Financial Data and Key Metrics Changes - Q3 2025 marked record quarterly bookings of $6 billion, representing organic growth of 13% year-over-year [5] - Adjusted operating margin expanded by 170 basis points, with adjusted EPS growth of 15% [5][9] - Free cash flow remained robust, with expectations for 100% or greater free cash flow conversion in 2025 [15][16] Business Line Data and Key Metrics Changes - Commercial HVAC in the Americas achieved record bookings growth of 30% year-over-year, with applied bookings more than doubling [5][7] - Services business, constituting approximately one-third of total revenues, grew low double digits year-to-date, with a low teens compound annual growth rate since 2020 [6][19] - Residential bookings and revenues declined approximately 30% and 20% respectively, consistent with prior updates [8][12] Market Data and Key Metrics Changes - In EMEA, commercial HVAC bookings increased by high teens, while revenues grew by mid-single digits [8] - Asia Pacific saw commercial HVAC bookings up mid-30s, with revenues growing low teens, particularly strong in China [8] - Americas transport refrigeration bookings were up low teens, while revenues remained flat despite end markets declining over 25% [8] Company Strategy and Development Direction - The company focuses on sustainable, resilient infrastructure, leveraging innovation and expertise to drive performance and sustainability [4] - A balanced capital allocation strategy is in place, targeting reinvestment in core business, maintaining a strong balance sheet, and strategic M&A [15][16] - The company anticipates continued strong growth in commercial HVAC, particularly in high-growth verticals like data centers [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that the residential market slowdown is the most significant change impacting the outlook for 2025 [12] - The company expects a challenging first half of 2026 due to tough comparisons, followed by improvement in the second half [20] - Strong demand in commercial HVAC and a growing backlog position the company well for future growth [19] Other Important Information - The company has deployed or committed approximately $2.4 billion through its capital allocation strategy year-to-date, including $1.25 billion for share repurchases [16] - The Americas transport refrigeration market is expected to improve significantly in 2027, with growth projected to exceed 20% [17] Q&A Session Summary Question: About Americas margins and service margins improvement - Management expressed satisfaction with Americas margin performance, noting operating income margins were nearly 22%, up 120 basis points year-over-year, with opportunities for service margins to expand [23][24][25] Question: On applied bookings growth and market opportunities - Management acknowledged strong growth in applied bookings, particularly in data centers, and emphasized a robust pipeline of activity [27][28][29] Question: Future growth expectations in commercial HVAC - Management expects continued strong performance in commercial HVAC, with low double-digit revenue growth anticipated for the year [36][38] Question: Insights on residential market inventory and balance - Management is hopeful that residential inventory will rebalance by the end of the year, following a series of anomalies in 2025 [40][41] Question: Operating leverage guidance and cost control - Management indicated that strong volume growth in commercial HVAC and effective cost management are driving improved operating leverage [44][46][47] Question: Pricing contributions and discipline - Pricing for the quarter was slightly above 3%, with management confident in maintaining price discipline amid inventory destocking [49][50] Question: Data center project nature and lead times - Management noted a trend towards modular data centers, which reduces on-site labor, and emphasized strong demand and improved lead times for their products [89][92] Question: Institutional business visibility into 2026 - Management reported strong pipelines across verticals, particularly in healthcare and education, with no signs of slowdown in institutional business [108][110]

Industry Overview - Singapore's REITs are showing divergent performance across different sectors, with each facing unique opportunities and risks [1] - The latest earnings results provide insights for investors on portfolio positioning amid current property trends and a rate-cut cycle [1] CapitaLand Integrated Commercial Trust (CICT) - CICT reported a resilient third-quarter performance with net property income increasing by 1.6% YoY, driven by strong rental reversions of 7.8% in retail and 6.5% in office segments [2][3] - Retail segment benefited from a 24.8% increase in shopper traffic YTD [2] - Portfolio occupancy remains robust at 97.2%, with a weighted average lease to expiry (WALE) of 3.2 years [3] - Tenant sales YTD increased by 19.2% YoY [3] - Financing costs are declining, with an average cost of debt at 3.3%, and 74% of total borrowings are fixed-rate [4] - CICT issued a S$300 million note with a low annual coupon rate of 2.25%, indicating a strong credit profile [4] - Management anticipates steady growth in distributable income, supported by new asset contributions and enhancement initiatives [5] Mapletree Logistics Trust (MLT) - MLT reported mixed earnings for 2QFY25/26, with net property income declining by 3.3% YoY to S$153.3 million due to foreign exchange impacts and divestments [6] - Distribution per unit (DPU) decreased by 10.5% YoY to S$0.0185 per share [6] - Occupancy rate improved to 96.1%, with a positive rental reversion of 0.6% for the overall portfolio [7] - DPU from operations stabilized at S$0.01815, up 0.2% quarter-on-quarter but down 4.8% YoY [8] - MLT maintains a stable WALE of 2.7 years and an aggregate leverage ratio of 41.1% [8] - The REIT has hedged 75% of its distributable income for the next 12 months in SGD [8] - Management focuses on steady rental income and healthy occupancy rates while adjusting the portfolio for shareholder value [9] Keppel Infrastructure Trust - Keppel reported strong financials for 9M2025, with distributable income soaring by 59.2% YoY to S$168.9 million, excluding divestment gains [10] - The Distribution and Storage segment saw funds from operations (FFO) rise by 29% to S$66.4 million, driven by a 60% increase in its Ixom business [11] - Other segments, such as Energy Transition and Environmental Services, faced declines in FFO, with Energy Transition down 12% YoY and Environmental Services down 36.5% YoY [11][12] - Keppel remains lowly leveraged with a net gearing of 38% and a solid interest coverage ratio (ICR) of 13.1 times [12] - Management plans to leverage sustainable infrastructure themes and has S$301 million for redeployment, with S$119 million earmarked for a proposed acquisition [13]

