Investor Presentation March 2026 Vitesse is the French word for velocity. VTS represents the velocity of capital compounding. Disclaimer Forward Looking Statements This presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding Vitesse's financial position, operating ...

Core Viewpoint - BP reported a decline in underlying replacement cost profit for Q3 2025 compared to the previous year and the previous quarter, primarily due to a higher effective tax rate despite increased profitability in operating segments [1][2]. Financial Performance - The underlying replacement cost profit for Q3 2025 was $2.21 billion, down from $2.27 billion in Q3 2024 and $2.35 billion in Q2 2025 [1]. - Net profit attributable to shareholders was $1.16 billion, a significant increase from $206 million in Q3 2024 but a decrease from $1.63 billion in Q2 2025 [2]. - Operating cash flow reached $7.79 billion in Q3 2025, up from $6.76 billion in Q3 2024 and $6.27 billion in Q2 2025 [5]. Segment Performance - The gas and low-carbon energy segment reported an underlying replacement cost profit before interest and tax of $1.5 billion, remaining flat from the previous quarter [2]. - Oil production and operations saw underlying profits before interest and tax of $2.3 billion, consistent with the prior quarter [3]. - The customers and products segment reported underlying profits before interest and tax of $1.7 billion, an increase from $1.5 billion in Q2 2025 [3]. Operational Highlights - All six major oil and gas projects planned for 2025 are online, with four ahead of schedule [4]. - The company has sanctioned its seventh operated production hub in the Gulf of America and achieved further exploration success [4]. - BP expects full-year divestment proceeds to be higher, supported by around $5 billion of completed or announced disposal agreements [4]. Capital Expenditure and Debt - Capital expenditure for Q3 2025 totaled $3.38 billion, a decrease from $4.54 billion in Q3 2024 and slightly higher than the preceding quarter [4]. - Net debt at the end of Q3 2025 was $26.05 billion, up from $24.27 billion in Q3 2024, remaining flat from Q2 2025 [5]. Dividend Announcement - BP announced a dividend of $0.0832 per ordinary share for Q3 2025, up from $0.08 per share in the same quarter of the previous year and unchanged from the last quarter [6].

Q3 2025 Performance Highlights - Shipments reached 373 thousand tons, a 6% year-over-year increase[10] - Revenue totaled $2.2 billion, up 20% year-over-year[10] - Net income was $88 million[10] - Adjusted EBITDA was $235 million, including a positive non-cash metal price lag impact of $39 million[10] - Free Cash Flow was $30 million[10] - The company repurchased 1.7 million shares for $25 million[10] Segment Performance - Aerospace & Transportation: Adjusted EBITDA was $90 million, a 67% increase, with shipments of 50 thousand tons, up 4%[13] - Packaging & Automotive Rolled Products: Adjusted EBITDA was $82 million, a 14% increase, with shipments of 275 thousand tons, up 5%[19] - Automotive Structures & Industry: Adjusted EBITDA was $33 million, a 371% increase, with shipments of 48 thousand tons, up 14%[21] Financial Position and Outlook - Leverage ratio was 3.1x at the end of the quarter[10] - The company expects to be below 3.0x leverage by the end of 2025[30] - The company targets 2025 Adjusted EBITDA between $670 million and $690 million and Free Cash Flow greater than $120 million[45]

