Growth on the Horizon CORPORATE PRESENTATION FEBRUARY 2026 TSX: EDR | NYSE: EXK TSX: EDR | NYSE: EXK 2 edrsilver.com Cautionary Note Non-IFRS Financial Measures The Company has included certain performance measures that are not defined under International Financial Reporting Standards (IFRS). The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of Kolpa. The non-IFRS measu ...

Fourth Quarter 2025 Supplemental Disclaimers Forward-Looking Statements Certain statements contained in this supplemental, filed in conjunction with the Fourth Quarter 2025 Earnings Press Release, including statements relating to American Healthcare REIT, Inc.'s (the "Company") expectations regarding its performance, interest expense savings, balance sheet, net income or loss attributable to common stockholders and per diluted share, NAREIT FFO attributable to common stockholders and per diluted share, NFFO ...

Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, indicating strong fourth-quarter results [4][12] - For the full year 2025, adjusted EBITDA was approximately $763 million, excluding SREs [12] - Net income for Q4 was $78 million or $1.26 per share, with adjusted net income of $143 million or $2.31 per share [12] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million [13] - The logistics segment delivered approximately $142 million in adjusted EBITDA, continuing strong performance [13] Market Data and Key Metrics Changes - DKL had a record year with approximately $536 million in adjusted EBITDA and announced 2026 EBITDA guidance in the range of $520 million to $560 million [5] - DKL is expected to achieve over 80% third-party EBITDA in 2026, reflecting strong growth in the Delaware Basin [7] Company Strategy and Development Direction - The company is focused on improving free cash flow and has raised its Enterprise Optimization Plan target to at least $200 million annually [5][9] - The strategy includes enhancing operational reliability and flexibility at refineries, particularly at Big Spring, which is undergoing a planned turnaround [8][45] - The company aims to ensure that the value of its midstream business is fully reflected in share prices through various strategic initiatives [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the Enterprise Optimization Plan and its impact on cash flow generation [52] - The company remains committed to a balanced capital allocation strategy, including dividends and share buybacks, while maintaining a strong balance sheet [11][53] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [15] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [11] Q&A Session Summary Question: Cash inflow on remaining SREs and future RINs value - Management discussed the monetization of RINs and the importance of SREs for maintaining local jobs and affordable fuel [20][22] - They confirmed that they expect to monetize remaining RINs in the first half of 2026 [31] Question: Consolidation of DKL and Big Spring turnaround initiatives - Management highlighted ongoing efforts to ensure the value of the midstream business is reflected in share prices and discussed specific initiatives for improving performance at Big Spring [40][45] Question: Drivers of raised cash flow guidance - Management attributed the raised cash flow guidance to the success of the Enterprise Optimization Plan and ongoing operational improvements [51][52] Question: Supply line performance and future expectations - Management noted that the supply and marketing segment has shown strength due to EOP initiatives and market conditions, but some volatility is expected [60][62]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a 24% increase in revenue and a 58% increase in net income compared to the previous year [4] - For the full year, revenue increased by 27% to $513.2 million from $402.7 million, and net income increased by 56% to $115.6 million from $74.2 million [5] - Earnings per share rose to $2 from $1.27, marking the first time in 23 years that the company achieved this level [5][6] Business Line Data and Key Metrics Changes - Homesite gross margins increased to 51% from 47%, while leasing gross margins rose to 57% from 54% [7] - Hospitality gross margins slightly decreased to 31% from 32%, attributed to opening expenses related to new facilities [7] Market Data and Key Metrics Changes - The company has local and state government approval for 10 Detailed Specific Area Plans (DSAPs), each with at least 1,000 acres of mixed-use projects, indicating a strong pipeline for future growth [9] - The residential home site pipeline had approximately 23,900 home sites in various stages of planning, an increase of 2,200 from the end of 2024 [9] Company Strategy and Development Direction - The company aims to continue growing its recurring revenue, which currently constitutes 56% of its total revenue, as part of its sustainable business model [6][34] - Plans for breaking ground on new commercial buildings and an apartment complex in 2026 were discussed, reflecting ongoing development efforts [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of the new Delta flight from New York, indicating it has been performing well and may lead to increased demand for hospitality offerings [42] - The company is cautiously optimistic about the progress of the FSU Health Campus, which is expected to be a significant catalyst for the region [23] Other Important Information - The company accelerated stock repurchases in 2025, buying back 798,622 shares at an average