NewzIntel.com

Category: Australia

  • MIL-Evening Report: ICJ climate crisis ruling: Will world’s top court back Pacific-led call to hold governments accountable?

    By Jamie Tahana in The Hague for RNZ Pacific

    In 2019, a group of law students at the University of the South Pacific, frustrated at the slow pace with which the world’s governments were moving to address the climate crisis, had an idea — they would take the world’s governments to court.

    They arranged a meeting with government ministers in Vanuatu and convinced them to take a case to the International Court of Justice (ICJ), the United Nations’ top court, where they would seek an opinion to clarify countries’ legal obligations under international law.

    Six years after that idea was hatched in a classroom in Port Vila, the court will today (early Thursday morning NZT) deliver its verdict in the Dutch city of The Hague.

    More than 100 countries – including New Zealand, Australia and all the countries of the Pacific – have testified before the International Court of Justice (ICJ), alongside civil society and intergovernmental organisations. Image: UN Web TV/screengrab

    If successful — and those involved are quietly confident they will be — it could have major ramifications for international law, how climate change disputes are litigated, and it could give small Pacific countries greater leverage in arguments around loss and damage.

    Most significantly, the claimants argue, it could establish legal consequences for countries that have driven climate change and what they owe to people harmed.

    “Six long years of campaigning have led us to this moment,” said Vishal Prasad, the president of Pacific Island Students Fighting Climate Change, the organisation formed out of those original students.

    “For too long, international responses have fallen short. We expect a clear and authoritative declaration,” he said.

    “[That] climate inaction is not just a failure of policy, but a breach of international law.”

    More than 100 countries — including New Zealand, Australia and all the countries of the Pacific — have testified before the court, alongside civil society and intergovernmental organisations.

    And now today they will gather in the brick palace that sits in ornate gardens in this canal-ringed city to hear if the judges of the world’s top court agree.

    What is the case?
     The ICJ adjudicates disputes between nations and issues advisory opinions on big international legal issues.

    In this case, Vanuatu asked the UN General Assembly to request the judges to weigh what exactly international law requires states to do about climate change, and what the consequences should be for states that harm the climate through actions or omissions.

    Over its deliberations, the court has heard from more than 100 countries and international organisations hoping to influence its opinion, the highest level of participation in the court’s history.

    That has included the governments of low-lying islands and atolls in the Pacific, which say they are paying the steepest price for a crisis they had little role in creating.

    These nations have long been frustrated with the current mechanisms for addressing climate change, like the UN COP conferences, and are hoping that, ultimately, the court will provide a yardstick by which to measure other countries’ actions.

    Vanuatu’s Minister of Climate Change Ralph Regenvanu . . . “This may well be the most consequential case in the history of humanity.” Image: IISD-ENB

    “I choose my words carefully when I say that this may well be the most consequential case in the history of humanity,” Vanuatu’s Minister for Climate Change Ralph Regenvanu said in his statement to the court last year.

    “Let us not allow future generations to look back and wonder why the cause of their doom was condoned.”

    But major powers and emitters, like the United States and China, have argued in their testimonies that existing UN agreements, such as the Paris climate accord, are sufficient to address climate change.

    “We expect this landmark climate ruling, grounded in binding international law, to reflect the critical legal flashpoints raised during the proceedings,” said Joie Chowdhury, a senior attorney at the US-based Centre for International Environmental Law (which has been involved with the case).

    “Among them: whether States’ climate obligations are anchored in multiple legal sources, extending far beyond the Paris Agreement; whether there is a right to remedy for climate harm; and how human rights and the precautionary principle define States’ climate obligations.”

    Pacific youth climate activist at a demonstration at COP27 in November 2022 . . . “We are not drowning. We are fighting.” Image: Facebook/Pacific Islands Students Fighting Climate Change

    What could this mean?
     Rulings from the ICJ are non-binding, and there are myriad cases of international law being flouted by countries the world over.

    Still, the court’s opinion — if it falls in Vanuatu’s favour — could still have major ramifications, bolstering the case for linking human rights and climate change in legal proceedings — both international and domestic — and potentially opening the floodgates for climate litigation, where individuals, groups, Indigenous Peoples, and even countries, sue governments or private companies for climate harm.

    An advisory opinion would also be a powerful precedent for legislators and judges to call on as they tackle questions related to the climate crisis, and give small countries a powerful cudgel in negotiations over future COP agreements and other climate mechanisms.

    “This would empower vulnerable nations and communities to demand accountability, strengthen legal arguments and negotiations and litigation and push for policies that prioritise prevention and redress over delay and denial,” Prasad said.

    In essence, those who have taken the case have asked the court to issue an opinion on whether governments have “legal obligations” to protect people from climate hazards, but also whether a failure to meet those obligations could bring “legal consequences”.

    At the Peace Palace today, they will find out from the court’s 15 judges.

    “[The advisory opinion] is not just a legal milestone, it is a defining moment in the global climate justice movement and a beacon of hope for present and future generations,” said Vanuatu Prime Minister Jotham Napat in a statement ahead of the decision.

    “I am hopeful for a powerful opinion from the ICJ. It could set the world on a meaningful path to accountability and action.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ‘Maybe this is the last minutes you are living’: how the war is impacting young Ukrainians

    Source: The Conversation (Au and NZ) – By Ashley Humphrey, Lecturer in Social Sciences, Monash University

    Now into its fourth year, the war that followed Russia’s invasion of Ukraine has taken a devastating toll.

    An estimated 60,000 to 100,0000 Ukrainian lives have been lost and more than 10 million citizens displaced, and entire cities have been devastated.

    Daily life in Ukraine is disrupted by frequent power outages, significant interruptions to school and work routines and the recurrent warnings of air raid sirens.

    We sought to understand the war’s impact on young Ukrainians by interviewing those still in, and outside of Ukraine.

    Stolen youth

    Young adults (aged 18-35) tend to be in a transitional phase of life, working towards establishing a career, starting a family and making future plans.

    For many young Ukrainians, these developmental processes have been severely impeded during the war.

    Our work provides insights into how young Ukrainians have navigated the severe intrusion to their development, as well as how they have coped psychologically during this time.

    Our research drew on in-depth interviews with young Ukrainians who had lived in Ukraine for either the entirety or part of the war.

    Conducted both in person in Ukraine as well as online, these interviews looked specifically at how the ongoing war has affected young people’s employment or study situation, their aspirations for the future and mental health, while also seeking to understand what support they need.

    Responses from the participants varied.

    Those who were working were now exclusively engaged in work centred on assisting the war effort, including in some cases having joined the armed forces.

    Those who were studying had shifted to online mediums. The COVID pandemic ensured online learning platforms were largely already in place, allowing some to continue their studies from locations outside of Ukraine.

    While perhaps an alluring prospect to some, this flexibility while studying was also accompanied by chaos and disorientation, with short-term visas forcing young Ukrainians to move from one country to another.

    As one student explained:

    We went to Ukraine for two weeks and then we moved to Georgia for three months. Now we’re in Thailand for one month, and now we’re going to be in Australia for two or three months. Then we’re probably going to go to Japan for a year maybe.

    Local residents walk past buildings damaged as a result of a missile strike in Odesa.
    OLEKSANDR GIMANOV/AFP via Getty Images

    Depression, stress and surprising optimisim

    Despite enduring the horrors of the war, the participants generally spoke of their futures with admirable optimism.

    Remarkably, many commented on the way the war had redefined their goals toward helping their country in some way. One respondent told us:

    When you are starting a new project, when you are applying for a job, you are having a constant filter: how does this affect Ukraine? Am I helping Ukraine? Am I helping Ukraine enough? What else can I do?’

    Another shared:

    I know we are fighting for our future. And I want to be a part of Ukraine and be a part of its reconstruction. Because I am like this bright future – I am the youth that will be reconstructing Ukraine because of their knowledge and money and everything else.

    Unsurprisingly, some were also apathetic or dismissive of their futures, commenting on broken dreams and stating it was not a time for making future plans. They felt let down by the United Nations and the “international global order”.

    Participants commented on the ways the war has affected their mental health.

    Symptoms of PTSD, elevated stress, depression, constant anxiety as well as existential dread were raised, with one young Ukrainian telling us:

    Every time when I hear alerts […] you’re thinking, maybe this is the last minutes you are living because the bomb can strike your flat.

    The fear of loud noises, the harrowing plight of their country and the associated stress were emergent themes.

    Yet, some indicated they had become resilient to this stress:

    I think I became quite resistant to the stress as well, because I think I faced the scariest moments of my life, where I can die, and I understand that when you cannot control the situation and what’s going on, I cannot control whether a missile is going to be in my house.

    This notion of resilience was both surprising and inspiring and this finding corroborated with past studies on war-affected Ukrainians.

    As one participant explained:

    If there was no war, I wouldn’t be who I am right now. It has really changed me. It has given me strength, this optimistic outlook.

    A need for greater support

    There is much to learn from these inspiring young people. But more pressingly, they need help.

    As the relentless shelling of Ukrainian cities continues, the participants call for greater access to mental health and counselling services, ongoing investment in online learning tools and job opportunities and basic resources to support their wellbeing.

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

    – ref. ‘Maybe this is the last minutes you are living’: how the war is impacting young Ukrainians – https://theconversation.com/maybe-this-is-the-last-minutes-you-are-living-how-the-war-is-impacting-young-ukrainians-260800

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Getting the CFC provisions right

    Source: New places to play in Gungahlin

    Do you have clients with a substantial interest in a foreign company controlled by Australian residents?

    If so, make sure you’re correctly applying the CFC provisions. This involves disclosing all CFCs, and their income, in tax returns and the international dealings schedule.

    Our reviews have shown that some tax agents don’t fully understand the provisions, putting their clients at risk of lengthy reviews and costly amendments.

    Resources to use

    You can check your understanding of the CFC provisions by reviewing:

    MIL OSI News –

  • MIL-OSI: Diversified Royalty Corp. Announces Filing of Final Short Form Base Shelf Prospectus

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) announced today that it has filed, and received receipt for, a final short form base shelf prospectus (the “Prospectus”). The Prospectus was filed with the securities regulatory authorities in each of the provinces and territories of Canada. DIV’s prior short form base shelf prospectus dated June 19, 2023, expired on July 19, 2025. Accordingly, DIV filed the Prospectus to maintain financial flexibility and efficient access to Canadian capital markets to pursue strategic initiatives. A copy of the Prospectus is available under DIV’s profile on SEDAR+ at www.sedarplus.ca.

    The Prospectus is valid for a 25-month period during which time DIV may, from time to time, issue common shares, warrants, subscription receipts, debt securities, convertible securities or rights or any combination thereof, including in the form of units (collectively, the “Securities”). The specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities. There is no certainty any Securities will be offered or sold under the Prospectus within the 25-month effective period.  

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, BarBurrito and Cheba Hut trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations in the United States.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward-Looking Information

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the Prospectus being filed to provide DIV with financial flexibility

    and efficient access to Canadian capital markets to pursue strategic initiatives; the specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information.

    DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will complete any offerings of Securities under the Prospectus; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in its most recent Management’s Discussion and Analysis, copies of each of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca.

    In formulating the forward-looking information contained herein, management has assumed that, among other things: DIV will complete one or more offerings of Securities under the Prospectus and one or more shelf prospectus supplements and DIV will successfully deploy the proceeds therefrom; DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.ca.

    Contact:
    Sean Morrison, Chief Executive Officer and Director
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, President and Chief Financial Officer
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI USA: Cornyn, Kim Introduce Bill to Combat AI-Generated Child Sexual Abuse Material

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senators John Cornyn (R-TX) and Andy Kim (D-NJ) today introduced the Preventing Recurring Online Abuse of Children Through Intentional Vetting of Artificial Intelligence (PROACTIV AI) Data Act, which would encourage artificial intelligence (AI) developers to identify, remove, and report known child sexual abuse material (CSAM) from the datasets they compile or obtain for use in training AI models to help proactively stop AI image generators from creating child pornography:
    “Modern predators are exploiting advances in AI to develop new AI-generated child sexual abuse material, and technology companies are often unwittingly giving them the tools to do so,” said Sen. Cornyn. “By encouraging tech companies to proactively screen their datasets to remove and report explicit images of children, this legislation would mitigate the risk of AI platforms unintentionally enabling the creation of new content depicting child sexual abuse and better safeguard children online.”
    “As we develop AI models, it is important that we establish critical protections to look out for the most vulnerable in digital spaces,” said Sen. Kim. “This bill is an opportunity for Congress and AI developers to take an important step forward together and implement the necessary safeguards to keep our children safe from future misuse or exploitation.”
    Background:
    Foundational AI models require large amounts of data for training purposes. Given the size of these datasets and the amount of compute needed to work through them during training, many companies do not screen content for harmful materials. Recognizing the potential for child sexual abuse material (CSAM) to unintentionally work its way into these datasets given the methods of collection, researchers at Stanford University screened multiple data sets, including the LAION-5B data set used to train many of the leading image-generating models. Their work identified more than 3,000 data entries of likely CSAM in the dataset. This is troubling, not just because of the accessibility of known CSAM, but because many products and tools now have content from which to draw if asked to generate new CSAM by users. Left unaddressed, foundation models can be corrupted by CSAM data and make it possible for them to be coopted by predators.
    According to the National Center for Missing & Exploited Children, AI-generated material has proliferated at an alarming rate in the past year with nearly half a million incidents of AI-related CSAM reported in the first half of the year, compared to fewer than 70,000 reported for all of 2024.
    The PROACTIV AI Data Act would:
    Direct the National Institute of Standards and Technology (NIST) to issue voluntary best practices for AI developers to screen their datasets used for training AI models for known CSAM;
    Direct the National Science Foundation to support research into innovative methods and technologies for identifying, removing, and reporting CSAM from datasets;
    And provide limited liability protection to AI companies that follow the new best practices so those acting in good faith aren’t legally punished for accidentally handling CSAM via automated data crawlers on the internet.
    This legislation builds on First Lady Melania Trump’s efforts to combat the rise of AI deepfake pornography and keep children safe online.

    MIL OSI USA News –

  • MIL-Evening Report: Auckland is NZ’s ‘primate city’ but its potential remains caged in by poor planning and vision

    Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau

    Getty Images

    The recent report comparing Auckland to nine international peer cities delivered an uncomfortable truth: our largest city is falling behind, hampered by car dependency, low-density housing and “weak economic performance”.

    The Deloitte State of the City analysis was no surprise to anyone who has watched successive governments treat the city as a problem to manage, rather than an engine to fuel.

    The report’s findings were stark: Auckland rates 82nd out of 84 cities globally for pedestrian friendliness, and its car-dependent transport system is more carbon-intensive and slower to decarbonise than peer cities.

    This is the direct result of decades of planning failures, including what urban researchers call the 1970s “great down-zoning” which halved central Auckland’s housing capacity.

    This isn’t just Auckland’s problem. When we mismanage what geographers call a “primate city,” it reveals our fundamental misunderstanding of how modern economies work.

    The concept of the primate city was formalised by geographer Mark Jefferson in 1939. Such cities are defined as being “at least twice as large as the next largest city and more than twice as significant”.

    Auckland fits this definition perfectly. With more than 1.7 million people, it is over four times larger than Christchurch or the greater Wellington region. The city accounts for 34% of New Zealand’s population and is projected to hit 40% of the working-age population by 2048.

    Auckland contributes 38% of New Zealand’s gross domestic product and its per-capita GDP is 15% higher than the rest of the country’s. Its most productive area, the central business district, enjoys a 40% productivity premium over the national average.

    To economists, these numbers represent the “agglomeration benefits” research shows primate cities generate. It is the economic effect of combining businesses, talent and infrastructure.

    Yet New Zealand systematically underinvests in the very place generating this outsized economic contribution.

    A pattern of infrastructure failure

    Auckland’s infrastructure deficit follows a predictable pattern. The City Rail Link, while progressing, has grown from an initial budget of NZ$2-3 billion to $5.5 billion, with opening delayed until 2026.

    Light rail was cancelled entirely after years of planning. A second harbour crossing has been studied for decades without a shovel hitting dirt. Each represents billions in opportunity costs while congestion worsens.

    This goes well beyond project mismanagement. It is a deep structural problem.

    The Infrastructure Commission-Te Waihanga identifies a $210 billion national infrastructure shortfall, with Auckland bearing a disproportionate burden despite generating a disproportionately high level of revenue.

    International research by the OECD shows successful countries treat metropolitan regions as engines of national growth, not a burden.

    The ‘Wellington problem’

    Public policy expert Ian Shirley called it the “Wellington Problem”: the way Auckland’s governance became an obsession for politicians and bureaucrats based in Wellington.

    The tension dates to 1865 when the capital was moved from Auckland to Wellington, establishing a pattern where political power was deliberately separated from economic power.

    Auckland loses an estimated $415.35 million annually in GST collected on rates. This goes to Wellington and into government revenue rather than being reinvested locally. Central government properties in Auckland, worth $36.3 million in rates, are exempt from payment while still using Auckland’s infrastructure.

    When Auckland speaks with “one voice” through its unified council, Wellington responds with legislative overrides.

    The recent National Land Transport Programme, for example, cut Auckland’s transport funding by $564 million. Mayor Wayne Brown said the government’s transport policy “makes zero sense for Auckland”.

    Learning from others

    The contrast with international approaches reveals just how counterproductive New Zealand’s approach has been.

    London has an integrated Transport for London authority with congestion charging powers, generating £136 million annually for reinvestment. Paris is investing more than €35 billion in the Grand Paris Express transit project.

    Japan’s “Quality Infrastructure Investment” principles include ¥13.2 trillion in regional infrastructure investment. Australia’s A$120 billion infrastructure programme explicitly recognises its largest cities contribute over 50% of GDP and require proportional investment.

    Research has shown excessive urban concentration in one country can create problems. But denying the primate city resources only leads to a “deterioration in the quality of life” that drags down the entire national economy.

    The solution lies in making strategic investments that maximise the benefits of agglomeration while managing any negative costs to the national economy.

    Growing pains

    Auckland isn’t a problem to be managed, it is an asset to be leveraged. Every successful developed economy has learned this lesson. Paris generates 31% of France’s GDP and gets treated accordingly.

    Seoul produces 23% of South Korea’s output and receives massive infrastructure investment. Tokyo drives Japan’s economy.

    The international evidence is unambiguous: countries that strategically invest in their primate cities achieve higher productivity growth and maintain competitive advantages.

    Auckland doesn’t need sympathy or special treatment. It needs what every primate city in every successful economy gets: infrastructure investment proportional to its economic contribution, governance structures that reflect its scale, and political leadership that understands agglomeration economics.

    The question isn’t whether Auckland is too big. The question is whether New Zealand is big enough to nurture its primate city.

    Timothy Welch 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. Auckland is NZ’s ‘primate city’ but its potential remains caged in by poor planning and vision – https://theconversation.com/auckland-is-nzs-primate-city-but-its-potential-remains-caged-in-by-poor-planning-and-vision-261176

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Transcript – ABC RN Breakfast with Sally Sara

    Source: Murray Darling Basin Authority

    SALLY SARA, HOST: Legislation aimed at stripping funding from child care centres that fail to meet minimum standards will be introduced to the Federal Parliament today here in Canberra. Child care safety has been pushed to the top of the agenda following a string of shocking allegations of child abuse. In the latest development, lawyers for former child care worker Joshua Dale Brown have told a Melbourne court yesterday they expect the alleged child abuser will be hit with further charges on top of the more than 70 he already faces. Jess Walsh is the Federal Minister for Early Childhood Education and Senator for Victoria. She joined me a short time ago.

    SENATOR DR JESS WALSH, MINISTER FOR EARLY CHILDHOOD EDUCATION AND MINISTER FOR YOUTH: Thanks for having me, Sally.

    SARA: Tell me about this legislation that’s going to be introduced today. What’s in it exactly?

    WALSH: We’re introducing tough new legislation today, Sally. I think people have been hearing a lot about the safety issues facing children and their families in early childhood education, and this legislation will give us a tough new lever to make sure that children are kept safe in our early learning settings. What it will allow us to do for the first time is withdraw Commonwealth funding from those providers who fail to put child safety ahead of profits.

    SARA: And so, what is the threshold there, what sort of incident or systemic incidents would need to happen in a child care centre for the Government to withhold funding?

