Core Viewpoint - Brookdale Senior Living Inc. emphasizes the importance of its refreshed Board of Directors and management team in driving the company's success and urges shareholders to support its nominees against Ortelius' attempt to take control, which could disrupt operational progress and the ongoing CEO search [1][2][3]. Group 1: Board and Management - The Brookdale Board and management have a proven track record in optimizing the company's real estate portfolio and enhancing operational performance [2]. - The Board has streamlined operations, simplified the business, rationalized the lease portfolio, and reduced leverage, with a 19% reduction in leased units since Q1 2021 [2]. - The Board consists of eight highly qualified directors with diverse skills relevant to Brookdale's strategy, including healthcare, finance, hospitality, and senior living experience [2][8]. Group 2: Financial Performance - Brookdale's Adjusted EBITDA Margin improved to over 11% in 2023 and 12% in 2024, with expectations of being Adjusted Free Cash Flow positive in 2025, ranging from $30 million to $50 million [2]. - In Q1 2025, Adjusted EBITDA increased by 27.2% year-over-year, approximately 255% higher than Q1 2021, with a $7.5 million increase in the midpoint of Adjusted EBITDA guidance [2]. - The company's Trailing Twelve Months Adjusted EBITDA after cash financing lease payments more than doubled since 2022, achieving a 10x reduction in Annualized Leverage since pandemic highs [2]. Group 3: Shareholder Engagement - Brookdale strongly urges shareholders to vote "FOR" only its eight director nominees on the BLUE proxy card, emphasizing the importance of their vote regardless of the number of shares owned [3][4]. - The company has been open to shareholder recommendations for director candidates, appointing three since 2015 [2].

19 May 2025 1 Disclaimer No Offer to Sell or Solicit This presentation is not an offer to sell or a solicitation of offers to purchase or subscribe for any securities of Sunrise Communications AG (Sunrise) in any jurisdiction. This document is not a prospectus within the meaning of the Swiss Financial Services Act, the Prospectus Regulation (EU) 2017/1129 or the UK version of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) or unde ...

Financial Performance - Vital Energy reported Adjusted Free Cash Flow of $64 million in 1Q-25[9], exceeding guidance[9] - Consolidated EBITDAX for 1Q-25 was $360 million[9] - Cash Flows from Operating Activities reached $351 million in 1Q-25[13] Production and Costs - Total production in 1Q-25 was 1402 MBOE/d[9], surpassing the midpoint of guidance[10] - Oil production in 1Q-25 was 649 MBO/d[12], also above the midpoint of guidance[10] - Lease Operating Expense was $103 million in 1Q-25[12], below guidance[11] Capital Program and Debt Reduction - The company is targeting ~$300 million in debt repayment for FY-25[26] - Vital Energy anticipates ~$265 million of Adjusted Free Cash Flow at $70 WTI oil[20] - Vital Energy anticipates ~$240 million of Adjusted Free Cash Flow at current strip prices[20] - Vital Energy anticipates ~$50 million of Adjusted Free Cash Flow at $50 WTI oil[20] Hedging and Inventory - Approximately 90% of the company's expected remaining 2025 oil production is hedged at an average WTI price of ~$71 per barrel[62] - The company has ~925 inventory locations with an average WTI breakeven oil price of ~$53[34]

Core Viewpoint - Vital Energy, Inc. reported its first-quarter 2025 financial results, reaffirming its full-year capital investment and production outlook while focusing on efficiency gains and debt reduction [1][12]. Financial Performance - The company experienced a net loss of $18.8 million, or $(0.50) per diluted share, primarily due to a non-cash pre-tax impairment loss of $158.2 million on oil and gas properties [4][36]. - Adjusted Net Income was reported at $89.5 million, or $2.37 per adjusted diluted share, with cash flows from operating activities amounting to $351.0 million [4][8]. - Consolidated EBITDAX reached $359.7 million, and Adjusted Free Cash Flow was $64.5 million [8][48]. Production and Capital Investments - Total production averaged 140,159 BOE/d, with oil production at 64,893 BO/d, both exceeding guidance [7][8]. - Capital investments totaled $253 million, aligning with guidance, and included significant drilling efficiencies [7][9]. Asset Management - The company completed the sale of non-core assets for $20.5 million, which included approximately 9,100 net acres and production of 1,300 BOE/d [6]. - The asset sale is expected to reduce the company's asset retirement obligation by $8.4 million [6]. Debt and Liquidity - Vital Energy reduced total and net debt by $145.0 million and $133.5 million, respectively, through free cash flow and asset sales [8]. - As of March 31, 2025, the company had $735 million outstanding on its $1.5 billion senior secured credit facility [11]. 2025 Outlook - The company anticipates generating approximately $265 million of Adjusted Free Cash Flow at current oil prices of ~$59 per barrel WTI and aims to reduce net debt by approximately $300 million [14][12]. - Vital Energy has hedged about 90% of its expected oil production for the remainder of the year at an average WTI price of $70.61 per barrel [12][13].