price of $50.10, the highest repurchase in any quarter of 2025 [8] - The company has been actively managing its debt, with a focus on paying down higher-interest debt while maintaining low-cost long-term financing [24][26] Q&A Session Summary Question: Are there any new multifamily units or hotel operations planned for 2026 or 2027? - The company plans to break ground on a new apartment complex near the FSU Health campus and is constantly evaluating opportunities for new hotels and acquisitions [12] Question: What developments are coming in the Pier Park area? - The company is planning Pier Park East, which will include a family-oriented surf park as a second anchor alongside Topgolf [14] Question: Is stock buyback still a prudent allocation of capital given the recent price increase? - Management confirmed that stock buybacks remain a component of their capital allocation strategy [15] Question: How is the company addressing the high-value home sites at Camp Creek? - The company is planning new high-end retail custom home sites in Origins West, with ongoing planning and permitting [19] Question: What is the status of the Lake amenity and Pigeon Creek neighborhood? - The Lake amenity is in the planning phase, and discussions with a new builder for Pigeon Creek are progressing well [20][21] Question: How is the brokerage business performing? - The reception from the agent community has been positive, with more agents expressing interest in joining the brokerage than anticipated [43]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $3.7 million, or $0.27 per diluted share, on net sales of $62.6 million, reflecting a gross margin of 27.7%, up from 24.9% year-over-year, indicating a 280 basis point improvement due to lower operational costs and the Gold Tip acquisition [11][12] - Total cash flow from operations for Q4 2025 was $14.9 million, compared to $12.3 million in the prior year, primarily driven by a 10% decrease in inventory [12][13] Business Line Data and Key Metrics Changes - Net sales declined 2.2% in Q4 2025, attributed to softer consumer demand in basketball and outdoor games, but were partially offset by growth in archery and billiards due to recent acquisitions and new product launches [3][4] - Selling, general, and administrative expenses increased by 6.8% to $11.6 million, mainly due to non-recurrent executive transition expenses [12] Market Data and Key Metrics Changes - The consumer environment remains mixed, with less affluent consumers being more price-sensitive while affluent consumers are less affected by price changes [5] - The company is closely monitoring tariff policy changes but does not anticipate immediate impacts from recent adjustments [6] Company Strategy and Development Direction - The company is shifting focus from cost optimization to profitable growth, leveraging a leaner balance sheet and operational discipline established in 2025 [5][9] - Strategic investments in M&A and capital expenditures are prioritized to expand capacity and improve efficiency, with recent acquisitions like Gold Tip Archery and AllCornhole supporting growth [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the dynamic environment, emphasizing a strong free cash flow position to support future growth investments [9] - The company expects consumer conditions to remain mixed in 2026, with plans to further reduce inventory levels and enhance working capital management [4][5] Other Important Information - The company repaid nearly $2 million of long-term debt in Q4 2025 while increasing cash levels, indicating a strong cash position [9] - The acquisition of a 110,000 sq ft facility in Olney, Illinois, is aimed at supporting growth in the fitness and safety categories [8][16] Q&A Session Summary Question: Inquiry about the new facility's purpose and location - The new facility in Olney, Illinois, will primarily be used for warehousing for fitness and safety businesses, with potential for future consolidation of additional categories [15][16] Question: Discussion on product mix and demand trends - Higher value premium brands are showing favorable sales trends, while lower price point products are experiencing less favorable trends [17][18] Question: Inquiry about potential future price increases due to tariffs - The company does not foresee significant near-term price increases but remains vigilant regarding the dynamic tariff environment [19][20] Question: Inquiry about the potential refund of tariffs paid - The company indicated that the potential refund of tariffs is meaningful, estimated in the $4 million-$5 million range [24][25]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a 24% increase in revenue and a 58% increase in net income year-over-year [4] - Full year revenue increased by 27% to $513.2 million from $402.7 million, and net income increased by 56% to $115.6 million from $74.2 million [5] - Earnings per share rose to $2 from $1.27, marking the first time in 23 years that the company reached this level [6] Business Line Data and Key Metrics Changes - Homesite gross margins increased to 51% from 47%, while leasing gross margins rose to 57% from 54% [7] - Hospitality gross margins slightly decreased to 31% from 32%, attributed to opening expenses related to new facilities [7] Market Data and Key Metrics Changes - The company has local and state government approval for 10 Detailed Specific Area Plans (DSAPs), with only 3 currently under development, indicating significant future growth potential [9] - The