Third Quarter Fiscal 2025 | Earnings Call August 7, 2025 NYSE: BV Introductory Information Forward Looking Statements This presentation contains "forward-looking statements" within the meaning of the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those secti ...

Financial Performance - Q2 2025 total revenues were $3582 million, a decrease of 6% compared to Q2 2024[39] - Adjusted EBITDA for Q2 2025 was $1079 million, an 11% decrease compared to Q2 2024[39] - Adjusted EPS for Q2 2025 was $062, a 10% decrease compared to Q2 2024[39] - Free cash flow for Q2 2025 was $167 million, or $241 million excluding transaction-related costs[39, 40] Impact of Indore Facility - The estimated negative impact on 2025 total revenues due to the Indore facility is approximately $500 million, with an estimated $385 million impact on adjusted EBITDA[2, 58] - The Q2 2025 Indore impact to earnings from operations and adjusted EBITDA is estimated to be approximately $110 million[58, 60] - Estimated 2025 net sales impact by region due to the Indore facility: North America ~$300 million, Europe ~$75 million, and Emerging Markets ~$125 million[2, 58] Financial Guidance - The company reaffirms its 2025 financial guidance, with total revenues expected to be between $135 billion and $140 billion[2, 63] - Adjusted EBITDA is expected to be between $389 billion and $419 billion, and adjusted EPS is expected to be between $216 and $230[2, 63] - The company expects to complete share repurchases totaling between $500 million and $650 million in 2025[2] Business Segment Performance - Developed Markets net sales were $2119 million, a decrease of 9% compared to Q2 2024[46] - Emerging Markets net sales were $555 million, a decrease of 4% compared to Q2 2024[49] - Greater China net sales were $589 million, an increase of 9% compared to Q2 2024[55]

Financial Performance - Enovis reported a net sales increase to $565 million in Q2 2025, compared to $525 million in Q2 2024[20] - Adjusted Earnings Per Share (EPS) increased by 27% in Q2 2025[8] - The adjusted gross profit margin improved from 59.6% in Q2 2024 to 60.5% in Q2 2025[20] - Adjusted EBITDA for Q2 2025 was $97 million, compared to $90 million in Q2 2024, maintaining a margin of 17.2%[20] - For the first half of 2025, net sales reached $1.123 billion, up from $1.041 billion in the first half of 2024[20] - Adjusted EPS for the first half of 2025 was $1.60, compared to $1.13 in the first half of 2024[20] Segment Performance - Reconstructive segment sales grew by 11% year-over-year, with 8% organic growth, reaching $274 million in Q2 2025[10] - Prevention & Recovery (P&R) segment sales grew by 5% year-over-year, with 3% organic growth, reaching $291 million in Q2 2025[15] - Extremities within the Reconstructive segment experienced 10% growth[14] Outlook - Enovis raised its full-year 2025 revenue outlook to $2.245-$2.275 billion[22] - The company anticipates organic growth of approximately 6.25-6.75% year-over-year[25]

Financial Performance & Outlook - Q2 2025 revenues reached $78 million, with Thermal Barrier revenues accounting for $55.2 million, a 13% QoQ increase[9] - Energy Industrial maintained gross margins of 35%+ on revenues of $22.8 million in Q2 2025[9] - Adjusted EBITDA for Q2 2025 was $9.7 million, reflecting ~2X QoQ growth on similar revenues[9] - The company anticipates a ~2X improvement in Adjusted EBITDA on similar revenue in H2 2025[8] - H2 2025 revenue is projected to be in the range of $140 million to $160 million, with Adjusted EBITDA between $20 million and $30 million[7,8,12] - Full year 2025 Adjusted EBITDA is projected to be $35 million to $45 million[12] Cost Management & Capital Expenditure - Fixed cost reductions are expected to drive improved financial performance in H2 2025[6] - CAPEX spend in Q2 2025 was reduced by 50% YoY due to demobilizing Plant II and EV Thermal Barrier Equipment[9] - CAPEX for H2 2025 is projected at $10 million, leading to a full year CAPEX of $25 million[12] Electric Vehicle (EV) Market - General Motors (GM) is gaining EV market share in the US[21] - GM's North American EV production forecast for 2025 is approximately 241,000 units[24] - The Equinox model is expected to represent ~24% of GM's total EV volume in 2026[26]

Financial Performance - Q2 2025 revenue reached $345.3 million, an 11% year-over-year increase[9] - Q2 2025 Center Margin was $108.4 million, representing 31.4% of revenue[9] - Q2 2025 Adjusted EBITDA was $34.0 million, or 9.8% of revenue[9] - The company ended Q2 2025 with a cash position of $188.9 million[9] - Full year 2025 revenue guidance is reaffirmed at $1.40 billion - $1.44 billion[19] - Full year 2025 Adjusted EBITDA guidance is raised to $140 million - $150 million[19] Operational Metrics - Total clinicians reached 7,708, an 11% year-over-year growth, with 173 net clinician additions in Q2[9, 8] - Q2 2025 visit volumes increased by 12% year-over-year to 2.2 million[9] - The company operates over 550 centers in 33 states[8] Balance Sheet and Capital Allocation - Cash and cash equivalents totaled $189 million[17] - Net long-term debt is $273 million[17]

