• 1 Casella Waste Systems, Inc. Investor Presentation November 2025 Safe Harbor Statement Certain matters discussed in this presentation, including, but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, our financial performance; financial condition; operations and services; prospects; growth; strategies; anticipated impacts from future or completed acquisitions; and guidance for fiscal year 2025, are "forward-looking statements" intende ...

Financial Performance - Net long-term inflows reached $28.9 billion, representing an annualized organic growth of 7.9%[17] - Ending AUM hit a record $2.1 trillion[17] - Net revenues increased by 7.4% to $1186.3 million, while adjusted operating expenses increased by 3.3% to $780.2 million year-over-year[16] - Adjusted diluted EPS increased by 38.6% year-over-year to $0.61[16] - The adjusted operating margin improved by 260 basis points year-over-year to 34.2%[16] Balance Sheet and Capital Management - $260 million of bank term loans were repaid in Q3'25[8] - Share buybacks of $25 million, representing 1.2 million shares, were executed[17] - Ending long-term AUM grew 16% over the third quarter of 2024[17] AUM and Flows by Investment Capability - ETFs and Index strategies saw net long-term inflows of $21.4 billion and an ending AUM of $605.7 billion[9] - Fundamental Fixed Income experienced net long-term inflows of $4.1 billion and an ending AUM of $308.8 billion[9] - Fundamental Equities had net outflows of $5.0 billion with an ending AUM of $299.6 billion[9] - China JV & India saw net long-term inflows of $8.1 billion and an ending AUM of $136.8 billion[9]

Financial Performance - Taseko Mines Limited reported second quarter 2025 Adjusted EBITDA of $17 million, net income of $22 million ($0.07 per share), and an Adjusted net loss of $13 million ($0.04 loss per share) [1][14] - Revenues for the second quarter were $116 million from the sale of 19 million pounds of copper and 178 thousand pounds of molybdenum [1][14] - The company experienced a decrease in revenues compared to the same quarter in 2024, which were $137.7 million [14] Production and Operations - Copper production at Gibraltar was 20 million pounds, with total operating costs (C1) of $3.14 per pound [2][13] - Mining operations at Gibraltar saw a 31% increase in tons mined compared to the first quarter, totaling 30.4 million tons [2][17] - The mill throughput averaged 84,200 tons per day with an average copper grade of 0.20% and recoveries of 63% [2][19] Project Developments - Construction at Florence Copper is over 90% complete, with first copper cathode production expected before the end of 2025 [3][30] - The company has incurred $239 million on construction over the last 18 months, with spending expected to decline as construction activities wind down [3][32] - Taseko has made significant progress on the Yellowhead project, with an updated technical study showing an after-tax NPV of $2 billion at a copper price of $4.25 per pound [7][40] Strategic Agreements - Taseko reached an agreement with Tŝilhqot'in Nation and the Province of BC regarding the New Prosperity Project, receiving a payment of $75 million [7][50] - The agreement aims to facilitate future development of the New Prosperity project with the consent of the Tŝilhqot'in Nation [7][50] Future Outlook - The company anticipates a stronger second half of 2025 due to expected higher grades and improved recoveries at Gibraltar [5][26] - Taseko has secured copper collar contracts to protect a minimum copper price of $4.00 per pound for 54 million pounds of copper for the remainder of 2025 [6][29]

Core Insights - CVR Partners reported a net income of $39 million, or $3.67 per common unit, for Q2 2025, an increase from $26 million, or $2.48 per common unit, in Q2 2024 [1][9] - The company achieved an EBITDA of $67 million on net sales of $169 million for Q2 2025, compared to an EBITDA of $54 million on net sales of $133 million for Q2 2024 [1][19] - The average realized gate prices for ammonia and UAN increased by 14% and 18% respectively compared to the previous year [4][30] Financial Performance - Net sales for Q2 2025 were $168.6 million, up from $132.9 million in Q2 2024, with fertilizer product sales contributing $153.9 million [19][21] - Operating income for Q2 2025 was $46.3 million, compared to $33.6 million in Q2 2024 [19] - The company declared a cash distribution of $3.89 per common unit for Q2 2025, to be paid on August 18, 2025 [5][37] Production and Operations - Ammonia production decreased to 197,000 tons in Q2 2025 from 221,000 tons in Q2 2024, with 54,000 net tons available for sale [3][26] - The ammonia utilization rate was reported at 91% for Q2 2025, down from 102% in Q2 2024 [25] - The company produced 321,000 tons of UAN in Q2 2025, slightly down from 337,000 tons in Q2 2024 [3][26] Market Conditions - The nitrogen fertilizer market remains tight, with strong pricing continuing through the end of the planting season [2] - Average realized prices for ammonia and UAN were $593 and $317 per ton respectively in Q2 2025, compared to $520 and $268 per ton in Q2 2024 [4][30] - The company is focused on maintaining safe and reliable operations while generating free cash flow [3][2] Cash Flow and Capital Expenditures - Net cash flow from operating activities for Q2 2025 was $24.1 million, compared to $8.6 million in Q2 2024 [23] - Total capital expenditures for Q2 2025 were $10.7 million, up from $4.9 million in Q2 2024 [24] - Available cash for distribution was reported at $41.1 million for Q2 2025, compared to $20.1 million for Q2 2024 [33]

Financial Performance - First quarter sales were $1,233.278 million, a decrease of 3.6% compared to the same period in 2024 [7] - Adjusted operating profit was $194.147 million, a decrease of 9.5% compared to the same period in 2024 [7] - The company returned $215.6 million to shareholders through share repurchases in Q1 [6, 23] - Net debt is $1,067.4 million with a net leverage of 1.00x [19] Segment Performance - Installation segment sales were $745.533 million, a decrease of 6.7% compared to the same period in 2024 [11] - Specialty Distribution segment sales were $559.804 million, an increase of 2.6% compared to the same period in 2024 [15] Outlook and Strategy - The company is confirming full year 2025 guidance, with sales estimated between $5,050 million and $5,350 million and adjusted EBITDA between $925 million and $1,075 million [6, 48, 64] - The company completed the acquisition of Seal-Rite Insulation in April [26] - The company anticipates a high single-digit decline in residential sales and low single-digit growth in commercial & industrial sales for 2025 [45]