residential home site pipeline increased by 2,200 home sites to approximately 23,900 at the end of the year [9] Company Strategy and Development Direction - The company aims to continue growing its recurring revenue, which is now 56% of total revenue, as part of a more sustainable business model [6][34] - Plans for breaking ground on new commercial buildings and an apartment complex in 2026 were discussed, reflecting ongoing expansion efforts [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of the new Delta flight from New York, indicating it has been well-received and could lead to increased demand for hospitality offerings [42] - The company is cautiously optimistic about the progress of the FSU Health Campus, which is expected to be a significant catalyst for regional growth [23] Other Important Information - The company has accelerated stock repurchases, with $15.1 million spent in Q4 2025, the highest in any quarter of the year [5][8] - The company is exploring AI as a tool to improve operations, reflecting a commitment to leveraging emerging technologies [35] Q&A Session Summary Question: Are there any new multifamily units on the horizon for 2026 or 2027? - The company plans to break ground on a new apartment complex near the FSU Health campus and is constantly evaluating opportunities for new hotels and acquisitions [12] Question: Any new developments coming in the near future for the Pier Park area? - The company is planning Pier Park East, which will include a surf park as a second anchor alongside Topgolf, with infrastructure development expected to begin in 2026 [14] Question: Does management still view buybacks as a prudent allocation of capital at the current share price? - Management confirmed that stock buybacks remain a component of their capital allocation strategy, depending on market conditions [15] Question: Can you help break down the 47% year-over-year increase in real estate revenue in Q4? - The increase was attributed to higher average sales prices, new residuals, and normal land sales [18] Question: What is the status of the Pigeon Creek neighborhood? - Discussions are ongoing with a builder for the Pigeon Creek project, which has over 3,000 potential units, and management is optimistic about moving forward [21] Question: How is the brokerage business progressing? - The company has received positive feedback from agents interested in joining their brokerage, indicating strong initial reception [43]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported record-adjusted earnings per share of $2.93, compared to $2.33 per share for 2024, reflecting significant earnings growth driven by new rates in Oregon and strong organic customer growth [19][20] - The company generated approximately $270 million in cash provided by operating activities, about 35% above 2024 [20] - The company invested a record $467 million in systems related to safety, reliability, and technology, with 75% allocated to Northwest Natural Gas [21] Business Line Data and Key Metrics Changes - The Northwest Natural Gas utility segment saw adjusted earnings per share improve by $0.45, primarily due to new rates in Oregon [19] - SiEnergy contributed $0.33 per share for 2025, exceeding expectations, with an 18% organic customer growth [19][12] - The water segment contributed $0.35 per share, driven by new rates and additional revenues from an acquisition, marking a significant increase in earnings [20][15] Market Data and Key Metrics Changes - The company expects to achieve 2%-3% organic customer growth across its utilities through 2030, with SiEnergy and Water expected to outpace overall consolidated growth rates [16] - The company anticipates a consolidated capital expenditure of approximately $500 million-$550 million in 2026, with a five-year CapEx plan of $2.6 billion to $2.9 billion through 2030 [23] Company Strategy and Development Direction - The company is focused on disciplined execution and delivering consistent, growing earnings and returns for shareholders, with a long-term EPS growth target of 4%-6% [4][22] - The MX3 Gas Storage Expansion project is expected to enhance regional reliability and capacity, potentially increasing long-term earnings growth targets to 5%-7% once approved [6][12] - The company is diversifying into the water utility business and expanding into multiple jurisdictions, including Texas, to enhance long-term growth prospects [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for the next several years, emphasizing the importance of natural gas in meeting energy demand [8][10] - The company is optimistic about the growth in the Texas market, driven by industrial and commercial activity, and sees potential benefits from reduced mortgage rates [36][37] - Management highlighted the importance of maintaining affordable rates for customers while achieving growth targets [17] Other Important Information - The company has a strong dividend growth record, marking 70 consecutive years of dividend increases, with a target payout ratio of 55%-65% [17] - The company is committed to maintaining strong investment-grade credit ratings and funding its growth through a balanced mix of operating cash flows, long-term debt, and equity [24] Q&A Session Summary Question: Guidance and Growth Range - Management is comfortable with the current 4%-6% long-term EPS growth guidance without MX3, expecting to increase it to 5%-7% once the project achieves notice to proceed [27] Question: Notice to Proceed Timeline - Management