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  • MIL-OSI USA: Warner Joins Legislative Effort to Publicly Release Epstein Files

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) today joined his colleagues in introducing the Epstein Files Transparency Act, legislation directing the U.S. Department of Justice (DOJ) to publicly release all files relating to the investigation of Jeffrey Epstein and his associates. 

    “President Trump promised transparency and accountability, but what we got instead was more secrecy and flimsy excuses,” said Sen. Warner. “The American people deserve to know the full truth about Jeffrey Epstein and the individuals who enabled his horrifying crimes.”

    The Epstein Files Transparency Act will require the Attorney General to release all relevant Department of Justice documents and records relating to Jeffrey Epstein. This bill directs the Department of Justice, including the FBI and U.S. Attorneys’ Offices, to release materials related to:

    • Investigations and prosecutions of Jeffrey Epstein and Ghislaine Maxwell;
    • Flight logs, travel records, and other transportation data;
    • Individuals and entities connected to Epstein’s activities and immunity deals;
    • Internal DOJ communications and decisions not to prosecute;
    • Records surrounding Epstein’s detention and death.

    Importantly, the legislation includes strong protections for victims’ privacy and national security, while explicitly prohibiting redactions based on reputational harm or political sensitivity. A copy of the legislation is available here. 

    MIL OSI USA News –

  • MIL-OSI USA: Warner and Colleagues Release Joint Statement to Raise Alarm about President Trump’s Steep Concessions to Beijing

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, Senate Intelligence Committee Vice Chairman Mark Warner (D-Va.), Ranking Senate Defense Appropriator Chris Coons (D-Del.), Senate Minority Leader Chuck Schumer (D-N.Y.), Senate Appropriations Vice Chair Patty Murray (D-Wash.), Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.), Senate Armed Services Ranking Member Jack Reed (D-R.I.), Senate Appropriations Subcommittee on State and Foreign Operations Ranking Member Brian Schatz (D-Hawaii), Senate Foreign Relations Committee member Tim Kaine (D-Va.), Senate Foreign Relations Committee member Tammy Duckworth (D-Ill.), Senate Armed Services Committee member Mark Kelly (D-Ariz.), Senate Intelligence Committee member Michael Bennet (D-Colo.), Senate Armed Services Committee member Elissa Slotkin (D-Mich.), and Senate Subcommittee on National Security and International Trade and Finance Ranking Member Andy Kim (D-N.J.) released the following statement about public reporting that President Trump is pausing export controls on critical technology sold to China as part of an effort to secure a trade deal with Beijing: 

    “President Trump has spent the past six months eroding our advantages over China, but recent developments make clear how willing his administration is to sacrifice American economic and technological leadership for symbolic “wins” with China in its self-inflicted trade war. 

    “In just the last two days, we have seen reporting that the Trump administration has cancelled a long-planned high-level security dialogue with Taiwan and denied the president of Taiwan the ability to transit the United States—a longstanding tradition respected by administrations of both parties. These developments come right on the heels of a decision to pave the way for the sale of advanced AI chips to China and to freeze export controls on additional American technologies enabling them to now flow to China, even as Beijing tightens export controls on the United States. Independent media reports today suggest these moves are an attempt to secure trade concessions, curry favor with President Xi Jinping, and ensure President Trump gets a visit to China. The president is demonstrating to Beijing that he can be cajoled into giving up America’s core interests.

    “In the face of lackluster domestic economic forecasts and anemic interest from Beijing in achieving a real breakthrough in talks, President Trump and his economic team have ceded leverage and negotiating power to Beijing in a desperate attempt to lure President Xi to a meeting with President Trump. Even more dangerously, they risk putting American national security, technological advantage, and economic prosperity on the chopping block in order to do so. 

    “President Trump is handing our primary geopolitical adversary the keys to the castle of 21st century global technological dominance. Doing so will enable Chinese leadership in artificial intelligence, infusing the Chinese military with the technological advantage it needs to continue hostile operations across the globe. He is signaling his ambivalence about standing with Taiwan, our long-term partner in the region and a powerhouse of the global economy. And he is emboldening Beijing to take aggressive actions and seek even more aggressive concessions in whatever trade negotiations may follow.

    “President Trump and this administration must reset their dangerously weak approach to China and make clear they will no longer accept symbolic wins in exchange for steep American concessions. An administration convinced it can renegotiate the world order needs to stop negotiating against itself.” 

    MIL OSI USA News –

  • MIL-OSI USA: Warner and Kaine Ask Navy for Answers Regarding Death of Seaman Angelina Resendiz

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Senators Mark R. Warner and Tim Kaine, Ranking Member of the Senate Armed Services Subcommittee on Seapower, (both D-VA) sent a letter to Secretary of the Navy John Phelan asking the U.S. Navy for answers regarding the death of Seaman Angelina P. Resendiz, who was found dead on June 9 in Norfolk after being reported missing since May 29. Resendiz was assigned to the destroyer James E. Williams at Naval Station Norfolk. In the letter, the senators request a briefing from the Navy and more information about the period of Resendiz’s disappearance and death and the Navy’s adherence to policies and procedures. They also express concerns regarding public accounts of the condition of Seaman Resendiz’s remains upon arrival in Texas.

    “We write to inquire about the Navy’s handling of the tragic death of Seaman Angelina P. Resendiz,” wrote the senators. “While we acknowledge the Navy’s engagement with congressional offices to date, ongoing questions and concerns related to the period of her disappearance, the circumstances leading to her death, and the Navy’s policies and procedures throughout, demand answers.” 

    The senators continued, “As the Navy continues its investigation, it is critical that you provide Congress with significantly greater detail about the circumstances of Seaman Resendiz’s disappearance and death, including a more fulsome accounting of the Navy’s engagement with Seaman Resendiz’s loved ones and fellow sailors who had raised concerns about her well-being.”

    “We urge you to provide clarity around the actions taken by the Navy upon first learning of Seaman Resendiz’s absence, and Navy leaders’ adherence to a range of protocols and procedures … we ask for detail on what investigative steps were taken, and when, by the Navy and its Naval Criminal Investigative Service (NCIS), as well as the interactions with local and Virginia State Police,” the senators wrote. “We have serious questions as to what policies and procedures govern dignified transfer of remains after an investigation, and whether those were followed in this instance.”

    Full text of the letter is available here and below:

    Dear Secretary Phelan,

    We write to inquire about the Navy’s handling of the tragic death of Seaman Angelina P. Resendiz. While we acknowledge the Navy’s engagement with congressional offices to date, ongoing questions and concerns related to the period of her disappearance, the circumstances leading to her death, and the Navy’s policies and procedures throughout, demand answers. We urge the swift and thorough completion of the criminal investigation, and an associated administrative investigation as the service examines the circumstances of Seaman Resendiz’s death.

    In response to our engagement, along with that of broader congressional colleagues, the Navy has provided some initial information related to this tragic case. As the Navy continues its investigation, it is critical that you provide Congress with significantly greater detail about the circumstances of Seaman Resendiz’s disappearance and death, including a more fulsome accounting of the Navy’s engagement with Seaman Resendiz’s loved ones and fellow sailors who had raised concerns about her well-being. This information is vital in helping to fully understand the response from the Navy, as well as state and local law enforcement.

    Additionally, we urge you to provide clarity around the actions taken by the Navy upon first learning of Seaman Resendiz’s absence, and Navy leaders’ adherence to a range of protocols and procedures, including those outlined in MILPERSMAN 1600-040, which governs absent enlisted and officer personnel. Furthermore, we ask for detail on what investigative steps were taken, and when, by the Navy and its Naval Criminal Investigative Service (NCIS), as well as the interactions with local and Virginia State Police. Finally, we reiterate our concern over the public accounts from the family about the grief and anger caused by the condition of Seaman Resendiz’s remains upon arrival in Texas. We have serious questions as to what policies and procedures govern dignified transfer of remains after an investigation, and whether those were followed in this instance.

    As you must surely understand, your timely response on these matters is especially important to community advocates, Seaman Resendiz’s loved ones, the broader Navy family, and Members of Congress. As such, we request a briefing from relevant Navy and installation leadership by August 14, 2025, in order to further address a range of questions and concerns about the case – from the initial reports of Seaman Resendiz’s missing status, up to and including the return of her remains to Texas.

    Sincerely,

     

    MIL OSI USA News –

  • MIL-OSI USA: On Anniversary of Medicare and Medicaid, Warner and Kaine Introduce Bill to Repeal Health Care Provisions in Republican “Big Ugly Bill”

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, on the 60th anniversary of the Medicare and Medicaid programs, U.S. Senators Mark R. Warner and Tim Kaine, a member of the Senate Health, Education, Labor and Pensions Committee, (both D-VA) introduced legislation to repeal the health care provisions in President Donald Trump and Republicans’ ‘Big, Ugly Bill’ and permanently extend the Affordable Care Act’s enhanced tax credits, which expire at the end of the year. The law, which Warner and Kaine strongly opposed, will result in more than 15 million people losing their health insurance under Medicaid and the Affordable Care Act and many rural hospitals losing federal funding from Medicaid, putting them at risk of closure. 

    “In the 60 years since President Johnson signed the law that established Medicare and Medicaid, millions of Americans have been able to access the health care they need. Sadly, instead of strengthening these programs, President Trump and Republicans’ ‘Big, Ugly Bill’ will do the opposite and kick people off their health insurance under Medicaid and the Affordable Care Act,” said the senators. “We will all be better off if more people can access health insurance, and that’s why we’re proud to join our colleagues in introducing legislation to repeal the health care changes in the disastrous Republican law and extend the Affordable Care Act’s enhanced tax credits so Virginians can continue to access care.”

    The Republican law makes massive cuts to health care, nutrition assistance, and other critical programs that Virginians rely on in order to cut taxes for the ultra-wealthy. While the bill was being considered in the Senate, Warner and Kaine introduced a series of amendments in an attempt to improve the legislation, but Republicans blocked them.

    78,000 Virginians will lose access to some benefits from the Supplemental Nutrition Assistance Program (SNAP), and Virginia will be required to contribute an estimated $263 million annually in state cost-share for benefits, which have always been fully federally funded. The law jeopardizes clean energy jobs in Virginia by phasing out clean energy and energy efficiency tax credits and incentives that were passed in the Inflation Reduction Act. The law gives the top 0.1% a $250,000 tax cut and makes it harder for students to access student loans. The legislation also includes $85 million to move the Space Shuttle Discovery from the Steven F. Udvar-Hazy Center in Chantilly, Virginia to Houston, Texas; the full cost to move the space shuttle is estimated to be $300-$400 million.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Celebrates Passage of MSFC Anniversary Resolution

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Last night, Senator Tommy Tuberville’s resolution recognizing the 65th Anniversary of Marshall Space Flight Center (MSFC) passed the Senate. Earlier this month, Sen. Tuberville released a video highlighting the anniversary and emphasizing the important work being done at MSFC.

    “Everywhere I go, people brag to me about Huntsville, Alabama,” said Senator Tuberville.“And that’s because your talent and hard work has put the Rocket City—and the State of Alabama—on the map. From helping put the first man on the moon to making the SLS the backbone of space exploration, Marshall has made Alabama proud. Thank you to the engineers, scientists, technicians, and support staff—both past and present—who have made this possible.”

    Read full text of the resolution here. 

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Canada: Expanding wastewater services in Airdrie

    [. With the population now over 90,000 and demand on critical infrastructure continuing to rise, this $50 million investment will support the construction of a new 7-kilometre wastewater pipeline that connects to the City of Calgary’s existing wastewater treatment system. This regional approach is a cost-effective and environmentally responsible solution, eliminating the need for a new treatment facility while supporting the development of thousands of new homes and businesses.

    “Airdrie is one of the fastest-growing municipalities in Alberta, and needs upgraded infrastructure to meet the demand for new, serviced, sub-divisions. This expansion will support projected growth of 45,000 housing units and a significant number of commercial developments.”

    Devin Dreeshen, Minister of Transportation and Economic Corridors

    This project ensures that Airdrie can continue to growth sustainably while leveraging existing regional infrastructure assets, rather than building a new treatment facility. By partnering with Calgary to manage wastewater treatment, Airdrie is reducing long-term infrastructure costs.  

    “Our government’s investment in upgraded wastewater infrastructure is great news for a growing community like Airdrie. With new residential and commercial developments popping up every day in this area, the need for reliable wastewater treatment services has never been greater. By bringing new wastewater pipeline infrastructure online, we are ensuring families and businesses have the services they need to thrive.”

    Angela Pitt, MLA for Airdrie-East

    As more people and businesses choose to call Airdrie home, this wastewater system upgrade will ensure reliable service for new residential and commercial developments while supporting future growth by removing infrastructure barriers, attracting investment, and enhancing the city’s economic competitiveness.

    “We are deeply grateful to the Province of Alberta for recognizing the significant infrastructure pressures facing the City of Airdrie. This announcement represents the largest provincial funding commitment in our city’s history and comes at a pivotal time for our growing community. We extend our sincere thanks to The Provincial Government, our partners in private industry and the dedicated team at the City of Airdrie, along with everyone who contributed to making this achievement possible.”

    Peter Brown, mayor, City of Airdrie

    The total cost of the project is $114 million. Design work will begin later in 2025, with construction set to begin in 2026 and completion anticipated by 2027.

    Quick facts

    • Recently annexed land in east Airdrie offers 10,000 acres of developable land, accessible through the recently completed 40 Avenue/Highway 2 interchange.
    • Design work on the new pipeline will begin this year, with construction slated for 2026 and completion by 2027.

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI: Tenaris Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, July 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2025 in comparison with its results for the quarter ended June 30, 2024.

    Summary of 2025 Second Quarter Results

    (Comparison with first quarter of 2025 and second quarter of 2024)

      2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 3,086 2,922 6% 3,322 (7%)
    Operating income ($ million) 583 550 6% 512 14%
    Net income ($ million) 542 518 5% 348 56%
    Shareholders’ net income ($ million) 531 507 5% 335 59%
    Earnings per ADS ($) 0.99 0.94 5% 0.59 68%
    Earnings per share ($) 0.50 0.47 5% 0.29 68%
    EBITDA* ($ million) 733 696 5% 650 13%
    EBITDA margin (% of net sales) 23.7% 23.8%   19.6%  

    * EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales.

    In the second quarter, our sales rose 6% sequentially reflecting an increase in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Our free cash flow for the quarter amounted to $538 million and, after spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025.

    Market Background and Outlook

    Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline. 

    Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time. 

    For the second half, as anticipated in our last conference call, our sales will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will also be affected by the recent increase in tariff costs. 

    Analysis of 2025 Second Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 2Q 2025 1Q 2025 2Q 2024
    Seamless 803 775 4% 805 0%
    Welded 179 212 (16%) 228 (21%)
    Total 982 987 (1%) 1,033 (5%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 2Q 2025 1Q 2025 2Q 2024
    (Net sales – $ million)          
    North America 1,403 1,244 13% 1,439 (2%)
    South America 531 552 (4%) 599 (11%)
    Europe 215 208 3% 269 (20%)
    Asia Pacific, Middle East and Africa 771 761 1% 823 (6%)
    Total net sales ($ million) 2,920 2,765 6% 3,130 (7%)
    Services performed on third party tubes ($ million) 110 101 8% 102 7%
    Operating income ($ million) 554 514 8% 459 21%
    Operating margin (% of sales) 19.0% 18.6%   14.7%  
               

    Net sales of tubular products and services increased 6% sequentially and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria.

    Operating results from tubular products and services amounted to a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 2Q 2025 1Q 2025 2Q 2024
    Net sales ($ million) 166 157 6% 192 (14%)
    Operating income ($ million) 29 36 (21%) 52 (45%)
    Operating margin (% of sales) 17.3% 23.1%   27.3%  
               

    Net sales of other products and services increased 6% sequentially and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw materials and energy sold to third parties which had a lower margin.

    Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees, taxes, and other expenses.

    Other operating results amounted to a loss of $6 million in the second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024. In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $32 million in the second quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax charge amounted to $105 million in the second quarter of 2025, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income tax charge reflects better results at several subsidiaries.

    Cash Flow and Liquidity of 2025 Second Quarter

    Net cash generated by operating activities during the second quarter of 2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million.

    With capital expenditures of $135 million, our free cash flow amounted to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our net cash position amounted to $3.7 billion at June 30, 2025.

    Analysis of 2025 First Half Results

      6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 6,008 6,763 (11%)
    Operating income ($ million) 1,133 1,323 (14%)
    Net income ($ million) 1,060 1,098 (4%)
    Shareholders’ net income ($ million) 1,038 1,072 (3%)
    Earnings per ADS ($) 1.94 1.87 4%
    Earnings per share ($) 0.97 0.93 4%
    EBITDA* ($ million) 1,429 1,637 (13%)
    EBITDA margin (% of net sales) 23.8% 24.2%  

    * EBITDA in 6M 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $1,808 million, or 26.7% of sales.

    Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback.

    Cash flow provided by operating activities amounted to $1.5 billion during the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position amounted to $3.7 billion at the end of June 2025.

    The following table shows our net sales by business segment for the periods indicated below:

    Net sales ($ million) 6M 2025 6M 2024 Increase/(Decrease)
    Tubes 5,686 95% 6,421 95% (11%)
    Others 322 5% 342 5% (6%)
    Total 6,008   6,763   (11%)
               

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 6M 2025 6M 2024 Increase/(Decrease)
    Seamless 1,578 1,582 0%
    Welded 390 496 (21%)
    Total 1,969 2,078 (5%)
           

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 6M 2025 6M 2024 Increase/(Decrease)
    (Net sales – $ million)      
    North America 2,647 3,028 (13%)
    South America 1,083 1,216 (11%)
    Europe 423 522 (19%)
    Asia Pacific, Middle East and Africa 1,532 1,656 (7%)
    Total net sales ($ million) 5,686 6,421 (11%)
    Services performed on third parties tubes ($ million) 211 294 (28%)
    Operating income ($ million) 1,068 1,245 (14%)
    Operating margin (% of sales) 18.8% 19.4%  
           

    Net sales of tubular products and services decreased 11% to $5,686 million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and Canada and 7% internationally compared to the first half of 2024.

    Operating results from tubular products and services amounted to a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on margins.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 6M 2025 6M 2024 Increase/(Decrease)
    Net sales ($ million) 322 342 (6%)
    Operating income ($ million) 65 78 (17%)
    Operating margin (% of sales) 20.2% 23.0%  
           

    Net sales of other products and services decreased 6% to $322 million in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.

    Operating results from other products and services amounted to a gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived from our oilfield services business in Argentina and from the sale of sucker rods.

    Selling, general and administrative expenses, or SG&A, declined from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.

    Other operating results amounted to a loss of $50 thousand in the first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $67 million in the first half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income.

    Equity in earnings (losses) of non-consolidated companies generated a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax amounted to a charge of $187 million in the first half of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.

    Cash Flow and Liquidity of 2025 First Half

    Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion (including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction in working capital of $276 million) in the first half of 2024.

    Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half of 2024.

    Following a dividend payment of $600 million in May 2025 and share buybacks of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on July 31, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/dy4pxaxk

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BI13b7d2b9dcce43d79257fc8cfbdde30c

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

    Consolidated Condensed Interim Income Statement

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
      (Unaudited) (Unaudited)
    Net sales 3,085,672 3,321,677 6,007,884 6,763,221
    Cost of sales (2,013,639) (2,143,614) (3,934,494) (4,277,666)
    Gross profit 1,072,033 1,178,063 2,073,390 2,485,555
    Selling, general and administrative expenses (483,633) (496,688) (940,698) (1,004,820)
    Other operating income 4,317 9,461 16,105 25,485
    Other operating expenses (9,983) (179,127) (16,150) (182,847)
    Operating income 582,734 511,709 1,132,647 1,323,373
    Finance Income 63,669 68,884 142,113 125,173
    Finance Cost (9,712) (15,722) (21,457) (36,305)
    Other financial results, net (22,294) 4,021 (53,735) (56,447)
    Income before equity in earnings of non-consolidated companies and income tax 614,397 568,892 1,199,568 1,355,794
    Equity in earnings (losses) of non-consolidated companies 32,651 (82,519) 46,686 (34,340)
    Income before income tax 647,048 486,373 1,246,254 1,321,454
    Income tax (105,342) (138,147) (186,684) (223,003)
    Income for the period 541,706 348,226 1,059,570 1,098,451
             
    Attributable to:        
    Shareholders’ equity 531,323 335,186 1,038,254 1,072,166
    Non-controlling interests 10,383 13,040 21,316 26,285
      541,706 348,226 1,059,570 1,098,451
     

    Consolidated Condensed Interim Statement of Financial Position

    (all amounts in thousands of U.S. dollars) At June 30, 2025 At December 31, 2024
      (Unaudited)  
    ASSETS        

    Non-current assets

    		        
    Property, plant and equipment, net 6,168,254   6,121,471  
    Intangible assets, net 1,362,262   1,357,749  
    Right-of-use assets, net 147,197   148,868  
    Investments in non-consolidated companies 1,575,101   1,543,657  
    Other investments 1,009,677   1,005,300  
    Deferred tax assets 835,954   831,298  
    Receivables, net 152,215 11,250,660 205,602 11,213,945

    Current assets

    		        
    Inventories, net 3,486,537   3,709,942  
    Receivables and prepayments, net 244,958   179,614  
    Current tax assets 415,626   332,621  
    Contract assets 60,182   50,757  
    Trade receivables, net 1,892,116   1,907,507  
    Derivative financial instruments 2,676   7,484  
    Other investments 2,482,514   2,372,999  
    Cash and cash equivalents 572,289 9,156,898 675,256 9,236,180
    Total assets   20,407,558   20,450,125

    EQUITY

    		        
    Shareholders’ equity   16,583,542   16,593,257
    Non-controlling interests   211,117   220,578
    Total equity   16,794,659   16,813,835

    LIABILITIES

    		        

    Non-current liabilities

    		        
    Borrowings 4,361   11,399  
    Lease liabilities 94,170   100,436  
    Derivative financial instruments 1,552   –  
    Deferred tax liabilities 472,640   503,941  
    Other liabilities 296,990   301,751  
    Provisions 61,746 931,459 82,106 999,633

    Current liabilities

    		        
    Borrowings 319,919   425,999  
    Lease liabilities 53,917   44,490  
    Derivative financial instruments 9,254   8,300  
    Current tax liabilities 298,803   366,292  
    Other liabilities 792,982   585,775  
    Provisions 156,387   119,344  
    Customer advances 139,751   206,196  
    Trade payables 910,427 2,681,440 880,261 2,636,657

    Total liabilities

    		   3,612,899   3,636,290
    Total equity and liabilities   20,407,558   20,450,125
     

    Consolidated Condensed Interim Statement of Cash Flows

    (all amounts in thousands of U.S. dollars)   Three-month period ended June 30, Six-month period ended June 30,
        2025 2024 2025 2024
        (Unaudited) (Unaudited)
    Cash flows from operating activities          
    Income for the period   541,706 348,226 1,059,570 1,098,451
    Adjustments for:          
    Depreciation and amortization   150,002 138,509 296,408 313,951
    Bargain purchase gain   – (2,211) – (2,211)
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas   8,650 170,610 18,527 170,610
    Income tax accruals less payments   (36,660) (84,340) (90,793) (113,562)
    Equity in earnings (losses) of non-consolidated companies   (32,651) 82,519 (46,686) 34,340
    Interest accruals less payments, net   (4,616) (14,573) (13,039) (2,635)
    Changes in provisions   628 (6,277) (1,765) (4,732)
    Changes in working capital   26,499 285,066 250,316 275,518
    Others, including net foreign exchange   19,589 17,672 21,609 52,448
    Net cash provided by operating activities   673,147 935,201 1,494,147 1,822,178
               
    Cash flows from investing activities          
    Capital expenditures   (135,454) (161,318) (309,292) (333,415)
    Changes in advances to suppliers of property, plant and equipment   (18,769) (13,467) (5,853) (10,515)
    Cash decrease due to deconsolidation of subsidiaries   (1,848) – (1,848) –
    Acquisition of subsidiaries, net of cash acquired   – 25,946 – 25,946
    Loan to joint ventures   – (1,391) (1,359) (2,745)
    Proceeds from disposal of property, plant and equipment and intangible assets   56,829 723 57,729 6,135
    Dividends received from non-consolidated companies   41,348 53,136 41,348 53,136
    Changes in investments in securities   94,299 (277,085) (131,337) (1,036,752)
    Net cash used in investing activities   36,405 (373,456) (350,612) (1,298,210)
               
    Cash flows from financing activities          
    Dividends paid   (600,317) (458,556) (600,317) (458,556)
    Dividends paid to non-controlling interest in subsidiaries   (27,264) – (27,264) –
    Changes in non-controlling interests   – (5) – 1,115
    Acquisition of treasury shares   (236,744) (492,322) (473,932) (803,386)
    Payments of lease liabilities   (15,392) (16,614) (30,047) (33,382)
    Proceeds from borrowings   128,874 365,149 476,443 1,195,096
    Repayments of borrowings   (145,831) (418,521) (574,956) (1,172,599)
    Net cash used in financing activities   (896,674) (1,020,869) (1,230,073) (1,271,712)
               
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
               
    Movement in cash and cash equivalents          
    At the beginning of the period   758,952 1,323,056 660,798 1,616,597
    Effect of exchange rate changes   (338) (15,237) (2,768) (20,158)
    Decrease in cash and cash equivalents   (187,122) (459,124) (86,538) (747,744)
    At June 30,   571,492 848,695 571,492 848,695
     

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Income for the period 541,706 348,226 1,059,570 1,098,451
    Income tax charge 105,342 138,147 186,684 223,003
    Equity in earnings (losses) of non-consolidated companies (32,651) 82,519 (46,686) 34,340
    Financial Results (31,663) (57,183) (66,921) (32,421)
    Depreciation and amortization 150,002 138,509 296,408 313,951
    EBITDA 732,736 650,218 1,429,055 1,637,324
             

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
      2025 2024 2025 2024
    Net cash provided by operating activities 673,147 935,201 1,494,147 1,822,178
    Capital expenditures (135,454) (161,318) (309,292) (333,415)
    Free cash flow 537,693 773,883 1,184,855 1,488,763
             

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Cash and cash equivalents 572,289 850,236
    Other current investments 2,482,514 2,452,375
    Non-current investments 1,002,523 1,120,834
    Derivatives hedging borrowings and investments (3,698) –
    Current borrowings (319,919) (559,517)
    Non-current borrowings (4,361) (21,386)
    Net cash / (debt) 3,729,348 3,842,542
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At June 30,
      2025 2024
    Inventories 3,486,537 3,834,623
    Trade receivables 1,892,116 2,185,425
    Customer advances (139,751) (298,158)
    Trade payables (910,427) (1,020,453)
    Operating working capital 4,328,475 4,701,437
    Annualized quarterly sales 12,342,688 13,286,708
    Operating working capital days 128 129
     

    Giovanni Sardagna      
    Tenaris
     1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • MIL-OSI: National Fuel Reports Third Quarter Fiscal 2025 Earnings and Announces Preliminary Guidance for Fiscal 2026

    Source: GlobeNewswire (MIL-OSI)

    WILLIAMSVILLE, N.Y., July 30, 2025 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the third quarter of its 2025 fiscal year.

    FISCAL 2025 THIRD QUARTER SUMMARY

    • GAAP earnings per share of $1.64 compared to a net loss $0.59 per share in the prior year.
    • Adjusted earnings per share of $1.64 increased 66% compared to $0.99 per share in the prior year. See non-GAAP reconciliation on page 2.
    • Exploration and Production adjusted operating results of $0.95 per share increased 157% versus the prior year, driven by lower per unit operating costs, higher realized natural gas prices, and strong well performance in the Eastern Development Area (“EDA”), which contributed to 112 Bcf of natural gas production, up 16% versus the prior year’s third quarter.
    • The Pipeline and Storage segment achieved several development milestones for expansion projects during the quarter with the announcement of the Shippingport Lateral Project and the receipt of FERC approval for the Tioga Pathway Project, which remains on track for a late calendar 2026 in-service date.
    • The Company generated $196 million in net cash provided by operating activities less net cash used in investing activities during the third quarter.
    • The Company is revising the midpoint of its fiscal 2025 adjusted earnings per share guidance to a range of $6.80 to $6.95 per share and is initiating its fiscal 2026 preliminary earnings guidance which, based upon a NYMEX price of $4.00, is expected to increase 20% from fiscal 2025 (see Guidance Summary on page 7).

    MANAGEMENT COMMENTARY

    David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel’s excellent third quarter reflects ongoing success across the Company. Our integrated upstream and gathering operations saw record production and throughput during the quarter and a continued improvement in capital efficiency, while our regulated Utility and Pipeline & Storage segments continue to see an uplift in earnings from recent ratemaking activities and organic investment opportunities.

    “As we look forward to fiscal 2026, we expect to see significant earnings growth versus the prior year. This highlights the momentum in each of our businesses and the overall positive long-term outlook for natural gas. Strong well results in the EDA continue to confirm the depth of our best-in-class inventory and operational excellence in Northeast Pennsylvania, and underpin our mid-single-digit production growth expectations in the coming years. In addition, we have line of sight to further growth in our regulated businesses, supporting our 5% to 7% average annual rate base growth projections. Taken together, along with the broader tailwinds from growing demand for natural gas, National Fuel is well positioned to create meaningful value for shareholders in the years to come.”

    RETURN OF CAPITAL UPDATE

    During the quarter, National Fuel announced that its Board of Directors approved a 4% increase in the Company’s dividend for an annual rate of $2.14 per share. This is our 55th consecutive year of dividend increases and the 123rd year of consecutive dividend payments, demonstrating the Company’s commitment to returning cash to shareholders.

    With respect to the Company’s share repurchase program, since March 2024, the Company repurchased approximately 2 million shares at an average weighted price of $59.70 per share. Consistent with our disciplined approach to capital allocation, which balances growth with return of capital to shareholders, during the quarter the Company paused repurchases as it evaluated various growth opportunities, preserving balance sheet flexibility.

    RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

        Three Months Ended June 30,
        (Thousands)   (Per Share)
          2025       2024       2025       2024  
    Reported GAAP Earnings   $ 149,818     $ (54,158 )   $ 1.64     $ (0.59 )
    Items impacting comparability:                
    Impairment of assets (E&P)     —       200,696       0.00       2.18  
    Tax impact of impairment of assets     —       (55,686 )     0.00       (0.60 )
    Other (refer to Segment results for details)     (615 )     873       —       —  
    Adjusted Operating Results   $ 149,203     $ 91,725     $ 1.64     $ 0.99  


    FISCAL     2025 GUIDANCE UPDATE

    National Fuel is revising its adjusted earnings per share guidance for fiscal 2025 to a range of $6.80 to $6.95. This updated range incorporates our third quarter results as well as lower expected realized natural gas prices for the remaining three months, which is largely offset by expected higher production and lower unit costs in the Exploration and Production segment. The Company is assuming an average NYMEX natural gas price of $3.25 per MMBtu for the remaining three months of fiscal 2025, which approximates the current NYMEX forward curve at this time.

