Operational Performance - Vale's iron ore production increased by 18% from 79 Mt in 2Q24 to 93 Mt in 2Q25[13] - Nickel production saw a significant increase of 44%, rising from 28 kt in 2Q24 to 40 kt in 2Q25[13] - Copper production experienced a modest increase of 4%, growing from 81 kt in 2Q24 to 84 kt in 2Q25[13] - The company's high-potential recordable injuries decreased by 55% from 1H24 to 1H25, showcasing improved safety[10] Cost Competitiveness - Iron ore C1 cash costs decreased by 11% from US$24.9/t in 2Q24 to US$22.2/t in 2Q25[28] - Demurrage costs decreased by 39% in 2Q25 due to enhanced shipping planning[20] - Copper all-in costs decreased significantly by 60% from US$3,700/t in 2Q24 to US$1,500/t in 2Q25[33] - Nickel all-in costs decreased by 30% from US$17,700/t in 2Q24 to US$12,400/t in 2Q25[35] Financial Performance - Proforma EBITDA decreased from US$3,997 million in 2Q24 to US$3,424 million in 2Q25, impacted by lower iron ore prices[26] Strategic Initiatives - The Bacaba project is expected to start up in the first half of 2028, with a capacity of approximately 50 ktpa and a CAPEX of around US$290 million[15] - Vale invested US$1.4 billion in decarbonization since 2020[22]

Financial Performance - Mirion's Q2 2025 revenue reached $222.9 million, reflecting a 7.6% total increase, including a 5.4% organic growth compared to Q2 2024[11] - Adjusted EBITDA for Q2 2025 was $51.2 million, a 4.9% increase compared to Q2 2024, with the Medical segment's margin expansion offsetting impacts in the Nuclear & Safety segment[11] - Adjusted Free Cash Flow generation for Q2 was +$6 million, with $35 million generated Year-To-Date (YTD), representing a 35% YTD conversion rate[11] - Adjusted diluted EPS increased by 10% to $0.11, excluding impacts from warrants, founders' shares, and convertible notes, reaching $0.13 per share[36] Orders and Backlog - Total orders increased by 1.6% in Q2 2025 compared to Q2 2024, driven by higher orders in the Medical segment, while the Nuclear & Safety segment faced a tough comparison and timing impacts[11] - The company anticipates accelerating order rates in the second half of 2025[23] - The backlog reached $825 million, a 10.2% increase compared to adjusted Q2 2023 and a 1.9% increase compared to adjusted Q2 2024[60] Segment Performance - Nuclear & Safety segment revenue increased by 5.8% to $141.7 million in Q2 2025, with 2.9% organic growth[39] - Medical segment revenue increased by 10.9% to $81.2 million in Q2 2025, with 10.1% organic growth[46] Strategic Initiatives and Outlook - Mirion successfully completed a $400 million convertible note offering and refinanced its Term Loan B, improving its capital structure[12] - The company updated its 2025 guidance, projecting organic revenue growth of 5.0-7.0% and total revenue growth of 7.0-9.0%, including an FX tailwind of approximately 125 basis points and acquisition-related tailwind of approximately 100 basis points[55] - The company expects Adjusted EBITDA to be in the range of $223-$233 million, with a margin of 24.0-25.0%, and Adjusted Free Cash Flow to be in the range of $95-$115 million, representing a 43-49% conversion rate[55]

Financial Performance - Adjusted operating income, excluding notable items, was $4.72 per diluted share[15] - The trailing twelve-month adjusted operating ROE, excluding notable items, was 14.3%[15] - The company's total adjusted operating income before taxes was $421 million[20] Capital Management - Estimated deployable capital is $3.4 billion[15] - Estimated excess capital increased to $3.8 billion, or $2.3 billion pro forma for the EQH transaction[15] - The company has access to an $850 million syndicated credit facility[56] Business Growth - Traditional premium growth was 11.0% year-to-date on a constant currency basis[15] - U S and Latin America Traditional premiums increased by 11.2% to $3.940 billion[23] - Global Financial Solutions premiums decreased by 67.8% to $866 million, primarily due to a decrease in single premium pension risk transfer transactions[23] Investment Portfolio - Assets under management are approximately $115 billion[30] - Over 94% of fixed maturity securities are rated investment-grade[30] - The Q2 new money rate was 6.53%[38]

Financial Performance & Guidance - Ameren's adjusted diluted EPS for the second quarter of 2025 was $1.01, compared to $0.97 in 2024[16] - For the first six months of 2025, the adjusted diluted EPS was $2.08, compared to $1.99 in 2024[16] - The company reaffirmed its 2025 diluted EPS guidance range of $4.85 to $5.05[18, 51] - The company expects a compound annual EPS growth of 6% to 8% from 2025-2029, using the midpoint of the 2025 EPS guidance range ($4.95) as the base[43, 68] Capital Investments & Rate Base - The company invested over $2 billion YTD in electric, natural gas, and transmission infrastructure[8] - Planned infrastructure investment from 2025-2029 is $26.3 billion[43, 37] - The company expects a rate base CAGR of approximately 9.2% from 2024-2029[43, 41, 68] - The company has a strong long-term infrastructure pipeline of over $63 billion from 2025-2034[38, 68] Ameren Missouri Growth & Initiatives - Ameren Missouri expects approximately 5.5% sales CAGR from 2025-2029, primarily driven by data centers[23] - The 2025 Preferred Resource Plan assumes load growth of 1 GW by the end of 2029 and 1.5 GW by the end of 2032[23] - The company filed for MoPSC approval of a proposed rate structure for large load customers requesting 100+ MW of load[31] Regulatory & Legislative Matters - The company expects to sell and transfer additional energy tax credits worth approximately $300 million per year on average to benefit customers[79] - In July 2025, an updated request for a $60 million reconciliation adjustment to the 2024 revenue requirement was made for electric distribution in Illinois[63] - In July 2025, an updated request to a $135 million annual base rate increase was made for natural gas distribution in Illinois[66]

Franklin Resources, Inc. Third Quarter 2025 Results August 1, 2025 | Investor Presentation Jenny Johnson President Chief Executive Officer Matthew Nicholls Executive Vice President Chief Financial Officer Chief Operating Officer Adam Spector Executive Vice President Head of Global Distribution Forward-looking statements and non-GAAP financial information This commentary contains forward-looking statements that involve a number of known and unknown risks, uncertainties and other important factors. This comme ...

