Second Quarter 2025 Earnings Conference Call August 5, 2025 Proprietary business information of ADM. Proprietary business information of ADM. Proprietary business information of ADM. 2 Cautionary Note Regarding Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical or current fact included in this release, ...

Financial Performance - Q2 2025 adjusted net investment income ("NII") was $0.32 per share, covering the dividend of $0.32 per share[15] - June 30, 2025 net asset value ("NAV") was $12.21 per share, compared to $12.45 per share as of March 31, 2025[15] - The company repurchased approximately $16 million of NMFC shares year-to-date, including $10 million in Q2 at a weighted average purchase price of $10.42 per share[15] - Total dividends paid to shareholders is approximately $1.4 billion since IPO[27] Portfolio Composition and Risk - Approximately 95% of the portfolio is rated green on the company's heatmap, indicating strong credit quality[15] - Nearly 80% of the portfolio is senior in nature, including First Lien, SLPs, and Net Lease assets[15] - Realized Total Net Loss Rate for NMFC since IPO is 1bp[19] - Top 10 portfolio companies represent $759.4 million, or 25.2%, of consolidated investments[67] Investment Activity - Gross originations for Q2 2025 were $122.2 million, while repayments were $141.4 million and sales were $13.7 million, resulting in net less sales originations of $(32.9) million[17, 55] Leverage and Liquidity - Statutory leverage ratio is 1.13x debt to equity as of June 30, 2025[16] - The company has $1,789 million in outstanding debt with a weighted average interest rate of 6.04%[53, 82]

Q2 2025 Performance - JBT Marel's Q2 2025 revenue was $935 million, compared to $402 million in Q2 2024[7] - Adjusted EBITDA for Q2 2025 was $156 million, with an adjusted EBITDA margin of 167%, compared to $64 million and 158% respectively in Q2 2024[7] - Adjusted EPS for Q2 2025 was $149, compared to $131 in Q2 2024[7] - Year-to-date free cash flow reached $106 million, a significant increase from $14 million in the same period last year[7] Segment Results - JBT segment revenue improved sequentially from $409 million in Q1 2025 to $455 million in Q2 2025, with adjusted EBITDA margin increasing from 149% to 180%[11] - Marel segment revenue also increased sequentially from $445 million in Q1 2025 to $480 million in Q2 2025, with adjusted EBITDA margin rising from 115% to 155%[11] Financial Position - Net debt was reduced to approximately $18 billion[22] - The company has ample liquidity of approximately $13 billion[22] Full Year 2025 Guidance - Full year revenue is projected to be between $3675 billion and $3725 billion[28] - Adjusted EPS is expected to be in the range of $545 to $615[28] - Adjusted EBITDA margin is guided to be between 1525% and 160%[28]

Q2 2025 Financial Performance - Net sales were $13 billion, down 1% as reported and constant currency [12] - Adjusted EBITDA reached $293 million, up 2% as reported and 3% on a constant currency basis [12] - Adjusted EPS increased to $089, up 7% as reported and 10% in constant currency [12] - Adjusted EBITDA margin increased by 70 bps to 219%, driven by productivity savings, but offset by unfavorable net price realization and lower volumes [16] Segment Performance - Food Protective segment: Organic sales were flat, with adjusted EBITDA up 3% to $210 million and margin up 50 bps to 234% [17] - Protective segment: Organic sales decreased by 4%, with adjusted EBITDA down 5% to $78 million and margin down 30 bps to 178% [17] H1 2025 Financials - Net sales decreased by 3% to $2607 billion as reported, with a 2% organic decline due to lower volumes [37, 35] - Adjusted EBITDA increased by 1% to $569 million as reported, and 3% on a constant currency basis [37, 36] - Free cash flow was $81 million, lower than the $207 million in H1 2024, due to higher incentive compensation and timing of tax payments [22, 44] Capital Allocation and Outlook - The company is targeting a net debt to adjusted EBITDA ratio of approximately 30x by 2026 [21, 28] - The company maintains its 2025 outlook with net sales between $51 billion and $55 billion, adjusted EBITDA between $1075 billion and $1175 billion, and adjusted EPS between $290 and $330 [24]

Forward-Looking Statements Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "might," "should," "could" or the negative of these terms or similar expressions. We caution you that these statements are not guarantees of future performance and are subject to numerous and evolving risks and unce ...

Q2 / 2025 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO August 5, 2025 This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward- looking statements. The factors that could cause actual results to differ are discussed herein and in Duke Energy's SEC filings, available at www.sec.gov. Regulation G disclosure SECOND QUARTER 2025 EARNINGS ...

