Q3 2025 Financial Results November 10, 2025 Q3 2025 FINANCIAL RESULTS Safe Harbor/Disclosure Statement These materials contain forward-looking statements relating to, among other things, the future performance of The RealReal that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expect," "plan," "anticipate," "target," "contemplat ...

Core Points - Cielo Waste Solutions Corp. has closed a tranche of its non-brokered private placement offering, issuing 29,325,000 units for gross proceeds of C$1,466,250 at a price of $0.05 per unit [1][2] - Each unit consists of one common share and one warrant, with the warrant allowing the purchase of one common share at $0.07 for two years [2] - The offering has received conditional approval from the TSX Venture Exchange and is subject to a hold period expiring on March 8, 2026 [3] Financial Details - The net proceeds from the offering are expected to be used for the development of a renewable fuels facility in British Columbia, including regulatory work and general working capital [4] - Approximately C$750,000 of the proceeds will be allocated to a settlement agreement with Expander Energy Inc., which has been fully paid [4] Company Vision and Future Plans - The CEO of Cielo stated that this financing reflects strong investor confidence and marks a transition from restructuring to growth, focusing on Project Nexus in British Columbia [5] - Cielo aims to position itself at the forefront of the clean-fuels economy in the province and support Canada's low-carbon goals [5] Company Overview - Cielo Waste Solutions Corp. is dedicated to transforming waste materials into high-value products, addressing global waste challenges while contributing to the circular economy and reducing carbon emissions [6] - The company is committed to providing environmental waste solutions and believes this will generate positive returns for shareholders [6]

Core Insights - Stubbo Solar is one of the largest solar projects in Australia, with an investment of AUS $760 million and a capacity of 520 MWdc (400 MWac) [1] - The project exemplifies the importance of clear policy and strong partnerships in unlocking large-scale renewable investments [3] - ACEN Australia is committed to supporting a clean energy future and has a significant pipeline of renewable projects [13] Project Overview - Stubbo Solar is located about 10 km north of Gulgong in central-west NSW and can generate enough electricity to power 185,000 Australian households [10] - The project includes a provision for a 200 MW / 800 MWh battery energy storage system (BESS) to enhance reliability as the grid decarbonizes [7] - It is the first large-scale solar project certified for full circularity under the Circular PV Alliance framework, ensuring sustainability through the reuse or recycling of all 930,000 solar panels [8] Economic Impact - During construction, ACEN Australia invested nearly AUS $85 million into the NSW economy, including AUS $60 million in local contracts and procurement [9] - The project contributed AUS $3.2 million to First Nations businesses and over AUS $400,000 to community initiatives through its Social Investment Program [10] Company Commitment - ACEN Australia has 1 GW of operational capacity and a pipeline of over 3 GW of fully permitted projects, with a goal of achieving 10 GW in development [13] - The company aims to invest around AUS $2 billion in regional benefits, supporting housing access, education, and local enterprise development [14] - ACEN Australia employs over 130 people and is focused on making Australia's clean-energy transformation a global benchmark for fairness and innovation [15]

Core Insights - Vallourec announced a $48 million investment to expand operations in Youngstown, Ohio, as part of a broader commitment to U.S. manufacturing, totaling over $1.5 billion invested in the U.S. over the past 15 years [1][2]. Investment Details - The investment will create a new Premium Threading Line within Vallourec's existing operations, enhancing its competitive position in the Oil Country Tubular Goods (OCTG) market in the U.S. [2] - The new line will increase capacity to thread VAM® high-torque connections, which are increasingly utilized in onshore wells with long laterals [2]. Construction and Employment Impact - Construction began in July 2025 and is expected to be completed by early 2027, with no disruption to current operations [3]. - Once operational, the new line will create 40 full-time-equivalent positions and expand the local supply chain, supporting the regional energy industry [3]. Company Overview - Vallourec North America is a fully integrated supplier of 100% Made in America seamless tubes, focusing on high-performance tubular solutions for energy and industrial sectors [4]. - The company emphasizes a strong circular economy approach, manufacturing seamless tubes entirely from recycled scrap metal [4]. - Vallourec's North American headquarters are located in Houston, Texas, with its main production facility in Youngstown, Ohio, employing nearly 2,000 people in North America [5]. Leadership Statement - Philippe Guillemot, Group Chairman and CEO, highlighted that the expansion reflects Vallourec's long-term vision and commitment to the U.S. market, reinforcing the region's manufacturing legacy [6].

Core Insights - SMX has transitioned from theoretical molecular science to practical applications in the global supply chain, establishing a framework for material traceability and sustainability [1][2] - The company is creating a national plastics passport system in Singapore, which serves as a model for other nations to follow in implementing circular economy practices [3][4] - SMX's partnerships across various regions, including Austria, Spain, and France, are focused on integrating molecular tracking and verification into industrial processes, enhancing compliance and market access [5][7][11] Company Developments - In collaboration with A*STAR, SMX is developing a national system in Singapore that assigns digital identities to materials, facilitating their tracking from production to reuse [3][4] - The partnership with REDWAVE in Austria has automated the verification process, allowing for real-time compliance checks and improved efficiency in recycling markets [5][6] - SMX's collaboration with CARTIF in Spain is embedding molecular tracking into industrial pilots, which will help define operational standards for circular economies in Europe [7][8] Industry Impact - The verification of material origin and lifecycle integrity is becoming essential for companies in the EU, with SMX providing the necessary tools to ensure compliance and market participation [8] - SMX's trueGold subsidiary is enhancing trust in the precious metals market by embedding molecular identity into bullion, which provides proof of origin and reduces risks associated with financing [9][10] - The partnership with CETI in France is transforming textile traceability, aligning production processes with new sustainability standards and enabling better market positioning for certified products [11][12] Ecosystem Development - Each partnership SMX forms contributes to a larger verified network that connects industry, regulation, and commerce, creating a robust ecosystem for sustainable practices [13] - SMX is not merely responding to sustainability trends but is actively shaping the infrastructure necessary for proof-based markets, ensuring long-term viability and leadership in the sector [14]

