Innovate Corp. · NYSE:VATE
Innovate — Q2 2026 Earnings Presentation
16 slides from Innovate's earnings presentation, Aug 6, 2026
Slide 1: INNOVATE Corp. Q2 2026 Earnings Release Supplement
INNOVATE Corp. Q2 2026 Earnings Release Supplement August 6, 2026 INNOVATE Corp. 2026
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 2026 & Recent Highlights
Second Quarter 2026 & Recent Highlights 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 partial sale of Broadcastin
Slide 5: Segment Highlights
Segment Highlights Infrastructure Highlights Life Sciences Highlights Spectrum Highlights ■ Delivered record results in the ■ Successful closing of Broadcasting second quarter with year-over-year ■ MediBeacon continued to build refinancing and INNOVATE agrees revenue growth of ~78%. commercial momen
Slide 6: Q2 2026 QTD Financial Highlights
Q2 2026 QTD Financial Highlights Consolidated Q2 Results ■ Revenue increased $179.6M or 74.2% driven primarily by our Infrastructure segment, which was partially offset by decreases at our Life Sciences and Revenue Spectrum segments. The increase at our Infrastructure segment was primarily driven by
Slide 7: Segment Highlights - Infrastructure
Segment Highlights - Infrastructure DBM Global ("DBMG") Overview Financials ■ 77.6% revenue increase primarily driven by the timing and size of projects at DBMG's ($ millions) 2Q26 2Q25 commercial structural steel fabrication and erection business, which had increased activity subsequent to the comp
Slide 8: Segment Highlights - Life Sciences
Segment Highlights - Life Sciences Pansend Life Sciences ("Pansend") R2 Technologies, Inc. ("R2") MediBeacon ■ R2 reported second quarter 2026 revenue of $2.2 million. ■ Continued to build commercial momentum in the United States. ■ R2's demand for the second quarter reached $3.6 million, with MediB
Slide 9: Segment Highlights - Spectrum
Segment Highlights - Spectrum HC2 Broadcasting ("Broadcasting") Overview Financials ($ millions) 2Q26 2Q25 ■ Broadcasting entered into a $105 million loan agreement (the “New Loan”) with HC2 Merger Sub, LLC, a subsidiary of CONX Revenue $ 5.4 $ 5.7 (“Merger Sub”). The proceeds of the New Loan were u
Slide 10: Current Credit Picture
Current Credit Picture Debt Summary (1) (2) ($ millions) ($ millions) Maturity Jun-26 Dec-25 10.50% Senior Secured Notes 2027 $ 379.3 $ 360.4 9.50% Convertible Senior Notes 2027 56.0 53.5 CGIC Promissory Note 2027 49.7 45.9 Revolving Line of Credit 2026 20.0 20.0 8.50% Senior Secured Notes 2026 — 1.
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 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 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, 2026 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 26.4 $ (2.3) $ 8.4 $ (21.8) $ — $ 10.7 Adjustme
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, 2026 Non-Operating Other and Infrastructure Life Sciences Spectrum Corporate Eliminations INNOVATE Net income (loss) attributable to INNOVATE Corp. $ 35.7 $ (5.6) $ 1.9 $ (38.1) $ — $ (6.1) Adjustmen
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, 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 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, 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