Category: Americas

  • MIL-OSI Security: 11 Venezuelan Nationals and One Columbian National Indicted for Financial Fraud in the District of Utah

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – An indictment was unsealed today charging a dozen foreign nationals of bank fraud and engaging in transactions involving criminally derived property. The defendants were indicted by a federal grand jury in April 2025 at the U.S. District Court in Salt Lake City. Eleven Venezuelan nationals and one Colombian national are accused of committing financial fraud crimes after they allegedly participated in a scheme to defraud banks in Utah and elsewhere.

    According to court documents, between January 2023 and June 2023, the defendants were involved in a scheme to defraud financial institutions by opening accounts and presenting fraudulent cashier’s checks to be deposited to those accounts. In some instances, defendants deposited multiple counterfeit checks at different branches on the same day. Defendants then laundered the funds by check, cashier’s check, and cash withdrawal.

    Defendants are residents of Salt Lake County:

    1.    Gilberto Emiro Andrade-Romero, 36, of Venezuela
    2.    Felipe Enrique Linares-Lobo aka Carlos M. Hidalgo Noguera, 32, of Venezuela
    3.    Alexis Jose Calixto-Bracho, 25, of Venezuela
    4.    Daniel Jose Fuenmayor-leal, aka Enais Inciarte-Urdaneta, 34, of Venezuela
    5.    Yeritza Astrid Cuello-Plata, 40, of Venezuela
    6.    Federico Javier Gutierrez-Pirela, 36, of Venezuela
    7.    Hendry Ricardo Martinez-Concho, 42, of Venezuela
    8.    Cristina Paola Nava-Yoris, 24, of Venezuela
    9.    Patricia Del Carmen Orozco-Cuello, 37, of Colombia
    10.    Ismael Norberto Rodriguez-Moreno, 47, of Venezuela
    11.    Jorge Luis Urribarri-Vento, 32, of Venezuela
    12.    Rayner Jose Delgado-Quiroz, 24, of Venezuela

    Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

    The case is being investigated by Homeland Security Investigations (HSI) and a HSI Task Force Officer with the Salt Lake City Police Department.

    Assistant United States Attorneys Brent L. Andrus and Carl D. Lesueur of the District of Utah are prosecuting the case.

    This is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETF) and Project Safe Neighborhoods (PSN).

    An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 
     

    MIL Security OSI

  • MIL-OSI: Pulse Seismic Inc. Reports Strong Q2 2025 Financial Results and Declares Special and Regular Quarterly Dividends

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 22, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to report its financial and operating results for the three and six months ended June 30, 2025. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are being filed on SEDAR+ (www.sedarplus.ca) and will be available on Pulse’s website at www.pulseseismic.com.

    Today, Pulse’s Board of Directors declared a regular quarterly dividend of $0.0175 per common share and also declared a special dividend of $0.20 per common share. The total dividend declared will be approximately $11.0 million based on Pulse’s 50,755,057 common shares outstanding as of July 22, 2025, to be paid on August 20, 2025, to shareholders of record on August 13, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Pulse’s dividends are subject to Canadian withholding tax.

    “In the first half of 2025 the Company has benefited from increases in traditional data sales as well as energy sector M&A, generating revenue of $41.1 million, an EBITDA margin of 86% and $27.2 million of shareholder free cashflow,” stated Neal Coleman, Pulse’s President and CEO. “Pulse’s industry leading seismic data library contains vital subsurface information used by E&P companies for risk mitigation and maximization of drilling results,” he continued. “The Company continues to rely on shareholder free cashflow as the basis for its capital allocation strategy and remains focused on returns to shareholders, as evidenced by distributing 84% of 2025 free cash flow in the form of dividends. Pulse’s Board of Directors today declared the second special dividend of 2025,” Coleman continued. “In the last 24 months, special dividends of $0.80 have been declared, in addition to the regular dividend which has increased annually and is currently set at $0.07 per year,” he concluded.

    HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

    • The regular quarterly dividend of $0.0175 per common share declared and paid in the second quarter of 2025 was a 17% increase over the regular quarterly dividend of $0.015 per common share declared and paid in the first quarter of 2025. A special dividend of $0.20 per common share totaling $10.2 million was also declared and paid in the first quarter of 2025;
    • The Company renewed its Normal Course Issuer Bid (NCIB) on February 24, 2025. During the six months ended June 30, 2025, the Company purchased and cancelled 80,600 shares under the NCIB at an average price of $2.43 per share, for total cost of approximately $197,000;
    • Total revenue for the three months ended June 30, 2025, was $18.3 million, compared to $6.3 million for the same period in 2024. Total revenue for the six months ended June 30, 2025, was $41.1 million, compared to $15.1 million for the same period in 2024. Revenue generated in the first half of 2025 reflects an increase of 71% compared to the last three years average of annual revenue;
    • Shareholder free cash flow(a) was $11.7 million ($0.23 per share basic and diluted) for the three months ended June 30, 2025, compared to $3.9 million ($0.07 per share basic and diluted) for the same period in 2024. Shareholder free cash flow was $27.2 million ($0.53 per share basic and diluted) for the six months ended June 30, 2025, compared to $8.9 million ($0.17 per share basic and diluted) for the same period in 2024;
    • EBITDA(a) was $15.2 million ($0.30 per share basic and diluted) for the three months ended June 30, 2025, compared to $4.4 million ($0.0.09 per share basic and diluted) for the same period in 2024. For the six months ended June 30, 2025, EBITDA was $35.3 million ($0.69 per share basic and diluted) compared to $10.6 million ($0.21 per share basic and diluted) for the same period in 2024;
    • Net earnings for the three months ended June 30, 2025, was $9.6 million ($0.19 per share basic and diluted) compared to net earnings of $1.3 million ($0.03 per share basic and diluted) for the same period in 2024. Net earnings for the six months ended June 30, 2025, was $22.9 million ($0.45 per share basic and diluted) compared to net earnings of $4.0 million ($0.08 per share basic and diluted) for the same period in 2024; and
    • At June 30, 2025, the Company had a cash balance of $25.9 million as well as $5.0 million of available liquidity on its revolving demand credit facility.
    SELECTED FINANCIAL AND
    OPERATING INFORMATION
             
               
               
    (Thousands of dollars except per share data, Three months ended June 30, Six months ended June 30, Year ended,
    numbers of shares and kilometres of seismic data) 2025 2024   2025 2024 December 31,
      (Unaudited) (Unaudited) 2024
    Revenue 18,316 6,300   41,075 15,077 23,379
               
    Amortization of seismic data library 2,224 2,279   4,449 4,549 9,090
    Net earnings 9,565 1,341   22,940 4,022 3,391
    Per share basic and diluted 0.19 0.03   0.45 0.08 0.07
    Cash provided by (used in) operating activities 12,543 (1,269 ) 29,158 9,195 14,195
    Per share basic and diluted 0.25 (0.02 ) 0.57 0.18 0.28
    EBITDA (a) 15,238 4,418   35,286 10,647 15,496
    Per share basic and diluted (a) 0.30 0.09   0.69 0.21 0.30
    Shareholder free cash flow (a) 11,733 3,869   27,152 8,907 12,408
    Per share basic and diluted (a) 0.23 0.07   0.53 0.17 0.24
               
    Capital expenditures          
    Seismic data   225 225
    Property and equipment   45
    Total capital expenditures   225 270
               
    Dividends          
    Regular dividends declared 885 775   1,648 1,490 3,018
    Special dividends declared   10,167 2,548
    Total dividends declared 885 775   11,815 1,490 5,566
               
    Normal course issuer bid          
    Number of shares purchased and cancelled 37,300 539,500   80,600 1,166,800 1,784,000
    Cost of shares purchased and cancelled 91 1,222   197 2,407 3,880
               
    Weighted average shares outstanding          
    Basic and diluted 50,761,321 51,734,590   50,795,174 51,928,298 51,448,985
    Shares outstanding at period-end     50,755,057 51,455,063 50,837,863
               
    Seismic library          
    2D in kilometres     829,207 829,207 829,207
    3D in square kilometres     65,310 65,310 65,310
    FINANCIAL POSITION
    AND RATIO
             
          June 30, June 30, December 31,
    (Thousands of dollars except ratio)     2025 2024 2024
    Working capital     24,202 10,996 9,222
    Working capital ratio     4.8:1 4.0:1 5.1:1
    Cash and cash equivalents     25,876 9,392 8,722
    Total assets     36,479 29,184 21,516
    Trailing 12 -month (TTM) EBITDA(b)     40,135 27,528 15,496
    Shareholders’ equity     29,177 25,177 18,295
               

    (a)The Company’s continuous disclosure documents provide discussion and analysis of “EBITDA”, “EBITDA per share”, “shareholder free cash flow” and “shareholder free cash flow per share”. These financial measures do not have standard definitions prescribed by IFRS and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company’s financial performance. The Company’s definition of EBITDA is cash available for interest payments, cash taxes, repayment of debt, purchase of its shares, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from operations before interest, taxes, depreciation and amortization. The Company believes EBITDA assists investors in comparing Pulse’s results on a consistent basis without regard to non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. EBITDA per share is defined as EBITDA divided by the weighted average number of shares outstanding for the period. Shareholder free cash flow further refines the calculation of capital available to invest in growing the Company’s 2D and 3D seismic data library, to repay debt, to purchase its common shares and to pay dividends by deducting non-discretionary expenditures from EBITDA. Non-discretionary expenditures are defined as non-cash expenses, debt financing costs (net of deferred financing expenses amortized in the current period), net restructuring costs and current tax provisions. Shareholder free cash flow per share is defined as shareholder free cash flow divided by the weighted average number of shares outstanding for the period.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.
    (b) TTM EBITDA is defined as the sum of EBITDA generated over the previous 12 months and is used to provide a comparable annualized measure.
    These non-GAAP financial measures are defined, calculated and reconciled to the nearest GAAP financial measures in the Management’s Discussion and Analysis.

    OUTLOOK
    Pulse had a very strong first half year, generating revenue of $41.1 million and ending the quarter with $24.2 million of working capital including $25.9 million in cash. These financial results have provided capital returns to shareholders, strengthened the balance sheet, and positioned the Company for solid financial performance in 2025.

    Pulse’s ability to forecast future revenue continues to be challenging, as significant annual fluctuations are the norm in the seismic data library business. Industry trends that we consider relevant as we look forward include land sales in Western Canada, drilling forecasts for the year, commodity price levels, M&A forecasts and the status of industry infrastructure improvements. It is difficult to predict in the midst of the current market dynamics how this will unfold through the remainder of 2025. M&A activity for the year so far, has surpassed many analysts’ earlier expectations and is expected to remain strong for the remainder of 2025. Lower oil prices have contributed to decreased corporate valuations which often lead to acquisition opportunities. Alberta land sales through 2024 were strong, but at midpoint in 2025 have generated just over half the amount for the same period in 2024. In British Columbia land sales were resumed in Q3 2024 after a pause of over three years. New infrastructure, such as the TMX pipeline expansion, a driver of increased drilling activity, which was completed in 2024 has provided increased export capacity. The Canadian Association of Energy Contractors, in November 2024 forecast an increase to 6,604 wells to be drilled in 2025, an approximate 7% increase over 2024. There has been no update published to this forecast, and drilling activity is reported to be relatively stable. LNG Canada’s liquified natural gas export facility is now operational and is expected to contribute to increased drilling and may lead to an improvement in Canadian natural gas prices.

    Of course, there continues to be a high level of uncertainty on political and economic fronts. Uncertainty around energy tariffs and trade policy between Canada and the United States, are contributing to the lack of clarity for the future. It is clear that Canada needs to continue to build pipelines and increase natural gas egress, to support the country’s energy security, as well as to secure new buyers of Canadian energy.

    Pulse, as previously stated, has low visibility regarding future seismic data library sales levels, regardless of industry conditions. The Company remains focused on business practices that have served throughout the full range of conditions. The Company maintains a strong balance sheet and carries no debt. Led by an experienced and capable management team, Pulse operates with a low-cost structure and focuses on maintaining excellent client relations and providing exceptional customer service. Pulse’s strong financial position, high leverage to increased revenue in its EBITDA margin and careful management of its cash resources continue to translate to the return of capital to shareholders through regular and special dividends.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin, where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:
    Neal Coleman, President and CEO
    Or
    Pamela Wicks, Vice President Finance and CFO
    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    This document contains information that constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “guidance”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook.

    The Outlook section herein contain forward-looking information which includes, but is not limited to, statements regarding:

    > The outlook of the Company for the year ahead, including future operating costs and expected revenues;

    > Recent events on the political, economic, regulatory, and legal fronts affecting the industry’s medium- to longer-term prospects, including progression and completion of contemplated infrastructure projects;

    > The Company’s capital resources and sufficiency thereof to finance future operations, meet its obligations associated with financial liabilities and carry out the necessary capital expenditures through 2025;

    > Pulse’s capital allocation strategy;

    > Pulse’s dividend policy;

    > Oil and natural gas prices and forecast trends;

    > Oil and natural gas drilling activity and land sales activity;

    > Oil and natural gas company capital budgets;

    > Future demand for seismic data;

    > Future seismic data sales;

    > Pulse’s business and growth strategy; and

    > Other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results and performance, as they relate to the Company or to the oil and natural gas industry as a whole.

    By its very nature, forward-looking information involves inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. Pulse does not publish specific financial goals or otherwise provide guidance, due to the inherently poor visibility of seismic revenue. The Company cautions readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

    These factors include, but are not limited to:

    > Uncertainty of the timing and volume of data sales;

    > Volatility of oil and natural gas prices;

    > Risks associated with the oil and natural gas industry in general;

    > The Company’s ability to access external sources of debt and equity capital;

    > Credit, liquidity and commodity price risks;

    > The demand for seismic data;

    > The pricing of data library licence sales;

    > Cybersecurity;

    > Relicensing (change-of-control) fees and partner copy sales;

    > Environmental, health and safety risks;

    > Federal and provincial government laws and regulations, including those pertaining to taxation, royalty rates, environmental protection, public health and safety;

    > Competition;

    > Dependence on key management, operations and marketing personnel;

    > The loss of seismic data;

    > Protection of intellectual property rights;

    > The introduction of new products; and

    > Climate change.

    Pulse cautions that the foregoing list of factors that may affect future results is not exhaustive. Additional information on these risks and other factors which could affect the Company’s operations and financial results is included under “Risk Factors” in the Company’s most recent annual information form, and in the Company’s most recent audited annual financial statements, most recent MD&A, management information circular, quarterly reports, material change reports and news releases. Copies of the Company’s public filings are available on SEDAR+ at www.sedarplus.ca.

    When relying on forward-looking information to make decisions with respect to Pulse, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking information contained in this document is provided as of the date of this document and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as required by law. The forward-looking information in this document is provided for the limited purpose of enabling current and potential investors to evaluate an investment in Pulse. Readers are cautioned that such forward-looking information may not be appropriate, and should not be used, for other purposes.

    PDF available: http://ml.globenewswire.com/Resource/Download/8df92694-2a01-45f3-b5b4-ecc0f5bd6edb

    The MIL Network

  • MIL-OSI USA: Frost and Cherfilus-McCormick Reintroduce Bill to Prevent Radioactive Materials from Being Used to Build Roads – the “No Radioactive Roads Act”

    Source: United States House of Representatives – Representative Maxwell Frost Florida (10th District)

    July 22, 2025

    Frost’s Bill Would Prevent Cancer-Causing Fertilizer Byproduct from Being Used in Road Construction

    WASHINGTON, D.C. — Today, Congressman Maxwell Alejandro Frost (D-FL) and Congresswoman Sheila Cherfilus-McCormick (D-FL) reintroduced the No Radioactive Roads Act, legislation to ensure the current Trump Administration or any future administration cannot allow for deadly, cancer-causing radioactive material, phosphogypsum (PG), to be used in road construction. Florida is the world’s largest PG producing area with 1 billion tons of PG stored in stacks, mainly in the Central Florida region. 

    The Biden-Harris Administration quickly reversed the first Trump Administration’s unscientific decision to allow PG in road construction in 2021. However, with Trump’s return to office, PG’s threat to people’s health is once again imminent. 

    In 2021, a tear at a PG stack facility allowed for millions of gallons of untreated wastewater to be released into Tampa Bay, devastating the clean waters of the bay and causing a red tide outbreak, killing millions of fish. Despite the environmental fallout, in 2023, Governor Ron DeSantis signed a bill into law to allow the cancer-causing material to be used in road construction. Most recently, ahead of the Trump Administration taking office, the Environmental Protection Agency authorized Mosaic’s pilot road project to use 1,200 tons of the hazardous material in Polk County, Florida. 

    Frost and Cherfilus-McCormick first introduced the bill in 2024. 

    “As Florida allows for PG to be used in our roads, endangering our workers, drivers, and entire communities, we need immediate federal action that puts public health over corporate profits,” said Congressman Maxwell Frost. “The science is abundantly clear—PG is a deadly, cancer-causing substance that harms our environment and puts lives at risk, and no administration should be able to permit its use without the highest safety standards. It’s unacceptable that the fertilizer industry is looking to offload toxic waste into our roads in order to boost their profits while leaders like DeSantis and Donald Trump enable it. The No Radioactive Roads Act puts our people, our planet, and our future over the profits of corporate polluters.”

    “Protecting the health and safety of our communities must be our top priority. Using radioactive materials like phosphogypsum in road construction endangers our families, harms our environment, and puts our future at risk,” said Congresswoman Sheila Cherfilus-McCormick. “The No Radioactive Roads Act is a crucial step in preventing communities from facing the long-term dangers of toxic exposure. I am proud to partner with Congressman Maxwell Frost on this legislation to protect the well-being of every Floridian.”

    “The EPA’s decision to weaken standards for phosphogypsum is both reckless and unfounded. We cannot allow the health and safety of our communities to be sacrificed for the financial interests of the fertilizer industry, which seeks to profit from incorporating this radioactive byproduct into our roads. The science is clear: exposure to phosphogypsum is directly linked to significantly increased cancer risk. We will not tolerate policies that endanger our residents and workers,” said Orange County Commissioner Kelly Martinez Semrad. “In Orange County, I am also introducing an accompanying resolution to prohibit the use of phosphogypsum in local roadway projects. Our stance is firm, and our message is clear: I fully support Congressman Frost’s bill on behalf of the people of our district, the state of Florida, and communities across the country.”

    The No Radioactive Roads Act has been endorsed by the League of Conservation Voters, Center for Biological Diversity, Food & Water Watch, Surfrider Foundation, and the Save Split Oak Campaign.

    “Representative Frost’s No Radioactive Roads Act will help protect the health and safety of communities as the Trump administration continues to roll back protections from toxic pollutants. Constructing roads with radioactive, cancer-causing phosphogypsum can harm workers, drivers, and nearby families who are already most impacted by environmental injustice and the climate crisis. We will continue to fight alongside our climate champions in Congress like Representative Frost to pass legislation to protect the health of our communities, our air and water, and our future generations,” said Madeleine Foote, Healthy Communities Program Director for League of Conservation Voters.

    “The EPA made it clear decades ago that radioactive phosphogypsum has no place in our roads,” said J.W. Glass, EPA policy specialist at the Center for Biological Diversity. “While Rep. Frost shouldn’t have to introduce legislation just to get the EPA to follow its own rules, this bill provides clear direction the agency needs to keep our water, workers and wildlife safe from radiation and other pollutants tied to this toxic waste.”

    “We sincerely thank Representative Frost for championing the No Radioactive Roads Act, which takes decisive action to safeguard our communities from the significant risks posed by phosphogypsum. Florida has experienced firsthand the devastating consequences of mismanaging this hazardous material, including the Piney Point disaster, where over 200 million gallons of contaminated wastewater spilled into Tampa Bay. Using phosphogypsum in road construction would endanger workers, drivers, drinking water supplies, and fragile ecosystems, not just in Florida but across the country. This legislation is a crucial step toward protecting public health and preserving the safety of our water resources. We are committed to working with Congress and communities to ensure this vital bill becomes law and helps prevent future disasters,” said Jim Walsh, Policy Director, Food & Water Watch.

    “Clean water and resilient watersheds are the foundation of healthy coastal communities and strong economies. The use of radioactive waste in roads presents a serious risk that puts public health and the environment in jeopardy for generations to come. The ‘No Radioactive Roads Act’ introduces common-sense safeguards for protecting human health, requiring water quality monitoring, and ensuring transparency,” said Katie Bauman, Florida Policy Manager for Surfrider Foundation.

    “On behalf of the Save Split Oak Forest campaign, we strongly support Congressman Frost’s No Radioactive Roads Act. This legislation is crucial for safeguarding Florida’s ecosystems from the dangers of radioactive road runoff, which can harm our waterways, soil, and wildlife. Protecting conservation lands like Split Oak Forest is essential for preserving biodiversity and ensuring smart, sustainable growth. We urge all members of Congress to back this act to prevent harmful pollution and promote a future where Florida’s natural environment and communities can thrive together,” said Lee Perry, Lead Volunteer of the Save Split Oak Campaign.

    Additional Background:

    For over 30 years, the Environmental Protection Agency (EPA) has prohibited the use of phosphogypsum (PG) for road construction because this fertilizer waste product emits deadly, cancer-causing radon gas and contains toxic heavy metals like arsenic, lead, mercury, and sulfur. 

    These toxins can become airborne or seep into the soil and groundwater. One of these elements, radium-226, has a 1,600-year half-life and will poison generations of people working on, living near, or traveling over any future radioactive roads.

    Scientific research makes clear that phosphogypsum (PG) is not safe to use as a road building material, but just months before leaving office, the first Trump Administration green-lit PG to be used in road construction.

    The Biden-Harris Administration quickly reversed the Trump Administration’s decision to allow PG in road construction but this means that PG’s threat to people’s health and safety can reemerge under the new Trump Administration. 

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    MIL OSI USA News

  • MIL-OSI USA: Congresswoman Cherfilus-McCormick Introduces African Diaspora Investment and Development Act (AIDA)

    Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

    Unlocking the development potential of diaspora communities and helping reduce reliance on foreign aid

    WASHINGTON, D.C. – Today, Rep. Sheila Cherfilus-McCormick (D-FL) and Rep. Jonathan J. Jackson (D-IL) introduced the African Diaspora Investment and Development Act (AIDA), groundbreaking legislation that harnesses the economic power of African and Caribbean diaspora communities to advance sustainable development, reduce remittance costs, and align U.S. foreign policy with grassroots investment. 

    Millions of Americans with heritage in Africa and the Caribbean send billions of dollars annually to support loved ones and communities in their countries of origin. Yet, they often face high transaction fees, limited investment tools, and few incentives to grow their impact. AIDA addresses these barriers head-on. 

    As highlighted in Realizing Africa’s Potential: A Journey to Prosperity by Professor Landry Signé, published by the Brookings Institution, the diaspora can be a powerful driver of development in their home countries—not just through remittances, but by fostering trade, investment, research, innovation, and the transfer of knowledge and technology. This dynamic strengthens U.S. interests by empowering African and Caribbean diaspora communities, who are an integral part of the American fabric, to spur economic growth and innovation both abroad and at home, reinforcing U.S. global partnerships and domestic prosperity. 

    The African Diaspora Investment and Development Act: 

    • Reduces the cost of remittances by promoting transparency, competition, and innovation in money transfers.
    • Creates tax incentives for diaspora investments that drive sustainable economic development in African and Caribbean countries.
    • Encourages financial inclusion through fintech and diaspora-owned money transfer platforms.
    • Supports diaspora-led investments with U.S. financial backing.
    • Advances U.S. development goals by strengthening diaspora engagement in entrepreneurship, infrastructure, and community development projects abroad. 

    “The African and Caribbean diasporas are economic engines that deserve recognition and support,” said Rep. Sheila Cherfilus-McCormick (D-FL). “This bill creates smart incentives that empower families, foster sustainable development, and reflect our values in U.S. foreign policy. AIDA is about unlocking diaspora investment potential. By empowering these communities, we can reduce reliance on foreign aid and embrace a model based on investment, dignity, and shared prosperity.” 

    “This bill is timely and vital, especially at a time when US policy towards Africa and the Diaspora is shifting from aid to trade,” said Rep. Jonathan L. Jackson (D-IL). “Remittances ($90 billion inflow to Africa in 2023) have surpassed both foreign assistance and direct investment in many countries in Africa and the Caribbean; a source for development and economic growth. AIDA strengthens the Diaspora contributions in GPD growth through investments and family support – food, housing, education, health care, etc.” 

    “Reducing remittance costs and eliminating taxes on remittances are critical measures that ensure every dollar sent goes further, directly benefiting health, education, small businesses, and local infrastructure,” said President of the Nigerian Physicians Advocacy Group, Susan Edionwe. “These changes will empower organizations like ours, whose work relies heavily on diaspora contributions, to expand our impact and better serve the people of Nigeria and beyond.” 

    “The proposed AIDA bill is a fundamental recognition that as a nation of immigrants the USA holds the ultimate power of transformation in the contributions of its diaspora to the rest of the world,” said Founder and CEO of Hamstrings, Inc., Eric V. Guichard. “AIDA is about leveraging these diaspora resources for good. It is a paradigm shift in development finance whose time has come.” 

    “Remittances from family and friends in the U.S. to these regions primarily address basic necessities for recipients including housing, food, education, services, small business support and humanitarian assistance,” said Haiti Renewal Alliance. “A framework for partnerships with the U.S. DFC and diasporas via the AIDA Act to channel remittances for coordinated and robust investments with people on the ground in African and Caribbean countries, ushers the U.S. leading the next generation of successful global development for inclusive growth, peace, stability and opportunity, appreciating diaspora from Africa and Caribbean as key contributors.” 

