Results for 4 th Quarter + FY 2025 2026 Guidance FEBRUARY 5, 2026 Change Presentation Title on First Master Slide Table of Contents ACHIEVEMENTS OVER THE PAST 6 YEARS • Page 3 RESULTS FOR 4 TH QUARTER + FY 2025 • Page 4 2026 GUIDANCE • Page 7 FACTORS SUPPORTING GROWTH • Page 9 PORTFOLIO UPDATE • Page 15 CONCLUSION • Page 21 APPENDICES 2 2 • Page 25 • Safe Harbor | Page 26 • Definitions + Glossary | Page 27 • Reconciliations | Page 32 Achievements Over the Past Six Years1 • Increased Total Portfolio size by ...

Financial Data and Key Metrics Changes - Camden Property Trust reported Core Funds From Operations (FFO) for Q4 2025 at $193.1 million, or $1.73 per share, exceeding prior guidance by $0.03 per share [18] - Same-property revenue growth for 2025 was 76 basis points, slightly beating the midpoint of guidance [7] - The company expects Core FFO per share for 2026 to be in the range of $6.60-$6.90, representing a decrease of $0.13 from 2025 results [19] Business Line Data and Key Metrics Changes - Rental rates for Q4 2025 showed new leases down 5.3% and renewals up 2.8%, resulting in a blended rate of -1.6% [15] - The company disposed of 3 communities for $201 million and acquired 1 community for $85 million during Q4 2025 [16] - The overall portfolio is expected to see same-store net operating income (NOI) decline by 50 basis points in 2026, with revenue growth projected at 75 basis points [20] Market Data and Key Metrics Changes - The Sun Belt markets are expected to continue growing faster than the rest of the country, prompting the company to market its California properties for sale [5] - The Washington, D.C. Metro area achieved 3.5% revenue growth in 2025 and is rated A-minus with a moderating outlook for 2026 [11] - Austin is rated C-plus with an improving outlook, but faces challenges due to high levels of new supply [14] Company Strategy and Development Direction - The company plans to reinvest approximately 60% of the proceeds from the California sales into high-demand Sun Belt markets and use the remainder for share repurchases [17] - Camden aims to simplify its operating platform and expand its footprint in the Sun Belt by selling its California assets [5] - The company is optimistic about future lease rates and NOI growth, citing a strong balance sheet and resilient residents [6] Management's Comments on Operating Environment and Future Outlook - Management highlighted the uncertain operating environment in 2025 but expressed confidence in the company's ability to navigate challenges [4] - The company anticipates modest acceleration in operating conditions in the second half of 2026, with expectations for job growth primarily in Sun Belt markets [9] - Management noted that the current rental market is experiencing flat growth, which is not sustainable long-term, indicating potential for future increases [75] Other Important Information - The company has begun to see improvements in some markets, with expectations for revenue growth in the range of 1%-2% for several regions [13] - Legal expenses are anticipated to be approximately $14 million, primarily related to ongoing legal battles [46] - The company plans to launch a new bond transaction worth $400 million-$500 million later this quarter [24] Q&A Session Summary Question: Why is now the right time to sell the Southern California portfolio? - Management believes there will be a pivot point in Sun Belt growth, and selling now allows them to capitalize on a vibrant transaction environment [26][27] Question: How are you thinking about splitting the California portfolio for sale? - There are many buyers interested, and the company will maximize the purchase price whether sold as a portfolio or individually [29] Question: What are your expectations for new and renewal rents throughout the year? - Slight improvements are expected in the first quarter, with more visibility during peak leasing seasons [32] Question: How will the timing of 1031 exchange acquisitions impact guidance? - The company anticipates that the California sale will close mid-year, with redeployment of capital occurring in the summer [36] Question: What are the expectations for stabilized returns on new developments? - Costs are decreasing by 5%-8%, but developments remain challenging, with rental rates expected to stabilize [40][43] Question: What impact will the new legislation in Denver have on utility rebilling? - The new legislation will significantly affect income from utility rebilling, amounting to about $1.8 million in lost revenue [89]

