Investor Presentation February 18, 2026 Forward-Looking Statements – Safe Harbor Certain statements in this Investor Presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Forward-looking statements are generally identifiable by ...

Market Recovery - Hong Kong's housing market is showing signs of recovery, with home prices rising 3.25% in 2025, marking the first annual increase in four years [15] - The revival is supported by expectations for a strong fundraising year in the stock market, with international firms planning to open new branches in the city [15][1] - Mainland Chinese homebuyers have significantly contributed to clearing housing inventory, spending a record HK$138 billion in 2025, particularly in the luxury market [7][15] Residential Market Dynamics - Interest rate cuts have boosted mortgage demand and rising rents are encouraging residents to purchase homes [2][15] - Developers are regaining pricing power due to improved supply and demand dynamics, with some builders already planning to increase prices for existing projects [4][5] - Banks and property services firms anticipate residential price growth this year, with projections ranging from a 5% to a 10% increase [6][15] Commercial Real Estate Challenges - The commercial real estate market remains weak, with a vacancy rate for Grade A offices rising to 17.5% and rents falling by about 5.8% [9][15] - Investors are primarily focused on trophy assets in key business districts, while other areas struggle to attract tenants [9][10] - Commercial real estate transactions above HK$100 million increased by over 12% in 2025, the first rise since 2021, but international funds are largely absent from the market [11][12] Economic Influences - The Hong Kong Monetary Authority's interest rate cuts have alleviated loan payment pressures for builders and homebuyers, stabilizing overall asset prices [6][15] - The influx of over 230,000 new arrivals due to the government's talent program has driven residential rents to record highs, making home ownership more attractive [14][16] - The ongoing geopolitical tensions between China and the US may pose risks to the recovery, with limited catalysts for a major rebound in the property market without improvements in economic relations [8][15]

Vi e w p o i n t | End-use consumption growth remains soft. Our global copper end-use tracker (GCET) for Nov'25 rose 1.3% y/y with total copper consumption annualizing at 29Mt — 3% y/y implied Chinese copper consumption underpinned growth. Front loading of EV sales ahead of NEV purchase tax exemptions from Jan'26 and stronger power-generation-related consumption offset cyclical weakness. However, ex- China copper consumption continues to face cyclical headwinds. We have improved our China buildings and cons ...

Valero Energy (NYSE:VLO) Q4 2025 Earnings call January 29, 2026 10:00 AM ET Speaker0Greetings and welcome to Valero Energy Corp's fourth quarter 2025 earnings call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Donovan, ...

Summary of Conference Call on China Battery Materials Industry Overview - The focus of the conference call is on the lithium battery materials industry in China, particularly the demand and supply dynamics of lithium as of January 2026. Key Points Demand and Supply Dynamics - Strong on-the-ground demand for lithium has been observed, with weekly apparent consumption increasing for three consecutive weeks, indicating a robust value chain activity ahead of the Chinese New Year (CNY) seasonality [1] - Some smelters are beginning maintenance offline, leading to a 2% week-over-week (WoW) decrease in weekly production [1] - Anticipation of a front-loading export window before the export tax rebate cut on April 1st, which may pull forward some demand from the traditional peak season (March and April) into the first quarter of 2026 [1] Price Trends - Lithium prices are expected to remain at a high level in the near term, with the lower band of prices likely to be lifted due to favorable supply and demand dynamics [1] - The average selling prices (ASP) for lithium carbonate (Li2CO3) and lithium hydroxide (LiOH) have shown an upward trajectory, with Li2CO3 priced at Rmb164.5k/ton and LiOH at Rmb156.5k/ton as of January 22, 2026, compared to Rmb159k/ton and Rmb150.5k/ton on January 15, 2026 [2] Production and Inventory Insights - China's Li2CO3 production decreased by 2% WoW to 22,217 tons, with specific outputs from brine, lepidolite, spodumene, and recycling also showing declines of 1%, 2%, 1%, and 4% respectively [2] - Total inventory of Li2CO3 stood at 108,896 tons, reflecting a 1% decrease WoW. Notably, inventory levels for downstream players (mainly cathode makers) increased by 5%, while smelters saw a 1% increase, and battery makers and traders experienced a 5% decrease in inventory [2] Additional Insights - The report emphasizes the importance of monitoring the lithium market closely due to the potential impacts of seasonal demand and regulatory changes on pricing and supply dynamics [1][2] - The data presented is sourced from SMM and Citi Research, indicating a reliance on reputable industry databases for accurate market analysis [1][2] This summary encapsulates the critical insights from the conference call regarding the lithium battery materials industry, highlighting demand trends, pricing movements, and production statistics.

