FOURTH QUARTER 2025 EARNINGS CALL February 26, 2026 1 SAFE HARBOR STATEMENTS Forward-Looking Statements Certain information set forth in this presentation, other than historical statements, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company's business, and management's beliefs about future operations, results, and financial positi ...

2026年1月金融数据整体符合并略超市场预期，呈现总量稳健、结构优化、资金活跃度提升的特征，主 要受适度宽松货币政策发力、年初信贷集中投放、财政支出靠前发力及春节错位因素带动。 据人民银行，2月13日，人民银行发布的统计数据显示，2026年1月份社会融资规模增量为7.22万亿元， 比上年同期多1662亿元。2026年1月末社会融资规模存量为449.11万亿元，同比增长8.2%。M2-M1剪刀 差为4.1个百分点，较2025年12月进一步收窄。 信贷方面，1月人民币贷款增加4.71万亿元，企业中长期贷款增加3.18万亿元，占比显著提升，显示实体 融资需求回暖，政策支持下制造业、基建等领域信贷投放力度加大，住户贷款平稳增长，居民消费与购 房需求逐步修复。 社融方面，增量7.22万亿元创同期新高，同比多增1662亿元，主要由政府债券、企业债券及未贴现票据 共同支撑，社融存量增速8.2%，宽信用政策效果持续显现，对实体经济支持力度稳定。 具体到A股市场，1月金融数据有助于提振市场风险偏好，相对利好金融、周期、成长等多个方向。银 行、券商板块受益于信贷回暖与息差企稳；基建、制造、科技成长板块受益于流动性充裕与企业盈利预 ...

Core Insights - Valmont Industries, Inc. (VMI) reported fourth-quarter 2025 adjusted earnings of $4.92 per share, a 28.1% increase from $3.84 in the same quarter last year, but missed the Zacks Consensus Estimate of $4.95 [1] - The company's revenues for the fourth quarter were $1,038.3 million, reflecting a 0.1% year-over-year increase, yet fell short of the Zacks Consensus Estimate of $1,046.9 million [1] Segment Review - Fourth-quarter revenues in the infrastructure segment increased by 7.2% year over year to $819 million, missing the estimate of $825.8 million, driven by strong utility sales growth and steady sales in other North America infrastructure products [2] - Utility sales rose by 21%, supported by favorable pricing and higher volumes, although a significant decline in solar sales and softness in the Asia-Pacific market offset this growth [3] - Agriculture revenues decreased by 19.9% year over year to $222.7 million, but outperformed the estimate of $213.6 million, primarily due to softer demand for irrigation equipment and ongoing macroeconomic challenges [4] Financials - The company ended the quarter with cash and cash equivalents of $187.1 million, and cash provided by operating activities was $456.5 million, down approximately 20% year over year [5] - VMI returned $85.6 million to shareholders through dividends and share repurchases during the quarter and invested $40.8 million in capital expenditures for growth initiatives [5] 2026 Outlook - VMI provided guidance for full-year 2026, anticipating net sales of approximately $4.2-$4.4 billion, with infrastructure-segment revenues of about $3.25-$3.4 billion and agriculture-segment revenues of around $0.95-$1 billion [6] - The earnings per share outlook is set in the range of $20.5 to $23.50, with capital expenditures expected to be between $170-$200 million and an effective tax rate of approximately 26% [6] Stock Performance - VMI shares have increased by 20.8% over the past year, compared to the industry's growth of 25.0% [7]

Core Viewpoint - The article compares two popular Closed-End Funds (CEFs) that invest in utilities: Cohen & Steers Infrastructure Fund Inc (UTF) and abrdn Global Infrastructure Income Fund [1] Group 1: Fund Comparison - Cohen & Steers Infrastructure Fund Inc (UTF) is highlighted as a strong investment option in the utilities sector [1] - abrdn Global Infrastructure Income Fund is also discussed, providing a comparative analysis with UTF [1] Group 2: Investment Strategy - The analysis aims to provide actionable investment ideas to build a balanced portfolio of U.S. securities [1] - The approach combines macro-economic analysis with real-world trading experience to identify profitable and undervalued investment opportunities [1]

Core Insights - Nuance Investments, LLC increased its holdings in Lindsay Corporation by 133,190 shares during Q4 2025, with an estimated transaction value of $16.03 million [1] - The total position in Lindsay Corporation reached 178,571 shares, with a valuation change of $14.67 million due to trading activity and price movement [1] Company Overview - Lindsay Corporation is a leading provider of irrigation and infrastructure solutions, with a market capitalization of $1.43 billion and annual revenue of $665.90 million [5] - The company focuses on addressing critical needs in global agriculture and roadway safety through its diversified portfolio, which includes advanced irrigation technology and highway infrastructure products [5] Financial Metrics - As of February 10, 2026, shares of Lindsay Corporation were priced at $134.89, reflecting a 5.23% increase over the past year, although underperforming the S&P 500 by 9 percentage points [3] - The company's net income for the trailing twelve months (TTM) is $73.41 million [4] Investment Implications - After eight consecutive quarters of selling Lindsay stock, Nuance Investments reversed its strategy by significantly increasing its holdings, potentially capitalizing on a stock price drop of over 25% in Q4 [8]

PERFORMANCE UPDATE 2025 Full Year Highlights We generated $1.6 billion ($0.67/share) of Distributable Earnings ("DE") during the quarter and $6.0 billion ($2.54/share) for the year. Record Deployable Capital $6B 11% $188B Annual Growth in DE Before Realizations Distributable Earnings ("DE") DE before realizations were $1.5 billion ($0.63/share) for the quarter and $5.4 billion ($2.27/share) for the year, representing growth of 11% per share over the prior year. Asset Management Wealth Solutions Operating Bu ...

