First-Quarter 2025 Earnings Call May 7, 2025 Safe Harbor Statement Any statements contained in this presentation that are not historical facts are "forward-looking statements." These statements are based on the current expectations of the management of the Company, only speak as of the date on which they are made and are subject to uncertainty and changes in circumstances. The Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future even ...

Financial Performance - Q1 2025 - Sales and Merchandising Revenues reached $2,659 million, slightly down from $2,718 million in YTD '24[14] - Gross Profit increased to $153 million compared to $128 million in YTD '24[14] - Pretax Income decreased to $3 million from $14 million in YTD '24[14] - Adjusted EPS was $0.12, compared to $0.16 in YTD '24[14] - Adjusted EBITDA increased to $57 million from $51 million in YTD '24[14] Agribusiness - Q1 2025 - Agribusiness revenues were $1,993 million, down from $2,061 million in YTD '24[21] - Agribusiness gross profit increased to $119 million from $100 million in YTD '24[21] - Agribusiness reported a Pretax loss of $10 million, compared to a $3 million profit in YTD '24[21] - Agribusiness Adjusted EBITDA was $31 million, compared to $29 million in YTD '24[21] Renewables - Q1 2025 - Renewables revenues increased to $666 million from $657 million in YTD '24[27] - Renewables gross profit increased to $34 million from $29 million in YTD '24[27] - Renewables Pretax income increased to $25 million from $24 million in YTD '24[27] - Renewables Adjusted EBITDA was $37 million, compared to $34 million in YTD '24[27] Cash and Debt - Cash from Operations Before Working Capital Changes was $57 million in Q1'25, compared to $48 million in Q1'24[16, 45] - Short-term Debt was $223 million as of 3/31/2025[16] - Long-term Debt was $651 million as of 3/31/2025[18] - Capital Spending for Q1'25 was $47 million[18]

| Section | Page | | --- | --- | | Table of Contents - Investor Supplement - First Quarter 2025 | 2 | | Financial Highlights | 3 | | Summary of Earnings. | イ | | Earnings Per Share Summary | 5 | | Property and Casualty Insurance Segment | | | Property and Casualty Insurance - Summary Underwiting Results (GAAP) | | | Specialty - Underwriting Results (GAAP). | 7 | | Property and Transportation - Underwriting Results (GAAP). | 8 | | Specialty Casualty - Underwriting Results (GAAP) . | 9 | | Specialty Financial ...

Contents I. Highlights Ardmore Shipping First Quarter 2025 Disclaimer This presentation contains certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shipping Corporation ("Ardmore" or the "Company") expects, projects, believes or anticipates will, or may occur in the future, are among these forward-looking ...

Financial Performance - Bentley Systems' ARR reached $1319 million as of March 31, 2025 [138] - The company's LTM recurring revenues grew by 13% (13.6% in constant currency) to $1273 million [134] - First quarter revenue showed growth, with subscriptions up 13% (15% in constant currency) and total revenue up 10% (11% in constant currency) [131] - GAAP operating income increased by 25% to $115 million, while AOI less SBC increased by 12% to $126 million [141] - The company anticipates total revenues between $1461 million and $1490 million for the full year 2025 [150] Growth Drivers and Initiatives - E365 as a percentage of total ARR continues to increase [48] - Virtuosity has achieved its thirteenth consecutive quarter with at least 600 new logos [98] - The company is prioritizing going digital, with infrastructure engineering operating at capacity [85] Geographic Performance - The Americas generated $717 million in revenue, EMEA $388 million, and APAC $248 million in 2024 [76] - Latin America experienced a very strong quarter [108, 113] Capital Allocation - The company has $84 million in cash and $1300 million in available revolver credit capacity [146] - The company reduced net bank debt by $135 million [148]

Update on our strategy & trading businesses 2 1Q25 highlights¹ | | • | Revenue of $209 million compared to $210 million in the prior year | | --- | --- | --- | | | • | Record commission revenue in emerging markets, up 6%, eurobonds, up 5%, and municipal bonds, up 6% | | FINANCIAL | • | 34% increase in total rates commission revenue | | PERFORMANCE | • | Services2 revenue growth of 7% | | | • | Earnings per share of $0.40; $1.87 excluding notable items3 | | | • $344 | in TTM free cash flow4 million generatio ...

