WM Technology, Inc. Q4 & Full Year 2025 Results March 12, 2026 Disclaimer This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to WM Technology, Inc. ("WM", the "Company", "we", "us", "our") and for no other purpose. References in this presentation to the "10- K" refer to the Annual Report on Form 10-K for the period ended December 31, 2025 filed with the Securities and Exchange Commission (the "SEC"). No ...

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Financial Data and Key Metrics Changes - Fiscal 2026 first quarter revenue totaled $278.6 million, down 17% from the prior year, driven by a 30% decrease in pricing due to higher industry supply [17] - Despite lower revenue, gross profit remained consistent at $31.6 million, leading to a gross margin increase of 190 basis points to 11.3% compared to the same period last year [17][18] - Adjusted EBITDA increased 5% to $18.5 million compared to $17.7 million last year, driven by higher avocado volume sold and improved per unit margins [21] Business Line Data and Key Metrics Changes - Marketing and Distribution segment net sales decreased 21% to $234.8 million, but adjusted EBITDA increased 33% to $12.9 million, reflecting higher avocado volume sold and solid per unit margins [21] - International Farming segment total sales increased 15% to $10.6 million, with adjusted EBITDA rising 28% to $2.3 million due to improved pack house utilization [22] - Blueberry segment total sales increased 12% to $40.8 million, but adjusted EBITDA decreased to $3.3 million due to lower per acre yields [23] Market Data and Key Metrics Changes - Mexican supply was abundant this quarter, with higher yields in the current harvest season compared to last year, contributing to a 14% growth in avocado volumes [6][17] - Household penetration of avocados reached approximately 72%, with per capita consumption nearly tripling over the past two decades, indicating strong demand trends [8] Company Strategy and Development Direction - The company is focused on leveraging the Calavo acquisition to enhance its core avocado business and expand into prepared foods, which is seen as a strategic opportunity [10][12] - Integration planning for the Calavo acquisition is underway, with expectations of achieving at least $25 million in annualized cost synergies within 18 months of closing [14] - The company aims to balance reinvestment in the business with returning capital to shareholders as free cash flow ramps up [15][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying strength of the business model despite near-term pricing pressures, emphasizing the long-term growth potential in avocado consumption [28] - The company anticipates a lower pricing environment in the second quarter, with expected avocado industry volumes increasing by approximately 10%-15% [25][26] - Management highlighted the importance of maximizing productivity and strengthening customer partnerships to drive long-term value creation [28] Other Important Information - SG&A expenses increased by $6.9 million, or 31%, primarily due to transaction advisory costs associated with the Calavo acquisition [18] - Cash and cash equivalents were $44.8 million as of January 31, 2026, down from $64.8 million as of October 31, 2025 [24] Q&A Session Summary Question: Insights on Calavo acquisition and synergy realization - Management feels confident about the $25 million synergy estimate and sees opportunities for further upside, focusing on cost-related synergies and growth potential [31][33] Question: Impact of pricing environment on margins - Management acknowledged that while lower prices compress margins, the focus remains on maintaining profitability through volume and per unit margins [39][41] Question: Timeline for blueberry farms reaching full productivity - Management expects blueberry farms to reach full productivity within 12-18 months, with improved yields anticipated as the plants mature [45][47] Question: Long-term capital allocation strategy - Management is committed to balancing debt management, reinvestment in growth, and returning capital to shareholders, with discussions ongoing about shareholder returns [49][51]

