Core Viewpoint - Stardust Solar Energy Inc. has successfully closed a non-brokered private placement of senior secured convertible debenture units, raising a total of $1,000,000 to fund its solar project in Zambia and for general corporate purposes [1][9]. Group 1: Offering Details - The offering consisted of 1,000 Debenture Units priced at $1,000 each, resulting in gross proceeds of $1,000,000 [1]. - Each Debenture Unit includes a senior secured convertible debenture with a principal value of $1,020 and 6,800 common share purchase warrants, allowing the purchase of common shares at an exercise price of $0.21 for 24 months [2]. - The Debentures will mature on February 17, 2028, with a 10% annual interest rate, increasing to 25% upon default [3]. Group 2: Conversion and Adjustment Terms - The principal amount of the Debentures can be converted into common shares at a conversion price of $0.15, adjustable under certain conditions [3][4]. - The conversion price and exercise price of the warrants are subject to adjustments if the company issues shares or securities at lower prices, with a floor price of $0.115 [4]. Group 3: Security and Guarantees - The obligations under the Debentures are secured by a general security agreement covering all present and future property of the company, along with guarantees from its subsidiaries [6]. - The company has pledged shares for any securities held in its subsidiaries as additional collateral [6]. Group 4: Financial and Regulatory Aspects - The company reimbursed the investor $25,000 for expenses related to the offering [7]. - All securities issued are subject to a statutory hold period expiring on June 18, 2026 [7]. Group 5: Company Overview - Stardust Solar Energy Inc. is focused on developing multiple revenue streams in the solar energy sector, including residential, commercial, and utility-scale markets, with ongoing international expansion [9]. - The company aims to create scalable, recurring value through royalties, licensing, and clean-energy franchise operations, emphasizing sustainability-driven innovation [9].

Core Viewpoint - Sunoco LP reported fourth-quarter earnings that significantly missed analyst expectations despite exceeding revenue forecasts [1] Financial Performance - The company recorded a net income of $97 million and adjusted earnings per share of $0.09, which fell short of the $1.52 consensus estimate [1] - Revenue for the quarter reached $8.6 billion, surpassing the forecast of $5.93 billion [1] - Adjusted EBITDA totaled $646 million, or $706 million excluding one-time transaction-related costs [1] Acquisition Impact - The results were influenced by Sunoco's acquisition of Parkland Corporation, which was completed on October 31, 2025 [2] - During the quarter, Sunoco sold approximately 3.3 billion gallons of fuel at a margin of 17.7 cents per gallon [2] Cash Flow and Distribution - Adjusted Distributable Cash Flow increased to $442 million, compared to $261 million in the fourth quarter of 2024 [3] - The company raised its quarterly distribution by 1.25% to $0.9317 per common unit and aims for annual distribution growth of at least 5% in 2026 [3] - Sunoco achieved its long-term leverage target of approximately four times and marked its eighth consecutive year of growth in Distributable Cash Flow per common unit [2]

Grischow said SUNC “will be an attractive option to invest in Sunoco,” particularly for investors outside the U.S., institutional investors, and retirement accounts. Management expects minimal corporate income taxes at SUNC for at least five years, which it said should allow SUNC’s distribution to remain “very similar” to Sunoco LP’s distribution during that period.Grischow emphasized that SUNC’s only asset is its limited partner interest in Sunoco LP and that SUNC consolidates Sunoco LP into its financial ...

