2025 Performance Webcast March 6, 2026 c P-78 First oil in December 2025, in the Búzios field Paleta Petrobras (cores principais e secundárias) — Disclaimer The presentation may contain forwardlooking statements about future events that are not based on historical facts and are not assurances of future results. Such forward- looking statements merely reflect the Company's current views and estimates of future economic circumstances, industry conditions, company performance and financial results. Such terms ...

Summary of Green Plains Conference Call Company Overview - **Company**: Green Plains (NasdaqGS: GPRE) - **Date**: February 26, 2026 - **New Management Team**: CEO Chris Osowski and CFO Anne Reese have recently joined, indicating a significant turnover in management [1][2] Key Industry Insights - **Ethanol Industry**: The ethanol sector is experiencing exciting opportunities, with Green Plains positioned for growth under the new management [6] - **Carbon Credits and 45Z**: The company expects to generate over $180 million in EBITDA from carbon credits this year, a significant increase from previous estimates [7][11] Core Points and Arguments - **Management Changes**: New directors and committees focused on risk management and strategic planning have been established [2] - **Operational Improvements**: New processing models and a sales and operations planning process have been implemented to enhance data-driven decision-making [3] - **Carbon Capture Projects**: The Advantage Nebraska project is operational, capturing carbon at high recovery rates, which has positively impacted financial projections [9] - **Efficiency Gains**: Improved operational efficiency and ethanol yields are critical for monetizing carbon credits [10] - **Future Projections**: The company is optimistic about increasing EBITDA from carbon credits, contingent on operational performance and energy input reductions [11][12] Regulatory and Legislative Context - **USDA Guidance**: The USDA is finalizing a calculator for farmer practices that could impact carbon intensity (CI) scores, which Green Plains is preparing to leverage [13][14] - **Legislative Challenges**: Proposed legislation regarding CO2 pipelines could significantly affect the Summit pipeline project, which is crucial for carbon capture initiatives [20] Market Dynamics - **Ethanol Margins**: Current crush margins are favorable due to record corn yields and strong domestic ethanol market performance [37] - **Export Opportunities**: The export market is growing, particularly to Canada and the EU, with expectations for continued demand [44] - **Global Supply Considerations**: Brazil's increasing ethanol production from sugarcane is a factor to monitor, as it could impact global supply dynamics [52] Strategic Focus - **Capital Allocation**: Green Plains aims to be a low-cost, low-carbon biofuel producer, focusing on maintaining high utilization rates and improving operational efficiency [79][80] - **Debt Management and Growth**: The company is considering options for debt repayment, shareholder returns, and potential M&A opportunities as it generates free cash flow [81] Additional Considerations - **Sustainable Aviation Fuel (SAF)**: The company is exploring opportunities in the SAF market, although current projects are on hold pending economic viability [62][63] - **E15 Legislation**: There is bipartisan support for year-round E15, but legislative hurdles remain, impacting market expansion [72][75] Conclusion Green Plains is navigating a transformative period with new leadership, focusing on operational excellence and capitalizing on carbon credit opportunities while addressing regulatory challenges and market dynamics in the ethanol industry. The company is well-positioned for future growth, contingent on effective execution of its strategic initiatives.

Core Insights - Bombardier has secured firm orders from Vista for 40 Challenger 3500 business aircraft, valued at US$1.18 billion based on 2026 list prices, with options for an additional 120 aircraft, potentially raising the total order value to US$4.72 billion if all options are exercised [2][4]. Group 1: Company Performance and Product Offering - The Challenger 3500 aircraft is recognized for its performance, reliability, and cabin comfort, making it a preferred choice in the super-midsize segment [3][4]. - The aircraft achieved a significant milestone by becoming the fastest-growing platform to reach 100 deliveries in its category in 2024, boasting a dispatch reliability rate exceeding 99.8% and the lowest direct operating costs [3][4]. Group 2: Customer Relationship and Market Confidence - The orders from Vista reflect strong market confidence in the Challenger 3500's capabilities and performance, highlighting Bombardier's commitment to customer satisfaction and long-term relationships [3][4]. - Vista's investment strategy focuses on building a reliable fleet for the next decade, emphasizing leadership and preparedness rather than reacting to short-term market cycles [3]. Group 3: Technological Innovations - The Challenger 3500 incorporates advanced technology and luxury features, including Bombardier's patented Nuage seat, voice-control capabilities, unmatched 4K entertainment, and first-in-class wireless chargers, positioning it as a leading-edge aircraft in its class [5].

