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].

Year-end fiscal 2025 update November 14, 2025 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," "fore ...

Core Viewpoint - Partners Value Investments Inc. reported a significant net loss of $2.2 billion for the three months ended September 30, 2025, primarily due to remeasurement losses associated with retractable common shares, warrants, and exchangeable shares [2][3]. Financial Performance - The net loss for the three months ended September 30, 2025, was $2.2 billion, compared to a net loss of $1.2 billion in the same quarter of the previous year [2]. - Adjusted Earnings for the same period were $46 million, an increase from $17 million in the prior year quarter, attributed to higher investment valuation gains and favorable foreign currency movements [3][10]. - Investment income for the three months ended September 30, 2025, totaled $35.2 million, up from $32.3 million in the prior year quarter [5]. Investment Portfolio - As of September 30, 2025, the Company held 121 million Class A Limited Voting Shares of Brookfield Corporation and 26 million Class A Limited Voting Shares of Brookfield Asset Management Ltd., representing approximately 8% and 2% interests, respectively [7]. - The market prices for Brookfield Corporation and Brookfield Asset Management Ltd. shares were $68.58 and $56.94, respectively, as of September 30, 2025 [4]. Remeasurement Losses - Remeasurement losses for retractable common shares amounted to $1.9 billion in the current quarter, compared to $1.1 billion in the prior year quarter [2]. - Remeasurement losses on warrants were $252 million, up from $114 million in the previous year [2]. Consolidated Financial Position - As of September 30, 2025, total assets were $11.6 billion, an increase from $10.0 billion as of December 31, 2024 [8]. - The Company reported an accumulated deficit of $8.45 billion as of September 30, 2025, compared to $6.82 billion at the end of the previous year [8].

Core Insights - Spire Inc. reported consolidated adjusted earnings per share of $4.44 for fiscal year 2025, reflecting a 7.5% increase from $4.13 in fiscal 2024, driven by improved gas utility and midstream earnings [1][8][10]. Financial Performance - For fiscal 2025, Spire's total adjusted earnings reached $275.5 million, up from $247.4 million in fiscal 2024 [8][10]. - The net income for fiscal 2025 was $271.7 million, compared to $250.9 million in fiscal 2024 [8][10]. - The company expects adjusted EPS for fiscal 2026 to be in the range of $5.25 to $5.45 and for fiscal 2027 to be between $5.65 and $5.85 [12][13]. Segment Performance - Gas Utility adjusted earnings increased to $231.4 million in fiscal 2025 from $220.8 million in fiscal 2024, primarily due to higher earnings at Spire Missouri and Spire Alabama [3][10]. - Midstream adjusted earnings rose significantly to $56.3 million in fiscal 2025 from $33.5 million in fiscal 2024, attributed to additional storage capacity and new contracts at higher rates [10][11]. - Gas Marketing adjusted earnings improved to $25.9 million in fiscal 2025 from $23.4 million in fiscal 2024, benefiting from a favorable market position [9][10]. Operational Highlights - Contribution margin increased by $37.5 million, mainly due to new rates at Spire Alabama and higher ISRS revenues at Spire Missouri, despite lower usage [4][10]. - Operating and maintenance expenses rose by $13.1 million, or 3.1%, due to higher employee costs and non-payroll related expenses [5][10]. - Depreciation expense increased by $14.0 million, reflecting higher capital investments [6][10]. Dividend and Capital Investment - The board of directors raised the common stock dividend by 5.1%, marking 23 consecutive years of dividend growth [15]. - Spire has increased its 10-year capital investment target to $11.2 billion, supporting long-term adjusted EPS growth of 5-7% [14].

Financial Performance - Net income available to shareholders for the three months ended September 30, 2025 was $453 million[9], compared to $150 million for the same period in 2024[9] - Adjusted earnings for the three months ended September 30, 2025 were $970 million[9], compared to $767 million for the same period in 2024[9] - Adjusted earnings, less notable items, for the three months ended September 30, 2025 were $261 million[9], compared to $243 million for the same period in 2024[9] - Book value per common share as of September 30, 2025 was $8160[9], while book value per common share, excluding AOCI, was $15194[9] Segment Performance (Three Months Ended September 30, 2025) - Annuities adjusted earnings were $304 million[16] - Life adjusted earnings were $40 million[16] - Run-off adjusted earnings were $641 million[16] - Corporate & Other reported an adjusted loss of $15 million[16] Key Metrics - Combined total adjusted capital was $54 billion as of September 30, 2025[9] - Combined risk-based capital ratio was between 435% and 455% as of September 30, 2025[9]

