Slide 1: Q4 2024 Earnings Call
Q4 2024 Earnings Call February 20, 2025 w w w .w orld - kin ect .co m 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: Financial Overview
Financial Overview Ira M. Birns Executive Vice President & CFO © World Kinect Corporation 5
Slide 6: Q4 and Full Year 2024 Results
Q4 and Full Year 2024 Results © World Kinect Corporation 6
Slide 7: Q4 and Full Year 2024 Financial Highlights
Q4 and Full Year 2024 Financial Highlights Q4 2024 Full Year 2024 Gross Profit $259MM 11% or (8%) Adj.1 Gross Profit $1.03B (3%) or (7%) Adj.1 Operating Cash Flow $120MM Operating Cash Flow $260MM Free Cash Flow2 $102MM Free Cash Flow2 $192MM GAAP Net loss ($102MM), Diluted EPS ($1.77) (206%) GAAP N
Slide 8: Q4 and Full Year 2024 Volumes
Q4 and Full Year 2024 Volumes1 Q4 2024 Full Year 2024 -1% -2% 4,533 4,472 18,006 17,703 1,784 1,848 7,328 7,250 Aviation Marine 1,130 1,089 Land 4,441 4,374 Gallons 1,619 1,535 6,238 6,078 in MM1 Q4 2023 Q4 2024 FY 2023 FY 2024 Note: 1. Includes gallons and gallon equivalents. © World Kinect Corpora
Slide 9: Q4 and Full Year 2024 Adjusted Gross Profit
Q4 and Full Year 2024 Adjusted Gross Profit Q4 2024 Full Year 2024 -8% -7% $280.4 $1,106.2 $258.9 $1,026.4 $131.4 $485.8 $120.3 $485.5 Aviation Marine $44.0 Land $172.6 $34.2 $156.4 $105.0 $104.4 $447.9 $384.4 $MM Q4 2023 Q4 2024 FY 2023 FY 2024 © World Kinect Corporation 9
Slide 10: Segment Overview: Aviation Volumes
Segment Overview: Aviation Volumes Volume Highlights Q4 2024 Full Year 2024 Q4 2024 Highlights vs Q4 2023: +4% -1% 1,848 7,328 7,250 • An increase of 4% principally driven by 1,784 core aviation business activity FY 2024 Highlights vs FY 2023: • Down 1% impacted by our decision to exit certain low m
Slide 11: Segment Overview: Aviation Gross Profit
Segment Overview: Aviation Gross Profit Gross Profit Highlights Q4 2024 Full Year 2024 Q4 2024 Highlights vs Q4 2023: 0% -8% • A decrease of 8% mainly attributable to $131.4 $485.8 $485.5 $120.3 the sale of Avinode in Q2 2024 as well as lower inventory-related profitability year- over-year, partiall
Slide 12: Aviation Q1 2025 Gross Profit Outlook
Aviation Q1 2025 Gross Profit Outlook Aviation Gross Profit Outlook • As we look to the first quarter, aviation results should experience a traditional seasonal decline from the fourth quarter and we expect a year-over-year decrease in gross profit, again, principally impacted by the Avinode exit. ©
Slide 13: Segment Overview: Land Volumes
Segment Overview: Land Volumes Volume Highlights Q4 2024 Full Year 2024 Q4 2024 Highlights vs Q4 2023: -3% -5% • Decrease in volume year-over-year is 1,619 6,238 6,078 1,535 principally driven by decreases in our North American Wholesale and Retail Business activities FY 2024 vs FY 2023 • Full Year
Slide 14: Segment Overview: Land Adjusted Gross Profit
Segment Overview: Land Adjusted Gross Profit Adjusted Gross Profit Highlights Q4 2024 Full Year 2024 Q4 2024 Highlights vs Q4 2023: -1% -14% • Effectively flat year-over-year $105.0 $104.4 $447.9 $384.4 FY 2024 Highlights vs FY 2023: • Lower 14% year-over-year primarily attributable to unfavorable m
Slide 15: Land Q1 2025 Outlook
Land Q1 2025 Outlook Land Gross Profit Outlook • Looking to the first quarter, we expect land gross profit to be up year- over-year, with more significant improvement in profitability expected as the year progresses. © World Kinect Corporation 15
Slide 16: Segment Overview: Marine Volumes
Segment Overview: Marine Volumes Q4 2024 Full Year 2024 -4% -2% 4.3 4.1 16.8 16.6 Metric Tons in MM Q4 2023 Q4 2024 FY 2023 FY 2024 © World Kinect Corporation 16
Slide 17: Segment Overview: Marine Gross Profit
Segment Overview: Marine Gross Profit Gross Profit Highlights Q4 2024 Full Year 2024 Q4 and Full Year: -22% -9% • The year-over-year decrease in gross profit $44.0 $172.6 for both the fourth quarter and the full year, $156.4 was principally driven by lower bunker fuel $34.2 prices and reduced market
Slide 18: Marine 1Q 2025 Outlook
Marine 1Q 2025 Outlook Marine Gross Profit Outlook • Looking to the first quarter, we expect marine gross profit to be down year-over-year principally driven by lower bunker fuel prices and reduced market volatility. • As the year progresses, we should begin to see the Marine year-over- year compari
