Full Year 2025 (FY25) Results Presentation 26 August 2025 For personal use only How We Do It OneConnected team - Building scale and capability organically and via acquisition Who We Are For personal use only 2 2 Accounting & Business Advisory Alternative Funding Consulting Employee Share Plan Administration & Management Corporate Finance, M&A & Corporate Development Investment Research & Retail Managed Funds/Solutions SMSF Advice & Administration Property Asset Management Alternative Asset Management Strate ...

For personal use only For personal use only For personal use only For personal use only | | FY245 (ASm) | FY24 (ASm) | | FY 24 (USSm) | Comments | | --- | --- | --- | --- | --- | --- | | | | | | | Asset realisations with Avante, Cordillera, Proterra, | | Boutique management fees | 15.5 | 36.0 | 10.0 | 23.6 | Banner Oak, Carlisle, Pennybacker (partial) and Victory Park (partial) exits impacting boutique results | | Boutique performance fees | 8.0 | 11.3 | 5.1 | 7.4 | Largely contributed by VPC and Roc | | Bo ...

Non-GAAP Financial Measures QUARTERLY EARNINGS PRESENTATION Q2'26 NASDAQ: SMTC 1 | QUARTERLY EARNINGS PRESENTATION | Q2'26 Safe Harbor Statement This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company's current expectations, estimates and projections about its operations, industry, financial condition, performance, results of operations, and liquidity. Forward-looking ...

Financial Performance - StealthGas Inc achieved record revenues of $47.2 million in Q2 2025, a 13% increase year-over-year[6,15] - Adjusted net income was $21.7 million in Q2 2025, with an adjusted EPS of $0.59[6] - The company further reduced its debt by $86 million during 2025 and has no debt on its fully owned fleet of 29 vessels[6] - Share repurchases totaled $1.8 million this year, bringing the total to $21.2 million since 2023[6] Fleet and Operations - Over 70% of revenue is fixed for the remainder of 2025, with contracted revenues exceeding $150 million for subsequent periods[6] - The company sold one small LPG carrier in Q2 2025 and purchased the remaining 50% share in two small LPG carriers from its joint venture partner[6] - The fleet employment analytics show time charter coverage extending into 2028 for some vessels[7] Market Trends - Global LPG exports continue to grow steadily, with a 6.6% increase in the first half of 2025[30] - US exports of liquefied propane are trending higher, with a 3% year-over-year increase in Q2 2025[30] - The company notes that about 30% of the small LPG fleet is over 20 years of age, with low scrapping activity[35] Future Considerations - The company highlights global trade tensions, slower economic growth in China, and inflationary pressures as potential risks[40] - Positive factors include significant operating leverage, reduced spot market exposure, a healthy capital structure, and strong Asian demand[41]

Transaction Overview - Crescent Energy will acquire Vital Energy in an all-stock transaction, with 1.9062 shares of Crescent exchanged for each share of Vital[17] - The transaction implies a 5% premium to the 30-day VWAP exchange ratio and a 15% premium to Vital's 30-day VWAP as of August 22, 2025[17] - Post-transaction, Crescent shareholders will own approximately 77% and Vital shareholders will own approximately 23% of the combined company[17] - The combined company targets $90 to $100 million in estimated annual synergies within the first 12 months[17] Financial Highlights - The combined entity anticipates generating over $4 billion in free cash flow over the next 5 years[17] - Leverage is expected to be approximately 1.5x at closing, with further deleveraging planned through organic free cash flow and potential divestitures of non-core assets worth around $1 billion[17] - Crescent plans to maintain a quarterly dividend of $0.12 per share[17] - The pro forma company anticipates approximately $3.4 billion in EBITDA for 2025[18] and $1 billion in levered free cash flow[18] Asset Portfolio - The combined company will have a scaled asset portfolio across the Eagle Ford, Permian, and Uinta Basins[16] - Pro forma production is estimated at approximately 397 Mboe/d, with approximately 64% liquids[31] - The company holds approximately 1 million net acres across the Eagle Ford, Uinta, and Permian basins[34]