Core Insights - Argo Graphene Solutions Corp. has successfully completed its first graphene-infused concrete test pour in Bristol, Tennessee, marking a significant step in the application of graphene technology in construction [1][5] - The company is now conducting a second pour, which will cover 15 cubic meters across two larger slabs, aimed at showcasing the full potential of its proprietary graphene formula [2][5] Group 1: Project Details - The initial pour involved three slabs totaling 12.5 cubic meters, while the second pour will consist of two larger slabs measuring 25 feet by 40 feet and 20 feet by 35 feet [2] - The graphene-infused concrete is expected to provide substantial benefits, including up to 30% greater compressive strength, 30% greater tensile strength, 29% improved flexural strength, and reduced porosity for enhanced crack resistance [3] Group 2: Testing and Validation - Comprehensive compressive strength testing will be conducted on cylinder samples from both pours at intervals of Days 7, 14, 21, 28, and 56, following ASTM C39 standards [4] - Early feedback from the first pour indicates notable improvements in tensile strength and workability, with complete results anticipated soon [4] Group 3: Company Vision and Mission - The company aims to transform graphene-enhanced concrete from an innovative concept to an industry standard, focusing on building stronger and more sustainable infrastructure globally [5] - Argo Graphene Solutions Corp. is dedicated to developing sustainable high-performance solutions for the construction and agricultural industries, leveraging cutting-edge graphene technologies [5]

Core Insights - Safe and Green Development Corporation has announced the delivery and deployment of new industrial processing equipment to enhance its operations in Southwest Florida, specifically targeting engineered soils, composting, and green-waste recycling [1][3][4] Equipment Details - The new equipment includes the Komptech Crambo Mobile shredder, which is designed for processing large volumes of organic and woody materials, and the Diamond Z DZH6000 Series grinder, which enhances grinding capacity for wood waste and green debris [2][3] Operational Impact - The newly deployed equipment is expected to improve production capacity, reduce processing times, and enhance overall site efficiency, thereby meeting the growing demand for the company's engineered soil and compost products [3][4] Strategic Alignment - The expansion of processing capabilities aligns with the company's focus on scalable, revenue-generating infrastructure, allowing for greater material processing efficiency and broader product distribution across its composting and recycling network [4] Company Overview - Safe and Green Development Corporation, formed in 2021, focuses on real estate development and environmental solutions, including the operation of an 80+ acre organics processing facility in Florida, which processes source-separated green waste and is expanding into sustainable potting media production [5]

Core Insights - VinGroup Corporation has established a new subsidiary, VinMetal Joint Stock Company, focused on steel production for construction, transportation infrastructure, and automotive sectors with an initial investment of VND 10 trillion (US$ 380 million) [1][4] Group 1: Company Overview - VinMetal plans to build a high-tech steel production complex in Vũng Áng, with an initial production capacity of 5 million tons of steel per year [2] - The company will produce hot-rolled, high-strength steels, specialized steel alloys, sheet steel, and stamped steel body parts for the automotive industry [2] Group 2: Strategic Focus - Initially, VinMetal will supply in-house companies such as Vinhomes and VinFast, with plans to expand to external customers and export markets [3] - The long-term goal is to establish a leading green steel production operation by adopting carbon-reducing technologies and utilizing renewable energy sources [3] Group 3: Leadership Vision - VinGroup's vice chairman and CEO emphasized that VinMetal represents a strategic preparation for a modern, green, and sustainable infrastructure future for Vietnam, aiming to develop foundational industries for national growth [4]

