October 30, 2025 Forward-Looking Statements Forward-Looking Statements. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statements and generally arise when the Company is discussing its beliefs, estimates or expectations as to future events. These statements are no ...

Financial Performance - Record revenue of $639 million for Q2 fiscal 2026, an increase from the previous year [3] - Net earnings of $137.4 million, with diluted EPS of $4.23 [6] - Gross margins at 31.3%, reflecting strong operational performance [3] - Adjusted EBITDA reached $233.3 million, indicating strong cash flow generation [6] - Earnings before interest and income taxes for the quarter were $185,836,000, down 5% from $195,965,000 in the same quarter of 2024 [23] - Adjusted EBITDA for the quarter was $233,293,000, compared to $242,224,000 in the prior year, reflecting a decrease of 4% [32] - Trailing Twelve Months Adjusted EBITDA decreased to $798,276,000 from $816,674,000 [34] Sales Performance - Cement sales volume increased by 8% to 2.2 million tons, driven by public infrastructure spending [4] - Organic aggregates sales volume surged 35%, contributing to a 24% revenue increase in the Concrete and Aggregates segment [9] - Heavy Materials revenue rose 11% to $466.5 million, supported by higher sales volume and contributions from recent acquisitions [7] - Heavy Materials revenue increased to $426,299,000, up 12% from $379,501,000 year-over-year, driven by a 9% increase in cement sales volume [26] - Cement sales volume increased by 8% to 2,196,000 tons in Q2 2025, while concrete sales volume remained flat at 347,000 cubic yards [26] - The average net sales price for cement decreased by 1% to $155.10 per ton, while the average price for aggregates increased by 13% to $14.31 per ton [26] Segment Performance - Light Materials revenue decreased by 13% to $212.6 million, primarily due to a 14% decline in Gypsum Wallboard sales volume [10] - Light Materials revenue decreased to $212,607,000, down 13% from $244,118,000, primarily due to a 14% decline in Gypsum Wallboard sales volume [23] - Segment operating earnings for Heavy Materials rose to $127,698,000, a 11% increase from $114,938,000 in the prior year [23] Shareholder Actions - The company repurchased 395,500 shares for approximately $89 million, enhancing shareholder value [6] Capital Expenditures and Investments - The company is modernizing its Mountain Cement plant and expanding its Duke, OK Gypsum Wallboard plant, positioning for future growth [5] Balance Sheet and Debt - Total current assets decreased to $671,300,000 from $730,449,000 year-over-year, primarily due to a reduction in cash and cash equivalents [29] - Total debt as of September 30, 2025, is $1,293,750,000, an increase from $1,246,250,000 as of March 31, 2025 [34] - Cash and cash equivalents increased to $35,033,000 from $20,401,000 [34] - Net Debt as of September 30, 2025, is $1,258,717,000, up from $1,225,849,000 [34] - Net Debt to Adjusted EBITDA ratio increased to 1.6x from 1.5x [34]

Company Overview - Eagle Materials Inc. (EXP) is a Dallas-based producer of cement and gypsum wallboard, with operations also in concrete, aggregates, and recycled paperboard [2] - The company's operations are evenly split between heavy materials (cement-centric) and light materials (wallboard-centric), with strategically located plants in import-insulated U.S. markets [2] Market Demand and Supply Dynamics - Cement demand is driven by aging infrastructure and a structural housing shortage, primarily used in public infrastructure, residential, and commercial construction [2] - Wallboard benefits from long-term supply advantages through natural gypsum mines and a 60-year supply agreement with Santee Cooper, protecting EXP from declines in U.S. synthetic gypsum output [3] - Both segments exhibit "rock pit" characteristics, which means local supply constraints and high transportation costs enhance EXP's pricing power and profitability [3] Competitive Advantages - The company operates in a defensible industry with limited domestic supply growth due to regulatory constraints on new cement plants, creating a natural moat for existing producers [4] - EXP is the lowest-cost producer in the industry, which supports high and stable margins, while disciplined capital allocation has led to strong returns on equity and long-term earnings growth [5] - Historical performance indicates mid-single-digit volume growth, double-digit pricing gains, and EPS compounding above revenue growth, reflecting operational efficiency and shareholder-aligned management [5] Growth Catalysts and Long-term Outlook - Key catalysts for growth include ongoing infrastructure spending, constrained domestic supply, and continued secular growth in U.S. housing [6] - Despite appearing cyclical, EXP's local monopolistic advantages, stable cost structure, and long-term growth prospects position it as a compelling compounder capable of mid-teen returns over the next 5–10 years [6] Historical Context - Previous bullish theses on EXP highlighted its localized concrete business, vertical integration, low-cost production, and disciplined capital allocation, with the stock depreciating approximately 2.4% since the last coverage [7] - The current thesis emphasizes long-term gypsum supply and structural demand drivers, aligning with previous positive assessments of the company's regional monopolies and robust margins [7]

