Financial Performance - Q2 2025 - Revenue from Operations reached ₹4401 billion, a 17% increase compared to Q1 2025 and an 8% increase compared to Q2 2024[7] - Adjusted EBITDA was ₹617 billion, showing a 42% increase compared to Q1 2025 and a 26% increase compared to Q2 2024[7] - Adjusted Net Profit After Tax was ₹050 billion[7] - The company's liquidity stands at US$339 million, including a cash balance of US$191 million and undrawn loan facilities of US$148 million[7] Segment Performance - Q2 2025 vs Q1 2025 - **Carbon:** Revenue increased by 17% to ₹319 billion, with Adjusted EBITDA increasing by 26% to ₹52 billion Sales volumes increased by 11% to 664 MT[12,8] - **Advanced Materials:** Revenue increased by 13% to ₹82 billion, with Adjusted EBITDA increasing significantly by 317% to ₹08 billion Sales volumes increased by 17% to 70 MT[13] - **Cement:** Revenue increased by 13% to ₹33 billion, with Adjusted EBITDA increasing significantly by 315% to ₹02 billion Sales volumes increased by 01% to 699 MT[14,11] Debt and Cash Flow - Total Capex for the six months period was US$28 million[7] - Net operating cash outflows include a net working capital increase of ₹1195 billion, compared to inflows of ₹143 billion in H1 2024[37,41] - Gross Term Debt is US$834 million as of June 2025[37]

Operational Highlights - South Bow's pipeline footprint spans 4,900 km[2] - The company safely and reliably delivers 1.25 million barrels of crude oil per day (MMbbl/d)[2] - Terminal storage capacity reaches 7.6 million barrels (MMbbl)[2] - Keystone Pipeline throughput commitments are currently at 585 Mbbl/d[9] Financial Highlights - The company has 208 million shares outstanding[3] - Market capitalization stands at $5.5 billion[3] - Enterprise value is $10.9 billion[3] - The annual base dividend is $2.00 per share, resulting in a dividend yield of approximately 8%[3] - Q2 2025 normalized EBITDA was $250 million[5] - The net debt-to-normalized EBITDA ratio is 4.6x[5] - The company anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8x[7] Contractual Framework - Approximately 90% of normalized EBITDA is contracted[13] - 96% of revenue exposure is to investment-grade counterparties[13] - Approximately 95% of customers are refiners, vertically integrated companies, and producers[13]

Company Overview - Enerflex's market capitalization is CAD$1.4 billion with an annual dividend of CAD$0.15 per share, resulting in a dividend yield of 1.3%[3] - The company has been operating for 45 years and employs approximately 4,400 people across 7 core countries, with 25 BOOM projects[3] Market Position and Growth - Global demand for natural gas is forecasted to grow by 15% over the next decade, requiring U S and Canadian supply to increase by approximately 25%[15] - Approximately 20 Bcf/d is expected to be added to North American LNG export capacity by 2030, more than doubling the existing capacity of 14 Bcf/d[22] - Data center power demand is projected to reach approximately 700 Twh by 2035, potentially creating a demand of approximately 5 0 Bcf/d[24, 25] Financial Performance and Strategy - Adjusted gross margin from recurring sources accounts for 65% of the total[27] - The company's bank-adjusted net debt-to-EBITDA ratio is 1 3x, compared to a peer range of 3 0x to 4 6x for contract compression and energy infrastructure peers[33] - Enerflex has repaid $396 million of long-term debt since the beginning of 2023, reducing the leverage ratio from 3 3x at year-end 2022 to 1 3x by Q2/25[39, 42] - The company is authorized to acquire up to approximately 6 2 million common shares through March 31, 2026, representing 5% of the float[44, 76] Energy Infrastructure Business - The company's Energy Infrastructure business has approximately $1 3 billion in revenue under contract, with a weighted average contract term of approximately 5 years, extending to 2033[54] - Enerflex operates approximately 1 1 million horsepower of compression internationally, including 23 BOOM gas plants and 2 BOOM produced water treatment facilities[54] - Approximately 75% of the U S contract compression fleet operates in the Permian Basin, with over 20% of the total fleet being electric drive, and fleet utilization exceeding 90% over the past two years[58]