Financial Data and Key Metrics Changes - The partnership achieved record adjusted EBITDA of $706 million in Q4 2025, excluding approximately $60 million of one-time transaction expenses, reflecting ongoing operational strength and contributions from the Parkland acquisition [5][6] - Full year 2025 adjusted EBITDA reached a record $2.12 billion, a 36% increase over the prior year, driven by solid growth in the base business and contributions from acquisitions [6][16] - The trailing twelve-month coverage ratio finished at a strong 1.9x, indicating robust cash flow relative to distributions [6] Business Line Data and Key Metrics Changes - In the fuel distribution segment, adjusted EBITDA was $391 million in Q4 2025, up from $238 million in Q3 and $192 million in Q4 2024, with a 44% increase in distributed gallons compared to the previous quarter [9][10] - The pipeline system segment reported adjusted EBITDA of $187 million in Q4, consistent with the previous year, while throughput remained stable at 1.4 million barrels per day [12] - The terminal segment's adjusted EBITDA was $87 million in Q4, up from $76 million in Q3 and $61 million in Q4 2024, benefiting from the Parkland acquisition [13] - The new refining segment generated adjusted EBITDA of $41 million in Q4, reflecting improved performance following the Parkland transaction [14] Market Data and Key Metrics Changes - The U.S. fuel distribution market showed flat to slightly declining demand, but the company outperformed these trends due to effective capital deployment [26] - Canadian refined product demand has been slightly up, with strong margins in regulated markets, indicating a favorable environment for growth [28] - The Caribbean market demonstrated strong demand, particularly in jurisdictions like Guyana, which has experienced significant GDP growth [30] Company Strategy and Development Direction - The company aims for a multi-year annual distribution growth rate of at least 5%, supported by a strong financial position and disciplined capital allocation [6][21] - The integration of Parkland and TanQuid is expected to enhance operational scale and synergies, contributing to future growth [15][19] - The company is positioned as both a defensive play and an attractive growth opportunity within the midstream sector, focusing on value-creating growth through acquisitions and capital projects [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the legacy Sunoco business and the expected strong performance of all segments in 2026 [17][18] - The company anticipates continued strong cash flow growth and a solid credit profile, with a focus on maintaining a healthy balance sheet while pursuing growth opportunities [18][19] - Management highlighted the importance of adapting to market complexities and regulatory changes, which could benefit the company in the long term [47] Other Important Information - The company declared a distribution of $0.9317 per common unit, marking a 1.25% increase over the prior quarter and the fifth consecutive quarterly distribution increase [5] - The company expects minimal corporate income taxes for at least five years, which will support distribution growth for both Sunoco and SunC unitholders [42][43] Q&A Session Summary Question: How is demand trending across your footprint pro forma Parkland? - Management noted that U.S. demand has been flat, but the company has outperformed due to effective capital deployment, while Canadian demand has been slightly up, and Caribbean markets show strong demand [26][28][30] Question: Can you walk us through the pro forma terminaling portfolio post-integration of Parkland and TanQuid? - Management indicated that critical infrastructure supports the fuel distribution business across various geographies, with opportunities for growth through capital projects and M&A [32][33] Question: Where do you see the greatest opportunity for bolt-on M&A? - Management stated that opportunities exist across all segments and geographies, emphasizing a disciplined approach to capital allocation and project selection [52][53] Question: How do you feel about your synergy target with Parkland? - Management expressed confidence in exceeding synergy targets, with a focus on delivering synergies quickly and maintaining a strong base business [57][58]

