Investor Presentation March 2026 Owner: Aaron Updated? (Y/N): Y Tie-out: Alex Reviewed? (Y/N): Y Note: Changed Date Forward-Looking Statements Certain statements and information included herein constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995, including statements with respect to our anticipated 2026 financial results. Words such as "will," "expect," "anticipate," "estimate," "guidance" and similar words and phrases are used in this p ...

Core Insights - Easy Environmental Solutions, Inc. (EZES) is experiencing significant growth momentum entering 2026, driven by international success in Africa and Central America, and is poised to capitalize on nitrogen shortages due to geopolitical issues in the Middle East [1][2] Production Capabilities - EZES has established production facilities in Wisconsin, Minnesota, and Florida, ensuring year-round access to food waste for their organic microbial solution, Terreplenish® [4] - The company is producing Easy FEN™ units in Mankato, MN, with the first unit set to deploy to Africa in spring 2026, capable of producing over 2 million gallons of Terreplenish® annually [5] Crop Trials and Results - Ongoing field trials in Africa (Ghana, Egypt, The Congo) and Central America have shown substantial yield increases for various plant varieties, with additional trials planned for corn, wheat, and a variety of vegetables in North America [6] - The company aims to treat over 10,000 ash trees in the Midwest this spring to combat the ash borer infestation, having successfully treated over 1,000 trees in a previous trial [7] Customer Engagement and Market Presence - EZES has launched an aggressive campaign to engage customers through trade shows and distributor partnerships, including participation in major industry conferences [8][10] - The company has gained exposure to over 100,000 attendees at the World Ag Expo, highlighting the demand for organic alternatives that provide equal or better yield results [10][11] Strategic Decisions - After evaluating a potential merger with Lifestyle Dock, EZES decided not to proceed, opting instead to maintain its equity and develop an OEM supplier relationship to leverage both companies' technologies [13][14] - The management team emphasized the importance of decisions that align with the company's long-term vision and strategic priorities, reinforcing confidence in continued growth [15] Company Overview - EZES focuses on developing modular technologies aimed at solving major global challenges while promoting sustainability and efficiency across various industries [16]

Financial Data and Key Metrics Changes - CECO Environmental reported a record backlog of approximately $800 million, up nearly 50% year-over-year [5][10] - Revenue for Q4 was $215 million, and for the full year, it reached $774 million, representing a 39% increase year-over-year [11][12] - Adjusted EBITDA for Q4 was $29.8 million, a 57% increase compared to the prior year, with full-year adjusted EBITDA exceeding $90 million for the first time [12][16] - The company raised its 2026 revenue guidance to between $925 million and $975 million, up from a previous outlook of $850 million to $950 million [7][18] Business Line Data and Key Metrics Changes - Orders in Q4 reached $329 million, a record increase of 50% year-over-year, with a book-to-bill ratio of approximately 1.5x [11][12] - Full-year bookings surpassed $1 billion for the first time, marking a 60% increase over 2024 levels [6][11] - The company experienced strong demand in power generation, natural gas infrastructure, semiconductor, and industrial water applications [11][12] Market Data and Key Metrics Changes - CECO is seeing a strong market backdrop in power generation, industrial reshoring, industrial water, and natural gas infrastructure customer segments [8][9] - The company has secured large natural gas power generation orders exceeding $175 million in Q1 2026 [9] - The pipeline for industrial water treatment projects is expected to yield opportunities between $10 million and $50 million in size, particularly in international markets [35] Company Strategy and Development Direction - The merger with Thermon is expected to create a stronger global leader in industrial, environmental, and thermal solutions, enhancing financial agility and strategic capabilities [4][20] - The combination aims to leverage both companies' strengths to accelerate growth through expanded customer relationships and global reach [20][26] - CECO plans to deepen its focus on sourcing and productivity while managing price and cost amid an uncertain economic backdrop [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong visibility provided by the record backlog and growing sales pipeline, anticipating continued growth in 2026 [7][18] - The company is optimistic about the industrial water and wastewater treatment sector, particularly in international water infrastructure projects [9][35] - Management highlighted the importance of emissions treatment solutions in the power generation space, which positions CECO favorably in the market [54] Other Important Information - The transaction with Thermon is valued at approximately $2.2 billion, with Thermon shareholders receiving $10 in cash and 0.684 shares of CECO common stock per share [21] - The combined company is expected to have pro forma revenues of approximately $1.5 billion and adjusted EBITDA of $295 million, assuming identified synergies [22][28] Q&A Session Summary Question: Can you frame the industrial water business and its opportunities? - Management highlighted a large pipeline of activity in industrial water treatment, particularly in international markets, with opportunities expected to be announced throughout the year [34] Question: What are the low-hanging fruit opportunities in the Thermon acquisition? - Management noted that there are many shared customers and potential for combined bids, particularly in advanced thermal applications [36][38] Question: How does Thermon's short cycle business work and its recurring nature? - Thermon has a long-established installed base and provides ongoing product updates, resulting in a strong replacement cycle and recurring revenue [46] Question: What is the current pipeline activity in the power vertical? - The current power segmentation pipeline is well in excess of $1 billion, with significant visibility on upcoming projects [50][51] Question: What is the organic growth rate for Q4? - The organic growth rate for Q4 was reported to be a little over 25% [84]

