Financial Performance & Contract Coverage - Revenue for 9M 2025 increased to $575.5 million from $528.6 million in 9M 2024[15, 28] - Net income for 9M 2025 increased to $306.7 million from $253.9 million in 9M 2024[15, 28] - Adjusted EBITDA for 9M 2025 increased to $396.7 million from $371.1 million in 9M 2024[15, 28] - $778 million in contracted revenues were added in 9M 2025[15, 20] - Contract cover stands at 100% for 2025, 96% for 2026, and 74% for 2027[15] - Contracted revenues as of September 30, 2025, totaled $1.92 billion[20] Capital Allocation & Balance Sheet - The annualized dividend is set to increase to $2.50 per share[15, 22] - $33.0 million remains authorized for opportunistic share buy-backs[22, 23, 28] - The weighted average cost of debt is 4.34%, with a weighted average maturity of 4.7 years[28, 71] - SOFR is capped at 0.64% for approximately 76% of floating rate debt[28, 29, 38, 71] - Average break-even rates have been reduced to $9,578 per vessel per day[71] Market Dynamics & Strategy - Approximately 74% of global containerized trade volume occurs in non-Mainlane trades, which are predominantly served by mid-sized & smaller ships[44] - Red Sea disruption has absorbed approximately 10% of effective global capacity[46]

Acquisition Highlights - Ranger is acquiring American Well Services (AWS) for approximately $905 million, funded through $605 million in cash and 2 million shares, plus a $5 million earnout[7] - The acquisition is expected to generate ~$4 million in cost synergies, fully realized by 2027[7] - The purchase price represents a multiple of less than 25x AWS's Last Twelve Months (LTM) Q3'25 Adjusted EBITDA[7] Financial Performance & Metrics - AWS's LTM Q3'25 revenue was $186 million with a gross margin of 29%[16] - AWS's LTM Q3'25 Adjusted EBITDA was $43 million, representing a 23% Adjusted EBITDA margin[16] - Ranger's LTM Q3'25 Free Cash Flow was $531 million, with a 71% conversion rate[38] Strategic Benefits - The acquisition strengthens Ranger's position in the Permian Basin, expanding its customer base and service offerings[7, 11] - New service lines from AWS, such as tubing rentals, inspection, chemicals, and mixing plants, provide opportunities for pull-through revenue[7, 11, 22] - The combined company expects to repay borrowings within one year of closing, leveraging cash flows from the pro forma organization[11] - Ranger remains committed to returning a minimum of 25% of cash flows to shareholders[8]

Financial Performance - Q3 2025 revenue reached $396 million[10] - Net profit for Q3 2025 was $54 million[10] - Q4 2025 revenue guidance is $440 million, +/- 5%, representing a 14% year-over-year growth[9] - Nine months ended September 30, 2025, revenue was $1,125.898 million compared to $1,048.931 million for the same period in 2024[16] - Net profit attributable to the company for the nine months ended September 30, 2025, was $140.338 million, compared to $152.726 million for the same period in 2024[16] Balance Sheet Highlights - Cash and cash equivalents as of September 30, 2025, were $273 million[13] - Short-term deposits as of September 30, 2025, were $951 million[13] - Total assets as of September 30, 2025, were $3,253 million[13] - Total liabilities as of September 30, 2025, were $420 million[13] Revenue Breakdown by Technology (Q3 2025) - Automotive sector accounted for 11% of revenue[12] - RF Mobile sector accounted for 26% of revenue[12] - Power sector accounted for 17% of revenue[12]

Strategic Transaction - Pershing Square invested $900 million in Howard Hughes Holdings Inc (HHH) to transform it into a diversified holding company[12] - Pershing Square purchased 9 million newly issued HHH shares for $100 per share, representing a 48% premium[13] - Pershing Square's beneficial ownership increased to approximately 469%, with voting power capped at 40% and beneficial ownership limited to 47%[13] - HHH will pay Pershing Square a quarterly fee of $375 million plus an incentive fee equal to 0375% of the growth in HHH's equity market capitalization[13] Portfolio Highlights - HHC's portfolio includes 72 million square feet of office space, 26 million square feet of retail space, 5,855 multifamily units, and 3,046 condos closed[23] - HHC has 7 communities and 34,000 acres of raw land[23] - Master Planned Communities (MPC) segment generated $349 million in 2024 EBT[25] - Operating Assets segment generated $257 million in 2024 NOI[30] - Strategic Developments segment generated $211 million in 2024 Adjusted Condo Gross Profit[27] Financial Performance - The company anticipates stabilized adjusted operating cash flow between $955 million and $1 billion, compared to $440 million in 2025[56] - The company's 2025 Adjusted Operating Cash Flow is comprised of $717 million Operating Assets NOI, $450 million MPC EBT, $0 million Condo Profit, ($196 million) Interest Expense, and ($81 million) Cash G&A[53, 56] - MPC Gross Asset Value increased from $37 billion in 2017 to $44 billion in 2025[49]

