Financial Data and Key Metrics Changes - The partnership achieved record adjusted EBITDA of $706 million in Q4 2025, excluding approximately $60 million of one-time transaction expenses, marking a 36% increase in full-year adjusted EBITDA to $2.12 billion compared to the prior year [5][6] - Fourth quarter distributable cash flow, as adjusted, was $442 million, with a trailing twelve-month coverage ratio finishing at 1.9x, indicating strong financial health [5][6] - A distribution of $0.9317 per common unit was declared, representing a 1.25% increase over the prior quarter, marking the fifth consecutive quarterly distribution increase [5] Business Line Data and Key Metrics Changes - The fuel distribution segment reported adjusted EBITDA of $391 million in Q4 2025, up from $238 million in Q3 2025 and $192 million in Q4 2024, driven by a 44% increase in distributed gallons [9][10] - The pipeline system segment's adjusted EBITDA was $187 million, consistent with Q4 2024, while throughput remained at 1.4 million barrels per day [12] - The terminal segment's adjusted EBITDA increased to $87 million, up from $76 million in Q3 2025 and $61 million in Q4 2024, benefiting from the Parkland acquisition [13] - The new refining segment generated adjusted EBITDA of $41 million, reflecting improved performance compared to previous years [14] Market Data and Key Metrics Changes - The U.S. fuel distribution market showed flat to slightly declining demand, while the Canadian market exhibited slightly increasing demand, indicating regional variations in market performance [27][28] - The Caribbean market demonstrated strong volume growth, particularly in jurisdictions like Guyana, which experienced significant GDP growth [30] Company Strategy and Development Direction - The company aims for a multi-year annual distribution growth rate of at least 5%, supported by disciplined expense management and a focus on optimizing gross profit [6][21] - The integration of Parkland and TanQuid is expected to enhance operational scale and synergies, with a target of realizing $125 million of the total $250 million annual synergy target in 2026 [16][19] - The company is positioned as both a defensive play and an attractive growth opportunity within the midstream sector, emphasizing its ability to deliver strong results amid market volatility [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustained value for investors, highlighting a strong financial position and growth opportunities across various geographies [18][19] - The company anticipates continued strong performance across all segments, with the Parkland acquisition expected to significantly contribute to future growth [19][21] Other Important Information - The company has a strong balance sheet with $2.5 billion in availability under its revolving credit facility and a leverage ratio of approximately 4x, aligning with long-term targets [6][7] - Minimal corporate income taxes are expected for at least five years, which will support distribution growth for both Sunoco and SunC unitholders [44][45] Q&A Session Summary Question: Demand trends in the fuel distribution business post-Parkland acquisition - Management noted that while U.S. demand has been flat, Sunoco has outperformed trends due to effective capital deployment, and the Canadian market shows stronger demand [26][27] Question: Outlook for bolt-on M&A and its impact on guidance - Management indicated that the $500 million annual target for bolt-on acquisitions is a floor, with potential for upside based on execution across various geographies [39][41] Question: Synergy targets from the Parkland acquisition - Management expressed confidence in exceeding the $125 million synergy target, with activities already ramping up in Q4 2025 [60][62]

SunCoke Energy, Inc. Q4 & FY 2025 Earnings and 2026 Guidance Conference Call Forward-Looking Statements 2 This presentation should be reviewed in conjunction with the fourth quarter and full-year 2025 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on February 17, 2026 at 11:00 a.m. ET. This presentation contains "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Fo ...

Pearl Diver Credit Company Inc. (NYSE: PDCC, PDPA) 2025 Q4 Earnings Presentation February 17, 2026 1 Disclaimer This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with Pearl Diver Credit Company Inc. ("PDCC" or the "Company") or any of its affiliates. This presentation is provided for informational purposes only, does not constitute an offer to sell securities of the Company or a solicitation of a ...

4Q and Full-Year 2025 Results Presentation February 17, 2026 Forward-Looking Statements The information in this presentation highlights the key growth strategies, projections and certain assumptions for the company and its subsidiaries, including with respect to the benefits of acquisitions. Many of these highlighted statements and other statements not historical in nature are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Although the comp ...

