Company Overview - Limbach specializes in revitalizing and maintaining mission-critical systems in existing facilities[6] - The company operates in six distinct vertical markets across 17 Metropolitan Statistical Areas[19] - Limbach uniquely combines engineering expertise with skilled craftsmanship to deliver fully integrated solutions[16] Financial Performance & Strategy - From FY 2019 to FY 2024, Gross Margin expanded nearly 1,480 bps to 27.8%, driving Adjusted EBITDA Margin more than 4x from 3.0% to 12.3%[32] - Total Revenue decreased by 6.2% from 2019, but ODR Revenue had a CAGR of 21.3% for the 2019 to 2024 period[35] - The company targets a gross margin of ~35-40% through a transformation to OEM[31] - 2025 Guidance projects total revenue between $650 million and $680 million, with ODR revenue comprising 70% to 80% of the mix and growing by 35% to 50%[65] - 2025 Guidance projects total gross margin between 28% to 29%, and Adjusted EBITDA between $80 million to $86 million[65] Acquisitions - Pioneer Power Inc (PPI) is expected to contribute annualized revenue of approximately $120 million and Adjusted EBITDA of $10 million beginning in 2026[55] - Consolidated Mechanical is expected to contribute annualized revenue of approximately $23 million beginning in 2025, and EBITDA of $4 million per annum[60]

Financial Performance - Premiums-in-force increased by 0.5% year-over-year, reaching $1.43 billion in Q2 2025[49] - Total insured value decreased by 4.7% compared to Q2 2024[50] - Policy count decreased by 11.9% compared to Q2 2024, reflecting selective underwriting[50] - Net combined ratio improved significantly, decreasing by 19.6 points to 72.9%[66] - Net loss ratio decreased by 17.2 points to 38.5%, driven by lower net losses and LAE[66] - Earnings before taxes increased by $38.1 million year-over-year to $63.0 million in Q2 2025[64] Strategic Initiatives - The company is shifting towards a controlled growth strategy, leveraging existing infrastructure while focusing on risk management and underwriting[35] - Diversification efforts have resulted in 71.1% of total insured value positioned outside of Florida as of Q2 2025[23] - A new share repurchase plan authorized $10.0 million through December 31, 2025[68] Reinsurance Program - The 2025 CAT XOL limit includes $1.1 billion in the Northeast, $1.6 billion in the Southeast, and $865 million in Hawaii[38]

Financial Performance - DNOW Inc achieved revenue of $628 million in Q2 2025, a 5% sequential increase[14,15] - GAAP net income attributable to DNOW Inc was $25 million, with a diluted EPS of $0.23[17] - Non-GAAP net income attributable to DNOW Inc, excluding other costs, was $29 million, with a diluted EPS of $0.27[18,19] - EBITDA reached $51 million, representing 8.1% of revenue[20,21] - Gross margins were 22.9%, showing an increase year-over-year and compared to full-year 2024[21] Capital Allocation and Liquidity - $19 million in shares were repurchased during Q2 2025, with $27 million repurchased year-to-date, as part of a newly authorized $160 million share repurchase program[22,23,30] - The company maintains a strong balance sheet with $582 million in total liquidity and no debt[25] Segment Performance - United States revenue increased to $528 million, a 3% increase compared to Q2 2024[37,40] - Canada revenue decreased to $48 million, a 14% decrease compared to Q2 2024[38,40] - International revenue decreased to $52 million, a 20% decrease compared to Q2 2024[39,40] Strategic Initiatives - DNOW Inc announced a merger agreement with MRC Global, expected to increase scale and scope across diverse industries and global markets[31,57,60] - The company closed the Natron International acquisition in April 2025[31] Outlook - DNOW Inc expects Q3 2025 revenue to increase in the low single-digits percentage range sequentially and EBITDA approaching 8% of revenue[63] - The company reaffirms its full-year 2025 revenue outlook to be flat-to-up in the high single-digit percentage range compared to 2024, with EBITDA approaching 8% of revenue and free cash flow targeted at $150 million[63]

