Third Quarter 2025 Earnings Presentation September 2025 Disclaimer For the purposes of this notice, the "presentation" that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of OPAL Fuels Inc. (the "Company" or "OPAL Fuels") or any person on their behalf and the question-and-answer session that follows that oral presentation. By reading the presentation slides, you will be deemed to have (i) agreed to the following limitations and notificatio ...

Core Viewpoint - Revolve Renewable Power Corp. successfully closed a brokered private placement, raising gross proceeds of $3,039,973 through the issuance of 15,999,857 units at a price of $0.19 per unit, which includes common shares and warrants [1][2][3] Financing Details - The offering was conducted on a "best efforts" basis by Beacon Securities Limited, with a cash commission of 7.0% of gross proceeds and compensation options equal to 7.0% of units sold [4] - The net proceeds will be utilized for advancing late-stage projects and for working capital [3] Insider Participation - Certain insiders participated in the offering, which is classified as a "related party transaction" under Multilateral Instrument 61-101, with exemptions from formal valuation and minority shareholder approval requirements due to the transaction's value being less than 25% of the company's market capitalization [5] Ownership Changes - Director Roger Norwich acquired 100,000 units, reducing his ownership to approximately 8.78% on a non-diluted basis [6][7] - Director Joseph O'Farrell acquired 263,157 units, reducing his ownership to approximately 9.77% on a non-diluted basis [8] Company Overview - Revolve was established in 2012 to meet the growing demand for renewable energy, focusing on utility-scale wind, solar, hydro, and battery storage projects across North America [10] - The company has developed and sold over 1,550 MW of projects and is targeting 5,000 MW of utility-scale projects under development [11]

Financial Data and Key Metrics Changes - Quarterly fee-related earnings grew 17% year-over-year to $754 million, while distributable earnings increased 7% to $661 million [5][25] - Fee-bearing capital reached $581 billion, an 8% increase year-over-year, driven by record fundraising [5][24] - The company raised $30 billion in the third quarter, bringing total inflows over the past 12 months to more than $100 billion [7][24] Business Line Data and Key Metrics Changes - The infrastructure and renewable power franchise raised $30 billion, deployed $30 billion, and monetized over $10 billion at approximately 20% returns over the past 12 months [11] - The private equity business launched its seventh vintage, focusing on essential service businesses, with expectations for it to be the largest fund ever [18][75] - The real estate business sold approximately $23 billion of properties, representing $10 billion of equity value over the past 12 months [21] Market Data and Key Metrics Changes - Global M&A volumes increased nearly 25% year-over-year, with $1 trillion in announced deals in the third quarter, the highest since 2021 [8] - The demand for electricity is increasing at an unprecedented rate, driven by electrification trends and the surge in electricity demand from data centers [16][17] Company Strategy and Development Direction - The company is launching an AI Infrastructure Fund to capture opportunities in AI-related infrastructure investments, estimated to exceed $7 trillion over the next decade [14] - A landmark partnership with the U.S. government to construct $80 billion of new nuclear power reactors was announced, positioning the company at the center of clean baseload power development [18] - The company plans to double its business by 2030, with fee-related earnings reaching $5.8 billion and fee-bearing capital reaching $1.2 trillion [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundraising momentum and expects 2026 to exceed 2025 levels [37][38] - The company is well-positioned to meet the increasing demand for power solutions, leveraging its renewable power business [17][23] - Management highlighted the importance of operational improvement as a key driver of value creation in the current economic environment [73] Other Important Information - The company declared a quarterly dividend of $43.75 per share, payable on December 31 to shareholders of record as of November 28 [32] - The acquisition of the remaining 26% in Oaktree Capital Management is expected to close in the first half of 2026, enhancing the company's credit capabilities [9][32] Q&A Session Summary Question: Fundraising momentum and management fee growth outlook for 2026 - Management expects fundraising to exceed 2024 levels and anticipates strong growth in management fees driven by new acquisitions and fundraising [37][38] Question: Credit business fee rate and growth aspirations - The elevated fee rate was driven by a mix shift and one-off transaction fees, with a positive trend expected in the credit business [42][43] Question: Integration benefits from acquiring Oaktree - The acquisition will allow for operational synergies, improved marketing capabilities, and enhanced client service [49][52] Question: Retail market momentum and distribution strategy - The company is seeing robust momentum in the retail market and is focused on building relationships with key stakeholders to capture growth opportunities [55][56] Question: Private equity outlook amidst market backdrop - The private equity business is expected to perform well due to its focus on essential assets and operational improvement, differentiating it from peers [73][75]

