FEBRUARY 27, 2026 Fourth Quarter and Year End 2025 Results Keephills, Alberta Forward-looking Statements and Non-IFRS Measures This presentation includes "forward-looking information," within the meaning of applicable Canadian securities laws, and "forward-looking statements," within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as "forward-looking statements"). Forward-looking statements are not facts ...

NYSE: DK Exhibit 99.2 NYSE: DKL Fourth Quarter 2025 Earnings Conference Call February 27, 2026 Disclaimers Forward Looking Statements: Delek US Holdings, Inc. ("Delek US") and Delek Logistics Partners, LP ("Delek Logistics"; and collectively with Delek US, "we" or "our") are traded on the New York Stock Exchange in the United States under the symbols "DK" and "DKL", respectively. These slides and any accompanying oral or written presentations contain forward-looking statements within the meaning of federal ...

Nexa Resources (NYSE:NEXA) Q4 2025 Earnings call February 27, 2026 10:00 AM ET Speaker4Good morning, ladies and gentlemen, and welcome to Nexa Resources fourth quarter and full year 2025 earnings conference call. Please note that today's event is being recorded and broadcast live via Zoom, with access also through Nexa's Investor Relations website. A slide presentation accompanying the webcast is available for download, as well as a replay of the conference call following its conclusions. As a reminder, all ...

National Health Investors (NYSE:NHI) Q4 2025 Earnings call February 27, 2026 10:00 AM ET Speaker8Greetings, welcome to the NHI 4th Quarter 2025 Earnings Webcast and Conference Call. At this time, all participants are on a listen-only mode, and a question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over ...

Red Cat (NasdaqCM:RCAT) Update / briefing February 27, 2026 09:30 AM ET Company ParticipantsBarry Hinckley - President of Blue OpsChris Ericson - COOChristian Morrison - CFOGeoff Hitchcock - Chief Revenue OfficerJeff Thompson - CEOStan Nowak - VP of MarketingConference Call ParticipantsAlex Latimore - AnalystAustin Bohlig - AnalystCraig Irwin - AnalystJason Ader - AnalystJosh Bennett - AnalystJosh Sullivan - AnalystMike Glick - AnalystMike Latimore - AnalystNed Morgan - AnalystStan NowakWelcome to West Palm ...

Financial Data and Key Metrics Changes - For the full year 2025, corporate adjusted EBITDA was $297.6 million, and adjusted FFO per share was $1.08, with free cash flow per share at $0.69, reflecting a 6% increase over 2024 and a 22% increase since 2023 [4] - Full year comparable total RevPAR grew by 1.2%, while comparable hotel adjusted EBITDA increased by 1.1% [4] - In the fourth quarter, corporate adjusted EBITDA was $71.9 million, and adjusted FFO per share was $0.27, with comparable RevPAR declining by 30 basis points [4][5] Business Line Data and Key Metrics Changes - Business transient revenue grew by 2.5%, while group revenue declined by 1% and leisure transient revenue decreased by 2.5% [5] - Out-of-room revenue per occupied room at resorts increased nearly 7%, marking the strongest quarterly growth of the year [6] - Food and beverage revenues increased by 1.4%, with margins expanding by 120 basis points due to a modest increase in labor costs [6][9] Market Data and Key Metrics Changes - The urban portfolio, accounting for 62% of annual EBITDA, delivered 0.3% RevPAR growth in the fourth quarter [7] - The strongest RevPAR growth among urban hotels was achieved by specific properties, including Hotel Emblem San Francisco and Denver Courtyard, which posted double-digit gains [7] - Resort RevPAR declined by 1.8%, while total RevPAR increased by 1.1% [7] Company Strategy and Development Direction - The company aims to drive outsized free cash flow per share growth, with a disciplined capital allocation strategy [18][19] - A five-year capital expenditure program is planned, equating to 7%-9% of total revenues, focusing on stability and appropriate investment levels [20][22] - The company is likely to be a net seller of hotels in 2026, with ongoing discussions about potential property dispositions [27] Management's Comments on Operating Environment and Future Outlook - The company expects 2026 RevPAR growth of 1%-3% and total RevPAR growth to be 25 basis points higher [14] - Management is optimistic about the trajectory of resorts and anticipates benefits from upcoming events like the FIFA World Cup and the 250th anniversary of the United States [29][30] - The affluent consumer segment is expected to continue spending, supporting the company's higher-end portfolio [100] Other Important Information - The company redeemed its Series A redeemable preferred shares, which will generate a $0.03 tailwind to FFO per share in 2026 [10][11] - The company paid a common dividend of $0.08 per share in each quarter of 2025, with expectations to increase it to $0.09 per share in 2026 [12] Q&A Session Summary Question: Thoughts on labor and benefits pace in 2026 - Management expects labor costs to increase around 3% in 2026, influenced by contract renewals in New York [38] Question: Insights on first quarter RevPAR - The first quarter is anticipated to be the toughest, with group pace weighted towards growth in the second and fourth quarters [42] Question: Impact of Westin Seaport franchise expiration - Management is pleased with interest from multiple brands regarding the franchise expiration and is working towards finalizing a deal [46] Question: Out-of-room spend performance - Management is cautiously optimistic about continuing to improve out-of-room spend, with a focus on group booking trends [52] Question: Transaction market outlook - The company is more inclined to be sellers at this time, as shares appear to be a better investment than current acquisition options [66]

