NYSE LISTED WTRG Third Quarter 2025 November 5th, 2025 February 2024 Brian Dingerdissen Vice President Treasury, FP&A and Investor Relations 2 Forward Looking Statement This presentation contains in addition to historical information, forward looking statements based on assumptions made by management regarding future circumstances over which the company may have little or no control, that involve risks, uncertainties and other factors that may cause actual results to be materially different from any future ...

EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT November 5, 2025 EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Safe Harbor Statement All per-share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The third quarter and first nine months of 2025 and 2024 earnings discussion includes financial measures that are not recognized under generally accepted accounting princip ...

Financial Performance - Green Plains reported net income attributable of $11.9 million, or $0.17 EPS[8] - Adjusted EBITDA was $52.6 million[8] - The company had $211.6 million in cash and cash equivalents, and $325.0 million available under a committed credit facility[8] - Consolidated ethanol crush margin was $59.6 million, including $26.5 million from 45Z production tax credits[8] Production and Operations - Ethanol production reached 197.3 million gallons, operating at 101% of stated capacity (excluding Fairmont)[8] - Production included 417 thousand tons of distillers grains, 71 thousand tons of Ultra-High Protein, and 72.3 million pounds of renewable corn oil[8] - The company processed 66.6 million bushels of corn[8] - Nine operating ethanol plants achieved a strong utilization rate of 101%[9] Strategic Initiatives and Updates - The company expects $15 - $25 million of 45Z production tax credit monetization value for the fourth quarter[9] - Carbon capture is fully operational at the York, Nebraska facility, with Central City and Wood River, Nebraska systems ramping up[9, 12] - The sale of the Obion, Tennessee plant was completed, with proceeds used to repay $130.7 million in junior mezzanine debt[9] - A $200 million convertible note exchange and subscription transaction was successfully completed to enhance financial flexibility[9] Selected Operating Data Comparison (Q3 2025 vs Q3 2024) - Ethanol production decreased from 220,299 thousand gallons in 2024 to 197,264 thousand gallons in 2025[13] - Distillers grains production decreased from 489 thousand tons in 2024 to 417 thousand tons in 2025[13] - Renewable corn oil production decreased from 77,074 thousand pounds in 2024 to 72,345 thousand pounds in 2025[13]

Key Management Andrew Spodek Chief Executive Officer Jeremy Garber President, Treasurer & Secretary Steve Bakke Chief Financial Officer Board of Directors Board Responsibilities Patrick Donahoe Chair of the Board, Member - Audit Committee Andrew Spodek Chief Executive Officer, Director Barry Lefkowitz Chair of Audit Committee, Member - Corporate Governance & Compensation Committee Anton Feingold Chair of Corporate Governance & Compensation Committee, Member - Audit Committee Jane Gural-Senders Member - Corp ...

Q3 2025 Consolidated Results - Revenue decreased by 8% to $2694 million, but comparable currency neutral sales were flat against a strong prior year[26] - Adjusted Operating EBITDA decreased by 9% to $519 million, but comparable currency neutral adjusted operating EBITDA grew by 7%[26] - Adjusted Operating EBITDA Margin decreased by 10 bps to 193%, but comparable currency neutral adjusted operating EBITDA margin increased by 130 bps[26] Segment Performance (Q3 2025) - Taste segment sales increased by 2% on a comparable currency neutral basis to $635 million, with a 2% increase in adjusted operating EBITDA to $128 million[28] - Food Ingredients segment sales decreased by 3% on a comparable currency neutral basis to $830 million, but adjusted operating EBITDA increased significantly by 24% to $106 million[28] - Health & Biosciences segment sales were flat on a comparable currency neutral basis at $577 million, with a 3% increase in adjusted operating EBITDA to $150 million[28] - Scent segment sales increased by 5% on a comparable currency neutral basis to $652 million, with a 6% increase in adjusted operating EBITDA to $135 million[28] Cash Flow & Leverage (9M YTD 2025) - Cash flow from operations totaled $532 million[30] - Capital expenditures were $406 million, approximately 5% of sales[30] - Free cash flow was $126 million[30] - Net debt to credit adjusted EBITDA was 25x, with gross debt totaling $6081 million and cash and cash equivalents at $621 million[30] FY 2025 Outlook - The company expects revenue between $106 billion and $109 billion, with comparable currency neutral growth of 1% to 4%[32] - Adjusted operating EBITDA is projected to be between $2 billion and $215 billion, with comparable currency neutral growth of 5% to 10%[32] - Foreign exchange is expected to have a negative impact of approximately 1% on revenue and 3% on adjusted operating EBITDA[32] - Divestitures are expected to have a negative impact of approximately 7% on revenue and 8% on adjusted operating EBITDA[32]

