Teekay Group Fourth Quarter and Annual 2025 Earnings Presentation February 19, 2026 2025 Teekay Photo Contest Add. Master Shobit Bhatnagar Zenith Spirit Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this release, other than statements of historical fact, are forward-looking statements. When use ...

COSCO Shipping Energy (1138.HK) Conference Call Summary Company Overview - **Company**: COSCO Shipping Energy - **Ticker**: 1138.HK - **Market Cap**: HK$67.7 billion / $8.7 billion - **Enterprise Value**: HK$88.5 billion / $11.3 billion - **Current Price**: HK$14.20 - **12-Month Price Target**: HK$16.00 (Upside: 12.7%) [1][5] Industry Insights - **Tanker Market Dynamics**: The tanker market is expected to experience tighter supply due to the exit or low utilization of shadow or sanctioned capacity, which will drive freight rates higher than market expectations [1] - **Shadow Fleet Impact**: Approximately 18% of current total tanker capacity is classified as shadow or sanctioned fleet, which affects the overall supply-demand balance in the tanker market [2][17] - **Geopolitical Factors**: The analysis suggests that if sanctions on oil from Russia or Iran were lifted, it could lead to a significant exit of shadow fleet capacity, as unsanctioned oil would no longer require shadow fleet for transportation [1][19] Financial Projections - **Revenue Growth**: Projected revenue growth for COSCO Shipping Energy is as follows: - 2024: Rmb 23,130.7 million - 2025: Rmb 25,363.1 million - 2026: Rmb 30,481.0 million - 2027: Rmb 30,653.4 million [5][15] - **EBITDA Growth**: Expected EBITDA growth rates are: - 2024: Rmb 8,575.0 million - 2025: Rmb 9,757.3 million - 2026: Rmb 12,922.7 million - 2027: Rmb 13,024.5 million [5][15] - **Earnings Per Share (EPS)**: - 2024: Rmb 0.80 - 2025: Rmb 0.97 - 2026: Rmb 1.34 - 2027: Rmb 1.34 [5][15] Valuation Metrics - **Price-to-Earnings (P/E) Ratio**: - 2024: 9.6 - 2025: 13.0 - 2026: 9.4 - 2027: 9.4 [11] - **Price-to-Book (P/B) Ratio**: - 2024: 0.9 - 2025: 1.4 - 2026: 1.2 - 2027: 1.2 [11] - **Dividend Yield**: - 2024: 5.6% - 2025: 3.7% - 2026: 5.3% - 2027: 5.3% [11] Strategic Outlook - **Freight Rate Sensitivity**: The company is expected to benefit from higher freight rates due to the transition of Venezuelan oil transportation from shadow fleet to mainstream fleet [1][17] - **Scenario Analysis**: - Lifting sanctions on Iranian oil could lead to a potential upside of 63% to the share price - Lifting sanctions on Russian oil could result in a 27% to 33% upside - A scenario where both sanctions are lifted could lead to a 94% to 102% upside [18] - **Downside Risks**: A potential downside of 10% to 6% exists if disruptions in the Red Sea are resolved, which could reduce shipping demand by 2% [18] Conclusion - COSCO Shipping Energy is positioned to capitalize on favorable market conditions driven by geopolitical factors and a tightening supply of tanker capacity. The financial outlook shows promising growth in revenue and earnings, supported by strategic shifts in oil transportation dynamics. The company maintains a "Buy" rating based on the potential for significant upside in share price under various scenarios.