Acquisition and Refinancing - FTAI Infrastructure is acquiring the Wheeling & Lake Erie Railway (W&LE) for $1.05 billion[13] - The combined Transtar / W&LE business is expected to generate annual Adjusted EBITDA of $200+ million by the end of 2026[16] - Corporate fixed charges are expected to reduce by ~$30 million annually due to refinancing[19] - $2.25 billion of new capital is being issued, including $1.25 billion in new corporate debt and $1.0 billion of preferred stock[21] Q2 2025 Financial Performance - Consolidated Adjusted EBITDA for Q2 2025 was $45.9 million[29] - Transtar's Adjusted EBITDA for Q2 2025 was $20.7 million, up 4% from Q1 2025[25, 31] - Long Ridge's Adjusted EBITDA for Q2 2025 was $23.0 million[25, 32] - Jefferson Terminal's Adjusted EBITDA for Q2 2025 was $11.1 million[25, 34] - Repauno's Adjusted EBITDA for Q2 2025 was $(2.1) million[25, 34] Growth Opportunities - Expect ~$15+ million of incremental annual Adjusted EBITDA from Nippon's investments in U S Steel facilities[37] - Two contracts commencing in fall 2025 at Jefferson Terminal represent $20 million of incremental annual Adjusted EBITDA[34, 45] - Contracts and a LOI in place at Repauno represent approximately $80 million of annual Adjusted EBITDA[34]

Safe Harbor 2Q25 Earnings Call Presentation This presentation may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Pangaea's and managements' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the sta ...

1. Introduction 2. Preliminary H1 results and 2025 guidance 3. Q&A Guidance announcement Presented by Jens E. Andersen, CEO Michael H. Jeppesen, CFO 1 8 August 2025 AGENDA 2 Introduction Q2 2025 development Initiatives launched in H1 Guidance lowered 3 • Unexpected market slowdown for Industry and to a lesser extent for Installation. • Trade and Climate & Energy delivered growth driven by Solar Polaris' sales to a major solar park project. • July showed even more disappointing revenue growth in all key mark ...

Financial Performance - Textron's Q2 2025 revenues reached $3.7 billion, an increase from $3.5 billion in Q2 2024[4] - Segment profit slightly increased to $346 million in Q2 2025 from $343 million in Q2 2024[4] - Earnings per share (EPS) remained constant at $1.35 in both Q2 2025 and Q2 2024[4] - Adjusted EPS increased marginally to $1.55 in Q2 2025 from $1.54 in Q2 2024[4] - Manufacturing cash flow before pension contributions rose to $336 million in Q2 2025 from $320 million in Q2 2024[4] Revenue Growth by Segment - Bell experienced significant revenue growth of 28.0% organically[6] - Textron Aviation saw organic revenue growth of 2.8%[6] - Textron Systems experienced a slight organic revenue decrease of 0.6%[6] - Industrial segment's revenue decreased by 8.2%, but after accounting for divestiture impact of 3.6%, the organic decrease was 4.6%[6] - Textron eAviation's revenue decreased by 11.1%[6] Adjusted EBITDA - Adjusted EBITDA was $468 million in Q2 2025, slightly lower than the $473 million in Q2 2024[8]

Financial Performance - GigaCloud Technology's total revenues reached $323 million in Q2'25, a 4% year-over-year growth from Q2'24[16] - The company's gross profit was $77 million in Q2'25, representing a 1% year-over-year increase compared to Q2'24[19] - Net income for Q2'25 was $35 million, a 28% increase year-over-year[22] - Adjusted EBITDA for Q2'25 was $43 million, a 1% increase year-over-year[22] Marketplace Growth - GigaCloud Marketplace GMV (Gross Merchandise Value) reached $1.4 billion LTM (Last Twelve Months) ended June 30, 2025, a 31% year-over-year growth[23] - 3P (Third-Party) Seller GigaCloud Marketplace GMV was $758 million LTM ended June 30, 2025, a 33% year-over-year growth[23] - The number of active 3P sellers was 1,162 LTM ended June 30, 2025, a 25% year-over-year growth[24, 25] - The number of active buyers was 10,951 LTM ended June 30, 2025, a 51% year-over-year growth[26] - The average spend per active buyer was approximately $131,000 LTM ended June 30, 2025[26] Capital Allocation - GigaCloud raised $41 million in gross proceeds from its IPO[28] - The company acquired Noble House and Wonder for $87 million[28] - GigaCloud repurchased $2 million in Class A shares under the 2023 authorization and $69 million under the 2024 authorization[28]