Financial Highlights - H1 2025 Adjusted OIBDA reached $08 billion, reflecting an 8% rebased growth YoY[8] - H1 2025 Adjusted OIBDA less P&E Additions was $06 billion[8] - H1 2025 revenue totaled $22 billion[8] - Q2 2025 Adjusted OIBDA increased by 7% rebased growth rate[69] - Q2 2025 P&E additions accounted for 14% of revenue, a 16% YoY decrease[69] Subscriber Growth - H1 2025 saw a net addition of over 100,000 subscribers, excluding LPR, with Costa Rica, Panama, and Jamaica as main contributors[8] - H1 2025 witnessed 70,000 net additions in Internet and Postpaid subscribers[8] Segment Performance - C&W credit silo revenue increased by 6% YoY[72] - Liberty Networks wholesale revenue (excluding IRUs) increased by 8% rebased[33] - Liberty Puerto Rico's Adjusted OIBDA increased by 21%[77] - Liberty Costa Rica's mobile revenue increased by 5% rebased YoY[85] Strategic Initiatives - The company intends to separate LPR from LLA and focus on liability management in Puerto Rico[8] - LLA is focused on capital allocation and shareholder value, including potential spin-off of Puerto Rico and recurring dividends or share repurchases[91]

Financial Highlights - The company reported revenue of $50.3 million in Q2 2025, a 21% year-over-year increase[64,69] - The company's backlog as of June 30, 2025, was $256.9 million, also a 21% year-over-year increase[65,74] - The company ended Q2 with a cash balance of $344.9 million[68,77] - The company's operating loss in Q2 2025 was $28.6 million, and adjusted EBITDA was a loss of $25.4 million[71] - Full-year 2025 revenue is projected to be near the low-end of prior outlook, with additional opportunities in the latter part of the year that supports revenue near the prior mid-point of $275 million[82] Strategic Initiatives - The company was awarded a $9.8 million contract from a national security customer to advance the Orbital Transfer Vehicle[13,43,64] - The company is continuing development of a stealth nuclear-powered satellite for AFRL, with a follow-on contract anticipated later this year[13,44] - The company signed a definitive agreement to acquire KinetX Inc for $30 million to expand capabilities in satellite constellation design and ground operations[13,37] - The company formalized a strategic partnership with Goonhilly Earth Station to explore new global opportunities for ground segment data transmission[13,38] Infrastructure and Missions - The company is expanding its Houston Spaceport headquarters with a new 116,000-square-foot facility and a 16,500-square-foot spacecraft development and production space[24,28,29] - The company is aligning the IM-3 mission with satellite readiness, now targeting the second half of 2026[34]

Financial Performance - Q2 2025 revenue increased by 25% year-over-year to $45.6 million[9, 30] - Net loss before income tax improved by 28% year-over-year to $16.3 million in Q2 2025[7, 9] - Quarterly cash burn declined to $12.4 million in Q2 2025, compared to $23.2 million in Q1 2025[7] - Adjusted EBITDA loss improved to $13.6 million in Q2 2025, compared to $16.3 million in Q2 2024[9, 64] Usage Metrics - Physical goods Orders grew by 18% year-over-year[7, 19] - Physical goods Quarterly Active Customers grew by 13% year-over-year[7, 17] - Physical goods GMV grew 10% year-over-year[7] - GMV increased 9% year-over-year to $180.2 million[9, 22] Regional Performance - Nigeria momentum accelerated with physical goods Orders up 25% and Physical goods GMV up 39% year-over-year[7] Guidance - The company raised FY2025 guidance, anticipating physical goods Orders to grow between 25% and 30% year-over-year[56] - GMV is now projected to grow between 15% and 20% year-over-year[56]

Financial Performance & Growth - N-able's Annual Recurring Revenue (ARR) reached $514 million [9] - The company achieved an ARR growth rate of 14% [9] - N-able's Net Retention Rate (TTM) is 102% [9] - The Non-GAAP Adjusted EBITDA Margin (TTM) is 32% [9] - The Non-GAAP Gross Margin (TTM) is 82% [9] Market Opportunity & Strategy - The Small and Mid-market Business (SMB & Mid-market) IT Total Addressable Market (TAM) is estimated at $2.1 trillion in 2025 [13] - N-able estimates a cross-sell opportunity of over $2.5 billion across its product lines [51] - N-able projects an Average Revenue Per Customer TTM of $194000 in Q2 2025 [61] Future Outlook - N-able anticipates Q3 2025 ARR to be between $525 million and $530 million, representing a year-over-year growth of 9-10% [63] - The company forecasts Q3 2025 revenue to be between $127 million and $128 million, a year-over-year increase of 9-10% [63] - N-able expects Q3 2025 Adjusted EBITDA margin to be 28%-29%, translating to $36 million - $37 million [63] - N-able projects FY'25 revenue to be between $500 million and $503 million, a year-over-year increase of 7-8% [63]

Q2 2025 Financial Performance - Revenue reached $973 million[10], exceeding guidance due to increased demand in Semiconductor and Electronic & Packaging markets[11] - Non-GAAP net earnings per diluted share were $1.77[10], at the high end of guidance[11] - Adjusted EBITDA was $240 million[10] - Non-GAAP gross margin was 46.6%[10] Segment Performance - Semiconductor revenue was $432 million[12], a 17% year-over-year increase or 16% excluding FX impacts[12] - Electronics & Packaging revenue was $266 million[19], a 16% year-over-year increase excluding FX and Palladium impacts, or 14% year-over-year increase[19] - Specialty Industrial revenue was $275 million[26], a 5% year-over-year decrease excluding FX and Palladium impacts, or 6% year-over-year decrease[26] Q3 2025 Outlook - Revenue is projected to be $960 million, with a variance of plus or minus $40 million[40] - Semiconductor revenue is expected to be $405 million, with a variance of plus or minus $15 million[16, 43] - Electronics & Packaging revenue is expected to be $285 million, with a variance of plus or minus $10 million[23, 43] - Specialty Industrial revenue is expected to be $270 million, with a variance of plus or minus $15 million[30, 43]