Core Insights - Sol Spaces, a portfolio company of Visionstate Corp., is experiencing significant growth by addressing the increasing demand for local food security and sustainable housing solutions [1][2][7] Group 1: Greenhouse Technology - In 2025, Sol Spaces achieved its best year to date, completing more greenhouse projects than ever and shipping its first greenhouse kit, which expands its addressable market across North America [2] - The greenhouses feature advanced technology such as solar-powered venting systems and energy-efficient heat recapturing systems, enhancing climate resiliency and reducing reliance on external energy sources [3][8] - New community greenhouse projects, including collaborations with the University of Alberta, are being developed to promote sustainable growing practices [3][5] Group 2: Housing Opportunities - Sol Spaces is exploring the use of modern backyard studios as rentable dwellings, aligning with the Government of Canada's national housing plan aimed at increasing affordable housing supply [4][9] - The company is positioned to expand beyond sustainable food production into affordable housing infrastructure, creating multiple growth avenues [6][9] - Sol Spaces' initiatives in both food security and affordable housing are seen as scalable solutions that can have a lasting impact [7][9] Group 3: Strategic Positioning - Visionstate Corp. owns 40% of Sol Spaces Inc. through convertible debentures, positioning itself for value creation in two high-demand markets: climate-resilient food security solutions and affordable housing [7][10] - The combination of intelligent design and climate-resilient technology differentiates Sol Spaces in the market, allowing it to address critical societal challenges [3][8]

Core Insights - Shimmick Corporation has secured approximately $78 million in new contracts for two significant infrastructure projects, the Santa Monica Pier Bridge Replacement and the Renton Transit Center, showcasing its expertise and growth on the West Coast [1][2]. Project Summaries - The Santa Monica Pier Bridge Replacement Project is valued at $29.6 million and involves replacing the 85-year-old Colorado Avenue Bridge, which is the sole access point to the Santa Monica Pier. The project includes constructing a new bridge, demolishing the old one, enhancing pedestrian access, and restoring the historic Santa Monica Pier Arched Neon Sign. The work is set to begin in Q4 2025 and is expected to be completed before the 2028 Los Angeles Summer Olympics [3]. - The Renton Transit Center Project, valued at $48.2 million, focuses on constructing a modern transit center in Renton, Washington. This project will feature a new bus bay island with eight active bays, a Battery Electric Bus (BEB) equipment yard, and roadway improvements to establish a dedicated bus-only lane. This initiative aims to enhance commuter mobility, reduce congestion, and support long-term sustainability goals for Sound Transit [4]. Company Overview - Shimmick Corporation is a leader in providing turnkey infrastructure solutions across various sectors, including water, energy, climate resiliency, and sustainable transportation. The company combines technical excellence with collaborative project delivery to offer innovative, technology-driven solutions that foster economic growth and empower communities [5].

Core Insights - Tellus Power Globe Holding Limited hosted UAE's Deputy Minister of Energy and Infrastructure, Sharif Al Olama, showcasing UAE's commitment to international cooperation in energy efficiency and sustainable infrastructure [1][2] - The visit highlighted the progress of a joint venture established in the UAE involving Tellus Power, BinHendi Holding, and Sing Family Enterprise Group, aimed at creating one of the first electric vehicle charging equipment manufacturing plants in the Middle East [2] Company Overview - Tellus Power is a global manufacturer of electric vehicle charging equipment, focused on providing investment-oriented charging infrastructure designed for long-term profitability and operational efficiency [6] - The company aims to support the widespread adoption of electric vehicles through advanced and reliable charging infrastructure [6] Industry Developments - The collaboration with UAE stakeholders is expected to accelerate the transition to a cleaner, smarter, and more interconnected transportation ecosystem [2] - The UAE's strong support for sustainable solutions underscores its determination to become a global hub for advanced energy and infrastructure technologies [2]

Earnings Presentation First Quarter 2025 May 2025 Delivering Sustainable Infrastructure Solutions Disclaimer This presentation is being delivered on behalf of Shimmick Corporation (the "Company"). The sole purpose of this presentation is to provide information in connection with a review of the Company's operations and/or financial status. This presentation does not purport to be all-inclusive or to contain all of the information that prospective investors may desire in reviewing the Company. Other than sta ...

Core Insights - Wang & Lee Group, Inc. has successfully installed Hong Kong's first smart flooring system that converts kinetic energy from footsteps into usable electricity, marking a significant advancement in sustainable urban infrastructure [1][2][3] - The project, developed in collaboration with City University of Hong Kong, utilizes piezoelectric and electromagnetic technologies to harness energy from pedestrian movement, which is stored in batteries for low-voltage applications [2][3] - The CEO of Wang & Lee Group emphasized the project's alignment with global climate change efforts and the potential for redefining urban sustainability through smart city technologies [3] Company Initiatives - The smart flooring system has been installed in a high-traffic area at the Hang Seng Bank Headquarters in Central, Hong Kong, showcasing the practical application of innovative energy solutions [2] - Wang & Lee Group plans to expand the deployment of similar systems in various public spaces and commercial complexes across Hong Kong, indicating a strategic growth direction [4] - The company is also focusing on R&D for complementary technologies, such as solar-integrated pavements and AI-driven energy management systems, to create comprehensive renewable energy ecosystems [4][5] Strategic Partnerships - The initiative is a result of a strategic partnership between Wang & Lee Group and CityU's School of Energy and Environment, combining engineering expertise with research capabilities to overcome technical challenges [3] - The company is actively seeking partnerships and pilot projects globally to enhance sustainable infrastructure solutions [5]