    During a time when development assistance from the United States in Africa and in the Caribbean, is being drastically curtailed or even eliminated, African and Caribbean countries will need to increasingly rely on remittances coming from the Diaspora to meet basic needs and to get by,” said President of Constituency for Africa (CFA), Melvin Foote. “The proposed AIDA legislation if passed, would certainly be a huge step in the right direction.” 

    The legislation has received early praise from diaspora organizations, development experts, and financial inclusion advocates. 

    ### 

    MIL OSI USA News

  • MIL-OSI USA: Statement by Rep. Dan Goldman on DOJ’s Announcement That It Would Meet With Ghislaine Maxwell

    Source: US Congressman Dan Goldman (NY-10)

    “In a further effort to conceal the Epstein Files to protect President Trump, the Department of Justice is yet again using the criminal justice system for political purposes by belatedly and improperly seeking cooperation from Ghislaine Maxwell, who is serving a 20-year sentence on convictions for conspiring with Jeffrey Epstein to sexually abuse minors. 

    “As Deputy Attorney General Todd Blanche well knows from his lengthy tenure as a prosecutor and supervisor in the Southern District of New York, this is almost certainly not the first time the DOJ has inquired about cooperation from Ghislaine Maxwell, who, as a matter of course, would have been offered the opportunity to reduce her sentence in return for truthful and forthright information about Epstein and all others involved in the scheme.  

    “DAG Blanche is now doing an end-run around the SDNY and its institutional policies by acting as a political agent of President Trump to forestall the release of the full Epstein files by tacitly floating a pardon for Maxwell in return for information that politically benefits President Trump. 

    “Maxwell’s information is only as credible as any corroboration found in the Epstein files, including recordings, witness interviews, electronic communications, and photographs and videos. Neither the grand jury testimony nor Maxwell’s compromised information will expose the full extent of the conspiracy, including all those who may be included in the files.   

    “Do not be fooled: this latest delay tactic is yet another effort to conceal the Epstein files. Full transparency will only occur when DOJ releases the full and complete Epstein files, as they promised.”     

    MIL OSI USA News

  • MIL-OSI USA: Rep. Andrea Salinas Introduces Legislation to Level the Playing Field for the Cider Industry

    Source: US Representative Andrea Salinas (OR-06)

    Today, U.S. Representative Andrea Salinas (OR-06), introduced the Bubble Tax Modernization Act, which would lower the tax rate for lower-alcohol wine, cider, and mead made with fruit.

    Washington, D.C. – Today, U.S. Representative Andrea Salinas (OR-06), introduced the Bubble Tax Modernization Act, which would lower the tax rate for lower-alcohol wine, cider, and mead made with fruit.

    Despite the popularity of bubbly beverages, the carbonation tax–colloquially called the ‘bubble tax’ on fruit wine, fruit cider, and fruit mead makes carbonating these agricultural products at sparkling levels cost prohibitive. Most craft beverage entrepreneurs can’t afford to carbonate these products at the level the market wants. The result is that an important American agricultural sector is falling flat.

    “Oregon has some of the highest quality fruit in the country, but red tape in our tax code makes it nearly impossible to use these products to make the fruited wines, ciders, and meads that people want,” said Rep. Salinas. “My bill levels the playing field for the cider industry and makes it more affordable to produce the sparkling, fruited drinks consumers want.”

    “Cidermakers should not be limited to just pears and apples in order to avoid a massive, unnecessary tax hike on their products,” said Rep. Van Orden. “This bill works for everyone – farmers, cidermakers, and consumers – by allowing any type of fruit to be added to cider and taxed at the standard rate.”

    Currently, the tax code dictates that if a sparkling cider, wine, or mead is made with fruits other than apples and pears, then it can only be minimally carbonated, often to the point that it tastes flat to most consumers. If cidermakers want to carbonate their fruited drinks to the same level as other, non-fruited ciders, taxes on these fruited ciders triple. Rep. Salinas’ legislation allows cidermakers to create and carbonate fruited beverages without this higher tax burden, granting them more freedom to produce drinks to match public demand.

    “The Bubble Tax Modernization Act is a critical, overdue fix that will finally bring fairness to how cider is taxed in the U.S.,” said Monica Cohen, CEO of the American Cider Association. “It eliminates outdated penalties on carbonated, fruit-forward ciders and gives small cidermakers the freedom to innovate without being punished. This bill supports American agriculture, strengthens rural economies, and helps keep cider accessible to consumers. It’s common-sense legislation and we applaud Representatives Salinas and Van Orden for moving this forward.”

    “The Pacific Northwest is home to some of the most innovative and orchard-driven cider producers in the country. Yet outdated federal tax rules have unfairly penalized craft cideries and restricted innovation and expansion into the fruited cider category,” said Emily Ritchie, Executive Director of the Northwest Cider Association. “The Bubble Tax Modernization Act is a common-sense update that will allow our producers to grow, hire more local workers, and invest back into our rural communities and vibrant apple and pear orchards. This is a crucial step toward fairness and opportunity for the Northwest cider industry.” 

    “New York’s cider industry has become a national leader—thanks to the innovation, resilience, and agricultural roots of our cider producers. But outdated carbonation tax thresholds are holding us back,” said Scott Ramsey, Executive Director of the New York Cider Association. “The Bubble Tax Modernization Act represents a long-overdue step toward fairness for cider makers in New York and across the country. By leveling the playing field, this bill will empower our producers to expand their offerings, hire more local workers, and reinvest in the rural communities and orchards that fuel our economy. We’re proud to support this effort to strengthen one of New York’s most dynamic and agricultural industries.”

    The Bubble Tax Modernization Act is endorsed by the American Cider Association, Northwest Cider Association, North Carolina Cider Association, New York Cider Association, and Pennsylvania Cider Guild.

    To read the full text of this legislation, click here

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    MIL OSI USA News

  • MIL-OSI USA: Senate Intelligence Authorization Bill Advances with Key Provisions Authored by Senator Collins

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – U.S. Senator Susan Collins, a member of the Senate Select Committee on Intelligence, announced that the Committee advanced the Intelligence Authorization Act (IAA) for Fiscal Year 2026 by a 15-2 vote. The bill authorizes funding, provides legal authorities, and enhances congressional oversight for the U.S. Intelligence Community, and includes multiple provisions authored by Senator Collins. The bill now awaits consideration by the full Senate.

    “The Intelligence Authorization Act for Fiscal Year 2026 is critical for the Intelligence Community to defend U.S. interests and to arm policy and decision makers with critical information,” said Senator Collins. “This bipartisan bill would also build upon the effectiveness of the security clearance process, strengthen cybersecurity, and increase congressional oversight of the Intelligence Community.”

    The provisions co-authored by Senator Collins address the following issues:

    • Requiring improvement to the security of our voting and election systems through cybersecurity penetration testing and accreditation, by amending the Help America Vote Act of 2002. This provision was co-authored with Chairman Warner, and was originally introduced as the SECURE IT Act (“Strengthening and Enhancing Cybersecurity by Using Research, Education, Information, and Technology” Act) in the FY24 and FY25 IAA.
    • Ensuring continued support for victims of Anomalous Health Incidents (AHIs) by mandating that the Intelligence Community support Department of Defense AHI medical research, along with a requirement for the ODNI to issue standard AHI reporting guidelines. This provision was co-sponsored with Senators Cotton, Warner and Gillibrand.
    • Extension of the Cybersecurity Information Sharing Act of 2015, to 2035. This provision was co-sponsored with Senators Warner, King, and Rounds.

    Additional subjects of critical importance to Senator Collins which were included in this IAA were: AHI budget increase to military intelligence centers and health agencies for medical and mechanical research; new policy requirements to support biomedical and biotechnological research to defend against various threats; and multiple security clearance reform initiatives.

    MIL OSI USA News

  • MIL-OSI Canada: Mount Benson North transferred from B.C. to Snuneymuxw First Nation

    Source: Government of Canada regional news

    Snuneymuxw First Nation and the Province have completed a transfer of over 700 hectares of land on te’tuxwtun, also known as Mount Benson North, to the Nation, advancing its reconciliation journey.

    This marks the latest step in the implementation of the Snuneymuxw First Nation and British Columbia Land Transfer Agreement (2020). Under this agreement, over 3000 hectares of land is being returned to Snuneymuxw. 

    “This third transfer marks another meaningful step forward in restoring our responsibility over our lands,” said Chief Mike Wyse, Snuneymuxw First Nation. “Each parcel returned strengthens our Nation’s economic independence and renews our deep connection to te’tuxwtun North. More than 2,000 hectares of our village lands have yet to be returned under the agreement, and we remain firmly committed to continuing this vital work until every piece is restored, for our people and future generations.”

    The land will be held in fee simple by the Nation’s Petroglyph Development Group (PDG) and will join the Nation’s forestry business, Mount Benson Forestry.

    “PDG, through a Mount Benson Forestry Limited Partnership, will continue working with the land to build an economic engine that drives prosperity and strengthens self-determination,” said Ian Simpson, CEO, Petroglyph Development Group. “We are reclaiming our vital role within our territory and continuing a legacy of sustainable growth.”

    Spencer Chandra Herbert, Minister of Indigenous Relations and Reconciliation, said: “Working in partnership with Snuneymuxw First Nation on the next steps of our reconciliation agreement is helping to create more jobs in Nanaimo and the mid-Island, and build strong, healthier communities. Working together on the path of reconciliation makes life better for us all.”

    Since 2020, Snuneymuxw and B.C. have partnered on numerous agreements and collaborative work. This work was made possible with strong local and regional government support in the Nanaimo Regional District.

    Quotes:

    Randene Neill, Minister of Water, Land and Resource Stewardship —

    “This return of land supports economic opportunity and responsible stewardship, recognizing Snuneymuxw’s deep cultural and environmental connection to these lands since time immemorial. It creates opportunities for sustainable forestry, protects important wildlife habitat and brings lasting benefits to Snuneymuxw members and the wider mid-Island community. This is a meaningful step forward on the path of reconciliation, respecting Indigenous rights, supporting local economies and honouring the land.”

    Ravi Parmer, Minister of Forests —

    “This agreement puts the Snuneymuxw First Nation in the driver’s seat, bringing economic prosperity, protection of cultural values and greater certainty to the land base.”

    Sheila Malcolmson, MLA for Nanaimo-Gabriola Island —

    “Working together, we’ve moved forward. Today’s return of 700 hectares of land is part of the late premier John Horgan and my commitment to the Snuneymuxw First Nation to help resolve a long-standing desire for a greater stake in the economic development of Crown lands in their territory.”

    Learn More:

    Snuneymuxw First Nation: https://www.snuneymuxw.ca

    Petroglyph Development Group: https://petroglyphdg.com

    2020 Land Transfer Agreement: https://www2.gov.bc.ca/assets/download/0583431F80F9413B8CB15E0038583FC9

    2021 Snuneymuxw, Canada and British Columbia Memorandum of Understanding: https://www2.gov.bc.ca/assets/gov/environment/natural-resource-stewardship/consulting-with-first-nations/agreements/snuneymuxw_tripartite_mou_final_-_signed_by_all_july_28_2021.pdf

    212 hectares of land returned on Te’tuxwtun, known as Mount Benson East (2024):
    https://news.gov.bc.ca/releases/2024IRR0001-000020

    B.C. returning downtown Nanaimo village site to Snuneymuxw (2024): https://news.gov.bc.ca/releases/2024IRR0040-001110

    A backgrounder follows.

    MIL OSI Canada News

  • MIL-OSI USA: Kelly highlights need for Medicare Advantage Prior Authorization reform during Ways & Means hearing

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. — Today, during a joint hearing of the Ways & Means Subcommittees on Health & Oversight, U.S. Rep. Mike Kelly (R-PA), a member of the Ways & Means Subcommittee on Health, renewed calls for Medicare Advantage Prior Authorization reform and highlighted his highly popular legislation, the bipartisan Improving Seniors’ Timely Access to Care Act.

    “More than 33 million Americans, including more than 1.5 million Pennsylvanians, rely on Medicare Advantage as a part of their coverage. Patients, practitioners, and policymakers all agree — modernization of the prior authorization process is long overdue, and my legislation does just that,” said Rep. Kelly. “I am proud to reintroduce the Improving Seniors’ Timely Access to Care Act of 2025, which would move the health care sector into the 21st century by giving doctors and Medicare Advantage plans the tools to make health coverage decisions in a timely manner.”

    During Tuesday’s hearing, which focused on Medicare Advantage, Kelly highlighted how the legislation would improve both patient costs and patient outcomes. Kelly’s legislation has 145 co-sponsors in the U.S. House during the 119th Congress.

    You can watch his remarks from Tuesday’s hearing here.

    BACKGROUND

    The Improving Seniors’ Timely Access to Care Act would:

    • Establish an electronic prior authorization process for MA plans including a standardization for transactions and clinical attachments.
    • Increase transparency around MA prior authorization requirements and its use.
    • Clarify HHS’ authority to establish timeframes for e-prior authorization requests including   expedited determinations, real-time decisions for routinely approved items and services, and other prior authorization requests.
    • Expand beneficiary protections to improve enrollee experiences and outcomes.
    • Require HHS and other agencies to report to Congress on program integrity efforts and other ways to further improve the e-PA process.
    • Previously, Rep. Kelly led similar legislation in the 118th Congress. The Improving Seniors’ Timely Access to Care Act unanimously passed the House in the 117th Congress and was cosponsored by a majority of members in the Senate and House of Representatives. 

    You can read the full bill text here and a section-by-section here.

    MIL OSI USA News

  • MIL-OSI USA: Reps. Moore and Zinke Introduce Legislation to Codify Executive Order on National Parks

    Source: United States House of Representatives – Representative Riley Moore (WV-02)

    Washington, D.C. – Today, Congressman Riley M. Moore (WV-02) and Congressman Ryan Zinke (MT-01) introduced the PATRIOT Parks Act — which codifies President Trump’s Executive Order “Making America Beautiful Again by Improving Our National Parks.”

    Currently, the National Parks System faces more than $23 billion in deferred maintenance, including more than $200 million on parklands in West Virginia. This legislation implements increased entrance fees for foreign visitors at National Parks, with the additional funds being reinvested back into parks for maintenance and other basic operating costs. Senator Jim Banks of Indiana and Senator Tim Sheehy of Montana introduced companion legislation in the Senate.

    The bill is supported by the American Conservation Coalition Action (ACC Action) and the Property and Environment Research Center (PERC). Both organizations were instrumental in helping craft the President’s executive order. The Bull Moose Project and American Prairie are also supportive of the legislation.

    Congressman Moore issued the following statement:

    “From the New River Gorge in my home state to Shenandoah, the Great Smoky Mountains, the Everglades, and the Grand Canyon – God blessed our nation with a tremendous natural heritage. We owe it to future generations to ensure these natural marvels are protected.

    “Unfortunately, the National Park System currently faces a backlog of more than $23 billion in deferred maintenance, including more than $200 million on properties across the Mountain State. Our commonsense legislation keeps entry fees static for Americans while charging more for foreigners visiting our National Parks. This will allow us to finally start tackling this extensive maintenance backlog.”

    Here’s what others are saying:

    “National Parks are America’s best idea and maintaining that legacy for future generations means making smart investments in the management of the parks,” said Congressman Zinke. “Americans already pay for parks in our tax dollars as well as at the gates. It’s unfair to American taxpayers to foot the bill for millions of foreign visitors. Almost every other country charges foreign visitors more, it’s common sense. President Trump and Secretary Burgum did the right thing directing the National Park Service implement a foreign visitor fee. This legislation will codify the policy and ensure Americans are put First in our own parks.”

    “Americans already pay for our parks through federal taxes on top of standard admission fees, so it’s fair to ask foreign visitors to chip in more,” said Senator Banks. “This bill codifies President Trump’s executive order and helps protect our national treasures for future generations.”

    “Our national parks drive Montana’s tourism economy by bringing in visitors from all over the world and define our way life by offering an experience you can only find in America,” said Senator Sheehy. “Implementing a foreign visitor fee is an America First, commonsense way to secure affordable access for American families, improve our national parks for all visitors, and better manage our treasured public lands. It’s not too much for Americans to ask that their government puts them first, and that’s why I’m proud to support the PATRIOT Parks Act so more American families can enjoy our national parks for generations to come.”

    “Our national parks are America’s best idea and a crucial part of our natural heritage, but in recent decades, they have fallen into disrepair with a multibillion-dollar maintenance backlog,” said ACC Action President Chris Barnard.  “An increased entry fee for international visitors would raise needed revenue to steward our national treasures and ensure that everyone who enjoys them contributes to protecting them. The American Conservation Coalition Action and our thousands of members are proud to support this effort to bolster the National Park Service.”

    “Visitors from across the globe come to see the wonder of America’s national parks, and this proposal offers them a way to give back,” said PERC CEO Brian Yablonski. “Charging a modest fee to international tourists—something many countries already do—provides a steady source of funding to improve park infrastructure, enhance visitor experiences, and invest in long-overdue restoration. Drawing on years of PERC research, we’re grateful to Sen. Banks and Rep. Moore for championing efforts to conserve these iconic places for future generations.”

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    MIL OSI USA News

  • MIL-OSI USA: Moore’s Amendment Addressing Water Crisis in Southern Coalfields Passes House Appropriations Committee

    Source: United States House of Representatives – Representative Riley Moore (WV-02)

    Washington, D.C. – Today, Rep. Riley M. Moore’s amendment to address the the drinking water crisis in the Southern Coalfields of West Virginia passed the House Appropriations Committee. Congressman Moore worked in conjunction with Congresswoman Carol Miller on this important amendment.

    Specifically, the amendment directs the EPA to brief Congress on the federal resources available to communities, including Wyoming and McDowell Counties, that have high prevalence of violations of drinking water regulations.

    Rep. Moore and Rep. Miller issued the following statement:

    “Clean drinking water is a necessity, but tragically, some communities in West Virginia struggle to access this basic need. Our amendment that passed the House Appropriations Committee today will help us identify and deliver real solutions to this water crisis in the Southern Coalfields. No parent should ever have to wonder how they’re going to ensure their kids have water to drink or bathe in. We are committed to doing everything in our power to help these communities dealing with this terrible situation.”

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    MIL OSI USA News

  • MIL-OSI USA: ‘Why are we here?’ | Ranking Member Pingree Slams Sham Appropriations Process as Republicans Allow Trump to Usurp Power of the Purse

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    Congresswoman Chellie Pingree, Ranking Member of the Interior, Environment, and Related Agencies Subcommittee, spoke out against Republicans’ funding bill for the 2026 fiscal year during the Appropriations Committee’s markup today. In her opening remarks, Pingree called the entire appropriations process into question as the Trump Administration continues to undermine previous funding bills with cuts and rescissions. 

    “Now, as we Democrats are in the minority, we don’t expect to have a lot of power. But for all of us on this Appropriations Committee, why are we here and what is our role now as appropriators? Last week, the majority passed the Rescissions …and that bill eliminated spending that we had negotiated over the prior years,” Pingree said. “The hard work that we do every day in this committee, the hard work you’re doing right now—that is all gone when we pass the Rescissions bill. And how will it be any different once we pass this bill, or the other bills we intend to pass this week?”

    [embedded content]
    Watch Pingree’s full remarks here; Watch the Appropriations Committee markup here.

    Pingree also called out the reckless cuts this bill makes to the EPA, National Parks, and the arts and humanities, as well as 72 riders that undermine climate policies and add to the deficit.

    A transcript of Pingree’s opening remarks is copied below.

    +++

    Thank you, Mr. Chair, and thank you for yielding me the time. 

    First, I want to thank the Chair, Mr. Simpson, for the great working relationship we have on this committee. And thank you to Chairman Cole as well. Also, Rosa DeLauro, the Ranking Member of the full committee, for her amazing hard work on this committee, and to the staff on both sides of the aisle who work so hard to put together this legislation, and in particular the minority staff of this committee, Rita Culp, Jocelyn Hunn, and Michael Schmeltz. Thank you so much for all the work to get us here today.

    But I guess the first question I’d have to ask of the appropriators on this committee is, why are we actually here today? What is our role now as appropriators? In the last six months, we’ve seen President Trump propose a dramatic diminishment in the power of this committee and of the Congress. 

    Now, as we Democrats are in the minority, we don’t expect to have a lot of power. But for all of us on this Appropriations Committee, why are we here and what is our role now as appropriators? You know, everyone is so fond of saying they’re Republicans and Democrats and appropriators, but really, are there appropriators anymore? Do we actually have a role in this Congress? Do we have any more power? Last week, the majority passed the Rescissions package to the House, the Senate, back to the House again.

    And that bill eliminated spending that we had negotiated over the prior years. The hard work that we do every day in this committee, the hard work you’re doing right now—the snacks that you eat, the candy that’s going into your mouth, the amount of time that we take—that is all gone when we pass the Rescissions bill. And how will it be any different once we pass this bill, or the other bills we intend to pass this week?

    I truly appreciate Chairman Cole’s efforts to have this committee work through these bills and pass these bills. But the question is, what are we doing? And do we have any power left anymore? Now, this bill, like so many others, will continue the damage and the cuts that this President has done over the first six months of his presidency.

    I believe what he has done is illegal. These funding freezes and rescissions—and the compound damage he has done to our agencies and our states and communities—is something we will be dealing with for years. This bill—in particular at the EPA—cuts the funding to the states for water infrastructure by 62%. Cuts grant programs that fund our state environmental programs, and slashes the EPA by 23%.

    Nobody benefits when we make those levels of cuts. Our states still have to do the work—on water infrastructure, on permitting. But the cuts in this bill, coupled with the rescissions in the Big Ugly bill, will debilitate America’s ability to address the climate crisis or to address our infrastructure needs, or to make sure our vital needs in our states of permitting will be enacted.

    This presidency, this administration, is no longer just in denial. It is actively dismissing the government’s climate work and our vital environmental work. And this is work that needs to be done if we want to make sure we have a planet to hand over to our children and grandchildren. 

    Now, at the National Park Service, this bill cuts $213 million. And this is in addition to what happened in the Big Ugly bill, where nearly half a billion was rescinded from our national parks and our public lands. This is money that’s meant to go to conservation projects and habitat restoration, habitat restoration and critical staffing at our national parks. This is our vital season for national parks. And Americans want to be there.

     And it is all compounded because we have not reauthorized the Great American Outdoors Act, which is another $1.3 billion that should be going for the maintenance backlog. This bill also funds the arts, but what a mess this administration has made of that. It was appalling to watch this administration illegally terminate thousands of grants at the NEA and the NEH.

    They fired nearly 80% of the NEH staff, and they revoked funding for our State Humanities Council. This is money that’s meant to go to our communities, to our artists and workers, to kids in rural schools, to local economies that rely on cultural institutions and a don’t have a lot of other sources for funding. They’ve cut the Smithsonian by 12%, the National Gallery by 11%.

    [They’re] gutting these funds, by cutting these funds and sidelining anything that they deem artistically and culturally offensive. They are gutting our arts and cultural institutions. I am relieved—and I’m grateful to the chair of the subcommittee and the full committee—that funding for tribal programs didn’t suffer the same cuts. And I appreciate that bipartisan cooperation and understanding of our treaty and trust obligation.

    This bill also has 72 poison pill riders going after environmental protection, undermining our climate policies, and adding to our deficit. And overall, these cuts will only contribute to our struggling agencies. At the same time, this administration is redirecting funds to tax cuts and increasing our deficit by $3.4 trillion. 

    So I just want to go back to ending as I started this opening, OMB Director Vought has promised to send us more rescission packages. Each time we pass a rescission package, we undo—we wipe out—all the hard work we do negotiating in this committee. He said he’s looking to change the paradigm in appropriations, and that appropriations has to be less bipartisan. 

    When’s the last time one of your constituents came up to you and said, you people should be less bipartisan. You people should fight more, bicker more, and do less of what we ask you to do. How often do you hear that? 

    Now we’re appropriators, and we’re all proud to get to this moment when we actually get to serve on this committee. So let’s do our job. Let’s be appropriators, and let’s fight back for the power that goes to this committee and to our Congress. I encourage you to oppose this bill, unfortunately, and I yield back my time.

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    MIL OSI USA News

  • MIL-OSI USA: Democrats Fight Against Republican Funding Bill that Raises Utility Bills and Energy Prices, Slashes Resources for the Arts and National Parks

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    During today’s House Appropriations Committee markup of the 2026 Interior, Environment, and Related Agencies funding bill, Democrats shined a light on how Republicans drafted yet another funding bill that makes the cost-of-living crisis worse. Their bill raises energy utility bills while slashing funds for National Parks and the arts.

    House Republicans’ Interior funding bill takes an aggressive anti-environment, pro-pollution stance with crippling cuts to the Environmental Protection Agency (EPA) and policy provisions that endanger public health. 

    The bill:

    • Raises utility bills by shifting costs onto state and local governments and making utilities more expensive through funding cuts and extreme policies that would cripple renewable energy development.
    • Exposes more Americans to contaminated and polluted water by cutting funds for state and local governments to help communities across the country access clean, safe drinking water.
    • Worsens the climate crisis by defunding all Environmental Protection Agency (EPA) climate work.
    • Slashes funding for national parks, threatening Americans’ ability to enjoy public lands.
    • Guts resources for museums, arts, and culture, suppressing American’s engagement with the arts and art education.
    • Favors polluters over public health through dozens of harmful policies that undermine EPA’s ability to regulate pollution. 
    • Promotes environmental discrimination against rural and poor communities by defunding environmental justice initiatives, making it more difficult for hardworking people to deal with the rising costs associated with climate change. 
    • Exploits public lands and accelerates ecosystem decline by allowing harmful and dirty mining activities and by removing Endangered Species Act protections for numerous species.

