Q2 2025 Financial Highlights - Earned 19,700 gold equivalent ounces (GEOs) compared to 20,068 GEOs in Q2 2024[12] - Revenues reached $60.4 million with a quarterly cash margin of 95.8%, compared to $47.4 million and 96.6% in Q2 2024[12] - Declared a Q3 2025 quarterly dividend of $0.055 per common share[12] - Held a cash balance of $49.6 million and a net cash position of approximately $14.0 million as of June 30, 2025[12] - Acquired a 100% silver stream on Orla Mining's South Railroad project for a total consideration of $13 million[14] Production and Guidance - Precious metals focus with 94.3% of H1 2025 GEOs from precious metals[20] - 68% of Q2 2025 GEOs were from gold, 24.2% from silver, and 7.4% from copper & others[18] - Still tracking well against 2025 GEO delivery guidance of 80,000-88,000 GEOs, with a slightly stronger H2 expected compared to H1 2025[14] Key Assets and Developments - Canadian Malartic Complex production guidance is for 590,000 ounces of gold in 2025, 560,000 ounces in 2026, and 650,000 ounces in 2027[29] - Island Gold's updated Mineral Reserve in June 2025 was 11.8 million tonnes grading 10.85 g/t Au (4.1 million ounces), up 80% from the end of 2024[39] - Dalgaranga: An early buyback notice received in late July 2025, reducing the GRR rate on Dalgaranga from 1.8% to 1.44%, and reducing the GRR rate on Benz Mining Corp's Glenburgh and Mt Egerton projects from 1.35% to 1.08%[43] Future Growth and Financial Flexibility - 2029 outlook represents approximately 40% GEO growth over 2025 estimates, with no contingent capital required[48] - Available credit of $814 million, including a $200 million accordion[58]

Financial Performance - Adjusted Operating Earnings Per Diluted Share increased from $2.18 in 2Q'24 to $2.46 in 2Q'25 [13] - After-tax Adjusted Operating Earnings increased from $223 million in 2Q'24 to $240 million in 2Q'25 [13] - Net Income Available to Common Shareholders decreased from $93 million in 2Q'24 to $162 million in 2Q'25 [13] - Excess Capital Generation increased from $0.1 billion in 2Q'24 to $0.2 billion in 2Q'25 [13] - The company is on track to exceed original free cash flow guidance of $700 million for FY'25 [27] Segment Performance - Retirement adjusted operating earnings increased by 10% from 2Q'24 ($214 million) to 2Q'25 ($235 million) [15] - Investment Management adjusted operating earnings increased by 2% from 2Q'24 ($50 million) to 2Q'25 ($51 million) [18] - Employee Benefits adjusted operating earnings increased by 15% from 2Q'24 ($60 million) to 2Q'25 ($69 million) [21] - Investment Management YTD'25 organic growth was 3.1% [18] - Investment Management 2Q'25 net flows were $1.8 billion, contributing to YTD'25 net flows of $9.5 billion [19] - Retirement total YTD'25 Defined Contribution net flows of $41 billion, includes $11.6 billion in 2Q'25 [16] Employee Benefits - Stop Loss - Stop Loss Jan-24 cohort loss ratio improved from 93% at 1Q'25 to 91% at 2Q'25 [22] - Stop Loss Jan-25 cohort loss ratio remained at 87% at 2Q'25 [22] - Employee Benefits achieved an average net effective rate increase of 21% for the Jan-25 Stop Loss cohort [60]

Financial Performance - Revenue increased by 11% to a record $219 million, with 10% growth excluding FX[3] - Commissions revenue increased by 12% to a record $192 million[3] - Earnings per share (EPS) increased by 11% to $1.91, or $2.00 per share excluding notable items, a 16% increase[3] - The company generated $360 million in TTM free cash flow[3] Trading Volume Growth - Total trading ADV increased by 43% to a record $49.0 billion[3] - Total credit ADV increased by 22% to a record $16.8 billion[3] - Combined emerging markets ADV and eurobonds ADV increased by 23% to a record level[3] - Total portfolio trading ADV increased by 69% to a record $1.5 billion[3] Strategic Channel Performance - Client-Initiated Channel: Block trading ADV increased by 37%, emerging markets increased by 27%, and eurobonds increased by 100%[3] - Dealer-Initiated Channel: Dealer-initiated ADV increased by 40% to $1.8 billion, including record eurobonds ADV[3] Expense Management - Expenses grew by 10%, but only 5% excluding notable items and FX[3] Capital Management - Total cash, cash equivalents, corporate bond and U S Treasury investments amounted to $621 million as of June 30, 2025[5] - The company repurchased 380K shares for $80 million year-to-date through July 2025, including 168K shares repurchased in 2Q25 for $37 million[5]

