Third Quarter 2025 Earnings Presentation NOV Inc. Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures © 2025 NOV Inc. All rights reserved. 2025 Earnings Presentation – 10/28/2025 3 Third Quarter 2025 Highlights Bookings Book-to-Bill of 141% This document contains, or has incorporated by reference, statements that are not historical facts, including estimates, projections, and statements relating to our business plans, objectives, and expected operating results that are "forward-looking st ...

Financial Performance - 3Q25 net sales reached $4245 million, a 5% increase compared to 3Q24[22] - EBITDA for 3Q25 grew by 19% to $882 million, with a 16% increase on a like-to-like basis[22] - EBITDA margin improved by 250 basis points to 208% in 3Q25[22] - Free Cash Flow (FCF) from operations surged by 190% to $539 million in 3Q25[22] - Year-to-date FCF from operations increased by 56% to $473 million[22] Strategic Initiatives - Project Cutting Edge delivered approximately $90 million in EBITDA savings in 3Q25[18] - The company divested its assets in Panama and acquired a majority stake in an aggregates producer in the southeastern U S[18] - Cemex Europe has already achieved the European Cement Association's 2030 net CO2 emissions target[18] Regional Performance - Mexico's EBITDA grew by 11% year-over-year, with an EBITDA margin of 331%[43] - The U S achieved a record 3Q EBITDA margin of 206%[46] - EMEA experienced a 17% year-over-year increase in EBITDA, with an EBITDA margin of 179%[49] - SCAC's EBITDA increased significantly by 54%, driven by a debottlenecking project in Jamaica, with an EBITDA margin of 216%[52]

Q3 2025 Performance - Revenue increased by 10% year-over-year[5] - Q3 2025 revenue reached $22.2 million, compared to $20.1 million in Q3 2024[6] - Operating profit decreased to $0.5 million in Q3 2025, down from $4.0 million in Q3 2024[6] - Non-GAAP operating profit was $1.1 million, representing 5% of revenue[34] - Cash flow from operations was negative $0.4 million[39] - The company repurchased 148,602 shares[39] - Cash balance at the end of Q3 2025 was $9.2 million[41] Travelzoo Club Membership - Member acquisition has a quick payback, with positive payback within a quarter[7,9] - Direct member acquisition costs in Q3 2025 were $2.9 million, impacting earnings per share by negative $0.20[14] - Revenue generated from these members in Q3 2025 and future periods is projected to be $3.0 million or more[14] - Membership fees are expected to account for around 25% of revenue next year[20] - Jack's Flight Club revenue increased by 12%[27]

Financial Performance - Revenues increased by 22% to $670.5 million in Q4 FY2025[18] and 10% to $1.7 billion for the full fiscal year[21] - Net income reached $87.0 million in Q4 FY2025, resulting in earnings per diluted share of $1.70, a 6% increase[18] - Pre-tax income was $219.3 million for FY2025, with a pre-tax profit margin of 13.2%[21] - The company invested $1.7 billion in land acquisition and development in FY2025, an 8% increase compared to FY2024[22] Lot Position and Sales - The company owned and controlled 99,800 lots as of September 30, 2025[18,56] - The company contracted for sale 23,800 lots in Q4 FY2025, an 13% increase compared to Q4 FY2024[15] - The company has a contracted backlog is a strong indicator of FOR's ability to continue gaining market share in the highly fragmented lot development industry[87] Financial Stability and Liquidity - The company has a strong liquidity position of $968.1 million[18,97] - Net debt to capital was 19.3% as of September 30, 2025[18,97] FY 2026 Outlook - The company expects residential lot sales to be between 14,000 and 15,000 lots in FY 2026[23] - The company anticipates consolidated total revenues to be between $1.6 billion and $1.7 billion in FY 2026[23] - The company plans for a total investment in land and land development of approximately $1.4 billion in FY 2026[23]

Financial Performance Highlights - Consolidated Adjusted EBITDA reached $1.099 billion, exceeding the high end of the Q3 outlook[7] - Consolidated Adjusted EBITDA Margin was 20.8%[8] - Adjusted Diluted EPS grew by 26%[8] Segment Performance - Ambulatory Adjusted EBITDA grew by 12% with an 8.3% increase in same-facility revenue and a 38.6% Adjusted EBITDA margin; 13 facilities were added[8] - Hospitals Adjusted EBITDA grew by 13% with 7.5% same-hospital revenue growth and 1.4% same-hospital adjusted admissions growth; Adjusted EBITDA margin was 15.1%[8] Financial Outlook - FY 2025 Adjusted EBITDA outlook increased by $50 million, now expected to be between $4.47 billion and $4.57 billion[9] - FY 2025 Free Cash Flow – NCI outlook increased by $250 million, now expected to be between $1.495 billion and $1.695 billion[9] - Net operating revenues for 2025 are projected to be between $21.15 billion and $21.35 billion[10] USPI Performance - USPI's net revenue for 2025 is estimated at $5.125 billion, reflecting a CAGR of 15.5%[15] - USPI's Adjusted EBITDA for 2025 is estimated at $2.020 billion, reflecting a CAGR of 14.5%[16] - USPI has a consistent track record of approximately 40% Adjusted EBITDA margins[17] Capital Deployment - Approximately 7.8 million shares were repurchased YTD for $1.2 billion[31] - $290 million was spent on M&A YTD, including the acquisition of 11 ambulatory centers and the opening of 2 de novo centers in Q3 2025[32] Cash Flow and Leverage - Q3 2025 Free Cash Flow was $778 million ($567 million Free Cash Flow-NCI)[30] - The EBITDA Leverage Ratio is 2.30x (2.93x EBITDA-NCI)[30]

