Financial Performance Highlights - GAAP EPS was $0.74[7], while Adjusted EPS reached $0.60[7] - Adjusted Recurring Net Investment Income YTD amounted to $164 million[7] - The company reaffirmed guidance for Adjusted EPS CAGR of 8-10% into 2027[8] Portfolio and Asset Management - The company's pipeline grew to over $6 billion[7, 17] - New asset yield YTD exceeded 10.5%[7, 22, 47] - Managed Assets increased by 13% Y/Y to $14.6 billion[25] Capital Structure and Funding - $900 million in debt was refinanced[7, 31] - The company increased CCH1 capacity by approximately $600 million[7] - The company issued $1 billion of new term debt in Q2 2025[33] Sustainability and Impact - The company's investments avoided 8.4 million metric tons of CO2 emissions annually[42]

Financial Performance - Century Aluminum recorded $74 million in Q2 2025 Adjusted EBITDA [11] - Net sales were $628 million in Q2 2025 [32] - The company refinanced 750% Senior Secured Notes with new 6875% notes, extending maturity to 2032 [11] Market Conditions and Tariffs - Realized LME price was approximately $2,540/MT and realized MWP was approximately $850/MT in Q2 [9] - The Section 232 aluminum tariff rate increased to 50% on June 4, 2025, resulting in a spot MWP of approximately $1,600/MT or 72c/lb [9] - Global aluminum inventory levels remain at historic lows of 47 days [9] Operational Updates - Mt Holly plans to restart over 50,000 MT of idled production, aiming for full capacity utilization by Q2 2026 [9] - Grundartangi's production was slightly impacted due to a transformer outage [9, 11] - The company shipped 175,741 tonnes of aluminum in Q2 2025 [32] Q3 Outlook - Q3 2025 Adjusted EBITDA is projected to be between $115 million and $125 million [37] - This outlook includes an estimated hedge impact of $(10) million to $(5) million and a tax expense of $(5) million to $0 [37]

Company Overview - System1 operates an omnichannel marketing platform connecting customers with advertisers in shopping, travel, and search[17] - The company's Responsive Acquisition Marketing Platform (RAMP) identifies, markets to, and monetizes consumers across advertising verticals[20] - System1 monetized 66 billion sessions on its platform in 2023[21] - The platform generates over 1 billion monthly sessions on owned and operated properties and across approximately 220 active network partners[25] Financial Performance - System1's total advertising spend processed by RAMP is over $734 million[21] - The company's adjusted gross profit is $165 million for the twelve months ending June 30, 2025[56] - Adjusted EBITDA is $52 million, representing a 32% margin on gross profit for the twelve months ending June 30, 2025[58] Technology and Operations - System1 processes over 978 million queries per month across owned and operated and partner sites[25] - The platform generates over 16 billion rows of first-party data per day, informing machine learning pipelines[25] - System1 launches over 82,000 quarterly marketing campaigns leveraging AI and automation, a 2x increase from Q1 2025[25] - The company automates 90% of buy-side decisions using AI and machine learning[50]

FY25 Performance - Adtalem's revenue reached $1,788.3 million, a 12.9% increase compared to the prior year[15] - Adjusted EBITDA margin was 25.7%, up by 190 bps from the previous year[15] - Adjusted EPS was $6.67, a 33.1% increase compared to the prior year[15] Q4 FY25 Performance - Revenue was $457.1 million, an 11.5% increase compared to the prior year[19, 20] - Adjusted EBITDA margin was 24.1%, up by 30 bps from the prior year[20] - Adjusted EPS was $1.66, a 21.2% increase compared to the prior year[20] - Total enrollment grew by 10.2% year-over-year[18] Enrollment Trends - Total enterprise enrollments reached 91,780, a 10.2% increase year-over-year[33] - Chamberlain's enrollment increased by 5.8% year-over-year[31] - Walden's enrollment increased by 15.0% year-over-year[31] - Medical & Veterinary enrollments increased by 1.0% year-over-year[31] Financial Position - Free Cash Flow was $283 million, up $44 million compared to the prior year[17] - The company returned $211 million in capital to shareholders through share repurchases[17] FY26 Guidance - Revenue is projected to be between $1,900 million and $1,940 million, representing a year-over-year growth of approximately 6.0% to 8.5%[53] - Adjusted EPS is projected to be between $7.60 and $7.90, representing a year-over-year growth of approximately 14.0% to 18.5%[53]

Financial Performance - The company's book value per common share was $3.34, representing a 6.7% decrease net of the quarterly dividend[7] - A dividend of $0.15 per share was declared and paid[7] - The company experienced a 2.5% total quarterly economic loss[7] - GAAP net loss of $0.03 per share was reported[7] - Earnings Available for Distribution (EAD) was $0.10 per share[7] Portfolio Metrics - The aggregate portfolio leverage ratio was 5.3x[7] - The weighted average CPR for RMBS was 6.1%[7] - The net interest spread for RMBS was 2.6%[7] - The net CPR for MSRs was 6.0%[7] MSR Portfolio - Investments in MSRs totaled $224.6 million related to approximately $16.6 billion in UPB of underlying Fannie Mae and Freddie Mac loans as of June 30, 2025[22]

Investor Presentation August 2025 Before you invest, you should read our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, Quarterly Reports on Form 10-Q and the other documents we have filed and may in the future file with the SEC for more complete information about the Company. You may obtain these documents for free on our website or by visiting EDGAR on the SEC website at www.sec.gov. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any ...

