Q2 2025 Investor Presentation Forward Looking Statement This presentation includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements rega ...

Portfolio Overview - As of June 30, 2025, Gladstone Commercial owned approximately 17 million square feet of primarily industrial and office real estate nationwide[8] - Total assets were approximately $1.21 billion, representing investments in 143 properties leased to 107 tenants across 27 states[9, 11] - The company's leases had an average remaining term of 7.1 years, with approximately 51% of tenants having an investment-grade or equivalent credit rating[9] - The portfolio's occupancy rate was 98.7%[11] Financial Highlights - For Q2 2025, Gladstone Commercial generated Funds From Operations (FFO) of $15.4 million, or $0.33 per diluted share, and Core FFO of $16.1 million, or $0.35 per diluted share[16] - The company purchased a 303,991 square foot industrial property in Germantown, Wisconsin for $62.7 million with a 19.4-year lease term, and a 215,102 square foot, three-property industrial portfolio in Harrison Township, Michigan for $16.3 million with a 10.0-year lease term[16] - The company paid monthly common stock dividends totaling $0.30 per common share for the quarter, or an annualized $1.20 per common share[16] - As of June 30, 2025, the company's total capitalization was $1.663 billion, with net total debt at $794 million, resulting in a net total debt to enterprise value ratio of 47.4%[12] Capital Structure - As of June 30, 2025, the implied common equity market capitalization was $672 million, based on a closing stock price of $14.33 per share[12, 31] - The company's net mortgage debt was $246.222 million, with a weighted average interest rate of 4.22%[31] - The company had $38.7 million in corporate liquidity, including $11.7 million in cash and cash equivalents and $27.0 million available under the revolving credit facility[13]

Financial Performance - Q2 2025 - Net sales reached $720.5 million, a 5.4% year-over-year increase, or 4.7% on a constant currency basis[9] - Golf Balls net sales were $262.2 million, up 5.9% year-over-year, or 5.4% on a constant currency basis[9] - Golf Clubs net sales increased to $191.6 million, a 7.9% year-over-year increase, or 7.0% on a constant currency basis[9] - Adjusted EBITDA was $143.1 million, a 9.2% increase compared to the previous year[9] - Adjusted EBITDA margin was 19.9% compared to 19.2% in the prior year[19] Financial Performance - H1 2025 - Net sales totaled $1,423.8 million, a 2.3% year-over-year increase, or 2.9% on a constant currency basis[9] - Golf Balls net sales were $475.5 million, up 4.4% year-over-year, or 4.7% on a constant currency basis[9] - Golf Clubs net sales increased to $399.4 million, a 4.7% year-over-year increase, or 5.2% on a constant currency basis[9] - Adjusted EBITDA was $282.0 million, a decrease of 0.9% compared to the previous year[9] - Adjusted EBITDA margin was 19.8% compared to 20.5% in the prior year[19] Regional Performance - Q2 2025 - United States net sales were $434.5 million, up 6.4% year-over-year[10] - EMEA net sales were $98.6 million, up 13.7% year-over-year, or 8.0% on a constant currency basis[10] Outlook - The company expects 2025 second half sales to increase low-single digits when compared to 2024[21]

Q2 2025 Financial Performance - Sales increased organically by 2% year-over-year, driven by volume improvements in SAS and favorable currency effects[5, 6] - Adjusted EBITDA increased by 1% compared to the prior year period[5, 6] - Cash from operating activities was $57.6 million, and free cash flow was $48.9 million, up 25% and 33% respectively[6] - GAAP net loss was $9.5 million, with a GAAP EPS of $(0.18)[5, 6] - Adjusted EPS was $0.33, slightly down from $0.34 in the prior year[5] Segment Results - FAM sales decreased by 1% year-over-year, with adjusted EBITDA down by 4%[11] - SAS organic sales increased by 5% year-over-year, but adjusted EBITDA decreased by 2%[11, 12] Forward Outlook and Strategic Initiatives - Expect Q3 adjusted EBITDA to increase 5-10% year-over-year, with favorable cash flow generation[6] - Target $15 million - $20 million in additional cost reductions in 2025[14] - Target $40 million in capital expenditures for 2025, a reduction from $55 million in 2024[14] - Target $20 million - $30 million in inventory reduction by year-end 2025[14]