Financial Data and Key Metrics Changes - The partnership achieved record adjusted EBITDA of $706 million in Q4, excluding approximately $60 million of one-time transaction expenses [5] - For the full year 2025, adjusted EBITDA reached a record $2.12 billion, a 36% increase over the prior year [6] - Q4 distributable cash flow, as adjusted, was $442 million, with a trailing twelve-month coverage ratio finishing at 1.9x [5][6] Business Line Data and Key Metrics Changes - Fuel distribution segment adjusted EBITDA was $391 million in Q4, up from $238 million in the previous quarter and $192 million in Q4 of 2024 [9] - Pipeline system segment adjusted EBITDA for Q4 was $187 million, consistent with Q4 of last year [12] - Terminal segment adjusted EBITDA for Q4 was $87 million, compared to $76 million in Q3 and $61 million in Q4 of 2024 [13] - New refining segment adjusted EBITDA for Q4 was $41 million, reflecting approximately two months of operations following the Parkland transaction [14] Market Data and Key Metrics Changes - The company distributed 3.3 billion gallons in Q4, up 44% versus the previous quarter and up 54% versus Q4 of last year [9] - Canadian refined product demand has been flat to slightly up over the last couple of years, contrasting with the U.S. market [28][29] - Strong demand in the Caribbean, particularly in markets like Guyana, which has experienced over 20% GDP growth in the last three years [31] Company Strategy and Development Direction - The company aims for an annual distribution growth rate of at least 5% over the next several years, supported by a strong financial position and disciplined capital allocation [6][21] - The integration of Parkland is progressing well, with expectations of realizing $125 million of the total $250 million annual synergy target in 2026 [15] - The company is positioned as both a defensive play and an attractive growth story, with a focus on bolt-on acquisitions across its expanded footprint [20][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the legacy Sunoco business and the expected strong performance of all segments in 2026 [17][19] - The company is well-positioned to navigate macro challenges such as inflation and market volatility, with a strong track record of delivering results [18] - Management highlighted the importance of maintaining a healthy balance sheet while pursuing growth opportunities [7][21] Other Important Information - The company declared a distribution of $0.9317 per common unit for both Sunoco LP common units and SunocoCorp shares, marking a 1.25% increase over the prior quarter [5] - The company has a strong liquidity position with $2.5 billion available under its revolving credit facility at the end of the year [6] Q&A Session Summary Question: Demand trends across the footprint pro forma Parkland - Management noted that U.S. demand has been flat to slightly off, but Sunoco outperformed those trends due to effective capital deployment [26] Question: Outlook for bolt-on M&A - Management indicated that the $500 million annual target for bolt-on acquisitions is a floor and could be exceeded, with opportunities across the entire footprint [41][42] Question: Impact of greenhouse gases endangerment finding - Management stated that in the short run, there is no effect on Sun, but long-term, it is bullish for refined products [49] Question: Distribution growth potential beyond 5% - Management emphasized a multiyear growth strategy, with confidence in continued growth of DCF per common unit and cash flows [50][51] Question: Synergy target for Parkland acquisition - Management expressed optimism about exceeding the synergy target, with a focus on delivering synergies quickly [60][61]

Financial Data and Key Metrics Changes - The partnership achieved record adjusted EBITDA of $706 million in Q4 2025, excluding approximately $60 million of one-time transaction expenses, marking a 36% increase in full-year adjusted EBITDA to $2.12 billion compared to the prior year [5][6] - Fourth quarter distributable cash flow, as adjusted, was $442 million, with a trailing twelve-month coverage ratio finishing at 1.9x, indicating strong financial health [5][6] - A distribution of $0.9317 per common unit was declared, representing a 1.25% increase over the prior quarter, marking the fifth consecutive quarterly distribution increase [5] Business Line Data and Key Metrics Changes - The fuel distribution segment reported adjusted EBITDA of $391 million in Q4 2025, up from $238 million in Q3 2025 and $192 million in Q4 2024, driven by a 44% increase in distributed gallons [9][10] - The pipeline system segment's adjusted EBITDA was $187 million, consistent with Q4 2024, while throughput remained at 1.4 million barrels per day [12] - The terminal segment's adjusted EBITDA increased to $87 million, up from $76 million in Q3 2025 and $61 million in Q4 2024, benefiting from the Parkland acquisition [13] - The new refining segment generated adjusted EBITDA of $41 million, reflecting improved performance compared to previous years [14] Market Data and Key Metrics Changes - The U.S. fuel distribution market showed flat to slightly declining demand, while the Canadian market exhibited slightly increasing demand, indicating regional variations in market performance [27][28] - The Caribbean market demonstrated strong volume growth, particularly in jurisdictions like Guyana, which experienced significant GDP growth [30] Company Strategy and Development Direction - The company aims for a multi-year annual distribution growth rate of at least 5%, supported by disciplined expense management and a focus on optimizing gross profit [6][21] - The integration of Parkland and TanQuid is expected to enhance operational scale and synergies, with a target of realizing $125 million of the total $250 million annual synergy target in 2026 [16][19] - The company is positioned as both a defensive play and an attractive growth opportunity within the midstream sector, emphasizing its ability to deliver strong results amid market volatility [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustained value for investors, highlighting a strong financial position and growth opportunities across various geographies [18][19] - The company anticipates continued strong performance across all segments, with the Parkland acquisition expected to significantly contribute to future growth [19][21] Other Important Information - The company has a strong balance sheet with $2.5 billion in availability under its revolving credit facility and a leverage ratio of approximately 4x, aligning with long-term targets [6][7] - Minimal corporate income taxes are expected for at least five years, which will support distribution growth for both Sunoco and SunC unitholders [44][45] Q&A Session Summary Question: Demand trends in the fuel distribution business post-Parkland acquisition - Management noted that while U.S. demand has been flat, Sunoco has outperformed trends due to effective capital deployment, and the Canadian market shows stronger demand [26][27] Question: Outlook for bolt-on M&A and its impact on guidance - Management indicated that the $500 million annual target for bolt-on acquisitions is a floor, with potential for upside based on execution across various geographies [39][41] Question: Synergy targets from the Parkland acquisition - Management expressed confidence in exceeding the $125 million synergy target, with activities already ramping up in Q4 2025 [60][62]

