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MOBILE INFRASTRUCTURE INVESTOR PRESENTATION 2nd Quarter 2026
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Legal Disclaimer FORWARD-LOOKING STATEMENTS THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS, OTHER THAN STATEMENTS OF PRESENT OR HISTORICAL FACT, THAT ADDRESS THE FUTURE FINANCIAL PERFORMANCE OF MOBILE INFRASTRUCTURE CORPORATION (THE “COMPANY”), AS WELL AS THE COMPANY'S STRATEGY, FUTURE OPERATIONS, FUTURE OPERATING RESULTS, FINANCIAL POSITION, ESTIMATED REVENUES, AND LOSSES, PROJECTED COSTS, PROSPECTS, PLANS AND OBJECTIVES OF MANAGEMENT ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE TYPICALLY IDENTIFIED BY THE USE OF TERMS SUCH AS “MAY,” “SHOULD,” “EXPECT,” “COULD,” “INTEND,” “PLAN,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE,” “PREDICT,” “POTENTIAL” OR THE NEGATIVE OF SUCH TERMS AND OTHER COMPARABLE TERMINOLOGY. THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION ARE BASED ON INFORMATION AVAILABLE AS OF THE DATE OF THIS PRESENTATION AND ON THE CURRENT EXPECTATIONS, FORECASTS AND ASSUMPTIONS OF THE MANAGEMENT OF THE COMPANY, INVOLVE A NUMBER OF JUDGMENTS, RISKS AND UNCERTAINTIES AND ARE INHERENTLY SUBJECT TO CHANGES IN CIRCUMSTANCES AND THEIR POTENTIAL EFFECTS AND SPEAK ONLY AS OF THE DATE OF SUCH STATEMENTS. THERE CAN BE NO ASSURANCE THAT FUTURE DEVELOPMENTS WILL BE THOSE THAT HAVE BEEN ANTICIPATED. THESE FORWARD- LOOKING STATEMENTS INVOLVE A NUMBER OF RISKS, UNCERTAINTIES OR OTHER ASSUMPTIONS THAT MAY CAUSE ACTUAL RESULTS OR PERFORMANCE TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED, CONTEMPLATED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THE COMPANY CAUTIONS YOU THAT THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO NUMEROUS RISK AND UNCERTAINTIES, MOST OF WHICH ARE DIFFICULT TO PREDICT AND MANY OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THESE RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO: (I) THE COMPANY'S COMPLETION ITS OF PIPELINE ACQUISITIONS IN THE NEAR TO MEDIUM TERM, (II) THE LIKELIHOOD THE COMPANY WILL ACHIEVE NOI IMPROVEMENT, (III) THE CONVERSION OF THE COMPANY'S REMAINING ASSETS TO MANAGEMENT CONTRACTS WITHIN THE CURRENT TIMELINE, (IV) THE COMPANY'S ABILITY TO UTILIZE LEVERS SUCH AS EV CHARGING, AIR RIGHTS MONETIZATION AND FLEET MANAGEMENT TO ACHIEVE NEW SOURCES OF REVENUE, AND (V) THOSE FACTORS DESCRIBED IN THE SECTION TITLED “RISK FACTORS” IN OUR MOST RECENTLY FILED ANNUAL REPORT ON FORM 10-K AND OTHER CURRENT AND PERIODIC REPORTS WE FILE FROM TIME TO TIME WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) AND OUR FINAL PROSPECTUS FILED WITH THE SEC PURSUANT TO RULE 424(B) UNDER THE SECURITIES ACT OF 1933 ON APRIL 10, IN CONNECTION WITH OUR REGISTRATION STATEMENT ON FORM S-3. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALIZE, OR SHOULD ANY OF OUR ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY IN MATERIAL RESPECTS FROM THOSE PROJECTED IN THESE FORWARD-LOOKING STATEMENTS. