Production & Capital Efficiency - Antero Resources (AR) anticipates increased production and reduced capital expenditure (Capex) due to operating efficiencies and strong well performance[7] - AR's 2025 estimated D&C capital is $663 million, a decrease from the 2023 guidance of $900 million[8] - AR's maintenance capital efficiency is projected at $0.65, lower than the peer average of $0.73[8] Hedging Strategy - Approximately 20% of AR's 2026 estimated natural gas production is hedged using wide two-way collars[10] - The hedge strategy for 2026 includes a floor of $3.14/MMBtu and a ceiling of $6.31/MMBtu[10] NGL Pricing & Exports - AR anticipates higher C3+ NGL premiums to Mont Belvieu in the second half of 2025[12] - New capacity additions are expected to increase U S Gulf Coast LPG exports in the second half of 2025[14] Natural Gas Pricing & Demand - AR has the highest exposure to NYMEX-linked pricing, leading to better natural gas realized pricing[22] - Approximately 8 Bcf/d of new LNG capacity is expected to be added from 2025 to 2027[18] - Regional natural gas demand is increasing due to power demand and data center projects, with a total of 4,980 MMcf/d under construction, FID, or waiting on FID[20] Financial Position - AR has reduced its debt by approximately $2.7 billion since 2019[28] - AR's debt maturity schedule shows no near-term maturities, with credit facility maturity extended to 2030[28] - AR's Adjusted EBITDAX for the three months ended June 30, 2025, was $379.464 million, compared to $151.402 million for the same period in 2024[37]

QUARTERLY SUPPLEMENTAL 2Q 2025 Total Assets and Revenues by Asset Type, Operator, State and Country 10 AT THE VERY HEART OF HEALTHCARE.® 3 COMPANY OVERVIEW Company Information 3 FINANCIAL INFORMATION Reconciliation of Funds from Operations 6 Debt Summary 7 Debt Maturities and Debt Metrics 8 PORTFOLIO INFORMATION Lease and Loan Maturity Schedule 9 Rent Coverage 13 Summary of Active Developments and Capital Addition Projects 15 FINANCIAL STATEMENTS Consolidated Statements of Income 16 Consolidated Balance She ...

Durable Growth, The Vulcan Way 2Q 2025 SUPPLEMENTAL INFORMATION July 31, 2025 Safe Harbor and Non-GAAP Financial Measures This presentation contains certain non-GAAP financial terms, which are defined in the Appendix. Reconciliations of non-GAAP terms to the closest GAAP terms are also provided in the Appendix. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forwa ...

Financial Performance - Teekay Tankers reported GAAP Net Income of $62.6 million and GAAP EPS of $1.81 for Q2 2025[7] - Adjusted Net Income for Q2 2025 was $48.7 million, with an Adjusted EPS of $1.41[7] - The company generated Free Cash Flow (FCF) of $62.8 million in Q2 2025 and held $712 million in cash[7] Fleet Management and Strategy - Teekay Tankers is executing a fleet renewal plan, including selling older vessels and acquiring more modern tonnage[7] - The company acquired one 2017-built Suezmax tanker in July 2025[12] - Teekay Tankers agreed to sell five vessels with an average age of 17 years for gross proceeds of approximately $158.5 million, estimating gains from sales of approximately $46 million[12] - The company declared a fixed quarterly dividend of $0.25 per share payable in August 2025[12] Market Conditions and Outlook - Spot tanker rates showed counter-seasonal strength in Q2 2025[7] - Global oil supply is expected to accelerate in the second half of 2025 due to OPEC+ supply unwind and new production from South America[15] - The tanker orderbook is stable at 15% of the existing fleet size, with the average fleet age at a 25-year high of 14 years[24]

Financial Performance & Outlook - PPL reported Q2 2025 GAAP earnings of $025 per share and ongoing earnings of $032 per share[6] - The company reaffirmed its 2025 ongoing EPS forecast range of $175 - $187 per share[7] - PPL is on track to complete approximately $43 billion in capital investments and achieve at least $150 million in cumulative O&M savings in 2025[10] - PPL issued approximately $350 million of equity via the ATM year-to-date[30] Capital Investment & Growth - PPL projects $20 billion of capital investment needs through 2028, resulting in an average annual rate base growth of 98% over the period[10] - The company anticipates 6%-8% annual EPS and dividend growth through at least 2028[10,38] - The company is targeting 16%-18% FFO/CFO to debt throughout the plan[10,40] Strategic Initiatives & Regulatory Updates - A constructive agreement was reached to advance generation needs for LG&E and KU, supporting the approval for two new 645MW NGCC units[11,13] - A base rate case was filed in Kentucky on May 30, 2025, requesting an increase in annual electricity revenues of approximately $105 million and $226 million at LG&E and KU, respectively, and an increase in annual gas revenues of approximately $60 million at LG&E[14,16] - PPL Electric is enabling speed to market for data centers with $13 billion invested in Pennsylvania Grid since 2013[18] - PPL is in a joint venture with Blackstone Infrastructure, with PPL owning 51% of the interest, to build new electric generation stations to power data centers under long-term energy services agreements[19]

