Mobile Infrastructure Corp Q4 FY2025 earnings call

• 2025 was a year of strengthening the business foundation despite not achieving expected growth. Key strategic priorities were executed, including positive momentum in contract parking, improved asset utilization, phase one of asset rotation strategy, balance sheet strengthening, and positive outlooks for 2026. • Contract parking had over 6,700 contracts in baseline assets, with same - store sales growth. Focused on volume first then rate to gain market share. • Residential parking contracts saw a 60% year - over - year increase in 2025 due to office - to - apartment conversions. • Transient volumes declined in 2025 but rates increased, and temporary disruptions in 2026 are turning into positive catalysts. • Executed phase one of asset rotation strategy, selling or having assets under contract to sell over $30 million of non - core assets. Completed a $100 million asset - backed securitization in the third quarter and paid down ~$10 million of the line of credit in the fourth quarter. • Return to office momentum and venue reopenings support 2026 growth, and a data strategy pivot was made to improve customer experience, revenue management, and reduce costs with actions underway to improve portfolio utilization.

Contract parking: Ended 2025 with over 6,700 contracts in baseline assets, achieving 10% year - over - year same - store sales growth (12% excluding Detroit's temporary disruption). It accounts for approximately 35% of the management agreement revenue. Transient revenue: In 2025, transient volumes declined by 6% mainly due to temporary disruptions in certain markets, but transient rates increased. For the fourth quarter of 2025, total revenue was $8.8 million compared to $9.2 million in the same period of the prior year. Revenue per available stall (RevPass) was $190 in the fourth quarter of 2025, down 5% from $200 in the prior - year quarter. For the full year 2025, total revenue was $35.1 million compared to $37 million in 2024, a decrease of 5.2%. The same location RevPass was $199 in 2025, down 4.7% from $209 in 2024.

• 2026 revenue is expected to be in the range of $35 million to $38 million. At the midpoint, it represents a 4% growth over 2025 revenue, and an 8% adjusted growth on the same - portfolio basis. • Net operating income is projected to be between $21.5 million and $23.0 million. At the midpoint, it shows a 7% growth over 2025 actual results, and a 10% adjusted growth when removing sold assets. • Adjusted EBITDA is expected to be from $15.0 million to $16.5 million. At the midpoint, it has a 10% growth over 2025 actual results, and a 13% adjusted growth. The guidance is based on assumptions of continued contract parking volume growth, transient growth in markets with resolved disruptions, and the uplift from return - to - office momentum.

Q: About dispositions, what was closed in the quarter and what's left?

A: One asset was remaining to close in the quarter, with anticipation of closing in 14 - 20 days, and other assets were in the pipeline for the back half of 2026.

Q: What's the impact of local disruptions in markets such as Cincinnati, Denver, and Nashville?

A: Cincinnati was seeing an impact in the first quarter, and Nashville's asset was back - half - weighted.

Q: How has weather affected the portfolio?

A: The national storm had different impacts by market, and January is the slowest quarter, with weather impact being largely nominal overall.

Q: Regarding sequential build in results and return - to - office cities?

A: Contract parking compounds throughout the year, and return - to - office was seen across various cities with the Midwest and Texas being strong.

Q: Details about technology optimization initiatives?

A: There was a broad attack on technology, working with third - party operators for a frictionless ecosystem, and focusing on online presence and pre - marketing for events.

Q: Transition from leases to management contracts?

A: The balance of leases to management contracts was to be late in the year and next year, with only a handful remaining.

Q: Asset acquisition pipeline and focus?

A: The near - term focus was on the line of credit, but it would be balanced with the board.

Q: What's the buyers' use of sold properties?

A: It depended, with some for change of use and some for parking - specific purposes, as long as maximizing proceeds for shareholders.

Q: Which cities were the strongest for return - to - office?

A: The Midwest was the strongest, and Texas was also seeing the same situation.