Financial Performance - Q2 2025 revenue was $687 million, a decrease of 1% year-over-year[17, 33] - Normalized Adjusted EBITDA increased by 6% year-over-year to $127 million[19, 34] - Hotel B2B Distribution saw a 4% year-over-year growth in Gross Booking Value (GBV), reaching approximately $5 billion in Q2 2025[22] - Digital Payments platform processed approximately $5 billion in gross spend during Q2 2025, representing a 44% year-over-year increase[22] Bookings and Passengers - Total distribution bookings reached 90 million, down 1% year-over-year[17] - Air distribution bookings totaled 76 million, a decrease of 1% year-over-year[17, 18] - Hotel distribution bookings increased by 2% year-over-year[17, 19] - Passengers boarded increased by 1% year-over-year, reaching 171 million[17] Debt and Cash Flow - The company paid down over $1 billion of debt year-to-date, reducing gross debt to approximately $43 billion and net debt to approximately $37 billion[16] - The company expects to reduce year-end 2025 pro forma net leverage by approximately 50% from year-end 2023[16, 44] - Pro forma free cash flow was negative $2 million for Q2 2025[34] - The company expects approximately $100 million to $140 million in pro forma free cash flow for full year 2025[36] Outlook - The company anticipates air distribution bookings growth in the second half of 2025 to be between +4% and +10%[25]

2Q25 Supplemental Slides1 John McCallion Chief Financial Officer and Head of MetLife Investment Management 1 These slides highlight information in MetLife, Inc.'s earnings release, quarterly financial supplement and other prior public disclosures. Table of contents | Topic | Page No. | | --- | --- | | Net income (loss) to adjusted earnings | 3 | | Adjusted earnings by segment and Corporate & Other (C&O) | 4 | | Variable investment income (VII) | 5 | | Direct expense ratio | 7 | | Cash & capital | 8 | | Appe ...

Financial Performance - Net sales for Q2 2025 were $107.9 million, a decrease compared to $123.0 million in Q2 2024[17] - Adjusted EBITDA for Q2 2025 was $13.2 million, representing 12.2% of sales, compared to $13.4 million in Q2 2024, which was 10.9% of sales[17] - Adjusted operating income for Q2 2025 was $4.9 million, or 4.6% of net sales, compared to $2.1 million in Q2 2024[17] - The company's adjusted gross margin improved to 19.5% in Q2 2025[8] Business Segment Highlights - Power Solutions business net sales were $44.6 million, up 2.3%, with adjusted EBITDA of $9.1 million, up 5.8%[22] - Mobile Solutions business net sales were $63.4 million, down 5.4%, but adjusted EBITDA increased by 6.2% to $8.6 million[27] Growth and Outlook - The company secured $32.7 million in new business wins year-to-date in Q2 2025[8] - The company is launching 112 programs in 2025, expected to generate $48 million in revenue at full run-rate[35] - The company is reiterating its 2025 outlook, with net sales expected to be in the range of $430 to $460 million and adjusted EBITDA in the range of $53 to $63 million[40, 41]

Financial Performance - Revenue increased to $47.0 million in Q2 2025, a 12% year-over-year increase compared to $41.8 million in Q2 2024 [7] - Non-GAAP expenses increased to $48.2 million in Q2 2025, a 16% year-over-year increase compared to $41.7 million in Q2 2024 [7] - Adjusted EBITDA was negative $1.2 million in Q2 2025, compared to positive $0.1 million in Q2 2024, resulting in a margin of -2% [7] Traffic and Dealer Network - Traffic decreased to 5.5 million average monthly unique visitors in Q2 2025, a 29% year-over-year decrease compared to 7.7 million in Q2 2024 [9] - Total dealer count decreased slightly to 11,177 in Q2 2025, a 3% year-over-year decrease compared to 11,474 in Q2 2024 [9] - Franchise dealer count remained relatively stable at 8,292 in Q2 2025, a 0% year-over-year change compared to 8,274 in Q2 2024 [9] - Independent dealer count decreased to 2,885 in Q2 2025, a 10% year-over-year decrease compared to 3,200 in Q2 2024 [9] Unit Sales - Total units sold remained flat at 89,000 in Q2 2025, a 0% year-over-year change compared to 89,000 in Q2 2024 [9] - Units sold through TrueCar.com decreased by 2% year-over-year [29] - New car units increased by 6% year-over-year, while used car units decreased by 8% year-over-year [31] Revenue Breakdown - Net franchise revenue increased by 1% year-over-year [15] - Net independent revenue decreased by 11% year-over-year [15] - Other dealer product revenue increased by 129% year-over-year [15]

Financial Performance & Capital Allocation - The company returned over $190 million to shareholders in the first half of 2025, including $46 million in 2Q 2025[6] - The company is targeting long-term debt of $1 billion[8, 24] - The board authorized a share repurchase program of $550 million[11] - The company is allocating a minimum of 50% of adjusted free cash flow to share buybacks and potential dividend increases[6, 8, 81] Production & Operations - Second quarter 2025 production reached 190 MBOEPD (thousands of barrels of oil equivalent per day)[5, 19, 20] - Eagle Ford Shale production was 39 MBOEPD, representing 21% of total production[19, 36] - Offshore production was 72 MBOEPD, accounting for 38% of total production[19, 46] - Onshore Canada production was 79 MBOEPD, making up 41% of total production[19, 41] Exploration & Development - The company is progressing with the Lac Da Vang (Golden Camel) project in Vietnam, targeting first oil in 4Q 2026, with an estimated gross recoverable resource of 100 MMBOE (millions of barrels of oil equivalent)[53, 80, 83] - The company plans to spud the Civette well in Côte d'Ivoire in 4Q 2025, with a mean to upward gross resource potential of 440 MMBOE – 1,000 MMBOE[71]