Core Insights - HansJet members will remain exempt from the UK's upcoming 50% Air Passenger Duty (APD) increase due to the weight profile of their Pilatus PC-12 fleet [1][3][4] Group 1: Regulatory Changes - A new 50% APD increase will be implemented in April 2026 for private aircraft over 20 tonnes, with charges reaching £1,141 per passenger on long-haul routes [3][13] - From April 2027, the higher APD rate will extend to all aircraft weighing over 5.7 tonnes [3][13] - The Pilatus PC-12 has a maximum take-off weight of 4.7 tonnes, ensuring complete exemption for HansJet members from both phases of the tax increase [3][13] Group 2: Environmental Regulations - The EU's ReFuelEU Aviation mandate requires a minimum 2% Sustainable Aviation Fuel (SAF) blend for flights departing EU airports starting January 2025, increasing to 6% by 2030 [4][13] - Heavier jets will face increased taxes and elevated fuel compliance costs due to these regulations [4] Group 3: Operational Advantages - The PC-12's fuel efficiency allows it to burn approximately 50% of the fuel consumed by comparable light jets, resulting in lower SAF compliance costs for HansJet members [5][13] - The aircraft's short-field capability enables access to over 3,000 European runways, including smaller regional airports [5][12] Group 4: Market Trends - The European private aviation sector is experiencing steady growth, with leisure travel now comprising 45% of flights, up from 37% pre-pandemic [6] - Analysts expect the upcoming regulatory changes to drive interest in lighter, more fuel-efficient aircraft as operators assess long-term cost implications [6] Group 5: Membership Benefits - HansJet's membership program offers fixed hourly pricing, guaranteed availability, and no ownership burden, providing cost transparency in a changing regulatory landscape [7] - Members benefit from lower taxes, lower fuel costs, and lower emissions, enhancing the appeal of private aviation [8]

Core Viewpoint - Bombardier is set to release its financial results for the fourth quarter and full year of 2025 on February 12, 2026, with a live presentation by key executives [1][2]. Group 1: Financial Results Presentation - The financial results will be presented by Éric Martel, President and CEO, and Bart Demosky, Executive Vice President and CFO, followed by a Q&A session with analysts [2]. - The presentation is scheduled for February 12, 2026, at 8:00 a.m. ET, and will be available via a live webcast [2]. Group 2: Company Overview - Bombardier designs, builds, modifies, and maintains high-performance aircraft for various sectors, including businesses, governments, and militaries [3][4]. - The company operates a fleet of approximately 5,200 aircraft, supported by a global network and 10 service facilities across six countries [5]. - Bombardier's manufacturing facilities are located in Canada, the United States, and Mexico, and the company received the "Red Dot: Best of the Best" award in 2024 for its branding and communication design [5]. Group 3: Sustainability Initiatives - Bombardier is committed to pioneering the future of aviation by innovating for reliability, efficiency, and sustainability, including plans to utilize Sustainable Aviation Fuel (SAF) [4][6].

Core Viewpoint - Bombardier emphasizes its commitment to U.S. operations and the importance of resolving current issues to maintain air traffic stability and public safety [1][2]. Group 1: Company Operations - Bombardier employs over 3,000 people in the U.S. across 9 major facilities and supports thousands of U.S. jobs through 2,800 suppliers [1]. - The company is actively investing in expanding its U.S. operations, with a recent announcement in Fort Wayne, Indiana [1]. - Bombardier operates a fleet of more than 5,200 aircraft, supported by a global network of team members and 10 service facilities across six countries [5]. Group 2: Product and Innovation - Bombardier designs, builds, modifies, and maintains high-performance aircraft for various sectors, including private, civilian, government, and military [3]. - The company is committed to pioneering the future of aviation by innovating to enhance reliability, efficiency, and sustainability in flying [4]. - Bombardier's aircraft are manufactured in Canada, the U.S., and Mexico, and the company was awarded the "Red Dot: Best of the Best" award for Brands and Communication Design in 2024 [5]. Group 3: Sustainability Initiatives - Bombardier is focused on sustainability, with initiatives to cover all flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book-and-Claim system [6].

