Fourth Quarter 2025 Earnings Presentation March 2026 Important notice Cautionary Note Regarding Forward-Looking Statements and Projections. Certain statements in this presentation may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, each as amended. Forward-looking statements provide current expectations of future events and include any statemen ...

Financial Data and Key Metrics Changes - In Q4 2025, revenues reached $83.9 million, nearing the high end of guidance, while total revenues for the full year rose to $341.9 million, a 9.1% year-over-year increase driven by game services [5][19] - Net income grew by 10.4% to $148.1 million for the full year, with Q4 net income increasing by 6.2% to $34.5 million, resulting in a net margin of 41.2%, up 5.4 percentage points year-over-year [5][18][25] Business Line Data and Key Metrics Changes - Revenues from game services gained significant traction, growing 9.1% year-over-year, supported by effective marketing campaigns [5][19] - Monthly Active Users (MAUs) increased by 8.2% year-over-year to 44.8 million, driven by refined operations and engagement initiatives [15] Market Data and Key Metrics Changes - The MENA digital entertainment market continues to surge, contrasting with moderated growth in mature gaming markets, positioning the company to seize emerging opportunities in the region [6][10] - The gaming industry saw a structural divergence, with strategy and puzzle games being the highest-grossing genres worldwide in 2025, each generating annual revenues exceeding $10 billion [8] Company Strategy and Development Direction - The company is focused on deepening engagement in key regional markets, particularly through a strategic partnership with the Saudi Esports Federation to enhance brand visibility and support local esports initiatives [10][11] - Plans for 2026 include unlocking synergies between social and gaming ecosystems, embedding AI across operations, and diversifying the product pipeline to lead in the MENA market [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that recent geopolitical developments in the Middle East have had limited impact on operations, with user demand for community engagement remaining stable [37] - The company expects Q1 2026 revenues to be between $75 million and $82 million, considering the impact of Ramadan [26] Other Important Information - The company executed $56.6 million in share repurchases in 2025 and has authorized a new share repurchase program for up to $150 million from March 2026 to March 2028 [11][12][55] - The company is committed to maximizing shareholder value through a disciplined capital allocation strategy [13][56] Q&A Session Summary Question: Can management brief us on the company's partnership with the Saudi Esports Federation? - The partnership aims to deepen presence in Saudi Arabia, enhance brand visibility, and support women's participation in esports, aligning with the Saudi government's Vision 2030 [29][31] Question: Could management share the perspective on the evolving macro dynamics in the Middle East? - Management indicated that there has been no material revenue variation recently, and user demand for community engagement remains stable despite geopolitical tensions [36][37] Question: Could management provide an update on the product rollout and marketing schedule? - The company is preparing for the official promotion of new gaming titles in Q2, with monetization expected to ramp up in the second half of the year [39][42] Question: Could management share more details on the company's proprietary AI model and its future direction? - The in-house developed AI model, SIMIS, is enhancing content moderation efficiency and is being integrated into various operational workflows to drive innovation [44][46] Question: What is the company's medium to longer-term strategy for the gaming business? - The strategy includes consolidating the core portfolio while expanding into new growth segments, focusing on mid-core and hardcore games, and leveraging localized publishing strengths [48][51] Question: Could management share more details on the share repurchase program announced earlier? - The company executed a total repurchase of $56.6 million in 2025 and plans to continue with a new program for up to $150 million, reflecting confidence in the business outlook [54][55]