    The Company’s other fiscal 2025 guidance assumptions are detailed in the table on page 7.

    INITIATION OF FISCAL 2026 PRELIMINARY GUIDANCE

    The Company is initiating preliminary earnings guidance for fiscal 2026 which it is providing at various NYMEX prices:

    NYMEX Assumption
    ($/MMBtu)    		 Fiscal 2026
    Adjusted Earnings
    Per Share Sensitivities
    $3.00 $6.35 – $6.85
    $4.00 $8.00 – $8.50
    $5.00 $9.75 – $10.25


    2026 OUTLOOK

    • Seneca’s ongoing trend of improving capital efficiency is projected to continue in fiscal 2026 with capital expenditures expected to decrease by $20 million, or 4% at the midpoint, while production is expected to increase to a range of 440 to 455 Bcf, an increase of 6% at the midpoint.
    • Regulated segment earnings are expected to increase as a result of ongoing modernization investments which are supported by recent ratemaking efforts, driven by Distribution’s three-year New York rate settlement that continues through fiscal 2027 and additional margin related to the Pennsylvania modernization tracker, or DSIC (Distribution System Improvement Charge).
    • Combined Utility and Pipeline & Storage segment capital expenditures are expected to range between $395 and $455 million, an increase of $110 million from fiscal 2025 at midpoint of guidance, with continued investment in our longstanding modernization programs, as well as significant expansion-related spending on the Tioga Pathway and Shippingport Lateral projects driving meaningful rate base growth.

    Additional details on the Company’s updated forecast assumptions and business segment guidance for fiscal 2026 are outlined in the table on page 7.

    DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT

    The following earnings discussion of each operating segment for the quarter ended June 30, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the nine months ended June 30, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

    Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

    Upstream Business

    Exploration and Production Segment

    The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

        Three Months Ended
        June 30,
    (in thousands)     2025       2024     Variance
    GAAP Earnings   $ 86,671     $ (112,028 )   $ 198,699  
    Impairment of assets     —       200,696       (200,696 )
    Tax impact of impairment of assets     —       (55,686 )     55,686  
    Unrealized (gain) loss on derivative asset (2022 CA asset sale)     45       1,186       (1,141 )
    Tax impact of unrealized (gain) loss on derivative asset     (12 )     (325 )     313  
    Adjusted Operating Results   $ 86,704     $ 33,843     $ 52,861  
                 
    Adjusted EBITDA   $ 202,488     $ 128,535     $ 73,953  

    Seneca’s third quarter GAAP earnings increased $198.7 million versus the prior year. GAAP earnings in the prior year included a non-cash, pre-tax ceiling test impairment of $200.7 million ($145.0 million after-tax) to write-down the carrying value of Seneca’s reserves under the full cost method of accounting. GAAP earnings also included the impact of unrealized losses related to reductions in the fair value of contingent consideration received in connection with the June 2022 divestiture of Seneca’s California assets.

    Excluding items impacting comparability, Seneca’s adjusted operating results in the third quarter increased $52.9 million primarily due to higher realized natural gas prices and production, as well as lower per unit operating expenses.

    During the third quarter, Seneca produced a Company record 112 Bcf of natural gas, an increase of 15 Bcf, or 16%, from the prior year. Two highly prolific Utica pads turned in line this year in the EDA’s Tioga County were the main drivers behind this increase in production.

    Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.71 per Mcf, an increase of $0.43 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

        Three Months Ended
        June 30,
    (Cost per Mcf)     2025       2024     Variance
    Lease Operating and Transportation Expense (“LOE”)   $ 0.66     $ 0.69     $ (0.03 )
    General and Administrative Expense (“G&A”)   $ 0.17     $ 0.19     $ (0.02 )
    Taxes and Other   $ 0.08     $ 0.08     $ —  
    Total Cash Operating Costs   $ 0.91     $ 0.96     $ (0.05 )
    Depreciation, Depletion and Amortization Expense (“DD&A”)   $ 0.62     $ 0.71     $ (0.09 )
    Total Operating Costs   $ 1.53     $ 1.67     $ (0.14 )

    On a per unit basis, third quarter total cash operating costs were lower compared to the prior year, primarily due to higher production. LOE included $61 million ($0.55 per Mcf), or 83% of total LOE, for gathering and compression service fees paid to the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. DD&A for the quarter was $0.62 per Mcf, a decrease of $0.09 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca’s full cost pool depletable base.

    Midstream Businesses

    Pipeline and Storage Segment

    The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

        Three Months Ended
        June 30,
    (in thousands)     2025       2024     Variance
    GAAP Earnings   $ 28,857     $ 30,690     $ (1,833 )
                 
    Adjusted EBITDA   $ 67,019     $ 68,221     $ (1,202 )

    The Pipeline and Storage segment’s third quarter GAAP earnings decreased $1.8 million versus the prior year primarily due to higher Operations and Maintenance (“O&M”) expense. The increase in O&M expense was due largely to typical inflationary increases related to higher personnel costs and third-party contractors.

    Gathering Segment

    The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

        Three Months Ended
        June 30,
    (in thousands)     2025       2024     Variance
    GAAP Earnings   $ 29,996     $ 24,979     $ 5,017  
                 
    Adjusted EBITDA   $ 55,923     $ 47,631     $ 8,292  

    The Gathering segment’s third quarter GAAP earnings increased $5.0 million versus the prior year primarily due to higher operating revenues, which increased $7.8 million, or 13%, primarily due to an increase in throughput from Seneca’s new wells located in Tioga County.

    Downstream Business

    Utility Segment

    The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

        Three Months Ended
        June 30,
    (in thousands)     2025       2024     Variance
    GAAP Earnings   $ 4,997     $ 2,559     $ 2,438  
                 
    Adjusted EBITDA   $ 25,743     $ 21,047     $ 4,696  

    The Utility segment’s third quarter GAAP earnings increased $2.4 million, or 95%, primarily as a result of new rates approved in the Utility’s New York rate case settlement, which became effective October 1, 2024, partially offset by higher operating costs and interest expense.

    For the quarter, customer margin (operating revenues less purchased gas sold) increased $8.4 million, primarily due to an increase in customer usage, due in part to colder weather, as well as an increase in rates as part of the New York rate case settlement. Other income increased $4.0 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.

    O&M expense increased $2.7 million primarily driven by higher personnel costs, partially offset by a reduction in uncollectible expenses as a result of a tracker implemented as part of the New York rate case settlement. DD&A expense increased by $1.6 million primarily due to higher average depreciable plant in service compared to the prior year. Further, interest expense increased $2.5 million primarily due to a higher average amount of net borrowings.

    Corporate and All Other

    The Company’s operations that are included in Corporate and All Other generated a combined net loss of $0.7 million, which was largely consistent with the prior year.

    EARNINGS TELECONFERENCE

    A conference call to discuss the results will be held on Thursday, July 31, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, August 7, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 592578.

    National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

    Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; the Company’s ability to complete strategic transactions; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES

    GUIDANCE SUMMARY

    As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

    The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the nine months ended June 30, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on investments during the remaining three months ending September 30, 2025, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

        Updated FY 2025 Guidance   Preliminary FY 2026 Guidance
             
    Consolidated Adjusted Earnings per Share   $6.80 to $6.95   See sensitivity table on p.2
    Consolidated Effective Tax Rate   ~ 25.5%   ~ 25.5%
             
    Capital Expenditures (Millions)        
    Exploration and Production   $500 – $510   $470 – $500
    Pipeline and Storage   $120 – $140   $210 – $250
    Gathering   $95 – $110   $90 – $110
    Utility   $175 – $195   $185 – $205
    Consolidated Capital Expenditures   $890 – $955   $955 – $1,065
             
    Exploration and Production Segment Guidance        
             
    Commodity Price Assumptions   (remaining three months)    
    NYMEX natural gas price (per MMBtu)   $3.25   $3.00 / $4.00 / $5.00
    Appalachian basin spot price (per MMBtu)   $2.50   $2.30 / $3.10 / $3.90
             
    Production (Bcf)   420 to 425   440 to 455
             
    E&P Operating Costs ($/Mcf)        
    LOE   $0.67 – $0.68   $0.67 – $0.68
    G&A   ~$0.18   ~$0.18
    DD&A   $0.63 – $0.65   $0.65 – $0.69
             
    Other Business Segment Guidance (Millions)        
    Gathering Segment Revenues   $255 – $260   $245 – $255
    Pipeline and Storage Segment Revenues   $420 – $430   $415 – $430
             
    Utility Segment Guidance (Millions)        
    Customer Margin*   $450 – $460   $470 – $490
    O&M Expense   $240 – $245   $250 – $260
    Non-Service Pension & OPEB Income   $23 – $27   $23 – $27
    * Customer Margin is defined as Operating Revenues less Purchased Gas Expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    QUARTER ENDED JUNE 30, 2025
    (Unaudited)
                             
        Upstream   Midstream   Downstream        
                             
        Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars)   Production   Storage   Gathering   Utility   All Other   Consolidated*
                             
    Third quarter 2024 GAAP earnings   $ (112,028 )   $ 30,690     $ 24,979     $ 2,559     $ (358 )   $ (54,158 )
    Items impacting comparability:                        
    Impairment of assets     200,696                       200,696  
    Tax impact of impairment of assets     (55,686 )                     (55,686 )
    Unrealized (gain) loss on derivative asset     1,186                       1,186  
    Tax impact of unrealized (gain) loss on derivative asset     (325 )                     (325 )
    Unrealized (gain) loss on other investments                     15       15  
    Tax impact of unrealized (gain) loss on other investments                     (3 )     (3 )
    Third quarter 2024 adjusted operating results     33,843       30,690       24,979       2,559       (346 )     91,725  
    Drivers of adjusted operating results**                        
    Upstream Revenues                        
    Higher (lower) natural gas production     27,144                       27,144  
    Higher (lower) realized natural gas prices, after hedging     38,281                       38,281  
    Midstream Revenues                        
    Higher (lower) operating revenues             6,125               6,125  
    Downstream Margins***                        
    Impact of usage and weather                 2,738           2,738  
    Impact of new rates in New York                 2,788           2,788  
    Regulatory revenue adjustments                 670           670  
    Operating Expenses                        
    Lower (higher) lease operating and transportation expenses     (5,747 )                     (5,747 )
    Lower (higher) operating expenses         (1,687 )         (2,126 )     (1,463 )     (5,276 )
    Lower (higher) property, franchise and other taxes     (1,636 )                     (1,636 )
    Lower (higher) depreciation / depletion             (882 )     (1,242 )         (2,124 )
    Other Income (Expense)                        
    Higher (lower) other income     (531 )     (1,238 )         3,169       1,352       2,752  
    (Higher) lower interest expense     589       510           (2,007 )     (1,616 )     (2,524 )
    Income Taxes                        
    Lower (higher) income tax expense / effective tax rate     (5,564 )     (39 )     (178 )     (1,190 )     710       (6,261 )
                             
    All other / rounding     325       621       (48 )     (362 )     12       548  
    Third quarter 2025 adjusted operating results     86,704       28,857       29,996       4,997       (1,351 )     149,203  
    Items impacting comparability:                        
    Unrealized gain (loss) on derivative asset     (45 )                     (45 )
    Tax impact of unrealized gain (loss) on derivative asset     12                       12  
    Unrealized gain (loss) on other investments                     820       820  
    Tax impact of unrealized gain (loss) on other investments                     (172 )     (172 )
    Third quarter 2025 GAAP earnings   $ 86,671     $ 28,857     $ 29,996     $ 4,997     $ (703 )   $ 149,818  
                             
    * Amounts do not reflect intercompany eliminations.
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    QUARTER ENDED JUNE 30, 2025
    (Unaudited)
                             
        Upstream   Midstream   Downstream        
                             
        Exploration &   Pipeline &           Corporate /    
        Production   Storage   Gathering   Utility   All Other   Consolidated*
                             
    Third quarter 2024 GAAP earnings per share   $ (1.22 )   $ 0.33     $ 0.27     $ 0.03     $ —     $ (0.59 )
    Items impacting comparability:                        
    Impairment of assets, net of tax     1.58                       1.58  
    Unrealized (gain) loss on derivative asset, net of tax     0.01                       0.01  
    Unrealized (gain) loss on other investments, net of tax                     —       —  
    Rounding                     (0.01 )     (0.01 )
    Third quarter 2024 adjusted operating results per share     0.37       0.33       0.27       0.03       (0.01 )     0.99  
    Drivers of adjusted operating results**                        
    Upstream Revenues                        
    Higher (lower) natural gas production     0.30                       0.30  
    Higher (lower) realized natural gas prices, after hedging     0.42                       0.42  
    Midstream Revenues                        
    Higher (lower) operating revenues             0.07               0.07  
    Downstream Margins***                        
    Impact of usage and weather                 0.03           0.03  
    Impact of new rates in New York                 0.03           0.03  
    Regulatory revenue adjustments                 0.01           0.01  
    Operating Expenses                        
    Lower (higher) lease operating and transportation expenses     (0.06 )                     (0.06 )
    Lower (higher) operating expenses         (0.02 )         (0.02 )     (0.02 )     (0.06 )
    Lower (higher) property, franchise and other taxes     (0.02 )                     (0.02 )
    Lower (higher) depreciation / depletion             (0.01 )     (0.01 )         (0.02 )
    Other Income (Expense)                        
    Higher (lower) other income     (0.01 )     (0.01 )         0.03       0.01       0.02  
    (Higher) lower interest expense     0.01       0.01           (0.02 )     (0.02 )     (0.02 )
    Income Taxes                        
    Lower (higher) income tax expense / effective tax rate     (0.06 )     —       —       (0.01 )     0.01       (0.06 )
                             
    All other / rounding     —       0.01       —       (0.02 )     0.02       0.01  
    Third quarter 2025 adjusted operating results per share     0.95       0.32       0.33       0.05       (0.01 )     1.64  
    Items impacting comparability:                        
    Unrealized gain (loss) on derivative asset, net of tax     —                       —  
    Unrealized gain (loss) on other investments, net of tax                     0.01       0.01  
    Rounding                     (0.01 )     (0.01 )
    Third quarter 2025 GAAP earnings per share   $ 0.95     $ 0.32     $ 0.33     $ 0.05     $ (0.01 )   $ 1.64  
                             
    * Amounts do not reflect intercompany eliminations.
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    NINE MONTHS ENDED JUNE 30, 2025
    (Unaudited)
                             
        Upstream   Midstream   Downstream        
                             
        Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars)   Production   Storage   Gathering   Utility   All Other   Consolidated*
    Nine months ended June 30, 2024 GAAP earnings   $ 2,521     $ 85,482     $ 82,510     $ 73,848     $ 773     $ 245,134  
    Items impacting comparability:                        
    Impairment of assets     200,696                       200,696  
    Tax impact of impairment of assets     (55,686 )                     (55,686 )
    Unrealized (gain) loss on derivative asset     4,848                       4,848  
    Tax impact of unrealized (gain) loss on derivative asset     (1,330 )                     (1,330 )
    Unrealized (gain) loss on other investments                     (1,803 )     (1,803 )
    Tax impact of unrealized (gain) loss on other investments                     379       379  
    Nine months ended June 30, 2024 adjusted operating results     151,049       85,482       82,510       73,848       (651 )     392,238  
    Drivers of adjusted operating results**                        
    Upstream Revenues                        
    Higher (lower) natural gas production     28,414                       28,414  
    Higher (lower) realized natural gas prices, after hedging     70,158                       70,158  
    Midstream Revenues                        
    Higher (lower) operating revenues         12,241       5,793               18,034  
    Downstream Margins***                        
    Impact of usage and weather                 5,423           5,423  
    Impact of new rates in New York                 25,230           25,230  
    Higher (lower) other operating revenues                 (1,400 )         (1,400 )
    Operating Expenses                        
    Lower (higher) lease operating and transportation expenses     (5,810 )                     (5,810 )
    Lower (higher) operating expenses     (1,490 )     (3,790 )     (751 )     (6,700 )     (1,740 )     (14,471 )
    Lower (higher) property, franchise and other taxes     (2,381 )                     (2,381 )
    Lower (higher) depreciation / depletion     13,760           (2,684 )     (2,551 )         8,525  
    Other Income (Expense)                        
    Higher (lower) other income     (2,420 )     (1,840 )         14,888       3,653       14,281  
    (Higher) lower interest expense         838       (1,648 )     (5,686 )     (4,780 )     (11,276 )
    Income Taxes                        
    Lower (higher) income tax expense / effective tax rate     (7,902 )     (286 )     727       (2,318 )     755       (9,024 )
                             
    All other / rounding     555       374       234       306       67       1,536  
    Nine months ended June 30, 2025 adjusted operating results     243,933       93,019       84,181       101,040       (2,696 )     519,477  
    Items impacting comparability:                        
    Impairment of assets     (141,802 )                     (141,802 )
    Tax impact of impairment of assets     37,169                       37,169  
    Premiums paid on early redemption of debt     (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt     385           257               642  
    Unrealized gain (loss) on derivative asset     (729 )                     (729 )
    Tax impact of unrealized gain (loss) on derivative asset     196                       196  
    Unrealized gain (loss) on other investments                     (1,780 )     (1,780 )
    Tax impact of unrealized gain (loss) on other investments                     374       374  
    Nine months ended June 30, 2025 GAAP earnings   $ 137,722     $ 93,019     $ 83,483     $ 101,040     $ (4,102 )   $ 411,162  
                             
    * Amounts do not reflect intercompany eliminations.
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    NINE MONTHS ENDED JUNE 30, 2025
    (Unaudited)
                             
        Upstream   Midstream   Downstream        
                             
        Exploration &   Pipeline &           Corporate /    
        Production   Storage   Gathering   Utility   All Other   Consolidated*
    Nine months ended June 30, 2024 GAAP earnings per share   $ 0.03     $ 0.92     $ 0.89     $ 0.80     $ 0.01     $ 2.65  
    Items impacting comparability:                        
    Impairment of assets, net of tax     1.57                       1.57  
    Unrealized (gain) loss on derivative asset, net of tax     0.04                       0.04  
    Unrealized (gain) loss on other investments, net of tax                     (0.02 )     (0.02 )
    Rounding     (0.01 )                 0.01       —  
    Nine months ended June 30, 2024 adjusted operating results per share     1.63       0.92       0.89       0.80       —       4.24  
    Drivers of adjusted operating results**                        
    Upstream Revenues                        
    Higher (lower) natural gas production     0.31                       0.31  
    Higher (lower) realized natural gas prices, after hedging     0.77                       0.77  
    Midstream Revenues                        
    Higher (lower) operating revenues         0.13       0.06               0.19  
    Downstream Margins***                        
    Impact of usage and weather                 0.06           0.06  
    Impact of new rates in New York                 0.28           0.28  
    Higher (lower) other operating revenues                 0.01           0.01  
    Operating Expenses                        
    Lower (higher) lease operating and transportation expenses     (0.06 )                     (0.06 )
    Lower (higher) operating expenses     (0.02 )     (0.04 )     (0.01 )     (0.07 )     (0.02 )     (0.16 )
    Lower (higher) property, franchise and other taxes     (0.03 )                     (0.03 )
    Lower (higher) depreciation / depletion     0.15           (0.03 )     (0.03 )         0.09  
    Other Income (Expense)                        
    Higher (lower) other income     (0.03 )     (0.02 )         0.16       0.04       0.15  
    (Higher) lower interest expense         0.01       (0.02 )     (0.06 )     (0.05 )     (0.12 )
    Income Taxes                        
    Lower (higher) income tax expense / effective tax rate     (0.09 )     —       0.01       (0.03 )     0.01       (0.10 )
                             
    Impact of reduction in shares     0.03       0.01       0.01       0.01       —       0.06  
    All other / rounding     0.01       0.01       0.01       (0.02 )     (0.01 )     —  
    Nine months ended June 30, 2025 adjusted operating results per share     2.67       1.02       0.92       1.11       (0.03 )     5.69  
    Items impacting comparability:                        
    Impairment of assets, net of tax     (1.14 )                     (1.14 )
    Premiums paid on early redemption of debt, net of tax     (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax     (0.01 )                     (0.01 )
    Unrealized gain (loss) on other investments, net of tax                     (0.02 )     (0.02 )
    Rounding                     0.01       0.01  
    Nine months ended June 30, 2025 GAAP earnings per share   $ 1.51     $ 1.02     $ 0.91     $ 1.11     $ (0.04 )   $ 4.51  
                             
    * Amounts do not reflect intercompany eliminations.
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                     
    (Thousands of Dollars, except per share amounts)                
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
        (Unaudited)   (Unaudited)
    SUMMARY OF OPERATIONS     2025       2024       2025       2024  
    Operating Revenues:                
    Utility Revenues   $ 157,446     $ 124,858     $ 729,445     $ 616,977  
    Exploration and Production and Other Revenues     303,883       220,905       864,701       739,537  
    Pipeline and Storage and Gathering Revenues     70,501       71,679       217,116       216,228  
          531,830       417,442       1,811,262       1,572,742  
    Operating Expenses:                
    Purchased Gas     27,986       4,952       228,661       167,444  
    Operation and Maintenance:                
    Utility     56,053       53,412       174,744       166,405  
    Exploration and Production and Other     35,272       35,148       103,874       102,768  
    Pipeline and Storage and Gathering     41,679       40,019       119,982       114,321  
    Property, Franchise and Other Taxes     24,180       21,201       71,450       66,635  
    Depreciation, Depletion and Amortization     116,408       113,454       337,055       348,179  
    Impairment of Assets     —       200,696       141,802       200,696  
          301,578       468,882       1,177,568       1,166,448  
                     
    Operating Income (Loss)     230,252       (51,440 )     633,694       406,294  
                     
    Other Income (Expense):                
    Other Income (Deductions)     8,534       3,188       31,486       12,989  
    Interest Expense on Long-Term Debt     (34,333 )     (32,876 )     (107,356 )     (89,791 )
    Other Interest Expense     (3,556 )     (1,341 )     (13,033 )     (14,250 )
                     
    Income (Loss) Before Income Taxes     200,897       (82,469 )     544,791       315,242  
                     
    Income Tax Expense (Benefit)     51,079       (28,311 )     133,629       70,108  
                     
    Net Income (Loss) Available for Common Stock   $ 149,818     $ (54,158 )   $ 411,162     $ 245,134  
                     
    Earnings (Loss) Per Common Share                
    Basic   $ 1.66     $ (0.59 )   $ 4.54     $ 2.67  
    Diluted   $ 1.64     $ (0.59 )   $ 4.51     $ 2.65  
                     
    Weighted Average Common Shares:                
    Used in Basic Calculation     90,358,018       91,874,049       90,546,228       91,966,034  
    Used in Diluted Calculation     91,139,556       91,874,049       91,247,547       92,467,787  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
         
        June 30,   September 30,
    (Thousands of Dollars)     2025       2024  
    ASSETS        
    Property, Plant and Equipment   $ 15,044,963     $ 14,524,798  
    Less – Accumulated Depreciation, Depletion and Amortization     7,588,956       7,185,593  
    Net Property, Plant and Equipment     7,456,007       7,339,205  
    Current Assets:        
    Cash and Temporary Cash Investments     39,317       38,222  
    Receivables – Net     222,515       127,222  
    Unbilled Revenue     15,347       15,521  
    Gas Stored Underground     12,810       35,055  
    Materials and Supplies – at average cost     51,022       47,670  
    Unrecovered Purchased Gas Costs     2,903       —  
    Other Current Assets     64,241       92,229  
    Total Current Assets     408,155       355,919  
    Other Assets:        
    Recoverable Future Taxes     90,493       80,084  
    Unamortized Debt Expense     6,701       5,604  
    Other Regulatory Assets     124,300       108,022  
    Deferred Charges     71,426       69,662  
    Other Investments     73,764       81,705  
    Goodwill     5,476       5,476  
    Prepaid Pension and Post-Retirement Benefit Costs     199,286       180,230  
    Fair Value of Derivative Financial Instruments     2,394       87,905  
    Other     8,158       5,958  
    Total Other Assets     581,998       624,646  
    Total Assets   $ 8,446,160     $ 8,319,770  
    CAPITALIZATION AND LIABILITIES        
    Capitalization:        
    Comprehensive Shareholders’ Equity        
    Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and        
    Outstanding – 90,355,956 Shares and 91,005,993 Shares, Respectively   $ 90,356     $ 91,006  
    Paid in Capital     1,047,406       1,045,487  
    Earnings Reinvested in the Business     1,953,533       1,727,326  
    Accumulated Other Comprehensive Loss     (115,807 )     (15,476 )
    Total Comprehensive Shareholders’ Equity     2,975,488       2,848,343  
    Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs     2,381,852       2,188,243  
    Total Capitalization     5,357,340       5,036,586  
    Current and Accrued Liabilities:        
    Notes Payable to Banks and Commercial Paper     61,500       90,700  
    Current Portion of Long-Term Debt     300,000       500,000  
    Accounts Payable     123,131       165,068  
    Amounts Payable to Customers     24,275       42,720  
    Dividends Payable     48,340       46,872  
    Interest Payable on Long-Term Debt     39,060       27,247  
    Customer Advances     —       19,373  
    Customer Security Deposits     28,739       36,265  
    Other Accruals and Current Liabilities     207,179       162,903  
    Fair Value of Derivative Financial Instruments     57,673       4,744  
    Total Current and Accrued Liabilities     889,897       1,095,892  
    Other Liabilities:        
    Deferred Income Taxes     1,153,427       1,111,165  
    Taxes Refundable to Customers     297,602       305,645  
    Cost of Removal Regulatory Liability     302,932       292,477  
    Other Regulatory Liabilities     137,025       151,452  
    Other Post-Retirement Liabilities     3,393       3,511  
    Asset Retirement Obligations     188,305       203,006  
    Other Liabilities     116,239       120,036  
    Total Other Liabilities     2,198,923       2,187,292  
    Commitments and Contingencies     —       —  
    Total Capitalization and Liabilities   $ 8,446,160     $ 8,319,770  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
        Nine Months Ended
        June 30,
    (Thousands of Dollars)     2025       2024  
             
    Operating Activities:        
    Net Income Available for Common Stock   $ 411,162     $ 245,134  
    Adjustments to Reconcile Net Income to Net Cash        
    Provided by Operating Activities:        
    Impairment of Assets     141,802       200,696  
    Depreciation, Depletion and Amortization     337,055       348,179  
    Deferred Income Taxes     60,754       47,212  
    Premiums Paid on Early Redemption of Debt     2,385       —  
    Stock-Based Compensation     15,721       15,984  
    Other     19,296       18,542  
    Change in:        
    Receivables and Unbilled Revenue     (95,254 )     5,253  
    Gas Stored Underground and Materials and Supplies     18,803       18,981  
    Unrecovered Purchased Gas Costs     (2,903 )     —  
    Other Current Assets     28,038       17,431  
    Accounts Payable     1,744       (13,705 )
    Amounts Payable to Customers     (18,445 )     3,550  
    Customer Advances     (19,373 )     (21,003 )
    Customer Security Deposits     (7,526 )     7,910  
    Other Accruals and Current Liabilities     44,283       23,846  
    Other Assets     (35,348 )     (35,346 )
    Other Liabilities     (39,918 )     (14,649 )
    Net Cash Provided by Operating Activities   $ 862,276     $ 868,015  
             
    Investing Activities:        
    Capital Expenditures   $ (627,316 )   $ (684,200 )
    Other     9,352       (1,371 )
    Net Cash Used in Investing Activities   $ (617,964 )   $ (685,571 )
             
    Financing Activities:        
    Changes in Notes Payable to Banks and Commercial Paper     (29,200 )     (287,500 )
    Shares Repurchased Under Repurchase Plan     (54,430 )     (27,847 )
    Reduction of Long-Term Debt     (1,004,086 )     —  
    Net Proceeds From Issuance of Long-Term Debt     988,731       299,396  
    Dividends Paid on Common Stock     (140,098 )     (136,610 )
    Net Repurchases of Common Stock Under Stock and Benefit Plans     (4,134 )     (3,916 )
    Net Cash Used in Financing Activities   $ (243,217 )   $ (156,477 )
             
    Net Increase in Cash and Cash Equivalents     1,095       25,967  
    Cash and Cash Equivalents at Beginning of Period     38,222       55,447  
    Cash and Cash Equivalents at June 30   $ 39,317     $ 81,414  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                         
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                         
    UPSTREAM BUSINESS
                         
        Three Months Ended   Nine Months Ended
    (Thousands of Dollars, except per share amounts)   June 30,   June 30,
    EXPLORATION AND PRODUCTION SEGMENT     2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues   $ 303,883     $ 220,905     $ 82,978     $ 864,701     $ 739,537     $ 125,164  
    Operating Expenses:                    
    Operation and Maintenance:                    
    General and Administrative Expense     18,602       18,213       389       56,776       53,170       3,606  
    Lease Operating and Transportation Expense     73,856       66,581       7,275       210,671       203,317       7,354  
    All Other Operation and Maintenance Expense     3,816       4,526       (710 )     10,994       12,714       (1,720 )
    Property, Franchise and Other Taxes     5,121       3,050       2,071       12,778       9,764       3,014  
    Depreciation, Depletion and Amortization     68,848       68,778       70       196,773       214,191       (17,418 )
    Impairment of Assets     —       200,696       (200,696 )     141,802       200,696       (58,894 )
          170,243       361,844       (191,601 )     629,794       693,852       (64,058 )
                         
    Operating Income (Loss)     133,640       (140,939 )     274,579       234,907       45,685       189,222  
                         
    Other Income (Expense):                    
    Non-Service Pension and Post-Retirement Benefit Credit     37       100       (63 )     111       301       (190 )
    Interest and Other Income (Deductions)     44       (488 )     532       416       (830 )     1,246  
    Interest Expense on Long-Term Debt     —       —       —       (1,949 )     —       (1,949 )
    Other Interest Expense     (13,925 )     (14,670 )     745       (44,215 )     (45,046 )     831  
    Income (Loss) Before Income Taxes     119,796       (155,997 )     275,793       189,270       110       189,160  
    Income Tax Expense (Benefit)     33,125       (43,969 )     77,094       51,548       (2,411 )     53,959  
    Net Income (Loss)   $ 86,671     $ (112,028 )   $ 198,699     $ 137,722     $ 2,521     $ 135,201  
    Net Income (Loss) Per Share (Diluted)   $ 0.95     $ (1.22 )   $ 2.17     $ 1.51     $ 0.03     $ 1.48  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                         
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                         
    MIDSTREAM BUSINESSES
                         
