Slide 1: Q2 2025 Earnings Release Supplement
INNOVATE Corp. Q2 2025 Earnings Release Supplement August 5, 2025 INNOVATE Corp. 2025
Slide 2: Safe Harbor Disclaimers: Forward-Looking Statements
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: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights DBMG increased backlog year-over-year; R2 remains on its growth trajectory; Spectrum launched broadcast station for large mobile carrier. ■ On August 4, 2025, INNOVATE closed a series of previously announced indebtedness refinancing transactions that, among other thing
Slide 5: Segment Highlights
Segment Highlights Infrastructure Highlights Life Sciences Highlights Spectrum Highlights ■ Reported backlog and total ■ Launched three ATSC 3.0 stations adjusted backlog(1) of $1.3B. ■ MediBeacon continues to make for a large mobile carrier and will ■ Will add approximately $400M of steady traction
Slide 6: Q2 2025 QTD Financial Highlights
Q2 2025 QTD Financial Highlights Consolidated Q2 Results ■ Revenue decreased $71.1M or 22.7% primarily by our Infrastructure segment and to a lesser extent by our Spectrum segment, which was partially offset by Revenue an increase at our Life Sciences segment. The decrease at our Infrastructure segm
Slide 7: Segment Highlights - Infrastructure
Segment Highlights - Infrastructure DBM Global ("DBMG") Overview Financials ■ 23.6% revenue decrease primarily driven by the timing and size of projects at ($ millions) 2Q25 2Q24 Banker Steel, DBMG's commercial structural steel fabrication and erection business, the industrial maintenance and repair
Slide 8: Segment Highlights - Life Sciences
Segment Highlights - Life Sciences Pansend Life Sciences ("Pansend") R2 Technologies, Inc. ("R2") MediBeacon ■ R2 grew revenue 88.2% over the prior year quarter ■ Continues to make steady traction in exploring the potential ■ R2 experienced gross system unit sales growth of 124.5% over application f
Slide 9: Segment Highlights - Spectrum
Segment Highlights - Spectrum HC2 Broadcasting ("Broadcasting") Overview Financials ($ millions) 2Q25 2Q24 ■ Launched fourth ATSC 3.0 station in collaboration with large mobile carrier. Revenue $ 5.7 $ 6.2 ■ In March, filed a petition with the Federal Communications Commission ("FCC") to allow low-p
Slide 10: Current Credit Picture
Current Credit Picture Debt Summary (1) Debt Amortization and Maturity Profile (2) ($ millions) Maturity Jun-25 Dec-24 $500.0 ($ millions) 8.50% Senior Secured Notes 2026 $ 330.0 $ 330.0 $415.5 7.50% Convertible Senior Notes 2026 48.9 48.9 $400.0 Line of Credit 2025 20.0 20.0 CGIC Unsecured Note 202
Slide 11: Appendix: Select GAAP Financials & Non-GAAP Reconciliations
Appendix Select GAAP Financials & Non-GAAP Reconciliations INNOVATE Corp. 2025
Slide 12: INNOVATE Selected GAAP Financials
INNOVATE Selected GAAP Financials Income Statement - Unaudited (in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 242.0 $ 313.1 $ 516.2 $ 628.3 Cost of revenue 196.4 247.5 425.1 514.1 Gross profit 45.6 65.6 91.1 114.2 Operating expenses: Selling, genera
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 June 30, 2025 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 5.5 $ (6.5) $ (6.1) $ (12.7) $ — $ (19.8) Adjus
Slide 14: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Six Months Ended June 30, 2025 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 10.1 $ (14.1) $ (11.5) $ (28.8) $ — $ (44.3) Adju
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 June 30, 2024 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 21.0 $ (3.8) $ (5.0) $ 2.1 $ 0.1 $ 14.4 Adjustm
Slide 16: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA (in millions) Six Months Ended June 30, 2024 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 25.4 $ (8.3) $ (9.8) $ (10.4) $ 0.1 $ (3.0) Adjus