Operations and Hashrate Growth - Cipher Mining's self-mining hashrate increased from approximately 16.8 EH/s in Q2 2025 to approximately 20.4 EH/s currently, with an expected increase to approximately 23.5 EH/s in Q3 2025[16] - Black Pearl Phase I construction was completed, deploying approximately 6.9 EH/s, with plans to increase to approximately 10.0 EH/s in Q3 2025 after purchasing approximately 1.5 EH/s of Canaan A15 Pro rigs[17] - The company's operating capacity, including JV capacity, is approximately 477 MW, with a future potential capacity of approximately 2.6 GW across 7 sites[14] Financial Performance - Revenues increased from $37 million in Q2 2024 to $44 million in Q2 2025, representing an approximately 18.9% increase year-over-year[61] - Adjusted earnings improved significantly from a loss of $3 million in Q2 2024 to a profit of $30 million in Q2 2025[62] - GAAP net earnings decreased from a loss of $15 million in Q2 2024 to a loss of $46 million in Q2 2025[62] - Adjusted earnings per share increased from a loss of $0.01 in Q2 2024 to earnings of $0.08 in Q2 2025[62] Development Pipeline - Black Pearl Phase I has a total power capacity of 150 MW and Black Pearl Phase II has a total power capacity of 150 MW[40] - The Barber Lake site has an approved power capacity of 300 MW and a total acreage of 587 acres[42][43] - The Stingray site has an approved power capacity of 100 MW and a total acreage of 250 acres, with energization expected in Q3 2026[48][49][52] Bitcoin Holdings and Power Costs - Cipher Mining held approximately 1,063 BTC in Q2 2025, compared to approximately 1,034 BTC in Q1 2025[11] - The weighted average power price is approximately 3.1 cents/kWh[14] - The power cost per BTC in Q2 2025 was $27,324[14]

Financial Performance - Q2 2025 revenues on a TCE basis were $92819 thousand[4] - Q2 2025 net income after tax was $56032 thousand[4] - Q2 2025 EPS was $035[4] - Q2 2025 average TCE was $46300 per day for the fleet[5] - Total liquidity as of June 30 2025 was $299 million[8] Balance Sheet - As of June 30 2025 cash was $82660 thousand[6] - As of June 30 2025 total assets were $1430405 thousand[6] - As of June 30 2025 equity was $1088938 thousand[7] - Interest bearing debt to total assets was 141%[9] - Net debt per vessel as of June 30 2025 was $100 million[10] Capital Allocation - A cash dividend of $024 per share was declared[17] - Cash dividend since dividend policy update from Q3 2022 is $275 per share[20] Q3 2025 Outlook - Average term time-charter rate is estimated at $40500 per day[21] - Average spot rate booked to date is $38500 per day with 73% of total spot days booked[21]

Financial Performance - DigitalBridge reported GAAP net income attributable to common stockholders of $17 million, or $0.10 per share, in Q2 2025[10, 15] - Fee revenues increased by 8% year-over-year to $854 million in Q2 2025[27, 55, 58] - Fee-Related Earnings (FRE) grew by 23% year-over-year to $32 million in Q2 2025, with a FRE margin of 37%[27, 55, 58, 59] - Distributable Earnings (DE) showed a loss of $186 million in Q2 2025, attributed to a $40 million realized loss from an InfraBridge fund investment[10, 55, 58] - Fee-Earning Equity Under Management (FEEUM) increased by 21% year-over-year to $397 billion as of June 30, 2025[29, 55, 56] Capital Formation and Investment - New capital formation reached $13 billion in Q2 2025, driven by new data center co-invest capital formation, and $25 billion YTD[24, 55] - The company committed $500 million in capital from DigitalBridge and ArcLight for the Takanock data center power infrastructure platform[36] - Capital raised since 2024 to accelerate growth, reduce borrowing costs, and retire acquisition-related debt reached $20 billion[39] Strategic Initiatives and Market Trends - Hyperscaler Capex has increased by 50% from $250 billion to $380 billion[42, 43] - The U S hyperscale data center leasing pipeline is approximately 49 GW[50] - DigitalBridge's data center portfolio has a total secured power of 209 GW, with 54 GW built and under construction[102]