Financial Performance - Net income attributable to Sunoco LP for Q4 2025 was $97 million, down from $141 million in Q4 2024[3] - Full-year net income attributable to Sunoco LP for 2025 was $527 million, down from $866 million in 2024[9] - Revenues for Q4 2025 reached $8.6 billion, a 63.5% increase from $5.3 billion in Q4 2024[26] - Total revenues for Q4 2025 were $8,600 million, with total costs and expenses amounting to $8,416 million, resulting in an operating income of $184 million[51] - Operating income for the year ended December 31, 2025 was $935 million, compared to $791 million for the year ended December 31, 2024[26] Adjusted EBITDA - Adjusted EBITDA for Q4 2025 was $646 million, compared to $439 million in Q4 2024, including one-time transaction-related expenses of $60 million and $7 million respectively[3] - Full-year Adjusted EBITDA for 2025 was $2.05 billion, compared to $1.46 billion in 2024, including one-time transaction-related expenses of $77 million and $106 million respectively[9] - Adjusted EBITDA for Q4 2025 was $646 million, a 47.2% increase from $439 million in Q4 2024[28] - Adjusted EBITDA for Q4 2025 was reported at $646 million, with $706 million when excluding transaction-related expenses[53] Distributable Cash Flow - Distributable Cash Flow, as adjusted, for Q4 2025 was $442 million, up from $261 million in Q4 2024[4] - Cash distribution per common unit increased to $0.9317 in Q4 2025 from $0.8865 in Q4 2024[28] - Total distributions to partners for Q4 2025 were $236 million, compared to $158 million in Q4 2024, reflecting a 49.4% increase[28] - Distributable Cash Flow attributable to common unitholders was $48 million for Q4 2025[53] - Distributable Cash Flow is a widely accepted financial indicator used by investors to compare partnership performance[56] - Distributable Cash Flow provides an enhanced perspective of the operating performance of the company's assets and the cash generated by the business[56] Capital Expenditures - Total capital expenditures for Q4 2025 were $233 million, including $130 million of growth capital and $103 million of maintenance capital[15] Debt and Leverage - At the end of Q4 2025, Sunoco LP had long-term debt of approximately $13.4 billion and a leverage ratio of net debt to Adjusted EBITDA of approximately 4.0 times[14] Segment Performance - Fuel Distribution segment's Adjusted EBITDA for Q4 2025 was $332 million, compared to $192 million in Q4 2024, with a fuel margin of 17.7 cents per gallon[5] - Fuel profit rose to $419 million in Q4 2025, up from $239 million in Q4 2024, marking a 75% increase[36] - Segment Adjusted EBITDA for Fuel Distribution increased to $391 million in Q4 2025, compared to $192 million in Q4 2024, reflecting a growth of 103%[36] - Terminals segment profit increased to $130 million in Q4 2025, up from $120 million in Q4 2024, a rise of 8.3%[40] - Crude utilization in the Refinery segment was reported at 90% for Q4 2025, with a segment profit of $40 million[42] Acquisitions - Sunoco LP completed the acquisition of Parkland Corporation on October 31, 2025, and TanQuid in January 2026[10] Other Financial Metrics - The company incurred $60 million in transaction-related expenses in Q4 2025, compared to $7 million in Q4 2024[34] - The financial metrics do not reflect total cash expenditures or future capital expenditure requirements[56] - Changes in working capital are not reflected in the financial metrics presented[56] - Interest expense and cash requirements for servicing interest or principal payments are not included in the financial metrics[56] - Adjusted EBITDA does not account for cash requirements necessary for replacing depreciated, amortized, or accreted assets[56] - The presentation of Adjusted EBITDA and Distributable Cash Flow may not be comparable to similar measures of other companies due to differing calculation methods[56]

