Value Driver Pillars Deliver Differentiated Value For Shareholders Fourth Quarter and Fiscal Year 2025 Results November 24, 2025 Cautionary Statement Information in this presentation contains forward-looking statements regarding future events and our future results within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, to the extent to which we will be successful winning content on the next generation of aircraft and en ...

Core Insights - Polen Capital's "Polen U.S. SMID Cap Growth Strategy" achieved a return of 14.8% gross and 14.4% net of fees in Q3 2025, outperforming the Russell 2500 Growth Index which returned 10.7% [1] Company Performance - Talen Energy Corporation (NASDAQ:TLN) is highlighted as a significant stock in the Polen U.S. SMID Cap Growth Strategy, with a one-month return of -10.11% and a 52-week gain of 74.82% [2] - As of November 21, 2025, Talen Energy Corporation's stock closed at $365.96 per share, with a market capitalization of $16.72 billion [2] - Talen Energy Corporation was one of the top contributors to the portfolio's relative performance in Q3 2025, alongside Bloom Energy and SoFi Technologies [3] Hedge Fund Interest - Talen Energy Corporation was held by 83 hedge fund portfolios at the end of Q2 2025, an increase from 80 in the previous quarter [4] - Despite its potential, Talen Energy Corporation is not considered among the 30 most popular stocks among hedge funds, with some analysts suggesting that certain AI stocks may offer better upside potential and lower downside risk [4]

GlobalData’s latest report, Indonesia Power Market Trends and Analysis by Capacity, Generation, Transmission, Distribution, Regulations, Key Players and Forecast to 2035, provides in-depth insights into the country’s evolving power landscape. The study analyses installed capacity (in gigawatts, GW), generation (in terawatt hours, TWh), technology mix and regulatory frameworks across the historical period 2020 to 2024 and the forecast period 2025 to 2035. It also evaluates market trends, investment opportun ...

Company Developments - Marico's digital brands have surpassed Rs 1,000 crore in annual recurring revenue, with expectations that food and premium personal care will contribute 25% of its India revenue [4] - Tata Power has signed agreements to acquire a 40% stake in a special purpose vehicle for Rs 1,572 crore to develop the 1,125 MW Dorjilung hydro power project in Bhutan, which will be the largest public-private partnership hydro project in the country [6] - Adani Green has established two new subsidiaries to enhance its renewable energy operations in Gujarat [7] - Tata Consultancy Services (TCS) faced an adverse judgment from the US Court of Appeals regarding a legal dispute with DXC Technology, confirming damages but sending the injunction back for reconsideration [8] - Kotak Mahindra Bank announced a stock split of one share into five to make shares more affordable and increase retail investor participation [9] - Tata Chemicals' board approved an investment of Rs 910 crore for expanding manufacturing capacities at its plants in Mithapur and Cuddalore, including Rs 135 crore for dense soda ash production at Mithapur [10] Market Insights - Traders are advised to focus on sectoral rotation, particularly in the auto and banking sectors, while maintaining a stock-specific and risk-managed approach [1][12] - The market experienced a decline of nearly 0.5% amid weak global cues, with analysts suggesting that a sustained move above 26,250 could lead to a target of 26,500 [11]

Company Overview - GE Vernova Inc. (NYSE:GEV) focuses on generating, transmitting, and storing electricity through various technologies, including gas, nuclear, hydro, and wind power [2] - The company also provides grid, solar, and storage systems, along with software for energy management and optimization [2] Recent Developments - GE Vernova's stock recently experienced a 7% increase, making it the second-best performer in the S&P 500 [1] - The company announced its first onshore wind power upgrade agreement outside the United States, contributing to its recent stock rally [1] Strategic Focus - GE Vernova is developing small modular nuclear reactors aimed at providing continuous clean energy without reliance on federal government support [1] - The company is positioned as a serious player in the nuclear sector, contrasting with more speculative stocks in the market [1]

Core Insights - NRG Energy is set to develop a 455-MW gas plant near Houston, supported by a low-interest loan from the state of Texas [1][2] - This project is part of the Texas Energy Fund program, which has now funded six projects exceeding 3.5 GW of new generation capacity [2][3] - The total project cost for the Greens Bayou plant is estimated at less than $617 million, with a loan agreement providing up to $370 million at a 3% interest rate [4] Project Details - The new gas plant will be constructed at NRG's existing Greens Bayou Generating Station in Harris County and is expected to be operational by 2028 [2] - NRG has received support from the Texas Energy Fund for three projects, totaling approximately 1.5 GW of capacity and up to $1.15 billion in low-interest loans [3] - The Public Utility Commission of Texas (PUCT) has also approved loans for other NRG projects, including a $216 million loan for two gas units totaling 456 MW at the TH Wharton Generating Station and a $562 million loan for a 721-MW gas plant near Baytown [4] Future Capacity - There are currently 11 additional applications under the Texas Energy Fund undergoing due diligence, representing a potential 5.4 GW of new capacity in the ERCOT market [5]