        Three Months Ended   Nine Months Ended
    (Thousands of Dollars, except per share amounts)   June 30,   June 30,
    PIPELINE AND STORAGE SEGMENT     2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers   $ 67,982     $ 68,035     $ (53 )   $ 207,916     $ 204,071     $ 3,845  
    Intersegment Revenues     37,597       37,384       213       113,849       103,781       10,068  
    Total Operating Revenues     105,579       105,419       160       321,765       307,852       13,913  
    Operating Expenses:                    
    Purchased Gas     (164 )     614       (778 )     (42 )     1,540       (1,582 )
    Operation and Maintenance     30,264       28,128       2,136       87,940       83,142       4,798  
    Property, Franchise and Other Taxes     8,460       8,456       4       25,727       25,776       (49 )
    Depreciation, Depletion and Amortization     18,601       18,453       148       55,733       56,157       (424 )
          57,161       55,651       1,510       169,358       166,615       2,743  
                         
    Operating Income     48,418       49,768       (1,350 )     152,407       141,237       11,170  
                         
    Other Income (Expense):                    
    Non-Service Pension and Post-Retirement Benefit Credit     952       1,257       (305 )     2,857       3,772       (915 )
    Interest and Other Income     1,111       2,362       (1,251 )     4,945       6,340       (1,395 )
    Interest Expense     (11,209 )     (11,855 )     646       (34,637 )     (35,698 )     1,061  
    Income Before Income Taxes     39,272       41,532       (2,260 )     125,572       115,651       9,921  
    Income Tax Expense     10,415       10,842       (427 )     32,553       30,169       2,384  
    Net Income   $ 28,857     $ 30,690     $ (1,833 )   $ 93,019     $ 85,482     $ 7,537  
    Net Income Per Share (Diluted)   $ 0.32     $ 0.33     $ (0.01 )   $ 1.02     $ 0.92     $ 0.10  
                         
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
    GATHERING SEGMENT     2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers   $ 2,519     $ 3,644     $ (1,125 )   $ 9,200     $ 12,157     $ (2,957 )
    Intersegment Revenues     65,354       56,476       8,878       184,834       174,544       10,290  
    Total Operating Revenues     67,873       60,120       7,753       194,034       186,701       7,333  
    Operating Expenses:                    
    Operation and Maintenance     11,929       12,382       (453 )     33,633       32,682       951  
    Property, Franchise and Other Taxes     21       107       (86 )     (206 )     224       (430 )
    Depreciation, Depletion and Amortization     10,848       9,732       1,116       32,197       28,800       3,397  
          22,798       22,221       577       65,624       61,706       3,918  
                         
    Operating Income     45,075       37,899       7,176       128,410       124,995       3,415  
                         
    Other Income (Expense):                    
    Non-Service Pension and Post-Retirement Benefit Credit (Costs)     (1 )     9       (10 )     (1 )     28       (29 )
    Interest and Other Income     —       113       (113 )     152       257       (105 )
    Interest Expense on Long-Term Debt     —       —       —       (1,334 )     —       (1,334 )
    Other Interest Expense     (3,870 )     (3,393 )     (477 )     (12,531 )     (10,824 )     (1,707 )
    Income Before Income Taxes     41,204       34,628       6,576       114,696       114,456       240  
    Income Tax Expense     11,208       9,649       1,559       31,213       31,946       (733 )
    Net Income   $ 29,996     $ 24,979     $ 5,017     $ 83,483     $ 82,510     $ 973  
    Net Income Per Share (Diluted)   $ 0.33     $ 0.27     $ 0.06     $ 0.91     $ 0.89     $ 0.02  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                         
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                         
    DOWNSTREAM BUSINESS
                         
        Three Months Ended   Nine Months Ended
    (Thousands of Dollars, except per share amounts)   June 30,   June 30,
    UTILITY SEGMENT     2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers   $ 157,446     $ 124,858     $ 32,588     $ 729,445     $ 616,977     $ 112,468  
    Intersegment Revenues     77       86       (9 )     279       479       (200 )
    Total Operating Revenues     157,523       124,944       32,579       729,724       617,456       112,268  
    Operating Expenses:                    
    Purchased Gas     64,292       40,096       24,196       337,541       264,983       72,558  
    Operation and Maintenance     57,039       54,349       2,690       177,742       169,261       8,481  
    Property, Franchise and Other Taxes     10,449       9,452       997       32,761       30,471       2,290  
    Depreciation, Depletion and Amortization     17,945       16,373       1,572       51,908       48,678       3,230  
          149,725       120,270       29,455       599,952       513,393       86,559  
                         
    Operating Income     7,798       4,674       3,124       129,772       104,063       25,709  
                         
    Other Income (Expense):                    
    Non-Service Pension and Post-Retirement Benefit Credit     5,328       462       4,866       23,498       1,788       21,710  
    Interest and Other Income     628       1,485       (857 )     1,869       4,735       (2,866 )
    Interest Expense     (10,958 )     (8,417 )     (2,541 )     (32,601 )     (25,402 )     (7,199 )
    Income (Loss) Before Income Taxes     2,796       (1,796 )     4,592       122,538       85,184       37,354  
    Income Tax Expense (Benefit)     (2,201 )     (4,355 )     2,154       21,498       11,336       10,162  
    Net Income   $ 4,997     $ 2,559     $ 2,438     $ 101,040     $ 73,848     $ 27,192  
    Net Income Per Share (Diluted)   $ 0.05     $ 0.03     $ 0.02     $ 1.11     $ 0.80     $ 0.31  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                         
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                         
        Three Months Ended   Nine Months Ended
    (Thousands of Dollars, except per share amounts)   June 30,   June 30,
    ALL OTHER     2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues   $ —     $ —     $ —     $ —     $ —     $ —  
    Operating Expenses:                    
    Operation and Maintenance     —       —       —       —       —       —  
          —       —       —       —       —       —  
                         
    Operating Income     —       —       —       —       —       —  
    Other Income (Expense):                    
    Interest and Other Income (Deductions)     (131 )     (65 )     (66 )     (489 )     (184 )     (305 )
    Interest Expense     (141 )     (97 )     (44 )     (389 )     (262 )     (127 )
    Loss before Income Taxes     (272 )     (162 )     (110 )     (878 )     (446 )     (432 )
    Income Tax Benefit     (63 )     (38 )     (25 )     (204 )     (105 )     (99 )
    Net Loss   $ (209 )   $ (124 )   $ (85 )   $ (674 )   $ (341 )   $ (333 )
    Net Loss Per Share (Diluted)   $ —     $ —     $ —     $ (0.01 )   $ —     $ (0.01 )
                 
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
    CORPORATE     2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers   $ —     $ —     $ —     $ —     $ —     $ —  
    Intersegment Revenues     1,341       1,285       56       4,024       3,856       168  
    Total Operating Revenues     1,341       1,285       56       4,024       3,856       168  
    Operating Expenses:                    
    Operation and Maintenance     5,725       3,873       1,852       14,992       12,789       2,203  
    Property, Franchise and Other Taxes     129       136       (7 )     390       400       (10 )
    Depreciation, Depletion and Amortization     166       118       48       444       353       91  
          6,020       4,127       1,893       15,826       13,542       2,284  
                         
    Operating Loss     (4,679 )     (2,842 )     (1,837 )     (11,802 )     (9,686 )     (2,116 )
    Other Income (Expense):                    
    Non-Service Pension and Post-Retirement Benefit Costs     (212 )     (386 )     174       (635 )     (1,161 )     526  
    Interest and Other Income     41,073       39,025       2,048       123,918       120,288       3,630  
    Interest Expense on Long-Term Debt     (34,333 )     (32,876 )     (1,457 )     (104,073 )     (89,791 )     (14,282 )
    Other Interest Expense     (3,748 )     (3,595 )     (153 )     (13,815 )     (19,363 )     5,548  
    Income (Loss) before Income Taxes     (1,899 )     (674 )     (1,225 )     (6,407 )     287       (6,694 )
    Income Tax Benefit     (1,405 )     (440 )     (965 )     (2,979 )     (827 )     (2,152 )
    Net Income (Loss)   $ (494 )   $ (234 )   $ (260 )   $ (3,428 )   $ 1,114     $ (4,542 )
    Net Income (Loss) Per Share (Diluted)   $ (0.01 )   $ —     $ (0.01 )   $ (0.03 )   $ 0.01     $ (0.04 )
                         
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
    INTERSEGMENT ELIMINATIONS     2025       2024     Variance     2025       2024     Variance
    Intersegment Revenues   $ (104,369 )   $ (95,231 )   $ (9,138 )   $ (302,986 )   $ (282,660 )   $ (20,326 )
    Operating Expenses:                    
    Purchased Gas     (36,142 )     (35,758 )     (384 )     (108,838 )     (99,079 )     (9,759 )
    Operation and Maintenance     (68,227 )     (59,473 )     (8,754 )     (194,148 )     (183,581 )     (10,567 )
          (104,369 )     (95,231 )     (9,138 )     (302,986 )     (282,660 )     (20,326 )
    Operating Income     —       —       —       —       —       —  
    Other Income (Expense):                    
    Interest and Other Deductions     (40,295 )     (40,686 )     391       (125,155 )     (122,345 )     (2,810 )
    Interest Expense     40,295       40,686       (391 )     125,155       122,345       2,810  
    Net Income   $ —     $ —     $ —     $ —     $ —     $ —  
    Net Income Per Share (Diluted)   $ —     $ —     $ —     $ —     $ —     $ —  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                             
    SEGMENT INFORMATION (Continued)
    (Thousands of Dollars)
                             
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
        (Unaudited)   (Unaudited)
                Increase           Increase
          2025       2024     (Decrease)     2025       2024     (Decrease)
                             
    Capital Expenditures:                        
    Exploration and Production   $ 123,369   (1) $ 114,679   (3) $ 8,690     $ 354,355   (1)(2) $ 399,820   (3)(4) $ (45,465 )
    Pipeline and Storage     22,700   (1)   26,212   (3)   (3,512 )     58,117   (1)(2)   68,791   (3)(4)   (10,674 )
    Gathering     26,638   (1)   29,570   (3)   (2,932 )     58,164   (1)(2)   69,088   (3)(4)   (10,924 )
    Utility     50,025   (1)   49,257   (3)   768       128,322   (1)(2)   117,508   (3)(4)   10,814  
    Total Reportable Segments     222,732       219,718       3,014       598,958       655,207       (56,249 )
    All Other     —       —       —       —       —       —  
    Corporate     138       71       67       518       253       265  
    Eliminations     —       —       —       (3,520 )     —       (3,520 )
    Total Capital Expenditures   $ 222,870     $ 219,789     $ 3,081     $ 595,956     $ 655,460     $ (59,504 )
    (1) Capital expenditures for the quarter and nine months ended June 30, 2025, include accounts payable and accrued liabilities related to capital expenditures of $61.5 million, $5.7 million, $11.6 million, and $9.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2025, since they represent non-cash investing activities at that date.
    (2) Capital expenditures for the nine months ended June 30, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the nine months ended June 30, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2025.
    (3) Capital expenditures for the quarter and nine months ended June 30, 2024, include accounts payable and accrued liabilities related to capital expenditures of $50.9 million, $7.0 million, $14.6 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at June 30, 2024, since they represented non-cash investing activities at that date.
    (4) Capital expenditures for the nine months ended June 30, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the nine months ended June 30, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2024.
    DEGREE DAYS                            
                          Percent Colder
                          (Warmer) Than:
    Three Months Ended June 30,   Normal   2025   2024   Normal (1)   Last Year (1)
    Buffalo, NY (2)   843     825     565     (2.1 )   46.0  
    Erie, PA   776     813     519     4.8     56.6  
                                 
    Nine Months Ended June 30,                            
    Buffalo, NY (2)   6,195     5,825     5,128     (6.0 )   13.6  
    Erie, PA   5,693     5,527     4,759     (2.9 )   16.1  
    (1) Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.
    (2) Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                             
    EXPLORATION AND PRODUCTION INFORMATION
                             
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
                Increase           Increase
          2025       2024     (Decrease)     2025       2024     (Decrease)
                             
    Gas Production/Prices:                        
    Production (MMcf)                        
    Appalachia     111,588       96,504       15,084       314,819       300,144       14,675  
                             
    Average Prices (Per Mcf)                        
    Weighted Average   $ 2.69     $ 1.50     $ 1.19     $ 2.66     $ 1.93     $ 0.73  
    Weighted Average after Hedging   $ 2.71     $ 2.28     $ 0.43     $ 2.73     $ 2.45     $ 0.28  
                             
    Selected Operating Performance Statistics:                        
    General and Administrative Expense per Mcf (1)   $ 0.17     $ 0.19     $ (0.02 )   $ 0.18     $ 0.18     $ —  
    Lease Operating and Transportation Expense per Mcf (1)(2)   $ 0.66     $ 0.69     $ (0.03 )   $ 0.67     $ 0.68     $ (0.01 )
    Depreciation, Depletion and Amortization per Mcf (1)   $ 0.62     $ 0.71     $ (0.09 )   $ 0.63     $ 0.71     $ (0.08 )
    (1) Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
    (2) Amounts include transportation expense of $0.56 and $0.59 per Mcf for the three months ended June 30, 2025 and June 30, 2024, respectively. Amounts include transportation expense of $0.57 per Mcf for the nine months ended June 30, 2025 and June 30, 2024.
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                                       
    Pipeline and Storage Throughput – (millions of cubic feet – MMcf)          
                                       
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
                    Increase               Increase
        2025   2024   (Decrease)   2025   2024   (Decrease)
    Firm Transportation – Affiliated   20,123     18,377     1,746     101,233     92,433     8,800  
    Firm Transportation – Non-Affiliated   158,910     150,133     8,777     515,411     498,435     16,976  
    Interruptible Transportation   149     118     31     665     1,508     (843 )
        179,182     168,628     10,554     617,309     592,376     24,933  
                                       
    Gathering Volume – (MMcf)                                  
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
                    Increase               Increase
        2025   2024   (Decrease)   2025   2024   (Decrease)
    Gathered Volume   133,271     118,445     14,826     384,003     367,832     16,171  
                                       
    Utility Throughput – (MMcf)                                  
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
                    Increase               Increase
        2025   2024   (Decrease)   2025   2024   (Decrease)
    Retail Sales:                                  
    Residential Sales   10,151     8,123     2,028     60,738     53,168     7,570  
    Commercial Sales   1,658     1,308     350     9,997     8,401     1,596  
    Industrial Sales   93     62     31     594     389     205  
        11,902     9,493     2,409     71,329     61,958     9,371  
    Transportation   13,853     12,819     1,034     55,881     52,984     2,897  
        25,755     22,312     3,443     127,210     114,942     12,268  


    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES

    In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

    Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel’s reported GAAP earnings to adjusted operating results for the three and nine months ended June 30, 2025 and 2024:

        Three Months Ended   Nine Months Ended
        June 30,   June 30,
    (in thousands except per share amounts)     2025       2024       2025       2024  
    Reported GAAP Earnings   $ 149,818     $ (54,158 )   $ 411,162     $ 245,134  
    Items impacting comparability:                
    Impairment of assets (E&P)     —       200,696       141,802       200,696  
    Tax impact of impairment of assets     —       (55,686 )     (37,169 )     (55,686 )
    Premiums paid on early redemption of debt (E&P / Midstream)     —       —       2,385       —  
    Tax impact of premiums paid on early redemption of debt     —       —       (642 )     —  
    Unrealized (gain) loss on derivative asset (E&P)     45       1,186       729       4,848  
    Tax impact of unrealized (gain) loss on derivative asset     (12 )     (325 )     (196 )     (1,330 )
    Unrealized (gain) loss on other investments (Corporate / All Other)     (820 )     15       1,780       (1,803 )
    Tax impact of unrealized (gain) loss on other investments     172       (3 )     (374 )     379  
    Adjusted Operating Results   $ 149,203     $ 91,725     $ 519,477     $ 392,238  
                     
    Reported GAAP Earnings Per Share   $ 1.64     $ (0.59 )   $ 4.51     $ 2.65  
    Items impacting comparability:                
    Impairment of assets, net of tax (E&P)     —       1.58       1.14       1.57  
    Premiums paid on early redemption of debt, net of tax (E&P / Midstream)     —       —       0.02       —  
    Unrealized (gain) loss on derivative asset, net of tax (E&P)     —       0.01       0.01       0.04  
    Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)     (0.01 )     —       0.02       (0.02 )
    Rounding     0.01       (0.01 )     (0.01 )     —  
    Adjusted Operating Results Per Share   $ 1.64     $ 0.99     $ 5.69     $ 4.24  

    Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel’s reported GAAP earnings to adjusted EBITDA for the three and nine months ended June 30, 2025 and 2024:

        Three Months Ended   Nine Months Ended
        June 30,   June 30,
    (in thousands)     2025       2024       2025       2024  
    Reported GAAP Earnings   $ 149,818     $ (54,158 )   $ 411,162     $ 245,134  
    Depreciation, Depletion and Amortization     116,408       113,454       337,055       348,179  
    Other (Income) Deductions     (8,534 )     (3,188 )     (31,486 )     (12,989 )
    Interest Expense     37,889       34,217       120,389       104,041  
    Income Taxes     51,079       (28,311 )     133,629       70,108  
    Impairment of Assets     —       200,696       141,802       200,696  
    Adjusted EBITDA   $ 346,660     $ 262,710     $ 1,112,551     $ 955,169  
                     
    Adjusted EBITDA by Segment                
    Pipeline and Storage Adjusted EBITDA   $ 67,019     $ 68,221     $ 208,140     $ 197,394  
    Gathering Adjusted EBITDA     55,923       47,631       160,607       153,795  
    Total Midstream Businesses Adjusted EBITDA     122,942       115,852       368,747       351,189  
    Exploration and Production Adjusted EBITDA     202,488       128,535       573,482       460,572  
    Utility Adjusted EBITDA     25,743       21,047       181,680       152,741  
    Corporate and All Other Adjusted EBITDA     (4,513 )     (2,724 )     (11,358 )     (9,333 )
    Total Adjusted EBITDA   $ 346,660     $ 262,710     $ 1,112,551     $ 955,169  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
    SEGMENT ADJUSTED EBITDA
        Three Months Ended   Nine Months Ended
        June 30,   June 30,
    (in thousands)     2025       2024       2025       2024  
    Exploration and Production Segment                
    Reported GAAP Earnings   $ 86,671     $ (112,028 )   $ 137,722     $ 2,521  
    Depreciation, Depletion and Amortization     68,848       68,778       196,773       214,191  
    Other (Income) Deductions     (81 )     388       (527 )     529  
    Interest Expense     13,925       14,670       46,164       45,046  
    Income Taxes     33,125       (43,969 )     51,548       (2,411 )
    Impairment of Assets     —       200,696       141,802       200,696  
    Adjusted EBITDA   $ 202,488     $ 128,535     $ 573,482     $ 460,572  
                     
    Pipeline and Storage Segment                
    Reported GAAP Earnings   $ 28,857     $ 30,690     $ 93,019     $ 85,482  
    Depreciation, Depletion and Amortization     18,601       18,453       55,733       56,157  
    Other (Income) Deductions     (2,063 )     (3,619 )     (7,802 )     (10,112 )
    Interest Expense     11,209       11,855       34,637       35,698  
    Income Taxes     10,415       10,842       32,553       30,169  
    Adjusted EBITDA   $ 67,019     $ 68,221     $ 208,140     $ 197,394  
                     
    Gathering Segment                
    Reported GAAP Earnings   $ 29,996     $ 24,979     $ 83,483     $ 82,510  
    Depreciation, Depletion and Amortization     10,848       9,732       32,197       28,800  
    Other (Income) Deductions     1       (122 )     (151 )     (285 )
    Interest Expense     3,870       3,393       13,865       10,824  
    Income Taxes     11,208       9,649       31,213       31,946  
    Adjusted EBITDA   $ 55,923     $ 47,631     $ 160,607     $ 153,795  
                     
    Utility Segment                
    Reported GAAP Earnings   $ 4,997     $ 2,559     $ 101,040     $ 73,848  
    Depreciation, Depletion and Amortization     17,945       16,373       51,908       48,678  
    Other (Income) Deductions     (5,956 )     (1,947 )     (25,367 )     (6,523 )
    Interest Expense     10,958       8,417       32,601       25,402  
    Income Taxes     (2,201 )     (4,355 )     21,498       11,336  
    Adjusted EBITDA   $ 25,743     $ 21,047     $ 181,680     $ 152,741  
                     
    Corporate and All Other                
    Reported GAAP Earnings   $ (703 )   $ (358 )   $ (4,102 )   $ 773  
    Depreciation, Depletion and Amortization     166       118       444       353  
    Other (Income) Deductions     (435 )     2,112       2,361       3,402  
    Interest Expense     (2,073 )     (4,118 )     (6,878 )     (12,929 )
    Income Taxes     (1,468 )     (478 )     (3,183 )     (932 )
    Adjusted EBITDA   $ (4,513 )   $ (2,724 )   $ (11,358 )   $ (9,333 )

    Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

    The MIL Network –

  • MIL-OSI Economics: Microsoft Cloud and AI strength fuels fourth quarter results

    Source: Microsoft

    Headline: Microsoft Cloud and AI strength fuels fourth quarter results

      Three Months Ended June 30,  
     ($ in millions, except per share amounts) Revenue Operating Income Net Income Diluted Earnings per Share
    2024 As Reported (GAAP) $64,727 $27,925 $22,036 $2.95
    2025 As Reported (GAAP) $76,441 $34,323 $27,233 $3.65
    Percentage Change Y/Y (GAAP) 18% 23% 24% 24%
    Constant Currency Impact $619 $326 $356 $0.05
    Percentage Change Y/Y Constant Currency 17% 22% 22% 22%
      Twelve Months Ended June 30,  
     ($ in millions, except per share amounts) Revenue Operating Income Net Income Diluted Earnings per Share
    2024 As Reported (GAAP) $245,122 $109,433 $88,136 $11.80
    2025 As Reported (GAAP) $281,724 $128,528 $101,832 $13.64
    Percentage Change Y/Y (GAAP) 15% 17% 16% 16%
    Constant Currency Impact $(485) $(351) $56 $0.01
    Percentage Change Y/Y Constant Currency 15% 18% 15% 16%

      Three Months Ended June 30,
     ($ in millions) Productivity and Business Processes Intelligent Cloud More Personal Computing
    2024 As Reported (GAAP) $28,627 $23,785 $12,315
    2025 As Reported (GAAP) $33,112 $29,878 $13,451
    Percentage Change Y/Y (GAAP) 16% 26% 9%
    Constant Currency Impact $368 $184 $67
    Percentage Change Y/Y Constant Currency 14% 25% 9%

      Three Months Ended June 30, 2025
    Percentage Change Y/Y (GAAP) Constant Currency Impact Percentage Change Y/Y Constant Currency
    Microsoft Cloud 27% (2)% 25%
    Microsoft 365 Commercial products and cloud services 16% (1)% 15%
    Microsoft 365 Commercial cloud 18% (2)% 16%
    Microsoft 365 Consumer products and cloud services 21% 0% 21%
    Microsoft 365 Consumer cloud 20% 0% 20%
    LinkedIn 9% (1)% 8%
    Dynamics products and cloud services 18% (1)% 17%
    Dynamics 365 23% (2)% 21%
    Server products and cloud services 27% 0% 27%
    Azure and other cloud services 39% 0% 39%
    Windows OEM and Devices 3% 0% 3%
    Xbox content and services 13% (1)% 12%
    Search and news advertising excluding traffic acquisition costs 21% (1)% 20%

    MIL OSI Economics –

  • MIL-OSI Banking: Microsoft Cloud and AI strength fuels fourth quarter results

    Source: Microsoft

    Headline: Microsoft Cloud and AI strength fuels fourth quarter results

    Microsoft Cloud and AI Strength Fuels Fourth Quarter Results

    REDMOND, Wash. — July 30, 2025 — Microsoft Corp. today announced the following results for the quarter ended June 30, 2025, as compared to the corresponding period of last fiscal year:

    ·        Revenue was $76.4 billion and increased 18% (up 17% in constant currency)

    ·        Operating income was $34.3 billion and increased 23% (up 22% in constant currency)

    ·        Net income was $27.2 billion and increased 24% (up 22% in constant currency)

    ·        Diluted earnings per share was $3.65 and increased 24% (up 22% in constant currency)

    “Cloud and AI is the driving force of business transformation across every industry and sector,” said Satya Nadella, chairman and chief executive officer of Microsoft. “We’re innovating across the tech stack to help customers adapt and grow in this new era, and this year, Azure surpassed $75 billion in revenue, up 34 percent, driven by growth across all workloads.”

    “We closed out the fiscal year with a strong quarter, highlighted by Microsoft Cloud revenue reaching $46.7 billion, up 27% (up 25% in constant currency) year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft.

    Business Highlights

    Revenue in Productivity and Business Processes was $33.1 billion and increased 16% (up 14% in constant currency), with the following business highlights:

    ·        Microsoft 365 Commercial products and cloud services revenue increased 16% (up 15% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 18% (up 16% in constant currency)

    ·        Microsoft 365 Consumer products and cloud services revenue increased 21% driven by Microsoft 365 Consumer cloud revenue growth of 20%

    ·        LinkedIn revenue increased 9% (up 8% in constant currency)

    ·        Dynamics products and cloud services revenue increased 18% (up 17% in constant currency) driven by Dynamics 365 revenue growth of 23% (up 21% in constant currency)

    Revenue in Intelligent Cloud was $29.9 billion and increased 26% (up 25% in constant currency), with the following business highlights:

    ·        Server products and cloud services revenue increased 27% driven by Azure and other cloud services revenue growth of 39%

    Revenue in More Personal Computing was $13.5 billion and increased 9%, with the following business highlights:

    ·        Windows OEM and Devices revenue increased 3%

    ·        Xbox content and services revenue increased 13% (up 12% in constant currency)

    ·        Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 20% in constant currency)

    Microsoft returned $9.4 billion to shareholders in the form of dividends and share repurchases in the fourth quarter of fiscal year 2025.

    Fiscal Year 2025 Results

    Microsoft Corp. today announced the following results for the fiscal year ended June 30, 2025, as compared to the corresponding period of last fiscal year:

    ·        Revenue was $281.7 billion and increased 15%

    ·        Operating income was $128.5 billion and increased 17% (up 18% in constant currency)

    ·        Net income was $101.8 billion and increased 16% (up 15% in constant currency)

    ·        Diluted earnings per share was $13.64 and increased 16%

    Business Outlook

    Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

    Quarterly Highlights, Product Releases, and Enhancements 

    Every quarter Microsoft delivers hundreds of products, either as new releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments, made over multiple years, designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.

    Here are the major product releases and other highlights for the quarter, organized by product categories, to help illustrate how we are accelerating innovation across our businesses while expanding our market opportunities.

    Webcast Details

    Satya Nadella, chairman and chief executive officer, Amy Hood, executive vice president and chief financial officer, Alice Jolla, chief accounting officer, Keith Dolliver, corporate secretary and deputy general counsel, and Jonathan Neilson, vice president of investor relations, will host a conference call and webcast at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/en-us/investor. The webcast will be available for replay through the close of business on July 30, 2026.

    Constant Currency

    Microsoft presents constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. All growth comparisons relate to the corresponding period in the last fiscal year. Microsoft has provided this non-GAAP financial information to aid investors in better understanding our performance. The non-GAAP financial measures presented in this release should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

    Financial Performance Constant Currency Reconciliation

     

    Three Months Ended June 30,

     

     ($ in millions, except per share amounts)

    Revenue

    Operating Income

    Net Income

    Diluted Earnings per Share

    2024 As Reported (GAAP)

    $64,727

    $27,925

    $22,036

    $2.95

    2025 As Reported (GAAP)

    $76,441

    $34,323

    $27,233

    $3.65

    Percentage Change Y/Y (GAAP)

    18%

    23%

    24%

    24%

    Constant Currency Impact

    $619

    $326

    $356

    $0.05

    Percentage Change Y/Y Constant Currency

    17%

    22%

    22%

    22%

     

     

    Twelve Months Ended June 30,

     

     ($ in millions, except per share amounts)

    Revenue

    Operating Income

    Net Income

    Diluted Earnings per Share

    2024 As Reported (GAAP)

    $245,122

    $109,433

    $88,136

    $11.80

    2025 As Reported (GAAP)

    $281,724

    $128,528

    $101,832

    $13.64

    Percentage Change Y/Y (GAAP)

    15%

    17%

    16%

    16%

    Constant Currency Impact

    $(485)

    $(351)

    $56

    $0.01

    Percentage Change Y/Y Constant Currency

    15%

    18%

    15%

    16%

     

    Segment Revenue Constant Currency Reconciliation

     

    Three Months Ended June 30,

     ($ in millions)

    Productivity and Business Processes

    Intelligent Cloud

    More Personal Computing

    2024 As Reported (GAAP)

    $28,627

    $23,785

    $12,315

    2025 As Reported (GAAP)

    $33,112

    $29,878

    $13,451

    Percentage Change Y/Y (GAAP)

    16%

    26%

    9%

    Constant Currency Impact

    $368

    $184

    $67

    Percentage Change Y/Y Constant Currency

    14%

    25%

    9%

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

     

     

     

    Selected Product and Service Revenue Constant Currency Reconciliation           

     

    Three Months Ended June 30, 2025

    Percentage Change Y/Y (GAAP)

    Constant Currency Impact

    Percentage Change Y/Y Constant Currency

    Microsoft Cloud

    27%

    (2)%

    25%

    Microsoft 365 Commercial products and cloud services

    16%

    (1)%

    15%

    Microsoft 365 Commercial cloud

    18%

    (2)%

    16%

    Microsoft 365 Consumer products and cloud services

    21%

    0%

    21%

    Microsoft 365 Consumer cloud

    20%

    0%

    20%

    LinkedIn

    9%

    (1)%

    8%

    Dynamics products and cloud services

    18%

    (1)%

    17%

    Dynamics 365

    23%

    (2)%

    21%

    Server products and cloud services

    27%

    0%

    27%

    Azure and other cloud services

    39%

    0%

    39%

    Windows OEM and Devices

    3%

    0%

    3%

    Xbox content and services

    13%

    (1)%

    12%

    Search and news advertising excluding traffic acquisition costs

    21%

    (1)%

    20%

     

    About Microsoft

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

    Forward-Looking Statements

    Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

    ·        intense competition in all of our markets that could adversely affect our results of operations;

    ·        focus on cloud-based and AI services presenting execution and competitive risks;

    ·        significant investments in products and services that may not achieve expected returns;

    ·        acquisitions, joint ventures, and strategic alliances that could have an adverse effect on our business;

    ·        cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;

    ·        disclosure and misuse of personal data that could cause liability and harm to our reputation;

    ·        the possibility that we may not be able to protect information in our products and services from use by others;

    ·        abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;

    ·        products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;

    ·        issues about the use of AI in our offerings that may result in reputational or competitive harm, or liability;

    ·        excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;

    ·        supply or quality problems;

    ·        potential consequences of new, existing, and evolving legal and regulatory requirements;

    ·        claims against us that could result in adverse outcomes in legal disputes;

    ·        uncertainties relating to our business with government customers;

    ·        additional tax liabilities;

    ·        an inability to protect and utilize our intellectual property may harm our business and operating results;

    ·        claims that Microsoft has infringed the intellectual property rights of others;

    ·        damage to our reputation or our brands that may harm our business and results of operations;

    ·        adverse economic or market conditions that could harm our business;

    ·        catastrophic events or geopolitical conditions, such as the COVID-19 pandemic, that could disrupt our business;

    ·        exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and

    ·        the dependence of our business on our ability to attract and retain talented employees.