Cauchari-Olaroz Operations - Cauchari-Olaroz's Q3 2025 production volume reached approximately 8,300 tonnes, operating at over 80% capacity[30] - The company maintains its 2025 production guidance of 30,000-35,000 tonnes of LCE[30] - Stage 1 capital costs for Cauchari-Olaroz were $979 million[59] PPG Scoping Study Results - The scoping study indicates a resource of 151 million tonnes of LCE (Measured & Indicated) and 67 million tonnes of LCE (Inferred)[48] - The project's after-tax NPV, using an 8% discount rate, is $81 billion, with an IRR of 327% at a price of $18,000 per tonne[48] - Stage 1 of PPG is projected to have a capacity of 50,000 tonnes per annum (tpa) of LCE, with the full project targeting 150,000 tpa[48] - Stage 1 capital expenditure (CAPEX) is estimated at $11 billion, while the total CAPEX for the full project is $33 billion[48] - The operating expenditure (OPEX) for Stage 1 is projected at $5,344 per tonne, decreasing to $5,027 per tonne for the full project[48] Strategic Initiatives - The company plans to submit RIGI applications in H1 2026[85] - A new joint venture with Ganfeng will consolidate the Pastos Grandes Project, Sal de la Puna Project, and Pozuelos-Pastos Grandes Project[6]

Company Performance & Strategy - BKV's corporate 1-year decline rate is 99% for all PDP reserves including impact from the Bedrock Acquisition[11] - BKV aims to increase ownership in Power JV to 75%[18] - BKV's assets are aligned with the fastest-growing energy markets in the US[16] - BKV is the largest producer in the Barnett with potential to expand[67] Financial Highlights (Q3 2025) - Combined Adjusted EBITDAX attributable to BKV was $918 million[35] - Total Accrued CAPEX was $796 million, against a guidance of $65-$105 million[35] - Adjusted Free Cash Flow Attributable to BKV was $(106) million[35] - Net Leverage was 132x as of September 30, 2025[35] CCUS Projects - Barnett Zero is operational with a projected annual average injection of 183 ktpy (kilotonnes per year)[148] - Eagle Ford Project is at FID (Final Investment Decision) stage with a projected annual average injection of 90 ktpy[148] - Cotton Cove is at FID stage with a projected annual average injection of 32 ktpy[148]

Financial Performance - Starwood Property Trust reported Q3 2025 GAAP earnings of $0.19 per diluted share and Distributable Earnings (DE) of $0.40 per diluted share[6] - The company invested $4.6 billion in Q3 2025 and $10.2 billion in the first nine months of the year[6] - The company paid a quarterly dividend of $0.48 per share, maintaining this dividend for over a decade[6] Capital Activities - Starwood Property Trust raised $2.3 billion of capital across equity, term loan B, and high yield markets[6] - The company has a record liquidity of $2.2 billion[6] - The company repriced $1.6 billion of term loans at record low spreads[28] Portfolio Composition - The company has successfully deployed $112 billion of capital since inception and manages a portfolio of $30 billion across debt and equity investments[11] - U S office represents only 8% of the company's diversified $29.9 billion asset base[29] - The company acquired Fundamental, a $2.2 billion portfolio of durable, long-term, high quality net lease assets[7] Lending Activities - The company originated $1.4 billion in commercial lending during the quarter[6] - The company invested a record $0.8 billion in infrastructure lending during the quarter[6] - The company securitized or priced $222 million of conduit loans in five transactions[26]

Financial Performance - Q3 2025 - Revenue reached $51.4 million, exceeding guidance of $44.0 million to $47.0 million, representing a 116% year-over-year growth[9, 11] - GAAP Gross Margin was 39.9%, surpassing the assumed guidance of approximately 34.0% to 35.5%[9, 11] - Cash Gross Margin was 44.8%, exceeding the assumed guidance range due to strong performance across all business lines[9, 11] - Adjusted EBITDA reached $10.1 million with a 19.6% margin, exceeding the top end of the guidance range[9] - Cash Flow from Operations was $9.1 million, and Free Cash Flow was $6.6 million, marking a year-over-year growth of $16.5 million[9, 11] Financial Performance - 9 Months 2025 - Revenue increased by 44% to $118.0 million from $81.9 million in the same period of the previous year[15] - Adjusted EBITDA increased by $20.3 million to $10.8 million[15] - Free Cash Flow increased by $39.9 million[15] Business Segments - Security Solutions revenue increased by 154% year-over-year to $46.5 million for the nine months ended September 30, 2025, driven by expansion within the Telos ID portfolio[17] - Secure Networks revenue decreased by 9% year-over-year to $5.0 million for the nine months ended September 30, 2025, primarily due to the completion of certain programs[17] Future Outlook - Q4 2025 - The company forecasts revenue growth of 67% to 76% year-over-year, projecting revenue between $44.0 million and $46.3 million[20]

Financial Performance - Net investment income (NII) per share was $0.82, exceeding the $0.77 quarterly dividend[2] - The company declared a fourth quarter 2025 dividend of $0.77 per share[3] - The annualized net investment income return was 12.0%[11] - The dividend yield was 11.3% based on NAV[11] - Dividend coverage was 106%[11] Portfolio Composition and Investment Activity - 97.5% of the portfolio is first lien, senior secured debt[11] - Non-accrual debt investments represent 0.1% of total investments[11] - New investment commitments totaled $1.3 billion at par, with $1.0 billion funded[15] - The fair value of investments was approximately $13.8 billion as of September 30, 2025[6] Liquidity and Capital Structure - The company has $2.5 billion of liquidity in unrestricted cash and undrawn debt[15] - The total all-in cost of debt was 5.04% in 3Q 2025[15]

DISCLAIMER, COMPLIANCE & CAUTIONARY STATEMENTS This presentation has been prepared by FireFly Metals Ltd (Company) based on information from its own and third party sources. No party other than the Company has authorised or caused the issue, lodgement, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. To the maximum extent permitted by law, the Company and its related bod ...