Business – Page 24 – NewzIntel.com

MIL-OSI: Brag House Announces Closing of $15 Million Private Placement

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — Brag House Holdings, Inc. (NASDAQ: TBH) (“Brag House” or the “Company”) the Gen Z engagement platform operating at the intersection of gaming, college sports, and digital media, announces today that it has closed the previously announced private investment in public equity (“PIPE”) financing. The Company received gross proceeds of approximately $15 million, before deducting placement agent fees and offering expenses.

The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.

Pursuant to the terms of the securities purchase agreement, the Company sold an aggregate of 15,000 shares of its Series B Convertible Preferred Stock convertible into 15,923,567 shares of common stock, at a conversion price of $0.942 per share of Series B Convertible Stock and an aggregate of 15,923,567 warrants to acquire up to 15,923,567 shares of common stock. The purchase price for one unit (consisting of one share of Series B Convertible Preferred Stock convertible into approximately 1,061 shares and the same number of warrants) was $1,000. The warrants issued in the offering are exercisable immediately upon issuance at an exercise price of $0.817 per share and will expire five years from the date of issuance.

Revere Securities LLC acted as the sole placement agent for the PIPE financing.

The securities being offered and sold by the Company in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered shares issuable upon the conversion of the Series B Preferred Stock and the shares issuable upon exercise of the unregistered warrants.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Brag House

Brag House is a leading media technology gaming platform dedicated to transforming casual college gaming into a vibrant, community-driven experience. By seamlessly merging gaming, social interaction, and cutting-edge technology, the Company provides an inclusive and engaging environment for casual gamers while enabling brands to authentically connect with the influential Gen Z demographic. The platform offers live-streaming capabilities, gamification features, and custom tournament services, fostering meaningful engagement between users and brands. For more information, please visit www.braghouse.com.

Caution Regarding Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.

Media Contact
Fatema Bhabrawala
Director of Media Relations
fbhabrawala@allianceadvisors.com

Investor Relations Contact
Adele Carey
VP, Investor Relations
ir@thebraghouse.com

The MIL Network –

July 31, 2025

MIL-OSI: Employers Holdings, Inc. Reports Second Quarter 2025 Results and Declares Regular Quarterly Dividend of $0.32 per Share

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., July 30, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its second quarter ended June 30, 2025.

Financial Highlights:

(All comparisons vs. the second quarter of 2024).

Net income per diluted share decreased by 2%, from $1.25 to $1.23;
Adjusted net income per diluted share decreased 56%, from $1.10 to $0.48;
Gross premiums written decreased 2%, from $207.9 million to $203.3 million;
Net premiums earned increased 6%, from $187.8 million to $198.3 million;
Loss and loss adjustment expenses ratio increased from 57.9% to 70.7%;
Commission expense ratio improved from 13.9% to 13.2%;
Underwriting expense ratio improved from 22.4% to 21.7%;
GAAP combined ratio increased from 94.2% (95.4% excluding LPT) to 105.6% (106.4% excluding LPT);
Net investment income increased 1%, from $26.9 million to $27.1 million;
Net realized and unrealized gains on investments increased from $2.2 million to $20.9 million;
Record number of ending policies in-force of 134,421, a 5% increase; and
Returned $31.4 million to stockholders through a combination of share repurchases and regular quarterly dividends.

Management Commentary

Chief Executive Officer Katherine Antonello commented: “Second quarter gross premiums written decreased slightly, with growth in smaller policy size bands offset by decreases within the middle market. Our focus on profitability over growth led to targeted underwriting actions and improved risk selection which impacted our ability and desire to grow at the same pace in certain classes and jurisdictions. Despite the reduction in gross premiums written, net premiums earned increased by 6%, and we ended the period with another record number of policies in-force, which were up 5% year-over-year.

In response to the rapid rise in cumulative trauma claims in California, we increased the accident year 2025 loss and LAE ratio on voluntary business from 66.0% in the first quarter to 69.0%. As a result of this increased loss activity, we reallocated observed favorable reserve development from accident years 2020 and prior to more recent accident years, which resulted in no net prior loss reserve development from our voluntary business during the quarter. We took this action to reflect the increased frequency of cumulative trauma claims we are experiencing in the more recent accident years and the level of uncertainty around this new trend. We intend to perform a full actuarial study in the third quarter.

Our commission expense ratio was 13.2%, versus 13.9% a year ago, driven by lower new business premiums. While our underwriting expenses increased slightly, our underwriting expense ratio decreased to 21.7% from 22.4% a year ago. We continue to find ways to reduce expenses by automating processes, delivering customer self-service capabilities, and utilizing artificial intelligence.

