Financial Highlights - Teekay Tankers achieved a GAAP net income of $92.1 million, resulting in an EPS of $2.66 in Q3 2025 [6] - The adjusted net income for Q3 2025 was $53.3 million, with an adjusted EPS of $1.54 [6] - The company's free cash flow (FCF) for Q3 2025 reached $68.7 million [6] - Teekay Tankers held $775 million in cash, cash equivalents, restricted cash, and short-term investments as of September 30, 2025 [6] Spot Rate Performance - Spot rates in Q3 2025 were strong, on par with 2022-2024 levels and above the 15-year average for the third quarter [12] - VLCC spot rates for Q3 2025 averaged $30,900, compared to $30,800 in Q3 2024 and $31,500 in Q2 2025 [8] - Suezmax spot rates for Q3 2025 averaged $33,400, compared to $31,000 in Q3 2024 and $31,100 in Q2 2025 [8] - Aframax/LR2 spot rates for Q3 2025 averaged $30,900, compared to $35,900 in Q3 2024 and $38,900 in Q2 2025 [8] - Q4 2025 to-date spot rates show VLCC at $37,200 with 52% of days booked, Suezmax at $28,400 with 47% of days booked, and Aframax/LR2 at $30,500 with 54% of days booked [10] Strategic Transactions and Capital Allocation - Teekay Tankers completed the acquisition of one 2017-built Suezmax and one 2013-built VLCC [11] - The company completed four vessel sales in Q3-25 and Q4-25 to-date, with one remaining vessel to be sold, generating total gross proceeds of $158.5 million and estimated gains of approximately $47.5 million [11] - A fixed quarterly dividend of $0.25 per share was declared for November 2025 [11]

Financial Highlights - Orders reached $7 billion, resulting in a book-to-bill ratio of 1.2x and a record backlog[4] - Organic growth increased by 10%, showing significant progress towards the company's 2026 Financial Framework[4] - The adjusted segment operating margin was 15.9%, marking the eighth consecutive quarter of year-over-year expansion[4] - Non-GAAP EPS grew by 10%, or 15% on a pension-adjusted basis[4] - The company is increasing guidance based on strong performance and higher expectations[4] Guidance and Outlook - Revenue guidance for 2025 is approximately $22 billion, revised up from a prior guidance of approximately $21.75 billion[5] - The revenue outlook for 2026 is $23 billion[5] - The adjusted segment operating margin guidance for 2025 is high 15%, revised up from a prior guidance of mid-to-high 15%[5] - The adjusted segment operating margin outlook for 2026 is low 16%[5] - Adjusted free cash flow is expected to be approximately $2.65 billion for 2025 and $3.0 billion for 2026[5] Q3 2025 Financial Results - Revenue was $5.7 billion[6] - Adjusted segment operating income was $900 million, resulting in a 15.9% margin[6] - Non-GAAP diluted EPS was $2.70[6] - Adjusted free cash flow was $449 million[6]

Financial Performance - Revenues for the third quarter of 2025 reached a record $4301529 thousand, a 16.4% increase compared to $3696924 thousand in the third quarter of 2024[16] - Operating income for the third quarter of 2025 was $405696 thousand, up 11.6% from $363538 thousand in the same period of 2024[16] - Diluted earnings per share (EPS) for the third quarter of 2025 increased by 13.3% to $6.57, compared to $5.80 in the third quarter of 2024[16] - For the nine months ended September 30, 2025, revenues increased by 15.5% to $12473301 thousand from $10796097 thousand in 2024[17] - Diluted earnings per share for the nine months ended September 30, 2025, increased by 21.8% to $18.53 from $15.21 in 2024[17] Remaining Performance Obligations (RPOs) - Record Remaining Performance Obligations (RPOs) reached $12.61 billion, a 29% increase year-over-year, and a 25% increase from December 2024[9] - Diverse RPOs of $12.61 billion; +$2.82 billion Y/Y[10] Strategic Initiatives - The planned divestiture of EMCOR UK is expected to tighten strategic focus on core end markets in the United States and slightly improve operating margins[9] - EMCOR UK currently delivers ~$500 million of annualized revenue and ~$0.45 of annualized EPS[20] - The divestiture of EMCOR UK is valued at $255 million and is expected to close by the end of 2025[20] Guidance - The company projects revenues between $16.7 billion and $16.8 billion[21] - The company projects Non-GAAP Diluted EPS between $25.00 and $25.75[21]