Financial Performance - Liberty Latin America Q1 2025 revenue was $407 million, with rebased growth of 2% [57] - Adjusted OIBDA for Q1 2025 was $17 million higher than Q1 2024, with rebased growth of 8% [57] - Adjusted OIBDA less P&E additions grew by 20% year-over-year [8] - Adjusted FCF improved by $46 million excluding distributions to partners [57] Segment Highlights - C&W Caribbean experienced over 35% fixed-mobile convergence (FMC) penetration [8] - C&W Panama achieved a record Q1 rebased revenue growth of 18% [20, 22] - Liberty Networks saw a 7% rebased revenue growth in wholesale (excluding IRUs) and 4% in enterprise [28] - Liberty Costa Rica's Q1 rebased revenue growth was 2% [38] - Liberty Puerto Rico's Q1 rebased revenue declined by 11% [49] Subscriber Growth - Liberty Latin America added 44,000 internet and postpaid subscribers [8] - C&W Panama experienced significant mobile postpaid additions due to a competitor's exit [21] Debt and Liquidity - Liberty Latin America has $8.2 billion in total debt [73] - Approximately 50% of the debt is due in 2031 or beyond [72, 73] - The company maintains a robust liquidity position with $0.6 billion in cash and $0.8 billion in RCF availability [73]

Core Viewpoint - Talen Energy Corporation reported a solid start to 2025, with significant earnings and operational performance despite a net loss attributable to stockholders. The company is committed to shareholder value through stock repurchases and has affirmed its guidance for the year [2][3][4]. Financial and Operating Results - For Q1 2025, Talen reported a GAAP net loss attributable to stockholders of $(135) million, a decrease of $(429) million compared to Q1 2024, primarily due to the absence of a gain from the AWS Data Campus sale and lower hedge gains [4][5]. - Adjusted EBITDA for the quarter was $200 million, down $(89) million from the previous year, while Adjusted Free Cash Flow was $87 million, a decrease of $(107) million compared to Q1 2024 [4][5]. - Total generation increased to 9.7 TWh, with 46% from carbon-free nuclear generation, down from 58% in the previous year [4][5]. Guidance and Outlook - The company is affirming and narrowing its 2025 guidance for Adjusted EBITDA to a range of $975 million to $1,125 million and Adjusted Free Cash Flow to $450 million to $540 million [7]. - The outlook for 2026 remains unchanged [7]. Operational Highlights - The Federal Energy Regulatory Commission (FERC) approved the reliability-must-run (RMR) settlement agreement, allowing Talen to operate its Brandon Shores and H.A. Wagner facilities until May 31, 2029, ensuring grid reliability [4][9]. - The Susquehanna Unit 2 refueling outage was extended to perform additional maintenance, expected to improve capacity and efficiency, with an investment of approximately $20 million [8]. Share Repurchase Program - Since the beginning of 2024, Talen has repurchased approximately 14 million shares, representing 23% of outstanding shares, totaling around $2 billion, with $995 million remaining under the repurchase program [10]. Balance Sheet and Liquidity - As of May 2, 2025, Talen had total available liquidity of approximately $970 million, consisting of $270 million in unrestricted cash and $700 million under its revolving credit facility [11]. - The projected net leverage ratio is approximately 2.6x, below the target of 3.5x net debt-to-Adjusted EBITDA [11]. Hedging Activities - As of March 31, 2025, Talen had hedged approximately 95% of expected generation volumes for 2025, 60% for 2026, and 30% for 2027, supporting cash flow stability [12].