    “Since President Trump took office, his Administration has undertaken a concerted and alarming assault on Congress’s power of the purse, with Republicans willingly ceding their authority to the Executive Branch,” Interior, Environment, and Related Agencies Appropriations Subcommittee Ranking Member Chellie Pingree (D-ME-01) said.“Coupled with the Administration’s illegal funding freezes, reckless cuts and rescissions, and the Republican Majority’s inability to pass full-year funding bills, it’s clear that the FY2026 Interior and Environment funding bill Republicans on the Committee passed today is nothing more than a hollow attempt at governance. This funding bill perpetuates a dangerous pattern of cuts and policy decisions that harm public health, weaken environmental protections, and threaten our treasured national parks. It undermines bipartisan agreements, deepens existing crises, and puts critical programs at risk, including drastic cuts to water infrastructure, EPA programs, and the arts and humanities. Congress must reclaim its constitutional authority and stop enabling this destructive agenda.”

    Congresswoman Chellie Pingree’s full remarks are here.

    “We are in the middle of a cost-of-living crisis. President Trump promised to lower costs on day one, but instead, he and House Republicans are making the cost-of-living crisis even worse,” Appropriations Committee Ranking Member Rosa DeLauro (D-CT-03) said. “House Republicans 2026 Interior, Environment funding bill would raise utility bills and energy prices, worsen the climate crisis, put polluters over public health, and abandon stewardship of our National Parks, all to benefit billionaires and big corporations. It doubles-down on President Trump’s pro-pollution, anti-environment, anti-Arts agenda. Instead of working with Democrats to make investments that can help lower their costs, protect our environment, and preserve our public lands and institutions, Republicans have put forward a bill that favors billionaires’ and corporations’ right to pollute and destroy the environment over the health and safety of the American people.”

    Congresswoman DeLauro’s full remarks are here.

    During today’s markup, Democrats fought to:

    • Increase funding for the Clean Water and Drinking Water State Revolving Funds to overcome House Republicans more than 60 percent cut to these critical funds that help ensure people in every state have access to clean water.
    • Restore funding for the National Endowment for the Arts and the National Endowment for the Humanities.
    • Prevent Republicans’ elimination of environmental justice resources. 

    House Republicans rejected these efforts. 

    A summary of the bill is here. A fact sheet is here. 

    The text of the bill, before the adoption of amendments in full committee, is here. The bill report, before the adoption of amendments in full Committee, is here. Information on Community Project Funding in the bill is here.

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    MIL OSI USA News

  • MIL-OSI USA: Pillen Thanks, Welcomes Home Nebraska Task Force One

    Source: US State of Nebraska

    . The 45-member group — Nebraska’s Urban Search and Rescue (US&R) Team — spent the last two weeks helping aid flood recovery efforts in Texas.   

    “As Nebraskans always do, Nebraska Task Force One stepped up to help our neighbors in need. We can’t thank these heroes enough,” said Gov. Pillen. “Our hearts continue to break as we think about the families and communities that have forever been changed. The State of Nebraska stands with our sister state Texas and will continue to coordinate with Governor Greg Abbott and do what we can to help Texans.” 

    Nebraska Task Force One is one of 28 US&R groups in the national disaster response system. Normally, those groups are deployed and managed under the Federal Emergency Management Agency (FEMA). This situation was unique in that the deployment was directed under the authority of Gov. Pillen through the Nebraska Emergency Management Act. 

    MIL OSI USA News

  • MIL-OSI USA: Luttrell, Guest Highlight Cybersecurity Concerns at U.S. Border

    Source:

    WASHINGTON — Congressmen Morgan Luttrell (R-TX) and Michael Guest (R-MS) urged the Department of Homeland Security to address potential cybersecurity concerns in systems used by U.S. Customs and Border Protection (CBP) at the border.

    CBP deploys advanced technology to secure our nation’s borders, including unmanned aerial systems, biometric identification systems, autonomous surveillance towers, land mobile radio communications, and the Border Enforcement Coordination Network. These critical operational systems require robust cybersecurity measures to protect against cyber threats that could compromise border security operations.

    In their letter, the members wrote:

    “We must defend our borders not only from physical threats, but from the growing danger in cyberspace. Our adversaries are getting smarter, faster, and more aggressive. That means our defenses must be sharper, stronger, and always one step ahead.”

    Under President Donald Trump’s second term in office, the southern border has witnessed unprecedented security — including record low illegal crossings and the construction of a border wall. The success of these efforts must not be diminished by vulnerabilities in the United States’ cybersecurity systems.

    Read the full letter here.

    MIL OSI USA News

  • MIL-OSI USA: SCHUMER ANNOUNCES MAJOR STEP FORWARD FOR BUILDING NEW CAPITAL DISTRICT ARMORY FOR NY ARMY NATIONAL GUARD’S 42ND INFANTRY DIVISION HEADQUARTERS

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Current 42nd Infantry Division HQ Armory Built in 1971 Has Long-Been Running Out Of Space, Technology, And Infrastructure Needed To Maintain US Army Division HQ And Support Training, Readiness, And Mission Requirements

    After Months Of Work, Schumer Just Secured New $90M Authorization – Unlocking The Funding Process – For Project In The FY 2026 Senate NDAA; Senator Is Pushing To Deliver $$ In Future Appropriations Bill For New, Consolidated National Guard Headquarters

    Schumer: NDAA Authorization Is A Major Step Forward For A New Armory For NY Army National Guard’s 42nd Infantry Division In Capital Region!

    U.S. Senator Chuck Schumer today announced a major step forward for building a new armory and readiness center for the NY Army National Guard’s 42nd Infantry Division Headquarters to be located in Colonie at the former site of the old Heritage Park minor league baseball stadium that was home to the Albany-Colonie Yankees. The long needed new HQ will also consolidate NY Army National Guard facilities currently located at Watervliet Arsenal, which is needed to maximize space and accommodate planned modernization and expansion projects at Watervliet Arsenal.

    Schumer explained the current armory does not meet Army division HQ requirements, and securing this authorization for funding in the Senate’s National Defense Authorization Act (NDAA) for Fiscal Year (FY) 2026 is a critical milestone that unlocks the funding process. The next step is to pursue funding in future appropriations. The $90 million authorization he secured to be eligible for the project in the Senate is a massive step forward for the NY Army National Guard which has long been pushing for a new modern expanded armory and readiness center.

    “This is a major step towards securing funding to build a new Armory for the 42nd Infantry Division, all while breathing new life into the former site of the Heritage Park minor league in Colonie. NY’s Army National Guard is critical to our national security, but the 42nd Infantry Division’s current headquarters was built over 50 years ago and needs more space to meet the Army’s growing requirements. When I heard the NY National Guard needed help to continue its vital mission and service in the Capital Region, I immediately got to work to secure this critical funding authorization so it can receive future appropriations funding in order to begin the process of building a new, modern facility,” said Senator Schumer. “This funding authorization in the Senate’s national defense bill is a major milestone for building a new state-of-the-art armory and readiness center for the Rainbow Division. I will continue to fight tooth and nail to secure this funding in future appropriations so we can get shovels in the ground for this new Armory.”

    Major General Ray Shields, Adjutant General, New York National Guard said, “Senator Schumer has delivered again for the New York Army National Guard – in the National Defense Authorization Act for FY2026 with $90M in authorized federal funds to build a new Readiness Center in Albany for the historic 42nd Infantry Division. Because of the Senator’s efforts to authorize this funding, we are one step closer to the construction of this new 140,000 square foot facility. The impact of this facility on the Division’s readiness will be significant and long lasting.”

    Schumer explained that the 42nd Infantry Division Armory in Troy was constructed in 1971 for a smaller organization, but the current Armory housing headquarters does not meet the Army’s minimum facility requirements, with the Division growing and needing a larger space. Simultaneously, the Watervliet Arsenal is modernizing its manufacturing facilities and production streams. However, as a result, this will displace the National Guard Division’s warehouses located on Watervliet Arsenal grounds by 2028. The New York Army National Guard will move the warehouses at Watervliet Arsenal to the site of the current Armory will continue to be used by the NYNG.

    Building a new, modernized Armory to house headquarters and consolidating warehouses, now at Watervliet, to the old Heritage Park site in Colonie would ensure that the 42nd Infantry Division has the centralization, resources, infrastructure, and capabilities needed to maintain the division’s mission readiness and its training and deployment activities.

    Albany County Executive Daniel P. McCoy said, “Building a new Capital District Armory on the former site of Heritage Park would be a win-win for both the NY Army National Guard’s 42nd Infantry Division and Albany County. A new division headquarters, on what has been a long vacant county-owned property, would accommodate the need for more space in a modern facility. It would also provide a nice shot in the arm for our restaurants and hotels in that area. I want to thank Senator Schumer for his continued efforts to move this forward and secure funding for what will be a transformational project. This state of the art center will keep the Division mission ready and be able to maintain vital training and preparation for deployments.” 

    Schumer took action to push for the federal funding needed to support the Army’s operations in the Capital Region. NY State has already provided $5 million to acquire a new Capital Region location for a headquarters facility near the Albany International Airport that is shovel-ready and capable of handling large military vehicles. The state has also delivered $10 million to advance design and has pledged to contribute an additional $30 million to bring this idea to life if the federal government is able to deliver the $90 million needed to complete the project.

    MIL OSI USA News

  • MIL-OSI USA: SCHUMER SECURES PROVISION IN SENATE NATIONAL DEFENSE AUTHORIZATION BILL TO ADDRESS FORT DRUM’S LONG-NEEDED EXPANSION FOR MATERNAL HEALTH CARE TO SUPPORT MILITARY MOMS & FAMILIES ON BASE – AND AT RURAL…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Fort Drum Has History Of OB/GYN Staffing Shortage & Relying on Local Hospitals & Providers For Maternal Care; Amid Nationwide OB/GYN Shortage, Senator Says Department of Defense Needs To Boost Access To Maternal Health Care At Fort Drum & In Watertown, As Well As Military Installations Across The U.S.

    After Months Of Work, Schumer Just Secured Language In The Senate NDAA To Address The Longstanding Maternal Healthcare Issues At Fort Drum, Directing The DoD To Develop A Comprehensive Plan & Study Of The OB/GYN Shortage In The Greater Watertown Area

    Schumer: Fort Drum’s Military Moms & Families Deserve The Very Best When It Comes To HealthCare

    U.S. Senator Chuck Schumer today announced he has secured legislation in the Senate’s National Defense Authorization Act (NDAA) for Fiscal Year 2026 (FY26) to begin to address the long standing shortage of Obstetrician-Gynecologists (OB/GYNs) at Fort Drum. For years, Fort Drum has faced shortages of OB/GYNs, forcing soldiers and military families in need of maternal health care to seek care from local hospitals off base or to drive for hours when local care is unavailable.

    Schumer said if this language passes into the final NDDA it would require the Department of Defense (DoD) and the Defense Health Agency (DHA) to immediately begin work to create a comprehensive plan to expand OB/GYN care serving Fort Drum and the surrounding Watertown area.

    “Our Fort Drum military moms & families, who serve our nation proudly, deserve better access to vital maternal healthcare. But right now, our servicemembers at Fort Drum and their families often have to leave base to access the basic maternal healthcare they need. The bottom line is that we need to take better care of our brave military moms,” said Senator Schumer. “The North Country already experiences major shortages when it comes to recruiting OB/GYNs, and we can’t be forcing our military families who sacrifice so much to be stuck without the proper care they need when they move to our community in service to our country. That is why I am proud to have secured a provision in the Senate NDAA to put Fort Drum’s military moms & families’ first. This is a massive step in the right direction, and we need DoD to immediately address this urgent need to expand OB/GYN care at military installations and make sure families—both at Fort Drum and around the country—have what they need to be safe and healthy. Fort Drum is woven in the very fabric of the North Country, and our military families, military moms and those on the base deserve only the best when it comes to health care.”

    Fort Drum has a history of relying on the civilian healthcare network for primary health care, as well as specialty care provided by OB/GYNs. When Camp Drum became Fort Drum in 1974, the decision was made to not build a hospital on-post, and to instead only have a clinic, in order to integrate Fort Drum families with the local network in Watertown.

    Shortages of OB/GYN providers on base force those in need of maternal health care to seek care in the community for a multitude of reasons, which can range in urgency from routine check-ups to emergency childbirth. Samaritan Medical Center and Carthage Area Hospital serve Fort Drum soldiers and families with incredible dedication and top-notch medical care, but when their OB/GYNs are spread too thin, soldiers and families must travel over an hour and a half to Syracuse or farther for care. Schumer said this not only increases the risk to patients unnecessarily, but it also saddles soldiers with expenses that they are not eligible to be compensated for under the Department of Defense’s Joint Travel Regulation (JTR).

    To help fix the situation, Schumer proudly pushed for and successfully secured language in the Senate version of the NDAA to develop a plan & study the administrative and cost barriers to expanding OB/GYN care specifically in the Watertown area and to create a comprehensive plan to expand OB/GYN care serving Fort Drum. The provision also directs the Secretary of Defense to brief Congress on the plan December 1 of this year to ensure that there is no more delay in providing the Fort Drum community with reliable, high-quality maternal health care close to home.

    Schumer said the shortage of OB/GYNs at Fort Drum is part of a nationwide shortage, with particularly low access in rural areas. OB/GYNs have one of the highest attrition rates compared to most medical professions, and increased threats to OB/GYN safety driven by anti-abortion politics. Labor and delivery units, especially in rural areas, are currently closing nationwide due to low reimbursement, and with Medicaid paying for more than 40% of births across the country, even more L&D units are at risk. The recent GOP cuts to Medicaid – the largest in history – will force more units in rural parts of the country to close. This will exacerbate the already dire situation of limited access to critical OB/GYN care for those living on bases in rural America.

    Erika Flint, Executive Director, Fort Drum Regional Health Planning Organization, said “Ensuring access to high-quality OBGYN care for military members and their families continues to be a key focus for the local healthcare community. Maintaining this standard of care—locally and consistently—reflects a deep commitment to the well-being of those who serve. We appreciate the support and attention given to this issue by Senator Schumer, which affects our North Country families, both civilian and military alike.”

    MIL OSI USA News

  • MIL-OSI USA: SCHUMER SECURES PROVISION IN SENATE NATIONAL DEFENSE AUTHORIZATION BILL TO ADDRESS FORT DRUM’S LONG-NEEDED EXPANSION FOR MATERNAL HEALTH CARE TO SUPPORT MILITARY MOMS & FAMILIES ON BASE – AND AT RURAL…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Fort Drum Has History Of OB/GYN Staffing Shortage & Relying on Local Hospitals & Providers For Maternal Care; Amid Nationwide OB/GYN Shortage, Senator Says Department of Defense Needs To Boost Access To Maternal Health Care At Fort Drum & In Watertown, As Well As Military Installations Across The U.S.

    After Months Of Work, Schumer Just Secured Language In The Senate NDAA To Address The Longstanding Maternal Healthcare Issues At Fort Drum, Directing The DoD To Develop A Comprehensive Plan & Study Of The OB/GYN Shortage In The Greater Watertown Area

    Schumer: Fort Drum’s Military Moms & Families Deserve The Very Best When It Comes To HealthCare

    U.S. Senator Chuck Schumer today announced he has secured legislation in the Senate’s National Defense Authorization Act (NDAA) for Fiscal Year 2026 (FY26) to begin to address the long standing shortage of Obstetrician-Gynecologists (OB/GYNs) at Fort Drum. For years, Fort Drum has faced shortages of OB/GYNs, forcing soldiers and military families in need of maternal health care to seek care from local hospitals off base or to drive for hours when local care is unavailable.

    Schumer said if this language passes into the final NDDA it would require the Department of Defense (DoD) and the Defense Health Agency (DHA) to immediately begin work to create a comprehensive plan to expand OB/GYN care serving Fort Drum and the surrounding Watertown area.

    “Our Fort Drum military moms & families, who serve our nation proudly, deserve better access to vital maternal healthcare. But right now, our servicemembers at Fort Drum and their families often have to leave base to access the basic maternal healthcare they need. The bottom line is that we need to take better care of our brave military moms,” said Senator Schumer. “The North Country already experiences major shortages when it comes to recruiting OB/GYNs, and we can’t be forcing our military families who sacrifice so much to be stuck without the proper care they need when they move to our community in service to our country. That is why I am proud to have secured a provision in the Senate NDAA to put Fort Drum’s military moms & families’ first. This is a massive step in the right direction, and we need DoD to immediately address this urgent need to expand OB/GYN care at military installations and make sure families—both at Fort Drum and around the country—have what they need to be safe and healthy. Fort Drum is woven in the very fabric of the North Country, and our military families, military moms and those on the base deserve only the best when it comes to health care.”

    Fort Drum has a history of relying on the civilian healthcare network for primary health care, as well as specialty care provided by OB/GYNs. When Camp Drum became Fort Drum in 1974, the decision was made to not build a hospital on-post, and to instead only have a clinic, in order to integrate Fort Drum families with the local network in Watertown.

    Shortages of OB/GYN providers on base force those in need of maternal health care to seek care in the community for a multitude of reasons, which can range in urgency from routine check-ups to emergency childbirth. Samaritan Medical Center and Carthage Area Hospital serve Fort Drum soldiers and families with incredible dedication and top-notch medical care, but when their OB/GYNs are spread too thin, soldiers and families must travel over an hour and a half to Syracuse or farther for care. Schumer said this not only increases the risk to patients unnecessarily, but it also saddles soldiers with expenses that they are not eligible to be compensated for under the Department of Defense’s Joint Travel Regulation (JTR).

    To help fix the situation, Schumer proudly pushed for and successfully secured language in the Senate version of the NDAA to develop a plan & study the administrative and cost barriers to expanding OB/GYN care specifically in the Watertown area and to create a comprehensive plan to expand OB/GYN care serving Fort Drum. The provision also directs the Secretary of Defense to brief Congress on the plan December 1 of this year to ensure that there is no more delay in providing the Fort Drum community with reliable, high-quality maternal health care close to home.

    Schumer said the shortage of OB/GYNs at Fort Drum is part of a nationwide shortage, with particularly low access in rural areas. OB/GYNs have one of the highest attrition rates compared to most medical professions, and increased threats to OB/GYN safety driven by anti-abortion politics. Labor and delivery units, especially in rural areas, are currently closing nationwide due to low reimbursement, and with Medicaid paying for more than 40% of births across the country, even more L&D units are at risk. The recent GOP cuts to Medicaid – the largest in history – will force more units in rural parts of the country to close. This will exacerbate the already dire situation of limited access to critical OB/GYN care for those living on bases in rural America.

    Erika Flint, Executive Director, Fort Drum Regional Health Planning Organization, said “Ensuring access to high-quality OBGYN care for military members and their families continues to be a key focus for the local healthcare community. Maintaining this standard of care—locally and consistently—reflects a deep commitment to the well-being of those who serve. We appreciate the support and attention given to this issue by Senator Schumer, which affects our North Country families, both civilian and military alike.”

    MIL OSI USA News

  • MIL-OSI USA: Luján Secures Nearly $190 Million in Federal Investments for New Mexico in Committee-Passed Appropriations Bills

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.) announced funding secured for New Mexico communities through the Appropriations Committee’s bipartisan passage of the Fiscal Year (FY) 2026 Military Construction, Veterans Affairs, and Related Agencies (MilCon-VA) Appropriations Bill and Fiscal Year (FY) 2026 Commerce, Justice, Science, and Related Agencies (CJS) Appropriations Bill.

    From both appropriations bills, Senator Luján secured $189,820,000 for key local projects that will strengthen our national security, boost violence intervention programs, and equip law enforcement with the resources needed to keep New Mexico communities safe.  

    “Across New Mexico, these vital investments will deliver resources to enhance public safety in our communities and upgrade infrastructure at our military bases to boost our military’s readiness and safety,” said Senator Luján. “This funding will equip our brave law enforcement officers with the tools they need to protect New Mexicans, support programs aimed at reducing youth violence and violence in Tribal communities, and reinforce critical infrastructure at our military bases. I’m proud to have fought to secure these investments for our communities, and I’ll continue working to deliver the federal support our families and communities need and deserve.”

    The Committee process is the first step, and the appropriations bills will next be considered by the full U.S. Senate.

    Senator Luján Secured Nearly $190 Million for the Following Local Projects:

    Strengthening New Mexico’s Air Force Bases:

    • $90,000,000 for Cannon Air Force Base to construct a 192-bed dormitory. Secured by Senator Luján and Senator Heinrich.
    • $83,000,000 for Kirtland Air Force Base to construct a Space Rapid Capabilities Office. Secured by Senator Luján and Senator Heinrich.
    • $8,100,000 for infrastructure upgrades at Cannon Air Force Base, specifically for ADAL Security Forces Facility. Secured by Senator Luján and Senator Heinrich.
    • $2,000,000 for infrastructure upgrades at Kirtland Air Force Base, specifically for the design for the Wyoming Gate Project. Secured by Senator Luján and Senator Heinrich.
    • $700,000 for infrastructure upgrades at Holloman Air Force Base, specifically for the design for the Holloman High Speed Test Track. Secured by Senator Luján and Senator Heinrich.

    Boosting Public Safety Throughout New Mexico:

    • $1,069,000 for the City of Albuquerque’s Real Time Crime Center for the purchase of law enforcement technology.
    • $1,042,000 for Bernalillo County Sheriff’s Office to purchase a new fleet of vehicles.
    • $1,031,000 for the New Mexico Department of Public Safety Police to provide 5G technology in fleet vehicles. Secured by Senator Luján, Senator Heinrich, and Representative Stansbury in the House-companion bill.
    • $1,000,000 for UNM Office of the Medical Investigator DNA processing laboratory to allow for the purchase of equipment for DNA identification. Secured by Senator Luján and Senator Heinrich.
    • $500,000 for Bernalillo County public safety technology upgrades to address high rates of crime in the Albuquerque metro area. Secured by Senator Luján, Senator Heinrich, and Representative Vasquez in the House-companion bill.
    • $250,000 for the San Juan County Partnership’s Law Enforcement Assisted Diversion (LEAD) program to assist in mitigating individuals with substance use disorder or mental/behavioral health challenges from continuously interacting with law enforcement.

    Funding Violence Intervention and Prevention Programs:

    • $1,0350,000 for the City of Albuquerque’s expansion of school-based violence intervention program to assist at risk students by improving grades and reducing youth violence.
    • $93,000 for the Coalition to Stop Violence Against Native women to address challenges in domestic violence and sexual violence in Tribal communities.

    MIL OSI USA News

  • MIL-OSI USA: Luján Statement on Latest CBO Analysis of Final Republican Budget Bill

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Nonpartisan Congressional Budget Office Predicts Republican Bill Will Add $3.4 Trillion to National Debt

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Budget Committee, issued the following statement after the nonpartisan Congressional Budget Office (CBO) published analysis that the final version of the Republican Budget Betrayal will add $3.4 trillion to the national debt over the next 10 years:

    “The latest CBO analysis confirms what we’ve known all along: the Republican budget betrayal will deal a devastating blow to our nation’s fiscal future and harm New Mexico families.

    “This law will rip health care away from millions of Americans, take food off the tables of hungry children, and pile an additional $3.4 trillion to the national debt. To satisfy President Trump’s demands, Congressional Republicans rushed through a reckless plan that cuts critical lifelines for working families, all to hand out massive tax breaks to the ultra-wealthy and big corporations.

    “The facts are clear: Congressional Republicans turned a blind eye and pushed through legislation that hurts children, families, and seniors, and leaves the American people to foot the bill.”

    Senator Luján backed a series of amendments and motions to the Republican reconciliation bill aimed at protecting access to health care and nutrition programs and lowering costs for New Mexicans. Senate Republicans blocked these common-sense proposals from Senator Luján and Senate Democrats. 

    MIL OSI USA News

  • MIL-OSI Canada: A new partnership for economic cooperation

    Source: Government of Canada regional news (2)

    MIL OSI Canada News

  • MIL-OSI USA: Case To Host Another Live District-Wide Tele-Talk Story July 29th

    Source: United States House of Representatives – Congressman Ed Case (Hawai‘i – District 1)

    (Washington, DC) – U.S. Representative Ed Case (HI-01), now in his sixth full term in the U.S. House, will host another live virtual Tele-Talk Story with constituents on Tuesday, July 29, 2025. The event will be broadcast live on his Facebook page at @repedcase and on his official web site at https://case.house.gov/events/.

    “It is critical to my representation of a very diverse district in Congress that I communicate openly and frequently with my over 700,000 constituents in all possible ways,” said Case. “My regular in-person and virtual live districtwide events, at which I report back from Congress, listen to concerns and guidance and answer questions, have been a central part of my connection with my district throughout my time on Capitol Hill.”

    Since returning to Congress in 2019 representing Hawaii’s First Congressional District (Honolulu from Makapu’u to Mililani and Kapolei), Case has held 55 live districtwide in-person and virtual Talk Story meetings with his constituents, including throughout COVID-19. Case also served in Congress representing Hawaii’s Second Congressional District (Windward, North Shore, West O’ahu and all other islands) from 2002 to 2007, during which he hosted 172 live in-person Talk Story community meetings throughout the islands in order to reach a far more dispersed constituency.

