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    Jon Windham • UBS Group

    Jon Windham's questions to Array Technologies Inc (ARRY) leadership

    Jon Windham's questions to Array Technologies Inc (ARRY) leadership • Q2 2025

    Question

    Jon Windham of UBS Group AG inquired about Array's progress in international markets and asked for an update on the company's capital structure priorities following recent financing activities.

    Answer

    President & COO Neil Manning noted a strong but uneven first half internationally, citing macroeconomic headwinds in Brazil but optimism for diversification efforts. CFO Keith Jennings stated they are very pleased with the current capital structure, which provides significant operating runway, and view the preferred equity as reasonably priced long-term capital for now.

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    Jon Windham's questions to Sunrun Inc (RUN) leadership

    Jon Windham's questions to Sunrun Inc (RUN) leadership • Q2 2025

    Question

    Jon Windham from UBS Group asked for an overview of key state-level policy and subsidy trends that investors should monitor, noting the historical tendency for states to react to shifts in federal policy.

    Answer

    President & CRO Paul Dickson affirmed that state-level programs remain stable and durable. CEO Mary Powell added that growing grid constraints and energy demand from AI are creating a new catalyst, expecting states to increasingly focus on and incentivize dispatchable resources like battery storage, which directly benefits Sunrun's strategy.

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    Jon Windham's questions to Shoals Technologies Group Inc (SHLS) leadership

    Jon Windham's questions to Shoals Technologies Group Inc (SHLS) leadership • Q2 2025

    Question

    Jon Windham of UBS Group asked for clarification on why the adjusted EBITDA guidance was held constant despite a $30 million increase in the revenue guidance midpoint.

    Answer

    CEO Brandon Moss reiterated that the margin impact was due to promotional pricing to attract new EPCs and a growing mix of new products that can have lower initial gross margins. He emphasized that SG&A is stable and will provide future operating leverage. CFO Dominic Bardos added that operational efficiencies from the new facility consolidation have not yet been realized.

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    Jon Windham's questions to Brookfield Renewable Corp (BEPC) leadership

    Jon Windham's questions to Brookfield Renewable Corp (BEPC) leadership • Q2 2025

    Question

    Jon Windham from UBS Group AG asked for management's thoughts on the key milestones for nuclear development and the Westinghouse business that investors should watch for over the next year.

    Answer

    CEO Connor Teskey explained that Westinghouse's business has two parts: a stable services business for the existing global fleet and a high-growth new-build component. Co-President Wyatt Hartley elaborated on the U.S. opportunity, highlighting a recent executive order aiming to start construction on 10 gigawatt-scale reactors by the end of the decade. He noted Westinghouse is positioned as the most credible technology provider and is working closely with the government, utilities, and hyperscalers to advance these projects in the near term.

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    Jon Windham's questions to Brookfield Renewable Partners LP (BEP) leadership

    Jon Windham's questions to Brookfield Renewable Partners LP (BEP) leadership • Q2 2025

    Question

    Jon Windham asked for the key milestones to watch for over the next year regarding nuclear development and the Westinghouse business.

    Answer

    CEO Connor Teskey explained that while the core services business is stable, the key driver is new build nuclear, with recent outperformance driven by European activity. Co-President Wyatt Hartley highlighted the U.S. as the most significant area to watch, citing a recent executive order aiming for 10 new gigawatt-scale reactors by the end of the decade. He noted that Westinghouse is the most credible technology provider and that Brookfield is working with stakeholders, including hyperscalers, to advance projects in the very near term.

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    Jon Windham's questions to GFL Environmental Inc (GFL) leadership

    Jon Windham's questions to GFL Environmental Inc (GFL) leadership • Q2 2025

    Question

    Jon Windham of UBS Group asked a big-picture question about GFL's strategy to insulate itself from potential large swings in the CAD/USD exchange rate, including any hedging or mitigation plans.

    Answer

    Executive VP & CFO Luke Pelosi explained that GFL currently has a good natural economic hedge between its cash flows and expenses. He noted that the primary impact is translational and that as the U.S. business grows, the company will likely switch to being a U.S. dollar reporter in the near to medium term, aligning with peers and mitigating the issue.

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