Summary of Diversified Energy Company FY Conference Call Company Overview - **Company Name**: Diversified Energy Company (NYSE: DEC) - **Industry**: Energy Production - **Focus**: Acquiring and optimizing long-life, low-decline energy assets across the U.S. [1][2] Core Business Model - **Acquisition Strategy**: Focus on mature, cash flow-generating energy assets, specifically PDP (producing developed producing) assets [3][4] - **Cost Structure**: Acquisitions are financed with a lower cost of capital, typically in the sub-10% range, utilizing asset-backed securities (ABS) [3][6] - **Operational Scale**: Operates with a workforce of 2,000 employees across 11 states, enhancing synergies and margin improvements [4][6] Financial Performance - **Production Metrics**: Over $1 billion in annualized EBITDA, with a market cap of approximately $1.1-$1.2 billion [11][9] - **Cash Flow Allocation**: $440 million projected free cash flow for 2025, with 20% allocated to dividends [10][9] - **Share Repurchases**: Approximately $61 million in share repurchases, representing about 6% of shares outstanding [9][10] Growth and Acquisitions - **Acquisition History**: Completed 30 acquisitions in the PDP space over the last seven years, all accretive on a per-share basis [12][4] - **Future Opportunities**: Anticipates $70 billion-$90 billion in assets coming to market over the next couple of years due to industry consolidation [12][16] - **Recent Acquisitions**: Notable acquisition of Canvas Energy for $550 million, with $400 million financed through Carlyle [18][19] Capital Allocation and Financing - **Debt Structure**: Primarily utilizes ABS for financing, with an overall cost of capital around 6-6.5% [39][40] - **Dividend Policy**: Fixed dividend yield of 7-8%, not tied to commodity prices [10][9] Environmental and Regulatory Considerations - **Emissions Management**: Rated AA for emissions performance, with a focus on sustainable asset management [26][27] - **Partnerships**: Collaborates with technology providers for emissions measurement and mitigation [22][23] Market Position and Future Outlook - **Market Transition**: Transitioning to primary listing on the New York Stock Exchange, enhancing access to a broader investor base [30][31] - **Investment Thesis**: Positioned as a best-in-class small-cap investment opportunity with a strong focus on cash flow generation and disciplined capital allocation [32][30] Key Challenges and Considerations - **Operational Risks**: Corporate decline rate estimated at 10%, managed through acquisitions and land sales [41][42] - **Regulatory Environment**: Cautious approach to new basin acquisitions due to regulatory uncertainties, particularly in states like Colorado [36][37] Conclusion - **Strategic Focus**: Diversified Energy Company emphasizes disciplined acquisitions, strong cash flow management, and sustainable practices to enhance shareholder value and position itself for future growth in the energy sector [32][12]

Core Points - Diversified Energy Company has received approval from the Financial Conduct Authority (FCA) for its prospectus dated November 19, 2025, related to the admission of its ordinary shares to the Official List and trading on the London Stock Exchange [2] - The prospectus will be available on the company's website and submitted to the National Storage Mechanism, with the scheme expected to become effective around November 21, 2025, and shares anticipated to be listed on the NYSE by November 24, 2025 [3] Company Overview - Diversified Energy Company is a publicly traded energy firm focused on acquiring, operating, and optimizing cash-generating energy assets, recognized for its sustainability leadership [4] - The company employs a differentiated strategy to acquire long-life assets, investing in them to enhance environmental and operational performance before safely retiring them [4]

Core Insights - JCDecaux has successfully completed the roll-out of the world's largest network of self-cleaning public toilets in Paris, marking a significant achievement in urban sanitation [1][3][5] Group 1: Project Overview - The project involved replacing and modernizing public toilet facilities in Paris, initiated in March 2024 after a two-year manufacturing process [2] - A total of 417 toilets were replaced in 18 months, with plans for an additional 18 sites to reach a total of 435 toilets [3] - The installation process was designed to minimize disruption, with work conducted primarily at night and a service continuity rate exceeding 98% [3] Group 2: Usage and Capacity - The new self-cleaning toilets have double the capacity and four times the service availability compared to previous models, leading to a significant increase in usage [4] - Monthly usage across the network reached nearly 2.5 million, with 17.7 million uses recorded in 2024 and 18 million from January to September 2025 [4][7] Group 3: Company Leadership and Expertise - JCDecaux is recognized as the world leader in self-cleaning public toilets, operating over 2,500 units across 28 countries, serving more than 30 million users annually [5] - The company has a strong commitment to urban hygiene, having pioneered the self-cleaning toilet concept in 1980 [8] Group 4: Financial Model and Future Plans - An innovative financing model allows advertising revenue from kiosks to cover installation and maintenance costs, ensuring uninterrupted service at no taxpayer expense [8] - JCDecaux is expanding its presence in the U.S., with plans to install additional self-cleaning toilets in cities like Chicago and New York [11]