Financial Data and Key Metrics Changes - In Q4 2025, revenues reached $83.9 million, with full-year revenues rising to $341.9 million, a significant increase driven by strong performance across the product ecosystem [7][8] - Net income grew by 10.4% year-over-year to $148.1 million, with Q4 net income increasing by 6.2% to $34.5 million [8][30][41] - The company maintained a net margin of 41.2%, up 5.4 percentage points year-over-year [30] Business Line Data and Key Metrics Changes - Revenues from game services grew by 9.1% year-over-year, reflecting the company's commitment to the gaming sector and effective marketing strategies [8][30] - The user base increased, with monthly active users (MAUs) rising by 8.2% year-over-year to 44.8 million [24] Market Data and Key Metrics Changes - The MENA digital entertainment market is experiencing significant growth, while mature gaming markets are seeing moderated growth [9][10] - The company is strategically positioned to capitalize on emerging opportunities in the MENA region, particularly in gaming [10][19] Company Strategy and Development Direction - The company plans to deepen engagement in key regional markets, particularly through partnerships like the one with the Saudi Esports Federation, which aligns with Vision 2030 [17][18] - A focus on integrating AI across various operations to enhance efficiency and user engagement is a key part of the company's strategy [15][22] Management's Comments on Operating Environment and Future Outlook - Management noted that recent geopolitical developments in the Middle East have had a limited impact on revenue, with user demand for community engagement remaining strong [55][56] - The company expects revenues for Q1 2026 to be between $75 million and $82 million, considering the impact of Ramadan [42] Other Important Information - The company executed $56.6 million in share repurchases in 2025 and plans to initiate a new share repurchase program for up to $150 million [20][21][80] - The company is committed to maximizing shareholder value through disciplined capital allocation [21][81] Q&A Session Summary Question: Can management brief us on the company's partnership with the Saudi Esports Federation? - The partnership aims to enhance brand visibility in Saudi Arabia and support women's participation in esports, aligning with the Saudi government's Vision 2030 [47][48] Question: Could management share the perspective on the evolving macro dynamics in the Middle East? - Management indicated that there has been no material revenue variation recently, and user demand for community engagement remains strong [55][56] Question: Could management provide an update on the product rollout and marketing schedule? - The company is preparing for the official launch of new games in Q2, with a gradual increase in marketing investments [60][61] Question: Could management share more details on the company's proprietary AI model? - The in-house developed AI model, CMIS, is enhancing content moderation efficiency and is being integrated into various operations [64][66] Question: What is the company's medium to long-term strategy for the gaming business? - The strategy includes consolidating the core portfolio while expanding into new growth segments, focusing on mid-core and hardcore games [72][76] Question: Could management share more details on the share repurchase program? - The company executed a total repurchase of $56.6 million in 2025 and plans to continue with a new program for up to $150 million [79][80]

Financial Data and Key Metrics Changes - In Q4 2025, revenues reached $83.9 million, approaching the high end of guidance, while total revenues for the full year rose to $341.9 million, driven by strong performance across the product ecosystem [5][20] - Net income grew by 10.4% year-over-year to $148.1 million, with a net margin of 41.2%, up 5.4 percentage points year-over-year [5][19] - For Q4 2025, net income was $34.5 million, a 6.2% increase from $32.5 million in Q4 2024 [25] Business Line Data and Key Metrics Changes - Revenues from game services grew 9.1% year-over-year, reflecting the company's commitment to the gaming business and effective marketing campaigns [5][19] - Monthly Active Users (MAUs) increased by 8.2% year-over-year to 44.8 million, driven by refined operations and engagement initiatives [15] Market Data and Key Metrics Changes - The MENA digital entertainment market continues to surge, while growth in mature gaming markets has moderated [6] - The gaming industry is experiencing structural divergence, with distinct economies and competitive dynamics emerging in sub-markets [6] Company Strategy and Development Direction - The company is focusing on deepening engagement in key regional markets, particularly through partnerships like the one with the Saudi Esports Federation, which aligns with Vision 2030 [11][12] - Yalla plans to unlock synergies between its social and gaming ecosystems to boost cross-product engagement and user lifetime value [13] Management's Comments on Operating Environment and Future Outlook - Management noted that recent geopolitical developments in the Middle East have had limited impact on revenue, with user demand for community engagement remaining strong [37] - For Q1 2026, revenues are expected to be between $75 million and $82 million, considering the impact of Ramadan [26] Other Important Information - The company executed $56.6 million in share repurchases in 2025 and has authorized