Second-Quarter 2025 Earnings Call Presentation Reported August 4, 2025 © 2025 BWX Technologies. Inc. All Rights Reserved. The products and services described herein are provided by subsidiaries of BWX Technologies, Inc. Forward-Looking Statements Disclaimer Our Purpose: We employ nuclear technology to solve some of the world's most important problems Our Mission: We provide safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine, and space explorat ...

Financial Performance Highlights - Paymentus achieved a revenue of $280.1 million in Q2 2025, representing a year-over-year (YoY) growth of 41.9%[10, 14] - Contribution profit reached $93.5 million in Q2 2025, a 22.3% increase compared to Q2 2024[10, 14] - Adjusted EBITDA for Q2 2025 was $31.7 million, showing a 40.7% YoY growth[10, 14] - Net income increased by 44.8% to $19.3 million, with EPS rising by 50% to $0.15[14] Additional Financial Data - Cash and cash equivalents increased to $270.0 million in Q2 2025, an 8.2% increase from Q1 2025[17] - Free cash flow was $22.5 million in Q2 2025, a decrease of 45.3% compared to Q1 2025[17] Q3 and FY 2025 Financial Guidance - The company projects Q3 2025 revenue between $278 million and $282 million, contribution profit between $92 million and $94 million, and adjusted EBITDA between $30 million and $32 million[19] - Revised FY 2025 revenue guidance is $1.123 billion to $1.132 billion, a 4.2% increase from the prior guidance midpoint[19] - Revised FY 2025 contribution profit guidance is $369 million to $373 million, a 1.4% increase from the prior guidance midpoint[19] - Revised FY 2025 adjusted EBITDA guidance is $123 million to $127 million, a 4.2% increase from the prior guidance midpoint[19]

Financial Performance - PRA Group achieved net income of $42 million in Q2 2025, or $13 million excluding the after-tax gain from the RCB sale in Brazil[24] - The company's revenues increased by 1% to $288 million in Q2 2025[25] - Adjusted EBITDA grew by 16% year-over-year[29] Portfolio and Investments - The company's purchase price multiples (PPMs) have improved, with 1H 2025 PPMs at 1.82x for Purchases and 2.14x for ERC[16] - Total cash collections increased by 13%[19] - Portfolio income is growing, with a 14% increase in Q1 2025 and a 20% increase in Q2 2025[22] Capital Structure and Strategy - PRA Group has no debt maturities until 2027[12] - The company repurchased $10 million of shares during the quarter[32, 34] - The company has $841 million available under its credit facilities as of June 30, 2025[34]

Q2 2025 Highlights - Adjusted EPS was $016[20] - The Rule of 40 score was 94%[22] - Adjusted free cash flow was $569 million, with a 57% margin[22] - Adjusted operating income was $464 million, with a 46% margin[22] - The company closed 157 deals of at least $1 million, 66 deals of at least $5 million, and 42 deals of at least $10 million[22] Revenue Growth - Total revenue grew by 48% year-over-year (Y/Y) and 14% quarter-over-quarter (Q/Q) to $1004 billion[22] - Excluding Strategic Commercial Contracts, total revenue grew by 49% Y/Y and 14% Q/Q[22] - US revenue grew by 68% Y/Y and 17% Q/Q to $733 million[22] - US commercial revenue grew by 93% Y/Y and 20% Q/Q to $306 million[22] - US government revenue grew by 53% Y/Y and 14% Q/Q to $426 million[22] US Commercial Performance - US commercial remaining deal value (RDV) grew by 145% Y/Y and 20% Q/Q to $28 billion[22] - US commercial total contract value (TCV) reached a record high of $843 million, representing a 222% Y/Y increase[22] - US Commercial Customer Count grew 64% Y/Y[58] Financial Position - The company ended Q2 2025 with $60 billion in cash, cash equivalents, and US Treasury securities and no debt[90] Q3 and FY 2025 Outlook - For Q3 2025, the company expects revenue between $1083 billion and $1087 billion and adjusted income from operations between $493 million and $497 million[94] - For FY 2025, the company expects revenue between $4142 billion and $4150 billion, US commercial revenue in excess of $1302 billion (at least 85% growth), adjusted income from operations between $1912 billion and $1920 billion, and adjusted free cash flow between $18 billion and $20 billion[93]

