Financial Performance & Strategy - The company's Cash Improvement Plan is on track to achieve $600 million of incremental cash flow for 2025[24, 31, 36, 71] - The company is targeting $200 million in trade working capital reductions and $200 million in fixed cost reductions by the end of 2025[24] - 2025 CAPEX guidance revised down $200 million from $1.9 billion to $1.7 billion, and 2026 CAPEX is expected to be $1.4 billion[24] - The company returned over $500 million to shareholders through dividends and share repurchases during 2Q25[26, 36] - The company has $1.7 billion in cash and cash equivalents as part of $6.4 billion of available liquidity as of June 30, 2025[36] Portfolio Optimization - The company announced the planned sale of four European O&P assets[10, 13, 36, 51, 52, 71] - Portfolio optimization improves the company's cost advantage, positioning it well to serve markets from its cost-advantaged asset base in North America and the Middle East[14] - The company is rebalancing its global footprint toward cost-advantaged regions[71] Market Dynamics & Outlook - US/Canada domestic polyethylene sales grew 3.5% vs 1Q25[49] - The company is targeting approximately 85% operating rates in 3Q25 for O&P Americas and approximately 75% for O&P EAI[49, 52] - The company's 2Q25 last twelve months (LTM) cash conversion was 75%[40]

Financial Performance - For the three months ended June 30, 2025, total revenues were $672 million, compared to $686 million in 2024[14] - Net loss attributable to stockholders for the three months ended June 30, 2025 was $5 million, compared to net income of $64 million in 2024[14] - Adjusted EBITDA for the three months ended June 30, 2025 was $183 million, compared to $193 million in 2024[18] - For the six months ended June 30, 2025, total revenues were $1302 million, compared to $1325 million in 2024[14] - Net loss attributable to stockholders for the six months ended June 30, 2025 was $62 million, compared to net income of $92 million in 2024[14] - Adjusted EBITDA for the six months ended June 30, 2025 was $327 million, compared to $355 million in 2024[18] Portfolio Metrics - As of July 31, 2025, Park's portfolio consisted of 39 hotels with approximately 24,666 rooms[3] - The total comparable portfolio includes 36 hotels with 22,395 rooms[46] - Comparable Hotel Adjusted EBITDA was $191 million for the three months ended June 30, 2025, a decrease of 32% compared to $197 million in 2024[20] - Comparable Hotel Revenues were $645 million for the three months ended June 30, 2025, a decrease of 07% compared to $650 million in 2024[20] Outlook - The company expects full-year 2025 Comparable RevPAR change vs 2024 to be between -20% and 00%[32] - The company expects full-year 2025 Adjusted FFO per share – Diluted to be between $182 and $208[32]

Q2 2025 Financial Performance - Sales increased by 5.6% to $4.554 billion compared to $4.312 billion in Q2 2024[22] - Daily sales also increased by 5.6%, reaching $71.2 million compared to $67.4 million in Q2 2024[22] - Diluted EPS increased by 2.2% to $9.97 compared to $9.76 in the prior year[22] - Operating margin decreased by 50 bps to 14.9%[22] Segment Performance - High-Touch Solutions N.A sales increased by 2.5% to $3.544 billion[27] - Endless Assortment sales increased by 19.7% to $929 million, with daily, constant currency sales up 16.3%[31] - Zoro U.S daily sales grew by 20.0%[34] Full Year 2025 Guidance Update - Sales guidance updated to $17.9 - $18.2 billion, representing a 4.4% to 5.9% increase[43] - Gross profit margin guidance revised to 38.6% - 38.9%, a decrease of 80 to 50 bps[43] - Operating margin guidance adjusted to 14.7% - 15.1%, a decrease of 80 to 40 bps[43] - EPS (diluted) guidance updated to $38.50 - $40.25, representing a (1.2%) to 3.3% change[43] Tariff-Related Actions - The company expects to achieve price/cost neutrality over time despite tariff-related challenges[40] - Additional pricing actions are planned to mitigate incremental costs while maintaining a competitive assortment[40]

Financial Performance - The company reported earnings of $2.5 billion, or $1.45 per diluted share, in 2Q25[26] - Adjusted earnings were $3.1 billion, or $1.77 per share[26] - Cash flow from operations excluding working capital was $8.3 billion[26] - The company returned $5.5 billion cash to shareholders through dividends of $2.9 billion and share repurchases of $2.6 billion[12, 26] - Free cash flow and adjusted free cash flow were both $4.9 billion[30] Production and Operations - Achieved record U.S. and worldwide production[12] - Permian Basin production reached 1 MMBOED (million barrels of oil equivalent per day)[12] - Upstream reporting units saw a reduction of approximately 70% due to standardization and centralization efforts[23] - The company projects approximately $12.5 billion in additional free cash flow by 2026, compared to 2024 levels, based on certain price assumptions[41] Strategic Initiatives - Completed the acquisition of Hess Corporation[12, 44] - The Hess transaction is expected to be accretive to cash flow per share by the end of 2025 and generate $1 billion in synergies by the same time[14] - Entered the U.S. lithium sector[12]

