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Financial Results In the first quarter of 2021, PHX Energy reported improved adjusted EBITDA as a percentage of revenue and earnings from continuing operations despite the ongoing effects of the COVID-19 pandemic. For the three-month period ended March 31, 2021, the Corporation achieved adjusted EBITDA from continuing operations of $14.5 million, 21 percent of revenue, compared to $19.3 million, 19 percent of revenue, in the corresponding 2020-period. Earnings from continuing operations in the three-month period ended March 31, 2021 increased to $5.3 million from a loss of $2.2 million in the 2020-quarter. The sustained cost discipline initiatives from the prior year and the positive impact of government grants contributed to the improved profitability and earnings in the first quarter of 2021. This improved profitability in the first quarter of 2021, however, was affected by the cash-settled share-based payments expense of $2.6 million compared to a recovery of $3.4 million in the

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