Company Overview - Gran Tierra Energy is an independent international energy company focused on Canada, Colombia, and Ecuador[17] - Q2 2025 production was approximately 47 MBOEPD[19] - The company has repurchased almost 7.5 million shares, representing 20% of its outstanding shares since January 1, 2022[16] Reserves and Valuation - 1P reserves are estimated at 167 MMBOE with a 10-year Reserve Life Index (RLI)[20] - 2P reserves are estimated at 293 MMBOE with a 17-year RLI[20] - 1P After-Tax NPV10 is valued at US$1.4 billion, or US$19.51 per share[20] - 2P After-Tax NPV10 is valued at US$2.2 billion, or US$41.03 per share[20] Financial Objectives and Hedging - The company targets generating approximately $20 million of free cash flow based on the base case of guidance[72] - The company aims for a Net Debt to EBITDA ratio of 0.8 to 1.2 times by the end of 2026, with gross debt less than $600 million[72] - The company targets a Net Debt to EBITDA ratio of less than 1.0 times and gross debt of less than $500 million by the end of 2027[72]

Financial Performance - Net sales increased to $682.8 million, up from $661.5 million, a 3.2% increase[15] - Adjusted EBITDA grew to $101.4 million from $100.9 million, with a margin of 14.9%[15] - Adjusted EPS increased by 2% to $1.06[17] - Free cash flow was slightly positive at $0.2 million[18] Segment Performance - Climate Solutions - Climate Solutions revenue increased by 11%[6] - Climate Solutions adjusted EBITDA increased by 10%[6] - Climate Solutions net sales were $397.4 million, a 15% increase from $357.3 million[11] - Data Centers sales grew significantly, driving overall growth in Climate Solutions[11] Segment Performance - Performance Technologies - Performance Technologies revenues decreased by 8%[9] - Performance Technologies adjusted EBITDA decreased by 14%[9] - Performance Technologies net sales were $285.5 million, down from $309.0 million[13] Fiscal Year 2026 Outlook - The company raised its revenue outlook to +10% to +15%, projecting $2.84 billion to $2.97 billion in net sales[19] - Adjusted EBITDA is expected to be between $440 million and $470 million, a +12% to +20% increase[19] - Climate Solutions revenue is projected to grow by +25% to +35%[19] - Performance Technologies revenue is expected to decline by (2%) to (12%)[19]

Financial Performance - Same Property NOI increased by 33% for the three months ended June 30, 2025, reaching $144104 million, compared to $139512 million in 2024[88] - Same Property NOI increased by 32% for the six months ended June 30, 2025, reaching $287903 million, compared to $279038 million in 2024[88] - Net income attributable to common shareholders was $110318 million for the three months ended June 30, 2025, compared to a loss of $48638 million in 2024[88] - Net income attributable to common shareholders was $134048 million for the six months ended June 30, 2025, compared to a loss of $34482 million in 2024[88] - NAREIT FFO attributable to common shareholders was $111499 million for the three months ended June 30, 2025, compared to $115541 million in 2024[90] - NAREIT FFO attributable to common shareholders was $231816 million for the six months ended June 30, 2025, compared to $226559 million in 2024[90] - Adjusted EBITDA annualized reached $590690 million[93] Portfolio and Transactions - YTD 2025 transaction activity shows acquisitions of $4766 million at a 65% effective yield and dispositions of $2584 million at a 65% yield, resulting in net transaction activity of +$2182 million[35] - The signed-not-open (SNO) pipeline increased to $316 million, with 37% from anchor tenants and 63% from shop tenants[21] - 88% of the SNO pipeline is from the same property NOI pool, and 12% is from the non-same property NOI pool[21]

Financial Highlights - The company's book value was $3961 million, or $1740 per common share[16] - Net income was $223 million in 2Q 2025, with net income attributable to common stockholders of $123 million, or $054 per diluted common share[16] - Cash available for distribution (CAD) was $106 million, or $046 per diluted common share in 2Q 2025[16] - A 2Q 2025 dividend of $050 per common share was paid on June 30, 2025[16] Portfolio Composition - The outstanding total portfolio is $11 billion, composed of 86 investments[17] - The company funded $65 million on a loan with a monthly coupon of SOFR+900bps[17] - The company purchased a $153 million CMBS I/O Strip with a bond equivalent yield of 724%[17] - The company purchased $395 million of Preferred Stock[17] Capitalization Metrics - The debt to equity ratio was 187x as of June 30, 2025[18] - NREF Series B Preferred dividends were covered 187x in the quarter[18] - The weighted average remaining term is 37 years[18] - Outstanding repo financing is $2609 million, equating to 478% advance rate on CMBS B-Piece and IO Strips Portfolio[18]

Financial Performance - Radian Group's net income for Q2 2025 was $142 million, compared to $145 million in Q1 2025 and $152 million in Q2 2024[9] - The diluted net income per share was $1.02, and the adjusted diluted net operating income per share was $1.01[9] - The book value per share grew by 12% year-over-year to $33.18, compared to $29.66 as of June 30, 2024[9] - The return on equity was 12.5%, and the adjusted net operating return on equity was 12.4%[10] Mortgage Insurance - The primary mortgage insurance in force reached $276.7 billion, compared to $274.2 billion as of March 31, 2025, and $272.8 billion as of June 30, 2024[12] - Net mortgage insurance premiums earned were $234 million, consistent with $234 million in Q1 2025 and $235 million in Q2 2024[12] - New insurance written was $14.3 billion, compared to $9.5 billion in Q1 2025 and $13.9 billion in Q2 2024[14] Investment Portfolio - Total investments amounted to $6.5 billion, compared to $6.1 billion as of March 31, 2025, and $6.6 billion as of June 30, 2024[14] - Net investment income was $73 million, compared to $69 million in Q1 2025 and $74 million in Q2 2024[12] - The investment portfolio is diversified, with 41.2% allocated to corporate bonds and commercial paper, totaling $2.747 billion[36] Capital and Risk Management - Available holding company liquidity was $784 million, compared to $834 million as of March 31, 2025, and $1.2 billion as of June 30, 2024[10] - PMIERs excess available assets were $2.0 billion, compared to $2.1 billion as of March 31, 2025, and $2.2 billion as of June 30, 2024[10] - The holding company debt-to-capital ratio was 19.2%[56]

