Financial Data and Key Metrics Changes - The company reported core earnings per share of $0.29 for the quarter, adjusting for significant items, while the core loss per share was $0.84 [12][4] - The expected life of loan cash flows increased by approximately $195 million due to lower prepayment speeds and updated assumptions [9][10] - The company announced a new share repurchase authorization of $100 million to enhance shareholder value [4] Business Line Data and Key Metrics Changes - Total loan originations in the Consumer Lending segment grew to $788 million, a 58% increase year-over-year, driven by over 100% growth in refinance originations [15] - The Federal Education Loan segment's net interest margin for Q3 was 84 basis points, up 14 basis points from the previous quarter [13] - In-school lending reached a record high of $260 million, marking the highest quarterly volume in the company's history [5] Market Data and Key Metrics Changes - The company experienced strong investor demand for asset-backed securities (ABS), completing its fourth term ABS financing of the year [11][20] - The total reserve build in the quarter was driven by changes in borrower behavior, elevated delinquency rates, and macroeconomic outlook changes [17][18] Company Strategy and Development Direction - The company is focused on aggressively reducing expenses, exceeding its initial goal of $400 million in run-rate expense reductions ahead of schedule [6][8] - The company aims to capitalize on growth opportunities in the refinance market, particularly as federal loan policies become less attractive to borrowers [88][90] - The company plans to provide an update on its growth strategy for the Earnest business on November 19th [11] Management's Comments on Operating Environment and Future Outlook - Management noted that delinquency rates are improving but remain elevated, reflecting ongoing credit trends and lower prepayment activity [12][25] - The outlook for Q4 is a range of $0.30 to $0.35 per share, with expectations of continued strong origination growth [13][21] - Management emphasized the importance of macroeconomic conditions and public policy changes in shaping future performance [71][72] Other Important Information - The company has completed its final obligations under the Transition Services Agreement, allowing for further expense reductions [7][18] - The allowance for loan loss, excluding expected future recoveries, stands at $765 million for the entire education loan portfolio [17] Q&A Session Summary Question: Can you discuss the provision and delinquencies noted on the call? - Management explained that the provision expense reflects incremental defaults due to changes in borrower repayment behavior and macroeconomic conditions, particularly affecting legacy portfolios [24][25] Question: Where within consumer lending are you seeing credit weakness? - The majority of credit weakness is concentrated in legacy portfolios, with some changes in newer products but not as significant [36][38] Question: What is the breakdown of the $151 million provision? - Management indicated that the macroeconomic condition piece is relatively small, with the majority driven by trends in the private legacy portfolio [84][86] Question: How do you view the competition going forward? - The company believes it is well-positioned to take advantage of opportunities in the market, particularly in graduate loan originations and refinancing [96][98] Question: What is the potential opportunity in the Grad PLUS market? - Management estimates the Grad PLUS market to be around $14 billion, with expectations of significant expansion opportunities [103]

Financial Performance - Core Earnings per Share was $(0.84), but adjusted for significant items, it was $0.29[4] - The company reported a GAAP net loss of $(86) million and a Core Earnings net loss of $(83) million[15, 42] - Total expenses for the quarter were $109 million, compared to $202 million a year ago, reflecting increased efficiency[28, 30] Strategic Actions and Cost Reductions - The company is on track to exceed its original operating expense reduction target of $400 million[6, 11] - Phase 1 strategic actions focused on cost reductions are expected to result in expense reductions exceeding $400 million[11] - Total Shared and Corporate Expense is adjusted to $204 million after accounting for various expense reductions[12] Loan Portfolio and Originations - Consumer Lending originated $788 million of Private Education Loans, a 58% increase compared to the year-ago quarter[19] - Refinance loan originations were $528 million, compared to $262 million in the same quarter of the previous year[19] - The Federal Education Loan portfolio is projected to generate $1.9 billion through the end of 2029[57] Allowance for Loan Losses - The total provision expense was $168 million in 3Q25[24] - This includes $13 million for the FFELP portfolio and $155 million for the Private Education portfolio[24]

