Financial Highlights - Q2 2025 revenue reached $617 million, a 14% increase compared to the prior year period[17, 55] - Gross profit margin for Q2 2025 was 58%, up 130 bps from the prior year period[17, 62] - Net income for Q2 2025 was $111 million, a 21% increase compared to the prior year period[17, 55] - Adjusted EBITDA for Q2 2025 was $199 million, a 26% increase compared to the prior year period[17, 55] - First half of 2025 revenue was $1.043 billion, a 13% increase compared to the prior year period[55] - First half of 2025 adjusted EBITDA was $300 million, a 31% increase compared to the prior year period[55] - The company has $562 million in total cash, including $377 million in unrestricted cash and $185 million in restricted cash[71] Business Performance - Organic direct-to-consumer home warranties grew by 9%[18, 31] - Renewals grew 9% due to the addition of 2-10 and higher price[59] - Real estate increased 21% due to the addition of 2-10[59] - DTC grew 12% as higher volumes were partially offset by lower price[59] - Other revenue grew 63% due to the new HVAC and Moen programs, as well as the addition of 2-10[59] - The company repurchased $150 million of shares year-to-date through July 31[18, 79] Strategic Initiatives - The company is integrating technology advancements into the member experience, with 14% of the member base having downloaded the app in only 8 months[36] - The company is increasing expected cost synergies from the 2-10 acquisition to approximately $15 million in 2025, up from $10 million+[48] - The company is raising its 2025 share repurchase target from $200 million+ to approximately $250 million[79] Outlook - The company expects full year 2025 revenue to be in the range of $2.055 billion to $2.075 billion[80] - The company expects full year 2025 adjusted EBITDA to be in the range of $530 million to $550 million[80]

Financial Performance - Net sales reached $1.1 billion, a 5% increase year-over-year[10] - Net income was $58 million, representing 5.2% of net sales, a 6% decrease year-over-year[10] - Adjusted EBITDA was $121 million, or 11.0% of net sales, a 1% decrease year-over-year[10] Capital Allocation - Returned $67.1 million to shareholders, including $29 million in dividends ($1.15 per share) and $38.1 million in share repurchases in Q2[11] - Total share repurchases year-to-date reached $128.3 million as of August 1, 2025[11] Acquisitions and Market Trends - Acquired Freedman Seating in April, adding approximately $125 million in annual revenues in the bus market[11] - RV OEM sales increased by 3% year-over-year, driven by market share gains and increased mix in higher-content fifth wheels[17] - Adjacent Industries sales increased by 10% year-over-year, primarily due to recent acquisitions in the bus market[28] Tariff Mitigation - Tariff mitigation strategy minimized pricing impact to customers and supported profitability in Q2, with $15.4 million of tariff expenses mitigated[10, 61] - Target is to reduce China sourcing to approximately 10% in 2025[60] Outlook - Expects to deliver an 85 bps margin improvement in 2025 through optimizing infrastructure[10, 67] - North American wholesale unit shipments forecast for full year 2025 is 320,000-350,000 units[71]

Financial Performance - Adjusted revenue grew by 5%[9] - Adjusted EBITDA margin reached 39.8%[10] - Adjusted EPS increased by 1% to $1.36[10] - The company returned $459 million to shareholders and is on track for $1.2 billion in share repurchases for the year[10] - Adjusted free cash flow was $292 million, with a 52% conversion rate[21] Segment Results - Banking Solutions adjusted revenue grew by 6%, with a 43.6% adjusted EBITDA margin[24] - Capital Markets adjusted revenue grew by 5%, with a 50.3% adjusted EBITDA margin[24] - Year-to-date adjusted revenue for Banking Solutions grew by 4%, with a 41.9% adjusted EBITDA margin[26] - Year-to-date adjusted revenue for Capital Markets grew by 7%, with a 49.3% adjusted EBITDA margin[26] Outlook - The company raised its full-year revenue outlook to a range of $10.52 billion to $10.57 billion, reflecting an adjusted revenue growth of 4.8% to 5.3%[27] - The adjusted EPS growth outlook was raised to 10% to 11%, with a range of $5.72 to $5.80[27] - Third-quarter revenue is projected to be between $2.65 billion and $2.665 billion, with adjusted revenue growth of 3.8% to 4.4%[29]

