Non-GAAP Financial Measures Definitions - The company uses non-GAAP financial measures, but they should not be considered a substitute for GAAP measures[2] - Adjusted EPS excludes special items to evaluate operational performance and compare results across periods[3] - Adjusted operating cash flow excludes special items to evaluate the performance of continuing operations and compare cash flow results[4] - Free cash flow is adjusted operating cash flow minus maintenance capital expenditures, used to assess financial performance and strengthen the balance sheet[5] - Adjusted EBITDA is calculated per the credit agreement, excluding certain charges and credits, to measure financial performance and evaluate debt service ability[6] Q3 2025 vs Q3 2024 Performance - Net income attributable to common stockholders was $117.5 million in Q3 2025, compared to $117.8 million in Q3 2024[7] - Diluted EPS was $0.83 in Q3 2025, compared to $0.81 in Q3 2024[7] - Adjusted EPS was $0.87 in Q3 2025, compared to $0.79 in Q3 2024[7] - Free cash flow was $181.9 million in Q3 2025, compared to $185.0 million in Q3 2024[8] 2025 Financial Outlook - The company expects adjusted EPS to be between $3.80 and $3.90[9] - The company expects net cash provided by operating activities excluding special items to be between $910 million and $950 million[9]

Q3 2025 RESULTS Thursday, October 30, 2025 Ali Dibadj Chief Executive Officer Roger Thompson Chief Financial Officer Q3 2025 RESULTS 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 23. 2 Solid long-term investment performance AUM up 6% to $483.8 billion Net inflows of $7.8 billion U.S. GAAP diluted EPS of $0.92 and adjusted diluted EPS of $1.09 Dividend of $0.40 per share declared and 1.5 million shares repurchased 2 Q2 2025 ...

Financial Performance - The company's loan portfolio reached $2,559.1 million as of September 30, 2025, a 3% increase compared to September 30, 2024[15] - Net interest income for the quarter ended September 30, 2025, was $55.7 million[23] - The net interest margin on gross loans was 8.21%, and on net loans, it was 8.56%[14] - Net income for the quarter was $7.8 million, which includes a $3.5 million non-recurring charge related to the redemption of Medallion Bank's series F preferred stock[26, 39] - Year-to-date net interest income through the third quarter of 2025 reached $160.5 million[23] Loan Portfolio Composition - Recreation loans constitute 62.6% of the total loan portfolio, amounting to $1,603.2 million[15, 12] - Home improvement loans represent 31.4% of the portfolio, totaling $804.0 million[15, 12] - Commercial loans account for 5.3% of the portfolio, with a balance of $135.1 million[15, 12] - Strategic partnership and other loans make up 0.7% of the portfolio, totaling $16.8 million[15] Loan Originations and Credit Quality - Total loan originations for the quarter were $141.7 million for recreation loans and $59.7 million for home improvement loans[12] - The average FICO score for recreation loans originated in 2025 was 688, while for home improvement loans, it was 779[11] - The net charge-off (NCO) rate for the total loan portfolio in the third quarter of 2025 was 2.26%[31] Shareholder Value - The company declared a dividend of $0.12 per share per quarter[14, 51] - The company repurchased 108,351 shares at an average cost of $9.10 per share in the first nine months of 2025[14]

Q3 2025 Financial Performance - Fee revenue for Q3 2025 reached $1.781 billion, an 8% increase compared to Q3 2024[20, 22] - Adjusted EBITDA for Q3 2025 was $160 million, up 11% from Q3 2024[20, 22] - Adjusted diluted EPS increased by 26% to $0.29, marking five consecutive quarters of year-over-year growth[20, 22] - The Adjusted EBITDA margin was 9%, a 23 bps increase compared to Q3 2024[20, 22] Segment and Service Line Performance - Leasing fee revenue increased by 9%, driven by growth in the Americas and EMEA regions[20] - Capital markets fee revenue increased by 20%, with double-digit growth across all regions[20] - Services fee revenue increased by 6%, with organic Services fee revenue up 7%[20] - Americas fee revenue reached $1.277 billion in Q3 2025[25] - EMEA fee revenue reached $225 million in Q3 2025[27] - APAC fee revenue reached $280 million in Q3 2025[27] Balance Sheet Management - The company prepaid $150 million of debt in August and an additional $100 million in October, bringing year-to-date debt prepayments to $300 million[20] - The company repriced $948 million of debt in July and $840 million in October, reducing the applicable interest rate by 50 bps and 25 bps, respectively[20] - Liquidity at the end of Q3 2025 was $1.7 billion, consisting of $0.6 billion of cash and $1.1 billion revolving credit facility availability[20]

