Q1 2026 Supplemental Information Progress Financial Results March 30, 2026 Forward Looking Statements This presentation contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like "believe," "may," "could," "would," "might," "should," "expect," "intend," "plan," "target," "anticipate" an ...

Core Viewpoint - CMC has announced an 11% increase in its quarterly cash dividend, reflecting confidence in its financial position and commitment to stockholders [1][2]. Company Overview - CMC is a Fortune 500 company based in Irving, Texas, specializing in early-stage construction solutions and is a leading manufacturer of steel reinforcing bar (rebar) [3]. - Founded in 1915, CMC has expanded from a single-site recycling operation to a major player in the U.S. construction materials market, providing essential products for infrastructure projects [3]. Financial Performance - The board of directors declared a quarterly cash dividend of $0.20 per share, an increase of $0.02 from the previous dividend paid in February 2026 [1]. - This marks CMC's 246th consecutive quarterly dividend, scheduled for payment on April 15, 2026, to stockholders of record as of April 6, 2026 [1]. Management Insights - The increase in dividends demonstrates management's confidence in CMC's cash flow capabilities and overall business outlook [2]. - The company aims to execute a capital allocation strategy that balances growth and competitive cash returns to stockholders [2]. Market Position - CMC operates an extensive manufacturing network primarily in the U.S. and Central Europe, serving various markets including infrastructure, residential, and industrial sectors [4]. - The company's products are crucial for the construction of highways, bridges, airports, and commercial buildings, highlighting their importance in everyday life [4].

Financial Data and Key Metrics Changes - In Q3, revenues were $329.1 million, down from $335.4 million in the prior year period, reflecting a decrease of approximately 1% [20] - Adjusted operating loss was $24.3 million compared to $20.9 million in the prior year, while adjusted EBITDA was approximately break even compared to $6 million in the prior year [20] - Net loss was $3.5 million compared to a net loss of $1.3 million in the prior year period, with adjusted loss per diluted share increasing to $0.15 from $0.05 [21] Business Line Data and Key Metrics Changes - Children's Book Publishing and Distribution revenues decreased 3% to $197.6 million, with adjusted operating profit improving to $8.9 million from $7.6 million [21] - Book Fairs revenue increased 2% to $113.3 million, driven by higher revenue per fair [22] - Trade Publishing revenues were $69.7 million, down 10% from $77.4 million in the prior year, reflecting timing of major releases [23] - Education segment revenues were $56.1 million, down 2% from $57.2 million, but adjusted operating loss improved to $5.2 million from $6.9 million [25] Market Data and Key Metrics Changes - International segment revenues were $58.7 million, down from $59.3 million a year ago, with a decline attributed to publication timing [26] - Demand for English language learning materials continues to expand globally, representing a long-term opportunity [18] Company Strategy and Development Direction - The company completed sale leaseback transactions generating over $400 million in net proceeds, optimizing the balance sheet and enhancing shareholder value [4][19] - A new $300 million share repurchase authorization was announced, including a $200 million modified Dutch auction tender offer [5][29] - The company aims to return to growth in the education segment by fiscal 2027, focusing on improving product alignment with district needs [16] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed fiscal 2026 adjusted EBITDA guidance of $146 million-$156 million, including a partial year impact from sale-leaseback transactions [31] - The company expects a return to profitability in Q4, driven by improved performance in Book Fairs and Education segments [32] - Management expressed confidence in achieving flat revenue for the full fiscal year, with expectations of 2% growth in Q4 [36][38] Other Important Information - The company established long-term net leverage targets of 2x-2.5x Adjusted EBITDA, balancing balance sheet strength with investment opportunities [28] - Free cash flow in Q3 was $407 million, reflecting proceeds from sale leaseback transactions [27] Q&A Session Summary Question: Confidence in achieving 2% growth in Q4 - Management highlighted Book Fairs as a major factor for revenue growth, with positive initial indications [37][38] Question: Sales pipeline for education solutions - Management noted improvements in the sales pipeline, particularly for summer reading and supplemental materials [42] Question: Adjusted EBITDA guidance and factors influencing it - Management indicated confidence in Q4 profitability due to cost mitigation actions and expected performance in the Entertainment segment [46][48] Question: Performance of the Book Fairs business - Management reported an increase in the number of fairs and revenue per fair, with fewer cancellations compared to the prior year [56] Question: Adjustments to revenue guidance - Management clarified that the adjustment was related to dynamics in the Trade business and not solely the Education segment [60][68]