Financial Performance - Adjusted Revenue was $751 million, a decrease of 8.5% year-over-year (or 8.1% in constant currency) [5, 27] - Adjusted EBITDA was $37 million with a margin of 4.9%, a 2.8% year-over-year increase [5, 29] - Adjusted Free Cash Flow was negative $74 million [40] Sales Metrics - New business signings ACV reached $109 million [5, 13] - New Business TCV was $53 million [13] - Net ARR Activity Impact (TTM) was $116 million [5, 15] Portfolio Rationalization - $778 million of net proceeds were generated from three divestitures executed in 2024 [9] - 85% of the $1 billion capital target has been deployed [8, 9] - Up to $350 million of net proceeds are expected from additional portfolio rationalization opportunities [9] Segment Performance - Government segment revenue was $216 million, a decrease of 16.3% year-over-year [36] - Commercial segment revenue was $402 million, a decrease of 4.1% year-over-year [36] - Transportation segment revenue was $133 million, a decrease of 7.6% year-over-year [36] Outlook - FY 2025 Adjusted Revenue is projected to be between $3.1 billion and $3.25 billion [47] - FY 2025 Adjusted EBITDA Margin is expected to be between 4.5% and 5.5% [47] - FY 2025 Adjusted Free Cash Flow is projected to be between $0 million and $40 million [48]

Q4 FY25 Earnings Presentation Quarter End: March 31, 2025 Earnings Announcement: May 7, 2025 Risks and non-GAAP disclosures This presentation contains forward-looking statements within the meaning of U.S. securities laws, including statements related to our future financial results and our guidance for future financial performance (including expected revenues, operating income, margins and earnings per share). These forward-looking statements are based on current expectations, forecasts and assumptions invo ...

Financial Performance - Revenue decreased by 4.1% year-over-year to $144.3 million[6] - Net income decreased by 35.5% year-over-year to $7.8 million[6] - Adjusted net income decreased by 25.9% year-over-year to $10.9 million[6] - Diluted EPS decreased by 28.6% year-over-year to $0.25[6] - Adjusted diluted EPS decreased by 18.6% year-over-year to $0.35[6] - Adjusted EBITDA decreased by 15.0% year-over-year to $21.6 million[6] Operational Metrics - Active and unique customers decreased by 1.6% year-over-year to approximately 3.5 million[9] - Money transfer transactions decreased by 5.2% year-over-year to 12.8 million[9] - Total principal sent increased by 3.7% year-over-year to $5.6 billion[9] - Digital transactions increased by 68.5% year-over-year to 0.8 million[9] - Revenue from digital transactions increased by 29.8% year-over-year to $4.9 million[9] Liquidity and Capital Allocation - Cash and cash equivalents were $152 million[19] - Undrawn revolver capacity at March 31 was $278 million[19] - Total debt was $147 million[20] - Debt to Adjusted EBITDA (trailing twelve months) was 1.3x[20] - $5.0 million was allocated to stock buybacks in Q1 2025[24] 2025 Outlook - The company projects revenue between $634.9 million and $654.2 million[27] - The company projects Adjusted EBITDA between $103.6 million and $106.8 million[27] - The company projects Diluted EPS between $1.53 and $1.65[27] - The company projects Adjusted Diluted EPS between $1.86 and $2.02[27]

Q120First Quarter 2025 Financial Results v Safe Harbor Statement The Private Securities Litigation Reform Act of 1995, as amended, (the "Act"), provides protection from liability in private lawsuits for "forward-looking" statements made by public companies under certain circumstances, provided that the public company discloses with specificity the risk factors that may impact its future results. The Company wants to take advantage of the "safe harbor" provisions of the Act. Certain statements made during th ...