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS MAY BE REQUIRED UNDER APPLICABLE SECURITIES LAWS. NON-GAAP FINANCIAL MEASURES THIS PRESENTATION, AND STATEMENTS MADE IN CONNECTION WITH THIS PRESENTATION, REFER TO NON-GAAP FINANCIAL MEASURES, INCLUDING EBITDA, PROPERTY OPERATING EXPENSES, GENERAL & ADMINISTRATIVE EXPENSES, NET OPERATING INCOME, REVENUE PER AVAILABLE SPACE, AND UNLEVERAGED YIELD. THESE MEASURES ARE NOT PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA (“GAAP”) AND HAVE IMPORTANT LIMITATIONS AS ANALYTICAL TOOLS. NON-GAAP FINANCIAL MEASURES ARE SUPPLEMENTAL, SHOULD ONLY BE USED IN CONJUNCTION WITH RESULTS PRESENTED IN ACCORDANCE WITH GAAP AND SHOULD NOT BE CONSIDERED IN ISOLATION OR AS A SUBSTITUTE FOR SUCH GAAP RESULTS. PLEASE SEE NON-GAAP DISCLOSURES PAGE AND RECONCILIATION PAGE IN THE APPENDIX TO THIS PRESENTATION FOR FURTHER INFORMATION. MARKET INFORMATION INFORMATION CONTAINED IN THIS PRESENTATION CONCERNING THE MARKET AND THE INDUSTRY IN WHICH WE COMPETE, INCLUDING OUR MARKET POSITIONS, GENERAL EXPECTATIONS OF MARKET OPPORTUNITIES AND MARKET SIZES, IS BASED ON INFORMATION FROM VARIOUS THIRD-PARTY SOURCES, PUBLICLY AVAILABLE INFORMATION, VARIOUS INDUSTRY PUBLICATIONS, INTERNAL DATA AND ESTIMATES, AND ASSUMPTIONS MADE BY US BASED ON SUCH SOURCES AND OUR KNOWLEDGE OF THE PARKING INDUSTRY. INTERNAL DATA AND ESTIMATES ARE BASED UPON INFORMATION OBTAINED FROM TRADE AND BUSINESS ORGANIZATIONS AND OTHER CONTACTS IN THE MARKETS IN WHICH WE OPERATE AND OUR MANAGEMENT’S UNDERSTANDING OF INDUSTRY CONDITIONS. THIS INFORMATION AND ANY ESTIMATES PROVIDED HEREIN INVOLVE NUMEROUS ASSUMPTIONS AND LIMITATIONS. THIRD-PARTY SOURCES GENERALLY STATE THAT THE INFORMATION CONTAINED IN SUCH SOURCES HAS BEEN OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE. SOME MARKET DATA AND STATISTICAL INFORMATION ARE ALSO BASED ON OUR GOOD FAITH ESTIMATES, WHICH ARE DERIVED FROM MANAGEMENT’S KNOWLEDGE OF OUR INDUSTRY AND SUCH INDEPENDENT SOURCES REFERRED TO ABOVE. CERTAIN MARKET, RANKING AND INDUSTRY DATA INCLUDED IN THIS PRESENTATION, INCLUDING THE SIZE OF CERTAIN MARKETS AND OUR SIZE OR POSITION AND THE POSITIONS OF OUR COMPETITORS WITHIN THESE MARKETS, INCLUDING OUR SERVICES RELATIVE TO COMPETITORS, ARE BASED ON ESTIMATES OF OUR MANAGEMENT. THESE ESTIMATES HAVE BEEN DERIVED FROM MANAGEMENT’S CONSIDERABLE KNOWLEDGE AND EXPERIENCE IN THE MARKETS IN WHICH WE OPERATE, AS WELL AS INFORMATION OBTAINED FROM SURVEYS, REPORTS BY MARKET RESEARCH FIRMS, OUR CUSTOMERS, TRADE AND BUSINESS ORGANIZATIONS AND OTHER CONTACTS IN THE MARKETS IN WHICH WE OPERATE. INDUSTRY AND MARKET DATA COULD BE WRONG BECAUSE OF THE METHOD BY WHICH SOURCES OBTAINED THEIR DATA AND BECAUSE INFORMATION CANNOT ALWAYS BE VERIFIED WITH COMPLETE CERTAINTY DUE TO THE LIMITS ON THE AVAILABILITY AND RELIABILITY OF RAW DATA, THE VOLUNTARY NATURE OF THE DATA GATHERING PROCESS AND OTHER LIMITATIONS AND UNCERTAINTIES. EACH PUBLICATION SPEAKS AS OF ITS ORIGINAL PUBLICATION DATE (AND NOT AS OF THE DATE OF THIS PRESENTATION). IN ADDITION, WE DO NOT KNOW ALL OF THE ASSUMPTIONS REGARDING GENERAL ECONOMIC CONDITIONS OR GROWTH THAT WERE USED IN PREPARING THE FORECASTS FROM THE SOURCES RELIED UPON OR CITED HEREIN. THE INDUSTRY IN WHICH WE OPERATE IS SUBJECT TO A HIGH DEGREE OF UNCERTAINTY AND RISK. AS A RESULT, THE ESTIMATES AND MARKET AND INDUSTRY INFORMATION PROVIDED IN THIS PRESENTATION ARE SUBJECT TO CHANGE. 2
