Financial Performance - Westlake Corporation's net sales for 2Q 2025 were $3 billion[5], with EBITDA of $340 million[5] - The company holds $2.3 billion in cash, equivalents, and investments[5] - Sales increased by 4% QoQ but decreased by 8% YoY[7] - EBITDA increased by 18% QoQ but decreased by 54% YoY[7] Segment Performance - Housing and Infrastructure Products (HIP) sales were $1.16 billion in 2Q 2025[11], a 16% increase QoQ[11] but a 3% decrease YoY[11], with EBITDA of $275 million[7], a 35% increase QoQ[7] but an 18% decrease YoY[7] - Performance and Essential Materials (PEM) sales were $1.793 billion in 2Q 2025[22], a 3% decrease QoQ[22] and an 11% decrease YoY[22], with EBITDA of $52 million[7], a 29% decrease QoQ[7] and an 87% decrease YoY[7] Strategic Initiatives - The company achieved over $75 million in cost savings in 1H 2025 towards a 2025 target of $150 - $175 million[6] - Westlake is taking action to generate an additional $200 million of cost savings by 2026 as part of its PEM profitability improvement strategy[6] - The closure of the Pernis facility is expected to significantly improve PEM segment profitability by removing ~$100 million in annual losses[6]

Financial Performance - Revenue for Q1 FY26 increased by $55 million, or 11%, reaching $555 million[11, 18] - Gross profit for Q1 FY26 increased by $24 million, or 19%, with gross margin expanding by 170 bps to 265%[11, 24] - Adjusted EBITDA for Q1 FY26 increased by 33% to $68 million, resulting in an Adjusted EBITDA margin of 123%[11, 26] - Net income for Q1 FY26 increased by 55% to $46 million[11] Orders and Backlog - Q1 FY26 orders totaled $1259 million, leading to a book-to-bill ratio of 23x[11] - Record backlog reached $4829 million[11] - Defense sector accounts for 87% of the backlog, while Energy & Process represents 11%, and Space comprises 3%[39] Financial Outlook for FY26 - Net sales are projected to be between $225 million and $235 million[44] - Adjusted EBITDA is expected to be in the range of $22 million to $28 million[44] - Capital expenditures are estimated at $15 million to $18 million[44]

Financial Performance & Growth - Core FFO and AFFO per diluted share grew by 1.2% year-over-year, reaching $0.84 and $0.85 respectively[10] - Increased ABR (Annual Base Rent) by 6.7% compared to the previous year[10] - The company announced a 3.4% increase in the third quarter 2025 quarterly dividend to $0.60 per share[10] - Strategy generated 3.8% average annual Core FFO per share growth since 2019[16] Investment & Acquisition - Closed $232.5 million in investments with an initial cash cap rate of 7.4% and a weighted average lease term of 17.8 years[10] - Sold 23 properties for $51.2 million, including $24.7 million of income-producing properties at a weighted average cap rate of 6.2%[10] - Relationship acquisitions accounted for 74% ($7.493 billion) of the acquisition volume from 2010-Q2 2025, with an average cap rate of 7.4%[35] - Market/Auction acquisitions accounted for 26% ($2.701 billion) of the acquisition volume from 2010-Q2 2025, with an average cap rate of 7.1%[34] Portfolio & Lease Management - Only 6.1% of leases expire through YE 2026[17] - The portfolio consists of 3,663 properties (38.3 million SF) across 50 states, with over 400 national and regional tenants[17] - Top 20 tenants account for 46.8% of the rent and average 1,729 stores each[17] Balance Sheet & Debt - The company has $1.4 billion of total available liquidity[10] - The company's gross debt is $4.7 billion, representing 36.7% of the total capital, with a weighted average maturity of 11.1 years and a weighted average effective interest rate of 4.2%[23] - Equity accounts for 63.3% of the total capital, amounting to $8.1 billion[22, 23]