    WALSH: Yes, we are looking at serious repeat offenders here when it comes to breaching our National Quality Standard when it comes to serious incidents and when it comes to complaints. So, services and providers who are failing to meet the standards that children need and the families, that families expect, they’re the services and providers that we’re looking at with this legislation.

    SARA: To be clear, are we talking about centres failing to meet expectations or will funding only be withheld if there’s been an actual incident there?

    WALSH: So the legislation gives us the ability to put all of that information and for the secretary of my department to make a decision to identify those repeat offenders, those providers, those services that persistently and consistently fail to meet standards and fail to keep our children safe. From there, there are a number of steps that the legislation gives us. We can start by issuing a show-cause notice as to why that provider, that service, should maintain their Commonwealth funding through the Child Care Subsidy. And we can make that show-cause notice public. We think that is a really strong step that will drive change. At that point, we think that those providers who are doing the wrong thing regularly will make the investments that they need to keep our children safe.

    SARA: Yeah, I wanted to ask you about that transparency for families who are trying to make decisions about the safety of their infants, of their kids, in the middle of all of this. What kind of information will be available so that parents can make an informed decision?

    WALSH: Yeah, that’s right, Sally, and I do want to reassure families that the vast majority of early childhood and education providers are meeting and exceeding our National Quality Standard, over 90 per cent. We are talking here about a minority of repeat offenders, a real minority of providers here. If families are in the services of those repeat offenders, they will be notified when we issue show-cause notices.

    SARA: What about the public generally? If I’ve got a child and I’m looking at that centre, will I know that something’s happened there?

    WALSH: Yes, those notices will be public. But you’re also raising a bigger issue there, Sally, about the next tranche of work that is underway as well, which is the child safety package that we’re putting together with education ministers who are meeting in just a couple of weeks’ time. So there are measures beyond this legislation as well. When education ministers come together, we want to announce the first-ever nationwide register of early childhood educators. We want to do work on mandatory child safe training, and we also want to provide much more transparent information to parents, so they know what the quality is and whether there are any issues in the services that they’re thinking about or currently sending their children to.

    SARA: So, at the moment, can parents see the quality assessments of child care centres?

    WALSH: Yes. What they can see is the national quality rating. They can see that.

    SARA: Can you see the reports of inspections?

    WALSH: You can’t see at the moment, Sally, compliance issues that may have been taken against your provider. And we think that families have the right to know if there are issues in their services. That’s one of the big pieces of work that we’re doing with the states and territories. And I do want to say, Sally, we’re working shoulder to shoulder with the states and territories on what we see as being a really strong and significant package to bring forward on quality and safety in early learning.

    SARA: So, we’re talking, I guess, with an assumption here that with information, parents can make an informed choice or decision, but in plenty of parts of the country, particularly in regional areas, there is no other centre. Is this part of the problem – the demand exceeds the supply of child care? What do parents do if there are concerns about their only centre?

    WALSH: So, if we get this right, Sally, this is going to drive more investment in quality, safe early learning. We are giving ourselves a big stick to wield here in being able to stop providers from opening more services, and indeed to be able to shut down existing services. We don’t expect that it will get to that because we expect, as soon as those providers get those show cause notices, that they will make the investment that children and families need to provide that quality and safe early learning.

    SARA: Is there a concern, though, that investors and companies might not want to come into this sector, given there’s going to be more regulation and compliance costs money for child care operators?

    WALSH: Well, there needs to be more regulation, Sally. I think we’ve been really open that the current sector settings are not strong enough to keep children safe. We’ve seen that in the really distressing reports that we’ve had. That’s why strong action is needed. And there are really two sets of actions we’re taking. One is the legislation that we’re introducing this week into the Parliament today, and that will allow us to withdraw Commonwealth funding from those providers who don’t do the right thing. And the second part of the action is the big package of reforms we’re working on with the states and territories.

    SARA: Labor’s already had control in the previous term of government, three years – why weren’t these measures put in place during the previous term?

    WALSH: I think we’ve been really open, Sally, that more needed to be done over a period of time.

    SARA: Did the Government fall short in your view?

    WALSH: I think we’ve been open that more needed to be done, and we’ve had recommendations for many years, almost a decade, that have sat there, and we are expediting those recommendations. One of the recommendations that’s been there for a while is that we do need to know where our early childhood educators are actually working. That’s why we want to develop the first-ever nationwide register of early childhood educators.

    SARA: When will that come into effect?

    WALSH: So, we’re having our next meeting, a stand-alone meeting, an urgent meeting of education ministers from around the country. We’ll have more to say about that then. What we’re working towards is getting agreement that all states and territories will participate in that nationwide register. We do need information about where our educators are working. We do need to know whether there are red flags that are being raised.

    SARA: But just to bring you back to the question, when will that be in place?

    WALSH: So, Sally, we have a meeting in just a couple of weeks’ time. We are working really hard on that register. We’ll have –

    SARA: By the end of the year, do you think?

    WALSH: We’ll have more to say on that, Sally, in a couple of weeks.  It is an absolutely urgent item that we are all working on.

    SARA: Jess Walsh, Federal Minister for Early Childhood Education and Senator for Victoria, thank you very much for your time this morning.

    WALSH: Thanks, Sally.
     

    MIL OSI News –

  • MIL-Evening Report: UK bans Gaza protest group – could the same thing happen in Australia?

    Source: The Conversation (Au and NZ) – By Shannon Bosch, Associate Professor (Law), Edith Cowan University

    More than 100 people were arrested in the United Kingdom on the weekend for supporting Palestine Action, a protest group that opposes Britain’s support of Israel.

    Palestine Action was recently proscribed as a terrorist organisation, placing it in the same category as Hamas, al-Qaeda and Islamic State.

    Many of those arrested were simply holding signs that read: “I oppose genocide, I support Palestine Action”. They were predominantly aged over 60.

    In recent weeks, an 83-year-old vicar, a former government lawyer and various pensioners have been taken into custody and could be jailed for up to 14 years if found guilty of belonging to the protest group.

    Simply holding a sign or wearing a T-shirt with the words “Palestine Action” could be punishable with a six-month jail term.

    The protesters say they refuse to be silenced:

    If we cannot speak freely about the genocide that is occurring […], if we cannot condemn those who are complicit in it […] then the right to freedom of expression has no meaning, and democracy and human rights in this country are dead.

    Police arresting protestors calling for the terrorism ban to be overturned.

    So what is Palestine Acton and why is “middle England” up in arms over its designation as a terrorist group?

    Activist network

    Palestine Action is a UK-based activist network founded in 2020 with the stated aim of “ending global participation in Israel’s genocidal and apartheid regime”.

    The group views the British government as complicit in Israeli war crimes in Gaza. It also aspires to halt UK arms exports through disruptive protests and vandalism.

    Members have generally targeted Israeli-linked businesses, such as defence company Elbit Systems, by damaging equipment or blocking entrances.

    Supporters include grassroots activists, civil liberties advocates, health professionals, clergy and prominent figures such as Pink Floyd musician Roger Waters.

    Serious concerns

    Palestine Action was officially proscribed in the UK on July 5, after campaigners sprayed paint into the engines of two Voyager aircraft at an air force base.

    The final vote was overwhelming: 385 MPs supported the ban, while just 26 opposed it.

    Under the Terrorism Act 2000, membership, support, or public endorsement of a proscribed group is a criminal offence punishable by sentences up to 14 years.

    The UK government argues the group’s actions exceeded legal protest and raised serious security concerns.

    Since then, scores of people have been searched and arrested at rallies in support of Palestine Acton.

    Blurring the lines

    Critics, including Amnesty International, civil liberties groups and The Guardian editorial board warn the ban blurs the line between non-violent civil disobedience and terrorism. They argue it also threatens democratic dissent through a statutory abuse of power.

    Counter-terrorism laws permit extraordinary interference in due process and other fundamental human rights protections. Consequently, they must always be used with the highest degree of restraint.

    The UK already had legislation in place to deal with criminal damage and violent disorder.

    United Nations legal and human rights experts have spoken out against treating the actions of protesters who damage property without the intent to injure people as terrorism:

    According to international standards, acts of protest that damage property, but are not intended to kill or injure people, should not be treated as terrorism.

    Abuse of power

    Designating Palestine Action as a terrorist organisation appears to be aimed at curtailing free expression, the assembly and association of those who support the protest action against Israel’s war on Gaza.

    Placing it in the same legal category as Hamas seems designed to reduce public sympathy for the group.

    Palestine Action is challenging its proscription in the UK High Court. Lawyers for the group argue the Joint Terrorism Analysis Centre has assessed the vast majority of its activities to be lawful:

    On nature and scale, the home secretary [Yvette Cooper] accepts that only three of Palestine Action’s at least 385 actions would meet the statutory definition of terrorism […] itself a dubious assessment.

    The lawyers further argue proscription was “repugnant” and an “authoritarian abuse of power”.

    Australian version?

    There are no indications from the intelligence community that any direct affiliate of Palestine Action (UK) operates in Australia.

    However, there are pro-Palestinian activist organisations, including a Palestine Action Group Sydney, which is part of the Australian Palestine Advocacy Network (APAN).

    Broader solidarity movements such as Students for Palestine, are active in protests on university campuses and against arms shipments to Israel.

    Domestic terrorism powers

    Traditional boundaries between “activism”, “extremism”, “hate-crime” and “terrorism” are rapidly blurring in Australia.

    The attorney general may list (“proscription” is a UK term) any organisation as a “terrorist organisation” if they are satisfied it is “advocating terrorism”. This would mean criminalising the expression of support, instruction, or praise of terrorist acts or offences.

    The latest addition to the 31-member list is Terrorgram, an online terrorism advocacy chatroom.

    Australia’s extensive definition of “terrorist act”, currently under review, expressly excludes

    advocacy, protest, dissent or industrial action and which is not intended to cause serious or life-endangering harm or death or to create a serious risk to the safety or health of the public.

    This suggests an Australian version of a Palestine Action undertaking similar conduct to its UK cousin would not meet the legal threshold for listing.

    However, the recent Terrorgram listing makes reference to advocacy for “attacks on minority groups, critical infrastructure and specific individuals”.

    This suggests the UK and Australian governments are becoming more aligned in interpreting “violent” protest to include violence against property, rather than just against people.

    Short of listing, a significant suite of investigative, coercive and preventative executive exists that could be deployed if a similar organisation appears in Australia.

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

    – ref. UK bans Gaza protest group – could the same thing happen in Australia? – https://theconversation.com/uk-bans-gaza-protest-group-could-the-same-thing-happen-in-australia-261562

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Climate disasters are pushing people into homelessness – but there’s a lot we can do about it

    Source: The Conversation (Au and NZ) – By Timothy Heffernan, Lecturer in Anthropology, Australian National University

    Almost half of all Australian properties are at risk of bushfire, while 17,500 face risk of coastal erosion. By 2030, more than 3 million will face riverine flood risk.

    Meanwhile, housing demand continues to outpace supply. With climate-related disasters projected to increase in frequency and severity, the task of ensuring safe and adequate housing for all Australians remains a challenge.

    In other words, disasters are worsening the housing shortage, rendering more people at risk of homelessness.

    There is growing consensus in the homelessness and emergency management sectors that Australia needs a national policy response.

    We must ensure secure and safe housing options are a disaster planning priority.

    Like ‘living a disaster every day’

    Climate disasters displace 22,261 Australians on average each year. People with the lowest incomes make up 80% of this. The very poorest 3%, despite being small, make up 14% of displaced households.

    Australia is not alone. Globally, 70% of internal displacement in 2024 resulted from disasters, often disproportionately affecting low socioeconomic areas.

    Loss of housing affects everything from a person’s health and employment to education and relationships. One person who’d experienced disaster-related housing loss said it was like

    living a disaster every day, but without the assistance and support given to most disaster survivors.

    Renters, rough sleepers and people living in unattached dwellings are most vulnerable.

    Slipping through the cracks

    The catastrophic Northern Rivers floods in 2022 provide an instructive example.

    The floods rendered over 3,500 homes uninhabitable and more than 8,000 were damaged. Over 1,400 people were displaced and offered emergency accommodation by the New South Wales government.

    The total number of people experiencing homelessness post-floods remains unclear. This is due to existing overcrowding and because people left the area or became uncontactable.

    Recent research colleagues and I conducted with homeowners and renters, commissioned by the Australian Housing and Urban Research Institute, examined 17 people’s experiences of securing shelter after disaster.

    In Lismore, a key barrier was poor communication and increased competition for rental housing. One person told us:

    The real estate basically dropped the ball after a month. I had to chase them up, and the return of my bond and all that. […] I applied for ten different properties and never heard back. […] I ended up sourcing my own accommodation, a camper trailer, and camped out at the local showgrounds.

    For renters, the disaster couldn’t have come at a worse time. A preexisting rental crisis across the region meant the private market was already tight.

    Homeowners, by contrast, were able to use insurance to cover transitional housing costs or were eligible for several funding sources to repair properties. This highlights a policy emphasis toward homeowners.

    In this context, people can slip through the cracks, increasing the risk of homelessness.

    Post-disaster housing can compound vulnerability

    Temporary shelters – such as crisis shelters, motels, short-term rentals, pods, cabins and caravans – can be a stop-gap against the risk of homelessness after disaster. However, temporary shelter comes with trade-offs and downsides.

    Crisis and commercial options can be damaged during disaster, limiting their use. Pod villages provide mass shelter but are costly, slow to deliver, and there’s often no meaningful plan for people to transition out of them.

    Some 18 months after the 2022 Northern Rivers floods, 1,021 people were still living in temporary pod villages and 257 people remained in caravans.

    Rent is not usually charged. When relied on beyond the immediate term, this can compound vulnerability by creating gaps in people’s rental history.

    A NSW government audit found 724 households were on the waitlist for temporary housing a year after the floods, though this list was rarely updated.

    Overall, relatively few households have secured long-term housing solutions. This year, four pod villages will be demobilised amid the region’s ongoing rental crisis.

    This comes at a time when Australia is facing a shortfall of 640,000 social and affordable homes.

    Around 110,000 requests for homelessness services go unassisted annually.

    A national framework is needed

    In 2024, a national symposium, convened by the Australian Red Cross, Homelessness Australia and UNSW Sydney’s HowWeSurvive initiative, brought together 125 professionals from the housing, homelessness, emergency management, government and academic sectors.

    The report, released in June 2025, called for a national framework focused on disasters, housing and homelessness.

    Several policies deal separately with these areas at the Commonwealth, state and territory levels. A unified approach, however, would reposition shelter after disaster from a stop-gap to a central part of disaster planning.

    The aim is to strengthen housing options before a natural hazard occurs and prevent disaster-related homelessness.

    Australia needs a coordinated strategy and taskforce to align housing, homelessness, and disaster policies and programs. Homelessness planning should be part of disaster planning, and vice versa, to ensure housing type and tenure does not place people at risk of homelessness when disaster strikes.

    This requires going beyond just linking displaced households with crisis services.

    We must plan for each stage of housing before and after a disaster and anticipate diverse needs, especially for renters and those at risk of homelessness.

    Responses should be trauma-informed and able to adapt individual experiences.

    Now is the time to act – before the next disaster strikes.

    This article was developed with the Australian Red Cross and Homelessness Australia, co-facilitators of the Housing, Homelessness and Disasters National Symposium held in Melbourne in 2024. The symposium was supported by National Shelter and the Community Housing Industry Association, and event funding was provided by the Lord Mayor’s Charitable Foundation.

    Timothy Heffernan has received funding from the Australian Housing and Urban Research Institute (AHURI), the NSW government and the National Health and Medical Research Council. He is an Honorary Research Fellow at HowWeSurvive, UNSW Sydney.

    – ref. Climate disasters are pushing people into homelessness – but there’s a lot we can do about it – https://theconversation.com/climate-disasters-are-pushing-people-into-homelessness-but-theres-a-lot-we-can-do-about-it-259149

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Environment – EPA approves new fruit fungicide

    Source: Environmental Protection Authority

    The Environmental Protection Authority (EPA) has approved a fungicide with a new active ingredient that controls blackspot and powdery mildew on apples and pears, and Botrytis on grapes.
    UPL New Zealand Limited applied to import or manufacture Rhapsody, a fungicide containing 218 g/L ipflufenoquin, a chemical new to New Zealand.
    UPL says Rhapsody gives growers an alternative to other products that may be becoming less effective due to increasing resistance, gives another option for late season use, and is lower risk to human health.
    “This approval means growers will have access to an innovative tool with a new mode of action, helping protect crops vital to New Zealand’s primary sector,” says Dr Lauren Fleury, EPA Hazardous Substances Applications Manager.
    The apple industry contributed almost $2 billion to the New Zealand economy last year, and the wine export value reached approximately $2.4 billion.
    The decision to approve Rhapsody was made following a rigorous assessment and consultation process, says Dr Fleury.
    “As this product contains an active ingredient that is new to New Zealand, we assessed the scientific data and evidence, as well as economic and local information, to enable access to new chemistry while continuing to protect people’s health and our unique environment.”
    Ipflufenoquin has been approved in other countries, including Australia, Canada, Japan and the USA.
    This decision is the latest for the EPA, which has reduced the queue of hazardous substance release applications by almost 21 percent since 1 July 2024. The EPA has set ambitious assessment targets for the coming year, including increasing the number of assessments for substances containing new active ingredients.
    “We understand the importance of timely access to new products. Continuing to reduce the queue and assess new active ingredients is a top priority for us.”
    The substance can only be used by professionals in commercial settings, and users must comply with specific controls.
    As an agricultural compound, Rhapsody must also receive approval from the Ministry for Primary Industries (MPI) before it can be used in New Zealand.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Call for information – Aggravated robbery – Daly River Region

    Source: Northern Territory Police and Fire Services

    The NT Police Force are calling for information in relation to an aggravated robbery that occurred in the Daly River Region on Tuesday morning.

    Around 8am, police received reports that an 84-year-old male had been assaulted and had his vehicle stolen approximately 1 kilometre from the Woolianna Road and Daly River Road intersection.

    It is alleged that a group of four youths threw rocks at an 84-year-old and his vehicle after her refused to give them a lift.

    The victim exited his Toyota Hilux, and one male youth entered the vehicle and attempted to drive away from the location, but the vehicle stalled. At this time the victim attempted to remove the keys from the Hilux; however, the group allegedly began assaulting him before stealing the vehicle and fleeing the scene.

    Daly River Police attended, and the 84-year-old male was transported to the Daly River Clinic for assessment with minor injuries.

    The vehicle and the alleged offenders remain outstanding, and investigations are ongoing.

    Police urge anyone with information to make contact on 131 444, quoting reference number NTP2500073955. Anonymous reports can be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/.

    MIL OSI News –

  • MIL-OSI Analysis: The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours

    Source: The Conversation – Global Perspectives – By Lachlan Goold, Senior Lecturer in Contemporary Music, University of the Sunshine Coast

    Ozzy Osbourne photographed in London in 1991. Martyn Goodacre/Getty Images

    Ozzy Osbourne, the “prince of darkness” and godfather of heavy metal, has died aged 76, just weeks after he reunited with Black Sabbath bandmates for a farewell concert in his hometown of Birmingham in England.

    His family posted a brief message overnight: “It is with more sadness than mere words can convey that we have to report that our beloved Ozzy Osbourne has passed away this morning.”

    John Michael Osbourne changed the sound of rock music and leaves behind a stellar career spanning six decades, numerous Grammy awards, multiple hall of fame inductions – and a wave of controversy.

    An agent of change

    In 1969, from the ashes of various bands, Geezer Butler (bass), Tony Iommi (guitar), Bill Ward (drums) and Osbourne formed the band Earth.

    Realising the name was taken, they quickly changed their name to Black Sabbath, an homage to the 1963 Italian horror anthology film.

    With the Summer of Love a recent memory, Black Sabbath were part of a heavy music revolution, providing an antidote to the free loving hippies of the late 60s period.

    Despite making their first two albums cheaply, Black Sabbath, released in February 1970, and Paranoid, released September that same year, they were a global success.

    Their approach was laden with sarcasm and irony. American audiences mistook this for satanic worship, positioning them as outsiders (albeit popular ones).

