COMPANY OVERVIEW November 2025 BABCOCK & WILCOX ENTERPRISES, INC. 1 © 2025 Babcock & Wilcox Enterprises, Inc. All rights reserved. IMPORTANT INFORMATION Safe Harbor Statement Babcock & Wilcox Enterprises, Inc. ("B&W Enterprises" or "B&W") cautions that this presentation contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including, without limitation ...

Company Overview - WhiteHorse Finance's portfolio fair value was $568.4 million as of September 30, 2025[9, 13] - The company's investments are diversified across 125 positions in 66 portfolio companies as of September 30, 2025[13] - The average investment size is $3.8 million, while the average debt investment size is $5.2 million[13] - Since its IPO in December 2012, the company has invested $2,825 million in 265 transactions[13, 14] Financial Performance - The Q3 2025 Net Investment Income (NII) and Core NII was $6.1 million, or $0.263 per share[17] - The company received dispositions and principal repayments of $50.5 million in Q3 2025[17] - As of September 30, 2025, STRS JV had total assets of $364.3 million, with the company's return on its investment at 13.8%[17] - The Net Asset Value (NAV) per share at the end of Q3 2025 was $11.41, compared to $11.82 in Q2 2025[17] Portfolio Composition - As of Q3 2025, 99.1% of the debt investments were floating rate[27] - First lien secured loans accounted for 74.7% of the total portfolio composition by fair value[27] - Investments on non-accrual status represented 2.2% of the portfolio based on fair value of debt investments[27]

Stan Kovler SVP, Finance and Corporate Development Investor Day Welcome to 1 Disclaimer Non - GAAP Financial Measures Forward - Looking Statements This presentation contains forward - looking statements including statements regarding our business outlook; future operating and financial metrics and results; market conditions and global demand; customer adoption of our technologies, products and solutions; our product roadmap and innovation priorities; our go - to - market execution; and our ability to compet ...

Financial Performance - Net earnings per share increased by 171% year-on-year to $0.76[13] - Attributable EBITDA increased by 57% year-on-year to $2.02 billion[13] - Free cash flow increased significantly by 233% year-on-year to $1.5 billion[13] - Operating cash flow increased by 105% year-on-year to $2.4 billion[13] - Revenues increased 13% from Q2 2025 and 23% from Q3 2024, reaching $4.1 billion[24] Production and Costs - Gold production was 829,000 ounces in Q3 2025, a 4% increase compared to Q2 2025 but a 12% decrease compared to Q3 2024[20] - Gold AISC decreased by 9% from Q2 2025 to $1,538/oz[20] - Copper production was 55,000 tonnes in Q3 2025, a 7% decrease compared to Q2 2025 but a 15% increase compared to Q3 2024[20] - Copper AISC increased by 8% from Q2 2025 to $3.14/lb[20] Capital Allocation - The quarterly dividend was $0.175 per share[13] - Share buybacks in Q3 2025 amounted to $589 million[13] - Non-core asset sales year-to-date reached $2.6 billion[13]

Merger & Acquisition - Sonida and CNL Healthcare Properties (CHP) announced a definitive merger agreement to create a \$3 billion pure-play senior housing company[15] - The merger is expected to close in late Q1 or early Q2 of 2026[15] - The combined company will be the 8th largest U S senior housing owner with approximately 14,700 owned units[17, 24] - The merger is expected to be immediately accretive to Normalized FFO per share, with annual corporate synergies of approximately \$16 to \$20 million[17] Portfolio & Occupancy - Total portfolio includes 97 communities[37] - Total portfolio includes 9,342 units across 20 states[37] - Same-store community portfolio includes 55 consolidated communities[12, 42] - October 31 spot occupancy for same-store communities reached 89%[13] - Q3 2025 weighted average occupancy for same-store communities was 87 7%, a 60 bps increase year-over-year[13, 40] Financial Performance - Q3 2025 RevPOR for same-store communities was \$4,353[13] - Q3 2025 Community NOI margin for same-store communities was 27 3%[13] - Q3 2025 same-store community revenue increased 5 4% year-over-year[57] - Q3 2025 same-store community NOI increased 2 5% year-over-year[40]

