Financial Data and Key Metrics Changes - The Adjusted Operating Profit (AOP) for FY2025 increased by 7% year on year to $4.5 billion, and excluding two businesses, it rose by 9% to $4.5 billion [10][11] - Profit attributable to shareholders increased by 4% year on year to $2.2 billion [17] - Cash on hand amounted to $20.2 billion, with total available liquidity close to $30 billion [18] - The net gearing ratio was 37%, remaining stable compared to the previous year [18][21] Business Line Data and Key Metrics Changes - Roads segment AOP decreased by 8% year on year to $1.4 billion, but excluding four roads with expired concessions, it increased by 1% [11][30] - Financial services segment AOP rose by 29% to $1.24 billion, driven by the rebranding and expansion of services [11][30] - Logistics business AOP increased by 3% to $740 million, with occupancy rates in Hong Kong logistics properties at 80% [11][36] - Construction segment AOP was $790 million, slightly decreasing by 7% when excluding YQ due to project completions [11] Market Data and Key Metrics Changes - The proportion of government-related projects in the construction segment increased from 40% to 61% [14][41] - The backlog of contracts increased by 24% to $38 billion, indicating a strong pipeline for future work [40] Company Strategy and Development Direction - The company is focusing on portfolio optimization, including divestments and acquisitions, to strengthen its business segments [6][9] - The financial services segment aims to leverage the Chow Tai Fook brand to enhance wealth management offerings [9][30] - The logistics segment will target undervalued assets in the Greater Bay Area and Yangtze River Delta [8][13] - The construction segment will continue to focus on government projects, especially in light of recent policy initiatives [14][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable results despite geopolitical tensions and economic challenges [9] - The company anticipates continued growth in various segments, particularly in financial services and logistics, to offset potential declines in toll road revenues [70] - The management emphasized the importance of strategic acquisitions to enhance cash flow and profitability [70] Other Important Information - The company maintained a progressive dividend policy, with total dividends for the year amounting to $0.95 per share [17][23] - The company has issued convertible bonds to enhance liquidity and restore public float [20][24] Q&A Session Summary Question: Updates on the roads segment and potential disposals - Management indicated that while there have been approaches regarding toll road assets, there are no immediate plans for disposals unless the price is right [57] Question: Impact of not investing further in toll roads on the dividend policy - Management reassured that the next major toll road concession expiry is in 2029, and they expect to replenish lost cash flow through growth in other segments [70][71] Question: Logistics occupancy targets and market conditions - Management acknowledged that reaching 90% occupancy in Hong Kong will be challenging but expressed confidence in achieving 85% [61][64] Question: Strategic value of Sunshine Esther acquisition - Management highlighted that the acquisition enhances competitive bidding capabilities and allows for more accurate cost calculations in tenders [66][68]

Core Insights - Halliburton Company (HAL) is one of the largest oilfield service providers globally, with a market capitalization of $19.3 billion, offering a range of services to the energy sector [1][2] Financial Performance - HAL stock prices have decreased by 31.5% from its 52-week high of $32.57 on November 25, 2024, and have seen a marginal increase of 54 basis points over the past three months, underperforming the iShares U.S. Oil Equipment & Services ETF (IEZ), which gained 7.3% during the same period [3] - Year-to-date, HAL stock has declined by 18%, and over the past 52 weeks, it has dropped by 20.2%, while IEZ experienced a 2.5% dip in 2025 and approximately a 1% gain over the past year [4] - Following the release of Q2 results on July 22, HAL's stock gained nearly 1% and remained positive for five subsequent trading sessions, despite a 6.6% drop in service revenues and a 2.8% decline in product sales year-over-year, resulting in a topline of $5.5 billion, which was 5.5% lower than the previous year but exceeded expectations by 1.4% [5] Competitive Position - Halliburton has notably underperformed compared to its peer, Baker Hughes Company (BKR), which saw a 14.5% gain in 2025 and a 42.6% surge over the past 52 weeks [6]

Financial Performance & Growth - The company experienced consistent long-term growth with a 9.3% EBITDA CAGR from 2015 to 2020[6] - EPS also saw significant growth, with a 16.7% CAGR from 2015 to 2020[6] - The company's ROIC improved from 5.5% in 2015 to 8.8% in 2020[6] - YTD Operating Revenues as of June 30, 2021, were $2.65 billion, up from $2.56 billion in 2020[8] - YTD EBITDA from continuing operations as of June 30, 2021, was $382.6 million, compared to $345.1 million in 2020[10] - YTD Net Income as of June 30, 2021, was $152.3 million, an increase from $124.8 million in 2020[11] - The company projects a total EBITDA between $875 million and $925 million for 2021[83] - The company projects EPS between $2.00 and $2.15 for 2021[83] Business Segment Performance - Construction Services reported record second-quarter earnings of $28.9 million[39] - Construction Materials reported earnings of $51.4 million for the second quarter[52] - Electric and Natural Gas Utility reported earnings of $9.6 million for the second quarter[69] - Pipeline reported earnings of $9.2 million for the second quarter[80] Strategic Positioning & Opportunities - The company has a balance of cyclical and counter-cyclical businesses, with a 2020 EBITDA mix of 56% Construction and 44% Regulated Energy Delivery[6] - The company sees a significant opportunity in US infrastructure, citing a >$1 trillion spending gap[6] - The company's Construction Services segment has a record backlog of $1.32 billion as of June 30, 2021[39]

Construction Partners Spring 2025 Investor Presentation Forward-Looking Statements Certain statements contained herein that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1939 and 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "seek" "continue," "estimate," "predict," "potential," "targeting," "may," "may," "will," "expect," "should," "anticipate," ...

Q2 2025 Financial Performance - Net sales were $701.7 million, a decrease of 11.5% year-over-year[11] - Net loss was $50.1 million, compared to a net income of $138 million in Q2 2024[11] - Adjusted EBITDA was $116.4 million, a decrease of 45.1% year-over-year[11] - Adjusted diluted EPS was $2.04, a decrease of 50% year-over-year[11] Business Updates - The company achieved net sales of $702 million, including 5% organic volume growth compared to the prior year[10] - A net loss of $50 million includes a $128 million non-cash impairment charge for certain long-lived assets for HDPE pipe and conduit products[10] - The company completed approximately $50 million in share repurchases and $11 million in dividend payments in Q2[10] Segment Performance - Electrical Safety & Infrastructure net sales increased by 3.4% to $209.3 million[22] - Electrical Safety & Infrastructure adjusted EBITDA increased by 41.3% to $36.1 million[22] - Electrical adjusted EBITDA margin increased by 460 bps to 17.2%[22] Outlook - The company is maintaining its full-year 2025 outlook for net sales of $2.85 billion - $2.95 billion[29] - The company is maintaining its full-year 2025 outlook for adjusted EBITDA of $375 million - $425 million[29] - The company is maintaining its full-year 2025 outlook for adjusted diluted EPS of $5.75 - $6.85[29]