Tidewater Midstream and Infrastructure (TWM) investor relations material

Executive summary

• Achieved record consolidated adjusted EBITDA of $88.9 million in Q2 2026, driven by high facility utilization, strong operational margins, and favorable market conditions.

• Net income attributable to shareholders rose by $31.3 million to $15.0 million in Q2 2026, reversing a net loss of $16.3 million in Q2 2025.

• Regulatory approvals and incentive programs secured, supporting cash flow and project funding.

• Strategic focus on operational excellence, margin expansion, and disciplined capital allocation.

• Entered new agreements to advance sustainable aviation fuel (SAF) projects and secured additional hedges to mitigate commodity price volatility.

Financial highlights

• Q2 2026 consolidated adjusted EBITDA: $88.9 million (Q2 2025: $16.0 million), supported by above-capacity HDRD complex operations and incentive proceeds.

• Q2 2026 consolidated net income attributable to shareholders: $15.0 million (Q2 2025: net loss of $16.3 million).

• Six months ended June 30, 2026: consolidated adjusted EBITDA $138.6 million; distributable cash flow $82.0 million.

• Net debt reduced by $44.4 million in Q2, with consolidated net debt at $537.6 million as of June 30, 2026.

• Total capital expenditures for Q2 2026: $3.8 million, focused on SAF project optimization and gas storage upgrades.

Outlook and guidance

• Full-year 2026 consolidated adjusted EBITDA guidance raised to $230–$250 million, a 20% increase over prior midpoint.

• Renewables guidance increased to $130–$140 million; Midstream to $100–$110 million.

• Capital expenditures for 2026 remain unchanged: $2–$3 million for Renewables, $20–$25 million for Midstream.

• Free cash flow to be directed primarily toward further debt reduction.

• Hedged 50% of 2026 and 40% of 2027 crack spread exposure; 50% of 2026 and 20% of 2027 renewable diesel sales and feedstock purchases.