Q2 2025 Financial Highlights - Revenue grew 1% YOY to $631 million[17] - Adjusted EBITDA grew 4% YOY to $133 million, reaching >$500 million over LTM[17] - Adjusted EBITDA margin expansion of 70 bps YOY to 21%[17] - Free Cash Flow generation of $27 million[17] FY 2025 Guidance - FY revenue growth guidance of 2% – 4%[17] - Adjusted EBITDA growth of 6% – 13%[17] - Adjusted EBITDA Margin guidance of 20.5% - 21.5%[39] - Free Cash Flow guidance of $140 million - $160 million[39] CWT Acquisition - CWT acquisition now expected to close in Q3 2025[17, 19] - CWT shareholders will own ~10% of the combined company upon closing[20] Balance Sheet - Net Debt down $70 million YOY[17] - Leverage ratio lowered to 1.6x[17]

ADMINISTRATIVE ITEMS Q2 2025 Quarterly Results and Outlook Conference Call August 5, 2025 © 2025 Enviri Corporation. All Rights Reserved. This document and the information set forth herein are the property of Enviri Corporation. 1 Conference Call and Access to Information More information on Enviri's quarterly earnings, including the Company's earnings press release issued today and this presentation, is available on the Investor Relations portion of Enviri's website. Company management will discuss the Com ...

Company Overview - Tidewater operates the largest OSV fleet in the world, with 211 owned vessels[10] - The company has a significant number of hybrid vessels, totaling 18[10] - Tidewater estimates its 2025 EBITDA to be approximately $557 million[10] - The company's liquidity is over $600 million[10] - The average age of Tidewater's vessels is 12.8 years[10] Market Position and Strategy - Tidewater has been focusing on high-specification vessels, with a significant portion of its fleet consisting of PSVs >700m2 and AHTS >16k BHP[10, 14] - The company has grown its fleet through M&A, adding 83 premier vessels in the last 3 years[27] - Tidewater has a strong international footprint, operating in all major offshore regions[11] Financial Performance and Outlook - Tidewater anticipates revenue between $1.32 billion and $1.38 billion in 2025[13] - The company projects a gross margin between 48% and 50% for 2025[13] - Net Debt / 2025E EBITDA is 0.5x[10] Sustainability - Tidewater is committed to reducing its well-to-wake IMO Time CO2-e intensity from operations by 50-60% by 2030, using a 2008 base year[100]

Investor Presentation November 2022 These forward-looking statements include, among others, statements regarding BellRing Brands, Inc.'s ("BellRing") net sales, Adjusted EBITDA and capital expenditure outlook ranges and BellRing's prospective financial and operating performance and opportunities. These forward- looking statements are sometimes identified from the use of forward-looking words such as "believe," "should," "could," "potential," "continue," "expect," "project," "estimate," "predict," "anticipat ...

Financial Performance & Guidance - Q2 2025 sales for continuing operations were $2.047 billion, compared to $1.935 billion in Q2 2024[25] - Q2 2025 adjusted EBITDA for continuing operations was $145 million, up from $110 million in Q2 2024, with a margin of 7.5%[25] - The company increased its full-year 2025 profit guidance by $35 million and free cash flow guidance by $50 million for continuing operations[12] - Full-year 2025 sales guidance for continuing operations is approximately $7.4 billion[21] - Full-year 2025 adjusted EBITDA guidance for continuing operations is approximately $575 million[21] - Full-year 2025 adjusted free cash flow guidance is approximately $275 million[21] Strategic Initiatives - The company announced a definitive agreement to sell its off-highway business[8] - The sale of the off-highway business is expected to close late in the fourth quarter of 2025, with net cash proceeds of $2.4 billion from a $2.7 billion purchase price[11] - The company announced a $1 billion capital return authorization and a $2 billion debt reduction plan[8] - The company repurchased 14.6 million shares in Q2, representing 10% of shares outstanding, returning $257 million to shareholders[11] - The company anticipates a $100 million to $150 million share repurchase in Q3[11]

Financial Performance & Growth - Same-store cash NOI growth was 5.5% for 2023 and 4.4% for 2024, with an estimated range of 7-9% for 2025[4, 21] - The company's dividend yield is attractive at 6.7% as of July 18, 2025, based on a share price of $14.52[4, 5] - Quarterly dividend has grown 73% since Q3 2019[4] - Current annual rent escalations are projected to contribute $0.02 – $0.06 of AFFO accretion from 2025 – 2027[12] Portfolio & Leasing - The company has a high weighted average lease retention rate of 99%[4, 35] - 34% of the portfolio has annual rent escalations[11] - 40% of current leases expire from 2025-2027, creating opportunities to mark rents to market[17] - The company's owned portfolio consists of 1,829 properties with 6.8 million interior square feet[56] - The company's annualized gross rent is $76.4 million[56, 57] Market Position & Strategy - The company's portfolio represents approximately 7% of the leased USPS market[28] - The company has acquired more than $600 million in real estate over the last seven years at or below replacement cost[4] - USPS operating lease payments represented only 1.5% of the USPS's total operating expenses in fiscal year 2024[35]