Lastly, we declared a regular quarterly dividend of $0.32 per share and continue to see attractive opportunities to return capital to our shareholders via share repurchases. These actions reflect our strong balance sheet, abundant underwriting capital, and the confidence in the Company’s future operations.”

Summary of Second Quarter 2025 Results

(All comparisons vs. the second quarter of 2024, unless otherwise noted).

Gross premiums written were $203.3 million, a decrease of 2%. The decrease was primarily driven by reductions in new business in the middle market. Net premiums earned were $198.3 million, an increase of 6%.

Losses and loss adjustment expenses were $140.1 million, an increase of 29%. The increase was primarily due to a higher current accident year loss and loss adjustment expense ratio of 69% and the absence of favorable prior accident year loss reserve development during the quarter. In addition, $5.5 million of loss and loss adjustment expense was recognized to increase the 2025 first quarter estimate, resulting in the calendar year loss and loss adjustment expense ratio of 70.7% (71.5% excluding LPT), versus 57.9% (59.1% excluding LPT).

Commission expense was flat at $26.1 million. The Company’s commission expense ratio was 13.2%, versus 13.9% a year ago. The decrease in the ratio was primarily related to lower agency incentive accruals, the increase in net premiums earned, and an increase in the proportion of renewal premiums, which are typically subject to a lower commission rate.

Underwriting expenses were $43.1 million, an increase of 2%. The Company’s underwriting expense ratio was 21.7%, versus 22.4% a year ago. Our increase in underwriting expenses was primarily related to a reduced internal allocation of underwriting expenses to loss adjustment expenses due to a refinement in assumptions. Excluding this allocation, underwriting expenses decreased by $3.0 million primarily driven by lower compensation-related expenses and depreciation and amortization costs offset by higher bad debt expense. Increased net earned premiums contributed to the lower underwriting expense ratio.

Net investment income was $27.1 million, an increase of 1%. The increase was primarily due to higher book yields on our fixed maturity securities.

Net realized and unrealized gains on investments reflected on the income statement were $20.9 million, versus $2.2 million. The increase is primarily attributable to increases in the fair value of the Company’s equity securities holdings.

Income tax expense was $7.3 million (19.7% effective rate), versus $8.3 million (20.8% effective rate). The effective rates during each of the periods included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, deferred gain amortization and related adjustments, and tax credits utilized.

The Company’s book value per share including the deferred gain and computed after considering dividends declared was $49.44, an increase of 12.8% year-over-year and 3.1% for the second quarter of 2025. During the second quarter, this measure was favorably impacted by $7.4 million of after-tax unrealized gains arising from fixed maturity securities (which are reflected on the balance sheet) and $16.6 million of net after-tax unrealized gains arising from equity securities and other investments (which are reflected on the income statement). The Company’s adjusted book value per share computed after considering dividends declared of $51.68 increased by 8.2% year-over-year and 2.5% during the second quarter of 2025.

Third Quarter 2025 Dividend Declaration

On July 30, 2025, the Company’s Board of Directors declared a regular quarterly dividend of $0.32. The dividend is payable on August 27, 2025 to stockholders of record as of August 13, 2025.

Stock Repurchases

During the second quarter of 2025, the Company repurchased 482,000 shares of its common stock at an average price of $48.08 per share. During the period from July 1, 2025 through July 29, 2025, the Company repurchased a further 229,363 shares of its common stock at an average price of $46.44 per share. The Company currently has a remaining share repurchase authorization of $99.4 million.

Earnings Conference Call and Webcast

The Company will host a conference call on Thursday, July 31, 2025 at 11:00 a.m. Eastern Daylight Time / 8:00 a.m. Pacific Daylight Time.

To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

Reconciliation of Non-GAAP Financial Measures to GAAP

The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes – Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

Forward-Looking Statements

In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Filings with the SEC

The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC’s EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

About Employers Holdings, Inc.

Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

Contact Information

Michael Pedraja (775) 327-2706 or mpedraja@employers.com

EMPLOYERS HOLDINGS, INC.
Table of Contents

	Page

	1		Consolidated Financial Highlights

	2		Summary Consolidated Balance Sheets

	3		Summary Consolidated Income Statements

	4		Return on Equity

	5		Combined Ratios

	6		Roll-forward of Unpaid Losses and LAE

	7		Consolidated Investment Portfolio

	8		Book Value Per Share

	9		Earnings Per Share

	10		Non-GAAP Financial Measures

EMPLOYERS HOLDINGS, INC. Consolidated Financial Highlights (unaudited) $ in millions, except per share amounts