Core Insights - MetLife reported strong third quarter results for 2025, showcasing the effectiveness of its diversified business model and strategic initiatives [2][4][3] Financial Performance - Net income for 3Q 2025 was $818 million, or $1.22 per share, a decrease of 36% year-over-year [12][5] - Adjusted earnings increased by 15% to $1.6 billion, with adjusted earnings per share rising 22% to $2.37 [12][5] - Premiums, fees, and other revenues were $12.5 billion, flat compared to the prior year, but adjusted revenues excluding pension risk transfers grew by 4% [9][6] - Net investment income rose 16% to $6.1 billion, driven by higher returns on private equity assets [10][5] Segment Performance - Group Benefits adjusted earnings were $455 million, up 22%, while adjusted premiums and fees increased by 3% to $6.3 billion [20][17] - Retirement and Income Solutions (RIS) adjusted earnings decreased by 8% to $436 million, with adjusted premiums and fees down 25% [21][18] - Asia segment saw adjusted earnings surge by 77% to $543 million, with sales up 34% on a constant currency basis [25][19] - Latin America adjusted earnings fell by 33% to $147 million, impacted by a tax charge, but adjusted premiums and fees rose by 11% [26][22] - EMEA adjusted earnings increased by 26% to $88 million, reflecting strong volume growth [27][23] Strategic Initiatives - The company secured $12 billion in pension risk transfer mandates in the fourth quarter to date, indicating strong momentum [3][5] - MetLife expanded its Xcelerator program in Latin America through a partnership with Mercado Libre, enhancing its market reach [5][5] Shareholder Returns - Approximately $875 million was returned to shareholders through share repurchases and dividends [5][5] - Book value per share increased by 1% to $39.52, while adjusted book value per share rose by 3% to $56.57 [5][6]

Core Insights - CMS Energy reported earnings per share of $0.92 for Q3 2025, an increase from $0.84 in Q3 2024, with adjusted earnings per share at $0.93 compared to $0.84 in the same quarter last year [1][2] - For the first nine months of 2025, the company reported earnings per share of $2.59, up from $2.45 in 2024, with adjusted earnings per share at $2.66 compared to $2.47 in 2024, attributed to favorable regulatory outcomes and weather conditions [1][2] Financial Performance - Operating revenue for Q3 2025 was $2.021 billion, compared to $1.743 billion in Q3 2024, while operating expenses increased to $1.540 billion from $1.376 billion [6] - Net income for Q3 2025 was $272 million, up from $247 million in Q3 2024, with net income available to common stockholders at $275 million compared to $251 million in the previous year [6][7] - The company raised its 2025 adjusted earnings guidance to a range of $3.56 to $3.60 per share and initiated 2026 adjusted earnings guidance of $3.80 to $3.87 per share [2] Strategic Outlook - CMS Energy's long-term adjusted EPS growth is reaffirmed at 6 to 8 percent, with confidence towards the high end of this range [2] - The company emphasizes its strong track record of constructive regulatory outcomes, particularly in natural gas rate cases and renewable energy plans [2] Cash Flow and Capitalization - Net cash provided by operating activities for the nine months ended September 30, 2025, was $1.757 billion, while net cash used in investing activities was $(2.926) billion [7] - Total assets as of September 30, 2025, were $38.008 billion, an increase from $35.920 billion at the end of 2024 [6]

