Uber Q2 2025 Earnings: A Data-Driven Dive

Uber Q2 2025 Earnings: A Data-Driven Dive

• 1. Uber Technologies, Inc. Q2 2025 Earnings Supplemental Data August 6, 2025 1

• 2. 2 Non-GAAP Financial Measures Disclosure To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP, we use the following non-GAAP financial measures: Adjusted EBITDA; Non-GAAP Costs and Operating Expenses; Trailing Twelve Months Adjusted EBITDA; Trailing Twelve Months Free Cash Flow; Free Cash Flow as well as revenue growth rates in constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These nonGAAP financial measures also facilitate management’s internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decisionmaking and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations we provide specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP. For more information on these non-GAAP financial measures, please see the section titled “Non-GAAP Reconciliations” included at the end of this deck. In regards to forward looking non-GAAP guidance provided on our Q2 2025 earnings release and call, we are not able to reconcile the forward-looking non-GAAP Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, unrealized gains and losses on equity investments, tax and regulatory reserve changes, restructuring costs and acquisition and financing related impacts.

• 3. 3 Forward Looking Statements This presentation contains forward-looking statements regarding our future business expectations, which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: competition, managing our growth and corporate culture, financial performance, investments in new products or offerings, our ability to attract drivers, consumers and other partners to our platform, our brand and reputation, other legal and regulatory developments, particularly with respect to our relationships with drivers and couriers, and the impact of the global economy, including rising inflation and interest rates. In addition, other potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the year ended December 31, 2024 and subsequent annual reports, quarterly reports and other filings filed with the Securities and Exchange Commission from time to time. All information provided in this presentation is as of the date hereof and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of such date. We undertake no duty to update this information unless required by law.

• 4. Q2 2025 Earnings 4 Financial and Operational Highlights Segment Details Platform and Business Highlights Condensed Consolidated Financials Non-GAAP Reconciliations

• 5. 12% of Delivery Gross Bookings generated via Uber app 30% of eligible¹ Mobility riders have never tried Delivery Q2 2025 Earnings 5 Uber's unique advantage is the power of our platform Top Tabs Created two tabs for Eats & Rides in the Uber app 2022 2024 2025 Cross-Sells Introduced cross-selling Eats on Rides trips Mixed Feed Evolving Uber app into a gateway to entire Uber ecosystem 1. Eligible Mobility riders defined as active riders in markets with Mobility and Delivery operations. 5

• 6. Q2 2025 Earnings 6 Uber One continues to innovate to drive cross-platform engagement 36M Members Mobility premium offers Launched in the US Savings on Delivery favorites 40%+ of combined Delivery & Mobility Bookings Member Days Mobility Surge Savings 6

• 7. Q2 2025 Earnings 7 Uber is leading the commercialization of AV technology ~5 Additional cities with Mobility deployments expected in 2025 4K+ Delivery merchant storefronts Q2 2025 Earnings 7 20 Partners across Mobility, Delivery, Freight 12 Cities with live Mobility and/or Delivery deployments across 3 countries

• 8. Q2 2025 Earnings 8 Segment Details Financial and Operational Highlights Condensed Consolidated Financials Non-GAAP Reconciliations Platform and Business Highlights

• 9. Note 1: MAPCs is the number of unique consumers who completed a Mobility ride or received a Delivery order on our platform at least once in a given month, averaged over each month in the quarter. Note 2: We define Trips as the number of completed consumer Mobility rides and Delivery orders in a given period. Note 3: We define Frequency as Monthly Trips divided by MAPCs for a given period. Operating Metrics Figures in Millions, excluding Monthly Trips / MAPC 9 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 MAPCs +15% MAPCs Growth YoY Monthly Trips / MAPC +2% Frequency Growth YoY Trips +18% Trips Growth YoY 14% 13% 14% 14% 15% % Growth YoY % Growth YoY % Growth YoY 6% 4% 3% 3% 2% 21% 17% 18% 18% 18% Q2 2025 Earnings 156 161 171 170 5.9 6.0 5.9 6.0 2,765 3,068 2,868 3,036 180 6.1 3,268