Core Insights - Natural gas prices began 2026 on a weaker note due to warmer weather forecasts, lower-than-expected storage withdrawals, and strong U.S. production, which pressured prices despite strong liquefied natural gas (LNG) demand [1][4][9] Industry Overview - Natural gas futures experienced a weekly loss as traders reassessed winter heating demand, with the benchmark U.S. contract settling at $3.618 per million British thermal units, down from an early spike above $4 [3] - Warmer-than-normal forecasts for mid-January reduced expected heating demand, while a storage withdrawal of 38 billion cubic feet was below expectations, indicating a looser supply-demand balance [3] - U.S. LNG exports remained near record highs, with average feedgas flows to major export terminals reaching new peaks in December, highlighting the growth in overseas demand for U.S. gas [4] Investment Focus - Investors are advised to monitor natural gas-focused stocks such as EQT Corporation, Expand Energy, and Coterra Energy, which are more aligned with long-term supply and demand dynamics rather than short-term weather fluctuations [2][6] - The near-term outlook for natural gas is expected to be influenced by updated weather forecasts and storage reports, with colder conditions potentially tightening supply balances [5] Company Highlights - **EQT Corporation**: The leading natural gas producer in the U.S., with over 90% of its production/sales being natural gas. EQT has consistently beaten earnings estimates, with a trailing four-quarter earnings surprise of approximately 16.7% [7][8] - **Expand Energy**: The largest natural gas producer in the U.S. post-merger, with significant assets in the Haynesville and Marcellus basins. The company is well-positioned to benefit from increasing demand driven by LNG exports and other trends, with a projected 317.7% year-over-year earnings per share surge for 2025 [10][11] - **Coterra Energy**: An independent upstream operator with over 60% of its production being natural gas. Coterra has a favorable expected earnings growth rate of 27.8% over the next three to five years, compared to the industry average of 17.2% [12][13]

Summary of Micron Technology Inc. (MU) Conference Call Company Overview - **Company**: Micron Technology Inc. (MU) - **Industry**: Semiconductor, specifically focusing on DRAM and NAND memory products Key Financial Highlights - **Quarterly Revenue**: Reported revenue of $13.64 billion, exceeding Goldman Sachs (GS) estimate of $13.17 billion and Street estimate of $13.00 billion [3] - **Gross Margin**: Achieved a gross margin of 56.8%, significantly higher than GS's 53.1% and Street's 52.2% [3] - **Non-GAAP EPS**: Reported non-GAAP EPS of $4.78, surpassing GS's estimate of $4.15 and Street's estimate of $4.01 [3] - **DRAM Revenue**: $10.81 billion, above GS's $10.57 billion and Street's $10.45 billion [3] - **NAND Revenue**: $2.74 billion, exceeding GS's $2.53 billion and Street's $2.47 billion [3] Market Dynamics - **Supply Constraints**: Ongoing supply constraints are expected to persist through 2026, with limited bit growth of just 20% anticipated for that year [1] - **Price Trends**: Contract prices for HBM, conventional DRAM, and NAND have risen significantly due to robust demand and supply prudence [1] - **CapEx Guidance**: FY26 CapEx is expected to be $20 billion, up from a previous expectation of $18 billion, indicating an acceleration in fab construction and production plans [7] Future Outlook - **Guidance for 2Q**: Micron provided guidance for FY2Q revenue at $18.7 billion, well above GS's $13.68 billion and Street's $14.46 billion [7] - **Gross Margin Guidance**: Non-GAAP gross margin guidance of 68.0%, significantly higher than GS's 54.9% and Street's 55.3% [7] - **Non-GAAP EPS Guidance**: Expected non-GAAP EPS in the range of $8.22 to $8.62, with a midpoint of $8.42, far exceeding GS's $4.52 and Street's $4.97 [7] Strategic Initiatives - **HBM Market Share**: Micron aims to capture approximately 20% of the high-margin HBM market, which is projected to grow from a $35 billion TAM in 2025 to over $100 billion by 2028 [1][6] - **Product Roadmap**: Continued execution on the HBM product roadmap is expected, with production volume shipments of HBM4 beginning in 2QCY26 [6] Investment Rating and Price Target - **Current Rating**: Neutral-rated on the stock due to balanced risk/reward at current levels [1][10] - **Price Target**: Raised price target to $235 from $205, based on a 15X multiple applied to the normalized EPS estimate of $15.65 [9] Risks and Considerations - **Market Risks**: Potential risks include pricing retracement in HBM in 2026 due to the qualification of additional suppliers like Samsung, which could impact pricing dynamics [10] - **Execution Risks**: Continued execution on the HBM roadmap and market share gains against competitors like Samsung and SK Hynix are critical for maintaining growth [9] Conclusion - Micron Technology Inc. is positioned for growth driven by strong demand and supply constraints in the semiconductor market, particularly in DRAM and NAND sectors. The company’s strategic initiatives and robust financial performance suggest a positive outlook, although potential risks remain that could affect pricing and market dynamics.