    Black Sabbath pose for a group portrait with gold discs, London, 1973, L-R Bill Ward, Ozzy Osbourne, Tony Iommi, Geezer Butler.
    Michael Putland/Getty Images

    After Black Sabbath’s early successes, they were managed by the notorious Don Arden, whose daughter Sharon Levy was the receptionist. More than any musical bond Osbourne had in his life, Sharon would be the most influential character throughout his life.

    Osbourne recorded eight albums with Black Sabbath (some to critical acclaim) and was then kicked out (by Sharon) due to his troubles with drugs and alcohol.

    Ozzy solo

    Osbourne’s solo career has always been managed by Sharon. While recording his second solo album, Diary of a Madman, guitarist Rhodes died in a tragic light plane crash. Osbourne was close to Rhodes and fell into a deep depression, after never having lost someone so close.

    Sharon and Osbourne married only months after this incident. His struggle with drug use did not stop him from making further solo records alongside various guitar players, continuing with moderate success throughout his career.

    On the road, Osbourne put the John Farnham’s last tour trope to shame.

    He held his last ever gig more times than one can count with names like No More Tours (1992–93), Retirement Sucks (1995–96) and No More Tours 2 (2018–19).

    Osbourne ‘retired’ many times over 30 years. Here he performs in California in 2022.
    Kevork Djansezian/Getty Images

    This lament for touring led to the most successful era of Osbourne’s career. After being rejected for the 1995 Lollapaloza festival bill, Sharon (and their son Jack) started Ozzfest; initially an annual two-day multiband festival headlined by Osbourne, held in Phoenix, Arizona, and Devore, California.

    Subsequently becoming a national – and then international – tour, Ozzfest led to a successful partnership with MTV, which led to the reality TV show The Osbournes premiering in 2002. Here, his previous and ongoing battle with drugs was obvious, proudly on display – and ridiculed – to huge global audiences.

    The spectacle of a rich rockstar and his family featured a constant barrage of swearing, battles with lavish TV remotes, canine therapy, never-ending chaos, and Osbourne constantly yelling “Sharrrooon” like a twisted maniacal loop of A Street Car Named Desire.

    Struggles and controversies

    Osbourne suffered multiple health conditions over the years, rarely concealing the state of his physical or mental wellbeing.

    Notably he’s struggled with drug and alcohol abuse his whole career with drug recovery centres using Osbourne as an exemplar. In 2007 he disclosed he suffered from the Parkinson’s adjacent condition Parkinsonian syndrome. In 2019 he was diagnosed with Parkinson’s disease.

    Black Sabbath photographed in the 1970s. Left to right: Geezer Butler, Tony Iommi, Bill Ward and Ozzy Osbourne.
    Chris Walter/WireImage

    This resulted in him being unable to walk for his final Back to the Beginning show in Birmingham on July 5 2025.

    And Osbourne’s career had more than its fair share of controversy. He bit the head off a dove and a bat (celebrated with a commemorative toy), and urinated on the Alamo cenotaph. He was taken to court multiple times, but was never convicted.

    Ozzy and me

    As a white middle-class boy growing up in the Brisbane suburbs in the 80s, heavy metal music appealed to my testosterone and pimple filled body.

    Exploring the secondhand record shops of Brisbane, I would’ve bought my first copy of Black Sabbath around 1985. The sound of thunder and a distant church bell before the first drop-D riff enters seemed like the antithesis to sunny Queensland and 80s pop.

    As my life became obsessed with the recording studio and the vociferous music scene in Brisbane in the post-Joh era, and those drop-D riffs influenced a new style that swept the world in the early 90s.

    Osbourne’s influence was huge and through grunge, his sound was reborn. Grunge was a marriage of the Sabbath-like drop-D riffs with the energy of punk and the melody of the Beatles.

    Listening to Black Sabbath and Ozzy records, equipped me with a sonic palette ready to capture the wave of alternative music emmerging from the Brisbane scene.

    While Ozzy’s death is no surprise (except for those who never thought he’d last this long), we should take pause and remember an icon with an endless energy for entertaining, a passion for music, and changing the expectations of popular culture for more than 50 years.

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

    – ref. The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours – https://theconversation.com/the-incredible-impact-of-ozzy-osbourne-from-black-sabbath-to-ozzfest-to-30-years-of-retirement-tours-258820

    MIL OSI Analysis –

  • MIL-OSI New Zealand: Advocacy – Government’s Jewish Muslim ‘Harmony Initiative’ helps Israeli campaign to redefine Palestine conflict – PSNA

    Source: Palestine Solidarity Network Aotearoa (PSNA)

    The Palestine Solidarity Network Aotearoa says a just-signed government-produced ‘Harmony Initiative’ will help in Israeli Prime Minister, Benjamin Netanyahu’s recently announced ‘Eighth War Front’.

    This is an Israeli government propaganda campaign to present Israel’s brutal assault on Palestinians as a response to global antisemitism.

    Netanyahu has likened Israel’s worldwide ‘information war’ to its physical attacks on the Occupied Palestinian Territory, neighbouring Arab countries, and Iran.

    The Israeli aim is to silence its overseas critics.

    Some Jewish and Muslim groups have signed onto the ‘Harmony Initiative’ which describes its purpose as to foster ‘positive relationships’ and set up a Muslim-Jewish Council.

    The government says it wants to avoid what it calls ‘domestic impacts resulting from overseas conflicts’.

    But PSNA CO-Chair Maher Nazzal says that is code for the government trying to defuse protest against Israel’s genocide in Gaza.

    “You can’t see any references in this ‘Harmony Initiative’ to supporting the implementation of international humanitarian law or the Universal Declaration of Human Rights for example.”

    “Instead, we get the Muslim-Jewish Council having an obligation to ‘publicly challenge expressions of hate’.”

    “There will be some people sitting on that Council who believe any expressed support of Palestinian rights is hate speech. One of the ‘Harmony Initiative’ signatories is the Holocaust Foundation.  The Holocaust Foundation is funded by the Israeli embassy.”

    “If you put various government moves together, there is a clear agenda to stifle criticism of Israel.”

    “Amendments to the Terrorism Suppression Act 2002 are under secret consultation, but with a clear signal that the recent draconian suppression of free speech on Palestine we have just seen in the UK is very much a model on the list for us too.”

    “The Human Rights Commissioner, a self-confessed Israel supporter, wants to appoint an Antisemitism Envoy because they have one in Australia.  But the antisemitism test they are using there is a list of examples of criticising Israel.”

    Nazzal says he can understand why some community groups in Aotearoa New Zealand have signed on to the ‘Harmony Initiative’.  

    “The Federation of Islamic Associations of New Zealand for instance, quite rightly believe that if they are not on this ‘Muslim-Jewish Council’ then the government would simply create and appoint another Muslim body to purportedly represent Muslims.  That would leave FIANZ with no input.”

    Maher Nazzal
    Co-chair
    Palestine Solidarity Network Aotearoa

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Defence News – US and NZ Army leaders strengthen strategic partnership

    Source: New Zealand Defence Force

    United States Army Pacific (USARPAC) Commanding General, General Ronald P. Clark, met this week with New Zealand Chief of Army, Major General Rose King, to reaffirm the strong and enduring military relationship between the two nations and advance efforts to bolster security cooperation, readiness, and interoperability across the Indo-Pacific region.

    Over the course of the senior leaders’ and their delegations meeting in Wellington, as well as a visit to the NZ Army’s training and cultural home in Waiouru, the deepening defence relationship was reflected between both countries, rooted in shared democratic values and more than a century of military cooperation dating back to the First World War.

    “Our armies have stood side by side in every major conflict of the past century,” said General Clark. “Today, that legacy continues as we build the integrated landpower network required to meet today’s challenges and preserve peace in the Indo-Pacific.”

    Their meeting underscored not only the historical depth of the US–New Zealand Army partnership, but also the shared commitment to preparing their forces for the challenges of a rapidly evolving regional security environment.

    “New Zealand values its close and enduring relationship with the US Army,” said Major General Rose King. “Our cooperation is not just historical – it’s operational, forward-looking, and grounded in trust. Together, we are preparing our forces to meet shared challenges across the region with agility, adaptability and purpose.”

    Discussions focused on building further interoperability, advancing combined readiness initiatives, and the US Army’s recent transformation efforts. The leaders emphasised the critical role both armies play in shaping a free and open Indo-Pacific, especially as the region faces evolving threats and strategic competition.

    The meeting occurred as both nations’ armies participated in Exercise Talisman Sabre in Australia, where close to 700 New Zealand Defence Force troops trained alongside US, Australian, and other allied forces. The exercise demonstrated growing interoperability across air, land, maritime, cyber, and space domains.

    Major General King highlighted New Zealand’s commitment to maintaining a modern, combat-ready force capable of deploying globally and regionally. The New Zealand Army – 4,200 active and 2,000 reserve soldiers strong – regularly integrates seamlessly with allied partners across combined missions and operations, supports United Nations peacekeeping operations and delivers humanitarian assistance across the Pacific when called upon.

    “We know that we can’t contribute mass and scale, but we pride ourselves on the quality of our soldiers and our leaders, who regularly deploy to, and add significant value to multinational deployments and operations,” Major General King said. “To that end, it’s been great to be able to share some insight with General Clark and his team around how we go about training our people.”

    As part of its publicly announced modernisation efforts through the New Zealand Government’s Defence Capability Plan, the New Zealand Army is pursuing upgrades to its Javelin anti-tank missile system, investing in a Network Enabled Army to improve its digital communications and command-and-control interoperability, and planning the replacement of aging vehicle fleets to enhance mobility and sustainment in the field.

    “New Zealand is a stalwart partner in the Pacific,” said General Clark. “Whether in exercises like Talisman Sabre or standing shoulder to shoulder in peacekeeping operations, our soldiers share trust built on action, not just words.”

    This sentiment was echoed by Major General King, who emphasised the operational value of combined training and the practical steps both armies are taking to improve regional preparedness.

    “Participating in Talisman Sabre alongside US and Australian forces showcases our commitment to operational readiness and deepening interoperability,” said Major General King. “These exercises strengthen our collective capability to respond quickly and effectively in the region—whether in conflict, crisis, or humanitarian need.”

    Both generals acknowledged the strategic importance of the Pacific Islands region and affirmed their role in promoting regional security, development, and sovereignty.

    This visit underscored the enduring strength of the US–New Zealand partnership – one forged in the trenches of the First World War, battle-tested in the Pacific during the Second World War, and reaffirmed today through shared purpose and mutual respect.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Defence News – US and NZ Army leaders strengthen strategic partnership

    Source: New Zealand Defence Force

    United States Army Pacific (USARPAC) Commanding General, General Ronald P. Clark, met this week with New Zealand Chief of Army, Major General Rose King, to reaffirm the strong and enduring military relationship between the two nations and advance efforts to bolster security cooperation, readiness, and interoperability across the Indo-Pacific region.

    Over the course of the senior leaders’ and their delegations meeting in Wellington, as well as a visit to the NZ Army’s training and cultural home in Waiouru, the deepening defence relationship was reflected between both countries, rooted in shared democratic values and more than a century of military cooperation dating back to the First World War.

    “Our armies have stood side by side in every major conflict of the past century,” said General Clark. “Today, that legacy continues as we build the integrated landpower network required to meet today’s challenges and preserve peace in the Indo-Pacific.”

    Their meeting underscored not only the historical depth of the US–New Zealand Army partnership, but also the shared commitment to preparing their forces for the challenges of a rapidly evolving regional security environment.

    “New Zealand values its close and enduring relationship with the US Army,” said Major General Rose King. “Our cooperation is not just historical – it’s operational, forward-looking, and grounded in trust. Together, we are preparing our forces to meet shared challenges across the region with agility, adaptability and purpose.”

    Discussions focused on building further interoperability, advancing combined readiness initiatives, and the US Army’s recent transformation efforts. The leaders emphasised the critical role both armies play in shaping a free and open Indo-Pacific, especially as the region faces evolving threats and strategic competition.

    The meeting occurred as both nations’ armies participated in Exercise Talisman Sabre in Australia, where close to 700 New Zealand Defence Force troops trained alongside US, Australian, and other allied forces. The exercise demonstrated growing interoperability across air, land, maritime, cyber, and space domains.

    Major General King highlighted New Zealand’s commitment to maintaining a modern, combat-ready force capable of deploying globally and regionally. The New Zealand Army – 4,200 active and 2,000 reserve soldiers strong – regularly integrates seamlessly with allied partners across combined missions and operations, supports United Nations peacekeeping operations and delivers humanitarian assistance across the Pacific when called upon.

    “We know that we can’t contribute mass and scale, but we pride ourselves on the quality of our soldiers and our leaders, who regularly deploy to, and add significant value to multinational deployments and operations,” Major General King said. “To that end, it’s been great to be able to share some insight with General Clark and his team around how we go about training our people.”

    As part of its publicly announced modernisation efforts through the New Zealand Government’s Defence Capability Plan, the New Zealand Army is pursuing upgrades to its Javelin anti-tank missile system, investing in a Network Enabled Army to improve its digital communications and command-and-control interoperability, and planning the replacement of aging vehicle fleets to enhance mobility and sustainment in the field.

    “New Zealand is a stalwart partner in the Pacific,” said General Clark. “Whether in exercises like Talisman Sabre or standing shoulder to shoulder in peacekeeping operations, our soldiers share trust built on action, not just words.”

    This sentiment was echoed by Major General King, who emphasised the operational value of combined training and the practical steps both armies are taking to improve regional preparedness.

    “Participating in Talisman Sabre alongside US and Australian forces showcases our commitment to operational readiness and deepening interoperability,” said Major General King. “These exercises strengthen our collective capability to respond quickly and effectively in the region—whether in conflict, crisis, or humanitarian need.”

    Both generals acknowledged the strategic importance of the Pacific Islands region and affirmed their role in promoting regional security, development, and sovereignty.

    This visit underscored the enduring strength of the US–New Zealand partnership – one forged in the trenches of the First World War, battle-tested in the Pacific during the Second World War, and reaffirmed today through shared purpose and mutual respect.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Changes to personal transfer balance caps

    Source: New places to play in Gungahlin

    On 1 July 2025, the general transfer balance cap (TBC) was indexed, increasing from $1.9 million to $2 million. This increase impacts members with a personal TBC. Members who started a pension before 1 July 2025 and haven’t previously reached or exceeded their personal cap are eligible for a proportional increase, based on their highest ever transfer balance and the amount of unused cap space.

    Members starting a pension for the first time on or after 1 July 2025 are entitled to a personal TBC of $2 million.

    Display of updated transfer balance caps

    Updated personal transfer balance caps are now available and members can view their updated personal TBC in ATO online services.

    Agents can view their client’s details in Online services for agents.

    Members’ personal TBC are calculated based on the information reported to and processed by us.

    To ensure members have a clear understanding of their cap entitlements, we encourage funds and advisers to report all TBC events as they occur.

    For more information see Transfer balance cap.

    Looking for the latest news for Super funds? You can stay up to date by visiting our Super funds newsroom and subscribingExternal Link to our monthly Super funds newsletter and CRT alerts.

    MIL OSI News –

  • MIL-OSI Australia: Early warning system could prevent a stink when it comes to street tree roots blocking sewer pipes

    Source:

    23 July 2025

    Jacarandas are a favourite street tree in Australia, but also one of the major culprits for drain blockages due to their aggressive root systems that spread many metres.

    Researchers at the University of South Australia are calling for a major shift in how cities manage tree root intrusions into household sewer systems that cost millions of dollars in repair bills each year.

    A new study by UniSA’s Sustainable Infrastructure and Resource Management (SIRM) team reveals that current maintenance strategies are falling short, resulting in repeated pipe blockages, environmental contamination, and mounting damage bills.

    Instead, the engineering researchers propose a smarter, preventative approach using predictive analytics to identify high-risk areas before damage occurs.

    In a new paper published in Sustainability, the UniSA team reviewed global literature and maintenance practices, concluding that removing tree roots using mechanical and chemical measures is not the best solution. Roots can grow back, and the damage is costly to fix.

    In Adelaide alone, SA Water reported more than 30,000 cases of tree root intrusion in 2020, accounting for nearly 60% of all sewer failures. Each year, the utility spends approximately $5 million on repair works and maintenance caused by blocked sewer pipes.

    Tree root intrusions are a global headache, costing countries millions of dollars each year. Worldwide, remediation options include mechanical and chemical techniques to clear pipe systems and control root growth, as well as proactive approaches such as planting trees well clear of pipes.

    But the traditional responses are only temporary fixes, according to UniSA Water Science and Engineering Professor Chris Chow, a senior author on the paper.

    “Tree roots are the most common cause of pipe failures in many cities around the world,” Prof Chow says.

    “The challenge is that cutting roots or applying chemicals are not permanent solutions. The chemicals can contaminate the soil, and the roots often grow back more aggressively.”

    Instead, his team is advocating for a predictive approach, analysing key risk factors – such as pipe age, material, diameter, soil type, tree species and climate conditions – so that water utilities can model where tree root problems are most likely to occur.

    “It’s essentially an early warning system,” says lead author Oliver Yang, a Master of Research graduate at UniSA.

    “We can map out high-risk zones and guide smarter planting choices, better pipe materials and targeted maintenance,” Yang says.

    While predictive models already exist for pipe failures based on material or age, few incorporate environmental or vegetation factors. This gap is significant, the researchers say, given the complex interactions between roots, soil, moisture and infrastructure.

    Fast growing species such as eucalyptus, poplars, willows, jacarandas and desert ash are particularly aggressive, with root systems that can spread many metres in search of water – especially in dry or compacted soils.

    Trees such as hackberry, varnish or lacquer species, brush box, willow myrtle and kurrajong trees are less intrusive and better choices for street planting.

    “Globally, cities are spending millions each year fixing the same problems over and over,” says Yang. “With the right data and modelling, we can address this, saving money, protecting infrastructure and still enjoying the benefits of urban greenery.”

    The researchers are calling for more region-specific studies and the development of locally-calibrated predictive tools that incorporate tree, pipe, soil and environmental factors.

    ‘Review of Root Intrusions by Street Trees and Utilising Predictive Analytics to Improve Water Utility Maintenance Strategies’ is published in Sustainability. DOI: 10.3390/su17125263

    …………………………………………………………………………………………………………………………

    Researcher contact: Oliver Yang M: +61 401 857 790 E: chizhengping.yang@mymail.unisa.edu.au

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au

    MIL OSI News –

  • MIL-OSI Australia: Girls on Fire program sparks interest in emergency services

    Source:

    Around 50 young women from across the state recently took part in the ‘Girls on Fire’ program at CFA’s training ground at Bangholme, aimed at engaging more women in the emergency services sector.

    The program offers women aged 14 to 19 the opportunity to participate in an action-packed day of interactive fire and emergency service simulations.

    Guided by experienced emergency personnel, participants build confidence and leadership skills in a safe, inclusive space, by trying new things, and discovering how they can support their communities during a crisis.

    Over the course of the action-packed day, CFA ran the teens through the Breathing Apparatus and Thermal Imaging Cameras used for search and rescue, along with live fire demonstrations on the gas pad.

    Participants also explored radio communications using the Edithvale Mobile Command Vehicle and its crew, giving them deeper insight into CFA operations.

    The event brought together representatives from CFA, Fire Rescue Victoria, Victoria State Emergency Service, Forest Fire Management Victoria, Ambulance Victoria, and Emergency Management Victoria to support the activities.

    Shandelle Ross, a volunteer with Keysborough Fire Brigade and one of the trained CFA mentors, said the event was an incredible opportunity for the participants.

    “CFA is grateful for the chance to be part of a program that uplifts young girls from across Victoria,” she said.

    “To see the smiles on their faces as they tried new things was heartwarming, and we hope to see them return as the next generation of emergency service volunteers and workers.”

    CFA was invited by Girls on Fire to deliver fire-based activities for the day, coordinated by Southeast Region Volunteer Sustainability Team member Olivia Duffy and District 8 Brigade Administration Support Officer Megan Angel, with support from volunteers across the district.

    Submitted by CFA media

    MIL OSI News –

  • MIL-Evening Report: The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours

    Source: The Conversation (Au and NZ) – By Lachlan Goold, Senior Lecturer in Contemporary Music, University of the Sunshine Coast

    Ozzy Osbourne photographed in London in 1991. Martyn Goodacre/Getty Images

    Ozzy Osbourne, the “prince of darkness” and godfather of heavy metal, has died aged 76, just weeks after he reunited with Black Sabbath bandmates for a farewell concert in his hometown of Birmingham in England.