a new share repurchase program for up to $150 million from March 2026 to March 2028 [12][56] - The company is committed to maximizing shareholder value through disciplined capital allocation [13][56] Q&A Session Summary Question: Can management brief us on the company's partnership with the Saudi Esports Federation? - The partnership aims to enhance brand visibility in Saudi Arabia and support women's participation in esports, aligning with the Saudi government's Vision 2030 [29][30] Question: Could management share the perspective on the evolving macro dynamics in the Middle East? - Management indicated that there has been no material revenue variation recently, and user demand for community engagement remains strong despite geopolitical tensions [36][37] Question: Could management provide an update on the product rollout and marketing schedule? - The company is preparing for the official promotion of its new match-three title, Turbo Match, in Q2, with monetization expected to ramp up in the second half of the year [39][41] Question: Could management share more details on the company's proprietary AI model and its future direction? - The in-house developed AI model, SIMIS, is enhancing content moderation efficiency and is being integrated into various operational workflows to drive innovation [44][46] Question: What is the company's medium to longer-term strategy for the gaming business? - The strategy includes consolidating the core portfolio while expanding into new growth segments, focusing on mid-core and hardcore games [48][51]

4 th Quarter 2025 Earnings Presentation Mar 2026 Disclaimer Agenda 4 th Quarter 2025 Achievements and Growth Strategies Recent Developments 4 th Quarter 2025 Financial Performance Overview 01 02 03 The information in this presentation is provided to you by Yalla Group Limited (the "Company") solely for informational purposes and is not an offer to buy or sell, or a solicitation of an offer to buy or sell, any security or instrument of the Company, or to participate in any investment activity or trading stra ...

Financial Data and Key Metrics Changes - Q1 revenue was $9.3 billion, up 18% year-over-year, with record earnings per share of $0.65, exceeding the high end of the outlook [7][23] - Free cash flow for Q1 was $708 million, a strong performance given that Q1 typically represents a seasonal cash outflow [22][32] - Gross margin improved to 36.6%, driven by pricing discipline and a favorable mix towards networking [23] Business Line Data and Key Metrics Changes - Networking segment revenue increased 152% year-over-year, with normalized growth of 7%, representing nearly 30% of total revenues [11][24] - Cloud and AI segment revenue declined 3%, with operating margin dollars up 18%, driven by pricing and cost discipline [17][26] - Storage revenue was up 1%, with strong growth in the Alletra MP products, marking the fifth consecutive quarter of double-digit year-over-year growth [29] Market Data and Key Metrics Changes - Strong demand for networking products was noted, particularly in wireless data center switching and routing, with orders increasing mid-20% on a normalized basis [12][11] - The company is targeting $1.7 billion-$1.9 billion in cumulative networks for AI orders by the end of fiscal 2026, driven by strong order demand momentum [13][24] - The company reported a record AI systems backlog of $5 billion, primarily composed of enterprise and sovereign orders [18] Company Strategy and Development Direction - The integration of Juniper Networks is progressing well, with the first phase completed and a focus on building a new networking market leader [8][16] - The company is prioritizing higher margin product orders in response to ongoing commodity shortages and inflationary pressures [10][21] - HPE aims to leverage its GreenLake platform as a differentiator in the market, with strong customer adoption and ARR growth [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current supply tightness and inflationary cost environment, with actions taken to secure supply and protect margins [9][35] - The outlook for fiscal 2026 has been raised, with expectations for networking revenue growth of 68%-73% on a reported basis [37] - Management noted that demand remains strong, with no signs of slowdown despite rising prices [45][58] Other Important Information - The company is actively managing its supply chain and pricing strategies to mitigate the impact of rising component costs, particularly in memory [27][28] - HPEFS delivered a record return on equity, highlighting the strategic advantage of financial services during high commodity cost cycles [20][30] - The company is on track to achieve its fiscal 2026 savings targets through its Catalyst modernization and cost programs [20][31] Q&A Session Summary Question: Will the current environment drive more customers to use HPE GreenLake? - Management indicated that demand