Financial Data and Key Metrics Changes - Total company revenue for Q4 2025 was $539.1 million, a 15.9% increase from $465 million in Q4 2024 [8] - For the full year 2025, revenue reached $2.2 billion, up 13.9% from $1.9 billion in 2024 [9] - Adjusted EBITDA for Q4 2025 was $95.3 million, a 22.9% increase from $77.5 million in Q4 2024 [14] - Adjusted net income attributable to the company was $36.1 million for Q4 2025, compared to $22.2 million in the prior year [16] Business Line Data and Key Metrics Changes - Occupational health center segment revenue was $490.6 million in Q4 2025, a 12.2% increase year-over-year [19] - On-site health clinics segment reported revenue of $36.2 million in Q4 2025, a 112% increase from the same quarter prior year, largely due to the acquisition of Pivot [22] - Other businesses generated revenue of $12.3 million in Q4 2025, a 12.6% increase year-over-year [23] Market Data and Key Metrics Changes - Total patient visits increased 9% to over 51,000 visits per day in Q4 2025 [9] - Workers' compensation visits per day increased 9.1%, while employer service visits increased 9.4% compared to the prior year [10] - The blue-collar economy added over 450,000 net jobs in 2025, growing at a rate of 0.4% [12] Company Strategy and Development Direction - The company plans to continue with smaller bolt-on acquisitions, which are expected to be accretive due to top line and cost synergies [18] - A strong pipeline for de novo openings is anticipated, with targets of 7 to 9 new sites in 2026 [33] - The company is actively monitoring the New York workers' compensation fee schedule for potential expansion opportunities [34] Management's Comments on Operating Environment and Future Outlook - Management remains positive on the long-term outlook for the U.S. labor market, expecting to add 5.2 million jobs from 2024 through 2034 [12] - The company anticipates stable injury incidence rates and an aging workforce will provide strong tailwinds for business growth [13] - Management expressed confidence in achieving the 2026 revenue target of $2.25 billion to $2.35 billion [36] Other Important Information - The company generated $118.7 million in operating cash flow in Q4 2025, an increase from $93.7 million in Q4 2024 [27] - Free Cash Flow for the full year was $197.8 million, with a conversion rate of 114% [29] - A cash dividend of six and a quarter cents per share was declared, payable on March 19, 2026 [39] Q&A Session Summary Question: How are you contemplating weather or potential elevated respiratory activity to start the year? - Management does not anticipate significant impacts from weather or respiratory activity on operations [42][43] Question: Can you walk us through your thought process on evaluating new opportunities for de novos or M&A? - The company closely monitors Return on Invested Capital and has a track record of successful M&A and de novo execution [44][45] Question: Can you provide more detail about the New York opportunity and how quickly you could enter the market? - Management is looking for a comprehensive review of the fee schedule and believes they can move quickly to establish new centers if conditions improve [49][50][53] Question: What is the expected cadence for 2026 and how will de novo investments be spread throughout the year? - The company expects to have a pickup in Q1 from recent acquisitions and plans to spread de novo openings throughout the year [56][58] Question: How is labor retention trending and what type of wage inflation is built into the guide? - Labor trends are normal with wage inflation in the 2%-3% range, and turnover is decreasing, indicating a more stable workforce [66][68] Question: Who are you taking market share from and is this sustainable growth? - The company has developed technologies to capture additional customers and improve retention, supporting sustainable growth [71][72][74]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated $31 million of net income, $45 million of operating cash flow, and $46 million of free cash flow. For the full year 2025, net income was $136 million, operating cash flow was $166 million, and free cash flow was $169 million [10] - The Mineral Rights segment reported a decrease in net income, operating cash flow, and free cash flow by $13 million in Q4 and $41 million in net income for the full year compared to the previous year [11] - The Corporate and Financing segment saw improvements in net income, operating cash flow, and free cash flow by $3 million in Q4 and $9 million for the full year compared to the prior year [13] Business Line Data and Key Metrics Changes - The Mineral Rights segment accounted for approximately 70% of coal royalty revenues and 45% of coal royalty sales volumes in Q4 2025, with a decline in performance attributed to weaker metallurgical coal markets [11] - The Soda Ash segment experienced a decrease in net income by $3 million in Q4 and $15 million for the full year compared to the prior year, primarily due to lower international sales prices and weak demand [12] Market Data and Key Metrics Changes - Metallurgical and thermal coal prices are at cyclically low levels, while soda ash prices are at generational lows, with no immediate catalysts expected to improve this outlook [4][5] - The company noted that the global soda ash market is facing significant challenges, with expectations that 2026 will be worse than 2025 due to excess capacity and low demand [5][6] Company Strategy and Development Direction - The company is focused on managing its operations under the assumption that demand for North American thermal coal is in long-term decline, while also working on carbon-neutral initiatives and exploring geothermal, solar, and lithium opportunities [5][8] - The company aims to retire all outstanding debt and increase unitholder distributions, although the recent $39 million investment in Sisecam Wyoming may delay this timeline [9] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the prolonged downturn in the soda ash market and the potential for further pressure on financial performance, indicating that rebalancing global supply and demand could take several years [6][8] - The management remains cautious about the thermal coal market, despite some positive sentiment due to projected electricity demand from data centers [5] Other Important Information - The company paid a distribution of $0.75 per common unit for Q4 2025 and announced a special distribution of $0.12 per common unit to cover unitholder tax liabilities [14] Q&A Session Summary Question: Clarification on capital contribution to Soda Ash JV and outstanding bank debt - The JV has over $50 million of debt remaining after the contribution [17] Question: Plans for further contributions to pay down remaining debt - There are no current plans for additional contributions, but management acknowledged the possibility if market conditions worsen [18][19] Question: Anticipation of substantial distribution increases in May quarter - Management indicated that substantial increases are not expected in May, with a more likely timeline in November [28][30] Question: Reason for not participating in mineral rights auction - The company prefers to acquire passive interests in natural resource assets at attractive prices and does not find auctions to be favorable opportunities [33]

