3Q25 Earnings Presentation November 6, 2025 INDEX DISCLAIMER This presentation contains forward-looking statements that can be identified using forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," among others. Forward-looking statements appear in several places in this presentation and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our manag ...

Financial Performance (Q3 2025) - Revenue increased by 6% to $13.4 million compared to $12.7 million in Q3 2024[31] - Consolidated Adjusted EBITDA increased by 36% to $3.3 million compared to $2.4 million in Q3 2024[28, 31] - System-wide sales decreased by (1.5)% in Q3 2025[28] - Comp sales decreased by (2.0)% in Q3 2025[28] Financial Performance (YTD 2025) - Revenue increased by 6% to $39.7 million compared to $37.4 million in YTD 2024[32] - Consolidated Adjusted EBITDA increased by 16% to $9.4 million compared to $8.1 million in YTD 2024[32] Strategic Initiatives - Focused on becoming a pure-play franchisor, actively engaged in negotiations for the balance of the corporate portfolio[12] - Launched 3 pricing pilots to inform enterprise-wide price increase in Q1 2026[21] - Revising 2025 system-wide sales guidance to $530 million - $534 million[36]

Core Insights - Vasta Platform Limited reported a net revenue of R$1,737 million for the 2025 sales cycle, marking a 13.6% increase from the previous cycle, primarily driven by the conversion of Annual Contract Value (ACV) into revenue [3][4][14] - The company achieved a net revenue of R$250 million in 3Q25, a 13.4% increase year-over-year, with significant contributions from the public-school sector and non-subscription revenue [4][15] - Adjusted EBITDA for the 2025 sales cycle reached R$494 million, a 9.9% increase compared to the previous cycle, while the Adjusted EBITDA margin decreased slightly to 28.4% [6][17] - Free cash flow (FCF) for the 2025 sales cycle totaled R$316 million, representing a substantial growth of 116.6% compared to R$146 million in the previous cycle [7][28] - The company’s net debt to LTM adjusted EBITDA ratio improved to 1.75x as of 3Q25, down from 2.32x in the same quarter of the previous year, indicating a focus on deleveraging and cash generation [8][30] Financial Performance - Subscription revenue in the 2025 sales cycle totaled R$1,552 million, a 14.3% increase, constituting 89.3% of total net revenue [5][14] - Non-subscription revenue increased by 15.7%, supported by higher enrollment in Start-Anglo bilingual schools [14] - Adjusted net profit for the 2025 sales cycle was R$82 million, a 32.2% increase compared to R$62 million in the previous cycle, with an adjusted net margin of 4.7% [24] Operating Performance - The student base for core content solutions reached approximately 1.5 million, while over 560,000 students benefited from complementary solutions [11][12] - The Start-Anglo bilingual school operations expanded, with plans to launch 8 new operating units next year [10] Market Segments - The B2G segment generated R$67 million in revenue during the 2025 sales cycle, with a strong pipeline for future projects [9] - The company continues to focus on enhancing its client base through a better mix of schools and premium education systems [12] Cash Flow and Debt Management - The FCF/Adjusted EBITDA conversion rate improved significantly from 32.5% to 64.0%, reflecting operational efficiency [28] - The company negotiated and extended the maturity of corporate loans while reducing interest rates, contributing to improved financial health [8][30] ESG and Sustainability - Vasta published its fourth sustainability report, reaffirming its commitment to transparency and sustainability, including initiatives for diversity and inclusion [31][32] - The company has maintained its FSC certifications and is actively involved in social impact programs, such as the Somos Futuro Program [31][36]