Financial Data and Key Metrics Changes - For the full year 2025, total company production grew by 11% to approximately 100,000 barrels of oil equivalent per day, with oil production growing by 4% to nearly 40,000 barrels per day [7][9] - Fourth quarter adjusted net income was approximately $71 million or $0.38 per diluted share, with adjusted EBITDA at $216 million [9][17] - Free cash flow for the full year exceeded $425 million, with approximately 75% returned to shareholders through dividends and share repurchases [10][20] Business Line Data and Key Metrics Changes - The company achieved a new production record in Q4, averaging nearly 104,000 barrels of oil equivalent per day, reflecting a sequential increase of 3% [8] - Field-level cash operating expenses declined by 7% to $5.12 per BOE during 2025, contributing to improved operational efficiency [7][9] Market Data and Key Metrics Changes - Total revenue per BOE declined 13% quarter-over-quarter due to lower oil prices, impacting operating income margins [21] - The company remains unhedged for all oil and natural gas production, which allows for upside potential in commodity prices [24] Company Strategy and Development Direction - The company's strategy focuses on steady mid-single-digit production growth, high pre-tax margins, and reliable free cash flow while maintaining a low reinvestment rate [11][12] - Magnolia plans to maintain capital spending at similar levels year-over-year while targeting a production growth of approximately 5% in 2026 [13][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate product price volatility and emphasized the importance of maintaining low leverage for financial flexibility [15][20] - The outlook for 2026 includes expectations for gradual production growth despite potential weather impacts in Q1 [24][43] Other Important Information - The company repurchased approximately 8.9 million shares throughout 2025, reducing the diluted share count by roughly 4.5% [10][18] - A 10% increase in the quarterly dividend was announced, marking the fifth consecutive annual increase [14][19] Q&A Session Summary Question: Performance of recent wells in Giddings - Management noted that recent wells have outperformed type curves, attributing success to improved drilling techniques and better rock quality [26][27] Question: M&A activity and pricing trends - Management acknowledged increased competition and rising prices for acreage but emphasized a preference for undeveloped opportunities rather than PDP-heavy deals [28][30] Question: Cost reductions and capital efficiency - Management indicated that well costs have decreased, with current costs around $1,000 per foot for standard Giddings wells, and service costs are expected to remain flat to slightly down [34][35] Question: Capital allocation strategy - Management stated that excess cash from higher oil prices would be directed towards dividends, share repurchases, or opportunistic acquisitions, without plans to add another rig [96][99] Question: Production outlook for 2026 - Management expects steady growth throughout 2026, with a heavier capital outlay in the first half of the year [42][43] Question: Development approach and well pad sizes - The average well pad size remains around 3-4 wells, with opportunities for longer laterals if adjacent acreage can be acquired [49][51] Question: Maintenance capital estimates - Management suggested that maintenance capital is likely around $400 million, reflecting efficiencies gained over the years [78][80]

Financial Data and Key Metrics Changes - Revenue increased by 21% to $56.7 million, driven by strong performance across end markets [4][15] - Adjusted EBITDA rose by 50% to $6 million, with an adjusted EBITDA margin of 10.7% [4][16] - Net income for the quarter was $0.25 per diluted share, and adjusted net income was $0.31 per diluted share [16][18] - Gross profit increased by 15% to $13.5 million, with a gross margin of 23.8% [16] Business Line Data and Key Metrics Changes - Sales to the defense market increased by $8.3 million, driven by project milestones and growth in existing programs [15] - Sales to the energy and process market increased by $2.1 million, or 13%, reflecting strength in aftermarket sales [15] - Aftermarket sales to energy and process and defense markets were $10.8 million, up 11% year-over-year [16] Market Data and Key Metrics Changes - Book-to-bill ratio was 1.3 times, with backlog increasing to a record $515.6 million, up 34% year-over-year [5][19] - Approximately 85% of backlog is attributable to the defense market, providing stability [19] - The company expects 35%-40% of backlog to convert to revenue over the next 12 months [19] Company Strategy and Development Direction - The company completed the acquisition of XDot Bearing Technologies, enhancing its competitive position in high-speed rotating machinery [5] - The acquisition of FlackTek for $35 million adds advanced materials and processing as a third core technology platform [7][10] - Investments in capacity expansion and technology are ongoing, with a focus on efficiency and scalability [12][14] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand in defense and energy markets, despite some slowing in large CapEx purchases due to macroeconomic factors [13][14] - The company remains confident in achieving long-term objectives of 8%-10% organic revenue growth and low to mid-teen adjusted EBITDA margins by fiscal 2027 [23] - Management emphasized disciplined execution and the importance of ongoing investments to support future growth [14][15] Other Important Information - The company ended the quarter with $22.3 million in cash and strong operating cash flow of $4.8 million [20][21] - Capital expenditures totaled $2.8 million during the quarter, supporting capacity expansion initiatives [20] Q&A Session Summary Question: Demand in defense and CapEx plans - Management indicated that defense demand remains healthy, with ongoing investments to increase capacity and efficiency [27][29] Question: M&A strategy and future acquisitions - Management stated that while FlackTek adds a third platform, future focus will be on investing in existing platforms before considering new acquisitions [30][31] Question: Pursuing new work from the Navy - Management highlighted the applicability of their core competencies in pursuing new opportunities within Navy programs [33][34] Question: Growth in existing defense programs - Management confirmed that they are winning additional scope on current projects, leading to more opportunities [39][40] Question: Book-to-bill ratio outlook - Management reaffirmed that the long-term target for book-to-bill is 1.1, despite current performance exceeding that target [43][44] Question: Material receipts impact on gross margin - Management explained that material receipts are lumpy and expected to normalize in future quarters [65][66] Question: Testing facilities activity - Management reported that testing facilities are currently focused on existing backlog products, with healthy pipeline opportunities [75][76]