Financial Performance - Revenue increased to $195.5 million, a 7.0% growth compared to $182.7 million in the same quarter of the previous year[20] - Gross profit increased to $58.2 million, a 19.0% increase from $48.9 million, with gross profit margin improving to 29.8% from 26.8%[10, 20] - Adjusted EBITDA increased to $30.2 million, a 29.6% increase from $23.3 million, with adjusted EBITDA margin improving to 15.4% from 12.8%[10, 20] - Net income increased significantly to $13.1 million, a 104.7% increase compared to $6.4 million[20, 22] Segment Performance - Oil & Gas revenue reached $105.7 million, a 6.2% increase from $99.5 million[7] - Aerospace & Defense revenue reached $24.2 million, a 10.6% increase from $21.9 million[7] - Industrials revenue reached $22.6 million, a 15.8% increase from $19.5 million[7] - Power Gen & Transmission revenue reached $14.5 million, a 24.3% increase from $11.7 million[7] - Infrastructure, R&D & Eng revenue reached $10.6 million, a 21.1% increase from $8.7 million[7] Cash Flow and Debt - Free cash flow was negative $20.9 million, compared to positive $6.3 million in the previous year[25] - Total gross debt increased to $202.3 million from $169.6 million[26] - Total net debt increased to $174.5 million from $151.3 million[26] Outlook - The company projects full-year revenue in the range of $716 million to $720 million and adjusted EBITDA in the range of $86 million to $88 million[30] - The company anticipates an adjusted EBITDA margin of 12.0% to 12.2% for the full year[30]

Fiscal Year 2025 Performance - The company met or exceeded all previously provided financial guidance[21] - The company's share of the total Lawn & Garden category increased by 1%[21, 24] - Non-GAAP adjusted EBITDA grew by $71 million, a 14% increase, reaching $581 million[21] - Non-GAAP adjusted EPS grew by 63% to $3.74 per share[21] - Free cash flow was $274 million in excess of Non-GAAP adjusted earnings[21] - Debt paydown of $120 million drove interest expense down by $30 million, reducing the leverage ratio to 4.1x[21] - Full year net sales reached $3.41 billion, a 4% decrease compared to the previous year[62] Q4 2025 Performance - Net sales were $387.4 million, a 7% decrease compared to Q4 2024[59] - Adjusted gross margin rate improved by 1,030 bps to 7.2%[59] - Adjusted net loss was $(113.1) million, an improvement compared to $(131.5) million in Q4 2024[59] Fiscal Year 2026 Outlook - The company expects low single-digit sales growth in the U S Consumer segment[87] - The company anticipates a non-GAAP adjusted gross margin rate of at least 32%[86, 87] - The company projects adjusted EPS to be between $4.15 and $4.35 per share[87]

