Q4 2025EARNINGS REVIEW CONFERENCE CALL // FEBRUARY 19, 2026 NYSE: PAAS | TSX: PAAS 1 2 CAUTIONARY NOTE Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "adjusted earnings", "attributable revenue", "attributable cash flow from operations", "attributable free cash flow", "basic adjusted earnings per share", "total debt", and "working capi ...

Core Insights - Ardmore Shipping Corporation reported financial results for the three and twelve months ended December 31, 2025, highlighting a strong finish to the year and positive momentum into 2026 [1] Financial Performance - For the year ended December 31, 2025, the company reported Adjusted earnings of $38.8 million and net income attributable to common stockholders of $36.1 million, translating to $0.95 Adjusted earnings per share, a decrease from $119.5 million and $128.6 million, or $2.87 Adjusted earnings per share for 2024 [1][2] - For the three months ended December 31, 2025, net income attributable to common stockholders was $9.3 million, or $0.23 earnings per share, compared to $5.1 million, or $0.12 earnings per share for the same period in 2024 [2][3] - Revenue for the three months ended December 31, 2025, was $82.9 million, slightly up from $82.0 million in the same period of 2024 [2][4] Fleet Operations - As of December 31, 2025, the company operated 26 vessels, including 20 MR tankers and six chemical tankers [1][2] - The average daily TCE rate for MR tankers was $25,257 for Q4 2025, with an expected increase to approximately $29,100 per day for Q1 2026 based on fixed revenue days [1][5] - The company enhanced its fixed-rate coverage, securing time charters at rates of $26,000 per day for a 2013-built MR and $21,250 per day for two 2014-built MRs [1][2] Dividend Declaration - The Board of Directors declared a cash dividend of $0.09 per common share for the quarter ended December 31, 2025, to be paid on March 13, 2026 [1][2] Geopolitical and Economic Context - The shipping industry is facing uncertainty due to geopolitical tensions, including the Russia-Ukraine conflict and escalating tensions in the Middle East, which have affected energy supply chains and shipping routes [2][3] - Increased tariffs and port fees have contributed to volatility in global markets, impacting vessel demand and operating costs [2][3] Operational Metrics - The company reported 1,836 spot revenue days for Q4 2025, down from 2,245 in Q4 2024, attributed to a heavier drydocking program and fewer vessels trading in the spot market [2][4] - Average vessel operating expenses increased to $19.1 million for Q4 2025, up from $15.1 million in Q4 2024, primarily due to the addition of three vessels [3][4] Liquidity Position - As of December 31, 2025, the company had $272.2 million in liquidity, including cash and cash equivalents of $46.8 million and undrawn amounts under revolving credit facilities of $225.4 million [3][4]

February 10, 2026 4Q & Full Year 2025 Financial Results Overview DuPont de Nemours, Inc . ("DuPont") completed the previously announced separation of its Electronics business (the "Electronics Separation") into an independent public company, Qnity Electronics, Inc . ("Qnity"), by way of the distribution to DuPont's stockholders of record as of October 22, 2025 of all the issued and outstanding common stock of Qnity on November 1, 2025 (the "Qnity Distribution") . As a result, beginning in the fourth quarter ...

Core Insights - Silvercorp Metals Inc. reported significant financial results for Q3 Fiscal 2026, with a record revenue of $126.1 million, marking a 51% increase compared to the same period in the previous year [3][4] - The company experienced a net loss of $15.8 million, primarily due to a non-cash charge related to convertible notes, despite achieving adjusted net income of $47.9 million [4][5] - Cash flow from operating activities reached a record $132.9 million, reflecting a substantial increase from the previous year [4][5] Financial Results - Revenue for Q3 Fiscal 2026 was $126,112 thousand, up 51% from $83,614 thousand in Q3 Fiscal 2025 [3] - Mine operating earnings increased by 164% to $77,068 thousand, compared to $29,230 thousand in the same quarter last year [3] - Adjusted earnings were $47,931 thousand, or $0.22 per share, up from $21,963 thousand, or $0.10 per share, in Q3 Fiscal 2025 [3][4] - EBITDA decreased by 86% to $5,984 thousand, while adjusted EBITDA increased by 66% to $66,735 thousand [3][4] Production and Costs - The company produced approximately 1.9 million ounces of silver equivalent, with a cash cost per ounce of silver at negative $3.02, an improvement from negative $1.88 in Q3 Fiscal 2025 [4][5] - All-in sustaining cost (AISC) per ounce of silver was $12.86, remaining stable compared to $12.75 in Q3 Fiscal 2025 [4][5] - The Ying Mining District reported record ore mined of 365,370 tonnes, up 23% year-over-year, with mill throughput increasing by 18% [6][7] Capital Expenditures - Total capital expenditures for Q3 Fiscal 2026 were $44.3 million, a 75% increase from $25.3 million in Q3 Fiscal 2025, driven by ongoing projects [17][19] - Capitalized expenditures for the Ying Mining District amounted to $17.7 million, while the GC Mine reported flat capitalized expenditures of $1.8 million [18][19] Cash Position - The company ended the quarter with cash and cash equivalents of $462.8 million, an increase of $80.6 million from the previous quarter [4][5] - Free cash flow reached $89.6 million, up 336% from $20.5 million in Q3 Fiscal 2025 [4][5] Future Outlook - The GC Mine is expected to process approximately 50,000 tonnes of ore in Q4 Fiscal 2026, with ongoing development activities at the Kuanping Mine anticipated to start production in June 2026 [10][20]