Financial Highlights - Gulfport Energy's market capitalization is $3.1 billion as of April 30, 2025 [7] - The enterprise value (EV) is $3.8 billion, with an EV/2026 EBITDA multiple of 3.8x [7] - The company has approximately $906 million in liquidity [7] - Gulfport has a leverage ratio of 0.92x [7] - Gulfport has a common stock repurchase program authorizing purchases up to $1.0 billion of outstanding shares [15, 19] Production and Capital Expenditure - The company's 2025E total base capital is projected to be between $370 million and $395 million [7] - Gulfport anticipates a 2025E total net equivalent production of 1,040 to 1,065 MMcfe/day [7] - Net liquids production for 2025E is estimated to be 18.0 to 20.5 MBbl/day [7] - Approximately 89% of the company's production is natural gas [7] - Gulfport expects liquids production to increase by over 30% compared to FY 2024 [29] Reserves and Acreage - Gulfport's YE24 proved reserves in Utica and Marcellus are 3.0 Net Tcfe across approximately 228,500 net reservoir acres [6] - SCOOP YE24 proved reserves are 1.0 Net Tcfe across approximately 73,000 net reservoir acres [6]

Financial Data and Key Metrics Changes - The company reported organic revenue growth of 10% and total revenue of $413.4 million for the first quarter [12] - Adjusted EBITDA for the first quarter rose 12% to $113.8 million compared to $101.7 million in the prior year period [12] - Adjusted diluted earnings per share increased by 16% [5] - Adjusted free cash flow was $26 million, up 6% from the prior year period [6][14] - GAAP net income for the first quarter was $24.9 million, or GAAP diluted earnings per share of $0.20 [12] Business Line Data and Key Metrics Changes - Insurance Advisory Solutions (IAS) experienced organic revenue growth of 3% [6][12] - Underwriting Capacity and Technology Solutions (UCTS) saw organic revenue growth accelerate to 32% compared to 21% in the prior year [8][12] - Main Street Insurance Solutions (MIS) delivered total organic revenue growth of 10% [10][12] Market Data and Key Metrics Changes - The company noted a negative 3.5% impact from rate and exposure changes on renewals, compared to a positive 4.5% in the prior year [8] - Client retention improved year over year to approximately 92% [7] Company Strategy and Development Direction - The company aims to vertically integrate across the value chain and bring innovative third-party risk capital solutions to market [9] - The introduction of the Builder Reciprocal Insurance Exchange (BRI) is a significant milestone for growth in the builder channel [9] - The company remains confident in maintaining double-digit organic revenue growth despite macroeconomic uncertainties [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience and durability of the business model amid macroeconomic uncertainty [10] - The company expects organic revenue growth in the IAS business to build through the year, with a target of mid to high single-digit growth [17] - Full-year consolidated guidance remains unchanged, with expectations for revenue in the second quarter between $370 million and $380 million [17] Other Important Information - The company was recently upgraded by S&P to a B rating, with a stable outlook from Moody's [16] - The transition to a fiduciary reporting model for cash and receivables is aimed at reducing volatility in cash flow from operations [13] Q&A Session Summary Question: Organic revenue outlook for the second quarter - Management acknowledged that the IAS business is running below expectations due to project-based headwinds but remains confident in the underlying fundamentals [20][21] Question: Cash flow conversion rate on an adjusted basis - The target for free cash flow conversion remains between $150 million and $175 million for the year, with expectations to progress towards a 65% to 70% conversion rate over time [26][27] Question: Debt leverage expectations - Management confirmed expectations to bring net leverage below four times by the third quarter [30] Question: Project-based work in the second quarter - Management noted an increase in new project starts and a strong pipeline of projects anticipated to go live [36] Question: Strong organic revenue growth in UCTS - The growth was driven by strong performance in homeowners programs and the introduction of a multifamily captive [38] Question: Headwinds in IAS - Management highlighted that Q2 would be the heaviest volume quarter for cat property renewals, expecting incremental improvement in organic growth [65] Question: Employee benefits market conditions - Management indicated that the cautious business outlook among clients has impacted the employee benefits segment, but they expect visibility to improve as the year progresses [66][68]

Core Insights - Brookdale Senior Living Inc. reported solid first quarter results for 2025, indicating significant momentum in meeting the needs of the aging population and positioning for accelerated growth [3][4][6] - The company raised its annual guidance for RevPAR and Adjusted EBITDA, reflecting an improved outlook for 2025 [14][18] Financial Performance - Resident fees increased to $777.5 million in Q1 2025 from $744.2 million in Q1 2024, a rise of 4.5% [4][9] - Adjusted EBITDA rose to $124.1 million, up 27.2% from $97.6 million in the prior year [4][36] - Net loss for Q1 2025 was $65.0 million, compared to a loss of $29.6 million in Q1 2024, marking a 119.7% increase in loss [4][9] Operational Metrics - Weighted average occupancy improved to 79.3% in Q1 2025 from 77.9% in Q1 2024, an increase of 140 basis points [4][5] - RevPAR increased to $5,090, up 4.9% from $4,854 in the previous year [4][5] - Same community operating income increased by 7.6% year-over-year [6] Liquidity and Cash Flow - Total liquidity as of March 31, 2025, was $306.0 million, down $83.3 million from December 31, 2024, primarily due to cash used for acquisitions [11] - Net cash provided by operating activities improved to $23.4 million from a negative $1.1 million in the prior year [8][10] - Adjusted Free Cash Flow for Q1 2025 was $3.8 million, a significant improvement from a negative $26.3 million in Q1 2024 [8][41] Strategic Transactions - In February 2025, the company acquired 30 previously leased communities for $310.0 million, funded through mortgage debt and cash [12] - The company settled its remaining outstanding prepaid stock purchase contracts in March 2025, delivering over 29 million shares of common stock [13] 2025 Guidance - The company revised its full-year 2025 guidance for RevPAR growth to a range of 5.00% to 5.75% and Adjusted EBITDA to $440 million to $450 million [18]

