Financial Performance - Second Quarter 2025 Adjusted EBITDA was $16.5 million, a 22% decrease compared to $21.1 million in 2Q24, driven by lower RIN prices, loss of ISCC carbon credits, and non-recurring G&A expense[14, 16, 18] - RNG production for 2Q25 reached 1.2 million MMBtu, a 33% increase compared to 2Q24[14, 16] - Fuel Station Services segment experienced EBITDA growth of 30% compared to 2Q24[16] Liquidity and Capital Allocation - As of June 30, 2025, the company had approximately $203 million in liquidity, including $138 million of unused capacity under the $450 million credit facility, $36 million of unused capacity under the associated revolver, and $29 million in cash, cash equivalents, and short-term investments[21] - Net debt as of June 30, 2025, was approximately $302 million[21] - The company anticipates putting into construction approximately 2.0 million annual MMBtu of RNG annual design capacity in 2025[58] Guidance and Projections - The company maintains full-year 2025 Adjusted EBITDA guidance, projecting between $90 million and $110 million, assuming a $2.60/gallon D3 RIN price[16, 58] - The Adjusted EBITDA projection is based on an RNG production range of 5.0 to 5.4 million MMBtu[58] - Adjusted EBITDA from the Fuel Station Services segment is projected to grow by 30% - 50% compared to 2024[58] Operational Highlights - The company operates 11 RNG facilities with a total RNG annual design capacity of 8.8 million MMBtu[40] - Total volumes sold, dispensed, and serviced in the Fueling Station Services segment reached 145.0 million GGE in 2024 and are projected to reach 202.1 million GGE in 2025[35]

Portfolio Highlights - The company's Manhattan-focused real estate portfolio features a tenant base in core commercial businesses, with the top 10 tenants being 77% Investment Grade rated[5, 9] - Portfolio occupancy is at 82.0%, with a weighted-average remaining lease term of 6.0 years[9] - Over 53% of the company's leases expire after 2030[9, 17] - The real estate investments are valued at $432.4 million, spread across 6 properties with a total square footage of 1.0 million[14] - Annualized Straight-line Rent is $45.1 million[14] Financial Highlights - The company has a 100% fixed-debt capital structure with a weighted-average interest rate of 6.4%[9, 38] - Total debt amounts to $350.0 million[38] - Net Leverage is at 63.8%[9, 38, 46] - Revenue from tenants for the quarter was $12.2 million, while the net loss was $41.7 million[38] - Cash NOI decreased year-over-year from $7.4 million in Q2'24 to $4.2 million in Q2'25[42, 38] Strategic Initiatives - The company continued marketing efforts for the sale of 123 William Street ($269.5 million at cost, 84% occupancy) and 196 Orchard Street ($66.6 million at cost, 100% occupancy)[9, 10, 24]

Second Quarter 2025 Earnings Call August 8, 2025 1 Safe Harbor and Non-GAAP Financial Measures Definition Q1 FY 2025 Cautionary Language Concerning Forward-Looking Statements This presentation contains forward-looking statements relating to, among other matters, the Company's future financial performance, business goals and objectives, and results of operations, expectations regarding the transition of its US Telecom business, its future revenues, operating income, cash flows, network and operating costs, A ...

Financial Performance - Sylvamo's Adjusted EBITDA for Q2 2025 was $82 million, aligning with the company's outlook, despite a negative impact of $13 million from foreign exchange[13, 15] - Adjusted Operating Earnings per Share for Q2 2025 was $037, compared to $198 in Q2 2024 and $068 in Q1 2025[13] - Free Cash Flow for Q2 2025 was negative $2 million, a decrease from $62 million in Q2 2024 and negative $25 million in Q1 2025[13] - Sylvamo returned $38 million in cash to shareowners during the quarter[12] Market Dynamics - In the first half of 2025, Europe's uncoated freesheet demand decreased by 7%, Latin America's decreased by 8%, and North America's remained stable[17] - In the first half of 2025, Europe's uncoated freesheet supply decreased by 10%, while Latin America and North America remained stable[17] Strategic Investments and Debt Management - Sylvamo's gross debt has decreased from an initial $15 billion at spinoff to $08 billion as of June 2025[27] - The company is ramping up capital spending on high-return projects with an internal rate of return (IRR) exceeding 20%[29] - Planned maintenance outage costs for 2025 are projected to be $111 million[43] Regional Performance - Europe's Adjusted EBITDA was negative $30 million in Q2 2025, with an Adjusted EBITDA Margin of negative 17%[57] - Latin America's Adjusted EBITDA was $27 million in Q2 2025, with an Adjusted EBITDA Margin of 13%[57] - North America's Adjusted EBITDA was $85 million in Q2 2025, with an Adjusted EBITDA Margin of 20%[57]

Forward-Looking Statements In this presentation, American Axle & Manufacturing Holdings, Inc. ("AAM") makes statements concerning its and Dowlais' expectations, beliefs, plans, objectives, goals, strategies, and future events or performance, including, but not limited to, certain statements related to the ability of AAM and Dowlais to consummate AAM's business combination with Dowlais (the "Business Combination") in a timely manner or at all; future capital expenditures, expenses, revenues, economic perform ...