	Three Months Ended									Six Months Ended
	June 30,									June 30,
		2025			2024		% change				2025			2024		% change
*Selected financial highlights:*
Gross premiums written	$	203.3		$	207.9		(2	)	%	$	415.4		$	418.7		(1	)	%
Net premiums written		201.5			206.1		(2	)			411.8			415.2		(1	)
Net premiums earned		198.3			187.8		6				381.3			372.6		2
Net investment income		27.1			26.9		1				59.2			53.8		10
Net income excluding LPT⁽¹⁾		28.0			29.6		(5	)			39.2			55.8		(30	)
Adjusted net income⁽¹⁾		11.5			27.9		(59	)			32.8			45.1		(27	)
Net Income before income taxes		37.0			40.0		(8	)			52.9			75.3		(30	)
Net Income		29.7			31.7		(6	)			42.5			60.0		(29	)
Comprehensive income		37.2			29.6		26				71.8			47.0		53
Total assets											3,543.3			3,550.0		—
Stockholders’ equity											1,083.1			1,022.9		6
Stockholders’ equity including the Deferred Gain⁽²⁾											1,173.8			1,118.2		5
Adjusted stockholders’ equity⁽²⁾											1,227.0			1,217.2		1
Annualized adjusted return on stockholders’ equity⁽³⁾		3.7	%		9.2	%	(60	)	%		5.3	%		7.5	%	(29	)	%
*Amounts per share:*
Cash dividends declared per share	$	0.32		$	0.30		7		%	$	0.62		$	0.58		7		%
Earnings per diluted share⁽⁴⁾		1.23			1.25		(2	)			1.74			2.36		(26	)
Earnings per diluted share excluding LPT⁽⁴⁾		1.16			1.17		(1	)			1.61			2.19		(26	)
Adjusted earnings per diluted share⁽⁴⁾		0.48			1.10		(56	)			1.35			1.77		(24	)
Book value per share⁽²⁾											45.62			41.09		11
Book value per share including the Deferred Gain⁽²⁾											49.44			44.91		10
Adjusted book value per share⁽²⁾											51.68			48.89		6
Combined ratio excluding LPT:⁽⁵⁾:
Loss and loss adjustment expense ratio:
Current Year		71.4	%		63.9	%					68.8	%		64.1	%
Prior Year		0.1			(4.8	)					0.5			(2.5	)
Loss and loss adjustment expense ratio		71.5	%		59.1	%					69.3	%		61.6	%
Commission expense ratio		13.2	%		13.9	%					12.9	%		13.7	%
Underwriting expense ratio		21.7	%		22.4	%					22.6	%		23.7	%
Combined ratio excluding LPT		106.4	%		95.4	%					104.8	%		99.0	%


(1) See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(3) See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(4) See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
(5) See Pages 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Summary Consolidated Balance Sheets (unaudited) $ in millions, except per share amounts

	June 30, 2025			December 31, 2024
ASSETS
Investments, cash and cash equivalents	$	2,529.5		$	2,532.4
Accrued investment income		15.7			15.7
Premiums receivable, net		382.0			361.3
Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE		407.3			417.8
Deferred policy acquisition costs		64.0			59.6
Deferred income tax asset, net		29.4			38.3
Other assets		115.4			116.2
Total assets	$	3,543.3		$	3,541.3

LIABILITIES
Unpaid losses and LAE	$	1,786.8		$	1,808.2
Unearned premiums		429.6			402.2
Commissions and premium taxes payable		62.8			65.8
Deferred Gain		90.7			94.0
Other liabilities		90.3			102.4
Total liabilities	$	2,460.2		$	2,472.6

STOCKHOLDERS’ EQUITY
Common stock and additional paid-in capital	$	426.3		$	424.8
Retained earnings		1,500.2			1,472.9
Accumulated other comprehensive loss		(53.2	)		(82.5	)
Treasury stock, at cost		(790.2	)		(746.5	)
Total stockholders’ equity		1,083.1			1,068.7
Total liabilities and stockholders’ equity	$	3,543.3		$	3,541.3

Stockholders’ equity including the Deferred Gain ⁽¹⁾	$	1,173.8		$	1,162.7
Adjusted stockholders’ equity ⁽¹⁾		1,227.0			1,245.2
Book value per share ⁽¹⁾	$	45.62		$	43.52
Book value per share including the Deferred Gain⁽¹⁾		49.44			47.35
Adjusted book value per share ⁽¹⁾		51.68			50.71

(1) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Summary Consolidated Income Statements (unaudited) $ in millions

