Slide 1: First Quarter 2025 Earnings Call
First Quarter 2025 Earnings Call April 24, 2025 w ww.world-kinect.com Copyright © 2025 World Kinect Corporation. All rights reserved.
Slide 2: Disclaimer and Cautionary Note Regarding Forward-Looking Statements
Disclaimer and Cautionary Note Regarding Forward-Looking Statements Certain statements, including comments about World Kinect Corporation’s expectations regarding future plans, performance and acquisitions are forward-looking statements that are subject to a range of uncertainties and risks that cou
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures We believe that the non-GAAP financial measures (collectively, the “Non-GAAP Measures”), when considered in conjunction with our financial information prepared in accordance with GAAP, are useful to investors to further aid in evaluating the ongoing financial performance
Slide 4: Business Overview
\Business Overview Michael J. Kasbar Chairman & CEO © World Kinect Corporation 4
Slide 5: Our Aviation business outperformed our expectations this quarter
Our Aviation business outperformed our expectations this quarter, while our Land business faced headwinds due to challenging market conditions. The divestiture of our UK Land business marks continued progress in streamlining our Land portfolio and reinforces our commitment to achieving our broader f
Slide 6: Financial Overview
Financial Overview Ira M. Birns Executive Vice President & CFO © World Kinect Corporation 6
Slide 7: Q1 2025 Results
Q1 2025 Results © World Kinect Corporation 7
Slide 8: 1Q25 Diluted EPS
1Q25 Diluted EPS Diluted EPS Reconciliation - GAAP to Adjusted GAAP GAAP Adjustments Highlights $0.01 ($0.20) $0.26 $0.48 • We recognized a one-time charge of $44.5 million associated with the sale of our UK Land business. • We recognized restructuring charges of $15 million designed to further $0.7
Slide 9: Q1 2025 Consolidated Financial Highlights
Q1 2025 Consolidated Financial Highlights % Change $ millions (except EPS) Q1 2025 Q1 2024 YoY Volume1 4,177 4,414 (5%) “We continued to streamline Gross Profit $230 $254 (9%) our land business and right size our cost structure this Net Income (Loss)2 ($21) $27 (178%) quarter, while delivering stron
Slide 10: Q1 2025 Results
Q1 2025 Results Volumes1 Gross Profit -5% -9% 4,414 $254.1 4,177 $230.4 1,673 $108.4 1,700 Aviation $115.7 Marine 1,143 Land $48.4 982 $35.7 1,598 1,494 $97.3 Gallons $MM $79.0 in MM1 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Note: 1. Includes gallons and gallon equivalents. © World Kinect Corporation 10
Slide 11: Segment Overview: Aviation
Segment Overview: Aviation Quarter Highlights & Q2 Outlook Volumes Gross Profit Q1 2025 Highlights vs Q1 2024: +2% +7% • Volumes increased 2% year-over-year 1,700 $115.7 1,673 driven primarily by growth in our North $108.4 American bulk fuel business. • Gross Profit increased $7 million or 7% year-o
Slide 12: Segment Overview: Land
Segment Overview: Land Quarter Highlights & Q2 Outlook Volumes1 Gross Profit Q1 2025 Highlights vs Q1 2024: -6% -19% • Volumes decreased 6% year-over-year, 1,598 $97.3 principally related to the sale of our business 1,494 in Brazil and the exit of certain activities in $79.0 North America during Q4
Slide 13: Segment Overview: Marine
Segment Overview: Marine Quarter Highlights & Q2 Outlook Volumes Gross Profit Q1 2025 Highlights vs Q1 2024: -14% -26% • Volumes and Gross Profit decreased 4.3 $48.4 14% and 26% respectively, year-over- year. The decreases were attributable to 3.7 lower bunker fuel prices and further $35.7 reduced v
Slide 14: Consolidated Adjusted Gross Profit Trends
Consolidated Adjusted Gross Profit Trends Consolidated Adjusted Gross Profit Trends $MM Prior Guidance: Q2 2025 $234-241MM1 Guidance2 $282 $281 $280 $268 $259 $254 $245 $230 $235- 244MM Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Note: 1. Guidance for Q1 2025 earnings pro
Slide 15: Adjusted OpEx decreased 6% Year-Over-Year
Adjusted OpEx decreased 6% Year-Over-Year Total Adjusted Operating Expenses $MM Prior Guidance: Q2 2025 $179-184MM1 Guidance2 $205 $208 $207 $190 $192 $195 $197 $178 $175- 179MM Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Note: 1. Guidance for Q1 2025 earnings provided on
Slide 16: 1Q25 Interest Expense Decreased 21% Year-Over-Year
1Q25 Interest Expense Decreased 21% Year-Over-Year Interest Expense $MM Prior Guidance: Q2 2025 $32 $32 $22-23MM1 Guidance2 $29 $29 $27 $24 $23 $24- $22 27MM Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Note: 1. Guidance for Q1 2025 earnings provided on February 20, 2025.
