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Earnings Release Presentation Q2 2025
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 2 Forward Looking Information This presentation contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward- looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. Additional information on the risks and uncertainties on the Company’s business can be found in the Company’s current Annual Information Form, annual and quarterly reports and in other reports and filings made with the securities regulatory authorities and available at www.sedarplus.com and www.mattr.com. The forward-looking information is provided as of the date of this presentation and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law. The complete text of Mattr’s statement on forward looking information is included at the outset of the Company’s Second Quarter 2025 Management Discussion and Analysis (MD&A) report, which is available on SEDAR and on the Company’s website at mattr.com. Q2 2025
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 3 • Q2-25 Continuing Operations Revenue of $321.0M, a 33% increase vs. Q2-24 • Q2-25 Continuing Operations Adjusted EBITDA of $42.5M, a 5% increase vs. Q2-24 • Completed all remaining MEO activities during Q2-25. The Company recorded $7.3M in MEO costs (included in Adjusted EBITDA), entirely within the Connection Technologies segment. • Completed strategic portfolio adjustments with the sale of the Thermotite business to Vallourec during the quarter for gross proceeds of $24.2M • Exhausted Normal Course Issuer Bid (NCIB) on June 6. Renewed NCIB at earliest eligible renewal date on June 30 and remained active. Maintaining disciplined capital allocation approach with “all of the above” strategy Returning Capital to Shareholders NCIB renewed in June 2025 and have remained active Organic Investment Substantial investments in 2023-25, with incremental opportunities in 2026+ Inorganic Investment Acquired AmerCable on January 2, 2025 Normal Course Net-debt- to Adjusted EBITDA <2x Have moved above normal course 2x with acquisition; expect to return to target levels in 2026 ALL OF THE ABOVE Highlights – Q2 2025
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 4 Connection Technologies – Q2 2025 • Revenue of $176.5M, a 99% increase vs. Q2-24 • AmerCable revenue front-loaded in 2025, based on timing of sales into specific projects. • Shawflex Q2 revenue constrained by final facility relocation activities. Move now complete, with early Q3 productive output back to pre-move levels. • DSG-Canusa revenue similar to prior year and prior quarter with lower automotive market activity offset by share gains across multiple end markets • $7.3M of non-capitalizable cost recognized during Q2 for North American production footprint modernization, expansion and optimization (MEO) projects which reached completion during the quarter • Segment likely to be impacted by recently implemented US tariffs on certain copper products • AmerCable onboarding largely complete, early successes from expanded data center focus & broader cross-selling strategy
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 5 Composite Technologies – Q2 2025 • Q2-25 revenue of $144.4M, a 5% decrease vs. Q2-24 • Xerxes sets new record revenue, as strong demand for fuel storage and water management products continues • Flexpipe US revenue strength continues, with market share gains offsetting well completion decline of 8%. • Flexpipe international activity remains modest & US activity projected to move further down during second half of 2025 • Flexpipe technology development projects remain on- schedule with significant new product introductions expected around year end • New and refurbished production sites elevating operational efficiency in face of workforce availability challenges • Segment finished goods not currently subject to US tariffs
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 6 Flexpipe Technology Development Significantly Expands Addressable Market TAM = Total Addressable Market Proven track record of rapid adoption of new, larger diameter technology Competitive Landscape (Market Share % of TAM) Untapped composite technology adoption opportunity 8” Technology offers similar market expansion opportunity to 5-6” Composite Technology Composite Technology Composite Technology Steel Steel Steel 0% 20% 40% 60% 80% 100% 2-4" 5-6" 8" Flexpipe North America Revenue per Well North America Addressable Market 2-4” TAM 5-6” TAM 8” TAM 2021 2022 2023 2024 2025 H1 Total Revenue / Completed Well 5-6” Revenue / Completed Well 111% Increase
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 7 Financial Results – Q2 2025 $ In millions Q2 2025 Q2 2024 Change Revenue 176.5 88.8 +98.9% Adj. EBITDA 22.1 17.2 +28.0% Adj. EBITDA Margin (%) 12.5 19.4 -690bps $ In millions Q2 2025 Q2 2024 Change Revenue 144.4 152.5 -5.3% Adj. EBITDA 24.9 27.5 -9.6% Adj. EBITDA Margin (%) 17.2 18.0 -82bps $ In millions Q2 2025 Q2 2024 Change Revenue 1.7 12.6 -86.5 Adj. EBITDA -3.1 2.4 -227.1% Adj. EBITDA Margin (%) -181.9 19.3 -2012bps Connection Technologies Composite Technologies Discontinued Operations 1 CURRENT QUARTER VS PRIOR -YEAR QUARTER HIGHLIGHTS 1Note: Discontinued Operations – includes solely the Thermotite business (Brazil) which was sold to Tenaris effective June 5, 2025. MEO Costs $7.3M in Q2 – entirely in the Connection Technologies segment Composite Technologies Adjusted EBITDA decreases 9.6% year-over-year driven by lower Flexpipe intl sales partially offset by stronger Xerxes tank and water management product sales & MEO cost elimination Connection Technologies Adjusted EBITDA increases 28.0% year-over-year driven primarily by contribution from newly acquired AmerCable business, partially offset by higher non-capitalizable MEO costs incurred during the quarter and lower Shawflex contribution during final plant relocation Adj. EBITDA $321.0M Continuing Operations $42.5M Revenue Acquisition Costs $3.4M in Q2 - related entirely to the acquisition of AmerCable
