Financial Performance - Q2 2025 - Revenue reached $428 million[5], a 3% decrease year-over-year[21, 45] - Organic revenue grew by 5% year-over-year[21, 45] - Adjusted EBITDA was $105 million[5], a 12% decrease year-over-year[21] - Unlevered Free Cash Flow (uFCF) was $53.869 million[54] - Adjusted net income was $0.46 million[5] Segment Performance - Merchant Solutions revenue was $232.2 million[39] - Digital Wallets revenue was $201.2 million[39] - Merchant Solutions organic revenue growth was 6%[25, 47] - Digital Wallets volume increased by 15%[26] Financial Position - The company has a net leverage ratio of 5.4x[5] - Total debt is $2.551 billion[27] - Net debt is $2.285 billion[27] - Available liquidity is $414 million[27]

Financial Performance - Revenue reached $433 million in 2Q25 [12], but experienced a slight year-over-year decrease of 0.5% [25], primarily due to foreign exchange fluctuations and the disposal of IHS Kuwait Limited [33] - Adjusted EBITDA stood at $248 million with a margin of 57.3% in 2Q25 [12], reflecting a focus on cost control and profitability [12] - Adjusted Levered Free Cash Flow (ALFCF) was $54 million in 2Q25 [13], with an ALFCF Cash Conversion Rate of 21.7% [25], impacted by the phasing of interest payments [14] - Capital expenditure (Capex) decreased by 13.8% year-over-year to $46 million in 2Q25 [18, 25], driven by reduced spending in Latin America and Nigeria [38] Guidance and Outlook - The company raised its full-year 2025 revenue guidance to $1,700 - $1,730 million [12] - The company increased its full-year 2025 Adjusted EBITDA guidance to $985 - $1,005 million [12] - The company increased its full-year 2025 Adjusted Levered Free Cash Flow (ALFCF) guidance to $390 - $410 million [13] - The company lowered its full-year 2025 Total Capex guidance to $240 - $270 million [14] Debt and Liquidity - Net leverage ratio was 3.4x as of 2Q25 [15], with a target to remain between 3.0x and 4.0x [16] - Available liquidity stood at $833 million, including a newly refinanced $300 million undrawn Revolving Credit Facility (RCF) [16] Tower Portfolio - The company's global tower portfolio comprised 39,184 towers across Africa and Latin America as of 2Q25 [20] - The company built over 180 towers in 2Q25, including 125 in Brazil [19]

Financial Performance - Total revenue reached $28.6 million, a 13% year-over-year increase driven by improved Average Selling Price (ASP) and end-market diversification[6] - Gross margin was 33.3%, reflecting sustainable improvement in PAC performance[6] - Adjusted EBITDA was $3.7 million, compared to $1.1 million in the prior year period, marking 5 consecutive quarters of positive Adjusted EBITDA[7, 11] - PAC pricing grew by 9% year-over-year in Q2 2025, with an average quarterly growth of approximately 16% in PAC ASP since Q2 2023[6, 16] GAC Commissioning and Expansion - The company completed the commissioning of its transformational GAC facility at Red River, with ramp-up to nameplate capacity underway[6, 24] - The company is targeting a Final Investment Decision (FID) for a 2nd GAC line prior to year-end 2025[8, 27] - The Red River plant is expected to add production of GAC and expand the plant to deliver an incremental 25 million pounds of GAC product[32] Market and Regulatory Landscape - EPA regulations could boost municipal water market demand by 3 to 5 times from approximately 170 million pounds per year[37] - The company is benefiting from U S tariffs due to its fully integrated domestic supply chain[38] Strategic Initiatives - The company is developing new markets, including the Arq-Enabled Great Lakes Restoration Project, which is the largest PAC sediment remediation in U S history[41, 42] - The company is exploring growth beyond activated carbon, with multiple initiatives focused on developing additional product opportunities and revenue streams from Corbin feedstock[43]

Financial Performance & Guidance - Q3 2025 revenue reached $603 million[12], while adjusted EBITDA was $27 million[12] - The company reaffirmed its FY25 adjusted EBITDA guidance of $0-$20 million[12] - The company expects to be at the bottom end of the revenue guidance range of $2.6 billion[12] primarily due to slower US production ramp - The company delivered a 15.4% adjusted gross profit margin in Q3 2025[35] - The company has approximately $460 million in total cash as of June 30, 2025[12] Backlog & Pipeline - The company has approximately $4.9 billion in backlog as of June 30, 2025[12] - The company's pipeline is approximately $23.5 billion as of June 30, 2025[12] - $2.5 billion of FY'26 revenue is now secured in backlog[12] OBBBA & Tariffs - The Inflation Reduction Act (IRA) extends Section 48E ITC for storage through 2034, providing long-term security[16] - The IRA incentivizes an additional 10% ITC if minimum domestic content thresholds are met[16] - The company is working with domestic suppliers to ensure compliance with the OBBBA by the end of the year[19] - The total tariff on Chinese batteries in calendar year 2025 is projected to be 40.9%, and 58.4% in 2026[21] Market & Strategy - Two Australia contracts totaling approximately $700 million were added to the backlog[11] - Battery storage is now more cost-effective than gas, driving increased data center opportunities[44]

