Financial Performance & Outlook - Black Hills Corp reaffirmed its full-year 2025 EPS guidance in the range of $400 to $420, reflecting approximately 5% year-over-year growth at the midpoint[7] - The company is targeting long-term EPS growth of 4% to 6%, planning to deliver in the upper half of this range starting in 2026, off a 2023 base of $375 per share[7,8] - Black Hills Corp is forecasting $1 billion in capital investment for 2025 and a total of $47 billion from 2025 to 2029[7] - The company targets a dividend payout ratio of 55% to 65%[7] Capital Investments & Growth Initiatives - Black Hills Corp plans to invest $47 billion in capital projects from 2025 to 2029, with key investment categories including customer growth, safety and system integrity, and electric generation and transmission[7,9,13] - The company is developing plans to serve more than 1 GW of total data center demand within the next 10 years, including 500 MW in the current plan by 2029, expecting data center EPS contribution to grow to more than 10% beginning in 2028[16] - The Ready Wyoming transmission project, a 260-mile electric transmission expansion costing $350 million, is on track for completion by year-end 2025[41,69] - The company obtained approval for a 99 MW dispatchable natural gas generation project (Lange II) in South Dakota, with an estimated investment of $280 million, expected to be in service in the second half of 2026[49,50,51] Regulatory & Reliability - A unanimous black box settlement was approved for Kansas Gas, providing $108 million in new annual revenues with new rates effective August 1, 2025[52] - Black Hills Corp is requesting recovery of $453 million of investments and inflationary impacts in Nebraska Gas application NG-124, with interim rates expected to be effective August 1, 2025[52]

Financial Performance Highlights - Q2 2025 revenue reached $2.053 billion, a 9% increase year-over-year (YoY), driven by an 8% increase in Commercial Aerospace and a 21% increase in Defense Aerospace[7, 15, 17] - Adjusted EBITDA for Q2 2025 was $589 million, up 22% YoY, with an Adjusted EBITDA Margin of 28.7%, an increase of approximately 300 basis points[7, 19] - Adjusted Earnings Per Share (EPS) for Q2 2025 was $0.91, a 36% increase YoY[7, 17] - The company reported a record Q2 Free Cash Flow of $344 million, with an ending cash balance of $546 million[10, 19] - For Q2 Year-to-Date (YTD) 2025, revenue was $3.995 billion, an 8% increase YoY, and Adjusted EBITDA was $1.149 billion, a 25% increase YoY[11] Balance Sheet and Capital Deployment - Net Debt-to-Last Twelve Months (LTM) EBITDA improved to a record low of 1.3x[10, 19] - The company repurchased $175 million of common stock in Q2 at an average price of approximately $142 per share and an additional $100 million in July at approximately $183 per share[10, 20] - The company paid down $76 million in debt, resulting in annualized interest expense savings of approximately $4 million[10, 19] - The quarterly common stock dividend was increased by 20% quarter-over-quarter (QoQ) to $0.12 per share for Q3 2025[10, 20] Guidance - The company expects full-year (FY) 2025 revenue to increase by approximately 9% YoY, Adjusted EBITDA to increase by approximately 21% YoY, and Adjusted EPS to increase by approximately 34% YoY[29, 30] - The company anticipates FY 2025 Free Cash Flow to be approximately $1.225 billion, a 25% increase YoY, with a Free Cash Flow Conversion of approximately 85% or higher[29, 30]