    To broaden his 1st Congressional community outreach, Case also this year initiated his Walk Stories, in which he spends a week home from Capitol Hill randomly walking communities throughout his district, talking with his constituents where they live, work and play. He has completed two Walk Stories, as follows:  

    1.   In July, Case walked the communities of Pālolo, Kaimukī , Mō‘ili‘ili, Kalihi, Salt Lake, Āliamanu, Foster Village, Moanalua, Hālawa and ‘Aiea.

    2.   In April, Case walked parts of Kalama Valley, Niu Valley, ‘Āina Haina, Wai‘alae, Nui Valley, McCully, Pearlridge, Waimalu, Pearl City, Pacific Palisades, Mililani Mauka, Waipi‘o Acres, Waipahu, ‘Ewa Beach, ‘Ewa Villages, Kalaeloa and Kapolei.

    To join Case’s July 29th Tele-Talk Story, constituents can call during the Talk Story at (855) 274-9528 or go to https://case.house.gov/live/ or https://www.facebook.com/RepEdCase/ for a live broadcast or anytime during the Talk Story.

    Questions can be submitted in advance by emailing the Congressman at ed.case@mail.house.gov or, during the Talk Story, on his Facebook page at https://www.facebook.com/RepEdCase/.

    ###

    MIL OSI USA News

  • MIL-OSI Submissions: ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy

    Source: The Conversation – Canada – By Heather Roberts, PhD Candidate in Screen Cultures and Curatorial Studies, Queen’s University, Ontario

    Samara Weaving in the horror film ‘Ready or Not.’ Weaving plays Grace, a bride who must survive until dawn on her wedding day as her in-laws hunt her down. (Searchlight Pictures)

    This story contains spoilers about ‘Ready or Not’ and ‘The Menu.’

    When Amazon founder Jeff Bezos and fiancée Lauren Sánchez held their lavish three-day wedding celebration in Venice recently, it wasn’t just a party — it was a spectacle of wealth, reportedly costing between US$47 million and US$56 million.

    Critics highlighted the environmental toll of such an event on the fragile, flood-prone city, while protesters took to the streets to condemn the wedding as a tone-deaf symbol of oligarchical wealth at a time when many can’t afford to pay rent, let alone rent an island.

    The excessive show of opulence felt like the opening of a horror film, and lately, that’s exactly what horror has been giving us. In films like Ready or Not (2019) and The Menu (2022), the rich aren’t simply out of touch; they’re portrayed as predators, criminals or even monsters.




    Read more:
    Horror comedy ‘The Menu’ delves into foodie snobbery when you’re dying for a cheeseburger


    These “eat-the-rich” films channel widespread anxieties about the current socioeconomic climate and increasing disillusionment with capitalist systems.

    In a world where the wealthy and powerful often seem to act with impunity, these films expose upper-class immorality and entitlement, and offer revenge fantasies where those normally crushed by the system fight back or burn it all down.

    Horror takes aim at the wealthy

    Originally a quote from social theorist Jean-Jacques Rousseau during the French Revolution, “eat the rich” has re-emerged in recent years in public protests and on social media in response to increasing socioeconomic inequality.

    In cinema, eat-the-rich films often use grotesque hyperbole or satire to reveal and critique capitalist systems and the behaviours of the wealthy elite.

    Film scholar Robin Wood argues that horror films enact a return of what is repressed by dominant bourgeois — that is, capitalist — ideology, typically embodied by the figure of the monster.

    He cites The Texas Chain Saw Massacre (1974), a classic example of anti-capitalist sentiment in horror that depicts Leatherface (Gunnar Hansen) and his working-class family as monstrous victims of the 1970s industrial collapse. Rather than accept repression, they return as cannibalistic monsters, making visible the brutality of capitalist systems that exploit and degrade people like obsolete commodities.

    But in eat-the-rich horror, it is the wealthy themselves who become the monsters. The locus of repression becomes their privilege, which is often built on exploitation, inequality and invisible or normalized forms of harm.

    These films render these abstract systems tangible by making the elite’s monstrosity visible, literal and grotesque.

    Revenge horror for the 99 per cent

    Recent horror films are increasingly using genre conventions to critique wealth, privilege and the systems that sustain them.

    Ready or Not turns the rich into bloodthirsty monsters who maintain their fortune through satanic rituals and human sacrifice. Grace (Samara Weaving) marries into the Le Domas family, board game magnates who initiate new family members with a deadly game of hide-and-seek. She must survive until dawn while her new in-laws hunt her down to fulfil a demonic pact.

    The film critiques the idea of inherited wealth as something earned or honourable, combining humour and horror to reflect anxieties about class entrenchment and the moral decay of the elite.

    Trailer for the 2019 horror film ‘Ready or Not.’

    The Le Domases are monstrous not only for their violence, but for how casually they justify it. When several maids are accidentally killed in the chaos, they react with self-pity, indifferent to who must be sacrificed to maintain their wealth.

    In The Menu, the rich are portrayed as monstrous not through physical violence, but through their moral failings — like financial crimes and infidelity — and their hollow consumption of culture.

    Celebrity chef Julian Slowik (Ralph Fiennes) lures wealthy foodies to his exclusive island restaurant, using food as a weaponized form of art to expose guests’ hypocrisy and misdeeds. In one scene, guests are served tortillas laser-printed with incriminating images, such as banking records and evidence of fraudulent activity.

    The tortilla scene from the 2022 horror film ‘The Menu.’

    The film criticizes consumption in an industry where food is no longer a source of enjoyment or sustenance, but a status symbol for the elite to display their wealth and taste.

    Why these films are striking a nerve now

    It’s no surprise that audiences are turning to horror to make sense of systems that feel increasingly bleak and inescapable. In Canada, the cost of living continues to outpace wages, housing affordability remains an issue for many, while grocery prices are a source of horror in their own right.

    A university degree, once considered a reliable path to stability, no longer guarantees the financial security of a salaried job. Many Canadians now rely on gig economy jobs as supplementary income.

    Meanwhile, the wealth gap is increasing and obscene displays of wealth — like a multi-million-dollar wedding — can feel disconnected, even offensive, to people experiencing financial precarity.

    Eat-the-rich films tap into this collective sense of injustice, transforming economic and social anxieties into a cathartic spectacle where ultra-wealthy villains are held accountable for their actions.

    Margot, played by Anya Taylor-Joy, and executive chef Julian Slowik, played by Ralph Fiennes, in ‘The Menu.’
    (Eric Zachanowich/Searchlight Pictures)

    At the end of Ready or Not, the members of the Le Domas family explode one by one and their mansion burns down. In The Menu, the guests are dressed up like s’mores and immolated. In both films, fire serves as a symbolic cleansing of the wealthy, their power and the systems that protect them.

    More than that, these films provide someone to root for: working-class protagonists who are targeted by the elite but ultimately survive. Former foster child Grace fights her way through a pack of murderous millionaires, while escort Margot/Erin (Anya Taylor-Joy) is spared when she rejects the pretentiousness of fine dining and orders a humble cheeseburger instead.

    In this way, horror becomes a form of narrative resistance, illustrating class rage through characters who refuse to be consumed by the systems trying to oppress them. While inequality and exploitation persist in reality, eat-the-rich films offer escape, and even justice, on screen.

    Heather Roberts 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. ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy – https://theconversation.com/eat-the-rich-why-horror-films-are-taking-aim-at-the-ultra-wealthy-260550

    MIL OSI

  • MIL-OSI Canada: Update 15: Alberta wildfire update (July 22, 3 p.m.)

    Source: Government of Canada regional news (2)

    MIL OSI Canada News

  • MIL-OSI Canada: Saskatchewan Wildfire Update July 22

    Source: Government of Canada regional news

    Released on July 22, 2025

    As of 11:00 a.m. on Tuesday, July 22, there are 49 active wildfires in Saskatchewan. Of those active fires, one is categorized as contained, 14 are not contained, 17 are ongoing assessments and 17 are listed as protecting values. 

    Eleven communities are currently under an evacuation order: Resort Subdivision of Lac La Plonge, La Plonge Reserve, Northern Village of Beauval, Jans Bay, Patuanak/English River First Nation, Montreal Lake Cree Nation, Northern Village of Pinehouse, Canoe Lake Cree First Nation/Canoe Narrows, Île-à-la-Crosse, Resort Subdivision of Cole Bay and Resort Subdivision of Little Amyot Lake. 

    There are four active declarations of local emergency due to wildfire: Resort Subdivision of Lac La Plonge, Northern Village of Beauval, Resort Subdivision of Little Amyot Lake and Northern Hamlet of Cole Bay. 

    A full list of evacuated communities can be found on the Active Evacuations webpage. 

    The Saskatchewan Public Safety Agency (SPSA) reminds the public that it is important to be prepared should an evacuation alert or an evacuation order be issued for your community. An evacuation alert is to be prepared to leave on short notice while an evacuation order indicates that you are at risk and need to leave immediately using routes provided by officials. 

    Part of the preparation is being ready to leave, including:

    • keeping your vehicle fuelled;
    • being set to evacuate livestock or pets if needed; and
    • checking in on neighbours who may need assistance.

    More information on evacuation planning can be found in the Wildfire Emergency Planning fact sheet.  

    Any evacuees should register through the Sask Evac Web Application and then call 1-855-559-5502 between 8 a.m. and 5 p.m. to have their needs assessed for additional assistance. Individuals who need help registering through the application can call the 855 Line for assistance. 

    Evacuees supported by the Canadian Red Cross should call 1-800-863-6582. 

    As a reminder, there is a fire ban that is still in place due to the extreme fire risk. The ban encompasses the area north of the provincial forest boundary up to the Churchill River. The fire ban prohibits any open fires, controlled burns and fireworks in the designated boundary. This includes provincial parks, provincial recreation sites and the Northern Saskatchewan Administrative District within those boundaries. 

    The latest wildfire information, an interactive fire ban map, frequently asked questions, fire risk maps and fire prevention tips can be found at saskpublicsafety.ca. 

    Review the current fire bans and restrictions in provincial parks and recreation sites. 

    -30-

    For more information, contact:

    MIL OSI Canada News

  • MIL-OSI: First Busey Corporation Announces 2025 Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., July 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) Announces 2025 Second Quarter Earnings.

    Net Income   Diluted EPS   Net Interest Margin1   ROAA1   ROATCE1
    $47.4 million   $0.52   3.49%   1.00%   11.24%
    $57.4 million (adj)2   $0.63 (adj)2   3.33% (adj)2   1.21% (adj)2   13.61% (adj)2
                     
    MESSAGE FROM OUR CHAIRMAN & CEO
    This quarter’s bank merger and data conversion represents a significant milestone for our organization, as we officially welcome CrossFirst Bank customers to Busey Bank. We are proud to offer a premier, full-service banking experience for both consumer and commercial clients, with 78 locations spanning 10 states. Our comprehensive services also include a robust wealth management platform and cutting-edge payment technology solutions through FirsTech, Inc. This transformational partnership allows us to enhance Busey’s rich 157-year legacy of service excellence, further advancing our organization for the benefit of all our Pillars—associates, customers, communities, and shareholders.

    Van A. Dukeman
    Chairman and Chief Executive Officer

     

    FINANCIAL RESULTS

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Total interest income   $ 247,446     $ 166,815     $ 131,939     $ 414,261     $ 257,759  
    Total interest expense     94,263       63,084       49,407       157,347       99,373  
    Net interest income     153,183       103,731       82,532       256,914       158,386  
    Provision for credit losses1     5,700       45,593       1,908       51,293       6,268  
    Net interest income after provision for credit losses1     147,483       58,138       80,624       205,621       152,118  
    Total noninterest income     44,863       21,223       33,703       66,086       68,616  
    Total noninterest expense1     127,833       112,030       75,906       239,863       147,353  
    Income (loss) before income taxes     64,513       (32,669 )     38,421       31,844       73,381  
    Income taxes     17,109       (2,679 )     11,064       14,430       19,799  
    Net income (loss)     47,404       (29,990 )     27,357       17,414       53,582  
    Dividends on preferred stock     155                   155        
    Net income (loss) available to common stockholders   $ 47,249     $ (29,990 )   $ 27,357     $ 17,259     $ 53,582  
                         
    Basic earnings (loss) per common share   $ 0.53     $ (0.44 )   $ 0.48     $ 0.22     $ 0.95  
    Diluted earnings (loss) per common share   $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
    Effective income tax rate     26.52 %     8.20 %     28.80 %     45.31 %     26.98 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.

    Following the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) and its subsidiary CrossFirst Bank, by First Busey Corporation, the holding company for Busey Bank, in the first quarter of 2025, CrossFirst Bank was merged with and into Busey Bank (the “Bank Merger”) on June 20, 2025. At the time of the Bank Merger, CrossFirst Bank banking centers became banking centers of Busey Bank. Throughout this document, we refer to First Busey Corporation, together with its consolidated subsidiaries, as “Busey,” the “Company,” “we,” “us,” or “our.”

    Busey’s net income for the second quarter of 2025 was $47.4 million, or $0.52 per diluted common share, compared to a net loss of $30.0 million, or $0.44 per diluted common share, for the first quarter of 2025, and net income of $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity2 were 1.00% and 11.24%, respectively, for the second quarter of 2025. The second quarter of 2025 represented the first full quarter in which the CrossFirst acquisition contributed to Busey’s financial results.

    Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses2 in the second quarter of 2025 were $16.6 million, with an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new Current Expected Credit Losses (“CECL”) model. Further, net securities gains were $6.0 million, almost entirely related to unrealized gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. For more information and a reconciliation of these non-GAAP measures (which are identified with the End Note labeled as 2) in tabular form, see “Non-GAAP Financial Information” beginning on page 13.

    Adjusted net income,2 which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025 and $30.5 million, or $0.53 per diluted common share, for the second quarter of 2024. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.21% and 13.61%, respectively, for the second quarter of 2025.

    Pre-Provision Net Revenue2

    Pre-provision net revenue2 was $64.2 million for the second quarter of 2025, compared to $28.7 million for the first quarter of 2025 and $40.7 million for the second quarter of 2024. Pre-provision net revenue to average assets2 was 1.35% for the second quarter of 2025, compared to 0.78% for the first quarter of 2025, and 1.35% for the second quarter of 2024.

    Adjusted pre-provision net revenue2 was $80.8 million for the second quarter of 2025, compared to $54.7 million for the first quarter of 2025 and $42.6 million for the second quarter of 2024. Adjusted pre-provision net revenue to average assets2 was 1.70% for the second quarter of 2025, compared to 1.50% for the first quarter of 2025 and 1.42% for the second quarter of 2024.

    Net Interest Income and Net Interest Margin2

    Net interest income was $153.2 million in the second quarter of 2025, compared to $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024.

    Net interest margin2 was 3.49% for the second quarter of 2025, compared to 3.16% for the first quarter of 2025 and 3.03% for the second quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin2 was 3.33% for the second quarter of 2025, compared to 3.08% in the first quarter of 2025 and 3.00% in the second quarter of 2024.

    Components of the 33 basis point increase in net interest margin2 during the second quarter of 2025, which includes a full quarter of assets assumed in the CrossFirst acquisition, were as follows:

    • Increased loan portfolio and held for sale loan yields contributed +54 basis points
    • Increased purchase accounting accretion contributed +8 basis points
    • Securities repositioning executed in March contributed +4 basis points
    • Decreased borrowing expense contributed +4 basis points, of which +2 basis points were related to the redemption of subordinated debt in June
    • Increased non-maturity deposit funding costs contributed -25 basis points
    • Decreased cash and securities portfolio yield contributed -12 basis points

    Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have continued to stabilize the funding base, and we had excess earning cash during the second quarter of 2025. Brokered deposit balances were reduced by $368.6 million during the second quarter of 2025 and at June 30, 2025, the Bank had $353.6 million, or 2.2% of total deposits, of remaining brokered funding. Total deposit cost of funds increased, as expected, from 1.91% during the first quarter of 2025 to 2.21% during the second quarter of 2025. Deposit cost of funds increased due to a full quarter of the higher mix of acquired CrossFirst indexed/managed rate customer products and brokered deposits. Busey will continue to deploy excess cash to pay down non-core and non-relationship high cost funding, which we anticipate will compress the asset base in the short term while helping to reduce the Bank’s overall funding cost. We expect the deposit beta will lessen during the year and is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range.

    Noninterest Income

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    NONINTEREST INCOME                  
    Wealth management fees $ 16,777   $ 17,364     $ 15,917     $ 34,141     $ 31,466  
    Payment technology solutions   4,956     5,073       5,915       10,029       11,624  
    Treasury management services   4,981     3,017       2,145       7,998       4,046  
    Card services and ATM fees   4,880     3,709       3,430       8,589       6,390  
    Other service charges on deposit accounts   1,513     1,533       2,321       3,046       4,669  
    Mortgage revenue   776     329       478       1,105       1,224  
    Income on bank owned life insurance   1,745     1,446       1,442       3,191       2,861  
    Realized net gains (losses) on the sale of mortgage servicing rights             277             7,742  
    Net securities gains (losses)   5,997     (15,768 )     (353 )     (9,771 )     (6,728 )
    Other noninterest income   3,238     4,520       2,131       7,758       5,322  
    Total noninterest income $ 44,863   $ 21,223     $ 33,703     $ 66,086     $ 68,616  
                                         

    Total noninterest income increased by 111.4% compared to the first quarter of 2025 and increased by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and losses, as well as the benefit of a full quarter of income from the CrossFirst acquisition.

    Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income2 increased by 5.1% to $38.9 million, or 20.2% of operating revenue2, during the second quarter of 2025, compared to $37.0 million, or 26.3% of operating revenue2, for the first quarter of 2025. Compared to the second quarter of 2024, adjusted noninterest income2 increased by 15.1% from $33.8 million, or 29.0% of operating revenue.2

    Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 56.4% of adjusted noninterest income2 for the second quarter of 2025.

    Noteworthy components of noninterest income are as follows:

    • Wealth management fees declined by 3.4% compared to the first quarter of 2025. The decrease in the second quarter of 2025 was primarily related to seasonal fees, with a decrease in farm management fees, partially offset by higher tax preparation fees. Compared to the second quarter of 2024 wealth management fees increased by 5.4%. Busey’s Wealth Management division ended the second quarter of 2025 with $14.10 billion in assets under care, compared to $13.68 billion at the end of the first quarter of 2025 and $13.02 billion at the end of the second quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark3 over the last three and five years.
    • Payment technology solutions includes income from electronic payments, merchant processing, and lockbox. Revenue in this category declined by 2.3% compared the first quarter of 2025 and declined by 16.2% compared to the second quarter of 2024, primarily due to decreases in income from electronic payments.
    • Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 65.1% compared to the first quarter of 2025 and increased by 132.2% compared to the second quarter of 2024 due to the addition of CrossFirst commercial services.
    • Card services and ATM fees, which include both commercial and consumer accounts, increased by 31.6% compared to the first quarter of 2025 and increased by 42.3% compared to the second quarter of 2024 primarily due to addition of CrossFirst corporate card services.
    • Other service charges on deposit accounts declined by 1.3% compared to the first quarter of 2025 and declined by 34.8% compared to the second quarter of 2024. Declines are largely related to lower non-sufficient fund charges.
    • Other noninterest income decreased by 28.4% compared to the first quarter of 2025, primarily due to declines in gains on commercial loan sales, loss on sales of other real estate owned and a related reduction in income from the sold property, and decreases in venture capital investments. Compared to the second quarter of 2024, other noninterest income increased by 51.9%, primarily due to increases in venture capital investments, commercial loan servicing income, and other loan fee income.

    Operating Efficiency

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    NONINTEREST EXPENSE                  
    Salaries, wages, and employee benefits $ 78,360   $ 67,563   $ 43,478   $ 145,923   $ 85,568
    Data processing   14,021     9,575     7,100     23,596     13,650
    Net occupancy expense of premises   7,832     5,799     4,590     13,631     9,310
    Furniture and equipment expenses   2,409     1,744     1,695     4,153     3,508
    Professional fees   2,874     9,511     2,495     12,385     4,748
    Amortization of intangible assets   4,592     3,083     2,629     7,675     5,038
    Interchange expense   1,297     1,343     1,733     2,640     3,344
    FDIC insurance   2,424     2,167     1,460     4,591     2,860
    Other noninterest expense1   14,024     11,245     10,726     25,269     19,327
    Total noninterest expense1 $ 127,833   $ 112,030   $ 75,906   $ 239,863   $ 147,353

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.

    Total noninterest expense increased by 14.1% compared to the first quarter of 2025 and increased by 68.4% compared to the second quarter of 2024. Growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks during the majority of the second quarter, until the banks were merged on June 20, 2025, and increased expense associated with the larger organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026.

    Adjusted noninterest expense,2 which excludes acquisition and restructuring expenses and amortization of intangible assets, was $106.6 million in the second quarter of 2025, a 28.6% increase compared to $82.9 million in the first quarter of 2025 and a 50.1% increase compared to $71.1 million in the second quarter of 2024.

    Noteworthy components of noninterest expense are as follows:

    • Salaries, wages, and employee benefits expenses increased by $10.8 million compared to the first quarter of 2025, with acquisition and restructuring expenses declining by $4.3 million. In connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded, which resulted in only one month of associated expenses during the first quarter of 2025 in contrast to a full quarter of associated expenses reflected in the Company’s results for the second quarter of 2025. Compared to the second quarter of 2024, salaries, wages, and employee benefits expenses increased by $34.9 million, of which $10.4 million was attributable to increases in acquisition and restructuring expenses. Including associates added in connection with the CrossFirst acquisition, Busey has added 430 FTEs over the past year.
    • Data processing expense increased by $4.4 million compared to the first quarter of 2025 and by $6.9 million compared to the second quarter of 2024, of which $1.7 million and $3.6 million, respectively, was attributable to increases in acquisition and restructuring expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
    • Professional fees declined by $6.6 million compared to the first quarter of 2025, which was primarily driven by a $7.0 million decrease in acquisition and restructuring expenses. Compared to the second quarter of 2024, professional fees increased by $0.4 million, primarily due to increased audit and accounting fees and legal fees, partially offset by $0.1 million declines in acquisition and restructuring expenses.
    • Amortization of intangible assets increased by $1.5 million compared to the first quarter of 2025, and by $2.0 million compared to the second quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $2.4 million and $3.1 million during the second quarter of 2025 and the first six months of 2025, respectively. Busey uses an accelerated amortization methodology.
    • Other noninterest expense increased by $2.8 million compared to the first quarter of 2025, and increased by $3.3 million compared to the second quarter of 2024. Items contributing to the increases included marketing, business development, supplies, and onboarding costs as well as increases in acquisition and restructuring expenses of $0.2 million compared to the first quarter of 2025 and $0.5 million compared to the second quarter of 2024.

    Busey’s efficiency ratio2 was 63.9% for the second quarter of 2025, compared to 77.1% for the first quarter of 2025 and 62.6% for the second quarter of 2024. Our adjusted efficiency2 ratio was 55.3% for the second quarter of 2025, compared to 58.7% for the first quarter of 2025, and 60.9% for the second quarter of 2024.

    Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.24% for the second quarter of 2025, compared to 2.27% for the first quarter of 2025 and 2.36% for the second quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

    BALANCE SHEET STRENGTH

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
               
      As of
    (dollars in thousands, except per share amounts) June 30,
    2025
      March 31,
    2025
      June 30,
    2024
    ASSETS          
    Cash and cash equivalents $ 752,352     $ 1,200,292     $ 285,269  
    Debt securities available for sale   2,217,788       2,273,874       1,829,896  
    Debt securities held to maturity   802,965       815,402       851,261  
    Equity securities   16,171       10,828       9,618  
    Loans held for sale   10,497       7,270       11,286  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Allowance for credit losses   (183,334 )     (195,210 )     (85,226 )
    Restricted bank stock   77,112       53,518       6,884  
    Premises and equipment, net   181,394       182,003       121,647  
    Right of use assets   38,065       40,594       11,137  
    Goodwill and other intangible assets, net   488,181       496,118       370,580  
    Other assets   708,930       711,206       560,152  
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
               
    LIABILITIES & STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
      Noninterest-bearing deposits $ 3,590,363     $ 3,693,070     $ 2,832,776  
      Interest-bearing checking, savings, and money market deposits   9,578,953       9,675,324       5,619,470  
      Time deposits   2,632,456       3,091,076       1,523,889  
    Total deposits   15,801,772       16,459,470       9,976,135  
    Securities sold under agreements to repurchase   158,030       137,340       140,283  
    Short-term borrowings         11,209        
    Long-term debt   189,726       313,535       227,245  
    Junior subordinated debt owed to unconsolidated trusts   77,187       77,117       74,693  
    Lease liabilities   39,235       41,111       11,469  
    Other liabilities   240,244       244,864       207,781  
    Total liabilities   16,506,194       17,284,646       10,637,606  
               
    Stockholders’ equity          
    Retained earnings   273,799       249,484       261,820  
    Accumulated other comprehensive income (loss)   (155,311 )     (172,810 )     (220,326 )
    Other stockholders’ equity1   2,294,058       2,102,932       1,292,316  
    Total stockholders’ equity   2,412,546       2,179,606       1,333,810  
    Total liabilities & stockholders’ equity $ 18,918,740     $ 19,464,252     $ 11,971,416  

    ___________________________________________

    1. Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.
    AVERAGE BALANCES (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    ASSETS                  
    Cash and cash equivalents $ 868,164   $ 861,021   $ 346,381   $ 864,613   $ 470,287
    Investment securities   3,083,284     2,782,435     2,737,313     2,933,690     2,822,228
    Loans held for sale   6,899     3,443     9,353     5,181     7,093
    Portfolio loans   13,840,190     9,838,337     8,010,636     11,850,318     7,804,976
    Interest-earning assets   17,700,356     13,363,594     11,000,785     15,543,955     11,003,344
    Total assets   19,068,086     14,831,298     12,089,692     16,961,396     12,056,950
                       
    LIABILITIES & STOCKHOLDERS’ EQUITY                  
    Noninterest-bearing deposits   3,542,617     3,036,127     2,816,293     3,290,770     2,762,439
    Interest-bearing deposits   12,450,529     9,142,781     7,251,582     10,805,793     7,290,844
    Total deposits   15,993,146     12,178,908     10,067,875     14,096,563     10,053,283
    Federal funds purchased and securities sold under agreements to repurchase   141,978     144,838     144,370     143,400     161,514
    Interest-bearing liabilities   12,985,015     9,627,841     7,725,832     11,315,702     7,778,744
    Total liabilities   16,783,504     12,896,222     10,757,877     14,850,601     10,753,180
    Stockholders’ equity – preferred   103,619     2,669         53,423    
    Stockholders’ equity – common   2,180,963     1,932,407     1,331,815     2,057,372     1,303,770
    Tangible common equity1   1,686,490     1,521,387     955,591     1,604,394     939,150

    ___________________________________________

    1. See Non-GAAP Financial Information for reconciliation.

    Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.