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Mobile Infrastructure Investment Thesis 1 2 We believe conversion from leased to managed contracts currently underway will improve revenue consistency and benefit NOI* margin in 2026 and beyond. Additionally, the Company leverages data analytics to drive revenue and NOI 3 4 Mobile Infrastructure intends to become the acquirer of choice in the parking industry through its unique, tax efficient acquisition program (using OPUs) and has a track record of increasing revenue and profitability of acquired assets 3 5 The Company has a $300 million pipeline of potential acquisitions that can be pursued as financial market conditions improve Mobile Infrastructure owns a diversified portfolio of parking assets primarily located in the Midwest and Southwest. New management came on board in 2021 with 40+ years experience in the parking industry and a proven track record *NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail. **For additional information regarding Mobile Infrastructure’s NAV, please see the Appendix.
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Overview of Parking Mobile Infrastructure at a Glance Miami Mobile Infrastructure is a large-scale, institutional-quality, mobility-focused parking owner 35 PARKING FACILITIES 19 / 16 LOTS / GARAGES 18 MARKETS ~13,200 PARKING SPACES 3.0M AVG. MSA POPULATION 4.44M SQUARE FEET OF PARKING SPACE Over 40 years of combined mgmt. team experience and relationships in parking Focus on top 50 MSAs and a value-add asset management approach# # Assets in market Single asset Source: MIC Management. Data as of June 30, 2026. 5 3 3 4 5 2 3 4 4
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Overview of Top Ten Assets Top ten assets are well-located and conversion from leased to managed contracts creates opportunity for further upside through proper asset management and technology Source: MIC Management. Data is based on TTM Revenue of currently owned assets as of June 30, 2026. Demand Drivers Name Location % of Total Spaces % of Revenue Multifamily Commerce Events Hospitality Govt. River East Garage Chicago, IL 8.8% 17.5% ✓ ✓ ✓ ✓ ✓ RenCen Garage Detroit, MI 9.7% 10.2% ✓ ✓ ✓ ✓ Mabley Place Garage Cincinnati, OH 5.9% 7.3% ✓ ✓ ✓ ✓ Bricktown Garage Oklahoma City, OK 4.2% 5.6% ✓ ✓ ✓ Taylor St Garage Fort Worth, TX 7.7% 5.5% ✓ ✓ ✓ ✓ Preston Garage + Congress Lot Houston, TX 4.0% 5.1% ✓ ✓ 1 West 7th Garage Cincinnati, OH 5.8% 4.7% ✓ ✓ ✓ ✓ ✓ Residence Inn Garage Denver, CO 3.4% 4.5% ✓ ✓ ✓ 222 West 7th Garage Cincinnati, OH 12.3% 4.3% ✓ ✓ ✓ ✓ IMG Garage Cleveland, OH 3.6% 3.3% ✓ ✓ ✓ ✓ Subtotal of Portfolio 65.4% 67.9% 5
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Our Strategic Plan: Driving NOI Growth 6 ASSET PROFILE PIVOT TO MANAGEMENT CONTRACTS ASSET MANAGEMENT APPROACH ANCILLARY REVENUE OPPORTUNITIES Assets in Top 50 MSA downtown cores with multiple demand drivers that have embedded upside potential Conversion to management contracts provides cost savings opportunities Onboard assets onto proprietary technology platform, driving value through active asset management and leveraging data Evaluate and implement opportunities for ancillary revenue (e.g., EV charging) 1 2 3 4
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Secular Tailwinds Driving Industry Growth Transient revenue drivers are at a steady state Leisure, travel, and dining have rebounded from 2020 Evolving preferences in working habits Hybrid work presents opportunities for new flexible membership products (e.g., 2, 3, 5-day passes) that free up additional capacity and feature higher rates. Data suggests more workers prefer to commute by car vs. public transit Acceleration of technological adoption The pandemic accelerated the adoption of technology like contactless parking and payment and opened the door to increased integration between hardware and software 7