    For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor.

    All information in this release is as of June 30, 2025. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

    For more information, press only:

    Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, rrt@we-worldwide.com

    For more information, financial analysts and investors only:

    Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400

    Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. Pacific time conference call with investors and analysts, is available at http://www.microsoft.com/en-us/investor.

     


     

    MICROSOFT CORPORATION

    INCOME STATEMENTS

    (In millions, except per share amounts) (Unaudited)

    Three Months Ended

     June 30,

    Twelve Months Ended

     June 30,

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue:

    Product

     $17,136

     $13,217

     $63,946

     $64,773

    Service and other

    59,305

     

    51,510

     

    217,778

     

    180,349

    Total revenue

    76,441

     

    64,727

     

    281,724

     

    245,122

    Cost of revenue:

    Product

    3,314

    1,438

    13,501

    15,272

    Service and other

    20,700

     

    18,246

     

    74,330

     

    58,842

    Total cost of revenue

    24,014

     

    19,684

     

    87,831

     

    74,114

    Gross margin

    52,427

    45,043

    193,893

    171,008

    Research and development

    8,829

    8,056

    32,488

    29,510

    Sales and marketing

    7,285

    6,816

    25,654

    24,456

    General and administrative

    1,990

    2,246

    7,223

    7,609

    Operating income

    34,323

     

    27,925

     

    128,528

     

    109,433

    Other expense, net

    (1,707)

     

    (675)

     

    (4,901)

     

    (1,646)

    Income before income taxes

    32,616

    27,250

    123,627

    107,787

    Provision for income taxes

    5,383

     

    5,214

     

    21,795

     

    19,651

    Net income

     $27,233

     

     $22,036

     

     $101,832

     

     $88,136

    Earnings per share:

    Basic

     $3.66

     $2.96

     $13.70

     $11.86

    Diluted

     $3.65

     $2.95

     $13.64

     $11.80

    Weighted average shares outstanding:

    Basic

    7,432

    7,433

    7,433

    7,431

    Diluted

    7,461

     

    7,472

     

    7,465

     

    7,469

     


     

    COMPREHENSIVE INCOME STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     June 30,

    Twelve Months Ended

     June 30,

     

    2025

     

    2024

     

    2025

     

    2024

    Net income

     $27,233

     

     $22,036

     

     $101,832

     

     $88,136

    Other comprehensive income (loss), net of tax:

    Net change related to derivatives

    (9)

    (4)

    (5)

    24

    Net change related to investments

    444

    88

    1,574

    957

    Translation adjustments and other

    1,051

     

    (239)

     

    674

     

    (228)

    Other comprehensive income (loss)

    1,486

     

    (155)

     

    2,243

     

    753

    Comprehensive income

     $28,719

     

     $21,881

     

     $104,075

     

     $88,889

     


     

    BALANCE SHEETS

    (In millions) (Unaudited)

     

    June 30,

    2025

    June 30,

     2024

    Assets

    Current assets:

    Cash and cash equivalents

     $30,242

     $18,315

    Short-term investments

    64,323

    57,228

    Total cash, cash equivalents, and short-term investments

    94,565

    75,543

    Accounts receivable, net of allowance for doubtful accounts of $944 and $830

    69,905

    56,924

    Inventories

    938

    1,246

    Other current assets

    25,723

    26,021

    Total current assets

    191,131

    159,734

    Property and equipment, net of accumulated depreciation of $93,653 and $76,421

    204,966

    135,591

    Operating lease right-of-use assets

    24,823

    18,961

    Equity and other investments

    15,405

    14,600

    Goodwill

    119,509

    119,220

    Intangible assets, net

    22,604

    27,597

    Other long-term assets

    40,565

    36,460

    Total assets

     $619,003

     $512,163

    Liabilities and stockholders’ equity

    Current liabilities:

    Accounts payable

     $27,724

     $21,996

    Short-term debt

    0

    6,693

    Current portion of long-term debt

    2,999

    2,249

    Accrued compensation

    13,709

    12,564

    Short-term income taxes

    7,211

    5,017

    Short-term unearned revenue

    64,555

    57,582

    Other current liabilities

    25,020

    19,185

    Total current liabilities

    141,218

    125,286

    Long-term debt

    40,152

    42,688

    Long-term income taxes

    25,986

    27,931

    Long-term unearned revenue

    2,710

    2,602

    Deferred income taxes

    2,835

    2,618

    Operating lease liabilities

    17,437

    15,497

    Other long-term liabilities

    45,186

    27,064

    Total liabilities

    275,524

    243,686

    Commitments and contingencies

    Stockholders’ equity:

    Common stock and paid-in capital – shares authorized 24,000; outstanding 7,434 and 7,434

    109,095

    100,923

    Retained earnings

    237,731

    173,144

    Accumulated other comprehensive loss

    (3,347)

    (5,590)

    Total stockholders’ equity

    343,479

    268,477

    Total liabilities and stockholders’ equity

     $619,003

     $512,163

     


     

    CASH FLOWS STATEMENTS

    (In millions) (Unaudited)

    Three Months Ended

     June 30,

    Twelve Months Ended

     June 30,

     

    2025

     

    2024

     

    2025

     

    2024

    Operations

    Net income

     $27,233

     $22,036

     $101,832

     $88,136

    Adjustments to reconcile net income to net cash from operations:

    Depreciation, amortization, and other

    11,203

    6,380

    34,153

    22,287

    Stock-based compensation expense

    3,073

    2,696

    11,974

    10,734

    Net recognized losses on investments and derivatives

    56

    44

    609

    305

    Deferred income taxes

    (2,221)

    (1,145)

    (7,056)

    (4,738)

    Changes in operating assets and liabilities:

    Accounts receivable

    (16,179)

    (13,246)

    (10,581)

    (7,191)

    Inventories

    (81)

    55

    309

    1,284

    Other current assets

    (3,686)

    (2,528)

    (3,044)

    (1,648)

    Other long-term assets

    418

    (1,240)

    (2,950)

    (6,817)

    Accounts payable

    (652)

    4,204

    569

    3,545

    Unearned revenue

    18,361

    15,657

    5,438

    5,348

    Income taxes

    1,043

    (806)

    (38)

    1,687

    Other current liabilities

    5,346

    4,652

    5,922

    4,867

    Other long-term liabilities

    (1,267)

     

    436

     

    (975)

     

    749

    Net cash from operations

    42,647

     

    37,195

     

    136,162

     

    118,548

    Financing

    Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net

    0

    (1,142)

    (5,746)

    5,250

    Proceeds from issuance of debt

    0

    197

    0

    24,395

    Repayments of debt

    0

    (13,065)

    (3,216)

    (29,070)

    Common stock issued

    548

    534

    2,056

    2,002

    Common stock repurchased

    (4,546)

    (4,210)

    (18,420)

    (17,254)

    Common stock cash dividends paid

    (6,169)

    (5,574)

    (24,082)

    (21,771)

    Other, net

    (677)

     

    (303)

     

    (2,291)

     

    (1,309)

    Net cash used in financing

    (10,844)

     

    (23,563)

     

    (51,699)

     

    (37,757)

    Investing

    Additions to property and equipment

    (17,079)

    (13,873)

    (64,551)

    (44,477)

    Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets

    (1,743)

    (1,342)

    (5,978)

    (69,132)

    Purchases of investments

    (21,631)

    (2,831)

    (29,775)

    (17,732)

    Maturities of investments

    4,618

    1,557

    16,079

    24,775

    Sales of investments

    2,621

    2,023

    9,309

    10,894

    Other, net

    2,642

    (382)

    2,317

    (1,298)

    Net cash used in investing

    (30,572)

     

    (14,848)

     

    (72,599)

     

    (96,970)

    Effect of foreign exchange rates on cash and cash equivalents

    183

     

    (103)

     

    63

     

    (210)

    Net change in cash and cash equivalents

    1,414

    (1,319)

    11,927

    (16,389)

    Cash and cash equivalents, beginning of period

    28,828

     

    19,634

     

    18,315

     

    34,704

    Cash and cash equivalents, end of period

     $30,242

     

     $18,315

     

     $30,242

     

     $18,315


     


    SEGMENT REVENUE AND OPERATING INCOME

    (In millions) (Unaudited)

     

    Three Months Ended

     June 30,

     

    Twelve Months Ended

     June 30,

     

     

     

    2025

     

    2024

     

    2025

     

    2024

    Revenue

     

     

     

     

     

     

     

    Productivity and Business Processes

    $33,112

     

    $28,627

     

    $120,810

     

    $106,820

    Intelligent Cloud

    29,878

     

    23,785

     

    106,265

     

    87,464

    More Personal Computing

    13,451

     

    12,315

     

    54,649

     

    50,838

    Total

    $76,441

     

    $64,727

     

    $281,724

     

    $245,122

    Operating Income

     

     

     

     

     

     

     

    Productivity and Business Processes

    $18,993

     

    $15,706

     

     $69,773

     

     $59,661

    Intelligent Cloud

    12,140

     

    9,835

     

    44,589

     

    37,813

    More Personal Computing

    3,190

     

    2,384

     

    14,166

     

    11,959

    Total

    $34,323

     

    $27,925

     

    $128,528

     

    $109,433

     

    We have recast certain prior period amounts to conform to the way we internally manage and monitor our business.

     

    MIL OSI Global Banks –

  • MIL-OSI USA: WATCH: On Medicaid Day of Action, Rep. Jim Costa Sounds the Alarm on Deep Cuts to Valley Clinics and Hospitals

    Source: United States House of Representatives – Congressman Jim Costa Representing 16th District of California

    FRESNO, Calif. – On Medicaid Day of Action, Congressman Jim Costa (CA-21) and healthcare leaders from United Health Centers of the San Joaquin Valley warned of the devastating impacts the so-called “One Big Beautiful Bill” will have on clinics, hospitals, and patients in the Central Valley.

    Earlier this month, Donald Trump and House Republicans enacted the “One Big Beautiful Bill,” more like the “One Big Ugly Bill.” Costa voted against the law, which slashes more than $1 trillion from Medicaid, the Children’s Health Insurance Program (CHIP), Medicare, and the Affordable Care Act (ACA), the largest healthcare cuts in U.S. history. As a result, 17 million Americans are expected to lose Medicaid coverage, including 247,384 people across the San Joaquin Valley.Medicaid cuts will devastate the United Health Centers of the San Joaquin Valley, where nearly 60% of the 180,000 patients served across 37 clinics in Fresno, Kings, and Tulare counties rely on Medicaid (Medi-Cal). Losing this funding means fewer doctors, longer wait times, emergency rooms (ERs) overwhelmed, and could lead to potential closures.
    Key Excerpts from Congressman Costa’s Remarks:“Medicaid payments to hospitals will be reduced by $665 billion. On average, rural hospitals are estimated to lose 21¢ out of every dollar they receive from Medicaid funding. So even if you’re not on Medicaid (Medi-Cal) and you have your own separate insurance, you’re going to see the impacts because these healthcare facilities need to figure out how to continue providing their full services with less funding. This could result in a reduction of staff, longer emergency room delays, and wait times,”said Congressman Costa.“I can tell you we’re already trying to do a lot with not enough. Almost seventy percent of our patients here are on Medicaid (Medi-Cal). If this safety net is weakened, the things that many of us take advantage of every day, simple things such as prenatal care, cancer screenings, pediatric visits, and lifesaving medications. Those things can go away for many of our patients,”said Justin Preas, CEO of the UnitedHealth Centers of the San Joaquin Valley.  “Often, we see in the [San Joaquin] Valley, kids with asthma exacerbations. Medicaid is what helps families afford these inhalers and medications that keep kids out of the hospital, threatened with cuts to Medicaid (Medi-Cal). If Medicaid (Medi-Cal) funding is cut, we will see a rise in preventable ER visits, untreated chronic disease, a rise in preventable cancers through early detection programs, and overall worse outcomes in our patients and in the community. These are real clinical consequences with long-term effects. As a physician, I can’t stand by while access to care is being threatened, and I know my colleagues across the state feel the same,”said Dr. Sharareh Shabafrooz, Associate Medical Director.Watch Congressman Costa’s full remarks HERE.

    MIL OSI USA News –

  • MIL-OSI USA: UConn Medical Students Bike Cross-Country for Suicide Prevention

    Source: US State of Connecticut

    Two second-year UConn medical students successfully completed their coast-to-coast bike ride for a cause cycling in just 50 days, over 3,200 miles, and even in a heat index of 100 degrees.

    But who’s counting?

    James Marks and Zach Giguere arriving back to UConn School of Medicine on July 30, 2025 (UConn Photo/Lauren Woods).

    James Marks, 25, of Guilford and Zach Giguere, 24, of Windsor are no longer counting miles nor minutes to being home in Connecticut. On July 30, their triumphant return home was celebrated outside UConn School of Medicine where they were greeted at the Academic Entrance by the loud and proud cheers of their fellow medical school classmates, faculty, and families.

    The song “The Boys are Back in Town” played from a classmate’s car. And another classmate Jack O’Donnell shouted, “The boys are back!”

    (UConn Photo/Lauren Woods.)

    The two UConn cyclists’ mighty, once-in-a- lifetime coast-to-coast bike ride started on the West Coast on June 10 in Seattle. The ride was in honor of a lifesaving cause – suicide prevention, and their mission was to raise awareness and funds to advance national mental health research via the American Foundation for Suicide Prevention.

    They far exceeded their mission.

     “It’s amazing. We started with a $10,000 fundraising goal and so have raised well over $20,000. It feels really good,” said Marks. “That was the whole point of our trip.”

    Their bike trek marks the 20th anniversary that UConn medical and dental students have made the huge summer Coast-2-Coast bike journey annually across America for varied health causes.

    “We believe that investing in suicide prevention—through research, crisis support, and accessible mental health care—can save lives. We are committed to raising awareness, advocating for change, and ensuring that no one feels alone in their struggle,” the UConn students shared.

    Suicide prevention is deeply personal to Marks. “I lost my Dad,” Marks shared at the start of the bike trip. “I am glad I can do this journey to raise awareness.” Giguere adds, “Our ultimate goal was to raise awareness of suicide and get people to talk about it, so we can prevent it.”

    On July 31 they ride a few more miles, thankfully with no more heavy bike gear, to ceremoniously dip their wheels in the ocean along the Madison, Conn. shore.

    “I can’t wait to jump in the ocean,” said Giguere.

    “And shower,” he added.

    UConn medical student Zach Giguere was also welcomed home from his cross-country bike trek by his mom Lisa (UConn Photo/Lauren Woods).

    Giguere celebrated his 24th birthday on the road and his mother Lisa can’t wait to celebrate his belated birthday with a homemade blueberry pie, the first pie she ever baked. She even handpicked the blueberries for the special occasion.

    “Zach was never much of a bike person,” shared Mom who was surprised he was even game for the long bike journey. “James did it for very personal reasons. Zach did it because he knows how important the cause is. I’m so proud of both of them.”

    The UConn medical students did have just a little prep, 5 or 6 classes, training for their big trip thanks to their medical student classmate Alyssa Harduby who teaches a spin class at UConn Health’s Wellness Center.

    Second-year UConn medical student Brooke Charria who helped organize the students’ homecoming shared, “We are very proud of them. It’s such an accomplishment. It’s not something everyone can do. They even doubled their fundraising goal.”

    The two riders and future doctors loved seeing America.

    “Minnesota was awesome!” Marks exclaimed, as they even saw a Twins baseball game. “Minnesota was one of the best parts of the trip. Minneapolis is a great city.”

    (UConn Photo/Lauren Woods).

    The two men had great appreciation of all the kind Americans they met, for all those who graciously hosted and sheltered them during their long journey, and the chance to see the country.

    They also noted that the Midwest wants more doctors: “Everyone asked us to come back and be doctors there.”

    “We even saw a rodeo in North Dakata,” Giguere shared.

    “We had freezing rain in Montana. It was really cold! Our hottest weather is probably today in Connecticut!” Marks said sharing that nothing beats being finally home in Connecticut.

    “It was such a good feeling seeing the Welcome to Connecticut sign,” Marks sighed with relief. During the epic bike trip, he and Giguere have even become bike repair experts.

    “We had a bunch of flat tires. I’m pretty quick at changing them now. We’ll add it to the resume,” Marks concluded.

    Welcome home to Connecticut and UConn James and Zach! Go Huskies!

    (UConn Photo/Lauren Woods).

    Donate to their suicide prevention cause. 

    Follow their Coast-2-Coast journey on Instagram @_coast2coast25_

    MIL OSI USA News –

  • MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 30, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its third quarter ended June 30, 2025.

    Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

    THIRD QUARTER HIGHLIGHTS

    • Pawn loans outstanding (PLO) increased 11% to $291.6 million.
    • Net income increased 48% to $26.5 million. On an adjusted basis1, net income increased 46% to $25.2 million.
    • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
    • Adjusted EBITDA increased 42% to $45.2 million.
    • Total revenues increased 11% to $311.0 million, while gross profit increased 10% to $183.6 million.
    • Grew our footprint by 52 stores, including 40 stores acquired in Mexico on June 17, 2025.

    CEO COMMENTARY AND OUTLOOK

    Lachie Given, Chief Executive Officer, stated, “This quarter showcased continued strong momentum in our business, disciplined execution from our team, and the scalability of our platform. We delivered record Q3 revenue and achieved all-time high PLO as demand remains strong for immediate cash solutions and secondhand goods. When combined with meaningful efficiency gains throughout the organization, we turned top-line momentum into exceptional earnings growth, as reflected by a 42% increase in adjusted EBITDA and 36% growth in diluted EPS.

    “During the quarter, we grew our footprint by 52 stores, including 49 in LatAm and 3 in the US, 1 of which is a luxury store in Miami Beach. We continue to focus on strategic expansion to scale our business, as well as exceptional operating performance across geographies. In the U.S., disciplined expense management and store level execution drove a 32% increase in segment contribution. In Latin America, we delivered over 30% growth in contribution on a constant currency basis, resulting from both organic growth and a partial quarter benefit from acquired stores.

    “Our recently strengthened balance sheet with $472 million in liquidity enables us to fund accelerated growth, organically and through strategic acquisitions. Our pipeline of M&A prospects is compelling, and we are ideally positioned to capitalize on attractive scale opportunities. Looking ahead, we remain highly focused on disciplined capital allocation, operational excellence, and delivering long-term value for our shareholders.”

    CONSOLIDATED RESULTS

    Three Months Ended June 30 As Reported   Adjusted1
    in millions, except per share amounts   2025     2024     2025     2024
                   
    Total revenues $ 311.0   $ 281.4   $ 319.9   $ 281.4
    Gross profit $ 183.6   $ 166.7   $ 188.4   $ 166.7
    Income before tax $ 34.7   $ 23.0   $ 34.0   $ 22.9
    Net income $ 26.5   $ 18.0   $ 25.2   $ 17.2
    Diluted earnings per share $ 0.34   $ 0.25   $ 0.33   $ 0.24
    EBITDA (non-GAAP measure) $ 45.7   $ 31.8   $ 45.2   $ 31.7
                           
    • PLO increased 11% to $291.6 million, up $29.9 million. On a same-store2 basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
    • Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
    • PSC increased 7% as a result of higher average PLO.
    • Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
    • Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
    • Store expenses increased 2% and 1% on a same-store basis.
    • General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
    • Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
    • Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
    • Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

    SEGMENT RESULTS

    U.S. Pawn

    • PLO ended the quarter at $221.1 million, an increase of 11% on a total and same-store basis due to increase in average loan size, strong loan demand and improved operational performance.
    • Total revenues increased 11% and gross profit increased 12%, driven by increased PSC, merchandise sales and scrap sales.
    • PSC increased 8% as a result of higher average PLO, partially offset by lower PLO yield.
    • Merchandise sales increased 4%, on a total and same-store basis, and sales gross margin increased by 80 bps to 38.5%. Aged general merchandise decreased by 260 basis points to 2.5%, or $1.2 million of total general merchandise inventory. Excluding our Max Pawn luxury stores, aged general merchandise was 1.8%.
    • Net inventory increased 36% due to increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.1x, from 2.6x.
    • Store expenses increased 3% on a total and same-store basis.
    • Segment contribution increased 32% to $47.6 million.
    • Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

    Latin America Pawn

    • PLO improved to $70.6 million, an increase of 13% (16% on constant currency basis). On a same-store basis, PLO increased 2% (4% increase on a constant currency basis). The difference is driven primarily by our recent acquisition.
    • Total revenues increased 11% (21% on constant currency basis), and gross profit increased 6% (16% on a constant currency basis), primarily due to increased merchandise sales and pawn service charges.
    • PSC increased to $31.4 million, an increase of 3% (13% on a constant currency basis) as a result of higher average PLO.
    • Merchandise sales increased 12% (23% on constant currency basis) and increased 8% on a same-store basis (19% increase on a constant currency basis). Merchandise sales gross margin decreased to 31% from 32%. Aged general merchandise increased to 2.2% from 0.9% of total general merchandise inventory.
    • Net inventory increased 18% (21% on a constant currency basis) due to an increase in PLO and decrease in inventory turnover to 3.0x, from 3.1x. On a same-store basis, net inventory increased by 10% (13% on a constant currency basis). The difference is driven primarily by our recent acquisition.
    • Store expenses increased 1% (12% increase on a constant currency basis) and decreased 3% on a same-store basis (7% increase on a constant currency basis). The constant currency increase was due primarily to increased labor, in line with store activity and minimum wage increases.
    • Segment contribution increased 20% to $12.4 million (30% on a constant currency basis to $13.5 million).
    • Segment store count increased by 49 to 791, primarily due to the acquisition of 40 stores, the addition of 10 de novo stores and the consolidation of 1 store.

    FORM 10-Q

    EZCORP’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

    CONFERENCE CALL

    EZCORP will host a conference call on Thursday, July 31, 2025, at 8:00 am Central Time to discuss Third Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register-conf.media-server.com/register/BI4f3cd4b3bf1d44a198c59f67b0acdc6f. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

    ABOUT EZCORP

    Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

    Follow us on social media:

    Facebook EZPAWN Official https://www.facebook.com/EZPAWN/ 

    EZCORP Instagram Official https://www.instagram.com/ezcorp_official/ 

    EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/ 

    EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/ 

    FORWARD LOOKING STATEMENTS

    This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

    Contact:
    Email: Investor_Relations@ezcorp.com 
    Phone: (512) 314-2220

    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
           
      Three Months Ended
    June 30,    		   Nine Months Ended
    June 30,
    (in thousands, except per share amounts)   2025       2024       2025       2024  
    Revenues:              
    Merchandise sales $ 168,624     $ 158,140     $ 524,434     $ 502,230  
    Jewelry scrapping sales   26,970       15,395       64,640       43,191  
    Pawn service charges   115,339       107,830       348,262       321,442  
    Other revenues   48       56       131       188  
    Total revenues   310,981       281,421       937,467       867,051  
    Merchandise cost of goods sold   108,226       101,211       341,605       322,680  
    Jewelry scrapping cost of goods sold   19,116       13,483       48,367       37,479  
    Gross profit   183,639       166,727       547,495       506,892  
    Operating expenses:              
    Store expenses   119,123       116,335       352,101       341,472  
    General and administrative   21,780       20,060       60,089       54,869  
    Depreciation and amortization   8,003       8,158       24,358       24,942  
    Loss (gain) on sale or disposal of assets and other   —       20       25       (149 )
    Other operating income   (1,262 )     —       (1,262 )     (765 )
    Total operating expenses   147,644       144,573       435,311       420,369  
    Operating income   35,995       22,154       112,184       86,523  
    Interest expense   8,458       3,539       14,886       10,381  
    Interest income   (5,440 )     (2,931 )     (9,408 )     (8,452 )
    Equity in net income of unconsolidated affiliates   (1,200 )     (1,263 )     (4,180 )     (4,135 )
    Other (income) expense   (536 )     (191 )     377       (627 )
    Income before income taxes   34,713       23,000       110,509       89,356  
    Income tax expense   8,210       5,050       27,600       21,457  
    Net income $ 26,503     $ 17,950     $ 82,909     $ 67,899  
                   
    Basic earnings per share $ 0.45     $ 0.33     $ 1.47     $ 1.23  
    Diluted earnings per share $ 0.34     $ 0.25     $ 1.08     $ 0.89  
                   
    Weighted-average basic shares outstanding   59,134       54,898       56,308       55,022  
    Weighted-average diluted shares outstanding   82,918       83,008       83,144       84,309  
                                   
    EZCORP, Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
    (in thousands, except share and per share amounts) June 30,
    2025    		   June 30,
    2024    		   September 30,
    2024
               
    Assets:          
    Current assets:          
    Cash and cash equivalents $ 472,088     $ 218,038     $ 170,513  
    Short-term restricted cash   9,609       9,204       9,294  
    Pawn loans   291,634       261,720       274,084  
    Pawn service charges receivable, net   45,410       40,638       44,013  
    Inventory, net   225,489       171,937       191,923  
    Prepaid expenses and other current assets   43,417       40,391       39,171  
    Total current assets   1,087,647       741,928       728,998  
    Investments in unconsolidated affiliates   13,753       12,297       13,329  
    Other investments   51,903       51,220       51,900  
    Property and equipment, net   67,439       59,926       65,973  
    Right-of-use assets, net   236,064       235,030       226,602  
    Long-term restricted cash   5,380       —       —  
    Goodwill   321,907       308,847       306,478  
    Intangible assets, net   57,960       60,164       58,451  
    Deferred tax asset, net   25,841       25,245       25,362  
    Other assets, net   15,174       15,506       16,144  
    Total assets $ 1,883,068     $ 1,510,163     $ 1,493,237  
               
    Liabilities and equity:          
    Current liabilities:          
    Current maturities of long-term debt, net $ —     $ 137,326     $ 103,072  
    Accounts payable, accrued expenses and other current liabilities   78,756       69,742       85,737  
    Customer layaway deposits   33,336       20,067       21,570  
    Operating lease liabilities, current   60,183       58,905       58,998  
    Total current liabilities   172,275       286,040       269,377  
    Long-term debt, net   517,601       223,998       224,256  
    Deferred tax liability, net   2,017       416       2,080  
    Operating lease liabilities   184,295       188,996       180,616  
    Other long-term liabilities   16,822       9,258       12,337  
    Total liabilities   893,010       708,708       688,666  
    Commitments and contingencies          
    Stockholders’ equity:          
    Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024   580       518       516  
    Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171   30       30       30  
    Additional paid-in capital   448,073       347,082       348,366  
    Retained earnings   586,549       493,830       507,206  
    Accumulated other comprehensive loss   (45,174 )     (40,005 )     (51,547 )
    Total equity   990,058       801,455       804,571  
    Total liabilities and equity $ 1,883,068     $ 1,510,163     $ 1,493,237  
                           
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
       
      Nine Months Ended
    June 30,
    (in thousands)   2025       2024  
       
    Operating activities:      
    Net income $ 82,909     $ 67,899  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   24,358       24,942  
    Amortization of deferred financing costs   1,238       1,212  
    Non-cash lease expense   43,889       43,999  
    Deferred income taxes   (542 )     438  
    Other adjustments   (1,877 )     69  
    Provision for inventory reserve   39       589  
    Stock compensation expense   9,213       7,945  
    Equity in net income from investment in unconsolidated affiliates   (4,180 )     (4,135 )
    Changes in operating assets and liabilities, net of business acquisitions:      
    Pawn service charges receivable   (364 )     (1,593 )
    Inventory   (9,205 )     (2,775 )
    Prepaid expenses, other current assets and other assets   (74 )     (3,625 )
    Accounts payable, accrued expenses and other liabilities   (58,023 )     (65,396 )
    Customer layaway deposits   11,276       1,055  
    Income taxes   (927 )     (360 )
    Net cash provided by operating activities   97,730       70,264  
    Investing activities:      
    Loans made   (738,670 )     (683,121 )
    Loans repaid   417,734       391,297  
    Recovery of pawn loan principal through sale of forfeited collateral   291,903       272,781  
    Capital expenditures, net   (23,051 )     (16,870 )
    Acquisitions, net of cash acquired   (17,093 )     (11,963 )
    Proceeds from note receivable   241       1,100  
    Investment in unconsolidated affiliate   (718 )     (993 )
    Investment in other investments   —       (15,000 )
    Dividends from unconsolidated affiliates   3,614       3,535  
    Net cash used in investing activities   (66,040 )     (59,234 )
    Financing activities:      
    Taxes paid related to net share settlement of equity awards   (3,971 )     (3,253 )
    Proceeds from borrowings   300,000       —  
    Debt issuance cost   (7,563 )     —  
    Payments on assumed debt   (6,410 )     —  
    Purchase and retirement of treasury stock   (6,000 )     (9,009 )
    Payments of finance leases   (450 )     (386 )
    Net cash provided by (used in) financing activities   275,606       (12,648 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   (26 )     (108 )
    Net increase in cash, cash equivalents and restricted cash   307,270       (1,726 )
    Cash and cash equivalents and restricted cash at beginning of period   179,807       228,968  
    Cash and cash equivalents and restricted cash at end of period $ 487,077     $ 227,242  
           
