Core Viewpoint - Lincoln National (LNC) reported a revenue of $4.69 billion for Q1 2025, marking a year-over-year increase of 2.2% and an EPS of $1.60, up from $1.37 a year ago, although slightly below the consensus revenue estimate of $4.71 billion, resulting in a surprise of -0.52% [1] Financial Performance Metrics - Loss Ratio for Group Protection was reported at 72.4%, better than the estimated 74.4% [4] - Net Flows for Annuities were -$1.68 billion, worse than the estimated -$1.54 billion [4] - Net Flows for Life Insurance were $569 million, below the estimated $643.81 million [4] - Net Flows for Retirement Plan Services were -$2.18 billion, significantly worse than the estimated -$493.84 million [4] - Net investment income revenue was $1.46 billion, exceeding the estimate of $1.39 billion, with a year-over-year increase of 8.3% [4] - Fee income revenue was $1.37 billion, matching the average estimate, with a year-over-year change of 3.1% [4] - Insurance premiums revenue was $1.68 billion, slightly above the estimated $1.65 billion, reflecting a year-over-year increase of 4.7% [4] - Life Insurance net investment income was $571 million, slightly below the estimate of $577.29 million, showing a year-over-year decrease of 1.7% [4] - Group Protection revenue was $1.52 billion, exceeding the estimate of $1.47 billion, with a year-over-year increase of 6.7% [4] - Life Insurance revenue was $1.59 billion, slightly below the estimated $1.60 billion, representing a year-over-year increase of 3% [4] - Retirement Plan Services revenue was $327 million, below the estimated $334.72 million, with a year-over-year increase of 1.6% [4] - Annuities insurance premiums revenue was $21 million, significantly below the estimated $33.76 million, reflecting a year-over-year decrease of 19.2% [4] Stock Performance - Lincoln National's shares returned +3% over the past month, compared to the Zacks S&P 500 composite's +11.3% change, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3]

Core Insights - PENN Entertainment reported $1.67 billion in revenue for Q1 2025, a 4.1% year-over-year increase, with an EPS of -$0.25 compared to -$0.79 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $1.7 billion by 1.74%, while the EPS exceeded the consensus estimate of -$0.29 by 13.79% [1] Revenue Performance by Segment - Northeast segment revenue was $680.90 million, slightly below the estimated $683.75 million, reflecting a year-over-year decrease of 0.6% [4] - South segment revenue reached $288.30 million, exceeding the estimated $287.13 million, but showing a year-over-year decline of 3.4% [4] - West segment revenue was $129.70 million, surpassing the estimated $127.21 million, with a year-over-year increase of 0.7% [4] - Midwest segment revenue was $282.90 million, below the estimated $286.12 million, indicating a year-over-year decrease of 2.9% [4] - Interactive segment revenue was $290.10 million, significantly higher than the estimated $312.88 million, marking a year-over-year increase of 39.7% [4] - Other segment revenue was $5.30 million, below the estimated $6.15 million, reflecting a year-over-year decline of 11.7% [4] - Intersegment eliminations reported a revenue of -$4.70 million, better than the estimated -$7.50 million, with a year-over-year change of -53% [4] Stock Performance - PENN Entertainment's shares have returned -3.5% over the past month, contrasting with the Zacks S&P 500 composite's increase of 11.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Spectrum Brands (SPB) reported revenue of $675.7 million for the quarter ended March 2025, reflecting a year-over-year decline of 6% and an EPS of $0.68 compared to $1.62 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $694.91 million, resulting in a surprise of -2.76%, while the EPS surprise was -49.63% against a consensus estimate of $1.35 [1] Financial Performance Metrics - Net Sales in Home & Personal Care (HPC) were $254.20 million, below the average estimate of $261.20 million, marking a -5.1% year-over-year change [4] - Net Sales in Home & Garden (H&G) reached $152.30 million, compared to an estimated $156.85 million, representing a -5.2% change year-over-year [4] - Net Sales in Global Pet Care (GPC) totaled $269.20 million, falling short of the $277.60 million estimate, indicating a -7.1% year-over-year decline [4] - Adjusted EBITDA for Global Pet Care (GPC) was $50 million, below the average estimate of $58.95 million [4] - Adjusted