Core Viewpoint - Delek Logistics Partners has achieved 52 consecutive quarterly distribution increases over 13 years, but its recent cash flow situation raises concerns about the sustainability of this distribution streak [1][4]. Financial Performance - The operating cash flow for 2025 is reported at $237.1 million, which barely covers the $238.1 million in distributions, resulting in a coverage ratio of 1.0x [1][7]. - Capital expenditures for 2025 amount to $267.8 million, which were funded through capital markets, indicating reliance on external financing [1][7]. - The payout ratio stands at 136.78%, suggesting that the company is distributing more than it generates in cash flow [1][8]. Growth Prospects - The Libby Complex sour gas project and Delaware Basin growth, with crude gathering volumes increasing by 23% year-over-year to 153,745 barrels per day, could support future distribution increases if management meets its 2026 EBITDA guidance of $520 million to $560 million [2][9]. - Full-year 2025 adjusted EBITDA reached a record $536 million, with quarterly highs from $116.54 million in Q1 to $142.28 million in Q4 [6]. Leverage and Analyst Sentiment - Total debt is approximately $2.3 billion, with a leverage ratio of about 4.07x, down from a peak of 4.44x in Q3 [8]. - Shareholder equity has eroded to $6.11 million, raising concerns among investors [8]. - Analysts are divided, with Citigroup moving to a Neutral rating and a $52 price target, while Raymond James maintains an Outperform rating with a target of $55, reflecting differing views on cash flow growth and operational execution [8].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The bond market faced callback pressure last week, with the yield of 10-year Treasury bonds fluctuating around the key point of 1.8%, and the market's long - short game intensified. The bond market's yield decline encountered resistance after the Spring Festival, and differences among institutions emerged. The market may present a volatile pattern in the short term [2][85]. - The operation directions and term preferences of trading institutions are still significantly differentiated. Whether small and medium - sized banks and securities firms can form a synergy is an important variable for the market to break the volatile pattern. The securities firms were the core driving force for the yield decline, but their scale of increasing holdings of 7 - 10 - year Treasury bonds decreased last week. Funds sold a large amount of 20 - 30 - year Treasury bonds and 7 - 10 - year policy - financial bonds, while small and medium - sized banks showed a strong willingness to buy ultra - long Treasury bonds and 7 - 10 - year policy - financial bonds [2][86]. - Looking forward, the bond market may show a volatile trend in the short term. Factors such as the potential increase in government bond supply, the seasonal increase in bank loan scale at the end of the quarter, and the lack of synergy among trading institutions make it unlikely for the yield of 10 - year Treasury bonds to break through the previous low. However, the probability may increase due to the rapid deterioration of the geopolitical situation [2][87]. 3. Summary According to the Directory 3.1 Important Matters - In February, the net MLF injection was 300 billion yuan. The central bank carried out a 600 - billion - yuan MLF operation on February 25, with a maturity of 1 year. After deducting the 300 - billion - yuan due MLF, the net injection was 300 billion yuan. As of February 27, the outstanding MLF scale was 7.25 trillion yuan [5]. - On February 28, the US and Israel launched a large - scale joint military strike against Iran, and Iran counterattacked with missiles and drones, leading to a sharp escalation of the situation in the Middle East [8]. 3.2 Money Market 3.2.1 Open Market Operations and Fund Interest Rate Trends - From February 24 to February 28, the central bank injected 164.1 billion yuan through 7 - day reverse repurchase operations, with 225.24 billion yuan due, resulting in a net injection of - 61.14 billion yuan. It is expected that 152.5 billion yuan of base currency will mature and be withdrawn from March 3 to March 6 [10]. - After the Spring Festival, the money market became looser. As of February 28, R001, R007, DR001, and DR007 were 1.340%, 1.507%, 1.319%, and 1.503% respectively, with changes of 1.11BP, 16.27BP, 0.68BP, and 18.23BP compared to February 14. The interest rate centers also changed to some extent [14]. 