Financial Data and Key Metrics Changes - The company's net asset value (NAV) increased by $567 million in Q3 2025, with CVI contributing $547 million net of refining hedges [4] - Consolidated EBITDA for the energy segment was $625 million for Q3 2025, a significant improvement from a loss of $35 million in Q3 2024 [9] Business Line Data and Key Metrics Changes - Automotive service revenues increased by $11 million compared to the prior year quarter, with same-store sales performance up by $21 million, or 6% [9] - Real estate segment adjusted EBITDA decreased by $12 million compared to the prior year quarter, primarily due to the sale of a country club [10] - Food packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [11] - Home fashion's adjusted EBITDA decreased by $4 million, attributed to softening demand in the U.S. retail and hospitality business [11] - Pharma's adjusted EBITDA decreased by $7 million due to reduced sales from generic competition in the anti-obesity market [11] Market Data and Key Metrics Changes - The investment in EchoStar saw significant appreciation, with the stock price increasing from the teens in June to approximately $75 per share by quarter end [7] Company Strategy and Development Direction - The company is focused on its activism strategy, leveraging its brand name and history to drive shareholder value through proxy contests and board participation [15][16] - The company aims to capitalize on opportunities within and outside its existing operating segments while maintaining liquidity [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for continued exemptions for small refineries, which could positively impact future performance [4] - The company anticipates enhanced profitability in the automotive segment as it fine-tunes its strategies [9] - There is excitement about a developmental drug for pulmonary arterial hypertension (PAH), with a trial set to begin in Q1 2026 [11] Other Important Information - The company maintains liquidity of $3.4 billion at the holding company level and $1.2 billion at its subsidiaries as of quarter end [12] Q&A Session Summary - No specific questions or answers were documented in the provided content.

Energy Vault & Asset Vault Overview - Energy Vault is positioning itself as an integrated storage IPP, building and operating critical energy infrastructure[15] - Asset Vault was created as a platform to finance GWs of critical energy infrastructure assets, enhancing the speed of capital deployment and reducing project CapEx and OpEx[20, 22] - OIC made an initial investment of $300 million into Fund 1, which is expected to support ~1.5 GW of assets and generate $100-150 million in annual EBITDA[26] Market & Growth - Energy storage is growing 3-4X faster than power demand from 2025-2030[33] - Global electricity demand is projected to increase by ~20% from 2025 to 2030, while global energy storage annual addition is expected to increase by ~80% during the same period[18] - The AI/Data Center segment is the fastest-growing energy storage segment, with a 28% CAGR[19] Financial Performance & Projections - The first 340 MW of projects are expected to deliver ~$40 million EBITDA run rate in the next 24 months (exiting 2027)[16] - Energy Vault is targeting a run rate of $100-150 million EBITDA from the $300 million Fund 1 in ~4 years[33] - Full year 2025 revenue is projected to be $200M - $250M, with a gross margin of 14-16% and an ending cash balance of $75M - $100M[136] Project Portfolio & Strategy - The initial +1.5GW energy storage asset build out is supported by $300M Asset Vault Equity and $75M DevEx, enabling $1100M - $1300M CapEx[80, 81] - The project portfolio includes the 150 MW / 300 MWh SOSA project in Texas and the 125 MW / 1,000 MWh Stoney Creek project in Australia[83, 92] - Energy Vault is employing a safe harbor strategy to secure ITC qualification for 750MW of assets, including the SOSA project and other near-term US projects[189, 193]