Financial Data and Key Metrics Changes - Comparable FFO for the first quarter was $0.63 per share, an increase of $0.08 compared to $0.55 per share in the same quarter last year, primarily due to the positive ground rent reset at PENN1 and higher NOI from rent commencements [24][16] - Overall GAAP same store NOI increased by 3.5% [16] - The company expects 2025 comparable FFO to be essentially flat compared to last year, down from an earlier estimate of a slight decrease [25] Business Line Data and Key Metrics Changes - The company leased a total of 1,039,000 square feet, with 709,000 square feet in New York office space at starting rents of $95 per square foot and a positive mark-to-market of 6.5% [16][27] - A major lease of 337,000 square feet was completed with Universal Music Group at PENN2, contributing to the overall leasing activity [28] - The occupancy rate in New York decreased to 84.4% from 88.8% due to PENN2 being placed fully into service, but is expected to rise to 87.4% with the completion of the master lease at 770 Broadway [25][26] Market Data and Key Metrics Changes - The New York office leasing market maintained strong momentum, with the strongest quarterly volume since Q4 2019 [25] - Availability in the best ISA market continues to shrink, with only 500,000 square feet of new construction set to deliver in the next several years [26] - The company anticipates strong rental rate growth due to a tightening market and a significant shortage of quality office space [26] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with expectations of significant earnings growth by 2027 from the lease-up of PENN1 and PENN2 [20][25] - The company plans to sprinkle in a not insignificant amount of apartments in the Penn District while primarily remaining an office company [100] - The company is actively looking for new investment opportunities while maintaining a strong cash position for potential acquisitions and debt repayments [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market despite current volatility, noting that demand for quality office space remains strong [27][30] - The company believes that the current market dynamics will lead to increased rents and reduced concessions, indicating a shift towards a landlord's market [95] - Management highlighted the importance of maintaining financial strength to capitalize on future opportunities [78] Other Important Information - The company has reduced its debt by $915 million and increased cash balances to $1.4 billion, providing immediate liquidity of $3 billion [15] - The company completed a significant transaction with NYU, which included a prepaid rent payment of $935 million [12][13] Q&A Session Summary Question: Can you break down the 2,000,000 square foot negotiation between PENN1, PENN2, and the balance of the portfolio? - Approximately 50% of the 2,000,000 square foot pipeline is related to PENN1 and PENN2, with strong activity expected at PENN2 [37][38] Question: What is the confidence level around reaching 80% occupancy at PENN2 by the end of the year? - Management remains confident in reaching the target occupancy, with significant activity and rising rents expected [39][40] Question: What are the plans for the cash on the balance sheet? - The cash will be used for debt repayment, maintaining liquidity, and funding new development opportunities [44][45] Question: How do you view the trend of owner-occupiers in the market? - There is a growing trend of retailers and companies wanting to own their spaces in prime locations, which is beneficial for the market [90] Question: What is the outlook for real estate valuations? - The company expects that great assets will command great prices, with a recovery in valuations anticipated [55][56]