Financial Data and Key Metrics Changes - The company reported a record third quarter adjusted EBITDA, driven by contributions from U.S. gas utilities and organic growth in gas transmission [7][24] - Adjusted EBITDA increased by $66 million compared to Q3 2024, while EPS decreased from $0.55 to $0.46 due to seasonal lower EBITDA in Q3 [24] - The debt to EBITDA ratio for the quarter is 4.8 times, remaining within the target leverage range of 4.5 to 5 times [7][26] Business Line Data and Key Metrics Changes - In the liquids segment, mainline volumes reached a record average of 3.1 million barrels per day, reflecting strong demand for Canadian crude [10][11] - The gas transmission segment experienced strong performance due to favorable contracting and rate case outcomes, contributing to overall growth [25] - The gas distribution segment benefited from a full quarter contribution from Enbridge Gas North Carolina and quick-turn capital projects in Ohio [25] Market Data and Key Metrics Changes - The company added $3 billion in new growth capital to its secured capital program, showcasing continued execution on commitments [8][9] - The North American energy landscape is evolving with increased demand driven by LNG development, power generation, and data centers [31][32] - The company is positioned to add over 60 BCF of new natural gas storage capacity adjacent to major LNG centers in North America [18][19] Company Strategy and Development Direction - The company aims for 5% growth through the end of the decade, supported by $35 billion in secured capital [31][32] - The focus remains on brownfield, highly strategic projects that are economically viable and supported by underlying energy fundamentals [28][31] - The company is actively pursuing opportunities in gas distribution and storage, particularly in response to power demand and data center growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA in the upper half of the guidance range of $19.4 billion to $20 billion [26] - The company anticipates continued strong performance despite headwinds from higher interest rates and tight differentials [27] - Management highlighted the importance of strategic positioning in the growing North American storage market to support LNG capacity and power demand growth [19][20] Other Important Information - The company has sanctioned expansions of gas storage facilities to support LNG buildout along the U.S. Gulf Coast [9][17] - The company is advancing a joint venture with Oxy to develop the Pelican CO2 hub in Louisiana, which will provide transportation and sequestration for 2.3 million tons of CO2 per year [9][15] Q&A Session Summary Question: Acceleration in gas distribution and storage - Management noted an acceleration in commercial activity across various regions, particularly in Ohio and Utah, driven by data center demand and power generation [34][35] Question: Construction timeline for Line 5 - Management indicated that permitting for the Wisconsin Reboot and Michigan tunnel is regaining momentum, with completion expected in 2027 [42][43] Question: Mainline optimization phase two - Management confirmed that customer demand and a favorable environment are driving the expedited timing for expanded egress to Canadian producers [48][49] Question: Growth outlook and capital sequencing - Management expressed confidence in maintaining capital spending between $9 billion and $10 billion, with a strong project pipeline supporting growth [55][56] Question: Customer conversations regarding gas storage in Western Canada - Management highlighted strong customer interest in gas storage expansions, with significant contracts already signed for new capacity [70][72] Question: Managing cost risk in power generation projects - Management emphasized prudent capital management and strong contractor relationships to mitigate cost risks in competitive markets [78][80]

