FOURTH QUARTER & FULL YEAR 2025 EARNINGS CONFERENCE CALL MOVING INFRASTRUCTURE FORWARD | FEBRUARY 27, 2026 FORWARD LOOKING STATEMENTS Some statements in this release, which are not historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements about Arcosa's estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words "anticipates," "assumes," "believes," "estimates," "e ...

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO attributable to common shareholders was $29.5 million or $0.29 per diluted share, exceeding expectations [24] - FFO attributable to common shareholders was $23.1 million or $0.23 per diluted share, while AFFO was $17.8 million or $0.17 per diluted share [25] - Same-store NOI for the portfolio increased 6.3% on a GAAP basis and 7.1% on a cash basis [25] - For the full year 2025, normalized FFO attributable to common shareholders was $110.1 million or $1.08 per diluted share, above guidance [27] Business Line Data and Key Metrics Changes - Retail same-store NOI for Q4 was up 5.6% on a GAAP basis and 3.4% on a cash basis, driven by new leasing and rent commencements [15] - Office same-store NOI for Q4 was up over 10% GAAP and nearly 17% cash, supported by leasing and rent commencements [19] - Year-over-year, office same-store NOI increased 6% GAAP and 7% cash, with occupancy gains at key properties [19] Market Data and Key Metrics Changes - Retail same-store results year-over-year were up 1% GAAP and down 1% cash, impacted by anchor space vacancies due to bankruptcies [15] - Year-end occupancy was just under 95%, affected by temporary seasonal tenants [16] - The office portfolio fundamentals remain strong, with nearly eight years of WALT and only 1.7% rollover in 2026 [23] Company Strategy and Development Direction - The company announced a rebranding to AH Realty Trust, effective March 2nd, marking a strategic transformation [5] - Planned divestitures include the multifamily portfolio and fee income businesses to simplify operations and improve income predictability [6][7] - The focus will shift to retail and office assets in growing markets, aiming for a streamlined operating model and reduced leverage [9][10] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining full dividend coverage from cash flows generated by operating properties while reducing debt [11] - The company expects 2026 to be a transition year, with guidance reflecting discontinued operations and a focus on disciplined growth [10][12] - Management is confident in the ability to drive consistent NOI growth through proactive leasing and tenant retention [23] Other Important Information - The company is under an LOI for 11 of its 14 multifamily assets, with negotiations progressing towards final terms [7] - The exit of the construction business is nearly complete, and discussions are ongoing for the real estate financing investments [8] - The company aims to improve its long-term growth trajectory and deliver shareholder value more consistently [9] Q&A Session Summary Question: Long-term growth trajectory and financing plans for acquisitions - Management indicated a balanced approach to leverage and capital allocation, emphasizing the need for shares to trade at the right level relative to NAV for future acquisitions [37][38] Question: Expected retail to office NOI split in five years - Management expressed a focus on both retail and office, with an emphasis on retail in the short term while remaining open to opportunities in both sectors [40][41] Question: Context on mixed-use communities and office investments - Management confirmed a capability in mixed-use developments but emphasized a current focus on retail investments, with a willingness to sell office assets if pricing is favorable [46][48] Question: Update on multifamily dispositions - Management is under LOI for 11 assets, aiming for competitive pricing in the mid-5 cap range, with significant progress made in negotiations [50][51] Question: Dividend payout ratio trends - Management indicated a conservative approach to capital allocation, with a focus on maintaining a healthy dividend while simplifying and deleveraging the company [52][53] Question: Development as part of long-term strategy - Management acknowledged the importance of development but indicated a preference for acquisitions in the near term, with surgical development opportunities considered [58][59] Question: Expected growth in core businesses for 2026 - Management noted that 2026 may be a gap year for growth due to vacancies but anticipates stronger growth in 2027 [62]