Core Insights - Loma Negra reported a net loss of Ps. 8.6 billion in 3Q25, a significant decline from a net profit of Ps. 27.9 billion in the same period last year, primarily due to lower operational performance and a decrease in financial results [35][36] - The company experienced a 12.1% year-over-year decline in net revenue, totaling Ps. 209.3 billion, largely attributed to a 13.2% decrease in the Cement segment [17][8] - Adjusted EBITDA decreased by 23.7% year-over-year to Ps. 43.5 billion, with a margin contraction of 315 basis points to 20.8% [27][28] Financial Performance - Net revenue for 3Q25 was Ps. 209,272 million, down from Ps. 238,067 million in 3Q24, reflecting a decline in the Cement segment [17][8] - Gross profit fell by 32.5% to Ps. 36,261 million, with a gross profit margin of 17.3%, down from 22.6% in the previous year [24][6] - The company reported a net loss attributable to owners of Ps. 8.5 billion, with a loss per share of Ps. 14.5122 compared to a gain of Ps. 47.2609 in 3Q24 [36][9] Operational Highlights - Cement, masonry, and lime sales volumes decreased by 5.4% year-over-year to 1.37 million tons, despite a sequential increase of 12.8% [11][12] - The concrete segment saw a volume increase of 37.8% year-over-year, driven by private developments and public infrastructure projects [13] - The aggregates segment also experienced a 26.3% year-over-year volume increase, supported by road construction and railroad projects [20] Debt and Capitalization - Total debt as of September 30, 2025, was Ps. 396.7 billion, with a net debt to LTM adjusted EBITDA ratio of 1.49x, up from 0.89x at the end of 2024 [37][38] - The company issued a Class 5 corporate bond for US$113 million in July 2025, aimed at refinancing upcoming maturities [39][38] - Cash and cash equivalents increased to Ps. 115.2 billion compared to Ps. 18.1 billion in the previous year [37] Cash Flow Analysis - Net cash generated from operating activities was Ps. 31.9 billion, down from Ps. 83.8 billion in 3Q24, reflecting higher working capital needs [40][41] - Cash used in investing activities totaled Ps. 61.9 billion, primarily due to short-term allocations from the bond issuance [42] - Financing activities generated Ps. 74.3 billion, mainly from the bond issuance, net of repayments [42]

Core Insights - Huntsman Corporation reported third quarter 2025 results with revenues of $1,460 million, a decrease of 5% compared to $1,540 million in the same period of 2024 [2][10] - The net loss attributable to Huntsman was $25 million, an improvement from a net loss of $33 million in the prior year [2][10] - Adjusted EBITDA for the third quarter was $94 million, down from $131 million year-over-year [2][10] Financial Performance - Revenues for the nine months ended September 30, 2025, were $4,328 million, compared to $4,584 million in 2024, reflecting a 6% decline [13] - The diluted loss per share for Q3 2025 was $0.14, compared to a diluted loss per share of $0.19 in Q3 2024 [10] - Free cash flow from continuing operations increased to $157 million in Q3 2025 from $93 million in Q3 2024 [6][10] Segment Analysis - **Polyurethanes**: Revenues decreased by 5% to $956 million due to lower average selling prices, despite higher sales volumes [3][14] - **Performance Products**: Revenues fell by 12% to $246 million, primarily due to lower sales volumes and average selling prices [4][14] - **Advanced Materials**: Revenues increased by 2% to $265 million, driven by higher average selling prices [5][14] Cost Management and Restructuring - The company is on track with restructuring programs expected to yield over $100 million in savings by 2026 [2] - Operating expenses for Q3 2025 were $198 million, slightly higher than $192 million in Q3 2024 [13] Dividend and Capital Allocation - The Board of Huntsman Corporation decided to reset the regular dividend to $0.35 annually, a reduction of 65% from previous levels, to maintain financial flexibility [2][10] - The company anticipates returning to a higher dividend payout when conditions improve [2] Liquidity and Capital Resources - As of September 30, 2025, Huntsman had approximately $1.4 billion in combined cash and unused borrowing capacity [6] - Capital expenditures for Q3 2025 were $43 million, slightly up from $41 million in the same period of 2024 [7]

