3Q 2025 Earnings Presentation NABORS INDUSTRIES October 29, 2025 NABORS INDUSTRIES Forward-Looking Statements We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements. Such statements, including statements in this document that relate to matters that are not historical facts, are "forward-looking statements" within the meaning of the safe harbor pr ...

THIRD QUARTER 2025 ANALYST CONFERENCE CALL OCTOBER 29, 2025 Safe Harbor The information included in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our fourth quarter 2025 projected home closing volume, home closing revenue, home closing gross margin, effective tax rate and diluted EPS. All historical 2024 share and per sh ...

Financial Performance & Guidance - The company forecasts mid-7% year-over-year growth in Nareit FFO per share at the midpoint of guidance[34] - Same property NOI growth is guided at +5.25% to +5.5%, increased from a prior range of +4.5% to +5.0%[30, 34] - Non-cash revenues are guided at +/- $49 million[30] - The company expects a weighted average diluted share count of approximately 184.5 million for the calculation of Nareit FFO in 2025[35] Portfolio & Operations - Over 85% of the portfolio is grocery-anchored neighborhood and community centers[24] - The company has more than $668 million of development and redevelopment projects in process[24] - The signed-not-occupied (SNO) pipeline represents ~$36 million of base rent, reflecting a 200bps leased-to-occupied spread[36, 41, 43] - Of the $36 million ABR in the SNO pipeline, 32% is expected to rent commence by year-end 2025, and 99% by year-end 2026[45] Capital Structure & Investments - Net Debt & Preferred Stock to Trailing 12-Month EBITDAre is 5.3x[24] - The company has ~$1.5 billion revolver availability as of 9/30/2025[24] - Total capitalization is $19.3 billion, with equity representing 70%[62] - The company commenced a new ground-up development project in Jacksonville, FL, with total project costs of ~$112 million and a stabilized yield of ~8%[52, 56]

Financial Performance - The company reported net sales of $1.157 billion in 3Q 2025, a 2.7% increase year-over-year (YOY)[13] - Organic sales increased by 0.6% YOY[6] - Adjusted EBITDA was $202 million, representing a 17.4% margin, a 50 bps increase YOY[6, 13] - Adjusted EPS was $1.37, an 11% increase YOY[6] - Free cash flow was $164 million[6] Segment Performance - Engineered Bearings segment net sales were $766 million, a 3.4% increase YOY[23] - Engineered Bearings adjusted EBITDA was $144 million, with a 18.8% margin[23] - Industrial Motion segment net sales were $391 million, a 1.3% increase YOY[28] - Industrial Motion adjusted EBITDA was $75 million, with a 19.0% margin[28] Outlook - The company reaffirmed its 2025 EPS outlook at the midpoint, with an updated range of $5.20-$5.30[6, 36] - Free cash flow for 2025 is expected to be approximately $375 million[35] - Full-year 2025 sales are expected to decrease by 0.75% at the midpoint[36] Capital Allocation - The company paid its 413th consecutive quarterly dividend of $0.35 per share[6, 32] - Net debt to adjusted EBITDA ratio was 2.1x[6, 8]

Portfolio Overview - W P Carey has a large, diversified portfolio comprising 1,662 properties and 373 tenants[25] - The portfolio's square footage totals 1828 million[25] - The annualized base rent (ABR) is $151 billion, with 66% from North America, 34% from Europe, and 1% from other regions[25] - The weighted average lease term (WALT) is 121 years, and the occupancy rate is 970%[25] - Investment grade tenants account for 219% of ABR, and the top 10 tenants contribute 186% of ABR[25] Rent Escalation and Growth - 50% of leases have CPI-linked rent escalations, 47% have fixed escalations, and 4% have other types[25] - The contractual same store ABR growth is 24%[47] Balance Sheet - Total equity stands at $14808 million[71] - Total pro rata debt is $8851 million, resulting in a net debt of $8537 million[71] - Net Debt to Adjusted EBITDA is 59x[71] - Net Debt to Enterprise Value is 366%[71]

3Q25 Earnings Results OCTOBER 2025 Q3 Highlights: Balance Sheet Strengthening and Solid Profitability Steady Earnings and RoE Record Commercial Portfolio and Record Total Deposits Robust Margins and Asset Quality Strong Non-Interest Income and Efficiency Commercial Book $10.9 Bn 0% QoQ | ↑ 12% YoY Deposits $6.8 Bn ↑ 6% QoQ | ↑ 21% YoY NIM 2.32% ↓ 4 Bps QoQ | ↓ 23 Bps YoY NPLs 0.15% 0 Bps QoQ | ↓ 1 Bps YoY Non-Interest Income $15.4 M ↓ 31% QoQ | ↑ 40% YoY Efficiency Ratio 25.8% ↑ 262 Bps QoQ | ↓ 136 Bps YoY ...