Market Overview - The Australian sharemarket closed flat on February 10, 2026, with the S&P/ASX 200 ending 2.7 points lower at 8,867.40 after a 1.9% rally the previous day [1][9] - The index is currently 2.72% below its 52-week high and has shown virtually no change over the last five days [2][9] Sector Performance - Financials sector declined by 1.1%, primarily due to significant losses in insurance companies [2][9] - 8 out of 11 sectors ended higher, with Information Technology being the best-performing sector, gaining 2.14% [5][9] - Miners advanced by 1% on the back of higher iron ore prices, with BHP Group rising 1.1% and Rio Tinto gaining 1.4% [5][9] Top Gainers - Silex Systems Limited (SLX) led the day's gains, closing at $7.240, up $0.560 or 8.383% [3][9] - Other notable gainers included DroneShield Limited (DRO) up 7.301%, Deep Yellow Limited (DYL) up 7.142%, Zip Co Limited (ZIP) up 6.072%, and Superloop Limited (SLC) up 5.579% [3][9] Bottom Performers - Steadfast Group Limited (SDF) and Insurance Australia Group Limited (IAG) were the bottom performers, down 9.46% and 6.19% respectively [2][9] - AUB Group Limited (AUB) fell by 6.115%, while CSL Limited (CSL) and Suncorp Group Limited (SUN) also experienced declines of 4.979% and 4.237% respectively [2][9] Individual Stock Highlights - Treasury Wine Estates shares rose by 8.1% after resolving a dispute with U.S. distributor Republic National Distributing Company [7][9] - Gold stocks increased by 1.3%, with Genesis Minerals up 2.8% and St Barbara rising 4.4% [6][9] - Energy stocks advanced by 0.6%, with uranium miners Deep Yellow and Paladin Energy up 7.1% and 5.5% respectively [7][9]

Core Viewpoint - Sunoco LP (NYSE:SUN) is recognized as one of the best pipeline and MLP stocks to buy in 2026, with a maintained Buy rating and a price target of $64 from RBC Capital [1][2][8]. Financial Performance - Sunoco LP announced its fifth consecutive quarterly distribution increase, raising the quarterly distribution by 1.15 cents per common unit, resulting in a cash distribution of 93.17 cents per common unit for the quarter ended December 2025, which is a 1.25% increase from the previous quarter [3]. - The company provided its full-year 2026 adjusted EBITDA guidance, estimating it to be in the range of $3.1 billion to $3.3 billion, with anticipated synergies of approximately $125 million from the acquisition of Parkland Corporation being a key assumption for this guidance [4]. Company Overview - Founded in 1886, Sunoco LP is one of North America's largest independent distributors of motor fuels, operating a vast network of pipelines and refined-product terminals, and providing wholesale fuel distribution and energy infrastructure services globally [5].

Core Insights - Stardust Solar Energy Inc. has announced an expanded sustainability strategy in Africa, focusing on integrating environmental responsibility into its renewable energy investments [1][2]. Sustainability Initiatives - Since 2018, the company has planted 51,463 trees globally and in 2026, it broadened its sustainability efforts to include ecological restoration, carbon sequestration, and community development [2]. - The company's 30MW utility-scale solar project in Zambia emphasizes sustainable land use, biodiversity protection, and long-term community impact [2][4]. Strategic Importance of Zambia - Zambia is viewed as a key opportunity for renewable energy development, offering a stable regulatory environment and optimal conditions for utility-scale solar projects [3]. - The company collaborates with government and community partners to deliver clean energy solutions that align with local priorities and protect ecosystems [3]. Community and Environmental Focus - Stardust Solar supports large-scale, community-led restoration initiatives across Africa, including the Musokotwane-Nyawa Project in Zambia, which covers an estimated 185,000 hectares [3]. - Additional projects in Tanzania and Kenya focus on long-term conservation and community-led land management [3]. Commitment to Sustainable Growth - The company emphasizes building durable value across environmental, social, and economic dimensions, aiming for a circular economy that benefits communities and enhances clean energy projects [4]. - These initiatives are designed to reinforce the company's approach to scaling renewable energy responsibly while ensuring long-term asset performance and shareholder value [4].