Financial Performance - Net loss attributable to common stockholders was $(11301) thousand for the three months ended September 30, 2025, compared to $(4272) thousand in 2024[13] - Net loss per diluted share was $(011) for the three months ended September 30, 2025, compared to $(004) in 2024[13] - Total revenues were $177117 thousand for the three months ended September 30, 2025, slightly up from $176807 thousand in 2024[13] - Adjusted EBITDAre decreased to $39263 thousand for the three months ended September 30, 2025, from $45340 thousand in 2024[13] - Adjusted FFO was $21253 thousand for the three months ended September 30, 2025, compared to $27610 thousand in 2024[13] Pro Forma Operating Results - Pro forma total revenues for the three months ended September 30, 2025, were $177117 thousand, compared to $182537 thousand in 2024[30] - Pro forma hotel EBITDA was $54118 thousand for the three months ended September 30, 2025, down from $62180 thousand in 2024[30] - Pro forma hotel EBITDA margin decreased to 306% for the three months ended September 30, 2025, from 341% in 2024[30] - RevPAR decreased by (42)% for the three months ended September 30, 2025[13] Capitalization - Market value of common equity at quarter end was $668748 thousand as of September 30, 2025[35] - Consolidated total debt was $1433483 thousand as of September 30, 2025[35]

Financial Performance & Strategic Review - Charles River's Board supports the company's strategic direction, focusing on strengthening its scientific portfolio, divesting underperforming assets, maximizing financial performance, and maintaining disciplined capital deployment[7] - The company is refining its portfolio by selling certain underperforming or non-core businesses, representing approximately 7% of the estimated 2025 revenue[9] - These divestitures are expected to result in non-GAAP earnings per share accretion of at least $0.30 on an annualized basis once completed, excluding reinvestment benefits or interest expense impacts[9] - A new $1.0 billion stock repurchase authorization was approved by the Board in October, replacing a previous authorization under which $450.7 million in common stock had been repurchased since August 2024[10] 3Q25 Results & Updated Guidance - 3Q25 revenue was $1,004.9 million, a 0.5% decrease compared to $1,009.8 million in 3Q24, with a 1.6% organic revenue decline[13] - The GAAP EPS for 3Q25 was $1.10, a 17.3% decrease from $1.33 in 3Q24, while the non-GAAP EPS was $2.43, a 6.2% decrease from $2.59[15] - The company revised its 2025 revenue growth guidance to a decline of 1.5%-0.5% reported and a decline of 2.5%-1.5% organic[16] - The 2025 non-GAAP EPS estimate is now $10.10-$10.30, which includes a $0.10 guidance improvement at the midpoint[36] Segment Performance & Outlook - DSA (Discovery and Safety Assessment) revenue for 3Q25 was $600.7 million, a 2.3% decrease compared to $615.1 million in 3Q24, with a 3.1% organic revenue decline[17] - RMS (Research Models and Services) revenue for 3Q25 was $213.5 million, a 7.9% increase compared to $197.8 million in 3Q24, with a 6.5% organic revenue growth[25] - Manufacturing revenue for 3Q25 was $190.7 million, a 3.1% decrease compared to $196.9 million in 3Q24, with a 5.1% organic revenue decline[28]

Financial Performance & Guidance - Q3 2025 revenue was $353 million, a decrease of $48 million compared to Q3 2024[39] - Adjusted EBITDA for Q3 2025 was $42 million, down $9 million from Q3 2024[39] - The company projects Q4 2025 Adjusted Free Cash Flow to be between $25 million and $30 million[39] - 2025 Adjusted EBITDA guidance is $135-140 million[39] Segment Performance - Cellulose Specialties Q3 2025 Adjusted EBITDA was $66 million with a 32% margin[39, 40] - Biomaterials Q3 2025 Adjusted EBITDA was $1 million with a 13% margin[39, 45] - Cellulose Commodities Q3 2025 Adjusted EBITDA was negative $3 million with a negative 4% margin[39, 48] - Paperboard Q3 2025 Adjusted EBITDA was $1 million with a 3% margin[39, 54] - High-Yield Pulp Q3 2025 Adjusted EBITDA was negative $9 million with a negative 38% margin[39, 60] Strategic Initiatives - The company aims to restore Temiscaming profitability with $10 million annual EBITDA improvement through cost reduction and $10 million annual EBITDA improvement by improving Paperboard Operational Equipment Efficiency (OEE)[20] - The company expects Biomaterials to contribute approximately $31 million of proportional run-rate EBITDA in 2027 and approximately $80 million including proportional AGE EBITDA in 2028[34]