Financial Data and Key Metrics Changes - The company reported record third quarter adjusted EBITDA, driven by contributions from U.S. gas utilities and organic growth in gas transmission [7][24] - Adjusted EBITDA increased by $66 million compared to Q3 2024, while EPS decreased from $0.55 to $0.46 due to seasonal lower EBITDA in Q3 [24][26] - Debt to EBITDA ratio stands at 4.8 times, remaining within the target leverage range of 4.5 to 5 times [7][26] Business Line Data and Key Metrics Changes - Liquids segment achieved record mainline volumes of approximately 3.1 million barrels per day, reflecting strong demand for Canadian crude [10][11] - Gas transmission experienced strong performance with favorable contracting outcomes and contributions from new projects [25] - Gas distribution segment benefited from a full quarter contribution from Enbridge Gas North Carolina and quick-turn capital projects in Ohio [25][21] Market Data and Key Metrics Changes - The company added $3 billion in new growth capital to its secured capital program, showcasing continued execution on growth commitments [8][29] - The North American energy landscape is evolving with increased demand driven by LNG development, power generation, and data centers [31][70] Company Strategy and Development Direction - The company aims for 5% growth through the end of the decade, supported by $35 billion in secured capital [31][26] - Focus on brownfield projects that are capital efficient and strategically aligned with energy fundamentals [29][31] - The company is positioned to capitalize on the growing demand for natural gas and renewable energy projects [22][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA in the upper half of the guidance range of $19.4 billion to $20 billion [26][31] - Positive rate settlements in gas distribution are expected to enhance revenue and support continued investment [21][26] - The company is optimistic about the future growth potential in the renewable energy sector, particularly in solar projects [22][97] Other Important Information - The company has sanctioned expansions in gas storage to meet increasing LNG-related demand, adding over 60 Bcf of new natural gas storage capacity [18][19] - The management team is focused on maintaining a disciplined capital allocation strategy while pursuing growth opportunities [28][29] Q&A Session Summary Question: Acceleration in gas distribution and storage - Management noted an increase in commercial activity across various regions, particularly in Ohio and Utah, driven by data center demand and power generation [34][35] Question: Construction timeline for Line 5 - Permitting for the Wisconsin Reboot and Michigan tunnel is regaining momentum, with completion expected in 2027 [42][43] Question: Mainline optimization phase two - Management confirmed that customer demand is driving the expedited timing for expanded egress to Canadian producers [48][49] Question: Growth outlook and capital sequencing - Management expressed confidence in maintaining capital spending between $9 billion and $10 billion, with a strong project backlog supporting growth [55][56] Question: Renewable energy portfolio - The company is well-positioned in the solar market, with strong customer demand and several projects in development [96][97]

Financial Data and Key Metrics Changes - Enbridge reported a record third quarter adjusted EBITDA, driven by contributions from U.S. gas utilities and organic growth in gas transmission [6][24] - The debt to EBITDA ratio for the quarter was 4.8 times, remaining within the target leverage range of 4.5 to 5 times [6][27] - Compared to Q3 2024, adjusted EBITDA increased by $66 million, while EPS decreased from $0.55 to $0.46 per share due to seasonal lower EBITDA in Q3 [24][25] Business Line Data and Key Metrics Changes - Liquids segment achieved record mainline volumes of 3.1 million barrels per day, reflecting strong demand for Canadian crude [10][11] - Gas transmission experienced strong performance with favorable contracting outcomes and contributions from new projects [24] - Gas distribution segment benefited from a full quarter contribution from Enbridge Gas North Carolina and quick-turn capital projects in Ohio [24] Market Data and Key Metrics Changes - The U.S. Northeast is experiencing increased demand for natural gas, with expansions in the Algonquin pipeline to address supply shortages [15][17] - The North American storage market is tightening, with Enbridge positioned to add over 60 BCF of new natural gas storage capacity [17][18] Company Strategy and Development Direction - Enbridge's strategy focuses on executing a diverse range of growth projects across all business segments, with a commitment to maintaining a low-risk business model [10][28] - The company anticipates achieving 5% growth through the end of the decade, supported by $35 billion in secured capital [28][29] - Enbridge is advancing projects that align with energy demand growth driven by LNG development, power generation, and data centers [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model's resilience and the ability to deliver strong results through various economic cycles [25][28] - The company noted improving policy support for energy infrastructure investments, which is expected to enhance growth opportunities [28][55] Other Important Information - Enbridge has sanctioned $3 billion in new growth capital projects during the quarter, showcasing continued execution on growth commitments [7][27] - The company has maintained a consistent dividend growth for 30 consecutive years, reflecting the stability of its business fundamentals [27] Q&A Session Summary Question: Acceleration in gas distribution and storage - Management noted an acceleration in commercial activity driven by demand from data centers and power generation, particularly in Ohio and Utah [30][31] Question: Line 5 construction and permitting - Management indicated that permitting for the Wisconsin Reboot and Michigan tunnel is regaining momentum, with expectations to complete the Wisconsin Reboot by 2027 [34] Question: Mainline optimization phase two - Management confirmed that the optimization is not an acceleration but a continuation of efforts to meet customer demand, with significant supply growth expected from Canadian producers [37][39] Question: Growth outlook and capital sequencing - Management expressed confidence in maintaining capital spending between $9 billion and $10 billion, with a strong project pipeline supporting growth [42][44] Question: LNG Canada and gas storage opportunities - Management highlighted strong customer interest in gas storage expansions, with significant contracts already signed for new capacity [49] Question: Managing cost risk in hot markets - Management emphasized prudent capital management and strong contractor relationships to mitigate cost risks in competitive areas [51][52]