3.2.2 Certificate of Deposit Interest Rate Trends and Repurchase Transaction Situations - In the primary market, the issuance scale of inter - bank certificates of deposit last week was 45.435 billion yuan, a decrease of 25.857 billion yuan compared to before the festival. The maturity scale was 66.676 billion yuan, a decrease of 28.059 billion yuan compared to before the festival. The net financing scale was - 21.241 billion yuan, an increase of 2.202 billion yuan compared to before the festival. The cumulative issuance scale of inter - bank certificates of deposit in 2025 has reached 3.4 trillion yuan as of the 9th week [20]. - The issuance scale of inter - bank certificates of deposit was the largest for joint - stock banks, with a net financing scale of - 6.096 billion yuan. The issuance interest rates of inter - bank certificates of deposit decreased compared to before the festival [23][25]. - In the secondary market, supported by relatively loose liquidity, the yields of inter - bank certificates of deposit of various terms were generally on a downward trend. The yield of AAA - rated 1 - month inter - bank certificates of deposit decreased by 7.83BP to 1.46%, and the 1Y - 3M spread was at the 47.59% quantile level [29]. 3.3 Bond Market 3.3.1 Primary Market - Last week, the number of interest - rate bond issuances was 46, with an actual issuance amount of 787.42 billion yuan, a maturity amount of 409.832 billion yuan, and a net financing amount of 377.588 billion yuan. The issuance rhythm of national bonds and local bonds in February 2026 was higher than the historical average [31]. - As of February 28, the cumulative net financing scale of various national bonds in 2026 was about 0.83 trillion yuan, and that of various local bonds was about 1.77 trillion yuan, both faster than the average levels in the same period from 2022 to 2025 [31]. - The net supply scale of interest - rate bonds increased last week. The net financing amounts of national bonds, local bonds, and policy - financial bonds were 370 billion yuan, 195.228 billion yuan, and - 187.64 billion yuan respectively [39]. - As of last week, 0.8 trillion yuan of special refinancing bonds had been issued, mainly with long - term and ultra - long - term maturities. The top - ranking regions in terms of issuance scale accounted for about 58.45% of the total issuance scale [40]. 3.3.2 Secondary Market - Last week, the bond market faced callback pressure under the profit - taking of small and medium - sized banks and the stop - loss of securities firms, with long - term and ultra - long - term bonds generally rising. On Friday and Saturday, the interest rates recovered slightly under the buying support of large banks [31][43]. - The yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year, and 30 - year Treasury bonds changed by 0.23BP, 0.34BP, 0.59BP, 1.25BP, - 1.46BP, and 2.66BP respectively. The 10Y - 1Y Treasury bond yield spread changed from 47.54BP before the festival to 45.85BP. The yields of the same - term policy - financial bonds also changed, and the implied tax rate of 10 - year policy - financial bonds increased slightly [43]. - The average daily turnover rate of the 10 - year Treasury bond active bond (250016) decreased, while that of the 10 - year policy - financial bond active bond (250220) increased [45]. - The average spread between the 10 - year Treasury bond active bond (250016) and the secondary - active bond (260005) was 0.12BP, and the spread between the 10 - year policy - financial bond active bond (250220) and the secondary - active bond (250215) continued to be maintained. There may be investment opportunities in the spread compression [48]. - The 10 - 1 - year Treasury bond term spread was 45.85BP, and the 30 - 1 - year Treasury bond term spread widened to 95.58BP. The long - term Treasury - local bond spread widened, while the ultra - long - term Treasury - local bond spread narrowed [52][53]. 3.4 Institutional Behavior Tracking - In January 2026, the institutional leverage ratio decreased seasonally, while the leverage ratios of banks and securities firms increased significantly. The leverage ratios of commercial banks, securities firms, and other institutions in the inter - bank market in January 2026 were about 111.11%, 191.81%, and 132.51% respectively [58][59]. - The 20 - day moving average of the daily trading volume of inter - bank pledged repurchase last week was 7.71 trillion yuan, a decrease of about 0.56 trillion yuan compared to before the festival. The daily leverage trading volume decreased as the market callback [62]. - In the cash bond market, large banks' increasing holdings of 5 - 10 - year Treasury bonds continued to decline, while their increasing holdings of Treasury bonds within 5 years recovered. Small and medium - sized banks continued to take profits on Treasury bonds within 10 years and increased their positions in Treasury bonds over 10 years and 5 - 10 - year policy - financial bonds. Insurance companies' buying power decreased significantly, securities firms' net buying of 5 - 10 - year Treasury bonds decreased sharply and sold a large amount of Treasury bonds over 10 years, and funds sold a large amount of Treasury bonds over 10 years and 5 - 10 - year policy - financial bonds that they had increased their positions before the festival [58][66]. - The make - up positions of small and medium - sized banks for 7 - 10 - year Treasury bonds were weak, securities firms had certain make - up operations and were the main buyers of 7 - 10 - year Treasury bonds, and funds generally sold 7 - 10 - year Treasury bonds last week. The make - up costs of main trading players were significantly different [69]. - Considering capital occupation and tax costs, commercial banks and insurance companies can obtain relatively higher returns by investing in local bonds [76]. 