Financial Data and Key Metrics Changes - Total revenues for the fourth quarter were $79 million, an increase from $73.2 million, primarily due to five fewer Bombshells locations, partially offset by new nightclub locations [5][6] - Corporate expenses rose to $15.4 million from $7.1 million, mainly due to the establishment of a legal reserve [5] - Net income attributable to common shareholders was a loss of $5.5 million compared to a profit of $244,000, with loss per share at $0.63 compared to a positive EPS of $0.03 [6] - Adjusted EBITDA decreased to $7.4 million from $17.9 million [6] Business Line Data and Key Metrics Changes - Nightclub revenues totaled $60.9 million, up 0.4%, driven by contributions from new clubs and rebranded Texas clubs, despite declines in same-store sales [8] - Bombshells segment revenues decreased to $9.4 million, down $2.6 million, due to fewer locations and declines in same-store sales [9][10] - Operating income for nightclubs increased to $16.3 million with a margin of 26.8%, compared to 21.5% [9] Market Data and Key Metrics Changes - The company reported a cash and cash equivalents balance of $33.7 million, up $4.4 million from the previous quarter [12] - Debt declined to $5.5 million, with a weighted average interest rate of 6.64% [12] Company Strategy and Development Direction - The company is focused on a five-year capital allocation plan, allocating approximately 40% of free cash flow to club acquisitions and 60% to share buybacks, debt reduction, and dividends [13][14] - The goal is to grow free cash flow per share by 10%-15% annually, with a focus on optimizing the nightclub portfolio by divesting underperformers [13][14] - For Bombshells, the strategy is to improve existing locations and target a 15% operating margin [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current operating environment, noting solid performance in January and February, despite challenges from economic factors [28][29] - Concerns about oil prices were mentioned, but management believes it will not significantly impact operations [29] - The company is seeing competitive pricing from liquor companies, which is beneficial for costs [29] Other Important Information - The company has made significant changes to the Bombshells concept, aiming to return to its roots as a sports bar with a focus on alcohol sales [56][57] - The legal reserve established this quarter is approximately $9 million, which management believes will mitigate future surprises in legal expenses [35][38] Q&A Session Summary Question: When will the next quarterly filing be? - Management anticipates filing the 10-Q in April, pending auditor completion [22][23] Question: How is the current environment affecting clubs and Bombshells? - Management reported solid performance but noted challenges from economic factors and travel disruptions [28][29] Question: How does the company balance capital allocation between acquisitions, debt repayment, and share buybacks? - The company is currently prioritizing share buybacks due to favorable valuations [44] Question: What is the current valuation of real estate assets? - Management clarified that the valuation for Bombshells operations real estate is in the $65 million-$85 million range [48]

Financial Data and Key Metrics Changes - Total revenues for the fourth quarter were $79 million, an increase from $73.2 million, primarily due to five fewer Bombshells-related locations, partially offset by new nightclub locations [5][6] - Corporate expenses rose to $15.4 million from $7.1 million, mainly due to the establishment of a legal reserve [5] - Net income attributable to common shareholders was a loss of $5.5 million compared to a profit of $244,000, with loss per share at $0.63 compared to a positive EPS of $0.03 [6] - Adjusted EBITDA decreased to $7.4 million from $17.9 million [7] Business Line Data and Key Metrics Changes - Nightclub revenues totaled $60.9 million, up 0.4%, driven by contributions from new clubs and smaller rebranded clubs, despite declines in same-store sales [8] - Bombshells segment revenues decreased to $9.4 million, down $2.6 million, due to fewer locations and declines in same-store sales [9] - Operating income for nightclubs increased to $16.3 million with a margin of 26.8%, compared to 21.5% [9] Market Data and Key Metrics Changes - The company reported a free cash flow margin of 18%, virtually level with the year-ago quarter [12] - Debt declined to $5.5 million, with a weighted average interest rate of 6.64% compared to 6.67% in the year-ago quarter [12] Company Strategy and Development Direction - The company is focused on a five-year capital allocation plan, allocating approximately 40% of free cash flow to club acquisitions and 60% to share buybacks, debt reduction, and dividends [13][14] - The goal is to grow free cash flow per share by 10%-15% annually, with a focus on optimizing the nightclub portfolio by divesting underperformers [13][14] - The company aims to improve Bombshells' profitability and return to same-store sales growth, with a target of 15% operating margins [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current operating environment, noting solid performance in January and February, despite challenges from economic factors [28] - Concerns about oil prices were mentioned, but management believes it will not significantly