Company Overview - Navitas Semiconductor is positioned as a pure-play next-generation power semiconductor company, focusing on GaN and SiC technologies[8] - The company has shipped over 300 million GaN power ICs without silicon power MOSFETs[9] - Navitas has a strong IP portfolio with over 300 patents issued or pending related to GaN and SiC[9, 45] - Navitas' annual revenue has grown significantly, reaching $84 million in 2024[9] Technology and Market Disruption - GaN and SiC technologies are replacing silicon in next-generation power applications, offering up to 20x faster switching and up to 3x higher power density[12] - GaN-based systems can achieve up to 40% energy savings and up to 25% lower system cost compared to Si-based systems[12] - Navitas has enabled the GaN mobile charger market, achieving up to 3x faster charging in half the size and weight[14] AI Data Center Opportunity - AI is driving a dramatic increase in power demands, requiring a 100x increase in server rack power[18, 20] - The transition to 800V data centers is expected to increase the power semiconductor TAM to $2.6 billion per year by 2030, presenting a significant opportunity for GaN and SiC[32] - The adoption of 800V data centers is projected to grow from 0% in 2025 to 80% of total AI data centers by 2030[38] - The power semi TAM for 800V data centers is estimated to reach $2.564 billion in 2030[38] - GaN and SiC technologies can capture a significant percentage of the total $3 billion per year AI data center opportunity (48V + 800V)[42]

Financial Performance - Q2 2025 revenue reached $106 million[11] - The company reported an operating loss of $1.1 million[15] - Earnings per share stood at $0.22[19] - Revenue per active earning coach (AEC) was $4,630[13, 14] - As of June 30, 2025, cash and investments totaled $163 million[6, 21, 22] Coach Network and Productivity - The company has 22,800 active earning coaches[20] - Revenue per active earning coach declined 6.9% year-over-year but increased sequentially for the second consecutive quarter[8] - New coach productivity exceeded the same period last year[8] - 60% of coaches have had at least one client on GLP-1 medications[30, 70] Strategic Initiatives - The company is focusing on science-driven innovation and offer evolution[23, 65] - The Premier+ program streamlines pricing and processes to improve retention and aid recruitment[25, 48, 51] - The OPTAVIA EDGE program is designed to drive coach productivity, client acquisition, and leadership development[52, 71] Market and Health Focus - The company is addressing the rising metabolic health challenge, with 9 out of 10 U S adults being metabolically unhealthy[31, 69] - The OPTAVIA 5&1 Plan has been shown to impact key drivers of metabolic health, retaining 98% of lean mass in a clinical trial[38, 40] Q3 2025 Guidance - The company projects Q3 2025 revenue between $70 million and $90 million[75] - Q3 2025 loss/earnings per share is expected to be between ($0.60) and $0.00[75]

Financial Performance Q2 2025 - Revenue was $160.3 million, flat QoQ[52] - Homes acquired were 443, down 2% QoQ[52] - Homes sold were 452, down 2% QoQ[52] - Net loss was $(10.9) million, improved 28% QoQ[52] - Adjusted EBITDA was $(4.8) million, improved 39% QoQ[52] - Gross profit per home sold was $31.4 thousand, up 38% QoQ[52] - Contribution profit after interest per home sold was $12.4 thousand, up 2,380% QoQ[52] Renovation Services - Offerpad Renovate (third-party renovation services) completed 315 total projects in Q2 2025[34] - Offerpad Renovate generated $6.4 million in total revenue in Q2 2025, with an average revenue of $20 thousand per project[34] - Since inception, Offerpad has invested over $650 million into improving properties[9, 33] Market Opportunity - The US real estate market represents a $1.9 trillion opportunity[13] - The "Buy Box" market opportunity is estimated at $1.1 trillion[13] - The 2024E renovation market is estimated at $450 million[13] Strategic Growth - Offerpad aims to increase its market share to 3-4% from the current less than 1%[36]