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Revenues:
Net premiums earned	$	198.3		$	187.8		$	381.3		$	372.6
Net investment income		27.1			26.9			59.2			53.8
Net realized and unrealized gains on investments⁽¹⁾		20.9			2.2			8.1			13.6
Other income		—			0.1			0.3			0.1
Total revenues		246.3			217.0			448.9			440.1
Expenses:
Losses and LAE incurred		(140.1	)		(108.8	)		(260.8	)		(225.3	)
Commission expense		(26.1	)		(26.0	)		(49.1	)		(51.1	)
Underwriting expenses		(43.1	)		(42.2	)		(86.0	)		(88.4	)
Interest and financing expenses		—			—			(0.1	)		—
Total expenses		(209.3	)		(177.0	)		(396.0	)		(364.8	)
Net income before income taxes		37.0			40.0			52.9			75.3
Income tax expense		(7.3	)		(8.3	)		(10.4	)		(15.3	)
Net Income		29.7			31.7			42.5			60.0
Unrealized AFS investment gains (losses) arising during the period, net of tax⁽²⁾		7.4			(4.9	)		28.5			(16.5	)
Reclassification adjustment for net realized AFS investment losses in net income, net of tax⁽²⁾		0.1			2.8			0.8			3.5
Total comprehensive income	$	37.2		$	29.6		$	71.8		$	47.0
Net Income	$	29.7		$	31.7		$	42.5		$	60.0
Amortization of the Deferred Gain – losses		(1.7	)		(1.5	)		(3.3	)		(3.0	)
Amortization of the Deferred Gain – contingent commission		—			(0.4	)		—			(0.8	)
LPT contingent commission adjustments		—			(0.2	)		—			(0.4	)
Net income excluding LPT Agreement ⁽³⁾		28.0			29.6			39.2			55.8
Net realized and unrealized gains on investments		(20.9	)		(2.2	)		(8.1	)		(13.6	)
Income tax expense related to items excluded from Net income		4.4			0.5			1.7			2.9
Adjusted net income	$	11.5		$	27.9		$	32.8		$	45.1

(1) Includes unrealized gains on equity securities and other investments of $19.6 million and $2.0 million for the three months ended June 30, 2025 and 2024, respectively, and $7.9 million and $14.7 million for the six months ended June 30, 2025 and 2024, respectively.
(2) AFS = Available for Sale securities.
(3) See Page 10 regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Return on Equity (unaudited) $ in millions

		Three Months Ended						Six Months Ended
		June 30,						June 30,
			2025			2024			2025			2024

Net income	A	$	29.7		$	31.7		$	42.5		$	60.0
Impact of the LPT Agreement			(1.7	)		(2.1	)		(3.3	)		(4.2	)
Net realized and unrealized gains on investments			(20.9	)		(2.2	)		(8.1	)		(13.6	)
Income tax expense related to items excluded from Net income			4.4			0.5			1.7			2.9
Adjusted net income ⁽¹⁾	B		11.5			27.9			32.8			45.1

Stockholders’ equity – end of period		$	1,083.1		$	1,022.9		$	1,083.1		$	1,022.9
Stockholders’ equity – beginning of period			1,075.7			1,018.9			1,068.7			1,013.9
Average stockholders’ equity	C		1,079.4			1,020.9			1,075.9			1,018.4

Stockholders’ equity – end of period		$	1,083.1		$	1,022.9		$	1,083.1		$	1,022.9
Deferred Gain – end of period			90.7			95.3			90.7			95.3
Accumulated other comprehensive loss – end of period			67.3			125.3			67.3			125.3
Income taxes related to accumulated other comprehensive loss – end of period			(14.1	)		(26.3	)		(14.1	)		(26.3	)
Adjusted stockholders’ equity – end of period			1,227.0			1,217.2			1,227.0			1,217.2
Adjusted stockholders’ equity – beginning of period			1,228.8			1,213.0			1,245.2			1,199.1
Average adjusted stockholders’ equity ⁽¹⁾	D		1,227.9			1,215.1			1,236.1			1,208.2

Return on stockholders’ equity	A / C		2.8	%		3.1	%		4.0	%		5.9	%
Annualized return on stockholders’ equity			11.0			12.4			7.9			11.8

Adjusted return on stockholders’ equity ⁽¹⁾	B / D		0.9	%		2.3	%		2.7	%		3.7	%
Annualized adjusted return on stockholders’ equity ⁽¹⁾			3.7			9.2			5.3			7.5

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Combined Ratios (unaudited) $ in millions, except per share amounts

		Three Months Ended						Six Months Ended
		June 30,						June 30,
			2025			2024			2025			2024