Financial Data and Key Metrics Changes - Total revenue for 2025 reached a record $273 million, a 9% increase over 2024, marking the fourth consecutive year of record revenue [3] - Service revenue was $257.3 million, up 8%, primarily driven by increased wholesale capacity services [3] - Adjusted EBITDA reached a record $136.1 million, representing a 50% margin, in line with guidance [5] - Net loss improved to $7.6 million from $63.2 million in 2024, largely due to non-recurring, non-cash losses in the prior year [4] Business Line Data and Key Metrics Changes - Subscriber equipment revenue was $15.7 million, up 24%, reflecting higher volume of commercial IoT device sales [3] - Q4 total revenue was $72 million, including $67.4 million of service revenue and $4.6 million from equipment sales, with service revenue increasing 17% and equipment revenue increasing 31% compared to Q4 2024 [5][6] - Average commercial IoT subscribers increased 6% year-over-year, while IoT hardware sales revenue grew 50% year-over-year [15] Market Data and Key Metrics Changes - The company secured early government and defense wins, expanding presence in agriculture, wildfire response, industrial IoT, and public safety [11] - The government and defense sector is expected to become an increasingly important contributor to the business over time [14] Company Strategy and Development Direction - The company focused on scaling the core business while laying the foundation for the next phase of growth, emphasizing product innovation, infrastructure expansion, regulatory progress, and market diversification [10] - Significant advances were made in two-way satellite IoT capabilities, expanding the addressable market and enabling higher-value use cases [11] - Continued investment in infrastructure, including the expansion of the global ground net station network, is expected to strengthen capacity and enhance readiness for next-generation services [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth trajectory of the business, expecting total revenue between $280 million and $305 million for 2026 [9] - The company highlighted the importance of proprietary, globally harmonized spectrum as a core differentiator in the evolving market [17] - Management noted that the demand for resilient, interoperable solutions that bridge satellite and terrestrial networks is growing, positioning the company to benefit from this convergence [17] Other Important Information - Operating cash flows during 2025 were $621.7 million, which included $430.6 million received in connection with the infrastructure prepayment [7] - Capital expenditures were $550.4 million, primarily related to commitments under updated service agreements for satellite deployment [8] Q&A Session Summary Question: Thoughts on data centers in space - Management acknowledged excitement but stated the focus remains on direct-to-device and IoT, not data centers [20][22] Question: Next milestones for C3 constellation - Management mentioned the completion of the Critical Design Review and ongoing work on network build-out and regulatory discussions [24][25] Question: Progress on XCOM RAN and customer KPIs - Management highlighted the ability to increase capacity in dense environments and the successful testing of the system under difficult circumstances [27][28] Question: Utility of MSS and terrestrial 5G flexibility - Management discussed the synergy between warehouse automation and the global nature of their spectrum allocation [34][35] Question: Targeted launch windows for replenishment satellites - Management indicated the first launch is expected in the second quarter of the year [37] Question: Government pipeline and contributions - Management noted ongoing work with government opportunities and the expansion of the network to support other regions [49][50]