Q2'25 Financial Performance - Chime achieved revenue of $528 million in Q2'25, representing a 37% year-over-year growth[17] - Gross profit reached $461 million with a gross margin of 87%[18] - Transaction profit was $363 million, yielding a transaction margin of 69%[18] - Adjusted EBITDA stood at $16 million, a 417% increase year-over-year, with a margin of 3%[18] Key Operating Metrics - Active Members grew to 87 million, a 23% increase year-over-year[17] - Purchase Volume increased to $324 billion, an 18% year-over-year growth[17] - Average Revenue Per Active Member (ARPAM) rose to $245, a 12% year-over-year increase[17] Future Outlook - The company projects Q3'25 revenue between $525 million and $535 million, indicating a year-over-year growth of 24% to 27%[35] - Full Year 2025 revenue is expected to be between $2135 billion and $2155 billion, a 28% to 29% year-over-year growth[35] - Adjusted EBITDA for Q3'25 is projected to be between $12 million and $17 million, with a margin of 2% to 3%[35] - The company anticipates an incremental adjusted EBITDA margin in the mid-40s or higher by Q4'25[10]

Financial Performance & Targets - Ginkgo achieved its target of $250 million in annualized run-rate cost savings from Q1 2024 to Q2 2025[13, 50] - Ginkgo's Q2 2025 Cell Engineering revenue was $39 million, an 8% increase year-over-year[34] - Biosecurity revenue for Q2 2025 was $10 million, a 48% decrease year-over-year[34] - The company reaffirms its total revenue guidance for FY2025, projecting $167-$187 million, including $117-137 million from Cell Engineering and $40+ million from Biosecurity[37, 52] - Ginkgo aims to reach Adjusted EBITDA breakeven by the end of 2026[11, 46, 53] - Ginkgo had $474 million in cash, cash equivalents, and marketable securities with no bank debt[15, 16] Strategic Initiatives - Ginkgo is expanding from its Solutions business into tools, launching its first direct-to-scientist product: a cell-free protein synthesis system[11, 43, 63] - Ginkgo's Automation and Datapoints are establishing themselves as critical tools in AI-enabled science[43, 143] - Ginkgo has sampled flights originating from 128 countries, representing 65% of nations globally[33]

Financial Performance - Q2 2025 - Revenue reached $654.8 million[9], a 35% increase compared to Q2 2024's $486.3 million[30] - Adjusted EBITDA was $48.1 million[9], slightly up from $47.917 million in Q2 2024[30] - Net income attributable to Astrana Health was $9.4 million[9], compared to $19.171 million in Q2 2024[30] - EPS-Diluted was $0.19[9], down from $0.40 in Q2 2024[30] FY2025 Guidance - Total revenue is projected to be in the range of $3.1 billion to $3.3 billion[11] - Adjusted EBITDA is expected to be between $215 million and $225 million[11] Business Growth & Risk Management - Astrana Health now serves over 1.6 million patients in value-based arrangements following the acquisition of Prospect[13] - Care Partners segment has 1.4 million members pro forma[13] - 78% of revenues are from fully capitated arrangements, compared to 60% a year ago[13] - The company anticipates 75-85% of capitation revenue from full-risk arrangements exiting 2025[20]

Financial Performance - Core revenues increased by 20% from €1376 million in 1H2024 to €1403 million in 1H2025 [11] - Adjusted EBITDA increased by 30% from €935 million in 1H2024 to €963 million in 1H2025 [11, 23] - Recurring FCFE (Free Cash Flow to Equity) generation was approximately €63 million [9] - Net Debt to Adjusted EBITDA ratio increased from 069x in 2024FY to 094x in 1H2025 [11] Revenue Breakdown - Media Distribution revenues increased by 18% [14] - Digital Infrastructure revenues increased by 36%, driven by tower hosting and initial contributions from data centers and connectivity [14, 17] Operational Costs - Opex (excluding non-recurring items) increased by 37% [19] - Personnel costs increased by 99%, influenced by the renewal of the collective labor agreement and increased workforce related to diversification initiatives [19, 22] - Other Operating costs decreased by 33%, but increased by approximately 6% YoY when excluding lower level of capitalization compared to 1H24 [19, 22] Capital Expenditure (Capex) - Development capex for diversification initiatives is expected to be below 2024 levels [9, 26] - Maintenance capex is above the recurring normalized level due to extraordinary non-recurring activities [9, 26] Strategic Initiatives - Framework agreements established with 3 major live streaming content providers in Italy for CDN (Content Delivery Network) [9] - Extended Edge DC offerings to include IaaS (Infrastructure as a Service) services, targeting medium enterprises with private cloud applications [9]

August 7, 2025 Second Quarter 2025 Earnings Update Second Quarter 2025 Earnings Update August 7, 2025 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Ouster intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amend ...