Bryan Sayler President & CEO Chris Tucker Sr. Vice President & CFO February 5, 2026 1 Forward Looking Statement ESCO Technologies First Quarter FY 2026 Earnings Call Statements in this presentation regarding Management's intentions, expectations and guidance for fiscal 2026, including restructuring and cost reduction actions, sales, orders, revenues, margin, earnings, Adjusted EPS, acquisition related amortization, and any other statements which are not strictly historical, are "forward-looking statements" ...

Core Insights - NextNRG, Inc. is advancing AI-driven energy innovation, focusing on the commercial deployment of its AI-driven grid intelligence platform, supported by peer-reviewed research published in 2025 [1][6][9] Research and Development - The engineering team's peer-reviewed publications validate the technical foundations of NextNRG's Utility Operating System, which includes forecasting engines, grid security analytics, and microgrid control software [3][4] - Key research areas include improved short-term electricity demand forecasting, detection of false data injection attacks, inverter fault detection methods, and hybrid AI frameworks for system monitoring [10] Commercial Applications - NextNRG is expanding its AI-enabled microgrid and grid-management deployments across various sectors, including healthcare, transportation, and utilities, where forecasting accuracy and operational reliability are crucial [2][12] - The research emphasizes deployable intelligence and operational relevance, aligning with the methodologies embedded in the company's technologies, thereby reducing execution risk for customers and partners [6][8] Strategic Vision - The company integrates independently validated research into its product development, ensuring that technical claims are supported by reproducible results rather than marketing assertions [7] - NextNRG's long-term product roadmap includes advancements in photovoltaic-battery microgrids and adaptive control strategies for resilient microgrid dispatch [8]

Core Viewpoint - Duff & Phelps Utility and Infrastructure Fund Inc. has authorized a series of dividend payments, maintaining a consistent distribution rate of $0.07 per share, supported by a managed distribution plan established in 2015 [1][2]. Dividend Payment Details - The Fund will pay dividends of $0.07 per share on the following dates: January 30, 2026; February 27, 2026; and March 31, 2026, with payable dates on February 10, 2026; March 10, 2026; and April 10, 2026 [1]. - The managed distribution plan allows the Fund to distribute all available investment income to shareholders, and if investment income is insufficient, it will utilize realized capital gains or return of capital to maintain the distribution level [1]. Distribution Sources - For November 2025, the estimated sources of the $0.07 total distribution per share are as follows: - Net Investment Income: $0.034 (48.7%) - Net Realized Long Term Capital Gains: $0.036 (51.3%) - No contributions from Net Realized Short Term Capital Gains or Return of Capital [1][2]. Fund Performance Metrics - As of November 28, 2025, the average annual total return on NAV for the past five years is 11.94%, with an annualized current distribution rate of 5.68% as a percentage of NAV [2]. - The cumulative total return on NAV for the fiscal year is 4.16%, and cumulative fiscal year distributions as a percentage of NAV stand at 0.47% [2]. Fund Overview - Duff & Phelps Utility and Infrastructure Fund Inc. is a closed-end investment management company focused on achieving total return primarily through high current income and capital appreciation, investing mainly in equities of domestic and foreign utilities and infrastructure providers [4][5]. - The Fund typically invests at least 80% of its total assets in dividend-paying equity securities within the utility and infrastructure sectors, which include electric, gas, water, telecommunications, and midstream energy [5]. Investment Adviser Profile - Duff & Phelps Investment Management Co. is a boutique investment manager specializing in listed real asset strategies, part of Virtus Investment Partners, Inc. The firm has a long history dating back to 1932 and focuses on active portfolio management and customized investment strategies [6].

Core Viewpoint - Clearway Energy, Inc. (NYSE:CWEN) experienced a 4.65% decline in share price from November 26 to December 3, 2025, making it one of the worst-performing energy stocks during that week [1]. Group 1: Company Overview - Clearway Energy, Inc. has a portfolio of approximately 11.8 GW of gross generating capacity across 26 states, positioning it as one of the largest owners of clean energy generation assets in the United States [2]. Group 2: Market Context - The decline in Clearway Energy's stock is attributed to broader market concerns regarding an AI bubble, with recent earnings calls revealing that the growth driven by data-center deals is slower than anticipated [3]. - The success of Gemini 3 has raised concerns that the energy demands of the AI boom may be lower than expected, as the TPUs used for training are more energy-efficient compared to traditional GPUs [3]. Group 3: Dividend Information - Clearway Energy went ex-dividend on December 1, which may have prompted investors to sell the stock after benefiting from a dividend capture strategy [4]. - The company offers a robust annual dividend yield of 5.26% and has been recognized as one of the best utility dividend stocks to buy [4].

Blackstone is nearing an acquisition of MacLean Power Systems in a deal that could value the utility-parts maker at more than $4 billion, sources say https://t.co/WjeVhWow2L ...