    His family posted a brief message overnight: “It is with more sadness than mere words can convey that we have to report that our beloved Ozzy Osbourne has passed away this morning.”

    John Michael Osbourne changed the sound of rock music and leaves behind a stellar career spanning six decades, numerous Grammy awards, multiple hall of fame inductions – and a wave of controversy.

    An agent of change

    In 1969, from the ashes of various bands, Geezer Butler (bass), Tony Iommi (guitar), Bill Ward (drums) and Osbourne formed the band Earth.

    Realising the name was taken, they quickly changed their name to Black Sabbath, an homage to the 1963 Italian horror anthology film.

    With the Summer of Love a recent memory, Black Sabbath were part of a heavy music revolution, providing an antidote to the free loving hippies of the late 60s period.

    Despite making their first two albums cheaply, Black Sabbath, released in February 1970, and Paranoid, released September that same year, they were a global success.

    Their approach was laden with sarcasm and irony. American audiences mistook this for satanic worship, positioning them as outsiders (albeit popular ones).

    Black Sabbath pose for a group portrait with gold discs, London, 1973, L-R Bill Ward, Ozzy Osbourne, Tony Iommi, Geezer Butler.
    Michael Putland/Getty Images

    After Black Sabbath’s early successes, they were managed by the notorious Don Arden, whose daughter Sharon Levy was the receptionist. More than any musical bond Osbourne had in his life, Sharon would be the most influential character throughout his life.

    Osbourne recorded eight albums with Black Sabbath (some to critical acclaim) and was then kicked out (by Sharon) due to his troubles with drugs and alcohol.

    Ozzy solo

    Osbourne’s solo career has always been managed by Sharon. While recording his second solo album, Diary of a Madman, guitarist Rhodes died in a tragic light plane crash. Osbourne was close to Rhodes and fell into a deep depression, after never having lost someone so close.

    Sharon and Osbourne married only months after this incident. His struggle with drug use did not stop him from making further solo records alongside various guitar players, continuing with moderate success throughout his career.

    On the road, Osbourne put the John Farnham’s last tour trope to shame.

    He held his last ever gig more times than one can count with names like No More Tours (1992–93), Retirement Sucks (1995–96) and No More Tours 2 (2018–19).

    Osbourne ‘retired’ many times over 30 years. Here he performs in California in 2022.
    Kevork Djansezian/Getty Images

    This lament for touring led to the most successful era of Osbourne’s career. After being rejected for the 1995 Lollapaloza festival bill, Sharon (and their son Jack) started Ozzfest; initially an annual two-day multiband festival headlined by Osbourne, held in Phoenix, Arizona, and Devore, California.

    Subsequently becoming a national – and then international – tour, Ozzfest led to a successful partnership with MTV, which led to the reality TV show The Osbournes premiering in 2002. Here, his previous and ongoing battle with drugs was obvious, proudly on display – and ridiculed – to huge global audiences.

    The spectacle of a rich rockstar and his family, featuring a constant barrage of swearing, battles with lavish TV remotes, canine therapy, never-ending chaos, and Osbourne constantly yelling “Sharrrooon” like a twisted maniacal loop of A Street Car Named Desire.

    Struggles and controversies

    Osbourne suffered multiple health conditions over the years, rarely concealing the state of his physical or mental wellbeing.

    Notably he’s struggled with drug and alcohol abuse his whole career with drug recovery centres using Osbourne as an exemplar. In 2007 he disclosed he suffered from the Parkinson’s adjacent condition Parkinsonian syndrome. In 2019 he was diagnosed with Parkinson’s disease.

    Black Sabbath photographed in the 1970s. Left to right: Geezer Butler, Tony Iommi, Bill Ward and Ozzy Osbourne.
    Chris Walter/WireImage

    This resulted in him being unable to walk for his final Back to the Beginning show in Birmingham on July 5 2025.

    And Osbourne’s career had more than its fair share of controversy. He bit the head off a dove and a bat (celebrated with a commemorative toy), and urinated on the Alamo cenotaph. He was taken to court multiple times, but was never convicted.

    Ozzy and me

    As a white middle-class boy growing up in the Brisbane suburbs in the 80s, heavy metal music appealed to my testosterone and pimple filled body.

    Exploring the secondhand record shops of Brisbane, I would’ve bought my first copy of Black Sabbath around 1985. The sound of thunder and a distant church bell before the first drop-D riff enters seemed like the antithesis to sunny Queensland and 80s pop.

    As my life became obsessed with the recording studio and the vociferous music scene in Brisbane in the post-Joh era, and those drop-D riffs influenced a new style that swept the world in the early 90s.

    Osbourne’s influence was huge and through grunge, his sound was reborn. Grunge was a marriage of the Sabbath-like drop-D riffs with the energy of punk and the melody of the Beatles.

    Listening to Black Sabbath and Ozzy records, equipped me with a sonic palette ready to capture the wave of alternative music emmerging from the Brisbane scene.

    While Ozzy’s death is no surprise (except for those who never thought he’d last this long), we should take pause and remember an icon with an endless energy for entertaining, a passion for music, and changing the expectations of popular culture for more than 50 years.

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

    – ref. The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours – https://theconversation.com/the-incredible-impact-of-ozzy-osbourne-from-black-sabbath-to-ozzfest-to-30-years-of-retirement-tours-258820

    MIL OSI Analysis – EveningReport.nz –

  • 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: 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: 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

    The MIL Network –

  • MIL-OSI: Range Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, July 22, 2025 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its second quarter 2025 financial results.

    Second Quarter 2025 Highlights –

    • Cash flow from operating activities of $336 million
    • Cash flow from operations, before working capital changes, of $301 million
    • Repurchased $53 million of shares, paid $21 million in dividends, and reduced net debt to $1.2 billion
    • Capital spending was $154 million, approximately 23% of the annual 2025 budget
    • Realized price, including hedges, was $3.49 per mcfe
    • Natural gas differential, including basis hedging, of ($0.50) per mcf to NYMEX
    • Pre-hedge NGL realizations of $23.73 per barrel – a premium of $0.61 over Mont Belvieu equivalent
    • Production averaged 2.20 Bcfe per day, approximately 68% natural gas
    • Improved 2025 production guidance and increased expected lateral footage in year-end inventory, while lowering 2025 capital due to operational efficiencies.

    Commenting on the results, Dennis Degner, the Company’s CEO said, “This year is off to a great start with another quarter of efficiency gains and consistent well performance driving strong free cash flow and building operational momentum. Our strong financial results supported $74 million in share repurchases and dividends, while lowering net debt to $1.2 billion. We believe Range is well positioned to benefit as in-basin demand opportunities materialize alongside a global call on natural gas. Range is one of the few producers in Appalachia with sufficient high-quality inventory to support the required growth in baseload supply. Further, Range’s continued efficiencies are supported by our countercyclical investments in drilled inventory over the last 18 months and consistent well results. Importantly, we intend to help meet future demand increases while also returning significant capital to shareholders.”

    Financial Discussion

    Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

    Second Quarter 2025 Results

    GAAP revenues and other income for second quarter 2025 totaled $856 million, GAAP net cash provided from operating activities (including changes in working capital) was $336 million, and GAAP net income was $238 million ($0.99 per diluted share).  Second quarter earnings results include a $155 million mark-to-market derivative gain due to decreases in commodity prices.

    Cash flow from operations before changes in working capital, a non-GAAP measure, was $301 million.  Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $158 million ($0.66 per diluted share) in second quarter 2025.

    The following table details Range’s second quarter 2025 unit costs per mcfe(a):

    Expenses   2Q 2025
    (per mcfe)    		   2Q 2024
    (per mcfe)    		   Increase (Decrease)
                 
    Direct operating(a)   $ 0.11   $ 0.11   0 %
    Transportation, gathering, processing and compression(a)     1.52     1.44   6 %
    Taxes other than income     0.04     0.03   33 %
    General and administrative(a)     0.16     0.16   0 %
    Interest expense(a)     0.13     0.14   (7 %)
    Total cash unit costs(b)          1.97     1.88   5 %
    Depletion, depreciation and amortization (DD&A)     0.46     0.45            2 %
    Total unit costs plus DD&A(b)   $ 2.43   $ 2.33   4 %

    (a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.
    (b) Totals may not be exact due to rounding.

    The following table details Range’s average production and realized pricing for second quarter 2025(a):

      2Q25 Production & Realized Pricing
        Natural Gas
    (mcf)    		   Oil (bbl)   NGLs
    (bbl)    		   Natural Gas
    Equivalent (mcfe)
           
                     
    Net production per day     1,497,771       6,382       110,209     2,197,321
                     
    Average NYMEX price   $ 3.44     $ 63.72     $ 23.12    
    Differential, including basis hedging     (0.50 )     (10.95 )        0.61    
    Realized prices before NYMEX hedges     2.94       52.77       23.73     3.35
    Settled NYMEX hedges     0.19       1.45       0.15     0.14
    Average realized prices after hedges   $ 3.13     $ 54.22     $ 23.88   $ 3.49

    (a) Totals may not be exact due to rounding

    Second quarter 2025 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $3.49 per mcfe.

    • The average natural gas price, including the impact of basis hedging, was $2.94 per mcf, or a ($0.50) per mcf differential to NYMEX. Range continues to expect its 2025 natural gas differential to average ($0.40) to ($0.48) relative to NYMEX.
    • Range’s pre-hedge NGL price during the quarter was $23.73 per barrel, approximately $0.61 above the Mont Belvieu weighted equivalent. Range is improving its expected 2025 NGL differential to average +$0.40 to +$1.25 relative to a Mont Belvieu equivalent barrel.
    • Crude oil and condensate price realizations, before realized hedges, averaged $52.77 per barrel, or $10.95 below WTI (West Texas Intermediate). Range continues to expect its 2025 condensate differential to average ($10.00) to ($15.00) relative to NYMEX.

    Repurchase Activity and Financial Position

    During the second quarter, Range repurchased 1,453,438 shares at an average price of approximately $36.35 per share. As of June 30, 2025, the Company had approximately $900 million of availability under the share repurchase program.

    In May 2025, Range paid off the remaining principal balance of its 4.875% senior notes due 2025 at par by utilizing cash on hand and by borrowing on the bank credit facility. As of June 30, 2025, Range had net debt outstanding of approximately $1.22 billion, consisting of $1.1 billion of senior notes, $125 million on the facility, and $0.1 million in cash.

    Capital Expenditures and Operational Activity

    Second quarter 2025 drilling and completion expenditures were $136 million. In addition, during the quarter, approximately $11 million was invested in acreage, and $7 million was invested in infrastructure, pneumatic devices, and other investments. Year-to-date capital investments of $301 million are approximately $10 million below plan as a result of operational efficiencies. As a result, Range is lowering the high-end of its 2025 capital guide to $680 million.

    During the quarter, Range drilled ~285,000 lateral feet across 20 wells, while turning to sales ~156,000 lateral feet across 12 wells. The added inventory of drilled but not completed laterals places Range on track to exit 2025 with greater than 400,000 lateral feet of growth inventory to support future development.

    The table below summarizes expected 2025 activity plans regarding the number of wells to sales in each area.

          Wells TIL
    1H 2025    		   Remaining
    2025    		   2025
    Planned TIL
    SW PA Super-Rich     5   3   8
    SW PA Wet     17   12   29
    SW PA Dry     0   5   5
    NE PA Dry     0   4   4
    Total Wells     22   24   46
                   

    Guidance – 2025

    Updated Capital & Production Guidance

    Range’s 2025 all-in capital budget is now $650 million – $680 million, improved from prior guidance of $650 million – $690 million. Annual production is now expected to be approximately 2.225 Bcfe per day in 2025, updated from prior guidance of ~2.2 Bcfe per day. Liquids are expected to be over 30% of production.

    Updated Full Year 2025 Expense Guidance

      Updated Guidance   Prior Guidance
    Direct operating expense: $0.12 – $0.13 per mcfe   $0.12 – $0.14 per mcfe
    Transportation, gathering, processing and compression expense: $1.50 – $1.55 per mcfe   $1.50 – $1.55 per mcfe
    Taxes other than income: $0.03 – $0.04 per mcfe   $0.03 – $0.04 per mcfe
    Exploration expense: $24 – $28 million   $24 – $28 million
    G&A expense: $0.17 – $0.18 per mcfe   $0.17 – $0.19 per mcfe
    Net Interest expense: $0.12 – $0.13 per mcfe   $0.12 – $0.13 per mcfe
    DD&A expense: $0.45 – $0.46 per mcfe   $0.45 – $0.46 per mcfe
    Net brokered gas marketing expense: $8 – $12 million   $8 – $12 million
           

    Updated Full Year 2025 Price Guidance

    Based on recent market indications, Range expects to average the following price differentials for its production in 2025.

      Updated Guidance   Prior Guidance
    FY 2025 Natural Gas:(1) NYMEX minus $0.40 to $0.48   NYMEX minus $0.40 to $0.48
    FY 2025 Natural Gas Liquids:(2) MB plus $0.40 to $1.25 per barrel   MB plus $0.25 to $1.25 per barrel
    FY 2025 Oil/Condensate: WTI minus $10.00 to $15.00   WTI minus $10.00 to $15.00

    (1) Including basis hedging
    (2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

    Hedging Status

    Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations – Financial Information.

    Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of June 30, 2025, was a net gain of $19.9 million.

    Conference Call Information

    A conference call to review the financial results is scheduled on Wednesday, July 23 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

    A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company’s website until August 23rd.

    Non-GAAP Financial Measures

    To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

    Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

    Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

    The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

    Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

    The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.
      
    We believe that the presentation of PV10 value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV10 is based on prices and discount factors that are consistent for all companies. Because of this, PV10 can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

    RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas.  More information about Range can be found at www.rangeresources.com.

    Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events.  Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

    All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are 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. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and Range’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range’s filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

    The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as “resource potential,” “unrisked resource potential,” “unproved resource potential” or “upside” or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC’s guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range’s management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range’s interests could differ substantially. Factors affecting ultimate recovery include the scope of Range’s drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

    In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

    SOURCE: Range Resources Corporation

    Range Investor Contacts:

    Laith Sando
    817-869-4267

    Matt Schmid
    817-869-1538

    Range Media Contact:

    Mark Windle
    724-873-3223

    RANGE RESOURCES CORPORATION  
                                       
                                       
    STATEMENTS OF OPERATIONS                                  
    Based on GAAP reported earnings with additional                                  
    details of items included in each line in Form 10-Q                                  
    (Unaudited, In thousands, except per share data)                                  
      Three Months Ended June 30,     Six Months Ended June 30,  
      2025     2024     %     2025     2024     %  
    Revenues and other income:                                  
    Natural gas, NGLs and oil sales (a) $ 666,638     $ 478,450           $ 1,458,558     $ 1,045,451        
    Derivative fair value income (loss)   154,747       16,808             (4,210 )     63,406        
    Brokered natural gas and marketing   33,009       31,393             87,417       60,224        
    ARO settlement gain (loss) (b)   1       –             1       (26 )      
    Interest income (b)   1,762       3,376             4,815       6,319        
    Gain on sale of assets (b)   102       66             164       153        
    Other (b)   16       16             84       38        
    Total revenues and other income   856,275       530,109       62 %     1,546,829       1,175,565       32 %
                                       
    Costs and expenses:                                  
    Direct operating   22,616       22,281             47,452       43,945        
    Direct operating – stock-based compensation (c)   504       471             1,041       968        
    Transportation, gathering, processing and compression   304,714       281,495             610,823       572,370        
    Taxes other than income   7,835       4,974             14,822       10,342        
    Brokered natural gas and marketing   34,183       33,513             91,544       64,408        
    Brokered natural gas and marketing – stock-based compensation (c)   802       583             1,642       1,291        
    Exploration   7,562       6,316             13,606       10,518        
    Exploration – stock-based compensation (c)   366       335             713       659        
    Abandonment and impairment of unproved properties   6,781       1,524             11,355       3,895        
    General and administrative   32,757       31,372             64,310       65,144        
    General and administrative – stock-based compensation (c)   9,326       8,482             19,437       18,460        
    General and administrative – lawsuit settlements   63       287             90       478        
    Exit costs   8,502       10,094             17,399       20,409        
    Deferred compensation plan (d)   (88 )     1,240             2,791       7,645        
    Interest expense   25,630       28,356             53,415       57,472        
    Interest expense – amortization of deferred financing costs (e)   1,166       1,357             2,542       2,717        
    Gain on early extinguishment of debt   –       (179 )           (3 )     (243 )      
    Depletion, depreciation and amortization   91,514       87,598             182,073       174,735        
    Total costs and expenses   554,233       520,099       7 %     1,135,052       1,055,213       8 %
                                       
    Income before income taxes   302,042       10,010       2917 %     411,777       120,352       242 %
                                       
    Income tax expense (benefit)                                  
    Current   4,645       2,399             6,645       3,981        
    Deferred   59,819       (21,093 )           70,502       (4,471 )      
        64,464       (18,694 )           77,147       (490 )      
                                       
    Net income $ 237,578     $ 28,704       728 %   $ 334,630     $ 120,842       177 %
                                       
                                       
    Net income Per Common Share                                  
    Basic $ 0.99     $ 0.12           $ 1.40     $ 0.50        
    Diluted $ 0.99     $ 0.12           $ 1.39     $ 0.49        
                                       
    Weighted average common shares outstanding, as reported                                  
    Basic   238,187       241,125       -1 %     239,106       240,815       -1 %
    Diluted   239,717       242,983       -1 %     240,772       242,766       -1 %
                                       
                                       
    (a) See separate natural gas, NGLs and oil sales information table.  
    (b) Included in Other income in the 10-Q.  
    (c) Costs associated with stock compensation and restricted stock amortization, which have been reflected  
        in the categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q.  
    (d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.  
    (e) Included in interest expense in the 10-Q.  
       