Financial Performance Highlights - Revenue increased by 83% year-over-year[9] - Adjusted EBITDA increased by 81% year-over-year[9] - Record Surface Use Royalties and Revenues reached $34.2 million[9] - Non-oil and gas royalty revenue accounted for approximately 94% of total revenue in Q2 2025[9] - Free Cash Flow Margin was 76% in Q2 2025[15] Strategic Agreements and Projects - A 10-year surface use and pore space reservation agreement was secured with Devon Energy, guaranteeing 300,000 bpd of pore space capacity with a minimum delivery of 175,000 bbls/day on East Stateline and Speed Ranches[9, 14] - A lease option agreement was executed with a large public IPP for the development, operation, and construction of a natural gas-fired advanced combined cycle gas turbine ("CCGT") plant[9, 14] Capital Allocation - A quarterly cash dividend of $0.10 per share was announced, payable on September 18th to shareholders of record as of September 4th[9] - The company targets a net leverage ratio between 20x and 25x[36] Revenue Streams - Surface Use Royalties and Revenues accounted for 66% of YTD 2025 revenue[26] - Resource Sales and Royalties accounted for 27% of YTD 2025 revenue[26] - Oil and Gas Royalties accounted for 7% of YTD 2025 revenue[26]

Q2 2025 Financial Performance - Net sales increased by 2.3% to $106.3 million compared to Q2 2024[27] - Gross profit margin was 71.2% compared to 69.7% in Q2 2024[30] - Adjusted gross profit margin was 73.2% compared to 71.9% in Q2 2024[30] - SG&A expenses were $65.9 million compared to $45.4 million in Q2 2024[30] - Adjusted SG&A expenses were $54.3 million compared to $42.6 million in Q2 2024[30] - Net loss was $(7.7) million compared to a net income of $5.8 million in Q2 2024[34] - Adjusted EBITDA was $24.6 million compared to $32.1 million in Q2 2024[34] - Adjusted EBITDA margin was 23.1% compared to 30.8% in Q2 2024[34] Fiscal Year 2025 Guidance - Net sales are projected to be $410 million to $431 million, representing a -3% to +2% change compared to fiscal year 2024[40] - Adjusted gross profit margin is expected to be 70.5% to 71.5%[40] - Adjusted EBITDA margin is projected to be 20% to 22%[40]

Financial Performance - Sales reached $228 million in Q2 2025 [5], a 4.6% increase compared to Q1 2025 [9] - Adjusted operating income was $0.4 million, resulting in a margin of 0.2% [5] - Adjusted EBITDA was $4.6 million, with a margin of 2.0% [5] - Free cash flow improved to $7.6 million in Q2 2025, a $5.9 million increase compared to Q2 2024 [9] - Net debt reduced by $9.5 million compared to Q1 2025 [9] Business Highlights - New business awards totaled approximately $775 million in estimated lifetime revenue [9] - The largest OEM program award in Stoneridge history was the MirrorEye global program extension through 2033, with approximately $535 million in additional lifetime revenue [9] - MirrorEye sales experienced a 21% growth compared to Q1 2025 [9] Segment Performance - Control Devices sales increased by 1.9% from Q1 2025 to Q2 2025 [36] - Stoneridge Brazil sales grew by 6.0%, reaching $15.3 million in Q2 2025 [44] Guidance - Full-year revenue guidance maintained at $860 million to $890 million [49] - Adjusted EBITDA guidance updated to $34 million to $38 million, representing 4.0% to 4.3% of sales [49]

Second Quarter 2025 Performance Overview - Retail Segment gross profit decreased by 1% to $76.127 million[6] - Retail Segment operating income decreased by 10% to $25.299 million[6] - Wholesale Segment gross profit decreased by 12% to $24.865 million[6] - Wholesale Segment operating income decreased by 15% to $17.744 million[6] - Net income increased by 103% to $25.168 million[8] - Adjusted EBITDA decreased by 13% to $37.083 million[8] - Distributable Cash Flow decreased by 14% to $22.396 million[8] Capital Management - Second quarter capital expenditures totaled $11.8 million, including $9.3 million in growth capex[13] - Credit facility balance was $727.0 million as of June 30, 2025[13] - Leverage ratio was 3.65x at June 30, 2025[13]

Financial Performance - Q3 2025 - Net sales decreased by 10.2% from $779 million in Q3 2024 to $700 million in Q3 2025[25, 38] - Organic sales decreased by 11.1%[25, 38] - Adjusted EBITDA decreased by 27.9% from $106 million in Q3 2024 to $77 million in Q3 2025[25, 38] - GAAP Net Income increased by $1.4 million[25, 38] Segment Performance - Q3 2025 - Global Pet Care net sales decreased by 9.6% and adjusted EBITDA decreased by 22.4%[49] - Home & Garden net sales decreased by 10.3% and adjusted EBITDA decreased by 10.9%[53] - Home & Personal Care net sales decreased by 10.8% and adjusted EBITDA decreased by 40.7%[57] Financial Position - Debt outstanding is $0.7 billion[44] - Cash and cash equivalents are $0.1 billion[44] - Revolver usage is $112 million, with $388 million available[44] Share Repurchases - The company repurchased 17.1 million shares[31] - Total shares outstanding after repurchases are approximately 41.0 million[31] - Approximately 42% reduction in total shares outstanding[31] - $1.3 billion spent on share repurchases[31] - In June FY25, the company entered into a $50 million 10b5-1 share repurchase plan[32] Outlook - Reaffirming FY25 Free Cash Flow expectation of approximately $160 million[33, 61] - The company suspended the FY25 earnings framework due to a volatile trade environment and cautious consumers[70, 71]