BIANNUAL UPDATE OF THE LIQUIDITY AGREEMENT BETWEEN REXEL AND NATIXIS-ODDO BHF (2025/12/31) Under the terms of the liquidity and market monitoring agreement concluded with NATIXIS ODDO BHF and covering Rexel shares, on December 31, 2025 the following resources were included in the liquidity account: - 145,920 REXEL shares - € 18,308,308.04 It is reminded that at the date of implementation of the agreement, the liquidity account contained the following resources: - 626,370 REXEL shares - € 8,211,228.57 ...

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the U.S. and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services. Comprehensive information about UGI Corporation is availa ...

WHIPPANY, N.J., Dec. 22, 2025 /PRNewswire/ -- Suburban Propane Partners, L.P. (NYSE:SPH) ("Suburban Propane") announced today the completion of its previously announced offering of $350 million aggregate principal amount of 6.500% Senior Notes due 2035 (the "2035 Senior Notes"), in a private offering to "qualified institutional buyers," as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and non-U.S. persons outside the United States under Regulation S under the Sec ...

Denial of rumors regarding Rexel acquisition In line with its communication practices, the company does not intend to comment on market rumors. Following the article published in La Lettre today, the company would nevertheless like to clarify that, as of today, it has no ongoing contacts and is not conducting any negotiations with potential buyers. The company remains focused on executing its strategy and creating value for all of its stakeholders. ABOUT REXEL GROUP Rexel, worldwide expert in the multichan ...

Core Viewpoint - Suburban Propane Partners, L.P. has announced the pricing of a $350 million offering of 6.500% senior notes due 2035, which will close on December 22, 2025, subject to customary conditions [1][2]. Group 1: Offering Details - The 2035 Senior Notes will have an interest rate of 6.500% per year, maturing on December 15, 2035, with interest payable semi-annually starting June 15, 2026 [2]. - Suburban Propane may redeem up to 35% of the 2035 Senior Notes before December 15, 2028, at a redemption price of 106.500% of their principal amount plus accrued interest [2]. - The offering is targeted at qualified institutional buyers in the U.S. and other non-U.S. persons, complying with specific regulations under the Securities Act [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be used, along with borrowings from a revolving credit facility, to redeem all outstanding $350 million of the Issuers' 5.875% senior notes due 2027 [3]. Group 3: Company Overview - Suburban Propane is a publicly traded master limited partnership, headquartered in Whippany, New Jersey, and has been in the customer service business since 1928, serving approximately 1 million customers across 42 states [6]. - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products, and is also involved in marketing natural gas and electricity [6]. - Suburban Propane emphasizes its commitment to safety, community service, and low-carbon energy solutions through its core pillars: Commitment to Excellence, SuburbanCares, and Go Green with Suburban Propane [7].

Core Viewpoint - Suburban Propane Partners, L.P. plans to offer $350 million in senior notes due 2035 to redeem existing senior notes due 2027, subject to market conditions [1] Group 1: Offering Details - The 2035 Senior Notes will be offered in a private placement, not registered under the Securities Act, targeting qualified institutional buyers in the U.S. and non-U.S. persons outside the U.S. [2] - The net proceeds from the offering will be used, along with borrowings from the revolving credit facility, to redeem all outstanding $350 million of the 5.875% senior notes due 2027 [1] Group 2: Company Overview - Suburban Propane is a publicly traded master limited partnership, headquartered in Whippany, New Jersey, and has been in the customer service business since 1928 [4] - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products, servicing approximately 1 million customers across 42 states [4] Group 3: Company Values - Suburban Propane is built on three core pillars: commitment to excellence in customer service, dedication to community support, and promotion of low-carbon energy solutions [5]

Core Insights - UGI Corporation's share price increased by 7.95% from November 14 to November 21, 2025, marking it as one of the top-performing energy stocks during that week [1] - The company reached a two-year high following the release of its FY 2025 results, which included a record adjusted EPS of $3.32, exceeding expectations by $0.14 [3] - UGI's net income for FY 2025 rose by 152% year-over-year to $678 million, driven by improvements in the AmeriGas segment, strong performance in the Utilities segment, and tax benefits [3] Financial Performance - UGI's FY 2025 revenue was approximately $7.3 billion, which was $120 million below expectations, despite a slight growth of 1.1% [3] - The company generated $530 million in free cash flow, bolstering its balance sheet [4] - UGI has set a new long-term EPS CAGR target of 5% to 7%, citing intrinsic opportunities and confidence in strategic execution [4] Dividends and Shareholder Returns - UGI announced a quarterly dividend of $0.375 per share, with a record date of December 15, 2025, and payment scheduled for January 1, 2026 [4]