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RevPAS(1) and Parking Lease Maturities 8 Quarter Management Agreement Stalls Leased Stalls Contracted Base Rent for Leased Locations 2Q26 11,796 1,674 $796,368 3Q26 12,081 1,389 $793,368 4Q26 12,081 1,389 $793,368 1Q27 12,212 1,258 $670,368 2Q27 12,601 869 $433,910 3Q27 13,116 354 $139,118 4Q27 13,116 354 $139,118 1Q28 13,116 354 $139,118 2Q28 13,116 354 $139,118 3Q28 13,116 354 $139,118 4Q28 13,116 354 $139,118 1Q29 13,116 354 $139,118 2Q29 13,116 354 $139,118 RevPAS Table 2025/2026 – RevPAS represents Parking Revenue per stall at the managed locations.** RevPAS excludes Houston Saks Garage and Milwaukee Wells Lot, as they were not under management agreements for all reported periods, and excludes any other asset that was not owned for the periods reported. Management Agreement & Leased Stall Table This table represents a waterfall table of when location leases mature and will convert to management contracts. Contracted base rent represents the lease revenue guaranteed by the lease and does not include revenue amounts that may be recognized at certain locations if collections exceed base thresholds set within the lease. (1) RevPAS is a company KPI and Parking Revenue is a non -GAAP measure. Please see “Non-GAAP Disclosures” page for further detail. (2) Detroit RenCen Garage was converted to a management agreement contract in mid -2024. Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Same Location RevPAS $218.42 $231.13 $225.13 $181.13 $197.97 $184.10 $187.47 $166.93 $176.31 $209.46 $204.61 $241.46 $228.82 Same Location TTM RevPAS $206.58 $206.95 $205.59 $202.53 $201.19 $199.85 $199.85 $199.54 $199.82 $199.67 $199.73 $202.01 $202.88 Same Location Quarterly RevPAS $212.14 $212.46 $189.85 $184.23 $224.96 Same Location RevPAS excl. RenCen(2) $202.01 $228.45 $213.41 $176.74 $191.72 $185.99 $190.44 $170.25 $174.13 $215.14 $206.15 $227.03 $226.90 Same Location TTM RevPAS excl. RenCen $200.31 $201.94 $200.43 $197.74 $196.84 $195.75 $196.05 $195.87 $196.04 $196.40 $196.74 $198.46 $200.53 Same Location Quarterly RevPAS excl. RenCen $203.51 $206.20 $189.38 $186.51 $220.03
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Asset Overview 9 N ame P ro perty A ddress C ity State Size / Sq. F t. A sset T ype Land B uildings, Equipment Gro ss B o o k Value D ate A cquired Lafayette Square Garage 300-31 4 Fairfield Avenue Bridgeport Connecticut 232,964 Garage $498,421 $7,61 8,798 $8,1 1 7,21 9 1 6-M ar River East Garage 322 East Illinois St Chicago Illinois 473,522 Garage 1 1 ,387,1 49 27,778,660 39,1 65,809 20-Feb 1 West 7th Garage 1 West Seventh Cincinnati Ohio 31 4,749 Garage 2,994,71 0 29,052,401 32,047,1 1 1 1 8-Feb 222 West 7th Garage 222 West Seventh Cincinnati Ohio 531 ,000 Garage 4,390,960 24,063,282 28,454,242 1 7-Sep M abley Place Garage 41 0 Race Street Cincinnati Ohio 353,700 Garage 1 ,360,1 97 1 7,350,061 1 8,71 0,258 1 4-Dec Crown Colony Lot 1 239 West 9th Street Cleveland Ohio 23,460 Lot 2,953,642 - 2,953,642 1 6-M ay IM G Garage 708 St. Clair Ave NE Cleveland Ohio 294,361 Garage 1 ,377,585 8,481 ,580 9,859,1 65 1 6-Oct Union & Archer Lot 1 200-1 240 West 9th Street Cleveland Ohio 94,252 Lot 5,91 7,555 59,300 5,976,855 1 6-M ay Residence Inn Garage 91 0 1 8th Street Denver Colorado 1 77,650 Garage 7,41 3,81 3 9,308,1 58 1 6,721 ,971 21 -Nov RenCen Garage 41 4 Renaissance Drive West