Transaction Overview - Crescent Energy will acquire Vital Energy in an all-stock transaction, with 1.9062 shares of Crescent exchanged per share of Vital[17] - The pro forma combined enterprise value is approximately $9.1 billion, assuming a Vital equity value of ~$750 million as of August 22, 2025, and the assumption of ~$2.3 billion in net indebtedness[17] - Pro forma ownership will be 77% Crescent and 23% Vital[17] - The transaction is expected to close by the end of Q4 2025[17] Financial and Strategic Benefits - The combined company anticipates strong free cash flow generation of over $4 billion over the next 5 years[17] - Targeting $90 - $100 million of estimated annual synergies over the next 12 months[17] - Expect ~1.5x leverage at close with a path to further deleveraging through organic FCF and ~$1 billion pipeline of non-core divestitures[17] - Pro forma Crescent is positioned as a Top 10 independent producer[15] - The combined company's 2025E production is estimated at ~397 Mboe/d, with ~64% liquids[31] Capital Allocation and Returns - Maintain a $0.12 per share quarterly dividend[17] - The acquisition is expected to be highly accretive to CFFO, FCF, and NAV per share[14] - The company targets a ~50% reinvestment rate to increase free cash flow[37]

Transaction Overview - Keurig Dr Pepper (KDP) will acquire 100% of JDE Peet's for an enterprise value of $23 billion[21] - The acquisition is expected to generate $400 million in cost synergies[28,49] - Following the acquisition, a tax-free separation is planned to create two independent U S -listed companies[23] New Companies - "Global Coffee Co " will have LTM net sales of $15 9 billion[23,49] and adjusted EBITDA of $3 1 billion[49] - "Beverage Co " will have LTM net sales of $11 1 billion[23,60] and adjusted EBITDA of $3 3 billion[60] - Global Coffee Co will have approximately 40% of net sales from North America and 40% from Europe[52] Financial Details - The offer price for JDE Peet's shares is €31 85 per share[77] - The acquisition represents a 12 9x Enterprise Value to Adjusted 2026E EBITDA multiple, or 10 5x including expected cost synergies[77] - Approximately 69% of JDE Peet's holders have irrevocably agreed to tender their shares[77]

Financial Performance - Adjusted EBITDA decreased by 14% to R52 billion due to lower oil prices, weaker refining margins, a stronger Rand/USD exchange rate, lower production volumes, and a lower-for-longer chemicals outlook[17] - Free cash flow increased by 75% to R126 billion[17] - Capital expenditure decreased by 16% to R25 billion[17] - Net debt is at US$37 billion, targeting below US$4 billion[12, 27] Business Operations - Southern Africa operations are focused on improving cost competitiveness, with a target of US$55-60/bbl breakeven and 70-72mt SO production in FY26[19] - International Chemicals business saw an Adj EBITDA uplift of over US$120 million compared to FY24, with a FY26 target of US$450-550 million and an Adj EBITDA margin of 10-13%[20] - Mining saleable production is targeted at 28-30mt, with coal quality sinks at 12-14%[67] Sustainability and Social Contribution - Approximately R44 billion was paid in global direct and indirect tax[22] - Over R660 million was spent globally on social investment programs[22] - Net GHG emission reduction of approximately 20% off the FY17 baseline[75] FY26 Outlook - Capital expenditure is projected to be R24-26 billion[49] - Net debt is expected to remain below US$37 billion[49] - Working capital is targeted at 155-165%[49]

For personal use only Investor Presentation 2025 Half Year Financial Results For personal use only Presenters Michael Riches Chief Executive Officer Stephanie Commons Chief Financial Officer 01 Overview 02 H1-25 Highlights 03 Stable and predictable business model 04 Financial Performance 05 Growth optionality 06 Strategic Priorities 07 Appendices Investor Presentation | August 2025 2 Format photo Overview For personal use only 3 4 For personal use only DBI through its foundation asset, the Dalrymple Bay Ter ...

FY25 Full Year Results Presentation For personal use only 20 25 Important Notice & Disclaimer No Reliance The information contained in this document is not investment or financial product advice and is not intended to be relied upon as the basis for an investment decision, and is not, and should not be assumed to be, complete. The information provided in this presentation may not be suitable for your specific needs and should not be relied upon by you in substitution for obtaining independent advice. To the ...