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO attributable to common shareholders was $29.5 million or $0.29 per diluted share, exceeding expectations [25] - FFO attributable to common shareholders was $23.1 million or $0.23 per diluted share, while AFFO was $17.8 million or $0.17 per diluted share [26] - Same-store NOI for the portfolio increased 6.3% on a GAAP basis and 7.1% on a cash basis [26] - For the full year 2025, normalized FFO attributable to common shareholders was $110.1 million or $1.08 per diluted share, above guidance [26] - Same-store NOI for the full year increased 2.8% on a GAAP basis and 2% on a cash basis [27] Business Line Data and Key Metrics Changes - Retail same-store NOI for Q4 was up 5.6% on a GAAP basis and 3.4% on a cash basis, driven by new leasing and positive renewal spreads [15] - Office same-store NOI for Q4 was up over 10% GAAP and nearly 17% cash, supported by leasing gains [20] - Year-over-year, office same-store NOI increased 6% GAAP and 7% cash [20] Market Data and Key Metrics Changes - Retail same-store results year-over-year were up 1% GAAP and down 1% cash, impacted by anchor space vacancies due to bankruptcies [16] - Occupancy at The Interlock increased nearly 600 basis points in 2025, ending the year at over 94% leased [20] Company Strategy and Development Direction - The company announced a rebranding to AH Realty Trust, effective March 2, marking a strategic transformation [5] - Plans include exiting the multifamily portfolio and fee income businesses to simplify operations and improve income predictability [6][9] - The focus will be on retail and office assets in growing markets, with a goal to maximize shareholder value [6][9] - The company aims to reduce leverage by approximately two full turns post-transformation [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining full dividend coverage from cash flows generated by operating properties while reducing debt [11] - The company anticipates 2026 to be a transition year, with guidance reflecting discontinued operations [10] - Management emphasized a disciplined approach to capital allocation and a focus on sustainable cash flow growth [12] Other Important Information - The company is under an LOI for 11 of its 14 multifamily assets, indicating strong interest from credible parties [7] - The exit of the construction business is nearly complete, and discussions are ongoing for the real estate financing investments [8] Q&A Session Summary Question: Long-term growth trajectory and financing plans - Management indicated a balanced approach to leverage and capital allocation, with a focus on maintaining appropriate leverage while considering equity and debt options for future acquisitions [38][39] Question: Retail to office NOI split in five years - The company plans to operate where it can add the most value, focusing on both retail and office, with a disciplined approach to acquisitions [42][43] Question: Mixed-use communities and office investments - Management confirmed a capability in mixed-use investments but emphasized a current focus on retail, with potential for office asset sales if pricing is favorable [48][51] Question: Multifamily dispositions and pricing - The company is under LOI for 11 assets, targeting mid-5 cap range pricing, and is making significant progress in the sales process [52] Question: Dividend payout ratio trends - Management aims to maintain a conservative approach to dividends, focusing on cash flow positivity and simplification of the company before considering dividend increases [54][56] Question: Development as part of long-term strategy - While open to development opportunities, the current focus is on acquisitions due to higher capital costs, with a willingness to engage in surgical development when appropriate [60]

Core Viewpoint - Playboy, Inc. shares are experiencing a significant surge due to a deal involving the sale of 50% of its China business, expected to generate $112 million in guaranteed payments [1] Group 1: China Business Deal - Playboy will receive a total cash consideration of $122 million from the transaction, which includes $45 million for UTG's acquisition of a 50% stake, $67 million in fixed minimum payouts over eight years, and $10 million in brand support fees over three years [2] - The guaranteed payments are anticipated to replace existing cash flows from Playboy's China operations, with potential upside from profit distributions linked to future growth [3] - UTG has made a $9 million upfront deposit, with the first closing targeted for March 31, 2026, subject to standard closing conditions [3] Group 2: Financial Strategy - Playboy plans to use at least $50 million of the proceeds to de-leverage its balance sheet, aligning with efforts to enhance brand presence and operational efficiency [4] Group 3: Stock Performance - Playboy's stock is trading 18.9% above its 20-day simple moving average and 23.4% above its 100-day simple moving average, indicating strong short-term momentum [5] - The stock has increased by 0.74% over the past 12 months and is closer to its 52-week highs, suggesting a positive long-term trend [5] - Playboy is outperforming the Consumer Discretionary sector, gaining approximately 29.9% while the sector declined by 0.3% [7] Group 4: Earnings Outlook - The next major catalyst for Playboy's stock is the earnings report scheduled for March 12, 2026, with an EPS estimate of 2 cents, up from a loss of 15 cents year-over-year [9] - Revenue is estimated at $33.71 million, an increase from $33.49 million year-over-year [11] Group 5: Market Position - The Benzinga Edge scorecard indicates a lack of clear momentum indicators for Playboy, suggesting that while there is significant short-term gain, underlying performance metrics may require further examination [12]