    EZCORP, Inc.
    OPERATING SEGMENT RESULTS
     
      Three Months Ended June 30, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 112,249   $ 56,375     $ —     $ 168,624     $ —     $ 168,624  
    Jewelry scrapping sales   23,750     3,220       —       26,970       —       26,970  
    Pawn service charges   83,930     31,409       —       115,339       —       115,339  
    Other revenues   31     17       —       48       —       48  
    Total revenues   219,960     91,021       —       310,981       —       310,981  
    Merchandise cost of goods sold   69,084     39,142       —       108,226       —       108,226  
    Jewelry scrapping cost of goods sold   16,814     2,302       —       19,116       —       19,116  
    Gross profit   134,062     49,577       —       183,639       —       183,639  
    Segment and corporate expenses (income):                      
    Store expenses   83,778     35,345       —       119,123       —       119,123  
    General and administrative   —     —       —       —       21,780       21,780  
    Depreciation and amortization   2,651     2,156       —       4,807       3,196       8,003  
    Other operating income   —     —       —       —       (1,262 )     (1,262 )
    Interest expense   —     71       —       71       8,387       8,458  
    Interest income   —     (427 )     (604 )     (1,031 )     (4,409 )     (5,440 )
    Equity in net (income) loss of unconsolidated affiliates   —     —       (1,409 )     (1,409 )     209       (1,200 )
    Other expense (income)   —     (12 )     —       (12 )     (524 )     (536 )
    Segment contribution $ 47,633   $ 12,444     $ 2,013     $ 62,090          
    Income (loss) before income taxes             $ 62,090     $ (27,377 )   $ 34,713  
                                       

            

      Three Months Ended June 30, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 107,849     $ 50,291     $ —     $ 158,140     $ —     $ 158,140  
    Jewelry scrapping sales   13,757       1,638       —       15,395       —       15,395  
    Pawn service charges   77,416       30,414       —       107,830       —       107,830  
    Other revenues   28       28       —       56       —       56  
    Total revenues   199,050       82,371       —       281,421       —       281,421  
    Merchandise cost of goods sold   67,229       33,982       —       101,211       —       101,211  
    Jewelry scrapping cost of goods sold   11,887       1,596       —       13,483       —       13,483  
    Gross profit   119,934       46,793       —       166,727       —       166,727  
    Segment and corporate expenses (income):                      
    Store expenses   81,441       34,894       —       116,335       —       116,335  
    General and administrative   —       —       —       —       20,060       20,060  
    Depreciation and amortization   2,408       2,090       —       4,498       3,660       8,158  
    (Gain) loss on sale or disposal of assets and other   (2 )     22       —       20       —       20  
    Interest expense   —       —       —       —       3,539       3,539  
    Interest income   —       (370 )     (605 )     (975 )     (1,956 )     (2,931 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (1,406 )     (1,406 )     143       (1,263 )
    Other (income) expense   —       (184 )     12       (172 )     (19 )     (191 )
    Segment contribution $ 36,087     $ 10,341     $ 1,999     $ 48,427          
    Income (loss) before income taxes             $ 48,427     $ (25,427 )   $ 23,000  
                                       
      Nine Months Ended June 30, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 357,964     $ 166,470     $ —     $ 524,434     $ —     $ 524,434  
    Jewelry scrapping sales   56,146       8,494       —       64,640       —       64,640  
    Pawn service charges   259,354       88,908       —       348,262       —       348,262  
    Other revenues   82       49       —       131       —       131  
    Total revenues   673,546       263,921       —       937,467       —       937,467  
    Merchandise cost of goods sold   225,412       116,193       —       341,605       —       341,605  
    Jewelry scrapping cost of goods sold   42,017       6,350       —       48,367       —       48,367  
    Gross profit   406,117       141,378       —       547,495       —       547,495  
    Segment and corporate expenses (income):                      
    Store expenses   250,399       101,702       —       352,101       —       352,101  
    General and administrative   —       —       —       —       60,089       60,089  
    Depreciation and amortization   8,050       6,191       —       14,241       10,117       24,358  
    Loss on sale or disposal of assets and other   17       8       —       25       —       25  
    Other operating income   —       —       —       —       (1,262 )     (1,262 )
    Interest expense   —       71       —       71       14,815       14,886  
    Interest income   —       (966 )     (1,803 )     (2,769 )     (6,639 )     (9,408 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (4,898 )     (4,898 )     718       (4,180 )
    Other expense (income)   (7 )     (220 )     —       (227 )     604       377  
    Segment contribution   147,658       34,592     $ 6,701     $ 188,951          
    Income (loss) before income taxes             $ 188,951     $ (78,442 )   $ 110,509  
                                       
      Nine Months Ended June 30, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America Pawn   Other Investments   Total Segments   Corporate Items   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 348,211     $ 154,019     $ —     $ 502,230     $ —     $ 502,230  
    Jewelry scrapping sales   39,258       3,933       —       43,191       —       43,191  
    Pawn service charges   236,499       84,943       —       321,442       —       321,442  
    Other revenues   94       59       35       188       —       188  
    Total revenues   624,062       242,954       35       867,051       —       867,051  
    Merchandise cost of goods sold   218,736       103,944       —       322,680       —       322,680  
    Jewelry scrapping cost of goods sold   33,965       3,514       —       37,479       —       37,479  
    Gross profit   371,361       135,496       35       506,892       —       506,892  
    Segment and corporate expenses (income):                      
    Store expenses   239,536       101,936       —       341,472       —       341,472  
    General and administrative   —       —       —       —       54,869       54,869  
    Depreciation and amortization   7,548       6,821       —       14,369       10,573       24,942  
    (Gain) loss on sale or disposal of assets and other   (6 )     (240 )     —       (246 )     97       (149 )
    Other operating income   —       —       —       —       (765 )     (765 )
    Interest expense   —       —       —       —       10,381       10,381  
    Interest income   —       (1,398 )     (1,811 )     (3,209 )     (5,243 )     (8,452 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (4,278 )     (4,278 )     143       (4,135 )
    Other (income) expense   —       (231 )     27       (204 )     (423 )     (627 )
    Segment contribution $ 124,283     $ 28,608     $ 6,097     $ 158,988          
    Income (loss) before income taxes             $ 158,988     $ (69,632 )   $ 89,356  
                                       
    EZCORP, Inc.
    STORE COUNT ACTIVITY
    (Unaudited)
     
      Three Months Ended June 30, 2025
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of March 31, 2025 542   742     1,284  
    New locations opened —   10     10  
    Locations acquired 3   40     43  
    Locations combined or closed —   (1 )   (1 )
    As of June 30, 2025 545   791     1,336  
                   
      Three Months Ended June 30, 2024
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of March 31, 2024 535   711   1,246
    New locations opened 1   6   7
    Locations acquired 5   —   5
    As of June 30, 2024 541   717   1,258
               
      Nine Months Ended June 30, 2025
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of September 30, 2024 542   737     1,279  
    New locations opened —   23     23  
    Locations acquired 3   41     44  
    Locations combined or closed —   (10 )   (10 )
    As of June 30, 2025 545   791     1,336  
                   
      Nine Months Ended June 30, 2024
      U.S. Pawn   Latin America Pawn   Consolidated
               
    As of September 30, 2023 529     702     1,231  
    New locations opened 1     20     21  
    Locations acquired 12     —     12  
    Locations combined or closed (1 )   (5 )   (6 )
    As of June 30, 2024 541     717     1,258  
                     

    Non-GAAP Financial Information (Unaudited)

    In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

    Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

    Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and nine months ended June 30, 2025 and 2024 were as follows:

        June 30,   Three Months Ended
    June 30,    		   Nine Months Ended
    June 30,
        2025   2024   2025   2024   2025   2024
                             
    Mexican peso   18.8   18.3   19.5   17.2   20.0   17.3
    Guatemalan quetzal   7.6   7.6   7.6   7.6   7.6   7.6
    Honduran lempira   25.8   24.3   25.7   24.3   25.2   24.3
    Australian dollar   1.5   1.5   1.6   1.5   1.6   1.5
                             

    Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

    Miscellaneous Non-GAAP Financial Measures

      Three Months Ended
    June 30,
    (in millions)   2025       2024  
           
    Net income $ 26.5     $ 18.0  
    Interest expense   8.5       3.5  
    Interest income   (5.4 )     (2.9 )
    Income tax expense   8.2       5.0  
    Depreciation and amortization   8.0       8.2  
    EBITDA $ 45.7     $ 31.8  
                   
      Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                               
    2025 Q3 Reported $ 311.0   $ 183.6   $ 34.7     $ 8.2     $ 26.5     $ 0.34     $ 45.7  
    Corporate lease termination   —     —     (1.3 )     (0.3 )     (1.0 )     (0.01 )     (1.3 )
    FX impact   —     —     (0.2 )     —       (0.2 )     —       (0.2 )
    Non-recurring foreign tax expense   —     —     —       0.8       (0.8 )     (0.01 )     —  
    Constant Currency   8.9     4.8     0.8       0.1       0.7       0.01       1.0  
    2025 Q3 Adjusted $ 319.9   $ 188.4   $ 34.0     $ 8.8     $ 25.2     $ 0.33     $ 45.2  
      Total Revenues   Gross Profit   Income Before Tax   Tax Effect   Net Income   Diluted EPS   EBITDA
                               
    2024 Q3 Reported $ 281.4   $ 166.7   $ 23.0     $ 5.0   $ 18.0     $ 0.25     $ 31.8  
    Non-recurring foreign tax expense   —     —     —       0.7     (0.7 )     (0.01 )     —  
    FX impact   —     —     (0.1 )     —     (0.1 )     —       (0.1 )
    2024 Q3 Adjusted $ 281.4   $ 166.7   $ 22.9     $ 5.7   $ 17.2     $ 0.24     $ 31.7  
                                                     
      Three Months Ended
    June 30, 2025    		   Nine Months Ended
    June 30, 2025
    (in millions) U.S. Dollar Amount   Percentage Change YOY   U.S. Dollar Amount   Percentage Change YOY
                   
    Consolidated revenues $ 311.0   11 %   $ 937.5   8 %
    Currency exchange rate fluctuations   8.9         30.9    
    Constant currency consolidated revenues $ 319.9   14 %   $ 968.4   12 %
                   
    Consolidated gross profit $ 183.6   10 %   $ 547.5   8 %
    Currency exchange rate fluctuations   4.8         16.1    
    Constant currency consolidated gross profit $ 188.4   13 %   $ 563.6   11 %
                   
    Consolidated net inventory $ 225.5   31 %   $ 225.5   31 %
    Currency exchange rate fluctuations   1.3         1.3    
    Constant currency consolidated net inventory $ 226.8   32 %   $ 226.8   32 %
                   
    Latin America Pawn gross profit $ 49.6   6 %   $ 141.4   4 %
    Currency exchange rate fluctuations   4.8         16.1    
    Constant currency Latin America Pawn gross profit $ 54.4   16 %   $ 157.5   16 %
                   
    Latin America Pawn PLO $ 70.6   13 %   $ 70.6   13 %
    Currency exchange rate fluctuations   1.5         1.5    
    Constant currency Latin America Pawn PLO $ 72.1   16 %   $ 72.1   16 %
                   
    Latin America Pawn PSC revenues $ 31.4   3 %   $ 88.9   5 %
    Currency exchange rate fluctuations   2.9         9.6    
    Constant currency Latin America Pawn PSC revenues $ 34.3   13 %   $ 98.5   16 %
                   
    Latin America Pawn merchandise sales $ 56.4   12 %   $ 166.5   8 %
    Currency exchange rate fluctuations   5.7         20.2    
    Constant currency Latin America Pawn merchandise sales $ 62.1   23 %   $ 186.7   21 %
                   
    Latin America Pawn segment profit before tax $ 12.4   20 %   $ 34.6   21 %
    Currency exchange rate fluctuations   1.1         3.0    
    Constant currency Latin America Pawn segment profit before tax $ 13.5   30 %   $ 37.6   32 %

    The MIL Network –

  • MIL-OSI: CVR Energy Reports Second Quarter 2025 Results, Announces Leadership Transition Plans

    Source: GlobeNewswire (MIL-OSI)

    • Second quarter net loss attributable to CVR Energy stockholders of $114 million; EBITDA loss of $24 million; adjusted EBITDA of $99 million
    • Second quarter loss per diluted share of $1.14 and adjusted loss per diluted share of 23 cents
    • Prepaid $70 million and $20 million in principal of the Term Loan in June and July 2025, respectively
    • Mark Pytosh to assume role of President, Chief Executive Officer and Director on January 1, 2026, following Dave Lamp retirement; Brett Icahn appointed to the Board of Directors effective August 1, 2025
    • CVR Partners announced a cash distribution of $3.89 per common unit

    SUGAR LAND, Texas, July 30, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced second quarter 2025 net loss attributable to CVR Energy stockholders of $114 million, or $1.14 per diluted share, compared to second quarter 2024 net income attributable to CVR Energy stockholders of $21 million, or 21 cents per diluted share. Adjusted loss for the second quarter of 2025 was 23 cents per diluted share, compared to adjusted earnings per diluted share of 9 cents in the second quarter of 2024. Net loss for the second quarter of 2025 was $90 million, compared to net income of $38 million in the second quarter of 2024. Second quarter 2025 EBITDA loss was $24 million, compared to second quarter 2024 EBITDA of $103 million. Adjusted EBITDA for the second quarter of 2025 was $99 million, compared to adjusted EBITDA of $87 million in the second quarter of 2024.

    “CVR Energy’s 2025 second quarter earnings results for its refining business were impacted by an $89 million unfavorable mark-to-market impact on its outstanding Renewable Fuel Standard obligation as well as reduced throughput volumes while we ran off intermediate inventory following the completion of the planned turnaround at the Coffeyville refinery,” said Dave Lamp, CVR Energy’s President and Chief Executive Officer.

    “CVR Partners achieved solid operating results for the second quarter of 2025, with a combined ammonia production rate of 91 percent,” Mr. Lamp said. “CVR Partners also was pleased to declare a second quarter 2025 cash distribution of $3.89 per common unit.”

    The Company also announced leadership transition plans following Mr. Lamp’s notice of his intent to retire as President and Chief Executive Officer effective December 31, 2025. Mark A. Pytosh, the Company’s Executive Vice President – Corporate Services who also serves as President, Chief Executive Officer and Director of the general partner of CVR Partners, LP (“CVR Partners”), is expected to assume the role of President, Chief Executive Officer and Director of CVR Energy while continuing to serve in those same roles for CVR Partners’ general partner. Mr. Lamp is expected to remain on the Company’s Board of Directors and the board of directors of CVR Partners’ general partner.

    “I would like to thank our employees, communities and stockholders for their support over the past several years. It has been a privilege to have worked closely with our strong management team to drive value throughout the organization, and I look forward to continuing to serve our companies as a member of the Board,” said Mr. Lamp. “Mark has been a strong leader for CVR Partners and for our midstream operations. We have worked closely together for many years, and I am confident he is the right person to build upon the foundations we have laid while driving CVR Energy and CVR Partners into the future.”

    Mr. Pytosh joined the general partner of CVR Partners as a Director in 2011 and became President and Chief Executive Officer in May 2014. In January 2018, Mr. Pytosh was appointed Executive Vice President – Corporate Services of the Company with executive responsibility over the Company’s midstream operations. Prior to joining CVR Partners, Mr. Pytosh held senior financial roles in energy, power, solid waste and investment banking. Mr. Pytosh is expected to remain President, Chief Executive Officer and Director of CVR Partners’ general partner.

    Mr. Pytosh commented, “Dave’s leadership, operating discipline and strong corporate values have inspired the Company. I look forward to building upon Dave’s incredible legacy while leveraging our operating platform and strong management team to position the Company for positive growth and maximizing value for all of our stockholders.”

    On July 28, 2025, the Board appointed Brett Icahn as a director effective August 1, 2025, increasing the Board size to nine members.

    Petroleum Segment

    The Petroleum Segment reported a second quarter 2025 net loss of $137 million and EBITDA loss of $84 million, compared to net income of $18 million and EBITDA of $56 million for the second quarter of 2024. Adjusted EBITDA for the Petroleum Segment was $38 million for the second quarter of 2025, compared to adjusted EBITDA of $37 million for the second quarter of 2024.

    Combined total throughput for the second quarter of 2025 was approximately 172,000 barrels per day (“bpd”) compared to approximately 186,000 bpd of combined total throughput for the second quarter of 2024. Throughput during the current quarter was lower primarily to allow processing of intermediate inventories built during the turnaround at the Coffeyville, Kansas, refinery which began in the first quarter of 2025 and was completed in April 2025.

    Refining margin for the second quarter of 2025 was $35 million, or $2.21 per total throughput barrel, compared to $185 million, or $10.94 per total throughput barrel, during the same period in 2024. Included in our second quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $89 million, unfavorable inventory valuation impacts of $31 million, and unfavorable unrealized derivative impacts of $2 million primarily related to Canadian crude oil positions. Excluding these items, adjusted refining margin for the second quarter of 2025 was $9.95 per barrel, compared to an adjusted refining margin per barrel of $9.81 for the second quarter of 2024. The increase in adjusted refining margin per barrel was primarily due to an increase in the Group 3 2-1-1 crack spread.

    Renewables Segment

    Effective beginning with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we revised our reportable segments to reflect a new reportable segment: Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

    The Renewables Segment reported second quarter 2025 net loss of $11 million and EBITDA loss of $5 million, compared to net loss of $11 million and EBITDA loss of $5 million for the second quarter of 2024. Adjusted EBITDA loss for the Renewables Segment was $4 million for the second quarter of 2025, compared to adjusted EBITDA loss of $2 million for the second quarter of 2024.

    Total vegetable oil throughput for the second quarter of 2025 was approximately 155,000 gallons per day (“gpd”), compared to approximately 127,000 gpd for the second quarter of 2024.

    Renewables margin was $5 million, or $0.38 per vegetable oil throughput gallon, for the second quarter of 2025 compared to $5 million, or 43 cents per vegetable oil throughput gallon, for the second quarter of 2024. Factors contributing to our second quarter 2025 renewables margin were higher net sales of $13 million resulting from increased production and sales volumes, increased renewable diesel yield due to improved catalyst performance, and increased biomass-based diesel RIN and LCFS credit prices in the current period, partially offset by the loss of the BTC in the current period and a decrease in average CARB ULSD prices of 24 cents per gallon. Higher net sales were partially offset by higher cost of sales of $12 million due to an increase in throughput and production volumes.

    Nitrogen Fertilizer Segment

    The Nitrogen Fertilizer Segment reported net income of $39 million and EBITDA of $67 million on net sales of $169 million for the second quarter of 2025, compared to net income of $26 million and EBITDA of $54 million on net sales of $133 million for the second quarter of 2024.

    Production at CVR Partners, LP’s (“CVR Partners”) fertilizer facilities decreased compared to the second quarter of 2024, producing a combined 197,000 tons of ammonia during the second quarter of 2025, of which 54,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 321,000 tons of urea ammonia nitrate (“UAN”). During the second quarter of 2024, the fertilizer facilities produced a combined 221,000 tons of ammonia, of which 69,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 337,000 tons of UAN.

    For the second quarter 2025, average realized gate prices for ammonia and UAN were up 14 percent and 18 percent, respectively, over the prior year to $593 and $317 per ton, respectively. Average realized gate prices for ammonia and UAN were $520 and $268 per ton, respectively, for the second quarter of 2024.

    Corporate and Other

    The Company reported an income tax benefit of $42 million, or 31.7 percent of loss before income taxes, for the three months ended June 30, 2025, compared to an income tax benefit of $26 million, or (219.7) percent of income before income taxes, for the three months ended June 30, 2024. The increase in income tax benefit was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings.

    Cash, Debt and Dividend

    Consolidated cash and cash equivalents were $596 million at June 30, 2025, a decrease of $391 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at June 30, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

    On June 30, 2025, certain of the Company’s subsidiaries (the “Term Loan Borrowers”) prepaid $70 million in principal of the senior secured term loan facility (the “Term Loan”), in addition to required principal and interest payments as set forth in the Term Loan. As a result of this transaction, the Company recognized a $1 million loss on extinguishment of debt in the second quarter of 2025, related to the write-off of unamortized discount and deferred financing costs. Further, on July 25, 2025, the Term Loan Borrowers prepaid an additional $20 million in principal of the Term Loan, plus any accrued and unpaid interest to the redemption date.

    CVR Energy will not pay a cash dividend for the second quarter of 2025.

    Today, CVR Partners announced that the Board of Directors of its general partner declared a second quarter 2025 cash distribution of $3.89 per common unit, which will be paid on August 18, 2025, to common unitholders of record as of August 11, 2025.

    Second Quarter 2025 Earnings Conference Call

    CVR Energy previously announced that it will host its second quarter 2025 Earnings Conference Call on Thursday, July 31, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

    The second quarter 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/939p6amw. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13754877.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; management changes; impacts of planned and unplanned downtime; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; use of proceeds under our debt instruments; debt levels; ability to paydown debt, make debt prepayments and terms associated therewith; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expense; cash reserves; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The terms of the employment agreement referenced herein are qualified in their entirety by the text of the agreement which will be duly disclosed in the Company’s upcoming filings with the Securities and Exchange Commission.

    About CVR Energy, Inc.
    Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners.

    Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

    Contact Information:

    Investor Relations

    Richard Roberts
    (281) 207-3205
    InvestorRelations@CVREnergy.com

    Media Relations

    Brandee Stephens
    (281) 207-3516
    MediaRelations@CVREnergy.com

    Non-GAAP Measures

    Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

    As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

    The following are non-GAAP measures we present for the periods ended June 30, 2025 and 2024:

    EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

    Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

    Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

    Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

    Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

    Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

    We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

    Factors Affecting Comparability of Our Financial Results

    Petroleum Segment

    Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $24 million and $3 million during the three months ended June 30, 2025 and 2024, respectively, and $190 million and $42 million during the six months ended June 30, 2025 and 2024, respectively.

    CVR Energy, Inc. 
    (all information in this release is unaudited)
     
    Consolidated Statement of Operations Data
     
     
      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions, except per share data)   2025       2024       2025       2024  
    Net sales $ 1,761     $ 1,967     $ 3,407     $ 3,829  
    Operating costs and expenses:              
    Cost of materials and other   1,582       1,667       3,099       3,130  
    Direct operating expenses (exclusive of depreciation and
    amortization)    		   169       173       324       337  
    Depreciation and amortization   76       70       142       145  
    Cost of sales   1,827       1,910       3,565       3,612  
    Selling, general and administrative expenses (exclusive of
    depreciation and amortization)    		   36       28       73       63  
    Depreciation and amortization   2       2       4       4  
    (Gain) loss on asset disposal   (1 )     —       —       1  
    Operating (loss) income   (103 )     27       (235 )     149  
    Other (expense) income:              
    Interest expense, net   (30 )     (19 )     (55 )     (39 )
    Other income, net   1       4       4       8  
    (Loss) income before income tax benefit   (132 )     12       (286 )     118  
    Income tax benefit   (42 )     (26 )     (91 )     (10 )
    Net (loss) income   (90 )     38       (195 )     128  
    Less: Net income attributable to noncontrolling interest   24       17       42       25  
    Net (loss) income attributable to CVR Energy
    stockholders    		 $ (114 )   $ 21     $ (237 )   $ 103  
                   
    Basic and diluted (loss) earnings per share $ (1.14 )   $ 0.21     $ (2.36 )   $ 1.02  
    Dividends declared per share $ —     $ 0.50     $ —     $ 1.00  
                   
    Adjusted (loss) earnings per share * $ (0.23 )   $ 0.09     $ (0.81 )   $ 0.12  
    EBITDA * $ (24 )   $ 103     $ (85 )   $ 306  
    Adjusted EBITDA * $ 99     $ 87     $ 122     $ 186  
                   
    Weighted-average common shares outstanding – basic and
    diluted    		   100.5       100.5       100.5       100.5  
    • See “Non-GAAP Reconciliations” section below.

    Selected Consolidated Balance Sheet Data

    (in millions) June 30, 2025   December 31, 2024
    Cash and cash equivalents $ 596   $ 987
    Working capital (inclusive of cash and cash equivalents)   201     726
    Total assets   3,984     4,263
    Total debt and finance lease obligations, including current portion   1,861     1,919
    Total liabilities   3,318     3,375
    Total CVR stockholders’ equity   466     703
               

    Selected Consolidated Cash Flow Data

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Net cash used in:              
    Operating activities $ 176     $ 81     $ (19 )   $ 258  
    Investing activities   (185 )     (74 )     (267 )     (129 )
    Financing activities   (90 )     (65 )     (105 )     (729 )
    Net decrease in cash, cash equivalents, and restricted
    cash    		 $ (99 )   $ (58 )   $ (391 )   $ (600 )
                   
    Free cash flow * $ (12 )   $ 7     $ (297 )   $ 128  

    * See “Non-GAAP Reconciliations” section below.

    Selected Segment Data

      Three Months Ended June 30,
        2025       2024
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Net sales $ 1,561     $ 76     $ 169   $ 1,761     $ 1,795   $ 63     $ 133   $ 1,967
    Operating (loss) income   (133 )     (11 )     46     (103 )     10     (11 )     34     27
    Net (loss) income   (137 )     (11 )     39     (90 )     18     (11 )     26     38
    EBITDA *   (84 )     (5 )     67     (24 )     56     (5 )     54     103
                                   
    Capital expenditures (1)                              
    Maintenance $ 14     $ 1     $ 6   $ 21     $ 22   $ —     $ 4   $ 27
    Growth   9       1       4     15       11     2       1     14
    Total capital expenditures $ 23     $ 2     $ 10   $ 36     $ 33   $ 2     $ 5   $ 41
      Six Months Ended June 30,
        2025       2024
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Net sales $ 3,038     $ 142     $ 311   $ 3,407     $ 3,517   $ 97     $ 261   $ 3,829
    Operating (Loss) Income   (295 )     (11 )     81     (235 )     128     (21 )     54     149
    Net (loss) income   (297 )     (11 )     66     (195 )     145     (20 )     39     128
    EBITDA *   (202 )     1       120     (85 )     227     (9 )     93     306
                                   
    Capital expenditures (1)                              
    Maintenance $ 55     $ 1     $ 10   $ 66     $ 44   $ 1     $ 9   $ 57
    Growth   17       1       6     26       25     9       1     35
    Total capital expenditures $ 72     $ 2     $ 16   $ 92     $ 69   $ 10     $ 10   $ 92

    * See “Non-GAAP Reconciliations” section below.
    (1) Capital expenditures are shown exclusive of capitalized turnaround expenditures.

    Selected Balance Sheet Data

      June 30, 2025   December 31, 2024
    (in millions) Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated   Petroleum   Renewables   Nitrogen
    Fertilizer    		   Consolidated
    Cash and cash equivalents (1) $ 325   $ 22   $ 114   $ 596   $ 735   $ 13   $ 91   $ 987
    Total assets   3,011     414     998     3,984     3,288     420     1,019     4,263
    Total debt and finance lease obligations, including current
    portion (2)    		   293     —     570     1,861     354     —     569     1,919

    (1) Corporate cash and cash equivalents consisted of $135 million and $148 million at June 30, 2025 and December 31, 2024, respectively.
    (2) Corporate total debt and finance lease obligations, including current portion consisted of $998 million and $996 million at June 30, 2025 and December 31, 2024, respectively.

    Petroleum Segment

    Key Operating Metrics per Total Throughput Barrel

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025     2024     2025     2024
    Refining margin * $ 2.21   $ 10.94   $ 1.14   $ 13.68
    Adjusted refining margin *   9.95     9.81     9.04     10.15
    Direct operating expenses *   6.45     6.94     7.32     6.34
    • See “Non-GAAP Reconciliations” section below.

    Refining Throughput and Production Data by Refinery

    Throughput Data Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in bpd) 2025   2024   2025   2024
    Coffeyville              
    Gathered crude 61,505   87,402   44,213   74,903
    Other domestic 30,718   28,625   21,584   37,275
    Canadian 581   9,518   610   9,525
    Condensate —   5,079   —   6,390
    Other feedstocks and blendstocks 7,883   10,773   7,111   11,671
    Wynnewood              
    Gathered crude 55,470   34,190   56,936   38,624
    Other domestic 1,595   2,421   1,087   1,210
    Condensate 8,965   5,965   9,556   8,114
    Other feedstocks and blendstocks 5,432   2,235   5,309   3,287
    Total throughput 172,149   186,208   146,406   190,999
    Production Data Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in bpd) 2025     2024     2025     2024  
    Coffeyville              
    Gasoline 50,323     71,515     34,718     72,119  
    Distillate 46,911     57,710     33,645     56,858  
    Other liquid products (428 )   7,015     2,930     5,784  
    Solids 3,711     4,990     2,523     4,985  
    Wynnewood              
    Gasoline 36,657     25,672     38,190     28,828  
    Distillate 23,645     16,053     24,293     17,610  
    Other liquid products 8,267     2,349     6,671     3,956  
    Solids 12     6     11     6  
    Total production 169,098     185,310     142,981     190,146  
                   
    Crude utilization (1) 76.9 %   83.9 %   64.9 %   85.2 %
    Light product yield (as % of crude throughput) (2) 99.2 %   98.7 %   97.7 %   99.6 %
    Liquid volume yield (as % of total throughput) (3) 96.1 %   96.8 %   95.9 %   96.9 %
    Distillate yield (as % of crude throughput) (4) 44.4 %   42.6 %   43.2 %   42.3 %

    (1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
    (2) Total Gasoline and Distillate divided by Total Crude Throughput.
    (3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.
    (4) Total Distillate divided by Total Crude Throughput.

    Key Market Indicators

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (dollars per barrel)   2025       2024       2025       2024  
    West Texas Intermediate (WTI) NYMEX $ 63.74     $ 80.63     $ 67.52     $ 78.81  
    Crude Oil Differentials to WTI:              
    Brent   2.97       4.40       3.29       4.60  
    WCS (heavy sour)   (9.43 )     (12.53 )     (10.92 )     (14.66 )
    Condensate   (0.71 )     (0.66 )     (0.68 )     (0.76 )
    Midland Cushing   0.74       1.08       0.92       1.31  
    NYMEX Crack Spreads:              
    Gasoline   24.76       27.48       20.86       25.07  
    Heating Oil   26.99       24.67       27.71       30.62  
    NYMEX 2-1-1 Crack Spread   25.87       26.07       24.29       27.85  
    PADD II Group 3 Product Basis:              
    Gasoline   (3.58 )     (10.61 )     (3.20 )     (10.33 )
    Ultra-Low Sulfur Diesel   (0.12 )     (3.89 )     (3.60 )     (7.04 )
    PADD II Group 3 Product Crack Spread:              
    Gasoline   21.18       16.87       17.66       14.74  
    Ultra-Low Sulfur Diesel   26.87       20.78       24.11       23.59  
    PADD II Group 3 2-1-1   24.02       18.83       20.89       19.17  
                                   

    Renewables Segment

    Key Operating Metrics per Vegetable Oil Throughput Gallon

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025     2024     2025     2024
    Renewables margin * $ 0.38   $ 0.43   $ 0.76   $ 0.51
    Adjusted renewables margin *   0.44     0.67     0.68     0.64
    Direct operating expenses *   0.54     0.72     0.51     0.76
    • See “Non-GAAP Reconciliations” section below.