Core Insights - Diversified Energy Company PLC (NYSE:DEC) experienced a significant share price increase of 10.5% from November 7 to November 14, 2025, marking it as one of the top-performing energy stocks during that week [1]. Financial Performance - The company reported a remarkable year-over-year revenue increase of approximately 105% and a 157% rise in free cash flow for Q3, indicating strong value generation in volatile markets [3]. - Production growth was recorded at 36% year-over-year, contributing to the overall revenue increase alongside higher pricing [3]. - The FY 2025 adjusted EBITDA guidance was revised upward to between $900 million and $925 million, an increase from the previous range of $825 million to $875 million [3]. Analyst Ratings and Market Sentiment - Following the strong Q3 results, Citi analyst Paul Diamond raised the price target for DEC from $16 to $17 while maintaining a 'Buy' rating, emphasizing the company's robust balance sheet and potential for inorganic growth [4]. - The recent surge in natural gas prices, driven by cold weather forecasts and record LNG exports, has positively impacted DEC's market position [5].

Core Insights - JCDecaux has renewed its exclusive contract with STIB for 8+2+2 years to manage advertising spaces in Brussels' public transport system, including metro, trams, and buses [1][6] - The STIB network has experienced a 70% increase in users over the past decade, reaching nearly 1.1 million daily users, highlighting the growing popularity of public transport in Brussels [3] - The new contract emphasizes technological innovation and sustainability, with a focus on renewable energy and recyclable materials [4][6] Company Overview - JCDecaux is the leading outdoor advertising company globally, with a revenue of €3,935.3 million in 2024 and €1,868.3 million in H1 2025 [7] - The company operates a vast network of advertising panels, with 1,091,811 panels worldwide and a daily audience of 850 million people across more than 80 countries [11] - JCDecaux's commitment to sustainability is evident through its participation in various environmental initiatives, including the RE100 and achieving Gold Medal status from EcoVadis [11] Contract Details - The new contract includes the deployment of 180 to 200 digital information screens in 26 STIB stations, along with 4 iconic LED screens and 5 digital cubes in high-traffic areas [8] - JCDecaux will manage advertising spaces across 1,300 trams and buses, as well as 900 analogue displays in 69 metro stations [8] - The contract aims to enhance the passenger experience while providing effective advertising solutions for brands [4][6]

Core Points - JCDecaux collaborates with Swarovski for the 2025 Illuminations on the Champs-Élysées, marking a significant partnership alongside the Champs-Élysées Committee [1][3] - The event features 400 illuminated trees and 200 Swarovski-branded banners along the 2-kilometer stretch from the Arc de Triomphe to Place de la Concorde [3] - A unique pop-up space has been established at 1 Place Charles de Gaulle, showcasing Swarovski's collections from November 16 to December 26, 2025 [4] Company and Industry Summary - JCDecaux has been a partner of the Champs-Élysées Committee since 2014, focusing on activating prestigious brands for the Illuminations [3] - The 2025 edition introduces a new "sound and light" experience using innovative LED technology, enhancing the overall spectacle [5] - The event runs from November 16, 2025, to January 5, 2026, and aims to attract both locals and international visitors, continuing a tradition that saw over 150,000 attendees at the 2024 inauguration [6] - The collaboration with Swarovski is highlighted as a significant sponsorship, celebrating Swarovski's 130th anniversary and enhancing the event's glamour and elegance [7][8] - JCDecaux emphasizes its commitment to beautifying cities through innovative products and services, contributing to the festive atmosphere of Paris during the holiday season [8]

