Financial Performance - Q3 2025 - Sales reached $448 million, compared to $404 million in the same period of 2024[9, 29] - Adjusted EBITDA stood at $92 million, resulting in an Adjusted EBITDA margin of 20.4%[9, 29] - Adjusted earnings per share (EPS) was $0.69[9, 29] - Adjusted Free Cash Flow was $72 million[9] - Net income was $55 million, with diluted earnings per share at $0.66[10, 29] Balance Sheet and Capital Allocation - The company has $618 million in liquidity[32] - Net Debt to Adjusted EBITDA ratio is 1.0x[32] - $30 million of share repurchases were executed in Q3 2025, with $61 million repurchased year-to-date[32] - The quarterly dividend was increased by 10% to $0.055 per share[32] 2025 Outlook - Sales are projected to be in the range of $1.72 billion to $1.745 billion[33] - Adjusted EBITDA margin is expected to be between 19.50% and 20.0%[33] - Adjusted earnings per share are forecasted to be $2.50 to $2.65[33]

Financial Performance - Revenues for Q3 2025 reached $21 million, a 44% increase compared to $14.6 million in Q3 2024[31] - Gross profit for Q3 2025 was $9.9 million, a 73% increase from $5.7 million in Q3 2024[31] - Net income for Q3 2025 was $7.7 million ($0.05 per share), a 559% increase compared to $1.2 million ($0.01 per share) in Q3 2024[31] - Adjusted earnings for Q3 2025 were $11.6 million ($0.07 per share), a 134% increase from $5.0 million ($0.04 per share) in Q3 2024[31] - Cash flow from operations for Q3 2025 was $8.3 million ($0.05 per share), a 101% increase from $4.1 million ($0.03 per share) in Q3 2024[31] - Free cash flow for Q3 2025 was $4.5 million, an 89% increase from $2.4 million in Q3 2024[31] Production and Costs - Mill throughput in Q3 2025 was 21% higher than in Q3 2024[23] - Cash cost per silver equivalent ounce sold in Q3 2025 was $17.09, a 14% increase compared to Q3 2024[37] - All-in sustaining cost per silver equivalent ounce sold in Q3 2025 was $24.06, a 9% increase compared to Q3 2024[37] Balance Sheet - The company had $57.3 million in cash and $50.8 million in working capital as of September 30, 2025[30]

Company Performance & Strategy - Granite Ridge aims to be the leading public investment platform for energy development in the United States, targeting 25% full-cycle returns and mid-teens annual growth[7] - The company's Q3 2025 production reached 31,925 Boe/d, with 51% oil and 49% gas[3] - Granite Ridge has achieved a 47% CAGR growth since 2017 while maintaining leverage below 10x Net Debt/Adjusted EBITDAX[31] - The company declared a quarterly dividend of $011 per share[89] Market Trends & Opportunities - The U S rig count is down approximately 30% since its peak, indicating industry under-investment in new supply[8, 9] - US Frac Spread Count is down approximately 45% compared to pre-COVID levels, potentially impairing future production growth[10, 11] - US shale productivity has peaked, requiring more capital for less output due to depleted Tier 1 inventory[17] - Private equity fundraising in US natural resources has declined by approximately 70%, creating an opportunity for Granite Ridge[40, 41] Capital Allocation & Investment - Granite Ridge has invested over $18 billion in the past 10 years, navigating multiple downturns[35] - The company expects to close over 50 deals in 2025, expanding inventory by over 74 net locations[73] - Non-Op investments account for 35% of the company's 2025 estimated capital allocation, while Operated Partnerships represent 65%[81]

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Financial Performance - Revenue for Q2 FY26 increased by $12.5 million, a 23% increase compared to the prior-year period[23] - Q2 FY26 gross profit increased by $1.5 million, a 12% increase[29] - The gross margin decreased by 220 bps to 21.7%[29] - Q2 FY26 GAAP Net Income was $3.1 million[11] - Adjusted EBITDA for Q2 FY26 was $6.3 million, a 12% increase[11] - The company expects net sales between $225 million and $235 million for FY26[47] Orders and Backlog - Q2 FY26 orders totaled $83.2 million[11] - The book-to-bill ratio for Q2 FY26 was 1.3x[11] - Record backlog reached $500.1 million[11] - Defense accounted for 85% of the backlog, Energy & Process 10%, and Space 5%[42] Strategic Investments and Acquisition - A new Navy Facility in Batavia, NY was completed in Q2 FY26, backed by a $13.5 million customer grant as part of a $17.6 million expansion[13] - Graham Corporation acquired Xdot Bearing Technologies for $1.5 million, including earn-outs[19]