Financial Performance & Contract Coverage - The company added $397 million in contracted revenues in 1H 2025[16, 17, 22], achieving 96% forward contract cover for 2025 and 80% for 2026[16, 17] - Revenue for 1H 2025 was $382.8 million, up from $354.6 million in 1H 2024[17, 29] - Net income for 1H 2025 reached $214.1 million, compared to $175.1 million in 1H 2024[17, 29] - Adjusted EBITDA for 1H 2025 was $266.5 million, an increase from $247.7 million in 1H 2024[17, 29] - Normalized net income for 1H 2025 was $189.4 million, up from $175.7 million in 1H 2024[17, 29] - Contracted revenues as of June 30, 2025, stood at $1.73 billion, with an average remaining contract cover of 2.1 years[22] Capital Allocation & Balance Sheet - The company's annualized dividend increased to $2.10 per share[16, 17, 23, 24], and $57.0 million has been allocated to share buy-backs to date[23, 24] - Gross debt increased to $768.5 million, up from $691.1 million at the end of 2024[29] - Cash reserves totaled $511.1 million, with $430.6 million available for liquidity, covenants, working capital, and fleet renewal[29] - The weighted average debt maturity is 4.9 years, with a cost of 4.18%[29, 70] - The company's average daily break-even rate is $9,366 per vessel[70] Market Dynamics & Fleet - Approximately 74% of global containerized trade volume is in non-Mainlane trades, predominantly served by mid-sized & smaller ships[46, 47] - The overall orderbook for all containerships has a 29.6% orderbook to fleet ratio, while the company's focus segments (2,000 – 9,999 TEU) have a 12.0% orderbook to fleet ratio[64]

Financial Performance - The adjusted net investment income per share remained solid at $0.39, resulting in an adjusted NII ROE of 10.4%[10] - Adjusted earnings per share were $0.34, yielding an adjusted ROE of 9.1%[10] - The company declared a quarterly base distribution of $0.39 per share for FY 2025 Q3, with a distribution coverage of approximately 100%[10] - As of June 30, 2025, the dividend yield was 10.4% based on the NAV[10] Portfolio and Credit Quality - The investment portfolio modestly increased to $9.0 billion at fair value, with $305.8 million in exits/sales and $556.8 million in new investment commitments (of which $410.8 million were funded at close)[10] - Net funds increased by $340.3 million, representing a 4% increase in portfolio size from March 31, 2025[10] - Approximately 90% of the total investment portfolio had internal performance ratings of '4' or '5'[10, 40] - Non-accrual investments remained low, accounting for 0.6% of total investments at fair value[10, 40] Balance Sheet and Liquidity - The net asset value was $15.00 per share, a decrease of $0.04 per share from $15.04 as of March 31, 2025[10] - The company repurchased approximately 2.4 million shares of its common stock at an aggregate price of $13.99 per share[10] - The GAAP debt-to-equity ratio, net increased to 1.26x, with an average of 1.21x for the quarter; 42% of debt funding is unsecured debt, and 82% is floating rate debt funding[10] - The weighted average cost of debt was 5.7%[10] - Total available liquidity amounted to $947.1 million[10]

Financial Performance - GAAP gross revenue reached $3 billion, showing a year-over-year increase of 51%[10] - Adjusted net revenue was $22 billion, up 70% year-over-year[10] - GAAP net income increased significantly to $181 million, a 1186% rise year-over-year[10] - Adjusted net income grew to $195 million, representing a 192% increase year-over-year[10] - Adjusted EBITDA stood at $314 million, a 135% increase year-over-year, with an adjusted EBITDA margin of 141% on adjusted net revenue[10] - GAAP EPS was $156, up 1364% year-over-year, and adjusted EPS was $162, a 246% increase year-over-year[10] Backlog and Cash Flow - The company reported a Q3 Book-to-Bill ratio of 12x, with a trailing twelve-month (TTM) ratio also at 12x[10] - Q3 FY 2025 cash flow from operations (CFFO) was $293 million[19] - Q3 FY 2025 free cash flow (FCF) amounted to $271 million[19] Segment Performance - Infrastructure and Advanced Facilities (I&AF) operating profit was $236 million, a 134% increase year-over-year, representing 124% of adjusted net revenue[18] - PA Consulting operating profit was $72 million, a 152% increase year-over-year, remaining at 218% of revenue[18] Outlook - The company is raising its FY 2025 adjusted EPS guidance to $600-$610[23] - The company anticipates adjusted net revenue growth of approximately 55% year-over-year[23]

Second Quarter 2025 Earnings Presentation August 5, 2025 Second Quarter 2025 Earnings Presentation 1 Cautionary Statements Regarding Forward-looking Statements This presentation may contain (and verbal statements made by MSA® Safety Incorporated ("MSA Safety") may contain) "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve various assumptions, known and unknown risks ...