Core Insights - Shell plc reported a significant decrease in income attributable to shareholders in Q4 2025, amounting to $4.134 billion, a 22% decline from Q3 2025 and a substantial increase from $928 million in Q4 2024. However, the full year income increased by 11% to $17.838 billion compared to $16.094 billion in 2024 [1][9] Financial Performance Summary - **Quarterly Performance**: Q4 2025 adjusted earnings were $3.256 billion, down 40% from Q3 2025 and down 22% year-over-year. Adjusted EBITDA for the quarter was $12.799 billion, a 13% decrease from Q3 2025 and a 15% decrease from Q4 2024 [1][4] - **Full Year Performance**: For the full year 2025, adjusted earnings were $18.529 billion, a 22% decline from $23.716 billion in 2024. Adjusted EBITDA for the year was $56.135 billion, down 15% from $65.803 billion in 2024 [1][12] Cash Flow Analysis - **Operating Activities**: Cash flow from operating activities in Q4 2025 was $9.438 billion, down 23% from Q3 2025 and down 22% year-over-year. For the full year, cash flow from operating activities was $42.863 billion, a decrease of 22% from $54.687 billion in 2024 [1][13] - **Investing Activities**: Cash flow from investing activities in Q4 2025 was an outflow of $5.2 billion, including capital expenditures of $6.0 billion. For the full year, the outflow was $16.812 billion, with capital expenditures of $20.915 billion [1][14] Debt and Gearing - At the end of Q4 2025, Shell's net debt increased to $45.687 billion from $41.204 billion in Q3 2025, resulting in a gearing ratio of 20.7%, up from 18.8% [1][7] Shareholder Distributions - Total shareholder distributions in Q4 2025 amounted to $5.5 billion, including $3.4 billion in share repurchases and $2.1 billion in cash dividends. The dividend per share for Q4 2025 was $0.372, marking a 4% increase from the previous year [1][8] Segment Performance - **Integrated Gas**: Q4 2025 income was $1.839 billion, down 22% from Q3 2025. Full year income was $8.821 billion, an 8% decrease from 2024 [21][27] - **Upstream**: Q4 2025 income was $3.648 billion, a 114% increase from Q3 2025. Full year income was $9.443 billion, up 22% from 2024 [33][39] - **Marketing**: Q4 2025 reported a loss of $99 million, down significantly from Q3 2025. Full year income was $2.057 billion, a 20% increase from 2024 [46][52] - **Chemicals and Products**: Q4 2025 reported a loss of $560 million, with full year income at $262 million, down 84% from 2024 [58][68] - **Renewables and Energy Solutions**: Most activities were loss-making in Q4 2025, with identified items including impairment charges of $334 million for the full year [76][84] Growth Measures - Renewable power generation capacity in operation increased to 4.2 gigawatts in Q4 2025, a 10% increase from Q3 2025. However, capacity under construction decreased to 1.9 gigawatts, a 26% decline from Q3 2025 [87][89]