Financial Performance - Net revenue increased by 29% YoY to R$5635 million, excluding non-recurring effects, construction, and financial asset bifurcation[15, 17] - Adjusted EBITDA increased by 215% YoY to R$3617 million, excluding non-recurring effects, construction, and financial asset bifurcation[15, 19] - Net income increased significantly by 766% YoY to R$2136 million[15, 43] - Cash flow from operations increased by 794% YoY to R$3181 million[15] - Cash conversion rate improved from 595% to 879%[15] Operational Highlights - Water production volume increased by 48% YoY[10] - Water connections increased by 08% YoY[12] - Sewage connections increased by 11% YoY[13] Revenue Analysis - FAUSP price contributed R$290 million to revenue[23] - Volume contributed R$210 million to revenue[23] - Mix impact reduced revenue by R$138 million, mainly due to subsidized tariffs[23, 31] Cost Management - Personnel expenses decreased by R$77 million, a 103% reduction YoY, due to an 11% reduction in employee numbers[34, 39] - Energy expenses decreased by 37% YoY[34] Capex and Debt - Capex reached R$36 billion in 2Q25[79] - Debt issued in July 2025 included R$11 billion in Eco Invest 2032, R$10 billion in Eco Invest 2035, and R$28 billion in Blue Bond 2030[62] - Cash position as of July 2025 was R$129 billion[64] Key Ratios - Return on Invested Capital (ROIC) increased to 15%[66] - Return on Equity (ROE) increased to 13%[66]

Financial Performance - Net investment income for the quarter ended June 30, 2025, was $364 million, or $039 per share[9] - Net realized and change in unrealized losses on investments for the quarter were $(180) million, or $(020) per share[9] - Net asset value per share decreased by 12% to $1475 as of the end of the quarter[9] Investment Portfolio - The total investment portfolio amounted to $333 billion, diversified across 249 portfolio companies and 51 industries[10] - Direct origination and other investments represented 92% of the total portfolio[10] - Non-accrual investments accounted for 20% of the total portfolio at fair value[10] - New investment commitments totaled $262 million across 31 companies, averaging $844 million per commitment[9] Portfolio Composition & Characteristics - The direct origination portfolio was primarily composed of first lien loans, representing 99% of the portfolio[10] - The direct origination portfolio was 100% floating rate[10] - Sponsored investments accounted for 90% of the direct origination portfolio[10] Funding and Leverage - Gross fundings for the quarter, excluding revolver fundings, totaled $254 million[9] - Net fundings, including revolvers, totaled $144 million for the quarter[9] - The company's net leverage ratio was 144x as of June 30, 2025[9]

Financial Performance - Q2 2025 consolidated revenue was $95 million, reflecting an 8% QoQ rebound excluding Geomagic[29] - Medical Technologies revenue grew 13% YoY and 16% QoQ, representing over $80 million of FY'24 revenues[19] - The company achieved significant OpEx reductions of $17 million YoY and $15 million QoQ[35] - Net income for Q2 2025 was $1044 million, with GAAP EPS at $057[39] - The company expects to exit Q4'25 with operating expenses in the low $40 million range[13] Strategic Initiatives - The company completed the sale of the Geomagic business for nearly $120 million in cash on April 1, 2025[10, 44] - A debt transaction in June permanently retired $88 million in debt and refinanced $92 million through 2030, along with repurchasing 8 million common shares[10, 44] - Cost reduction and profitability improvement initiatives target over $85 million of annualized savings planned through 1H'26[12] Balance Sheet - The company ended the quarter with approximately $134 million in cash, cash equivalents, and restricted cash[44] - As of August 2025, the company's global cash, cash equivalents, and restricted cash amounted to approximately $130 million[44]

