Portfolio Repositioning - Pebblebrook has strategically shifted its portfolio towards leisure-oriented and group-focused properties, reducing exposure to urban and corporate transient markets since 2019[15] - Resort EBITDA contribution increased from 17% to 47%, while Urban EBITDA contribution decreased from 83% to 53%[19] - The company acquired 5 upper upscale and luxury resorts for $802 million and sold 15 lower-quality urban properties for $12 billion[19] - East Coast properties now contribute 56% of EBITDA, up from 38%, while San Francisco's EBITDA contribution declined by 18%, and West Coast properties now contribute 40% of EBITDA, down from 56%[19] Financial Performance and Growth Opportunities - The company estimates a Hotel EBITDA upside of approximately $71 million, with $16 million from urban markets recovery, $45 million from ROI redevelopment projects, and $10 million from LaPlaya EBITDA growth opportunity[11, 23] - The company anticipates a potential $45+ million increase in its Urban Hotel EBITDA over the next three to four years, supported by a favorable long-term outlook[35] - Approximately $278 million of ROI capital invested is estimated to generate annual stabilized EBITDA gains of $29 to $33 million[11, 44] - LaPlaya Beach Resort & Club generated $19 million of hotel EBITDA in 2024 and is forecasting $25 million for 2025[51] Valuation and Financing - Pebblebrook's recent public market valuation reflects an approximate 55% discount to its recently calculated private market valuation of $2350 per share[11, 54, 57] - The company completed a $400 million private offering of 2030 1625% Convertible Notes, using proceeds to retire an equal amount of its 2026 175% Convertible Notes at a 2% discount to par[61, 62] - Approximately 43 million common shares were repurchased at $1156/share, increasing the effective all-in equity conversion price to $2443/share[62, 64]

Financial Performance - The company reported a revenue growth of 24% year-over-year in Q3 2025[7] - Net income attributable to Viemed was $3513000 in Q3 2025, or $009 per diluted share[7,8] - Adjusted EBITDA increased 16% year-over-year for Q3 2025, with an Adjusted EBITDA margin of 224%[7] - The company completed repurchases of 1706380 common shares for $114 million at an average price of $668 per share in Q3 2025[7] - Free cash flow for the quarter ended September 30, 2025, was $12402000[19] Operational Highlights - Vent patient growth was sustained at 9% year-over-year in Q3 2025, up 2% sequentially from Q2 2025[7] - Sleep therapy patients increased by 64% year-over-year and 21% sequentially in Q3 2025; new sleep patient starts were up 96% year-over-year, and sleep resupply patient count was up 51% year-over-year and 33% sequentially[7] - As of September 30, 2025, the company had $38 million in unfunded commitments available under its existing credit facilities[17] Revenue Mix - In Q3 2025, ventilation accounted for 49% of the service mix, while sleep accounted for 21%, oxygen for 9%, staffing for 8%, maternal for 6%, and other services for 7%[12] - Rental revenue accounted for 70% of the revenue mix, while sales accounted for 30% in Q3 2025[12] 2025 Guidance - The company projects net revenue of $271 million to $273 million[22] - Adjusted EBITDA is expected to be $60 million to $62 million, approximately 22% of net revenue[22]

Company Overview - Kimbell is presented as a pure play mineral company with an attractive annualized cash distribution yield of 105%[6] - The company possesses a diversified, high-quality asset base and an attractive tax structure[9] - Kimbell has interests in over 131000 gross wells across over 17 million gross acres in the US[13] - Since its IPO in 2017, Kimbell has completed over $20 billion in M&A transactions[13] Financial Highlights - Q3 2025 oil, natural gas and NGL revenues reached $768 million[18, 22, 26] - Q3 2025 consolidated Adjusted EBITDA was $623 million[18, 20, 26] - Net income for Q3 2025 was approximately $223 million, with $170 million attributable to common units[18, 20, 26] - The company's Net Debt to TTM Consolidated Adjusted EBITDA stood at 16x[16, 20, 26] Asset Portfolio and Operations - Kimbell estimates it has over 14 years of drilling inventory remaining[15] - The company's acreage has 86 active rigs drilling, representing approximately 16% market share of the U S land rig count[20, 26] - Kimbell identified 11510 gross / 7771 net total upside locations on major properties as of December 31, 2024[40]