Core Insights - Shell plc reported a significant increase in income attributable to shareholders for Q3 2025, reaching $5.32 billion, a 48% increase from Q2 2025, driven by higher trading margins and sales volumes [1][2][3] - Adjusted Earnings and Adjusted EBITDA also saw increases of 27% and 11% respectively compared to Q2 2025, reflecting strong operational performance despite higher operating expenses [1][3] - The company experienced a free cash flow of $10 billion in Q3 2025, contributing to a reduction in net debt to $41.2 billion [1][5] Financial Performance - Income attributable to Shell plc shareholders for Q3 2025 was $5,322 million, compared to $3,601 million in Q2 2025 [1] - Adjusted Earnings for Q3 2025 were $5,432 million, up from $4,264 million in Q2 2025, while Adjusted EBITDA was $14,773 million, an increase from $13,313 million [1] - Cash flow from operating activities was $12.2 billion, primarily driven by Adjusted EBITDA, with tax payments of $2.7 billion impacting the inflow [4] Cash Flow and Debt Management - Cash flow from investing activities showed an outflow of $2.3 billion, including capital expenditures of $4.9 billion, partially offset by divestment proceeds of $1.8 billion [4] - Net debt decreased from $43.2 billion in Q2 2025 to $41.2 billion in Q3 2025, with gearing improving to 18.8% from 19.1% [5] - Total shareholder distributions for the quarter amounted to $5.7 billion, including $3.6 billion in share repurchases and $2.1 billion in dividends [6] Segment Performance Integrated Gas - Income for the Integrated Gas segment was $2,355 million in Q3 2025, up from $1,838 million in Q2 2025, driven by higher trading and optimisation contributions [16][18] - LNG sales volumes increased by 6% compared to the previous quarter, reflecting strong demand [16] Upstream - The Upstream segment reported income of $1,707 million for Q3 2025, a decrease from $2,008 million in Q2 2025, impacted by lower realised prices [28][31] - Total production available for sale increased to 1,832 thousand boe/d, compared to 1,732 thousand boe/d in Q2 2025 [28] Marketing - The Marketing segment's income decreased to $576 million in Q3 2025 from $766 million in Q2 2025, affected by higher operating expenses [41][43] - Adjusted Earnings for the segment increased by 10% compared to Q2 2025, reflecting improved margins [41] Chemicals and Products - The Chemicals and Products segment saw a significant turnaround with income of $1,074 million in Q3 2025, compared to a loss of $174 million in Q2 2025 [52][54] - Adjusted EBITDA for the segment increased by 93% compared to the previous quarter, driven by higher product margins [52][55] Renewables and Energy Solutions - The Renewables and Energy Solutions segment reported an income of $110 million in Q3 2025, a significant improvement from a loss of $254 million in Q2 2025 [68][71] - Cash flow from operating activities for this segment was $660 million, reflecting strong performance in trading and optimisation [68][73] Outlook - For the full year 2025, Shell expects cash capital expenditure to be between $20 billion and $22 billion, with production estimates for Integrated Gas and Upstream segments projected at approximately 920 - 980 thousand boe/d and 1,770 - 1,970 thousand boe/d respectively [90][91][92]

Core Insights - The company provides an updated outlook for Q3 2025, with results to be finalized and published on October 30, 2025 [1] Integrated Gas - Production is expected to be between 910 and 950 kboe/d, slightly lower than Q2 2025's 913 kboe/d [2] - LNG liquefaction volumes are projected to increase to between 7.0 and 7.4 million tonnes from 6.7 million tonnes in Q2 2025 [2] - Underlying operating expenses (opex) are expected to remain stable at 1.0 to 1.2 billion [2] - Pre-tax depreciation is forecasted to be between 1.4 and 1.8 billion, down from 1.6 billion in Q2 2025 [2] - Taxation charge is anticipated to be between 0.4 and 0.7 billion, a decrease from 0.5 billion in Q2 2025 [2] Upstream - Production is expected to rise to between 1,790 and 1,890 kboe/d, up from 1,732 kboe/d in Q2 2025 [4] - Underlying opex is projected to be between 1.9 and 2.5 billion, slightly lower than Q2 2025's 2.0 billion [4] - Pre-tax depreciation is expected to be between 2.3 and 2.9 billion, down from 2.4 billion in Q2 2025 [4] - Taxation charge is forecasted to be between 1.5 and 2.3 billion, a decrease from 2.2 billion in Q2 2025 [4] Marketing - Sales volumes are projected to be between 2,650 and 3,050 kb/d, down from 2,813 kb/d in Q2 2025 [6] - Underlying opex is expected to be between 2.4 and 2.8 billion, slightly lower than Q2 2025's 2.5 billion [6] - Pre-tax depreciation is forecasted to be between 0.5 and 0.7 billion, down from 0.6 billion in Q2 2025 [6] - Taxation charge is anticipated to be between 0.2 and 0.6 billion, a decrease from 0.4 billion in Q2 2025 [6] Chemicals and Products - Indicative refining margin is expected to increase to $11.6 per barrel from $8.9 per barrel in Q2 2025 [8] - Indicative chemicals margin is projected to decrease slightly to $160 per tonne from $166 per tonne in Q2 2025 [8] - Refinery utilization is expected to remain stable at 94% to 98% [8] - Chemicals utilization is projected to increase to between 79% and 83% from 72% in Q2 2025 [8] Shell Group Financials - Cash flow from operations (CFFO) is expected to be impacted by a tax payment decrease to between 2.1 and 2.9 billion from 3.4 billion in Q2 2025 [10] - Non-cash post-tax impairments of approximately $0.6 billion are anticipated in the Marketing segment due to the Rotterdam HEFA project cancellation [11] - An increase in gearing of 0.4% is expected in Q3 2025 related to new pension legislation in the Netherlands [11] Adjusted Earnings - Adjusted earnings for Q3 2025 are expected to reflect a loss in the Renewables and Energy Solutions segment, estimated between (0.2) and (0.4) billion [21][22] - Corporate adjusted earnings are projected to be between (0.5) and (0.3) billion, consistent with Q2 2025 [22]