Market Context - The market demands 24/7 scalable power with pathways to reduce emissions, and natural gas is well-suited to meet this need[6] - The 2025 PJM capacity auction clearing prices increased over 11x, from $29/MW-day in 2023 to $329/MW-day[7] - There's a pragmatic shift towards responsible natural gas use while focusing on decarbonization, driven by federal emphasis on domestic energy and affordability[10] - Newly enacted parity for 45Q credit for EOR is increasing value from $60 to $85[10] Integrated Product - Integrating Net Power with gas turbines offers industrial, economic, and environmental advantages, accelerating market adoption[13] - Integrating simple cycle gas turbines with Net Power doubles power output with half the emissions of a standard 200 MWe gas plant[19] - The integrated product design offers flexibility, creating multiple pathways to meet long-term power and environmental goals[20, 21] Project Permian - Value engineering, favorable tax policy changes, and the integrated product yield a ~33% reduction in targeted LCOE for Project Permian[23] - Project Permian's LCOE is targeted to be under $100/MWh, a reduction from over $150/MWh in May 2025[24] Operations Update - Baker Hughes equipment validation at La Porte is underway, with Phase 1 testing expected to be completed in 2025[28, 29]

Financial Performance - Q4 FY25 - Revenue remained flat at $60.159 billion[9] - Gross margin increased by 17% to $2.202 billion[9] - Operating earnings increased by 7% to $428 million on a GAAP basis and 19% to $719 million on a non-GAAP basis[9] - Net earnings increased by 2% to $239 million on a GAAP basis and 11% to $501 million on a non-GAAP basis[9] - Diluted EPS increased by 4% to $1.00 on a GAAP basis and 13% to $2.08 on a non-GAAP basis[9] Segment Performance - Q4 FY25 - Pharmaceutical and Specialty Solutions revenue decreased by 0% to $55.372 billion, while segment profit increased by 11% to $535 million[11] - Global Medical Products and Distribution revenue increased by 3% to $3.199 billion, and segment profit increased significantly by 49% to $70 million[15] - Other (NPHS, at-Home Solutions, and OptiFreight) revenue increased by 37% to $1.609 billion, with segment profit increasing by 44% to $160 million[20] Financial Performance - FY25 - Revenue decreased by 2% to $222.578 billion[28] - Gross margin increased by 10% to $8.168 billion[28] - Operating earnings increased significantly by 83% to $2.275 billion on a GAAP basis and 15% to $2.786 billion on a non-GAAP basis[28] - Net earnings increased significantly by 83% to $1.561 billion on a GAAP basis and 7% to $1.995 billion on a non-GAAP basis[28] - Diluted EPS increased significantly by 87% to $6.45 on a GAAP basis and 9% to $8.24 on a non-GAAP basis[28] Segment Performance - FY25 - Pharmaceutical and Specialty Solutions revenue decreased by 3% to $204.644 billion, but segment profit increased by 12% to $2.258 billion[30] - Global Medical Products and Distribution revenue increased by 2% to $12.636 billion, with segment profit increasing significantly by 47% to $135 million[35] - Other (NPHS, at-Home Solutions, and OptiFreight) revenue increased by 19% to $5.382 billion, and segment profit increased by 22% to $516 million[40] FY26 Outlook - Non-GAAP EPS is expected to be in the range of $9.30 - $9.50, revised from the previous outlook of $9.10 to $9.30[48] - Interest and Other expenses are projected to be approximately $275 million[48] - Non-GAAP adjusted free cash flow is expected to be between $2.75 billion and $3.25 billion[48]

Q2 2025 Key Performance Highlights - Funded Accounts reached 363 million, a 14% year-over-year increase[12] - Assets Under Administration (AUA) totaled $175 billion, up 54% year-over-year[12] - Net Contribution amounted to $210 million, reflecting a 26% year-over-year growth[12] - Adjusted EBITDA was $72 million, a 31% increase compared to the previous year[12] Business Strategy and Product Updates - The company is focused on four strategic pillars: Trading, Investing, Wealth Management, and Neo-Banking, to drive global expansion and product localization[15, 16, 17, 18, 19] - New product launches include 24/5 trading for U S equities and futures, new Smart Portfolios with Franklin Templeton, French savings products, and the eToro Card now available in multiple E U markets[22, 23, 26, 27] - The company is expanding its crypto offering in the U S, providing access to over 100 tokens[28] - The company launched Tori, an AI analyst providing personalized investment insights[29] Financial Performance Details - Net Trading Contribution from Equities, Commodities, and Currencies was $114042 thousand for the three months ended June 30, 2025[123] - Revenue from Cryptoassets was $1914792 thousand for the three months ended June 30, 2025[123] - Net income for Q2 2025 was $30185 thousand, which includes $15 million of IPO and other related costs[110, 130]