Digital Assets Opportunity - Global assets have significant growth potential in global wealth allocation, with over $700 trillion in assets potentially tokenized by blockchain technology[28] - As of July 31, 2025, Bitcoin's market cap is $2 trillion, the global crypto market cap is $4 trillion, gold is $141 trillion, global equities are $128 trillion, global bonds are $95 trillion, and real estate is $23 trillion[28, 30] - Galaxy's Asset Management & Infrastructure Solutions has $9 billion combined assets on platform[42] - Balance sheet net digital asset and investment exposure includes $748 million in Bitcoin, $196 million in Ether, $330 million in other token exposure, and $718 million in venture & fund investments[45] - Euro stablecoins could capture approximately 20% of the global stablecoin market[47] Data Center Opportunity - Global data center demand is expected to quadruple by 2030, representing a 298% growth from 55 GW in 2023 to 219 GW in 2030[32] - Hyperscalers are projected to invest over $350 billion in data center CapEx in 2025[34] - Helios is unlocking 4x expansion in load capacity, with +2,700 MW additional load capacity under study[35] Financial Performance - Q2 2025 Net Income is $299 million[16] - Q2 2025 Adjusted Gross Profit is $299,232[16, 58] - Anticipated average annual revenue for combined phases of Helios is over $1 billion, with 90% anticipated EBITDA margins[54, 55]

Company Overview - Tanger is a leading owner and operator of outlet and open-air retail shopping destinations with over 40 retail centers and 16 million square feet of space[7,8] - The company has a market capitalization of $3.6 billion and an enterprise value of $5.3 billion[7] - Tanger's net debt to adjusted EBITDAre is 5.0x, and interest coverage ratio is 4.6x[7] - The portfolio is 95% open air and 93% of outlet square footage is in leading tourist destinations or top 50 MSAs[7] Financial Performance and Growth - The company anticipates 2025 Same Center NOI growth between 2.5% and 4.0%[17] - Tenant sales per square foot were $465 in 2Q25 TTM[17] - Rent spreads were up 12.0% in 2Q25 TTM[17] - Core FFO per share 3-year average growth is 7.5%[17] - The company expects net income per diluted share to be between $0.93 and $1.00, and Core FFO per diluted share to be between $2.24 and $2.31 for 2025[41] Balance Sheet and Capital Structure - The company's capital structure includes $3.6 billion in equity and $1.7 billion in net debt[31] - The company has $528 million in line availability and $70 million in undrawn forward equity[31] - 87% of the company's financing is unsecured[33] - 95% of the company's debt is fixed rate[33] Portfolio and Operating Metrics - The company's occupancy rate is 96.6%[56] - Blended cash rent spreads for executed comparable leases increased by 12.0%[56] - Same Center NOI increased by 3.8% in 2Q25 compared to 2Q24[56]

Financial Performance - Q2 2025 revenue reached $194.5 million[25], exceeding expectations[7] - Non-GAAP diluted earnings per share (EPS) stood at $1.13[7] - GAAP diluted EPS was $0.98[7] - Q3 2025 revenue is projected to be approximately $200 million[29] - Q3 2025 Non-GAAP diluted earnings per share is expected to be around $1.00[29] Revenue Breakdown - Mature process technology accounted for 97% of total shipped system revenue in Q2 2025[13] - Power general mature represented 43% of total shipped system revenue in Q2 2025[14] - Silicon Carbide (SiC) power contributed 40% to shipped system revenue[11] - Other Power (IGBT, etc) made up 15% of shipped system revenue[11] - Memory accounted for 3% of shipped system revenue[11] Geographic Performance - China accounted for 55% of total revenue in Q2 2025[25] - The United States contributed 18% to total revenue in Q2 2025[25] - South Korea accounted for 13% of total revenue in Q2 2025[25]

Second Quarter 2025 Financial Highlights - Net revenue reached $948 million, a 65% increase year-over-year, representing a $58 million rise[13] - Wholesale revenue increased by 141% year-over-year, reaching $613 million, or a 210% increase excluding barter, amounting to $76 million and $106 million respectively[13] - Gross margin was 339%, compared to 419% in Q2 2024[13] - Adjusted EBITDA was $24 million, a decrease of $51 million year-over-year[13] Channel Performance - DTC revenue decreased by 78% year-over-year in Q2 2025, but increased by 03% excluding the impact of loyalty point expirations in Q2 2024[18,22] - Black Rifle Ready to Drink Coffee remains a Top-3 brand in Q2 2025[23] - Black Rifle Energy achieved approximately 23% ACV with distribution in 15200 doors, including 2800 Walmart locations (~66% Walmart ACV), 8900 convenience stores (~7% Convenience Store ACV), and 3250 grocery stores (~12% Grocery Store ACV)[27] Financial Outlook - The company projects net revenues between $395 million and $425 million for 2025, representing a 1% to 9% growth[40] - Gross margin is expected to be in the range of 35% to 37%[40] - Adjusted EBITDA is projected to be between $20 million and $30 million[41]