Core Insights - The company achieved a revenue growth of 3.5% in 2025, with adjusted EBITDA growth of nearly 7% and an adjusted EBITDA margin expansion of 90 basis points [1][10]. - Adjusted earnings per share reached $7.02, and adjusted free cash flow was $2.43 billion, with a conversion rate increase of 200 basis points to 45.8% [1][10]. - The company expects 2026 revenue to be in the range of $17.05 billion to $17.15 billion, with adjusted EBITDA projected between $5.475 billion and $5.525 billion [10][11]. Financial Performance - Fourth quarter organic revenue growth was driven by solid pricing, with an average yield on total revenue of 3.7% and related revenue yield of 4.5% [4][12]. - Organic volume declined by 1% in the fourth quarter, primarily due to decreases in construction and manufacturing markets [4][13]. - The adjusted EBITDA margin for the full year was 32%, reflecting a 90 basis point increase compared to the previous year [16][17]. Customer Engagement and Retention - The customer retention rate remained strong at 94%, with an improving net promoter score throughout 2025 [4][10]. - The company delivered over 70 million proactive service notifications in 2025, addressing common customer inquiries [7]. Digital and Technological Advancements - Investments in AI and digital tools are expected to enhance pricing optimization and customer retention, with advanced analytics being deployed to improve service delivery [5][6][51]. - The company is upgrading its RISE digital platform to strengthen its competitive position [5]. Sustainability Initiatives - The company made significant progress in its sustainability efforts, including the development of polymer centers and renewable natural gas (RNG) projects, with nine RNG projects commencing operations in 2025 [7][9]. - Commercial production began at the Indianapolis Polymer Center, contributing to the company's sustainability goals [8][9]. Capital Allocation and M&A Strategy - In 2025, the company invested $1.1 billion in acquisitions and returned $1.6 billion to shareholders, including $854 million in share repurchases [10]. - The acquisition pipeline remains strong, with expectations to invest approximately $1 billion in value-creating acquisitions in 2026 [10][11]. Market Outlook - The company anticipates a challenging macroeconomic environment but expects to deliver another year of profitable growth in 2026, with projected adjusted earnings per share growth of 3.1% [10][11]. - The guidance for 2026 indicates nearly 4% top-line growth and over 5% growth in adjusted EBITDA, despite headwinds from prior year comparisons [11].

Core Insights - The company has undergone a significant transformation, shifting its primary focus from real estate development to environmental solutions [1] - The acquisition of Resource Group has established the company's core operating business and is central to its waste-to-value and materials processing strategy [1] - The company generated approximately $7 million in gross revenues during fiscal 2025, a substantial increase from less than $500,000 in 2024 [1] Business Transformation - The company executed a deliberate transition to an operating platform with revenue-generating operations, owned equipment, and expanding infrastructure [1] - The integration of Resource Group has positioned the company for disciplined growth and long-term value creation for stockholders [1] Future Outlook - The company remains focused on execution, expanding higher-value products, and unlocking value across its asset base [1] - Management believes the company is well-positioned for its next phase of growth, emphasizing operational scaling and disciplined execution [1]

Group 1: Kingdom Capital Advisors Overview - Kingdom Capital Advisors achieved a 17.45% return net of fees in 2025, despite facing significant challenges including a bankruptcy and a cyberattack [1] - The composite return for the fourth quarter was 8.88% net of fees, outperforming the Russell 2000 TR (2.19%), S&P 500 TR (2.68%), and NASDAQ 100 TR (2.47%) [1] Group 2: Enviri Corporation (NYSE:NVRI) Performance - Enviri Corporation closed at $18.29 per share on January 8, 2026, with a one-month return of 0.94% and a 52-week gain of 117.22% [2] - Enviri Corporation had a market capitalization of $1.476 billion and generated revenue of $575 million with an adjusted EBITDA of $74 million in Q3 2025 [4] Group 3: Investment Insights on Enviri Corporation - Enviri Corporation was a top contributor for Kingdom Capital Advisors in Q4 2025, alongside Magnera Corporation [3] - The company is expected to execute a $3 billion sale of Clean Earth, which is anticipated to provide a tax-efficient return of capital distribution [3] - Despite its potential, Kingdom Capital Advisors believes certain AI stocks may offer greater upside potential and less downside risk compared to Enviri Corporation [4]