Financial Data and Key Metrics Changes - The first quarter of 2025 saw comparable diluted earnings per share increase to $0.76 from $0.68 in the first quarter of 2024, marking a 12% increase [12] - Comparable net earnings for the first quarter were $216 million, driven by higher volumes, lower interest expenses, and cost management initiatives [12][13] - The company anticipates a net debt to comparable EBITDA ratio of 2.75 times by the end of 2025 and plans to repurchase at least $1.3 billion worth of shares [16][17] Business Line Data and Key Metrics Changes - In North and Central America, comparable operating earnings increased by 2% due to stronger-than-expected volume performance [12] - EMEA segment volume remained robust with a 13% increase in comparable operating earnings, driven by favorable demand trends [13] - South America saw a 25% increase in segment comparable operating earnings, supported by strong volume performance across all markets [14] Market Data and Key Metrics Changes - Global shipments increased by 2.6% year-over-year in the first quarter of 2025, with North America returning to growth despite economic pressures [9] - The company expects global volume growth in the 2% to 3% range for 2025, with EMEA projected to achieve mid-single-digit volume growth [10] - In South America, recovery in Argentina and Chile, along with anticipated growth in Brazil, is expected to drive volume growth above the long-term range of 4% to 6% in 2025 [10] Company Strategy and Development Direction - The company is focused on operational excellence, disciplined cost management, and driving efficiency across the organization [17][20] - A strategic partnership was formed with Oasis Venture Holdings for the aluminum cup business, indicating a long-term growth strategy [11] - The company aims to deliver 11% to 14% comparable diluted EPS growth in 2025 while managing external uncertainties [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating ongoing uncertainties related to tariffs and consumer pressures, particularly in the U.S. [8][19] - The company remains optimistic about achieving its financial goals despite external volatility, citing the resilience of its global footprint [19][20] - Management highlighted the importance of maintaining strong customer relationships and operational consistency to drive future growth [10][11] Other Important Information - The company plans to keep capital expenditures slightly below depreciation and amortization, estimating around $600 million for 2025 [16] - The effective tax rate for 2025 is expected to be slightly above 22%, influenced by lower year-over-year tax credits [17] - The company has repurchased $651 million worth of shares year-to-date [16] Q&A Session Summary Question: Can you frame your supply position in Europe and where the next leg of growth will come from? - Management indicated that they have made significant investments in Europe, which has allowed them to scale operations effectively, and they expect continued growth into 2026 and 2027 [25][26] Question: How are self-improvement initiatives tracking in North America? - Management noted that while they do not expect margin expansion, they are seeing improvements in operational efficiencies, particularly in Europe and South America [29][30] Question: What is the potential impact of tariffs on demand, particularly regarding Mexico beer exposure? - Management stated that the impact of tariffs is minimal and they have not seen significant changes in customer behavior or forecasts [38][40] Question: How is the promotional environment shaping up in major markets? - Management observed that there has been constructive pricing and innovation in the energy segment, leading to mid-single-digit growth [50][52] Question: Can the company achieve 11% EPS growth if volumes fall short due to tariffs? - Management expressed confidence in navigating uncertainties and highlighted the resilience of aluminum packaging in a recession [72][75] Question: What are the expectations for margin sustainability in North America? - Management acknowledged that maintaining current margins will be challenging due to affordability pressures from customers, but they are focused on operational efficiency [114][116] Question: How is the company viewing trends in Latin America? - Management noted that Brazil is expected to see 2% to 3% growth, with recovery in Argentina and Chile contributing to overall growth in the region [123][125] Question: What are the supply-demand dynamics in Europe? - Management indicated that Europe presents more growth opportunities than North America due to the substrate shift away from glass, but building capacity is more challenging [127][130]