Financial Performance - GAAP Net Income was $176 million, or $012 per diluted common share[12] - Distributable Earnings reached $267 million, or $022 per fully converted share, including $17 million of realized losses[12] - Distributable Earnings before realized losses amounted to $284 million, or $023 per fully converted share[12] - A Q3 2025 cash dividend of $0355 per share was declared, representing an annualized yield of 100% on fully-converted book value per share[12] Capitalization and Liquidity - Fully-converted book value per share stood at $1429, compared to $1482 in Q2 2025[12] - Net debt to equity ratio was 25x, while recourse net debt to equity was 08x[12] - 77% of financing sources are non-mark-to-market on the core book[12] - Liquidity totaled $522 million, including $117 million in cash and $21 million available for CLO reinvestment/ramp[12] Portfolio and Investments - The Core Portfolio's principal balance decreased by $113 million during the quarter, closing $304 million of new loan commitments and funding $196 million of principal balance[12] - Loan repayments of $275 million were received[12] - Agency originated $22 billion of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD[12]

Q3 2025 Financial Performance - GAAP Revenue decreased by 49% from Q3 2024, reaching $542 million[8] - Revenue excluding India decreased by 10%, amounting to $961 million[8] - GAAP Net Income experienced a significant decline of $(634) million, resulting in a loss of $(569) million[8] - Adjusted EBITDA increased by 17% to $236 million, representing 246% of revenue excluding India[8] - Adjusted EPS increased by 30% to $089[8] Regional Revenue Drivers - Lower revenue excluding India was primarily driven by lower pricing[12] - North America revenue was $463 million, a decrease of 8% year-over-year (or -9% excluding FX)[17] - Latin America revenue was $244 million, a decrease of 4% year-over-year[17] - Asia revenue decreased by 47% year-over-year (or -46% excluding FX) to $99 million[17] - EMEA revenue increased by 11% year-over-year (or 7% excluding FX) to $155 million[17] Q4 2025 Financial Outlook - Revenue is projected to be between $112 billion and $122 billion, a decrease of 4% year-over-year[26] - Adjusted EBITDA is expected to be between $265 million and $305 million, a decrease of 16% year-over-year[26] - Adjusted EPS is projected to be between $114 and $136, a decrease of 30% year-over-year[26] FY 2025 Financial Outlook - Revenue is projected to be between $392 billion and $402 billion, a decrease of 7% year-over-year[28] - Adjusted EBITDA is expected to be between $830 million and $870 million, a decrease of 6% year-over-year[28] - Adjusted EPS is projected to be between $292 and $314, a decrease of 13% year-over-year[28] Cash Flow - Free Cash Flow (FCF) was $(233) million in Q3 2025, a decrease of $(365) million compared to Q3 2024[30] - The company expects Free Cash Flow to be between $(200) million and $0 million for FY 2025[30]

WTW Earnings Release Supplemental Materials 2025 Third Quarter Financial Results October 30, 2025 wtwco.com © 2025 WTW. All rights reserved. WTW Forward-Looking Statements This document contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future resul ...