Financial Performance - SM Energy's Q2 2025 total net production reached 2091 MBoe/d, with 55% oil[10] - Adjusted EBITDAX for Q2 2025 was $5696 million[10] - Adjusted net income per share for Q2 2025 was $150[10] - Net debt was reduced by approximately $140 million in Q2 2025[8] Operational Highlights - The company paid a cash dividend of $020 per share in Q2 2025, representing an annualized dividend yield of 3%[8] - Uinta Basin integration is complete, leading to optimization and efficiency gains[10] - Average per foot drilling and completion cost decreased by 15%[37] - Completed footage increased by 64% on average per day[37] Reserves and Production Growth - Estimated net proved reserves increased by 68% from December 31, 2020, to December 31, 2024[12, 14] - Average total net daily production is estimated to increase by 76% from 2020 to 2025[12, 14] Hedging Strategy - Approximately 9600 MBbls of expected 3Q25-4Q25 net oil production is hedged at a weighted-average price of $6507/Bbl to $7042/Bbl[49] - Approximately 36000 BBtu of expected 3Q25-4Q25 net natural gas production is hedged at a weighted-average price of $367/MMBtu to $431/MMBtu[49]

Financial Performance - Mercer's Operating EBITDA decreased significantly from $47 million in Q1 2025 to -$21 million in Q2 2025[6] - The pulp segment experienced a substantial decrease in EBITDA, from $50 million in Q1 2025 to -$10 million in Q2 2025[6] - The solid wood segment's EBITDA also decreased, from -$0 million in Q1 2025 to -$5 million in Q2 2025[6] - Net loss increased from -$22 million in Q1 2025 to -$86 million in Q2 2025[27] Pulp Market - NBSK (Northern Bleached Softwood Kraft) list price was $1,000 per tonne[10] - NBSK China (net) price decreased from $793 per tonne in Q1 2025 to $734 per tonne in Q2 2025[10] - NBHK (Northern Bleached Hardwood Kraft) China (net) price decreased from $578 per tonne in Q1 2025 to $533 per tonne in Q2 2025[10] Lumber and Mass Timber - Lumber production decreased by 6% from 128 mmfbm in Q1 2025 to 120 mmfbm in Q2 2025[43] - Mass timber revenue decreased from $17 million in Q1 2025 to $11 million in Q2 2025[25] Strategic Initiatives - Mercer aims to improve profitability by $100 million by the end of 2026, using 2024 as a baseline[30] - The company realized $5 million in cost savings to date and anticipates $25 million for 2025[30]

THREE MONTHS ENDED JUNE 30, 2025 Important Cautionary Notes All amounts in this Supplemental Information are in U.S. dollars unless otherwise specified. Unless otherwise indicated, the statistical and financial data in this document is presented as at June 30, 2025. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION Note: This Supplemental Information contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" withi ...

Financial Performance - Adjusted EBITDA for Q2 2025 was $681 million, an increase of $23 million compared to Q2 2024[51] - Renewables SBU Adjusted EBITDA grew by 56% in Q2 2025[18] - Adjusted EPS increased by 34% from $0.38 in Q2 2024 to $0.51 in Q2 2025[53] - The company is reaffirming its 2025 Adjusted EBITDA guidance of $2650-$2850 million [70] - The company is reaffirming its Adjusted EPS guidance of $210-$226 [73] Strategic Highlights & Growth - The company is on track to add 32 GW of new projects in full year 2025, with 19 GW completed year-to-date and ~80% completion on the remaining 13 GW[18] - Since the Q1 call in May, 16 GW of new PPAs for renewables have been signed or awarded, all with data center customers[18] - The backlog of projects under signed PPAs is now 12 GW[18] - The company is on track to invest ~$14 billion across AES Indiana & AES Ohio in 2025[43] Market Position & Resilience - The company has a market-leading position in signed agreements with data center customers, totaling 86 GW[29] - The company expects the majority of capacity to be completed through 2029 has no exposure to potential changes in tax credit policy, with nearly all capacity safe harbored[21] - The company expects data center demand to grow at a 22% CAGR from 2023-2030[29]

Acquisition Highlights - Cousins acquired The Link, a lifestyle office property in Uptown Dallas, for $218 million, which equates to $747 per square foot[2, 5] - The property encompasses 292,000 square feet and was built in 2021[5] - The property is 93.6% leased with a weighted average lease term of 9.3 years[5] - The 12-month cash yield is 6.7%, and the GAAP yield is 8.3%[5] Property Details - The Link is a 25-story lifestyle office tower located in Uptown Dallas[7] - It features first-class amenities, including a customer lounge, fitness and conference centers, and an outdoor terrace[7] - The location provides convenient access to major highways and is near Klyde Warren Park[7] Market Context - Uptown Dallas is described as a dense and amenitized submarket with declining vacancy and rent growth outpacing the national average for lifestyle office product[8, 9] Forward-Looking Statements - The report contains forward-looking statements subject to risks and uncertainties that could cause actual results to vary materially[11, 12] - These statements are based on management's beliefs, assumptions, and expectations, which may change[12]