Financial Performance - Net income available to common stockholders for the three months ended June 30, 2025, was $92877 thousand, or $0.90 per share[58, 60] - Funds from Operations (FFO) for the three months ended June 30, 2025, was $66335 thousand, or $0.64 per share[60] - Adjusted Funds from Operations (AFFO) for the three months ended June 30, 2025, was $51888 thousand[60] - Cash Same Store NOI growth for Q2 2025 was 7.3%[16, 18] - Rental revenues and tenant expense reimbursements for the three months ended June 30, 2025, were $112234 thousand[58, 60] Investment and Capital Activities - Q2 2025 acquisitions totaled $123.5 million[21] - Acquisitions under contract as of August 5, 2025, totaled $472.5 million[21] - Q2 2025 dispositions totaled $114.5 million[21] - Year-to-date through June 30, 2025, the company issued 3506371 shares of common stock, receiving gross proceeds of $237.4 million[25] Portfolio Overview - Portfolio occupancy as of June 30, 2025, was 97.7%[29] - The portfolio consists of approximately 18.9 million square feet and 47 improved land parcels consisting of approximately 150.6 acres as of June 30, 2025[29]

Financial Performance - Q2 2025 - Total Revenue was €747 million[19, 21], a decrease of 0.8% year-over-year[21] - Organic revenue declined by 1.1%[9, 19, 21] due to a 1% volume decline[9] - Adjusted Gross Margin contracted by 310 bps year-over-year to 27.8%[9, 19, 21] - Adjusted EBITDA decreased by 7% year-over-year to €129 million[9, 19, 21] - Adjusted EPS decreased by 9% year-over-year to €0.40[9, 19, 21] Cash Flow - YTD 2025 (6 Months Ended June 30) - Adjusted Free Cash Flow was €49 million[22] - Adjusted Free Cash Flow as a percentage of adjusted profit for the period was 43%[22] compared to 32% in the same period last year[22] Outlook - 2025 Guidance - Organic Revenue growth is expected to be between 0% and -2%[25] - Adjusted EBITDA is expected to decline by 3% to 7% year-over-year[25] - Adjusted EPS is projected to be in the range of €1.64 to €1.76[25] - Adjusted Free Cash Flow Conversion is expected to be 90%+[25]

Financial Performance & Outlook - The company delivered 12% comparable EBITDA growth in Q2 2025 compared to Q2 2024[15] - The company is increasing its 2025E comparable EBITDA outlook to $108 billion - $110 billion[15] - The company is targeting a long-term debt-to-EBITDA ratio of 475x[15] - The company's Q2 2025 comparable EBITDA from continuing operations was $2625 million, compared to $2348 million in Q2 2024[32] - Canadian Natural Gas Pipelines saw a 3% increase in net income in Q2 2025 compared to Q2 2024[32] - Power and Energy Solutions experienced a 33% increase in comparable EBITDA in Q2 2025 compared to Q2 2024[32] Growth Projects & Capital Allocation - Approximately 70% of the ~$85 billion of assets are expected to be placed into service in 2025, tracking ~15% under budget[15] - The company sanctioned ~$45 billion of high-value capital projects over the past nine months[25] - Growth projects sanctioned in 2025 YTD have a weighted average unlevered after-tax IRR of ~120%[23] Sustainability - The company reduced absolute methane emissions by 12% between 2019 and 2024 while increasing throughput by 15% and natural gas comparable EBITDA by 40%[39] - The company introduced a methane intensity reduction target of 40-55% by 2035 from 2019 levels[39]