    RANGE RESOURCES CORPORATION  
               
               
    BALANCE SHEET          
    (In thousands) June 30,     December 31,  
      2025     2024  
      (Unaudited)     (Audited)  
    Assets          
    Current assets $ 272,616     $ 636,982  
    Derivative assets   51,115       87,098  
    Natural gas and oil properties, net (successful efforts method)   6,535,097       6,421,700  
    Other property and equipment, net   2,736       2,465  
    Operating lease right-of-use assets   170,159       119,838  
    Other   73,388       79,592  
      $ 7,105,111     $ 7,347,675  
               
    Liabilities and Stockholders’ Equity          
    Current liabilities $ 580,744     $ 1,263,247  
    Asset retirement obligations   1,189       1,189  
    Derivative liabilities   1,201       9,634  
               
    Bank debt   121,092       –  
    Senior notes, excluding current maturities   1,090,607       1,089,614  
    Deferred tax liabilities   611,873       541,378  
    Derivative liabilities   23,187       10,488  
    Deferred compensation liabilities   64,262       65,233  
    Operating lease liabilities   109,026       35,737  
    Asset retirement obligations and other liabilities   143,174       137,181  
    Divestiture contract obligation   232,062       257,317  
        2,978,417       3,411,018  
               
    Common stock and retained deficit   4,761,293       4,449,987  
    Other comprehensive income   582       611  
    Common stock held in treasury   (635,181 )     (513,941 )
    Total stockholders’ equity   4,126,694       3,936,657  
      $ 7,105,111     $ 7,347,675  
                   
    RECONCILIATION OF TOTAL DEBT AS REPORTED                
    TO NET DEBT, a non-GAAP measure                
    (Unaudited, in thousands)                
      June 30,     December 31,        
      2025     2024     %  
                     
    Total debt, net of deferred financing costs, as reported $ 1,211,699     $ 1,697,883       -29 %
    Unamortized debt issuance costs, as reported   13,301       10,819        
    Less cash and cash equivalents, as reported   (134 )     (304,490 )      
    Net debt, a non-GAAP measure $ 1,224,866     $ 1,404,212       -13 %
                           
    RANGE RESOURCES CORPORATION  
                           
                           
                           
    CASH FLOWS FROM OPERATING ACTIVITIES                      
    (Unaudited, in thousands)                      
                           
      Three Months Ended June 30,     Six Months Ended June 30,  
      2025     2024     2025     2024  
                           
    Net income $ 237,578     $ 28,704     $ 334,630     $ 120,842  
    Adjustments to reconcile net cash provided from continuing operations:                      
    Deferred income tax expense (benefit)   59,819       (21,093 )     70,502       (4,471 )
    Depletion, depreciation and amortization   91,514       87,598       182,073       174,735  
    Abandonment and impairment of unproved properties   6,781       1,524       11,355       3,895  
    Derivative fair value (income) loss   (154,747 )     (16,808 )     4,210       (63,406 )
    Cash settlements on derivative financial instruments   31,466       128,057       36,039       250,430  
    Divestiture contract obligation, including accretion   8,502       10,062       17,399       20,329  
    Amortization of deferred financing costs and other   962       1,193       2,144       2,425  
    Deferred and stock-based compensation   11,047       11,122       26,130       29,337  
    Gain on sale of assets   (102 )     (66 )     (164 )     (153 )
    Loss (gain) on early extinguishment of debt   –       (179 )     (3 )     (243 )
                           
    Changes in working capital:                      
    Accounts receivable   96,785       (30,541 )     68,064       76,913  
    Other current assets   518       (13,461 )     (8,510 )     (22,405 )
    Accounts payable   (27,023 )     (17,906 )     9,158       (5,718 )
    Accrued liabilities and other   (26,912 )     (19,431 )     (86,754 )     (101,805 )
    Net changes in working capital   43,368       (81,339 )     (18,042 )     (53,015 )
    Net cash provided from operating activities $ 336,188     $ 148,775     $ 666,273     $ 480,705  
                           
                           
                           
    RECONCILIATION OF NET CASH PROVIDED FROM OPERATING                      
    ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS                      
    BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure                      
    (Unaudited, in thousands)                      
      Three Months Ended June 30,     Six Months Ended June 30,  
      2025     2024     2025     2024  
    Net cash provided from operating activities, as reported $ 336,188     $ 148,775     $ 666,273     $ 480,705  
    Net changes in working capital   (43,368 )     81,339       18,042       53,015  
    Exploration expense   7,562       6,316       13,606       10,518  
    Lawsuit settlements   63       287       90       478  
    Non-cash compensation adjustment and other   66       185       (109 )     84  
    Cash flow from operations before changes in working capital – non-GAAP measure $ 300,511     $ 236,902     $ 697,902     $ 544,800  
                           
                           
                           
    ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING                      
    (Unaudited, in thousands)                      
      Three Months Ended June 30,     Six Months Ended June 30,  
      2025     2024     2025     2024  
    Basic:                      
    Weighted average shares outstanding   238,804       242,647       239,785       242,365  
    Stock held by deferred compensation plan   (617 )     (1,522 )     (679 )     (1,550 )
    Adjusted basic   238,187       241,125       239,106       240,815  
                           
    Dilutive:                      
    Weighted average shares outstanding   238,804       242,647       239,785       242,365  
    Dilutive stock options under treasury method   913       336       987       401  
    Adjusted dilutive   239,717       242,983       240,772       242,766  
                                   
    RANGE RESOURCES CORPORATION  
                                       
                                       
    RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES                                  
    AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO                                  
    CALCULATED CASH REALIZED NATURAL GAS, NGLs AND                                  
    OIL PRICES WITH AND WITHOUT THIRD-PARTY                                  
    TRANSPORTATION, GATHERING, PROCESSING AND                                  
    COMPRESSION COSTS, a non-GAAP measure                                  
    (Unaudited, In thousands, except per unit data)                      
      Three Months Ended June 30,     Six Months Ended June 30,  
      2025     2024     %     2025     2024     %  
    Natural gas, NGLs and Oil Sales components:                                  
    Natural gas sales $ 397,955     $ 209,652           $ 888,332     $ 481,127        
    NGLs sales   238,034       228,285             513,688       484,361        
    Oil sales   30,649       40,513             56,538       79,963        
    Total Natural Gas, NGLs and Oil Sales, as reported $ 666,638     $ 478,450       39 %   $ 1,458,558     $ 1,045,451       40 %
                                       
    Derivative Fair Value Income (Loss), as reported $ 154,747     $ 16,808           $ (4,210 )   $ 63,406        
    Cash settlements on derivative financial instruments – (gain) loss:                                  
    Natural gas   (29,114 )     (126,194 )           (33,843 )     (247,107 )      
    NGLs   (1,508 )     (1,978 )           (1,096 )     (1,901 )      
    Oil   (844 )     115             (1,100 )     (1,422 )      
    Total change in fair value related to commodity derivatives prior to                                  
    settlement, a non-GAAP measure $ 123,281     $ (111,249 )         $ (40,249 )   $ (187,024 )      
                                       
    Transportation, gathering, processing and compression components:                                  
    Natural Gas $ 154,704     $ 153,040           $ 312,223     $ 303,152        
    NGLs   149,209       128,077             297,047       268,351        
    Oil   801       378             1,553       867        
    Total transportation, gathering, processing and compression, as reported $ 304,714     $ 281,495           $ 610,823     $ 572,370        
                                       
    Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)                                  
    Natural gas sales $ 427,069     $ 335,846           $ 922,175     $ 728,234        
    NGLs sales   239,542       230,263             514,784       486,262        
    Oil Sales   31,493       40,398             57,638       81,385        
    Total $ 698,104     $ 606,507       15 %   $ 1,494,597     $ 1,295,881       15 %
                                       
    Production of natural gas, NGLs and oil during the periods (a):                                  
    Natural Gas (mcf)   136,297,159       136,099,063       0 %     272,260,589       268,749,303       1 %
    NGLs (bbls)   10,029,051       9,376,810       7 %     19,949,040       19,137,533       4 %
    Oil (bbls)   580,791       593,020       -2 %     1,004,370       1,203,299       -17 %
    Gas equivalent (mcfe) (b)   199,956,211       195,918,043       2 %     397,981,049       390,794,295       2 %
                                       
    Production of natural gas, NGLs and oil – average per day (a):                                  
    Natural Gas (mcf)   1,497,771       1,495,594       0 %     1,504,202       1,476,645       2 %
    NGLs (bbls)   110,209       103,042       7 %     110,216       105,151       5 %
    Oil (bbls)   6,382       6,517       -2 %     5,549       6,612       -16 %
    Gas equivalent (mcfe) (b)   2,197,321       2,152,946       2 %     2,198,790       2,147,221       2 %
                                       
    Average prices, excluding derivative settlements and before third-party                                  
    transportation costs:                                  
    Natural Gas (per mcf) $ 2.92     $ 1.54       90 %   $ 3.26     $ 1.79       82 %
    NGLs (per bbl) $ 23.73     $ 24.35       -3 %   $ 25.75     $ 25.31       2 %
    Oil (per bbl) $ 52.77     $ 68.32       -23 %   $ 56.29     $ 66.45       -15 %
    Gas equivalent (per mcfe) (b) $ 3.33     $ 2.44       36 %   $ 3.66     $ 2.68       37 %
                                       
    Average prices, including derivative settlements before third-party                                  
    transportation costs: (c)                                  
    Natural Gas (per mcf) $ 3.13     $ 2.47       27 %   $ 3.39     $ 2.71       25 %
    NGLs (per bbl) $ 23.88     $ 24.56       -3 %   $ 25.80     $ 25.41       2 %
    Oil (per bbl) $ 54.22     $ 68.12       -20 %   $ 57.39     $ 67.63       -15 %
    Gas equivalent (per mcfe) (b) $ 3.49     $ 3.10       13 %   $ 3.75     $ 3.32       13 %
                                       
    Average prices, including derivative settlements and after third-party                                  
    transportation costs: (d)                                  
    Natural Gas (per mcf) $ 2.00     $ 1.34       49 %   $ 2.24     $ 1.58       42 %
    NGLs (per bbl) $ 9.01     $ 10.90       -17 %   $ 10.91     $ 11.39       -4 %
    Oil (per bbl) $ 52.84     $ 67.48       -22 %   $ 55.84     $ 66.91       -17 %
    Gas equivalent (per mcfe) (b) $ 1.97     $ 1.66       19 %   $ 2.22     $ 1.85       20 %
                                       
    Transportation, gathering and compression expense per mcfe $ 1.52     $ 1.44       6 %   $ 1.53     $ 1.47       4 %
                                       
    (a) Represents volumes sold regardless of when produced.  
    (b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily  
    indicative of the relationship of oil and natural gas prices.  
    (c) Excluding third-party transportation, gathering, processing and compression costs.  
    (d) Net of transportation, gathering, processing and compression costs.  
       
    RANGE RESOURCES CORPORATION  
                                       
                                       
                                       
    RECONCILIATION OF INCOME BEFORE INCOME                                  
    TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES                                  
    EXCLUDING CERTAIN ITEMS, a non-GAAP measure                                  
    (Unaudited, In thousands, except per share data)                                  
      Three Months Ended June 30,     Six Months Ended June 30,  
      2025     2024     %     2025     2024     %  
                                       
    Income from operations before income taxes, as reported $ 302,042     $ 10,010       2917 %   $ 411,777     $ 120,352       242 %
    Adjustment for certain special items:                                  
    Gain on the sale of assets   (102 )     (66 )           (164 )     (153 )      
    ARO settlement (gain) loss   (1 )     –             (1 )     26        
    Change in fair value related to derivatives prior to settlement   (123,281 )     111,249             40,249       187,024        
    Abandonment and impairment of unproved properties   6,781       1,524             11,355       3,895        
    Loss (gain) on early extinguishment of debt   –       (179 )           (3 )     (243 )      
    Lawsuit settlements   63       287             90       478        
    Exit costs   8,502       10,094             17,399       20,409        
    Brokered natural gas and marketing – stock-based compensation   802       583             1,642       1,291        
    Direct operating – stock-based compensation   504       471             1,041       968        
    Exploration expenses – stock-based compensation   366       335             713       659        
    General & administrative – stock-based compensation   9,326       8,482             19,437       18,460        
    Deferred compensation plan – non-cash adjustment   (88 )     1,240             2,791       7,645        
                                       
    Income before income taxes, as adjusted   204,914       144,030       42 %     506,326       360,811       40 %
                                       
    Income tax expense, as adjusted                                  
    Current   4,645       2,399             6,645       3,981        
    Deferred (a)   42,485       30,728             109,810       79,006        
                                       
    Net income, excluding certain items, a non-GAAP measure $ 157,784     $ 110,903       42 %   $ 389,871     $ 277,824       40 %
                                       
    Non-GAAP income per common share                                  
    Basic $ 0.66     $ 0.46       43 %   $ 1.63     $ 1.15       42 %
    Diluted $ 0.66     $ 0.46       43 %   $ 1.62     $ 1.14       42 %
                                       
    Non-GAAP diluted shares outstanding, if dilutive   239,717       242,983             240,772       242,766        
                                       
                                       
                                       
    (a) Taxes are estimated to be approximately 23% for 2024 and 2025  
       
    RANGE RESOURCES CORPORATION  
                           
                           
                           
    RECONCILIATION OF NET INCOME, EXCLUDING                      
    CERTAIN ITEMS AND ADJUSTED EARNINGS PER                      
    SHARE, non-GAAP measures                      
    (In thousands, except per share data)                      
      Three Months Ended June 30,     Six Months Ended June 30,  
      2025     2024     2025     2024  
                           
    Net income, as reported $ 237,578     $ 28,704     $ 334,630     $ 120,842  
    Adjustments for certain special items:                      
    Gain on the sale of assets   (102 )     (66 )     (164 )     (153 )
    ARO settlement (gain) loss   (1 )     –       (1 )     26  
    Gain on early extinguishment of debt   –       (179 )     (3 )     (243 )
    Change in fair value related to derivatives prior to settlement   (123,281 )     111,249       40,249       187,024  
    Abandonment and impairment of unproved properties   6,781       1,524       11,355       3,895  
    Lawsuit settlements   63       287       90       478  
    Exit costs   8,502       10,094       17,399       20,409  
    Stock-based compensation   10,998       9,871       22,833       21,378  
    Deferred compensation plan   (88 )     1,240       2,791       7,645  
    Tax impact   17,334       (51,821 )     (39,308 )     (83,477 )
                           
    Net income, excluding certain items, a non-GAAP measure $ 157,784     $ 110,903     $ 389,871     $ 277,824  
                           
    Net income per diluted share, as reported $ 0.99     $ 0.12     $ 1.39     $ 0.49  
    Adjustments for certain special items per diluted share:                      
    Gain on the sale of assets   –       –       –       –  
    ARO settlement (gain) loss   –       –       –       –  
    Gain on early extinguishment of debt   –       –       –       –  
    Change in fair value related to derivatives prior to settlement   (0.51 )     0.46       0.17       0.77  
    Abandonment and impairment of unproved properties   0.03       0.01       0.05       0.02  
    Lawsuit settlements   –       –       –       –  
    Exit costs   0.04       0.04       0.07       0.08  
    Stock-based compensation   0.05       0.04       0.09       0.09  
    Deferred compensation plan   –       0.01       0.01       0.03  
    Adjustment for rounding differences   (0.01 )     (0.01 )     –       –  
    Tax impact   0.07       (0.21 )     (0.16 )     (0.34 )
    Dilutive share impact (rabbi trust and other)   –       –       –       –  
                           
    Net income per diluted share, excluding certain items, a non-GAAP measure $ 0.66     $ 0.46     $ 1.62     $ 1.14  
                           
    Adjusted earnings per share, a non-GAAP measure:                      
    Basic $ 0.66     $ 0.46     $ 1.63     $ 1.15  
    Diluted $ 0.66     $ 0.46     $ 1.62     $ 1.14  
                                   
    RANGE RESOURCES CORPORATION  
                           
                           
    RECONCILIATION OF CASH MARGIN PER MCFE, a non-                      
    GAAP measure                      
    (Unaudited, In thousands, except per unit data)                      
      Three Months Ended June 30,     Six Months Ended June 30,  
      2025     2024     2025     2024  
                           
    Revenues                      
    Natural gas, NGLs and oil sales, as reported $ 666,638     $ 478,450     $ 1,458,558     $ 1,045,451  
    Derivative fair value income (loss), as reported   154,747       16,808       (4,210 )     63,406  
    Less non-cash fair value (gain) loss   (123,281 )     111,249       40,249       187,024  
    Brokered natural gas and marketing, as reported   33,009       31,393       87,417       60,224  
    Other income, as reported   1,881       3,458       5,064       6,484  
    Less gain on sale of assets   (102 )     (66 )     (164 )     (153 )
    Less ARO settlement   (1 )     –       (1 )     26  
    Cash revenues   732,891       641,292       1,586,913       1,362,462  
                           
    Expenses                      
    Direct operating, as reported   23,120       22,752       48,493       44,913  
    Less direct operating stock-based compensation   (504 )     (471 )     (1,041 )     (968 )
    Transportation, gathering and compression, as reported   304,714       281,495       610,823       572,370  
    Taxes other than income, as reported   7,835       4,974       14,822       10,342  
    Brokered natural gas and marketing, as reported   34,985       34,096       93,186       65,699  
    Less brokered natural gas and marketing stock-based compensation   (802 )     (583 )     (1,642 )     (1,291 )
    General and administrative, as reported   42,146       40,141       83,837       84,082  
    Less G&A stock-based compensation   (9,326 )     (8,482 )     (19,437 )     (18,460 )
    Less lawsuit settlements   (63 )     (287 )     (90 )     (478 )
    Interest expense, as reported   26,796       29,713       55,957       60,189  
    Less amortization of deferred financing costs   (1,166 )     (1,357 )     (2,542 )     (2,717 )
    Cash expenses   427,735       401,991       882,366       813,681  
                           
    Cash margin, a non-GAAP measure $ 305,156     $ 239,301     $ 704,547     $ 548,781  
                           
    Mmcfe produced during period   199,956       195,918       397,981       390,794  
                           
    Cash margin per mcfe $ 1.53     $ 1.22     $ 1.77     $ 1.40  
                           
    RECONCILIATION OF INCOME BEFORE INCOME TAXES                      
    TO CASH MARGIN, a non-GAAP measure                      
    (Unaudited, in thousands, except per unit data)                      
      Three Months Ended June 30,     Six Months Ended June 30,  
      2025     2024     2025     2024  
                           
    Income before income taxes, as reported $ 302,042     $ 10,010     $ 411,777     $ 120,352  
    Adjustments to reconcile income before income taxes                      
    to cash margin:                      
    ARO settlements   (1 )     –       (1 )     26  
    Derivative fair value (income) loss   (154,747 )     (16,808 )     4,210       (63,406 )
    Net cash receipts on derivative settlements   31,466       128,057       36,039       250,430  
    Exploration expense   7,562       6,316       13,606       10,518  
    Lawsuit settlements   63       287       90       478  
    Exit costs   8,502       10,094       17,399       20,409  
    Deferred compensation plan   (88 )     1,240       2,791       7,645  
    Stock-based compensation (direct operating, brokered natural gas and   10,998       9,871       22,833       21,378  
    marketing and general and administrative)                      
    Bad debt expense   –       –       –       –  
    Interest – amortization of deferred financing costs   1,166       1,357       2,542       2,717  
    Depletion, depreciation and amortization   91,514       87,598       182,073       174,735  
    Gain on sale of assets   (102 )     (66 )     (164 )     (153 )
    Gain on early extinguishment of debt   –       (179 )     (3 )     (243 )
    Abandonment and impairment of unproved properties   6,781       1,524       11,355       3,895  
    Cash margin, a non-GAAP measure $ 305,156     $ 239,301     $ 704,547     $ 548,781  

    The MIL Network –

  • MIL-Evening Report: Kneecap’s stance on Gaza extends a long history of the Irish supporting other oppressed peoples

    Source: The Conversation (Au and NZ) – By Ciara Smart, PhD Graduand in Australasian Irish History, University of Tasmania

    Love them or hate them, there’s no doubt Irish hip-hop trio Kneecap are having a moment.

    Their music – delivered in a powerful fusion of English and Irish – is known for its gritty lyrics about party drugs and working-class life in post-Troubles Ireland. More recently, the group has made headlines for its outspoken support for the Palestinian people.

    British police have charged member Liam Óg Ó hAnnaidh (known by his stage name Mo Chara) with a terrorism offence. Ó hAnnaidh was charged in May, after being accused of displaying a Hezbollah flag at a London concert in November.

    But this isn’t the first time an Irish republican group has courted controversy for backing other oppressed peoples. This has been happening for almost two centuries.

    Unsanitised and vocal support

    Ireland is composed of 32 counties. Twenty-six are in the Republic of Ireland, while six are part of the United Kingdom in Northern Ireland. When the British government withdrew from most of Ireland in 1921, the Irish Free State was largely Catholic, while Northern Ireland was more heavily Protestant. But these divisions are becoming increasingly irrelevant.

    While Ireland is still split across two nations, public support for Irish unity remains strong, particularly among citizens of the Republic.

    Kneecap’s members are from Belfast, the capital of Northern Ireland. They are also fierce republicans, which means they want to see Ireland united as one nation. One of their most popular songs, Get Your Brits Out, calls for the British state’s withdrawal from Northern Ireland.

    The group has experienced a meteoric rise in recent years, helped by a semi-autobiographical film released last year.

    They have reclaimed the term “Fenian”, often used as an anti-Irish slur. Their decision to rap in Irish is also a cultural milestone, as the language was suppressed in Northern Ireland for most of the 20th century, only achieving official language status in 2022.

    Despite being undeniable provocateurs, they claim they aren’t
    interested in reigniting Catholic-Protestant conflict. They celebrate the similarities between both groups, rather than highlight their differences.

    Ó hAnnaidh’s alleged terrorism offence came after he waved a Hezbollah flag at a London gig and chanted “Up Hamas, up Hezbollah”. Both Hamas and Hezbollah are considered terrorist groups in Britain. He will face court on August 20.

    Irish-Māori solidarity

    Kneecap is carrying on a long tradition of Irish groups who faced controversy for denouncing the oppressive acts of powerful states.

    In the 19th century, several Irish nationalist groups expressed solidarity with other colonised peoples, especially Māori in Aotearoa New Zealand. Groups such as the Irish Republican Brotherhood (whose members were called Fenians) arguably saw Māori and Irish as co-victims of a tyrannical state.

    Irish nationalist newspapers often wrote sympathetically about the colonisation of New Zealand, and tried to inspire Ireland to resist British subjugation, like Māori seemed to be doing.