• 10. $ in Millions Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 % Growth YoY Note 1: We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides, Delivery orders (in each case without any adjustment for consumer discounts and refunds, Driver and Merchant earnings, and Driver incentives) and Freight Revenue. Gross Bookings do not include tips earned by Drivers. Note 2: “% Constant Currency Growth YoY” is calculated by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the U.S. dollar. % Constant Currency Growth YoY 19% 16% 18% 14% 17% 21% 20% 21% 18% 18% Gross Bookings +18% Gross Bookings Constant Currency Growth YoY Q2 2025 Earnings 10 $40,973 $44,197 $42,818 $39,952 $46,756

• 11. $ in Millions Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 % Growth YoY Note 1: "% Constant Currency Growth YoY" is calculated by translating our current period results using the corresponding prior period's monthly exchange rates for our transacted currencies other than the U.S. dollar. % Constant Currency Growth YoY 16% 20% 20% 14% 18% 17% 22% 21% 17% 18% Revenue 11 +18% Revenue Constant Currency Growth YoY Q2 2025 Earnings $11,188 $11,959 $11,533 $10,700 $12,651

• 12. Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Note 1: We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) other income (expense), net, (vii) depreciation and amortization, (viii) stock-based compensation expense, (ix) certain legal, tax, and regulatory reserve changes and settlements, (x) goodwill and asset impairments/loss on sale of assets, (xi) acquisition, financing and divestitures related expenses, (xii) restructuring and related charges and (xiii) other items not indicative of our ongoing operating performance. Note 2: We define Adjusted EBITDA margin as a percentage of Gross Bookings as Adjusted EBITDA divided by Gross Bookings. Note 3: See Non-GAAP reconciliations for reconciliation of non-GAAP measures. Adjusted EBITDA Margin as a % of Gross Bookings +35% Adjusted EBITDA Growth YoY Adjusted EBITDA $ in Millions 12 71% 55% 44% 35% 35% % Growth YoY Q2 2025 Earnings $1,690 $1,842 $1,868 $1,570 3.9% 4.1% 4.2% 4.4% 4.5% $2,119

• 13. Q2 2025 Earnings 13 Condensed Consolidated Financials Non-GAAP Reconciliations Platform and Business Highlights Financial and Operational Highlights Segment Details

• 14. Q2 2025 Earnings % Constant Currency Growth YoY Gross Bookings Adjusted EBITDA Revenue % Constant Currency Growth YoY Note 1: Revenue Margin is defined as Revenue as a percentage of Gross Bookings. Note 2: See Non-GAAP reconciliations for reconciliation of non-GAAP measures. Note 3: All measures are for Mobility segment unless otherwise noted. Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 +18% Gross Bookings Constant Currency Growth YoY $ in Millions 27% 24% 24% 20% 18% 27% 29% 26% 18% 18% Revenue Margin Adjusted EBITDA: Segment Adjusted EBITDA Margin as a % of Gross Bookings 14 Mobility Highlights $20,554 $21,002 $22,798 $21,182 $6,134 $6,409 $6,911 $6,496 $1,567 $1,682 $1,769 $1,753 29.8% 30.5% 30.3% 30.7% 30.7% 7.6% 8.0% 7.8% 8.3% 8.0% $23,762 $7,288 $1,905

• 15. Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 17% 17% 18% 18% 20% % Constant Currency Growth YoY Gross Bookings +20% Gross Bookings Constant Currency Growth YoY Adjusted EBITDA 9% 19% 20% 22% 23% Delivery Highlights $ in Millions Revenue Margin Adjusted EBITDA: Segment Adjusted EBITDA Margin as a % of Gross Bookings 15 Note 1: Revenue Margin is defined as Revenue as a percentage of Gross Bookings. Note 2: See Non-GAAP reconciliations for reconciliation of non-GAAP measures. Note 3: All measures are for Delivery segment unless otherwise noted. Revenue % Constant Currency Growth YoY Q2 2025 Earnings $18,126 $18,663 $20,126 $20,377 $21,734 $3,293 $3,470 $3,773 $3,777 $4,102 18.2% 18.6% 18.7% 18.5% 18.9% $588 $628 $727 $763 $873 3.2% 3.4% 3.6% 3.7% 4.0%

• 16. Adjusted EBITDA: Segment Adjusted EBITDA Margin as a % of Revenue Note 1: See Non-GAAP reconciliations for reconciliation of non-GAAP measures. Note 2: All measures are for Freight segment unless otherwise noted. Freight Highlights $ in Millions Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Revenue % Constant Currency Growth YoY Adjusted EBITDA (1%) 2% 0% (1%) (1%) Q2 2025 Earnings 16 $1,273 $1,309 $1,275 $1,260 $1,261 ($12) ($19) ($22) ($7) ($6) (0.9%) (1.5%) (1.7%) (0.6%) (0.5%)

