Okeanis Eco Tankers (NYSE:ECO) Q3 2025 Earnings Call November 13, 2025 07:30 AM ET Company ParticipantsIraklis Sbarounis - CFOAristidis Alafouzos - CEOConference Call ParticipantsFrode Mørkedal - AnalystCliment Molins - AnalystLiam Burke - AnalystOmar Nokta - Equity AnalystOperatorWelcome to OET's third quarter 2025 financial results presentation. We will begin shortly. Aristidis Alafouzos, CEO, and Iraklis Sbarounis, CFO of Okeanis Eco Tankers, will take you through the presentation. They will be pleased t ...

Q3 2025 EARNINGS PRESENTATION November 13, 2025 Disclaimer This presentation (this "Presentation") has been prepared by Okeanis Eco Tankers Corp. ("OET or the "Company"). This Presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whats ...

Financial Performance Measures - Adjusted EBITDA attributable to PAA reached $2095 million YTD in 2025, compared to $2051 million in 2024[13] - Adjusted net income attributable to PAA was $1018 million YTD in 2025, versus $962 million in 2024[13] - Basic and diluted adjusted net income per common unit was $114 in 2025 YTD, compared to $151 in 2024[26] Liquidity and Cash Flow - Adjusted Free Cash Flow totaled $344 million YTD in 2025, while in 2024 it was $882 million[44] - Adjusted Free Cash Flow after Distributions was -$629 million YTD in 2025, compared to $24 million in 2024[44] - Implied DCF available to common unitholders was $1357 million YTD in 2025, versus $1303 million in 2024[39] Debt and Capitalization - Long-term debt-to-total book capitalization was 46% as of September 30, 2025, compared to 42% as of December 31, 2024[31] - Total debt-to-total book capitalization, including short-term debt, was 49% as of September 30, 2025, compared to 44% as of December 31, 2024[31] Segment Performance - Crude Oil Segment Adjusted EBITDA reached $1733 million YTD in 2025, compared to $1707 million in 2024[51]

Core Insights - Enbridge Inc. (ENB) is a leading midstream energy company with a business model that is less exposed to the volatility of oil and natural gas prices, focusing on stable cash flows for shareholders [1][3] Group 1: Company Overview - Enbridge operates the longest pipeline network in North America, spanning approximately 18,085 miles, and is responsible for transporting 30% of total North American crude oil production [2] - The company also transports about 20% of the total natural gas consumed in the United States through its extensive midstream assets [2] Group 2: Business Model Stability - Enbridge's midstream assets are typically booked by shippers for long-term contracts, which mitigates exposure to extreme price fluctuations in oil and gas, resulting in stable cash flows [3][6] - Similar to Enbridge, other midstream companies like Williams (WMB) and Kinder Morgan Inc. (KMI) also maintain stable business models with significant pipeline networks and fee-based revenues [4] Group 3: Financial Performance - Over the past year, Enbridge's shares have increased by 27.8%, outperforming the industry average growth of 24.5% [5][6] - The company's current enterprise value to EBITDA (EV/EBITDA) ratio stands at 15.51X, which is higher than the broader industry average of 13.91X [7] Group 4: Earnings Estimates - The Zacks Consensus Estimate for Enbridge's 2025 earnings has remained unchanged over the past week, indicating stability in earnings expectations [9][10]

Financial Performance - 2Q25 Adjusted EBITDA attributable to PAA was $672 million[5] - Crude Oil Adjusted EBITDA was $580 million in 2Q25[5] - NGL Adjusted EBITDA was $87 million in 2Q25[5] - The company reaffirmed its full-year Adjusted EBITDA guidance of $2.80 - $2.95 billion[5] - The leverage ratio was 3.3x in 2Q25[5] Strategic Initiatives - The company is divesting its NGL business for approximately $3.75 billion[5] - Net proceeds from the NGL divestiture are expected to be around $3.0 billion after taxes, transaction expenses, and potential special distribution[5,8] - The company acquired an additional 20% interest in the BridgeTex Pipeline, bringing its total ownership to 40%[5] Capital Allocation - The company is targeting approximately $0.15/unit annual distribution growth from 2026 onwards until approximately 160% common unit coverage is reached[26] - The company increased its annual distribution by $0.25/unit to $1.52/unit in 2025[26] - The company has invested approximately $1.4 billion in bolt-on acquisitions since the second half of 2022[11,30]

Financial Performance - Plains All American Pipeline (PAA) reported $754 million in Adjusted EBITDA attributable to PAA for 1Q25[5] - The company reaffirmed its full-year Adjusted EBITDA guidance of $2.80 - $2.95 billion[5] - PAA's leverage ratio stood at 3.3x in 1Q25[5] - Distributable Cash Flow available to Common Unitholders is $1.875 billion, with a Common Unit Distribution Ratio Coverage of 175%[22] - Adjusted Free Cash Flow (excluding changes in Assets & Liabilities) is +/- $1.095 billion[22, 26] Segment Performance - The Crude Oil segment contributed $559 million to Adjusted EBITDA in 1Q25[5] - The NGL segment contributed $189 million to Adjusted EBITDA in 1Q25[5] - The company anticipates $2.41 billion in Adjusted EBITDA from the Crude Oil segment and $450 million from the NGL segment for the full year 2025[22] Growth Strategy - Plains has invested approximately $1.3 billion in bolt-on acquisitions since the second half of 2022, targeting a return threshold of 15%+[11] - The company expects $300 - $400 million of annual growth capex[10] - The company is targeting ~$0.15/unit annual distribution growth from 2026 until ~160% common unit coverage is reached[26]