Mobile Infrastructure (BEEP) investor relations material

Executive summary

• Strengthened business foundation in 2025 despite not achieving expected growth, with execution of key strategic priorities and positioning for future growth and 2026 catalysts.

• Owns a diversified portfolio of 36 parking assets in 19 markets, primarily in the Midwest and Southwest, with ~13,500 spaces and 4.6M square feet as of December 31, 2025.

• Achieved 10% year-over-year growth in contract parking volumes and nearly 60% increase in residential monthly contracts, supporting recurring revenue streams.

• Strategic shift from leased to management contracts underway, with 28 of 36 assets converted by year-end 2025, aiming for improved revenue consistency and NOI margin.

• Asset rotation strategy met $30 million sales target in its first year, with further dispositions planned toward a $100 million, three-year goal.

Financial highlights

• Q4 2025 revenue was $8.8M, down from $9.2M year-over-year; full year revenue was $35.1M, down 5.2% from $37M in 2024.

• Q4 net operating income (NOI) was $5.3M vs. $5.5M prior year; full year NOI was $20.7M vs. $22.6M.

• Q4 Adjusted EBITDA was $3.9M (flat year-over-year); full year Adjusted EBITDA was $14.3M vs. $15.8M.

• Q4 net loss was $8.3M (vs. $1.0M prior year); full year net loss was $23.7M.

• Same location RevPAS for Q4 was $190 (vs. $200 prior year); full year was $199.36 (vs. $209.24 prior year).

Outlook and guidance

• 2026 revenue guidance: $35M–$38M (midpoint 4% growth over 2025; 8% growth on same-portfolio basis).

• 2026 NOI guidance: $21.5M–$23M (midpoint 7% growth; 10% growth adjusted for asset sales).

• 2026 Adjusted EBITDA guidance: $15M–$16.5M (midpoint 10% growth; 13% adjusted).

• Guidance assumes continued contract parking growth, transient recovery post-construction, and return to office momentum.

• Guidance excludes future asset sales or acquisitions from the asset rotation plan.