4 billion in cash and $7.9 billion in long-term debt, maintaining a leverage target of total debt at less than 1 times EBITDA [13] Business Line Data and Key Metrics Changes - The Delaware Basin, Utica, and Eagle Ford are prioritized in the 2026 capital program, with a focus on maintaining production levels and optimizing costs [6][17] - The company achieved a 7% reduction in well costs in 2025 due to extended lateral lengths and efficiency improvements [16][19] - EOG's Dorado asset is now considered a foundational asset, with a target exit rate of 1 Bcf per day gross production in 2026 [23] Market Data and Key Metrics Changes - EOG expects U.S. natural gas demand to grow at a 3%-5% compound annual growth rate through the end of the decade, driven by record LNG feed gas demand and growing electricity demand [10] - The company anticipates total crude and product inventories to continue building, but increasing global demand and geopolitical factors are providing price support [9] Company Strategy and Development Direction - EOG's strategy emphasizes disciplined capital allocation, operational excellence, and sustainability, with a focus on high-return assets across multiple basins [6][26] - The company plans to maintain a capital budget of $6.5 billion for 2026, targeting a breakeven price of $50 WTI [7][14] - EOG aims to deliver consistent free cash flow and returns to shareholders while investing in both domestic and international opportunities [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong returns and free cash flow generation, supported by a deep inventory of high-return assets [8][26] - The company remains optimistic about medium to long-term oil prices, driven by steady demand growth and the need for additional supply [9][10] - EOG's management highlighted the importance of their diversified portfolio and operational efficiencies in navigating the current energy environment [26] Other Important Information - EOG has generated annual free cash flow every year since 2016 and has never cut or suspended its dividend in 28 years [5][12] - The company completed the strategic Encino acquisition and entered international exploration opportunities in the UAE and Bahrain [4][5] Q&A Session Questions and Answers Question: Can you discuss the composition of wells and activity levels in the Delaware Basin? - Management indicated that the plan optimizes investment across high-return foundational plays, with consistent performance expected in the Delaware Basin [32][33] Question: How do you address concerns about inventory quality and well results? - Management explained that while some targets may show lower productivity, they still meet economic hurdles and deliver strong returns [36][37] Question: What is the outlook for the Dorado asset and its role in gas supply? - Management highlighted Dorado's low breakeven cost and its strategic position to meet growing LNG demand, with plans to increase production significantly [41][42] Question: How does EOG view its cash return strategy in the current environment? - Management reaffirmed their commitment to returning significant cash to shareholders, with a focus on opportunistic buybacks and maintaining a sustainable dividend [48][49] Question: What is the expected role of international assets in the three-year outlook? - Management noted that while international assets are still in the exploration phase, they anticipate a slight increase in activity and production from these areas [73][74]

人工智能驱动的资本支出重塑了大型科技公司的资产负债表。高盛数据显示，超大规模云计算企业今年 资本支出预计接近6670亿美元，约占其运营现金流的92%，导致股票回购大幅萎缩，自由现金流收益率 跌至历史低位。 高盛分析认为，这一资本支出狂潮的增速有望在2026年下半年开始放缓，为自由现金流触底回升提供可 见度。一旦自由现金流开始修复，投资者将重新具备以盈利为基础对这些公司进行估值的条件，当前被 压制的估值或迎来重新定价机会。 从估值水平看，超大规模云计算企业目前以24倍预期市盈率交易，处于过去十年的第14百分位；"科技 七巨头"相对于标普493成分股的估值溢价亦降至十年最低。 资本支出规模创纪录，吞噬绝大部分现金流 据FactSet数据，分析师预计超大规模云计算企业2026年资本支出总额将达6670亿美元，同比增速约 62%，略低于2025年73%的增幅，但绝对规模仍属历史罕见。 从估值水平看，超大规模云计算企业目前以24倍预期市盈率交易，处于过去十年第14百分位；"科技七 巨头"相对于标普493成分股的估值溢价亦降至十年最低。技术面上，Mag 7股价近期在区间低位触及 200日均线后出现反弹，市场或正等待基本面 ...

Nutrien (NYSE:NTR) 2026 Conference February 25, 2026 07:30 AM ET Company ParticipantsKen Seitz - CEOMark Thompson - CFOConference Call ParticipantsSteve Byrne - Senior Chemicals AnalystSteve ByrneFor the sake of kicking the conference off, we'll get going. Ken and Mark, you just came off a very strong quarter, reported earnings last week, clearly capitalizing on the favorable Nutrien backdrop. Maybe we want to start off a little bit, if you want to rehash, the year that was 2025 and where the company stays, ...