Financial Performance & Strategic Transformation - First Foundation reported a net loss in Q2 2025, largely due to $12.1 million pre-tax impacts from loan sales[13] - Adjusting for loan transactions, the company's "core" EPS was $0.01[13] - Core PPNR was $3.6 million in Q2 2025, compared to $9.7 million in Q1 2025[13] - The company successfully sold $858 million of CRE loans during Q2 2025[8, 12] Asset Quality & Capital Management - Net charge-offs were less than 1 bps (0.00%) in Q2 2025, indicating strong credit performance[13] - Total nonperforming assets decreased by 9.1% compared to Q1 2025, reaching $40.8 million, or 0.35% of total assets[22] - CET1 ratio improved to 11.08% in Q2 2025, compared to 10.63% in Q1 2025 and 9.68% in Q3 2024[13] Deposit & Funding Strategy - Higher-cost MSR deposits were reduced by $0.5 billion, a 50% decrease, and wholesale deposits decreased by $0.2 billion, a 9% decrease[13] - The company exited $540 million of higher-cost MSR deposits (~4.60%) following loan transactions[32] - 60% of the $1.4 billion brokered CD portfolio is scheduled to mature over the next 18 months, with a weighted average interest rate of ~4.9%[32]

Financial Performance - Teekay Tankers reported GAAP net income of $62.6 million and adjusted net income of $48.7 million for Q2 2025[7] - The company's free cash flow (FCF) for Q2 2025 was $62.8 million, and its cash position as of June 30, 2025, was $712 million[7] - Teekay Corporation paid a one-time cash dividend of $1.00 per common share, totaling $85.3 million, in July 2025[34] Fleet Management and Strategy - Teekay Tankers acquired one 2017-built Suezmax tanker, delivered in July 2025[12] - The company agreed to acquire the remaining 50% ownership interest in the Hong Kong Spirit VLCC from its joint venture partner[12] - Teekay Tankers agreed to sell five vessels with an average age of 17 years for gross proceeds of approximately $158.5 million, with estimated gains from sales of approximately $46 million[12] Market Conditions and Outlook - Spot tanker rates showed counter-seasonal strength in Q2 2025, outperforming the previous two quarters[7] - Global oil demand growth is forecasted at 0.7 million barrels per day (mb/d) for both 2025 and 2026[24] - The tanker orderbook is stable at 15% of the existing fleet size, with the average fleet age at a 25-year high of 14.0 years[24]

Financial Performance (Q3-25) - Net revenue increased by 11% to $1.06 billion compared to $0.96 billion in Q3-24, excluding USAID and DOS [5] - Operating income increased by 37% to $159 million compared to $116 million in Q3-24, excluding USAID and DOS [5] - Earnings per share (EPS) increased by 46% to $0.41 compared to $0.28 in Q3-24, excluding USAID and DOS [5] Segment Performance (Q3-25) - CIG segment net revenue increased by 2% to $633 million [7] - GSG segment net revenue increased by 29% to $429 million [7] - CIG operating income margin increased by 230 basis points to 19.9% [7] - GSG operating income margin increased by 130 basis points to 15.2% [7] Customer Revenue (Q3-25) - U.S Federal net revenue increased by 46% [8] - U.S State & Local net revenue increased by 30% [8] - U.S Commercial net revenue decreased by 4% [8] - International net revenue decreased by 1% [8] Financial Overview (FY25 YTD) - Net revenue increased by 9% to $3.454 billion [14] - EBITDA increased by 15% to $476 million [15] - Operating income increased by 21% to $432 million [16] - Diluted EPS increased by 26% to $1.11 [16] Backlog - Q3-25 Backlog is $3.09B [10] Guidance - Q4-25 Net Revenue is expected to be between $1.0 billion and $1.1 billion [32] - Q4-25 Adjusted EPS is expected to be between $0.38 and $0.43 [32] - FY-25 Net Revenue is expected to be between $4.454 billion and $4.554 billion [32] - FY-25 Adjusted EPS is expected to be between $1.49 and $1.54 [32]