Q3 2025 Financial Performance - Net sales reached $1022 million, while adjusted net sales were $960 million [16] - Gross profit was $81 million, with an adjusted gross profit of $88 million [16] - Adjusted operating income stood at $40 million, and adjusted FDP net income was $33 million [16] - Adjusted diluted EPS was $069, and adjusted EBITDA reached $58 million [16] - The company declared a dividend of $030 per share and executed share repurchases of 201,514 shares for $72 million [35] Segment Performance - Fresh and Value-Added Products: Net sales were $611 million, with adjusted net sales at $548 million compared to $551 million in the previous period [18, 19] Gross profit was $68 million, resulting in a gross margin of 112%, while adjusted gross profit was $76 million, yielding an adjusted gross margin of 139% [19] - Banana: Net sales were $358 million [24] Gross profit was $5 million, leading to a gross margin of 13%, while adjusted gross profit was $4 million, resulting in an adjusted gross margin of 12% [25] - Other Products & Services: Net sales were $53 million [29] Gross profit was $8 million, resulting in a gross profit margin of 148% [30] Financial Position - Long-term debt amounted to $234 million, with an adjusted leverage ratio of 033x [35] - Net cash provided by operating activities was $173 million, and capital spending was $36 million [35] Strategic Actions - The company signed an agreement to divest Mann Packing to focus on higher-margin products [13] - The company exited underperforming banana farms in the Philippines [13]

Q3 2025 Performance - Revenue reached $223.1 million, with organic growth of 4.7% compared to Q3 2024[12] - Adjusted EBITDA increased by 14.7% to $52.4 million compared to Q3 2024, with contributions from both segments[15] - Adjusted Free Cash Flow generation was $18 million in Q3 2025, with $53 million YTD and a 35% YTD conversion rate[12] - Adjusted diluted EPS increased by 50% to $0.12[41] Nuclear Power Momentum - Nuclear Power end-market organic revenue grew by 11% YTD[8] - Adjusted Orders in Nuclear Power end-market increased by 21% in Q3 2025 compared to Q3 2024[16] - SMR-related orders amounted to $17 million in Q3 2025, a 9% increase compared to Q3 2024[17] - A $10 million SMR new build order was secured in Q3 2025, and a $55 million installed base order was secured in October 2025[8] Medical Segment Update - Approximately 75% of the Medical segment's revenue is directly related to cancer care[27] - Dosimetry organic revenue grew by 7%[57] 2025 Guidance - The company is on track for 2025 guidance[11] - Organic Revenue Growth is projected between 4.5% and 6.0%, and Total Revenue Growth between 7.0% and 9.0%[62]

Financial Performance - The company's third quarter 2025 adjusted EPS was $1.53[6], compared to $1.50 in 3Q24[83] - The company's third quarter 2025 operating cash flow was $2.1 billion[6] - The company narrowed its adjusted EPS guidance for 2025 to $3.85-$3.95 and extended the outlook period to 2029, expecting greater than 8% CAGR[6] Growth and Strategy - The company increased its data center pipeline to 7 GW to 12 GW[6] - The company secured an additional 4.5 GW of power island equipment for large growth opportunities[6] - The company plans to invest for growth, reliability, and resilience, with strong customer growth and potential upside opportunities from industrial pipelines[18] Capital and Equity Plans - The company has a $40 billion capital plan for 2025E-2028E with a $4.7 billion equity plan[14] - The company has a $41 billion capital plan for 2026E-2029E with a $4.4 billion equity plan[14] Regulatory and Operational Overview - The company's utility operations include 3 million retail customers[24] - The company's utility operations include 24,479 MW of owned and leased generating assets[24] - The company's utility operations include 16,100 circuit miles of interconnected high-voltage transmission lines and 107,255 circuit miles of distribution lines[24]

Financial Performance - Garmin achieved record third quarter consolidated revenue and operating income[6] - Consolidated revenue reached $1.77 billion, a 12% year-over-year increase[5] - Operating income was $457 million, a 4% year-over-year increase[5] - GAAP EPS was $2.08, a $0.01 increase year-over-year[17] Segment Performance - Fitness segment revenue grew by 30% year-over-year to $601 million, with an operating income of $194 million and a 32% operating margin[7] - Aviation segment revenue increased by 18% year-over-year to $240 million, with an operating income of $61 million and a 25% operating margin[11] - Marine segment revenue grew by 20% year-over-year to $267 million, with an operating income of $49 million and a 19% operating margin[14] - Outdoor segment revenue declined by 5% year-over-year to $498 million, with an operating income of $170 million and a 34% operating margin[9, 10] - Auto OEM segment revenue declined by 2% year-over-year to $165 million, with an operating loss of $17 million and a (10%) operating margin[15] Financial Position - Cash and marketable securities totaled $3.92 billion[22] - Accounts receivable was $956 million[22] - Inventory was $1.89 billion[22] - Free cash flow was $425 million[22] Guidance - The company is raising 2025 EPS guidance[6] - Revenue guidance for 2025 is $7.1 billion[23]