Detroit M ichigan 382,470 Garage 6,496,895 37,71 5,920 44,21 2,81 6 1 7-Jan Taylor St Garage 81 4 Taylor St Fort Worth Texas 372,1 71 Garage 2,844,933 24,503,1 67 27,348,1 00 1 6-Nov Preston Garage + Congress Lot 1 31 1 Preston Street (Garage) / 1 31 0 Congress Ave (Lot) Houston Texas 1 40,1 1 5 Garage/Lot 1 5,229,659 5,278,680 20,508,338 1 7-Jun Preston Lot 1 1 02 Preston Street Houston Texas 1 0,000 Lot 2,820,000 - 2,820,000 1 6-Nov Saks Garage 61 1 Fannin St Houston Texas 90,750 Garage 3,71 2,504 4,099,365 7,81 1 ,868 1 5-M ay San Jacinto Lot 41 5 San Jacinto Houston Texas 28,326 Lot 3,250,000 - 3,250,000 1 6-Nov City Parking Garage 1 1 0 East Washington St Indianapolis Indiana 20,473 Garage 2,055,591 8,695,098 1 0,750,689 1 5-Oct Heyburn Lot 300-320 West Broadway Louisville Kentucky 54,450 Lot 3,006,934 - 3,006,934 1 6-Aug Poplar Lot 21 2 Poplar Ave M emphis Tennessee 37,563 Lot 3,670,487 1 2,420 3,682,907 1 3-Aug Chase Garage 1 50 E. 2nd Street M iami Florida 36,1 29 Garage 92,907 1 3,000 1 05,907 21 -Sep Arena Lot 1 1 24 North Old World 3rd St M ilwaukee Wisconsin 48,344 Lot 4,641 ,491 41 ,727 4,683,21 8 1 6-Feb Clybourn Lot 41 2 East Clybourn St M ilwaukee Wisconsin 2,400 Lot 256,645 - 256,645 1 6-Jan Old World Lot 822 North Old World 3rd St M ilwaukee Wisconsin 1 1 ,250 Lot 2,003,206 7,728 2,01 0,934 1 5-M ar Wells Lot 21 5 W Wells M ilwaukee Wisconsin 43,580 Lot 4,373,838 - 4,373,838 1 5-Jun Orpheum Lot 1 022 Hennepin Ave M inneapolis M innesota 86,283 Lot 7,51 3,202 29,999 7,543,201 1 6-Jan Ramada Lot 41 1 0th St North M inneapolis M innesota 71 ,737 Lot 4,01 2,626 1 34,249 4,1 46,875 1 6-Jan White Front Garage 207 2nd Avenue North Nashville Tennessee 44,944 Garage 3,1 1 6,300 8,576,1 54 1 1 ,692,454 1 6-Sep Rampart Lot 342 North Rampart St New Orleans Louisiana 27,1 05 Lot 8,1 66,61 2 - 8,1 66,61 2 1 8-Feb Bricktown Garage 222 E Sheridan Ave Oklahoma City Oklahoma 206,598 Garage 1 ,31 4,454 1 6,061 ,954 1 7,376,408 22-Jun 7th & Cerre Lot 700 South 7th Street St. Louis M issouri 46,056 Lot 3,300,000 - 3,300,000 1 7-Feb Broadway Lot 61 9-641 South Broadway St. Louis M issouri 41 ,948 Lot 2,400,000 - 2,400,000 1 7-Feb Cardinal Lot 500 South Broadway St. Louis M issouri 1 1 4,424 Lot 1 1 ,660,000 1 8,535 1 1 ,678,535 1 7-M ay Shoe Lot 1 300 Spruce St St. Louis M issouri 53,1 53 Lot 5,041 ,351 29,455 5,070,806 1 3-Sep Washington Lot 1 1 01 Washington Ave St. Louis M issouri 1 6,91 9 Lot 1 ,637,000 - 1 ,637,000 1 6-Jul Holiday Inn Garage 234 West Kellogg Boulevard St. Paul M innesota 1 01 ,568 Garage 1 ,673,000 7,234,250 8,907,250 1 6-Aug T o tal P o rtfo lio 4,584,414 16 Garages, 19 Lo ts $ 142,583,668 $ 236,163,940 $ 378,747,609
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MIX OF MANAGEMENT CONTRACTS AND LEASES MAJORITY MANAGEMENT CONTRACTS WITH STRATEGIC NNN LEASES OPTIMIZE EXISTING PORTFOLIO EXPAND VIA ACQUISITIONS LIMITED USE OF TECHNOLOGY TECHNOLOGY WILL ENHANCE DATA USAGE BUILDING INITIAL SALESEFORCE LARGER SALESFORCE & MORE CORPORATE ACCOUNTS TODAY THE FUTURE DEMAND BASED ON WORKFORCE & EVENTS CENTRAL BUSINESS DISTRICT ATTRACTS MORE RESIDENTIAL AND ADDITIONAL DEMAND 10
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Future Company & Portfolio Repositioning 11 As of June 30, 2026, 28 of our 35 assets have been converted to management contracts, allowing direct control over those property-level budgets We expect that the conversion will lead to accelerated revenue growth and cost savings that could drive incremental NOI* growth through 2026 Conversion of the remaining assets is planned for 2026- 2027 11 * NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail.