    Renewables Throughput and Production Data

      Three Months Ended June 30,   Six Months Ended June 30,
    (in gallons per day) 2025     2024     2025     2024  
    Throughput Data              
    Corn Oil 1,107     33,253     10,488     34,947  
    Soybean Oil 153,609     93,303     144,837     66,128  
                   
    Production Data              
    Renewable diesel 148,373     117,277     146,292     89,936  
                   
    Renewable utilization (1) 61.4 %   50.2 %   61.6 %   40.1 %
    Renewable diesel yield (as % of corn and soybean oil throughput) 95.9 %   92.7 %   94.2 %   89.0 %

    (1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

    Key Market Indicators

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025     2024     2025     2024
    Chicago Board of Trade (CBOT) soybean oil (dollars per pound) $ 0.49   $ 0.45   $ 0.47   $ 0.46
    Midwest crude corn oil (dollars per pound)   0.50     0.51     0.48     0.53
    CARB ULSD (dollars per gallon)   2.36     2.60     2.38     2.63
    NYMEX ULSD (dollars per gallon)   2.16     2.51     2.27     2.61
    California LCFS (dollars per metric ton)   52.36     51.51     59.13     57.37
    Biodiesel RINs (dollars per RIN)   1.08     0.51     0.94     0.55
     

    Nitrogen Fertilizer Segment

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (percent of capacity utilization) 2025     2024     2025     2024  
    Ammonia utilization rate (1) 91 %   102 %   96 %   96 %

    (1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners’ facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and six months ended June 30, 2025 and 2024 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

    Sales and Production Data

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025     2024     2025     2024
    Consolidated sales volumes (thousands of tons):              
    Ammonia   57     43     117     113
    UAN   345     330     681     614
                   
    Consolidated product pricing at gate (dollars per ton): (1)              
    Ammonia $ 593   $ 520   $ 573   $ 525
    UAN   317     268     287     268
                   
    Consolidated production volume (thousands of tons):              
    Ammonia (gross produced) (2)   197     221     413     414
    Ammonia (net available for sale) (2)   54     69     117     130
    UAN   321     337     668     643
                   
    Feedstock:              
    Petroleum coke used in production (thousands of tons)   130     133     261     261
    Petroleum coke used in production (dollars per ton) $ 56.68   $ 62.96   $ 49.54   $ 69.21
    Natural gas used in production (thousands of MMBtus) (3)   1,897     2,213     4,057     4,361
    Natural gas used in production (dollars per MMBtu) (3) $ 3.29   $ 1.93   $ 4.00   $ 2.51
    Natural gas in cost of materials and other (thousands of
    MMBtus)     (3)    		   2,201     1,855     3,807     3,620
    Natural gas in cost of materials and other (dollars per
    MMBtu)     (3)    		 $ 3.63   $ 1.85   $ 4.05   $ 2.65

    (1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
    (2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
    (3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

    Key Market Indicators

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025     2024     2025     2024
    Ammonia — Southern plains (dollars per ton) $ 576   $ 523   $ 569   $ 545
    Ammonia — Corn belt (dollars per ton)   630     565     624     581
    UAN — Corn belt (dollars per ton)   403     288     364     290
                   
    Natural gas NYMEX (dollars per MMBtu) $ 3.51   $ 2.32   $ 3.69   $ 2.21
                           

    Q3 2025 Outlook

    The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2025. See “Forward-Looking Statements” above.

      Q3 2025
      Low   High
    Petroleum      
    Total throughput (bpd)   200,000       215,000  
    Crude utilization (1)   92 %     97 %
    Direct operating expenses (in millions) (2) $ 105     $ 115  
           
    Renewables      
    Total throughput (in millions of gallons)   16       20  
    Renewable utilization (4)   70 %     85 %
    Direct operating expenses (in millions) (2) $ 8     $ 10  
           
    Nitrogen Fertilizer      
    Ammonia utilization rate   93 %     98 %
    Direct operating expenses (in millions) (2) $ 60     $ 65  
           
    Capital Expenditures (in millions) (3)      
    Petroleum $ 25     $ 30  
    Renewables   1       3  
    Nitrogen Fertilizer   20       25  
    Other   1       2  
    Total capital expenditures $ 47     $ 60  

    (1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
    (2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
    (3) Turnaround and capital expenditures are disclosed on an accrual basis.
    (4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day.

    Non-GAAP Reconciliations

    Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Net (loss) income $ (90 )   $ 38     $ (195 )   $ 128  
    Interest expense, net   30       19       55       39  
    Income tax benefit   (42 )     (26 )     (91 )     (10 )
    Depreciation and amortization   78       72       146       149  
    EBITDA   (24 )     103       (85 )     306  
    Adjustments:              
    Revaluation of RFS liability, unfavorable (favorable)   89       —       200       (91 )
    Unrealized loss (gain) on derivatives, net   2       (17 )     (1 )     7  
    Inventory valuation impacts, unfavorable (favorable)   32       1       8       (36 )
    Adjusted EBITDA $ 99     $ 87     $ 122     $ 186  
     

    Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025       2024       2025       2024  
    Basic and diluted (loss) earnings per share $ (1.14 )   $ 0.21     $ (2.36 )   $ 1.02  
    Adjustments: (1)              
    Revaluation of RFS liability, unfavorable (favorable)   0.65       —       1.50       (0.68 )
    Unrealized loss (gain) on derivatives, net   0.02       (0.13 )     (0.01 )     0.05  
    Inventory valuation impacts, unfavorable (favorable)   0.24       0.01       0.06       (0.27 )
    Adjusted (loss) earnings per share $ (0.23 )   $ 0.09     $ (0.81 )   $ 0.12  

    (1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

    Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Net cash (used in) provided by operating activities $ 176     $ 81     $ (19 )   $ 258  
    Less:              
    Capital expenditures   (41 )     (43 )     (92 )     (90 )
    Capitalized turnaround expenditures   (148 )     (32 )     (191 )     (44 )
    Return of equity method investment   1       1       5       4  
    Free cash flow $ (12 )   $ 7     $ (297 )   $ 128  
     

    Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Petroleum net (loss) income $ (137 )   $ 18     $ (297 )   $ 145  
    Interest (income) expense, net   5       (5 )     5       (10 )
    Depreciation and amortization   48       43       90       92  
    Petroleum EBITDA   (84 )     56       (202 )     227  
    Adjustments:              
    Revaluation of RFS liability, unfavorable (favorable)   89       —       200       (91 )
    Unrealized loss (gain) on derivatives, net   2       (17 )     (1 )     7  
    Inventory valuation impacts, unfavorable (favorable) (1)   31       (2 )     10       (39 )
    Petroleum Adjusted EBITDA $ 38     $ 37     $ 7     $ 104  
     

    Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025       2024       2025       2024  
    Net sales $ 1,561     $ 1,795     $ 3,038     $ 3,517  
    Less:              
    Cost of materials and other   (1,526 )     (1,610 )     (3,008 )     (3,041 )
    Direct operating expenses (exclusive of depreciation and amortization)   (102 )     (118 )     (193 )     (221 )
    Depreciation and amortization   (48 )     (43 )     (90 )     (92 )
    Gross (loss) profit   (115 )     24       (253 )     163  
    Add:              
    Direct operating expenses (exclusive of depreciation and amortization)   102       118       193       221  
    Depreciation and amortization   48       43       90       92  
    Refining margin   35       185       30       476  
    Adjustments:              
    Revaluation of RFS liability, unfavorable (favorable)   89       —       200       (91 )
    Unrealized loss (gain) on derivatives, net   2       (17 )     (1 )     7  
    Inventory valuation impacts, unfavorable (favorable) (1)   31       (2 )     10       (39 )
    Adjusted refining margin $ 157     $ 166     $ 239     $ 353  
                   
    Total throughput barrels per day   172,149       186,208       146,406       190,999  
    Days in the period   91       91       181       182  
    Total throughput barrels   15,665,597       16,944,862       26,499,565       34,761,961  
                   
    Refining margin per total throughput barrel $ 2.21     $ 10.94     $ 1.14     $ 13.68  
    Adjusted refining margin per total throughput barrel   9.95       9.81       9.04       10.15  
    Direct operating expenses per total throughput barrel   6.45       6.94       7.32       6.34  

    (1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

      Three Months Ended June 30,   Six Months Ended June 30,
    (in millions)   2025       2024       2025       2024  
    Renewables net loss $ (11 )   $ (11 )   $ (11 )   $ (20 )
    Interest income, net   —       —       —       (1 )
    Depreciation and amortization   6       6       12       12  
    Renewables EBITDA   (5 )     (5 )     1       (9 )
    Adjustments:              
    Inventory valuation impacts, (favorable) unfavorable (1)   1       3       (2 )     2  
    Renewables Adjusted EBITDA $ (4 )   $ (2 )   $ (1 )   $ (7 )
     

    Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

      Three Months Ended June 30,   Six Months Ended June 30,
    (in millions, except throughput data)   2025       2024       2025       2024  
    Net sales $ 76     $ 63     $ 142     $ 97  
    Less:              
    Cost of materials and other   (71 )     (58 )     (121 )     (88 )
    Direct operating expenses (exclusive of depreciation and
    amortization)    		   (7 )     (8 )     (14 )     (13 )
    Depreciation and amortization   (6 )     (6 )     (12 )     (12 )
    Gross loss   (8 )     (9 )     (5 )     (16 )
    Add:              
    Direct operating expenses (exclusive of depreciation and
    amortization)    		   7       8       14       13  
    Depreciation and amortization   6       6       12       12  
    Renewables margin   5       5       21       9  
    Inventory valuation impacts, (favorable) unfavorable (1)   1       3       (2 )     2  
    Adjusted renewables margin $ 6     $ 8     $ 19     $ 11  
                   
    Total vegetable oil throughput gallons per day   154,716       126,556       155,325       101,075  
    Days in the period   91       91       181       182  
    Total vegetable oil throughput gallons   14,079,118       11,516,572       28,113,944       18,395,649  
                   
    Renewables margin per vegetable oil throughput gallon $ 0.38     $ 0.43     $ 0.76     $ 0.51  
    Adjusted renewables margin per vegetable oil throughput gallon   0.44       0.67       0.68       0.64  
    Direct operating expenses per vegetable oil throughput gallon   0.54       0.72       0.51       0.76  

    (1) The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
    (in millions)   2025     2024     2025     2024
    Nitrogen Fertilizer net income $ 39   $ 26   $ 66   $ 39
    Interest expense, net   7     8     15     15
    Depreciation and amortization   21     20     39     39
    Nitrogen Fertilizer EBITDA and Adjusted EBITDA $ 67   $ 54   $ 120   $ 93

    The MIL Network –

  • MIL-OSI: NVIDIA Sets Conference Call for Second-Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., July 30, 2025 (GLOBE NEWSWIRE) — NVIDIA will host a conference call on Wednesday, August 27, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the second quarter of fiscal year 2026, which ended July 27, 2025.

    The call will be webcast live (in listen-only mode) on investor.nvidia.com. The company’s prepared remarks will be followed by a Q&A session, which will be limited to questions from financial analysts and institutional investors.

    Ahead of the call, NVIDIA will provide written commentary on its second-quarter results from Colette Kress, the company’s executive vice president and chief financial officer. This material will be posted to investor.nvidia.com immediately after the company’s results are publicly announced at approximately 1:20 p.m. PT.

    The webcast will be recorded and available for replay until the company’s conference call to discuss financial results for its third quarter of fiscal year 2026.

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:
    Investor Relations Corporate Communications
    NVIDIA Corporation NVIDIA Corporation
    ir@nvidia.com  press@nvidia.com 

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries.

    The MIL Network –

  • MIL-OSI: JD.com Announces Decision to Make a Voluntary Public Takeover Offer and Strategic Investment Partnership with CECONOMY

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, July 30, 2025 (GLOBE NEWSWIRE) — JD.com, Inc. (“JD.com” or the “Company”) (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced that it decided to make a voluntary public takeover offer, through a wholly-owned indirect subsidiary JINGDONG Holding Germany GmbH (the “Bidder”), to all shareholders of CECONOMY AG (“CECONOMY”) (XETRA: CEC), the parent company of leading European consumer electronics retailers MediaMarkt and Saturn, to acquire all issued and outstanding bearer shares in CECONOMY (the “CECONOMY Shares”) for a cash consideration of EUR 4.60 per share (the “Takeover Offer”).

    The Bidder and CECONOMY have also signed an investment agreement regarding the Takeover Offer and their intended cooperation after completion of the Takeover Offer. Furthermore, regarding their future cooperation, the Bidder and CECONOMY’s largest shareholder group comprising Convergenta Invest GmbH and related shareholders (together, “Convergenta”) entered into a shareholders’ agreement, effectiveness of which is subject to the completion of the Takeover Offer. As a result, post the completion of the Takeover Offer, Convergenta will hold 25.35% of the CECONOMY Shares, reducing its current shareholding in CECONOMY from 29.16% by an irrevocable undertaking to accept the Takeover Offer with respect to 3.81% of the CECONOMY Shares. The Bidder has also entered into agreements with several shareholders of CECONOMY, under which those shareholders have irrevocably undertaken to accept the Takeover Offer with respect to 31.7% of the CECONOMY Shares in total (including 3.81% from Convergenta), securing a total shareholding of 57.1% in combination with the retained stake of JD.com’s future partner Convergenta ahead of the launch of the Takeover Offer.

    CECONOMY is a European retail leader in the field of consumer electronics. Its main brands MediaMarkt and Saturn operate omni-channel retail businesses, combining strong e-commerce presence with more than 1,000 retail stores in 11 countries. Under the strategic investment agreement, the Company and CECONOMY aim to drive CECONOMY’s growth as a stand-alone business and accelerate CECONOMY’s transformation into Europe’s leading omni-channel consumer electronics platform. JD.com, renowned for its superior customer experience and industry-leading e-commerce logistics service standards, will contribute its advanced technology, leading omni-channel retail expertise, and logistics and warehouse capabilities to the partnership. This will strengthen CECONOMY’s capabilities and further develop its core business and capitalize on its market position. As part of the strategic roadmap, CECONOMY will remain a stand-alone business in Europe with a local independent technology stack, and no changes are planned to the workforce, employee agreements and sites. CECONOMY’s Supervisory Board and Management Board fully support the public Takeover Offer.

    “This partnership with CECONOMY will build Europe’s leading next-generation consumer electronics platform,” said JD.com CEO Sandy Xu. “CECONOMY’s market-leading position, strong customer relationships and growth are impressive, and we are firmly committed to investing in its people and distinct culture to build on this success. We will work with the team to strengthen the capabilities, while applying our advanced technology capabilities to accelerate CECONOMY’s ongoing transformation. Our goal is to further grow CECONOMY’s platform across Europe and create long-term value for customers, employees, investors and local communities. We have full confidence in the management team of CECONOMY and look forward to working together to initiate the next phase of growth.”

    CECONOMY CEO Dr. Kai-Ulrich Deissner said, “With JD.com’s outstanding retail, logistics, and technology capabilities, we can further accelerate our successful growth trajectory and go beyond our current strategic goals. Thanks to the tremendous dedication and commitment of our entire team, CECONOMY operates from a position of strength. Given the constantly evolving customer expectations and market dynamics, standing still is not an option. In the coming years, we don’t just want to keep pace with the transformation in European retail – we want to continue leading it. JD.com is the right partner for this. We share a passion for our customers and a firm belief that our employees, trusted partnerships with international brand manufacturers, and the combination of digital and brick-and-mortar business are the keys to success. We partner with JD.com to strengthen European retail, based on complementary strengths and shared values.”

    “We fully support the strategic investment agreement and takeover offer and are confident that it represents the best opportunity to further drive the successful transformation of CECONOMY,” said Jürgen Kellerhals of anchor shareholder Convergenta. “The management team of CECONOMY has a clear strategic vision, and JD.com brings the resources and expertise required to accelerate the company’s (CECONOMY’s) next phase of growth. The technological expertise of JD.com is world-leading, as demonstrated by its success in other markets. As the long-term anchor investor, we believe this is the right step at the right time for the business, our employees, and our customers.”

    The Takeover Offer will be subject to customary conditions, including, among others, merger control, foreign direct investment and foreign subsidies clearances. The Takeover Offer will not be subject to a minimum acceptance rate. The transaction will be financed through a combination of acquisition loan and the Company’s cash on balance sheet. The closing of the Takeover Offer is expected to take place in the first half of 2026.

    The Offer Document (in German and a non-binding English translation) which will set forth the detailed terms and conditions of the Takeover Offer, as well as further information relating thereto, will be published by the Bidder following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) on the internet at the website www.green-offer.com.

    This announcement and the information within it are not intended to, and do not, constitute or form part of any offer to purchase or a solicitation of an offer to sell the CECONOMY Shares. Investors and holders of CECONOMY Shares are strongly advised to read the Offer Document and all other documents relating to the Takeover Offer as soon as they have been made public, as they will contain important information.

    About JD.com, Inc.

    JD.com is a leading supply chain-based technology and service provider. The Company’s cutting-edge retail infrastructure seeks to enable consumers to buy whatever they want, whenever and wherever they want it. The Company has opened its technology and infrastructure to partners, brands and other sectors, as part of its Retail as a Service offering to help drive productivity and innovation across a range of industries.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. JD.com may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in announcements made on the website of the Hong Kong Stock Exchange, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JD.com’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JD.com’s growth strategies; its future business development, results of operations and financial condition; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of the Chinese e-commerce market; laws, regulations and governmental policies relating to the industries in which JD.com or its business partners operate; potential changes in laws, regulations and governmental policies or changes in the interpretation and implementation of laws, regulations and governmental policies that could adversely affect the industries in which JD.com or its business partners operate, including, among others, initiatives to enhance supervision of companies listed on an overseas exchange and tighten scrutiny over data privacy and data security; risks associated with JD.com’s acquisitions, investments and alliances, including fluctuation in the market value of JD.com’s investment portfolio; natural disasters and geopolitical events; change in tax rates and financial risks; intensity of competition; and general market and economic conditions in China and globally. Further information regarding these and other risks is included in JD.com’s filings with the SEC and the announcements on the website of the Hong Kong Stock Exchange. All information provided herein is as of the date of this announcement, and JD.com undertakes no obligation to update any forward-looking statement, except as required under applicable law. 

    For investor and media inquiries, please contact:

    Investor Relations
    Sean Zhang
    +86 (10) 8912-6804
    IR@JD.com

    Media Relations
    +86 (10) 8911-6155
    Press@JD.com

    The MIL Network –

  • MIL-OSI: SEACOR Marine Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2025.

    SEACOR Marine’s consolidated operating revenues for the second quarter of 2025 were $60.8 million, operating income was $6.1 million, and direct vessel profit (“DVP”)(1) was $11.3 million. This compares to consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024, and consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025.

    Notable second quarter items include:

    • 13.0% decrease in revenues from the second quarter of 2024 and a 9.6% increase from the first quarter of 2025.
    • Average day rates of $19,731, a 3.1% increase from the second quarter of 2024, and a 4.8% increase from the first quarter of 2025.
    • 68% utilization, a decrease from 69% in the second quarter of 2024 and an increase from 60% in the first quarter of 2025.
    • DVP margin of 18.6%, a decrease from 29.1% in the second quarter of 2024 and a decrease from 24.5% in the first quarter of 2025, due in part to $9.2 million of drydocking and major repairs during the second quarter of 2025 compared to $8.5 million in the second quarter of 2024 and $5.2 million in the first quarter of 2025, all of which are expensed as incurred.
    • During the second quarter of 2025, the Company completed the sale of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”) for total proceeds of $33.4 million and a gain of $19.1 million. Approximately $12.9 million of the proceeds were used to fund the repurchase of shares and warrants from Carlyle, and the remainder was held as restricted cash to partially fund future milestone payments for the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

    For the second quarter of 2025, net loss was $6.7 million ($0.26 loss per basic and diluted share). This compares to a net loss for the second quarter of 2024 of $12.5 million ($0.45 loss per basic and diluted share). Sequentially, the second quarter 2025 results compare to a net loss of $15.5 million ($0.56 loss per basic and diluted share) in the first quarter of 2025.

    Chief Executive Officer John Gellert commented:

    “The second quarter results reflect the changes to our fleet as we continued to implement our asset rotation and repositioning strategy.

    Our PSV fleet saw substantial improvement on average rates and utilization, achieving a 30.3% DVP margin, even with two of our premium PSVs being out of the market the entire quarter for repairs; one of which also received a hybrid power management upgrade. The two PSVs that we sold during the quarter were sold at compelling values and were some of our first-generation handy size vessels targeting the shallow water market, which is seeing increased vertical integration in some geographic markets. PSVs contributed greatly to our results in Latin America and West Africa, as well as in the Middle East where we operate two of our PSVs in a walk-to-work configuration outfitted with motion compensated gangways owned by SEACOR Marine.

    In the Middle East, the results were largely affected by repairs to one of our premium liftboats for almost the entire quarter. These repairs are ongoing as the scope and cost has exceeded our initial expectations, with the liftboat expected to return to service in September 2025. Despite these challenges, activity in the Middle East market continues to be healthy, and we recently mobilized an additional FSV to respond to market demand.

    In the U.S., we saw a noticeable improvement driven mostly by higher day rates and utilization for our liftboats, offset by higher drydocking expense and the layup of our three FSVs in the region. We anticipate redeploying these FSVs to international markets during the third and fourth quarter of 2025.

    As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants.

    We will continue to adapt and reposition SEACOR Marine into markets and assets with lower volatility and better returns over the coming quarters and ahead of our new PSV deliveries in 2026 and 2027. We have one of the youngest fleets in the sector and will continue to demonstrate the embedded value of our assets.”
    ___________________

    (1 ) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)    		  
        Three Months Ended June 30,     Six months ended June 30,  
        2025     2024     2025     2024  
    Operating Revenues   $ 60,810     $ 69,867     $ 116,309     $ 132,637  
    Costs and Expenses:                        
    Operating     49,493       49,520       91,421       97,619  
    Administrative and general     11,998       10,889       23,484       22,806  
    Lease expense     325       486       662       967  
    Depreciation and amortization     12,090       12,939       24,900       25,821  
          73,906       73,834       140,467       147,213  
    Gains on Asset Dispositions and Impairments, Net     19,163       37       24,972       36  
    Operating Income (Loss)     6,067       (3,930 )     814       (14,540 )
    Other Income (Expense):                        
    Interest income     372       445       808       1,038  
    Interest expense     (8,844 )     (10,190 )     (18,430 )     (20,499 )
    Derivative gains (losses), net     87       104       212       (439 )
    Foreign currency losses, net     (2,119 )     (560 )     (3,315 )     (640 )
    Other, net     —       —       —       (95 )
          (10,504 )     (10,201 )     (20,725 )     (20,635 )
    Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     (4,437 )     (14,131 )     (19,911 )     (35,175 )
    Income Tax Expense (Benefit)     2,508       (682 )     3,412       243  
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (6,945 )     (13,449 )     (23,323 )     (35,418 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies     218       966       1,107       (134 )
    Net Loss   $ (6,727 )   $ (12,483 )   $ (22,216 )   $ (35,552 )
                             
    Net Loss Per Share:                        
    Basic   $ (0.26 )   $ (0.45 )   $ (0.83 )   $ (1.29 )
    Diluted   $ (0.26 )   $ (0.45 )   $ (0.83 )   $ (1.29 )
    Weighted Average Common Stock and Warrants Outstanding:                        
    Basic     25,686,560       27,729,033       26,791,291       27,536,319  
    Diluted     25,686,560       27,729,033       26,791,291       27,536,319  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except statistics and per share data)    		  
              Three Months Ended  
        Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    Time Charter Statistics:                              
    Average Rates Per Day   $ 19,731     $ 18,825     $ 18,901     $ 18,879     $ 19,141  
    Fleet Utilization     68 %     60 %     72 %     67 %     69 %
    Fleet Available Days (2)     4,310       4,583       4,870       5,026       4,994  
    Operating Revenues:                              
    Time charter   $ 57,673     $ 51,933     $ 66,095     $ 63,313     $ 65,649  
    Bareboat charter     838       708       364       372       364  
    Other marine services     2,299       2,858       3,349       5,231       3,854  
          60,810       55,499       69,808       68,916       69,867  
    Costs and Expenses:                              
    Operating:                              
    Personnel     18,969       18,537       20,365       21,940       21,566  
    Repairs and maintenance     13,648       8,520       10,433       9,945       10,244  
    Drydocking     5,143       3,869       2,467       6,068       6,210  
    Insurance and loss reserves     2,982       2,153       2,473       2,584       3,099  
    Fuel, lubes and supplies     4,296       4,546       4,884       6,574       3,966  
    Other     4,455       4,303       6,104       5,796       4,435  
          49,493       41,928       46,726       52,907       49,520  
    Direct Vessel Profit (1)     11,317       13,571       23,082       16,009       20,347  
    Other Costs and Expenses:                              
    Lease expense     325       337       347       364       486  
    Administrative and general     11,998       11,486       10,888       11,019       10,889  
    Depreciation and amortization     12,090       12,810       12,879       12,928       12,939  
          24,413       24,633       24,114       24,311       24,314  
    Gains (Losses) on Asset Dispositions and Impairments, Net     19,163       5,809       11,624       1,821       37  
    Operating (Loss) Income     6,067       (5,253 )     10,592       (6,481 )     (3,930 )
    Other Income (Expense):                              
    Interest income     372       436       372       358       445  
    Interest expense     (8,844 )     (9,586 )     (10,001 )     (10,127 )     (10,190 )
    Derivative gains (losses), net     87       125       (536 )     67       104  
    Loss on debt extinguishment     —       —       (31,923 )     —       —  
    Foreign currency (losses) gains, net     (2,119 )     (1,196 )     1,308       (1,717 )     (560 )
    Other, net     —       —       187       29       —  
          (10,504 )     (10,221 )     (40,593 )     (11,390 )     (10,201 )
    Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies     (4,437 )     (15,474 )     (30,001 )     (17,871 )     (14,131 )
    Income Tax Expense (Benefit)     2,508       904       (2,345 )     (513 )     (682 )
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (6,945 )     (16,378 )     (27,656 )     (17,358 )     (13,449 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies     218       889       1,430       1,012       966  
    Net Loss   $ (6,727 )   $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )
                                   
    Net Loss Per Share:                              
    Basic   $ (0.26 )   $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )
    Diluted   $ (0.26 )   $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )
    Weighted Average Common Stock and Warrants Outstanding:                              
    Basic     25,687       27,908       27,773       27,773       27,729  
    Diluted     25,687       27,908       27,773       27,773       27,729  
    Common Shares and Warrants Outstanding at Period End     26,976       29,488       28,950       28,950       28,941  

    __________________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    United States, primarily Gulf of America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 25,262     $ 23,874     $ 26,116     $ 17,188     $ 22,356  
    Fleet utilization     48 %     25 %     45 %     42 %     37 %
    Fleet available days     1,007       1,121       920       920       921  
    Out-of-service days for repairs, maintenance and drydockings     144       153       75       116       179  
    Out-of-service days for cold-stacked status (2)     270       173       184       175       127  
    Operating Revenues:                              
    Time charter   $ 12,205     $ 6,765     $ 10,744     $ 6,593     $ 7,697  
    Other marine services     1,175       235       1,114       1,188       480  
          13,380       7,000       11,858       7,781       8,177  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     6,854       6,486       6,097       6,297       6,284  
    Repairs and maintenance     1,950       1,479       1,680       1,655       1,879  
    Drydocking     3,684       1,066       1,451       2,615       2,570  
    Insurance and loss reserves     1,067       702       854       799       943  
    Fuel, lubes and supplies     1,010       819       854       964       866  
    Other     631       349       229       225       226  
          15,196       10,901       11,165       12,555       12,768  
    Direct Vessel (Loss) Profit (1)   $ (1,816 )   $ (3,901 )   $ 693     $ (4,774 )   $ (4,591 )
    Other Costs and Expenses:                              
    Lease expense   $ 139     $ 136     $ 136     $ 140     $ 141  
    Depreciation and amortization     3,203       3,705       3,196       3,194       3,194  
                                   
    Africa and Europe                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 19,140     $ 17,294     $ 16,895     $ 18,875     $ 18,580  
    Fleet utilization     77 %     70 %     73 %     77 %     74 %
    Fleet available days     1,668       1,710       1,856       1,990       1,969  
    Out-of-service days for repairs, maintenance and drydockings     248       382       180       203       203  
    Out-of-service days for cold-stacked status     —       —       —       58       91  
    Operating Revenues:                              
    Time charter   $ 24,535     $ 20,835     $ 22,999     $ 28,809     $ 27,047  
    Other marine services     806       852       1,027       3,048       1,028  
          25,341       21,687       24,026       31,857       28,075  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     5,515       5,183       5,654       6,083       4,969  
    Repairs and maintenance     4,646       3,462       3,712       3,455       3,161  
    Drydocking     901       1,241       835       681       1,226  
    Insurance and loss reserves     899       594       577       599       819  
    Fuel, lubes and supplies     1,714       2,180       2,226       2,514       1,170  
    Other     2,357       2,727       3,748       3,975       2,801  
          16,032       15,387       16,752       17,307       14,146  
    Direct Vessel Profit (1)   $ 9,309     $ 6,300     $ 7,274     $ 14,550     $ 13,929  
    Other Costs and Expenses:                              
    Lease expense   $ 51     $ 63     $ 82     $ 75     $ 172  
    Depreciation and amortization     4,263       4,402       4,477       4,540       4,565  