Financial Performance - Total revenue for 2Q25 was $1645 million, an increase of 11.9% year-over-year[14, 18] - Adjusted EBITDA for 2Q25 was $170 million, a 38.9% increase year-over-year[14, 18] - Adjusted EBITDA margin for 2Q25 was 10.3%, a 200 bps expansion[14, 18] - For the first half of 2025, total revenue reached $3143 million, reflecting an 8.0% year-over-year growth[14] - Adjusted EBITDA for YTD 2Q25 was $268 million, up 22.9% year-over-year[14] - Adjusted EBITDA margin for YTD 2Q25 was 8.5%, a 100 bps increase[14] Operating Metrics - Admissions increased by 6.6% year-over-year in 2Q25[14, 26] - Adjusted admissions increased by 1.6% year-over-year in 2Q25 and 2.2% year-to-date[14, 16, 22] - Net patient service revenue per adjusted admission increased by 10.2% year-over-year[14, 25, 27] Payor Mix - Managed Care accounted for 44.7% of Net Patient Service Revenue in 2Q25, an increase of 80 bps year-over-year[29, 30] - Medicare accounted for 40.0% of Net Patient Service Revenue in 2Q25[29, 32] - Medicaid accounted for 10.7% of Net Patient Service Revenue in 2Q25[29, 33]

Financial Performance - The company achieved a strong second quarter with net income of $23 million, or $0.87 per share, and adjusted operating income per share of $0.90[7] - Year-to-date Return on Equity (ROE) improved to 10%[7] - Net investment income increased 20% due to improved fixed maturity income[7] - Book value per share increased to $33.18, and adjusted book value per share increased to $34.93[7] Premium and Underwriting - Net written premium grew 14% to a record $373 million[7, 13] - The combined ratio was 96.4%, the best second quarter result in more than 10 years[7] - The underwriting expense ratio improved to a more normalized level of 34.9%[13] - Q2 catastrophe loss ratio of 5.5% outperformed historical averages and the quarterly plan of 8.9%[13] Portfolio and Investment - Invested assets totaled $2.2 billion, with 89% in fixed income securities[20] - Fixed maturity income increased 34% to $21 million due to portfolio management and reinvestment at higher yields[21, 24] - New purchase yield remained strong at 5.4%, supporting future shareholder returns[24]

Assets Under Management (AUM) - AUM increased by $5 billion during Q2, reaching $40 billion as of June 30, 2025[9] - Year-to-date, AUM has increased by $85 billion[38] - Physical Trusts AUM increased by $36 billion or 13% during the quarter[23] - Year-to-date, Physical Trusts have gained $7 billion or 294% in AUM by August 1[23] Financial Performance - The company had $751 million of cash and cash equivalents, compared to $468 million on December 31, 2024[18] - The company had $715 million of co-investments, of which $306 million can be monetized in less than 90 days[18] - Net compensation ratio was 43% for Q2 2025, compared to 44% for Q2 2024[42] - Adjusted EBITDA was $255 million for Q2 2025, with an adjusted EBITDA margin of 61%[44] Flows and Sales - Q2 net flows for Physical Trusts were $12 billion[27] - Year-to-date flows for Physical Trusts totaled $18 billion[27] - Precious metals ETFs experienced $230 million in net flows year-to-date[34] - Net redemptions of managed equities were $61 million during Q2 and $81 million year-to-date[35] ETF Performance - SLVR ETF reached $172 million in AUM as of August 1, 2025[31] - GBUG ETF reached $47 million in AUM as of August 1, 2025[31, 35]

Company Overview - Par Pacific is a growing energy company focused on renewable and conventional fuels in the western United States[10] - The company has an integrated logistics network with 13 million barrels (MMbbls) of storage and marine, rail, and pipeline assets[10] - The company's system-wide refining capacity is 219,000 barrels per day (bpd)[10] - Par Pacific has 119 fuel retail locations in Hawaii and the Pacific Northwest[10] - The company holds a 46% ownership interest in Laramie Energy, a natural gas E&P company[10] - As of December 31, 2024, Par Pacific had approximately $1 billion in federal tax attributes[10] Refining Segment - Par Pacific's system-wide distillate & LSFO yield is 52%[22] - The company has a 21% system-wide exposure to Western Canadian Select (WCS) heavy crude[22] - Hawaii refinery crude capacity is 94,000 bpd, Montana is 63,000 bpd, Washington is 42,000 bpd, and Wyoming is 20,000 bpd[19] Retail and Logistics Segments - The Retail and Logistics segments are showing growing Adjusted EBITDA contribution through various market cycles[38] - The Trending Retail & Logistics Adjusted EBITDA for the Last Twelve Months (LTM) ending June 30, 2025, was $211 million[40] - The company is targeting gross term debt of 3-4x Retail and Logistics annual Adjusted EBITDA[41] Capital Expenditure and Turnaround - The company's 2024 actual capital expenditures were $209 million[44] - The company's 2025 capital expenditure guidance is $210-240 million[43] - The company expects a normalized annual turnaround outlay of $8-9 million for Hawaii, $7-8 million for Washington, $4-5 million for Wyoming, and $18-22 million for Montana[44] Hawaii Renewables Project - Par Pacific is executing a project in Hawaii to produce 61 million gallons per year capacity for renewable fuels, including Renewable Diesel (RD) and Sustainable Aviation Fuel (SAF)[51] - Mitsubishi and ENEOS will contribute $100 million to Hawaii Renewables through Alohi Renewable Energy for a 36.5% equity interest[51] Financial Position - As of June 30, 2025, the company's term debt was $641 million[99]

