Slide 1: Q2 2026 Earnings Release Supplement
INNOVATE Corp. 2026 INNOVATE Corp. Q2 2026 Earnings Release Supplement August 6, 2026
Slide 2: Safe Harbor Disclaimers: Forward-Looking Statements
INNOVATE Corp. 2026 Safe Harbor Disclaimers 2 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,
Slide 3: Safe Harbor Disclaimers: Non-GAAP Financial Measures
INNOVATE Corp. 2026 Safe Harbor Disclaimers 3 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 (excludi
Slide 4: Second Quarter 2026 & Recent Highlights
INNOVATE Corp. 2026 Second Quarter 2026 & Recent Highlights 4 DBMG delivered record results in the second quarter; MediBeacon continued to build commercial momentum; R2 continued to demonstrate strong global demand; Spectrum successful closing of Broadcasting refinancing and INNOVATE agreed to parti
Slide 5: Segment Highlights
INNOVATE Corp. 2026 ■ MediBeacon continued to build commercial momentum in the United States. ■ MediBeacon is now actively engaged with over 100 healthcare institutions who have expressed interest in the TGFR System. ■ Reported 2Q26 revenue of $2.2M. ■ Demand for R2's technology continues to grow ac
Slide 6: Consolidated Q2 Results
INNOVATE Corp. 2026 Consolidated Q2 Results ■ Revenue increased $179.6M or 74.2% driven primarily by our Infrastructure segment, which was partially offset by decreases at our Life Sciences and Spectrum segments. The increase at our Infrastructure segment was primarily driven by the timing and size
Slide 7: Segment Highlights - Infrastructure
INNOVATE Corp. 2026 ■ 77.6% revenue increase primarily driven by the timing and size of projects at DBMG's commercial structural steel fabrication and erection business, which had increased activity subsequent to the comparable period on certain large construction projects, combined with changes in
Slide 8: Segment Highlights - Life Sciences
INNOVATE Corp. 2026 ■ Continued to build commercial momentum in the United States. MediBeacon is now actively engaged with over 100 healthcare institutions who have expressed interest in the TGFR System. ■ Poised to begin clinical studies of the third generation wireless TGFR Sensor under IDE approv
Slide 9: Segment Highlights - Spectrum
INNOVATE Corp. 2026 Financials ($ millions) 2Q26 2Q25 Revenue $ 5.4 $ 5.7 Net Income (Loss)(1) $ 8.4 $ (6.1) Adjusted EBITDA (2) $ 0.4 $ 1.0 9 Segment Highlights - Spectrum HC2 Broadcasting ("Broadcasting") Overview (1) Net Income (Loss) attributable to INNOVATE Corp. (2) See Appendix for reconcilia
Slide 10: Debt Summary and Maturity Profile
INNOVATE Corp. 2026 (1) Debt Maturity Profile excludes held for sale liabilities, Preferred Stock and operating leases. Debt Maturity profile does not reflect the August 3, 2026 PIK interest. (2) Debt Amortization and Maturity Profile chart presents debt annual amortization and maturity payments, ex
Slide 11: Appendix: Select GAAP Financials & Non-GAAP Reconciliations
INNOVATE Corp. 2026 Appendix Select GAAP Financials & Non-GAAP Reconciliations
Slide 12: Selected GAAP Financials Income Statement
INNOVATE Corp. 2026 INNOVATE Selected GAAP Financials Income Statement - Unaudited (in millions) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 421.6 $ 242.0 $ 786.4 $ 516.2 Cost of revenue 342.1 196.4 653.4 425.1 Gross profit 79.5 45.6 133.0 91.1 Operating expen
Slide 13: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
INNOVATE Corp. 2026 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 13 (in millions) Three Months Ended June 30, 2026 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 26.4 $ (2.3) $ 8.4 $ (21
Slide 14: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
INNOVATE Corp. 2026 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 14 (in millions) Six Months Ended June 30, 2026 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 35.7 $ (5.6) $ 1.9 $ (38.1
Slide 15: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
INNOVATE Corp. 2026 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 15 (in millions) Three Months Ended June 30, 2025 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 5.5 $ (6.5) $ (6.1) $ (1
Slide 16: Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA
INNOVATE Corp. 2026 Reconciliation of U.S. GAAP Income (Loss) to Adjusted EBITDA 16 (in millions) Six Months Ended June 30, 2025 Infrastructure Life Sciences Spectrum Non-Operating Corporate Other and Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 10.1 $ (14.1) $ (11.5) $ (