Financial Performance - The net leverage ratio as of Q2 2025 was 4.1x[1,2] - Net loss for the six months ended December 28, 2024, was $326.916 million, while net income for the six months ended June 28, 2025, was $29.299 million[1] - Interest expense, net, for the six months ended December 28, 2024, was $81.396 million, and for the six months ended June 28, 2025, was $67.893 million[1] - Depreciation and amortization for the six months ended December 28, 2024, was $92.250 million, and for the six months ended June 28, 2025, was $68.055 million[1] - Adjusted EBITDA for the twelve months ended June 28, 2025, was $537.822 million[1] - Debt Agreement Adjusted EBITDA for the twelve months ended June 28, 2025, was $532.968 million[1] Debt and Cash Flow - Total debt as of June 28, 2025, was $2.376724 billion[1] - Cash and cash equivalents as of June 28, 2025, were $166.131 million[1] - Net debt as of June 28, 2025, was $2.210593 billion[1] Adjustments to EBITDA - Pro forma EBITDA adjustments resulted in a decrease of $23.535 million[1] - Run rate adjustments related to store openings and closings resulted in an increase of $11.395 million[1] - Other adjustments permitted under the Debt Agreement resulted in an increase of $7.287 million[1]

Financial Performance - Revenue grew by 8% year-over-year in Q2 2025, driven by a 10% increase in the BDS (Biopharmaceutical and Diagnostic Solutions) segment, offsetting a 2% decline in the Engineering segment[12, 30] - High-Value Solutions (HVS) accounted for 42% of total revenue in Q2 2025[12] and increased 13% year-over-year to €116.8 million[30] - Gross profit margin increased by 210 bps to 28.1%[31] - Adjusted EBITDA increased to €65.1 million, with an adjusted EBITDA margin increase of 240 bps to 23.2%[31] - Net profit was €29.7 million, or €0.11 of diluted EPS[31] Segment Performance - BDS segment revenue increased by 10% to €244 million, with a gross profit margin increase of 350 bps to 31.2%[33, 34, 35] - Engineering segment revenue decreased by 2% to €36.5 million, with a gross profit margin decrease to 6.6%[36, 37] Capacity Expansion and Investments - Capital expenditure (CAPEX) in Q2 2025 was €69.1 million[40] - Net cash generated from operations in Q2 2025 was €44.9 million[40] - Free cash flow in Q2 2025 was negative €13.0 million[40] - The company announced financing agreements totaling €200 million to support capacity expansion in Latina and Fishers facilities[40] Outlook - The company maintains its FY 2025 revenue guidance of €1.160 billion - €1.190 billion, representing a year-over-year growth of 5% to 8%[42] - The company expects HVS to account for 40% to 42% of revenue in FY 2025[42] - Adjusted diluted EPS is projected to be €0.50 - €0.54 for FY 2025[42] - Adjusted EBITDA is projected to be €288.5 million - €301.8 million for FY 2025[42]

Financial Performance - Q2 2025 - Recurring revenue for Q2 2025 was $492 million, a decrease of 2.6% compared to the proforma adjusted Q2 2024[13] - Project revenue for Q2 2025 was $36 million, a decrease of 20% compared to Q2 2024's $45 million[13] - Total revenue for Q2 2025 was $528 million, a decrease of 4% compared to the proforma adjusted Q2 2024's $250 million[13] - Adjusted Gross Profit for Q2 2025 was $205 million, a decrease of 6.4% compared to the proforma adjusted Q2 2024's $219 million, with a margin of 38.8%, down 100 bps[13] - Adjusted EBITDA for Q2 2025 was $127 million, a decrease of 0.8% compared to the proforma adjusted Q2 2024's $128 million, but the margin increased by 80 bps to 24.1%[13] Revenue Growth Drivers & Outlook - The initial 2025 outlook for revenue from new wins was ~5-7%, which was updated to ~3.5-5.5%[16] - The initial 2025 outlook for revenue from volumes was ~0-1%, which was updated to ~0%[16] - The contract renewals are expected to have a negative impact of (6.5)% on revenue, consistent with the initial outlook[16] - The overall revenue impact is projected to be between (3)% and (1)%, with revenue between $2.282 billion and $2.329 billion[16,18] - The company has 95% of projected 2025 revenue under contract[18] FY25 Outlook - Adjusted EBITDA is projected to be between $620 million and $645 million, representing a growth of 4% to 9%[18] - Adjusted EPS is projected to be between $0.58 and $0.64, representing a growth of 2% to 12%[18] - Free Cash Flow is projected to be between $250 million and $285 million, representing a growth of 13% to 29%[18]

Financial Performance - Total net revenue for Q2 2025 was $800372 thousand, a decrease of 01% compared to Q2 2024's $805975 thousand[5] - Adjusted EBITDA for Q2 2025 was $155544 thousand, with an Adjusted EBITDA Margin of 194%[5] - Net income attributable to AdaptHealth Corp for Q2 2025 was $14674 thousand[5] Revenue Breakdown - Net sales revenue for Q2 2025 totaled $504715 thousand, representing 631% of total net revenue[5, 10] - Net revenue from fixed monthly equipment reimbursements for Q2 2025 was $264587 thousand, accounting for 330% of total net revenue[5, 10] - Net revenue from capitated revenue arrangements for Q2 2025 was $31070 thousand, which is 39% of total net revenue[5, 11] Segment Performance - Sleep Health generated $334689 thousand in net revenue in Q2 2025[11] - Respiratory Health contributed $170450 thousand in net revenue in Q2 2025[11] - Diabetes Health accounted for $144961 thousand in net revenue in Q2 2025[11] - Wellness at Home generated $150272 thousand in net revenue in Q2 2025[11]

