Genie Energy Ltd.

Good morning and welcome to the G&E Energy Limited's second quarter 2025 earnings call. In today's presentation, G&E Energy Management will discuss G&E's financial and operational results for the three months ended June 30th, 2025. During prepared remarks by G&E Energy's Chief Executive Officer Michael Stein and Chief Financial Officer Avi Golden, all participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing this third key followed by zero. After Avi Golden's remarks, Michael and Avi will take questions from investors. Any forward-looking statements made during this conference call, either in the prepared remarks or in the Q&A session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, the specific risks and uncertainties discussed in the reports that G&E Energy files periodically with DSCC. G&E Energy assumes no obligation either to update any forward-looking statements that may have made or may make, or to update the factors that may cause actual results to differ materially from those that they forecast. In their presentation or in the Q&A session, G&E Energy's management may refer to non-GAAP measures, including adjusted EBITDA, non-GAAP net income, and non-GAAP earnings per share. The schedule provided in the G&E Energy earnings release reconciles adjusted EBITDA, non-GAAP net income, and non-GAAP earnings per share to the nearest corresponding GAAP measures. Please note that the G&E Energy earnings release is available on the investor relations page of the G&E website. The earnings release has also been filed on Form 8K with DSCC. I will now turn the conference over to Michael Stein. Sir, the story is yours.

Thank you, operator. Our second quarter yielded mixed results. On the one hand, it was highlighted by solid operational progress and double-digit top-line growth. On the other hand, our bottom line was impacted by significant margin compression SGREs, which weighed on our bottom line results. At GRE, we expanded our customer base in the second quarter to approximately 419,000 meters served, comprising approximately 414,000 RCEs, representing a -over-year increase of 15% and 20% in meters and RCEs respectively. Shown in the second quarter dropped to .8% from .5% in the first quarter, and I think we can and will continue to make progress as we further improve our customer retention operations. GRE's bottom line, however, was impacted by wholesale power price increases in some of the supply markets, most notably within the TGM and MISO interconnection zones. The volatility in the quarter was driven by policy concerns and by -than-usual weather, particularly in June. There have been times over the past few years where wholesale price volatility has led to margin upsides for the company. However, this quarter the impact was against us. GRE delivered very strong results. Revenue increased 44% and the segment approach break even even as we invested in some of our newly developing businesses. At the VersaG, our brokerage and energy advisory business, revenue increased -over-year by over 50% and profitability increased by almost 3,000%. As Unisolar, revenue jumped over six times the year ago level to $1 billion, reflecting a solid quarter from its portfolio of operating arrays, and the bottom line loss decreased by 90% as we also significantly reduced SG&A. Turning now to Unisolar's development pipeline. We are making good progress on the more advanced projects, including our Lansing Community Solar Project, which, I'm excited to say, we expect to commission in the third quarter. Meanwhile, we have paused work on several of the earliest-staged development pipeline projects to re-evaluate their economics in light of recent changes in the development landscape. On the one hand, we anticipate unprecedented demand for power from data centers and industry in the coming years. On the other hand, the accelerated sunset of solar generation tax incentives included in the recently enacted federal tax and budget legislation, the one big beautiful bill, will impact a few projects at the tail end of our current pipeline that are in the earliest stages of development. We are currently working to gauge the impact of those changes on these early-stage projects and determine whether and how it makes sense to move ahead with them. Also, because of the legislation, we are pausing efforts to add projects to our development pipeline. Also within GRU, we continue to invest carefully in promising initiatives outside of the solar generation space. Most notably, we have had an early success leveraging our insurance capabilities and marketing expertise to offer tailored insurance products to retail customers. We are also optimistic about RoDET, our majority-owned venture utilizing recycled plastic waste to make Alice and other products. We hope to have more to share about both businesses in the coming quarters. Turning back to Gini on a consolidated basis, during the second quarter, we again return our value directly to our shareholders by repurchasing approximately 159,000 shares and paying our regular quarterly dividend of $0.75 per share. Looking ahead to the balance of the year, we are expecting GRE's margins to return closer to historical levels. Assuming a normalized commodity environment and with continued improvement in growth at GRU, we confirm Gini's 2025 consolidated adjusted EBITDA guidance at $40-50 million. Now, here

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