Management completed a significant portfolio transformation by exiting underperforming U.K. cast roll and U.S. steel distribution assets, a move expected to improve annual adjusted EBITDA by $7 million to $8 million. The Forged and Cast segment experienced a temporary performance dip in Q4 due to a customer order pause as the industry digested new global steel tariffs and calculated pricing impacts. Air and Liquid Processing achieved record full-year revenue and income, fueled by robust demand in nucl ...

Investor Presentation March 2026 Legal Disclaimer This Investor Presentation includes "forward-looking statements" which reflect Orion Properties Inc.'s (the "Company", "Orion", "we", or "us") expectations and projections regarding future events and plans, future financial condition, results of operations, liquidity and business, including leasing and occupancy, acquisitions, dispositions, rent receipts, expected borrowings and financing costs and the payment of future dividends. Generally, the words "antic ...

Core Insights - Ovintiv Inc. has completed a multi-year portfolio transformation, focusing on the Permian and Montney basins after acquiring NuVista and selling its Anadarko assets for expected cash proceeds of $3 billion [1][4] - The company plans to return at least 75% of its 2026 free cash flow to shareholders through a newly authorized $3 billion repurchase program, indicating management's belief that the stock is undervalued [2] - For 2026, Ovintiv targets total production of 620,000 to 645,000 BOE/d with a capital budget of approximately $2.3 billion, emphasizing operational efficiency and cost savings [3] Group 1 - Ovintiv has narrowed its focus to the Permian and Montney basins following strategic acquisitions and asset sales [1][4] - The sale of Anadarko assets is expected to reduce net debt to around $3.6 billion and eliminate long-term debt maturities until 2030 [1] - The company aims to utilize a flexible return framework to manage shareholder returns based on market conditions [2] Group 2 - The operational strategy includes the use of surfactants in the Permian, which has resulted in a 9% increase in oil productivity [3] - In the Montney basin, proprietary drilling and completion techniques are being applied to the NuVista acreage, targeting $1 million in cost savings per well [3] - The overall production strategy for 2026 is set to maintain a steady output while managing capital expenditures effectively [3]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated approximately $536 million of Adjusted EBITDA and $239 million of Levered Free Cash Flow, highlighting strong financial performance [15][8] - Capital expenditures for the quarter were approximately $226 million, showcasing the strength of the company's lower capital intensity operating model [15] - The company repaid more than $700 million of debt during the quarter, indicating a focus on strengthening the balance sheet [16] Business Line Data and Key Metrics Changes - The company produced 268,000 barrels of oil equivalent per day in Q4 2025, including 106,000 barrels of oil per day, reflecting strong production performance [8] - The company executed nearly $5 billion of transactions in 2025, including over $4 billion in acquisitions at less than 3x EBITDA and divesting nearly $1 billion of non-core assets at over 5x EBITDA [6][7] Market Data and Key Metrics Changes - The company is now a focused operator in three premier basins: the Eagle Ford, the Permian, and the Uinta, with significant upside potential across its portfolio [5][10] - The company has seen a 15% reduction in drilling and completion costs per foot year-over-year, contributing to full-year CapEx outperformance [9] Company Strategy and Development Direction - The company aims to maximize free cash flow while maintaining operational and capital allocation flexibility, with a six to seven rig program planned across its asset footprint for 2026 [11] - The formation of Crescent Royalties is a major milestone in the company's strategy to build a leading royalties business, contributing approximately $160 million of annual cash flow [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate strong development returns despite current commodity price volatility [12] - The company believes it is well-positioned for future growth, with a focus on operational efficiencies and capital allocation to drive long-term value creation [17] Other Important Information - The company declared a $0.12 per share dividend for the quarter, equating to an approximate 5% annualized yield, supported by strong cash flow [15] - The company increased its share repurchase authorization to $400 million, allowing for opportunistic buybacks when market conditions are favorable [16] Q&A Session Summary Question: On Crescent Royalties, where are we in the value creation process? - Management highlighted that Crescent Royalties has been a core business with significant embedded value, and they see clear pathways for growth [19][21] Question: Is it a seller's market for upstream M&A? - Management indicated they are active in the market and prepared to be opportunistic, focusing on driving value with existing assets [23][24] Question: What advantages does Crescent have in growing the mineral royalty position? - Management emphasized their integrated team and operational expertise as key advantages in a competitive market [27][30] Question: Can you provide insights on the Barnett potential in the Midland Basin? - Management expressed optimism about their entry into the basin and the long-term inventory potential without commenting specifically on Barnett [31][32] Question: Will acquisition hurdle rates for Crescent Royalties be consistent with legacy Crescent? - Management confirmed that the same cash flow orientation and investment criteria will apply to the royalties business [39][40] Question: What is the expected base decline for the Permian? - Management indicated a relatively flat oil production expectation for 2026, with a corporate target of 25% or below for base decline [50][49] Question: What are the synergies captured from the Vital acquisition? - Management reported $40 million in synergies captured to date, primarily from overhead and operational efficiencies, with expectations to reach $190 million [54][56]

