2Q25 RESULTS J U L Y 2 0 2 5 Disclaimer The material in this presentation has been prepared Southern Copper Corporation (SCC) and is general background information about SCC's activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including financial forecasts, should not be considered as advice or a recommendation to investors or prospective investors in relation to holding, purchasing or selli ...

Market Overview - The global dry bulk fleet is aging, with 25% being over 15 years old[17] - The dry bulk orderbook represents 10.3% of the existing fleet[17] - IMF projects global GDP growth of +3.0% for 2025 and +3.1% for 2026[30] - IMF projects global inflation of 4.2% for 2025 and 3.6% for 2026[30] - Dry bulk demand is expected to be 0% in 2025 and +1.5% in 2026[32] Company Performance - The company declared a quarterly dividend of $0.05 per share, representing a 4.7% dividend yield[44] - Net revenues for the quarter were $65.7 million[44] - The company has $313 million in liquidity and capital resources[44] - Adjusted EPS was $0.01[61] Financial Position - The company estimates $176 million in additional borrowing capacity[54] - Fleet scrap value is estimated at $312.2 million[54] - Net debt per vessel is $9.1 million[55] - Consolidated leverage is 38%[45, 55]

Group 1 - The article highlights an increasing imbalance in electricity demand driven by climate change, decarbonization, electrification, and the expansion of AI/Data Centers, leading to a projected 4-5% increase in load compared to the historical 1-2% [1] - The author emphasizes the importance of experience in analyzing diverse industries such as airlines, oil, retail, mining, fintech, and e-commerce, along with macroeconomic, monetary, and political factors [1] - The author reflects on their extensive experience through various crises, including the tequila crisis, Asian financial crisis, dot-com bubble, 9/11, the Great Recession, and the COVID-19 pandemic, which provides a strong foundation for understanding multiple disciplines [1]

Google sees Asia as one of the “most challenging parts of the world” to decarbonize its operations https://t.co/iInPYBmrEj ...

Financial Data and Key Metrics Changes - The company reported a 16% increase in net sales and a 23% increase in adjusted EBITDA for Q2 2025, with an adjusted EBITDA margin expansion of 200 basis points to 36% [7][20][24] - Adjusted diluted earnings per share rose by 29% year over year, marking the highest quarterly EPS growth rate since the separation from the flooring business in 2016 [7][20] - Year-to-date adjusted free cash flow increased by 29%, driven primarily by higher cash earnings and dividends from the Wave joint venture [22][21] Business Line Data and Key Metrics Changes - In the Mineral Fiber segment, net sales grew by 7%, with an average unit value (AUV) growth of 5% and adjusted EBITDA increasing by 16% [9][17] - The Architectural Specialties segment saw a 37% increase in net sales, with organic growth of 15% and adjusted EBITDA growth of 61%, achieving an adjusted EBITDA margin of approximately 22% [10][19] Market Data and Key Metrics Changes - The overall market conditions were described as stable and flattish, with no significant uptick in project delays or cancellations [32][46] - Bidding activity remained steady, with first-time bidding activity reflecting a level of uncertainty in the market [46][48] Company Strategy and Development Direction - The company is focused on innovation as a competitive advantage, particularly with the launch of the Temploc product line, which offers energy-saving ceiling tiles [28][29] - The strategy includes expanding the Architectural Specialties segment and pursuing bolt-on acquisitions to enhance the product portfolio [11][12] Management's Comments on Operating Environment and Future Outlook - Management anticipates softer market conditions in the second half of the year due to economic uncertainty, but remains confident in the ability to outperform the market through consistent AUV growth and margin expansion [32][33] - The updated guidance for 2025 reflects expectations of continued execution and improved performance, with total company net sales growth projected at 11% to 13% [24][25] Other Important Information - The company is successfully mitigating the impacts of tariffs, which are expected to have a modest headwind effect on costs [25][26] - The recent tax legislation is anticipated to result in a cash tax benefit in 2025, with a normalized full-year cash tax rate expected to be around 22% [26] Q&A Session Summary Question: Can you provide more detail on the Architectural Specialties segment's organic growth? - Management highlighted the success of commercial teams in penetrating the market and the importance of the ProjectWorks software platform in driving growth [39][41] Question: What are the expectations for bidding activity in the second half? - Management noted stable ground-level bidding activity but acknowledged softness in first-time bidding due to market uncertainty [46][48] Question: Can you elaborate on the cost side for Architectural Specialties? - Management indicated that improved operating margins are driven by volume growth and efficiency in manufacturing operations [55][56] Question: How is the Temploc product performing in terms of customer interest? - Management expressed optimism about customer enthusiasm and the potential for Temploc to drive future sales growth [68][69] Question: What is the outlook for Mineral Fiber margins? - Management expects continued strong margins driven by AUV growth and productivity improvements, despite lower volumes [78][79] Question: How does the recent distribution consolidation affect the company? - Management indicated that the consolidation has been beneficial and that relationships with key distributors remain strong [86][87] Question: What is the expected impact of the new tax legislation? - Management anticipates a cash tax benefit in 2025, contributing positively to financial performance [26][26]