Financial Performance & Growth - Q2 2025 revenue reached $725 million, a 3% increase compared to Q2 2024[5] - Adjusted EBITDA for Q2 2025 was $184 million, up 13% from Q2 2024[5] - Adjusted EPS for Q2 2025 increased by 56% to $025, compared to $016 in Q2 2024[5] - The company is increasing its 2025 adjusted EBITDA guidance range to $665 million - $685 million[5] - Net revenues are projected to be between $30 billion and $31 billion in 2025, representing a 7% to 11% increase[11] Segment Performance - Specialty segment revenue increased by 13% in the first half of 2025[5] - Affordable Medicines segment revenue increased by 4% in the first half of 2025[5] - AvKARE segment revenue increased by 1% in the first half of 2025[5] - AvKARE revenue reached $663 million in 2024, with a 23% compound annual growth rate (CAGR) from 2020 to 2024, and is projected to exceed $900 million by 2027[24] Product & Pipeline Development - CREXONT is on track to achieve peak U S sales of $300 million to $500 million[39] - The company expects to file a Biologics License Application (BLA) for an omalizumab biosimilar (bXOLAIR) in Q4[5] - The company launched 15 new products in the Affordable Medicines portfolio year-to-date[5]

Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited to, statements under the heading, "Fiscal 2025 Outlook," "Modeling Assumptions," and those related to our expectation ...

Financial Performance - Second quarter revenue reached $19993 thousand, a 75% increase year-over-year compared to $11430 thousand in the second quarter of 2024[12] - The company's GAAP gross margin was -196% in the second quarter of 2025, compared to -205% in the second quarter of 2024[12] - Non-GAAP gross margin was -174% in the second quarter of 2025, compared to -168% in the second quarter of 2024[12] - GAAP net loss was $15430 thousand in the second quarter of 2025, compared to $12241 thousand in the second quarter of 2024[12] - Non-GAAP net loss was $11213 thousand in the second quarter of 2025, compared to $10730 thousand in the second quarter of 2024[12] Outlook for Third Quarter 2025 - The company expects revenue to be between $18 million and $24 million[13] - Non-GAAP gross profit is projected to be between -$24 million and -$06 million[13] - Non-GAAP gross margin is expected to range from -134% to 25%[13] - Adjusted EBITDA is forecasted to be between -$108 million and -$68 million[13]

Financial Performance - Consolidated revenue increased by 70% to $403 million[13] - Adjusted EBITDA rose by 77% to $129 million[13] - AFFO increased significantly by 759% to $28 million[13] - America segment revenue increased by 44% to $303 million[14] - Airports segment revenue increased significantly by 156% to $100 million[17] Segment Highlights - America's digital revenue grew by 111% to $114 million[16] - Airports' digital revenue increased by 315% to $64 million[19] - Site lease expense for America increased by 111% to $94 million[16] - Site lease expense for Airports increased by 134% to $60 million[19] Capital Structure - Debt decreased by $226 million, reaching $5067 billion[24]

Financial Performance - Harmony Biosciences reported Q2 2025 net product revenue of $200.5 million, a 16% year-over-year increase compared to $172.8 million in Q2 2024 [8, 36] - The company's non-GAAP adjusted net income for Q2 2025 was $53.8 million, a 120% increase from $24.5 million in Q2 2024 [36] - Harmony Biosciences is confirming its full-year 2025 revenue guidance of $820 million to $860 million [8] - Cash, cash equivalents, and investments totaled $672.3 million as of Q2 2025, compared to $434.1 million in Q2 2024, a 55% increase [6, 38] WAKIX Performance - WAKIX is approaching blockbuster status, representing a $1 billion opportunity in narcolepsy alone [9] - The average patient count for WAKIX grew by approximately 400 to approximately 7,600 patients [8] - WAKIX has strong payer coverage of >80% of lives [8] Pipeline Development - Harmony Biosciences plans to initiate Phase 3 registrational trials for Pitolisant HD in narcolepsy and idiopathic hypersomnia (IH) in Q4 2025 [17, 29] - Topline data from the Phase 3 RECONNECT study of ZYN002 in Fragile X Syndrome (FXS) is expected in Q3 2025 [17, 18] - EPX-100 Phase 3 registrational trials are ongoing in Dravet syndrome (ARGUS study) & Lennox-Gastaut syndrome (LIGHTHOUSE study), with topline data anticipated in 2026 [17, 33]

Operational Milestones - Vertical Aerospace is on track to meet every communicated target toward Flightpath 2030[16] - The company successfully completed a 15.2-meter battery pack drop test and full-scale thermal runaway propagation test in April 2025[21] - Vertical Aerospace is initiating production with long-range parts purchasing[18] Strategic Partnerships - Bristow upsizing pre-order option to purchase up to 50 more aircraft[41] - Vertical Aerospace announced a partnership with Bristow on June 12, 2025, to provide a "Ready-to-fly" model to Vertical's customers[45] Financial Status - As of June 30, 2025, Vertical Aerospace had £62 million / $85 million in cash and cash equivalents[54] - After a July 2025 fundraise of £52 million / $69 million (gross proceeds), the company's cash position was £104 million / $137 million as of August 5, 2025[54] - Post-July fundraise, Vertical is funded through to the middle of 2026[54] Order Book - Vertical Aerospace has pre-orders for up to 200 aircraft[40] - Avolon has placed orders for at least 100 aircraft and up to 250 aircraft[40] - Other partners have placed orders for up to 500 aircraft, up to 100 aircraft, up to 100 aircraft, up to 50 aircraft, and up to 50 aircraft[40]