Market Overview - The global packaging waste management market reached approximately USD 39.78 billion in 2025 and is projected to grow to USD 54.21 billion by 2034, indicating a significant growth trajectory [1] - The market is expanding steadily due to increasing recycling awareness, stringent government regulations, and growing environmental concerns [7][10] - The rise in packaging requirements from the industrial and e-commerce sectors is driving the demand for effective waste management solutions [7] Regional Analysis - Asia Pacific dominated the packaging waste management market in 2024, driven by fast industrialization, growing consumer spending, and e-commerce [10] - North America is expected to experience notable growth with a significant CAGR between 2025 and 2034, supported by strict environmental regulations and advanced recycling technologies [13] - The residential sector is the fastest-growing segment in North America, fueled by urbanization and increased consumer awareness [21] Waste Type Analysis - The plastic waste segment contributed the largest share in 2024, as plastic is widely used in consumer goods packaging [5][16] - The paper and paperboard waste segment is projected to grow at a notable CAGR between 2025 and 2034, driven by the transition to recyclable materials [5][17] Service Type Analysis - The disposal segment was the largest contributor in 2024, as landfill and incineration remain primary waste management methods in developing economies [5][18] - The recycling and resource recovery segment is the fastest-growing, propelled by the financial advantages of material reuse and advancements in recycling technologies [5][19] End Use Analysis - The new packaging production segment dominated the market in 2024, with an increasing number of new packaging products made from recycled materials [5][22] - The textiles segment is the fastest-growing, as the use of recycled packaging waste materials in textile manufacturing gains momentum [5][23] Technological Shifts - Key technological shifts include the use of mono-materials for easier recycling, refillable designs, and the elimination of metal parts to simplify recycling processes [4] - Digital innovations such as QR codes and NFC tags are being integrated for product authentication and usage tracking [6]

Financial Data and Key Metrics Changes - The company ended the quarter with over $234 million in unrestricted cash and holds about $87 million in revenue bonds planned for future sale [32] - Operational spending was around $37 million, slightly lower than the previous quarter's $39 million, with expectations for increased spending associated with the ramp-up of commercial sales [32] Business Line Data and Key Metrics Changes - Ironton produced 7.2 million lbs in Q3, with September being a record month at 3.3 million lbs, while Denver processed 9.4 million lbs of feedstock in Q3 [12][13] - The company plans to add a third shift in Denver, increasing its capacity to approximately $100 million annually [8] Market Data and Key Metrics Changes - The company anticipates initial volume indications from key customers, including Procter & Gamble and QSRs, in the range of $40 million-$50 million annually [10][18] - The sales funnel remains strong, with significant demand expected from large applications, potentially selling out Ironton multiple times over [10][17] Company Strategy and Development Direction - The company is focusing on converting large applications into sales rather than just growing the sales funnel, indicating a strategic shift towards operational efficiency [11] - The Antwerp permitting process is on schedule, and the company expects to receive a grant of up to EUR 40 million from the EU Innovation Fund by the end of Q1 [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand for Ironton, despite challenges in consumer spending and the petrochemical environment [11] - The company is optimistic about its ability to ramp production in the coming quarters, with plans to run facilities at 60-70% rates initially [16] Other Important Information - The company has made significant progress in developing relationships with feedstock providers, which is crucial for operational success [13] - Regulatory developments in the U.S. and Europe are expected to drive demand for the company's products, with several states implementing extended producer responsibility regulations [27][28] Q&A Session Summary Question: Details on QSR interest and feedback - Management noted that recognizable brands are increasingly interested in sustainability, which aligns with the company's offerings [33] Question: CoProduct 2 sales strategy - The company plans to sell separated CoProduct 2 to the market and utilize some in its compounding operations, enhancing revenue and reducing costs [37][38] Question: Value of ISCC credits for customers - ISCC credits are valued at $0.75-$0.80 per pound, and the company believes its products will provide a superior value proposition compared to these credits [40][41] Question: EU Innovation Fund grant process - The company successfully secured the grant after improving project quality over previous submissions, which will reduce overall CapEx [44][45] Question: Thailand feedstock availability and cost - Management indicated strong interest from waste handlers in Thailand, with positive economics expected for feedstock procurement [46][48] Question: Timing for brand approvals - Management is optimistic about converting several large brand opportunities, which could significantly impact production volumes [49][50] Question: Financial impact of Q4 shipments - The company expects to ramp towards full production levels, with a focus on long-term relationships with major brands [55][56] Question: REACH certification and VW collaboration - The REACH certification enables the company to ship products to Europe, and the collaboration with VW demonstrates the product's quality in complex applications [60][64]

QUARTERLY INVESTOR PRESENTATION THIRD QUARTER 2025 November 6, 2025 2 SAFE HARBOR Forward Looking Statements This presentation contains forward-looking statements (including the guidance/outlook contained herein) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words "estimates," "expects," "anticipates," "believes," "forecasts," "plans," "intends," "may," "will," "should," "shall," "outlook," "guidance," ...

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