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Financial Data and Key Metrics Changes - The company reported fee-related earnings per share of $1.08, total operating earnings per share of $1.42, and adjusted net income per share of $1.12, with adjusted net income per share excluding carried interest repayment obligation being $1.30 for Q4 [3] - Management fees for the quarter were $1.1 billion, up 24% year-over-year, driven by fundraising initiatives and deployment across the firm [3] - Total transaction and monitoring fees were $269 million in the quarter, while fee-related earnings were $972 million, reflecting a 15% year-over-year increase [4] Business Line Data and Key Metrics Changes - Insurance segment operating earnings in Q4 were $268 million, with total insurance economics for 2025 reaching $1.9 billion, up 15% for the year [4][6] - Strategic Holdings operating earnings were $44 million in Q4, more than doubling compared to 2024 [6] - Realized performance income within the asset management segment was $528 million, with total monetization activity exceeding $550 million [7] Market Data and Key Metrics Changes - The company raised $28 billion of new capital in Q4, bringing the full-year capital raise to $129 billion, the highest in its history [9] - The North America Private Equity Fund now has over $19 billion of committed capital, while the Global Infrastructure Fund has nearly $16 billion of commitments [10][11] - The K Series suite of products raised $4.5 billion in Q4 and over $16 billion in full year 2025, nearly double the amount raised in 2024 [12] Company Strategy and Development Direction - The company is focused on three growth engines: asset management, insurance, and strategic holdings, positioning itself well for long-term growth [15] - The acquisition of Arctos, valued at $1.4 billion, aims to create a new investing vertical called KKR Solutions, expected to reach $100+ billion of AUM [20][24] - The company emphasizes a collaborative culture to maximize business impact and attract top talent [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding fundraising and fee-related earnings targets for 2026, with a focus on maintaining a strong monetization pipeline [26] - The company noted that despite market volatility, it remains well-positioned due to its disciplined portfolio construction and deployment strategy [30] - Management highlighted the importance of long-term performance over chasing favorable conditions, indicating a strong outlook for the next several years [33] Other Important Information - The company plans to increase its annual dividend from $0.74 to $0.78 per share, marking the seventh consecutive year of dividend increases since its C-Corp conversion [13] - The company has $118 billion of dry powder available for future investments, indicating strong capital availability [18] Q&A Session Questions and Answers Question: How has the company reunderwritten its private portfolios for tariffs and AI? - Management indicated that they have minimal exposure to tariffs and have been proactive in addressing AI-related risks through careful portfolio construction and selling assets that posed threats [34][36][38] Question: Is the strong 2025 result a level to build off of, given the linear deployment model? - Management confirmed that 2025 was a record deployment year and expects to deploy more in the current year, highlighting broad-based deployment across strategies and geographies [42][48] Question: What are the expectations for management fee growth in 2026? - Management expressed confidence in exceeding the $450 million FRE target for 2026, supported by record capital raising and a strong trajectory for management fees [49][51]

Core Insights - Keppel Ltd. is a diversified company involved in offshore and marine, property, infrastructure, and investments, operating globally to provide solutions for sustainable urbanization [1] Financial Performance - For Q4 2025, Keppel reported an earnings per share (EPS) of $0.55, exceeding the estimated $0.41, indicating higher profitability per share than expected [2][6] - The company's revenue was approximately $2.6 billion, falling short of the estimated $2.8 billion, which may raise concerns about its ability to meet market expectations [2][6] Strategic Direction - The Q4 2025 earnings call provided insights into Keppel's financial results and strategic direction, serving as a key event for investors to understand the company's performance and challenges [3] Valuation Metrics - Keppel's price-to-earnings (P/E) ratio is approximately 53.19, suggesting that investors have high expectations for the company's future growth [4][6] - The price-to-sales ratio is about 6.51, indicating that the market values the company at over six times its annual sales [4] - The enterprise value to sales ratio stands at around 9.74, reflecting the company's total valuation relative to its sales [5] - The enterprise value to operating cash flow ratio is approximately 135.70, indicating a premium valuation compared to the cash flow generated from operations, suggesting expectations for significant future cash flow growth [5]

Core Insights - The U.S. infrastructure market is approaching a critical phase with trillions in potential infrastructure spending available through 2026 [1] Group 1: Investment Opportunities - The iShares U.S. Infrastructure ETF (IFRA) is highlighted as a potential investment vehicle for capturing opportunities in the infrastructure sector [1] - The focus is on identifying investments that offer strong potential risk-adjusted returns [1] Group 2: Analyst Perspective - The article aims to provide insights and reasoning to help investors understand the infrastructure market dynamics [1]