Core Insights - Russian President Vladimir Putin's directive to create a roadmap for rare earth element (REE) extraction by December 2025 indicates Russia's intention to enter the critical minerals market, which is essential for various industries including clean energy [1][2] - Russia holds the fifth-largest REE reserves globally, and its increased extraction efforts aim to leverage these resources for geopolitical and economic influence, potentially disrupting the supply chain of the clean energy industry [2][3] Industry Impact - The clean energy industry heavily relies on REEs, particularly for wind turbines and electric vehicle motors, with most REEs currently sourced from other countries, predominantly China [2][3] - Russia's entry into the REE market could temporarily disrupt the supply equilibrium, especially given the existing trade tensions between the U.S. and China [3] Long-Term Outlook - Despite potential short-term disruptions, the long-term outlook for the U.S. clean energy industry remains strong, bolstered by a recent one-year REE supply agreement between the U.S. and China, indicating improved trade relations [4] - Russia's current influence in the global REE supply is limited, accounting for only about 1% of production, and it lacks the refining capacity that China dominates, which may mitigate the short-term impact of Russia's actions [5] Clean Energy ETFs - The potential disruption from Russia's REE extraction efforts does not pose a significant threat to clean energy ETFs, as macroeconomic drivers for the renewable industry remain positive, including falling installation costs and rising investments [6] - Investors are advised to approach clean energy ETFs with cautious optimism, recognizing the geopolitical contest for critical minerals while considering the long-term growth potential [7] ETF Performance - iShares Global Clean Energy ETF (ICLN) has net assets of $2.01 billion, with a year-to-date surge of 57.8%, and charges 39 basis points in fees [8][9] - First Trust Nasdaq Clean Edge Green Energy ETF (QCLN) has net assets of $558.4 million, with a year-to-date increase of 35.3%, charging 56 basis points in fees [10][11] - Invesco WilderHill Clean Energy ETF (PBW) has a net asset value of $31.52 per share, with a year-to-date rise of 58.2%, charging 64 basis points in fees [12]

Core Insights - NextNRG, Inc. reported preliminary unaudited financial results for October 2025, showcasing significant growth in revenue and market expansion [1][2][3] Financial Performance - October 2025 revenue reached $7.39 million, representing a 196% increase year-over-year from $2.50 million in October 2024 [10] - Year-to-date revenue through October 2025 is approximately $65.8 million, more than double the full-year 2024 revenue of around $27 million [10] - There was a 5% sequential revenue increase compared to September's revenue of $7.07 million, indicating consistent month-to-month growth [4] Business Strategy and Operations - The company is executing a multi-state expansion strategy while advancing its integrated energy platform, which includes developments in RenCast, smart microgrids, and wireless EV charging solutions [3] - NextNRG's strong financial performance is attributed to the ongoing development of comprehensive energy solutions, including Smart Microgrid Controller technology and the NextUOS® Utility Operating System [3][7] - The subsidiary EzFill expanded into a new region, further supporting the company's nationwide growth strategy [3] Market Position and Growth - NextNRG is experiencing robust year-over-year growth with consistent triple-digit increases, reflecting strong market demand and effective utilization of proprietary technologies [4] - The company believes it is on track to achieve its near-term profitability timeline due to accelerating market demand and targeted growth initiatives [4]