expects to receive notice to proceed by the end of next year, with several milestones already achieved [28] Question: SiEnergy Growth Expectations - SiEnergy has exceeded growth expectations despite a slowdown in the Texas housing market, with strong additions to its customer backlog [29] Question: Rate Case Considerations - Management is contemplating a rate case for SiEnergy this year, evaluating factors including customer affordability [30] Question: Water Business Expansion - The company is focused on both organic growth and potential acquisitions in the water business, with a strong pipeline of opportunities [34] Question: Impact of Mortgage Rates on Growth - Management noted a recent uptick in housing development in Texas due to reduced mortgage rates, which is seen as a positive sign for future growth [36]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss attributable to common stockholders of $46 million, or $0.67 per diluted share, and an AFFO per diluted share of -$0.02. For the full year, the net loss was $72.7 million, or $1.07 per diluted share, with an AFFO per diluted share of $0.28 [12][14] - Adjusted EBITDAre for Q4 was $28.8 million, while for the full year it was $147 million. Total assets at quarter end were $1.9 billion, with $1.1 billion in loans and a blended average interest rate of 6.7% [12][13] - The company ended the quarter with cash and cash equivalents of $124.4 million and restricted cash of $42.5 million [13] Business Line Data and Key Metrics Changes - Comparable total revenue growth for Q4 was 1.8%, while full-year comparable total revenue growth was 2.8%. Comparable Hotel EBITDA growth for Q4 was 6% and for the full year it was 3.1% [6][8] - The resort portfolio reported a comparable RevPAR of $536, a 4.1% increase over the prior year, and comparable Hotel EBITDA of $32.5 million, a 6% increase [9][19] - Excluding hotels under renovation, RevPAR growth was 2.6%, and comparable Hotel EBITDA increased 6.4% [8][18] Market Data and Key Metrics Changes - The company’s portfolio consisted of 13 hotels with 3,028 rooms as of December 31, 2025 [17] - Group room revenue increased by 7.1% for the full year, with Q4 group room revenue up 0.4% compared to the prior year [20] - The Ritz-Carlton, Sarasota achieved a RevPAR increase of 25.5% and Hotel EBITDA improvement of 48% compared to the prior year [24] Company Strategy and Development Direction - The company has initiated a sale process and engaged Robert W. Baird & Co. as its financial advisor, with no definitive timetable for completion [5] - The strategic repositioning of Cameo Beverly Hills to Hilton's luxury LXR brand reflects the company's commitment to enhancing guest experience and competitive positioning [11] - The company plans to continue redeeming non-traded preferred stock to deleverage its platform and improve cash flow per share [11] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the portfolio's performance despite a challenging operating environment in the hospitality industry [8][28] - The company remains optimistic about sustaining operating momentum and delivering strong results in the future [20][27] - Management highlighted the importance of high-margin ancillary revenue streams and the effectiveness of targeted sales strategies [21][22] Other Important Information - The company sold the 410-room Clancy in San Francisco for $115 million, which allowed for a $65 million debt paydown and retained approximately $44 million in net proceeds [10] - Capital expenditures in 2025 totaled approximately $78 million, with anticipated spending between $25 million and $35 million in 2026 [26] Q&A Session Summary - The Q&A session included inquiries about the company's sale process, future capital expenditures, and strategies for enhancing revenue streams. Management reiterated their focus on shareholder value and operational efficiency [28]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported record-adjusted earnings per share of $2.93, compared to $2.33 per share for 2024, reflecting significant earnings growth driven by new rates in Oregon and strong organic customer growth [19][20] - The company generated approximately $270 million in cash provided by operating activities, about 35% above 2024 [20] - The company invested a record $467 million in systems related to safety, reliability, and technology, with 75% allocated to Northwest Natural Gas [21] Business Line Data and Key Metrics Changes - The Northwest Natural Gas utility segment saw adjusted earnings per share improve by $0.45, primarily due to new rates in Oregon [19] - SiEnergy contributed $0.33 per share for 2025, exceeding expectations, with an 18% organic customer growth rate [19][12] - The water segment contributed $0.35 per share, driven by new rates and additional revenues from an acquisition, marking a significant increase in earnings [20][15] Market Data and Key Metrics Changes - The company expects to achieve consolidated organic customer growth of 2%-3% and rate-based growth of 6%-8% through 2030, supported by a planned capital expenditure of $2.6 billion-$2.9 billion [16][23] - SiEnergy is projected to generate between 10%-15% of consolidated earnings per share in 2026, with expectations of 15%-20% customer growth each year through 2030 [14][22] Company Strategy and Development Direction - The company is focused on disciplined execution and delivering consistent, growing earnings and returns for shareholders, with a long-term EPS growth target of 4%-6% [7][22] - The