Financial Data and Key Metrics Changes - Total revenue for 2025 increased by 16% year-over-year to $469.5 million, with net income improving to $41.9 million and adjusted EBITDA increasing approximately threefold to $56 million [4][5] - Operating cash flow rose by 23% to $81.1 million, driven by improving power market conditions [4] - For Q4 2025, electric sales increased by 3% to $71.6 million, while coal sales rose by 24% to $29.1 million [13][14] - Total operating revenue for Q4 increased by 8% to $102.4 million, with a net loss of $0.2 million compared to a net loss of $215.8 million in the prior year [14][15] Business Line Data and Key Metrics Changes - Electric sales were the primary driver of revenue growth, increasing approximately 19% to $310.7 million for the full year [4] - Coal sales increased by 8% year-over-year to $148.7 million, supported by both internal fuel needs and third-party customers [5] - In Q4, coal sales growth was driven by higher third-party shipments, reflecting production optimization at Sunrise Coal [14] Market Data and Key Metrics Changes - The MISO region is experiencing strong demand for reliable dispatchable generation, tightening supply conditions and increasing the value of accredited capacity [6][7] - The company has made progress in selling energy and capacity at elevated prices, with competitive offers for accredited capacity over a decade in length [7] Company Strategy and Development Direction - The company is advancing its transformation into a vertically integrated independent power producer, focusing on maintaining operational reliability and executing strategic initiatives for long-term growth [4][9] - Plans to add up to 515 MW of natural gas generation under the ERAS program, targeting completion around Q3 2029, leveraging existing infrastructure at the Merom site [8][9] - The company aims to maintain a disciplined approach to capital allocation, with capital expenditures expected to increase modestly in 2026 compared to 2025 [9][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions, noting increased interest and pricing pressure for long-term power purchase agreements (PPAs) [22][23] - Operational challenges at the Merom power plant were acknowledged, with planned maintenance expected to improve performance ahead of peak summer demand [5][26] - The company is actively negotiating with multiple counterparties for equipment and PPAs to support the gas expansion project [31][32] Other Important Information - The company completed a $25 million prepaid energy forward sales contract and raised approximately $14 million through an ATM offering [17] - A new $120 million senior secured credit facility was established to support general corporate purposes and potential equipment deposits for the gas generation expansion [18] Q&A Session Summary Question: What are the main gating items for long-term PPA opportunities? - Management indicated that multiple parties are involved in negotiations, with increasing interest and pricing pressure in the market [22][23] Question: Can you provide details on the operational issues at Merom? - Management noted equipment failures affecting performance, with a planned major maintenance outage expected to improve reliability [25][26] Question: What factors will determine the completion date for the natural gas expansion? - Key factors include securing equipment in a timely manner and aligning long-term PPAs to support the project [31][32] Question: How will recent EPA decisions impact the business? - Most plants, including Merom, are already MACT compliant, and while ongoing costs exist, the changes may ease operational burdens [34] Question: Will long-term PPAs be announced in several tranches? - Management expects to announce multiple tranches rather than a single large deal [37] Question: What is the outlook for capital expenditures in 2026? - Capital expenditures are expected to be modestly higher than 2025 levels, excluding ERAS developments [44]

Financial Data and Key Metrics Changes - The company reported approximately $690,000 in revenue from continuing operations for fiscal year 2025, entirely generated from the TrueCut Motion platform and related motion grading services [28] - The cash balance at the end of 2025 was approximately $11.2 million, and following the sale of the Shanghai subsidiary, the cash balance was projected to be approximately $58 million by March 31, 2026 [30][33] - Operating expenses are expected to be approximately $2 million per quarter starting in the second quarter of 2026 [37] Business Line Data and Key Metrics Changes - The sale of the Shanghai semiconductor subsidiary allowed the company to reposition itself as a global technology licensing business focused on cinematic visualization solutions [11] - The company has transformed into a lean, asset-light organization with less than 25 full-time employees, with about 60% dedicated to R&D [14] Market Data and Key Metrics Changes - The company is focusing on expanding its TrueCut Motion platform, which is being utilized by leading filmmakers for premium theatrical releases [15][17] - There is a growing number of premium large format (PLF) screens, with major exhibitors allocating a majority of their new capital expenditures to enhance premium theatrical experiences [18] Company Strategy and Development Direction - The immediate strategic focus is on enabling additional premium large format theatrical experiences and building a profitable licensing business centered around cinematic and visual enhancement solutions [25] - The company aims to engage with studios and distributors to deliver premium experiences to home entertainment devices, which is expected to be a significant revenue source [45] Management's Comments on Operating Environment and Future Outlook - Management believes there is a large and compelling market opportunity for their motion grading technology and expertise, especially with the increasing demand for premium content [22] - The company is committed to maintaining a robust balance sheet and efficiently using cash to build its licensing business [25] Other Important Information - The company has approximately $1.2 million in escrow related to a tax dispute that is expected to be resolved in its favor [9][32] - The company has no intention of selling more patents and is actively trying to add to its patent portfolio specific to its go-forward business [58] Q&A Session Summary Question: What are the best near-term opportunities for revenue? - The company is focused on creating cinematic high frame rate content under the TrueCut Motion brand and expects to engage with studios and distributors for home entertainment [40][41] Question: What is the margin structure as revenue forms? - The company expects very high margins on revenue from content creation, distribution licensing, and device certification licensing [47] Question: What are the top priorities for 2026? - The top priorities include licensing the TrueCut Motion technology to third parties and developing the demand profile for the technology [59]

