Q2 2025 Performance - JBT Marel's Q2 2025 revenue was $935 million, compared to $402 million in Q2 2024[7] - Adjusted EBITDA for Q2 2025 was $156 million, with an adjusted EBITDA margin of 167%, compared to $64 million and 158% respectively in Q2 2024[7] - Adjusted EPS for Q2 2025 was $149, compared to $131 in Q2 2024[7] - Year-to-date free cash flow reached $106 million, a significant increase from $14 million in the same period last year[7] Segment Results - JBT segment revenue improved sequentially from $409 million in Q1 2025 to $455 million in Q2 2025, with adjusted EBITDA margin increasing from 149% to 180%[11] - Marel segment revenue also increased sequentially from $445 million in Q1 2025 to $480 million in Q2 2025, with adjusted EBITDA margin rising from 115% to 155%[11] Financial Position - Net debt was reduced to approximately $18 billion[22] - The company has ample liquidity of approximately $13 billion[22] Full Year 2025 Guidance - Full year revenue is projected to be between $3675 billion and $3725 billion[28] - Adjusted EPS is expected to be in the range of $545 to $615[28] - Adjusted EBITDA margin is guided to be between 1525% and 160%[28]

Q2 2025 Financial Performance - Net sales were $13 billion, down 1% as reported and constant currency [12] - Adjusted EBITDA reached $293 million, up 2% as reported and 3% on a constant currency basis [12] - Adjusted EPS increased to $089, up 7% as reported and 10% in constant currency [12] - Adjusted EBITDA margin increased by 70 bps to 219%, driven by productivity savings, but offset by unfavorable net price realization and lower volumes [16] Segment Performance - Food Protective segment: Organic sales were flat, with adjusted EBITDA up 3% to $210 million and margin up 50 bps to 234% [17] - Protective segment: Organic sales decreased by 4%, with adjusted EBITDA down 5% to $78 million and margin down 30 bps to 178% [17] H1 2025 Financials - Net sales decreased by 3% to $2607 billion as reported, with a 2% organic decline due to lower volumes [37, 35] - Adjusted EBITDA increased by 1% to $569 million as reported, and 3% on a constant currency basis [37, 36] - Free cash flow was $81 million, lower than the $207 million in H1 2024, due to higher incentive compensation and timing of tax payments [22, 44] Capital Allocation and Outlook - The company is targeting a net debt to adjusted EBITDA ratio of approximately 30x by 2026 [21, 28] - The company maintains its 2025 outlook with net sales between $51 billion and $55 billion, adjusted EBITDA between $1075 billion and $1175 billion, and adjusted EPS between $290 and $330 [24]

Q2 / 2025 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO August 5, 2025 This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward- looking statements. The factors that could cause actual results to differ are discussed herein and in Duke Energy's SEC filings, available at www.sec.gov. Regulation G disclosure SECOND QUARTER 2025 EARNINGS ...

Business Overview - The company operates with iconic brands, approximately 120 resorts, and serves around 700,000 owner families[9] - The company's business model includes timeshare and exchange products, multiple brands, perpetual sales centers, points-based offerings, and a capital-efficient development model[11] - Approximately 40% of the company's Adjusted EBITDA contribution comes from recurring sources[13, 77] Financial Performance and Projections - Exchange and Third-Party Management contribute approximately 10% to Adjusted EBITDA, while Vacation Ownership contributes approximately 90%[9] - The Exchange and Third-Party Management segment has a high Adjusted EBITDA margin of approximately 46%[20] - The company anticipates $150 million to $200 million in annualized Adjusted EBITDA benefits by 2026 from strategic modernization initiatives[27, 77] - Full year 2025 guidance includes contract sales of $1740 million to $1830 million and Adjusted EBITDA of $750 million to $780 million[72] - The company projects Adjusted Free Cash Flow for 2025 to be between $270 million and $330 million[72] Growth Strategies - The company is focused on driving growth through product transformation, leveraging technology, and disciplined use of free cash flow[37] - Approximately 49% of 2024 tour packages were sold digitally, and 14% of 2024 contract sales were sold non-traditionally, including virtual sales[51] - The company has added approximately 100,000 first-time buyers since 2020[59]

Financial Performance & Outlook - 2Q25 production exceeded guidance, leading to an increase in the full-year 2025 BOE (Barrels of Oil Equivalent) guidance by 4% at the midpoint[20] - The company estimates a 2025 Free Cash Flow (FCF) of $2.1 billion, supported by a balanced commodity exposure between oil and natural gas[20] - Coterra's pro forma leverage is approximately 0.9x, with $350 million of Term Loans retired during 1H25[20] - The company anticipates a 2025 reinvestment rate of approximately 52%[23] Capital Allocation & Investment - The company expects to be near the high end of the $2.1 billion to $2.3 billion 2025 capex guidance range due to increased gas activity[23] - Approximately $1.52 billion is allocated to Permian D&C (Drilling & Completion), $350 million to Marcellus D&C, and $230 million to Anadarko D&C for 2025[24] - Coterra has approximately $31 billion of economic capex opportunities, with approximately 45% expected to generate a 20x PVI10 or better, based on benchmark prices of $75/bbl WTI and $3.75/mmbtu[35] Asset Overview & Operational Highlights - The Permian asset has a midpoint D&C capex of $1.52 billion, targeting 150-165 net wells online with an average lateral length of 10,600 feet[45] - The Marcellus asset has a midpoint D&C capex of $350 million, targeting 10-15 net wells online with an average lateral length of 19,000 feet[54] - The Anadarko asset has a midpoint D&C capex of $230 million, targeting 15-25 net wells online with an average lateral length of 11,060 feet[57] Shareholder Returns - Coterra offers an attractive shareholder return with a 36% dividend yield[9] - The company's 2025 estimated FCF is projected to increase by 73% year-over-year[29]

