Financial Performance - Net sales for the company were $366 million, a 2% decrease compared to Q1 fiscal 2025[11, 13] - Gross margin rate in the first quarter was 7.9%, a 160 bps increase compared to the same period of fiscal 2025[27, 29] - Adjusted operating income was $17.5 million, or 4.8% of net sales, compared to $12.6 million, or 3.4% of net sales last year[37] - Borrowings at September 30, 2025, were $138 million, down $108 million, or 44%, from a year ago[51, 53] Segment Performance - Medical sales were $102 million, up 13% compared to the same period last year, representing 28% of total company revenue[14] - Automotive sales were $164 million, down 10% compared to the first quarter of last year, representing 45% of total company sales[16, 18] - Industrial sales totaled $100 million, a 1% decrease compared to Q1 last year, representing 27% of total company sales[19, 22] Fiscal Year 2026 Guidance - The company is reiterating its guidance for fiscal 2026, with net sales of $1.35 - $1.45 billion[55] - Adjusted operating income is expected to be 4.0% - 4.25% of net sales[55] - Capital expenditures are projected to be $50 - $60 million[55]

Financial Performance & Guidance - Vistra narrowed its 2025 Adjusted EBITDA guidance range to $57 billion - $59 billion[10] - The company raised and narrowed its 2025 Adjusted Free Cash Flow before Growth (FCFbG) guidance range to $33 billion - $35 billion[10] - Vistra initiated 2026 Adjusted EBITDA guidance range of $68 billion - $76 billion[10] - The company also initiated 2026 Adjusted FCFbG guidance range of $3925 billion - $4725 billion[10] - Vistra anticipates a 2027 Adjusted EBITDA Midpoint Opportunity of $74 billion - $78 billion[10] Strategic Initiatives & Market Dynamics - Vistra contracted 1200 MW at the Comanche Peak Nuclear Power Plant site with a 20-year PPA[10] - The company expects to be above the guidance midpoint for the 4th consecutive year[10] - ERCOT and PJM markets are experiencing sustained load growth, with annual peak load growth forecast of at least 3-5% in ERCOT and low-single digits in PJM through 2030[21] Capital Allocation & Shareholder Value - Vistra's board authorized an additional $1 billion in share repurchases expected to be utilized through YE 2027[14] - The company expects cumulative cash uses of ~$34 billion for share repurchases, and common and preferred dividends through YE 2027[34] - Vistra projects ~$4 billion cash still available for allocation from Q4 2025 through YE 2027[35]

Financial Performance - Q3 2025 - Sales reached $1775 million in Q3 2025, compared to $1241 million in Q3 2024[10] - Operating income was $417 million in Q3 2025, significantly higher than $188 million in Q3 2024[10] - Adjusted EBITDA increased to $1143 million in Q3 2025 from $572 million in Q3 2024[10] - Net income attributable to Rayonier Inc was $432 million in Q3 2025, compared to $288 million in Q3 2024[10] Year-to-Date (YTD) Performance - Q3 2025 - Cash provided by operating activities was $2049 million for the nine months ended September 30, 2025, compared to $1738 million for the same period in 2024[10] - Cash available for distribution (CAD) was $1535 million for the nine months ended September 30, 2025, compared to $771 million in 2024[10] - Adjusted EBITDA reached $1862 million YTD in 2025, up from $1352 million YTD in 2024[17] Segment Performance - Q3 2025 - Southern Timber segment's operating income was $225 million in Q3 2025, compared to $198 million in Q3 2024[12] - Pacific Northwest Timber segment's operating income was $18 million in Q3 2025, compared to $08 million in Q3 2024[12] - Real Estate segment's operating income was $264 million in Q3 2025, compared to $86 million in Q3 2024[12]

Financial Performance - Total net sales decreased by 39% to $3621 million compared to Q3 2024[7] - Adjusted EBITDA increased by 139% to $1212 million with a margin of 335%[7] - Free cash flow increased to $118 million due to higher earnings and working capital benefits[5, 16] - Net debt ratio improved to 27x[5, 16] - The company is selling the North Charleston crude tall oil refinery and the majority of the Industrial Specialties product line for $110 million[5] Segment Performance - Performance Materials net sales increased by 26% to $1550 million[17] - Advanced Polymer Technologies net sales decreased by 217% to $382 million[21] - Performance Chemicals combined net sales decreased by 46% to $1689 million[26] - Road Technologies sales increased by 45% to $1399 million, while Industrial Specialties sales decreased by 327% to $290 million[26] Guidance - Full-year net sales are projected to be $125 - $135 billion[31] - Full-year adjusted EBITDA is projected to be $390 - $405 million[31] - Free cash flow for the full year is expected to be $250 - $270 million, including ~$40 million from discontinued operations[31, 34]

THIRD QUARTER 2025 FINANCIAL RESULTS November 6, 2025 FORWARD-LOOKING STATEMENTS – DISCLAIMER This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company's intent, belief, or expectations. Words such as "anticipate(s)," "expect(s)," "intend(s)," "believe(s)," "plan(s)," "may," "will," "would," "could," "should," "seek(s)," and similar expre ...

