Slide 1: Third Quarter 2025 Earnings Call
Third Quarter 2025 Earnings Call October 23, 2025 © Copyright 2025 World Kinect Corporation. Proprietary & Confidential. All Rights Reserved. 1
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 we present (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 our ongoing financial p
Slide 4: Business Overview
Business Overview Michael J. Kasbar Chairman & CEO © Copyright 2025 World Kinect Corporation. Proprietary & Confidential. All Rights Reserved. 4
Slide 5: Business Overview
Business Overview I’m proud of what we’ve achieved during my tenure, and this quarter’s results reflect our financial discipline and the strength of our team. As I will soon be stepping back from day-to-day operations, I’m confident in Ira and our leadership team to carry our strategy forward. I loo
Slide 6: Financial Overview
Financial Overview Ira M. Birns President & CFO © Copyright 2025 World Kinect Corporation. Proprietary & Confidential. All Rights Reserved. 6
Slide 7: Q3 2025 Results
Q3 2025 Results © Copyright 2025 World Kinect Corporation. Proprietary & Confidential. All Rights Reserved. 7
Slide 8: Q3 2025 Consolidated Financial Highlights
Q3 2025 Consolidated Financial Highlights $ millions (except EPS) Q3 2025 Q3 2024 % Change YoY Volume1 4,283 4,443 (4%) Gross Profit $250 $268 (7%) Net Income (Loss)2 $28 $35 (20%) Diluted EPS $0.46 $0.57 (19%) Adj. Net Income3 $30 $37 (18%) Adj. Diluted EPS3 $0.54 $0.62 (13%) Adj. EBITDA3 $94 $100
Slide 9: Q3 2025 Results
Q3 2025 Results Volumes1 Gross Profit -4% -7% 4,443 $268.1 4,283 $249.6 1,905 1,829 $129.0 Aviation $142.8 Marine 1,043 Land 1,071 $37.2 $25.5 1,496 $101.9 Gallons 1,382 $MM $81.4 in MM1 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Note: 1. Includes gallons and gallon equivalents. © Copyright 2025 World Kinect C
Slide 10: Segment Overview: Aviation
Segment Overview: Aviation Volumes Gross Profit Quarter Highlights & Q4 Outlook -4% +11% Q3 2025 Highlights vs Q3 2024: • Gross Profit increased 11% year-over-year, driven 1,905 1,829 $142.8 principally from continued strong results at our $129.0 airport locations in Europe, an increase in governmen
Slide 11: Segment Overview: Land
Segment Overview: Land Volumes1 Gross Profit Quarter Highlights & Q4 Outlook Q3 2025 Highlights vs Q3 2024: -8% -20% • Volumes decreased 8%, mainly driven by the 1,496 $101.9 recent sale of our Brazil and UK Land Business. 1,382 • Gross Profit decreased 20%, principally due to $81.4 continued unfavo
Slide 12: Segment Overview: Marine
Segment Overview: Marine Quarter Highlights & Q3 Outlook Volumes Gross Profit Gross Profit Quarter Highlights & Q4 Outlook Q2 2025 Highlights vs Q2 2024: +3% Q3 2025 Highlights vs Q3 2024: -32% • Volumes decreased 7% year-over-year 4.1 $37.2 • Volumes increased 3% year-over-year, a recovery 4.0 rela
Slide 13: Consolidated Gross Profit Trends
Consolidated Gross Profit Trends Consolidated Gross Profit Trends $MM Prior Guidance: Q4 2025 $252-262MM1 Guidance2 $268 $259 $245 $250 $230 $232 $237- 245MM Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Note: 1. Guidance for Q3 2025 provided on July 31, 2025. 2. Not a guarantee of actual
Slide 14: Adjusted OpEx decreased 7% Year-Over-Year
Adjusted OpEx decreased 7% Year-Over-Year Total Adjusted Operating Expenses $MM Prior Guidance: Q4 2025 $185-189MM1 Guidance2 $192 $195 $197 $178 $181 $173 $181- 187MM Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Note: 1. Guidance for Q3 2025 provided on July 31, 2025. 2. Not a guarantee
Slide 15: 3Q25 Interest Expense
3Q25 Interest Expense Interest Expense $MM Prior Guidance: Q4 2025 $27 $25-28MM1 Guidance2 $26 $26 $24 $25- $23 $22 27MM Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Note: 1. Guidance for Q3 2025 provided on July 31, 2025. 2. Not a guarantee of actual future performance. Actual performanc
Slide 16: Robust Cash Flow Performance
Robust Cash Flow Performance Operating and Free Cash Flow $MM Operating Cash Flow $259 Free Cash Flow2 $215 $116 $102 Q3 2025 2025 YTD1 Note: 1. Year-to-date amounts shown are for the nine months ended September 30th. 2. . Please see Appendix for a reconciliation of this non-GAAP measure to its most
Slide 17: Guidance Summary
Guidance Summary1 Date Guidance Period Guidance Metric Guidance Actual Provided Q3 2025 Consolidated Gross Profit $252 – 262MM $250MM Q3 2025 Adj. Operating Expense $185 – 189MM $181MM July 31, 20252 Q3 2025 Interest Expense $25 – 28MM $26MM FY 2025 FY 2025 Tax Rate 20% – 22% Q4 2025 Consolidated Gr
Slide 18: Q&A
Q&A © Copyright 2025 World Kinect Corporation. Proprietary & Confidential. All Rights Reserved. 18
Slide 19: Appendix
Appendix © Copyright 2025 World Kinect Corporation. Proprietary & Confidential. All Rights Reserved. 19
Slide 20: Non-GAAP Reconciliation (1/4)
Non-GAAP Reconciliation (1/4) For the Three Months Ended September 30, For t $ in millions, except per share data 2024 2025 Net Earnings Net Earnings Income per share Income per share GAAP Measure $33.5 $0.57 $25.7 $0.46 Loss (gain) on sale of a business (0.1) (0.00) (0.0) (0.00) Goodwill and Other
Slide 21: Non-GAAP Reconciliation (2/4)
Non-GAAP Reconciliation (2/4) $ in millions For the Three Months Ended September 30, For the 2024 2025 Net income (loss) including noncontrolling interest $35.0 $28.1 Interest expense and other financing cost, net 24.0 25.9 Provision (benefit) for income taxes 14.6 10.7 Depreciation and amortization
Slide 22: 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, 2024 2024 2024 2025 2025 2025 Operating Expenses GAAP Measure $200.0 $195.8 $229.0 $237.0 $577.5 $186.8 Acquisition and divestiture related expenses - 0.0 0.4 0
Slide 23: Non-GAAP Reconciliation (4/4)
Non-GAAP Reconciliation (4/4) $ in millions For the Three Months Ended For the Nine Months Ended September 30, September 30, 2024 2025 2024 2025 Net cash provided by (used in) operating activities ($38.5) $116.1 $139.6 $258.7 Capital expenditures 18.2 14.1 50.3 44.2 Free cash flow (56.8) 102.0 89.3
Slide 24: Investor Relations Contact
Investor Braulio Medrano Relations Senior Director FP&A and Investor Relations Contact Investor@worldkinect.com © Copyright 2025 World Kinect Corporation. Proprietary & Confidential. All Rights Reserved. 24