Earnings Highlights - The company's asset-liability structure is efficient, with a 2Q'25 annualized Net Investment Income (NII) return of 112%[3] - The company declared a regular dividend of $077 per share for 2Q'25, resulting in a dividend yield of 113% based on Net Asset Value (NAV)[3] - The dividend coverage for 2Q'25 is 100%, indicating that the Net Investment Income (NII) fully covered the dividend[3] Portfolio Composition and Credit Quality - The portfolio is heavily weighted towards first lien, senior secured debt, representing 982% of the investments[3, 15] - The average loan-to-value (LTV) for the portfolio is 469%, indicating a conservative lending approach[3, 15] - Non-accrual debt investments represent only 03% of the total investments, reflecting healthy underlying credit fundamentals[3, 5] Investment Activity and Liquidity - New investment commitments for the quarter were $631 million at par, with $530 million funded[7, 35] - Proceeds from sales and repayments amounted to $200 million during the quarter[7] - The company maintains $30 billion of liquidity in cash and undrawn debt[7] Financial Performance - Net Investment Income (NII) for 2Q'25 was $176 million, or $077 per share[7] - Net income for 2Q'25 was $155 million, or $068 per share[7] - The Net Asset Value (NAV) at quarter-end was approximately $63 billion, or $2733 per share[7]

Financial Performance - Q2 2025 - Revenue for Q2 2025 was $798 million, a 12% increase compared to Q1 2025[18] - Net income was $13 million, representing 1.6% of sales[18] - Adjusted EBITDA was $54 million, or 6.8% of sales[18] - Gross profit reached $151 million, which is 18.9% of sales[18] - Adjusted gross profit was $172 million, or 21.6% of sales[18] Segment Performance - Q2 2025 - PTI sector surged by 26%[18] - Gas Utilities sector rose by 10%[18] - DIET sector increased by 1%[18] - U S segment grew by 11%[18] - International segment improved by 16%[18] Balance Sheet & Cash Flow - Net debt leverage ratio stood at 2.2x[19] - Liquidity was $574 million, including $75 million in cash[19] - $46 million was used in operating cash during Q2, primarily due to inventory purchases and higher receivables[14] Merger with DNOW - A combination with DNOW was announced on June 26, 2025[11] - The combined pro forma revenue on a TTM (Trailing Twelve Months) basis is $53 billion[18] - Estimated annual cost synergies of $70 million are expected within 3 years of closing[18] - The anticipated closing is in Q4 2025[18]

FY25 Fourth Quarter Earnings Call Presentation August 6, 2025 Q4 FY25 EARNINGS Safe Harbor Statement Certain statements in this release may be forward-looking in nature, or "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not relate strictly to historical or current facts. For example, statements about Kennametal's outlook for sales, adjusted operating income, ...

Financial Performance - Second quarter Adjusted EBITDA was $282 million[6, 10], compared to $338 million in the prior quarter[10] - Free cash flow for the second quarter was $107 million[6, 10], down from $173 million in the first quarter[10] - Capital expenditures, net of insurance proceeds, were $110 million in the second quarter[10], compared to $98 million in the previous quarter[10] - The company returned over $1.1 billion to shareholders since Q4 2022, including a Q3 dividend of $0.50 per share[6] Contract Backlog and Fleet - Current contract backlog stands at $6.9 billion[10, 12], a decrease from $7.5 billion in the previous quarter[10] - Approximately $380 million in new contracts were secured[6] - 62% of floater rig days are committed for 2025, 49% for 2026, and 36% for 2027[13] - 20% of floater rig days are committed for 2028, and 5% for 2029-2031[13] Guidance and Fleet Rationalization - Full year 2025 Adjusted EBITDA guidance is $1.075 billion to $1.15 billion[32] - Full year 2025 capital additions, net of reimbursements, are guided at $400 million to $450 million[32] - Revenue guidance for 2025 is $3.2 billion to $3.3 billion[32] - The company completed the retirement of Meltem and Scirocco rigs and plans to retire Globetrotter II, Highlander, and Reacher rigs[8]

Financial Performance - DNOW Inc achieved revenue of $628 million in Q2 2025, a 5% sequential increase[14,15] - GAAP net income attributable to DNOW Inc was $25 million, with a diluted EPS of $0.23[17] - Non-GAAP net income attributable to DNOW Inc, excluding other costs, was $29 million, with a diluted EPS of $0.27[18,19] - EBITDA reached $51 million, representing 8.1% of revenue[20,21] - Gross margins were 22.9%, showing an increase year-over-year and compared to full-year 2024[21] Capital Allocation and Liquidity - $19 million in shares were repurchased during Q2 2025, with $27 million repurchased year-to-date, as part of a newly authorized $160 million share repurchase program[22,23,30] - The company maintains a strong balance sheet with $582 million in total liquidity and no debt[25] Segment Performance - United States revenue increased to $528 million, a 3% increase compared to Q2 2024[37,40] - Canada revenue decreased to $48 million, a 14% decrease compared to Q2 2024[38,40] - International revenue decreased to $52 million, a 20% decrease compared to Q2 2024[39,40] Strategic Initiatives - DNOW Inc announced a merger agreement with MRC Global, expected to increase scale and scope across diverse industries and global markets[31,57,60] - The company closed the Natron International acquisition in April 2025[31] Outlook - DNOW Inc expects Q3 2025 revenue to increase in the low single-digits percentage range sequentially and EBITDA approaching 8% of revenue[63] - The company reaffirms its full-year 2025 revenue outlook to be flat-to-up in the high single-digit percentage range compared to 2024, with EBITDA approaching 8% of revenue and free cash flow targeted at $150 million[63]