Financial Performance & Unit Repurchase - NGL Total EBITDA by segment is $155.33 million[2] - Water Solutions segment accounts for 92% of NGL's total EBITDA, equivalent to $142.87 million[2] - Crude Oil Logistics segment accounts for 6% of NGL's total EBITDA, equivalent to $9.583 million[2,32] - Liquids Logistics segment accounts for 2% of NGL's total EBITDA, equivalent to $2.87 million[2,32] - NGL repurchased 70,000 Class D preferred units during Q1 2025, representing approximately 12% of the outstanding units[3] Water Solutions Business - NGL Water Solutions has transformed into the largest integrated water disposal system in the Delaware Basin[4] - NGL owns and operates over 800 miles of large diameter produced water pipelines in the Northern Delaware Basin[7,29] - NGL's Delaware Basin water disposal facilities have a permitted capacity of approximately 5,100,000 barrels per day[7] - In FY2025, NGL sold 42.4 million barrels of recycled water[29] - Approximately 90% of produced and flowback water was received via pipeline during FY2025[29] Market Data - Market Capitalization is $1.39 billion[36] - Enterprise Value is $4.31 billion[36]

Q2 2025 Performance - Total revenue decreased by 5% year-over-year, from $63.7 million to $60.8 million[16] - Adjusted Gross Profit decreased by 6% year-over-year, from $53.1 million to $50.0 million, with Adjusted Gross Profit margin contracting by 110 bps to 82%[16] - Adjusted EBITDA decreased by 11% year-over-year, from $20.9 million to $18.7 million, with Adjusted EBITDA margin contracting by 210 bps to 31%[16,18] - Unlevered Free Cash Flow (uFCF) decreased by 47% year-over-year, from $21.5 million to $11.5 million[20] Revenue Mix - Subscription revenue mix was 96%, with a 6% year-over-year decline[17] - Professional Services revenue mix was 4%, with a 46% year-over-year growth[17] Cash Flow and Balance Sheet - Cash, cash equivalents & short-term investments decreased by 38% year-over-year, from $296.5 million to $184.2 million[20] - Total debt outstanding decreased by 32% year-over-year, from $250.9 million to $170.6 million[20] - Total remaining performance obligations increased by 1% year-over-year, from $257.6 million to $261.4 million[20] Guidance - Q3 2025 Revenue is expected to be between $59.0 million and $60.0 million, a decrease of 6%-4% year-over-year[24] - Full Year 2025 Revenue is expected to be between $237.0 million and $240.0 million, a decrease of 6%-5% year-over-year[24]

Business Updates - The company has completed its transition into a clinical-stage biotech and is on track to complete key priorities[4] - Phase 1 clinical trials for ABCL635 (for vasomotor symptoms) were initiated in June 2025[4, 5, 6] - Phase 1 clinical trials for ABCL575 (immunology & inflammation) were initiated in July 2025[4, 7] - ABCL688, a development candidate for autoimmunity, has been nominated for CTA-enabling studies[4, 14] Financials - The company has approximately $750 million in available liquidity to execute its strategy[4, 17] - The company has approximately $580 million in total cash, cash equivalents, and marketable securities[18, 28] - The company has approximately $170 million in total available government funding[16] - Q2 2025 revenue was $39.2 million, a decrease of $1.7 million compared to $40.9 million in Q2 2024[23] - Q2 2025 net loss was $34.7 million, equivalent to ($0.12) per share[25, 26] - Q2 2025 Research and Development expenses were $19.0 million, a decrease of $1.2 million compared to $20.2 million in Q2 2024[23]

Financial Performance - Q2 2025 revenue reached $149.2 million, a 16% year-over-year increase[11] - The gross profit margin for Q2 2025 was 77%[11] - Adjusted EBITDA for Q2 2025 was $51.6 million, representing a 35% margin[11] - 2024 Revenue was $530.1 million, with 12% year-over-year growth[11] - 2024 Adjusted EBITDA was $191.3 million, a 36% margin[11] Business Metrics - The Net Revenue Retention (NRR) rate was 110%[11] - Large advertising customers numbered 240[11] - Marketer revenue comprised 84% of the revenue mix, while Publisher revenue accounted for 16%[11] - Americas accounted for 71% of revenue, while the Rest of World contributed 29%[11] Market Trends and Opportunities - US programmatic digital display ad spending is expected to grow from $159 billion in 2024 to $229 billion in 2027[18]