Core Insights - UMeWorld Limited is transitioning to industrial-scale commercialization of its enzymatic biorefining solutions for renewable fuels and functional nutrition through its Strategy 2026 initiative [1][2] Group 1: Biofuel Strategy - The company is focusing on scaling its biofuel platform in Malaysia to capture the Sustainable Aviation Fuel (SAF) market opportunity [2] - A planned enzymatic biofuel facility in Malaysia will have an annual capacity of 10,000 tonnes, utilizing local waste-based feedstock such as used cooking oil and palm oil mill effluent (POME) [3][9] - The facility is designed to meet the EU's ReFuelEU Aviation carbon-intensity requirements, positioning it for eligibility under EU sustainability frameworks [3][9] - UMeWorld's biofuel strategy aims to address the feedstock constraints that limit global SAF adoption [7] Group 2: Revenue and Market Expansion - The company is experiencing strong commercial momentum in the Asia-Pacific region, with projected January 2026 revenue exceeding USD $1.10 million, marking an eight-fold increase from initial revenue [4][17] - UMeWorld is pursuing market-entry initiatives in South Korea and Japan to support long-term growth in the region [4] Group 3: Functional Nutrition - UMeWorld is expanding its enzymatic processing capabilities into a high-margin B2B ingredient strategy, supplying clinically validated diacylglycerol (DAG) oils to global food manufacturers [5] - The DAGola™ brand serves as a proof-of-concept for the company's enzymatic processing platform, demonstrating its ability to execute localized production and distribution strategies [11] Group 4: Corporate Governance and Capital Markets - The company is preparing for a potential uplisting to the NYSE American or Nasdaq, aiming to attract institutional capital focused on ESG and energy transition [6][15] - UMeWorld completed a statutory merger in October 2025, establishing a Delaware corporation as the surviving legal entity to support its U.S. reporting framework [12] Group 5: Operational Strategy - UMeWorld has engaged an international biofuel engineering group to assist with the detailed design and project management of the Malaysia facility, aiming to validate its enzymatic process at an industrial scale [8][10] - The company is also identifying a qualified general contractor for the construction of the pilot facility, focusing on site selection based on feedstock availability and logistics [9]

Rayonier Advanced Materials (NYSE:RYAM) FY Conference Summary Company Overview - Rayonier Advanced Materials has been in operation for nearly a century, specializing in natural cellulose fibers used globally in various products [2][3] - The company operates four facilities located in Florida, Georgia, France, and Canada [2] Business Segments - The company operates in five segments: 1. **Cellulose Specialties**: Core business segment 2. **Cellulose Commodities**: Includes fluff used in baby diapers and personal hygiene products 3. **Biomaterials**: Future growth area focusing on energy, ethanol, and lignin [3][6] 4. **Non-core Paperboard**: Includes packaging products like lottery tickets and gum wrappers 5. **High Yield Pulp**: Facing challenges this year, particularly in printing and writing [6][7] Financial Performance and Guidance - Initial guidance for the year was $215-$235 million, but current guidance has been revised to $135-$140 million due to various challenges [9] - The company aims for a baseline EBITDA of $195 million, with a target to double EBITDA to $315 million by the end of 2027 [11][12] - Price increases in cellulose specialties are expected to grow at 4%-6% annually, with potential for higher increases in 2026 [12][13] Market Dynamics - The cellulose specialties market is dominated by three players holding about 80% market share, operating at 90% utilization [12][14] - No new capacity is expected in the market until at least 2029, supporting pricing power [14] Tariffs and Currency Impact - The company has seen a shift in tariffs, with zero tariffs on sales to China and Europe, and a 10% tariff on fluff sales to China [10][11] - The strengthening U.S. dollar is expected to provide a competitive advantage [11] Biomaterials Growth Opportunities - The company is focusing on leveraging existing assets to develop new products, including: - A bioethanol plant in France expected to generate $8-$10 million annually [17] - A biomass facility in Georgia projected to generate $100 million of EBITDA [18] - Additional projects in prebiotics and crude tall oil with minimal capital investment [20][19] Balance Sheet and Debt Management - The company maintains adequate liquidity with $140 million globally, despite a challenging year [23] - A target of reducing net leverage to 2-2.5 times is set, with plans to refinance high-cost debt [24][26] - The company aims to generate over $140 million of free cash flow annually, prioritizing debt reduction and reinvestment [27] Future Outlook - The company believes that short-term challenges are behind them, with a positive outlook for core cellulose specialties and biomaterials growth [28] - Current trading multiples suggest a compelling investment opportunity, with potential for significant stock price appreciation [28][29] Conclusion - Rayonier Advanced Materials is positioned for growth with a focus on cellulose specialties and biomaterials, while managing financial challenges and leveraging market dynamics to enhance profitability and shareholder value [28][30]