for GreenLake remains strong, with customers seeking faster product delivery despite inflationary costs [42][45] Question: How are rising memory prices reflected in profitability outlook? - Management acknowledged that memory cost increases are expected to persist throughout 2026, but they have taken early pricing actions to protect margins [48][50] Question: What is driving the uptick in networking growth expectations? - The increase is attributed to strong demand for products, particularly in AI and campus solutions, as well as successful integration with Juniper [64][66] Question: How does the company delineate between strong demand and pull-forward due to supply risks? - Management noted that while there is some demand pull-in, the overall demand for AI deployment and infrastructure modernization remains robust [73][78] Question: What is the mix between data center networking and routing in the networks for AI orders? - The orders are driven by both existing and new customers, with a strong pipeline indicating continued growth in both areas [87][88]

Financial Data and Key Metrics Changes - Total net revenue declined approximately 5% in Q2 compared to the prior year, driven by unfavorable weather conditions impacting visitation and ancillary spending [15][17] - Resort Reported EBITDA declined approximately 8% year-over-year, with Rockies snowfall down 43% [15][16] - Skier visitation declined approximately 12% season-to-date, with lift revenue down approximately 4% [16][17] Business Line Data and Key Metrics Changes - Total Q2 lift revenue declined approximately 3% despite visitation being down 13%, reflecting stability from pass sales which were up approximately 3% [15][16] - Ancillary revenue trends improved compared to January metrics but remained down versus the prior year due to lower visitation [16] Market Data and Key Metrics Changes - Conditions in Whistler and Tahoe were variable, while conditions in the East were strong, providing a partial offset to the challenges faced in the Rockies [15] - The company noted that the Rockies are the largest driver of resort EBITDA, and the poor weather had an outsized negative impact on results this year [6][15] Company Strategy and Development Direction - The company is focusing on geographic diversification to mitigate regional weather impacts, which has provided more support historically [7] - New pricing strategies were introduced for skiers and riders ages 13 to 30, offering a 20% discount to attract younger guests [8][9] - The company is advancing strategic initiatives to optimize visitation through enhanced marketing and new products, including a campaign targeting Gen Z [8][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented weather challenges faced this season, which significantly impacted performance [5][6] - The company remains confident in its business model's resilience and the stability provided by its advanced commitment strategy [12][23] - Future guidance for net income and Resort Reported EBITDA has been reduced due to ongoing challenging weather conditions [17][18] Other Important Information - The company expects to exceed its initial $100 million annualized savings target from its Resource Efficiency Transformation Plan by approximately $6 million by the end of fiscal 2026 [18] - The balance sheet remains strong with liquidity of approximately $1.1 billion and net leverage of 3.1x trailing 12 months EBITDA [19] Q&A Session Summary Question: How does the current weather impact renewals and next year's outlook? - Management indicated that historical patterns show that customers tend to view poor weather years as anomalies and remain engaged with the sport [26][27] Question: Can you explain the high flow-through assumption in relation to revenue and EBITDA changes? - Management explained that the high flow-through is due to fixed costs and the need to maintain high guest experience levels despite lower visitation [30] Question: What are the marketing efforts and their impact on pass sales? - Management noted that social media and influencer content have been effective, leading to a significant change in pass sales trajectory [34] Question: Will there be a focus on capital expenditures for snowmaking after this season? - Management confirmed a long-term commitment to upgrading snowmaking systems as part of enhancing guest experience [45][46] Question: How does the company plan to manage potential shifts in guest demographics due to new pricing strategies? - Management emphasized that while younger guests may have less disposable income, they are still valuable to the business model, and the focus will be on optimizing pricing for different age groups [100][101]