Q3 2025 PRESENTATION November 06, 2025 Forward Looking Statement This announcement and related discussions include forward looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance" and similar expressions and include sta ...

Financial Performance - The net asset value per share decreased to $14.89, compared to $15.03 as of June 30, 2025[2] - Adjusted net investment income per share was $0.36, down from $0.40 as of June 30, 2025[2] - The company declared a Q3 2025 regular dividend of $0.37 per share, resulting in an annualized dividend yield of 9.9%[2] - A new $200 million repurchase program was implemented, replacing the existing $150 million program[2] Portfolio Composition and Activity - The total portfolio at fair value reached $17.1 billion, compared to $16.9 billion as of June 30, 2025, comprising 238 portfolio companies, up from 233[2] - New investment commitments (net of sell downs) amounted to $1.3 billion, with net fundings of $0.2 billion[2] - Investments on non-accrual represented 2.7% of the total portfolio at cost and 1.3% at fair value[2] - First-lien debt investments accounted for 74% of the portfolio[4] - Floating rate debt investments made up 97% of the portfolio[4] Balance Sheet and Liquidity - The company had $3.2 billion in liquidity, including cash and undrawn debt[2] - Debt to equity ratio increased to 1.22x, up from 1.17x as of June 30, 2025[2] - Unsecured debt comprised 52% of the debt funding mix[2]

FORWARD LOOKING STATEMENTS SAFE HARBOR STATEMENT Certain statements in this presentation may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "could", "continue", "future", "potential", "believe", "project", "plan", "intend", "seek", "estimate", "predict", "expect", "anticipate" and similar expressions, or the negative of such terms, or other compar ...

Financial Performance - Underlying net income reached $1.047 billion, a 3% increase year-over-year[163, 182] - Reported net income was $1.106 billion, an 18% decrease year-over-year[163, 182] - New business CSM increased by 16% to $446 million, driven by strong sales in Asia[163, 182] - Total AUM increased by 7% year-over-year to $1.623 trillion[6, 29, 182] Business Segment Highlights - Asset management & wealth underlying net income increased by 5% year-over-year to $500 million[29, 182] - Individual - Protection underlying net income increased by 25% year-over-year to $361 million[29, 182] - Group - Health & Protection underlying net income decreased by 18% year-over-year to $284 million[29, 182] Capital Management - SLF Inc's LICAT ratio increased to 154%, up 3 percentage points from the previous quarter[29, 83, 182] - The financial leverage ratio is at 21.6%[29, 83, 182] - Holdco cash stands at $2.1 billion[33, 83]

Q3 2025 Financial Highlights - OR Royalties earned 20,326 gold equivalent ounces (GEOs) in Q3 2025, compared to 18,408 GEOs in Q3 2024[13, 14] - The company reported revenues of $71.6 million and a quarterly cash margin of 96.7% in Q3 2025, compared to $42.0 million and 96.3% in Q3 2024[14] - OR Royalties' cash balance as of September 30, 2025, was $57.0 million, and the company is completely debt-free[14] - Adjusted earnings were $42.3 million ($0.22 per basic share) in Q3 2025, compared to $21.2 million ($0.11 per basic share) in Q3 2024[18] - Net earnings reached $82.8 million ($0.44 per basic share) in Q3 2025, a significant increase from $13.4 million ($0.07 per basic share) in Q3 2024[18] Production and Guidance - Gold accounted for 63.9% (12,991 GEOs) of Q3 2025 GEOs, silver 31.1% (6,315 GEOs), and copper & others 5.0% (1,020 GEOs)[20] - The company is tracking within its 2025 GEO delivery guidance range of 80,000-88,000 GEOs, with Q4 2025 expected to be the strongest quarter of the year[14] - The 2029E outlook represents approximately 40% GEO growth over the 2025E guidance, without requiring contingent capital[51, 53] Portfolio and Strategy - OR Royalties has a high-quality portfolio with 22 producing assets, focusing on precious metals, with 95% precious metals exposure[21, 24] - The company has a high exposure to Tier-1 mining jurisdictions, with 78% of GEOs earned in 2024 from these jurisdictions[31] - OR Royalties' cash margin was 12.8% higher than the average of its peer set in 2024, primarily due to a higher proportional GEO contribution from royalty assets[32]