    This painting by Kennett Watkins, The Death of Von Tempsky at Te Ngutu o Te Manu (circa 1893), portrays conflict in 1868 between armed constabulary and Māori forces.
    Wikimedia

    In July 1864, the Fenian newspaper The Irish People stressed British hypocrisy. It wrote, “savages we call [Māori], using the arrogant language of civilisation, but, honestly, they deserve to be characterised by a much better word”.

    It also scoffed at the “unconquerable propensity of the Anglo-Saxon to plunder the lands of other people – a propensity which manifests itself most strikingly alike in Ireland and New Zealand”.

    Similarly, in December 1868, the nationalist newspaper The Nation contrasted “valiant” Māori with “terrified” British. It sarcastically described Māori as “rebels (men fighting for their own rights on their own soil)” and mocked the British forces as “valiant men who could bully a priest”.

    The article finished on a sombre note: “Mere valour will in the end go down before the force of numbers and the cunning of diplomacy”.

    Rumours of a secret rebellion

    Other Irish leaders, such as the nationalist Michael Davitt, saw inspirational parallels between the nonviolent campaign of Charles Stewart Parnell, the 19th century leader of the Irish Home Rule movement, and Māori leader Te Whiti-o-Rongomai.

    In Ireland, Parnell encouraged poor tenant farmers to pause rent payments to their British landlords. In New Zealand, Te Whiti encouraged Māori to dismantle colonially-constructed fences and plough the land for themselves. Both were arrested in 1881 within three weeks of each other.

    The ‘No Rent Manifesto’ was issued on 18 October 1881, by Parnell and others of the Irish National Land League while in Kilmainham Jail.
    National Library of Ireland

    So strong was the sense of kinship between Irish and Māori that, in the 1860s, there were persistent rumours of a joint Irish-Māori rebellion reported in the media and even New Zealand’s parliament.

    In March, 1869, the conservative New Zealand newspaper Daily Southern Cross reported a large number of Māori “have decided on joining the Fenian Brotherhood, and have adopted the green flag as their national emblem”.

    Later that year, the paper reported the supposed Fenians told a Māori resistance group that, “like the Maori, they hate the British rule, and are prepared to make common cause […] to overthrow that rule in New Zealand”.

    However, these rumours were probably no more than a conspiracy fuelled by racist anti-Irish paranoia.

    Actions and outcomes

    Any tangible results of cross-cultural sympathy from 19th century Irish nationalists were mixed, at best. My ongoing research shows solidarity with Māori was partly motivated by humanitarian motives, but was also often used to make a point about Ireland.

    Identifying with another oppressed peoples within the context of a corrupt empire was a powerful way to argue for improved political recognition within Ireland. Irish nationalists generally didn’t do much other than declare their sympathy.

    Kneecap, on the other hand, seems willing to bear the legal and financial consequences of being vocal about human rights abuses in Gaza. Some of their shows have been cancelled, and funding providers have withdrawn.

    While curated rebellion can be lucrative in show-business, Kneecap says the controversy following them is a distraction. They insist the world should focus squarely on Gaza instead.

    Ciara Smart 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. Kneecap’s stance on Gaza extends a long history of the Irish supporting other oppressed peoples – https://theconversation.com/kneecaps-stance-on-gaza-extends-a-long-history-of-the-irish-supporting-other-oppressed-peoples-261261

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Central bank independence and credibility matters. Here’s why

    Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University

    Olga Kashubin/Shutterstock

    In the United States, President Donald Trump has been pressuring the chairman of the US Federal Reserve, Jerome Powell, to slash interest rates. This is partly to ease the interest payments on the ballooning US government debt.

    Powell has so far resisted, but Trump has also threatened to replace him with someone who will do what he asks.

    In Australia, after the Reserve Bank’s surprise decision to hold interest rates steady this month, some commentators have wondered if the central bank had “betrayed” Australians. Treasurer Jim Chalmers pointedly remarked:

    It’s not the result millions of Australians were hoping for or what the market was expecting.

    On Tuesday, the Reserve Bank released the minutes of that controversial policy-setting meeting, which said some economic data was slightly stronger than expected. The majority of the board believed:

    lowering the cash rate a third time within the space of four meetings would be unlikely to be consistent with the strategy of easing monetary policy in a cautious and gradual manner.

    Can’t rates just be kept low?

    Wouldn’t we be better off if central banks kept interest rates low, as some politicians and borrowers were hoping for? It would certainly help those of us with mortgages.

    Surprisingly, the answer is no.

    We are better off when central banks set interest rates with a view on the longer run rather than just the short-term demands of politicians and borrowers.

    To see why we can look at history to see what happens when a central bank isn’t independent.

    Why does independence matter?

    In the 1970s the chairman of the US Federal Reserve, Arthur Burns, was pressured to cut interest rates in the run-up to the 1972 election. He dutifully did so and, while President Richard Nixon was re-elected, this led to “stagflation” – with inflation, unemployment and even interest rates, higher than before interest rates were cut.

    A more recent example of political pressure can be seen in Turkey where the president pressured the central bank to cut interest rates. He hoped to stimulate the economy and believed higher interest rates caused higher inflation.

    Unfortunately, lower rates were shortly followed by higher inflation and, ultimately, much higher interest rates.

    And today in the US, even though Powell has so far resisted Trump’s pressure, financial markets are shaken and long-term interest rates go up when Trump talks about replacing him.

    Lower interest rates can be like a caffeinated energy drink – they give you a short-term energy boost, but can leave you tired, irritable and with a headache when the effects wear off.

    So, why does this happen? It’s all about expectations.

    Expectations about the future matter

    A central bank influences the economy both through what it does and what people expect it to do. The ability to shape expectations is a powerful tool for central banks, especially during crises such as the COVID pandemic, when official interest rates were close to zero.

    Imagine, for example, you are about to take out a mortgage. In making this decision you will likely think not just about current interest rates and your ability to make repayments, but what is likely to happen to future interest rates, your wages and inflation.

    Credibility is the key to successfully shaping people’s expectations. If a central bank is independent and credible, consumers and businesses will listen to what it says and adjust their expectations accordingly.

    The chart below illustrates this point.

    Macquarie University’s Business Outlook Scenarios Survey asks businesses if they believe the Reserve Bank will meet its inflation goals. Those that do trust the bank (the line labelled “certain”) have lower inflation expectations than those that don’t (the line labelled “uncertain”).

    Importantly, the expectations of those that trust the bank to meet its inflation goals tend to align with the bank’s 2–3% inflation target over the business cycle.

    And these expectations affect what businesses and consumers do today.

    So, how credible is the Reserve Bank today?

    Despite the surprise hold, Australians still trust the RBA

    Data from the Business Outlook Scenarios Survey shows the Reserve Bank has rebuilt its credibility since its 2021 “promise” not to raise interest rates until 2024. It has done this by reforming its board structure and membership, being more open and, most critically, by hitting the inflation target.

    Indeed, the most recent survey data shows that, if anything, the surprise decision increased people’s confidence in the bank’s ability to control inflation.

    In July, the survey was in the field between July 7 and 10. The Reserve Bank made its announcement on July 8. Out of 512 businesses surveyed, 368 completed it before the announcement and 144 completed it after the announcement.

    Overall, more than 40% of businesses surveyed were certain the Reserve Bank will achieve its inflation target. This is up from less than 10% a year ago. And, those who completed the survey after the announcement were more likely to trust the Reserve Bank than those that who completed it before the announcement.

    So next time you hear politicians and commentators calling for immediate interest rate cuts, you should hope the Reserve Bank ignores those calls and focuses on the longer term. Overseas experience shows things do not end well when politicians start determining interest rates.

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

    – ref. Central bank independence and credibility matters. Here’s why – https://theconversation.com/central-bank-independence-and-credibility-matters-heres-why-260198

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Ultra fast fashion could be taxed to oblivion in France. Could Australia follow suit?

    Source: The Conversation (Au and NZ) – By Rowena Maguire, Professor of Law and Director of the Centre of Justice, Queensland University of Technology

    Ryan McVay/Getty

    For centuries, clothes were hard to produce and expensive. People wore them as long as possible. But manufacturing advances have steadily driven down the cost of production. These days, clothing can be produced very cheaply. In the 1990s, companies began churning out fast fashion: low cost versions of high end trends. In the 2010s came ultra fast fashion, where clothes are produced extremely rapidly and intended to be almost disposable.

    Ultra fast fashion is deeply unsustainable. Producing it is energy intensive and many low quality items go rapidly to landfill.

    In response, France is planning to add a A$16 tax to each item of ultra-fast fashion, require mandatory environmental disclosures and ban advertising and influencer promotions.

    To date, Australia has done little about the problem – even though every Australian bought an average of 53 new pieces of clothing as of 2023 and we send 220,000 tonnes of clothes to the dump annually. Responses so far have focused on voluntary schemes, which have done little to help. Policymakers should look overseas.

    Ultra-fast fashion companies such as Shein and Temu would be targeted by new French laws, if they are passed.
    Arnaud Finistre/Getty

    Why is ultra fast fashion such a problem?

    About 117 billion pieces of clothing were purchased worldwide in 2023 – about 14 pieces per person. That’s well beyond the limit of five new garments per year experts recommend if we’re to live within our planetary boundaries.

    There are many problems with buying too many cheap clothes. Textile manufacturing is surprisingly energy intensive. At present, the industry is responsible for about 2% of global emissions and this is expected to rise steadily. Millions of barrels of oil are used each year to make synthetic fibres such as polyester.

    Ultra fast fashion items rely heavily on synthetic fibres. When washed, they produce large volumes of microplastics which go into rivers and oceans. The European Union estimates textiles account for about 20% of freshwater pollution annually. Many ultra cheap clothing items have question marks over how ethically they were produced. Nearly all of these cheap clothes only have one owner before going to the dump.

    Australia’s response is minimal

    Australia has no national policy on clothing. Circular economy policies and strategies at both federal and state levels don’t tend to focus on textiles.

    Australian consumer laws regulate greenwashing of products. In 2023, Australia’s peak competition regulator flagged the textile industry as one with a high rate of concerning claims.

    Similarly, Australia’s modern slavery laws require large corporations to identify and address risks of slave labour in their operations. Fashion brands often source materials and labour from regions with high exploitation risks Unfortunately, these laws don’t have penalties attached.

    These laws are positive, but still far from the EU’s large-scale efforts to regulate the textile industry.

    One promising effort is the voluntary Seamless textile scheme. Voluntary schemes like these are often used as a way to introduce reforms to a previously unregulated sector or industry.

    The goal of this scheme is to help brands take responsibility for the entire lifespan of the garments they make or sell. Participating brands and retailers pay a levy which is used to promote clothing repair and rental, expand recycling and run information campaigns. Seamless is meant to help the industry prepare for a potential mandatory scheme in the future. Former Federal Environment Minister Tanya Plibersek said she was “not afraid to regulate” last year, but nothing has happened since.

    To date, participation has been very limited. Around 60 brands and retailers have signed up. Ultra-fast fashion brands such as Temu and Shein aren’t covered by the scheme, as they’re based overseas.

    Ultra-fast fashion rapidly turns into rubbish.
    Ernest Rose/Shutterstock

    Time for laws with teeth?

    France’s planned ultra fashion laws are directly aimed at high-volume, low-cost clothing producers with binding measures such as taxes and advertising bans. If the laws come into effect, France would likely see a substantial drop in the flows of these clothes and the textile waste produced.

    By contrast, Australia’s efforts so far aren’t changing things. The Seamless scheme is voluntary, while greenwashing and modern slavery laws rely on disclosures and lack enforcement powers and penalties.

    It wouldn’t be easy. At present, Australia lacks laws focused on textiles, while responsibility for clothing imports is split between different government departments and levels of government. The issue of fast fashion often hits local governments hardest in the form of increased waste volumes, for instance, but local governments have no power over the problem. If policymakers did introduce a French-style tax, they would face resistance from the industry and from some consumers.

    The upside? France’s approach is far more likely to actually curb the damage done by ultra-fast fashion.

    Rowena Maguire receives funding from United Nations Environment Program – Legal Division.

    – ref. Ultra fast fashion could be taxed to oblivion in France. Could Australia follow suit? – https://theconversation.com/ultra-fast-fashion-could-be-taxed-to-oblivion-in-france-could-australia-follow-suit-259559

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Doctors shouldn’t be allowed to object to medical care if it harms their patients

    Source: The Conversation (Au and NZ) – By Julian Savulescu, Visiting Professor in Biomedical Ethics, Murdoch Children’s Research Institute; Distinguished Visiting Professor in Law, University of Melbourne; Uehiro Chair in Practical Ethics, The University of Melbourne

    HRAUN/Getty

    A young woman needs an abortion and the reasons, while urgent, are not medical. A United States Navy nurse at Guantánamo Bay is ordered to force-feed a defiant detainee on hunger strike.

    These very different real-life cases have one connecting thread: the question of whether a health professional can conscientiously object to carrying out a patient’s request.

    Freedom of conscience is often held up as a purely noble principle. But when it’s used to deny health care, it means a single person’s beliefs are dictating what is best for another person’s physical and mental health – which can have devastating, even fatal, results.

    In our recent book, Rethinking Conscientious Objection in Healthcare, colleagues and I conclude doctors should not be free to make medical decisions based on their personal beliefs.

    It’s not noble to refuse care

    Freedom of conscience is strongly – but not absolutely – protected under international human rights law. It is enshrined in the Universal Declaration of Human Rights.

    This principle has often been used for moral purposes: for example, to resist orders to torture or kill.

    But after researching use of conscientious objection by health professionals, I have concluded it is seriously flawed when used to deny patients health services. This is especially so when particular doctors have a monopoly on service provision, as is the case with abortion and assisted dying in many rural and regional areas of Australia.

    In Australia, doctors are allowed to conscientiously object to abortion, although nearly all states require referral to other service providers or information about how to access the relevant service.

    In practice, these laws are not enforced and sometimes disregarded.

    A doctor’s refusal can mean patients can be denied the standard of care they need, or indeed, any care at all.

    Health-care professionals are not like pacifists refusing conscription into the military, opposing something forced upon them. They freely choose health-care careers that come with obligations and with ethical stances already established by professional codes of conduct.

    People are free to hold whatever beliefs they choose, but those beliefs will inevitably close off some options for them. For example, a vegetarian will not be able to work in an abattoir. That is true for every one of us. But what shouldn’t happen is a doctor’s personal beliefs closing off legitimate options for their patient.

    4 guiding questions

    Instead of personal values, there are four key secular principles we propose that doctors should rely on when deciding how to advise patients about sensitive procedures:

    • is it legal?

    • is it a just and fair use of any resources that might be limited?

    • is it in the interests of the patient’s wellbeing?

    • is it what the patient has themselves decided they want?

    Of course, there will be times when some of these principles are in conflict – that is when it is important to apply the most crucial ones, the wellbeing of the patient and the patient’s own wishes.

    In Ireland in 2012, a young woman named Savita Halappanavar went to an Irish hospital for treatment for her miscarriage. Doctors knew there was no hope of the pregnancy surviving but refused to evacuate her uterus while there was still a fetal heartbeat, for fear of breaching Ireland’s anti-abortion laws. The result: Savita died of septicaemia at 31.

    If doctors had put the patient’s wellbeing first, they would have given her that termination, despite the law, and it would have saved her life.

    These are the principles that should have been applied to the examples above: the woman seeking an abortion for career reasons or the nurse refusing to force-feed prisoners.

    The doctor (or nurse) should ask: Is it what the patient has autonomously decided they want? Will it lead to the best outcome for both their physical and their mental health?

    If abortion will promote a woman’s wellbeing, it is in her interests. Hunger strikers should not be force-fed because it violates their autonomy.

    An unfair burden

    While doctors’ personal values are important, they should not dictate care at the bedside. Not only can this disadvantage the patient, but it places an unfair burden on colleagues who do accept such work, and must carry a disproportionate load of procedures they might find unpleasant and financially unrewarding.

    It also creates injustice. Patients who are educated, wealthy and well-connected already find it easier to access health care. Conscientious objection intensifies that unfairness in large swathes of the country because it further limits options.

    Two countries with excellent health-care systems, Sweden and Finland, do not permit conscientious objection by medical professionals.

    In Australia, it is time we do the same and strongly limit conscientious objection as a legal right for health professionals. We should also ensure those entering the discipline are prepared to take on all procedures relevant to their specialty.

    And lastly, but most importantly, we should educate them that the patient’s interests and values must always come first. An individual doctor’s sense of moral authority should not be permitted to morph into medical and moral authoritarianism.

    Julian Savulescu 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. Doctors shouldn’t be allowed to object to medical care if it harms their patients – https://theconversation.com/doctors-shouldnt-be-allowed-to-object-to-medical-care-if-it-harms-their-patients-260003

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Should Australia lower the voting age to 16 like the UK? We asked 5 experts

    Source: The Conversation (Au and NZ) – By Pandanus Petter, Postdoctoral Research Fellow, School of Politics and International Relations, Australian National University

    The government in the UK is introducing legislation into parliament to lower the voting age to 16.

    If passed, the new age rules will be in place for the next general election, expected around 2029.

    Should Australia follow suit? We asked five experts.

    Pandanus Petter’s employment is funded by an Australian Research Council Discovery Grant.

    Faith Gordon receives funding from the Australian Research Council.

    Jill Sheppard receives funding from the Australian Research Council.

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

    – ref. Should Australia lower the voting age to 16 like the UK? We asked 5 experts – https://theconversation.com/should-australia-lower-the-voting-age-to-16-like-the-uk-we-asked-5-experts-261469

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: First Community Bankshares, Inc. Announces Second Quarter 2025 Results and Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    BLUEFIELD, Va., July 22, 2025 (GLOBE NEWSWIRE) — First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended June 30, 2025. The Company reported net income of $12.25 million, or $0.67 per diluted common share, for the quarter ended June 30, 2025. Net income for the six months ended June 30, 2025, was $24.06 million or $1.31 per diluted common share.

    The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31, per common share. The quarterly dividend is payable to common shareholders of record on August 8, 2025, and is expected to be paid on August 22, 2025. This year marks the 40th consecutive year of regular dividends to common shareholders and the prior year was the 15th consecutive year of regular dividend increases.

    During the second quarter of 2025, the Company was named a recipient of the 2024 Raymond James Community Bankers Cup. The award recognizes the superior financial performance of the top 10% of the country’s community banks.

    Second Quarter 2025 Highlights

    Income Statement

    • Net interest margin for the second quarter of 2025 remained strong at 4.37%. The yield on earning assets decreased 16 basis points from the same period of 2024 and is primarily attributable to a decrease in interest income of $1.40 million. Interest income on loans decreased $2.05 million, which was primarily due to a decrease in the average balance for loans of $134.85 million. Additionally, the yield on loans decreased 6 basis points. The decrease in interest income on loans was somewhat offset by an increase in interest income on interest-bearing deposits with banks of $840 thousand. Interest expense on interest-bearing liabilities decreased $145 thousand, which is primarily attributable to a decrease in average balance, as well as a decrease in yield of 3 basis points.
    • There was a recovery of provision for credit losses for the quarter ending June 30, 2025, of $285 thousand compared to a provision of $144 thousand for the same period of 2024. The decrease is primarily due to a decrease in net charge-offs for the quarter of $553 thousand compared to the same period in 2024 and a reduction in loan balance period over period of $119.99 million.
    • Noninterest income increased approximately $998 thousand, or 10.68%, when compared to the same quarter of 2024. The increase is primarily attributable to an increase in service charges on deposits of $692 thousand, or 20.19%. Noninterest expense increased $558 thousand, or 2.24%, when compared to the same period of 2024. The increase is attributable to increases in salaries and benefits of $1.86 million, or 14.87%, other operating expense of $328 thousand, or 10.84%, and advertising and public relations of $221 thousand, or 23.67%. 
    • Net income of $12.25 million for the second quarter of 2025, was a decrease of $440 thousand, or 3.47%, from the same quarter of 2024. Net income of $24.06 million for the first six months of 2025, was a decrease of $1.47 million, or 5.75%, from the same period of 2024.
    • Annualized return on average assets (“ROA”) was 1.53% for the second quarter of 2025 compared to 1.58% for the same period of 2024. Annualized return on average assets (“ROA”) for the six months ended June 30, 2025, was 1.51% compared to 1.59% for the same period of 2024 Annualized return on average common equity (“ROE”) was 9.84% for the second quarter of 2025 compared to 10.02% for the same period of 2024. Annualized return on average common equity (“ROE”) was 9.67% for the six months ended June 30, 2025, compared to 10.10% for the same period of 2024. Additionally, return on average tangible common equity continues to remain strong at 14.32% for the second quarter of 2025.