Consolidated Results - EchoStar's Q3 2025 revenue was $36 billion, a decrease of $277 million or 71% year-over-year[12] - Adjusted OIBDA in Q3 2025 was $231 million, down $86 million or 271% year-over-year[14] - Capital Expenditures and Capitalized Interest in Q3 2025 were $359 million, down $136 million or 275% year-over-year[14] - Free Cash Flow in Q3 2025 was negative $247 million, down $28 million or 129% year-over-year, primarily due to lower Adjusted OIBDA, partially offset by lower CapEx[17] - Cash and Marketable Securities were $43 billion in Q3 2025, up $14 billion year-over-year, primarily due to Q4 2024 financing transactions[19] Segment Performance - Wireless service revenue was $836 million, up $57 million or 74% year-over-year, with ARPU of $3722, up $095 or 26% year-over-year[23] - Pay-TV revenue was $2341 billion, down $277 million or 106% year-over-year, with ARPU of $10997, up $109 or 10% year-over-year[27] - Broadband & Satellite Services (BSS) revenue was $346 million, down $41 million or 106% year-over-year, with Adjusted OIBDA of $75 million, down $3 million or 39% year-over-year[32] Subscriber Trends - Wireless net additions were 223K, up 520K year-over-year and up 11K or 52% sequentially[21] - Pay-TV net additions improved by 50K year-over-year due to competitive pressures[45] - Hughes broadband subscribers decreased by 129K or 141% year-over-year[48]

Financial Performance - Total net sales increased by 14% year-over-year, reaching $157.2 million in Q1FY26 compared to $138.1 million in Q1FY25[19] - Organic sales grew by 7% year-over-year[13, 75] - Adjusted EBITDA increased by 17% year-over-year due to project acceleration, improved pricing, and cost control[13] - Adjusted EBITDA margin improved by 30 basis points year-over-year, reaching 10% in Q1FY26[13] - Adjusted net income increased by 23% year-over-year[18] Segment Performance - Lighting segment sales increased by 18% year-over-year, driven by double-digit growth across all three lighting brands[14, 36] - Display Solutions segment sales increased by 11% year-over-year, supported by demand in C-Store/Refueling and Grocery verticals[15, 26] Balance Sheet and Cash Flow - Net leverage remained flat year-over-year at 0.8x after investing over $20 million in acquiring Canada's Best during Q3FY25[54] - The company upsized its secured revolving line of credit to $125 million and extended the term to September 2030[54, 55] - Working capital increased by $16 million year-over-year in Q1FY26[45]

Q3 2025 Financial Performance - Total revenue increased by $158 million year-over-year to $1433 million[15] - Construction revenue increased by $82 million year-over-year to $1162 million[15] - Materials revenue increased by $76 million year-over-year to $271 million[15] - Adjusted EBITDA margin increased by 330 bps year-over-year to 150%[15,18] - Adjusted net income increased by $33 million year-over-year to $124 million[15] - CAP increased by $718 million year-over-year to $63 billion[15] Materials Segment Performance - Aggregate average selling price increased by 256% year-over-year from $1636 to $2054 per ton in Q3 2025[67] - Asphalt average selling price increased by 68% year-over-year from $7866 to $8400 per ton in Q3 2025[67] - Aggregate sales volume increased by 263% year-over-year from 6366 tons to 8041 tons in Q3 2025[68] - Asphalt sales volume increased by 144% year-over-year from 2801 tons to 3205 tons in Q3 2025[68] Future Outlook - The company expects volume growth in both aggregate and asphalt into 2026, supported by strong demand[11] - Revenue is expected to accelerate in Q4 and into 2026 as projects ramp up[14] - The company is positioned to act on future M&A opportunities[18] - The company expects to outperform its target of 9% of operating cash flow as a percentage of revenue in 2025[23]

Earnings Presentation THIRD QUARTER 2025 Hybrid mortgage REIT with extensive experience in managing residential mortgage assets through economic cycles | | cs | GAAP Book Value | Economic Book Value1 | Total Economic Return2 | Recourse Leverage3 | | --- | --- | --- | --- | --- | --- | | y e K | etri M | $13.13 | $13.69 | 2.6% | 1.9x | | | | per common share | per common share | Q3 2025 | as of Sept. 30, 2025 | | al | cs | GAAP Net Income4 | Distributable Earnings5 | Quarterly Dividend | Dividend Yield | | c ...