3.5 High - Frequency Data Tracking - Last week, the settlement price of rebar futures increased by 5.97% compared to before the festival, the settlement price of wire rod futures decreased by 5.71%, the settlement price of cathode copper futures increased by 2.04%, the cement price index decreased by 0.37%, and the Nanhua glass index increased by 2.02%. The CCFI index decreased by 4.00%, and the BDI index increased by 4.75% [83]. - In terms of food prices, the wholesale price of pork decreased by 2.53%, and the wholesale price of vegetables decreased by 5.02%. The settlement prices of Brent crude oil futures and WTI crude oil futures decreased by 1.41% and 1.78% respectively. The central parity rate of the US dollar against the RMB was 6.92 [83]. 3.6 Market Outlook - The bond market may show a volatile trend in the short term. Factors such as the potential increase in government bond supply after the Two Sessions in March, the seasonal increase in bank loan scale at the end of the quarter, and the lack of synergy among trading institutions make it unlikely for the yield of 10 - year Treasury bonds to break through the previous low. However, the probability may increase due to the rapid deterioration of the geopolitical situation [2][87].

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue of $7.1 billion, representing a 7% increase year-over-year, with adjusted EBITDA growing 11% to $656 million [10][11] - Adjusted earnings per share (EPS) was $1.22, up 34% from the previous year, marking the highest total revenue and leasing revenue in company history [5][10] - The company generated over $290 million in free cash flow, exceeding the targeted conversion rate with a 103% conversion rate [11] Business Line Data and Key Metrics Changes - Capital Markets revenue increased by 15% globally, with a notable 19% growth in the Americas [12][16] - The leasing business grew 5% in the fourth quarter, reaching the highest quarterly level ever for the company [12][14] - Services revenue grew 6% globally, driven by strong project management revenues [16][55] Market Data and Key Metrics Changes - In the Americas, leasing grew 5%, with strength in office and industrial sectors [14][16] - APAC leasing revenue increased by 5%, driven by growth in India and improvements in Greater China [15] - EMEA leasing grew 7%, led by strong performance in the Netherlands, Belgium, and Poland [15] Company Strategy and Development Direction - The company aims for 15%-20% annual adjusted EPS growth over the next three years, with a focus on organic growth and strategic investments [6][17] - There is a strong emphasis on leveraging AI to enhance operational efficiency and client advisory services [7][18] - The company plans to continue deleveraging, targeting a leverage ratio of 2x by 2028 [17][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of Capital Markets and the resilience of the industrial sector, particularly for large modern facilities [48][66] - The company anticipates steady revenue growth of 6%-8% in 2026, with similar service line growth trends as in 2025 [17] - Management believes that AI will augment rather than replace trusted advisors in commercial real estate transactions [22] Other Important Information - The company recorded a $177 million impairment related to its Greystone joint venture due to lower future earnings expectations [12][59] - The company has a strong cash position with approximately $800 million in cash and cash equivalents, and $1.8 billion in total liquidity [11] Q&A Session Summary Question: Concerns about AI impacting mid-market brokerage businesses - Management believes concerns about AI disintermediating commercial real estate brokerage are overstated, as complex negotiations will still require trusted advisors [22] Question: EMEA margin growth confidence - Management expressed confidence in EMEA margin growth despite a slight decline in the fourth quarter, attributing it to one-time expenses [23] Question: Risks across different property types due to AI - Management highlighted ongoing research into AI's impact across various sectors and encouraged attendance at an upcoming call for insights [25][26] Question: Guidance on leasing and capital markets revenue growth - Management expects 2026 to unfold similarly to 2025, with strong leasing growth and a positive outlook for capital markets [29] Question: Cross-selling initiatives and organizational changes - Management is focusing on desiloing the organization and enhancing data flow to support cross-selling efforts [35] Question: Capital allocation strategy and potential for share buybacks - While evaluating share buybacks, management's main priority remains investing in organic growth and deleveraging [51] Question: Exposure to the office sector and its potential disruption - Management noted that their focus is not on Class B office space, which is more likely to be impacted by market changes [43] Question: Hiring strategy for 2026 - The company plans to maintain a substantial hiring budget, particularly in institutional capital markets and leasing [61]