Core Insights - Emirates Airlines has signed an agreement with GE Aerospace for 130 GE9X engines to power 65 additional Boeing 777-9 aircraft, increasing its total GE9X orders to over 540 engines, including spare engines and a long-term services agreement [1][6] - This agreement reinforces the 40-year partnership between Emirates and GE Aerospace, highlighting Emirates' status as the world's largest Boeing 777 operator and its commitment to the Boeing 777-9 program valued at approximately US$ 38 billion [2][3] Company Developments - The GE9X engine is recognized as the world's most powerful and fuel-efficient commercial aircraft engine, offering 10% better specific fuel consumption compared to its predecessor, the GE90-115B, and is designed to operate on approved Sustainable Aviation Fuel (SAF) blends [3][4] - GE Aerospace has a significant operational presence in the UAE, with over 240 employees and various facilities, including an On Wing Support Center and a new $50 million investment in support infrastructure [4] Market Position - With this latest order, Emirates becomes the largest customer for GE9X engines globally, reflecting the airline's confidence in GE Aerospace's technology and services [6] - The partnership between Emirates and GE Aerospace is positioned to advance the future of flight, emphasizing the importance of innovation and efficiency in the aerospace sector [3][4]

Core Insights - Calumet, Inc. reported strong financial results for Q3 2025, with a net income of $313.4 million, compared to a net loss of $100.6 million in Q3 2024, reflecting a significant turnaround in profitability [3][25] - The company achieved an Adjusted EBITDA with Tax Attributes of $92.5 million for Q3 2025, up from $59.8 million in the same quarter last year, indicating improved operational efficiency [3][30] - Year-to-date, Calumet has reduced operating costs by $61 million compared to the previous year, showcasing effective cost management strategies [3][2] Financial Performance - Q3 2025 net income was $313.4 million, or $3.61 per share, compared to a loss of $100.6 million, or $(1.18) per share, in Q3 2024 [3][25] - Adjusted EBITDA for Q3 2025 was $69.6 million, up from $59.8 million in Q3 2024, while Adjusted EBITDA with Tax Attributes reached $92.5 million, compared to $59.8 million in the prior year [3][30] - The company reported a gross profit of $373.7 million for Q3 2025, significantly higher than the $4.9 million reported in Q3 2024 [25] Segment Performance - The Specialty Products and Solutions (SPS) segment achieved an Adjusted EBITDA of $80.2 million in Q3 2025, compared to $50.7 million in Q3 2024, driven by strong specialty product sales and fixed cost reductions [2][3] - The Performance Brands (PB) segment reported Adjusted EBITDA of $13.2 million in Q3 2025, slightly down from $13.6 million in Q3 2024, with strong margins particularly in the TruFuel® brand [3][2] - The Montana/Renewables (MR) segment reported Adjusted EBITDA with Tax Attributes of $17.1 million in Q3 2025, up from $14.6 million in the prior year, benefiting from operating cost reductions and strong fuels and asphalt results [2][3] Strategic Initiatives - Calumet is on track to expand its Montana Renewables facility, aiming to increase sustainable aviation fuel (SAF) production significantly by the second quarter of 2026, with approximately 100 million gallons of SAF already contracted or in final review [3][2] - The company is focused on enhancing its SAF marketing program, expecting to complete contracting at strong premiums ahead of the expansion [3][2] Restatement of Financial Results - Calumet announced a restatement of its unaudited interim consolidated financial statements for the periods ended March 31, 2025, and June 30, 2025, due to misclassification in cash flow statements, resulting in an upward adjustment of approximately $80 million to operating cash flows [2][3]