Valmont Industries FY Conference Summary Company Overview - **Company**: Valmont Industries (NYSE: VMI) - **Market Cap**: Approximately $8 billion - **Segments**: 75% Infrastructure, 25% Agriculture - **Employee Count**: 11,000 employees across more than 100 countries - **Sales Distribution**: 70% in North America, 30% globally [5][4][3] Key Points and Arguments Growth Strategy and Financial Performance - **Earnings Growth**: Earnings per share (EPS) more than doubled since 2020, with a return on invested capital increasing to 16.4% [3][4] - **Future Projections**: Plans to drive growth of $500 million to $700 million, targeting incremental EPS of $7 to $12, aiming for a total EPS of $25 to $30 [4][19] - **Operating Income**: Despite plateauing net sales, operating income has doubled, indicating strong cost management and productivity [21][20] Infrastructure Market Drivers - **Aging Infrastructure**: Significant need for replacement of aging infrastructure, particularly utility poles and lighting systems, many dating back to the 1950s and 1960s [6][7] - **Energy Transition**: Increased power consumption driven by electrification, AI, and data centers, necessitating infrastructure upgrades [8][9] - **Utility Demand**: Strong demand in the utility sector, with plans to expand capacity to meet this demand [18][26] Agriculture Market Insights - **Cyclical Nature**: Agriculture is currently in a trough, but long-term drivers such as food security and population growth remain strong [12][13] - **Irrigation Solutions**: Valmont's irrigation solutions can significantly increase crop yields, with examples showing up to 280% yield increase for corn [15][16] - **International Growth**: Focus on expanding international sales, particularly in Brazil and regions like the Middle East and Africa, where food security is a priority [17][36] Capital Allocation and Shareholder Returns - **Balanced Approach**: Emphasis on disciplined capital allocation, including a $700 million share buyback program and consistent dividend increases [24][25] - **Investment in Growth**: Approximately $150 million per year in capital expenditures, with $100 million directed towards growth opportunities [23][24] - **M&A Strategy**: Selective and strategic acquisitions aimed at enhancing core competencies, particularly in agriculture and infrastructure [24][37] Operational Efficiency and Market Position - **Competitive Advantage**: Valmont's engineering and manufacturing expertise provide unmatched value in the infrastructure market [4][19] - **Capacity Constraints**: The industry is facing capacity constraints, which Valmont aims to address through investments in its facilities and workforce [20][33] - **Long-term Outlook**: Positive outlook for future growth driven by strong market demand and operational efficiencies [27][31] Additional Important Insights - **Technological Integration**: Use of technology in agriculture to optimize irrigation and improve efficiency [16] - **Market Adaptation**: Adjustments made in response to market conditions, including exiting certain solar markets to focus on Europe [20] - **Customer Relationships**: Strong customer relationships and a broad product portfolio support Valmont's market position [10][11] This summary encapsulates the key insights from the Valmont Industries FY Conference, highlighting the company's strategic focus on growth, infrastructure modernization, and agricultural innovation while maintaining a disciplined approach to capital allocation and shareholder returns.

Core Insights - Xcel Energy Inc. is recognized for its commitment to renewable energy and sustainability, aiming to reduce carbon emissions and increase clean energy usage [1] - Barclays maintains an "Overweight" rating for Xcel Energy, raising its price target from $83 to $85, indicating a positive outlook for the stock [2][6] - Major investors, including World Investment Advisors, Vanguard Group Inc., and Price T Rowe Associates Inc. MD, have significantly increased their stakes in Xcel Energy, reflecting strong confidence in the company's growth potential [3][4][6] Company Performance - Xcel Energy's stock is currently priced at $81.59, with a slight increase of 0.33 or 0.41% from the previous trading session [5][6] - The stock has fluctuated between a low of $80.18 and a high of $81.89 in the current trading session, with a yearly high of $83.01 and a low of $62.58 [5] - The company's market capitalization is approximately $48.26 billion, indicating its significant presence in the utility sector [5][6] - Trading volume for Xcel Energy on the NASDAQ exchange is 7,424,775 shares, showcasing its attractiveness to investors [5]

Core Insights - Diamond Hill Capital's "Select Fund" underperformed the Russell 3000 Index in Q3 2025, returning 4.98% compared to the index's 8% gain [1] - The fund initiated four new positions in Q3, including Berkshire Hathaway Inc., indicating a focus on companies with long-term growth potential despite market trends [3] Company Highlights - Berkshire Hathaway Inc. (NYSE:BRK-B) had a one-month return of -3.51% and a 52-week gain of 6.12%, closing at $478.52 per share with a market capitalization of $1.03 trillion on October 30, 2025 [2] - The number of hedge funds holding Berkshire Hathaway increased from 125 to 133 in the second quarter, reflecting its popularity among institutional investors [4] - Despite its strong franchise, some analysts suggest that certain AI stocks may offer greater upside potential and lower downside risk compared to Berkshire Hathaway [4]