Financial Data and Key Metrics Changes - In Q4 2025, REPAY achieved revenue of $78.6 million and gross profit of $58.3 million, with normalized revenue growth of 10% and gross profit growth of 9% year-over-year [15][16] - Adjusted EBITDA was $32.4 million, representing approximately 41% of Adjusted EBITDA margins, while free cash flow was $13.8 million, resulting in a 43% free cash flow conversion [16][20] - The company reported a non-cash goodwill impairment charge of $138.9 million related to the consumer payments segment [16] Business Line Data and Key Metrics Changes - In the consumer payments segment, Q4 revenue increased by 8% and gross profit increased by 6% year-over-year [6][16] - The business payments segment saw normalized revenue increase of 41% and gross profit increase of 73% year-over-year in Q4 [8][16] - The supplier network in the business payments segment grew to 602,000 suppliers, an increase of over 65% year-over-year [8] Market Data and Key Metrics Changes - The company noted stable trends in the auto and personal loans markets, with no significant changes reported in healthcare or mortgage sectors [29][30] - The upcoming midterm elections are expected to positively impact revenue by $8 million to $10 million, contributing approximately 3 percentage points to reported growth year-over-year [22] Company Strategy and Development Direction - REPAY is focused on improving operations, go-to-market strategies, and overall organizational leadership to support growth in 2026 [5][19] - The company plans to allocate capital towards organic growth opportunities, strategic M&A, and partnerships to enhance long-term growth and cash flow [23][24] - Investments in AI and automation are prioritized to streamline processes and enhance client experiences [12][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit reported revenue growth in 2026, driven by existing client growth and new client ramp-up [19][21] - The company anticipates a lower year-over-year growth in Q1 2026 due to delayed client implementations but expects a return to strong double-digit normalized growth in the second half of the year [21] - Management highlighted the importance of political media contributions in the upcoming year, which are expected to provide a revenue boost [22] Other Important Information - REPAY has approximately $116 million in cash on the balance sheet and a pro forma total liquidity of approximately $219 million [17][18] - The company is committed to maintaining strong cash generation to support liquidity and financial flexibility while balancing capital deployment [26] Q&A Session Summary Question: Insights on major end markets like auto, personal loans, healthcare, and mortgage - Management noted stable trends in auto and personal loans, with no significant changes in healthcare or mortgage markets [29][30] Question: Impact of tax refunds on volumes and repayment activity - Management observed a seasonal uplift in payment volume related to tax refunds, indicating normal patterns [35] Question: Update on M&A pipeline and focus areas - Management confirmed a healthy pipeline for potential M&A opportunities in both consumer and business payments, with a focus on partnerships that complement existing business units [41] Question: Growth expectations for the business payments segment - Management indicated expectations for high teens growth in the business payments segment, influenced by the political year and upcoming midterm elections [55] Question: Consumer segment initiatives contributing to growth - Management stated that initiatives in the consumer segment are included in the 2026 forecast, with no outsized contributors expected [56]

Financial Data and Key Metrics Changes - The overall net operating income (NOI) for the fourth quarter of 2025 was $10.9 million, an increase from $7 million in the prior quarter [10] - Core Funds from Operations (FFO) was negative $5.9 million, compared to negative $7 million in the prior year [24] - The company reported a negative FFO of $7.1 million, or negative $4.49 per diluted share, an improvement from negative $8.7 million, or negative $23.21 per diluted share in the prior year [23] Business Line Data and Key Metrics Changes - Office segment NOI for Q4 2025 was $6.4 million, up from $5.2 million during Q4 2024, driven by increased occupancy and rental rates in properties located in Austin and Beverly Hills [19][20] - Hotel segment NOI for Q4 2025 was $2.1 million, consistent with the prior year [21] - Multifamily segment NOI decreased to a loss of $870,000 during Q4 2025, compared to income of $855,000 in the prior year, primarily due to unrealized losses on investments [21] Market Data and Key Metrics Changes - In Oakland, the vacancy rate declined to 8% from a high of 18% in 2001, with rent growth turning positive in 2025 after three years of declines [16] - The office segment occupancy rate reached 88.5% at the end of 2025, a 190 basis point increase from the third quarter and a 680 basis point improvement year-over-year [8][17] Company Strategy and Development Direction - The company is focusing on premier