Company Overview and Market Position - Insulet is a global leader in diabetes management with $2.1 billion in 2024 revenue[21] - The company has approximately 500,000 active customers globally[21] - Omnipod is the 1 AID system requested and prescribed in the U S [21] - Omnipod 5 is the first AID system FDA-cleared for both type 1 and type 2 diabetes in the U S [21] Financial Performance and Growth - The company is growing revenue beyond $2.5 billion[24] - The company anticipates approximately 24%-27% constant currency revenue growth for full year 2025[25] - The company is experiencing rapid expansion of adjusted operating margin, with an anticipated expansion of approximately 1,000 bps to reach 17%-17 5%[24, 25] Product Innovation and Clinical Outcomes - Omnipod 5 is the first and only tubeless, waterproof AID in the U S [27] - Omnipod 5 leads to a 20%-23% increase in time in range for adults with type 1 and type 2 diabetes, respectively[27] - Strong SECURE-T2D clinical results show a 0 8% reduction in mean A1c in 13 weeks[29] Market Opportunity and Expansion - The total addressable market is approximately 14 million patients[40] - The company is expanding its market presence outside the U S [50] - The company is building the power of its Omnipod 5 brand globally[57]

Second Quarter and First-Half Performance - Implemented Providers increased by 13.8% compared to the second quarter of 2024[8] - Practice Collections grew by 18.5% compared to the second quarter of 2024[8] - Adjusted EBITDA increased by 31.6%[8] with an Adjusted EBITDA margin of 25.2%, a 310 bps increase compared to the second quarter of 2024[8] - Platform Contribution increased by 15.4% for the second quarter[18] and 15.7% for the six-month period[21] - Care Margin increased by 18.5% for the second quarter[18] and 18.5% for the six-month period[21] Full Year 2025 Guidance - The company raised its full year 2025 guidance to above the high end of the range for Practice Collections, GAAP Revenue, Platform Contribution and Adjusted EBITDA[8] - The company anticipates ending FY'25 with over $450 million in cash, assuming no further capital deployment for business development[25] - The company expects at least 80% of FY'25 Adjusted EBITDA to convert to Free Cash Flow[29] - Initial FY'25 Guidance for Implemented Providers was between 5,200 and 5,300, reaching the high end at 5,300[27] - Initial FY'25 Guidance for Attributed Lives was between 1,300,000 and 1,400,000, reaching the high end at 1,400,000[27]

TFG Group Performance & Strategy - TFG achieved a strong 5-year Compound Annual Growth Rate (CAGR) of 10.5% through organic expansion and strategic acquisitions[175] - TFG Africa achieved a 5-year CAGR of 12.5% with a continued focus on store optimization[176] - TFG Africa is diversifying categories, with significant investment in Value and Homeware, and now Beauty, targeting R4.5 billion by 2029 in the beauty market[182, 186] - TFG London forecasts £0.5 billion turnover in FY26, representing 15% of total TFG at March '25[235] Financial Targets & Projections - TFG aims for a 3-year Total Africa CAGR of 12.9% in turnover, reaching R57.873 billion by FY28[110] - TFG projects a 3-year EBIT CAGR of 15.9%, reaching R11.169 billion by FY28[110] - TFG targets an EBIT margin of 14% and ROCE of 18% by 2028[110, 211] - TFG Australia is targeting a $1 billion business with an EBIT margin >10%[264] Strategic Initiatives - TFG plans to build out its Value-stack from R2 billion in FY20 to R14.7 billion by FY28[32] - TFG is expanding local apparel sourcing to 82% and has added 4 furniture and homeware factories[20] - TFG aims to generate R1.5 billion in omni sales turnover by FY28 through omni selling[165]

Financial Performance - VEON's total revenue reached $1087 million, a 5.9% YoY increase in reported terms and 11.2% in local currency[21, 48] - EBITDA was $520 million, up 13.2% YoY in local currency and 19.6% in reported terms, with an EBITDA margin of 47.8%, a 3.1 percentage point increase[21, 54] - Direct digital revenues grew significantly, reaching $180 million, a 56.6% YoY increase in reported terms and 62.4% in local currency, representing 16.5% of total revenues[21, 48] Digital Growth & Strategy - Direct digital revenues now account for 16.5% of total group revenues, compared to 11.2% in Q2 2024[21] - VEON is focused on growing direct digital revenues through financial services, healthcare, entertainment, ride-hailing, and enterprise services[24] - Multiplay users are driving revenue growth, with multiplay segment revenue reaching $438 million[29, 31] Debt & Liquidity - Net debt (excluding leases) stood at $1962 million, with a net debt to LTM EBITDA ratio of 1.32x[21] - Group cash was $1283 million, including $206 million at the HQ level[21, 58] - The company enhanced financial flexibility with a subsequent $200 million bond placement[16, 58] Revised Outlook - VEON revised its 2025 outlook, projecting total revenue growth of 13%-15% and EBITDA growth of 14%-16% in local currency[15, 60] - Capex intensity is expected to be 17%-19% for 2025[60]