Financial Data and Key Metrics Changes - In the fourth quarter of 2025, the company reported a profit of $228 million or $1.02 per share, with an adjusted profit of $230 million or $1.03 per share, marking an increase of $188 million compared to the previous quarter due to higher TCE earnings [5][6] - TCE earnings rose from $248 million in the previous quarter to $424.5 million in Q4 2025, driven by increased TCE rates [5][6] - The company has a strong liquidity position with $705 million in cash and cash equivalents, and no meaningful debt maturities until 2030 [6] Business Line Data and Key Metrics Changes - The TCE rates achieved in Q4 2025 were $74,200 per day for the VLCC fleet, $53,800 per day for the Supramax fleet, and $33,500 per day for the LR2/Aframax fleet [3] - For Q1 2026, 92% of VLCC days are booked at $107,100 per day, 83% of Supramax days at $76,700 per day, and 67% of LR2/Aframax days at $62,400 per day [3] Market Data and Key Metrics Changes - The oil demand is growing, particularly focusing on non-sanctioned molecules, which is creating substantial year-on-year changes in trade [11] - The politically laden market environment, including U.S.-India trade and tensions involving Iran and Russia, is creating strong tailwinds for compliant oil transportation [11][12] - The global crude oil in transit remains elevated, with sanctioned crudes moving slower, particularly for Russian barrels [12] Company Strategy and Development Direction - The company is focused on maintaining a strong business model that can produce material shareholder returns, capitalizing on the current market dynamics [21] - The company plans to finance the acquisition of new vessels with cash and long-term debt, indicating a strategy to enhance fleet capacity [7][19] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market is fundamentally tight, yielding extreme volatility, and that oil demand and supply are developing positively, especially for compliant molecules [20][21] - The company expects a good runway for the next 2-3 years before supply could become a concern, despite an increasing order book [19][20] Other Important Information - The company sold 8 of its oldest Eco VLCCs for $831.5 million, expecting net cash proceeds of approximately $477 million [6][7] - The average cash break-even rates for the next 12 months are estimated at approximately $25,000 per day for VLCCs, $23,700 for Supramax tankers, and $23,800 for LR2 tankers [8][9] Q&A Session Summary Question: What factors could lead to a plateau in rates? - Management indicated that seasonality and potential changes in Chinese inventory levels could create volatility, but it is difficult to predict when these changes might occur [24][29] Question: Why hasn't anyone tried to corner the VLCC market in the past? - Management explained that the market is fundamentally tight, and small changes in supply can lead to significant price movements, making it a risky endeavor [31][32] Question: Is the TC market more active due to rising rates? - Management noted that the market has evolved, with more actors using indices to price freight, leading to a vibrant FFA market [37][40] Question: What is the turnaround time for new tanker yard capacity? - Management stated that new yard capacity projects are expected to come online by 2029 [41][42] Question: What will be the strategy on spot versus time charter? - Management indicated a preference for spot returns but is open to securing longer-term income through time charters when market conditions are favorable [46][48] Question: What happens if Russian crude oil sanctions are lifted? - Management believes that while some capacity may return to the compliant fleet, many ships will not qualify due to age and scrutiny in the compliant market [50][52]