Financial Performance - Navient reported a GAAP net loss of $86 million, translating to a diluted loss per share of $0.87 for Q3 2025[3]. - Core Earnings net loss was $83 million, with a diluted loss per share of $0.84, impacted by a $168 million provision for loan losses[3]. - Net income for Q3 2025 was $(86) million, a decrease from $14 million in Q2 2025 and $(2) million in Q3 2024[19]. - Diluted earnings per share for Q3 2025 was $(0.87), compared to $0.13 in Q2 2025 and $(0.02) in Q3 2024[21]. - The company reported a significant increase in net income (loss) before income tax expense to $(117) million in Q3 2025, down from $18 million in Q2 2025 and $12 million in Q3 2024[21]. - For the three months ended September 30, 2025, the net loss was $86 million, or $0.87 diluted loss per common share, compared to a net loss of $2 million, or $0.02 diluted loss per common share for the same period in 2024[24]. - The net loss for the nine months ended September 30, 2025, was $75 million, or $0.75 diluted loss per share, compared to net income of $107 million, or $0.95 diluted earnings per share for the same period last year[29]. Loan Performance - The Federal Education Loans segment generated a net income of $35 million, with a net interest margin of 0.84%[4]. - Consumer Lending segment reported a net loss of $76 million, with a significant increase in provision for loan losses to $155 million, primarily due to elevated delinquency balances[9]. - The greater than 90-days delinquency rate for Private Education Loans was 2.8%, reflecting an increase from the previous year[9]. - Provisions for loan losses increased significantly to $168 million in Q3 2025, compared to $37 million in Q2 2025 and $42 million in Q3 2024[21]. - The allowance for loan losses increased to $186 million for FFELP Loans and $406 million for Private Education Loans as of September 30, 2025[23]. - The total provision for loan losses was $68 million, with a gross charge-off of $301 million during the period[39]. - The net charge-offs for Private Education Loans were $29 million, representing 0.14% of average loans in repayment, while FFELP Loans had net charge-offs of $261 million, or 2.15%[39]. Revenue and Income - Total interest income for Q3 2025 was $781 million, a slight increase from $778 million in Q2 2025 but a decrease of $167 million (18%) from $948 million in Q3 2024[21]. - Net interest income after provisions for loan losses was $(26) million in Q3 2025, down from $91 million in Q2 2025 and $78 million in Q3 2024[21]. - The company reported interest income of $2.361 billion for the three months ended September 30, 2025, a decrease of $587 million or 20% from the previous year[22]. - The company reported a total of $4 million in net impact from derivative accounting adjustments for the quarter[56]. - Total other income for the quarter was $19 million, with servicing revenue accounting for $13 million[54]. Expenses and Liabilities - Operating expenses totaled $105 million, with $6 million related to transition services from strategic initiatives[4]. - Total expenses for the quarter were $110 million, including direct operating expenses of $61 million and unallocated shared services expenses of $44 million[54]. - Total liabilities were $46.867 billion as of September 30, 2025, compared to $50.746 billion a year prior[23]. - The company’s total equity decreased to $2.439 billion as of September 30, 2025, down from $2.694 billion a year earlier[23]. Shareholder Actions - The company repurchased $26 million of common shares and authorized a new $100 million share repurchase program[4]. - The company repurchased 2.0 million shares of common stock for $26 million in Q3 2025, with $26 million of unused share repurchase authority remaining[43]. - The company repurchased 6.4 million shares during the nine months ended September 30, 2025, resulting in a decrease of 12 million average outstanding diluted shares (or 11%) from the year-ago period[32]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[66]. - The company expects to fund ongoing liquidity needs through cash on hand, operating cash flows, and potential additional debt issuance[42].