EBITDA for Home & Personal Care (HPC) was $7.30 million, significantly lower than the estimated $17.30 million [4] - Adjusted EBITDA for Home & Garden (H&G) was $26.70 million, compared to the average estimate of $29.15 million [4] Stock Performance - Spectrum's shares have returned -3.2% over the past month, contrasting with the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Core Insights - Playtika Holding (PLTK) reported revenue of $706 million for the quarter ended March 2025, reflecting an 8.4% increase year-over-year and a surprise of +1.25% over the Zacks Consensus Estimate of $697.25 million [1] - The company's EPS was $0.09, down from $0.15 in the same quarter last year, resulting in an EPS surprise of -18.18% compared to the consensus estimate of $0.11 [1] Financial Performance Metrics - Playtika's shares have returned +9.9% over the past month, while the Zacks S&P 500 composite increased by +11.3%, indicating a performance in line with the broader market [3] - Average Daily Payer Units (DPUs) were reported at 0.39 million, exceeding the average estimate of 0.33 million from two analysts [4] - The Average Daily Payer Conversion rate was 4.3%, slightly above the estimated 4% [4] - Monthly Active Users (MAUs) reached 31.8 million, surpassing the average estimate of 29.4 million [4] - Daily Active Users (DAUs) were reported at 9 million, exceeding the estimated 8.36 million [4] - Average Revenue Per Daily Active User (ARPDAU) was $0.87, below the estimated $0.91 [4]

Core Insights - Wolverine World Wide reported revenue of $412.3 million for the quarter ended March 2025, marking a year-over-year increase of 4.4% and exceeding the Zacks Consensus Estimate of $395.35 million by 4.29% [1] - The company achieved an EPS of $0.18, significantly higher than the $0.05 reported a year ago, resulting in an EPS surprise of 63.64% compared to the consensus estimate of $0.11 [1] Revenue Breakdown - Active Group revenue was $326.70 million, surpassing the average estimate of $298.16 million by analysts, reflecting a year-over-year increase of 12.7% [4] - Other revenue was reported at $10.80 million, below the average estimate of $13.10 million, indicating a decline of 28% compared to the previous year [4] - Work Group revenue stood at $74.80 million, which was lower than the average estimate of $84.09 million, representing a year-over-year decrease of 17% [4] Stock Performance - Wolverine shares have returned +20% over the past month, outperforming the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Core Insights - Dentsply International reported $879 million in revenue for Q1 2025, a year-over-year decline of 7.8%, with an EPS of $0.43 compared to $0.42 a year ago, indicating a positive surprise of +3.22% over the Zacks Consensus Estimate of $851.55 million and a +48.28% surprise in EPS against the consensus estimate of $0.29 [1] Financial Performance Metrics - Organic sales growth was -4.4%, better than the estimated -8.4% by analysts [4] - Revenue breakdown: - United States: $302 million vs. $305.67 million estimated [4] - Rest of World: $215 million vs. $190.83 million estimated [4] - Europe: $362 million vs. $356.44 million estimated [4] - Year-over-year revenue changes: - Rest of World: -2.7% [4] - Europe: -3.7% [4] - Net sales for Connected Technology Solutions: $235 million vs. $233.14 million estimated, a -4.9% change year-over-year [4] - Net sales for Wellspect Healthcare: $74 million vs. $74.82 million estimated, a +4.2% change year-over-year [4] - Net sales for Essential Dental Solutions: $353 million vs. $352.85 million estimated, a -3% change year-over-year [4] - Net sales for Orthodontic and Implant Solutions: $217 million vs. $193.98 million estimated, a -19.9% change year-over-year [4] Adjusted Operating Income - Adjusted Operating Income for Connected Technology Solutions: $7 million vs. $16.08 million estimated [4] - Adjusted Operating Income for Wellspect Healthcare: $26 million vs. $23.18 million estimated [4] - Adjusted Operating Income for Orthodontic and Implant Solutions: $37 million vs. $13.19 million estimated [4] - Adjusted Operating Income for Essential Dental Solutions: $135 million vs. $117.25 million estimated [4] Stock Performance - Dentsply's shares returned +0.2% over the past month, underperforming the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Core Insights - Cenovus Energy reported $9.26 billion in revenue for Q1 2025, a year-over-year