Industry Overview - The Zacks Utility – Electric Power industry offers attractive investment opportunities due to stable cash flows and predictable regulated business models, with most domestic utilities operating under long-term power purchase agreements [1] - The industry is transitioning towards cleaner energy sources, with significant investments in renewable infrastructure such as solar, wind, and battery storage, positioning utilities that embrace these technologies favorably in the market [2] Company Comparisons - NextEra Energy (NEE) is recognized for its clean energy investments and growth potential, with its regulated utility arm, Florida Power & Light, providing reliable cash flows, while its unregulated subsidiary leads in wind and solar energy generation [3] - The Southern Company (SO) delivers long-term value through its regulated operations and clean energy investments, benefiting from a diverse power generation portfolio and a supportive regulatory framework [4] Earnings Growth Projections - The Zacks Consensus Estimate for NEE's earnings per share remains unchanged for 2025 and 2026, with long-term earnings growth projected at 7.89% [6] - SO's earnings estimate for 2026 has increased by 0.44%, with long-term earnings growth pegged at 6.77% [8] Dividend Yield - NEE's current dividend yield is 3.15%, while SO's is slightly lower at 3.10%, indicating both companies' commitment to returning value to shareholders [9] Return on Equity (ROE) - NEE's ROE stands at 12.31%, while SO's is at 12.7%, both exceeding the industry's average ROE of 10.16% [11] Capital Investment - NEE plans to invest over $74 billion in capital through 2029 to expand its clean energy capacity, while SO plans to invest $63 billion from 2025 through 2029 [13] Debt to Capital - NEE's debt-to-capital ratio is 57.61%, compared to SO's 62.84%, with both companies utilizing higher debt levels relative to the industry's average of 54.08% [15] Valuation - NEE is trading at a lower Price/Earnings (P/E) ratio of 18.69X compared to SO's 21.44X, while the industry average stands at 14.84X [16] Price Performance - SO's shares have increased by 14.2% over the past six months, while NEE's shares have only gained 1.9%, with the industry average return at 10.9% [17] Conclusion - The Southern Company currently holds a marginal advantage over NextEra Energy due to positive earnings estimate movements, higher ROE, and better stock performance, despite both companies carrying a Zacks Rank 3 (Hold) [19]

Core Insights - Republic Services achieved a 20% reduction in greenhouse gas (GHG) emissions in 2024 compared to its 2017 baseline, surpassing its interim target of a 10% reduction by 2025 [1] - The company reported significant progress towards its 2030 Sustainability Goals, particularly in Safety, Talent, and Climate Leadership, with metrics exceeding industry benchmarks [3] Sustainability Achievements - The 2024 Sustainability Report highlights the company's advancements in sustainability, including third-party recognitions such as inclusion in Barron's 100 Most Sustainable Companies and Fortune's America's Most Innovative Companies [4] - Republic Services is launching 6 renewable natural gas (RNG) projects and expanding its electric collection fleet to 50 electric vehicles [8] Employee Engagement and Community Impact - The company maintains an industry-leading employee engagement score of 86, indicating strong internal morale and commitment [8] - Republic Services has positively impacted over 5 million people through its community investments [8]