Core Insights - The company reported a significant decline in income attributable to Shell plc shareholders in Q4 2025, amounting to $4.134 billion, a 22% decrease from Q3 2025 and a substantial increase from $928 million in Q4 2024 [1][3][11] - Adjusted Earnings and Adjusted EBITDA also saw declines of 40% and 13% respectively compared to the previous quarter, reflecting unfavorable market conditions and increased operating expenses [1][2][4] - The company experienced a cash flow from operating activities of $9.438 billion in Q4 2025, down 23% from Q3 2025, primarily driven by Adjusted EBITDA and working capital inflows [1][5] Financial Performance - Total revenue for Q4 2025 was reported at $66.725 billion, a decrease from $70.410 billion in Q3 2025 [111] - The company’s total debt stood at $75.643 billion, with net debt increasing to $45.687 billion, reflecting a gearing ratio of 20.7% [1][7] - Free cash flow for the quarter was $4.249 billion, with cash capital expenditure at $6.015 billion [1][6] Segment Analysis Integrated Gas - Income for the Integrated Gas segment was $1.839 billion in Q4 2025, down 22% from Q3 2025, driven by lower realized prices and higher operating expenses [22][24] - LNG sales volumes increased by 5% compared to Q4 2024, reaching 19.79 million tonnes [22] Upstream - The Upstream segment reported an income of $3.648 billion in Q4 2025, a significant increase from $1.707 billion in Q3 2025, largely due to gains on asset disposals [34][36] - Total production available for sale increased by 3% compared to Q3 2025, driven by new oil production [34][38] Marketing - The Marketing segment reported a loss of $99 million in Q4 2025, a decline from a profit of $576 million in Q3 2025, attributed to lower marketing margins [46][49] - Cash flow from operating activities was negative at $(75) million, impacted by timing issues related to emissions payments [51] Chemicals and Products - The Chemicals and Products segment reported a loss of $560 million in Q4 2025, influenced by lower margins and higher operating expenses [59][63] - Cash flow from operating activities was $1.775 billion, down from $2.088 billion in Q3 2025 [60][66] Renewables and Energy Solutions - The segment reported a loss of $98 million in Q4 2025, with most activities being loss-making, offset by positive earnings from trading and optimization [77][80] - Cash capital expenditure was $391 million, reflecting ongoing investments in renewable projects [77] Shareholder Distributions - Total shareholder distributions in Q4 2025 amounted to $5.5 billion, including $3.4 billion in share buybacks and $2.1 billion in cash dividends [8] - The dividend per share for Q4 2025 was set at $0.372, with a new share buyback program of $3.5 billion announced [8] Outlook - The company expects cash capital expenditure for 2026 to be between $20 billion and $22 billion, with production estimates for Integrated Gas and Upstream segments projected to remain stable [104][105][106]

First quarter fiscal 2026 update February 3, 2026 Forward-looking statements and use of non-GAAP measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements in this presentation speak only as of today, and we assume no duty to update them. Forward- looking statements are typically identified by words such as, but not limited to: "estimates," "expects," "anticipates," "intends," "targets," "plans," " ...

Core Insights - National Fuel Gas Company reported strong first-quarter results for fiscal 2026, with adjusted EPS increasing by 24% year-over-year, driven by operational success in its Integrated Upstream and Gathering segment and growth in regulated businesses [3][7]. Financial Performance - The company achieved GAAP earnings of $181.6 million, or $1.98 per share, compared to $45.0 million, or $0.49 per share, in the prior year [7]. - Adjusted earnings were $187.7 million, or adjusted EPS of $2.06, up from $151.9 million, or $1.66 per share, in the previous year [7]. - The Integrated Upstream and Gathering segment's adjusted EPS rose by 45% to $1.36, supported by a 14% increase in natural gas price realizations and a 12% growth in natural gas production [7]. Segment Performance - The Utility segment's net income increased by 5% year-over-year, attributed to ongoing investments in system modernization in New York and Pennsylvania [7]. - The Pipeline and Storage segment experienced a slight decrease in GAAP earnings, primarily due to reduced other income [22]. - The Corporate and All Other segment reported a net loss of $7.7 million, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition [25]. Operational Highlights - The company is focused on capital efficiency improvements, with an expanding inventory of high-quality Appalachian development locations, including approximately 200 new drilling locations [4]. - Key projects such as the Tioga Pathway and Shippingport Lateral expansion are on track for completion later in the calendar year [4]. - National Fuel successfully issued $350 million in common equity to fund the acquisition of CenterPoint Energy's Ohio gas utility, expected to close in Q4 2026 [7]. Guidance and Outlook - The company reaffirmed its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share, with a midpoint of $7.85 [9]. - The guidance incorporates first-quarter results and pricing assumptions consistent with previous guidance, including an average NYMEX natural gas price of $3.75 per MMBtu [9]. - Sensitivities to adjusted EPS guidance were provided based on varying NYMEX natural gas price assumptions [9].