Group 1 - Eagle Materials Inc. (NYSE:EXP) produces and sells cement, concrete, aggregates, gypsum wallboard, and recycled paperboard for various construction sectors [1] - Jim Cramer advised against investing in Eagle Materials, suggesting alternatives like OC and Home Depot as better options [1] - In L1 Capital's second quarter 2025 investor letter, Eagle Materials was noted as one of three companies that detracted more than 0.5% from the Fund's returns for the quarter [1] Group 2 - There is acknowledgment of Eagle Materials' potential as an investment, but certain AI stocks are believed to offer greater upside potential and less downside risk [2]

Group 1: Company Performance and Analyst Ratings - Rubrik, Inc. reported second-quarter revenue of $309.86 million, a 51% year-over-year increase, surpassing the consensus estimate of $282.22 million, and had a loss of three cents per share, better than the expected loss of 34 cents per share [1] - Seagate Technology Holdings plc received an Outperform rating from Bernstein analyst Mark Newman with a price target of $250, but caution is advised due to its recent price run [2] - Cleveland-Cliffs Inc. was maintained with an Equal-Weight rating by Wells Fargo, with a price target raised from $10 to $11, while BofA Securities maintained a Neutral rating and increased the price target from $9.5 to $12.5 [3] - SAP SE was noted as a buy following a good quarter and the announcement of a revamped strategy for digital sovereignty and AI innovation, expanding its SAP Sovereign Cloud portfolio [4] Group 2: Stock Price Movements - Seagate shares increased by 1.1% to $213.36 [7] - Rubrik shares decreased by 1.5% to close at $73.89 [7] - Eagle Materials shares fell by 1.7% to settle at $230.02 [7] - Cleveland-Cliffs shares dropped by 3.7% to $11.29 [7] - SAP shares rose by 3.1% to close at $261.42 [7]

Group 1 - Crude Value Insights provides an investment service and community focused on the oil and natural gas sector [1] - The service emphasizes cash flow and identifies companies that generate it, highlighting their value and growth prospects [1] - Subscribers have access to a model account with over 50 stocks, detailed cash flow analyses of exploration and production firms, and live discussions about the sector [1] Group 2 - A two-week free trial is available for new subscribers, promoting engagement with the oil and gas market [2]

Group 1 - Eagle Materials Inc. is recognized as one of the best cement stocks to buy, with analysts expressing confidence in the growth outlook for the construction materials sector due to improving demand trends [1] - JPMorgan has raised its price target for Eagle Materials from $220 to $245 while maintaining a Neutral rating, indicating optimism about the company's ability to capitalize on heightened investments in infrastructure and non-residential spending [2] - For the first quarter of fiscal 2026, Eagle Materials reported record revenue of $634.6 million, a 4% year-over-year increase, driven by higher cement sales and contributions from acquired aggregate businesses [3] Group 2 - Eagle Materials manufactures and distributes a variety of building products, including Portland cement, gypsum wallboard, concrete, and aggregates, catering to residential, commercial, industrial, and infrastructure construction [4]