Financial Data and Key Metrics Changes - The company reported first quarter earnings per share of $1.33, an increase from $1.19 in the same period of 2024, reflecting improved market fundamentals in marine transportation and strong demand for power generation [6][11] - Overall, the Marine Transportation segment revenues were $476 million with an operating income of $87 million, resulting in an operating margin of 18.2% [13][20] - The company expects to generate cash flow from operations of $620 million to $720 million for 2025, with a strong balance sheet and significant free cash flow anticipated despite high levels of capital expenditures [26][33] Business Line Data and Key Metrics Changes - Inland marine transportation revenues increased by 2% year-over-year, primarily due to higher utilization and pricing, despite a 50% increase in delay days compared to the previous quarter [15][19] - Coastal marine revenues decreased by 6% year-over-year due to shipyard maintenance, but barge utilization remained strong in the mid to high 90% range [10][17] - Distribution and Services segment revenues decreased by 7% year-over-year, with power generation revenues down 23% due to supply delays, while commercial and industrial revenues grew by 12% year-over-year [20][22] Market Data and Key Metrics Changes - Barge utilization rates in inland marine were in the low to mid 90% range, while coastal marine utilization was in the mid to high 90% range [9][18] - Spot prices for inland marine increased in the low single digits sequentially and in the high single digits year-over-year, while term contract prices renewed with mid single-digit increases [9][15] - The company noted strong demand for power generation products, particularly from data centers, contributing to a healthy backlog despite supply delays [20][32] Company Strategy and Development Direction - The company aims to capitalize on strong market fundamentals and drive shareholder value creation through strategic acquisitions and stock repurchases [27][33] - Management indicated a focus on maintaining a balanced capital allocation approach, with capital expenditures expected to range between $280 million and $320 million for the year [26][27] - The company is optimistic about the marine market outlook, expecting revenues to grow in the mid to high single-digit range for inland marine and high single to low double-digit range for coastal marine [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of core businesses and favorable market conditions, despite potential macroeconomic uncertainties [28][33] - The company anticipates continued strength in market fundamentals for both segments, with inland revenues expected to grow and operating margins gradually improving [30][31] - Management highlighted the importance of managing working capital and supply constraints, while also noting the potential for revenue acceleration as backlogs convert into sales [41][42] Other Important Information - The company reported a net cash flow from operating activities of $36.5 million, impacted by a working capital build of approximately $122 million [24] - The company used $101.5 million for stock repurchases at an average price just over $101, with continued repurchases in the second quarter [25][26] - The inland fleet is expected to end 2025 with a total of 1,117 barges, representing 24.8 million barrels of capacity [19] Q&A Session Summary Question: What is the outlook for acquisitions given the current market environment? - Management indicated that the environment is more constructive for acquisition opportunities, with a focus on consolidating marine acquisitions as a priority [39][40] Question: How are cost controls impacting margins in the Distribution and Services segment? - Management noted that strong lean processes have been implemented, which should continue to improve margins, although there are mix issues affecting overall profitability [42][43] Question: What is the current state of inland barge utilization and pricing? - Management confirmed that inland barge utilization exited the first quarter in the mid-90s, with spot pricing up sequentially and term contracts showing increases [52][54] Question: How do tariffs and trade flows impact the business? - Management explained that while steel prices have increased due to tariffs, the overall impact is modestly positive, with potential benefits from onshoring and domestic manufacturing [70][72] Question: What is the outlook for coastal margins as shipyard days decline? - Management expects coastal margins to improve as shipyard maintenance concludes, with a significant increase in revenue anticipated in subsequent quarters [88][89]