Loan Portfolio and Originations - Navient owns and manages a portfolio of $29.6 billion of federally guaranteed Federal Family Education Loan Program (FFELP) Loans[21]. - The company originated $1.0 billion of Private Education Loans in the first half of 2025, an 87% increase from $538 million a year ago[22]. - Total originations of Private Education Loans nearly doubled to $1.0 billion in the first half of 2025 compared to $538 million a year ago[36]. - The company originated $500 million in Private Education Loans during the quarter, reflecting ongoing efforts to expand its lending portfolio[50]. - The total acquisitions (originations and purchases) for FFELP loans in the three months ended June 30, 2025, is $472 million, while for the same period in 2024, it was $247 million, showing a significant increase of 91.5%[101]. Financial Performance - Second-quarter 2025 net income was $14 million ($0.13 diluted earnings per share), a decrease of 61% compared to $36 million ($0.32 diluted earnings per share) in the same quarter of 2024[53]. - Core Earnings net income for the second quarter of 2025 was $21 million ($0.20 diluted Core Earnings per share), down from $33 million ($0.29 diluted Core Earnings per share) in the prior year, reflecting a 36% decline[48]. - Net income for the six months ended June 30, 2025, was $11 million, or $0.11 diluted earnings per share, compared to $109 million, or $0.97 diluted earnings per share, for the same period in 2024[58]. - Net income decreased to $26 million in Q2 2025, down 57% from $60 million in Q2 2024[80]. - Net income for Q2 2025 was $14 million, a decrease of 61% from $36 million in Q2 2024[175]. Loan Loss Provisions and Delinquencies - Provision for loan losses increased to $37 million in the second quarter of 2025, up from $14 million in the same quarter of 2024, primarily due to higher delinquencies and increased originations[50]. - Provisions for loan losses increased by $41 million, from $26 million to $67 million, with the provision for Private Education Loan losses rising from $27 million to $51 million[62]. - Delinquencies greater than 90 days increased to $2.5 billion compared to $1.9 billion in the previous year, while forbearances decreased from $5.3 billion to $3.7 billion[65]. - The total number of loans delinquent greater than 90 days for FFELP loans is 2,526 million as of June 30, 2025, which is an increase from 1,857 million on June 30, 2024, indicating a rise in long-term delinquencies[102]. - The percentage of loans greater than 90 days delinquent was 3% of total private education loans as of June 30, 2025, highlighting ongoing challenges in loan recovery[203]. Capital Management and Shareholder Returns - Total capital returned to shareholders in Q2 2025 was $40 million, consisting of $24 million in share repurchases and $16 million in dividends[28]. - Navient's share repurchase program authorized the purchase of up to $1 billion of the company's outstanding common stock, with $52 million remaining as of June 30, 2025[26]. - The company repurchased $24 million of common shares during the quarter, with $52 million of common share repurchase authority remaining outstanding[50]. - The company purchased 1.9 million shares of common stock for $24 million in the first quarter of 2025, with $52 million of unused share repurchase authority as of June 30, 2025[112]. - The company has a remaining $68 million available under its $1 billion share repurchase program approved in December 2021[160]. Operating Expenses and Efficiency - Operating expenses were $100 million in Q2 2025, a decrease of 40% from $166 million in Q2 2024[52]. - The company has recognized $42 million in restructuring and reorganization charges in 2024 and the first half of 2025, primarily related to severance[33]. - Operating expenses decreased by $123 million, primarily due to a decline in business processing expenses related to the aforementioned sales[62]. - The company reduced its headcount by over 80% since the beginning of 2024 as part of its strategic actions to simplify the company[33]. - Operating expenses included $47 million in unallocated shared services expenses[125]. Interest Income and Margin - Total interest income decreased by 20% to $778 million in Q2 2025 from $973 million in Q2 2024, while total interest expense also fell by 23% to $650 million[52]. - The net interest margin for the Federal Education Loans segment improved to 0.70% in Q2 2025, compared to 0.36% in Q2 2024, while the Consumer Lending segment's net interest margin was 2.32%, down from 2.89%[45]. - Net interest income decreased by $24 million, primarily due to the paydown of the FFELP and Private Education Loan portfolios, with prepayments dropping from $4.1 billion in the year-ago period to $485 million in the current period[62]. - Total interest income for the three months ended June 30, 2025, was $778 million, with education loans contributing $756 million[125]. - Net interest income after provisions for loan losses was $91 million, reflecting a decrease of 19% compared to the previous period[125]. Tax and Regulatory Compliance - The effective income tax rate decreased from 20% in the year-ago period to 9% in the current period, influenced by state tax expenses and changes in valuation allowances[62]. - The company’s disclosure controls and procedures were evaluated as effective as of June 30, 2025, ensuring compliance with SEC rules[162]. Asset and Liability Management - The company had unrestricted cash of $712 million and total liquidity of $1.273 billion as of June 30, 2025[113]. - The company has unsecured debt totaling $5.3 billion as of June 30, 2025, rated below investment grade by three credit rating agencies[110]. - Total assets decreased to $50.22 billion as of June 30, 2025, down from $51.79 billion at the end of 2024, representing a decline of approximately 3.1%[168]. - Total liabilities decreased to $47.66 billion, down from $49.15 billion, reflecting a decrease of about 3.0%[168]. - The company reported total unencumbered tangible assets of $2.9 billion, including $1.3 billion in unencumbered education loans[115].