Company Overview - Beasley Media Group's future will be driven by operational efficiency in its core business and expansion of its digital capabilities[12] - The company operates in 12 US markets[13] - Beasley campaigns deliver 30%+ higher intent to purchase when combining radio and digital[20] Revenue Performance - Audio revenue reached $38 million in Q3 2025[22] - Digital revenue reached $129 million in Q3 2025[23] - Digital revenue accounted for 25% of total net revenue in Q3 2025[24] - Same-station digital revenue grew by 285% year-over-year in Q3 2025[24] - Local advertisers make up 79% of the company's revenue[26] Financial Metrics - Total net revenue was $51 million in Q3 2025[48] - Capital expenditures (CAPEX) amounted to $22 million in Q3 2025[48] - Station Operating Income (SOI) was $49 million in Q3 2025[48] - Adjusted EBITDA was $39 million in Q3 2025[48] - Cash and cash equivalents totaled $143 million[48]

3 rd Quarter 2025 Results Presentation | 3Q 2025 Results 1 Disclaimer | 3Q 2025 Results 2 This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation re ...

Acquisition Highlights - Ranger is acquiring American Well Services (AWS) for approximately $905 million, funded through $605 million in cash and 2 million shares, plus a $5 million earnout[7] - The acquisition is expected to generate ~$4 million in cost synergies, fully realized by 2027[7] - The purchase price represents a multiple of less than 25x AWS's Last Twelve Months (LTM) Q3'25 Adjusted EBITDA[7] Financial Performance & Metrics - AWS's LTM Q3'25 revenue was $186 million with a gross margin of 29%[16] - AWS's LTM Q3'25 Adjusted EBITDA was $43 million, representing a 23% Adjusted EBITDA margin[16] - Ranger's LTM Q3'25 Free Cash Flow was $531 million, with a 71% conversion rate[38] Strategic Benefits - The acquisition strengthens Ranger's position in the Permian Basin, expanding its customer base and service offerings[7, 11] - New service lines from AWS, such as tubing rentals, inspection, chemicals, and mixing plants, provide opportunities for pull-through revenue[7, 11, 22] - The combined company expects to repay borrowings within one year of closing, leveraging cash flows from the pro forma organization[11] - Ranger remains committed to returning a minimum of 25% of cash flows to shareholders[8]

Financial Performance - Q3 2025 revenue reached $396 million[10] - Net profit for Q3 2025 was $54 million[10] - Q4 2025 revenue guidance is $440 million, +/- 5%, representing a 14% year-over-year growth[9] - Nine months ended September 30, 2025, revenue was $1,125.898 million compared to $1,048.931 million for the same period in 2024[16] - Net profit attributable to the company for the nine months ended September 30, 2025, was $140.338 million, compared to $152.726 million for the same period in 2024[16] Balance Sheet Highlights - Cash and cash equivalents as of September 30, 2025, were $273 million[13] - Short-term deposits as of September 30, 2025, were $951 million[13] - Total assets as of September 30, 2025, were $3,253 million[13] - Total liabilities as of September 30, 2025, were $420 million[13] Revenue Breakdown by Technology (Q3 2025) - Automotive sector accounted for 11% of revenue[12] - RF Mobile sector accounted for 26% of revenue[12] - Power sector accounted for 17% of revenue[12]

Strategic Transaction - Pershing Square invested $900 million in Howard Hughes Holdings Inc (HHH) to transform it into a diversified holding company[12] - Pershing Square purchased 9 million newly issued HHH shares for $100 per share, representing a 48% premium[13] - Pershing Square's beneficial ownership increased to approximately 469%, with voting power capped at 40% and beneficial ownership limited to 47%[13] - HHH will pay Pershing Square a quarterly fee of $375 million plus an incentive fee equal to 0375% of the growth in HHH's equity market capitalization[13] Portfolio Highlights - HHC's portfolio includes 72 million square feet of office space, 26 million square feet of retail space, 5,855 multifamily units, and 3,046 condos closed[23] - HHC has 7 communities and 34,000 acres of raw land[23] - Master Planned Communities (MPC) segment generated $349 million in 2024 EBT[25] - Operating Assets segment generated $257 million in 2024 NOI[30] - Strategic Developments segment generated $211 million in 2024 Adjusted Condo Gross Profit[27] Financial Performance - The company anticipates stabilized adjusted operating cash flow between $955 million and $1 billion, compared to $440 million in 2025[56] - The company's 2025 Adjusted Operating Cash Flow is comprised of $717 million Operating Assets NOI, $450 million MPC EBT, $0 million Condo Profit, ($196 million) Interest Expense, and ($81 million) Cash G&A[53, 56] - MPC Gross Asset Value increased from $37 billion in 2017 to $44 billion in 2025[49]