Financial Highlights - Q2 2025 revenue reached $617 million, a 14% increase compared to the prior year period[17, 55] - Gross profit margin for Q2 2025 was 58%, up 130 bps from the prior year period[17, 62] - Net income for Q2 2025 was $111 million, a 21% increase compared to the prior year period[17, 55] - Adjusted EBITDA for Q2 2025 was $199 million, a 26% increase compared to the prior year period[17, 55] - First half of 2025 revenue was $1.043 billion, a 13% increase compared to the prior year period[55] - First half of 2025 adjusted EBITDA was $300 million, a 31% increase compared to the prior year period[55] - The company has $562 million in total cash, including $377 million in unrestricted cash and $185 million in restricted cash[71] Business Performance - Organic direct-to-consumer home warranties grew by 9%[18, 31] - Renewals grew 9% due to the addition of 2-10 and higher price[59] - Real estate increased 21% due to the addition of 2-10[59] - DTC grew 12% as higher volumes were partially offset by lower price[59] - Other revenue grew 63% due to the new HVAC and Moen programs, as well as the addition of 2-10[59] - The company repurchased $150 million of shares year-to-date through July 31[18, 79] Strategic Initiatives - The company is integrating technology advancements into the member experience, with 14% of the member base having downloaded the app in only 8 months[36] - The company is increasing expected cost synergies from the 2-10 acquisition to approximately $15 million in 2025, up from $10 million+[48] - The company is raising its 2025 share repurchase target from $200 million+ to approximately $250 million[79] Outlook - The company expects full year 2025 revenue to be in the range of $2.055 billion to $2.075 billion[80] - The company expects full year 2025 adjusted EBITDA to be in the range of $530 million to $550 million[80]

Financial Performance - Adjusted revenue grew by 5%[9] - Adjusted EBITDA margin reached 39.8%[10] - Adjusted EPS increased by 1% to $1.36[10] - The company returned $459 million to shareholders and is on track for $1.2 billion in share repurchases for the year[10] - Adjusted free cash flow was $292 million, with a 52% conversion rate[21] Segment Results - Banking Solutions adjusted revenue grew by 6%, with a 43.6% adjusted EBITDA margin[24] - Capital Markets adjusted revenue grew by 5%, with a 50.3% adjusted EBITDA margin[24] - Year-to-date adjusted revenue for Banking Solutions grew by 4%, with a 41.9% adjusted EBITDA margin[26] - Year-to-date adjusted revenue for Capital Markets grew by 7%, with a 49.3% adjusted EBITDA margin[26] Outlook - The company raised its full-year revenue outlook to a range of $10.52 billion to $10.57 billion, reflecting an adjusted revenue growth of 4.8% to 5.3%[27] - The adjusted EPS growth outlook was raised to 10% to 11%, with a range of $5.72 to $5.80[27] - Third-quarter revenue is projected to be between $2.65 billion and $2.665 billion, with adjusted revenue growth of 3.8% to 4.4%[29]

Financial Performance - Net sales reached $1.1 billion, a 5% increase year-over-year[10] - Net income was $58 million, representing 5.2% of net sales, a 6% decrease year-over-year[10] - Adjusted EBITDA was $121 million, or 11.0% of net sales, a 1% decrease year-over-year[10] Capital Allocation - Returned $67.1 million to shareholders, including $29 million in dividends ($1.15 per share) and $38.1 million in share repurchases in Q2[11] - Total share repurchases year-to-date reached $128.3 million as of August 1, 2025[11] Acquisitions and Market Trends - Acquired Freedman Seating in April, adding approximately $125 million in annual revenues in the bus market[11] - RV OEM sales increased by 3% year-over-year, driven by market share gains and increased mix in higher-content fifth wheels[17] - Adjacent Industries sales increased by 10% year-over-year, primarily due to recent acquisitions in the bus market[28] Tariff Mitigation - Tariff mitigation strategy minimized pricing impact to customers and supported profitability in Q2, with $15.4 million of tariff expenses mitigated[10, 61] - Target is to reduce China sourcing to approximately 10% in 2025[60] Outlook - Expects to deliver an 85 bps margin improvement in 2025 through optimizing infrastructure[10, 67] - North American wholesale unit shipments forecast for full year 2025 is 320,000-350,000 units[71]

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]

Q2 2025 Performance Highlights - Net income increased by 73%[20] - Free cash flow increased by 102%[20] - Earnings per share became positive for the first time[20] Financial Results - Q2 2025 revenue was $27.4 million compared to $28.1 million in Q2 2024[43] - Q2 2025 net income was $2.9 million compared to $1.7 million in Q2 2024[43] - Q2 2025 adjusted EBITDA was $6.5 million compared to $6.4 million in Q2 2024[43] - Q2 2025 earnings per share was $0.04 compared to -$0.14 in Q2 2024[43] - Q2 2025 free cash flow was $5.4 million compared to $2.7 million in Q2 2024[43] - Year-to-date 2025 revenue was $55.0 million compared to $54.1 million in year-to-date 2024[46] - Year-to-date 2025 net income was $4.9 million compared to $1.4 million in year-to-date 2024[46] - Year-to-date 2025 adjusted EBITDA was $12.1 million compared to $10.1 million in year-to-date 2024[46] - Year-to-date 2025 earnings per share was $0.02 compared to -$0.24 in year-to-date 2024[46] - Year-to-date 2025 free cash flow was $9.0 million compared to $4.9 million in year-to-date 2024[46] 2025 Guidance - Revenue guidance is $111 million to $114 million[27] - Adjusted EBITDA guidance is $26 million to $28 million[27] - Earnings per share guidance is $0.10 to $0.13[27]