Shoppes of Paradise Lakes | Miami, FL Suburb February 2026 Q4 2025 Earnings Presentation Safe Harbor and Non-GAAP Disclosures PECO's Safe Harbor Statement This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Privat ...

Regency Centers (NasdaqGS:REG) Q4 2025 Earnings call February 06, 2026 11:00 AM ET Speaker5Greetings and welcome to Regency Centers Corporation fourth quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. 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. As a reminder, this conference is being recorded. I would now like to turn the c ...

Financial Data and Key Metrics Changes - The operating loss for Q1 2026 was $1.3 million, significantly improved from a pretax loss of $18.9 million in the same quarter of the previous year, driven by revenue growth and improving margins [8] - Gross margin improved to 36.6%, up 6.7 percentage points from the prior year, primarily due to overhead absorption from higher volumes and price increases offsetting material cost increases [8] - Inventory balance at the end of Q1 was $183.9 million, down approximately $17.7 million from the previous year [9] Business Line Data and Key Metrics Changes - The fishing segment, particularly the Minn Kota and Humminbird brands, showed solid performance with strong demand for new products like the XPLORE Series and MEGA Live 2 fish finders [4] - In the camping and watercraft segment, investments in digital and e-commerce have driven growth, with Jetboil and Old Town performing well [5] - The diving segment saw increased sales due to improved global market conditions and innovation, particularly with the SCUBAPRO's new HYDROS PRO 2 product [5] Market Data and Key Metrics Changes - The overall market showed signs of stabilization, contributing to double-digit growth in Q1 2026, which is typically a slower period for the company [3] - Trade inventory levels were reported to be in a healthy position, allowing for good sell-in during the first quarter [17] Company Strategy and Development Direction - The company aims to maintain a strong innovation pipeline, enhance digital and e-commerce momentum, and improve product costs and operating efficiency through cost-saving initiatives [6][7] - The focus on digital engagement is seen as a key opportunity to strengthen connections between products, retail partners, and consumers [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the start of fiscal 2026, despite uncertainties in the broader environment, and highlighted the execution of plans to accelerate growth [4] - The company remains confident in its ability to create long-term value for shareholders, with a debt-free balance sheet and ongoing dividend payments [9] Other Important Information - The company continues to focus on optimizing product costs and efficiency, especially in light of supply chain volatility [18] Q&A Session Summary Question: Pricing versus unit volumes - The increase in the quarter was primarily driven by unit volume, although pricing adjustments were made in response to cost increases [12] Question: Contribution of new products to sales - Innovation remains critical, and there has been an improvement in the success rate of new products over the last couple of years [14] Question: E-commerce revenue percentage and growth goals - E-commerce is the fastest-growing channel, with goals to continue expanding it at a faster pace than overall business growth [16] Question: Current trade inventory levels - Trade inventory is in a good position to react to sell-in, with expectations for consumer takeaway as the season begins [17] Question: Future cost savings initiatives - The company plans to continue working on cost savings initiatives to optimize product costs and improve efficiency [18] Question: Warranty expense impact on operating expenses - Warranty expense contributed to a decrease in operating expense percentage, although it was less than a point [19] Question: Future tax rate expectations - The tax rate may fluctuate based on profits in various geographies, with a valuation allowance affecting U.S. tax expenses [20]