Core Viewpoint - Morgan Stanley maintains an "overweight" rating on BHP with a target price of 44 AUD, despite the stock rising 18% since June, outperforming the ASX200 index which increased by 5% [1] Group 1: Financial Performance - For the fiscal year 2025, BHP's EBITDA is projected to be 26 billion USD and net profit at 10.2 billion USD, aligning with Morgan Stanley's and consensus expectations [1] - The final dividend per share is set at 0.60 AUD, exceeding Morgan Stanley's forecast of 0.49 AUD and consensus estimate of 0.51 AUD, with a payout ratio of 60% [1] Group 2: Cost Guidance - The new cost guidance for Western Australia Iron Ore (WAIO) for fiscal year 2026 is approximately 19 USD per ton, lower than Morgan Stanley's expectations and closer to consensus [1] - Cost guidance for copper and coking coal remains largely in line with Morgan Stanley's expectations [1] Group 3: Capital Expenditure and Debt - Mid-term capital expenditure has been reduced from 11 billion USD to 10 billion USD due to project rescheduling and a decrease in low-carbon spending [1] - BHP has adjusted its net debt target range from 5 billion to 15 billion USD to 10 billion to 20 billion USD, leading to a 4% increase in earnings expectations for 2026 due to lower costs [1]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights a significant increase in copper production for Q2 2025, with a year-on-year growth of 40.3% to 57,416 tonnes, primarily driven by increased output from Mantoverde and Mantos Blancos [1][2] - The C1 cash cost for copper in Q2 2025 was reported at $2.45 per pound, a decrease of 12.5% year-on-year, attributed to higher production volumes and lower production costs [2] - The average realized copper price in Q2 2025 was $4.39 per pound, reflecting a 3.1% decline year-on-year but a 0.7% increase quarter-on-quarter [2] Production and Operational Performance - Q2 2025 copper sales reached 53,977 tonnes, marking a 35.8% increase year-on-year, although it fell short of production by approximately 1,800 tonnes due to sales scheduling at Mantos Blancos [1] - The report indicates that the total sulphide production for Q2 2025 was 47,086 tonnes, compared to 30,374 tonnes in Q2 2024, showcasing a robust operational performance [10] - The report also details the production costs for various sites, with Mantoverde's C1 cash cost at $1.51 per pound and Mantos Blancos at $1.87 per pound [10] Financial Performance - The company reported revenues of $543.2 million for Q2 2025, a 38.2% increase year-on-year [3][13] - Net income attributable to shareholders for Q2 2025 was $30 million, a 9.1% increase compared to the previous year, recovering from a loss of $1.2 million in Q1 2025 [3][13] - Adjusted EBITDA for Q2 2025 was $215.6 million, reflecting a 75.1% increase year-on-year, driven by higher sulphide production [3][13] Debt and Liquidity - As of March 31, 2025, net debt stood at $788.1 million, slightly up from $742 million at the end of 2024, primarily due to working capital changes [4][8] - By June 30, 2025, net debt decreased to $691.9 million, indicating improved liquidity and financial management [8] 2025 Guidance - The company reaffirmed its 2025 guidance for total copper production between 220,000 to 250,000 tonnes, with C1 cash costs projected between $2.20 to $2.50 per pound [9] - Capital expenditures are expected to be $315 million, with exploration spending set at $25 million [9]

Financial Data and Key Metrics Changes - The company reported positive operating cash flows of approximately US$90 million for the quarter, leading to a reduction in net debt to below US$100 million [9][10] - The consolidated average sales price decreased to US$127 per tonne from US$139 per tonne in the prior quarter, representing a realization of just under 70% of the average premium low vol index [11][12] - Overall liquidity remained strong at over US$400 million as of June 30, 2025 [10] Business Line Data and Key Metrics Changes - South Walker Creek achieved the highest brown production since mid-2022, with over one million tons produced in June alone [4] - Portrail posted a 7% increase in raw production and a 14% increase in coal sales quarter on quarter [5] - Isaac Plains recovered strongly with raw volumes of 932,000 tons, a 60% increase from the prior quarter, although saleable production remains below the run rate to achieve full year guidance [7] Market Data and Key Metrics Changes - Metallurgical coal pricing conditions remained suppressed due to record levels of Chinese steel exports, which reached 116 million tons in 2025 compared to 111 million tons in 2024 [3] - FOB Australia prices remained range bound, with limited offers in the spot market, influenced by a glut of steel exports from China [13][14] - The Chinese domestic market was well supplied, impacting the pricing dynamics for Australian coal [14] Company Strategy and Development Direction - The company has softened the pace on the Eagle Downs project due to current market conditions but continues base level studies to optimize capital and operational parameters [8] - The focus remains on cash preservation and maintaining production guidance despite adverse weather conditions [2][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery story continuing into the second half of the year, with expectations of significantly higher volumes [10] - The company anticipates that ongoing supply constraints in Australia, combined with potential demand recovery in India post-monsoon, may support market conditions [15] Other Important Information - The company formally objected to the assessed stamp duty related to the Eagle Downs transaction, which was higher than expected [9][10] - The company is working on a budget for 2026, considering potential deferrals based on coal prices [46][48] Q&A Session Summary Question: What is the outlook for the strip ratio going forward? - Management indicated a drop in the strip ratio due to a focus on catching up on raw volumes, with expectations of a slight reduction for the remainder of the year [17][18] Question: What is expected from the Eagle Downs project study next year? - The outcome will depend on various factors, including capital requirements and market conditions, with no commitment expected until mid-next year [20][21][22] Question: Can you clarify the net debt position and tax refund? - The net debt of US$99 million included a benefit from a tax refund submitted in late May, which was received in June [40][42] Question: What initiatives are being taken to manage costs and CapEx? - The company is on track with its guidance and is exploring further cost management initiatives while preparing for the budget for 2026 [46][48] Question: How is the company responding to changes in currency exchange rates? - The company believes it can achieve guidance even with current exchange rates, while also expecting benefits from cost reductions in the second half [52][54]