impact operations [29] - The company is seeing competitive pricing from liquor companies, which is beneficial for business costs [29] Other Important Information - The company has made significant changes to the Bombshells concept, aiming to return to its roots as a sports bar with a focus on alcohol sales [54][55] - The company plans to generate over $250 million in free cash flow over five years and repurchase a significant quantity of shares [16] Q&A Session Summary Question: When will the next quarterly report be filed? - Management anticipates filing the 10-Q in April, pending auditor completion [23][25] Question: How is the current environment affecting clubs and Bombshells? - Management reported solid performance and noted that business travelers are increasingly visiting clubs due to travel disruptions [28][29] Question: How does the company balance capital allocation between acquisitions, debt repayment, and share buybacks? - The company is currently prioritizing share buybacks due to favorable pricing, using 100% of free cash flow for this purpose [42][43] Question: What is the current valuation of real estate assets? - The company clarified that the valuation for Bombshells operations real estate is between $65 million and $85 million, while non-income-producing assets are valued around $30 million [46]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were $79 million, an increase from $73.2 million, primarily due to five fewer Bombshells-related locations, partially offset by new nightclub locations [5] - Corporate expenses rose to $15.4 million from $7.1 million, mainly due to the establishment of a legal reserve [5] - Net income attributable to common shareholders was a loss of $5.5 million compared to a profit of $244,000, with loss per share at $0.63 compared to a positive EPS of $0.03 [6] - Adjusted EBITDA decreased to $7.4 million from $17.9 million [6] - Free cash flow remained stable at $13.1 million, with a free cash flow margin of 18% [12] Business Line Data and Key Metrics Changes - Nightclub revenues totaled $60.9 million, up 0.4%, driven by contributions from new clubs and rebranded Texas clubs, despite declines in same-store sales [7] - Bombshells segment revenues decreased to $9.4 million, down $2.6 million, due to fewer locations and declines in same-store sales [9] - Operating income for nightclubs increased to $16.3 million with a margin of 26.8%, while Bombshells reported an operating loss of $1.6 million [9][10] Market Data and Key Metrics Changes - The company noted that economic uncertainty continues to impact performance, but March Madness and business travel disruptions have led to increased club attendance [28] - Oil prices are seen as a neutral factor for the company, with some food item prices decreasing, benefiting overall costs [29] Company Strategy and Development Direction - The company is focused on a five-year capital allocation plan, allocating 40% of free cash flow to club acquisitions and 60% to share buybacks, debt reduction, and dividends [13] - The goal is to grow free cash flow per share by 10%-15% annually, with a focus on optimizing the nightclub portfolio by divesting underperforming clubs [13][14] - For Bombshells, the strategy is to improve existing locations and return to same-store sales growth, with a target of 15% operating margins [14] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the current operating environment, noting solid performance in early 2026 and the potential for increased profitability through strategic changes [28][29] - The legal reserve of $9 million is expected to mitigate future surprises in legal expenses, indicating a cautious but stable outlook for 2026 [34][37] Other Important Information - The company has reduced its share count to approximately 7.7 million, about 14% lower than at year-end September 30, 2024 [4] - Cash and cash equivalents at the end of Q4 were $33.7 million, up $4.4 million from June 30 [12] Q&A Session Summary Question: When will the next quarterly report be filed? - Management anticipates filing the 10-Q in April, pending auditor completion [22][25] Question: How is the current environment affecting clubs and Bombshells? - Management reported solid performance in January and February, with some business travelers increasing club attendance due to travel disruptions [28] Question: How does the company balance capital allocation between acquisitions, debt repayment, and share buybacks? - The company is currently prioritizing share buybacks due to favorable stock prices, using 100% of free cash flow for this purpose [42][43] Question: What is the current valuation of real estate assets? - The company has approximately $30 million in non-income producing assets and underperforming clubs for sale, with Bombshells operations valued between $65 million and $85 million [46]

Building a portfolio of well-managed, high cash-flowing nightclubs and sports-bar restaurants NASDAQ: RICK | 4Q25 Conference Call | March 19, 2026 | www.rcihospitality.com | @RCIHHinc Today's Speakers Travis Reese Interim President & CEO RCI Hospitality Holdings, Inc. Albert Molina Interim CFO RCI Hospitality Holdings, Inc. 2 X Spaces Instructions Or 3 This presentation also may contain forward-looking statements that involve a number of risks and uncertainties that could cause the Company's actual results ...