Company Overview and Financial Performance - PGE serves approximately 950,000 retail customers within a service area of approximately 19 million residents[15] - The company's 2024 revenue was $34 billion[15] - 2024 diluted earnings per share were $301 GAAP and $314 adjusted non-GAAP[15] - The company anticipates long-term EPS growth of 5% to 7%[20] Clean Energy Transition and Investments - PGE is committed to 100% clean energy by 2040, with interim targets of 80% reduction in greenhouse gas emissions by 2030 and 90% by 2035[15] - In 2024, PGE brought online 311 MW of wind energy and integrated 292 MW of battery storage[20, 67] - The company plans to procure an additional 3,500 to 4,500 MW of non-emitting resources through 2030[20, 71] - The company's total liquidity as of June 30, 2025, was $980 million, including $56 million in cash and $750 million in credit facilities[61] Service Area and Demand Growth - Residential customers accounted for 36% of retail deliveries in 2024, commercial 32%, and industrial 32%[25] - The company experienced strong industrial load growth, with an 82% CAGR from 2019-2024[25, 27] - PGE forecasts energy deliveries growth of 3% per year through 2029[25] Capital Expenditures and Rate Base Growth - The company's five-year base capital expenditure forecast of $65 billion drives 7% average rate base growth from the 2024 base year[42] - Illustrative incremental RFP opportunities potentially increase average rate base growth to 9% from the 2024 base year[42]

Financial Data and Key Metrics Changes - The company reported a net loss of $87 million or $0.34 per share for the second quarter, which included a $43 million non-cash income tax charge [32] - Adjusted EBITDA was $3 million, down from $14 million in the same quarter of the previous year, primarily due to lower average selling prices [33] - Cash costs per metric ton are expected to decline by 7% to 9% year over year, with a revised full-year cash cost guidance of approximately $3,950 per metric ton [34][36] Business Line Data and Key Metrics Changes - Sales volume increased by 12% year over year and reached approximately 29,000 metric tons, marking the highest sales volume performance in 11 quarters [28][30] - The average selling price for the second quarter was approximately $4,200 per metric ton, reflecting a nearly 8% increase compared to the fourth quarter of the previous year [13][30] - The company achieved a capacity utilization rate of 65%, the highest level in nearly three years [8][26] Market Data and Key Metrics Changes - Global steel production outside of China was approximately 210 million tons in the second quarter, down 1% year over year, resulting in a global utilization rate of approximately 67% [24] - In North America, steel production was down 1% year to date, while U.S. production grew by 1% year to date through June [25] - The company increased its sales volume in the U.S. by 38% year over year, contributing significantly to its average selling price [12][30] Company Strategy and Development Direction - The company aims to increase sales volume, regain market share, improve average pricing, reduce costs, and strengthen its financial foundation [6][39] - A strategic focus is placed on shifting sales volume towards regions with higher selling prices, particularly in the U.S. [11][12] - The company is committed to building long-term customer relationships and enhancing its competitive positioning through operational efficiency and cost management [7][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in recovering to normalized levels of profitability, despite current challenges in pricing dynamics and market demand [9][32] - The company anticipates continued growth in the U.S. market due to favorable tariff conditions and an expected increase in steel production [19][40] - Management highlighted the importance of ongoing investments in research and development to maintain a competitive edge in the graphite electrode market [31][47] Other Important Information - The company ended the second quarter with total liquidity of $367 million, consisting of cash and available credit facilities [37] - The impact of U.S. tariffs on cash costs is expected to be less than 1% for 2025, reflecting effective management of global trade uncertainties [18][21] - The company is actively monitoring developments in the needle coke market and anticipates future improvements driven by domestic supply chain initiatives [60][62] Q&A Session Summary Question: Current U.S. market share and potential for further growth - The U.S. and Americas represent over 50% of overall revenue, with a year-over-year share increase of 31% [51] Question: Impact of Chinese anti-dumping duties on local needle coke prices - The recent rulings are expected to support medium to long-term developments in the supply chain, but immediate pricing impacts are not anticipated [52][53] Question: Pricing environment outlook - The pricing environment remains competitive, but there are signs of price stability and potential for recovery in the latter half of the year [56][57] Question: Needle coke supply and demand outlook - The needle coke market remains flat, with no immediate catalysts for change, but future developments in Western supply chains are expected to drive improvements [58][59] Question: Expectations for positive EBITDA trajectory - Positive EBITDA is anticipated to continue, with some fluctuations expected in the second half of the year due to seasonal factors [61][64] Question: State of discussions regarding anode materials - The company is actively exploring partnership opportunities and remains well-positioned to participate in the anode materials market [70][72]

Q2 2025 Results July 25, 2025 www.graftech.com NYSE: EAF Today's Presenters Tim Flanagan Chief Executive Officer and President Jeremy Halford Executive Vice President, Chief Operating Officer Rory O'Donnell Chief Financial Officer and Senior Vice President Forward-Looking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This presentation and related discussions may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Re ...