Financial Performance - Premiums-in-force increased by 0.5% year-over-year, reaching $1.43 billion in Q2 2025[49] - Total insured value decreased by 4.7% compared to Q2 2024[50] - Policy count decreased by 11.9% compared to Q2 2024, reflecting selective underwriting[50] - Net combined ratio improved significantly, decreasing by 19.6 points to 72.9%[66] - Net loss ratio decreased by 17.2 points to 38.5%, driven by lower net losses and LAE[66] - Earnings before taxes increased by $38.1 million year-over-year to $63.0 million in Q2 2025[64] Strategic Initiatives - The company is shifting towards a controlled growth strategy, leveraging existing infrastructure while focusing on risk management and underwriting[35] - Diversification efforts have resulted in 71.1% of total insured value positioned outside of Florida as of Q2 2025[23] - A new share repurchase plan authorized $10.0 million through December 31, 2025[68] Reinsurance Program - The 2025 CAT XOL limit includes $1.1 billion in the Northeast, $1.6 billion in the Southeast, and $865 million in Hawaii[38]

Company Overview - Limbach specializes in revitalizing and maintaining mission-critical systems in existing facilities[6] - The company operates in six distinct vertical markets across 17 Metropolitan Statistical Areas[19] - Limbach uniquely combines engineering expertise with skilled craftsmanship to deliver fully integrated solutions[16] Financial Performance & Strategy - From FY 2019 to FY 2024, Gross Margin expanded nearly 1,480 bps to 27.8%, driving Adjusted EBITDA Margin more than 4x from 3.0% to 12.3%[32] - Total Revenue decreased by 6.2% from 2019, but ODR Revenue had a CAGR of 21.3% for the 2019 to 2024 period[35] - The company targets a gross margin of ~35-40% through a transformation to OEM[31] - 2025 Guidance projects total revenue between $650 million and $680 million, with ODR revenue comprising 70% to 80% of the mix and growing by 35% to 50%[65] - 2025 Guidance projects total gross margin between 28% to 29%, and Adjusted EBITDA between $80 million to $86 million[65] Acquisitions - Pioneer Power Inc (PPI) is expected to contribute annualized revenue of approximately $120 million and Adjusted EBITDA of $10 million beginning in 2026[55] - Consolidated Mechanical is expected to contribute annualized revenue of approximately $23 million beginning in 2025, and EBITDA of $4 million per annum[60]

Financial Performance - Adjusted net sales for Q2 2025 were $310 million, a 14% increase[13] - Adjusted EPS for Q2 2025 was $1.13, an 11% increase[13] - The company is establishing 2025 guidance for adjusted net sales between $1.15 billion and $1.20 billion, approximately a 16% increase compared to 2024's $1.01 billion[66] - The company is establishing 2025 guidance for adjusted EBITDA between $200.9 million and $212.4 million, approximately a 16% increase compared to 2024's $177.5 million[66] - The company is establishing 2025 guidance for adjusted EPS between $4.20 and $4.45, approximately a 13% increase compared to 2024's $3.82[66] Segment Results - Residential net sales for Q2 2025 were $230.3 million, an 8.9% increase compared to Q2 2024's $211.5 million[18] - Agtech net sales for Q2 2025 were $54.1 million, a 56.8% increase compared to Q2 2024's $34.5 million[29] - Infrastructure net sales for Q2 2025 were $25.2 million, a 1.6% increase compared to Q2 2024's $24.8 million[56] Portfolio and Strategy - The company invested $208 million year-to-date in selective M&A to build presence and scale core competencies[11] - Order backlog increased 43% to $278 million[15] - Renewables segment was classified as held-for-sale and a discontinued operation[15]

Financial Performance - Sales decreased to $1586 million from $1717 million [22] - Operating income increased to $9 million from $0.4 million [22] - Adjusted operating income decreased to $25 million from $33 million [22] - Adjusted EBITDA decreased to $47 million from $57 million [22] - Adjusted free cash flow increased to $13 million from $5 million [10, 22] - ODP Business Solutions revenue decreased 6% year-over-year [31] - Office Depot comparable store sales improved by approximately 200 basis points year-over-year [10, 28] Strategic Initiatives - The company is executing its "Optimize for Growth" plan to accelerate B2B growth [9, 15] - The company is expanding into the hospitality market, a $16 billion+ market segment [13, 14] - Veyer's revenue from third-party customers increased 90% year-over-year to $19 million [37] Outlook - The company expects continued improvements in performance trends and strong adjusted free cash flow generation in the second half of the year [8] - The company anticipates generating over $115 million in adjusted free cash flow for the full year 2025 [44]

São Paulo, August 6th 2025 1 Highlights | | | 2Q25 | | | | 2Q25 | | | --- | --- | --- | --- | --- | --- | --- | --- | | Recurring Managerial | | R$11.5 billion | | Recurring Managerial | Consolidated | 23.3% 0.8 p.p. | | | | | | | | | vs 1Q25 0.9 p.p. | vs 2Q24 | | Result | | 3.4% vs. 1Q25 | 14.3% vs. 2Q24 | ROE¹ | Brazil | | | | | | | | | | 24.4% | | | | | | | | | 0.7 p.p. vs 1Q25 0.8 p.p. | vs 2Q24 | | | | | 2Q25 | | | 2Q25 | | | Margin with | | | R$30.3 | Annualized | Consolidated | 9.2% | | | Clients | ...