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Advantages of Management Contracts 2 Better control and management of expenses 3 Ability to ramp-up marketing as appropriate 4 Improved data visibility of parking usage and demand metrics 12 1 Ability to leverage Mobile’s experienced management team to accelerate growth
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The U.S. Parking Industry is Massive ~$131 billion annual parking revenue 1 ~1% of U.S. GDP 1 ~1 billion parking spaces in the U.S. 1 Industry comparison (annual revenue) 2 13 ~$9B Car wash industry ~$23B Amusement park industry Notes: 1. Source: EY”s Economic Contributions of the US Parking Industry, July 2020. Data as of 2018. 2. Goldman Sachs Equity Research initiating coverage reports: “Driven Brands Holdings”, February 2021, and “Americas Amusement Parks”, May 2020. ~$57B Auto maintenance industry
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Constrained Supply and a Highly Fragmented Market Create a Favorable Backdrop for Consolidation 1 Land scarcity, rising development costs, and zoning restrictions will inevitability limit growth of new supply 14 MOBILE INFRASTRUCTURE IS WELL-POSITIONED TO PURSUE GROWTH THROUGH CONSOLIDATION Opportunity to make accretive acquisitions of assets that are undermanaged and generate incremental yield through MIC’s robust asset management capabilities 2 As many asset owners seek liquidity, we expect them to monetize assets through the sale and outsourcing of parking assets. UP-C structure provides sellers with a tax- efficient liquidity option 3
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Acquisition Approach Origination Asset Selection Underwriting Execution Institutional relationships Boutique brokers Network of family / mom & pop owners Embedded upside Located in top-50 MSA; existing MIC market or large enough asset to provide immediate scale Proximity to multiple demand drivers Pre-identified 200 basis point premium to cost of capital Near-term revenue growth Healthy utilization rates Professional operating partner Foster relationships with nearby businesses Upgrade digital infrastructure 15
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AT ACQUISITION ASSET MANAGEMENT WHERE ARE WE NOW? Case study – Improving NOI: Residence Inn Garage (Denver, CO) 450 spaces $16.1M acquisition price (Nov. 2021) ~4.0% entry yield1 $650k Underwritten NOI ~$400k in total improvement capex including high-speed overhead doors to secure the garage, and new Flash POS PARCS equipment to minimize revenue slippage and utilize new parking revenue technology features Optimized hotel parking rates through collaboration with tenant-operator Established regular monthly meetings and business plan reviews with operator Established multi-channel reach to transient parkers Multiple demand drivers from proximity to hotel, office, residential buildings 6.4% current yield $1,020K NOI* today2 10.8% CAGR on NOI* Additional upside through business development efforts and near-term asset management initiatives 16 * NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail. Notes: 1 - Based on underwritten NOI during acquisition. 2 - Represents 2Q 2026 TTM actuals.