    Balance Sheet and Asset Quality

    • Consolidated assets totaled $3.18 billion at June 30, 2025.
    • Loans decreased $62.81 million, or 2.60%, from December 31, 2024. Securities available for sale decreased $37.31 million, or 21.97%, from December 31, 2024. Deposits decreased $55.88 million, or 2.08%, which was due to a decrease in interest-bearing demand deposits and declining higher-rate time deposits. Stockholder equity decreased $23.56 million, or 4.48% primarily due to the payment of a special cash dividend in the first quarter of 2025. The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $17.60 million, or 4.66%.
    • The Company repurchased 50,338 common shares during the second quarter of 2025 at a cost of $1.85 million; there were no shares repurchased in the first quarter of 2025. The Company purchased 155,044 common shares during the second quarter of 2024 at a total cost of $5.28 million; a total of 244,440 common shares was purchased during the first six months of 2024 at a total cost of $8.25 million.
    • Total non-performing assets as of June 30, 2025, were $19.17 million, compared with $20.67 million as of December 31, 2024, and $19.93 million as of June 30, 2024. The Company has realized a declining trend in non-performing assets since September 30, 2024.
    • Non-performing loans to total loans remained the same at 0.79% when compared with the same quarter of 2024. The Company experienced net charge-offs for the second quarter of 2025 of $472 thousand, or 0.08% of annualized average loans, compared to net charge-offs of $1.03 million, or 0.16%, of annualized average loans for the same period in 2024.
    • The allowance for credit losses to total loans was 1.40% at June 30, 2025, compared to 1.44% at December 31, 2024 and 1.41% at June 30, 2024.
    • Book value per share at June 30, 2025, was $ 27.46, a decrease of $1.27 from year-end 2024. The decrease is primarily attributable to the payment of the special cash dividend in the first quarter of 2025 of $2.07 per share totaling approximately $37.93 million.

    Non-GAAP Financial Measures

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release. While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

    About First Community Bankshares, Inc.

    First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of June 30, 2025. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.66 billion in combined assets as of June 30, 2025. The Company reported consolidated assets of $3.18 billion as of June 30, 2025. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

    This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.


    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (Amounts in thousands, except share and per share data)   Three Months Ended     Six Months Ended  
      June 30,     March 31,     December 31,     September 30,     June 30,     June 30,  
      2025     2025     2024     2024     2024     2025     2024  
    Interest income                                                        
    Interest and fees on loans   $ 30,637     $ 30,669     $ 31,637     $ 32,120     $ 32,696     $ 61,306     $ 66,114  
    Interest on securities     1,029       1,238       1,447       1,070       1,211       2,267       2,909  
    Interest on deposits in banks     3,722       3,262       3,348       3,702       2,882       6,984       3,795  
    Total interest income     35,388       35,169       36,432       36,892       36,789       70,557       72,818  
    Interest expense                                                        
    Interest on deposits     4,731       4,871       5,099       5,298       4,877       9,602       9,242  
    Interest on borrowings     –       –       –       –       –       –       35  
    Total interest expense     4,731       4,871       5,099       5,298       4,877       9,602       9,277  
    Net interest income     30,657       30,298       31,333       31,594       31,912       60,955       63,541  
    Provision for credit losses     (285 )     321       1,082       1,360       144       36       1,155  
    Net interest income after provision     30,942       29,977       30,251       30,234       31,768       60,919       62,386  
    Noninterest income     10,340       10,229       10,337       10,452       9,342       20,569       18,601  
    Noninterest expense     25,455       24,944       24,107       24,177       24,897       50,399       48,283  
    Income before income taxes     15,827       15,262       16,481       16,509       16,213       31,089       32,704  
    Income tax expense     3,581       3,444       3,441       3,476       3,527       7,025       7,173  
    Net income   $ 12,246     $ 11,818     $ 13,040     $ 13,033     $ 12,686     $ 24,064     $ 25,531  
                                                             
                                                             
    Earnings per common share                                                        
    Basic   $ 0.67     $ 0.64     $ 0.71     $ 0.71     $ 0.69     $ 1.31     $ 1.39  
    Diluted   $ 0.67     $ 0.64     $ 0.71     $ 0.71     $ 0.71     $ 1.31     $ 1.42  
    Cash dividends per common share                                                        
    Regular     0.31       0.31       0.31       0.31       0.29       0.62       0.58  
    Special cash dividend     –       2.07       –       –       –       2.07       –  
    Weighted average shares outstanding                                                        
    Basic     18,295,465       18,324,760       18,299,612       18,279,612       18,343,958       18,310,032       18,410,043  
    Diluted     18,400,793       18,451,321       18,418,441       18,371,907       18,409,876       18,427,503       18,475,110  
    Performance ratios                                                        
    Return on average assets     1.53 %     1.49 %     1.60 %     1.60 %     1.58 %     1.51 %     1.59 %
    Return on average common equity     9.84 %     9.49 %     9.89 %     10.04 %     10.02 %     9.67 %     10.10 %
    Return on average tangible common equity(1)     14.32 %     13.79 %     14.12 %     14.46 %     14.54 %     14.04 %     14.68 %
    ________________________      
    (1)   A non-GAAP financial measure defined as net income divided by average stockholders’ equity less average goodwill and other intangible assets.      

    CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE     (Unaudited)
        Three Months Ended     Six Months Ended  
    (Amounts in thousands)   June 30,     March 31,     December 31,     September 30,     June 30,     June 30,  
      2025     2025     2024     2024     2024     2025     2024  
    Noninterest income                                                        
    Wealth management   $ 1,222     $ 1,162     $ 1,251     $ 1,071     $ 1,064     $ 2,384     $ 2,163  
    Service charges on deposits     4,120       3,836       3,613       3,661       3,428       7,956       6,738  
    Other service charges and fees     3,791       3,340       3,575       3,697       3,670       7,131       7,120  
    Other operating income     1,207       1,891       1,898       2,023       1,180       3,098       2,580  
    Total noninterest income   $ 10,340     $ 10,229     $ 10,337     $ 10,452     $ 9,342     $ 20,569     $ 18,601  
    Noninterest expense                                                        
    Salaries and employee benefits   $ 14,349     $ 13,335     $ 13,501     $ 13,129     $ 12,491     $ 27,684     $ 25,072  
    Occupancy expense     1,290       1,576       1,329       1,270       1,309       2,866       2,687  
    Furniture and equipment expense     1,587       1,575       1,562       1,574       1,687       3,162       3,232  
    Service fees     2,475       2,484       2,305       2,461       2,427       4,959       4,876  
    Advertising and public relations     1,154       1,055       1,165       967       933       2,209       1,729  
    Professional fees     360       372       295       221       330       732       702  
    Amortization of intangibles     526       524       535       536       530       1,050       1,060  
    FDIC premiums and assessments     361       362       365       365       364       723       733  
    Litigation expense     –       –       –       –       1,800       –       1,800  
    Other operating expense     3,353       3,661       3,050       3,654       3,026       7,014       6,392  
    Total noninterest expense   $ 25,455     $ 24,944     $ 24,107     $ 24,177     $ 24,897     $ 50,399     $ 48,283  

    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)
    (Amounts in thousands, except per share data)   Three Months Ended     Six Months Ended  
      June 30,     March 31,     December 31,     September 30,     June 30,     June 30,  
      2025     2025     2024     2024     2024     2025     2024  
    Adjusted Net Income for diluted earnings per share   $ 12,246     $ 11,818     $ 13,040     $ 13,033     $ 12,686     $ 24,064     $ 26,210  
    Non-GAAP adjustments:                                                        
    Litigation expense     –       –       –       –       1,800       –       1,800  
    Other items(1)     –       –       –       (825 )     –       –       –  
    Total adjustments     –       –       –       (825 )     1,800       0       1,800  
    Tax effect     –       –       –       (198 )     432       0       432  
    Adjusted earnings, non-GAAP   $ 12,246     $ 11,818     $ 13,040     $ 12,406     $ 14,054     $ 24,064     $ 27,578  
                                                             
    Adjusted diluted earnings per common share, non-GAAP   $ 0.67     $ 0.64     $ 0.71     $ 0.68     $ 0.76     $ 1.31     $ 1.49  
    Performance ratios, non-GAAP                                                        
    Adjusted return on average assets     1.53 %     1.49 %     1.60 %     1.53 %     1.75 %     1.51 %     1.72 %
    Adjusted return on average common equity     9.84 %     9.49 %     9.89 %     9.56 %     11.10 %     9.67 %     10.91 %
    Adjusted return on average tangible common equity (2)     14.32 %     13.79 %     14.12 %     13.77 %     16.11 %     14.04 %     15.86 %
    ________________________      
    (1)   Includes other non-recurring income and expense items.      
    (2)   A non-GAAP financial measure defined as adjusted earnings divided by average stockholders’ equity less average goodwill and other intangible assets.      

    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
        Three Months Ended June 30,  
        2025     2024  
    (Amounts in thousands)   Average             Average Yield/     Average             Average Yield/  
      Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,364,362     $ 30,731       5.21 %   $ 2,499,212     $ 32,777       5.27 %
    Securities available for sale     128,457       1,053       3.29 %     144,755       1,242       3.45 %
    Interest-bearing deposits     333,872       3,722       4.47 %     210,432       2,883       5.51 %
    Total earning assets     2,826,691       35,506       5.04 %     2,854,399       36,902       5.20 %
    Other assets     377,879                       373,029                  
    Total assets   $ 3,204,570                     $ 3,227,428                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 657,888     $ 178       0.11 %   $ 664,707     $ 174       0.10 %
    Savings deposits     895,024       3,322       1.49 %     874,420       3,582       1.65 %
    Time deposits     228,485       1,232       2.16 %     246,291       1,121       1.83 %
    Total interest-bearing deposits     1,781,397       4,732       1.07 %     1,785,418       4,877       1.10 %
    Borrowings                                                
    Federal funds purchased     –       –       –       –       –       0.00 %
    Retail repurchase agreements     1,293       –       0.07 %     1,002       –       0.04 %
    Total borrowings     1,293       –       0.07 %     1,002       –       0.04 %
    Total interest-bearing liabilities     1,782,690       4,732       1.06 %     1,786,420       4,877       1.10 %
    Noninterest-bearing demand deposits     877,346                       884,681                  
    Other liabilities     45,310                       47,123                  
    Total liabilities     2,705,346                       2,718,224                  
    Stockholders’ equity     499,224                       509,204                  
    Total liabilities and stockholders’ equity   $ 3,204,570                     $ 3,227,428                  
    Net interest income, FTE(1)           $ 30,774                     $ 32,025          
    Net interest rate spread                     3.97 %                     4.10 %
    Net interest margin, FTE(1)                     4.37 %                     4.51 %
    ________________________
    (1)   Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2)   Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3)   Interest on loans includes non-cash and accelerated purchase accounting accretion of $430 thousand and $661 thousand for the three months ended June 30, 2025 and 2024, respectively.

    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
        Six Months Ended June 30,  
        2025     2024  
        Average             Average Yield/     Average             Average Yield/  
    (Amounts in thousands)   Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,379,630     $ 61,488       5.21 %   $ 2,524,159     $ 66,278       5.28 %
    Securities available for sale     138,804       2,314       3.36 %     191,882       2,974       3.12 %
    Interest-bearing deposits     315,011       6,984       4.47 %     138,458       3,798       5.52 %
    Total earning assets     2,833,445       70,786       5.04 %     2,854,499       73,050       5.15 %
    Other assets     375,846                       373,322                  
    Total assets   $ 3,209,291                     $ 3,227,821                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 658,268     $ 358       0.11 %   $ 665,291     $ 336       0.10 %
    Savings deposits     893,096       6,633       1.50 %     870,252       6,995       1.62 %
    Time deposits     233,343       2,612       2.26 %     248,133       1,911       1.55 %
    Total interest-bearing deposits     1,784,707       9,603       1.09 %     1,783,676       9,242       1.04 %
    Borrowings                                                
    Federal funds purchased     –       –       –       1,264       35       5.52 %
    Retail repurchase agreements     1,183       –       0.06 %     1,065       –       0.05 %
    Total borrowings     1,183       –       0.06 %     2,329       35       3.02 %
    Total interest-bearing liabilities     1,785,890       9,603       1.08 %     1,786,005       9,277       1.04 %
    Noninterest-bearing demand deposits     868,714                       885,813                  
    Other liabilities     52,698                       47,710                  
    Total liabilities     2,707,302                       2,719,528                  
    Stockholders’ equity     501,989                       508,293                  
    Total liabilities and stockholders’ equity   $ 3,209,291                     $ 3,227,821                  
    Net interest income, FTE(1)           $ 61,183                     $ 63,773          
    Net interest rate spread                     3.96 %                     4.11 %
    Net interest margin, FTE(1)                     4.35 %                     4.49 %
    ________________________
    (1)   Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2)   Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3)   Interest on loans includes non-cash and accelerated purchase accounting accretion of $986 thousand and $1.44 million for the six months ended June 30, 2025 and 2024, respectively.

    CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)
        June 30,     March 31,     December 31,     September 30,     June 30,  
    (Amounts in thousands, except per share data)   2025     2025     2024     2024     2024  
    Assets                                        
    Cash and cash equivalents   $ 395,057     $ 414,682     $ 377,454     $ 315,338     $ 329,877  
    Debt securities available for sale, at fair value     132,535       129,659       169,849       166,669       129,686  
    Loans held for investment, net of unearned income     2,353,277       2,382,699       2,416,089       2,444,113       2,473,268  
    Allowance for credit losses     (33,020 )     (33,784 )     (34,825 )     (35,118 )     (34,885 )
    Loans held for investment, net     2,320,257       2,348,915       2,381,264       2,408,995       2,438,383  
    Premises and equipment, net     48,023       48,780       48,735       49,654       50,528  
    Other real estate owned     455       298       521       346       100  
    Interest receivable     8,787       9,306       9,207       9,883       9,984  
    Goodwill     143,946       143,946       143,946       143,946       143,946  
    Other intangible assets     11,964       12,490       13,014       13,550       14,085  
    Other assets     119,990       117,697       117,226       115,980       116,230  
    Total assets   $ 3,181,014     $ 3,225,773     $ 3,261,216     $ 3,224,361     $ 3,232,819  
                                             
    Liabilities                                        
    Deposits                                        
    Noninterest-bearing   $ 873,677     $ 893,794     $ 883,499     $ 869,723     $ 889,462  
    Interest-bearing     1,761,687       1,790,683       1,807,748       1,789,530       1,787,810  
    Total deposits     2,635,364       2,684,477       2,691,247       2,659,253       2,677,272  
    Securities sold under agreements to repurchase     1,016       908       906       954       894  
    Interest, taxes, and other liabilities     41,805       43,971       42,671       43,460       45,769  
    Total liabilities     2,678,185       2,729,356       2,734,824       2,703,667       2,723,935  
                                             
    Stockholders’ equity                                        
    Common stock     18,311       18,327       18,322       18,291       18,270  
    Additional paid-in capital     169,358       169,867       169,752       168,691       168,272  
    Retained earnings     324,307       317,728       349,489       342,121       334,756  
    Accumulated other comprehensive loss     (9,147 )     (9,505 )     (11,171 )     (8,409 )     (12,414 )
    Total stockholders’ equity     502,829       496,417       526,392       520,694       508,884  
    Total liabilities and stockholders’ equity   $ 3,181,014     $ 3,225,773     $ 3,261,216     $ 3,224,361     $ 3,232,819  
                                             
    Shares outstanding at period-end     18,311,232       18,326,657       18,321,795       18,290,938       18,270,273  
    Book value per common share   $ 27.46     $ 27.09     $ 28.73     $ 28.47     $ 27.85  
    Tangible book value per common share(1)     18.95       18.55       20.16       19.86       19.20  
    ________________________
    (1)   A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangible assets, divided by shares outstanding.

    SELECTED CREDIT QUALITY INFORMATION (Unaudited)
        June 30,     March 31,     December 31,     September 30,     June 30,  
    (Amounts in thousands)   2025     2025     2024     2024     2024  
    Allowance for Credit Losses                                        
    Balance at beginning of period:                                        
    Allowance for credit losses – loans   $ 33,784     $ 34,825     $ 35,118     $ 34,885     $ 35,461  
    Allowance for credit losses – loan commitments     312       341       441       441       746  
    Total allowance for credit losses beginning of period     34,096       35,166       35,559       35,326       36,207  
    Provision for credit losses:                                        
    (Recovery of ) provision for credit losses – loans     (292 )     350       1,182       1,360       449  
    (Recovery of) provision for credit losses – loan commitments     7       (29 )     (100 )     –       (305 )
    Total provision for credit losses – loans and loan commitments     (285 )     321       1,082       1,360       144  
    Charge-offs     (1,509 )     (1,998 )     (2,005 )     (1,799 )     (1,599 )
    Recoveries     1,037       607       530       672       574  
    Net charge-offs     (472 )     (1,391 )     (1,475 )     (1,127 )     (1,025 )
    Balance at end of period:                                        
    Allowance for credit losses – loans     33,020       33,784       34,825       35,118       34,885  
    Allowance for credit losses – loan commitments     319       312       341       441       441  
    Ending balance   $ 33,339     $ 34,096     $ 35,166     $ 35,559     $ 35,326  
                                             
    Nonperforming Assets                                        
    Nonaccrual loans   $ 18,084     $ 19,974     $ 19,869     $ 19,754     $ 19,815  
    Accruing loans past due 90 days or more     568       117       149       176       19  
    Modified loans past due 90 days or more     –       125       135       –       –  
    Total nonperforming loans     18,652       20,216       20,153       19,930       19,834  
    OREO     455       298       521       346       100  
    Total nonperforming assets   $ 19,107     $ 20,514     $ 20,674     $ 20,276     $ 19,934  
                                             
                                             
    Additional Information                                        
    Total modified loans   $ 2,129     $ 2,124     $ 2,260     $ 2,320     $ 2,290  
                                             
    Asset Quality Ratios                                        
    Nonperforming loans to total loans     0.79 %     0.85 %     0.83 %     0.82 %     0.80 %
    Nonperforming assets to total assets     0.60 %     0.64 %     0.63 %     0.63 %     0.62 %
    Allowance for credit losses to nonperforming loans     177.03 %     167.12 %     172.80 %     176.21 %     175.88 %
    Allowance for credit losses to total loans     1.40 %     1.42 %     1.44 %     1.44 %     1.41 %
    Annualized net charge-offs to average loans     0.08 %     0.24 %     0.24 %     0.18 %     0.16 %

     
     
    FOR MORE INFORMATION, CONTACT:
    David D. Brown
    (276) 326-9000

    The MIL Network –

  • MIL-OSI: Enphase Energy Reports Financial Results for the Second Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., July 22, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the second quarter of 2025, which included the summary below from its President and CEO, Badri Kothandaraman.

    We reported quarterly revenue of $363.2 million in the second quarter of 2025, along with 48.6% for non-GAAP gross margin. We shipped approximately 1.53 million microinverters, or 675.4 megawatts DC, and 190.9 megawatt hours (MWh) of IQ® Batteries.