Financial Performance - Q2 2025 - Revenue reached $1,890.745 million, a 20.9% increase compared to $1,563.715 million in 2Q 2024 [8] - Net Income increased significantly by 70.2%, from $49.543 million in 2Q 2024 to $84.319 million in 2Q 2025 [8] - Adjusted EBITDA rose by 32.2%, from $117.081 million in 2Q 2024 to $154.784 million in 2Q 2025 [8] - Adjusted Net Income increased by 61.6%, from $57.064 million in 2Q 2024 to $92.218 million in 2Q 2025 [8] - Adjusted Diluted EPS increased by 61.2%, from $1.04 in 2Q 2024 to $1.68 in 2Q 2025 [8] Segment Performance - Q2 2025 - Utilities segment revenue was $693.021 million with a gross profit of $97.545 million (14.1% of segment revenue) and operating income of $65.577 million (9.5% of segment revenue) [13] - Energy segment revenue was $1,236.807 million with a gross profit of $134.191 million (10.8% of segment revenue) and operating income of $92.574 million (7.5% of segment revenue) [13] Backlog - Total backlog increased from Q1 2025, driven primarily by Utilities segment bookings [12] - As of June 30, 2025, the backlog was split with 52% in Energy and 48% in Utilities [11] 2025 Guidance - The company increased its full year 2025 Adjusted EPS guidance to $4.90 - $5.10 per diluted share [18] - The company increased its full year 2025 Adjusted EBITDA guidance to $490 million - $510 million [19]

Second Quarter 2025 Earnings Teleconference August 5th, 2025 CONTENTS Q2 2025 Summary Q2 2025 Supplemental Information Appendix 2 Disclosure Regarding Forward-Looking Statements Selected Financial Data - Quarter All values in $ millions (except where noted) Please refer to the appendix for adjustment reconciliations Information provided in this presentation that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including state ...

Q2 2025 Performance - Total revenue grew by 3.6% reaching $188.5 million[9, 10] - Operating income was $17.5 million[13] - Restaurant-Level Adjusted EBITDA was $44.5 million[13] - Net income reached $10.0 million[13] - Adjusted EBITDA was $30.1 million[13] Q2 YTD 2025 Performance - Total revenue grew by 4.9% reaching $364.9 million[16, 17] - Operating income was $27.9 million[17] - Adjusted EBITDA was $51.3 million[17] - Restaurant-Level Adjusted EBITDA was $81.1 million[17] - Net income reached $14.0 million[17] Fiscal 2025 Financial Targets - The company plans to open 12 new restaurants[20, 22] - Same-restaurant sales are expected to grow by 1% to 3%[22] - Revenue growth is targeted at 5% to 7%[22]

Financial Performance - Q3 Fiscal 2025 - Net sales reached $380.3 million, a 6.6% year-over-year increase, driven by higher volumes and pricing across most product lines[12, 25, 30] - Gross margin increased by 150 bps year-over-year to 38.3%, driven by manufacturing efficiencies and increased volumes[12, 26, 27] - Adjusted EBITDA was $86.4 million, a 1.4% year-over-year increase, but the adjusted EBITDA margin decreased 120 bps year-over-year to 22.7%[12, 32] - Adjusted net income per diluted share increased by 6.3% year-over-year to $0.34[12, 32] - Free cash flow was $55.7 million[12] Financial Performance - Year-to-Date (YTD) Q3 Fiscal 2025 - Net sales reached $1,048.9 million, an 8.5% year-over-year increase[12] - Adjusted EBITDA was $234.4 million, a 10.5% year-over-year increase[12] - Adjusted net income per diluted share increased by 25.7% year-over-year to $0.93[12] - Free cash flow was $103.0 million[12] Fiscal Year 2025 Outlook - The company expects consolidated net sales between $1,405 million and $1,415 million, representing a 6.9% to 7.6% year-over-year growth[47, 48] - The company expects adjusted EBITDA between $318 million and $322 million, representing an 11.7% to 13.1% year-over-year growth[47, 48]

Q2 2025 Financial Performance - Revenue reached $250.7 million[3], a decrease of 3% year-over-year compared to $257.6 million in Q2 2024[14] - Adjusted EBITDA was $31.5 million[3], down 20% from $39.4 million in Q2 2024[14] - Adjusted EPS was $0.30[3], a 42% decrease compared to $0.52 in Q2 2024[14] - Gross margin was 37.3%[14], consistent with Q2 2024 but down from 39.4% in Q1 2025[14] Business Highlights - The company shipped $10 million of the $15 million in orders impacted by tariffs[3] - The company bought back $30 million of shares[3] - Sales in North America improved sequentially, driven by higher revenue in cutting, cleaning, medical, and advanced applications[13] - Sales in Asia increased due to growth in welding, cutting, and advanced applications[13] Q3 2025 Outlook - Revenue is projected to be between $225 million and $255 million[18] - Adjusted gross margin is expected to be between 36% and 38%[18] - Adjusted EPS is forecasted to be between $0.05 and $0.35[18] - Adjusted EBITDA is expected to be between $22 million and $36 million[18]