Core Viewpoint - Superior Plus Corp. experienced a significant decline in stock price, dropping 21.1% after CIBC lowered its price target from C$9.00 to C$8.50, with trading volume increasing by 655% compared to the average [2][3] Group 1: Stock Performance - The stock traded as low as C$6.06 and last traded at C$6.29, having previously closed at C$7.97 [2] - Other analysts have varied opinions on the stock, with Desjardins reducing their target from C$10.50 to C$9.75 while BMO Capital Markets raised theirs from C$8.00 to C$10.00 [3] - The average target price among analysts is C$9.41, with five analysts rating it as a "Buy" and two as "Hold" [3] Group 2: Financial Metrics - Superior Plus has a debt-to-equity ratio of 193.35, a quick ratio of 0.46, and a current ratio of 0.67 [4][5] - The company has a market capitalization of C$1.40 billion, a P/E ratio of 29.95, and a beta of 0.18 [4][5] Group 3: Earnings and Dividends - The company reported earnings of C($0.47) per share for the last quarter, with revenue of C$470.64 million and a net margin of 1.80% [6] - A quarterly dividend of $0.045 per share was declared, representing an annualized dividend of $0.18 and a yield of 2.9% [7] Group 4: Company Overview - Superior Plus is a leading North American distributor of propane, compressed natural gas, and renewable energy, servicing approximately 770,000 customer locations in the U.S. and Canada [8]

Core Points - Rubis Énergie SAS has established an inaugural syndicated loan totaling €1.1 billion for refinancing part of its existing debt and supporting the Group's activities [1] - The loan was significantly oversubscribed and involved a leading international banking pool with 11 institutions from 8 banking groups [1][2] - The financial terms include a competitive initial margin adjustable based on the Group's financial leverage ratio, with covenant commitments similar to existing lines [2] Financial Structure - The syndicated loan consists of an amortizing loan of €250 million (Facility A), a non-amortizing loan of €350 million (Facility B), and a revolving credit facility of €500 million, all with a 5-year maturity [5] - An additional "accordion" uncommitted line of up to €300 million is available for acquisitions and investments [5][6] - The transaction simplifies the balance sheet by replacing multiple bilateral lines with a main financing line, extending the average maturity of bank debt at a cost comparable to existing financing [6] Strategic Objectives - The transaction strengthens Rubis Énergie's financing structure, allowing the company to pursue its development plan in an agile and secure manner [3] - The company capitalizes on favorable market conditions for investment-grade issuers and its strong financial and operational performance [3] - Increased flexibility is achieved through a new simplified structure, allowing for future drawdowns and the activation of the accordion line [6] Company Overview - Rubis is an independent French group with over 30 years in the energy sector, focusing on providing reliable and sustainable energy [5][7] - The Group operates in three regions: Africa, the Caribbean, and Europe, with around 4,500 employees [7] - Rubis is committed to diversifying its business towards less carbon-intensive solutions, recognizing the energy sector's role in combating climate change [7]

Core Insights - Global equity markets experienced significant growth in Q3, with the S&P 500 rising 8.12% for the quarter and 14.83% year-to-date, while the MSCI EAFE Index increased by 4.77% for the quarter and 25.14% year-to-date [2][3] Market Performance - The S&P 500 achieved back-to-back annual returns of 26% and 25% in 2023 and 2024, respectively, with valuation metrics like the "Buffett Indicator" and CAPE-Shiller P/E at or near record highs [2] - Non-US equities, particularly European stocks, outperformed the S&P 500 year-to-date, benefiting from a weaker US dollar and a resurgence in value recognition [3][11] Fund Performance - Tweedy, Browne Funds reported year-to-date returns ranging from 15.98% for the Value Fund to 23.17% for the International Value Fund II, with the Worldwide High Dividend Yield Value Fund outperforming its benchmark [3][5] - The International Value Fund II had a return of 23.17%, trailing its benchmark, the unhedged MSCI EAFE Index, by 197 basis points [3] Portfolio Activity - The company made strategic adjustments to its portfolio, trimming or selling holdings that reached estimated value and adding to companies perceived as attractively priced, such as Berkeley Group Holdings and Breedon Group [8] - New positions were initiated in Santec Holdings and additional investments were made in companies like Dentium and Azelis Group, reflecting a focus on growth potential and reasonable valuations [8] Outlook - The company is optimistic about the resurgence of non-US equity returns and believes its funds are well-positioned for future market conditions, whether they favor non-US equities or face broader market challenges [11]