Core Insights - Safe and Green Development Corporation has successfully implemented a 25% price increase on its recurring weekly compost purchase orders at its Myakka, Florida facility, which was accepted by a high-volume customer without any reduction in order volume [1][2] Pricing Strategy - The pricing adjustment reflects strong underlying demand for the Company's compost products and demonstrates increasing pricing power across its materials processing platform, contributing directly to gross revenue and supporting improved unit economics [2][4] Operational Enhancements - The higher pricing aligns with the Company's broader operational strategy, which includes ongoing enhancements to improve throughput, material consistency, and reliability, supported by the deployment of new equipment and the planned integration of the Microtec mill [3][4] Transparency Initiatives - The Company plans to publish a monthly third-party inventory flyover report of its Myakka site to enhance shareholder transparency regarding day-to-day operations and inventory activity [5] Company Overview - Safe and Green Development Corporation focuses on real estate development and environmental solutions, primarily acquiring and investing in properties intended for future development into green housing projects [6][7] Subsidiary Operations - The Company wholly owns Resource Group US Holdings LLC, which operates an 80+ acre organics processing facility in Florida, processing source-separated green waste and expanding into sustainable, high-margin potting media and soil substrates [7]

Core Insights - CECO Environmental Corp. has announced its largest order to date, exceeding $135 million, which includes a comprehensive emissions management solution for a Texas-based natural gas power generation facility [1] - The company expects full-year 2025 bookings to surpass $1 billion, with a record backlog approaching or exceeding $800 million [1] - CECO's sales pipeline is projected to exceed $6 billion by the end of 2025, indicating strong future growth potential [2] Company Performance - CECO has been recognized in Newsweek's America's Greatest Companies 2025 list and Forbes' 2026 America's Most Successful Small-Cap Companies, highlighting its commitment to delivering world-class solutions and sustainable growth [3] - The CEO emphasized the company's strong performance in the energy transition and power generation sectors, as well as its emerging leadership in international industrial water treatment markets [2] Market Position - CECO operates in various industrial sectors, including air and water quality improvement, emissions management, and energy efficiency, serving markets such as power generation, semiconductor production, and electric vehicle manufacturing [5] - The company is well-positioned to benefit from ongoing trends in natural gas infrastructure expansions, industrial reshoring, and electrification [2]

Core Insights - Arq, Inc. (NASDAQ:ARQ) is recognized as one of the best micro-cap stocks to invest in according to analysts [1] - Clear Street has reiterated a Buy rating for Arq, while lowering the price target from $9 to $8 due to production line issues expected to persist until mid-2026 [2] - The company reported a Q3 2025 loss per share of $0.02, missing estimates by $0.04, with revenue of $35 million, slightly up year-over-year but missing expectations by $0.6 million [3] Company Performance - Arq's new Granular Activated Carbon production line is facing ongoing issues, which will delay the ramp-up to over 95% utilization and the addition of a second line, impacting revenue forecasts for 2027 [2] - The company operates in the environmental technology sector, focusing on air, water, and soil treatment solutions based on activated carbon in the U.S. and Canada [3]

Core Insights - Safe and Green Development Corporation has secured delivery of the patented Micotec Mill, expected in March 2026, which will enhance its materials processing capabilities and support its strategy to expand in soil and environmental product lines [1][2][4] Group 1: Processing Capabilities - The Micotec Mill features a patented milling process that refines organic materials with precision, allowing for uniform particle sizing and improved material handling [2][4] - The installation of the Micotec Mill is anticipated to increase the production of high-quality soil and growing media products while improving internal manufacturing efficiency and reducing reliance on external refiners [3][6] Group 2: Strategic Positioning - The company holds exclusive rights to utilize the Micotec milling technology in the United States, enhancing its competitive edge in the environmental materials sector [4][5] - The integration of the Micotec Mill with existing processing systems, such as the Diamond Z Horizontal Grinder and Komptech Shredder, aims to create a comprehensive equipment suite that boosts material preparation and production capabilities [7][8] Group 3: Future Expansion - The first installation of the Micotec Mill will occur at the primary green waste facility in Myakka City, Florida, with potential for additional mills at other sites based on performance and market demand [6][8] - The company plans to begin commissioning and testing the Micotec Mill following its delivery, with updates to be provided in future quarterly communications [8]