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $572 million, with adjusted EBITDA of $99 million and non-GAAP EPS of $2.46, reflecting strong execution and demand for Grid Edge Intelligence [5][11] - Free cash flow reached $112 million, up from $70 million in the previous year, indicating improved earnings growth and working capital management [12] - Full year 2025 revenue was $2.37 billion, down 3% year-over-year, with a gross margin of 37.7% and adjusted EBITDA of $374 million [16][17] Business Line Data and Key Metrics Changes - Device Solutions revenue decreased by 7% year-over-year, primarily due to a decline in legacy electricity products [13] - Network Solutions revenue fell by 15% year-over-year, attributed to project deployment timing [13] - Outcomes revenue increased by 22% year-over-year, driven by delivery services and recurring revenue growth [13] - The new Resiliency Solutions segment contributed $3 million in revenue since its acquisition of Urbint [13] Market Data and Key Metrics Changes - Fourth quarter bookings totaled $737 million, with a backlog of $4.5 billion, indicating strong demand for Grid Edge solutions [6] - Annual recurring revenue (ARR) reached approximately $368 million, up 20% year-over-year [29] Company Strategy and Development Direction - The company is focused on enhancing utility resiliency through strategic acquisitions, including Urbint and Locusview, which will support customers throughout the asset lifecycle [9][10] - Itron aims to leverage its expertise in hardware and networks to drive growth in data, AI, software, and services, positioning itself as a leader in intelligent infrastructure [22][23] Management's Comments on Operating Environment and Future Outlook - Management noted that the utility market is evolving, creating both opportunities and challenges, but remains confident in the company's strategic direction [21] - The company anticipates 2026 revenue to be between $2.35 billion and $2.45 billion, with non-GAAP EPS expected to range from $5.75 to $6.25 [18][19] Other Important Information - Total debt at the end of Q4 was $1.265 billion, with cash and equivalents at $1.02 billion, reflecting a decrease due to acquisitions and stock buybacks [17] - The company expects the new Resiliency Solutions segment to be accretive to revenue growth and EBITDA but dilutive to EPS in 2026 due to acquisition costs [19][20] Q&A Session Summary Question: Update on utility demand and behavior trends - Management reported strong fourth quarter bookings of $737 million and noted that the market is constructive, with no further delays in project timelines [27][28] Question: Barriers to entry in resiliency solutions and outcomes business - Management highlighted the stickiness of their solutions due to field service tools and the value generated from data capture during emergency responses [44][46] Question: Utility ordering patterns and Book and Ship business trends - Management indicated that ordering patterns have normalized, with good Book and Ship business continuing, particularly in the electricity space [52][54] Question: Forward guidance and backlog levels - Management stated that approximately 80% of the forward guidance is typically in backlog, with current levels reflecting a structural change in the business [63] Question: Revenue goals for 2027 - Management maintained the revenue target for 2027 but suggested it may lean towards the lower end of the previously stated range due to deployment complexities [80][81]

Except for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "can," "confident," "could," "estimate," "expect," "future," "goal," "intend," "likely," "may," "optimistic," "opportunity," "outlook," "plan," "possible," "position," "potential," "predict," "probable," "projected," "should," "target," "will," "would" and similar words ...

Financial Data and Key Metrics Changes - The company generated a GAAP return on common equity of negative 14.6% during 2025, which is slightly better than the market-wide assessment by Nomura Research, which estimated a median CLO equity return of negative 15% for the same year [5][6] - As of December 31, the company's NAV was $5.70 per share, down from $7.00 per share on September 30 [6] - The fourth quarter of 2025 saw a net investment income (NII) less realized losses of -$0.26 per share, compared to -$0.16 per share in the third quarter [6][17] - The company recorded a GAAP net loss attributable to common stock of $110 million, or $0.84 per share for the fourth quarter, compared to a GAAP net income of $0.12 per share in the prior quarter [18] Business Line Data and Key Metrics Changes - The company completed 10 resets and 3 refinancings of its CLOs in the fourth quarter alone, and participated in 34 resets and 27 refinancings throughout 2025 [8][9] - Recurring cash flows from the portfolio increased to $80 million, or $0.61 per share, up from $77 million or $0.59 per share in the prior quarter [6] - The non-CLO portion of the investment portfolio was approximately 26% at year-end, reflecting a strategic shift towards credit assets beyond CLO equity [9][10] Market Data and Key Metrics Changes - The S&P UBS Leveraged Loan Index posted a 1.2% return for the fourth quarter and a 5.9% return for the full year 2025 [21] - Total loan repayments reached $294 billion, or approximately 19% of the market in 2025, resulting in a twelve-month trailing prepayment rate of 21% [21] - The trailing twelve-month default rate decreased from 1.5% in September to 1.2% as of December 31, remaining below the long-term average of 2.6% [22] Company Strategy and Development Direction - The company is focusing on increasing exposure to credit assets beyond CLO equity, with a strategic initiative to maximize total return for shareholders [10][11] - A new joint venture was launched to invest in regulatory capital relief transactions, indicating a diversification strategy [12] - The company plans to retain more capital for investments with attractive risk-adjusted returns, aiming for a stable or growing NAV over time [16] Management's Comments on Operating Environment and Future Outlook - Management noted that while defaults remain below long-term averages, spread compression in the loan market and negative sentiment towards credit have impacted financial performance [4] - The company anticipates attractive opportunities for capital deployment in both CLO equity and other credit asset classes in 2026 [16] - Management expressed a cautious outlook on credit quality, expecting trends to mirror those of 2025, with continued spread compression [46] Other Important Information - The company announced a $100 million common stock repurchase program to buy stock in the open market if it trades at a material discount to NAV [15] - The company redeemed its 8% Series F Term Preferred Stock, which was its highest cost of financing, and proactively repurchased $9 million of other securities at discounts [12][13] Q&A Session Summary Question: Impact of captive CLO equity funds on fee structures - Management acknowledged that CLOs without internal management fees could outperform those with fees, but noted that spread compression affects all funds [30][32] Question: Outlook for resets and refinances in 2026 - Management indicated that predicting the exact number of resets and refinances is challenging, but they have a robust calendar of investments planned [63][64] Question: Dividend policy and potential for supplemental distributions - Management stated that while the new dividend policy is conservative, there is potential for supplemental distributions in the future if conditions allow [84]