multifamily assets, strengthening its balance sheet, and improving liquidity [4] - The company completed the sale of its lending division for approximately $44.9 million, generating about $31.2 million in net cash proceeds [6][7] - The company plans to redeem approximately 2 million shares of Series A preferred stock, which is expected to improve annual FFO by approximately $16 million [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving cash flow in 2026, supported by rising net operating income across all segments [8] - The company anticipates lower interest expenses due to a potentially more favorable rate environment and plans to refinance the hotel following renovations [9] - Management noted that the company does not currently intend to initiate additional preferred stock redemptions but will evaluate requests as they arise [6] Other Important Information - The company has completed nine refinancings and fully retired its $169 million recourse credit facility [12] - The company is working on the extension of two more assets expected to be completed in Q2 2026 [12] Q&A Session Summary Question: What are the expectations for future cash flow improvements? - Management indicated that they see opportunities to improve cash flow in 2026, supported by several key drivers across the portfolio [8] Question: How is the company addressing its preferred stock redemptions? - Management stated that they do not currently intend to initiate additional preferred stock redemptions but will evaluate requests as they come in [6] Question: What is the status of the hotel renovations? - Management confirmed that the renovations at the Sheraton Grand Sacramento have been substantially completed and are expected to positively impact profitability [18]

Financial Data and Key Metrics Changes - In Q4 2025, REPAY achieved revenue of $78.6 million, reflecting a 10% normalized year-over-year growth, while gross profit was $58.3 million, with a 9% growth on a normalized basis [13][14] - Adjusted EBITDA margins were approximately 41%, and free cash flow conversion was 43% [5][14] - Reported net income was impacted by a non-cash goodwill impairment charge of $138.9 million related to the consumer payments segment [14] Business Line Data and Key Metrics Changes - Consumer payments segment saw revenue increase of 8% and gross profit increase of 6% year-over-year [5][14] - Business payments segment experienced a significant increase, with normalized revenue up 41% and gross profit up 73% year-over-year [7][14] Market Data and Key Metrics Changes - The supplier network in the business payments segment grew to 602,000 suppliers, an increase of over 65% year-over-year [8] - The company added 14 software partners and integrations during 2025, exiting the year with over 294 total partners [9] Company Strategy and Development Direction - REPAY is focused on improving operations, go-to-market strategies, and overall organizational leadership to support growth in 2026 [4] - The company plans to allocate capital towards organic growth opportunities, strategic M&A, and partnerships to enhance long-term growth and cash flow [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue target of $340 million to $346 million for 2026, representing 10%-12% reported revenue growth [17] - The company anticipates a strong midterm election cycle to positively impact revenue by $8 million-$10 million, contributing approximately 3 percentage points of reported growth year-over-year [19] Other Important Information - REPAY's pro forma total liquidity is approximately $219 million, which includes $140 million of undrawn revolver capacity [16] - The company is committed to implementing its capital allocation strategy to achieve double-digit reported growth and strong profitability in 2026 [22] Q&A Session Summary Question: Insights on major end markets like auto, personal loans, healthcare, and mortgage - Management noted stable trends in auto and personal loans, with no significant changes observed in healthcare or mortgage markets [25][26] Question: Impact of tax refunds on volumes and repayment activity - Management indicated a seasonal uplift in payment volume related to tax refunds, consistent with previous years [31] Question: Contribution of float income to growth and margins - Float income from customer deposits in the B2B business played a significant role in Q4 results, with stable contributions expected moving forward [32][33] Question: Update on M&A pipeline and focus on consumer vs. business payments - Management confirmed a healthy pipeline for potential M&A opportunities in both consumer and business payments, focusing on selective investments [37] Question: Growth expectations for the business payment segment - Management anticipates high teens growth for the business payments segment, influenced by the political year and expected revenue contributions from political media [49][50]