Financial Data and Key Metrics Changes - In 2024, Group revenue increased by 6.7% to $8.5 billion, and adjusted EBITDA also increased by 6.7% to $392 million, exceeding adjusted EBITDA guidance by $12 million [11][7][10] - Adjusted net income for the full year was $120.9 million, with adjusted diluted EPS increasing by 2.4% to $1.27 per share [11][27] - Net debt at the end of 2024 was $637 million, with net leverage at 1.6 times, indicating a strong financial position [12][10] Business Line Data and Key Metrics Changes - Fresh Fruit segment delivered adjusted EBITDA of $214.8 million for the full year, an increase of $5.9 million compared to 2023, driven by volume growth in bananas and plantains [12][13] - Diversified EMEA segment achieved adjusted EBITDA of $131.5 million for the full year, with a like-for-like revenue growth of 4.4% [16][17] - Diversified Fresh Produce Americas segment reported a like-for-like revenue increase of 16.1%, with adjusted EBITDA increasing by 52.3% for the full year [32][33] Market Data and Key Metrics Changes - North America saw good volume growth in bananas and plantains, while the European market experienced high volumes in bananas and lower shipping costs [13][14] - The EMEA segment faced headwinds due to supply challenges and weather events, but anticipates continued revenue growth in 2025 [17][16] - The Fresh Vegetables business showed positive cash flow for the full year, indicating a turnaround despite accounting adjustments [21] Company Strategy and Development Direction - The company is focused on capital allocation and managing invested capital, with strategic investments in expanding shipping capacity and improving operational performance [8][10] - There is an ongoing process to determine the best strategic alternative for the vegetables business, which remains a priority [20][21] - The company plans to maintain a baseline level of capital expenditure in line with depreciation expenses, while exploring development opportunities for future growth [41][70] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025, including the impact of Tropical Storm Sara and geopolitical uncertainties affecting sourcing costs and supply chains [40][41] - The company aims for adjusted EBITDA in the range of $370 million to $380 million for 2025, reflecting a more normalized year compared to 2024 [41][38] - Management remains optimistic about the underlying fundamentals of the business and is focused on navigating challenges while capitalizing on growth opportunities [15][38] Other Important Information - The company declared a dividend of $0.08 for the fourth quarter, to be paid on April 3, 2025 [37] - Free cash flow from continuing operations was $180.3 million for the full year, benefiting from strong adjusted EBITDA performance [36] Q&A Session Summary Question: Can you unpack the EBITDA guidance for 2025? - Management indicated that the guidance reflects known headwinds, including the impact from Tropical Storm Sara and macroeconomic uncertainties, with expectations for a slower start to the year [45][49][54] Question: What mitigation strategies are in place regarding potential tariffs? - Management believes that the demand for fresh produce will remain strong, and they are prepared to adjust pricing and sourcing strategies if tariffs are implemented [56][58][60] Question: What is the focus on capital allocation moving forward? - The company is prioritizing leveraging while also considering targeted M&A opportunities, with ongoing internal development projects aimed at enhancing growth [65][70][72] Question: What are the expectations for the Diversified EMEA segment? - Management noted that while there are some profit weaknesses in certain regions, they see more opportunities than challenges and expect continued growth [75][76] Question: Is there a risk of elasticity in pricing for high-value products like avocados? - Management expressed confidence that the U.S. market will continue to demand these products, despite potential tariff impacts, due to limited domestic production capabilities [78][80]