Innovate Corp. · NYSE:VATE
Innovate — Q4 2025 Earnings Presentation
16 slides from Innovate's earnings presentation, Mar 26, 2026
Slide 1: INNOVATE Corp. Q4 2025 Earnings Release Supplement
INNOVATE Corp. Q4 2025 Earnings Release Supplement March 26, 2026 INNOVATE Corp. 2026
Slide 2: Safe Harbor Disclaimers
Safe Harbor Disclaimers Cautionary Statement Regarding Forward-Looking Statements Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains, and certain oral statements made by our representatives from time to time may contain, "forward-looking stat
Slide 3: Safe Harbor Disclaimers: Non-GAAP Financial Measures
Safe Harbor Disclaimers Non-GAAP Financial Measures In this earnings release supplement, INNOVATE refers to certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), including Total Adjusted EBITDA (excluding discontinued operat
Slide 4: Fourth Quarter 2025 & Recent Highlights
Fourth Quarter 2025 & Recent Highlights DBMG maintains robust adjusted backlog; MediBeacon received U.S. FDA approval for the next generation MediBeacon® TGFRTM System ; R2 grew revenue ~28%, year-over- year; Spectrum's new network launches to show strength in 2026 ■ DBM Global Inc.'s ("DBMG") adjus
Slide 5: Segment Highlights
Segment Highlights Infrastructure Highlights Life Sciences Highlights Spectrum Highlights ■ Reported backlog of $1.7B and total ■ Recent major network launches adjusted backlog(1) of $1.8B. ■ In December, MediBeacon received should start to show favorable ■ Adjusted backlog(1) has increased approval
Slide 6: Q4 2025 QTD Financial Highlights
Q4 2025 QTD Financial Highlights Consolidated Q4 Results Revenue ■ Revenue increased $146.1M or 61.7% driven primarily by our Infrastructure segment, which was partially offset by decreases at our Spectrum and Life Sciences segments. The increase at our Infrastructure segment was primarily driven by
Slide 7: Segment Highlights - Infrastructure
Segment Highlights - Infrastructure DBM Global ("DBMG") Overview Financials ■ 65.7% revenue increase primarily driven by the timing and size of projects ($ millions) 4Q25 4Q24 at DBMG's commercial structural steel fabrication and erection business, Banker Steel, and the construction modeling and det
Slide 8: Segment Highlights - Life Sciences
Segment Highlights - Life Sciences Pansend Life Sciences ("Pansend") R2 Technologies, Inc. ("R2") MediBeacon ■ R2 QTD revenue decreased 24.4% over the prior year quarter, ■ MediBeacon received approval from the U.S. FDA for the next however, full year 2025 revenue grew 27.6% over the prior year. gen
Slide 9: Segment Highlights - Spectrum
Segment Highlights - Spectrum HC2 Broadcasting ("Broadcasting") Overview Financials ($ millions) 4Q25 4Q24 ■ Recent major network launches like Lionsgate's MovieSphere Gold should start to show favorable results in 2026. Revenue $ 5.7 $ 6.8 ■ Favorable FCC rulings over the past year for LPTVs and Cl
Slide 10: Current Credit Picture
Current Credit Picture Debt Summary (1) (3) ($ millions) ($ millions) Maturity(2) Dec-25 Dec-24 10.50% Senior Secured Notes 2027 $ 360.4 $ — 9.50% Convertible Senior Notes 2027 53.5 — CGIC Promissory Note 2027 45.9 31.0 Revolving Line of Credit 2026 20.0 20.0 8.50% Senior Secured Notes 2026 1.9 330.
Slide 11: Appendix: Select GAAP Financials & Non-GAAP Reconciliations
Appendix Select GAAP Financials & Non-GAAP Reconciliations INNOVATE Corp. 2026
Slide 12: INNOVATE Selected GAAP Financials
INNOVATE Selected GAAP Financials Income Statement (Unaudited) (in millions) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenue $ 382.7 $ 236.6 $ 1,246.0 $ 1,107.1 Cost of revenue 323.8 190.2 1,046.3 898.3 Gross profit 58.9 46.4 199.7 208.8 Operating expenses: Sellin
Slide 13: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Three Months Ended December 31, 2025 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 10.6 $ (3.5) $ (6.1) $ (8.3) $ (0.1) $ (7.4
Slide 14: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Year Ended December 31, 2025 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 29.5 $ (22.2) $ (23.5) $ (44.3) $ (0.1) $ (60.6) Ad
Slide 15: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Three Months Ended December 31, 2024 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 8.7 $ (5.4) $ (4.6) $ (15.3) $ — $ (16.6) A
Slide 16: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Year Ended December 31, 2024 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 40.3 $ (19.7) $ (20.0) $ (35.3) $ 0.1 $ (34.6) Adju