Core Points - JCDecaux SE is supporting Swarovski in its partnership with the Comité Champs-Elysées for the 2025 Illuminations of the Champs-Élysées, marking a significant collaboration in outdoor advertising and festive events [1][3][5] - The 2025 Illuminations feature 400 illuminated trees and 200 kakemonos displaying the Swarovski logo along a 2-kilometer stretch of the avenue, enhancing the festive atmosphere in Paris [3][5] - An exclusive pop-up store by Swarovski has opened at 1 Place Charles de Gaulle, offering visitors access to its collections during the Holiday Season Illuminations [4] - The event kicked off on November 16, 2025, with a new "sound and light" experience designed by renowned lighting designer Thomas Dechandon, integrating innovative LED technology [5][7] - The Illuminations will run for 7 weeks, from November 16, 2025, to January 5, 2026, attracting both locals and tourists, with over 150,000 attendees expected for the inauguration [6][7] Company Overview - JCDecaux is the number one outdoor advertising company globally, with a daily audience of 850 million people across more than 80 countries [12] - The company reported a revenue of €3,935.3 million for 2024 and €1,868.3 million for the first half of 2025 [12] - JCDecaux operates 1,091,811 advertising panels worldwide and is recognized for its commitment to sustainability, having joined the Euronext Paris CAC® SBT 1.5° index [12]

Core Insights - JCDecaux has renewed and extended its advertising concession contract for São Paulo Metro, including Lines 1-Blue, 2-Green, 3-Red, and adding Line 15-Silver, extending the contract to February 2036 [1][2][5] Group 1: Contract Details - The initial contract was valid until 2030 and has been extended by six years, now set to expire in February 2036 [2] - The renewal will take effect in February 2026, allowing JCDecaux to manage advertising in 63 metro stations, with potential expansion to 70 stations upon completion of Line 15-Silver [2] Group 2: Digital Transformation - The contract extension is linked to a digitisation and modernisation project for advertising inventories, which is already in progress [3] - Currently, there are over 1,050 advertising faces on the existing lines, with a focus on enhancing digital capabilities [3][5] Group 3: Market Position and Performance - JCDecaux operates in all operational metro lines in São Paulo and has a significant presence in Brazil, where out-of-home (OOH) advertising represents 12% of the advertising market share [4] - The company has over 17,000 advertising faces across various platforms, including streets, transportation, and supermarkets [4] - Brazil is one of the top ten largest advertising markets globally and the largest in Latin America, with JCDecaux's digital assets contributing over 70% of its revenue in the country [5] Group 4: Key Figures - JCDecaux reported a revenue of €3,935.3 million for 2024 and €1,868.3 million for H1 2025 [6] - The company has a daily audience of 850 million people across more than 80 countries and operates 1,091,811 advertising panels worldwide [6] - JCDecaux is recognized for its sustainability efforts and has achieved various accolades for its extra-financial performance [6]

Core Insights - JCDecaux UK has won three prestigious awards at The Media Leader Awards, including Media Owner of the Year, Media Owner Leader of the Year, and the Grand Prix Media Leader Award [1][2][3] - The awards recognize JCDecaux's innovation and leadership in the Out-of-Home media sector, highlighting its digital capabilities and commitment to community impact [2][4] Company Performance - JCDecaux UK's performance is noted as stellar, showcasing the enduring power of Out-of-Home media, supported by innovative tools like the industry-first DMP and Optix creative pre-testing [4] - The company has undergone an impressive five-year transformation, emphasizing inclusion and community engagement, such as having 60 colleagues trained as mental health first aiders [4] Leadership Recognition - Co-CEOs Chris Collins and Dallas Wiles were jointly awarded the Grand Prix Media Leader Award, recognized for their leadership in a competitive field [3][4] - The judges highlighted the strong performance of JCDecaux UK against all judging categories, affirming the effectiveness of their dual leadership approach [4] Technological Advancements - Displayce, a technology suite majority-owned by JCDecaux, was awarded Technology Company of the Year, offering a media buying platform dedicated to Digital Out-of-Home (DOOH) [4] - Displayce operates across eight countries, providing real-time campaign planning and measurement on over 1.6 million digital screens [4] Strategic Vision - JCDecaux UK has positioned itself as a leading digital media company and a pioneer in programmatic Out-of-Home, enhancing the value of Out-of-Home in the media mix [5] - The company continues to invest in premium Out-of-Home locations, focusing on data-driven opportunities for brands and partners [5] Recent Achievements - In addition to the Media Leader Awards, JCDecaux UK also won Business of the Year and Media Sales Team of the Year at the Manchester Publicity Association Awards 2025 [5]

Diversified Energy Company PLC (LSE: DEC, NYSE:DEC) (“Diversified” or “the Company”) is pleased to announce Results of the Court Meeting and the General Meeting held on 10 November 2025 Results of the Court Meeting and the General Meeting held on 10 November 2025 On 10 November 2025, Diversified announced proposals to establish, by means of a UK scheme of arrangement under Part 26 of the Companies Act 2006, Diversified Energy Company, a new Delaware corporation ("NewCo") as the parent holding company of Div ...