Q2 2025 Performance Highlights - Net income increased by 73%[20] - Free cash flow increased by 102%[20] - Earnings per share became positive for the first time[20] Financial Results - Q2 2025 revenue was $27.4 million compared to $28.1 million in Q2 2024[43] - Q2 2025 net income was $2.9 million compared to $1.7 million in Q2 2024[43] - Q2 2025 adjusted EBITDA was $6.5 million compared to $6.4 million in Q2 2024[43] - Q2 2025 earnings per share was $0.04 compared to -$0.14 in Q2 2024[43] - Q2 2025 free cash flow was $5.4 million compared to $2.7 million in Q2 2024[43] - Year-to-date 2025 revenue was $55.0 million compared to $54.1 million in year-to-date 2024[46] - Year-to-date 2025 net income was $4.9 million compared to $1.4 million in year-to-date 2024[46] - Year-to-date 2025 adjusted EBITDA was $12.1 million compared to $10.1 million in year-to-date 2024[46] - Year-to-date 2025 earnings per share was $0.02 compared to -$0.24 in year-to-date 2024[46] - Year-to-date 2025 free cash flow was $9.0 million compared to $4.9 million in year-to-date 2024[46] 2025 Guidance - Revenue guidance is $111 million to $114 million[27] - Adjusted EBITDA guidance is $26 million to $28 million[27] - Earnings per share guidance is $0.10 to $0.13[27]

Digital Assets Opportunity - Global assets have significant growth potential in global wealth allocation, with over $700 trillion in assets potentially tokenized by blockchain technology[28] - As of July 31, 2025, Bitcoin's market cap is $2 trillion, the global crypto market cap is $4 trillion, gold is $141 trillion, global equities are $128 trillion, global bonds are $95 trillion, and real estate is $23 trillion[28, 30] - Galaxy's Asset Management & Infrastructure Solutions has $9 billion combined assets on platform[42] - Balance sheet net digital asset and investment exposure includes $748 million in Bitcoin, $196 million in Ether, $330 million in other token exposure, and $718 million in venture & fund investments[45] - Euro stablecoins could capture approximately 20% of the global stablecoin market[47] Data Center Opportunity - Global data center demand is expected to quadruple by 2030, representing a 298% growth from 55 GW in 2023 to 219 GW in 2030[32] - Hyperscalers are projected to invest over $350 billion in data center CapEx in 2025[34] - Helios is unlocking 4x expansion in load capacity, with +2,700 MW additional load capacity under study[35] Financial Performance - Q2 2025 Net Income is $299 million[16] - Q2 2025 Adjusted Gross Profit is $299,232[16, 58] - Anticipated average annual revenue for combined phases of Helios is over $1 billion, with 90% anticipated EBITDA margins[54, 55]

Company Overview - Tanger is a leading owner and operator of outlet and open-air retail shopping destinations with over 40 retail centers and 16 million square feet of space[7,8] - The company has a market capitalization of $3.6 billion and an enterprise value of $5.3 billion[7] - Tanger's net debt to adjusted EBITDAre is 5.0x, and interest coverage ratio is 4.6x[7] - The portfolio is 95% open air and 93% of outlet square footage is in leading tourist destinations or top 50 MSAs[7] Financial Performance and Growth - The company anticipates 2025 Same Center NOI growth between 2.5% and 4.0%[17] - Tenant sales per square foot were $465 in 2Q25 TTM[17] - Rent spreads were up 12.0% in 2Q25 TTM[17] - Core FFO per share 3-year average growth is 7.5%[17] - The company expects net income per diluted share to be between $0.93 and $1.00, and Core FFO per diluted share to be between $2.24 and $2.31 for 2025[41] Balance Sheet and Capital Structure - The company's capital structure includes $3.6 billion in equity and $1.7 billion in net debt[31] - The company has $528 million in line availability and $70 million in undrawn forward equity[31] - 87% of the company's financing is unsecured[33] - 95% of the company's debt is fixed rate[33] Portfolio and Operating Metrics - The company's occupancy rate is 96.6%[56] - Blended cash rent spreads for executed comparable leases increased by 12.0%[56] - Same Center NOI increased by 3.8% in 2Q25 compared to 2Q24[56]