Financial Performance - Adjusted net sales for Q2 2025 were $310 million, a 14% increase[13] - Adjusted EPS for Q2 2025 was $1.13, an 11% increase[13] - The company is establishing 2025 guidance for adjusted net sales between $1.15 billion and $1.20 billion, approximately a 16% increase compared to 2024's $1.01 billion[66] - The company is establishing 2025 guidance for adjusted EBITDA between $200.9 million and $212.4 million, approximately a 16% increase compared to 2024's $177.5 million[66] - The company is establishing 2025 guidance for adjusted EPS between $4.20 and $4.45, approximately a 13% increase compared to 2024's $3.82[66] Segment Results - Residential net sales for Q2 2025 were $230.3 million, an 8.9% increase compared to Q2 2024's $211.5 million[18] - Agtech net sales for Q2 2025 were $54.1 million, a 56.8% increase compared to Q2 2024's $34.5 million[29] - Infrastructure net sales for Q2 2025 were $25.2 million, a 1.6% increase compared to Q2 2024's $24.8 million[56] Portfolio and Strategy - The company invested $208 million year-to-date in selective M&A to build presence and scale core competencies[11] - Order backlog increased 43% to $278 million[15] - Renewables segment was classified as held-for-sale and a discontinued operation[15]

Financial Performance - Sales decreased to $1586 million from $1717 million [22] - Operating income increased to $9 million from $0.4 million [22] - Adjusted operating income decreased to $25 million from $33 million [22] - Adjusted EBITDA decreased to $47 million from $57 million [22] - Adjusted free cash flow increased to $13 million from $5 million [10, 22] - ODP Business Solutions revenue decreased 6% year-over-year [31] - Office Depot comparable store sales improved by approximately 200 basis points year-over-year [10, 28] Strategic Initiatives - The company is executing its "Optimize for Growth" plan to accelerate B2B growth [9, 15] - The company is expanding into the hospitality market, a $16 billion+ market segment [13, 14] - Veyer's revenue from third-party customers increased 90% year-over-year to $19 million [37] Outlook - The company expects continued improvements in performance trends and strong adjusted free cash flow generation in the second half of the year [8] - The company anticipates generating over $115 million in adjusted free cash flow for the full year 2025 [44]

São Paulo, August 6th 2025 1 Highlights | | | 2Q25 | | | | 2Q25 | | | --- | --- | --- | --- | --- | --- | --- | --- | | Recurring Managerial | | R$11.5 billion | | Recurring Managerial | Consolidated | 23.3% 0.8 p.p. | | | | | | | | | vs 1Q25 0.9 p.p. | vs 2Q24 | | Result | | 3.4% vs. 1Q25 | 14.3% vs. 2Q24 | ROE¹ | Brazil | | | | | | | | | | 24.4% | | | | | | | | | 0.7 p.p. vs 1Q25 0.8 p.p. | vs 2Q24 | | | | | 2Q25 | | | 2Q25 | | | Margin with | | | R$30.3 | Annualized | Consolidated | 9.2% | | | Clients | ...

Financial Performance - NRG's first half Adjusted EBITDA reached $2035 million, an 11% year-over-year increase[20] - Adjusted EPS for the first half of the year increased by 48% to $442, compared to $315 in the previous year[15] - Free Cash Flow before Growth (FCFbG) for the first half of the year was $1207 million, higher than the $623 million in the previous year, driven by higher Adjusted EBITDA and favorable working capital timing[36, 40] - The company reaffirms its 2025 guidance for Adjusted EPS at $675-$775, Adjusted EBITDA at $3725-$3975 million, and Free Cash Flow before Growth at $1975-$2225 million[15, 16] Strategic Initiatives and Growth - NRG announced the acquisition of a 13 GW natural gas fleet and a 6 GW C&I Virtual Power Plant platform from LS Power, expected to close in the first quarter of 2026[18, 19] - The company signed 295 MW of premium long-term retail power agreements for data centers in Texas, with operations expected to start in the second half of 2026 and full capacity by 2030[13, 22] - NRG is exploring potential expansion of data center agreements up to 1 GW across additional sites[24] - The Texas Residential Virtual Power Plant (VPP) is exceeding initial expectations, leading to an increased 2025 capacity target from 20 MW to 150 MW, a 75x increase[13, 31, 33] Texas Energy Fund (TEF) Development - The T H Wharton Texas Energy Fund project, with a capacity of 415 MW, has closed its TEF loan of $216 million with a 3% interest rate and a 20-year term, and construction is underway with an expected COD in mid-2026[13, 26, 28, 30]