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 8 Cashflow and Debt – Q2 2025 Consolidated Cash & Debt • Net Debt to Adjusted EBITDA ratio at 3.5x which is reflective of the debt incurred and purchase consideration paid for the acquisition of AmerCable. The Company targets a normal course Net-debt-to-Adjusted EBITDA ratio of 2.0 times but is comfortable with higher levels for limited time periods. • Adjusting for the acquisition of AmerCable and the divestiture of Thermotite, pro forma net debt to Adjusted EBITDA would be 3.1x, or 2.2x excluding lease liabilities • Unutilized credit facilities availability of $313.2M as of June 30, 2025 • Quarter-end credit facility balance of $136.4M, with net-repayment of $14.5M from the balance at the end of Q1 25 • Cash Capital Expenditures includes previously accrued items. Of the amount shown, $4.6M was related to Q1 capital outlays 3.82 5.11 7.10 3.69 3.28 2.26 1.90 1.98 2.22 1.96 1.42 0.04 0.46 0.53 0.50 (0.26) (0.23) 0.23 0.59 1.01 3.63 3.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2021 2022 2023 2024 2025 Net Debt to Adj EBITDA
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 9 CAPEX – Q2 2025 $32 $139 $101 $19 $7 $54 $148 $113 $26 $0 $20 $40 $60 $80 $100 $120 $140 $160 2022 2023 2024 2025 YTD 2026 Estimate CAPEX ($CAD MM) Growth Maintenance $40-50 Capital spend (including outstanding payments to suppliers) of $14.5 million in Q2, of which $10.9 million was directed to growth capital – mostly new product readiness and MEO projects. Note: Total cash outlay for capital expenditures during Q2 was $ 11.3 million, of which $ 4.6 million related to accrued Q1 2025 capex . $60-$70 million of total capex expected in 2025, of which approximately $45-55 million will be growth capex, including the completion of MEO projects in the Connection Technologies segment. All MEO projects physically completed, with final cash outflow tied to capital expenditures expected during H2-2025
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 10 2025 Outlook – Q2 2025 Macro & Strategic Xerxes® Flexpipe ® Operational DSG-Canusa Shawflex AmerCable Substantial market uncertainty exists regarding the potential duration & scope of tariffs and any related changes in economic conditions The outlook below incorporates Mattr’s best estimate of these impacts as of August 13, 2025 and is subject to change Anticipate Q3 business performance similar to Q2, as high demand for fuel and water-related products persists and significant secured backlog in place Anticipate Q3 business performance below Q2, as further reduction in North American onshore completion activity likely offsets continued technology-driven market share gains Anticipate Q3 business performance above Q2, as MEO costs are eliminated Anticipate Q3 business performance below Q2, as MEO cost elimination is offset by lower project specific deliveries and modest anticipated copper related tariff effects • Mattr directly exposed to long-term growth of investment into critical infrastructure, including electrification, communication, transportation, mineral extraction, energy and water management • Mattr’s participation in highly attractive North American electrification macro theme increased through AmerCable acquisition • Company has now completed its strategic portfolio rationalization & substantial North American production footprint re-vitalization activities • Currently observing limited tariff impacts on Mattr's supply chain, although the longer-term impact of recent US tariffs on certain copper products is under evaluation • High degree of near/mid-term economic uncertainty, with corresponding volatility in many commodity prices • Currently anticipate uncertainty will continue to drive somecustomers, across various end markets, to temper near and mid-term pace of investment Anticipate Mattr Q3 Business Performance Modestly Below Q2
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Q2 ‘25 EARNINGS RELEASE PRESENTATION 11 $52.9 million in cash and $341.0 million in undrawn credit facility capacity at the end of Q2-25 Net Debt-to-Adjusted EBITDA of 3.5x at the end of Q2-25. Proforma including AmerCable and excluding Thermotite results would be 3.1x or 2.2x excluding lease liabilities Significant growth capex invested 2023-2025 to enable long- term growth Returning cash to shareholders – Since 2022, have repurchased and cancelled 10M shares (14% of originally outstanding shares) through Normal Course Issuer Bid, for an aggregate purchase price of $135.5 million. During Q2-25, shares repurchased and cancelled were 0.71M for an aggregate purchase price of $7.2M. Acquired AmerCable on Jan 2, 2025 for a purchase price of US$280 million. Fundamental Transformation Complete - Positioned to Execute in 2025 & Beyond Global material technology company with significant market positions across both operating segments 85+ year history with strong track record of execution, offering differentiated products via 5 recognized brands Supportive long-term critical infrastructure and industrial fundamentals Long-term profitable growth opportunities from (i) aging infrastructure, (ii) urbanization, (iii) resource scarcity, & (iv) climate change as critical infrastructure is expanded and renewed Portfolio simplified to prioritize infrastructure and industrial markets, lower volatility and increase full-cycle returns Differentiated product offerings serving electrification, water, transportation, communication, mining and energy end-markets Abundant long-term growth opportunities and established customer base comprised of investment grade counterparts High-quality customers with low concentration in all segments Strong liquidity position & optimally deploying capital
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Thank you.