• 17. Q2 2025 Earnings 17 Segment Details Non-GAAP Reconciliations Platform and Business Highlights Financial and Operational Highlights Condensed Consolidated Financials

• 18. Q2 2025 Earnings $ in Millions, except share amounts, which are in thousands, and per share amounts 18 Condensed Consolidated Statements of Operations (Unaudited) 2024 2025 2024 2025 Revenue $10,700 $12,651 $20,831 $24,184 Costs and expenses Cost of revenue, exclusive of depreciation and amortization shown separately below 6,488 7,611 12,656 14,548 Operations and support 682 696 1,367 1,364 Sales and marketing 1,115 1,210 2,032 2,267 Research and development 760 840 1,550 1,655 General and administrative 686 669 1,895 1,326 Depreciation and amortization 173 175 363 346 Total costs and expenses $9,904 $11,201 $19,863 $21,506 Income from operations $796 $1,450 $968 $2,678 Interest expense (139) (108) (263) (213) Other income (expense), net 420 162 (258) 424 Income before income taxes and loss from equity method investments 1,077 1,504 447 2,889 Provision for (benefit from) income taxes 57 142 86 (260) Loss from equity method investments (12) (12) (16) (25) Net income including non-controlling interests 1,008 1,350 345 3,124 Less: net loss attributable to non-controlling interests, net of tax (7) (5) (16) (7) Net income attributable to Uber Technologies, Inc. $1,015 $1,355 $361 $3,131 Net income per share attributable to Uber Technologies, Inc. common stockholders: Basic $0.49 $0.65 $0.17 $1.50 Diluted $0.47 $0.63 $0.15 $1.46 Weighted-average shares used to compute net income per share attributable to common stockholders: Basic 2,092,180 2,091,106 2,085,324 2,091,781 Diluted 2,150,019 2,125,628 2,151,647 2,124,181 Three Months Ended June 30, Six Months Ended June 30,

• 19. Q2 2025 Earnings 2024 2025 Assets Cash and cash equivalents $5,893 $6,438 Short-term investments 1,084 932 Restricted cash and cash equivalents 545 1,191 Accounts receivable, net 3,333 3,769 Prepaid expenses and other current assets 1,390 1,777 Total current assets $12,245 $14,107 Restricted cash and cash equivalents 2,172 2,038 Restricted investments 7,019 7,864 Investments 8,460 8,660 Equity method investments 302 331 Property and equipment, net 1,952 1,948 Operating lease right-of-use assets 1,158 1,153 Intangible assets, net 1,125 1,187 Goodwill 8,066 8,907 Deferred tax assets 6,171 6,524 Other assets 2,574 3,263 Total assets $51,244 $55,982 As of December 31, As of June 30, 19 Condensed Consolidated Balance Sheets (Unaudited) $ in Millions

• 20. Q2 2025 Earnings 2024 2025 Liabilities, redeemable non-controlling interests and equity Accounts payable $858 $1,022 Short-term insurance reserves 2,754 3,107 Operating lease liabilities, current 175 176 Accrued and other current liabilities 7,689 8,381 Total current liabilities $11,476 $12,686 Long-term insurance reserves 7,042 8,183 Long-term debt, net of current portion 8,347 9,578 Operating lease liabilities, non-current 1,454 1,438 Other long-term liabilities 449 467 Total liabilities $28,768 $32,352 Redeemable non-controlling interests 93 183 Equity Common stock - - Additional paid-in capital 42,801 40,625 Accumulated other comprehensive loss (517) (435) Accumulated deficit (20,726) (17,592) Total Uber Technologies, Inc. stockholders' equity $21,558 $22,598 Non-redeemable non-controlling interests 825 849 Total equity $22,383 $23,447 Total liabilities, redeemable non-controlling interests and equity $51,244 $55,982 20 Condensed Consolidated Balance Sheets (Unaudited) $ in Millions Continued: As of December 31, As of June 30,