Q2 2025 Financial Performance - Fee revenue for Q2 2025 reached $1.7 billion, a 7% increase compared to Q2 2024[18] - Leasing fee revenue increased by 8%, primarily driven by growth in the Americas and EMEA regions[18] - Capital markets fee revenue saw a significant increase of 26%, with double-digit growth in both the Americas and EMEA[18] - Adjusted EBITDA reached $162 million, a 15% increase compared to the previous year[18] - The adjusted EBITDA margin improved to 9.5%, a 75 bps increase compared to Q2 2024[18] - Adjusted EPS increased by 50% to $0.30, marking four consecutive quarters of year-over-year growth[18] Liquidity and Debt Management - The company repaid an additional $25 million in term loan debt[18] - Subsequent to quarter end, the company repriced approximately $950 million of term loan debt maturing in 2030, reducing the applicable interest rate by 50 bps, and paid down an additional $150 million of term loan debt maturing in 2030[18] - Liquidity at the end of Q2 2025 was $1.7 billion, comprising $0.6 billion in cash and $1.1 billion in undrawn revolving credit facility availability[18] - Net debt to LTM Adjusted EBITDA was 3.7x[44, 50] Segment Performance - Americas fee revenue was $1.205 billion in Q2 2025, a 7% increase compared to Q2 2024[24, 27] - EMEA fee revenue was $224 million in Q2 2025, a 9% increase compared to Q2 2024[24, 34] - APAC fee revenue was $270 million in Q2 2025, a 3% increase compared to Q2 2024[24, 38] 2025 Outlook - Leasing revenue growth is projected to be between 6% and 8%[48] - Capital Markets revenue growth is expected to be in the mid-teens, improved growth vs 2024's +4%[48] - Organic Services revenue growth is anticipated to be in the mid-single digits[48] - Adjusted EPS growth is projected to be between 25% and 35%[48]

Financial Performance - Q2 2025 - Sales decreased by 50% to $1297403000 compared to the three months ended June 30 2024[8] - Adjusted Operating Profit decreased by 73% to $220651000[8] - Adjusted Operating Margin was 170% a decrease of 40 bps[8] - Adjusted EBITDA Margin was 201% a decrease of 20 bps[8] Segment Performance - Installation - Installation sales decreased by 83% to $780678000[12] - Installation Adjusted Operating Profit decreased by 96% to $154541000[12] - Installation Adjusted Operating Margin was 198% a decrease of 30 bps[12] - Installation Adjusted EBITDA Margin was 223%[12] Segment Performance - Specialty Distribution - Specialty Distribution sales increased by 11% to $599184000[16] - Specialty Distribution Adjusted Operating Profit decreased by 22% to $87429000[16] - Specialty Distribution Adjusted Operating Margin was 146% a decrease of 50 bps[16] - Specialty Distribution Adjusted EBITDA Margin was 172% a decrease of 50 bps[16] Capital Allocation and Outlook - The company completed the Progressive Roofing acquisition adding approximately $438 million in annual revenue[7] - The company returned $1360 million in capital to shareholders in Q2 2025[25] - The company estimates sales of $5150 million to $5350 million and adjusted EBITDA of $970 million to $1070 million for 2025[34]

Financial Performance & Capital Allocation - Diamondback generated $1242 million of Free Cash Flow ("FCF") in Q2 2025, which is $425 per share, and $1334 million of Adjusted FCF, which is $457 per share[16] - The company expects to generate at least $58 billion of Adjusted FCF in 2025 at current commodity prices[16] - Diamondback is committed to returning at least 50% of quarterly FCF to stockholders[16] - Q2 2025 return of capital was $691 million, representing approximately 52% of Q2 2025 Adjusted FCF, distributed through base dividend and share repurchases[15, 16] - The company's share repurchase authorization increased by $20 billion, from $60 billion to $80 billion, with approximately $35 billion remaining[16] Production & Cost Efficiency - Q2 2025 oil production reached 4957 Mbo/d, and total production was 9199 Mboe/d[23] - Oil production per million shares was 1697 Bo/d, up 10% year-over-year[23] - The company's unhedged realized cash margin was 73% in Q2 2025[23] - Total operating cash expenses were $1010 per Boe[23] Asset Base & Strategy - Diamondback has significant scale with approximately 859000 net acres and approximately 490 Mbo/d (approximately 905 Mboe/d) of run-rate production beginning in Q3[18] - The company has approximately 9600 gross Permian Basin locations economic at $50 / Bbl[19] - Diamondback's annual base dividend is $400, representing a 27% current yield[16]

Financial Performance - Q2 2025 - Revenues for Q2 2025 were $614.5 million, compared to $582.8 million in Q2 2024[19] - Net income for Q2 2025 was $71.0 million, compared to $51.9 million in Q2 2024[19] - Adjusted EBITDA for Q2 2025 was $125.6 million, compared to $92.9 million in Q2 2024[44] - Diluted EPS for Q2 2025 was $2.31, compared to $1.67 in Q2 2024[19] Financial Performance - YTD Q2 2025 - Revenues for YTD 2025 were $1.045 billion, compared to $1.023 billion in YTD 2024[21] - Net income for YTD 2025 was $110.5 million, compared to $82.9 million in YTD 2024[21] - Adjusted EBITDA for YTD 2025 was $206.0 million, compared to $154.2 million in YTD 2024[44] - Diluted EPS for YTD 2025 was $3.59, compared to $2.66 in YTD 2024[21] Backlog and Guidance - Total Backlog was $2.01 billion with a 17.8% margin[8, 18] - The company anticipates 2025 EBITDA to be between $406 million and $421 million[31]