Financial Data and Key Metrics Changes - Revenue increased to $134 million, representing a 6% growth compared to the previous year [11] - Underlying EBITDA grew by 34% to $19.3 million, marking the strongest financial performance since the pandemic [11][12] - Underlying net profit after tax before goodwill impairment was $2.1 million, the first underlying profit since the pandemic [12] - Cash position improved by $2.8 million compared to the previous year [4] Business Line Data and Key Metrics Changes - The Skydive segment reported a revenue growth of 5% and underlying EBITDA growth of 27%, driven by improved volumes and site efficiencies [13] - Adventure Experiences segment saw a revenue growth of 7% and underlying EBITDA growth of 14%, with Treetops and Reef Unlimited leading the performance [17][18] - All business units reported improved earnings performance compared to previous periods [7] Market Data and Key Metrics Changes - The overall improvement in domestic and international tourism in Australia and New Zealand was a key driver for the group's performance [9] - The return of international visitation, particularly from the UK and Europe, was noted as a significant factor in the growth [31] Company Strategy and Development Direction - The company will focus on four pillars: improving business performance, sustaining trading momentum, future growth, and quality of the portfolio [26] - There is an emphasis on organic growth opportunities, particularly in the marine and treetops business units [28][29] - The company plans to continue reviewing business operations and asset returns, with a focus on enhancing existing experiences and developing new ones [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future due to improved operating margins and a better handle on business levers [38] - The outlook for inbound visitation to Australia and New Zealand is positive, with expectations of continued growth [39] - Management is focused on free cash flow generation and operational efficiencies to support future growth [32] Other Important Information - The Board declared a fully franked dividend of $0.25, the first since FY 2018, reflecting confidence in future trading momentum [4][32] - The company announced an on-market share buyback and is assessing opportunities for the disposal of non-performing assets [6] Q&A Session Summary Question: What is driving the company's confidence? - The confidence stems from improved operating margins, increased direct bookings, and positive macro settings for international visitation [36][38] Question: How does the company manage customer volumes between locations? - The company can transfer customers and tandem masters between drop zones to optimize operations based on weather conditions [42] Question: What is the Board's rationale for declaring a dividend? - The Board felt confident in the trading performance and outlook for FY 2026, believing the company had the capacity to pay the dividend [58] Question: What are the expectations for the Skydive segment's recovery? - The company remains confident in recovering to pre-COVID levels, despite some changes in the business structure [61][62] Question: What is the expected CapEx outlook? - Maintenance CapEx is expected to remain stable, while growth CapEx will be driven by new investments like the vessel and hangar [66]

Financial Data and Key Metrics Changes - Revenue increased to $134 million, representing a 6% growth compared to the previous year [10][4] - Underlying EBITDA grew by 34% to $19.3 million, marking the strongest financial performance since the pandemic [10][11] - Underlying net profit after tax before goodwill impairment was $2.1 million, the first underlying profit since the pandemic [11][4] - Cash position improved by $2.8 million year-over-year [4] Business Line Data and Key Metrics Changes - The Skydive segment reported a revenue growth of 5% and underlying EBITDA growth of 27%, driven by improved volumes and site efficiencies [12][11] - Adventure Experiences segment saw a revenue increase of 7% and underlying EBITDA growth of 14%, with Treetops and Reef Unlimited leading the performance [15][16] - All business units reported improved earnings performance compared to previous periods [7] Market Data and Key Metrics Changes - The overall improvement in domestic and international tourism in Australia and New Zealand was a key driver for the group's performance [8][11] - The return of international visitation, particularly from the UK and Europe, was noted as a significant factor in trading performance [28] Company Strategy and Development Direction - The company will focus on four key areas: business performance improvement, sustaining trading momentum, future growth, and quality of the portfolio [23][24] - Plans for organic growth include new products and expansion of existing experiences, particularly in the marine and treetops divisions [25][26] - The company is actively looking for bolt-on acquisitions in the Outdoor Adventure and Marine segments [27] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the trading outlook due to improved operating margins and a focus on direct bookings [35][36] - The company is optimistic about the recovery of the international market, particularly from China, and expects continued growth in inbound visitation [36][40] - Management acknowledged the impact of weather on trading but remains confident in the overall business performance [71] Other Important Information - The Board declared a fully franked dividend of $0.25, the first since FY 2018, reflecting confidence in future trading momentum [4][29] - The company maintained a modest net debt and gearing level, with a closing cash balance of CAD 11.1 million [18] Q&A Session Summary Question: What is driving the company's confidence? - The confidence stems from improved operating margins, increased direct bookings, and a positive outlook for international visitation [35] Question: How does the company manage skydiving operations across different locations? - The company can transfer customers and tandem masters between locations to optimize operations based on weather conditions [38] Question: What is the rationale behind the dividend declaration? - The Board felt confident in the trading performance and outlook for FY 2026, believing the company has the capacity to pay the dividend [53] Question: What are the expectations for the Skydive segment's recovery? - The company remains confident in recovering to pre-COVID levels, despite some changes in the business structure [56] Question: How is the company managing capital expenditures? - Maintenance CapEx is driven by scheduled activities, while growth CapEx is focused on strategic investments to support future growth [60]

FITZROY ISLAND | CAIRNS | AUSTRALIA DISCLAIMER Summary information FY25 RESULTS PRESENTATION For personal use only EXPERIENCE CO LIMITED | FY25 RESULTS | AUGUST 2025 This presentation has been prepared by Experience Co Limited (ASX: EXP) contains summary information about EXP and its related bodies corporate and their activities. The information in this presentation is of a general background nature and does not purport to be complete or comprise all the information that an investor would require when makin ...