Financial Performance & Guidance - Gray Media's 3Q25 total revenue reached $749 million, hitting the high-end of guidance[12] - Core advertising revenue for 3Q25 also reached the high-end of guidance at $346 million[12] - Retransmission revenue for 3Q25 exceeded guidance at $355 million[12] - Corporate expense for 3Q25 was below the low-end of guidance at $22 million[12] - Broadcasting expense for 3Q25 was below the low-end of guidance at $542 million[12] - Production companies expense for 3Q25 was below the low-end of guidance at $28 million[12] - For the nine months ending September 30, 2025, total revenue was $2303 million, compared to $2599 million for the same period in 2024[15] - Adjusted EBITDA for the nine months ending September 30, 2025, was $491 million, compared to $760 million for the same period in 2024[15] Debt & Leverage - As of September 30, 2025, Gray Media's secured leverage ratio was 366x[16] - As of September 30, 2025, the first lien leverage ratio was 272x[16] - As of September 30, 2025, the leverage ratio was 577x[16]

Third Quarter 2025 Earnings Presentation September 2025 Disclaimer For the purposes of this notice, the "presentation" that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of OPAL Fuels Inc. (the "Company" or "OPAL Fuels") or any person on their behalf and the question-and-answer session that follows that oral presentation. By reading the presentation slides, you will be deemed to have (i) agreed to the following limitations and notificatio ...

Financial Performance - Revenue reached $476 million in Q3 2025[7] - Net earnings totaled $367 million[7] - Adjusted net earnings amounted to $281 million[7] - Operating cash flow was $383 million[7] - Gross margin for Q3 2025 increased by 70% compared to Q3 2024[24] - Net earnings increased by 138% from $155 million in Q3 2024 to $367 million in Q3 2025[25] - Adjusted net earnings increased by 84% from $153 million in Q3 2024 to $281 million in Q3 2025[25] - Operating cash flow increased by 51% from $254 million in Q3 2024 to $383 million in Q3 2025[25] Operational Highlights - Salobo produced 67,000 ounces of attributable gold, a 7% increase relative to Q3 2024[13] - Peñasquito produced 2.1 million ounces of attributable silver, a 17% increase relative to Q3 2024[13] Corporate Development - Declared a quarterly dividend of $0.165 per common share, a 6.5% increase relative to the fourth quarterly dividend of 2024[9]

Financial Performance - Q3 2025 sales were $485.3 million, a decrease of 12.4% compared to $554.3 million in Q3 2024[17, 85] - Adjusted EBITDA for Q3 2025 was $70.9 million, a decrease of 8.4% compared to $77.4 million in Q3 2024[20, 85] - The company generated approximately $50 million in cash flow during Q3 2025[9] - The company deployed $50 million to dividends, share buybacks, and debt reduction[9] Segment Performance - Railroad and Utility Products and Services (RUPS) sales decreased by 6.2%, from $248 million in Q3 2024 to $233 million in Q3 2025[17] - Performance Chemicals (PC) sales decreased by 18.3%, from $177 million in Q3 2024 to $144 million in Q3 2025[17] - Carbon Materials and Chemicals (CMC) sales decreased by 16.4%, from $130 million in Q3 2024 to $108 million in Q3 2025[17] Business Optimization and Market Dynamics - Year-to-date adjusted SG&A expenses decreased by 14% compared to the prior year[9] - The company reduced headcount for five consecutive quarters, with full-time employees (FTEs) 17% lower compared to April 2024[9] - Most end markets remain soft, with PC volumes down 5% in residential (excluding market share loss) and up 2.5% in industrial, Class I demand down 3% year-to-date, and CMC markets at a trough[9] - UIP volumes for Q3 2025 increased by 6.5% compared to the prior year[9] 2025 Guidance - The company forecasts sales of approximately $1.9 billion for 2025[70, 71] - Adjusted EBITDA is forecasted to be between $255 million and $260 million for 2025[72] - Adjusted EPS is forecasted to be between $4.00 and $4.15 for 2025[75]

Q3 2025 Performance - Q3 2025 net production reached 20,789 Boe/d, with 64% oil and 84% liquids[7] - The company sold 13,332 barrels of oil per day[15] - Lifting costs were reduced to $10.73 per Boe, a 2% improvement compared to guidance[15] - Capital expenditures totaled $24.6 million[16] - Adjusted Free Cash Flow was $13.9 million, marking the 24th consecutive quarter of positive cash flow[17] - Debt was reduced by $20 million, exceeding guidance by $2 million, increasing liquidity to $157.3 million[17] Financial Highlights - Q3 2025 realized price was $41.10 per Boe[19] - Adjusted EBITDA for Q3 2025 was $47.7 million[19] - All-in cash operating costs were $22.35 per Boe in Q3 2025[19] - The company's leverage ratio was 2.10x in Q3 2025[19] - 2024 SEC Proved Reserves are 134 MMBoe with PV10 ~$1.5 Billion[7] Acquisitions and Strategy - The Lime Rock Acquisition added ~12 MMBoe with PV10 ~$160 million[7] - The Lime Rock Acquisition added ~18,000 net acres and ~40 locations[7] - The company operates ~96% of its working interest[7] - The company's net revenue interest is ~79% for oil and ~82% for gas[7]