Financial Performance - Shell's Adjusted Earnings were $5.4 billion in Q3 2025[9], compared to $4.3 billion in Q2 2025[11] - Cash flow from operations (CFFO) reached $12.2 billion in Q3 2025[9], up from $11.9 billion in Q2 2025[11] - Free cash flow was $10.0 billion in Q3 2025, a significant increase from $6.5 billion in Q2 2025[11] - The company distributed 48% of CFFO to shareholders over the last 12 months[9] Shareholder Returns - The dividend per share was $0.358[9] - A new buyback program of $3.5 billion was announced[9], continuing a trend of buybacks ≥$3 billion for the 16th consecutive quarter[9] - Total shareholder distributions in Q3 2025 amounted to $5.7 billion, including $2.1 billion in cash dividends and $3.6 billion in share repurchases[9, 10] Business Segments - Integrated Gas Adjusted Earnings were $2.1 billion in Q3 2025, compared to $1.7 billion in Q2 2025[12] - Upstream Adjusted Earnings were $1.8 billion in Q3 2025, consistent with $1.7 billion in Q2 2025[12] - Marketing Adjusted Earnings were $1.3 billion in Q3 2025, up from $1.2 billion in Q2 2025[12] - Chemicals & Products Adjusted Earnings increased to $0.6 billion in Q3 2025 from $0.1 billion in Q2 2025[12] Strategic Outlook - The company aims for >10% per annum nFCF per share growth through 2030[30] - Shell plans to distribute 40–50% of CFFO to shareholders through the cycle[30] - The company targets $5–7 billion in structural cost reductions by the end of 2028, cumulative from 2022 levels[30] - Cash Capital Expenditure is projected to be $20–22 billion per annum from 2025–2028[30]

Capital Allocation and Returns - Since IPO, the company has returned $61 billion of capital to equity investors via LP distributions and common unit buybacks[9] - Distributions for 3Q 2025 were $0.545 per unit, a 3.8% increase over 3Q 2024[9] - Buybacks in 3Q 2025 totaled $80 million, representing 2.5 million common units[9] - For the 9 months ended September 30, 2025, buybacks amounted to $250 million, representing 8 million common units[9] - Adjusted CFFO Payout Ratio was 58% TTM for 3Q 2025[9] Capital Expenditures and Financial Health - Growth Capital Expenditures are projected to be approximately $4.5 billion in 2025 and between $2.2 billion and $2.5 billion in 2026[9] - Sustaining Capital Expenditures are estimated at approximately $525 million in 2025[9] - The Leverage Ratio was 3.3x as of September 30, 2025[9] - Liquidity stood at $3.6 billion as of September 30, 2025, comprising available credit capacity and unrestricted cash[9] Operational Performance and Growth - The company has $5.1 billion of major capital projects under construction[24] - Natural Gas Processing Plant Inlet Volume has a 10% CAGR[20] - Equivalent Pipeline Transportation Volume has a 8% CAGR[21] - NGL Fractionation Volume has a 8% CAGR[21] - For the 9 months ended 2025, the gross operating margin was $7.3 billion[27]

Financial Performance - Q3 2025 - Revenue reached $582 million[4], a decrease of 5% year-over-year, or 6% in constant currency, due to portfolio optimization and project deployment timing[9] - Adjusted EBITDA was $97 million[4], representing a 10% increase year-over-year, with an adjusted EBITDA margin of 16.7%, up 230 bps[10] - Non-GAAP diluted EPS was $1.54[4], a decrease of 16% year-over-year, impacted by higher non-GAAP income tax expense[10] - Free cash flow surged to $113 million[4], a 93% increase year-over-year, driven by improved working capital, decreased tax payments, and higher earnings[10] Bookings and Backlog - Q3 2025 bookings amounted to $380 million[6], resulting in a book-to-bill ratio of 0.65[6] - The trailing twelve months (TTM) book-to-bill ratio stood at 1.15[6] - Ending backlog reached $4.3 billion[6] Segment Performance - Q3 2025 - Device Solutions revenue decreased by 16% (19% in constant currency)[21], while gross margin increased by 370 bps and operating margin increased by 240 bps[21] - Networked Solutions revenue decreased by 6%[25], but gross margin increased by 340 bps and operating margin increased by 330 bps[26, 27] - Outcomes segment revenue increased by 11% (10% in constant currency)[30], with gross margin up 390 bps and operating margin up 520 bps[31, 32] Outlook - Q4 2025 revenue is projected to be between $555 million and $565 million[37], a 9% decrease at the midpoint compared to Q4 2024[37] - Q4 2025 non-GAAP diluted EPS is expected to be between $2.15 and $2.25[37], a 63% increase at the midpoint compared to Q4 2024, including a discrete tax benefit[37] - Full-year 2025 revenue is projected to be between $2.35 billion and $2.36 billion[38], a 3% decrease at the midpoint compared to 2024[39] - Full-year 2025 non-GAAP EPS is projected to be between $6.84 and $6.94[38], a 23% increase at the midpoint compared to 2024[39]