Financial Data and Key Metrics Changes - For Q4 2025, Plains reported Adjusted EBITDA of $738 million and full-year Adjusted EBITDA of $2.833 billion, indicating a pivotal year despite market challenges [3][4] - The crude oil segment Adjusted EBITDA was $611 million, while the NGL segment reported $122 million, reflecting seasonal impacts and market conditions [11][12] - The company expects 2026 Adjusted EBITDA guidance of $2.75 billion at the midpoint, with a 13% year-over-year growth in the crude segment [7][8] Business Line Data and Key Metrics Changes - The crude oil segment's performance was bolstered by the Cactus 3 acquisition, contributing to overall EBITDA despite challenges from recontracting [11] - The NGL segment's performance was impacted by warm weather and weak frac spreads, leading to a moderated seasonal uptick [11] - The company anticipates $100 million of EBITDA from the NGL segment post-divestiture, along with $10 million of other income [8] Market Data and Key Metrics Changes - Permian crude production is expected to remain flat year-over-year in 2026, with overall basin volumes projected to be about 6.6 million barrels by year-end [8] - The company noted a cautious optimism among larger producers in the Permian Basin, with a focus on efficiency and inventory preservation [29][30] Company Strategy and Development Direction - Plains is transitioning to a peer-play crude company, focusing on streamlining operations and enhancing cash flow durability through strategic acquisitions and divestitures [3][4] - The company is targeting $100 million in annual savings through efficiency initiatives by 2027, with half expected to be realized in 2026 [4][24] - The acquisition of the Wild Horse Terminal is expected to enhance storage capacity and generate returns above internal thresholds [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of executing on efficiency initiatives and closing the NGL divestiture to position the company competitively for the future [15] - The geopolitical environment and OPEC actions were noted as challenges, but management remains focused on long-term growth and stability [3][15] - The company expressed confidence in the ability to grow beyond 2026, supported by self-help initiatives and market fundamentals [58] Other Important Information - A 10% increase in quarterly distribution was announced, bringing the annual distribution to $1.67 per unit, representing an 8.5% yield [8][9] - The company plans to reduce its distribution coverage ratio threshold from 160% to 150%, reflecting improved visibility and alignment with peers [9][10] Q&A Session Summary Question: Synergies from Cactus Pipeline - Management confirmed achieving $50 million in synergies, with half from G&A and OPEX reductions and the rest from optimizing pipeline capacity [20][21] Question: Cost Savings Initiatives - The NGL business sale allows for a comprehensive review of company structure, targeting $100 million in savings by 2027 [24][25] Question: Permian Basin Outlook - Management noted cautious optimism among producers, with a focus on efficiency and inventory preservation, expecting growth to resume in 2027 [29][30] Question: Distribution Coverage Ratio - The reduction to 150% is seen as conservative, allowing for routine investments and distribution growth [37][73] Question: Growth Capital Expenditures - The 2026 growth CAPEX is guided at $350 million, aligning with typical investment levels, focusing on ongoing projects and potential expansions [41][42]

Financial Data and Key Metrics Changes - Assets under management (AUM) decreased to $159 billion from $169 billion due to net outflows and market performance [6][14] - Total sales were $5.3 billion, down from $6.3 billion in the previous quarter [6][15] - Net outflows totaled $8.1 billion, significantly higher than $3.9 billion in the prior quarter [7][16] - Earnings per share, as adjusted, declined to $6.50 from $6.69 in the third quarter [9][21] - Operating margin decreased to 32.4% from 33% in the previous quarter [9][20] Business Line Data and Key Metrics Changes - Equity net outflows were primarily driven by quality-oriented strategies, with institutional net outflows of $3 billion [7][16] - Fixed income strategies experienced modestly negative net flows of $0.1 billion, while alternative strategies were essentially break-even [7][16] - ETFs generated $0.6 billion of positive net flows, sustaining strong organic growth [16] Market Data and Key Metrics Changes - The market environment favored momentum-driven stocks, leading to underperformance in quality-oriented equity strategies [3][10] - January sales showed improvement, reaching the highest level since June, indicating a potential shift in investor sentiment [8] Company Strategy and Development Direction - The company is focusing on broadening its product offerings, including the launch of new actively managed ETFs and expansion into private markets [4][5] - The acquisition of Keystone National Group aims to enhance private market offerings and provide differentiated strategies [12][13] - The company is also exploring opportunities for diversification, particularly in non-U.S. markets and growth equity strategies [30][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment for quality-oriented equity strategies but expressed confidence in their long-term performance [3][10] - There are encouraging signs of broadening investor sentiment, with hopes for improved flows in the upcoming quarters [8][42] - The company remains committed to balancing capital priorities, including investments in growth and returning capital to shareholders [54] Other Important Information - The company repurchased approximately 60,000 shares for $10 million during the quarter, with a total of $60 million used for share repurchases over the year [11][22] - The effective tax rate was 25.3%, with expectations to decrease to 23%-24% in the second quarter due to the addition of Keystone [21] Q&A Session Summary Question: Can you elaborate on the fee rate compression in the quarter? - The fee rate was impacted by discrete expenses, particularly on the ETF side, but remained relatively stable quarter-over-quarter [25][26] Question: What are the future transaction opportunities for diversification? - The company is considering both private markets and growth equity strategies for future transactions, focusing on broadening distribution channels [29][30] Question: What is the software exposure across AUM? - The company is generally underweight in technology, which has affected the performance of quality-oriented equities [39][40] Question: What drove the acceleration in negative flows in Q4? - The negative flows were primarily due to the underperformance of quality-oriented strategies and seasonal tax loss harvesting [41][42] Question: Can you discuss the growth opportunities from the Keystone transaction? - There is significant potential to leverage Keystone's existing capabilities in wealth management and institutional channels for growth [48][49]