MX3 Gas Storage Expansion project is expected to enhance regional reliability and capacity, potentially increasing long-term earnings growth targets to 5%-7% once approved [6][12] - The company is diversifying into the water utility business and expanding into multiple jurisdictions, including Texas, to enhance long-term growth prospects [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for future growth, emphasizing the importance of natural gas in meeting energy demand [5][10] - The company anticipates another record year for capital investment and earnings in 2026, with a focus on returning capital to shareholders [17][24] - Management noted that the transition to multi-year rate cases will provide greater clarity and predictability for customers and utilities [8][9] Other Important Information - The company has a strong balance sheet with significant liquidity of approximately $590 million as of December 31, 2025 [21] - The dividend payout ratio is expected to moderate to 55%-65% over the next several years, with a commitment to returning capital to shareholders [24] Q&A Session Summary Question: Where does the company see itself within the existing growth range, and how does the MX3 project impact this? - Management is comfortable with the 4%-6% long-term EPS growth guidance without MX3, expecting to increase it to 5%-7% once the project achieves notice to proceed [27] Question: When is the expected notice to proceed for the MX3 project, and are there any potential delays? - The company expects notice to proceed by the end of next year, with several milestones already achieved [28] Question: How is SiEnergy performing relative to expectations, and is a rate case being considered? - SiEnergy has exceeded expectations with strong growth and record additions to its backlog, and a rate case is being contemplated [29][30] Question: What are the next steps for the water segment in terms of expansion and acquisitions? - The company is focused on both organic growth and opportunistic acquisitions, particularly in Texas, where growth has been strong [34][35] Question: Have recent changes in mortgage rates affected housing development and customer growth in Texas? - Management noted a recent uptick in housing activity due to lower mortgage rates, which is seen as a positive for long-term growth in Texas [36][37]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $3.7 million, or $0.27 per diluted share, on net sales of $62.6 million, reflecting a gross margin of 27.7%, up from 24.9% in the prior year period, marking a 280 basis point increase due to lower operational costs and the Gold Tip acquisition [11][4][3] - Total cash flow from operations for Q4 2025 was $14.9 million, compared to $12.3 million in the prior year, driven by a 10% decrease in inventory and improved profitability [12][13] Business Line Data and Key Metrics Changes - Net sales declined 2.2% in Q4 2025, primarily due to softer consumer demand in basketball and outdoor games, although this was partially offset by growth in archery and billiards, aided by recent acquisitions and new product launches [3][4] - The company made significant inventory efficiency improvements, with total inventory declining by 10% year-over-year, supporting better working capital management [4] Market Data and Key Metrics Changes - The consumer environment remains mixed, with less affluent consumers being more price-sensitive while affluent consumers are less affected by price changes [5] - The company is closely monitoring emerging tariff policy changes but does not anticipate immediate impacts from recent changes [6] Company Strategy and Development Direction - The company is shifting focus from cost optimization to profitable growth while leveraging a leaner balance sheet and operational discipline established in 2025 [5][9] - M&A remains a capital allocation priority, with recent acquisitions aimed at supporting growth and expanding market position [7][9] - The company plans to increase capital expenditures in 2026 to expand capacity and improve efficiency [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the dynamic environment, emphasizing a strong free cash flow generation that supports future growth investments [9] - The company expects consumer conditions to remain mixed in 2026, influenced by moderating interest rates and persistent inflation [5] Other Important Information - The company repaid nearly $2 million of long-term debt during Q4 2025 while increasing cash levels, reflecting a strong cash arbitrage position [9] - The acquisition of AllCornhole was completed in Q4 2025, enhancing the outdoor recreation portfolio [7] Q&A Session Summary Question: Inquiry about the new 110,000 sq ft facility - The facility, located in Olney, Illinois, will primarily be used for warehousing for fitness and safety businesses, with potential for future consolidation of additional categories [16][17] Question: Product mix and demand trends - Higher price point products are showing favorable sales trends, while lower price point products are not performing as well, impacting overall product mix [18][19] Question: Future price increases in response to tariffs - The company does not anticipate significant additional price increases in the near term but remains vigilant regarding tariff changes [20][21] Question: Impact of potential tariff refunds - The company indicated that potential refunds from tariffs could be meaningful, estimated in the $4 million-$5 million range [24][25]