Core Insights - American Healthcare REIT, Inc. announced strong third quarter results for 2025 and increased its full-year guidance, reflecting solid organic growth and favorable market conditions in the long-term care sector [1][3][4]. Financial Performance - The company reported a GAAP net income of $55.9 million, or $0.33 per diluted share, for Q3 2025, compared to a loss in the same period of 2024 [6][32]. - Normalized Funds from Operations (NFFO) for Q3 2025 were $0.44 per diluted share, indicating a robust performance [6]. - Total portfolio Same-Store Net Operating Income (NOI) grew by 16.4% in Q3 2025 compared to Q3 2024, with senior housing operating properties (SHOP) and integrated senior health campuses (ISHC) achieving growth rates of 25.3% and 21.7%, respectively [6][7]. Capital Allocation and Transactions - The company closed approximately $210.8 million in acquisitions during Q3 2025, bringing the total for the year to over $575 million [6][9]. - A significant acquisition included the purchase of a 51% interest in a joint venture with five pre-stabilized campuses for approximately $118.4 million [9]. - The company has over $450 million in awarded deals within its investment pipeline, expected to close by the end of 2025 or early 2026 [8]. Guidance and Outlook - The company increased its total portfolio Same-Store NOI growth guidance for 2025 from a range of 11.0%-14.0% to 13.0%-15.0% [6][15]. - NFFO guidance was raised by $0.045 at the midpoint, now ranging from $1.69 to $1.72 per diluted share, reflecting improved expectations for NOI growth [6][15]. - The company anticipates continued demand tailwinds in the long-term care sector, supported by record move-in activity [7][14]. Development and Expansion - Ten new development and expansion projects were initiated during Q3 2025, with a total expected cost of approximately $176.9 million [11]. - As of September 30, 2025, the company had spent $51.8 million on these projects [11]. Balance Sheet and Liquidity - The company's total consolidated indebtedness was $1.54 billion, with total liquidity of approximately $997.3 million [12]. - The Net Debt-to-Annualized Adjusted EBITDA improved to 3.5x as of September 30, 2025, down from 3.7x [6][12].

Core Insights - Farmer Brothers Coffee Co. reported a net loss of $4 million for the first quarter of fiscal 2026, an improvement from a net loss of $5 million in the same period last year [8][14] - Net sales decreased by 4.1% year-over-year to $81.6 million, down from $85.1 million [8][14] - The gross margin decreased by 400 basis points year-over-year to 39.7%, compared to 43.9% in the first quarter of fiscal 2025 [8][14] Financial Performance - Adjusted EBITDA remained flat at $1.4 million for the first quarter of fiscal 2026, consistent with the previous year [8][14] - Operating expenses were reduced to $35.6 million, or 43.6% of net sales, down from $40.1 million, or 47.2% of net sales, in the first quarter of fiscal 2025 [8][14] - The company achieved a gross profit of $32.4 million in the first quarter of fiscal 2026, compared to $37.3 million in the same quarter of fiscal 2025 [8][14] Operational Highlights - The company realized a nearly $4 million improvement in sales, general, and administrative (SG&A) expenses compared to the first quarter of fiscal 2025 [8] - Farmer Brothers announced a partnership with Eurest to open 50 Sum>One Coffee Roasters-branded cafes across the country [8] - The company emphasized its focus on driving top-line revenue and customer growth in fiscal 2026 [3][8] Balance Sheet and Liquidity - As of September 30, 2025, Farmer Brothers had $3.8 million in unrestricted cash and cash equivalents, with an additional $31.2 million available under its revolving credit facility [5][8] - Total current assets amounted to $87.3 million, while total liabilities were reported at $118.8 million [16][17] Market Position - Farmer Brothers Coffee Co. is a national coffee roaster and distributor, serving a diverse range of customers including independent restaurants, foodservice operators, and large institutional buyers [9] - The company's product lines include organic, Direct Trade, and sustainably produced coffee, as well as tea and culinary products [9]