    Total assets were $18.92 billion as of June 30, 2025, compared to $19.46 billion as of March 31, 2025, and $11.97 billion as of June 30, 2024. Average interest-earning assets were $17.70 billion for the second quarter of 2025, compared to $13.36 billion for the first quarter of 2025, and $11.00 billion for the second quarter of 2024.

    Portfolio Loans

    We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Loan demand has been tempered with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, our commercial real estate portfolio continues to season, resulting in payoffs as properties are completed, stabilized, and refinanced to permanent markets or sold. We expect continued pressure from paydowns within our commercial real estate portfolio through the remainder of 2025. Portfolio loans totaled $13.81 billion at June 30, 2025, compared to $13.87 billion at March 31, 2025, and $8.00 billion at June 30, 2024.

    Average portfolio loans were $13.84 billion for the second quarter of 2025, compared to $9.84 billion for the first quarter of 2025 and $8.01 billion for the second quarter of 2024.

    Asset Quality

    Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Following the Bank Merger in June, we are operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey Bank’s pillars of credit quality.

    ASSET QUALITY (unaudited)
               
      As of
    (dollars in thousands) June 30,
    2025
      March 31,
    2025
      June 30,
    2024
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Loans 30 – 89 days past due   42,188       18,554       23,463  
    Non-performing loans:          
    Non-accrual loans   53,614       48,647       8,393  
    Loans 90+ days past due and still accruing   941       6,077       712  
    Non-performing loans   54,555       54,724       9,105  
    Other non-performing assets   3,596       4,757       90  
    Non-performing assets   58,151       59,481       9,195  
    Substandard (excludes 90+ days past due)   117,580       131,078       86,579  
    Classified assets $ 175,731     $ 190,559     $ 95,774  
               
    Allowance for credit losses $ 183,334     $ 195,210     $ 85,226  
               
    RATIOS          
    Non-performing loans to portfolio loans   0.40 %     0.39 %     0.11 %
    Non-performing assets to total assets   0.31 %     0.31 %     0.08 %
    Non-performing assets to portfolio loans and other non-performing assets   0.42 %     0.43 %     0.11 %
    Allowance for credit losses to portfolio loans   1.33 %     1.41 %     1.07 %
    Coverage ratio of the allowance for credit losses to non-performing loans 3.36 x   3.57 x   9.36 x
    Classified assets to Bank Tier 1 capital1and reserves   7.70 %     8.40 %     6.40 %

    ___________________________________________

    1. Capital amounts for the second quarter of 2025 are not yet finalized and are subject to change.

    Loans 30-89 days past due increased by $23.6 million compared to March 31, 2025, and increased by $18.7 million compared to June 30, 2024. Increases are primarily due to two commercial credits, one of which—representing approximately $12.5 million—was brought current after the end of the second quarter.

    Non-performing loans decreased by $0.2 million compared to March 31, 2025, and increased by $45.5 million compared to June 30, 2024, with the increase compared to the prior year due to loans purchased with credit deterioration (“PCD” loans) assumed in the CrossFirst acquisition. Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, a 1 basis point increase from March 31, 2025, and a 29 basis point increase from June 30, 2024.

    Non-performing assets decreased by $1.3 million compared to March 31, 2025, and increased by $49.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of both June 30, 2025, and March 31, 2025, which is a 23 basis point increase from June 30, 2024.

    Classified assets decreased by $14.8 million compared to March 31, 2025, and increased by $80.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition.

    The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans outstanding, and providing coverage of 3.36 times our non-performing loans balance.

    NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Net charge-offs (recoveries) $ 12,882   $ 31,429   $ 9,856     $ 44,311   $ 15,072  
                       
    Provision for loan losses1 $ 1,005   $ 42,452   $ 2,277     $ 43,457   $ 7,315  
    Provision for unfunded commitments2   4,695     3,141     (369 )     7,836     (1,047 )
    Provision for credit losses3 $ 5,700   $ 45,593   $ 1,908     $ 51,293   $ 6,268  

    ___________________________________________

    1. Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. March 31, 2025, included $42.4 million to establish an initial allowance for credit losses for loans purchased without credit deterioration (“non-PCD” loans) following the close of the CrossFirst acquisition.
    2. June 30, 2025, included an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new CECL model. March 31, 2025, included $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.
    3. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses.

    Net charge-offs decreased by $18.5 million when compared to the first quarter of 2025, and increased by $3.0 million when compared with the second quarter of 2024. Net charge-offs during the second quarter of 2025 primarily related to one legacy-Busey medical office credit. Net charge-offs during the first quarter of 2025 included $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

    The $1.0 million provision for loan losses recorded in the second quarter of 2025 included a release of the PCD provision of $11.8 million due to PCD loan payoffs/paydowns and non-PCD provision expense of $12.8 million to support charge-offs, to adjust for the loan portfolio mix, and as a response to economic factors.

    Deposits

    Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, and $9.98 billion at June 30, 2024. Average deposits were $15.99 billion for the second quarter of 2025, compared to $12.18 billion for the first quarter of 2025 and $10.07 billion for the second quarter of 2024. The deliberate run-off of higher cost brokered deposits and listing service CD reductions accounted for $386.8 million of the quarter over quarter decrease as well as seasonal tax payments that put additional pressure on funding during the quarter.

    Core deposits2 accounted for 92.5% of total deposits as of June 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 33% of our deposits were uninsured and uncollateralized4 as of June 30, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

    We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the second quarter of 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

    Borrowings

    On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”). The aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest thereon up to, but excluding, June 1, 2025, was $128.3 million.

    Liquidity

    As of June 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity5 totaled $7.95 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $123.1 million in the second quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $181.0 million for the remainder of 2025, with a current book yield of 2.52%, and approximately $289.7 million for 2026, with a current book yield of 2.58%.

    Capital Strength

    The strength of our balance sheet is also reflected in our capital foundation. Although still impacted by the strategic deployment of capital for the CrossFirst acquisition, as well as by Busey’s active share repurchase program, our capital ratios remain strong, and as of June 30, 2025, our estimated regulatory capital ratios6 continued to provide a buffer of more than $870 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated6 to be 12.22% at June 30, 2025, compared to 12.00% at March 31, 2025, and 13.20% at June 30, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated6 to be 15.75% at June 30, 2025, compared to 14.88% at March 31, 2025, and 17.50% at June 30, 2024.

    Busey’s tangible common equity2 was $1.71 billion at June 30, 2025, compared to $1.68 billion at March 31, 2025, and $963.2 million at June 30, 2024. Tangible common equity2 represented 9.27% of tangible assets at June 30, 2025, compared to 8.83% at March 31, 2025, and 8.30% at June 30, 2024.

    Busey’s tangible book value per common share2 was $19.18 at June 30, 2025, compared to $18.62 at March 31, 2025, and $16.97 at June 30, 2024, reflecting a 13.0% year-over-year increase.

    Dividends

    Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the second quarter of 2025, Busey paid a dividend of $0.25 per share on its common stock. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980. Additionally, during the second quarter of 2025, Busey paid a dividend of $20.00 per share on its Series A Non-cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition.

    Series B Preferred Stock Issuance

    On May 20, 2025, Busey issued an aggregate of 8,600,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share). Additional information about the Depositary Shares and Series B Preferred Stock issuance can be found in Busey’s 8-K filed with the SEC on May 20, 2025, and the related exhibits thereto.

    Share Repurchases

    During the second quarter of 2025, Busey’s board of directors authorized the purchase of up to 2,000,000 additional shares of the Company’s common stock under Busey’s stock repurchase plan. Busey purchased 1,012,000 shares of its common stock under the plan during the second quarter of 2025 at a weighted average price of $21.40 per share for a total of $21.7 million. As of June 30, 2025, Busey had 2,687,275 shares remaining available for repurchase under the plan.

    SECOND QUARTER EARNINGS INVESTOR PRESENTATION

    For additional information on Busey’s financial condition and operating results, please refer to our Q2 2025 Earnings Investor Presentation furnished via Form 8‑K on July 22, 2025, in connection with this earnings release.

    CORPORATE PROFILE

    As of June 30, 2025, First Busey Corporation (Nasdaq: BUSE) was a $18.92 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.87 billion as of June 30, 2025. Busey Bank currently has 78 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in Southwest Florida, one in Indianapolis, two in Oklahoma City, one in Tulsa, one in Wichita, one in Denver, one in Colorado Springs, one in Phoenix, one in Tucson, and one in New Mexico. More information about Busey Bank can be found at busey.com.

    Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.10 billion as of June 30, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.

    NON-GAAP FINANCIAL INFORMATION

    This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

    The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

    These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

    Pre-Provision Net Revenue and Related Measures
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses (GAAP)     (5,997 )     15,768       353       9,771       6,728  
    Total noninterest expense (GAAP)1     (127,833 )     (112,030 )     (75,906 )     (239,863 )     (147,353 )
    Pre-provision net revenue (Non-GAAP) [a]   64,216       28,692       40,682       92,908       86,377  
    Acquisition and restructuring expenses, excluding initial provision expenses     16,600       26,026       2,212       42,626       2,620  
    Realized net (gains) losses on the sale of mortgage service rights                 (277 )           (7,742 )
    Adjusted pre-provision net revenue (Non-GAAP) [b] $ 80,816     $ 54,718     $ 42,617     $ 135,534     $ 81,255  
                         
    Average total assets [c] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
                         
    Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c]   1.35 %     0.78 %     1.35 %     1.10 %     1.44 %
    Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c]   1.70 %     1.50 %     1.42 %     1.61 %     1.36 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.
    2. Annualized measure.
    Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Net income (loss) (GAAP) [a] $ 47,404     $ (29,990 )   $ 27,357     $ 17,414     $ 53,582  
    Day 2 provision for credit losses1           45,572             45,572        
    Adjustment of initial provision for unfunded commitments due to adoption of new model1     4,030                   4,030        
    Other acquisition expenses     16,600       26,026       2,212       42,626       2,497  
    Restructuring expenses                             123  
    Net securities (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Realized net (gains) losses on the sale of mortgage servicing rights                 (277 )           (7,742 )
    Related tax (benefit) expense2     (4,971 )     (22,069 )     (572 )     (27,040 )     (402 )
    Non-recurring deferred tax adjustment3     328       4,591       1,446       4,919       1,446  
    Adjusted net income (Non-GAAP)4 [b]   57,394       39,898       30,519       97,292       56,232  
    Preferred dividends [c]   155                   155        
    Adjusted net income available to common stockholders (Non-GAAP) [d] $ 57,239     $ 39,898     $ 30,519     $ 97,137     $ 56,232  
                         
    Weighted average number of common shares outstanding, diluted (GAAP) [e]   90,883,711       68,517,647       57,853,231       80,251,577       57,129,865  
    Diluted earnings (loss) per common share (GAAP) [(a-c)÷e] $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
                         
    Weighted average number of common shares outstanding, diluted (Non-GAAP)5 [f]   90,883,711       69,502,717       57,853,231       80,251,577       57,129,865  
    Adjusted diluted earnings per common share (Non-GAAP)5,6 [d÷f] $ 0.63     $ 0.57     $ 0.53     $ 1.21     $ 0.98  
                         
    Average total assets [g] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Return on average assets (Non-GAAP)6 [a÷g]   1.00 %   (0.82)%     0.91 %     0.21 %     0.89 %
    Adjusted return on average assets (Non-GAAP)4,6 [b÷g]   1.21 %     1.09 %     1.02 %     1.16 %     0.94 %
                         
    Average common equity   $ 2,180,963     $ 1,932,407     $ 1,331,815     $ 2,057,372     $ 1,303,770  
    Average goodwill and other intangible assets, net     (494,473 )     (411,020 )     (376,224 )     (452,978 )     (364,620 )
    Average tangible common equity (Non-GAAP) [h] $ 1,686,490     $ 1,521,387     $ 955,591     $ 1,604,394     $ 939,150  
                         
    Return on average tangible common equity (Non-GAAP)6 [(a-c)÷h]   11.24 %   (7.99)%     11.51 %     2.17 %     11.47 %
    Adjusted return on average tangible common equity (Non-GAAP)4,6 [d÷h]   13.61 %     10.64 %     12.85 %     12.21 %     12.04 %

    ___________________________________________

    1. The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statement of Income.
    2. Tax benefits were calculated for the year-to-date periods using tax rates of 26.51% and 25.03% for the six months ended June 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
    3. A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.
    4. Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.
    5. Dilution includes shares that would have been dilutive if there had been net income during the period.
    6. Annualized measure.
    Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [a]   153,974       104,268       82,934       258,242       159,237  
    Purchase accounting accretion related to business combinations     (7,119 )     (2,728 )     (812 )     (9,847 )     (1,016 )
    Adjusted net interest income (Non-GAAP) [b] $ 146,855     $ 101,540     $ 82,122     $ 248,395     $ 158,221  
                         
    Average interest-earning assets (Non-GAAP) [c] $ 17,700,356     $ 13,363,594     $ 11,000,785     $ 15,543,955     $ 11,003,344  
                         
    Net interest margin (Non-GAAP)2 [a÷c]   3.49 %     3.16 %     3.03 %     3.35 %     2.91 %
    Adjusted net interest margin (Non-GAAP)2 [b÷c]   3.33 %     3.08 %     3.00 %     3.22 %     2.89 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Annualized measure.
    Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Net interest income (GAAP) [a] $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [b]   153,974       104,268       82,934       258,242       159,237  
                         
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Noninterest income excluding net securities gains and losses (Non-GAAP) [c]   38,866       36,991       34,056       75,857       75,344  
    Realized net (gains) losses on the sale of mortgage service rights                 (277 )           (7,742 )
    Adjusted noninterest income (Non-GAAP) [d] $ 38,866     $ 36,991     $ 33,779     $ 75,857     $ 67,602  
                         
    Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 192,840     $ 141,259     $ 116,990     $ 334,099     $ 234,581  
    Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d]   192,840       141,259       116,713       334,099       226,839  
    Operating revenue (Non-GAAP) [g = a+d]   192,049       140,722       116,311       332,771       225,988  
                         
    Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g]   20.24 %     26.29 %     29.04 %     22.80 %     29.91 %
                         
    Total noninterest expense (GAAP)2   $ 127,833     $ 112,030     $ 75,906     $ 239,863     $ 147,353  
    Amortization of intangible assets     (4,592 )     (3,083 )     (2,629 )     (7,675 )     (5,038 )
    Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 [h]   123,241       108,947       73,277       232,188       142,315  
    Acquisition and restructuring expenses, excluding initial provision expenses     (16,600 )     (26,026 )     (2,212 )     (42,626 )     (2,620 )
    Adjusted noninterest expense (Non-GAAP)2 [i] $ 106,641     $ 82,921     $ 71,065     $ 189,562     $ 139,695  
                         
    Efficiency ratio (Non-GAAP)2 [h÷e]   63.91 %     77.13 %     62.64 %     69.50 %     60.67 %
    Adjusted efficiency ratio (Non-GAAP)2 [i÷f]   55.30 %     58.70 %     60.89 %     56.74 %     61.58 %
                         
    Average total assets [j] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Adjusted noninterest expense to average assets (Non-GAAP)2,3 [i÷j]   2.24 %     2.27 %     2.36 %     2.25 %     2.33 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.
    3. Annualized measure.
    Tangible Assets, Tangible Common Equity, and Related Measures and Ratio
                 
        As of
    (dollars in thousands, except per share amounts)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
    Total assets (GAAP)   $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible assets (Non-GAAP)1 [a] $ 18,430,559     $ 18,968,134     $ 11,600,836  
                 
    Total stockholders’ equity (GAAP)   $ 2,412,546     $ 2,179,606     $ 1,333,810  
    Preferred stock and additional paid in capital on preferred stock     (215,197 )     (7,750 )      
    Common equity [b]   2,197,349       2,171,856       1,333,810  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible common equity (Non-GAAP)1 [c] $ 1,709,168     $ 1,675,738     $ 963,230  
                 
    Tangible common equity to tangible assets (Non-GAAP)1 [c÷a]   9.27 %     8.83 %     8.30 %
                 
    Ending number of common shares outstanding (GAAP) [d]   89,104,678       90,008,178       56,746,937  
    Book value per common share (Non-GAAP) [b÷d] $ 24.66     $ 24.13     $ 23.50  
    Tangible book value per common share (Non-GAAP) [c÷d] $ 19.18     $ 18.62     $ 16.97  

    ___________________________________________

    1. Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.
    Core Deposits and Related Ratio
                 
        As of
    (dollars in thousands)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
    Total deposits (GAAP) [a] $ 15,801,772     $ 16,459,470     $ 9,976,135  
    Brokered deposits, excluding brokered time deposits of $250,000 or more     (353,614 )     (722,224 )     (43,089 )
    Time deposits of $250,000 or more     (827,762 )     (867,035 )     (314,461 )
    Core deposits (Non-GAAP) [b] $ 14,620,396     $ 14,870,211     $ 9,618,585  
                 
    Core deposits to total deposits (Non-GAAP) [b÷a]   92.52 %     90.34 %     96.42 %
                             

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

    END NOTES

    1 Annualized measure.
    2 Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
    3 The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
    4 Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
    5 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
    6 Capital amounts and ratios for the second quarter of 2025 are not yet finalized and are subject to change.
       

    INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167

    The MIL Network

  • MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second-quarter highlights

    • Orders of $7.0 billion, including $3.5 billion of IET orders.
    • RPO of $34.0 billion, including record IET RPO of $31.3 billion.
    • Revenue of $6.9 billion, down 3% year-over-year.
    • Attributable net income of $701 million.
    • GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
    • Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
    • Cash flows from operating activities of $510 million and free cash flow* of $239 million.
    • Returns to shareholders of $423 million, including $196 million of share repurchases.

    HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

    “We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

    “We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

    “During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

    “We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

        Three Months Ended   Variance
    (in millions except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 7,032   $ 6,459   $ 7,526     9 % (7 %)
    Revenue     6,910     6,427     7,139     8 % (3 %)
    Net income attributable to Baker Hughes     701     402     579     74 % 21 %
    Adjusted net income attributable to Baker Hughes*     623     509     568     22 % 10 %
    Adjusted EBITDA*     1,212     1,037     1,130     17 % 7 %
    Diluted earnings per share (EPS)     0.71     0.40     0.58     76 % 22 %
    Adjusted diluted EPS*     0.63     0.51     0.57     23 % 11 %
    Cash flow from operating activities     510     709     348     (28 %) 47 %
    Free cash flow*     239     454     106     (47 %) F


    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Quarter Highlights

    Executing our portfolio optimization strategy

    In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

    First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (OFSE) Surface Pressure Control (SPC) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

    Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (PSI) product line within Industrial & Energy Technology (IET) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

    Finally, Baker Hughes agreed to acquire Continental Disc Corporation (CDC), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

    Key awards and technology achievements

    The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

    Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (CCS) and power solutions.

    Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

    In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

    Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (GTS), the Company secured more than $350 million of Contractual Services Agreements (CSA) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

    The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (CTS), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.

    Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

    OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (P&A) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

    OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (ESP) optimization and AI-powered predictive failure analytics in the Middle East.

    Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

    In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

    In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

    Consolidated Financial Results

    Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

    The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

    Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

    Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

    Depreciation and amortization for the second quarter of 2025 was $293 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

    The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

    Income tax expense in the second quarter of 2025 was $256 million.

    Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

    GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

    Results by Reporting Segment

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,503   $ 3,281   $ 4,068     7 % (14 %)
    Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    EBITDA   $ 677   $ 623   $ 716     9 % (5 %)
    EBITDA margin     18.7 %   17.8 %   17.8 %   0.9pts 0.9pts
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Well Construction   $ 921   $ 892   $ 1,090     3 % (16 %)
    Completions, Intervention, and Measurements     935     925     1,118     1 % (16 %)
    Production Solutions     968     899     958     8 % 1 %
    Subsea & Surface Pressure Systems     793     782     845     1 % (6 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    (in millions)   Three Months Ended   Variance
    Revenue by Geographic Region   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    Latin America     639     568     663     12 % (4 %)
    Europe/CIS/Sub-Saharan Africa     653     580     827     13 % (21 %)
    Middle East/Asia     1,398     1,429     1,498     (2 %) (7 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
                   
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    International   $ 2,689   $ 2,577   $ 2,988     4 % (10 %)


    EBITDA excludes depreciation and amortization of
    $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

    OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

    North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

    Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

    Industrial & Energy Technology

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %
    EBITDA   $ 585   $ 501   $ 497     17 % 18 %
    EBITDA margin     17.8 %   17.1 %   15.9 %   0.7pts 1.9pts
    (in millions)   Three Months Ended   Variance
    Orders by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 781   $ 1,335   $ 1,493     (42 %) (48 %)
    Gas Technology Services     986     913     769     8 % 28 %
    Total Gas Technology     1,767     2,248     2,261     (21 %) (22 %)
    Industrial Products     513     501     524     2 % (2 %)
    Industrial Solutions     327     281     281     16 % 16 %
    Total Industrial Technology     839     782     805     7 % 4 %
    Climate Technology Solutions     923     148     392     F F
    Total Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 1,624   $ 1,456   $ 1,539     12 % 6 %
    Gas Technology Services     752     592     691     27 % 9 %
    Total Gas Technology     2,377     2,047     2,230     16 % 7 %
    Industrial Products     488     445     509     10 % (4 %)
    Industrial Solutions     273     258     262     6 % 4 %
    Total Industrial Technology     761     703     770     8 % (1 %)
    Climate Technology Solutions     156     178     128     (12 %) 22 %
    Total Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %


    EBITDA excludes depreciation and amortization of
    $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

    IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

    Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Net income attributable to noncontrolling interests     10     7     2  
    Provision for income taxes     256     152     243  
    Interest expense, net     54     51     47  
    Depreciation & amortization     293     285     283  
    Change in fair value of equity securities (1)     (119 )   140     (19 )
    Other charges and credits (1)     17         (6 )
    Adjusted EBITDA (non-GAAP)     1,212     1,037     1,130  
    Corporate costs     78     85     83  
    Other (income) / expense not allocated to segments     (28 )   1      
    Total Segment EBITDA (non-GAAP)   $ 1,262   $ 1,124   $ 1,213  
    OFSE     677     623     716  
    IET     585     501     497  


    (1) 
    Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

    Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

        Three Months Ended
    (in millions, except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Change in fair value of equity securities     (119 )   140     (19 )
    Other adjustments     17         14  
    Tax adjustments(1)     24     (32 )   (6 )
    Total adjustments, net of income tax     (78 )   108     (11 )
    Less: adjustments attributable to noncontrolling interests              
    Adjustments attributable to Baker Hughes     (78 )   108     (11 )
    Adjusted net income attributable to Baker Hughes (non-GAAP)   $ 623   $ 509   $ 568  
             
    Denominator:        
    Weighted-average shares of Class A common stock outstanding diluted     991     999     1,001  
    Adjusted earnings per share – diluted (non-GAAP)   $ 0.63   $ 0.51   $ 0.57  


    (1) 
    All periods reflect the tax associated with the other (income) loss adjustments.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net cash flows from operating activities (GAAP)   $ 510   $ 709   $ 348  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets     (271 )   (255 )   (242 )
    Free cash flow (non-GAAP)   $ 239   $ 454   $ 106  

    Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


    Financial Tables (GAAP)

    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions, except per share amounts)     2025     2024     2025     2024  
    Revenue   $ 6,910   $ 7,139   $ 13,337   $ 13,557  
    Costs and expenses:          
    Cost of revenue     5,295     5,493     10,247     10,469  
    Selling, general and administrative     567     643     1,144     1,261  
    Research and development costs     161     158     307     322  
    Other (income) expense, net     (134 )   (26 )   6     (48 )
    Interest expense, net     54     47     105     88  
    Income before income taxes     967     824     1,528     1,465  
    Provision for income taxes     (256 )   (243 )   (408 )   (421 )
    Net income     711     581     1,120     1,044  
    Less: Net income attributable to noncontrolling interests     10     2     17     10  
    Net income attributable to Baker Hughes Company   $ 701   $ 579   $ 1,103   $ 1,034  
               
    Per share amounts:      
    Basic income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.04  
    Diluted income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.03  
               
    Weighted average shares:          
    Class A basic     988     996     990     997  
    Class A diluted     991     1,001     995     1,002  
               
    Cash dividend per Class A common stock   $ 0.23   $ 0.21   $ 0.46   $ 0.42  
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
    (In millions)   June 30, 2025 December 31, 2024
    ASSETS
    Current Assets:      
    Cash and cash equivalents   $ 3,087   $ 3,364  
    Current receivables, net     6,511     7,122  
    Inventories, net     5,105     4,954  
    All other current assets     2,915     1,771  
    Total current assets     17,618     17,211  
    Property, plant and equipment, less accumulated depreciation     5,176     5,127  
    Goodwill     5,801     6,078  
    Other intangible assets, net     3,919     3,951  
    Contract and other deferred assets     1,841     1,730  
    All other assets     4,385     4,266  
    Total assets   $ 38,740   $ 38,363  
    LIABILITIES AND EQUITY
    Current Liabilities:      
    Accounts payable   $ 4,340   $ 4,542  
    Short-term debt     66     53  
    Progress collections and deferred income     5,680     5,672  
    All other current liabilities     2,429     2,724  
    Total current liabilities     12,515     12,991  
    Long-term debt     5,968     5,970  
    Liabilities for pensions and other postretirement benefits     997     988  
    All other liabilities     1,392     1,359  
    Equity     17,868     17,055  
    Total liabilities and equity   $ 38,740   $ 38,363  
           
    Outstanding Baker Hughes Company shares:      
    Class A common stock     985     990  
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions)     2025     2025     2024  
    Cash flows from operating activities:        
    Net income   $ 711   $ 1,120   $ 1,044  
    Adjustments to reconcile net income to net cash flows from operating activities:        
    Depreciation and amortization     293     579     566  
    Stock-based compensation cost     52     102     101  
    Change in fair value of equity securities     (119 )   21     (71 )
    (Benefit) provision for deferred income taxes     36     (17 )   33  
    Working capital     (120 )   98     (36 )
    Other operating items, net     (343 )   (684 )   (505 )
    Net cash flows provided by operating activities     510     1,219     1,132  
    Cash flows from investing activities:        
    Expenditures for capital assets     (301 )   (601 )   (625 )
    Proceeds from disposal of assets     30     74     101  
    Other investing items, net     (15 )   (69 )   (6 )
    Net cash flows used in investing activities     (286 )   (596 )   (530 )
    Cash flows from financing activities:        
    Repayment of long-term debt             (125 )
    Dividends paid     (227 )   (456 )   (419 )
    Repurchase of Class A common stock     (196 )   (384 )   (324 )
    Other financing items, net     (20 )   (105 )   (61 )
    Net cash flows used in financing activities     (443 )   (945 )   (929 )
    Effect of currency exchange rate changes on cash and cash equivalents     29     45     (35 )
    Decrease in cash and cash equivalents     (190 )   (277 )   (362 )
    Cash and cash equivalents, beginning of period     3,277     3,364     2,646  
    Cash and cash equivalents, end of period   $ 3,087   $ 3,087   $ 2,284  
    Supplemental cash flows disclosures:        
    Income taxes paid, net of refunds   $ 211   $ 418   $ 336  
    Interest paid   $ 98   $ 148   $ 150  


    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this 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, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne M. Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network

  • MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second-quarter highlights

    • Orders of $7.0 billion, including $3.5 billion of IET orders.
    • RPO of $34.0 billion, including record IET RPO of $31.3 billion.
    • Revenue of $6.9 billion, down 3% year-over-year.
    • Attributable net income of $701 million.
    • GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
    • Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
    • Cash flows from operating activities of $510 million and free cash flow* of $239 million.
    • Returns to shareholders of $423 million, including $196 million of share repurchases.

    HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

    “We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

    “We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

    “During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

    “We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

        Three Months Ended   Variance
    (in millions except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 7,032   $ 6,459   $ 7,526     9 % (7 %)
    Revenue     6,910     6,427     7,139     8 % (3 %)
    Net income attributable to Baker Hughes     701     402     579     74 % 21 %
    Adjusted net income attributable to Baker Hughes*     623     509     568     22 % 10 %
    Adjusted EBITDA*     1,212     1,037     1,130     17 % 7 %
    Diluted earnings per share (EPS)     0.71     0.40     0.58     76 % 22 %
    Adjusted diluted EPS*     0.63     0.51     0.57     23 % 11 %
    Cash flow from operating activities     510     709     348     (28 %) 47 %
    Free cash flow*     239     454     106     (47 %) F


    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Quarter Highlights

    Executing our portfolio optimization strategy

    In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

    First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (OFSE) Surface Pressure Control (SPC) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

    Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (PSI) product line within Industrial & Energy Technology (IET) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

    Finally, Baker Hughes agreed to acquire Continental Disc Corporation (CDC), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

    Key awards and technology achievements

    The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

    Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (CCS) and power solutions.

    Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

    In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

    Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (GTS), the Company secured more than $350 million of Contractual Services Agreements (CSA) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

    The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (CTS), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.

    Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

    OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (P&A) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

    OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (ESP) optimization and AI-powered predictive failure analytics in the Middle East.

    Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

    In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

    In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

    Consolidated Financial Results

    Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

    The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

    Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

    Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

    Depreciation and amortization for the second quarter of 2025 was $293 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

    The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

    Income tax expense in the second quarter of 2025 was $256 million.

    Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

    GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

    Results by Reporting Segment

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,503   $ 3,281   $ 4,068     7 % (14 %)
    Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    EBITDA   $ 677   $ 623   $ 716     9 % (5 %)
    EBITDA margin     18.7 %   17.8 %   17.8 %   0.9pts 0.9pts
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Well Construction   $ 921   $ 892   $ 1,090     3 % (16 %)
    Completions, Intervention, and Measurements     935     925     1,118     1 % (16 %)
    Production Solutions     968     899     958     8 % 1 %
    Subsea & Surface Pressure Systems     793     782     845     1 % (6 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    (in millions)   Three Months Ended   Variance
    Revenue by Geographic Region   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    Latin America     639     568     663     12 % (4 %)
    Europe/CIS/Sub-Saharan Africa     653     580     827     13 % (21 %)
    Middle East/Asia     1,398     1,429     1,498     (2 %) (7 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
                   
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    International   $ 2,689   $ 2,577   $ 2,988     4 % (10 %)


    EBITDA excludes depreciation and amortization of
    $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

    OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

    North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

    Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

    Industrial & Energy Technology

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %
    EBITDA   $ 585   $ 501   $ 497     17 % 18 %
    EBITDA margin     17.8 %   17.1 %   15.9 %   0.7pts 1.9pts
    (in millions)   Three Months Ended   Variance
    Orders by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 781   $ 1,335   $ 1,493     (42 %) (48 %)
    Gas Technology Services     986     913     769     8 % 28 %
    Total Gas Technology     1,767     2,248     2,261     (21 %) (22 %)
    Industrial Products     513     501     524     2 % (2 %)
    Industrial Solutions     327     281     281     16 % 16 %
    Total Industrial Technology     839     782     805     7 % 4 %
    Climate Technology Solutions     923     148     392     F F
    Total Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 1,624   $ 1,456   $ 1,539     12 % 6 %
    Gas Technology Services     752     592     691     27 % 9 %
    Total Gas Technology     2,377     2,047     2,230     16 % 7 %
    Industrial Products     488     445     509     10 % (4 %)
    Industrial Solutions     273     258     262     6 % 4 %
    Total Industrial Technology     761     703     770     8 % (1 %)
    Climate Technology Solutions     156     178     128     (12 %) 22 %
    Total Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %


    EBITDA excludes depreciation and amortization of
    $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

    IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

    Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Net income attributable to noncontrolling interests     10     7     2  
    Provision for income taxes     256     152     243  
    Interest expense, net     54     51     47  
    Depreciation & amortization     293     285     283  
    Change in fair value of equity securities (1)     (119 )   140     (19 )
    Other charges and credits (1)     17         (6 )
    Adjusted EBITDA (non-GAAP)     1,212     1,037     1,130  
    Corporate costs     78     85     83  
    Other (income) / expense not allocated to segments     (28 )   1      
    Total Segment EBITDA (non-GAAP)   $ 1,262   $ 1,124   $ 1,213  
    OFSE     677     623     716  
    IET     585     501     497  


    (1) 
    Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

    Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

        Three Months Ended
    (in millions, except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Change in fair value of equity securities     (119 )   140     (19 )
    Other adjustments     17         14  
    Tax adjustments(1)     24     (32 )   (6 )
    Total adjustments, net of income tax     (78 )   108     (11 )
    Less: adjustments attributable to noncontrolling interests              
    Adjustments attributable to Baker Hughes     (78 )   108     (11 )
    Adjusted net income attributable to Baker Hughes (non-GAAP)   $ 623   $ 509   $ 568  
             
    Denominator:        
    Weighted-average shares of Class A common stock outstanding diluted     991     999     1,001  
    Adjusted earnings per share – diluted (non-GAAP)   $ 0.63   $ 0.51   $ 0.57  


    (1) 
    All periods reflect the tax associated with the other (income) loss adjustments.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net cash flows from operating activities (GAAP)   $ 510   $ 709   $ 348  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets     (271 )   (255 )   (242 )
    Free cash flow (non-GAAP)   $ 239   $ 454   $ 106  

    Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


    Financial Tables (GAAP)

    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions, except per share amounts)     2025     2024     2025     2024  
    Revenue   $ 6,910   $ 7,139   $ 13,337   $ 13,557  
    Costs and expenses:          
    Cost of revenue     5,295     5,493     10,247     10,469  
    Selling, general and administrative     567     643     1,144     1,261  
    Research and development costs     161     158     307     322  
    Other (income) expense, net     (134 )   (26 )   6     (48 )
    Interest expense, net     54     47     105     88  
    Income before income taxes     967     824     1,528     1,465  
    Provision for income taxes     (256 )   (243 )   (408 )   (421 )
    Net income     711     581     1,120     1,044  
    Less: Net income attributable to noncontrolling interests     10     2     17     10  
    Net income attributable to Baker Hughes Company   $ 701   $ 579   $ 1,103   $ 1,034  
               
    Per share amounts:      
    Basic income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.04  
    Diluted income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.03  
               
    Weighted average shares:          
    Class A basic     988     996     990     997  
    Class A diluted     991     1,001     995     1,002  
               
    Cash dividend per Class A common stock   $ 0.23   $ 0.21   $ 0.46   $ 0.42  
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
    (In millions)   June 30, 2025 December 31, 2024
    ASSETS
    Current Assets:      
    Cash and cash equivalents   $ 3,087   $ 3,364  
    Current receivables, net     6,511     7,122  
    Inventories, net     5,105     4,954  
    All other current assets     2,915     1,771  
    Total current assets     17,618     17,211  
    Property, plant and equipment, less accumulated depreciation     5,176     5,127  
    Goodwill     5,801     6,078  
    Other intangible assets, net     3,919     3,951  
    Contract and other deferred assets     1,841     1,730  
    All other assets     4,385     4,266  
    Total assets   $ 38,740   $ 38,363  
    LIABILITIES AND EQUITY
    Current Liabilities:      
    Accounts payable   $ 4,340   $ 4,542  
    Short-term debt     66     53  
    Progress collections and deferred income     5,680     5,672  
    All other current liabilities     2,429     2,724  
    Total current liabilities     12,515     12,991  
    Long-term debt     5,968     5,970  
    Liabilities for pensions and other postretirement benefits     997     988  
    All other liabilities     1,392     1,359  
    Equity     17,868     17,055  
    Total liabilities and equity   $ 38,740   $ 38,363  
           
    Outstanding Baker Hughes Company shares:      
    Class A common stock     985     990  
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions)     2025     2025     2024  
    Cash flows from operating activities:        
    Net income   $ 711   $ 1,120   $ 1,044  
    Adjustments to reconcile net income to net cash flows from operating activities:        
    Depreciation and amortization     293     579     566  
    Stock-based compensation cost     52     102     101  
    Change in fair value of equity securities     (119 )   21     (71 )
    (Benefit) provision for deferred income taxes     36     (17 )   33  
    Working capital     (120 )   98     (36 )
    Other operating items, net     (343 )   (684 )   (505 )
    Net cash flows provided by operating activities     510     1,219     1,132  
    Cash flows from investing activities:        
    Expenditures for capital assets     (301 )   (601 )   (625 )
    Proceeds from disposal of assets     30     74     101  
    Other investing items, net     (15 )   (69 )   (6 )
    Net cash flows used in investing activities     (286 )   (596 )   (530 )
    Cash flows from financing activities:        
    Repayment of long-term debt             (125 )
    Dividends paid     (227 )   (456 )   (419 )
    Repurchase of Class A common stock     (196 )   (384 )   (324 )
    Other financing items, net     (20 )   (105 )   (61 )
    Net cash flows used in financing activities     (443 )   (945 )   (929 )
    Effect of currency exchange rate changes on cash and cash equivalents     29     45     (35 )
    Decrease in cash and cash equivalents     (190 )   (277 )   (362 )
    Cash and cash equivalents, beginning of period     3,277     3,364     2,646  
    Cash and cash equivalents, end of period   $ 3,087   $ 3,087   $ 2,284  
    Supplemental cash flows disclosures:        
    Income taxes paid, net of refunds   $ 211   $ 418   $ 336  
    Interest paid   $ 98   $ 148   $ 150  


    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this 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, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne M. Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network

  • MIL-OSI: Renasant Corporation Announces Earnings for the Second Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    TUPELO, Miss., July 22, 2025 (GLOBE NEWSWIRE) — Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the second quarter of 2025.

    (Dollars in thousands, except earnings per share) Three Months Ended   Six Months Ended
      Jun 30,
    2025
    Mar 31,
    2025
    Jun 30,
    2024
      Jun 30,
    2025
    Jun 30,
    2024
    Net income and earnings per share:            
    Net income $ 1,018   $ 41,518   $ 38,846   $ 42,536   $ 78,255
    Merger and conversion related expenses (net of tax)   (15,935 )   (593 )       (16,527 )  
    Day 1 acquisition provision (net of tax)   (50,026 )           (50,026 )  
    Basic EPS   0.01     0.65     0.69     0.54     1.39
    Diluted EPS   0.01     0.65     0.69     0.53     1.38
    Adjusted diluted EPS (Non-GAAP)(1)   0.69     0.66     0.69     1.36     1.33
    Impact to diluted EPS from merger and conversion related expenses (net of tax)   (0.17 )   (0.01 )       (0.21 )  
    Impact to diluted EPS from Day 1 acquisition provision (net of tax)   (0.53 )           (0.63 )  
                                 

    “The results for the quarter reflect significant progress on the merger and integration of The First Bancshares, Inc.,” remarked Kevin D. Chapman, Chief Executive Officer of the Company. “Our employees continue to work diligently on bringing two strong companies together to better serve our customers.”

    Quarterly Highlights

    Merger with The First Bancshares, Inc.

    • On April 1, 2025, the Company completed its merger with The First Bancshares, Inc. (“The First”). As of the effective date of the merger, The First operated 116 locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida and, net of purchase accounting adjustments, had $7.9 billion in assets, $5.2 billion in loans, and $6.4 billion in deposits

    Earnings

    • Net income for the second quarter of 2025 was $1.0 million, which includes merger and conversion expenses of $20.5 million and Day 1 acquisition provision for credit losses of $66.6 million; diluted EPS and adjusted diluted EPS (non-GAAP)(1) were $0.01 and $0.69, respectively
    • Net interest income (fully tax equivalent) for the second quarter of 2025 was $222.7 million, up $85.3 million linked quarter, primarily due to the merger with The First
    • For the second quarter of 2025, net interest margin was 3.85%, up 40 basis points linked quarter. Adjusted net interest margin (non-GAAP)(1) was 3.58%, up 16 basis points linked quarter
    • Cost of total deposits was 2.12% for the second quarter of 2025, down 10 basis points linked quarter
    • Noninterest income increased $11.9 million linked quarter, primarily due to the merger with The First
    • Mortgage banking income increased $3.1 million linked quarter. Gain on sale of mortgage servicing rights (“MSRs”) was $1.5 million. The mortgage division generated $679.6 million in interest rate lock volume in the second quarter of 2025, up $47.5 million linked quarter. Gain on sale margin was 1.87% for the second quarter of 2025, up 45 basis points linked quarter
    • Noninterest expense increased $69.3 million linked quarter, primarily due to the merger with The First. Merger and conversion expenses and core deposit intangible amortization increased $19.7 million and $7.8 million, respectively, linked quarter

    Balance Sheet

    • The combined company generated net organic loan growth of $311.6 million for the quarter, or 6.9% annualized
    • Securities increased $1.4 billion linked quarter, which includes $1.5 billion of securities acquired from The First. In the second quarter of 2025, the Company sold a portion of the acquired securities for proceeds of $686.5 million, which were reinvested in higher yielding assets
    • The combined company generated net organic deposit growth of $361.3 million for the quarter, or 6.8% annualized. Noninterest bearing deposits increased $1.8 billion linked quarter, primarily due to the merger with The First, and represented 24.8% of total deposits at June 30, 2025

    Capital and Stock Repurchase Program

    • Book value per share and tangible book value per share (non-GAAP)(1) decreased 7.1% and 14.7%, respectively, linked quarter, due to the merger with The First
    • The Company has a $100.0 million stock repurchase program in effect through October 2025 under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. There was no buyback activity during the second quarter of 2025

    Credit Quality

    • The Company recorded a provision for credit losses of $81.3 million for the second quarter of 2025, which includes a $66.6 million Day 1 acquisition provision for credit losses and unfunded commitments
    • The ratio of the allowance for credit losses on loans to total loans was 1.57% at June 30, 2025, up one basis point linked quarter; net loan charge-offs for the second quarter of 2025 were $12.1 million
    • The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 204.97% at June 30, 2025, compared to 206.55% at March 31, 2025
    • Nonperforming loans to total loans remained at 0.76% at June 30, 2025, and criticized loans (which include classified and Special Mention loans) to total loans increased to 2.66% at June 30, 2025, compared to 2.45% at March 31, 2025, primarily due to the merger with The First

    (1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

    Income Statement

    (Dollars in thousands, except per share data) Three Months Ended   Six Months Ended
      Jun 30,
    2025
    Mar 31,
    2025
    Dec 31,
    2024
    Sep 30,
    2024
    Jun 30,
    2024
      Jun 30,
    2025
    Jun 30,
    2024
    Interest income                
    Loans held for investment $ 301,794 $ 196,566 $ 199,240   $ 202,655   $ 198,397     $ 498,360 $ 390,787  
    Loans held for sale   4,639   3,008   3,564     4,212     3,530       7,647   5,838  
    Securities   28,408   12,117   10,510     10,304     10,410       40,525   21,110  
    Other   9,057   8,639   12,030     11,872     7,874       17,696   15,655  
    Total interest income   343,898   220,330   225,344     229,043     220,211       564,228   433,390  
    Interest expense                
    Deposits   111,921   79,386   85,571     90,787     87,621       191,307   170,234  
    Borrowings   13,118   6,747   6,891     7,258     7,564       19,865   14,840  
    Total interest expense   125,039   86,133   92,462     98,045     95,185       211,172   185,074  
    Net interest income   218,859   134,197   132,882     130,998     125,026       353,056   248,316  
    Provision for credit losses                
    Provision for loan losses   75,400   2,050   3,100     1,210     4,300       77,450   6,938  
    Provision for (Recovery of) unfunded commitments   5,922   2,700   (500 )   (275 )   (1,000 )     8,622   (1,200 )
    Total provision for credit losses   81,322   4,750   2,600     935     3,300       86,072   5,738  
    Net interest income after provision for credit losses   137,537   129,447   130,282     130,063     121,726       266,984   242,578  
    Noninterest income   48,334   36,395   34,218     89,299     38,762       84,729   80,143  
    Noninterest expense   183,204   113,876   114,747     121,983     111,976       297,080   224,888  
    Income before income taxes   2,667   51,966   49,753     97,379     48,512       54,633   97,833  
    Income taxes   1,649   10,448   5,006     24,924     9,666       12,097   19,578  
    Net income $ 1,018 $ 41,518 $ 44,747   $ 72,455   $ 38,846     $ 42,536 $ 78,255  
                     
    Adjusted net income (non-GAAP)(1) $ 65,877 $ 42,111 $ 46,458   $ 42,960   $ 38,846     $ 107,987 $ 75,421  
    Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) $ 103,001 $ 57,507 $ 54,177   $ 56,238   $ 51,812     $ 160,508 $ 100,043  
                     
    Basic earnings per share $ 0.01 $ 0.65 $ 0.70   $ 1.18   $ 0.69     $ 0.54 $ 1.39  
    Diluted earnings per share   0.01   0.65   0.70     1.18     0.69       0.53   1.38  
    Adjusted diluted earnings per share (non-GAAP)(1)   0.69   0.66   0.73     0.70     0.69       1.36   1.33  
    Average basic shares outstanding   94,580,927   63,666,419   63,565,437     61,217,094     56,342,909       79,209,073   56,275,628  
    Average diluted shares outstanding   95,136,160   64,028,025   64,056,303     61,632,448     56,684,626       79,671,775   56,607,947  
    Cash dividends per common share $ 0.22 $ 0.22 $ 0.22   $ 0.22   $ 0.22     $ 0.44 $ 0.44  

    (1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

    Performance Ratios

      Three Months Ended   Six Months Ended
      Jun 30,
    2025
    Mar 31,
    2025
    Dec 31,
    2024
    Sep 30,
    2024
    Jun 30,
    2024
      Jun 30,
    2025
    Jun 30,
    2024
    Return on average assets 0.02 % 0.94 % 0.99 % 1.63 % 0.90 %   0.39 % 0.91 %
    Adjusted return on average assets (non-GAAP)(1) 1.01   0.95   1.03   0.97   0.90     0.98   0.88  
    Return on average tangible assets (non-GAAP)(1) 0.13   1.01   1.07   1.75   0.98     0.48   0.99  
    Adjusted return on average tangible assets (non-GAAP)(1) 1.18   1.02   1.11   1.05   0.98     1.12   0.96  
    Return on average equity 0.11   6.25   6.70   11.29   6.68     2.66   6.77  
    Adjusted return on average equity (non-GAAP)(1) 7.06   6.34   6.96   6.69   6.68     6.76   6.52  
    Return on average tangible equity (non-GAAP)(1) 1.43   10.16   10.97   18.83   12.04     5.24   12.25  
    Adjusted return on average tangible equity (non-GAAP)(1) 13.50   10.30   11.38   11.26   12.04     12.10   11.81  
    Efficiency ratio (fully taxable equivalent) 67.59   65.51   67.61   54.73   67.31     66.78   67.41  
    Adjusted efficiency ratio (non-GAAP)(1) 57.07   64.43   65.82   64.62   66.60     59.95   67.41  
    Dividend payout ratio 2200.00   33.85   31.43   18.64   31.88     81.48   31.65  


    Capital and Balance Sheet Ratios

      As of
      Jun 30,
    2025
    Mar 31,
    2025
    Dec 31,
    2024
    Sep 30,
    2024
    Jun 30,
    2024
    Shares outstanding   95,019,311     63,739,467     63,565,690     63,564,028     56,367,924  
    Market value per share $ 35.93   $ 33.93   $ 35.75   $ 32.50   $ 30.54  
    Book value per share   39.77     42.79     42.13     41.82     41.77  
    Tangible book value per share (non-GAAP)(1)   23.10     27.07     26.36     26.02     23.89  
    Shareholders’ equity to assets   14.19 %   14.93 %   14.85 %   14.80 %   13.45 %
    Tangible common equity ratio (non-GAAP)(1)   8.77     9.99     9.84     9.76     8.16  
    Leverage ratio(2)   9.36     11.39     11.34     11.32     9.81  
    Common equity tier 1 capital ratio(2)   11.09     12.59     12.73     12.88     10.75  
    Tier 1 risk-based capital ratio(2)   11.09     13.35     13.50     13.67     11.53  
    Total risk-based capital ratio(2)   14.99     16.89     17.08     17.32     15.15  

    (1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

    (2) Preliminary

    Noninterest Income and Noninterest Expense

    (Dollars in thousands) Three Months Ended   Six Months Ended
      Jun 30,
    2025
    Mar 31,
    2025
    Dec 31,
    2024
    Sep 30,
    2024
    Jun 30,
    2024
      Jun 30,
    2025
    Jun 30,
    2024
    Noninterest income                
    Service charges on deposit accounts $ 13,618 $ 10,364 $ 10,549 $ 10,438 $ 10,286   $ 23,982 $ 20,792
    Fees and commissions   6,650   3,787   4,181   4,116   3,944     10,437   7,893
    Insurance commissions           2,758       5,474
    Wealth management revenue   7,345   7,067   6,371   5,835   5,684     14,412   11,353
    Mortgage banking income   11,263   8,147   6,861   8,447   9,698     19,410   21,068
    Gain on sale of insurance agency         53,349        
    Gain on extinguishment of debt                 56
    BOLI income   3,383   2,929   3,317   2,858   2,701     6,312   5,392
    Other   6,075   4,101   2,939   4,256   3,691     10,176   8,115
    Total noninterest income $ 48,334 $ 36,395 $ 34,218 $ 89,299 $ 38,762   $ 84,729 $ 80,143
    Noninterest expense                
    Salaries and employee benefits $ 99,542 $ 71,957 $ 70,260 $ 71,307 $ 70,731   $ 171,499 $ 142,201
    Data processing   5,438   4,089   4,145   4,133   3,945     9,527   7,752
    Net occupancy and equipment   17,359   11,754   11,312   11,415   11,844     29,113   23,233
    Other real estate owned   157   685   590   56   105     842   212
    Professional fees   4,223   2,884   2,686   3,189   3,195     7,107   6,543
    Advertising and public relations   4,490   4,297   3,840   3,677   3,807     8,787   8,693
    Intangible amortization   8,884   1,080   1,133   1,160   1,186     9,964   2,398
    Communications   3,184   2,033   2,067   2,176   2,112     5,217   4,136
    Merger and conversion related expenses   20,479   791   2,076   11,273       21,270  
    Other   19,448   14,306   16,638   13,597   15,051     33,754   29,720
    Total noninterest expense $ 183,204 $ 113,876 $ 114,747 $ 121,983 $ 111,976   $ 297,080 $ 224,888