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AT ACQUISITION ASSET MANAGEMENT WHERE ARE WE NOW? ~5.7% entry yield $1.80M Underwritten NOI 2 $186k in total improvement capex including LPR camera system and other enforcement mechanisms to minimize revenue slippage Strong hotel parking rates implemented through collaboration with tenant-operator Drove ~100% contract pass retention in conjunction with higher rates Established regular monthly meetings and business plan reviews with operator Installed digital signage to support dynamic pricing and yield management strategy Established multi-channel reach to transient parkers Asset benefited from proximity to multiple demand drivers including hotel, office, residential, event, and government / institution 10.0% current yield $3.1M NOI* today3 9.0% CAGR on NOI* Additional upside through dynamic pricing strategy and near-term asset management initiatives 6 new EV chargers * NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail. Notes: 1 - Net of $1.6M tax proration credit. 2 - Based on underwritten NOI during acquisition. 3 - Represents 2Q 2026 TTM actuals. 1,154 spaces $31.4M acquisition price (Feb. 2020)1 Case study – Improving NOI: River East Garage (Chicago, IL) 17
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Kastle RTO Tacker vs. MIC Performance 18 Kastle Systems tracks key card swipes and fob usage across the 2,600 buildings it secures in 47 states, and publishes its top 10 markets by swipe volume. Mobile Infrastructure owns assets in three of these metros: Houston, Dallas/Fort Worth, and Chicago. The chart below compares average office occupancy in these three markets since COVID (benchmarked to 100%) against Mobile's revenue performance in the same markets. Mobile is outperforming return-to-office trends in these metros, positioning us well as RTO continues to ramp. 100.0% 66.5% 96.2% 114.7% 125.6% 126.3% 119.5% 125.1% 95.3% 96.1% 108.1% 109.9% 110.2% 108.3% 112.6% 41.3% 96.3% 120.6% 139.4% 140.4% 129.3% 136.0% 27.3% 37.1% 47.1% 53.9% 55.6% 57.9% 59.9% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% 2019 2020 2021 2022 2023 2024 2025 2026 MIC - Combined MIC - Contract MIC - Transient CHI & HOU & DAL/FTW
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Portfolio Optimization Strategy 2 Disciplined Portfolio Review: A detailed evaluation of non-core assets – focused on future demand drivers and intrinsic land value – has informed our strategic direction 3 Optimization Strategy: We’ve launched a 36-month asset rotation strategy to divest select non- core assets through 2027 4 Capital Reallocation: We expect to recycle ~$100M of proceeds over the next three years, redeploying that capital into fewer, larger parking assets with stronger NOI potential and multiple demand drivers 19 1 Strong Core Foundation: Approximately 50% of our portfolio consists of core assets that generate ~80% of revenue and >80% of net operating income (NOI), providing a solid base for growth (1) 1) As of December 31, 2024. 5 Competitive Advantage: Our proven track record, deep industry relationships, and proprietary deal flow position us to execute this strategy effectively and unlock long-term value
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Mobile Infrastructure’s Extensive Acquisition Pipeline Supports Long-Term Growth 20 $100 million of potential acquisitions could be completed over near to medium term as financial market conditions improve Curated pipeline of $300 million of potential acquisitions, located in diversified geographies with similar characteristics to existing portfolio Long-standing industry relationships and management reputation are critical elements in building deal flow 20
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APPENDIX
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Same-Location NOI Emphasis statement… 22 APPENDIX *NOI is a non-GAAP financial measure. Please see “Non-GAAP Disclosures” page for further detail. Same-Location NOI ($$$ in thousands) 2026 2025 % 2026 2025 % Revenues Managed property revenue $ 7,762 $ 7,054 $ 14,221 $ 13,204 Base rental income 1,008 1,262 2,017 2,530 Percentage rental income 123 104 342 335 Total revenues 8,893$ 8,420 5.6% 16,580 16,068 3.2% Operating expenses Property taxes 1,411 1,662 3,008 3,423 Property operating expense 1,629 1,534 3,293 3,157 Same-Location Net Operating Income $ 5,853 $ 5,224 12.0% $ 10,279 $ 9,488 8.3% Reconciliation Net loss $ (3,239) $ (4,661) $ (11,027) $ (8,995) Loss on extinguishment of debt - - 2,044 - Loss on sale of real estate - - 1,115 - Other (income) expense, net (28) (33) (136) 49 Change in fair value of Earn-Out liability - 135 - (235) Interest expense, net 4,773 4,704 9,853 9,340 Depreciation and amortization 1,760 2,867 3,603 4,948 General and administrative 2,579 2,423 5,006 4,792 Net Operating Income $ 5,845 $ 5,435 $ 10,458 $ 9,899 Less: 2025 and 2026 Disposed Assets 8 (211) (179) (411) Same-Location Net Operating Income $ 5,853 $ 5,224 $ 10,279 $ 9,488 For the Three Months Ended June 30 For the Six Months Ended June 30