Core Insights - Peter Thiel sold his entire stake in Vistra Energy, indicating potential concerns about the stock's valuation [1][2] - Vistra Energy's nuclear plants produce approximately 6.6 gigawatts of power, which is significant amid the growing demand from data centers [1] - The company reported a decline in operating revenues to $4.97 billion in Q3, down from $6.3 billion a year earlier, attributed partly to a power plant outage [3] Company Overview - Vistra Energy is the largest competitive power generator in the U.S. with around 44,000 megawatts of capacity and serves 5 million retail customers [3] - The company is expanding its capacity by building two new natural gas power units totaling 860 MW and has secured a 20-year power supply agreement for 1,200 megawatts from its Comanche Peak Nuclear Power Plant [4] - In October, Vistra completed the acquisition of seven modern natural gas generation facilities with a total capacity of approximately 2,600 MW [5] Financial Performance - Vistra's adjusted EBITDA from ongoing operations increased to $1.58 billion in Q3, up from $1.44 billion in the same quarter of the previous year [3] - For the first nine months of the year, EBITDA from ongoing operations rose to $4.17 billion, compared to $3.66 billion during the same period in the previous year [3] - The stock is currently trading at a trailing price-earnings ratio of 40 times and a forward P/E ratio of 21 times [5] Industry Context - The pro-nuclear stance of the Trump administration and the increasing demand for carbon-free electricity from data centers may provide long-term profit opportunities for nuclear power producers like Vistra [2][6] - Recent legislation has expanded tax incentives for nuclear facilities, which could further benefit the sector [6]

Siemens Energy Capital Markets Day 2025 Summary Company Overview - **Company**: Siemens Energy - **Event**: Capital Markets Day 2025 - **Date**: November 20, 2025 - **Location**: Charlotte, North Carolina Key Industry Insights - **Energy Transition**: Siemens Energy aims to be a reliable partner in the energy transition, focusing on combining manufacturing, technical expertise, and large-scale industrial systems design [5][4] - **Electricity Demand Growth**: Electricity demand is expected to grow at a sustained rate, increasing by approximately 50% over the next decade and doubling by 2050, driven by population growth and electrification [19][20] - **Gas Market Stability**: The gas turbine market is projected to maintain elevated growth until 2035, indicating a continued need for gas in reliable electricity supply [21] - **Grid Infrastructure Investment**: The expansion and stabilization of grids are expected to fuel demand for grid technologies, with transmission networks anticipated to double by 2035 [22] Financial Performance Highlights - **Revenue Growth**: Siemens Energy reported a 15% revenue growth in the last fiscal year, with a backlog of EUR 138 billion [14][15] - **Profit Margins**: The profit margin before special items is expected to be between 14%-16% by 2028, with a commitment to operational excellence and disciplined execution [23][60] - **Free Cash Flow**: Projected free cash flow of EUR 20 billion from 2026 to 2028, reflecting a strong cash conversion rate [56] Strategic Initiatives - **Elevate Program**: A strategic program structured around three pillars: transforming the energy world, strengthening resilience, and improving operational processes [24][25] - **Capacity Expansion**: Siemens Energy plans to invest around EUR 6 billion in CapEx over the next three years to expand capacities, particularly in gas services and grid technologies [37][55] - **R&D Investment**: The company intends to maintain R&D spending above EUR 1 billion per year, focusing on grid technologies and gas services [28] Safety and Employee Engagement - **Safety Performance**: Achieved a 30% reduction in total injury rate over the last three years, with a strong emphasis on a zero-harm framework [8][9] - **Employee Engagement**: Over 90% of employees express pride in working for Siemens Energy, with plans to continue building the workforce through apprenticeships and learning opportunities [39] ESG Commitment - **Emission Reductions**: Siemens Energy has achieved a 55% reduction in Scope 1 and Scope 2 emissions since 2019, aiming for climate neutrality by 2030 [38] - **Workforce Development**: Commitment to developing a motivated workforce with significant investment in training and apprenticeships [39] Market Position and Future Outlook - **Market Leadership**: Siemens Energy is positioned at the center of the energy transformation, ready to capture growth opportunities in the electricity and electrification markets [20] - **Long-term Growth**: The company expects to continue its trajectory of profitable growth, with a focus on operational excellence and value creation for stakeholders [23][62] Conclusion Siemens Energy is strategically positioned to leverage growth in the energy sector, with a strong focus on operational excellence, safety, and sustainability. The company's commitment to expanding its capabilities and enhancing its market position is expected to drive significant value creation for shareholders in the coming years.

Core Insights - Northland Power Inc. announced a strategic update and 2030 outlook, focusing on growth priorities and key initiatives to enhance shareholder value [1][3] Strategic Highlights - The company is transitioning from three technology-based business units to two regional hubs: Americas and International, aiming to eliminate duplication and enhance operational efficiency [3] - Northland's strategy emphasizes safety, operational excellence, and disciplined capital allocation to achieve sustainable and profitable growth [3] - The strategic update outlines three key horizons: Deliver, Strengthen, and Grow, to ensure resilience and value creation for shareholders [3] Business Update - Northland acquired two late-stage battery energy storage projects in Poland, totaling 300 MW / 1.2 GWh, with a total estimated cost of €200 million [4] - The Nordsee One offshore wind farm signed a five-year Power Purchase Agreement (PPA) with Shell for approximately one-third of its production, starting in June 2027 [5] Financial Framework and Future Outlook - The company aims to double its gross operating capacity to 7 GW by 2030 and targets a minimum project return of 12% [7] - Northland is implementing a cost optimization program targeting over $50 million in annual savings by 2028 [7] - The company projects a 10% total shareholder return and a 6% Free Cash Flow per share compound annual growth rate, forecasting FCF/share to be between $1.55 and $1.75 by 2030 [7] Operational Capacity and Growth - Northland has over 2.2 GW of projects under construction and a pipeline of 2.7 GW in mid-to-late stage development [8] - The company plans to utilize non-recourse project-level financing as the primary funding source, supplemented by asset sell-downs and partner equity [9]

Core Insights - Babcock & Wilcox Construction Co., LLC has been awarded a contract exceeding $17 million for service work at a U.S. coal-fired power plant [1] Company Summary - The awarded contract signifies a continued investment in coal-fired power infrastructure, reflecting ongoing demand for maintenance and service work in this sector [1]