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Financial Performance & Guidance - Second Quarter 2025 saw a 53% increase in revenues and income compared to 2Q24[10, 16] - Adjusted EBITDA increased by 57% in 2Q25 compared to 2Q24[10, 16] - The company is raising its 2025 guidance for total revenues and income to a range of $520-535 million, a 55% increase from the original forecast[10, 18] - Adjusted EBITDA guidance for 2025 is raised to $385-400 million, a 6% increase from the original forecast[10, 18] - The company expects to reach an annual revenue and income run rate of approximately $14 billion by the end of 2027[10] Portfolio & Growth - The company has 48 FGW of projects under construction in 2025, of which 29 GW have already begun construction[10] - The total portfolio is 353 FGW, including 31 FGW operational, 29 FGW under construction, 32 FGW pre-construction, 6 FGW advanced development, and 201 FGW in development[29] - The mature portfolio (operational, under construction, and pre-construction) is expected to generate ~$15 billion of revenues & income[39] - The company plans for 37 FGW of expansions at existing EU+MENA projects (11 GW + 69 GWh) and USA projects (03 GW + 13 GWh) for construction in 2025-27[61, 62] Strategic Initiatives - Gilad Yavetz, Enlight's founder and CEO, will be appointed to the position of full-time Executive Chairman of the Board, and Adi Leviatan will be appointed as CEO[26] - The company secured $310 million in financing to add solar and energy storage to Spain's Gecama wind farm, expected to generate $100 million in annual revenue[40]

Business Overview - Atomera focuses on Mears Silicon Technology (MST®), a quantum engineered material, for transistor enhancement in the $600 billion semiconductor market[5,6] - The company operates with a high leverage IP licensing business model[6] - Atomera has a strong and growing patent portfolio[6] Customer Engagement - Atomera is engaged with 20 customers across 26 engagements, including over half of the world's top semiconductor makers[12] - At least 10 of the top 20 semiconductor sales leaders with fabs are Atomera's customers[10] - Customer engagements are categorized into phases from planning to production[7] Technology Focus - MST technology is focused on advanced nodes, RF-SOI, power applications, and DRAM[13] - MST can help deliver lower power LNAs (Low Noise Amplifiers) for leading handset makers[17] Intellectual Property - Atomera has 402 patents issued and pending[19] - The patent portfolio includes 114 US patents and 121 foreign patents issued, plus 167 pending patents[20] Financial Performance (Q2 2025) - Revenue was $0 thousand for the three months ended June 30, 2025, compared to $72 thousand for the three months ended June 30, 2024[25] - Net loss was $(4,967) thousand, or $(0.17) per share[25] - Cash, equivalents, and short-term investments totaled $22,026 thousand[25]

Financial Performance - Total sales reached $1.8 billion, with specialties-driven sales accounting for $1.5 billion[4] - Adjusted EBITDA was $351 million[4] - Adjusted diluted EPS stood at $009[4] - Operating cash flow amounted to $269 million[4] - Specialties-driven EBITDA reached $259 million[4] Segment Performance - **Industrial Products:** Sales were $319 million, with an EBITDA of $69 million, resulting in a 22% EBITDA margin[7] - **Potash:** Sales were $383 million, with an EBITDA of $115 million, leading to a 30% EBITDA margin The average potash CIF price was $333 per ton[12, 15] - **Phosphate Solutions:** Sales were $637 million, with an EBITDA of $134 million, resulting in a 21% EBITDA margin Phosphate Specialties sales were $336 million with $51 million EBITDA, while Phosphate Commodities sales were $301 million with $83 million EBITDA[17, 19] - **Growing Solutions:** Sales were $540 million, with an EBITDA of $56 million, resulting in a 10% EBITDA margin[21] Guidance and Outlook - The company maintains its specialties-driven EBITDA guidance between $095 billion and $115 billion for the full year 2025[57] - Potash sales volumes are updated to be between 43 million metric tons and 45 million metric tons[57] - The expected annual tax rate is approximately 30%[57]