Q2 2025 Performance Highlights - Concentra's Q2 2025 total revenue increased by 152% year-over-year to $5508 million, with an 87% increase excluding the impact of the Nova acquisition[17] - Adjusted EBITDA for Q2 2025 grew by 132% year-over-year to $1150 million[17] - The number of onsite health clinics significantly increased to 406, a rise of 252 clinics, primarily due to the Pivot Onsite acquisition[17] - Revenue per visit (RPV) increased by 44% year-over-year to $146 in Q2 2025[17] YTD 2025 Performance Highlights - Total revenue for YTD 2025 increased by 112% year-over-year to $10515 billion, or 121% on a per-day basis[18] - Adjusted EBITDA for YTD 2025 increased by 101% year-over-year to $2177 million[18] - The number of occupational health centers increased to 628, a rise of 81 centers, due to the Nova acquisition and other M&A activities[18] - Revenue per visit (RPV) increased by 50% year-over-year to $146 in YTD 2025[18] Guidance and Financial Strategy - The company is raising its FY 2025 revenue guidance to $213 billion-$216 billion and Adjusted EBITDA guidance to $420 million-$430 million[16] - Concentra is targeting a net leverage ratio of less than 30x by the end of 2026[16]

Core Insights - The company reported a significant decline in revenues and increased net losses for the second quarter of 2025 compared to the same period in 2024, primarily due to lower charter rates and increased administrative expenses [2][3][12] Financial Performance - For the three months ended June 30, 2025, net revenues were $9.2 million, a decrease of 34.2% from $13.9 million in the same period of 2024 [12] - The net loss attributable to common shareholders was $2.0 million, compared to a net income of $5.0 million for the same period in 2024 [12] - Adjusted EBITDA for the second quarter of 2025 was $1.2 million, down from $8.0 million in the same period of 2024, reflecting a decrease of $6.8 million [12][15] Market Conditions - The product tanker sector faced lower charter rates in 2025 due to slowing global economic activity, with average TCE rates for MR tankers declining by 37% year-over-year to $20,686 per day [4][12] - The dry-bulk market also experienced depressed chartering conditions, with average daily TCE rates for mid-sized bulkers falling over 42% compared to Q2 2024, reaching $12,840 [5][12] Operational Insights - The company operated an average of 6.0 vessels in Q2 2025, an increase from 5.0 vessels in the same period of 2024, contributing to higher total fleet ownership days [19][30] - 100% of MR tankers' revenue was generated under short-term time charters in Q2 2025, while dry-bulk carriers were also exclusively employed under short-term time charters [12][30] Future Outlook - The company anticipates a challenging chartering environment for both product tankers and dry-bulk carriers for the remainder of 2025, with modest growth expected in global demand for seaborne cargoes [6][9] - A recent $750 billion energy trade agreement by the European Union to purchase U.S. energy products over the next three years may provide a potential boost to tanker demand [6][9] - The company has secured a bank commitment of up to $45 million to finance the potential acquisition of two vessels by January 2027, indicating plans for fleet expansion [10][51]

Second Quarter 2025 Earnings Presentation August 8, 2025 Forward Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that these expectati ...

Acquisition and Refinancing - FTAI Infrastructure is acquiring the Wheeling & Lake Erie Railway (W&LE) for $1.05 billion[13] - The combined Transtar / W&LE business is expected to generate annual Adjusted EBITDA of $200+ million by the end of 2026[16] - Corporate fixed charges are expected to reduce by ~$30 million annually due to refinancing[19] - $2.25 billion of new capital is being issued, including $1.25 billion in new corporate debt and $1.0 billion of preferred stock[21] Q2 2025 Financial Performance - Consolidated Adjusted EBITDA for Q2 2025 was $45.9 million[29] - Transtar's Adjusted EBITDA for Q2 2025 was $20.7 million, up 4% from Q1 2025[25, 31] - Long Ridge's Adjusted EBITDA for Q2 2025 was $23.0 million[25, 32] - Jefferson Terminal's Adjusted EBITDA for Q2 2025 was $11.1 million[25, 34] - Repauno's Adjusted EBITDA for Q2 2025 was $(2.1) million[25, 34] Growth Opportunities - Expect ~$15+ million of incremental annual Adjusted EBITDA from Nippon's investments in U S Steel facilities[37] - Two contracts commencing in fall 2025 at Jefferson Terminal represent $20 million of incremental annual Adjusted EBITDA[34, 45] - Contracts and a LOI in place at Repauno represent approximately $80 million of annual Adjusted EBITDA[34]

Core Viewpoint - Heron Therapeutics has completed a comprehensive capital restructuring aimed at enhancing financial flexibility, reducing total debt, and supporting long-term growth [1][2] Financial Restructuring Details - The refinancing transaction includes a new senior credit facility with Hercules Capital providing $110 million in committed capital and an additional $40 million available upon achieving certain milestones [6] - An exchange agreement was made to retire approximately $125 million in cash and convert $25 million of existing senior convertible notes into common stock [6] - The company issued $35 million of new 5% senior convertible notes due in 2031 and conducted a private placement for $27.7 million in gross proceeds through common and preferred equity [6] Management Commentary - The CEO of Heron emphasized that the refinancing strengthens the balance sheet, eliminates near-term debt maturities, and supports commercial execution and pipeline priorities [2] Upcoming Events - Heron will host a conference call and live webcast on August 8, 2025, to discuss the restructuring and its implications [4]