Financial Performance - Q2 2025 adjusted net investment income ("NII") was $0.32 per share, covering the dividend of $0.32 per share[15] - June 30, 2025 net asset value ("NAV") was $12.21 per share, compared to $12.45 per share as of March 31, 2025[15] - The company repurchased approximately $16 million of NMFC shares year-to-date, including $10 million in Q2 at a weighted average purchase price of $10.42 per share[15] - Total dividends paid to shareholders is approximately $1.4 billion since IPO[27] Portfolio Composition and Risk - Approximately 95% of the portfolio is rated green on the company's heatmap, indicating strong credit quality[15] - Nearly 80% of the portfolio is senior in nature, including First Lien, SLPs, and Net Lease assets[15] - Realized Total Net Loss Rate for NMFC since IPO is 1bp[19] - Top 10 portfolio companies represent $759.4 million, or 25.2%, of consolidated investments[67] Investment Activity - Gross originations for Q2 2025 were $122.2 million, while repayments were $141.4 million and sales were $13.7 million, resulting in net less sales originations of $(32.9) million[17, 55] Leverage and Liquidity - Statutory leverage ratio is 1.13x debt to equity as of June 30, 2025[16] - The company has $1,789 million in outstanding debt with a weighted average interest rate of 6.04%[53, 82]

Financial Performance - Q2 2025 - Adjusted Earnings Per Share decreased by 10% compared to the prior year quarter, reaching $0.93[6] - Total Segment Operating Profit decreased by 10% compared to the prior year quarter, amounting to $830 million[6] - Adjusted Return on Invested Capital (ROIC) was 6.9%[6, 46] Financial Performance - 1H 2025 - Adjusted Earnings Per Share decreased by 35% compared to the prior year period, reaching $1.63[6] - Total Segment Operating Profit decreased by 26% compared to the prior year period, amounting to $1.2 billion[6] - Cash Flows From Operations Before Working Capital decreased by $459 million due to lower total segment operating profit, reaching $1.7 billion[7, 27] Segment Performance - Ag Services & Oilseeds segment operating profit declined 17% in Q2 2025 compared to Q2 2024[14] - Carbohydrate Solutions segment operating profit decreased 6% in Q2 2025 compared to Q2 2024[17] - Nutrition segment achieved approximately 5% increase in both revenue and operating profits in Q2 2025 compared to Q2 2024[24] Cash Flow and Capital Allocation - Invested $596 million in capital expenditures in 1H 2025[28] - Returned $495 million of excess cash to shareholders through dividends during 1H 2025[28] Full Year 2025 Outlook - The company expects Adjusted Earnings Per Share of approximately $4.00[31]

Q2 2025 Performance - JBT Marel's Q2 2025 revenue was $935 million, compared to $402 million in Q2 2024[7] - Adjusted EBITDA for Q2 2025 was $156 million, with an adjusted EBITDA margin of 167%, compared to $64 million and 158% respectively in Q2 2024[7] - Adjusted EPS for Q2 2025 was $149, compared to $131 in Q2 2024[7] - Year-to-date free cash flow reached $106 million, a significant increase from $14 million in the same period last year[7] Segment Results - JBT segment revenue improved sequentially from $409 million in Q1 2025 to $455 million in Q2 2025, with adjusted EBITDA margin increasing from 149% to 180%[11] - Marel segment revenue also increased sequentially from $445 million in Q1 2025 to $480 million in Q2 2025, with adjusted EBITDA margin rising from 115% to 155%[11] Financial Position - Net debt was reduced to approximately $18 billion[22] - The company has ample liquidity of approximately $13 billion[22] Full Year 2025 Guidance - Full year revenue is projected to be between $3675 billion and $3725 billion[28] - Adjusted EPS is expected to be in the range of $545 to $615[28] - Adjusted EBITDA margin is guided to be between 1525% and 160%[28]