Group 1: Cryptocurrency Market Analysis - The cryptocurrency market is attempting to find a bottom after a volatile weekend, with Bitcoin rebounding approximately 7% to around $79,000, recovering from a low of $75,000 [1][3] - Despite the rebound, ZFX Shanhai Securities indicates that this slight recovery is unlikely to reverse the overall short-term downtrend, as the cumulative decline over the past week remains significant, indicating a need for time to restore market confidence [1][3] - The core factor behind the recent volatility is the chain liquidation in the leveraged market, with over $2 billion in crypto derivatives facing forced liquidation, highlighting the current fragility of market liquidity [1][3] Group 2: Traditional Financial Market Comparison - In contrast to the cryptocurrency market, the traditional financial sector is performing well, with the Dow Jones Industrial Average recording its ninth consecutive month of gains, marking a historic streak [2][4] - The ISM Manufacturing PMI for January unexpectedly rose to 52.6, indicating a return to expansion in the manufacturing sector after a year [2][4] - This strong economic backdrop has attracted significant capital back to mainstream financial assets, leading to declines in crypto-related stocks like Coinbase and MicroStrategy, which fell between 3% and 9% [2][4] Group 3: Future Outlook - Looking ahead to early February, all eyes are on the upcoming January non-farm payroll report, as the heat of the job market will directly influence whether the Federal Reserve will consider restarting its rate-cutting path [5] - For cryptocurrencies, in the absence of new fundamental positive support, the market is expected to oscillate within the range of $78,000 to $82,000 [5] - ZFX Shanhai Securities advises investors to be cautious of potential new rounds of derivative sell-offs if technical support levels are breached again [5]

Core Viewpoint - Despite a significant increase in new home sales amounting to approximately 40 trillion yuan from 2022 to 2025, the personal mortgage balance in banks has not only failed to rise but has actually decreased, leading to a discrepancy of about 12.8 trillion yuan in expected mortgage growth [3][5][6]. Group 1: Mortgage Trends - The personal mortgage balance dropped from 38.32 trillion yuan at the end of 2021 to 37.74 trillion yuan by the second quarter of 2025 [4][5]. - Theoretically, based on the new home sales, banks should have seen an increase of around 28 trillion yuan in mortgages, but this did not materialize [5]. Group 2: Consumer Behavior - A large-scale deleveraging movement has occurred, with individuals prioritizing paying off their mortgages over other investments or consumption [6][7]. - Many consumers are finding that early repayment of mortgages has become the most stable and profitable financial strategy, especially as returns on other investment vehicles have diminished [13][15]. Group 3: Banking Sector Impact - The influx of funds for mortgage repayment has led to a contraction in banks' expected asset sizes and altered their balance sheet structures [9]. - Banks are facing significant operational pressures due to the high volume of early repayments, which has prompted them to implement measures such as closing online repayment channels and increasing penalties for early repayment [22][24]. Group 4: Policy Responses - In response to the challenges faced by banks and the housing market, various local governments have introduced policies aimed at stabilizing the financial system and supporting the housing market [30][32]. - These measures include increasing loan limits and allowing the use of public funds for various housing-related expenses, indicating a shift in focus from merely facilitating home purchases to ensuring the stability of financial institutions [30][32].

Financial Performance Highlights - Total revenue for the second quarter of 2025 was $3148 million, representing a 291% year-over-year growth[17] - Adjusted EBITDA for the second quarter of 2025 was $143 million, a 288% increase compared to the previous year[17] - Pharmacy Solutions revenue reached $2790 million, showing a 320% year-over-year increase[17] - Provider Services revenue was $358 million, reflecting a 105% year-over-year growth[17] Pharmacy Solutions Segment - Pharmacy Solutions segment EBITDA was $125 million, a 320% increase year-over-year[17] - Infusion and Specialty Pharmacy revenue was $2203 million, up 389% year-over-year[17] - Home and Community Pharmacy revenue was $587 million, an 110% increase year-over-year[17] - Prescriptions dispensed reached 10852 thousand, a 72% increase year-over-year, with revenue per script at $25711 and gross profit per script at $2154[24] Provider Services Segment - Provider Services segment EBITDA was $56 million, an 114% increase year-over-year[17] - Home Health Care revenue was $185 million, a 171% increase year-over-year, with an average daily census of 30085, a 64% increase year-over-year[17, 28]