Financial Performance - The company reported an adjusted net income of $81 million and an operating income margin of 34%[10] - Adjusted EBITDAX reached $223 million, with a capital reinvestment rate of 43%[10] - Free cash flow (FCF) amounted to $107 million, with D&C (Drilling & Completion) capital spending at $95 million[10] - The annualized Return on Capital Employed (ROCE) for Q2 2025 was 18%[10] Production and Growth - Total production for Q2 2025 reached a company record of 982 Mboe/d, exceeding earlier guidance, with oil production at 400 Mbbls/d, representing a 5% year-over-year (YoY) growth[10] - Giddings area experienced YoY total production growth of 11% and oil production growth of 4%[10] - The company increased its full-year 2025 production growth guidance to approximately 10%, up from the previous range of 7% to 9%[11] Acquisitions and Acreage - The company closed multiple bolt-on acquisitions in late June/early July, adding over 18000 net acres and approximately 500 Boe/d (35% oil) for around $40 million[11, 14] - The Giddings development area increased by 40000 net acres, or 20%, to approximately 240000 net acres, with about 75% from organic appraisal and 25% from bolt-on acquisitions[11] Capital Allocation and Returns - The company aims for a long-term dividend per share compound annual growth rate of approximately 10% and share repurchases of at least 1% per quarter[16]

Financial Performance - Revenues for the second quarter of 2025 reached a record $4304 billion, a 174% increase compared to $3667 billion in the second quarter of 2024[7, 10] - Operating income for the second quarter of 2025 was $4152 million, representing 96% of revenues, an increase of $824 million or 248% year-over-year[7, 11] - Diluted earnings per share (EPS) for the second quarter of 2025 were $672, a 280% increase compared to $525 in the second quarter of 2024[7, 12] - For the six months ended June 30, 2025, revenues totaled $8171772 billion, a 151% increase from $7099173 billion in the same period of 2024[13] - Operating income for the first six months of 2025 was $733968 million, a 238% increase from $592761 million in the first six months of 2024[13] Remaining Performance Obligations (RPOs) - Record Remaining Performance Obligations (RPOs) reached $1191 billion, up $292 billion or 324% year-over-year, and up $181 billion or 179% from December 2024[7, 8, 9] Segment Performance - US Electrical Construction & Facilities Services revenues were $13402 million, a 5% increase[10] - US Mechanical Construction & Facilities Services revenues were $17553 million, a 6% increase[10] - US Building Services revenues were $7932 million, a 16% increase[10] Guidance - The company's current revenue guidance for 2025 is $164 billion to $169 billion[15] - The company's current operating margin guidance for 2025 is 90% to 94%[15] - The company's current non-GAAP diluted EPS guidance for 2025 is $2450 to $2575[15]

Financial Performance - Operating revenues increased to $1421 million in 2Q25 from $1317 million in 2Q24[77] - Revenues excluding fuel surcharge were $1282 million in 2Q25, compared to $1168 million in 2Q24[77] - Adjusted income from operations improved by 9% year-over-year[82] - Adjusted EBITDA increased from $153 million in 2Q24 to $166 million in 2Q25[77] Segment Results - Truckload revenues excluding fuel surcharge increased 15% year-over-year due to the Cowan acquisition and higher revenue per truck per week[87] - Dedicated average trucks grew 27% year-over-year, primarily driven by the Cowan acquisition[87] - Intermodal revenues excluding fuel surcharge increased 5% year-over-year due to a 5% volume growth[91] - Logistics revenues excluding fuel surcharge increased 7% year-over-year due to the Cowan Systems acquisition and Power Only growth[94] Capital Allocation and Strategy - The company announced a $150 million, 3-year share repurchase program in February 2023, with approximately $46.1 million remaining as of June 30, 2025[61] - Dividends have increased 90% since the IPO in April 2017[61]

Second Quarter 2025 Performance - Normalized FFO per share was $0.87, a ~9% YoY increase, driven by SHOP NOI growth and senior housing investment activity[11] - Total Company Same-Store Cash NOI grew 6.6% YoY, led by SHOP[11] - SHOP Same-Store Cash NOI increased by 13.3% YoY, or 15% YoY excluding a $3 million property tax refund in Q2 2024[12] - U S SHOP growth was ~16%, or over 18% YoY excluding the prior year property tax refund[12] 2025 Outlook - Senior housing investment guidance increased from $1.5 billion to $2.0 billion[12] - Normalized FFO per share midpoint improved by $0.03 to $3.44[15] - SHOP Same-Store Cash NOI growth guidance range is 12% - 16%[14] Capital & Portfolio - $1.1 billion of accretive senior housing investments closed year-to-date[12, 55] - ~$1.8 billion of equity raised, including ~$0.7 billion of unsettled equity forward sales agreements[12] - Liquidity of $4.7 billion as of June 30, 2025[12] - Net Debt to Further Adjusted EBITDA improved to 5.6x, a 0.4x reduction from year-end 2024[12]

Financial Performance - The company reported a GAAP net loss per share-diluted of ($0.10) for the second quarter of 2025[10, 12] - Earnings Available for Distribution (EAD) for 2Q25 was $0.04 per share, an 11.4% annual increase since the ACRES acquisition in 3Q20[10, 12] - Book value per share at June 30, 2025, was $27.93, down from $28.50 in 1Q25 and up from $27.20 in 2Q24[10, 12] Loan Portfolio & Activity - The CRE loan portfolio at par value was $1.4 billion, with a weighted average LTV of 80%[12] - Net CRE loan production for 2Q25 was $60.5 million[10, 12] - 91.4% of the par value of the CRE loan portfolio is current on payments[10, 12] - 75% of the CRE loan portfolio is focused on multifamily properties[10] Capitalization & Liquidity - Total liquidity at June 30, 2025, was $64.7 million[10, 13] - Total capacity at June 30, 2025, was $2.2 billion[13] - Capacity available at June 30, 2025, was $908.8 million[13] Real Estate Investments - Net investments in real estate and properties held for sale totaled $176.8 million[12, 34]