Pure Cycle (PCYO) 2025 Investor Day July 16, 2025 03:00 PM ET Speaker0Okay.Speaker1For all of those that are online, welcome. You know, we we did spend, last couple of hours just, going through and touring, you know, each aspect of what we're doing out here. You know, the the and I will say and it's kinda some of the things. So for those of you that are on the tour, I'm gonna be a little bit repetitive to dial some of that back. But one of the interesting things that we have at this particular time is that, ...

Financial Highlights - Total Adjusted EBITDDA reached a record of $195 million, driven by strong lumber markets[4] - The company's Cash Available for Distribution (CAD) for the trailing twelve months ended March 31, 2021, was $4131 million[7] - The company has a strong liquidity position with $761 million available[13] Segment Performance - Timberlands Adjusted EBITDDA was $679 million, with 13 million tons harvested[12] - Wood Products Adjusted EBITDDA was $1255 million, with 258 MMBF of lumber shipped[12] - Real Estate Adjusted EBITDDA was $166 million, including the sale of 7K rural acres, 51 residential lots, and 11 commercial acres[12] Timberlands - Northern Timberlands Adjusted EBITDDA was $542 million, with sawlog harvest volume of 427 thousand tons and a price of $178 per ton[26, 29] - Southern Timberlands Adjusted EBITDDA was $137 million, with sawlog harvest volume of 508 thousand tons and a price of $44 per ton[34, 37] Wood Products - Wood Products Adjusted EBITDDA was $1255 million, with lumber shipments of 258 MMBF and an average lumber price of $890 per MBF[12, 44] - The average lumber price realizations increased 41% to $890 per MBF in Q1 2021[42] Real Estate - Real Estate Adjusted EBITDDA was $166 million, with 7,083 acres of rural land sold at an average price of $1,415 per acre[12, 53] - 51 residential lots were sold at an average price of $99,000 per lot[53] Outlook - The company anticipates Q2 2021 Total Adjusted EBITDDA will be higher than Q1 2021, potentially setting a new quarterly record[68]

Financial Performance - Total Adjusted EBITDA for 2019 was $179 million, the 3rd highest since becoming a REIT in 2006 [4] - Cash Available for Distribution (CAD) was $82 million [8] - $133 million was returned to shareholders through dividends and share repurchases [9] - Real Estate segment's EBITDA was $63 million in 2019 [12, 51] Segment Results - Timberlands Adjusted EBITDA was $134 million with 5.6 million tons harvested [12] - Wood Products Adjusted EBITDA was $13 million with 1.07 BBF lumber shipped [12] - Real Estate sold 24,000 rural acres, 148 residential lots, and 38 commercial acres [12] - Northern Timberlands Adjusted EBITDA in Q4 2019 was $20.6 million, compared to $24.4 million in Q3 2019 [27, 30] - Southern Timberlands Adjusted EBITDA in Q4 2019 was $17.4 million, compared to $18.6 million in Q3 2019 [35, 38] Capital Structure - $190 million of debt was refinanced, lowering the weighted average interest rate by 80 bps [13] - Net debt was reduced by $35 million [13] - The company had $460 million of liquidity at year-end [13] - Net debt to enterprise value was 18.8% [66]

Investor Presentation Q2 2025 FORWARD-LOOKING STATEMENTS Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to: the effect of D.R. Horton's controlling level of ownership on us and the holders of our securities; our ability to realize the potential benefits of the strategic relationship with D.R. Horton; the effect of our strategic relationship with D.R. Horton on our ability to maintain relati ...