Core Viewpoint - The company provides an updated outlook for Q4 2025, with expectations subject to finalization of results to be published on February 5, 2026. The outlook excludes identified items and includes various operational metrics across different segments. Integrated Gas - Q3'25 production was 934 kboe/d, with Q4'25 outlook between 930 - 970 kboe/d - LNG liquefaction volumes are expected to increase from 7.3 MT in Q3'25 to a range of 7.5 - 7.9 MT in Q4'25 - Underlying operating expenses (opex) are projected to rise from $1.1 billion in Q3'25 to a range of $1.2 - 1.4 billion in Q4'25 - Pre-tax depreciation is expected to decrease from $1.6 billion in Q3'25 to a range of $1.4 - 1.8 billion in Q4'25 - Taxation charge is anticipated to increase from $0.5 billion in Q3'25 to a range of $0.6 - 0.9 billion in Q4'25 [2] Upstream - Q3'25 production was 1,832 kboe/d, with Q4'25 outlook between 1,840 - 1,940 kboe/d, including the impact of the Adura JV incorporation - Underlying opex is expected to decrease from $2.2 billion in Q3'25 to a range of $2.1 - 2.7 billion in Q4'25 - Pre-tax depreciation is projected to decrease from $2.7 billion in Q3'25 to a range of $2.4 - 3.0 billion in Q4'25 - Taxation charge is expected to decrease from $1.9 billion in Q3'25 to a range of $1.4 - 2.2 billion in Q4'25 [3] Marketing - Sales volumes are expected to decrease from 2,824 kb/d in Q3'25 to a range of 2,650 - 2,750 kb/d in Q4'25 due to seasonal factors - Underlying opex is projected to decrease from $2.7 billion in Q3'25 to a range of $2.3 - 2.7 billion in Q4'25 - Pre-tax depreciation is expected to decrease from $0.6 billion in Q3'25 to a range of $0.5 - 0.7 billion in Q4'25 - Taxation charge is anticipated to decrease from $0.4 billion in Q3'25 to a range of $0.2 - 0.5 billion in Q4'25 [4] Chemicals and Products - Indicative refining margin is expected to increase from $12/bbl in Q3'25 to $14/bbl in Q4'25 - Indicative chemicals margin is projected to decrease from $160/tonne in Q3'25 to $140/tonne in Q4'25, with significant losses expected in adjusted earnings due to deferred tax adjustments - Refinery utilization is expected to decrease from 96% in Q3'25 to a range of 93% - 97% in Q4'25 - Chemicals utilization is projected to decrease from 80% in Q3'25 to a range of 75% - 79% in Q4'25 [5][6] Renewables and Energy Solutions - Adjusted earnings are expected to shift from $0.1 billion in Q3'25 to a range of (0.2) - 0.2 billion in Q4'25 [7] Corporate - Adjusted earnings are projected to decrease from (0.4) billion in Q3'25 to a range of (0.6) - (0.4) billion in Q4'25 [8] Shell Group - Cash flow from operations (CFFO) is expected to include a tax payment of $2.3 - 3.1 billion in Q4'25, down from $2.7 billion in Q3'25 - CFFO excluding working capital is expected to include an outflow of approximately $1.5 billion related to emissions certificates - Working capital movements are expected to include a typical payment of around $1.2 billion for German Mineral Oil Taxes in Q4'25 [9] Additional Considerations - The taxation charge across segments includes a non-cash reassessment of deferred tax assets, with an expected impact of approximately $0.3 billion split across joint ventures and associates in Marketing and Chemicals [10]

Core Viewpoint - Compass Diversified (CODI) reported its consolidated operating results for the three months ended June 30, 2025, and reiterated its full-year 2025 subsidiary Adjusted EBITDA expectations of $330 million to $360 million, excluding Lugano Holding, Inc. [1][2] Financial Performance - For the three months ended June 30, 2025, net sales were $478.69 million, an increase from $426.71 million in the same period of 2024, representing a growth of approximately 12.2% [12]. - Gross profit for the same period was $208.54 million, compared to $188.19 million in 2024, indicating a growth of about 10.8% [12]. - Operating income (loss) was reported at $(27.24) million, a decline from $7.48 million in the previous year [13]. - The net loss attributable to Holdings for the three months was $(51.22) million, compared to $(73.05) million in 2024 [12][14]. Adjusted Financial Metrics - Adjusted EBITDA for the three months ended June 30, 2025, was $46.53 million, slightly down from $47.91 million in the same period of 2024 [14]. - Adjusted Earnings for the same period were $(1.03) million, compared to $(18.31) million in 2024 [14]. Balance Sheet Highlights - As of June 30, 2025, total assets were $3.27 billion, a slight decrease from $3.30 billion as of December 31, 2024 [10]. - Total liabilities increased to $2.86 billion from $2.77 billion in the previous year [10]. - Total stockholders' equity attributable to Holdings was $601.88 million, down from $678.62 million in 2024 [10]. Future Outlook - The company continues to focus on strong operating performance across its subsidiaries and disciplined capital allocation to generate long-term shareholder value [2].