Financial Data and Key Metrics Changes - Consolidated operating income was approximately $800 thousand in Q4 2025, down from $1.5 million in Q4 2024, impacted by $400 thousand in M&A-related expenses [7] - Revenue increased to $11.9 million in Q4 2025 from $10.8 million in Q4 2024 [10] - Adjusted EBITDA decreased to $1.1 million in Q4 2025 from $2.1 million in the prior year [10] - Net income was approximately $300 thousand or $0.01 per diluted share in Q4 2025, compared to a loss of approximately $200 thousand or $0.01 per diluted share in Q4 2024 [10] Business Line Data and Key Metrics Changes - The industrial assets division reported operating income of approximately $1.1 million in Q4 2025, up from approximately $800 thousand in the prior year [7] - The financial assets division reported operating income of approximately $900 thousand in Q4 2025, down from $1.9 million in the prior year [7] - ALT, a part of the industrial assets division, reported operating income of $538 thousand in Q4 2025, compared to $276 thousand in the prior year [8] Market Data and Key Metrics Changes - Consumer loan delinquencies remain elevated, particularly in credit card and auto loans, which are expected to lead to increased charge-offs moving forward [9] - The company anticipates a significant amount of loans in the commercial real estate (CRE) market will be released due to ongoing pressures [5][21] Company Strategy and Development Direction - The company aims to define 2026 as the "year of the needle mover," focusing on larger transactions and aggressive M&A activities [5] - The recent acquisition of DebtX is expected to enhance capabilities in the financial asset segment and is projected to be accretive in 2026 [10][18] - The company has moved into a new facility designed to accelerate growth and increase operational efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, indicating a shift from a cautious approach to more aggressive transaction activity as companies are expected to release assets [3][4] - There is a belief that the current economic environment will lead to increased activity in auctions and larger transactions as companies move past a "wait and see" mentality [27] Other Important Information - The company has a strong balance sheet with stockholders' equity of $67 million as of December 31, 2025, and a cash balance of $20.5 million [11] - The company plans to resume share repurchases after authorizing a new program for up to $7.5 million [12] Q&A Session Summary Question: Clarification on DebtX acquisition accretion - The company expects the DebtX acquisition to be accretive on both operating income and net income basis [18] Question: Seasonality of DebtX business - DebtX typically has a strong Q4, with over 50% of their revenue often generated in that quarter [19] Question: Exposure to private credit market - The DebtX acquisition provides exposure to the private credit market, particularly in relation to loans struggling to be refinanced [21] Question: Larger transactions in 2026 - Management noted a general hesitation in 2025 due to geopolitical and macroeconomic factors, but signs indicate a return to larger transactions in 2026 [26][27] Question: Specialty lending performance - The modestly negative performance in specialty lending was attributed to a lack of funding and the need to increase loan amounts in 2026 [32]

Financial Data and Key Metrics Changes - Abacus Global Management reported total revenue growth of 116% in Q4 2025, reaching $71.9 million compared to $33.2 million in the prior year [31] - For the full year 2025, revenue increased by 110% to $235.2 million from $111.9 million in the previous year [31] - Adjusted net income for Q4 2025 grew 71% to $23 million, up from $13.4 million in the prior year [32] - Adjusted EBITDA for Q4 2025 increased by 132% to $38.6 million, with an adjusted EBITDA margin of 54% [33] - Full year adjusted EBITDA rose 115% to $132.6 million, maintaining a margin of 56% [34] - The company initiated its full year 2026 outlook for adjusted net income between $96 million and $104 million, implying up to 22% growth compared to 2025 [36] Business Line Data and Key Metrics Changes - The Life Solutions segment continues to drive revenue growth, with significant contributions to overall performance [31] - In Q4 2025, capital deployed increased by 82% to $230.7 million, compared to $126.5 million in the prior year [30] - The asset management segment generated nearly $34 million in management fees in 2025, with over $3 billion in fee-paying AUM [11][28] Market Data and Key Metrics Changes - The company noted a robust demand for longevity-linked and asset-backed strategies, driven by institutional allocators seeking uncorrelated return streams [21] - Abacus paid nearly a quarter of a billion dollars to policyholders in 2025, highlighting the liquidity provided to policyholders during market uncertainty [8] Company Strategy and Development Direction - Abacus aims to grow its fee-paying AUM to over $5 billion by the end of 2026, with a long-term target of $50 billion by 2030 [28] - The company is focused on building a recurring revenue model, targeting 70% of total revenue from recurring sources over the next five years [29] - The recent acquisition of a minority position in Manning & Napier is expected to create synergies across wealth management and life insurance [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and execution, citing 11 consecutive quarters of outperformance [5][38] - The current market environment is seen as favorable for Abacus, with a focus on educating the investment community about the company's value proposition [39] - The company is committed to maximizing long-term shareholder value through disciplined capital allocation and strategic growth initiatives [17][18] Other Important Information - The company has a strong balance sheet with cash and cash equivalents of $38.1 million and outstanding long-term debt of $405.8 million as of December 31, 2025 [36] - Abacus is leveraging proprietary mortality data to enhance its underwriting and asset management capabilities, positioning itself as a valuable data provider in the industry [7][12] Q&A Session Summary Question: Can you expand on how the investor demand side has evolved since the last quarter? - Management noted that demand has continued to increase, particularly in light of recent market volatility, which has created more opportunities for securitization [44][45] Question: Is it fair to assume the next securitization could be larger than the first one? - Management confirmed that the goal is to target a larger securitization, potentially exceeding $100 million based on current demand [46][48] Question: What is the pipeline like for potential acquisitions? - Management indicated that there are ongoing discussions for strategic acquisitions that would create synergies, emphasizing a patient and diligent approach [77]