    __________________
    (1) See full description of footnote above.
    (2) Includes three FSVs cold-stacked in this region as of June 30, 2025.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    Middle East and Asia                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 15,506     $ 17,848     $ 17,337     $ 17,825     $ 17,083  
    Fleet utilization     73 %     75 %     88 %     71 %     82 %
    Fleet available days     1,089       1,170       1,266       1,288       1,296  
    Out-of-service days for repairs, maintenance and drydockings     204       82       30       229       168  
    Operating Revenues:                              
    Time charter   $ 12,365     $ 15,710     $ 19,385     $ 16,411     $ 18,073  
    Other marine services     432       292       635       375       619  
          12,797       16,002       20,020       16,786       18,692  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     4,511       4,927       5,470       5,769       6,930  
    Repairs and maintenance     6,338       2,505       3,574       3,318       3,443  
    Drydocking     13       1,031       (226 )     832       707  
    Insurance and loss reserves     842       702       804       927       798  
    Fuel, lubes and supplies     1,279       883       840       1,043       1,103  
    Other     1,104       881       1,305       1,131       989  
          14,087       10,929       11,767       13,020       13,970  
    Direct Vessel Profit (1)   $ (1,290 )   $ 5,073     $ 8,253     $ 3,766     $ 4,722  
    Other Costs and Expenses:                              
    Lease expense   $ 72     $ 83     $ 72     $ 73     $ 71  
    Depreciation and amortization     3,227       3,230       3,272       3,261       3,247  
                                   
    Latin America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 23,764     $ 22,084     $ 21,390     $ 21,984     $ 22,437  
    Fleet utilization     66 %     67 %     73 %     63 %     71 %
    Fleet available days (2)     546       582       828       828       808  
    Out-of-service days for repairs, maintenance and drydockings     26       —       20       94       41  
    Operating Revenues:                              
    Time charter   $ 8,568     $ 8,623     $ 12,967     $ 11,500     $ 12,832  
    Bareboat charter     838       708       364       372       364  
    Other marine services     (114 )     1,479       573       620       1,727  
          9,292       10,810       13,904       12,492       14,923  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     2,089       1,941       3,144       3,791       3,383  
    Repairs and maintenance     714       1,074       1,467       1,517       1,761  
    Drydocking     545       531       407       1,940       1,707  
    Insurance and loss reserves     174       155       238       259       539  
    Fuel, lubes and supplies     293       664       964       2,053       827  
    Other     363       346       822       465       419  
          4,178       4,711       7,042       10,025       8,636  
    Direct Vessel Profit (1)   $ 5,114     $ 6,099     $ 6,862     $ 2,467     $ 6,287  
    Other Costs and Expenses:                              
    Lease expense   $ 63     $ 55     $ 57     $ 76     $ 102  
    Depreciation and amortization     1,397       1,473       1,934       1,933       1,933  

    __________________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    AHTS                              
    Time Charter Statistics:                              
    Average rates per day worked   $ —     $ —     $ 10,410     $ 10,316     $ 8,125  
    Fleet utilization     — %     — %     79 %     46 %     49 %
    Fleet available days     —       —       178       334       364  
    Out-of-service days for repairs, maintenance and drydockings     —       —       28       87       29  
    Out-of-service days for cold-stacked status     —       —       —       58       91  
    Operating Revenues:                              
    Time charter   $ (22 )   $ 15     $ 1,465     $ 1,576     $ 1,459  
    Other marine services     (9 )     9       —       13       219  
          (31 )     24       1,465       1,589       1,678  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 9     $ 1     $ 595     $ 981     $ 1,045  
    Repairs and maintenance     255       38       128       239       465  
    Drydocking     —       —       5       436       280  
    Insurance and loss reserves     (4 )     —       49       66       97  
    Fuel, lubes and supplies     (125 )     66       25       90       69  
    Other     (4 )     12       210       263       230  
          131       117       1,012       2,075       2,186  
    Other Costs and Expenses:                              
    Lease expense   $ —     $ —     $ 7     $ 4     $ 164  
    Depreciation and amortization     3       4       122       175       175  
                                   
    FSV                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 13,468     $ 13,786     $ 13,643     $ 13,102     $ 12,978  
    Fleet utilization     67 %     71 %     72 %     81 %     80 %
    Fleet available days     1,935       1,980       2,024       2,024       2,002  
    Out-of-service days for repairs, maintenance and drydockings     181       135       118       96       128  
    Out-of-service days for cold-stacked status     270       90       92       83       36  
    Operating Revenues:                              
    Time charter   $ 17,573     $ 19,357     $ 19,992     $ 21,606     $ 20,698  
    Other marine services     516       762       416       1,012       516  
          18,089       20,119       20,408       22,618       21,214  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 4,526     $ 4,933     $ 5,078     $ 5,637     $ 5,829  
    Repairs and maintenance     3,542       2,983       4,480       4,378       4,572  
    Drydocking     666       353       426       448       457  
    Insurance and loss reserves     683       517       422       532       546  
    Fuel, lubes and supplies     1,449       1,173       1,586       1,962       993  
    Other     1,428       1,782       2,456       2,238       1,850  
          12,294       11,741       14,448       15,195       14,247  
    Other Costs and Expenses:                              
    Depreciation and amortization   $ 4,703     $ 4,932     $ 4,746     $ 4,744     $ 4,746  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    PSV                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 22,231     $ 19,424     $ 17,912     $ 21,819     $ 20,952  
    Fleet utilization     68 %     55 %     72 %     58 %     66 %
    Fleet available days (1)     1,738       1,890       1,932       1,932       1,900  
    Out-of-service days for repairs, maintenance and drydockings     247       396       117       349       291  
    Operating Revenues:                              
    Time charter   $ 26,440     $ 20,286     $ 24,865     $ 24,488     $ 26,390  
    Bareboat charter     838       708       364       372       364  
    Other marine services     433       508       1,561       2,855       2,266  
          27,711       21,502       26,790       27,715       29,020  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 8,567     $ 8,351     $ 8,999     $ 9,360     $ 8,979  
    Repairs and maintenance     3,799       3,949       4,101       3,798       3,151  
    Drydocking     1,993       2,513       1,046       2,629       2,616  
    Insurance and loss reserves     906       631       618       636       1,037  
    Fuel, lubes and supplies     1,858       2,594       2,379       3,594       1,575  
    Other     2,199       2,018       2,566       2,821       1,850  
          19,322       20,056       19,709       22,838       19,208  
    Other Costs and Expenses:                              
    Lease expense   $ —     $ —     $ —     $ (3 )   $ 3  
    Depreciation and amortization     3,943       4,133       4,122       4,117       4,128  

    __________________
    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)    		  
              Three Months Ended  
        Jun. 30,
    2025    		     Mar. 31,
    2025    		     Dec. 31,
    2024    		     Sep. 30,
    2024    		     Jun. 30,
    2024    		  
    Liftboats                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 31,904     $ 39,559     $ 39,326     $ 36,423     $ 43,204  
    Fleet utilization     67 %     44 %     68 %     58 %     54 %
    Fleet available days     637       713       736       736       728  
    Out-of-service days for repairs, maintenance and drydockings     194       87       41       109       143  
    Out-of-service days for cold-stacked status     —       83       92       92       91  
    Operating Revenues:                              
    Time charter   $ 13,682     $ 12,275     $ 19,773     $ 15,643     $ 17,102  
    Other marine services     1,168       1,289       1,177       1,142       666  
          14,850       13,564       20,950       16,785       17,768  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 5,673     $ 5,247     $ 5,678     $ 5,926     $ 6,842  
    Repairs and maintenance     6,022       1,571       1,722       1,531       2,054  
    Drydocking     2,484       1,003       990       2,555       2,857  
    Insurance and loss reserves     1,376       1,241       1,384       1,334       1,482  
    Fuel, lubes and supplies     1,114       712       894       928       1,329  
    Other     803       482       860       473       519  
          17,472       10,256       11,528       12,747       15,083  
    Other Costs and Expenses:                              
    Depreciation and amortization     3,424       3,719       3,866       3,866       3,865  
                                   
    Other Activity                              
    Operating Revenues:                              
    Other marine services   $ 191     $ 290     $ 195     $ 209     $ 187  
          191       290       195       209       187  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel   $ 194     $ 5     $ 15     $ 36     $ (1,129 )
    Repairs and maintenance     30       (21 )     2       (1 )     2  
    Insurance and loss reserves     21       (236 )     —       16       (63 )
    Fuel, lubes and supplies     —       1       —       —       —  
    Other     29       9       12       1       (14 )
          274       (242 )     29       52       (1,204 )
    Other Costs and Expenses:                              
    Lease expense   $ 325     $ 337     $ 340     $ 363     $ 319  
    Depreciation and amortization     17       22       23       26       25  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)

    		    
        Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024    
    ASSETS                                
    Current Assets:                                
    Cash and cash equivalents   $ 34,381     $ 42,988     $ 59,491     $ 35,601     $ 40,605    
    Restricted cash     17,174       2,440       16,649       2,263       2,255    
    Receivables:                                
    Trade, net of allowance for credit loss     63,287       63,946       69,888       76,497       70,770    
    Other     10,439       8,811       7,913       7,841       6,210    
    Tax receivable     507       1,602       1,601       983       983    
    Inventories     2,539       2,827       2,760       3,139       3,117    
    Prepaid expenses and other     4,716       6,075       4,406       4,840       5,659    
    Assets held for sale     —       12,195       10,943       —       500    
    Total current assets     133,043       140,884       173,651       131,164       130,099    
    Property and Equipment:                                
    Historical cost     887,408       881,961       900,414       921,445       921,443    
    Accumulated depreciation     (377,265 )     (365,422 )     (367,448 )     (362,604 )     (349,799 )  
          510,143       516,539       532,966       558,841       571,644    
    Construction in progress     31,772       27,248       11,904       11,935       11,518    
    Net property and equipment     541,915       543,787       544,870       570,776       583,162    
    Right-of-use asset – operating leases     1,179       3,293       3,436       3,575       3,683    
    Right-of-use asset – finance leases     25       28       36       19       28    
    Investments, at equity, and advances to 50% or less owned companies     2,310       4,507       3,541       2,046       2,641    
    Other assets     1,558       1,665       1,577       1,864       1,953    
    Total assets   $ 680,030     $ 694,164     $ 727,111     $ 709,444     $ 721,566    
    LIABILITIES AND EQUITY                                
    Current Liabilities:                                
    Current portion of operating lease liabilities   $ 543     $ 540     $ 606     $ 494     $ 861    
    Current portion of finance lease liabilities     11       11       17       17       26    
    Current portion of long-term debt     30,000       30,000       27,500       28,605       28,605    
    Accounts payable     26,737       28,445       29,236       22,744       17,790    
    Other current liabilities     24,182       16,414       27,683       28,808       23,795    
    Total current liabilities     81,473       75,410       85,042       80,668       71,077    
    Long-term operating lease liabilities     812       2,926       2,982       3,221       3,276    
    Long-term finance lease liabilities     14       17       20       4       5    
    Long-term debt     310,980       310,108       317,339       272,325       277,740    
    Deferred income taxes     18,330       20,312       22,037       26,802       30,083    
    Deferred gains and other liabilities     625       1,356       1,369       1,416       1,447    
    Total liabilities     412,234       410,129       428,789       384,436       383,628    
    Equity:                                
    SEACOR Marine Holdings Inc. stockholders’ equity:                                
    Common stock     281       293       287       287       286    
    Additional paid-in capital     468,669       480,904       479,283       477,661       476,020    
    Accumulated deficit     (202,816 )     (196,089 )     (180,600 )     (154,374 )     (138,028 )  
    Shares held in treasury     (9,639 )     (9,628 )     (8,110 )     (8,110 )     (8,110 )  
    Accumulated other comprehensive income, net of tax     10,980       8,234       7,141       9,223       7,449    
          267,475       283,714       298,001       324,687       337,617    
    Noncontrolling interests in subsidiaries     321       321       321       321       321    
    Total equity     267,796       284,035       298,322       325,008       337,938    
    Total liabilities and equity   $ 680,030     $ 694,164     $ 727,111     $ 709,444     $ 721,566    
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)    		  
                    Three Months Ended  
        Jun. 30, 2025     Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024  
    Cash Flows from Operating Activities:                              
    Net Loss   $ (6,727 )   $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:                              
    Depreciation and amortization     12,090       12,810       12,879       12,928       12,939  
    Deferred financing costs amortization     43       43       254       298       297  
    Stock-based compensation expense     1,510       1,627       1,622       1,604       1,587  
    Debt discount amortization     232       226       1,799       2,061       1,993  
    Allowance for credit losses     (213 )     (407 )     59       101       39  
    (Gains) losses from equipment sales, retirements or impairments     (19,163 )     (5,809 )     (11,624 )     (1,821 )     (37 )
    Losses on debt extinguishment     —       —       28,252       —       —  
    Derivative (gains) losses     (87 )     (125 )     536       (67 )     (104 )
    Interest on finance lease     1       1       2       —       1  
    Settlements on derivative transactions, net     —       (373 )     —       —       —  
    Currency losses (gains)     2,119       1,196       (1,308 )     1,717       560  
    Deferred income taxes     (1,982 )     (1,725 )     (4,766 )     (3,281 )     (3,790 )
    Equity (earnings) losses     (218 )     (889 )     (1,430 )     (1,012 )     (966 )
    Dividends received from equity investees     3,199       —       —       1,498       1,418  
    Changes in Operating Assets and Liabilities:                              
    Accounts receivables     284       5,333       5,448       (7,411 )     (6,928 )
    Other assets     1,901       (1,681 )     1,338       1,032       (2,395 )
    Accounts payable and accrued liabilities     4,934       (6,204 )     1,693       9,325       (4,378 )
    Net cash (used in) provided by operating activities     (2,077 )     (11,466 )     8,528       626       (12,247 )
    Cash Flows from Investing Activities:                              
    Purchases of property and equipment     (10,213 )     (20,795 )     (3,010 )     (210 )     (658 )
    Proceeds from disposition of property and equipment     31,592       8,472       22,441       2,331       86  
    Net cash (used in) provided by investing activities     21,379       (12,323 )     19,431       2,121       (572 )
    Cash Flows from Financing Activities:                              
    Payments on long-term debt     (7,500 )     (5,000 )     (2,479 )     (7,770 )     (6,533 )
    Payments on debt extinguishment     —       —       (328,712 )     —       —  
    Payments on debt extinguishment cost     —       —       (3,671 )     —       —  
    Proceeds from issuance of long-term debt, net of debt discount and issuance costs     8,097       (396 )     345,192       —       —  
    Payments on finance leases     (4 )     (9 )     (13 )     (10 )     (9 )
    Payments for repurchase of common stock     (7,089 )     —       —       —       —  
    Payments for repurchase of warrants     (6,668 )     —       —       —       —  
    Proceeds from exercise of stock options and warrants     —       —       —       38       102  
    Tax withholdings on restricted stock vesting     (11 )     (1,518 )     —       —       (39 )
    Net cash (used in) provided by financing activities     (13,175 )     (6,923 )     10,317       (7,742 )     (6,479 )
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents     —       —       —       (1 )     (1 )
    Net Change in Cash, Restricted Cash and Cash Equivalents     6,127       (30,712 )     38,276       (4,996 )     (19,299 )
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period     45,428       76,140       37,864       42,860       62,159  
    Cash, Restricted Cash and Cash Equivalents, End of Period   $ 51,555     $ 45,428     $ 76,140     $ 37,864     $ 42,860  
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS

    		  
        Owned     Managed     Total  
    June 30, 2025                  
    AHTS     —       1       1  
    FSV     21       1       22  
    PSV     19       —       19  
    Liftboats     7       —       7  
          47       2       49  
    December 31, 2024                  
    AHTS     —       2       2  
    FSV     22       1       23  
    PSV     21       —       21  
    Liftboats     8       —       8  
          51       3       54  

    The MIL Network –

  • MIL-Evening Report: The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic

    Source: The Conversation (Au and NZ) – By Gregory Ferris, Senior Lecturer, Media Arts & Production, University of Technology Sydney

    LMPC via Getty Images

    A cinematic firecracker of a film exploded onto international screens 50 years ago this week, blending martial arts mayhem, Bond-esque set pieces, casual racism – and a distinctly Australian swagger.

    From its audacious visual style; to its complex, life-threatening stunts; to its pioneering status as an international co-production, Brian Trenchard-Smith’s The Man from Hong Kong has solidified its place as a cult classic.

    The plot is deceptively simple. A Sydney-based crime lord’s activities come under the scrutiny of a determined Hong Kong detective, Inspector Fang Sing Leng. A fiery East-meets-West martial arts showdown explodes across the Australian landscape, pushing both sides to their limits.

    Jimmy Wang Yu (known at the time as Asia’s Steve McQueen) plays Inspector Fang Sing Leng. Fang delivers justice with his fists and uses his wits navigating greater Sydney, with help from the local constabulary and its adoring female population.

    The movie is a playful pastiche that confidently combines martial arts action, police procedurals, spy thrillers, and Westerns, all filtered through a distinctly Australian “crash-zoom” lens.

    An Australia–Hong Kong co-production

    The Man from Hong Kong was the first official Australia–Hong Kong co-production, uniting Hong Kong’s Golden Harvest studio with Australian producer John Fraser.

    This model would pave the way for numerous future collaborations – the film demonstrating that Australia was open for international (film) business, albeit with some constraints, such as shooting locales.

    In The Man from Hong Kong’s case, the financial arrangement was 50/50. As a result, half of the film had to be shot in Hong Kong, despite 85% of the storyline being set in Australia. Many of the interiors were filmed in Hong Kong studios to meet this production requirement.

    An example of this is the interrogation scene, which alternates between its Sydney exteriors and a fight scene taking place in the interior film set shot thousands of miles away at the Golden Harvest studios.

    In a genius bit of montage, the scene jumps from a shot of a kick in the crotch to a close-up of pool balls breaking on a table.

    A film of cunning stunts

    The Man from Hong Kong served as a reunion of sorts for many of the cast and crew, either starring in Stone (1974) or featuring in Trenchard-Smith’s documentary about martial arts films, Kung Fu Killers (1974).

    The film was an influence to Quentin Tarantino and paved the way for films such as Mad Max (1979), particularly in what Trenchard-Smith and his partner in film, stunt legend Grant Page, might call its “cunning stunts”.

    The elaborate car chases and explosive stunt setups in The Man from Hong Kong served as prototypes for iconic sequences that would inspire the Mad Max films, among others, a testament to a bygone era of practical effects and thrill seeking audacity.

    Car crashes and other explosive stunts were executed without permits or road closures. This sense of chaos is heightened by the stunts being performed by the actors themselves, adding a sense of immediacy and peril.

    An example of this is set on the cliffs at Stanwell Park. Wang Yu drives at speed towards the waiting Caroline, executing a precision gravel slide that misses Caroline’s car by under a metre, the shot continuing as he exits the car to greet her.

    Part character, and part tourism advert

    Trenchard-Smith’s script wasn’t shy in its depiction of culture clash, especially when it came to the racist attitudes of the Australian characters.

    But as Trenchard-Smith recalls:

    Our lead character, a Chinese Dirty Harry/James Bond upends these racial stereotypes by being smarter, sexier, and tougher than his opponents.

    Cinematographer Russell Boyd brings a sharp, dynamic (did I mention the crash-zooms?) visual style to the film that deftly matches the on-screen action.

    The film’s Australian setting is part character and part tourism advert – from the “Ayers Rock” (Uluru) cold opener, to the cafe scene on the Opera House forecourt.

    Pure cinema

    Stunt legend Grant Page appears in multiple villainous roles throughout the film, with the martial arts choreography handled by the legendary director Sammo Hung, who also played the role of Win Chan.

    The cast was a fascinating mix of talent and personality. Wang Yu, a martial arts icon, was also an established film director, leading to creative clashes on set with Trenchard-Smith.

    Playing the film’s villain is George Lazenby, whose casting added another layer of meta-textual intrigue, positioning him as an antagonist to a character who was explicitly a Bond villain archetype.

    The Man from Hong Kong remains an exhilarating piece of pure cinema, despite its relatively small budget. It’s an exemplar (and occasional cautionary tale) for filmmakers in terms of international co-production, its cunning stunts, and genre blending.

    The film is a testament to a moment when Australian cinema was confidently looking outwards, ready to take on the world, one explosive car crash at a time.

    Gregory Ferris does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The Man from Hong Kong at 50: how the first ever Australian–Hong Kong co-production became a cult classic – https://theconversation.com/the-man-from-hong-kong-at-50-how-the-first-ever-australian-hong-kong-co-production-became-a-cult-classic-260306

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: How migrant business owners turn their identity into an asset, despite some bumps along the way

    Source: The Conversation (Au and NZ) – By Shea X. Fan, Associate Professor, Human Resource Management, Deakin University

    Odua Images/Shutterstock

    Too often, it’s anti-immigration sentiment dominating headlines in Australia. But a quieter story is going untold. Migrants are not just fitting into Australian society, they’re actively reshaping it through entrepreneurship.

    Starting a business is difficult for anyone. But migrant entrepreneurs often do so without the networks, credit history, or local knowledge many Australian-born business owners take for granted.

    Our new research drew on interviews with 38 migrant business owners from 25 different countries, who had all lived in Australia for at least five years.

    We found many are able to turn everyday exclusion into entrepreneurial fuel.
    Many have been able to survive – even thrive – by turning their identity into an asset.

    Yet there is still more we can do to take migrant entrepreneurship seriously and make it a core part of our economic and social planning.

    Key challenges

    Our research reveals migrant business owners face many forms of marginalisation. Some of these are well-understood among the public, others less so.

    One of the biggest is social. Arriving in a new country without established relationships in the community or financial sector, many struggle to gain customer trust or secure loans. It can also mean having less of a safety net.

    As one interviewee put it:

    I don’t have networks built up over the generations to sustain me and give me time to jump back out [of financial difficulties] […] For migrant entrepreneurs, we often do not have such a structure to absorb risks.

    Cultural stereotypes also hinder migrant entrepreneurs, and negative media portrayals can reinforce these biases. Even with local qualifications, they are often perceived as less professional or competent due to race, religion, accent or appearance.

    Many interviewees spoke of constantly having to prove their legitimacy – being overlooked, second-guessed or treated as representatives of their ethnic group rather than as individual business people.

    Establishing social networks in a new country can be difficult.
    Peterfz30/Shutterstock

    Structural barriers

    While the lack of networks and cultural acceptance undermines confidence and connection, structural barriers directly constrain access to the resources needed to survive and expand.

    Without a local credit history or collateral, many are ineligible for loans, yet need those very funds to build their credit standing. Even long-settled migrants found Australia’s legal, bureaucratic and financial systems difficult to navigate.

    Language barriers and unfamiliar regulations can add layers of complexity to this problem. While government support programs exist, they are often inaccessible, or the availability of those programs are poorly communicated to culturally diverse communities.

    These social and systemic disadvantages can push migrant business owners into informal markets or ethnic enclaves, where opportunities are fewer and risks higher.

    Turning identity into an asset

    Despite these barriers, migrant entrepreneurs often find ways to survive. One key strategy is to turn marginalised identities into business strengths.

    Our research found some migrants begin by serving customers from their own ethnic communities, leveraging shared language, culture and trust. Once established, they expand to other migrant groups or the broader public.

    In sectors such as food, fashion and wellness, cultural authenticity can be a competitive advantage.

    One hairdresser from Korea, for example, drew clients by offering Korean styling techniques popularised by the global rise of the Korean popular music style K-pop. She said this gave her work appeal among other migrant groups:

    Korean hairdressers are actually attractive to other Asian countries because Korean hairstyles are considered fashionable and detailed. It’s getting popular here too. This is like free marketing for me.

    One interviewee said her connection to Korea had turned into a business asset.
    kikujungboy CC/Shutterstock

    And rather than simply competing on price, many migrant businesses offer something different: handmade, ethical, sustainable or culturally-rooted products. An Indian small business owner started her business by selling curry pastes made from her own family recipes, telling us:

    I use my family’s traditional Indian recipes to create small spice packs, making it easy for Australians, mostly non-Indian customers, to cook authentic dishes at home.

    Such ventures create not only economic value, but also spaces of cultural exchange and community belonging.

    There’s more we can do

    The most recent figures show migrant entrepreneurs make up one in three small business owners in Australia. Research conducted in 2017 found the vast majority of migrant entrepreneurs had not owned a business before migration.

    With fewer systemic barriers and better support, their potential to contribute would be even greater. There are a range of actions policymakers, local councils, support organisations and local businesses could take.

    First, access could be expanded to small business grants by removing overly complex eligibility and documentation barriers.

    We should also support migrants to navigate collectively “gatekeeping” practices that lock them out of lending, investment and business certification.

    That could include developing alternative credit assessment tools for migrants without a local credit history. There are already some microloan schemes tailored to new migrants or visa holders, including Thrive Refugee Enterprise.

    At the same time, we need to ensure such schemes are being effectively communicated to the communities they’re intended to serve.

    And we need media narratives and public campaigns that highlight successful migrant businesses. Crucially, both policy and practice must be informed by the voices and experiences of migrant entrepreneurs themselves, not just as case studies, but as co-designers of better systems.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. How migrant business owners turn their identity into an asset, despite some bumps along the way – https://theconversation.com/how-migrant-business-owners-turn-their-identity-into-an-asset-despite-some-bumps-along-the-way-261948

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Banking: Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

    Source: Independent Petroleum Association of America

    Headline: Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

    Jul 30, 2025 Oil and Natural Gas Trades Support Bipartisan SPEED Act for Permitting Reform

    WASHINGTON — A group of eight oil and natural gas trade associations today highlighted their strong support for the bipartisan “Standardized Permitting and Expediting Development Act” (SPEED Act). In a letter, the group wrote that the bill introduced by House Natural Resources Committee Chairman Bruce Westerman (R-Ark.) and Rep. Jared Golden (D-Maine) “makes many significant changes that would positively impact our members’ ability to produce energy in America.”

    The coalition is comprised of the Independent Petroleum Association of America, Energy Workforce & Technology Council, Gulf Energy Alliance, International Association of Drilling Contractors, National Ocean Industries Association, Texas Alliance of Energy Producers, U.S. Oil & Gas Association, and Western Energy Alliance. Combined, these groups represent over 80 percent of domestic oil and natural gas production in the United States.

    The group’s letter details how the scope of the National Environmental Policy Act (NEPA) requirements and applications have grown since its enactment 50 years ago and the courts, Presidential directives, and agencies’ implementation of NEPA regulations have made NEPA unworkable and far more complicated than its original intent. The federal government’s “paper chase” hinders efforts to find innovative solutions to protect the environment, unlock investment and create jobs. The SPEED Act addresses many of the most pressing issues surrounding NEPA delays and will provide durable solutions to help expedite much needed infrastructure projects across the country.

    Earlier in July the coalition called on lawmakers in the U.S. House of Representatives to “take swift action on permitting reform.” In a letter to Chairman Westerman ahead of an oversight hearing held by the Natural Resources Committee.

    The following are statements from members of the coalition on support for the SPEED Act:

    • Dan Naatz, COO and EVP of the Independent Petroleum Association of America: “American energy producers appreciate Chairman Westerman and Congressman Golden’s efforts to address delays the NEPA process has brought to building out much-needed energy infrastructure. The Independent Petroleum Association of America supports the SPEED Act – the legislation’s reforms to our nation’s permitting system provide a balanced effort of environmental stewardship and the timely decision making needed for economic investment.”
    • Tim Tarpley, president of Energy Workforce & Technology Council: “The SPEED Act is a win for American energy and infrastructure. By cutting red tape, reducing frivolous lawsuits, and restoring common sense to NEPA, this bill ensures projects get built on time and on budget. Steps taken by the SPEED Act are especially critical for the energy services sector, where permitting delays stall job creation, investment, and innovation. Energy Workforce & Technology Council supports this legislation because it delivers the certainty needed to power our economy and keep America competitive.”
    • Erik Milito, president of the National Ocean Industries Association: “We commend Representatives Westerman and Golden for their bipartisan leadership on the SPEED Act, a timely and serious step toward modernizing America’s permitting system. Offshore energy companies are ready to invest and innovate across oil and gas, wind, carbon capture, deep sea mining, and emerging technologies. But outdated, unpredictable permitting continues to delay progress and deter investment, especially in one of the most complex regulatory environments in the world. The SPEED Act lays a strong foundation for reform, recognizing that energy development and environmental stewardship go hand in hand. We look forward to working with Congress to strengthen the bill and deliver the reliable, durable permitting system our energy future requires.”
    • Karr Ingham, Economist, president, Texas Alliance of Energy Producers: “The Alliance applauds Chairman Westerman’s leadership in this bipartisan effort to reduce barriers to energy production.  The need is especially acute in Texas, where access to markets for Texas and U.S.-produced crude oil and natural gas is critical and has long been hampered by abuses in the permitting process.  Additional pipeline and export capacity, including new LNG export facilities, is required to support the extraordinary growth in production accomplished by the U.S. domestic oil and gas industry.  Furthermore, moving products to domestic and global markets more quickly meets growing energy needs at home and abroad, meets those needs in much cleaner fashion compared to non-U.S. production, and reduces the need to flare natural gas. Enactment of the SPEED Act will go a very long way toward enhancing development of cost effective projects that will expand delivery of high quality energy in Texas, the US, and around the world.”
    • Tim Stewart, president of the U.S. Oil & Gas Association: “It’s not a lack of interest or capital, knowhow or need holding American industry back, it is an artificial legal and regulatory morass which has been built up over decades.  Federal agencies now prioritize process over outcome. The SPEED Act cuts through all that.   If America wants to start building things again, we need to do this.”
    • Melissa Simpson, president of Western Energy Alliance: “The Alliance has been in court for a decade now defending oil and natural gas producers targeted by activist groups who use perceived NEPA deficiencies to halt federal leasing. It shouldn’t take that long to work through what the U.S. Supreme Court unanimously agreed is a procedural requirement, not a roadblock, to inform federal agencies and the public. We appreciate Chairman Westerman for prioritizing reasonable limits to judicial reviews on NEPA and courtroom obstructionism in the SPEED Act.”

    The full letter to Chairman Westerman supporting the SPEED Act is available here.

    # # #

    MIL OSI Global Banks –

  • MIL-OSI United Nations: Sudan gripped by deadly crisis as hunger, disease and heat intensify

    Source: United Nations 2

    In El Fasher, the capital of North Darfur that has been under siege for 15 months, the catastrophic humanitarian situation is worsening. Food shortages and soaring prices have forced community-run kitchens to shut down. Widespread hunger and malnutrition have reportedly caused several deaths and driven some residents to eat animal feed.

    In the Tawila locality of North Darfur, humanitarian organizations have had to strengthen their responses to rising cholera cases. They have expanded the capacities of treatment centres, but needs remain dire. With medical supplies running low, clean water supplies and the construction of latrines are urgent necessities.