Q3 2025 Performance - Net sales decreased by 6.9% to $3.9 billion compared to the prior year[8] - Gross profit decreased to $1.2 billion[8] - Net income decreased by 57% to $122 million, representing 3.1% of sales[8] - Adjusted EBITDA decreased by 30.8% to $434 million, with an adjusted EBITDA margin of 11%[8] - Adjusted diluted EPS decreased to $1.88[8] - The company generated $465 million in free cash flow during Q3[9] Strategic Initiatives and Capital Allocation - Approximately $20 million was invested in Q3 to open a new millwork location and expand facilities in 7 states[11] - Value-added product mix reached approximately 47% in Q3 and 48% year-to-date[11] - $11 million in productivity savings were delivered in Q3, totaling $33 million year-to-date, related to supply chain initiatives[11] - $100 million was deployed in Q3 toward return-enhancing opportunities[11] - $404 million shares were repurchased year-to-date, representing approximately 48% of total shares outstanding since August 2021[11] 2025 Outlook - Total net sales are projected to be $15.1 to $15.4 billion[49] - Gross profit margin is expected to be 30.1% to 30.5%[49] - Total adjusted EBITDA is guided to be $1.625 to $1.675 billion[49] - Free cash flow is projected to be $0.8 to $1 billion[49]

Financial Performance - Third quarter 2025 net income was $115 million and Adjusted EBITDA was $288 million[12] - The company is raising its 2025 Adjusted EBITDA guidance midpoint and narrowing the range to $1,115 - $1,145 million, an 18% increase from the prior year's original Adjusted EBITDA guidance[12] - The company reaffirmed its 2026 Adjusted EBITDA early outlook of $1,155 - $1,225 million[12] Organic Growth and Projects - Approximately $0.5 billion was committed within the quarter for new organic projects, bringing the total to approximately $1.6 billion out of the original $2.3 billion backlog[12] - The company reached FID (Final Investment Decision) on the upsized Guardian Pipeline "G3" expansion for a total of approximately 537 MMcf/d expansion capacity northbound from Chicago[12, 25] - The LEAP Phase 4 expansion was placed in-service early and on budget[12] Operational Performance - The Haynesville system achieved a record high throughput, with volumes up 35% year-over-year[10] Capital Investments - The upsized "G3" expansion is expected to require a total capital investment of $850 to $930 million[26] - Approximately $1.6 billion of projects have reached FID for 2025 – 2029[33] Guidance Updates - 2025 Distributable Cash Flow is now guided to $800 - $830 million[27] - 2025 Capital Expenditures are now guided to $445 - $485 million[27] Market Position - Haynesville throughput increased by 35% in Q3 2025, reaching 204 Bcf/d[36]

Financial Performance - Mastercard's net revenue for Q3 2025 reached $8.602 billion, a 17% increase year-over-year, or 15% on a currency-neutral basis[3] - Adjusted operating expenses totaled $3.459 billion, up 15% year-over-year, or 14% on a currency-neutral basis[3] - Adjusted operating income was $5.144 billion, reflecting an 18% increase year-over-year, or 15% on a currency-neutral basis[3] - Adjusted net income amounted to $3.961 billion, a 10% increase year-over-year, or 8% on a currency-neutral basis[3] - Adjusted diluted EPS was $4.38, a 13% increase year-over-year, or 11% on a currency-neutral basis, which includes a $0.10 contribution from share repurchases[3, 9] Volume and Transaction Growth - Worldwide Gross Dollar Volume (GDV) increased by 9% year-over-year in local currency[14] - Switched transactions grew by 10% year-over-year[20] - Cross-border volume increased by 15% globally[17] Revenue Breakdown - Payment Network net revenue increased by 10% on a currency-neutral basis[26] - Value-added Services and Solutions net revenue increased by 22% on a currency-neutral basis, with acquisitions contributing approximately 3 percentage points to this growth[27] Expense Management - Total Adjusted Operating Expenses increased 14% on a non-GAAP, currency-neutral basis, including a 4 percentage point impact from acquisitions[38] Capital Allocation - During the quarter, Mastercard repurchased $3.3 billion worth of stock, with an additional $1.2 billion repurchased through October 27, 2025[10]