3rd Quarter 2025 Financial Results & Investor Day October 28, 2025 Legal Disclaimers This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward- looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our current and future financ ...

Transaction Overview - FirstSun Capital Bancorp (FSUN) will acquire First Foundation Inc (FFWM) in a 100% stock transaction, with FFWM stockholders receiving 016083 shares of FSUN for each FFWM share[36] - The aggregate deal value is approximately $785 million[36] - The combined entity is projected to have approximately $17 billion in pro forma total assets[20] - The pro forma combined Southwest branch footprint will include 70 existing Sunflower Bank branches and 22 First Foundation branches[22] Financial Highlights - The transaction is expected to result in over 30% EPS accretion by 2027[20] - The combined company is projected to achieve a 2027E Return on Average Tangible Common Equity (ROATCE) of 133% and a Return on Average Assets (ROAA) of 145%[20] - Pro forma tangible common equity to tangible assets (TCE/TA) is projected to be 96%[20] Strategic Rationale - The merger will accelerate FirstSun's expansion strategy in Southern California (SoCal)[19] - A balance sheet re-positioning plan aims to unlock First Foundation's core franchise by reducing risk[23] - The combined company will have a presence in 8 of the top 10 largest MSAs in the Central & Western US[27] Balance Sheet Adjustments - Approximately $34 billion in on-balance sheet downsizing is expected to be completed concurrent with closing[36] - The re-positioning plan includes reducing approximately $856 million of brokered deposits and approximately $11 billion of higher-rate/non-relationship deposits[52]

Third Quarter 2025 Results October 28, 2025 Third Quarter 2025 Earnings Presentation | 1 Stephen M. Shafer President and Chief Executive Officer Charles T. Lauber Executive Vice President and Chief Financial Officer Helen E. Gurholt Vice President - Investor Relations, Financial Planning & Analysis Third Quarter 2025 Earnings Presentation | 2 Forward Looking Statements This presentation contains statements that we believe are "forward-looking statements" within the meaning of the Private Securities Litigati ...

Financial Performance - Q3 2025 EBITDA was approximately $1.3 billion[10] compared to $1.5 billion[10] - Net earnings for Q3 2025 were $607 million[10] compared to $845 million[10] - Earnings per diluted share for Q3 2025 were $2.63[10] compared to $3.46[10] - Capital expenditure deployed in Q3 2025 was $807 million[10], with a revised full-year estimate of approximately $3.3 billion[10] Operational Highlights - Steel mills achieved record rebar shipments in Q3 2025[10] - Steel products experienced higher quarter-over-quarter shipments in Q3 2025[10] - Stable quarter-over-quarter external shipments of approximately 6.8 million total tons in Q3 and Q2[10] - Strong mill backlogs of approximately 3.5 million tons at the end of Q3, which is 30% higher year-over-year[10] Trade and Imports - Imports are down approximately 11% year-to-date through August compared to 2024[10] - July-August 2025 imports are down approximately 20% compared to July-August 2024[27] - Sheet imports are down 35% year-to-date, with 3.7 million tons in 2025 compared to 5.6 million tons in 2024[27] Capital Allocation - Nucor repurchased $100 million worth of shares, representing approximately 0.7 million shares[10] - Quarterly dividend payout was $127 million, marking the 209th consecutive quarterly payment[10] - Returns to shareholders represent 72% of year-to-date net earnings[10]

Financial Performance - Net income was $365 million, including $108 million in merger-related charges, representing a 19% year-over-year increase[11] - Net interest income totaled $1339 million, a 5% increase from the prior quarter[15] - Adjusted noninterest income increased by $02 million to $247 million[19] Growth and Acquisitions - Annualized organic deposit growth was 7%[11] - Annualized organic loan growth was 8%[11] - Completed the acquisition of Villages Bancorporation, Inc, adding 19 branches and approximately $4 billion in assets[11] Asset Quality and Capital - Tier 1 capital ratio stood at 145%[10, 11] - Loan-to-deposit ratio was 84%[10] - Assets under management totaled $2467 billion, a 24% year-over-year increase[23]