Slide 19: Consolidated Adjusted Gross Profit Trends
Consolidated Adjusted Gross Profit Trends Consolidated Adjusted Gross Profit Trends $MM Prior Guidance: Q1 2025 $282 $281 $280 $253-260MM1 Guidance2 $263 $268 $259 $254 $245 $234- 241MM Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Note: 1. Guidance for Q4 2024 earnings pro
Slide 20: Adjusted Operating Expense Continues to Trend Down Year-over-Year
Adjusted Operating Expense Continues to Trend Down Year-over-Year Consolidated Adjusted Operating Expense Trends $MM Prior Guidance: Q1 2025 $194-198MM1 Guidance2 $205 $208 $207 $198 $192 $195 $197 $190 $179- 184MM Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Note: 1. Guid
Slide 21: Interest Expense Has Declined Significantly Year-over-Year
Interest Expense Has Declined Significantly Year-over-Year Consolidated Interest Expense Trends $MM $34 $32 $32 Prior Guidance: Q1 2025 $29 $29 $23-25MM1 Guidance2 $27 $24 $22 $22- 23MM Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Note: 1. Guidance for Q4 2024 earnings pro
Slide 22: Cash Flow Profile Remains Strong
Cash Flow Profile Remains Strong Operating and Free Cash Flow Operating Cash Flow $MM Free Cash Flow1 $271 $670 $260 $184 $192 $435 $138 $60 FY 2022 FY 2023 FY 2024 FY22-FY24 Note: 1. Free Cash Flow is defined as operating cash flow minus total capital expenditures as presented in the Statement of C
Slide 23: Total Capital Allocated to Share Repurchases and Dividends Increased in 2024
Total Capital Allocated to Share Repurchases and Dividends Increased in 2024 Total Share Repurchases and Dividends $MM Dividends Paid 47% Share Repurchases $139 $312 Represents 72% of our $39 $104 cumulative Free Cash $94 Flow over the $80 period $34 $31 $100 $209 $60 $49 FY 2022 FY 2023 FY 2024 FY2
Slide 24: Guidance Summary
Guidance Summary1 Date Guidance Period Guidance Metric Guidance Actual Provided Q4 2024 Total Gross Profit $253 – 260MM ✓ $259MM Q4 2024 Adj. Operating Expense $194 – 198MM ✓ $197MM October 24, 20242 Q4 2024 Interest Expense $23 – 25MM ✓ $22MM FY 2024 FY 2024 Tax Rate 17 – 19% ✓ 15% Q1 2025 Total Gr
Slide 25: Appendix
Appendix © World Kinect Corporation 25
Slide 26: Non-GAAP Reconciliation (1/5)
Non-GAAP Reconciliation (1/5) For the Three Months Ended December 31, For the Twelve Months Ended December 31, $ in millions, except per share data 2023 2024 2023 2024 Net Earnings Net Earnings Net Earnings Net Earnings Income per share Income per share Income per share Income per share GAAP Measure
Slide 27: Non-GAAP Reconciliation (2/5)
Non-GAAP Reconciliation (2/5) $ in millions For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2023 2024 2023 2024 Net income (loss) including noncontrolling interest ($34.8) ($101.2) $53.7 $67.9 Interest expense and other financing cost, net 32.3 21.8 127.7 102.2 Provi
Slide 28: Non-GAAP Reconciliation (3/5)
Non-GAAP Reconciliation (3/5) $ in millions For the Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, 2023 2023 2023 2023 2024 2024 2024 2024 Gross Profit GAAP Measures $262.7 $281.7 $281.4 $232.4 $254.1 $245.2 $268.1 $258.9 Finnish bid Er
Slide 29: Non-GAAP Reconciliation (4/5)
Non-GAAP Reconciliation (4/5) $ in millions For the Three Months Ended December 31, For the Twelve Months Ended December 31, Land Consolidated Land Consolidated 2023 2024 2023 2024 2023 2024 2023 2024 Gross Profit GAAP Measures $57.0 $104.4 $232.4 $258.9 $399.8 $384.4 $1,058.2 $1,026.4 Finnish bid E
Slide 30: Non-GAAP Reconciliation (5/5)
Non-GAAP Reconciliation (5/5) For the Three Months Ended For the Twelve Months Ended $ in millions December 31, December 31, 2023 2024 2023 2024 Net cash provided by (used in) $4.5 $120.3 $271.3 $259.9 operating activities Capital expenditures 19.8 17.8 87.6 68.2 Free cash flow (15.2) 102.4 183.7 19
Slide 31: Investor Relations Contacts
Ira M. Birns Investor Executive Vice President & Chief Financial Officer Relations Braulio Medrano Senior Director FP&A and Investor Relations Contacts Investor@worldkinect.com © World Kinect Corporation 31