Financial Performance & Outlook - 2Q25 production exceeded guidance, leading to an increase in the full-year 2025 BOE (Barrels of Oil Equivalent) guidance by 4% at the midpoint[20] - The company estimates a 2025 Free Cash Flow (FCF) of $2.1 billion, supported by a balanced commodity exposure between oil and natural gas[20] - Coterra's pro forma leverage is approximately 0.9x, with $350 million of Term Loans retired during 1H25[20] - The company anticipates a 2025 reinvestment rate of approximately 52%[23] Capital Allocation & Investment - The company expects to be near the high end of the $2.1 billion to $2.3 billion 2025 capex guidance range due to increased gas activity[23] - Approximately $1.52 billion is allocated to Permian D&C (Drilling & Completion), $350 million to Marcellus D&C, and $230 million to Anadarko D&C for 2025[24] - Coterra has approximately $31 billion of economic capex opportunities, with approximately 45% expected to generate a 20x PVI10 or better, based on benchmark prices of $75/bbl WTI and $3.75/mmbtu[35] Asset Overview & Operational Highlights - The Permian asset has a midpoint D&C capex of $1.52 billion, targeting 150-165 net wells online with an average lateral length of 10,600 feet[45] - The Marcellus asset has a midpoint D&C capex of $350 million, targeting 10-15 net wells online with an average lateral length of 19,000 feet[54] - The Anadarko asset has a midpoint D&C capex of $230 million, targeting 15-25 net wells online with an average lateral length of 11,060 feet[57] Shareholder Returns - Coterra offers an attractive shareholder return with a 36% dividend yield[9] - The company's 2025 estimated FCF is projected to increase by 73% year-over-year[29]

Financial Performance - Q2 2025 - Revenue reached $1,890.745 million, a 20.9% increase compared to $1,563.715 million in 2Q 2024 [8] - Net Income increased significantly by 70.2%, from $49.543 million in 2Q 2024 to $84.319 million in 2Q 2025 [8] - Adjusted EBITDA rose by 32.2%, from $117.081 million in 2Q 2024 to $154.784 million in 2Q 2025 [8] - Adjusted Net Income increased by 61.6%, from $57.064 million in 2Q 2024 to $92.218 million in 2Q 2025 [8] - Adjusted Diluted EPS increased by 61.2%, from $1.04 in 2Q 2024 to $1.68 in 2Q 2025 [8] Segment Performance - Q2 2025 - Utilities segment revenue was $693.021 million with a gross profit of $97.545 million (14.1% of segment revenue) and operating income of $65.577 million (9.5% of segment revenue) [13] - Energy segment revenue was $1,236.807 million with a gross profit of $134.191 million (10.8% of segment revenue) and operating income of $92.574 million (7.5% of segment revenue) [13] Backlog - Total backlog increased from Q1 2025, driven primarily by Utilities segment bookings [12] - As of June 30, 2025, the backlog was split with 52% in Energy and 48% in Utilities [11] 2025 Guidance - The company increased its full year 2025 Adjusted EPS guidance to $4.90 - $5.10 per diluted share [18] - The company increased its full year 2025 Adjusted EBITDA guidance to $490 million - $510 million [19]

Second Quarter 2025 Earnings Teleconference August 5th, 2025 CONTENTS Q2 2025 Summary Q2 2025 Supplemental Information Appendix 2 Disclosure Regarding Forward-Looking Statements Selected Financial Data - Quarter All values in $ millions (except where noted) Please refer to the appendix for adjustment reconciliations Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including state ...

Q2 2025 Performance - Total revenue grew by 3.6% reaching $188.5 million[9, 10] - Operating income was $17.5 million[13] - Restaurant-Level Adjusted EBITDA was $44.5 million[13] - Net income reached $10.0 million[13] - Adjusted EBITDA was $30.1 million[13] Q2 YTD 2025 Performance - Total revenue grew by 4.9% reaching $364.9 million[16, 17] - Operating income was $27.9 million[17] - Adjusted EBITDA was $51.3 million[17] - Restaurant-Level Adjusted EBITDA was $81.1 million[17] - Net income reached $14.0 million[17] Fiscal 2025 Financial Targets - The company plans to open 12 new restaurants[20, 22] - Same-restaurant sales are expected to grow by 1% to 3%[22] - Revenue growth is targeted at 5% to 7%[22]