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of approximately $2.3 billion, an 80% increase compared to 2024, driven by higher realized commodity prices and stronger production and sales volumes [20][21] - Net earnings increased by 533% year-over-year to $558 million, while adjusted net earnings rose by 179% to $555 million [20] - Operating cash flow reached approximately $746 million, a 134% increase compared to the same quarter in 2024 [20][21] - The gross margin for the year totaled approximately $1.7 billion, reflecting a 108% increase over the prior year [21] Business Line Data and Key Metrics Changes - Overall production in Q4 2025 was 205,000 gold equivalent ounces (GEOs), an 8% year-over-year increase, primarily driven by stronger production from Salobo and Antamina [11] - Salobo produced 89,000 ounces of attributable gold in Q4 2025, a quarterly record, representing a 5% increase compared to the prior year [11] - Antamina produced 1.6 million ounces of attributable silver in Q4 2025, a 49% year-over-year increase [12] Market Data and Key Metrics Changes - The company anticipates that 2026 GEO production will continue to grow, driven by contributions from newly acquired operating streams at Antamina and Hemlo, along with the startup of several development projects [14] - Attributable production at Peñasquito is expected to increase in 2026, while production at Constancia is anticipated to decline due to the depletion of the Pampacancha pit [15] Company Strategy and Development Direction - The company announced an 18% increase in its quarterly dividend to $0.195 per share, reflecting its commitment to returning value to shareholders [4] - Wheaton's long-term guidance outlines expected production growth of 50% to 1.2 million GEOs by 2030, supported by a robust pipeline of development projects [4][16] - The company is focused on acquiring high-quality assets and structuring agreements with strong counterparties to maintain attractive margins and long-term growth potential [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and the ability to support future growth, emphasizing the importance of maintaining a robust cash flow profile [10][29] - The management team highlighted the challenges in sourcing quality silver production while demand continues to rise, positioning Wheaton as one of the largest silver producers globally [7] Other Important Information - The company has approximately $1.5 billion in capital commitments over the next couple of years, which has been factored into its expectation to return to a net cash position within one year [32] - The company expects to generate over $10 billion in operating cash flow through the end of 2028 at current spot prices [24] Q&A Session Summary Question: What are the funding commitments over the next year or two? - The company has about $1.5 billion of capital commitments over the next couple of years, and this estimate includes returning to a net cash position [32] Question: Are there additional opportunities to increase exposure to familiar assets? - The company is always looking for opportunities to increase exposure to existing partners and is in constant communication regarding their funding needs [33] Question: What is the key source of upside for Antamina? - Management believes Antamina is a generational asset with significant upside potential due to ongoing reserve replenishment and various expansion methodologies [39] Question: How does the company view its leverage and ability to compete for new transactions? - The company is comfortable with its current cash and debt position, generating over $3 billion in free cash flow over the next 12 months, allowing it to fund transactions in the $1.5-$3 billion range [41] Question: How is the dividend related to gold prices? - The current dividend policy represents just over 10% of operating cash flows, and management believes it is sustainable even with a significant drop in gold prices [52][54]

Financial Data and Key Metrics Changes - The company reported record revenue of approximately $2.3 billion for the full year of 2025, an 80% increase compared to 2024, driven by higher realized commodity prices and stronger production and sales volumes [21][24] - Net earnings increased by 533% year-over-year to $558 million, while adjusted net earnings rose by 179% to $555 million [21] - Operating cash flow for Q4 2025 reached $746 million, a 134% increase compared to the same quarter in 2024 [21][22] - The gross margin for the year totaled approximately $1.7 billion, reflecting a 108% increase over the prior year [22] Business Line Data and Key Metrics Changes - In Q4 2025, overall production totaled 205,000 gold equivalent ounces (GEOs), an 8% year-over-year increase, primarily driven by stronger production from Salobo and