Financial Performance - Q2 2025 revenue reached $194.5 million[25], exceeding expectations[7] - Non-GAAP diluted earnings per share (EPS) stood at $1.13[7] - GAAP diluted EPS was $0.98[7] - Q3 2025 revenue is projected to be approximately $200 million[29] - Q3 2025 Non-GAAP diluted earnings per share is expected to be around $1.00[29] Revenue Breakdown - Mature process technology accounted for 97% of total shipped system revenue in Q2 2025[13] - Power general mature represented 43% of total shipped system revenue in Q2 2025[14] - Silicon Carbide (SiC) power contributed 40% to shipped system revenue[11] - Other Power (IGBT, etc) made up 15% of shipped system revenue[11] - Memory accounted for 3% of shipped system revenue[11] Geographic Performance - China accounted for 55% of total revenue in Q2 2025[25] - The United States contributed 18% to total revenue in Q2 2025[25] - South Korea accounted for 13% of total revenue in Q2 2025[25]

Second Quarter 2025 Financial Highlights - Net revenue reached $948 million, a 65% increase year-over-year, representing a $58 million rise[13] - Wholesale revenue increased by 141% year-over-year, reaching $613 million, or a 210% increase excluding barter, amounting to $76 million and $106 million respectively[13] - Gross margin was 339%, compared to 419% in Q2 2024[13] - Adjusted EBITDA was $24 million, a decrease of $51 million year-over-year[13] Channel Performance - DTC revenue decreased by 78% year-over-year in Q2 2025, but increased by 03% excluding the impact of loyalty point expirations in Q2 2024[18,22] - Black Rifle Ready to Drink Coffee remains a Top-3 brand in Q2 2025[23] - Black Rifle Energy achieved approximately 23% ACV with distribution in 15200 doors, including 2800 Walmart locations (~66% Walmart ACV), 8900 convenience stores (~7% Convenience Store ACV), and 3250 grocery stores (~12% Grocery Store ACV)[27] Financial Outlook - The company projects net revenues between $395 million and $425 million for 2025, representing a 1% to 9% growth[40] - Gross margin is expected to be in the range of 35% to 37%[40] - Adjusted EBITDA is projected to be between $20 million and $30 million[41]

Financial Performance & Growth - Q2 2025 revenue reached $725 million, a 3% increase compared to Q2 2024[5] - Adjusted EBITDA for Q2 2025 was $184 million, up 13% from Q2 2024[5] - Adjusted EPS for Q2 2025 increased by 56% to $025, compared to $016 in Q2 2024[5] - The company is increasing its 2025 adjusted EBITDA guidance range to $665 million - $685 million[5] - Net revenues are projected to be between $30 billion and $31 billion in 2025, representing a 7% to 11% increase[11] Segment Performance - Specialty segment revenue increased by 13% in the first half of 2025[5] - Affordable Medicines segment revenue increased by 4% in the first half of 2025[5] - AvKARE segment revenue increased by 1% in the first half of 2025[5] - AvKARE revenue reached $663 million in 2024, with a 23% compound annual growth rate (CAGR) from 2020 to 2024, and is projected to exceed $900 million by 2027[24] Product & Pipeline Development - CREXONT is on track to achieve peak U S sales of $300 million to $500 million[39] - The company expects to file a Biologics License Application (BLA) for an omalizumab biosimilar (bXOLAIR) in Q4[5] - The company launched 15 new products in the Affordable Medicines portfolio year-to-date[5]

Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited to, statements under the heading, "Fiscal 2025 Outlook," "Modeling Assumptions," and those related to our expectation ...