Financial Data and Key Metrics Changes - Tesla's energy business deployed 31 gigawatt hours in 2024, more than double the amount achieved in 2023, indicating significant growth in this segment [3] - The global fleet of Tesla vehicles experienced one crash after driving over 6.8 million miles, showcasing a safety performance that is ten times better than the average U.S. driver [5] Business Line Data and Key Metrics Changes - The Model Y was the best-selling vehicle worldwide in 2024, reflecting Tesla's strong position in the automotive market [3] - The energy business's deployment metrics highlight a substantial increase, emphasizing Tesla's commitment to expanding its energy solutions [3] Market Data and Key Metrics Changes - Tesla consumers avoided nearly 32 million metric tons of greenhouse gas emissions in 2024, a 70% increase year over year, demonstrating the company's impact on sustainability [4] Company Strategy and Development Direction - Tesla aims to maximize its installed base of production globally, which serves as a platform for future value creation through services like robotaxi and virtual power plants [4] - The company is focused on creating a sustainable and closed-loop economy, ensuring responsible sourcing and production practices [6][7] Management's Comments on Operating Environment and Future Outlook - Management emphasized that Tesla is at an inflection point and is excited about the future, aiming to create more value than any other company in history [2] - The focus on safety and sustainability remains paramount, with ongoing improvements expected in autonomy technology [5][6] Other Important Information - The company is actively investing in both automotive and energy businesses to enhance its production capabilities and sustainability efforts [3][4] - Tesla's mission has evolved to focus on achieving sustainable abundance, aligning with advancements in AI and robotics [55] Q&A Session Summary Question: What is the outlook for Tesla's investment in XAI? - The board received a proposal urging a strategic investment in XAI, emphasizing the importance of AI in Tesla's future [14][18] Question: How does Tesla plan to link executive compensation to sustainability metrics? - A proposal was presented to link a portion of executive compensation to measurable sustainability performance, which the board recommended against [20] Question: What is Tesla's stance on conducting audits of labor practices? - The board opposed a proposal requesting an audit of child labor practices in Tesla's supply chain, citing existing policies [22][26] Question: What measures are being taken to ensure shareholder rights? - Several proposals were made to amend bylaws regarding shareholder rights, with the board opposing most of them, arguing for existing governance structures [28][30][34] Question: How does Tesla plan to enhance its governance and accountability? - Proposals were made to declassify the board and adopt a simple majority voting standard, which the board recommended against [36][39]

Crypto - The "Trump Trade" in crypto has been successful, with Bitcoin up 36% and Ethereum up 23% over the last year, despite recent pullbacks [2][3] - Trump's pro-crypto stance included dismantling the crypto fraud investigations team and establishing a strategic bitcoin reserve [3] - The pardoning of Binance chief Changpeng Zhao signifies the end of the Biden administration's "war on crypto," and Trump's family has profited significantly from crypto investments [4] US Stocks - Broad US stock indexes have performed well, with the S&P 500 up 13%, although the journey has been volatile due to unexpected tariffs and macroeconomic uncertainties [9][10] - Trump's initial tariff announcement caused a 12% drop in the S&P 500, but a subsequent rally led to a 35% increase since April 8, despite average tariff levels remaining higher than anticipated [10] - The S&P Oil & Gas Exploration & Production Index is down 9%, while the S&P Clean Energy Transition Index has risen by 42% [11] International Stocks - Investors betting against international stocks were incorrect, as international assets have outperformed US stocks, with the iShares MSCI Emerging Markets ETF up 22% and the iShares MSCI EAFE ETF up 18% [12][13] Tesla Stock - Tesla's stock price surged by 57% post-election, driven by CEO Elon Musk's support for Trump, despite volatility and challenges related to Musk's government position [14][15] Bonds - The bond market reacted to Trump's election by selling off, with yields on 10-year Treasury bonds rising about 17 basis points immediately after the election [16] - Although the initial sell-off was justified, bond yields have since fallen back to around 4%, indicating that those who sold bonds may have missed out on gains [17]