Financial Data and Key Metrics Changes - The company reported full year 2025 Adjusted EBITDA of $172 million, exceeding previous guidance, with fourth quarter Adjusted EBITDA of $51 million, an 8% increase year-over-year [11][12] - Fourth quarter sales reached $199 million, up $51 million or 34%, with a 15% increase when excluding the $28 million impact of higher sulfur costs [12][13] - The net debt leverage ratio improved to 1.2 times at year-end, following the repayment of $465 million of term loans from the divestiture proceeds [5][16] Business Line Data and Key Metrics Changes - Sales of virgin sulfuric acid increased significantly, driven by the acquisition of Waggaman assets and favorable pricing, while regeneration services faced challenges due to customer downtime [5][12][24] - The integration of Waggaman assets is expected to enhance supply capabilities and support growth in both virgin and regenerated sulfuric acid sales [9][10] Market Data and Key Metrics Changes - The demand outlook for 2026 remains positive, particularly for mining applications, which account for 20%-25% of sulfuric acid sales [8][9] - The company anticipates higher sales volume for regenerated sulfuric acid in 2026 due to reduced customer downtime compared to 2025 [17][18] Company Strategy and Development Direction - The divestiture of the Advanced Materials & Catalysts segment marks a strategic shift towards focusing on sulfur solutions for clean fuels and critical materials [5][25] - The company plans to invest approximately $20 million in growth capital for projects aimed at increasing storage capacity and improving logistics in the Gulf Coast region [10][19] - Future growth will be supported by targeted organic growth projects and potential accretive acquisitions to enhance service capabilities [25][58] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term outlook for nylon applications and some industrial sectors, while remaining optimistic about mining demand [9][39] - The company expects full year sales in 2026 to range between $860 million and $940 million, with anticipated higher sulfur costs impacting pricing [18][19] Other Important Information - The company repurchased approximately $50 million in common stock in 2025 and plans to continue this strategy in 2026 with additional repurchases [25][26] - The expected increase in turnaround costs in 2026 is projected to be around $80 million due to planned maintenance activities [18][19] Q&A Session Summary Question: Can you help us think about the Waggaman opportunities and capacity? - The Waggaman assets added roughly 10% volume to the overall network and have improved the supply chain's flexibility [30] Question: What should we expect regarding regen contract pricing in 2026? - The company anticipates a similar lift in pricing as seen in 2025, with contractual agreements rolling off and providing benefits [33] Question: What factors are contributing to caution in industrial applications? - Management noted a general sense of caution due to diverse end-use applications and potential macroeconomic impacts, particularly in the nylon sector [39] Question: How do you view your M&A opportunities in the sulfuric acid market? - The company is interested in a broad range of sulfuric acid assets and is open to acquisitions that enhance service capabilities [68]

Q4'25 Earnings Presentation February 2026 Disclaimer The information in this presentation relates to Crescent Energy Company (the "Company," "Crescent," "we," "us," "our" or "CRGY") and contains information that includes or is based upon "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this pr ...

Q4 Earnings Update February 26, 2026 1 CAUTIONARY STATEMENTS 2 MIDDLEBY PORTFOLIO TRANSFORMATION Portfolio transformation underway with completed 51% sale of Residential Business completed in Q1 2026 & in process Food Processing Spin expected to be completed in Q2 2026 Next chapter of growth for highly successful businesses that will benefit from a focus on individual core strategies, driving a full valuation in line with best-in-class peers for each entity Safe Harbor Statement Statements in this press rel ...