Financial Data and Key Metrics Changes - The company reported $0.71 per share in FFO for Q4 2025, aligning with consensus expectations, and $2.84 per share for the full year, reflecting a 5.6% growth over 2024 [5] - The portfolio was 88.3% occupied at the end of the quarter, with a goal to achieve 90% occupancy by year-end 2026 [9][10] - 2026 FFO guidance was introduced at $2.92 per share, implying a 2.8% growth over 2025, marking the third consecutive year of FFO growth [11][12] Business Line Data and Key Metrics Changes - The company completed 700,000 sq ft of leases in Q4, the second-highest quarterly volume in four years, with 70% of this being new and expansion leases [14] - Average net rent for the quarter was $36.52, with leasing concessions at $10.58, resulting in an average net effective rent of $23.18 [14] - Cash rents increased by 0.2% overall, but excluding Northpark, they rose by 10.4% [15] Market Data and Key Metrics Changes - Atlanta saw a 5.8% increase in leasing volume quarter-over-quarter, with the company signing 361,000 sq ft of leases, the highest since Q1 2019 [16] - In Austin, leasing activity reached its highest level since 2021, with 98,000 sq ft signed in Q4 [17] - Charlotte experienced a 72% year-over-year increase in leasing activity, with three-quarters being new and expansion leases [17][18] Company Strategy and Development Direction - The company aims to grow occupancy and execute additional accretive investment opportunities, focusing on lifestyle office properties in target Sunbelt markets [9][10] - The acquisition of 300 South Tryon for $317 million is a strategic move to enhance the portfolio in a high-demand area [22][23] - The company plans to remain agile in acquisitions and dispositions, prioritizing earnings accretion while maintaining financial strength [10][24] Management's Comments on Operating Environment and Future Outlook - Management noted that office fundamentals are improving, with demand growing and vacancy rates declining as remote work phases out [6][7] - The company anticipates a significant shortage of high-quality office space by 2028-2030, positioning itself to capitalize on this trend [8][11] - Despite concerns about a slowing labor market, management believes demand for office space is accelerating due to return-to-office mandates [8][12] Other Important Information - The company is under contract to sell Harborview Plaza for $39.5 million and a land parcel in Charlotte for $23.7 million, indicating a strategy to rotate into higher-quality assets [25][26] - Neuhoff, a mixed-use development project in Nashville, is progressing well, with the apartment component reaching over 90% leased [28] Q&A Session Summary Question: Can you talk about which markets are most supportive of development from a yield perspective? - Management indicated that Uptown Dallas, Charlotte, and Buckhead are markets with strong potential for new development due to tight conditions and rising rents [36] Question: Can you provide insights on the late-stage leasing pipeline and rent spreads? - Management confirmed visibility into the late-stage pipeline, expecting continued positive cash rent roll-ups [38][39] Question: How are you thinking about funding the 300 South Tryon acquisition? - Management highlighted the flexibility in funding options, balancing financial and strategic aspects, with a focus on dispositions that yield comparable returns [40][41] Question: What is the expected tenant retention rate and how many leases are signed but not yet commenced? - Management expects a retention rate around 50% and noted that approximately 460,000 sq ft of leases signed in Q4 will commence in 2026 [68][69] Question: How is the demand for office space evolving in your markets? - Management observed significant activity from West Coast and New York companies, particularly in Austin and Charlotte, indicating a robust demand environment [45]