Slide 17: A Strong Start to 2025 Cash Flow
A Strong Start to 2025 Cash Flow Operating and Free Cash Flow $MM Operating Cash Flow Free Cash Flow1 $120 $110 $114 $102 $99 $93 $68 $53 ($39) ($57) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Note: 1. Free Cash Flow is defined as operating cash flow minus total capital expenditures as presented in the
Slide 18: Guidance Summary
Guidance Summary1 Date Guidance Period Guidance Metric Guidance Actual Provided Q1 2025 Total Gross Profit $234 – 241MM $230MM Q1 2025 Adj. Operating Expense $179 – 184MM $178MM February 20, 20252 Q1 2025 Interest Expense $22 – 23MM $23MM FY 2025 FY 2025 Tax Rate 22 – 25% Q2 2025 Total Gross Profit
Slide 19: Q&A
Q&A © World Kinect Corporation 19
Slide 20: Appendix
Appendix © World Kinect Corporation 20
Slide 21: Non-GAAP Reconciliation (1/4)
Non-GAAP Reconciliation (1/4) For the Three Months Ended March 31, $ in millions, except per share data 2024 2025 Net Earnings Net Earnings Income per share Income per share GAAP Measure $27.4 $0.45 ($21.1) ($0.37) Loss (gain) on sale of a business - - 0.4 0.01 Asset Impairments - - 44.5 0.78 Finnis
Slide 22: Non-GAAP Reconciliation (2/4)
Non-GAAP Reconciliation (2/4) $ in millions For the Three Months Ended March 31, 2024 2025 Net income (loss) including noncontrolling interest $27.2 ($21.3) Interest expense and other financing cost, net 28.9 22.9 Provision (benefit) for income taxes 3.3 (6.8) Depreciation and amortization 25.3 25.6
Slide 23: Non-GAAP Reconciliation (3/4)
Non-GAAP Reconciliation (3/4) $ in millions For the Three Months Ended June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31, 2023 2023 2023 2024 2024 2024 2024 2025 Gross Profit GAAP Measures $281.7 $281.4 $232.4 $254.1 $245.2 $268.1 $258.9 $230.4 Finnish bid Er
Slide 24: Non-GAAP Reconciliation (4/4)
Non-GAAP Reconciliation (4/4) $ in millions For the Three Months Ended March 31, June 30, September 30, December 31, March 31, 2024 2024 2024 2024 2025 Net cash provided by (used in) operating activities $110.2 $67.9 ($38.5) $120.3 $114.4 Capital expenditures 17.5 14.6 18.2 17.8 15.2 Free cash flow
Slide 25: Investor Relations Contacts
Ira M. Birns Investor Executive Vice President & Chief Financial Officer Relations Braulio Medrano Senior Director FP&A and Investor Relations Contacts Investor@worldkinect.com © World Kinect Corporation 25