Financial Data and Key Metrics Changes - Revenue for 2025 increased by 10.3% year-over-year to $335.4 million, nearing the top end of the guidance range of $320 million to $340 million [17][18] - Fourth quarter revenue was reported at $108.8 million, representing a 56.4% increase year-over-year [18][19] - Gross margin for the fourth quarter improved to 9.6%, with potential gross margin in the mid-20% range if not for unfavorable impacts from EACs [19][20] - The company ended 2025 with total liquidity of $130.2 million, a significant year-over-year improvement [22] Business Line Data and Key Metrics Changes - The space segment recorded revenue of $54.5 million, while the DefTech segment recorded revenue of $54.3 million in the fourth quarter [19] - Book-to-bill ratio for the fourth quarter was 1.52, with space bookings at $110.9 million and DefTech bookings at $54 million [24][25] - The company ended 2025 with a record contracted backlog of $411.2 million, supported by strong bookings [4][24] Market Data and Key Metrics Changes - The company expanded its customer base to over 170 civil, national security, and commercial space and defense tech customers [4] - The backlog for the space segment was $299.8 million, while the DefTech backlog was $111.4 million as of December 31, 2025 [25] Company Strategy and Development Direction - Redwire transformed from a pure-play space provider to a multi-domain space and defense tech company, integrating Edge Autonomy into its brand [3][4] - The company plans to invest heavily in advancing critical technologies with high growth potential, such as VLEO and quantum satellites [8][9] - Redwire will be organized into two business segments: Space and Defense Tech, to enhance visibility and growth [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth through 2026, supported by a record backlog and a strengthened balance sheet [27] - The company anticipates full year 2026 revenue to be in the range of $450 million to $500 million, representing a 41.6% year-over-year growth rate at the midpoint [26] Other Important Information - The company significantly increased its investment in research and development from $1.4 million in 2024 to $9.5 million in 2025 [21] - Redwire repaid a net $125.5 million of debt during 2025, resulting in estimated annual interest savings of more than $17 million [22][23] Q&A Session Summary Question: How is management adjusting its pricing model in response to the low gross margin throughout 2025? - Management indicated that they are meeting customers' contracting preferences and balancing their portfolio to improve margins while still pursuing market share [30][32] Question: Do you have any insight on how many aircraft standalone Edge did in 2024? - Management confirmed that Edge delivered about 200 aircraft in 2024, with 100 aircraft delivered since the acquisition [36][38] Question: How much of the backlog is expected to be executed in 2026? - Approximately 50% of the backlog is expected to be executed in 2026, with no single orders that would significantly impact revenue [47][49] Question: What are the expectations for book-to-bill in 2026? - Management noted that the order cycles differ between space and DefTech, with space having a longer backlog conversion cycle compared to the faster conversion for DefTech [53][56] Question: Is there a material part of defense that is not from the Edge Autonomy acquisition? - Management confirmed that DefTech includes legacy capabilities beyond Edge Autonomy, such as space optics and RF systems [61][62]