Financial Highlights - The company's market capitalization is $2.3 billion and enterprise value is $4.6 billion[8] - The company offers an annual dividend of $009 per share, resulting in a dividend yield of 31%[8] - The company's production is approximately 148 Mboe/d, with 85% being liquids[8,9] - Exploration and Development (E&D) expenditures are approximately $12 billion[8,9] Operational Performance - The company repurchased 11% of shares outstanding since June 2023[14] - The company achieved a 2% increase in production per share in Q2 2025, compared to Q2 2024[15] - Net debt was reduced by 5%, equivalent to $123 million[15] - The company's 2024 year-end reserves were evaluated by McDaniel & Associates Consultants Ltd[13] Future Outlook - The company targets a total debt to Bank EBITDA ratio of less than 10x[40] - The company is targeting up to 45% of net crude oil volumes hedged[37] - The company's five-year outlook anticipates free cash flow between $4 billion and $5 billion, depending on WTI prices[47] - The company's total debt target is $15 billion, aiming for a total debt to EBITDA ratio of approximately 07x at US$70 WTI[32]

Financial Performance - GAAP net income attributable to Ares Management Corporation was $137.1 million[1] - After-tax realized income was $367.9 million, with after-tax realized income per share of Class A common stock at $1.03[2] - Fee related earnings reached $409.1 million[2] Assets Under Management (AUM) - Total AUM reached $572.4 billion, a 28% increase year-over-year[9, 32, 35] - Total fee paying AUM was $349.6 billion, a 27% increase year-over-year[23, 32, 35] - Available capital stood at $150.8 billion[3, 23, 46] - AUM not yet paying fees available for future deployment was $86.8 billion, potentially generating $822.7 million in incremental annual management fees[23, 49] Capital Activity - Gross new capital commitments totaled $26.2 billion[23, 31] - Capital deployment amounted to $26.9 billion, including $13.0 billion by drawdown funds[23, 61, 65] Dividends - A quarterly dividend of $1.12 per share was declared for Class A and non-voting common stock[4, 23] - A quarterly dividend of $0.84375 per share was declared for the 6.75% Series B mandatory convertible preferred stock[5, 23]

Financial Performance - The company's Equity Market Cap is $1804 million[10] - The company's Enterprise Value is $18 billion[10] - TTM Q2'25 Hotel EBITDA reached $184 million, a 209% increase compared to $721 million in 2013[11] - Total Assets as of June 30, 2025, were $2064 billion, a 115% increase from $962 million on December 31, 2013[11] - Comparable Hotel EBITDA for Q2 2025 was $47805 thousand, a 37% increase year-over-year[33, 58] - Adjusted Funds From Operations (AFFO) was $009 per diluted share for the quarter[58] - Net loss attributable to common stockholders for the quarter was $(160) million or $(024) per diluted share[58] Portfolio Metrics - Portfolio RevPAR in Q2 '25 was up 15% YoY and up 241% vs Q2 '19[40] - Resort RevPAR in Q2 '25 was up 16% YoY and up 503% vs Q2 '19[40] - Urban RevPAR in Q2 '25 was up 13% YoY and up 10% vs Q2 '19[40] - Total Hotel Revenue for comparable hotels in Q2 2025 was $179943 thousand, a 33% increase year-over-year[33] - The company plans to invest $75 million - $95 million in capital expenditures in 2025[59] Liabilities - The company extended the mortgage loan secured by Ritz-Carlton Lake Tahoe to July 15, 2026[74] - The company expects to repay $88 million of the CMBS due 2030 from the proceeds of the sale of Marriott Seattle Waterfront[74]

2Q25 Camden Property Trust Earnings Call CAMDEN CLEARWATER Clearwater, Florida ACQUIRED 2Q25 360 UNITS $139M DISPOSITIONS 3 Houston communities 1 Dallas community Average age 25 years old Combined unlevered IRR of over 10% over 24 years Sold at average AFFO yield of ~ 5.1% DEVELOPMENT COMMUNITIES IN LEASE-UP CAMDEN WOODMILL CREEK Spring, Texas ~96% OCCUPIED STABLIZE 1Q26 188 UNITS $72.5M ~74% OCCUPIED CAMDEN LONG MEADOW FARMS Richmond, Texas STABILIZED 189 UNITS $72.5M DEVELOPMENT COMMUNITIES IN LEASE-UP CA ...

Second Quarter Results Kananaskis, Alberta AUGUST 1, 2025 The forward-looking statements contained in this presentation are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and trans ...

Financial Performance - Gerdau's adjusted EBITDA reached R$26 billion, with North America's improved results offsetting performance in Brazil and South America[16] - Net income was R$864 million, with earnings per share at R$043, a 14% increase compared to 1Q25[16][17] - Gerdau S A issued US$650 million in bonds and R$14 billion in debentures to bolster cash and lengthen the company's debt profile[17] - Gerdau S A executed 68% of its share buyback program, investing approximately R$686 million, representing 22% of outstanding shares[17] Regional Performance - North America achieved its highest all-time share in consolidated EBITDA at 61%, compared to 48% in 1Q25[10] - North America's net sales increased by 42% to R$9139 million, with EBITDA increasing by 365% to R$1635 million[36] - Brazil's shipment volume decreased by 52% from 1Q25[33] - South America's shipments increased by 218% to 288000 tonnes[45] Market Dynamics - The import penetration rate in Brazil reached a critical 26%, a 39 percentage point increase compared to 2Q24[12][33] - Steel imports continue at a record pace despite trade defense measures in place[14] Strategic Investments - Approximately 50% of the total estimated CAPEX for the year, amounting to R$16 billion, has already been invested[16] - The Sustainable Miguel Burnier Mining project is 72% complete and is under pre-operational planning for start-up in 4Q25[16]