Management said momentum continued after year-end, with five additional sales completed for GBP 12.3 million and a further 14 disposals “well advanced” (contracted, in solicitors’ hands, or with terms agreed) totaling GBP 29 million.A central theme of the call was the company’s strategic sales program, which executives said was essential to reducing debt and mitigating void costs. Inglis said Regional REIT sold 18 assets in 2025 for GBP 51.6 million, exceeding the company’s GBP 40 million to GBP 50 million ...

Key Takeaways Auna S.A.'s net leverage stood at 3.6X, with a target to reduce it below 3X over the medium term.AUNA saw a 35% rise in free cash flow and a 42% increase in cash balance, boosting flexibility.Auna S.A. refinanced $825M debt, cutting interest costs and extending maturities to aid deleveraging.As of the 2025 fourth-quarter end, Auna S.A.’s (AUNA) net leverage held steady at 3.6X Net Debt-to-Adjusted EBITDA. The company is aiming to reduce its leverage below 3X over the medium term, supported by ...

The funds will be used to refinance debt tied to an operational hybrid power project https://t.co/SumuOWMyjZ ...

Financial Data and Key Metrics Changes - Consolidated adjusted net income reached PEN 136 million in Q4 2025, compared to PEN 36 million in the same quarter last year, with full-year adjusted net income more than tripling to PEN 336 million [9][22] - Consolidated revenue grew 6% at FX neutral in Q4, while adjusted EBITDA declined 14% FX neutral, reflecting Mexico's underperformance and an unfavorable year-over-year comparison in Colombia [10][19] - For the full year, revenue grew 4%, while EBITDA declined 3% [10][21] - Free cash flow grew 35% to PEN 582 million, and year-end cash position increased 42% to PEN 335 million [27][29] Business Line Data and Key Metrics Changes - Mexico's revenues declined 3% in Q4, but showed stabilization with unchanged revenues from the previous quarter [11][12] - Peru's revenue increased 11% during Q4, driven by growth in high complexity services and a record low medical loss ratio [16] - Colombia's revenue increased 6% for the quarter, with a full-year revenue increase of 4%, mainly driven by higher ticket prices [18] Market Data and Key Metrics Changes - Capacity utilization in healthcare services decreased 2.3 percentage points to 64%, particularly in Colombia [10] - In Mexico, out-of-pocket revenues increased to 12% of total revenues in December, reflecting early recovery stages [11] - The oncology medical loss ratio in Peru improved to a record low of 48.5% [16] Company Strategy and Development Direction - The company aims to recover growth levels in Mexico and expand its reach into larger segments of privately insured families [6][31] - Auna is focusing on diversifying away from intervened payers in Colombia and prioritizing cash flows through risk-sharing arrangements [31] - The company plans to continue investing in strategic growth initiatives, particularly in Mexico and Peru, with expected adjusted EBITDA growth of 12% FX neutral in 2026 [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the business and the outlook for 2026, citing improvements in Mexico's operations and strong performance in Peru [40][41] - The main risks to guidance include the pace of volume recovery in Mexico and macroeconomic conditions in operating markets [40] - Management highlighted the importance of maintaining a higher mix of services and specialties to improve margins in Mexico [84] Other Important Information - The company successfully refinanced $825 million in debt, improving its maturity profile and lowering interest expenses [9][29] - The extension of the healthcare plan with ISSSTE León is expected to result in a double-digit price increase for 2026 [49] - The Torre Trecca project is expected to commence operations in the second semester of 2028, representing a significant opportunity for Auna [52] Q&A Session Summary Question: Can you break down guidance by region or business line? - Management indicated that Mexico is expected to drive most of the improvement, but they are not providing guidance by country at this time [35][43] Question: What are the risks to your 2026 guidance? - Management noted that external factors such as political headwinds and operational challenges in Mexico were previously concerns, but they are now confident in the stability of the business [40] Question: Can you provide updates on the Torre Trecca project? - Management confirmed that Torre Trecca will commence operations in the second semester of 2028 and is expected to represent about 25% of the business in Peru at maturity [52] Question: What is the expected CapEx for 2026 and beyond? - Management stated that CapEx for 2026 is expected to be approximately 4% of revenue, focusing on maintenance investments and technology [61] Question: How is the board prioritizing capital allocation? - Management discussed the potential for share buybacks but emphasized that growth opportunities in Mexico would take priority [78]

Q4 & FY 2025 Earnings Call Presentation March │ 2026 1 Disclaimer This presentation has been prepared by Auna S.A. ("Auna" or the "Company") solely for use at this presentation. This presentation is confidential to the recipient. Accordingly, any attempt to copy, summarize or distribute this presentation or any portion hereof in any form to any other party without the Company's prior written consent is prohibited. This presentation contains forward-looking statements. Forward-looking statements convey our c ...