    Mortgage Banking Income

    (Dollars in thousands) Three Months Ended   Six Months Ended
      Jun 30,
    2025
    Mar 31,
    2025
    Dec 31,
    2024
    Sep 30,
    2024
    Jun 30,
    2024
      Jun 30,
    2025
    Jun 30,
    2024
    Gain on sales of loans, net $ 5,316 $ 4,500 $ 2,379 $ 4,499 $ 5,199   $ 9,816 $ 9,734
    Fees, net   3,740   2,317   2,850   2,646   2,866     6,057   4,720
    Mortgage servicing income, net   2,207   1,330   1,632   1,302   1,633     3,537   6,614
    Total mortgage banking income $ 11,263 $ 8,147 $ 6,861 $ 8,447 $ 9,698   $ 19,410 $ 21,068


    Balance Sheet

    (Dollars in thousands) As of
      Jun 30,
    2025
    Mar 31,
    2025
    Dec 31,
    2024
    Sep 30,
    2024
    Jun 30,
    2024
    Assets          
    Cash and cash equivalents $ 1,378,612   $ 1,091,339   $ 1,092,032   $ 1,275,620   $ 851,906  
    Securities held to maturity, at amortized cost   1,076,817     1,101,901     1,126,112     1,150,531     1,174,663  
    Securities available for sale, at fair value   2,471,487     1,002,056     831,013     764,844     749,685  
    Loans held for sale, at fair value   356,791     226,003     246,171     291,735     266,406  
    Loans held for investment   18,563,447     13,055,593     12,885,020     12,627,648     12,604,755  
    Allowance for credit losses on loans   (290,770 )   (203,931 )   (201,756 )   (200,378 )   (199,871 )
    Loans, net   18,272,677     12,851,662     12,683,264     12,427,270     12,404,884  
    Premises and equipment, net   465,100     279,011     279,796     280,550     280,966  
    Other real estate owned   11,750     8,654     8,673     9,136     7,366  
    Goodwill   1,419,782     988,898     988,898     988,898     991,665  
    Other intangibles   163,751     13,025     14,105     15,238     16,397  
    Bank-owned life insurance   486,613     337,502     391,810     389,138     387,791  
    Mortgage servicing rights   64,539     72,902     72,991     71,990     72,092  
    Other assets   457,056     298,428     300,003     293,890     306,570  
    Total assets $ 26,624,975   $ 18,271,381   $ 18,034,868   $ 17,958,840   $ 17,510,391  
               
    Liabilities and Shareholders’ Equity          
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 5,356,153   $ 3,541,375   $ 3,403,981   $ 3,529,801   $ 3,539,453  
    Interest-bearing   16,226,484     11,230,720     11,168,631     10,979,950     10,715,760  
    Total deposits   21,582,637     14,772,095     14,572,612     14,509,751     14,255,213  
    Short-term borrowings   405,349     108,015     108,018     108,732     232,741  
    Long-term debt   556,976     433,309     430,614     433,177     428,677  
    Other liabilities   301,159     230,857     245,306     249,102     239,059  
    Total liabilities   22,846,121     15,544,276     15,356,550     15,300,762     15,155,690  
               
    Shareholders’ equity:          
    Common stock   488,612     332,421     332,421     332,421     296,483  
    Treasury stock   (90,248 )   (91,646 )   (97,196 )   (97,251 )   (97,534 )
    Additional paid-in capital   2,393,566     1,486,849     1,491,847     1,488,678     1,304,782  
    Retained earnings   1,100,965     1,121,102     1,093,854     1,063,324     1,005,086  
    Accumulated other comprehensive loss   (114,041 )   (121,621 )   (142,608 )   (129,094 )   (154,116 )
    Total shareholders’ equity   3,778,854     2,727,105     2,678,318     2,658,078     2,354,701  
    Total liabilities and shareholders’ equity $ 26,624,975   $ 18,271,381   $ 18,034,868   $ 17,958,840   $ 17,510,391  


    Net Interest Income and Net Interest Margin

    (Dollars in thousands) Three Months Ended
      June 30, 2025 March 31, 2025 June 30, 2024
      Average
    Balance
    Interest
    Income/
    Expense
    Yield/
    Rate
    Average
    Balance
    Interest
    Income/
    Expense
    Yield/
    Rate
    Average
    Balance
    Interest
    Income/
    Expense
    Yield/
    Rate
    Interest-earning assets:                  
    Loans held for investment $ 18,448,000 $ 304,834 6.63 % $ 12,966,869 $ 199,504 6.24 % $ 12,575,651 $ 200,670 6.41 %
    Loans held for sale   287,855   4,639 6.45 %   200,917   3,008 5.99 %   219,826   3,530 6.42 %
    Taxable securities   3,106,565   24,917 3.21 %   1,883,535   10,971 2.33 %   1,832,002   9,258 2.02 %
    Tax-exempt securities   462,732   4,309 3.72 %   259,800   1,443 2.22 %   263,937   1,451 2.20 %
    Total securities   3,569,297   29,226 3.28 %   2,143,335   12,414 2.32 %   2,095,939   10,709 2.04 %
    Interest-bearing balances with banks   901,803   9,057 4.03 %   824,743   8,639 4.25 %   595,030   7,874 5.32 %
    Total interest-earning assets   23,206,955   347,756 6.01 %   16,135,864   223,565 5.61 %   15,486,446   222,783 5.77 %
    Cash and due from banks   357,338       181,869       187,519    
    Intangible assets   1,589,490       1,002,511       1,008,638    
    Other assets   1,029,082       669,392       688,766    
    Total assets $ 26,182,865     $ 17,989,636     $ 17,371,369    
    Interest-bearing liabilities:                  
    Interest-bearing demand(1) $ 11,191,443 $ 76,542 2.74 % $ 7,835,617 $ 54,710 2.83 % $ 7,094,411 $ 56,132 3.17 %
    Savings deposits   1,322,007   1,032 0.31 %   813,451   711 0.35 %   839,638   729 0.35 %
    Brokered deposits     %     %   294,650   3,944 5.37 %
    Time deposits   3,404,482   34,347 4.05 %   2,474,218   23,965 3.93 %   2,487,873   26,816 4.34 %
    Total interest-bearing deposits   15,917,932   111,921 2.82 %   11,123,286   79,386 2.89 %   10,716,572   87,621 3.28 %
    Borrowed funds   1,036,045   13,118 5.07 %   556,734   6,747 4.88 %   583,965   7,564 5.19 %
    Total interest-bearing liabilities   16,953,977   125,039 2.96 %   11,680,020   86,133 2.99 %   11,300,537   95,185 3.38 %
    Noninterest-bearing deposits   5,233,976       3,408,830       3,509,109    
    Other liabilities   249,861       208,105       223,992    
    Shareholders’ equity   3,745,051       2,692,681       2,337,731    
    Total liabilities and shareholders’ equity $ 26,182,865     $ 17,989,636     $ 17,371,369    
    Net interest income/ net interest margin   $ 222,717 3.85 %   $ 137,432 3.45 %   $ 127,598 3.31 %
    Cost of funding     2.26 %     2.31 %     2.58 %
    Cost of total deposits     2.12 %     2.22 %     2.47 %

    (1) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

    Net Interest Income and Net Interest Margin, continued

    (Dollars in thousands) Six Months Ended
      June 30, 2025 June 30, 2024
      Average
    Balance
    Interest
    Income/
    Expense
    Yield/  
     Rate
    Average
    Balance
    Interest
    Income/
    Expense
    Yield/  
     Rate
    Interest-earning assets:            
    Loans held for investment $ 15,722,576 $ 504,338 6.47 % $ 12,491,814 $ 395,310 6.35 %
    Loans held for sale   244,626   7,647 6.25 %   187,604   5,838 6.22 %
    Taxable securities   2,498,428   35,888 2.87 %   1,861,909   18,763 2.02 %
    Tax-exempt securities   361,827   5,752 3.18 %   267,108   2,956 2.21 %
    Total securities   2,860,255   41,640 2.91 %   2,129,017   21,719 2.04 %
    Interest-bearing balances with banks   863,486   17,696 4.13 %   582,683   15,655 5.40 %
    Total interest-earning assets   19,690,943   571,321 5.84 %   15,391,118   438,522 5.72 %
    Cash and due from banks   270,088       188,011    
    Intangible assets   1,297,622       1,009,232    
    Other assets   850,231       701,770    
    Total assets $ 22,108,884     $ 17,290,131    
    Interest-bearing liabilities:            
    Interest-bearing demand(1) $ 9,522,800 $ 131,252 2.78 % $ 7,025,200 $ 108,632 3.10 %
    Savings deposits   1,069,134   1,743 0.33 %   850,018   1,459 0.34 %
    Brokered deposits     %   370,129   9,931 5.38 %
    Time deposits   2,941,920   58,312 3.99 %   2,403,646   50,212 4.20 %
    Total interest-bearing deposits   13,533,854   191,307 2.85 %   10,648,993   170,234 3.21 %
    Borrowed funds   797,714   19,865 5.00 %   573,182   14,840 5.19 %
    Total interest-bearing liabilities   14,331,568   211,172 2.97 %   11,222,175   185,074 3.31 %
    Noninterest-bearing deposits   4,326,445       3,513,860    
    Other liabilities   229,098       228,090    
    Shareholders’ equity   3,221,773       2,326,006    
    Total liabilities and shareholders’ equity $ 22,108,884     $ 17,290,131    
    Net interest income/ net interest margin   $ 360,149 3.68 %   $ 253,448 3.30 %
    Cost of funding     2.28 %     2.52 %
    Cost of total deposits     2.16 %     2.41 %

    (1) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

    Loan Portfolio

    (Dollars in thousands) As of
      Jun 30,
    2025
    Mar 31,
    2025
    Dec 31,
    2024
    Sep 30,
    2024
    Jun 30,
    2024
    Loan Portfolio:          
    Commercial, financial, agricultural $ 2,666,923 $ 1,888,580 $ 1,885,817 $ 1,804,961 $ 1,847,762
    Lease financing   89,568   85,412   90,591   98,159   102,996
    Real estate – construction   1,339,967   1,090,862   1,093,653   1,198,838   1,355,425
    Real estate – 1-4 family mortgages   4,874,679   3,583,080   3,488,877   3,440,038   3,435,818
    Real estate – commercial mortgages   9,470,134   6,320,120   6,236,068   5,995,152   5,766,478
    Installment loans to individuals   122,176   87,539   90,014   90,500   96,276
    Total loans $ 18,563,447 $ 13,055,593 $ 12,885,020 $ 12,627,648 $ 12,604,755


    Credit Quality and Allowance for Credit Losses on Loans

    (Dollars in thousands) As of
      Jun 30,
    2025
    Mar 31,
    2025
    Dec 31,
    2024
    Sep 30,
    2024
    Jun 30,
    2024
    Nonperforming Assets:          
    Nonaccruing loans $ 137,999   $ 98,638   $ 110,811   $ 113,872   $ 97,795  
    Loans 90 days or more past due   3,860     95     2,464     5,351     240  
    Total nonperforming loans   141,859     98,733     113,275     119,223     98,035  
    Other real estate owned   11,750     8,654     8,673     9,136     7,366  
    Total nonperforming assets $ 153,609   $ 107,387   $ 121,948   $ 128,359   $ 105,401  
               
    Criticized Loans          
    Classified loans $ 333,626   $ 224,654   $ 241,708   $ 218,135   $ 191,595  
    Special Mention loans   159,931     95,778     130,882     163,804     138,343  
    Criticized loans(1) $ 493,557   $ 320,432   $ 372,590   $ 381,939   $ 329,938  
               
    Allowance for credit losses on loans $ 290,770   $ 203,931   $ 201,756   $ 200,378   $ 199,871  
    Net loan charge-offs (recoveries) $ 12,054   $ (125 ) $ 1,722   $ 703   $ 5,481  
    Annualized net loan charge-offs / average loans   0.26 %   %   0.05 %   0.02 %   0.18 %
    Nonperforming loans / total loans   0.76     0.76     0.88     0.94     0.78  
    Nonperforming assets / total assets   0.58     0.59     0.68     0.71     0.60  
    Allowance for credit losses on loans / total loans   1.57     1.56     1.57     1.59     1.59  
    Allowance for credit losses on loans / nonperforming loans   204.97     206.55     178.11     168.07     203.88  
    Criticized loans / total loans   2.66     2.45     2.89     3.02     2.62  

    (1) Criticized loans include classified and Special Mention loans.

    CONFERENCE CALL INFORMATION:
    A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, July 23, 2025.

    The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=gtM01rRI. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2025 Second Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

    The webcast will be archived on www.renasant.com after the call and will remain accessible for one year. A replay can be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 6698526 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 6, 2025.

    ABOUT RENASANT CORPORATION:
    Renasant Corporation is the parent of Renasant Bank, a 121-year-old financial services institution. Renasant has assets of approximately $26.6 billion and operates 300 banking, lending, mortgage and wealth management offices throughout the Southeast and also offers factoring and asset-based lending on a nationwide basis.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

    This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “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 preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

    Important factors currently known to management that could cause the Company’s actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions (including its recently-completed merger with The First into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities the Company has acquired, or may acquire, or target for acquisition, including in connection with its merger with The First; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (ix) increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of the Company’s merger with The First; (x) changes in the securities and foreign exchange markets; (xi) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of the Company’s investment securities portfolio; (xiii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiv) changes in the sources and costs of the capital the Company uses to make loans and otherwise fund the Company’s operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of credit or deposit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xx) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xxi) geopolitical conditions, including acts or threats of terrorism and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxii) the impact, extent and timing of technological changes; and (xxiii) other circumstances, many of which are beyond management’s control.

    Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

    The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

    NON-GAAP FINANCIAL MEASURES:

    In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this press release and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, namely, (i) adjusted loan yield, (ii) adjusted net interest income and margin, (iii) pre-provision net revenue (including on an as-adjusted basis), (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) the adjusted return on average assets and on average equity and certain other performance ratios (namely, the ratio of pre-provision net revenue to average assets and the return on average tangible assets and on average tangible common equity (including each of the foregoing on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

    These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, including related amortization, and/or certain gains or charges (such as, for the second quarter of 2025, merger and conversion expenses, the Day 1 acquisition provision for credit losses and unfunded commitments, and gain on sales of MSRs), with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below under the caption “Non-GAAP Reconciliations”.

    None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

    Non-GAAP Reconciliations

    (Dollars in thousands, except per share data) Three Months Ended   Six Months Ended
      Jun 30,
    2025
    Mar 31,
    2025
    Dec 31,
    2024
    Sep 30,
    2024
    Jun 30,
    2024
      Jun 30,
    2025
    Jun 30,
    2024
    Adjusted Pre-Provision Net Revenue (“PPNR”)            
    Net income (GAAP) $ 1,018   $ 41,518   $ 44,747   $ 72,455   $ 38,846     $ 42,536   $ 78,255  
    Income taxes   1,649     10,448     5,006     24,924     9,666       12,097     19,578  
    Provision for credit losses (including unfunded commitments)   81,322     4,750     2,600     935     3,300       86,072     5,738  
    Pre-provision net revenue (non-GAAP) $ 83,989   $ 56,716   $ 52,353   $ 98,314   $ 51,812     $ 140,705   $ 103,571  
    Merger and conversion expense   20,479     791     2,076     11,273           21,270      
    Gain on extinguishment of debt                             (56 )
    Gain on sales of MSR   (1,467 )       (252 )             (1,467 )   (3,472 )
    Gain on sale of insurance agency               (53,349 )              
    Adjusted pre-provision net revenue (non-GAAP) $ 103,001   $ 57,507   $ 54,177   $ 56,238   $ 51,812     $ 160,508   $ 100,043  
                     
    Adjusted Net Income and Adjusted Tangible Net Income            
    Net income (GAAP) $ 1,018   $ 41,518   $ 44,747   $ 72,455   $ 38,846     $ 42,536   $ 78,255  
    Amortization of intangibles   8,884     1,080     1,133     1,160     1,186       9,964     2,398  
    Tax effect of adjustments noted above(1)   (2,212 )   (270 )   (283 )   (296 )   (233 )     (2,481 )   (470 )
    Tangible net income (non-GAAP) $ 7,690   $ 42,328   $ 45,597   $ 73,319   $ 39,799     $ 50,019   $ 80,183  
                     
    Net income (GAAP) $ 1,018   $ 41,518   $ 44,747   $ 72,455   $ 38,846     $ 42,536   $ 78,255  
    Merger and conversion expense   20,479     791     2,076     11,273           21,270      
    Day 1 acquisition provision for loan losses   62,190                       62,190      
    Day 1 acquisition provision for unfunded commitments   4,422                       4,422      
    Gain on extinguishment of debt                             (56 )
    Gain on sales of MSR   (1,467 )       (252 )             (1,467 )   (3,472 )
    Gain on sale of insurance agency               (53,349 )              
    Tax effect of adjustments noted above(1)   (20,765 )   (198 )   (113 )   12,581           (20,964 )   694  
    Adjusted net income (non-GAAP) $ 65,877   $ 42,111   $ 46,458   $ 42,960   $ 38,846     $ 107,987   $ 75,421  
    Amortization of intangibles   8,884     1,080     1,133     1,160     1,186       9,964     2,398  
    Tax effect of adjustments noted above(1)   (2,212 )   (270 )   (283 )   (296 )   (233 )     (2,481 )   (470 )
    Adjusted tangible net income (non-GAAP) $ 72,549   $ 42,921   $ 47,308   $ 43,824   $ 39,799     $ 115,470   $ 77,349  
    Tangible Assets and Tangible Shareholders’ Equity            
    Average shareholders’ equity (GAAP) $ 3,745,051   $ 2,692,681   $ 2,656,885   $ 2,553,586   $ 2,337,731     $ 3,221,773   $ 2,326,006  
    Average intangible assets   (1,589,490 )   (1,002,511 )   (1,003,551 )   (1,004,701 )   (1,008,638 )     (1,297,622 )   (1,009,232 )
    Average tangible shareholders’ equity (non-GAAP) $ 2,155,561   $ 1,690,170   $ 1,653,334   $ 1,548,885   $ 1,329,093     $ 1,924,151   $ 1,316,774  
                     
    Average assets (GAAP) $ 26,182,865   $ 17,989,636   $ 17,943,148   $ 17,681,664   $ 17,371,369     $ 22,108,884   $ 17,290,131  
    Average intangible assets   (1,589,490 )   (1,002,511 )   (1,003,551 )   (1,004,701 )   (1,008,638 )     (1,297,622 )   (1,009,232 )
    Average tangible assets (non-GAAP) $ 24,593,375   $ 16,987,125   $ 16,939,597   $ 16,676,963   $ 16,362,731     $ 20,811,262   $ 16,280,899  
                     
    Shareholders’ equity (GAAP) $ 3,778,854   $ 2,727,105   $ 2,678,318   $ 2,658,078   $ 2,354,701     $ 3,778,854   $ 2,354,701  
    Intangible assets   (1,583,533 )   (1,001,923 )   (1,003,003 )   (1,004,136 )   (1,008,062 )     (1,583,533 )   (1,008,062 )
    Tangible shareholders’ equity (non-GAAP) $ 2,195,321   $ 1,725,182   $ 1,675,315   $ 1,653,942   $ 1,346,639     $ 2,195,321   $ 1,346,639  
                     
    Total assets (GAAP) $ 26,624,975   $ 18,271,381   $ 18,034,868   $ 17,958,840   $ 17,510,391     $ 26,624,975   $ 17,510,391  
    Intangible assets   (1,583,533 )   (1,001,923 )   (1,003,003 )   (1,004,136 )   (1,008,062 )     (1,583,533 )   (1,008,062 )
    Total tangible assets (non-GAAP) $ 25,041,442   $ 17,269,458   $ 17,031,865   $ 16,954,704   $ 16,502,329     $ 25,041,442   $ 16,502,329  
                     
    Adjusted Performance Ratios                
    Return on average assets (GAAP)   0.02 %   0.94 %   0.99 %   1.63 %   0.90 %     0.39 %   0.91 %
    Adjusted return on average assets (non-GAAP)   1.01     0.95     1.03     0.97     0.90       0.98     0.88  
    Return on average tangible assets (non-GAAP)   0.13     1.01     1.07     1.75     0.98       0.48     0.99  
    Pre-provision net revenue to average assets (non-GAAP)   1.29     1.28     1.16     2.21     1.20       1.28     1.20  
    Adjusted pre-provision net revenue to average assets (non-GAAP)   1.58     1.30     1.20     1.27     1.20       1.46     1.16  
    Adjusted return on average tangible assets (non-GAAP)   1.18     1.02     1.11     1.05     0.98       1.12     0.96  
    Return on average equity (GAAP)   0.11     6.25     6.70     11.29     6.68       2.66     6.77  
    Adjusted return on average equity (non-GAAP)   7.06     6.34     6.96     6.69     6.68       6.76     6.52  
    Return on average tangible equity (non-GAAP)   1.43     10.16     10.97     18.83     12.04       5.24     12.25  
    Adjusted return on average tangible equity (non-GAAP)   13.50     10.30     11.38     11.26     12.04       12.10     11.81  
                     
    Adjusted Diluted Earnings Per Share            
    Average diluted shares outstanding   95,136,160     64,028,025     64,056,303     61,632,448     56,684,626       79,671,775     56,607,947  
                     
    Diluted earnings per share (GAAP) $ 0.01   $ 0.65   $ 0.70   $ 1.18   $ 0.69     $ 0.53   $ 1.38  
    Adjusted diluted earnings per share (non-GAAP) $ 0.69   $ 0.66   $ 0.73   $ 0.70   $ 0.69     $ 1.36   $ 1.33  
                     
    Tangible Book Value Per Share                
    Shares outstanding   95,019,311     63,739,467     63,565,690     63,564,028     56,367,924       95,019,311     56,367,924  
                     
    Book value per share (GAAP) $ 39.77   $ 42.79   $ 42.13   $ 41.82   $ 41.77     $ 39.77   $ 41.77  
    Tangible book value per share (non-GAAP) $ 23.10   $ 27.07   $ 26.36   $ 26.02   $ 23.89     $ 23.10   $ 23.89  
                     
    Tangible Common Equity Ratio                
    Shareholders’ equity to assets (GAAP)   14.19 %   14.93 %   14.85 %   14.80 %   13.45 %     14.19 %   13.45 %
    Tangible common equity ratio (non-GAAP)   8.77 %   9.99 %   9.84 %   9.76 %   8.16 %     8.77 %   8.16 %
    Adjusted Efficiency Ratio                
    Net interest income (FTE) (GAAP) $ 222,717   $ 137,432   $ 135,502   $ 133,576   $ 127,598     $ 360,149   $ 253,448  
                     
    Total noninterest income (GAAP) $ 48,334   $ 36,395   $ 34,218   $ 89,299   $ 38,762     $ 84,729   $ 80,143  
    Gain on sales of MSR   (1,467 )       (252 )             (1,467 )   (3,472 )
    Gain on extinguishment of debt                             (56 )
    Gain on sale of insurance agency               (53,349 )              
    Total adjusted noninterest income (non-GAAP) $ 46,867   $ 36,395   $ 33,966   $ 35,950   $ 38,762     $ 83,262   $ 76,615  
                     
    Noninterest expense (GAAP) $ 183,204   $ 113,876   $ 114,747   $ 121,983   $ 111,976     $ 297,080   $ 224,888  
    Amortization of intangibles   (8,884 )   (1,080 )   (1,133 )   (1,160 )   (1,186 )     (9,964 )   (2,398 )
    Merger and conversion expense   (20,479 )   (791 )   (2,076 )   (11,273 )         (21,270 )    
    Total adjusted noninterest expense (non-GAAP) $ 153,841   $ 112,005   $ 111,538   $ 109,550   $ 110,790     $ 265,846   $ 222,490  
                     
    Efficiency ratio (GAAP)   67.59 %   65.51 %   67.61 %   54.73 %   67.31 %     66.78 %   67.41 %
    Adjusted efficiency ratio (non-GAAP)   57.07 %   64.43 %   65.82 %   64.62 %   66.60 %     59.95 %   67.41 %
                     
    Adjusted Net Interest Income and Adjusted Net Interest Margin            
    Net interest income (FTE) (GAAP) $ 222,717   $ 137,432   $ 135,502   $ 133,576   $ 127,598     $ 360,149   $ 253,448  
    Net interest income collected on problem loans   (2,779 )   (1,026 )   (151 )   (642 )   146       (3,805 )   23  
    Accretion recognized on purchased loans   (17,834 )   (558 )   (616 )   (1,089 )   (897 )     (18,392 )   (1,697 )
    Amortization recognized on purchased time deposits   4,396                       4,396      
    Amortization recognized on purchased long term borrowings   1,072                       1,072      
    Adjustments to net interest income $ (15,145 ) $ (1,584 ) $ (767 ) $ (1,731 ) $ (751 )   $ (16,729 ) $ (1,674 )
    Adjusted net interest income (FTE) (non-GAAP) $ 207,572   $ 135,848   $ 134,735   $ 131,845   $ 126,847     $ 343,420   $ 251,774  
                     
    Net interest margin (GAAP)   3.85 %   3.45 %   3.36 %   3.36 %   3.31 %     3.68 %   3.30 %
    Adjusted net interest margin (non-GAAP)   3.58 %   3.42 %   3.34 %   3.32 %   3.29 %     3.51 %   3.28 %
                     
    Adjusted Loan Yield                
    Loan interest income (FTE) (GAAP) $ 304,834   $ 199,504   $ 201,562   $ 204,935   $ 200,670     $ 504,338   $ 395,310  
    Net interest income collected on problem loans   (2,779 )   (1,026 )   (151 )   (642 )   146       (3,805 )   23  
    Accretion recognized on purchased loans   (17,834 )   (558 )   (616 )   (1,089 )   (897 )     (18,392 )   (1,697 )
    Adjusted loan interest income (FTE) (non-GAAP) $ 284,221   $ 197,920   $ 200,795   $ 203,204   $ 199,919     $ 482,141   $ 393,636  
                     
    Loan yield (GAAP)   6.63 %   6.24 %   6.29 %   6.47 %   6.41 %     6.47 %   6.35 %
    Adjusted loan yield (non-GAAP)   6.18 %   6.19 %   6.27 %   6.41 %   6.38 %     6.18 %   6.32 %

    (1) Tax effect is calculated based on the respective legal entity’s appropriate federal and state tax rates (as applicable) for the period, and includes the estimated impact of both current and deferred tax expense.

