Slide 1: Second Quarter 2025 Earnings Call
Second Quarter 2025 Earnings Call July 31, 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: Aviation delivered strong results; reshaping the land business
Our Aviation business delivered strong results in the second quarter, underscoring the consistent value of our broad global offering. While results in our land business were below expectations, we continue to reshape the business enabling us to better focus on our most resilient, ratable, and higher
Slide 6: Financial Overview
Financial Overview Ira M. Birns President & CFO © World Kinect Corporation 6
Slide 7: Q2 2025 Results
Q2 2025 Results © World Kinect Corporation 7
Slide 8: Q2 2025 Adjusted EPS
Q2 2025 Adjusted EPS Adjusted EPS Reconciliation Q2 2025 GAAP Adjustments Highlights $0.11 • We recognized non-cash intangible $1.45 ($1.99) asset impairments totaling $367 million $0.59 within our Land segment – $359 million of which is related to goodwill and $8 million related to other intangible
Slide 9: Q2 2025 Consolidated Financial Highlights
Q2 2025 Consolidated Financial Highlights % Change "Our recent divestitures and transformation $ millions (except EPS) Q2 2025 Q2 2024 YoY initiatives underscore our commitment to Volume1 4,220 4,373 (3%) building a more focused and efficient operating Gross Profit $232 $245 (5%) model," said Ira M.
Slide 10: Q2 2025 Results
Q2 2025 Results Volumes1 Gross Profit -3% -5% 4,373 $245.2 4,220 $232.4 1,825 1,856 $127.7 Aviation $138.0 Marine 1,098 Land 1,021 $36.7 $27.0 Gallons 1,449 1,343 $MM $80.8 $67.4 in MM1 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Note: 1. Includes gallons and gallon equivalents. © World Kinect Corporation 10
Slide 11: Segment Overview: Aviation
Segment Overview: Aviation Quarter Highlights & Q3 Outlook Volumes Gross Profit Q2 2025 Highlights vs Q2 2024: +2% +8% • Gross Profit increased 8% year-over- 1,856 $138.0 1,825 year, attributable to our airport locations $127.7 in Europe, and business and general aviation activities. Q3 2025 Outlook
Slide 12: Segment Overview: Land
Segment Overview: Land Quarter Highlights & Q3 Outlook Volumes1 Gross Profit Q2 2025 Highlights vs Q2 2024: -7% -17% • Volumes and Gross Profit decreased 7% 1,449 $80.8 and 17% respectively, principally due to 1,343 the U.K. land sale, the exit of certain $67.4 North American operations in Q4 2024 a
Slide 13: Segment Overview: Marine
Segment Overview: Marine Quarter Highlights & Q3 Outlook Volumes Gross Profit Q2 2025 Highlights vs Q2 2024: -7% -26% • Volumes decreased 7% year-over-year 4.2 $36.7 related to reduced activity in our core 3.9 commercial business, due in part, to ongoing global trade-related uncertainty. $27.0 • Gro
Slide 14: Consolidated Adjusted Gross Profit Trends
Consolidated Adjusted Gross Profit Trends Consolidated Adjusted Gross Profit Trends $MM Prior Guidance: Q3 2025 $235-244MM1 Guidance2 $268 $259 $254 $245 $230 $232 $252- 262MM Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 While 2Q25 Gross Profit declined 5% YoY as a result of numerous stra
Slide 15: Adjusted OpEx decreased 10% Year-Over-Year
Adjusted OpEx decreased 10% Year-Over-Year Total Adjusted Operating Expenses $MM Prior Guidance: Q3 2025 $175-179MM1 Guidance2 $190 $192 $195 $197 $178 $173 $185- 189MM Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Note: 1. Guidance for Q2 2025 provided on April 24, 2025. 2. Not a guarante
Slide 16: 2Q25 Interest Expense Decreased 7% Year-Over-Year
2Q25 Interest Expense Decreased 7% Year-Over-Year Interest Expense $MM Prior Guidance: Q3 2025 $29 $24-27MM1 Guidance2 $27 $26 $24 $25- $23 $22 28MM Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Note: 1. Guidance for Q2 2025 provided on April 24, 2025. 2. Not a guarantee of actual future p
Slide 17: Continued Strong Cash Flow Generation
Continued Strong Cash Flow Generation Operating and Free Cash Flow $MM YTD1 Operating Cash Flow YTD1 Free Cash Flow2 $178 $146 $143 $113 2024 YTD 2025 YTD Note: 1. Year-to-date amounts shown are for the six months ended June 30th. 2. Free Cash Flow is defined as operating cash flow minus total capit
Slide 18: Guidance Summary
Guidance Summary1 Date Guidance Period Guidance Metric Guidance Actual Provided Q2 2025 Consolidated Gross Profit $235 – 244MM $232MM Q2 2025 Adj. Operating Expense $175 – 179MM $173MM April 24, 20252 Q2 2025 Interest Expense $24 – 27MM $26MM FY 2025 FY 2025 Tax Rate 22 – 24% Q3 2025 Consolidated Gr
Slide 19: Q&A
Q&A © World Kinect Corporation 19
Slide 20: Appendix
Appendix © World Kinect Corporation 20
Slide 21: Non-GAAP Reconciliation (1/5)
Non-GAAP Reconciliation (1/5) For the Three Months Ended June 30, For the Six Months Ended June 30, $ in millions, except per share data 2024 2025 2024 2025 Net Earnings Net Earnings Net Earnings Net Earnings Income per share Income per share Income per share Income per share GAAP Measure $108.3 $1.
Slide 22: Non-GAAP Reconciliation (2/5)
Non-GAAP Reconciliation (2/5) $ in millions For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2025 2024 2025 Net income (loss) including noncontrolling interest $106.9 ($339.1) $134.1 ($360.4) Interest expense and other financing cost, net 27.5 25.7 56.4 48.5 Provision (bene
Slide 23: Non-GAAP Reconciliation (3/5)
Non-GAAP Reconciliation (3/5) $ in millions For the Three Months Ended September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30, 2023 2023 2024 2024 2024 2024 2025 2025 Gross Profit GAAP Measures $281.4 $232.4 $254.1 $245.2 $268.1 $258.9 $230.4 $232.4 Finnish bid Er
Slide 24: Non-GAAP Reconciliation (4/5)
Non-GAAP Reconciliation (4/5) $ in millions For the Six Months Ended June 30, June 30, 2024 2025 Net cash provided by (used in) operating activities $178.1 $142.6 Capital expenditures 32.1 30.1 Free cash flow 146.1 112.5 © World Kinect Corporation 24
Slide 25: Non-GAAP Reconciliation (5/5)
Non-GAAP Reconciliation (5/5) For the Three Months Ended June 30, 2024 For the Three Months Ended June 30, 2025 Aviation Marine Land Corp Consolidated Total Aviation Marine Land Corp Consolidated Total Operating Operating Operating Operating Operating Operating Operating Operating Operating Operatin
Slide 26: Investor Relations Contact
Investor Braulio Medrano Relations Senior Director FP&A and Investor Relations Contact Investor@worldkinect.com © World Kinect Corporation 26