Financial Overview - Gulfport's market capitalization is $3.1 billion as of July 30, 2025[9, 12] - The enterprise value (EV) is $3.8 billion, with an EV/2026 EBITDA multiple of 3.6x[9, 13] - The company has approximately $885 million in liquidity[9] - Gulfport's leverage ratio is approximately 0.85x[9] Production and Capital Expenditure - The estimated total net equivalent production for 2025 is between 1,040 and 1,065 MMcfe/day[9] - Net liquids production for 2025 is estimated to be between 18.0 and 20.5 MBbl/day, with approximately 89% being natural gas[9] - The D&C capital expenditure is projected to be between $335 and $355 million, with an additional $35 to $40 million for maintenance leasehold capital, resulting in a total base capital of $370 to $395 million for 2025[9] - Approximately 80% of the 2025 capital program is allocated to Utica/Marcellus, and 20% to SCOOP[11] - Production mix for 2025 is estimated to be approximately 83% from Utica/Marcellus, 7% from SCOOP, and 10% from Land[11] Shareholder Value and Equity Repurchase - Gulfport has an equity repurchase program with a $1.5 billion authorization, with approximately $709 million already repurchased as of June 30, 2025, retiring approximately 6.2 million shares[17] - The company expects to allocate substantially all FY 2025 adjusted free cash flow, excluding discretionary acreage acquisitions, towards the redemption of preferred equity and common stock repurchases[21] - The total illustrative redemption value for preferred shares is approximately $390 million as of July 30, 2025[26] Reserves and Acreage - Gulfport's YE24 proved reserves in Utica and Marcellus are 3.0 Net Tcfe, with approximately 228,500 net reservoir acres[7] - In SCOOP, the YE24 proved reserves are 1.0 Net Tcfe, with approximately 73,000 net reservoir acres[7]

Financial Performance - JLL's Q2 2025 revenue increased by 11% in USD (10% in local currency) to $6250 million compared to $5629 million in Q2 2024[29] - Adjusted EBITDA for Q2 2025 was $292 million, an 18% increase in USD (17% in local currency) compared to $246 million in Q2 2024[29] - Adjusted Net Income for Q2 2025 rose by 29% in both USD and local currency to $159 million, compared to $123 million in Q2 2024[29] - Adjusted Diluted EPS also increased by 29% to $330 in Q2 2025, up from $255 in Q2 2024[29] - Year-to-date 2025 revenue reached $11997 million, a 12% increase in both USD and local currency compared to $10753 million in the first six months of 2024[33] - The company is targeting an Adjusted EBITDA of $1300-$1450 million for 2025[68] Business Segment Performance - Real Estate Management Services revenue grew by 11% in local currency, reaching $4894 million in Q2 2025[35, 38] - Capital Markets Services revenue increased by 12% in local currency to $520 million in Q2 2025[35, 47] - Leasing Advisory revenue grew by 5% in local currency to $677 million in Q2 2025[35, 43] Capital Markets and Investment Trends - Global direct investment growth moderated to 13% in local currency (14% in USD) in Q2 2025[10] - Share repurchases totaled $41 million in Q2 2025, bringing the year-to-date total to $61 million[64]

Financial Performance - Total revenue for Q2 2025 increased by 12.8% year-over-year to $142.4 million, a company record[11] - Adjusted Net Income for Q2 2025 was $39.4 million, an increase of $14.6 million year-over-year and a new company quarter record[11] - Net income was $11.5 million, a decrease of $16.2 million year over year[11] - Adjusted EPS increased 55% to $0.45 in Q2 2025[31] Key Performance Indicators - Total net originations increased 14% year-over-year to $234 million[44] - Total retained net originations increased 9% year-over-year to $206 million[44] - Ending receivables increased 13% year-over-year to $438 million[44] - The net charge-off rate as a percentage of total revenue decreased by 60 basis points year-over-year to 31.9%[13] Expense Management - Total expenses as a percentage of total revenue decreased by 610 basis points year-over-year to 38.9%[14] Customer Satisfaction - The company reported a Net Promoter Score (NPS) of 79 for Q2 2025 at the time of loan approval[15] Free Cash Flow and Capital Allocation - $63.8 million of Free Cash Flow was generated in the first half of 2025[51]