           
    Contacts: For Media:   For Financials:
      John S. Oxford   James C. Mabry IV
      Senior Vice President   Executive Vice President
      Chief Marketing Officer   Chief Financial Officer
      (662) 680-1219   (662) 680-1281

    The MIL Network

  • MIL-OSI: Weatherford Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Second quarter revenue of $1,204 million increased 1% sequentially
    • Second quarter operating income of $237 million increased 67% sequentially
    • Second quarter net income of $136 million increased 79% sequentially; net income margin of 11.3%
    • Second quarter adjusted EBITDA* of $254 million was flat sequentially; adjusted EBITDA margin* of 21.1% decreased 11 basis points sequentially
    • Second quarter cash provided by operating activities of $128 million and adjusted free cash flow* of $79 million
    • Repurchased $27 million of 8.625% Senior Notes due 2030 in the second quarter of 2025
    • Shareholder return of $52 million for the quarter, which included dividend payments of $18 million and share repurchases of $34 million
    • Board approved quarterly cash dividend of $0.25 per share, payable on September 4, 2025, to shareholders of record as of August 6, 2025
    • Signed an agreement with Amazon Web Services to migrate and modernize our digital platforms, including the Modern Edge Platform and Unified Data Model, enhancing operational efficiency and data-driven decision-making. The collaboration also boosts Weatherford’s Software Launchpad, offering scalable, cloud-based solutions while ensuring data control and integration flexibility

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    HOUSTON, July 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the second quarter of 2025.

    Revenues for the second quarter of 2025 were $1,204 million, an increase of 1% sequentially and a decrease of 14% year-over-year. Operating income in the second quarter of 2025 was $237 million, an increase of 67% sequentially and a decrease of 10% year-over-year. Net income in the second quarter of 2025 was $136 million, with a 11.3% margin, an increase of 79%, or 493 basis points, sequentially, and an increase of 9%, or 240 basis points, year-over-year. Adjusted EBITDA* was $254 million, with a 21.1% margin, flat, or a decrease of 11 basis points, sequentially, and a decrease of 30%, or 488 basis points, year-over-year. Basic income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 10% year-over-year. Diluted income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 13% year-over-year.

    Second quarter 2025 cash flows provided by operating activities were $128 million, a decrease of 10% sequentially and a decrease of 15% year-over-year. Adjusted free cash flow* was $79 million, an increase of 20% sequentially and a decrease of 18% year-over-year. Capital expenditures were $54 million in the second quarter of 2025, a decrease of 30% sequentially and a decrease of 13% year-over-year.

    Girish Saligram, President and Chief Executive Officer, commented, “Our core operating markets continued to exhibit activity slowdown during the quarter, driven by geopolitical events, supply-demand imbalance concerns, and trade uncertainties. Despite these structural headwinds, the One Weatherford team delivered second-quarter results in line with expectations, reflecting disciplined execution and operational efficiency in a distinctly softer market. The sequential performance demonstrates strong fundamentals and the resilience of our operating model. Revenues increased and adjusted EBITDA was flat despite the previously announced divestiture of certain businesses in Argentina. Adjusted Free Cash Flow also increased, even as receivables continued to build in Latin America due to lack of payments in Mexico. This performance underscores the strength of the new Weatherford operating paradigm and marks a positive departure from past responses to prior market cycle inflections.

    Looking ahead, activity levels in both North America and international markets continue to show signs of sluggishness, and expectations for a broader sector recovery have shifted further to the right. While we anticipate a relatively flat trajectory on revenues for the immediate future, we remain focused on driving adjusted free cash flow conversion through portfolio optimization, structural cost efficiencies, optimization of working capital, and CAPEX efficiency.”

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Operational & Commercial Highlights

    • An International Oil Company (IOC) awarded Weatherford a three-year contract to provide Managed Pressure Drilling (MPD) services for a deepwater development project in Mexico.
    • Aramco awarded Weatherford a one-year contract extension to provide MPD services for its onshore and offshore wells.
    • Weatherford, with Superior Energy Services, secured a three-year contract to supply conventional completions (Upper and Lower) equipment to Petrobras for pre-salt and post-salt fields offshore Brazil.
    • Cairn Oil & Gas granted Weatherford a Letter of Award to provide Completions, Liner Hanger, Whipstock systems and services, and MPD services for High Temperature – Ultra High Temperature (HT-UHT) drilling and rigless project in Barmer, India.
    • bp UK awarded Weatherford a one-year contract to provide Cementation Products, Completions, Drilling Services, Intervention Services & Drilling Tools (ISDT), and a one-year contract to provide Liner Hanger systems for the Northern Endurance Partnership CO2 Storage Project in offshore UK.
    • Beach Energy Limited awarded Weatherford contracts to provide Cementation Products, Cement Heads, Liner Hangers, and Tubular Running Services (TRS) for a campaign in offshore Australia.
    • Origin Energy awarded Weatherford a five-year contract to re-supply PCP systems in onshore Australia.
    • OMV awarded Weatherford a three-year contract to supply Completions and Reservoir Monitoring equipment in Tunisia.
    • Shell awarded Weatherford a three-year contract to provide ISDT offshore in the Gulf of America.
    • An IOC awarded Weatherford a three-year contract to provide thru-tubing Well Services in offshore Malaysia.
    • Kuwait Oil Company (KOC) awarded Weatherford a contract for the supply of XpressTM XT Liner Hanger systems for deep drilling operations in Kuwait.
    • A National Oil Company in the Middle East awarded a two-year contract to provide thru-tubing and safety valve systems in the United Arab Emirates.
    • A major operator in Canada awarded Weatherford a two-year contract to provide Artificial Lift services in onshore Canada.
    • Weatherford, in strategic partnership with Constellation, secured a three-year contract to deliver TRS, integrating the automated Vero™ technology into their rig for Petrobras in offshore Brazil.

    Technology Highlights

    • Drilling & Evaluation (“DRE”)
      • In Kuwait, Weatherford successfully deployed combined Magnus™ and Victus™ solutions for a pilot project for KOC. This approach enabled the use of a smaller wellhead, eliminated one casing string, and allowed effective drilling and cementing through stacked reservoirs, potentially unlocking new completion designs and enhancing recovery.
      • In Qatar, Weatherford successfully completed the first Modus™ job using MPD techniques that significantly improved operational efficiency and well safety. The Modus system enabled the operator to reach the targeted total depth while saving substantial rig time and costs compared to conventional methods.
      • In Norway, Weatherford successfully completed three open hole logging jobs for an international operator using coiled tubing for deployment. This approach enabled effective logging in a highly deviated well, overcoming the limitations of conventional wireline conveyance.
    • Well Construction and Completions (“WCC”)
      • In the Gulf of America, Weatherford successfully integrated multiple TRS technologies for bp. This integration enhanced operational speed, cost-effectiveness, and well integrity while improving quality, efficiency, and safety by reducing personnel requirements and eliminating manual intervention.
      • In the United Kingdom, Weatherford successfully implemented StringGuardTM for Shell. The solution is designed to provide protection against potential dropped string events, with the aim of maintaining operational focus and incident free delivery.
    • Production and Intervention (“PRI”)
      • Weatherford’s Rotaflex® Artificial Lift technology has witnessed continued global adoption, with recent installations in France, Australia, and Oman. These projects have addressed a variety of operational challenges, including the replacement of Electric Submersible Pumps and conventional pumping units, enhancement of production efficiency, support for Coal Bed Methane initiatives, and restoration of output in complex wells, underscoring the versatility and effectiveness of the Rotaflex technology.
      • In Norway, Weatherford completed a successful field trial of TITAN RS technology for Equinor, following the acquisition of Ardyne. The trial delivered a full casing cut and recovery solution for the plug and abandonment market, reinforcing Weatherford’s leadership in advanced well abandonment.
      • In Saudi Arabia, Weatherford installed the first Rod Lift system in the Jafurah field. The unit was successfully commissioned, validating Weatherford’s Rod Lift technology as a viable artificial lift solution for this unconventional gas field.

    Shareholder Return

    During the second quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $34 million, resulting in a total shareholder return of $52 million. In the first half of the year, Weatherford paid dividends of $36 million and repurchased shares for approximately $87 million, resulting in a total shareholder return of $123 million.

    On July 17, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on September 4, 2025, to shareholders of record as of August 6, 2025.

    Results by Reportable Segment

    Drilling and Evaluation (“DRE”)
      

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      Seq.   YoY
    Revenue   $          335     $              350     $          427     (4)   %   (22)    %
    Segment Adjusted EBITDA   $            69     $                 74     $          130     (7)   %   (47)    %
    Segment Adj EBITDA Margin     20.6 %     21.1 %     30.4 %            (55) bps         (985) bps

    Second quarter 2025 DRE revenue of $335 million decreased by $15 million, or 4% sequentially, primarily from lower Wireline activity in North America and Latin America partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/Russia and Latin America. Year-over-year DRE revenue decreased by $92 million, or 22%, primarily from lower activity across all geographies, especially in Latin America, partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/ Russia, North America and Middle East/North Africa/Asia.

    Second quarter 2025 DRE segment adjusted EBITDA of $69 million decreased by $5 million, or 7% sequentially, primarily from lower Wireline activity, partly offset by higher Drilling Services activity. Year-over-year DRE segment adjusted EBITDA decreased by $61 million, or 47%, primarily from lower activity across all geographies, especially in Latin America.

    Well Construction and Completions (“WCC”)  

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      Seq.   YoY
    Revenue   $          456     $              441     $          504     3 %   (10)   %
    Segment Adjusted EBITDA   $          118     $              128     $          145     (8) %   (19)   %
    Segment Adj EBITDA Margin     25.9 %     29.0 %     28.8 %         (315) bps          (289) bps

    Second quarter 2025 WCC revenue of $456 million increased by $15 million, or 3% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Completions activity especially in Latin America.  Year-over-year WCC revenues decreased by $48 million, or 10%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers activity in Middle East/North Africa/Asia.

    Second quarter 2025 WCC segment adjusted EBITDA of $118 million decreased by $10 million, or 8% sequentially, primarily from lower Completions activity partly offset by higher Liner Hangers activity and Cementation Products activity and fall through. Year-over-year WCC segment adjusted EBITDA decreased by $27 million, or 19%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers and TRS fall through in Middle East/North Africa/Asia.

    Production and Intervention (“PRI”)  

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      Seq.   YoY
    Revenue   $          327         $              334     $          369     (2)  %   (11)   %
    Segment Adjusted EBITDA   $            63         $                 62     $            85     2 %   (26)   %
    Segment Adj EBITDA Margin     19.3 %     18.6 %     23.0 %             70  bps          (377) bps

    Second quarter 2025 PRI revenue of $327 million  decreased by $7 million, or 2% sequentially, primarily from lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business partly offset by higher Artificial Lift and Sub-sea Intervention activity. Year-over-year PRI revenue decreased by $42 million, or 11%, as lower activity across all geographies was partly offset by higher Sub-sea intervention activity in Latin America.

    Second quarter 2025 PRI segment adjusted EBITDA of $63 million increased by $1 million, or 2% sequentially, primarily from  higher Sub-sea Intervention activity and fall through partly offset by lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business. Year-over-year PRI segment adjusted EBITDA decreased by $22 million, or 26%, primarily from lower activity across all geographies, partly offset by higher Sub-sea intervention activity and fall through in Latin America.

    Revenue by Geography 

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      Seq.   YoY
    North America   $             241   $                  250   $             252   (4) %   (4) %
                         
    International   $             963   $                  943   $          1,153   2 %   (16) %
       Latin America                     195                        241                    353   (19) %   (45) %
       Middle East/North Africa/Asia                    524                        503                    542   4 %   (3) %
       Europe/Sub-Sahara Africa/Russia                    244                        199                    258   23 %   (5) %
    Total Revenue   $          1,204   $               1,193   $          1,405   1 %   (14) %


    North America

    Second quarter 2025 North America revenue of $241 million decreased by $9 million, or 4% sequentially, primarily from lower Wireline activity in Canada Land, partly offset by higher Cementation Products and Liner Hangers activity. Year-over-year, North America decreased by $11 million, or 4% , primarily from lower activity across all the segments, partly offset by higher activity in US Offshore.

    International

    Second quarter 2025 international revenue of $963 million increased by $20 million, or 2% sequentially and decreased by $190 million, or 16% year-over-year.

    Second quarter 2025 Latin America revenue of $195 million decreased by $46 million, or 19% sequentially, primarily from lower activity in Argentina pursuant to the sale of the Argentina Pressure Pumping business, partly offset by higher Sub-sea intervention activity. Year-over-year, Latin America revenue decreased by $158 million, or 45%, primarily from lower activity in Mexico and Argentina, partly offset by higher Sub-sea intervention activity.

    Second quarter 2025 Middle East/North Africa/Asia revenue of $524 million increased by $21 million, or 4% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Drilling Services. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $18 million, or 3%, primarily from lower activity in the DRE and PRI segments partly offset by higher Liner Hangers activity.

    Second quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $244 million increased by $45 million, or 23% sequentially, primarily from higher activity across all the segments. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue decreased by $14 million, or 5%, primarily from lower activity across all the segments especially WCC, partly offset by higher Drilling Services and Pressure Pumping.

    About Weatherford
    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 17,300 team members representing more than 110 nationalities and 310 operating locations. Visit weatherford.com for more information and connect with us on social media.

    Conference Call Details

    Weatherford will host a conference call on Wednesday, July 23, 2025, to discuss the Company’s results for the second quarter ended June 30, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

    Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

    Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

    A telephonic replay of the conference call will be available until August 6, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 1312926. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

    Contacts
    For Investors:
    Luke Lemoine
    Senior Vice President, Corporate Development & Investor Relations
    +1 713-836-7777
    investor.relations@weatherford.com

    For Media:
    Kelley Hughes
    Senior Director, Communications & Employee Engagement
    media@weatherford.com

    Forward-Looking Statements

    This news release contains projections and forward-looking statements concerning, among other things, the Company’s adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts, increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies, our ability to timely collect from customers; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

    These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    Selected Statements of Operations (Unaudited)
                         
        Three Months Ended   Six Months Ended
    ($ in Millions, Except Per Share Amounts)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Revenues:                    
    DRE Revenues   $              335     $                 350     $              427     $            685     $            849  
    WCC Revenues                    456                          441                      504                     897                    962  
    PRI Revenues                    327                          334                      369                     661                    717  
    All Other                       86                            68                      105                     154                    235  
    Total Revenues                 1,204                      1,193                   1,405                 2,397                 2,763  
                         
    Operating Income:                    
    DRE Segment Adjusted EBITDA[1]   $                69     $                    74     $              130     $            143     $            260  
    WCC Segment Adjusted EBITDA[1]                    118                          128                      145                     246                    265  
    PRI Segment Adjusted EBITDA[1]                       63                            62                        85                     125                    158  
    All Other[2]                       19                              4                        23                       23                       50  
    Corporate[2]                     (15 )                        (15 )                    (18 )                   (30 )                   (32 )
    Depreciation and Amortization                     (64 )                        (62 )                    (86 )                 (126 )                (171 )
    Share-based Compensation                       (9 )                          (7 )                    (12 )                   (16 )                   (25 )
    Gain on Sale of Business                       70                            —                        —                       70                       —  
    Restructuring Charges                     (11 )                        (29 )                       (5 )                   (40 )                     (8 )
    Other (Charges) Credits                       (3 )                        (13 )                        2                     (16 )                     —  
    Operating Income                    237                          142                      264                     379                    497  
                         
    Other Expense:                    
    Interest Expense, Net of Interest Income of $14, $11,
    $17, $25 and $31
                        (21 )                        (26 )                    (24 )                   (47 )                   (53 )
    Loss on Blue Chip Swap Securities                       (1 )                          —                      (10 )                     (1 )                   (10 )
    Other Expense, Net                     (24 )                        (20 )                    (20 )                   (44 )                 (42 )
    Income Before Income Taxes                    191                            96                      210                     287                    392  
    Income Tax Provision                     (46 )                        (10 )                    (73 )                   (56 )                (132 )
    Net Income                    145                            86                      137                     231                    260  
    Net Income Attributable to Noncontrolling Interests                         9                            10                        12                       19                       23  
    Net Income Attributable to Weatherford   $              136     $                    76     $              125     $            212     $            237  
                         
    Basic Income Per Share   $             1.87     $                1.04     $             1.71     $           2.91     $           3.25  
    Basic Weighted Average Shares Outstanding                   72.2                         73.1                     73.2                    72.7                   73.1  
                         
    Diluted Income Per Share   $             1.87     $                1.03     $             1.66     $           2.90     $           3.16  
    Diluted Weighted Average Shares Outstanding                   72.4                         73.4                     75.3       72.9       75.0  
    [1] Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
    [2] All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.
    Weatherford International plc
    Selected Balance Sheet Data (Unaudited)
           
    ($ in Millions) June 30, 2025   December 31, 2024
    Assets:      
    Cash and Cash Equivalents $                              943   $                                 916
    Restricted Cash                                     60                                         59
    Accounts Receivable, Net                               1,177                                    1,261
    Inventories, Net                                  881                                       880
    Property, Plant and Equipment, Net                               1,136                                    1,061
    Intangibles, Net                                  305                                       325
           
    Liabilities:      
    Accounts Payable                                  685                                       792
    Accrued Salaries and Benefits                                  252                                       302
    Current Portion of Long-term Debt                                     26                                         17
    Long-term Debt                               1,565                                    1,617
           
    Shareholders’ Equity:      
    Total Shareholders’ Equity                               1,519                                    1,283
    Weatherford International plc
    Selected Cash Flows Information (Unaudited)
                         
        Three Months Ended   Six Months Ended
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Cash Flows From Operating Activities:                    
    Net Income   $             145     $                    86     $             137     $             231     $             260  
    Adjustments to Reconcile Net Income to Net Cash
    Provided By Operating Activities:
                       
    Depreciation and Amortization                      64                             62                        86                      126                      171  
    Foreign Exchange Losses                      17                             13                          8                        30                        23  
    Loss on Blue Chip Swap Securities                        1                             —                        10                          1                        10  
    Gain on Disposition of Assets                      (3 )                           (1 )                    (25 )                      (4 )                    (32 )
    Gain on Sale of Business                    (70 )                           —                        —                      (70 )                      —   
    Deferred Income Tax Provision (Benefit)                      (5 )                             7                        13                          2                        27  
    Share-Based Compensation                        9                               7                        12                        16                        25  
    Changes in Accounts Receivable, Inventory, Accounts
    Payable and Accrued Salaries and Benefits
                       (22 )                         (17 )                    (22 )                    (39 )                  (174 )
    Other Changes, Net                      (8 )                         (15 )                    (69 )                    (23 )                    (29 )
    Net Cash Provided By Operating Activities                    128                          142                      150                      270                      281  
                         
    Cash Flows From Investing Activities:                    
    Capital Expenditures for Property, Plant and Equipment                    (54 )                         (77 )                    (62 )                  (131 )                  (121 )
    Proceeds from Disposition of Assets                        5                               1                          8                          6                        18  
    Proceeds from Sale of Businesses                      97                             —                        —                        97                        —   
    Purchases of Blue Chip Swap Securities                    (83 )                           —                      (50 )                    (83 )                    (50 )
    Proceeds from Sales of Blue Chip Swap Securities                      82                             —                        40                        82                        40  
    Business Acquisitions, Net of Cash Acquired                      —                             —                        —                        —                       (36 )
    Proceeds from Sale of Investments                      —                             —                        —                        —                         41  
    Other Investing Activities                      (4 )                           (3 )                        3                        (7 )                      (7 )
    Net Cash Provided by (Used In) Investing Activities                      43                           (79 )                    (61 )                    (36 )                  (115 )
                         
    Cash Flows From Financing Activities:                    
    Repayments of Long-term Debt                    (34 )                         (39 )                    (87 )                    (73 )                  (259 )
       Distributions to Noncontrolling Interests                      (8 )                           —                        (9 )                      (8 )                      (9 )
    Tax Remittance on Equity Awards                      —                           (20 )                      (1 )                    (20 )                      (9 )
    Share Repurchases                    (34 )                         (53 )                      —                      (87 )                      —   
    Dividends Paid                    (18 )                         (18 )                      —                      (36 )                      —   
    Other Financing Activities                      (3 )                           (3 )                      (5 )                      (6 )                    (12 )
    Net Cash Used In Financing Activities   $              (97 )   $                (133 )   $           (102 )   $           (230 )   $           (289 )
    Weatherford International plc
    Non-GAAP Financial Measures Defined (Unaudited)

    We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.​

    Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    *Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
     
                         
        Three Months Ended   Six Months Ended
    ($ in Millions, Except Margin in Percentages)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
      June 30,
    2025
      June 30,
    2024
    Revenues   $         1,204     $          1,193     $         1,405     $      2,397     $      2,763  
    Net Income Attributable to Weatherford   $            136     $                76     $            125     $         212     $         237  
    Net Income Margin     11.3 %     6.4 %     8.9 %     8.8 %     8.6 %
    Adjusted EBITDA*   $            254     $              253     $            365     $         507     $         701  
    Adjusted EBITDA Margin*     21.1 %     21.2 %     26.0 %     21.2 %     25.4 %
                         
    Net Income Attributable to Weatherford   $            136     $                76     $            125     $         212     $         237  
    Net Income Attributable to Noncontrolling Interests                       9                        10                       12                    19                    23  
    Income Tax Provision                     46                        10                       73                    56                 132  
    Interest Expense, Net of Interest Income of $14, $11,
    $17, $25 and $31
                        21                        26                       24                    47                    53  
    Loss on Blue Chip Swap Securities                       1                        —                       10                      1                    10  
    Other Expense, Net                     24                        20                       20                    44                    42  
    Operating Income                  237                      142                    264                 379                 497  
    Depreciation and Amortization                     64                        62                       86                 126                 171  
    Other Charges (Credits)[1]                       3                        13                       (2 )                  16                    —  
    Gain on Sale of Business                   (70 )                      —                       —                  (70 )                  —  
    Restructuring Charges                     11                        29                         5                    40                      8  
    Share-Based Compensation                       9                          7                       12                    16                    25  
    Adjusted EBITDA*   $            254     $              253     $            365     $         507     $         701  
                         
    Net Cash Provided By Operating Activities   $            128     $              142     $            150     $         270     $         281  
    Capital Expenditures for Property, Plant and
    Equipment
                      (54 )                    (77 )                   (62 )             (131 )             (121 )
    Proceeds from Disposition of Assets                       5                          1                         8                      6                    18  
    Adjusted Free Cash Flow*   $              79     $                66     $              96     $         145     $         178  
    [1] Other Charges (Credits) in the three and six months ended June 30, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico and other miscellaneous charges and credits.

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)
     
                   
         
    ($ in Millions)   June 30,
    2025
      March 31,
    2025
      June 30,
    2024
     
    Current Portion of Long-term Debt   $                   26   $                    22   $                   20  
    Long-term Debt                    1,565                    1,583                    1,628  
    Total Debt   $              1,591   $              1,605   $              1,648  
                   
    Cash and Cash Equivalents   $                 943   $                 873   $                 862  
    Restricted Cash                          60                          57                          58  
    Total Cash   $              1,003   $                 930   $                 920  
                   
    Components of Net Debt              
    Current Portion of Long-term Debt   $                   26   $                    22   $                   20  
    Long-term Debt                    1,565                    1,583                    1,628  
    Less: Cash and Cash Equivalents                       943                        873                       862  
    Less: Restricted Cash                          60                          57                          58  
    Net Debt*   $                 588   $                 675   $                 728  
                   
    Net Income for trailing 12 months   $                 481   $                 470   $                 500  
    Adjusted EBITDA* for trailing 12 months   $              1,188   $              1,299   $              1,327  
                   
    Net Leverage* (Net Debt*/Adjusted EBITDA*)                      0.49 x                     0.52 x                    0.55 x


    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

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