GEL

The -$440M FY2025 net loss is almost entirely an accounting artifact, not operating decay. The MD&A is explicit: Net Income *from Continuing Operations* was +$30.5M in 2025 (vs a -$50.8M loss in 2024), while a $423.7M Net Loss from Discontinued Operations — driven by a $432.2M loss on the February 28, 2025 sale of the Alkali Business — is what dragged the GAAP bottom line and the -$4.19 diluted EPS into the red. Reading the numbers with the filing, the picture is a simpler, more focused midstream MLP: operating income rose 51.9% to $258M, Segment Margin grew 9% to $577.9M (led by offshore pipeline transportation), and the prior-year $43.0M impairment did not recur. This is a clean-up year, not a deterioration year.

The forward setup is the constructive part. Capex collapsed 68.2% to $187M as the major growth program wound down, which against $253M operating cash flow leaves positive free cash flow and points to an FCF inflection as spending normalizes. Management is using that to deleverage — long-term debt fell 18.3% to $3.05B and total liabilities fell 24.8% — and to reward unitholders: the Q4 distribution was raised 9% to $0.18/unit (~5% annualized yield at $14.05). Stated strategy is explicitly to 'generate and grow stable free cash flows' and 'continue to deleverage.'