Financial Performance & Highlights - Net income from continuing operations for Q3 2025 was $23.1 million[7] - The company has an average remaining charter duration of 6.9 years[7] with 100% charter coverage for 2025 and 79% for 2026[7] - Contracted revenue backlog exceeds $3.0 billion[7], with 93% or $2.8 billion from gas assets[7, 20] - Cash position is solid with $332.3 million[13, 46] (including restricted cash) as of September 30, 2025[23, 46] - Q3 2025 dividend is $0.15 per share[7] Strategic Updates - Secured employment of up to 10 years for one newbuilding LNG/Cs[7] - Financing completed for all DF MGCs and LCO2/multi-gas carriers[7] - Completed the sale of a 13,300 TEU container carrier in October 2025[7, 13] - The LNG time charter book has a contracted backlog of 93 years at an average TCE of $87,006[17], or approximately $2.8 billion of LNG/C charter revenue[17] LNG Market Dynamics - There has been a surge of Final Investment Decisions (FIDs) in 2025, with three new FIDs in Q3 and seven in total year-to-date[25] - The EU is moving towards a full ban on Russian LNG imports, potentially benefiting shipping as Russian LNG is rerouted to China and US LNG fills the gap in Europe[28, 30] - The EU imported about 17.8 million tons of Russian LNG in 2024[30] - Assuming Russian flows to China travel via Suez in winter and the Northern Sea Route in summer, the split is roughly 50:50, global LNG shipping could gain around 2% on 2024's total ton-miles[30]

Risk in Force - The original risk written in 2025 was $113 billion, with 965% remaining[6] - The original risk written in 2004 and prior was $1815 billion, with 02% remaining[6] - The weighted average FICO score for 2025 originations is 755, with 508% having a FICO score of 760 and above[6] - The weighted average LTV for 2025 originations is 931%, with 46% having an LTV of 85 or less[6] Delinquency and Losses - The risk in force delinquent is 20%[7] - The number of new notices received in the quarter is 13,582[7,11] - Ever-to-date claims paid for 2005-2008 originations is $133953 million[7] Risk Distribution and Capital - Total PMIERs Primary Minimum Required Assets is $5849 billion[9] - The company ceded 43% of its risk through various reinsurance agreements[9] - Scheduled Contingency Reserve Releases for 2025 is $457 million[26], but as of September 30, 2025, the contingency reserve releases totaled $338 million[27] Losses Incurred - Current period losses incurred, net, are $58 million[11] - Losses incurred, net, are $11 million[11]

Third Quarter Performance - Record quarterly sales reached $6.2 billion, driven by organic growth across all three business units: CSS up 18%, EES up 12%, and UBS up 3%[7] - Total data center sales amounted to approximately $1.2 billion, a year-over-year increase of roughly 60%[7] - Adjusted EBITDA margin saw a sequential increase of 10 bps due to improved gross margin[7] - Backlog increased by 7% year-over-year[7] - Preliminary October sales per workday showed positive momentum, increasing by approximately 9%[7] Full Year Outlook & Strategic Sales Growth - The company raised its full-year outlook for organic sales growth to 8%-9%, with reported growth expected at 7%-8%[7, 40] - Data Center sales are expected to be up approximately 50%[41] - The company anticipates reported sales between $23.3 billion and $23.6 billion[42] - Adjusted diluted EPS is projected to be in the range of $13.10 to $13.60[42] - Free cash flow is expected to be between $400 million and $500 million[42] Financial Restructuring - The company redeemed $540 million of preferred stock with a 10.625% dividend rate[37] - This refinancing is expected to generate approximately $32 million in annualized benefit to net income and cash flow, and approximately $0.65 annualized benefit to EPS[37]

Financial Performance - Blue Owl's AUM reached $295.6 billion, a 26% increase since September 30, 2024[3, 27] - Fee-Related Earnings (FRE) for the last twelve months were $1420.2 million, up 19% from the prior year[33, 37] - Distributable Earnings (DE) for the last twelve months were $1241.7 million, a 15% increase compared to the previous year[27, 33, 37] - The company announced an annual dividend of $0.90 per Class A Share for 2025, a 25% increase from 2024[27] Platform Growth - Credit platform AUM increased by 18% to $152.1 billion since September 30, 2024[20, 47] - Real Assets platform AUM significantly grew by 69% to $74.7 billion since September 30, 2024, driven by the IPI Acquisition and capital raised[20, 51] - GP Strategic Capital platform AUM increased by 11% to $68.8 billion since September 30, 2024[20, 55] Fundraising Activities - New capital commitments raised in the quarter totaled $14.4 billion, including $11.2 billion in new equity capital[27, 43] - Total equity fundraise for the quarter was $11.2 billion, with $5.6 billion in Credit, $3.0 billion in Real Assets, and $2.7 billion in GP Strategic Capital[43]