Core Insights - The company is undergoing a transformation to become a SHOP-focused REIT, aiming for significant growth in acquisitions and portfolio value by 2026 [3][18] - The acquisition guidance for 2026 is set at $600 million, which is nearly 70% higher than the previous year, with a strong start already achieved [2][12] - The company expects SHOP to represent 45% of its investment portfolio and 40% of its NOI by the end of 2026, indicating a strategic shift towards higher growth assets [1][18] Acquisition Strategy - The company has completed $100 million in SHOP acquisitions and has an additional $160 million scheduled for the second quarter, contributing to the $600 million investment guidance for 2026 [2][10] - The acquisition pipeline includes over $500 million in deals under review, all focused on SHOP properties [12] - The company is leveraging its smaller asset base to pursue smaller transactions that offer better pricing and yield opportunities [11][32] Financial Performance - The company reported a core FFO per share increase of 8% to $0.70 and a core FAD per share increase of 11% to $0.73 compared to the previous year [15] - The 2026 guidance for core FFO per share is projected to be between $2.75 and $2.79, with core FAD per share between $2.82 and $2.86 [16] - The company anticipates a 14% NOI growth for its SHOP portfolio in 2026 compared to pro forma 2025 [6][19] Portfolio Transformation - The transformation from a lower-growth triple-net REIT to a SHOP-focused REIT is expected to be completed by the end of 2026, with continued growth anticipated beyond that [4][18] - The average age of the SHOP portfolio is projected to be nine years, reflecting a strategy focused on newer, competitive assets [18][27] - The company plans to reduce its skilled nursing investments to less than 30% of its portfolio by the end of 2026 [1][8] Operational Metrics - The original 13 properties converted to SHOP saw a 22% increase in NOI over pro forma 2024, with combined rent and NOI of $16.2 million in 2025 [6][19] - Occupancy for the SHOP portfolio was 89.7% in 2025, with expectations for growth of 100 to 150 basis points in 2026 [7][19] - RevPOR is projected to grow by approximately 5%, while expenses are expected to increase by 2.5% [7][19] Strategic Relationships - The company has established eight SHOP operator relationships, with plans to add two more in Q2, enhancing its growth potential [19][20] - The focus on relationship-driven strategies is seen as a competitive advantage in the senior housing acquisitions market [11][39] - The company aims to align interests with operators through management agreements to drive performance and growth [20][39]

Financial Data and Key Metrics Changes - The company reported a Core FFO per share improvement of $0.05 to $0.70, representing an 8% increase year-over-year, and Core FAD per share improved by $0.07 to $0.73, reflecting an 11% increase [17] - The debt to annualized adjusted EBITDA for real estate was 4.5x, with an annualized adjusted Fixed Charge Coverage Ratio of 4.4x, well within the stated leverage target of 4-5x [17] Business Line Data and Key Metrics Changes - The SHOP portfolio grew to 25% of the investment portfolio by year-end 2025, with expectations to reach 45% by the end of 2026 [4] - The original 13 properties converted to SHOP grew NOI by 22% over 2024 pro forma NOI, generating $16.2 million in combined rent and NOI in 2025 [8] - The company anticipates 14% NOI growth at the midpoint for the full year 2026 over pro forma 2025 [8] Market Data and Key Metrics Changes - The company expects occupancy to grow by approximately 150 basis points in 2026, with RevPAR projected to increase by about 5% [9] - The company is in a competitive senior housing acquisitions environment, leveraging its smaller asset base and relationship-driven strategy to find opportunities [12] Company Strategy and Development Direction - The company is transforming from a lower growth triple net REIT into a faster-growing SHOP-focused REIT, with a guidance of $600 million in acquisitions for 2026, nearly 70% higher than 2025 [3] - The strategic portfolio transformation aims to reduce skilled nursing investments to less than 30% by the end of 2026, focusing on SHOP growth [5] - The company plans to continue investing in newer SHOP communities that are best positioned to compete against future developments [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial strength to support SHOP growth, with liquidity standing at $810 million on a pro forma basis [16] - The company anticipates continued accelerated internal and external growth powered by SHOP in 2027, following the completion of its transformation at the end of 2026 [5] - Management highlighted the importance of operator relationships in driving future growth and emphasized the potential for organic NOI growth to double by the end of 2026 compared to pre-transformation levels [20] Other Important Information - The company has an acquisition pipeline of over $500 million in deals under review, all focused on SHOP [13] - The company expects to sell five skilled nursing properties and has certain loan payoffs totaling $90 million in the next 60 days [10] Q&A Session Summary Question: What are the greatest threats to SNFs today? - Management noted that private capital driving prices in skilled nursing could change, and there is inherent risk in the skilled nursing sector [26] Question: Is the 14% same-store growth sustainable? - Management indicated that the pro forma occupancy of 89.7% is close to stabilized levels, and they are comfortable with the guidance for growth [27] Question: What are the year one yields for SHOP investments? - The company is underwriting year one yields at about 7%, with good growth headroom beyond that [40] Question: How competitive is the landscape for seniors housing deals? - Management acknowledged the competitive landscape but emphasized their ability to find transactions that meet their underwriting criteria [51] Question: What is the expected CapEx burden for LTC going forward? - Management stated that the current CapEx guidance is based on a $1,500 per unit assumption, which is appropriate given the age of the assets [75]