Company Overview - Cenovus has approximately 1,800 million shares outstanding and a market capitalization of $38 billion[6] - The company's 2025 production is approximately 815 thousand barrels of oil equivalent per day (MBOE/d)[6] - Cenovus possesses 8.5 billion barrels of oil equivalent (BBOE) in proved plus probable (2P) reserves as of 2024[6] Financial Performance - The trailing twelve months Adjusted Funds Flow (AFF) is $7.3 billion[7] - As of June 30, 2025, Cenovus's net debt stands at $4.9 billion[7] - The company's trailing twelve months total cash returns to shareholders amounted to $3.2 billion[7] - The annual dividend per share is $0.80, representing a yield of 3.8%[7] Operational Highlights - Upstream production for the second quarter of 2025 reached 766 MBOE/d[9] - Downstream throughput for the same period was 666 thousand barrels per day (Mbbls/d)[9] - The company returned $819 million to shareholders through share buybacks and dividends in Q2 2025[11] Growth and Capital Investment - Cenovus is targeting production growth to approximately 950,000 BOE/d by 2028[12] - The company's capital investment for 2025 is projected to be between $4.6 billion and $5.0 billion[30]

Company Overview - AMG has partnered with leading investment specialists for over 30 years[2] - AMG has approximately $771 billion in Assets Under Management (AUM)[2, 63] - AMG's strategy supports compounding of earnings growth at an industry-leading rate[9] Asset Allocation and Growth - Liquid Alternatives AUM is approximately $182 billion[6] - Differentiated Long-Only AUM is approximately $440 billion[6] - Private Markets AUM is approximately $149 billion[6] - Over 50% of EBITDA is from High-Growth Areas[8] Financial Performance - The company has approximately $2 billion in 2024 Annual Economic Net Income[46] - Approximately $2.8 billion in excess capital was returned over the last 5 years[52] - The company has repurchased approximately 10% of shares annually over the last 5 years[52] - The average repurchase price over the last 5 years was $140[52] - Adjusted EBITDA increased from $795 million in 2020 to $973 million in 2024[56]

Second Quarter 2025 Earnings Presentation July 31, 2025 Today's Speakers Marty Kropelnicki Chairman & CEO James Lynch Sr. Vice President, CFO & Treasurer Shilen Patel Chief Business Development Officer and Vice President, TWSC, Inc. 2 Signed agreements to add up to 15,000+ new wastewater connections through a master planned community in Silverwood, California 5 Received first PFAS settlement payment for California, Washington, and New Mexico Maintained industry leading credit rating for Cal Water of A+/stab ...

Financial Performance - Natural gas and oil sales were $344 million[6] - Operating cash flow was $210 million, or $0.71 per diluted share[6] - Adjusted EBITDAX for the quarter was $260 million[6] - Adjusted net income was $40 million, or $0.13 per diluted share[6] Operational Highlights - Five Western Haynesville wells were turned to sales in the second quarter with an average lateral length of 10,897 feet and an average per well initial production rate of 36 MMcf per day[6] - 21 wells were turned to sales to date in 2025 in the Legacy Haynesville area with an average lateral length of 11,803 feet and a per well initial production rate of 25 MMcf per day[6] - The company drilled and completed wells at an average cost of $2,647 per completed lateral foot in the Western Haynesville[6,57] Drilling Program - For the six months of 2025, the company drilled 19 gross wells (17.5 net) and turned 24 gross wells (20.3 net) to sales[16] - The average lateral length for operated wells turned to sales was 11,137 feet in the Haynesville and 11,684 feet in the Bossier[16] - The average initial production rate for operated wells turned to sales was 27 MMcf per day in the Haynesville and 26 MMcf per day in the Bossier[16] Capitalization and Liquidity - As of June 30, 2025, the company had $26 million in cash and cash equivalents[21] - The company's total debt was $3064 million, including $475 million outstanding on the revolving credit facility[21] - The company has strong financial liquidity of $10 billion[59]

2025 SECOND QUARTER EARNINGS Delivering For Customers AND Investors July 31, 2025 1 Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2025 non-GAAP core earnings), debt and equity issuances, refinancing activity, rate base growth, capital expenditures, cash flo ...