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EBITDA Emphasis statement… 23 APPENDIX * EBITDA and Adjusted EBITDA are non-GAAP financial measures. Please see “Non-GAAP Disclosures” page for further detail. Adjusted EBITDA ($$$ in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Reconciliation of Net Loss to Adjusted EBITDA Attributable to the Company Net Income (Loss) $ (3,239) $ (4,661) $ (11,027) $ (8,995) Interest expense 4,773 4,704 9,853 9,340 Depreciation and amortization 1,760 2,867 3,603 4,948 Change in fair value of Earn-Out liability - 135 - (235) Other (income) expense, net (28) (33) (136) 49 Loss on extinguishment of debt - - 2,044 - Loss on sale of real estate - - 1,115 - Equity-based compensation 793 834 1,594 1,488 Adjusted EBITDA Attributable to the Company $ 4,059 $ 3,846 $ 7,046 $ 6,595 Quarter Ended YTD Ended
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Balance Sheet Emphasis statement… 24 APPENDIX
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Non-GAAP Disclosures 25 APPENDIX Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”). Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) reflects net income (loss) excluding the impact of the following items: interest expense, depreciation and amortization, and the provision for income taxes, for all periods presented. Adjusted EBITDA also excludes stock-based compensation expense, non-cash changes in the fair value of the Earn-Out Liability, gains or losses from disposition of real estate assets, impairment write-downs of depreciable property, and other (income) expense, net. Our use of Adjusted EBITDA facilitates comparison with results from other companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels, and credit ratings. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. Adjusted EBITDA also excludes depreciation and amortization expense because differences in types, use, and costs of assets can result in considerable variability in depreciation and amortization expense among companies. We exclude stock-based compensation expense in all periods presented to address the considerable variability among companies in recording compensation expense because companies use stock-based payment awards differently, both in the type and quantity of awards granted. We use Adjusted EBITDA as a measure of operating performance which allows us to compare earnings and evaluate debt leverage and fixed cost coverage. Same-Location Net Operating Income (“NOI”). Net Operating Income (“NOI”) is presented as a supplemental measure of our performance. For the three and six months ended June 30, 2026 and 2025, Same-Location NOI represents the NOI for the 35 properties that were owned for both calendar year periods being compared. The Company believes that NOI provides useful information to investors regarding our results of operations, as it highlights operating trends such as pricing and demand for our portfolio at the property level as opposed to the corporate level. NOI is calculated as total revenues less property operating expenses and property taxes. The Company uses NOI internally in evaluating property performance, measuring property operating trends, and valuing properties in our portfolio. Other real estate companies may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other real estate companies. NOI should not be viewed as an alternative measure of financial performance as it does not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income and expenses, or the level of capital expenditures necessary to maintain the operating performance of the Company’s properties that could materially impact results from operations.
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Non-GAAP Disclosures 26 APPENDIX RevPAS, Parking Revenue, and Same Location RevPAS Revenue Per Available Stall (“RevPAS”) is used to evaluate parking operations and performance. RevPAS is defined as average monthly Parking Revenue (Parking Revenue less related Sales Tax and Credit Card Fees) divided by the parking stalls in the locations that were owned and under management agreement for the periods presented. Parking Revenue does not include Billboard or Commercial Rent, or revenue from locations that are under Lease Agreements. The Company believes RevPAS is a meaningful indicator of our performance because it measures the period-over-period change in revenues for comparable locations. Same Location RevPAS represents Parking Revenue at our assets under management agreements prior to 2Q24 with the exception of two assets where the Company does not have sufficient historical data to calculate RevPAS for all periods presented. The Company believes Same Location RevPAS is a key performance measure allows for review of fluctuations in revenue without the impact of portfolio transaction or changes in revenue structure.