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue of $7.1 billion, representing a 7% increase year-over-year, with adjusted EBITDA growing 11% to $656 million [10][11] - Adjusted earnings per share (EPS) increased by 34% to $1.22, marking the highest total revenue and leasing revenue in company history [5][10] - The company generated over $290 million in free cash flow, achieving a conversion rate of 103%, which is a $126 million improvement compared to 2024 [11] Business Line Data and Key Metrics Changes - Capital Markets revenue grew by 15% globally, with a notable 19% increase in the Americas [12][16] - The leasing business also performed well, growing 5% in the fourth quarter and reaching the highest quarterly level ever for the company [12][14] - Services revenue increased by 6% globally, driven by strong project management revenues [16][55] Market Data and Key Metrics Changes - In the Americas, leasing grew 5%, with strong performance in office and industrial sectors [14] - In APAC, leasing revenue increased by 5%, supported by growth in India and improvements in Greater China [15] - EMEA leasing grew by 7%, led by strong performance in the Netherlands, Belgium, and Poland [15] Company Strategy and Development Direction - The company aims for 15%-20% annual adjusted EPS growth over the next three years, with a focus on moving up the value chain and leveraging AI for operational efficiency [6][17] - The strategic priorities include enhancing cross-selling between business lines and utilizing AI to improve data flow and decision-making processes [35][36] - The company plans to continue deleveraging, targeting a leverage ratio of 2x by 2028 [17][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of Capital Markets and the resilience of the industrial sector, driven by strong e-commerce trends [48][66] - The company anticipates revenue growth of 6%-8% in 2026, with similar service line growth trends as in 2025 [17] - Management believes that AI will enhance the role of trusted advisors rather than replace them, particularly in complex commercial real estate transactions [22] Other Important Information - The company recorded a $177 million impairment related to its Greystone joint venture due to lower future earnings expectations [12][13] - The company has a strong cash position with approximately $800 million in cash and cash equivalents, and $1.8 billion in total liquidity [11] Q&A Session Summary Question: Concerns about AI impacting mid-market brokerage businesses - Management believes concerns about AI disintermediating commercial real estate brokerage are overstated, as complex negotiations will still require trusted advisors [22] Question: EMEA margin growth confidence - Management expressed confidence in EMEA margin growth despite a slight decline in the fourth quarter, attributing it to one-time expenses [23] Question: Risks across different property types due to AI - Management highlighted ongoing research into AI's impact across various sectors and encouraged attendance at an upcoming call to discuss practical tools for clients [25][26] Question: 2026 guidance on leasing and capital markets revenue growth - Management expects 2026 to unfold similarly to 2025, with strong leasing growth and a positive outlook for capital markets [29] Question: Cross-selling initiatives for 2026 - Management is focusing on desiloing the organization and enhancing data flow to support cross-selling efforts [35] Question: Capital allocation strategy and potential for share buybacks - Management is evaluating share buybacks but prioritizes organic growth and deleveraging [51] Question: Exposure to the office sector and its risks - Management noted that they do not operate in Class B office space, which is more vulnerable to disruption, and emphasized their focus on velocity in transactions [43] Question: Hiring strategy for 2026 - Management plans to maintain a substantial budget for recruiting, particularly in institutional capital markets and leasing [61]

Earnings Supplement Fourth Quarter 2025 February 12, 2026 1 Forward-Looking Statements – Cautionary Language Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln's behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or ...