• 21. Q2 2025 Earnings 21 Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Millions Condensed Consolidated Statements of Cash Flows (Unaudited) 2024 2025 2024 2025 Cash flows from operating activities Net income including non-controlling interests $1,008 $1,350 $345 $3,124 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 181 181 375 359 Stock-based compensation 455 475 939 910 Deferred income taxes (7) 87 (23) (325) Unrealized loss (gain) on debt and equity securities, net (333) 17 388 (34) Unrealized foreign currency transactions 59 (101) 209 (152) Other (58) 106 (87) 79 Change in assets and liabilities, net of impact of business acquisitions and disposals: Accounts receivable (162) (212) (584) (335) Prepaid expenses and other assets (108) (251) (430) (748) Operating lease right-of-use assets 47 46 93 89 Accounts payable (70) 125 (24) 131 Accrued insurance reserves 675 812 1,371 1,487 Accrued expenses and other liabilities 158 (20) 745 410 Operating lease liabilities (25) (51) (81) (107) Net cash provided by operating activities $1,820 $2,564 $3,236 $4,888 Three Months Ended June 30, Six Months Ended June 30,

• 22. Q2 2025 Earnings 22 Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Millions Continued: Condensed Consolidated Statements of Cash Flows (Unaudited) 2024 2025 2024 2025 Cash flows from investing activities Purchases of property and equipment ($99) ($89) ($156) ($163) Purchases of non-marketable equity securities (58) (12) (232) (191) Purchases of marketable securities (3,288) (5,095) (5,317) (7,635) Proceeds from maturities and sales of marketable securities 1,821 4,636 3,851 7,033 Acquisition of businesses, net of cash acquired - (804) - (804) Other investing activities (52) (97) (64) (243) Net cash used in investing activities ($1,676) ($1,461) ($1,918) ($2,003) Cash flows from financing activities Issuance of term loan and notes, net of issuance costs - 1,127 - 1,127 Principal repayment on term loan and notes (7) - (13) - Principal payments on finance leases (35) (28) (77) (75) Proceeds from the issuance of common stock under the Employee Stock Purchase Plan 103 120 103 120 Repurchases of common stock (325) (1,363) (325) (3,148) Other financing activities 73 (51) 21 (81) Net cash used in financing activities ($191) ($195) ($291) ($2,057) Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents (56) 159 (150) 229 Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents ($103) $1,067 $877 $1,057 Cash and cash equivalents, and restricted cash and cash equivalents Beginning of period 7,984 8,600 7,004 8,610 End of period $7,881 $9,667 $7,881 $9,667 Three Months Ended June 30, Six Months Ended June 30,

• 23. Q2 2025 Earnings 23 Segment Details Condensed Consolidated Financials Platform and Business Highlights Financial and Operational Highlights Non-GAAP Reconciliations

• 24. Jun 30, ‘24 Sept 30, ‘24 Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Mobility $1,567 $1,682 $1,769 $1,753 $1,905 Delivery 588 628 727 763 873 Freight (12) (19) (22) (7) (6) Corporate G&A and Platform R&D (573) (601) (632) (641) (653) Adjusted EBITDA $1,570 $1,690 $1,842 $1,868 $2,119 Add (deduct): Legal, tax, and regulatory reserve changes and settlements (134) - (462) (28) - Goodwill and asset impairments / loss on sale of assets - - (6) - - Restructuring and related charges (9) (4) (5) (1) - Loss on lease arrangements, net - - (2) (2) - Acquisition, financing and divestitures related expenses (3) (8) (9) (3) (19) Depreciation and amortization (173) (179) (169) (171) (175) Stock-based compensation expense (455) (438) (419) (435) (475) Income from operations $796 $1,061 $770 $1,228 $1,450 Add (deduct): Other income, net 420 1,851 256 262 162 Interest expense (139) (143) (117) (105) (108) Loss from equity method investments (12) (12) (10) (13) (12) (Provision for) benefit from income taxes (57) (158) 6,002 402 (142) Net (income) loss attributable to non-controlling interests, net of tax 7 13 (18) 2 5 Net income attributable to Uber Technologies, Inc. $1,015 $2,612 $6,883 $1,776 $1,355 $ in Millions Adjusted EBITDA Reconciliation (Unaudited) 24 Three Months Ended Q2 2025 Earnings