Financial Performance - Total revenue reached $15.6 billion, a 38% increase compared to Q2 2024[12] - Key product revenue grew by 80% to $10.4 billion[12] - Non-GAAP earnings per share (EPS) increased by 61% to $6.31[12] - The company raised the midpoint of its revenue guidance by $1.5 billion for the full year[10] Product Performance - Lilly's U.S. incretin analogs market share increased to 57.0% of total prescriptions, with the market growing 41% year-over-year[10] - Mounjaro U.S. sales were $3.3 billion and international sales were $1.9 billion[65] - Zepbound U.S. sales were $3.4 billion and international sales were $1.5 million[68] - Verzenio U.S. sales increased 8% and international sales increased 19%[71] - Jaypirca Q2 2025 sales reached $123 million, with TRx increasing 85% compared to Q2 2024[25] Clinical Development - Orforglipron delivered weight loss of more than 27 lbs (12.4%) in ATTAIN-1[16] - Mounjaro demonstrated cardiovascular protection in SURPASS-CVOT, showing an 8% lower rate of MACE-3 events compared to Trulicity[16, 43]

Financial Performance & Outlook - Vital Energy reported 2Q-25 Adjusted Free Cash Flow of $36 million[10] - 2Q-25 Consolidated EBITDAX was $338 million[10] - The company is reaffirming its 2025 outlook for Adjusted Free Cash Flow of approximately $305 million[19] - Vital Energy anticipates reducing net debt by approximately $310 million by year-end 2025[36] Production & Capital Investments - 2Q-25 total production was 137900 MBOE/d, exceeding the midpoint of guidance[10] - 2Q-25 oil production was 62100 MBO/d[10] - Capital investments for 2Q-25 totaled $257 million[10] - The company expects FY-25 total production to be between 136500 and 139500 MBOE/d, with oil production between 63300 and 65300 MBO/d[7] Cost Optimization & Efficiency - Vital Energy has optimized its cost structure, reducing ongoing expenses by approximately 6% versus initial expectations[12] - The company reduced employee/contractor headcount by approximately 10% in June 2025[17] - The company is improving capital efficiency in the second half of 2025 with reduced DC&E capital costs[24, 25, 26] Hedging & Debt Management - Approximately 95% of expected 2H-25 oil production is hedged at approximately $69 per barrel WTI[55] - The company's total liquidity as of June 30, 2025, was $685 million[33] Inventory & Development - Vital Energy has approximately 920 inventory locations[7] - The company is enhancing capital efficiency with Horseshoe and J-Hook well designs[55] - The company has approximately 11 years of high-quality Permian Basin inventory[47]

Financial Performance Highlights - Core revenue grew by 4% year-over-year in Q2 2025[15, 49], reaching $1094 million[48] - Adjusted EBITDA margin was 186% in Q2 2025[15, 49], with Adjusted EBITDA of $205 million[49] - Adjusted diluted EPS increased by 9% year-over-year to $093[15, 49] - The company reaffirmed its FY 2025 outlook[16] Segment Performance - Self-Service Banking segment revenue increased by 9% year-over-year[23, 52] - Self-Service Banking adjusted EBITDA increased by 20% year-over-year[23] - Network segment revenue increased by 7% quarter-over-quarter[32] - ATM as a Service (ATMaaS) revenue increased by 32% year-over-year[17, 61] Key Performance Indicators - ATMaaS backlog increased by 105% year-over-year[17, 25] - Customer satisfaction scores improved by 160 basis points year-to-date[17, 24] - Cash deposit transactions in the Network segment increased by 170% year-over-year for the first half of the year[34]