Financial Performance - Second Quarter 2025 - Revenues increased by 18% to $1,347.6 million compared to $1,139.4 million in Q2 2024[2,8] - Net Revenues increased by 16% to $1,185.9 million compared to $1,018.0 million in Q2 2024[2,29] - Adjusted EBITDA increased by 16% to $180.2 million compared to $155.6 million in Q2 2024[2,25] - Adjusted EPS increased by 26% to $1.72 compared to $1.36 in Q2 2024[2] - GAAP diluted EPS decreased by 89% to $0.08 compared to $0.73 in Q2 2024[2] Financial Performance - First Half 2025 - Revenues increased by 16% to $2,488.8 million compared to $2,141.3 million in the first half of 2024[2,30] - Net Revenues increased by 14% to $2,179.6 million compared to $1,908.7 million in the first half of 2024[2,30] - Adjusted EPS increased by 22% to $2.59 compared to $2.13 in the first half of 2024[2] Segment Performance - Engineering revenue increased by 67% in USD and 65% in local currency compared to Q2 2024[9,16] - Real Estate Services revenue increased by 4% in both USD and local currency compared to Q2 2024[9,12] - Investment Management revenue remained flat with 0% growth in both USD and local currency compared to Q2 2024[9,19] Capitalization and Liquidity - Net Debt stood at $1,556.9 million as of June 30, 2025[21] - The company has $900 million of available liquidity under revolving credit facility after the closing of RoundShield acquisition in July 2025[22]

Durable Growth, The Vulcan Way 2Q 2025 SUPPLEMENTAL INFORMATION July 31, 2025 Safe Harbor and Non-GAAP Financial Measures This presentation contains certain non-GAAP financial terms, which are defined in the Appendix. Reconciliations of non-GAAP terms to the closest GAAP terms are also provided in the Appendix. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forwa ...

QUARTERLY SUPPLEMENTAL 2Q 2025 Total Assets and Revenues by Asset Type, Operator, State and Country 10 AT THE VERY HEART OF HEALTHCARE.® 3 COMPANY OVERVIEW Company Information 3 FINANCIAL INFORMATION Reconciliation of Funds from Operations 6 Debt Summary 7 Debt Maturities and Debt Metrics 8 PORTFOLIO INFORMATION Lease and Loan Maturity Schedule 9 Rent Coverage 13 Summary of Active Developments and Capital Addition Projects 15 FINANCIAL STATEMENTS Consolidated Statements of Income 16 Consolidated Balance She ...

Production & Capital Efficiency - Antero Resources (AR) anticipates increased production and reduced capital expenditure (Capex) due to operating efficiencies and strong well performance[7] - AR's 2025 estimated D&C capital is $663 million, a decrease from the 2023 guidance of $900 million[8] - AR's maintenance capital efficiency is projected at $0.65, lower than the peer average of $0.73[8] Hedging Strategy - Approximately 20% of AR's 2026 estimated natural gas production is hedged using wide two-way collars[10] - The hedge strategy for 2026 includes a floor of $3.14/MMBtu and a ceiling of $6.31/MMBtu[10] NGL Pricing & Exports - AR anticipates higher C3+ NGL premiums to Mont Belvieu in the second half of 2025[12] - New capacity additions are expected to increase U S Gulf Coast LPG exports in the second half of 2025[14] Natural Gas Pricing & Demand - AR has the highest exposure to NYMEX-linked pricing, leading to better natural gas realized pricing[22] - Approximately 8 Bcf/d of new LNG capacity is expected to be added from 2025 to 2027[18] - Regional natural gas demand is increasing due to power demand and data center projects, with a total of 4,980 MMcf/d under construction, FID, or waiting on FID[20] Financial Position - AR has reduced its debt by approximately $2.7 billion since 2019[28] - AR's debt maturity schedule shows no near-term maturities, with credit facility maturity extended to 2030[28] - AR's Adjusted EBITDAX for the three months ended June 30, 2025, was $379.464 million, compared to $151.402 million for the same period in 2024[37]

Financial Performance - Teekay Tankers reported GAAP Net Income of $62.6 million and GAAP EPS of $1.81 for Q2 2025[7] - Adjusted Net Income for Q2 2025 was $48.7 million, with an Adjusted EPS of $1.41[7] - The company generated Free Cash Flow (FCF) of $62.8 million in Q2 2025 and held $712 million in cash[7] Fleet Management and Strategy - Teekay Tankers is executing a fleet renewal plan, including selling older vessels and acquiring more modern tonnage[7] - The company acquired one 2017-built Suezmax tanker in July 2025[12] - Teekay Tankers agreed to sell five vessels with an average age of 17 years for gross proceeds of approximately $158.5 million, estimating gains from sales of approximately $46 million[12] - The company declared a fixed quarterly dividend of $0.25 per share payable in August 2025[12] Market Conditions and Outlook - Spot tanker rates showed counter-seasonal strength in Q2 2025[7] - Global oil supply is expected to accelerate in the second half of 2025 due to OPEC+ supply unwind and new production from South America[15] - The tanker orderbook is stable at 15% of the existing fleet size, with the average fleet age at a 25-year high of 14 years[24]