Company Overview - Orion Energy Systems focuses on helping customers achieve sustainability, energy savings, and carbon footprint reduction goals through innovative technology and service[7] - The company operates in lighting (retrofit), EV charging, and maintenance segments, targeting industrial, commercial, retail, automotive, and public sector vertical markets[16] - Orion offers turnkey solutions, product sales, maintenance services, and EV charging installations as revenue streams[16] Macro Environment & Business Units - Macro factors influencing Orion's business include energy prices, climate/ESG concerns, EV infrastructure development, regulatory landscape (BAA/BABA compliance), and LED penetration rates[19, 20, 21] - Orion's business units include Lighting (focused on commercial & industrial retrofit), Maintenance (lighting and electrical services with 3-year recurring revenue contracts), and EV Charging Systems (turnkey installation with recurring revenue)[23] Lighting Solutions & Case Study - Orion's lighting solutions offer substantial energy cost reduction with an average payback of 1-4 years[26] - A case study at CLARIOS's 100,000 sq ft facility in Florence, KY, involved installing 800 fixtures, resulting in 814,084 kWh annual energy reduction, $54,869 annual energy cost reduction, and 218 tons annual carbon dioxide reduction[33, 36] - The company emphasizes BAA & BABA compliant products, ensuring domestic materials and American labor for federal and state/municipal/school projects[37, 38, 39] EV Charging & Market Opportunity - Orion acquired Voltrek in October 2022, a premier reseller of EV charging stations, managing over 4,000 charging ports[62] - The US needs approximately 28 million EV charging ports by 2030 to support an estimated 33 million electric vehicles[73] - A fleet project example includes a $400,000 Voltrek turnkey installation of 6 DC ChargePoint Fast Charger Stations for Haverhill High School's EV Transit Vans[77, 79] Financial Performance - In Q1 FY26, revenue was $19.6 million, and the gross margin was 30.1%[89, 91] - The company's liquidity in Q1 FY26 was $14 million, with a working capital of $17.4 million[91] - Adjusted EBITDA for Q1 FY26 was $0.206 million[94]

Financial Performance - TGS's revenue for Q2 2025 was Ar$163,878 million[26], with an EBITDA of Ar$85,662 million[26] - Natural Gas Transportation revenue reached Ar$145,615 million[30], while EBITDA was Ar$52,631 million[30] - Liquids revenue amounted to Ar$59,772 million[35], with an EBITDA of Ar$25,355 million[34] - Midstream and Other Services generated revenue of Ar$76,320 million[39], and an EBITDA of Ar$51,929 million[39] - Net financial results showed a loss of Ar$59,400 million in Q2 2025 compared to a gain of Ar$17,260 million in Q2 2024, representing a variation of Ar$(76,660) million[40] Key Events and Developments - The company was granted a 20-year license extension (2027-2047) by the National Executive Power[17] - A dividend payment of Ar$200 billion was approved by the Board of Directors[20] - The Perito Moreno pipeline (PMP) is undergoing a 14MMm3/d capacity expansion[12] - TGS was the only bidder in a call tender by ENARSA for a 90,000 HP compression capacity expansion, expected to be commissioned by April 2027[19]

Q2 2025 Overall Performance - The company reported GAAP EPS of 94 cents and adjusted non-GAAP EPS of $1.26[5] - Revenue increased by 1 percent[11] - The company has $266.6 million in net cash[5, 25] - $20.8 million semi-annual dividend was paid in the quarter and $8.2 million was spent on buybacks[5, 25] Segment Performance - Performance Chemicals revenue increased by 9 percent, but operating income decreased by 33 percent[12, 14, 15] - Fuel Specialties operating income increased by 16 percent, despite a 1 percent decrease in revenue[16, 18] - Oilfield Services revenue decreased by 7 percent and operating income decreased by 15 percent[19, 21] Financial Focus - Gross margin decreased by 1.2 percentage points[11] - Adjusted EBITDA decreased by 9 percent[11] - The company's effective tax rate was 26.3 percent[22, 24]