    In East Darfur state, the Lagawa displacement site, hosting over 7,000 people, is facing severe food shortages and repeated armed attacks. Doctors are warning that the ongoing conflict continues to block the delivery of aid, so vulnerable families are left without access to food or healthcare.

    Extreme heat and torrential rains

    Meanwhile, floods and storms are displacing families and destroying homes across the country.  

    In the Rahad locality of North Kordofan state, heavy rains on Monday displaced around 550 people and damaged or destroyed more than 170 homes.

    Torrential rains in the eastern state of Kasssala have devastated the Gharb Almatar displacement site, affecting more than 6,000 people. Many tents were flooded, exposing children to cold, hunger and unsanitary conditions. Displaced families urgently need cash assistance, shelter and protection.

    In the coastal city of Port Sudan, extreme heat continues to endanger lives, with three reported deaths and 50 cases of sunstroke this week amid soaring temperatures and widespread power outages.  

    As temperatures reach 47 degrees Celsius (116.6 degrees Fahrenheit), overwhelmed hospitals are prompting health workers to call for urgent support, including cooling equipment, medical supplies and personnel.

    Call for increased funding

    With these crises compounding, international support is desperately needed. The 2025 response plan, which seeks $4.2 billion to assist 21 million of the most vulnerable people across Sudan, is only 23 per cent funded to date.

    OCHA once again calls on international donors to scale up funding for the response. 

    MIL OSI United Nations News –

  • MIL-OSI USA: Beta-HPV can directly cause skin cancer in immunocompromised people

    Source: US Department of Health and Human Services – 2

    Wednesday, July 30, 2025

    NIH case study finds virus drives creation of cancer cells in context of defective T cells.
    Researchers at the National Institutes of Health (NIH) have shown for the first time that a type of human papillomavirus (HPV) commonly found on the skin can directly cause a form of skin cancer called cutaneous squamous cell carcinoma (cSCC) when certain immune cells malfunction. cSCC is one of the most common cancers in the United States and worldwide. Previously, scientists believed HPV merely facilitated the accumulation of DNA mutations caused by ultraviolet (UV) radiation, usually the primary driver of cSCC. The findings were published today in The New England Journal of Medicine.
    “This discovery could completely change how we think about the development, and consequently the treatment, of cSCC in people who have a health condition that compromises immune function,” said Andrea Lisco, M.D., Ph.D., of NIH’s National Institute of Allergy and Infectious Diseases (NIAID). “It suggests that there may be more people out there with aggressive forms of cSCC who have an underlying immune defect and could benefit from treatments targeting the immune system.”
    There are many different types of HPV, each tending to infect cells in a particular tissue and part of the body. The types of HPV found mostly on the skin—beta-HPV—are considered benign members of the skin microbiome that typically do not integrate into the DNA of skin cells. This contrasts with the alpha types of HPV, known to integrate into the DNA of mucous membrane cells and directly cause cancer of the genitals, anus, head and neck.
    The NIH researchers made their discovery in a 34-year-old woman who came to the NIH Clinical Center for evaluation and treatment of recurrent cSCC on her forehead. She had undergone multiple surgeries and a round of immunotherapy to try to remove or kill the tumor, but it repeatedly grew back. Her local doctors thought this was due to an inherited inability to repair DNA damaged by UV radiation plus an impairment in immune cells called T cells. The tumor was one of many progressively worsening HPV-related diseases the woman was experiencing.
    Through a sophisticated genetic analysis, the NIH researchers discovered that a beta-HPV had integrated into the cellular DNA of the woman’s well-established tumor and was extensively producing viral proteins there. This contradicted the prevailing theory that beta-HPV only facilitates the establishment of cSCC without integrating into cellular DNA and plays no role in maintaining the cancer. Further genetic analysis of the woman’s cells showed they were fully capable of repairing DNA damage from UV radiation, suggesting the virus alone had caused cSCC.
    To understand how beta-HPV could take the unusual steps of integrating into the woman’s skin-cell DNA and multiplying there unchecked, the investigators studied the woman’s inherited immune disorder. They found that her genetic mutations greatly hampered T cells from activating in response to skin-cell infection by beta-HPV. This suggested that the immune disorder itself was responsible for the woman’s worsening HPV-related diseases, including the beta-HPV cSCC on her forehead, and that treating this disorder might cure all of them. 
    Accordingly, NIH investigators developed a personalized plan to give the woman a stem cell transplant to replace her defective T cells with healthy ones. The process required extreme care because she was immunocompromised even before treatment began. The transplant proceeded without complications. Afterward, all her HPV-related diseases including the recurrent, aggressive cSCC resolved and have not recurred during the more than three years since the transplant. This confirms that the woman’s inherited disorder had prevented her T cells from keeping beta-HPV in check, allowing the virus to directly cause and sustain cSCC.
    “This discovery and successful outcome would not have been possible without the combined expertise of virologists, immunologists, oncologists and transplant specialists, all working under the same roof of the NIH Clinical Center,” said Dr. Lisco.
    According to the study authors, their finding suggests that other people with defective T-cell responses may also be susceptible to cancer caused directly by beta-HPV.
    NIAID conducts and supports research—at NIH, throughout the United States, and worldwide—to study the causes of infectious and immune-mediated diseases, and to develop better means of preventing, diagnosing and treating these illnesses. News releases, fact sheets and other NIAID-related materials are available on the NIAID website.
    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
    NIH…Turning Discovery Into Health®

    Institute/Center

    National Institute of Allergy and Infectious Diseases (NIAID)

    Contact

    NIH Office of Communications and Public Liaison
    301-496-5787

    MIL OSI USA News –

  • MIL-OSI USA: Acting Chairman Pham Lauds Presidential Working Group Recommendations to Usher in Golden Age of Crypto in the U.S.

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The President’s Working Group on Digital Asset Markets today released a multi-agency report on recommendations to strengthen American leadership in digital financial technology. The report included input from multiple federal agencies, including the Commodity Futures Trading Commission.
    “Under President Trump’s leadership, the federal government is outlining a long-overdue roadmap to embrace cutting-edge technology that will revolutionize financial services, empower entrepreneurs, and once again cement American dominance as the cradle of innovation.
    “I want to thank President Trump for taking decisive action to prioritize digital assets and write a new chapter in American ingenuity and global competitiveness. I also want to thank Special Advisor on AI and Crypto David Sacks, Treasury Secretary Scott Bessent, Attorney General Pam Bondi, Securities and Exchange Commission Chairman Paul Atkins, Working Group Executive Director Bo Hines, all the members of the President’s working group, their staffs and all who worked so diligently to make this possible. I particularly want to thank Meghan Tente, Brigitte Weyls and Harry Jung from the CFTC.
    “This report represents a unified approach under the Trump Administration to usher in a golden age of crypto, and the CFTC stands ready to fulfill our mission to promote responsible innovation, safeguard our markets and ensure they remain the envy of the world.”

    MIL OSI USA News –

  • MIL-OSI: StoneX Group Inc. to Announce 2025 Fiscal Third Quarter Earnings on August 5, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced that it will release its fiscal 2025 third quarter results after the market close on Tuesday, August 5, 2025. Management will host a conference call on Wednesday, August 6, 2025 at 9:00 a.m. Eastern Time to review the Company’s 2025 fiscal third quarter results.

    A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form at https://www.stonex.com. Participants can also access the call via https://register-conf.media-server.com/register/BI844176c186b3462a83744b4b3946a567 approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

    For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

    CONTACT: StoneX Group Inc.

    Investor Inquiries:

    Kevin Murphy
    (212) 403 – 7296
    kevin.murphy@stonex.com

    SNEX-G

    The MIL Network –

  • MIL-Evening Report: More than 2 in 5 young Australians are lonely, our new report shows. This is what could help

    Source: The Conversation (Au and NZ) – By Michelle H. Lim, Associate Professor, Sydney School of Public Health, University of Sydney

    Oliver Rossi/Getty Images

    Loneliness is not a word often associated with young people. We tend to think of our youth as a time spent with family, friends and being engaged with school and work activities. Loneliness is an experience we may be more likely to associate with older people.

    In a new report looking at loneliness in young Australians, we found 43% of people aged 15 to 25 feel lonely. That’s more than two in five young people.

    While one in four felt lonely when asked, one in seven had felt lonely for at least two years (what we call persistent loneliness).

    There’s more we should be doing in Australia to address loneliness among young people and more broadly.

    What else did we find?

    In this report, we analysed data from the Household, Income and Labour Dynamics in Australia survey from 2022–23. This helped us understand what sort of factors increase the risk of loneliness among young people.

    We found having poor physical health and mental health can double (or more) the likelihood of persistent loneliness among young people.

    Life circumstances, as well as socioeconomic and behavioural factors, also play a role, as shown below.

    Worryingly, young people who report persistent loneliness are over seven times more likely to experience high or very high psychological distress compared to those who aren’t lonely.

    But loneliness in young people should not be seen just as a mental health issue. Research shows it can have consequences for physical health too. For example, a study published in 2024 found loneliness is linked to early signs of vascular dysfunction (functional changes to the arteries) in adults as young as 22.

    Why does loneliness persist?

    As well as analysing data, we also interviewed young people aged 16 to 25 from diverse backgrounds about what helps them make healthy social connections, and what hinders them.

    One of the things they flagged was a need for safe community spaces. A male participant from metro New South Wales, aged between 22 and 25, said:

    After lectures, someone’s hungry, you go to eat together. We used to go to [Name of restaurant] after almost every lecture. Talk or discuss somethings so it gave us that extra opportunity to mingle amongst each other and take that next step towards building a good friendship.

    We found technology could both help and hinder social connections. A female from regional Victoria, aged 22 to 25, who identified as LGBTIQ+, told us:

    If you’re in school or something like that and you don’t really have […] many people within your community to look to, it’s really nice being able to connect with people and make those friends online.

    On the flip side, a female participant from metropolitan Victoria, aged between 16 and 18, said:

    a lot of maybe like mean stuff or like bullying and stuff happens over the Internet […] there’s a big group chat and like everyone’s texting on it or something. And then a lot of the time, people will break off into a smaller chat […] or they’ll break off into one on one and be like, ohh, do you see what she said?

    The high cost of living was also regarded as a hindrance to maintaining social connections. As a male aged 22 to 25 from metro NSW told us:

    you’ll go on [a] drive [with friends] or whatever […] but that is so like incredibly expensive. Having to pay for your own car and like petrol and insurance and maintenance. Sometimes it’s hard to […] even like […] sit down in peace and have a chat. All the cafes will close at 2 and by the time everyone gets out of their jobs, you’re having to go to a restaurant and [you’re] spending 50 dollars.

    So what can we do?

    Loneliness has long been treated as a personal issue but it’s increasingly clear we have to shift our approach to include community-wide and systemic solutions.

    The World Health Organization’s Commission on Social Connection recently released a report pointing to loneliness as a public health, social, community and economic issue.

    In Australia, the economic burden of loneliness stands at A$2.7 billion each year for associated health-care costs including GP and hospital visits.

    And there are additional costs including lower workforce productivity and educational outcomes that have yet to be accounted for.

    Some countries have already developed and implemented strategies to address loneliness. In 2023, Denmark, for example, commissioned the development of a national loneliness action plan led by a consortium of organisations. This was underpinned by an investment of around 21 million Danish kroner (roughly A$5 million) over 2023–25.

    Australia now stands at a crossroads.

    Australia needs a national loneliness strategy

    A national strategy underpinned by evidence and by lived experience is crucial to effectively address loneliness. This approach would:

    • coordinate efforts across sectors: health, education, social services and business

    • identify effective strategies that should be included in a comprehensive response, and the principles to guide their delivery in communities and other settings

    • highlight sub-groups at risk of persistent loneliness who should be prioritised within population-wide strategies

    • commit to the delivery of a national awareness campaign that can educate the public and reduce stigma around loneliness.

    With the right national strategy, we will be able to increase our capacity to help all Australians, not just young people, connect in meaningful ways.

    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14. You can learn more about youth loneliness and how to help at Ending Loneliness Together.

    Michelle H. Lim is the CEO and Scientific Chair of Ending Loneliness Together. She is also the Vice-Chair of the International Scientific Board of the Global Initiative on Loneliness and Connection, and is part of the Technical Advisory Group – Social Connection at the World Health Organization.

    Ben Smith is a member of the Management Committee and Scientific Advisory Board of Ending Loneliness Together. He is also the Conjoint Chair of Public Health with the Western Sydney Local Health District.

    – ref. More than 2 in 5 young Australians are lonely, our new report shows. This is what could help – https://theconversation.com/more-than-2-in-5-young-australians-are-lonely-our-new-report-shows-this-is-what-could-help-261260

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Progress on Closing the Gap is stagnant or going backwards. Here are 3 things to help fix it

    Source: The Conversation (Au and NZ) – By Madeleine Pugin, Research Fellow, School of Government and International Relations, Griffith University

    The Productivity Commission’s latest data on Closing the Gap progress represents an unsurprisingly grim overview of the socioeconomic inequalities experienced by Aboriginal and Torres Strait Islander peoples.

    Closing the Gap is the plan federal and state governments have to address Indigenous socioeconomic disadvantage. It sets specific targets across a range of areas.

    This edition annual data report paints a concerning picture of Indigenous peoples’ quality of life across the states and territories. Despite 17 years of Closing the Gap policy, First Nations communities continue to face significant disadvantage. Of the 19 targets, 16 have been assessed, with four targets worsening. They are:

    • adult imprisonment

    • children in out-of-home care

    • suicide

    • children developmentally on track.

    There have been some successes. Four targets are on track to be met: preschool enrolment, employment, and land and water rights. Although the latter targets are likely to be achieved, the Queensland and Northern Territory governments are walking away from plans for Treaty. This could undercut efforts for increased Indigenous rights recognition.

    There is also improvement in six other target areas, but they are still not on track to be met by 2031:

    • life expectancy

    • healthy birthweights

    • year 12 or equivalent qualifications

    • youth engagement

    • appropriately sized housing.

    Time for change

    Year after year, Closing the Gap reporting offers little hope for meaningful change. It also falls short of providing crucial insights into what is working, what isn’t, and where resources and expertise should be directed to address unmet targets.

    We must ask ourselves: when is it time to pursue a different approach?

    These are complex issues with no simple solutions, but that must not deter us from pursuing every possible avenue for change. As the worsening suicide target shows, lives depend on it.

    Nonetheless, there is little evidence to suggest governments are being impelled to act on the transformational changes required to implement the four priority reforms.

    Since the failed Voice referendum, there has been little will from all levels of government to radically transform their way of working with First Nations communities. The gaps in outcomes are unlikely to close with this business-as-usual approach.

    So what could be changed to help improve the lives of Indigenous people? Here are three ideas.

    1. A national action plan, driven by human rights

    Australia has no comprehensive Indigenous rights framework. Currently, recognition of Indigenous rights in existing Australian laws is “piecemeal” and inconsistent across jurisdictions.

    Adopting a rights-based approach to the Closing the Gap framework could provide one way forward. The realisation of rights is central to genuine self-determination for Indigenous peoples.

    The United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), which Australia endorsed in 2009, outlines the minimum standards of human rights relating to Indigenous peoples.

    A 2023 report looking at how UNDRIP works in Australia contains a list of recommendations, with the first being:

    that the Commonwealth Government ensure its approach to developing legislation and policy on matters relating to Aboriginal and Torres Strait Islander people (including, but not limited to, Closing the Gap initiatives) be consistent with the Articles outlined in the United Nations Declaration on the Rights of Indigenous Peoples.

    UNDRIP’s core principals of self-determination and participation in decision-making directly align with what communities and experts have been calling for on Closing the Gap reform. At a minimum, the federal government should meaningfully negotiate a national action plan to implement the declaration.

    Such a plan would help drive community-led solutions, empowering Indigenous peoples at local and regional levels. Bottom-up grassroots approaches are vital to Closing the Gap.

    2. An independent oversight body

    Despite the failure of the Voice referendum, an independent representative body is still needed at the national level. It would provide strategic oversight and accountability for implementation of the Closing the Gap policy at the local and regional levels.

    This body could also provide much-needed political and policy advocacy to hold governments to their commitments.

    There is the National Agreement on Closing the Gap, which Commonwealth, state, territory governments are a party to, as well as the Coalition of Peak Indigenous bodies and the Australian Local Government Association.

    Yet some governments are enacting policies and laws which are inconsistent with the agreement. Queensland and the Northern Territory, for instance, have ceased involvement in Treaty processes and turned toward stricter penalties in response to youth offending – moves criticised by human rights commissions.

    An independent representative body would help shed light on these inconsistencies and better hold governments accountable.

    3. A bigger role for local government

    What is often missing from the conversation is the crucial role local governments play in implementing policies that shape outcomes on the ground.

    As frontline service providers, local governments are positioned to engage with communities on a direct, day-to-day basis, which can be responsive to the everyday needs of Aboriginal and Torres Strait Islander peoples.

    In a first for local implementation of Closing the Gap, Tamworth Aboriginal Community Controlled Organisations and Tamworth Regional Council entered an agreement to work together towards addressing key aspects of initiative.



    Read more:
    Local solution to Closing the Gap – council takes pioneering new approach to Indigenous disadvantage

    There are strong reasons for local governments to take a more central leadership role in trying to meet the Closing the Gap targets. To do so effectively, however, they require adequate resourcing and sustained funding to support community-driven programs.

    Additionally, embedding Indigenous rights and interests in local government planning and policy would significantly enhance their capacity to contribute meaningfully.

    Bartholomew Stanford receives funding from the Australian Research Council (ARC).

    Madeleine Pugin does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Progress on Closing the Gap is stagnant or going backwards. Here are 3 things to help fix it – https://theconversation.com/progress-on-closing-the-gap-is-stagnant-or-going-backwards-here-are-3-things-to-help-fix-it-262042

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Big tech says AI could boost Australia’s economy by $115 billion a year. Does the evidence stack up?

    Source: The Conversation (Au and NZ) – By Uri Gal, Professor in Business Information Systems, University of Sydney

    Imaginima / Getty Images

    AI is on the agenda in Canberra. In August, the Productivity Commission will release an interim report on harnessing data and digital technology such as AI “to boost productivity growth, accelerate innovation and improve government services”. Shortly afterward, the government will host an Economic Reform Roundtable where AI policy will be up for discussion.

    AI developers are aggressively pursuing influence over the new rules. The Chinese government wants to include AI in trade deals. Meanwhile, as the US government seeks to “win the AI race”, US-based tech companies are making their own overtures.

    The most ambitious intervention has come from ChatGPT developer OpenAI, which recently hired former Tech Council chief executive Kate Pounder as its local policy liaison. Pounder is also a former business partner of Assistant Minister for the Digital Economy Andrew Charlton.

    OpenAI’s AI Economic Blueprint for Australia makes bold projections about the new technology’s impact on the country’s economy, accompanied by a host of policy proposals. However, these claims warrant careful scrutiny, particularly given the company’s clear commercial interests in shaping Australian regulation.

    The gap between promise and evidence

    OpenAI claims AI could boost Australia’s economy by A$115 billion annually by 2030. It attributes most of this to productivity gains in business, education and government. However, the supporting evidence is thin.

    For instance, the report notes Australian workers have lower productivity than their US counterparts and then claims (without evidence) this is because Australia has invested less in digital technologies such as AI. However, it ignores numerous other factors affecting productivity, from industrial structure to regulatory environments.

    The report also describes supposed AI-driven productivity gains in companies such as Moderna and Canva. However, these narratives lack any data about improved organisational or individual performance.

    Perhaps more concerning is the report’s uniformly optimistic tone, which overlooks significant risks. These include organisations struggling with costly AI projects, massive job displacements, worsening labour conditions, and concentrating wealth.

    Most problematically, OpenAI’s blueprint assumes AI adoption and its economic benefits will materialise rapidly across the economy. However, evidence suggests a different reality.

    Economic impact from AI will unfold gradually

    Recent evidence suggests AI’s economic impact may take decades to fully materialise. Studies report some 40% of US adults use generative AI yet this translates to less than 5% of work hours and an increase of less than 1% in labour productivity.

    AI may not spread much faster than past technologies. The limiting factor will be how quickly individuals, organisations and institutions can adapt.

    Even when AI tools are available, meaningful adoption requires time. People must develop new skills, change the way they work, and integrate the new technologies into complex organisations. The economic impacts of earlier general-purpose technologies such as computers and the internet took decades to fully materialise, and there’s little reason to believe AI will be fundamentally different.

    The educational risk

    Like Google, OpenAI is also aggressively pushing for AI adoption in education. It has teamed up with edtech companies and launched a new “study mode” in ChatGPT.

    The push for AI tutoring and automated educational tools raises profound concerns about human development and learning.

    Early evidence suggests over-reliance on AI tools may condition people to depend on them. When students routinely turn to AI, they risk avoiding the mental effort required to build critical thinking skills, creativity and independent inquiry. These capacities form the foundation of a thriving democracy and innovative economy.

    Students who become accustomed to AI-assisted thinking may struggle to develop intellectual independence. This is needed for innovation, ethical reasoning and creative problem-solving.

    AI applications that help teachers personalise instruction or identify learning gaps may be useful. But systems that substitute for students’ own cognitive effort and development should be avoided.

    A multi-partner infrastructure strategy

    Australia’s digital strategy will undoubtedly include significant investment in AI infrastructure such as data centres. One challenge for Australia is to avoid concentrating our investment around a single technology provider. Doing so would be a mistake that could compromise both economic competitiveness and national sovereignty.

    Amazon plans to spend $20 billion on local data centres. Microsoft Azure already has significant local capacity, as does Australian company NextDC. This diversity provides a foundation, but maintaining and expanding it requires deliberate policy choices.

    Maintaining multiple data centre suppliers helps keep computing power that is independent of foreign governments or single companies. This approach will give Australia more bargaining power to ensure lower prices, greener power and local skills quotas.

    Diversification provides regulatory leverage as well. Australia can enforce common security standards knowing no single supplier can threaten an investment strike.

    Australia’s AI future

    AI technology is developing rapidly, driven by large corporations wielding vast amounts of capital and political influence. It presents real opportunities for economic growth and social benefit that Australia can’t afford to squander.

    However, if the government uncritically accepts corporate advocacy, these opportunities may be captured by foreign interests.

    Australia’s approach to AI policy should maintain human-centred values alongside technological advancement. This balance requires resisting the siren call of corporate promises.

    The decisions made today will shape Australia’s future for decades. These choices should be guided by independent analysis, empirical evidence, and a commitment to outcomes for all Australians.

    The Australian government must resist the temptation to let Silicon Valley write our digital future, no matter how persuasive their lobbyists or how impressive their promises. The stakes are simply too high to get this wrong.

    Uri Gal does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Big tech says AI could boost Australia’s economy by $115 billion a year. Does the evidence stack up? – https://theconversation.com/big-tech-says-ai-could-boost-australias-economy-by-115-billion-a-year-does-the-evidence-stack-up-260705

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: On the 60th Anniversary of the Creation of Medicaid and Medicare, Luján, Leader Schumer, and Senate Democrats Introduce Legislation to Reverse Devastating Health Care Cuts in Republicans’ Budget Betrayal 

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    WATCH HERE: Senator Luján Delivers Floor Speech on Effort to Reverse Devastating Health Care Cuts in Republicans’ Budget Betrayal

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), along with Senate Democratic Leader Chuck Schumer (D-NY), Ranking Member of the Finance Committee, U.S. Senator Ron Wyden (D-OR), U.S. Senator Jeanne Shaheen (D-NH), and Ranking Member of the Budget Committee, U.S. Senator Jeff Merkley (D-OR), led their Senate Democratic colleagues in introducing the Protecting Health Care And Lowering Costs Act.

    This legislation would reverse all of the health care cuts in the “Big, Ugly Betrayal,” including those to Medicaid, and would permanently extend the ACA premium tax credits. After Republicans passed legislation earlier this month that would kick nearly 15 million people off their health insurance and totals more than one trillion dollars in health care cuts, Senate Democrats are fighting back and pushing to reverse these devastating cuts and extend tax credits to make health care affordable.

    Today marks 60 years since Medicaid and Medicare was created on a bipartisan basis as a promise to the American people that we would stick by the poorest and most disadvantaged among us and take care of the elderly who paid into a system their whole lives. Democrats will be crisscrossing the country to make sure that the American people know it is Congressional Republicans who are reneging on that promise, ripping away health care from millions so they can give tax cuts to billionaires.

    “Sixty years after Medicare and Medicaid opened the door to health care for millions, Congressional Republicans slammed it shut with their Budget Betrayal – ripping coverage from 15 million Americans, including over 100,000 New Mexicans,” said Senator Luján. “Their cuts target children, families, and seniors who depend on Medicaid to survive, and could force rural clinics and hospitals to close their doors. While Republicans gut health care, Senate Democrats are fighting to restore it and protect the people we represent.”

    “For many, the “Big, Ugly Betrayal” is quite literally a matter of life and death. Too many will now have to make the heartbreaking decision between financial ruin and going without care. Already the effects of this bill are being felt. Already hospitals and health care systems are in jeopardy because of this legislation that passed just mere weeks ago,” said Leader Schumer. “Let’s be crystal clear: to pay for tax cuts for billionaires, millions of people are going to lose their health care. That’s the Republicans agenda right there. Well not on our watch. Democrats are fighting this tooth and nail. And today we are proud to introduction legislation which would reverse these devastating cuts and permanently extend the ACA premium tax credits. It is not too late for the Republicans to reverse course and save healthcare for millions.”

    “Trump and Republicans in Congress have been actively misleading the American public. Americans were never told that this flawed bill will punch a hole in a lot more than Medicaid,” said Senator Wyden, Ranking Member of the Finance Committee. “There is simply no way to cut more than $1 trillion from the health care system without taking a deep toll on Americans of all stripes from coast to coast. The more Americans hear about this bill, the less they like it. It’s time to scrap Trumpcare and put America back on a path to affordable health care.”

    “If Affordable Care Act enhanced premium tax credits expire at the end of the year, 20 million Americans will see their health care costs skyrocket at a time when they’re already struggling with increased prices. That pain will be felt almost immediately,” said Senator Shaheen. “That’s on top of the unprecedented health care cuts to Medicaid that were passed in the ‘Big Beautiful Betrayal’. We need to take action now to permanently extend those tax credits so that people know they can count on them.”

    “Congressional Republicans betrayed hardworking families earlier this month when they chose to stand with billionaires by gutting Medicaid and kicking more than 15 million people off their health insurance,” said Senator Merkley, Ranking Member of the Senate Budget Committee. “Republicans have the opportunity to right this wrong by supporting our bill that will reverse these devastating cuts and prevent health care costs from skyrocketing across the country. On this 60th Anniversary of the enactment of Medicaid and Medicare, Democrats are fighting for an economy where families thrive and billionaires finally pay their fair share.”

    The entire Democratic caucus has signed on to co-sponsor the legislation.

    The legislation has been endorsed by American Civil Liberties Union, AFL-CIO. American Federation of State, County and Municipal Employees (AFSCME), AFT: Education, Healthcare, Public Services, All* Above All , Alliance for Retired Americans, American Association on Health and Disability, American Heart Association, American Nurses Association, Autistic Self Advocacy Network, ACLU, Can’t Wait Coalition, Care in Action, Caring Across Generations, Center for American Progress, Center for Medicare Advocacy, CEO Commission for Disability Employment, Children’s Hospital Association, Communication Workers of America, Community Catalyst, Disability Policy Consortium, Disability Rights and Defense Fund, Diverse Elders Coalition (DEC), FamiliesUSA, First Focus for Children, Guttmacher Institute, Health Care for America Now, Ibis Reproductive Health, Justice in Aging, Kids Can’t Wait, Lakeshore Foundation, Little Lobbysists, MoveOn.org, National Abortion Federation, National Alliance for Caregiving, National Alliance for Direct Service Professionals, National Alliance on Mental Illness, National Asian Pacific American Women’s Forum, National Council of Jewish Women, National Committee to Preserve Social Security and Medicare (NCPSSM), National Disability Rights Network, National Domestic Workers Alliance, National Hispanic Council on Aging, National Health Law Program (NHeLP), National Immigration Law Center, National Partnership for Women & Families, National Women’s Law Center, Physicians for Reproductive Health, Planned Parenthood Federation of America, Protect Our Care, Public Citizens, SEIU, Social Security Works, The Arc of the United States, UNIDOS US, United Mine Workers of America, Vizient, Inc., Well Spouse Association, Healthcare Association of New York and Texas Kids Can’t Wait.

    The full text of the legislation can be seen here.

    MIL OSI USA News –

  • MIL-OSI Security: Defense News in Brief: U.S. Marines Mobilize Without Delay: Shift from Exercise to Crisis Response

    Source: United States Marines

    U.S. Marines postured around the globe serve as America’s rapid crisis response force, ready to meet the Nation’s needs at a moment’s notice. On July 26 Marine Corps readiness was on display, when U.S. Marine Medium Tiltrotor Squadron 363, operating under Marine Rotational Force–Darwin, deployed four MV-22B Ospreys more than 1,950 nautical miles from Darwin, Australia, to Clark Air Base, Philippines.

    MIL Security OSI –

  • MIL-OSI Banking: W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company

    Source: W & T Offshore Inc

    Headline: W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company

    HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company”) today announced that Tracy Krohn, W&T’s Founder, Chairman, CEO and President will ring the closing bell at the New York Stock Exchange (“NYSE”) on Monday, August 4, 2025, to commemorate the Company’s 20th anniversary as a NYSE-listed company. W&T’s Board of Directors and senior management team will also participate in the ceremony. Live coverage of the event will begin on Monday, August 4, 2025, at 3:55 p.m. ET and will be available for streaming at www.NYSE.com/bell. An archived version of the ceremony will be posted to W&T’s Web site, www.wtoffshore.com, in the “Investors” section on the “Overview” page under “News and Events”.

    Tracy Krohn commented, “It is truly an honor to ring the NYSE closing bell in celebration of our 20th anniversary as a publicly traded company. I want to express my gratitude to each member of our Board of Directors, our management team and all of our dedicated employees across the Company for their invaluable contributions to W&T’s success since its inception. It has been an incredible journey these past 42 years, from our founding in 1983, our IPO in 2005, to now celebrating this milestone occasion. Throughout our history, we have remained committed to responsible energy production and being a staunch and vocal advocate for the offshore Gulf of America sector of the energy industry where we have been primarily focused since we began operations. Looking ahead, I remain excited about W&T’s future as we continue to execute and improve upon our unique and resilient business model.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    CONTACTS: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released July 30, 2025

    MIL OSI Global Banks –