Core Insights - MPLX LP reported a fourth-quarter 2025 net income of $1,193 million, an increase from $1,099 million in the fourth quarter of 2024, with adjusted EBITDA rising to $1,804 million from $1,762 million in the same period [1][5]. Financial Performance - For Q4 2025, MPLX generated $1,496 million in net cash from operating activities, $1,417 million in distributable cash flow, and $1,567 million in adjusted free cash flow [2]. - The full year 2025 saw MPLX generate $5.9 billion in net cash from operating activities, $5.8 billion in distributable cash flow, and $1.0 billion in adjusted free cash flow, compared to $5.9 billion, $5.7 billion, and $3.9 billion in 2024 respectively [3]. - The company announced a distribution of $1.0765 per common unit for Q4 2025, resulting in a distribution coverage of 1.3x for the quarter [2][5]. Growth and Investments - In 2025, MPLX invested over $4 billion to grow its natural gas and NGL value chains and plans to execute growth anchored in the Permian and Marcellus basins in 2026 [4]. - The company is advancing its strategic initiatives to meet the growing demand for natural gas and NGLs, aiming for mid-single digit adjusted EBITDA growth [4]. Segment Performance - The Crude Oil and Products Logistics segment's adjusted EBITDA increased by $52 million in Q4 2025 compared to Q4 2024, driven by a FERC tariff ruling and higher rates [9]. - The Natural Gas and NGL Services segment's adjusted EBITDA decreased by $10 million in Q4 2025, primarily due to a reduction associated with the divestiture of non-core assets and lower natural gas liquids prices [11]. Capital Expenditure and Future Outlook - MPLX's capital spending outlook for 2026 is $2.7 billion, with $2.4 billion allocated for growth and $300 million for maintenance [13]. - The company is focusing on expanding its Permian to Gulf Coast integrated value chain and investing in processing capacity in response to producer demand [13]. Financial Position - As of December 31, 2025, MPLX had $2.1 billion in cash and a leverage ratio of 3.7x, with cash flows supporting a leverage range of 4.0x [18]. - The partnership repurchased $100 million of common units in Q4 2025, with approximately $1.1 billion remaining under its unit repurchase authorizations [19].

So, yes, this is a very large credit facility or bridge bridge facility for this deal, $59 billion. It's large, but Netflix is a very strong credit. Right.Netflix is a company you would want to lend money to. So Netflix has single-A credit ratings and very, very low leverage ratio. It's growing EBITDA, significant free cash flow.So Netflix is a very strong company, a very good borrower. So it's not surprising that banks would line up to lend them money. Steve, Eventually this bridge facility is going to be ...

Core Viewpoint - Netflix is securing a substantial $59 billion credit facility, reflecting its strong credit profile and low leverage ratio, making it an attractive borrower for banks [1][2][3]. Company Strength - Netflix holds a single-A credit rating and has a very low leverage ratio, which positions it favorably in the market for borrowing [1][6]. - The company is experiencing significant growth in EBITDA and generates substantial free cash flow, reinforcing its financial stability [1][7]. Market Dynamics - The investment-grade bond market is robust, providing Netflix with various financing options, including potential access to the loan market [3][5]. - There is a scarcity of Netflix bonds compared to other major communications companies, indicating a strong demand for its debt instruments [4]. Financial Flexibility - Netflix's debt-to-total capital ratio is very low, allowing for considerable flexibility in increasing leverage without jeopardizing its credit rating [9][10]. - The company can comfortably increase its leverage ratio from its current level, which is significantly lower than its peers like Comcast and Disney [9][10]. Future Outlook - Netflix is committed to maintaining its investment-grade ratings and plans to reduce its leverage to levels consistent with its single-A ratings within a few years after closing the deal [7].

Regulatory Changes & Liquidity - eSLR (Supplementary Leverage Ratio) changes are in effect since January 1st [1] - The next step involves removing Treasuries from leverage ratio calculations [1] - Removing Treasuries is a significant move, potentially shifting liquidity provision from the Fed to the Treasury [1] - There is consideration for removing Treasury securities and reserves from leverage ratio calculations due to liquidity requirements forcing banks to hold them [1]

Q3 2025 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 current expectations or forecasts of future events. These s ...