Financial Data and Key Metrics Changes - The company reported core earnings per share of $0.20, adjusting for regulatory and restructuring expenses to $0.21 on a core basis [24] - The net interest margin (NIM) for Q2 was 70 basis points, nine basis points higher than the first quarter, exceeding the guided range of 45 to 60 basis points [25] - Provision expense for the quarter reflects a less benign macroeconomic outlook and trends in delinquency rates, with greater than ninety-day delinquency rates increasing to 10.1% [25][26] Business Line Data and Key Metrics Changes - Total loan originations in the first half of the year doubled to just over $1,000,000,000 compared to a year ago, driven by substantial growth in refinance originations [26] - In the Federal Education Loan segment, prepayments were $228,000,000 in the quarter compared to $2,500,000,000 a year ago, indicating historically low prepayment activity [25] - The consumer lending segment's net interest margin was 232 basis points in the quarter, down from 276 basis points in the first quarter due to loans entering delinquency [27] Market Data and Key Metrics Changes - The company expects the full year NIM to range between 55 and 65 basis points, reflecting a stable rate environment and low prepayment activity [25] - The elimination of the Grad PLUS loan program is expected to increase demand for private in-school graduate loans significantly over time [9][10] - The company has seen an increase in top-of-the-funnel traffic for its refinance product, attributed to changes in federal loan repayment plans [13] Company Strategy and Development Direction - The company is focused on expanding opportunities in the graduate student segment, which represents a significant portion of its loan origination volume [11][49] - The company aims to achieve $400,000,000 in expense reductions as part of its strategic initiatives [18] - The company is well-positioned to benefit from increased market opportunities in refinance and in-school products with the graduate school customer segment [16] Management's Comments on Operating Environment and Future Outlook - Management noted that low levels of FFELP consolidation activity enhance interest margins and increase lifetime cash flows [19] - The macroeconomic outlook and delinquency trends contributed equally to the provision expense on previously originated private and self loans [20] - Management expressed confidence in meeting ambitious expense reduction targets and indicated that the upcoming changes in federal loan programs could significantly benefit the company [12][22] Other Important Information - The company completed its inaugural in-school ABS deal, which was nearly six times oversubscribed, raising total gross cash proceeds of roughly 98% of loan principal [15] - The company repurchased $24,000,000 worth of shares under existing authority and returned $40,000,000 to shareholders through share repurchases and dividends [21][33] Q&A Session Summary Question: Concerns about reserve true-up and delinquency trends - Management acknowledged positive trends in early-stage delinquencies but noted elevated levels of delinquencies versus internal expectations, indicating they feel appropriately provided from an allowance perspective [39][40] Question: EPS guidance and TSA costs - Management clarified that TSA expenses for the quarter were $13,000,000, offset by $14,000,000 of revenues, and indicated that they anticipate TSA expenses to continue through the back half of the year [41][44] Question: Opportunities from Grad PLUS reform - Management highlighted that the elimination of Grad PLUS presents substantial opportunities in the graduate student market, with a focus on high-quality borrowers [48][49] Question: Market share and capacity to meet demand - Management expressed confidence in maintaining a 20% market share in the graduate market, emphasizing their established distribution channels and product offerings [64][66] Question: Balancing growth and capital allocation - Management indicated that they will continue to balance investments in growth with shareholder distributions, leveraging their strong balance sheet and capital-efficient financing strategies [70][73]