    Highlights for the second quarter of 2025 are listed below:

    • IQ® Meter Collar approved by 29 U.S. utilities to date
    • U.S. manufacturing: shipped approximately 1.41 million microinverters and record 46.9 MWh of IQ Batteries
    • Revenue of $363.2 million
    • GAAP gross margin of 46.9%; non-GAAP gross margin of 48.6% with net IRA benefit
    • Non-GAAP gross margin of 37.2%, excluding net IRA benefit of 11.4%
    • GAAP operating income of $37.0 million; non-GAAP operating income of $98.6 million
    • GAAP net income of $37.1 million; non-GAAP net income of $89.9 million
    • GAAP diluted earnings per share of $0.28; non-GAAP diluted earnings per share of $0.69
    • Free cash flow of $18.4 million; ending cash, cash equivalents and marketable securities of $1.53 billion

    Our revenue and earnings for the second quarter of 2025 are provided below, compared with the prior quarter:

    (In thousands, except per share and percentage data)

      GAAP   Non-GAAP
      Q2 2025   Q1 2025   Q2 2024   Q2 2025   Q1 2025   Q2 2024
    Revenue $ 363,153     $ 356,084     $ 303,458     $ 363,153     $ 356,084     $ 303,458  
    Gross margin   46.9 %     47.2 %     45.2 %     48.6 %     48.9 %     47.1 %
    Operating expenses $ 133,486     $ 136,319     $ 135,367     $ 77,781     $ 79,423     $ 81,706  
    Operating income $ 37,007     $ 31,922     $ 1,799     $ 98,613     $ 94,637     $ 61,080  
    Net income $ 37,052     $ 29,730     $ 10,833     $ 89,869     $ 89,243     $ 58,824  
    Basic EPS $ 0.28     $ 0.23     $ 0.08     $ 0.69     $ 0.68     $ 0.43  
    Diluted EPS $ 0.28     $ 0.22     $ 0.08     $ 0.69     $ 0.68     $ 0.43  
     

    Total revenue for the second quarter of 2025 was $363.2 million, compared to $356.1 million in the first quarter of 2025. Our revenue in the second quarter of 2025 included $40.4 million of safe harbor revenue, compared to $54.3 million of safe harbor revenue in the first quarter. Our revenue in the United States for the second quarter of 2025 increased approximately 3%, compared to the first quarter. The increase was the result of seasonality partially offset by lower safe harbor revenue. Our revenue in Europe increased approximately 11% for the second quarter of 2025, compared to the first quarter. The increase in revenue was primarily due to higher microinverter and battery sales as we continued to ramp shipments of our IQ® Battery 5P™ with FlexPhase during the second quarter.

    Our non-GAAP gross margin was 48.6% in the second quarter of 2025, compared to 48.9% in the first quarter. Our non-GAAP gross margin, excluding net benefit from the Inflation Reduction Act (IRA), was 37.2% in the second quarter of 2025, compared to 38.3% in the first quarter. The reciprocal tariffs had a negative impact of approximately two percentage points on margins.

    Our non-GAAP operating expenses were $77.8 million in the second quarter of 2025, compared to $79.4 million in the first quarter. Our non-GAAP operating income was $98.6 million in the second quarter of 2025, compared to $94.6 million in the first quarter.

    We exited the second quarter of 2025 with $1.53 billion in cash, cash equivalents and marketable securities and generated $26.6 million in cash flow from operations in the second quarter. Our capital expenditures were $8.2 million in the second quarter of 2025, compared to $14.6 million in the first quarter of 2025.

    In the second quarter of 2025, we repurchased 702,948 shares of our common stock at an average price of $42.67 per share for a total of approximately $30.0 million. We also spent approximately $3.0 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 58,332 shares.

    During the second quarter of 2025, we shipped approximately 1.41 million microinverters from manufacturing facilities in the United States that we booked for 45X production tax credits. We continued to ship our IQ8HC™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ® Battery 5Ps from these facilities, meeting domestic content requirements.

    We shipped a record 190.9 MWh of IQ Batteries in the second quarter of 2025, compared to 170.1 MWh in the first quarter. More than 11,700 installers worldwide are certified to install our IQ Batteries, compared to more than 10,900 installers worldwide in the first quarter of 2025. In addition, we have 210 MWh of batteries in our fleet currently enrolled in virtual power plant (VPP) programs globally.

    During the second quarter of 2025, we began shipping our fourth-generation Enphase Energy System, which includes the IQ® Battery 10C, IQ® Meter Collar, and IQ® Combiner 6C, to customers in the United States. The IQ Battery 10C is designed to be 30% more energy-dense, occupy 62% less wall space, and lower the cost of install compared to previous models. Together, these components simplify the entire backup installation process, enhance reliability, and provide greater value to homeowners. The IQ Meter Collar has now been approved by 29 U.S. utilities.

    We also ramped shipments of our IQ Battery with FlexPhase into more countries in Europe. This AC-coupled battery system supports both single-phase and three-phase homes, providing full backup capability and superior flexibility to meet diverse home energy needs.

    The IQ® EV Charger 2, our most advanced residential charger to date, is now shipping to 18 countries across Europe, Australia, and New Zealand. This smart charger is designed to work seamlessly with Enphase solar and battery systems or as a powerful standalone solution. We also started shipping our IQ® Balcony Solar Kit, a simple and efficient solution for harnessing solar energy from panels installed on apartment balconies, in Belgium and Germany during the second quarter of 2025.

    We continue to strengthen our digital platform and improve the customer experience. We are investing in several new enhancements for Solargraf, our all-in-one installer platform, including expanded third-party ownership (TPO) partner integrations, a custom tariff builder, enhanced dealership management features, and a simplified, AI-driven design experience – all aimed at making Solargraf even more powerful and intuitive.

    BUSINESS HIGHLIGHTS

    On July 17, 2025, Enphase Energy announced initial shipments of the IQ Battery 5P supplied from manufacturing facilities in the United States with higher domestic content than previous models.

    On July 10 and July 2, 2025, Enphase Energy announced that production shipments of its IQ EV Charger 2 have expanded Europe to now include Greece, Romania, Ireland, Poland, Australia, and New Zealand.

    On June 16, 2025, Enphase Energy announced the launch of the IQ Battery 5P with FlexPhase, for customers in more European countries, including Spain, Portugal, France, Sweden, Denmark, Belgium, and the Netherlands.

    On June 4, 2025, Enphase Energy announced that IQ8P-3P Commercial Microinverters made with domestic content were selected for significant commercial projects on a Florida school, an affordable housing complex in Rhode Island, and a community center in California.

    On May 19, 2025, Enphase Energy introduced IQ® Energy Management that integrates with Enphase solar and battery systems to enable smart management of variable electricity rates and select third-party electric vehicle (EV) chargers, heat pumps, and resistive electric water heaters in France.

    On May 12 and May 7, 2025, Enphase Energy announced the launch of the IQ Balcony Solar System in Belgium and Germany that empowers apartment dwellers and homeowners with limited roof space to generate their own clean energy from balconies, patios, and small outdoor areas.

    On May 8, 2025, Enphase Energy announced the availability of new software that allows homeowners with existing legacy IQ7™ Microinverter-based systems to seamlessly expand their solar capacity using IQ8™ Microinverters.

    On April 28, 2025, Enphase Energy announced production shipments of IQ8 Microinverters in Japan through a distribution agreement with ITOCHU Corporation, one of the largest trading companies in the country.

    THIRD QUARTER 2025 FINANCIAL OUTLOOK

    For the third quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

    • Revenue to be within a range of $330.0 million to $370.0 million, which includes shipments of 190 to 210 MWh of IQ Batteries.
    • GAAP gross margin to be within a range of 41.0% to 44.0% with net IRA benefit, including approximately three to five percentage points of new tariff impact.
    • Non-GAAP gross margin to be within a range of 43.0% to 46.0% with net IRA benefit and 33.0% to 36.0% excluding net IRA benefit, including approximately three to five percentage points of new tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.
    • Net IRA benefit to be within a range of $34.0 million to $38.0 million based on estimated shipments of 1,200,000 units of U.S. manufactured microinverters.
    • GAAP operating expenses to be within a range of $130.0 million to $134.0 million.
    • Non-GAAP operating expenses to be within a range of $78.0 million to $82.0 million, excluding $52.0 million estimated for stock-based compensation expense, acquisition related amortization, restructuring and asset impairment charges.

    For 2025, Enphase expects a GAAP tax rate of 19-21% and a non-GAAP tax rate of 15-17%, including IRA benefits.

    Follow Enphase Online

    Use of non-GAAP Financial Measures

    Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.

    These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

    As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

    Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

    Acquisition related amortization. This item represents amortization of acquired intangible assets, which is a non-cash expense. Acquisition related amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

    Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

    Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

    Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

    Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

    Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in India. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.

    Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

    Conference Call Information

    Enphase Energy will host a conference call for analysts and investors to discuss its second quarter 2025 results and third quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com.

    Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 6021998, beginning approximately one hour after the call.

    Forward-Looking Statements

    This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its third quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by MWh, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; future enhancements for Solargraf; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power – and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 83.1 million microinverters, and more than 4.9 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://enphase.com/.

    © 2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Contact:

    Zach Freedman
    Enphase Energy, Inc.
    Investor Relations
    ir@enphaseenergy.com

    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
      Three Months Ended Six Months Ended
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net revenues $ 363,153     $ 356,084     $ 303,458     $ 719,237     $ 566,797  
    Cost of revenues   192,660       187,843       166,292       380,503       314,123  
    Gross profit   170,493       168,241       137,166       338,734       252,674  
    Operating expenses:                  
    Research and development   45,421       50,174       48,871       95,595       103,082  
    Sales and marketing   50,708       48,948       51,775       99,656       105,082  
    General and administrative   34,035       34,035       33,550       68,070       68,732  
    Restructuring and asset impairment charges   3,322       3,162       1,171       6,484       3,078  
    Total operating expenses   133,486       136,319       135,367       269,805       279,974  
    Income (loss) from operations   37,007       31,922       1,799       68,929       (27,300 )
    Other income, net                  
    Interest income   14,911       17,032       19,203       31,943       38,912  
    Interest expense   (815 )     (2,047 )     (2,220 )     (2,862 )     (4,416 )
    Other expense, net   (8,898 )     (14 )     (7,566 )     (8,912 )     (7,479 )
    Total other income, net   5,198       14,971       9,417       20,169       27,017  
    Income (loss) before income taxes   42,205       46,893       11,216       89,098       (283 )
    Income tax provision   (5,153 )     (17,163 )     (383 )     (22,316 )     (4,981 )
    Net income (loss) $ 37,052     $ 29,730     $ 10,833     $ 66,782     $ (5,264 )
    Net income (loss) per share:                  
    Basic $ 0.28     $ 0.23     $ 0.08     $ 0.51     $ (0.04 )
    Diluted $ 0.28     $ 0.22     $ 0.08     $ 0.50     $ (0.04 )
    Shares used in per share calculation:                  
    Basic   131,031       131,869       135,646       131,447       135,768  
    Diluted   135,219       136,208       136,123       135,719       135,768  
     
    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
      June 30,
    2025    		   December 31,
    2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 370,536   $ 369,110
    Restricted cash   —     95,006
    Marketable securities   1,159,648     1,253,480
    Accounts receivable, net   223,218     223,749
    Inventory   173,016     165,004
    Prepaid expenses and other assets   362,523     220,735
    Total current assets   2,288,941     2,327,084
    Property and equipment, net   136,902     147,514
    Intangible assets, net   32,380     42,398
    Goodwill   214,890     211,571
    Other assets   193,426     205,542
    Deferred tax assets, net   312,250     315,567
    Total assets $ 3,178,789   $ 3,249,676
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 162,697   $ 90,032
    Accrued liabilities   206,537     196,887
    Deferred revenues, current   129,040     237,225
    Warranty obligations, current   33,136     34,656
    Debt, current   631,179     101,291
    Total current liabilities   1,162,589     660,091
    Long-term liabilities:      
    Deferred revenues, non-current   331,531     341,982
    Warranty obligations, non-current   172,950     158,233
    Other liabilities   59,542     55,265
    Debt, non-current   571,540     1,201,089
    Total liabilities   2,298,152     2,416,660
    Total stockholders’ equity   880,637     833,016
    Total liabilities and stockholders’ equity $ 3,178,789   $ 3,249,676
     
    ENPHASE ENERGY, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
      Three Months Ended   Six Months Ended
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024

    Cash flows from operating activities:    		                  
    Net income (loss) $ 37,052     $ 29,730     $ 10,833     $ 66,782     $ (5,264 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                  
    Depreciation and amortization   20,085       19,915       20,484       40,000       40,621  
    Net accretion of premium (discount) on marketable securities   (1,234 )     3,512       (1,030 )     2,278       1,795  
    Provision for doubtful accounts   130       62       1,897       192       1,767  
    Asset impairment   1,538       27       6,241       1,565       6,573  
    Non-cash interest expense   828       1,679       2,157       2,507       4,289  
    Change in fair value of debt securities   9,464       (323 )     1,931       9,141       989  
    Stock-based compensation   53,896       55,633       52,757       109,529       113,590  
    Deferred income taxes   403       8,560       (14,076 )     8,963       (22,368 )
    Changes in operating assets and liabilities:                  
    Accounts receivable   8,681       1,760       82,183       10,441       159,542  
    Inventory   (28,991 )     20,979       31,825       (8,012 )     37,527  
    Prepaid expenses and other assets   (64,261 )     (75,553 )     (42,810 )     (139,814 )     (53,707 )
    Accounts payable, accrued and other liabilities   37,212       54,232       (23,944 )     91,444       (90,228 )
    Warranty obligations   2,639       10,558       15       13,197       (11,908 )
    Deferred revenues   (50,813 )     (82,357 )     (1,401 )     (133,170 )     (6,955 )
      Net cash provided by operating activities   26,629       48,414       127,062       75,043       176,263  
    Cash flows from investing activities:                  
    Purchases of property and equipment   (8,259 )     (14,608 )     (9,636 )     (22,867 )     (17,007 )
    Investment in tax equity fund   (1,440 )     (6,904 )     —       (8,344 )     —  
    Purchases of marketable securities   (284,306 )     (200,826 )     (300,053 )     (485,132 )     (772,321 )
    Maturities and sale of marketable securities   242,820       335,398       282,063       578,218       779,436  
      Net cash provided by (used in) investing activities   (51,185 )     113,060       (27,626 )     61,875       (9,892 )
    Cash flows from financing activities:                  
    Settlement of Notes due 2025   —       (102,168 )     —       (102,168 )     (2 )
    Repurchase of common stock   (29,993 )     (99,964 )     (99,908 )     (129,957 )     (141,904 )
    Proceeds from issuance of common stock under employee equity plans   5,302       67       6,769       5,369       7,955  
    Payment of withholding taxes related to net share settlement of equity awards   (2,864 )     (12,110 )     (7,473 )     (14,974 )     (67,515 )
      Net cash used in financing activities   (27,555 )     (214,175 )     (100,612 )     (241,730 )     (201,466 )
      Effect of exchange rate changes on cash, cash equivalents and restricted cash   7,557       3,675       (374 )     11,232       (1,551 )
    Net decrease in cash, cash equivalents and restricted cash   (44,554 )     (49,026 )     (1,550 )     (93,580 )     (36,646 )
    Cash, cash equivalents and restricted cash — Beginning of period   415,090       464,116       253,652       464,116       288,748  
    Cash, cash equivalents and restricted cash — End of period $ 370,536     $ 415,090     $ 252,102     $ 370,536     $ 252,102  
     
    ENPHASE ENERGY, INC.
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data and percentages)
    (Unaudited)
      Three Months Ended   Six Months Ended
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Gross profit (GAAP) $ 170,493     $ 168,241     $ 137,166     $ 338,734     $ 252,674  
      Stock-based compensation   4,311       4,239       3,730       8,550       7,912  
      Acquisition related amortization   1,590       1,580       1,890       3,170       3,781  
    Gross profit (Non-GAAP) $ 176,394     $ 174,060     $ 142,786     $ 350,454     $ 264,367  
                         
    Gross margin (GAAP)   46.9 %     47.2 %     45.2 %     47.1 %     44.6 %
      Stock-based compensation   1.3       1.2       1.3       1.2       1.3  
      Acquisition related amortization   0.4       0.5       0.6       0.4       0.7  
    Gross margin (Non-GAAP)   48.6 %     48.9 %     47.1 %     48.7 %     46.6 %
                         
    Operating expenses (GAAP) $ 133,486     $ 136,319     $ 135,367     $ 269,805     $ 279,974  
      Stock-based compensation(1)   (49,506 )     (50,885 )     (49,027 )     (100,391 )     (105,678 )
      Acquisition related amortization   (2,877 )     (2,849 )     (3,463 )     (5,726 )     (6,925 )
      Restructuring and asset impairment charges(1)   (3,322 )     (3,162 )     (1,171 )     (6,484 )     (3,078 )
    Operating expenses (Non-GAAP) $ 77,781     $ 79,423     $ 81,706     $ 157,204     $ 164,293  
                         
    (1)Includes stock-based compensation as follows:                  
      Research and development $ 20,481     $ 21,647     $ 20,210     $ 42,128     $ 44,760  
      Sales and marketing   16,657       16,396       16,784       33,053       34,962  
      General and administrative   12,368       12,842       12,033       25,210       25,956  
      Restructuring and asset impairment charges   79       509       —       588       —  
      Total $ 49,585     $ 51,394     $ 49,027     $ 100,979     $ 105,678  
                         
    Income (loss) from operations (GAAP) $ 37,007     $ 31,922     $ 1,799     $ 68,929     $ (27,300 )
      Stock-based compensation   53,817       55,124       52,757       108,941       113,590  
      Acquisition related amortization   4,467       4,429       5,353       8,896       10,706  
      Restructuring and asset impairment charges   3,322       3,162       1,171       6,484       3,078  
    Income from operations (Non-GAAP) $ 98,613     $ 94,637     $ 61,080     $ 193,250     $ 100,074  
                         
    Net income (loss) (GAAP) $ 37,052     $ 29,730     $ 10,833     $ 66,782     $ (5,264 )
      Stock-based compensation   53,817       55,124       52,757       108,941       113,590  
      Acquisition related amortization   4,467       4,429       5,353       8,896       10,706  
      Restructuring and asset impairment charges   3,322       3,162       1,171       6,484       3,078  
      Non-cash interest expense   829       1,678       2,157       2,507       4,289  
      Non-GAAP income tax adjustment   (9,618 )     (4,880 )     (13,447 )     (14,498 )     (19,619 )
    Net income (Non-GAAP) $ 89,869     $ 89,243     $ 58,824     $ 179,112     $ 106,780  
                         
    Net income (loss) per share, basic (GAAP) $ 0.28     $ 0.23     $ 0.08     $ 0.51     $ (0.04 )
      Stock-based compensation   0.41       0.42       0.39       0.80       0.84  
      Acquisition related amortization   0.03       0.04       0.04       0.08       0.08  
      Restructuring and asset impairment charges   0.03       0.02       0.01       0.06       0.02  
      Non-cash interest expense   0.01       0.01       0.02       0.02       0.03  
      Non-GAAP income tax adjustment   (0.07 )     (0.04 )     (0.11 )     (0.11 )     (0.14 )
    Net income per share, basic (Non-GAAP) $ 0.69     $ 0.68     $ 0.43     $ 1.36     $ 0.79  
                         
      Shares used in basic per share calculation GAAP and Non-GAAP   131,031       131,869       135,646       131,447       135,768  
                         
    Net income (loss) per share, diluted (GAAP) $ 0.28     $ 0.22     $ 0.08     $ 0.50     $ (0.04 )
      Stock-based compensation   0.41       0.42       0.38       0.83       0.84  
      Acquisition related amortization   0.03       0.04       0.04       0.07       0.08  
      Restructuring and asset impairment charges   0.03       0.03       0.01       0.05       0.02  
      Non-cash interest expense   0.01       0.01       0.02       0.02       0.03  
      Non-GAAP income tax adjustment   (0.07 )     (0.04 )     (0.10 )     (0.11 )     (0.15 )
    Net income per share, diluted (Non-GAAP) $ 0.69     $ 0.68     $ 0.43     $ 1.36     $ 0.78  
                         
      Shares used in diluted per share calculation GAAP   135,219       136,208       136,123       135,719       135,768  
      Shares used in diluted per share calculation Non-GAAP   131,144       132,133       136,123       131,644       136,439  
                         
    Income-based government grants (GAAP) $ 61,040     $ 53,631     $ 24,329     $ 114,671     $ 42,946  
      Incremental cost for manufacturing in U.S.   (19,528 )     (15,773 )     (5,950 )     (35,301 )     (10,832 )
    Net IRA benefit (Non-GAAP) $ 41,512     $ 37,858     $ 18,379     $ 79,370     $ 32,114  
                         
    Net cash provided by operating activities (GAAP) $ 26,629     $ 48,414     $ 127,062     $ 75,043     $ 176,263  
      Purchases of property and equipment   (8,259 )     (14,608 )     (9,636 )     (22,867 )     (17,007 )
    Free cash flow (Non-GAAP) $ 18,370     $ 33,806     $ 117,426     $ 52,176     $ 159,256  
     

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