Core Insights - The article emphasizes the importance of the price-to-book (P/B) ratio as a valuation tool for identifying undervalued stocks with high growth potential, alongside the more commonly used price-to-earnings (P/E) and price-to-sales (P/S) ratios [1][5]. Understanding P/B Ratio - The P/B ratio is calculated by dividing the market capitalization by the book value of equity, providing insight into whether a stock is under- or overvalued [1][5]. - A P/B ratio of less than one indicates that a stock is trading below its book value, suggesting it may be a good buy, while a ratio above one may indicate overvaluation [5][6]. - The P/B ratio is particularly relevant for industries with tangible assets, such as finance and manufacturing, but may be misleading for companies with high R&D expenses or significant debt [8][9]. Screening Parameters for Low P/B Stocks - The article identifies five stocks with low P/B ratios that also exhibit strong growth prospects: StoneCo, PagSeguro Digital, General Motors, Itron, and Newmont [11]. - These stocks are characterized by a strong Value Score, favorable Zacks Rank, and solid long-term earnings per share (EPS) growth outlook [11][16][17][18][19][21]. - The screening criteria include a P/B ratio below the industry median, a P/S ratio below the industry median, a P/E ratio using forward estimates below the industry median, and a PEG ratio of less than one [12][13][14]. Company Profiles - **StoneCo (STNE)**: A financial technology provider based in Brazil, with a projected 3-5 year EPS growth rate of 30.3% and a Zacks Rank of 1 [16]. - **PagSeguro Digital (PAGS)**: Offers digital payment solutions primarily in Brazil, with a projected EPS growth rate of 14.2% and a Zacks Rank of 2 [17]. - **General Motors (GM)**: One of the largest automakers globally, with a projected EPS growth rate of 7.0% and a Zacks Rank of 1 [18]. - **Itron (ITRI)**: A technology and services company focused on utility and municipal sectors, with a projected EPS growth rate of 30.0% and a Zacks Rank of 2 [19]. - **Newmont (NEM)**: A leading gold producer with significant reserves and a projected EPS growth rate of 26.05%, holding a Zacks Rank of 1 [21].

Financial Data and Key Metrics Changes - Hubbell reported a 4% increase in sales to approximately $1.5 billion and a 4% increase in operating profit to $358 million [12][13] - Adjusted diluted EPS rose by 12%, and free cash flow increased by 34% to $254 million [14][15] - The company raised its full-year 2025 outlook, anticipating stronger margin performance to offset lower organic growth [7][21] Business Line Data and Key Metrics Changes - The utility segment saw sales increase by 1% to $944 million, with operating profit remaining stable at $242 million [15][16] - Grid infrastructure within the utility segment achieved high single-digit growth, while grid automation sales declined by 18% [5][16] - The electrical segment experienced double-digit sales growth of 10% and a 17% increase in operating profit, with 8% organic growth across end markets [18][19] Market Data and Key Metrics Changes - Strong performance was noted in the T&D markets, driven by utility investments in grid interconnections and aging infrastructure [4][16] - The company observed a return to growth in telecom and enclosures after previous overstock issues [16] - The order book for the utility segment showed significant acceleration in September and October, indicating strong future growth potential [16][23] Company Strategy and Development Direction - Hubbell's acquisition of DMC Power is expected to enhance its utility connector offerings and contribute approximately $0.20 to adjusted EPS in 2026 [8][9] - The company aims to simplify its HES segment to drive productivity and operating efficiencies, positioning itself well for long-term margin expansion [6][19] - Hubbell is focused on capital allocation strategies that target high-growth, high-margin businesses in attractive markets [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong performance in 2026, driven by megatrends in grid modernization and electrification [7][29] - The anticipated normalization of supply chain dynamics is expected to support continued growth [25][26] - Management acknowledged the challenges faced in the utility segment but remains optimistic about future recovery and growth [32][70] Other Important Information - Bill Sperry, the CFO, announced his retirement at the end of the year, with Joe Capozzoli set to succeed him [9][10] - The company has successfully managed cost inflation through pricing and productivity actions, which have positively impacted price-cost productivity [6][7] Q&A Session Summary Question: Insights on 2026 utility growth expectations - Management indicated that while there is potential for strong growth, a conservative approach will be taken in planning resources for 2026 [32][34] Question: Details on September-October order strength - Management noted broad-based order strength in T&D markets, with expectations for continued growth [38][40] Question: Sustainability of the lower tax rate into 2026 - The lower tax rate is project-driven and is expected to normalize next year [42] Question: Clarification on utility segment recovery - The recovery shape is as expected, with timing shifted but still showing positive signs [47][50] Question: Pricing dynamics and market pushback - Pricing has been strong, with constructive discussions with channel partners, indicating good stickiness [71][72] Question: Insights on behind-the-meter infrastructure investments - The company sees strong opportunities in data center investments, particularly on the electrical side [78][80] Question: Visibility on grid automation and meter performance - Management acknowledged that while performance has been below expectations, they are focused on improving the business [84]