Company Overview - The company operates a leading online insurance marketplace, connecting consumers and insurance providers[10] - The company's platform leverages over 4 billion consumer data points[15,22] - The company has diversified distribution model with approximately 60 carriers and 6,000 third-party agents[15] Market Opportunity - The total P&C distribution and advertising spend market is estimated at $117 billion annually[10,17] - Digital advertising spend within the P&C insurance market is $7 billion[17] - The company estimates its share of the P&C distribution and advertising spend market is less than 1%[18] - The estimated digital advertising spend growth in the U S P&C insurance market is approximately 15% annually from 2023 to 2026[18] Financial Performance - The company's Q2 2025 revenue increased by 34% year-over-year to $156 6 million[32,43] - Auto insurance revenue in Q2 2025 grew by 36% year-over-year to $139 6 million[43] - Home/Renters insurance revenue in Q2 2025 increased by 23% year-over-year to $17 0 million[43] - Adjusted EBITDA for Q2 2025 was $22 0 million, representing a 70% increase year-over-year[32]

Financial Performance & Guidance - Q2 2025 total revenues reached $2.96 billion, compared to $2.65 billion in Q2 2024[48] - The company reiterated its 2025 total revenue guidance of $11.85-$12.0 billion[7] - Non-GAAP operating income for Q2 2025 was $1.33 billion, with a 45% operating margin[48] - Non-GAAP net income for Q2 2025 was $1.17 billion, or $4.52 per share diluted[48] - The company expects combined non-GAAP R&D, AIPR&D, and SG&A expenses to be $4.9-$5.0 billion for 2025[49] Key Product Updates - ALYFTREK generated $157 million in revenue in Q2 2025 and is approved for ages 6+ in the U S, U K, EU & Canada[33,48] - CASGEVY generated $30 million in revenue in Q2 2025, with 29 total patients infused since launch[40,48] - JOURNAVX generated $12 million in revenue in Q2 2025, with >110,000 prescriptions successfully filled as of mid-July[47,48] Pipeline Development - The company plans global regulatory submissions for Zimislecel (T1D) in 2026, targeting an initial launch to ~60,000 severe T1D patients[7,12] - Povetacicept (IgAN) Phase 3 interim analysis cohort is fully enrolled, with potential U S filing for accelerated approval in H1 2026[7,19] - VX-407 (ADPKD) Phase 2 proof-of-concept study is set to begin in Q3 2025, targeting up to ~30,000 patients with a subset of variants in the PKD1 gene[7,30]

Financial Performance & Revenue - Q2 2025 revenue breakdown: Projects contribute $358.1 million, Energy & incentive revenue from owned energy assets plus recurring O&M from projects is $90.9 million, and other sources including services, software and integrated PV account for $23.3 million[5] - Year-to-date 2025, total revenue is $825 million, with projects accounting for 74%, assets for 15%, O&M for 6%, and other sources for 5%[7] - Year-to-date 2025, adjusted EBITDA is $97 million, with assets contributing 66%, projects 26%, O&M 5%, and other sources 3%[7] - Ameresco's total debt is $1.82 billion, of which $1.50 billion is energy asset debt[14, 15] - Of the energy asset debt, $0.99 billion is associated with operating energy assets, and $0.51 billion is associated with energy assets in development & construction[16] Energy Assets & Backlog - Operating energy assets total 749 MWe, comprising 56% solar (421 MW), 22% battery (166 MW), 11% non-RNG biogas (83 MWe), 9% RNG biogas (70 MWe), and 1% other[10, 11] - Energy assets in development & construction total 615 MWe, with 40% battery, 23% firm generation, 22% solar, and 15% biogas[11] - The company has a diversified total project backlog of $5.1 billion as of June 30, 2025, with $2.4 billion in awarded project backlog and $2.7 billion in contracted project backlog[21, 23] - The operating energy assets have a $1.3 billion backlog with a 15.1 year weighted average PPA remaining, plus an additional estimated revenue from market price RNG of $1.45 billion[21] Sustainability Impact - Since 2010, Ameresco's renewable energy assets & customer projects delivered a carbon emission reduction equivalent to over 125 million metric tons of CO2[30]