Solaris Energy Infrastructure, Inc. Q4 and Full Year 2025 Earnings Supplement February 24, 2026 Solaris Energy Infrastructure Solaris Energy Infrastructure Recent Updates and Q4 2025 Highlights Strong Q4 2025 Results Reported Q4 2025 performance with Adjusted EBITDA (1) of approximately $69 million New Guidance Raised Q1 2026 guidance for Adjusted EBITDA (2) slightly to $72-77 million from $70-75 million previously; Established Q2 2026 Adjusted EBITDA (2) guidance of $76-84 million Strengthened Balance Shee ...

Corporate Overview Q4 & FY 2025 Hut 8 Disclaimer Cautionary Note Regarding Forward-Looking Information This presentation includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward looking information"). All information, other than statements of historical facts, included in this presentation that address activities, events or developments Hut 8 Corp. ("Hut 8" or the "Company") ...

2025 Results and 2026 Guidance February 2026 Forward-Looking Statements Statements contained in this presentation regarding company expectations, outlooks, targets, predictions and other similar statements should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislation and other applicable laws. See a discussion of the factors that could affect such forward- looking statements at the end of this presentation. This presentation con ...

Core Insights - SECURE Energy Services plans to increase its dividend by 5% to CAD 0.42 per share starting in Q2 2026 and will continue share buybacks [1] - The company ended 2025 with a total debt to adjusted EBITDA ratio of 2.1x, or 1.8x excluding leases, and refinanced part of its debt with CAD 300 million of senior unsecured notes due in 2032 [2] - SECURE returned CAD 373 million to shareholders in 2025 through dividends and share buybacks, repurchasing nearly 19 million shares at an average price below CAD 15, representing about 8% of shares outstanding [3] Financial Performance - For 2025, SECURE reported funds flow from operations of CAD 378 million and discretionary free cash flow of CAD 273 million, with a year-over-year decline in discretionary free cash flow primarily due to higher interest expenses and cash taxes [4] - Full-year adjusted EBITDA rose 5% year-over-year to CAD 501 million, supported by infrastructure-backed earnings and pricing discipline [5] - The company achieved higher fourth-quarter profitability and modest full-year growth in 2025 despite weaker commodity prices [6] Growth and Capital Plans - SECURE invested CAD 138 million in organic growth capital in 2025, exceeding its original plan of CAD 75 million, focusing on produced water infrastructure, industrial waste processing, and metal recycling optimization [7] - The company commissioned its first two fully contracted produced water disposal facilities in the Montney, with one facility operational in Q4 2025 and the second expected to be online in March 2026 [8] - For 2026, SECURE plans to allocate CAD 75 million for organic growth projects, with potential increases as projects are sanctioned [9] Operational Metrics - In 2025, SECURE processed approximately 95,000 barrels per day of produced water, 38,000 barrels per day of liquid waste, and disposed of about 3.2 million tons of solid waste [10] - The energy infrastructure segment handled over 133,000 barrels per day of crude oil across 13 terminals and three gathering pipelines, with modest increases in pipeline and terminal volumes [11][12] - Weaker oil prices impacted exploration-linked service lines, leading to a decline in waste processing and oil recovery volumes [13] Metal Recycling and Pricing - The metal recycling segment faced challenges in 2025 due to a 50% U.S. tariff on finished steel, which reduced Canadian domestic demand [14] - SECURE repositioned over 90% of scrap volumes into U.S. markets, with an estimated EBITDA impact of 10% to 15% in 2025 [14] - The company was selective in pricing discussions, with no immediate plans for additional pricing actions [15] Accounting and Future Outlook - A voluntary accounting policy change was made regarding the presentation of oil purchase and resale activities, with no impact on net income or adjusted EBITDA [16] - For 2026, SECURE provided adjusted EBITDA guidance of CAD 520 million to CAD 550 million, with expectations for improvement later in the year [17] - The specialty chemicals business performed well in production chemistry related to paraffins and wax removal, and a potential CAD 100 million claim related to a lawsuit was disclosed [18]

These stocks have plenty of fuel to continue growing their dividends.The energy sector can be a great source of durable dividend income. Many companies have long histories of increasing their dividends. Meanwhile, energy demand, especially for clean energy, will continue to grow for decades to come. Clearway Energy (CWENA +1.38%)(CWEN +0.96%), Chevron (CVX +0.49%), and Kinder Morgan (KMI 0.08%) currently offer attractive dividends that should continue growing in the decades ahead. That makes them great ener ...