decline of 6.8% and below the Zacks Consensus Estimate of $9.47 billion, resulting in a surprise of -2.18% [1] - The company's EPS for the same period was $0.32, down from $0.46 a year ago, but exceeded the consensus estimate of $0.29, delivering a surprise of +10.34% [1] Financial Performance - Total upstream production was 818.9 million barrels of oil equivalent per day, slightly below the average estimate of 819.24 million barrels [4] - Total conventional natural gas production was 887.9 million cubic feet per day, exceeding the average estimate of 867.71 million cubic feet [4] - Total oil sands production from Sunrise was 52.1 million barrels per day, above the estimate of 51.8 million barrels [4] - Total oil sands production from Lloydminster Therma was 109.9 million barrels per day, slightly above the estimate of 109.38 million barrels [4] - Total oil sands production from Lloydminster Conventional Heavy Oil was 21.8 million barrels per day, exceeding the estimate of 18.9 million barrels [4] - Total oil sands production was 624.3 million barrels per day, above the estimate of 618.68 million barrels [4] - Light crude oil production from the Atlantic was 11.6 million barrels per day, exceeding the estimate of 9.22 million barrels [4] - Total U.S. refining crude oil unit throughput was 553.5 million barrels per day, slightly below the estimate of 554.13 million barrels [4] Market Performance - Cenovus shares returned -2.1% over the past month, while the Zacks S&P 500 composite increased by +11.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Enterprise Products Partners (EPD) reported a revenue of $15.42 billion for the quarter ended March 2025, reflecting a year-over-year increase of 4.5% and a positive surprise of 9.42% over the Zacks Consensus Estimate of $14.09 billion [1] - The earnings per share (EPS) for the quarter was $0.64, down from $0.66 in the same quarter last year, resulting in an EPS surprise of -7.25% against the consensus estimate of $0.69 [1] Financial Performance Metrics - NGL Pipelines & Services reported daily NGL fractionation volumes of 1,652 million barrels of oil, exceeding the average estimate of 1,613.15 million barrels [4] - Fee-based natural gas processing volumes were 7,181 million barrels of oil, surpassing the estimated 7,062.97 million barrels [4] - NGL pipeline transportation volumes were 4,447 million barrels of oil, slightly below the estimate of 4,458.61 million barrels [4] - Natural gas transportation volumes reached 20,310 BBtu/D, exceeding the average estimate of 20,175.16 BBtu/D [4] - Butane isomerization volumes were 114 million barrels of oil, below the estimate of 120.07 million barrels [4] - Propylene fractionation volumes were 113 million barrels of oil, above the estimate of 104.11 million barrels [4] - Octane enhancement and related plant sales volumes were 46 million barrels of oil, significantly exceeding the estimate of 31.03 million barrels [4] - Equity NGL production was 225 million barrels of oil, surpassing the estimate of 196.18 million barrels [4] Gross Operating Margins - Gross operating margin for NGL Pipelines & Services was $1.42 billion, slightly below the average estimate of $1.46 billion [4] - Gross operating margin for Petrochemical & Refined Products Services was $315 million, below the estimate of $352.84 million [4] - Gross operating margin for Natural Gas Pipelines & Services was $357 million, exceeding the estimate of $342.12 million [4] - Gross operating margin for Crude Oil Pipelines & Services was $374 million, below the estimate of $411.62 million [4] Stock Performance - Shares of Enterprise Products have returned +2.1% over the past month, compared to the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

WELCOME TO THE Q1 2025 EARNINGS CALL May 8, 2025 © 2025 Montrose Environmental Group, Inc. • Proprietary and Confidential 2 Key Updates OPERATING CASH FLOW $5.5M $27.5M Increase over Q1 2024 REVENUE $177.8M 14.5% Increase over Q1 2024 CONSOLIDATED ADJUSTED EBITDA1 $19.0M 10.7% of Revenue © 2025 Montrose Environmental Group, Inc. • Proprietary and Confidential 4 • • • • • • • © 2025 Montrose Environmental Group, Inc. • Proprietary and Confidential 5 ✓ • • ✓ ✓ • ✓ ✓ ✓ ✓ • • ✓ • Consolidated Adjusted EBITDA1 R ...

Presentation Q1 2025 Results Presentation May 8, 2025 Company Disclaimer IMPORTANT NOTICE This presentation includes forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, beliefs, inten ...