Antamina [12][19] - Salobo produced 89,000 ounces of attributable gold in Q4 2025, a quarterly record and a 5% increase compared to the prior year [12] - Antamina produced 1.6 million ounces of attributable silver in Q4 2025, a 49% year-over-year increase, driven by higher grades and improved throughput [12] Market Data and Key Metrics Changes - The company anticipates that 2026 GEO production will continue to grow, driven by contributions from newly acquired operating streams at Antamina and Hemlo, along with several development projects [14][15] - The estimated attributable production in 2026 is forecasted to be 400-430 thousand ounces of gold and 27-29 million ounces of silver, resulting in total production of approximately 860-940 thousand GEOs [16] Company Strategy and Development Direction - The company announced an 18% increase in its quarterly dividend to $0.195 per share, reflecting its commitment to returning value to shareholders [4][24] - Wheaton's long-term guidance outlines expected production growth of 50% to 1.2 million GEOs by 2030, supported by a robust pipeline of development projects [4][17] - The company is focused on acquiring high-quality assets and maintaining attractive margins with long-term growth potential [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong cash flow generation, forecasting over $10 billion in operating cash flow through the end of 2028 at current spot prices [26] - The transition in leadership was highlighted, with Haytham Hodaly set to assume the role of CEO, indicating continuity in strategic direction [5][29] Other Important Information - The company completed the largest fresh metal streaming transaction ever, expanding its exposure to the Antamina mine in partnership with BHP [6][28] - The company has approximately $1.5 billion in capital commitments over the next couple of years, which has been factored into its cash flow projections [33] Q&A Session Summary Question: What are the funding commitments over the next year or two? - The company has about $1.5 billion of capital commitments over the next couple of years, and it expects to return to a net cash position within one year while paying dividends at the current level [32][33] Question: Are there additional opportunities to increase exposure to familiar assets? - The company is always looking for opportunities to increase exposure to existing partners and is in constant communication regarding their funding needs [34] Question: What is the expected depletion rate for Antamina? - The depletion rate for Antamina going forward will be combined between the legacy Glencore stream and the new BHP stream, estimated at around $27 an ounce [72] Question: When should the last $156 million payment for Koné be expected? - The Koné payment is expected to occur sometime in 2026, either in Q1 or Q2 [90] Question: What is the status of the Santo Domingo $30 million refund? - The refund is due to the project not coming online, allowing the partner to repay the amount and defer additional interest payments [91]

Core Insights - General Motors Company (GM) has significantly improved its financial performance, with average annual free cash flow (FCF) increasing from approximately $3 billion to $10 billion over the past five years [1][8] Financial Performance - GM's robust cash generation has allowed the company to execute its capital allocation strategy effectively, including investing in business and workforce, maintaining a strong balance sheet, and returning capital to shareholders [2] - The company has increased its quarterly dividend by 20% and plans to pursue additional share repurchases [2][8] Product and Market Position - GM's product portfolio has improved, contributing to a market share gain of 60 basis points in 2025 while maintaining low incentive levels in the automotive industry [3] - The disciplined strategy has driven nearly $25 billion in FCF generated over the past two years, with over $20 billion invested in capital projects to support core operations and strategic priorities [3][8] Future Investments - Looking ahead, GM plans to invest between $10 billion and $12 billion annually in 2026 and 2027, with approximately $5 billion directed toward expanding U.S. manufacturing capacity for high-demand vehicles [4] - This investment strategy aims to reduce exposure to tariffs and sustain growth momentum [4] Valuation and Estimates - GM has outperformed the Zacks Automotive-Domestic industry, with shares gaining 24.6% compared to the industry's 8.7% growth [7] - The company appears undervalued, trading at a forward sales multiple of 0.36, significantly lower than the industry's 3.36 [10] - The Zacks Consensus Estimate for GM's EPS has increased by 2 cents and 10 cents for 2026 and 2027, respectively, over the past 30 days [11]