Earnings Presentation Fourth Quarter 2025 Forward-Looking Statements and Disclaimer Forward Looking Statements This presentation contains forward-looking statements related to the operations of the Partnership that are based on management's current expectations, estimates, and projections about its operations. You can identify many of these forward-looking statements by words such as "believe," "expect," "intend," "project," "anticipate," "estimate," "continue," "if," "outlook," "will," "could," "should," o ...

February 17, 2026 FORWARD-LOOKING STATEMENTS This presentation contains statements concerning Louisiana-Pacific Corporation's (LP) future results and performance that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and assumptions of, and on information available to, our management; assumptions upon which such forward-looking statements are based are also forward-looking statements. Forward looking ...

Financial Data and Key Metrics Changes - Watsco achieved a 10% increase in annual dividends, raising it to $13.20, marking the 52nd consecutive year of dividend payments [3] - The company reported a 40 basis point increase in gross margins to 27.1% [4] - Unit volumes declined during the quarter, reflecting a 17% overall unit decline for 2025, following a strong 20% growth in the previous year [4][13] Business Line Data and Key Metrics Changes - The company added 12 business acquisitions, contributing over $1.6 billion in sales [3] - E-commerce sales accounted for 35% of total sales, exceeding 60% in certain U.S. markets [5] - The OnCall Air digital selling platform saw a 20% increase in gross merchandise value, reaching $1.8 billion for the year [6] Market Data and Key Metrics Changes - The aftermarket add-on replacement market was down 6% in 2025, influenced by a weaker consumer and contractor uncertainty [14][16] - The commercial segment experienced a decline in the high single digits, while international business showed mixed results, with Canada performing better than Latin America [95] Company Strategy and Development Direction - Watsco is focused on improving inventory turns and generating incremental cash flow, with a long-term goal of achieving 30% gross margins [5][6] - The company is investing in technology and innovation to enhance competitive positioning and drive sales growth [6][39] - A new initiative aims to grow sales in the fragmented non-equipment market, which currently represents about 30% of total sales [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a more stable operating environment in 2026, following significant regulatory changes and supply chain disruptions [2][19] - The company anticipates gradual margin improvement as the transition to A2L products matures throughout the year [5] - Management emphasized a long-term focus on growth and customer relationships, despite short-term market fluctuations [131] Other Important Information - Watsco achieved a record cash flow of $400 million in the fourth quarter and met its $500 million inventory reduction goal [5] - The company maintained a debt-free status throughout 2025, allowing for continued investment in growth opportunities [4][31] Q&A Session Summary Question: What is the outlook for pricing dynamics as the market normalizes? - Management indicated that the product line is now stable, with a single pricing structure for customers, and expressed confidence in contractors' ability to sell the new technology [12][18] Question: How does the dividend increase relate to future earnings? - Management acknowledged that the dividend exceeds the earnings rate for 2025 but emphasized strong cash flow and a commitment to maintaining the dividend track record [26][31] Question: What are the expectations for industry unit volumes in 2026? - Management noted that while industry forecasts suggest declines, Watsco's sales are directly tied to contractor installations, providing a more stable outlook [35][37] Question: How is the company addressing inventory management? - Management stated that inventory is in good shape, with ongoing efforts to improve quality and efficiency, aiming for a total of 5 inventory turns [79][81] Question: What trends are observed in the residential market? - Management reported that ductless and ducted products experienced similar declines, and there is no significant price sensitivity observed among contractors [101][108]