Financial Performance - BlackSky's first half (1H) revenue for 2025 reached $51.7 million, a 5.2% increase compared to the same period in the prior year[27] - Adjusted imagery and analytics cost of sales for 1H 2025 was $7.2 million, a slight increase of $0.4 million from the prior year period[32] - The company reported an 81% imagery & analytics gross margin in Q2, reflecting healthy economics from recurring imagery and analytics services[32] - Adjusted EBITDA loss for 1H 2025 was $3.4 million, which would have been $2.2 million excluding LeoStella[35] Liquidity and Capital - BlackSky successfully raised $185 million in an upsized convertible note offering, strengthening the balance sheet and increasing liquidity[9, 38] - The company's Q2 2025 cash balance was $94.9 million, a 124% increase year-over-year[41] - Liquidity improved to over $227 million, including net cash raised in July from the convertible debt offering and warrant exercise payments[41] Business Highlights - BlackSky was awarded a facility monitoring delivery order valued at up to $24 million with the NGA Luno A program[9, 10, 11] - The company signed early access agreements for Gen-3 services with multiple international customers[9, 12] - BlackSky launched its second Gen-3 satellite, which began delivering very high resolution (VHR) imagery within 12 hours after launch[9] - The company remains on track to launch 6 Gen-3 satellites this year and have 8 Gen-3 satellites on orbit by early 2026[19] Outlook - BlackSky's full year 2025 guidance includes revenue between $105 million and $130 million, and adjusted EBITDA between $0 million and $10 million[44]

Financial Performance - Second quarter EBITDA was approximately $69 million, a sequential increase despite a roughly 5% decrease in volume[5] - Rubber segment volume increased by 3% year-over-year, driving overall portfolio resilience[23] - Specialty Carbon Black adjusted EBITDA decreased by 28.9% year-over-year to $19.9 million[29] - Adjusted net income was $18.2 million, with adjusted diluted EPS at $0.32[21] Market Trends and Outlook - Tariffs of 25% on Southeast Asian tires remain in effect, impacting replacement tires which constitute over half of the company's Rubber segment volume[13] - North American tire production capacity is expected to grow by approximately 53 million tires per year from 2025 to 2030, representing a 3.3% compound annual growth rate[16] - The company anticipates some benefit from tariffs later in 2025[43] Strategic Initiatives - The company is rationalizing 3-5 production lines to improve asset performance and reliability[19] - Capital expenditures are projected to be around $150 million[34] - Free cash flow guidance is reaffirmed at $40-$70 million for 2025[34]

Financial Performance & Goals - Vital Farms aims to achieve $1 billion in net sales by 2027[27], with an adjusted EBITDA margin of 12% to 14% and a gross margin of approximately 35%[28] - In Q2 2025, net revenue increased by 25.4% to $184.8 million compared to Q2 2024[53], driven by both price/mix benefits ($15.7 million) and volume-related revenue growth ($21.7 million)[55] - Gross profit for Q2 2025 was $71.8 million, representing 38.9% of net revenue[53], while adjusted EBITDA was $29.9 million, or 16.2% of net revenue[53] - Vital Farms updates its 2025 guidance with net revenue projected to be at least $770 million, adjusted EBITDA at least $110 million, and capital expenditures between $90 million and $110 million[61] Supply Chain & Distribution - Vital Farms works with a network of over 500 family farms[20] and is expanding its distribution to meet growing consumer demand[40], with products in over 23,500 retail stores[23] - The company has a strong pipeline of farmers interested in working with them, with 8 times more interested farmers than farms needed in the next four quarters[35] Market Position & Consumer Behavior - Consumer metrics are improving, with household penetration increasing to 31% in Q2 2025[38] - Vital Farms' shell egg buy rate is on an upward trend, reaching $37.80 in Q2 2025[38] - Private label expansion in the pasture-raised category is not significantly impacting Vital Farms' market share, with brand shifting accounting for only approximately 1% of private label growth[45]