Q3 2025 Key Highlights - Devon Energy outperformed Q3 expectations across key value drivers and business optimization accelerates value capture[2] - The company delivered 390,000 barrels of oil per day, reaching the top-end of guidance[2] - Capital investment was $859 million, 5% below guidance[2] - Achieved a 5% improvement in operating cost[2] - Distributed approximately $400 million in dividends and share repurchases[2] - Retired $485 million of debt ahead of schedule[2] - Reduced full-year capital run-rate to $3.6 billion[2] Business Optimization - Business optimization achieved >60% of $1 billion target ahead of schedule[2] - Efficiency gains driving $225 million capital reduction for 2025[23] - Signed contracts in Delaware for $200 million in annual savings[23] Financial Strength and Shareholder Returns - Q3 Free Cash Flow was $820 million[8] - Total liquidity stands at $4.3 billion, including cash and undrawn credit facility[33] - Cash position as of 9/30/2025 was $1.3 billion[33] - Share buybacks amounted to $250 million in Q3 2025[29]

Financial Performance Highlights - Q3 2025 net earnings reached $353 million[9] - Q3 2025 adjusted EBITDA was $667 million[10], while the last twelve months (LTM) adjusted EBITDA totaled $26 billion[11] - The company generated $17 billion in cash from operations and $17 billion in free cash flow over the last twelve months[11] - For the first nine months of 2025, net earnings amounted to $11 billion and adjusted EBITDA reached $21 billion[11] Capital Allocation and Shareholder Returns - Approximately $20 billion has been authorized for share repurchases through 2029[12] - Around $13 billion was returned to shareholders through share repurchases and dividends in the first nine months of 2025[16] Operational Excellence and Production - The company achieved a capacity utilization rate of 97% for the first nine months of 2025[13] - Gross ammonia production in 2025 is expected to be approximately 10 million tons[16] Strategic Initiatives and Outlook - The company is on track to reduce CO2-e emissions per ton of product by 25% by 2030[16] - Strategic initiatives are expected to contribute 20% to approximately $3 billion in EBITDA and 33% to approximately $2 billion in free cash flow from the current mid-cycle to the expected 2030 mid-cycle[16] Market Dynamics - Global supply-demand balance is expected to tighten as demand outpaces global nitrogen capacity growth[16]

Financial Performance - Q1 FY26 - Sales reached $5.1 billion, with organic growth of 5%[6,7] - Adjusted Earnings Per Share (EPS) hit a record $7.22[7] - Cash from Operating Activities reached a record $782 million[7] - Adjusted Segment Operating Margin was 27.4%, an increase of 170 bps year-over-year[6,21] - Adjusted EBITDA Margin was 27.3%, an increase of 240 bps year-over-year[6,21] - Free Cash Flow was $693 million, a 7% increase[6,28] FY26 Guidance Update - Organic Sales Growth guidance increased from 3% to 4%[32] - Reported Sales Growth guidance updated to 4%-7%[33] - Adjusted EPS guidance raised to $29.60-$30.40[33] - Free Cash Flow guidance updated to $3.1 billion - $3.5 billion[33] Segment Performance - Q1 FY26 - North America Businesses sales were $2.044 billion with 2% organic growth and adjusted segment operating margin of 27%[25] - International Businesses sales were $1.399 billion with 1% organic growth and adjusted segment operating margin of 25%[25] - Aerospace Systems sales were $1.641 billion with 13% organic growth and adjusted segment operating margin of 30%[25]