Core Insights - DraftKings reported a revenue of $1,144 million for Q3 2025, marking a 4% increase from $1,095 million in Q3 2024, driven by strong customer engagement and higher Sportsbook hold percentage [2][3] - The company anticipates a fiscal year 2025 revenue guidance of $5.9 billion to $6.1 billion, reflecting a year-over-year growth of 24% to 28% [7][5] - DraftKings plans to launch its new product, DraftKings Predictions, which is expected to provide significant incremental opportunities [3] Financial Performance - Revenue for Q3 2025 was $1,144 million, up $49 million from the previous year, with Sportsbook Handle increasing by 17% year-over-year in October [2][19] - Monthly Unique Payers (MUPs) rose by approximately 2% to 3.6 million in Q3 2025, with Average Revenue per MUP (ARPMUP) increasing to $106, a 3% rise compared to Q3 2024 [7][19] - Adjusted EBITDA for Q3 2025 was reported at $(126,488) thousand, compared to $(58,504) thousand in Q3 2024 [29] Strategic Developments - The company is live with mobile sports betting in 25 states and Washington, D.C., covering about 49% of the U.S. population, and plans to launch in Missouri pending regulatory approvals [6][12] - DraftKings has increased its share repurchase program from $1 billion to $2 billion, indicating a focus on maximizing shareholder returns [3][5] - The company is also expanding its iGaming footprint, currently operational in five states, representing approximately 11% of the U.S. population [12][6] Operational Metrics - Sportsbook Handle for Q3 2025 was $11.4 billion, a 10% increase from $10.4 billion in Q3 2024, while Sportsbook revenue decreased by 9.3% to $596 million [19][15] - iGaming revenue increased by 24.9% to $451 million, reflecting strong growth in this segment [19][15] - The total assets of DraftKings as of September 30, 2025, were $4.62 billion, up from $4.28 billion at the end of 2024 [11][10]

Core Insights - Nephros, Inc. reported a net revenue of $4.8 million for Q3 2025, marking a 35% increase from $3.5 million in Q3 2024, and achieved profitability for the fourth consecutive quarter [1][2][3] Financial Performance - Net income for Q3 2025 was $337,000, an 84% increase from $183,000 in Q3 2024 [2][7] - Adjusted EBITDA for Q3 2025 rose 42% to $418,000 compared to $295,000 in Q3 2024 [2][7] - For the nine months ended September 30, 2025, net revenue increased 37% to $14.1 million from $10.3 million in the same period of 2024 [8][12] - Net income for the nine months was $1.1 million, a turnaround from a net loss of $275,000 in the same period of 2024 [12] Revenue Breakdown - Core programmatic revenue grew by 51% in Q3 2025 compared to Q3 2024, driven by strong reorders and new active sites [3][8] - Service revenue also saw significant growth, contributing to the overall increase in net revenue [3][8] Cost and Expenses - Cost of goods sold for Q3 2025 was $1.9 million, up from $1.4 million in Q3 2024, maintaining a gross margin of 61% [4] - Selling, general, and administrative expenses increased by 30% to approximately $2.2 million due to higher sales commissions and employee bonuses [5] - Research and development expenses rose 80% to approximately $0.3 million, reflecting increased employee bonuses and salary expenses [6] Cash Position - As of September 30, 2025, Nephros had cash and cash equivalents of approximately $5.2 million, up from $3.8 million at the end of 2024, and remains debt-free [13]

Core Insights - Bridger Aerospace reported record results for Q3 2025, highlighting a strong performance despite a below-average fire year, driven by strategic prepositioning and diversification of revenue streams [1][3][6] Financial Performance - Q3 2025 revenue reached $67.9 million, a 5% increase from $64.5 million in Q3 2024, with adjusted revenue of $65.7 million after excluding specific return-to-service work [5][6] - Net income for Q3 2025 was $34.5 million, a 26% increase from $27.3 million in Q3 2024, with adjusted EBITDA rising 4% to $49.1 million [6][8] - Year-to-date revenue for the first nine months of 2025 was $114.3 million, up 38% from $83.0 million in the same period of 2024 [10][14] Cost Management - Cost of revenues in Q3 2025 was $21.1 million, down from $23.0 million in Q3 2024, while SG&A expenses decreased to $7.7 million from $8.6 million [7][12] - Interest expense for Q3 2025 was $5.8 million, slightly lower than $6.0 million in Q3 2024 [8][13] Business Outlook - The company is on track to achieve the higher end of its 2025 Adjusted EBITDA guidance of $42-$48 million, with revenue expected to be between $118 million to $122 million [15] - Recent financing transactions, including a $49 million sale leaseback and a $331 million financing package, are expected to provide growth capital for fleet expansion [6][15] Industry Context - The establishment of the Wildland Fire Service Plan and the passage of the Fire Ready Nation Act are expected to enhance the focus on wildfire preparedness and suppression efforts [6]