Financial Performance - Navient reported a GAAP net income of $14 million and core earnings net income of $21 million for 2Q 2025[12] - The company's core EPS is projected to be $0.95 - $1.05, including net expenses of $0.24 per share related to transition agreements[13] - Navient distributed $40 million to shareholders through dividends and share repurchases in 2Q 2025[31] Strategic Actions and Cost Reductions - Navient is on track to achieve 80% of its expense reduction target before 2026, aiming for approximately $400 million in expense reductions[9, 8] - Total expenses for 2Q 2025 were $100 million, compared to $182 million in 2Q 2024, reflecting cost reduction efforts[26, 24] - The company has reduced employee headcount by more than 80% from YE2023 through 2Q25 as part of its strategic actions[4] Segment Results - Federal Education Loans generated a net income of $30 million in 2Q 2025, compared to $28 million in 2Q 2024[14] - Consumer Lending reported a net income of $26 million in 2Q 2025, compared to $60 million in 2Q 2024, with $500 million in Private Education Loan originations[15, 16] - The Business Processing segment is no longer providing services following divestitures, with transition services expected to be mostly complete by the end of 2025[21] Loan Portfolio and Cash Flows - Total projected loan portfolio undiscounted cash flows after repayment of secured financings are $11.8 billion over the next 20 years[49] - The FFELP portfolio has projected cash flows of $2.1 billion through the end of 2029 and $5.4 billion over the next 20 years, assuming a 7% CPR for Stafford Loans and 5% for Consolidation Loans[52] - The Private Education Loan portfolio has projected cash flows of $3.5 billion through the end of 2029 and $6.4 billion over 20 years, assuming a 10% CPR[55]

Exhibit 99.2 NAVIENT REPORTS SECOND-QUARTER 2025 FINANCIAL RESULTS HERNDON, Va., July 30, 2025 — Navient (Nasdaq: NAVI) today released its second-quarter 2025 financial results. | OVERALL RESULTS | • | GAAP net income of $14 million ($0.13 diluted earnings per share). | | --- | --- | --- | | | • | Core Earnings(1) of $21 million ($0.20 diluted earnings per share). | | SIGNIFICANT | • | GAAP and Core Earnings results included: | | ITEMS | ○ | Provision for loan losses of $37 million ($8 million for FFELP and ...

Core Viewpoint - Robbins LLP is investigating The J.M. Smucker Company for potential violations of securities laws and breaches of fiduciary duties by its officers and directors [1]. Group 1 - The investigation is focused on whether certain officers and directors of The J.M. Smucker Company have acted against the interests of shareholders [1]. - The J.M. Smucker Company is involved in the manufacturing and marketing of food products across the United States [1]. - Shareholders who have incurred losses in their investments are encouraged to contact Robbins LLP for information regarding their rights [1]. Group 2 - Robbins LLP operates on a contingency fee basis, meaning shareholders do not pay any fees or expenses unless they recover losses [2]. - The firm has a history of helping shareholders recover over $1 billion since its inception in 2002 [2]. - Robbins LLP is recognized as a leader in shareholder rights litigation, focusing on improving corporate governance and holding executives accountable [2].

Core Viewpoint - Robbins LLP is investigating The J.M. Smucker Company for potential violations of securities laws and breaches of fiduciary duties by its officers and directors [1]. Group 1: Company Overview - The J.M. Smucker Company manufactures and markets food products across the United States [1]. Group 2: Legal Investigation - The investigation by Robbins LLP aims to determine if there have been any violations of securities laws by the company's executives [1]. - Shareholders who have incurred losses in their investments are encouraged to contact Robbins LLP for information regarding their rights [1]. Group 3: Robbins LLP Background - Robbins LLP has been active in shareholder rights litigation since 2002, focusing on helping shareholders recover losses and improve corporate governance [2]. - The firm has successfully obtained over $1 billion for shareholders since its inception [2].

Strategic Actions - Navient is planning to outsource student loan servicing to create a variable expense model and facilitate corporate cost reduction[3] - The company is exploring strategic options for its business processing division, including potential divestment, to further reduce corporate costs[3] - Navient intends to streamline shared services infrastructure and corporate footprint, beginning in 2024 and implementing over the next 18 to 24 months[3] Financial Performance & Key Business Components - Navient's Net Interest Income (NII) decreased by 67.7% from $2667 million in 2014 to $862 million in 2023[9] - The company's P/E multiple declined by 30.2% from 9.6x in 2014 to 6.7x in 2023[10] - Legacy loan portfolios have decreased from $134 billion in 2014 to $46 billion in 2023[7] - Earnest's net revenue after provision for loan losses increased by 207% from $60 million in 2020 to $184 million in 2023[45] - The company projects $12878 million in loan cash flows net of secured financing, with approximately 50% expected in the next 5 years[22] Earnest Brand & Financial Counseling Platform - Earnest has successfully developed a distinct brand and market positioning, with attributes like empathetic, ethical, and fair[35] - The number of users on Earnest's financial counseling platform has increased from 405 thousand in 2019 to 1748 thousand in 2023[38]