Core Insights - The Williams Companies, Inc. (NYSE:WMB) is recognized as one of the best all-time high stocks to buy according to Wall Street [1] - Jefferies and UBS have both raised their price targets for Williams, indicating strong market confidence in the company's growth potential [1][2] Financial Performance - Williams reported Q4 adjusted EPS of $0.55, slightly below the consensus estimate of $0.57 [4] - The company achieved a record adjusted EBITDA of $7.75 billion in 2025, reflecting a five-year adjusted EBITDA CAGR of 9% and a five-year EPS CAGR of 14% [4][5] - For 2026, the adjusted EBITDA guidance is set at $8.2 billion at the midpoint, supported by pipeline transmission and offshore projects [5] Growth Projections - Jefferies expects Williams to deliver a 12% to 13% EBITDA compound annual growth rate through FY30, with a sustainable EBITDA trajectory of over 10% beyond 2030 [1] - UBS highlighted a power generation backlog of approximately $7.3 billion, which is expected to generate about $1.4 billion in annual EBITDA by 2029 [2] Business Segments - The Williams Companies operates energy infrastructure assets in the United States through various segments, including Transmission & Gulf of America, Northeast G&P, West, and Gas & NGL Marketing Services [6]

Core Viewpoint - Middlefield Limited announces a 7.1% increase in the monthly distribution rate for Class A shares of Infrastructure Dividend Split Corp., raising it from $0.14 to $0.15 per share, supported by ongoing dividend growth from the portfolio [1]. Group 1: Distribution Details - The record date for the new distribution rate is February 28, 2026, and the payable date is March 13, 2026 [2]. - The new distribution per equity share is set at $0.15 [2]. Group 2: Company Overview - Infrastructure Dividend Split Corp. is designed to provide investors with a diversified portfolio of 20 to 25 dividend-paying issuers in the infrastructure sector, including utilities, energy, renewables, transportation, digital infrastructure, and real estate [2]. - Middlefield, founded in 1979, is an income-focused asset manager with a disciplined investment process aimed at identifying attractive opportunities while managing risks [4]. - The company offers a range of investment solutions, including Exchange-Traded Funds, Mutual Funds, Split Share Corporations, Closed-End Funds, and Flow-through LPs, focusing on diversification across various market sectors [4].

Core Insights - GE Vernova Inc. (NYSE:GEV) is recognized as one of billionaire Stanley Druckenmiller's top stock picks, with Baird upgrading its rating to Outperform, indicating strong positioning to benefit from a growing energy-infrastructure cycle [1] - Analyst Ben Kallo suggests that previous concerns regarding industry overcapacity are unlikely to materialize in the near- to intermediate-term, based on recent assessments from various industry sources [3] - Baird forecasts that GE Vernova's adjusted EBITDA margins will increase to 13.2% by full-year 2026 and eventually reach 20% to 21% by 2030, highlighting the company's growth potential [4] Company Overview - GE Vernova Inc. is an energy company that offers products and services for generating, transmitting, orchestrating, converting, and storing electricity across multiple regions, including the US, Europe, Asia, the Middle East, and Africa [5] - The company has a significant backlog, ending 2025 with 83 GW of gas turbine capacity contracted, with about half in firm orders and the other half in slot-reservation contracts [4]

Core Insights - Cushing Asset Management sold 960,000 shares of Hess Midstream for an estimated value of $32.28 million in Q4 2025, resulting in a decrease in the position's value by $33.24 million due to trading and stock price movements [1][2] Company Overview - Hess Midstream is a leading energy infrastructure company that specializes in the ownership and operation of critical midstream assets across the oil and gas value chain [4] - The company operates pipelines, gas processing plants, storage facilities, and export terminals, primarily generating revenue through fee-based contracts supported by long-term agreements with producers [7][8] - As of January 26, 2026, Hess Midstream's market capitalization is $7.88 billion, with a revenue of $1.62 billion and a dividend yield of 7.94% [3] Financial Performance - The share price of Hess Midstream as of January 26, 2026, is $35.13, reflecting a one-year decline of approximately 5.7%, underperforming the S&P 500 by 22.10 percentage points [2] - The fund's stake in Hess Midstream has been reduced to approximately 2.69% of its reportable assets under management as of December 31, 2025 [2] Investment Implications - Hess Midstream is recognized for its ability to generate steady income in the energy sector, relying on stable throughput and disciplined balance sheet management to convert pipeline volumes into consistent cash distributions [6][8]

Core Viewpoint - Kayne Anderson Energy Infrastructure Fund, Inc. has renewed its unsecured revolving credit facility, maintaining a commitment of $175 million and extending the maturity to February 18, 2027, replacing the previous facility set to mature on February 19, 2026 [1] Group 1: Credit Facility Details - The renewed Credit Facility has an interest rate based on SOFR plus a spread of 1.30% to 2.15%, depending on the Company's asset coverage ratios, with current borrowings at SOFR plus 1.30% [2] - The Company pays a commitment fee of 0.20% per annum on any unused portion of the Credit Facility [2] - As of February 19, 2026, the Company had $58 million outstanding under the Credit Facility [2] Group 2: Company Overview - Kayne Anderson Energy Infrastructure Fund, Inc. is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, with its common stock traded on the NYSE [4] - The Company's investment objective is to provide a high after-tax total return, focusing on cash distributions to stockholders, by investing at least 80% of its total assets in securities of Energy Infrastructure Companies [4]