Mobile Infrastructure (BEEP) investor relations material

Executive summary

• Owns 40 parking assets in 20 U.S. markets, totaling 15,100 spaces and 5.2M sq. ft., with a focus on top MSAs and multi-key demand drivers.

• Second quarter 2025 performance was stable year-over-year, despite headwinds from construction delays, adverse weather, and fewer marquee events impacting transient traffic.

• Contract parking, especially residential, showed strong growth, with monthly contracts up 2.5% in Q2 and 6.6% year-to-date, and residential contracts up 44% since year-end.

• Strategic shift from leased to managed contracts underway, with 29 of 40 assets converted by June 30, 2025, targeting full conversion by 2027 to improve revenue consistency and NOI margin.

• Asset optimization strategy includes active negotiations for $20 million in non-core asset sales and a three-year target of $100 million, with proceeds to be redeployed into higher NOI assets.

Financial highlights

• Q2 2025 revenue was $9.0 million, down 3% from Q2 2024, mainly due to lower transient volumes.

• Net operating income (NOI) was $5.4 million, down 3.5% year-over-year; adjusted EBITDA was $3.8 million, down 5.6% year-over-year.

• Net loss attributable to common stockholders was $4.5–$4.7 million in Q2 2025, compared to $1.8–$2.5 million in Q2 2024.

• Cash and restricted cash totaled $15.9 million at June 30, 2025; total debt was $214–216 million.

• Net asset value per fully diluted share was $7.25 as of June 30, 2024.

Outlook and guidance

• Full-year 2025 revenue is expected to track toward the low end of the $37–40 million range, and NOI toward the low end of the $23.5–25 million range, due to ongoing construction delays and lighter transient volumes.

• Second half 2025 trends are expected to mirror the first half, with potential upside from seasonal events and hotel occupancy.

• Remaining asset conversions to management contracts expected by 2027, anticipated to accelerate revenue growth and cost savings.

• Management expects continued net losses in the near future and does not anticipate resuming common stock distributions.

• Portfolio optimization strategy includes divesting select non-core assets and redeploying ~$100 million into higher NOI potential assets over the next three years.