Q2 2025 Financial Performance - Revenue for Q2 2025 was $422 million recurring and $244 million non-recurring[14] - Adjusted EBITDA for Q2 2025 was $95 million, a 20% increase compared to Q2 2024[14] - Diluted EPS for Q2 2025 was $(0.02), while Non-GAAP Diluted EPS was $0.19[14] - Recurring revenue increased by 4% in Q2 2025[14] YTD Q2 2025 Financial Performance - YTD Q2 2025 recurring revenue was $829 million, while non-recurring revenue was $454 million[27] - YTD Q2 2025 Adjusted EBITDA was $170 million, a 20% increase compared to YTD Q2 2024[27] - YTD Q2 2025 Diluted EPS was $(0.19), while Non-GAAP Diluted EPS was $0.27[27] - Recurring revenue increased by 3% YTD Q2 2025[27] FY 2025 Outlook - The company projects total revenue between $2575 million and $2650 million for FY 2025[21] - The company projects adjusted EBITDA between $420 million and $445 million for FY 2025[21] - The company projects non-GAAP diluted EPS between $0.75 and $0.80 for FY 2025[21]

Financial Performance - Talen Energy delivered $90 million in Adjusted EBITDA and $(78) million in Adjusted Free Cash Flow in Q2 2025 [10] - The company reaffirmed its 2025 guidance for Adjusted EBITDA to be between $975 million and $1125 million, and Adjusted Free Cash Flow to be between $450 million and $540 million [10, 33] - Talen Energy reported ~$09 billion in liquidity and a net debt to 2025E Adjusted EBITDA ratio of ~27x [24] - Since the start of 2024, Talen has repurchased ~14 million shares, representing ~23% of total outstanding shares, with ~$1 billion SRP capacity remaining through year-end 2026 [35] Acquisitions and Capacity - Talen Energy is acquiring Freedom and Guernsey plants, which are expected to increase FCF/share by >40% in 2026 and >50% in 2027-2029 [10] - The company cleared 6,702 MW at $329/MWd in the strong 2026/2027 PJM Capacity Auction results [10] - The Freedom plant is a 1,045 MW CCGT, and Guernsey is an 1,836 MW CCGT [13] Powering Data Centers - Talen Energy expanded its Amazon PPA to 19 GW, totaling ~$18 billion in revenues under a 17-year contract [10] - The expanded PPA unlocks premium value on the 2nd Unit by expanding PPA to 1,920 MW at full contract quantity through 2042 [16] Market and Generation - Talen Energy's total generation was 17 TWh, with ~44% being carbon-free generation [24] - Q2 2025 average electricity demand was flat compared to Q2 2024 [22]

Financial Performance & Capital Allocation - The company reported Adjusted EBITDAX of $749 million in 2Q25[30] - Adjusted Free Cash Flow (FCF) was $123 million in 2Q25[30] - A $750 million buyback authorization was reinstated, with a $250 million Accelerated Share Repurchase (ASR) planned for 2025[13] - The company is targeting $4.5 billion net debt around YE25[15] Operational Efficiency & Cost Reduction - A cost optimization and capital efficiency initiative is on track, projecting $40 million savings impact in 2025 and a $100 million run-rate in 2026[11] - Well costs have been reduced in all basins: Delaware (-7%), Midland (-5%), and DJ (-3%) since the beginning of 2025[30] Asset Divestment & Portfolio Optimization - Non-core DJ Basin asset sales of $435 million have been completed, exceeding the year-to-date divestment goal at an EBITDAX multiple >4x[12] - Divestments are expected to streamline DJ Basin operations, focusing on core near-term development areas[19] - 2026 production from divested assets is estimated at 10 thousand barrels of oil equivalent per day (MBoe/d), with a 4Q25 impact of approximately 12 MBoe/d[19] Production & Guidance - Oil production grew by 6% to 149 thousand barrels per day (MBbl/d) in 2Q25[30] - Total volumes are expected to increase by 5.5% from 2Q25 to 3Q25E[62]