Core Viewpoint - Hallador Energy Company has successfully closed a $120 million Senior Secured Credit Agreement to refinance its prior credit facility and enhance liquidity, with a maturity date set for March 5, 2029 [1][3]. Group 1: Credit Agreement Details - The Credit Agreement consists of a $75 million revolving credit facility and a $45 million delayed draw term loan facility [1]. - The revolving credit facility includes a $25 million sub-facility for letters of credit and a $10 million swingline sub-facility, along with an accordion feature allowing for an additional $25 million in commitments [2]. - The delayed draw term loan facility will be available upon meeting specific conditions outlined in the Credit Agreement [2]. Group 2: Financial Strategy and Benefits - The Company aims to use the borrowings from the new facilities to refinance existing debt and provide working capital, while also supporting strategic growth initiatives [1]. - The new credit agreement is expected to improve the Company's debt structure and extend its debt maturity profile, thereby enhancing overall liquidity [1][4]. Group 3: Partnership and Support - Texas Capital Bank arranged the transaction and will serve as the administrative agent, while Old National Bank and First Financial Bank also participated in the financing [3]. - The Company expressed appreciation for the support from its lending group, particularly welcoming Texas Capital Bank as a new partner [4]. Group 4: Company Overview - Hallador Energy Company is a vertically-integrated Independent Power Producer based in Terre Haute, Indiana, with two core businesses: Hallador Power Company, LLC and Sunrise Coal, LLC [6].

AMC turned to an existing creditor to refinance debt after turbulence in public markets derailed a planned bond and loan sale — though the deal includes incentives to bring it back to investors before long https://t.co/28fDaV8EM1 ...

Core Insights - Cogent Communications has returned to organic revenue growth after a period of decline following the acquisition of Sprint Global Markets Group, with expectations of continued growth despite revenue declines from the acquired customer base [3] - The company has expanded its EBITDA margin by 800 basis points year over year, primarily due to cost cuts and an increased share of higher-margin "on-net" services [1] - A multi-step plan is in place to improve balance sheet flexibility and refinance upcoming debt maturities, including a proposed corporate restructuring [6][10] Financial Performance - Cogent's revenue mix has shifted significantly post-Sprint acquisition, improving to 61% on-net services, 39% off-net, and less than 1% non-core [1] - The company previously delivered over 10% annual organic growth for 18 years without M&A but averaged approximately 5.5% negative year-over-year revenue growth over nine quarters following the Sprint transaction [3] - The company aims for top-line growth of 6% to 8% and at least 200 basis points of margin expansion per year [11] Debt and Refinancing Strategy - Cogent has a debt structure that includes $600 million secured debt maturing in 2032 and $750 million unsecured debt maturing in 2027 [8] - A refinancing strategy involves creating a subsidiary to hold $623 million of capital lease obligations and using a divisive merger to separate developed-world IRUs associated with roughly $569 million of debt [10] - The company plans to contribute 100% of proceeds from the prospective sale of data centers into the borrowing group to enhance collateral and potentially reduce the cost of capital [16] Data Center Strategy - Cogent has initiated a one-year program to convert 125 of its 482 facilities, investing $100 million primarily into the largest facilities, with completion expected by June 2025 [15] - The company has recognized an "acute shortage" of available data center power and acquired 230 MW of existing power as a scarce resource [14] - A potential sale of 10 data centers is in negotiation, with proceeds expected to exceed previous offers, although the agreement remains subject to due diligence [16] Company Overview - Cogent Communications is a multinational Internet service provider specializing in high-speed Internet access and data transport services, operating one of the largest Tier 1 IP networks globally [19] - The company offers a range of services including dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks [19] - In addition to network connectivity, Cogent provides data center colocation and managed services to support businesses with demanding bandwidth and redundancy requirements [20]