• 25. Jun 30, ‘24 Sept 30, ‘24 Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Adjusted EBITDA $5,327 $5,925 $6,484 $6,970 $7,519 Add (deduct): Legal, tax, and regulatory reserve changes and settlements (575) (588) (1,123) (624) (490) Goodwill and asset impairments / loss on sale of assets 2 4 (3) (6) (6) Restructuring and related charges (36) (36) (25) (19) (10) Loss on lease arrangements, net (7) (8) (2) (4) (4) Acquisition, financing and divestitures related expenses (26) (25) (25) (23) (39) Depreciation and amortization (771) (745) (711) (692) (694) Stock-based compensation expense (1,900) (1,846) (1,796) (1,747) (1,767) Income from operations $2,014 $2,681 $2,799 $3,855 $4,509 Add (deduct): Other income, net 1,021 2,924 1,849 2,789 2,531 Interest expense (584) (561) (523) (504) (473) Loss from equity method investments (8) (23) (38) (47) (47) (Provision for) benefit from income taxes (179) (377) 5,758 6,189 6,104 Net (income) loss attributable to non-controlling interests, net of tax (253) (242) 11 4 2 Net income attributable to Uber Technologies, Inc. $2,011 $4,402 $9,856 $12,286 $12,626 $ in Millions Adjusted EBITDA Reconciliation - TTM (Unaudited) 25 Trailing Twelve Months (TTM) Ended Q2 2025 Earnings

• 26. Q2 2025 Earnings Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) Jun 30, ‘24 Sept 30, ‘24 Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Revenue $10,700 $11,188 $11,959 $11,533 $12,651 GAAP Cost of Revenue, excluding D&A 6,488 6,761 7,234 6,937 7,611 Legal, tax, and regulatory reserve changes and settlements (76) - - - - Restructuring and related charges - - (2) - - Non-GAAP Cost of Revenue $6,412 $6,761 $7,232 $6,937 $7,611 Non-GAAP Operating Expenses GAAP Operations and support $682 $687 $678 $668 $696 Restructuring and related charges (7) (1) (1) - - Goodwill and asset impairment/loss on sale of assets - - (6) - - Loss on lease arrangements, net - - - (1) - Stock-based compensation (54) (50) (47) (52) (59) Non-GAAP Operations and support $621 $636 $624 $615 $637 Three Months Ended 26 $ in Millions

• 27. Q2 2025 Earnings Jun 30, ‘24 Sept 30, ‘24 Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 GAAP Sales and marketing $1,115 $1,096 $1,209 $1,057 $1,210 Stock-based compensation (24) (23) (23) (24) (28) Non-GAAP Sales and marketing $1,091 $1,073 $1,186 $1,033 $1,182 GAAP Research and development $760 $774 $785 $815 $840 Restructuring and related charges - (1) - - - Stock-based compensation (277) (268) (260) (264) (284) Non-GAAP Research and development $483 $505 $525 $551 $556 GAAP General and administrative $686 $630 $1,114 $657 $669 Legal, tax, and regulatory reserve changes and settlements (58) - (462) (28) - Restructuring and related charges (2) (2) (2) (1) - Loss on lease arrangements, net - - (2) (1) - Acquisition, financing, and divestitures related expenses (3) (8) (9) (3) (19) Stock-based compensation (100) (97) (89) (95) (104) Non-GAAP General and administrative $523 $523 $550 $529 $546 Three Months Ended Continued: 27 Non-GAAP Costs and Operating Expenses Reconciliations (Unaudited) $ in Millions

• 28. Free Cash Flow Reconciliation $ in Millions Jun 30, ‘24 Sept 30, ‘24 Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 Free Cash Flow reconciliation: Net cash provided by operating activities 1,820 2,151 1,750 2,324 2,564 Purchases of property and equipment (99) (42) (44) (74) (89) Free Cash Flow $1,721 $2,109 $1,706 $2,250 $2,475 Three Months Ended 28 Jun 30, ‘24 Sept 30, ‘24 Dec 31, ‘24 Mar 31, ‘25 Jun 30, ‘25 TTM Free Cash Flow reconciliation: Net cash provided by operating activities 5,025 6,210 7,137 8,045 8,789 Purchases of property and equipment (272) (253) (242) (259) (249) Free Cash Flow $4,753 $5,957 $6,895 $7,786 $8,540 Adjusted EBITDA 5,327 5,925 6,484 6,970 7,519 Free Cash Flow Conversion (% of Adj. EBITDA) 89% 101% 106% 112% 114% Trailing Twelve Months (TTM) Ended Q2 2025 Earnings