Core Insights - Many homeowners are considering cash-out refinancing to pay off credit card debt, as indicated by a 2025 Consumer Financial Protection Bureau (CFPB) study [1] Group 1: Cash-Out Refinancing Mechanics - Cash-out refinancing involves obtaining a new mortgage larger than the existing one, with the difference taken in cash, typically capped at 80% of the home's appraised value [2] - With credit card rates averaging above 24% and 30-year fixed mortgage rates at 6.15% as of late 2025, the potential interest savings can be significant [2] Group 2: Borrower Behavior and Outcomes - The primary reason borrowers engage in cash-out refinancing is to pay off other debts, with 57.2% of cash-out borrowers reporting a reduction in credit card balances by 10% or more immediately after refinancing, averaging a decrease of over $4,500 [3] - Although balances remain below pre-refinance levels for about five quarters, they tend to rise again, leading to the risk of accumulating new credit card debt alongside a larger mortgage [4] Group 3: Risks and Considerations - Converting unsecured credit card debt into a mortgage-backed loan increases the risk of foreclosure if payments are missed, as highlighted by the Federal Reserve Bank of New York reporting 4.8% of all outstanding debt in delinquency as of December [5] - Interest on cash-out refinancing for credit card debt is generally not tax-deductible, as per IRS guidelines [6] Group 4: Strategic Recommendations - Cash-out refinancing is most beneficial if the current interest rate is significantly higher than today's rates and the borrower is confident in managing credit card usage [7] - If the existing mortgage rate is below 5%, refinancing may not be advisable, as it could lead to higher overall costs than the debt itself [7]

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO was $27.5 million or $0.17 per share, flat compared to the prior year quarter [20] - Adjusted EBITDAre decreased by $5 million year-over-year to $125.6 million, primarily impacted by an $11.8 million decline in hotel EBITDA [20] - RevPAR for 94 comparable hotels increased by 70 basis points year-over-year, while gross operating profit margin percentage declined by 370 basis points to 20.5% [21] Business Line Data and Key Metrics Changes - The hotel portfolio generated adjusted hotel EBITDA of $21.3 million, a decline of 35% from the prior year due to elevated labor costs and higher overhead costs [21] - The remaining 77 hotels delivered RevPAR of $106, an increase of 170 basis points year-over-year, with adjusted hotel EBITDA of $25 million during the quarter [21] - Annualized base rent for the net lease portfolio increased by 2.4%, largely due to recent acquisition activity, with a portfolio consisting of 760 properties across 42 states [18] Market Data and Key Metrics Changes - The U.S. lodging industry experienced a RevPAR decline of 1.1% year-over-year, with SVC's portfolio outpacing the industry by 180 basis points [11] - The luxury and upper upscale segments were the only segments to post growth, while the business transient segment remained muted due to a prolonged government shutdown [11] Company Strategy and Development Direction - The company is focused on optimizing its portfolio, strengthening its financial profile, and repositioning for long-term growth, including selling additional hotels and improving cash flows [5][7] - In 2026, the company plans to reduce net lease acquisition activity to approximately $25 million, funded through sales of select net lease assets [10][16] - The company is targeting staggered closings for hotel sales in the back half of 2026, estimating total proceeds of $175 million-$200 million for debt reduction [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2026, anticipating improvements in lodging market conditions and stabilization of demand, particularly with large events like the World Cup [14] - The company expects continued improvement in its net lease portfolio through ongoing leasing and sales of non-core assets [15] - Management noted that the new leadership at Sonesta is expected to drive operational discipline and efficiencies across the SVC-owned portfolio [14] Other Important Information - The company completed the sale of 66 hotels for $534 million in Q4 2025, increasing total dispositions for the year to 112 hotels for nearly $860 million [6][7] - The company has $5.2 billion of debt outstanding with a weighted average interest rate of 5.95% [22] - Capital expenditures for Q4 2025 totaled $106 million, bringing the full-year spend to $238 million [24] Q&A Session Summary Question: Can you share how RevPAR has trended in the first quarter to date? - Management indicated that RevPAR is tracking in line with or exceeding projections for the full year guidance [29] Question: Can you walk through the strategy shift regarding net lease acquisition guidance? - Management explained that the $25 million guidance will be supported by sales of net lease properties, reflecting a healthy outlook based on performance [31] Question: What does your guidance assume for expense growth at the midpoint? - Management noted an expectation of over 4% top-line growth, with labor costs being a significant factor impacting margins [32] Question: How might the changes at Sonesta impact SVC? - Management views the new management team at Sonesta positively, expecting incremental benefits but noted that 2026 guidance is based on existing forecasts [33] Question: Can you provide details on the hotel dispositions for 2026? - Management confirmed that the dispositions reflect previously communicated assets and expect a total drag of about $10 million from the sales [55]