Net premiums earned	A	$	198.3		$	187.8		$	381.3		$	372.6
Losses and LAE incurred	B		140.1			108.8			260.8			225.3
Amortization of deferred reinsurance gain – losses			1.7			1.5			3.3			3.0
Amortization of deferred reinsurance gain – contingent commission			—			0.4			—			0.8
LPT contingent commission adjustments			—			0.2			—			0.4
Losses and LAE excluding LPT⁽¹⁾	C	$	141.8		$	110.9			264.1			229.5
Prior year loss reserve development			0.3			(9.1	)		1.6			(9.2	)
Losses and LAE excluding LPT – current accident year	D	$	141.5		$	120.0		$	262.5		$	238.7
Commission expense	E	$	26.1		$	26.0		$	49.1		$	51.1
Underwriting expenses	F	$	43.1		$	42.2		$	86.0		$	88.4
GAAP combined ratio:
Loss and LAE ratio	B/A		70.7	%		57.9	%		68.4	%		60.5	%
Commission expense ratio	E/A		13.2			13.9			12.9			13.7
Underwriting expense ratio	F/A		21.7			22.4			22.6			23.7
GAAP combined ratio			105.6	%		94.2	%		103.9	%		97.9	%
Combined ratio excluding LPT:⁽¹⁾
Loss and LAE ratio excluding LPT	C/A		71.5	%		59.1	%		69.3	%		61.6	%
Commission expense ratio	E/A		13.2			13.9			12.9			13.7
Underwriting expense ratio	F/A		21.7			22.4			22.6			23.7
Combined ratio excluding LPT			106.4	%		95.4	%		104.8	%		99.0	%
Combined ratio excluding LPT: current accident year:⁽¹⁾
Loss and LAE ratio excluding LPT	D/A		71.4	%		63.9	%		68.8	%		64.1	%
Commission expense ratio	E/A		13.2			13.9			12.9			13.7
Underwriting expense ratio	F/A		21.7			22.4			22.6			23.7
Combined ratio excluding LPT: current accident year			106.3	%		100.2	%		104.3	%		101.5	%

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

EMPLOYERS HOLDINGS, INC. Roll-forward of Unpaid Losses and LAE (unaudited) $ in millions

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2025		2024			2025		2024

Unpaid losses and LAE at beginning of period	$	1,792.6	$	1,874.5		$	1,808.2	$	1,884.5
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		407.1		424.0			412.4		428.4
Net unpaid losses and LAE at beginning of period		1,385.5		1,450.5			1,395.8		1,456.1
Losses and LAE incurred:
Current year losses		141.5		120.0			262.5		238.7
Prior year losses on voluntary business		—		(9.3	)		0.7		(9.3	)
Prior year losses on involuntary business		0.3		0.2			0.9		0.1
Total losses incurred		141.8		110.9			264.1		229.5
Losses and LAE paid:
Current year losses		26.0		24.1			34.0		30.9
Prior year losses		115.5		104.7			240.1		222.1
Total paid losses		141.5		128.8			274.1		253.0
Net unpaid losses and LAE at end of period		1,385.8		1,432.6			1,385.8		1,432.6
Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE		401.0		418.3			401.0		418.3
Unpaid losses and LAE at end of period	$	1,786.8	$	1,850.9		$	1,786.8	$	1,850.9

Total losses and LAE shown in the above table exclude amortization of the Deferred Gain and LPT contingent commission adjustments, which totaled $1.7 million and $2.1 million for the three months ended June 30, 2025 and 2024, respectively, and $3.3 million and $4.2 million, for the six months ended June 30, 2025 and 2024, respectively.

EMPLOYERS HOLDINGS, INC. Consolidated Investment Portfolio (unaudited) $ in millions

	June 30, 2025									December 31, 2024
Investment Positions:	Cost or Amortized Cost ⁽¹⁾		Net Unrealized Gain (Loss)			Fair Value		%		Fair Value		%
Fixed maturity securities	$	2,145.5	$	(67.4	)	$	2,077.0	82	%	$	2,097.4	83	%
Equity securities		155.5		120.1			275.6	11			259.8	10
Short-term investments		9.0		—			9.0	—			0.1	—
Other invested assets		85.9		12.7			98.6	4			106.6	4
Cash and cash equivalents		69.1		—			69.1	3			68.3	3
Restricted cash and cash equivalents		0.2		—			0.2	—			0.2	—
Total investments and cash	$	2,465.2	$	65.4		$	2,529.5	100	%	$	2,532.4	100	%

Breakout of Fixed Maturity Securities:
U.S. Treasuries and agencies	$	68.0	$	(0.5	)	$	67.5	3	%	$	59.3	3	%
States and municipalities		169.9		(2.0	)		167.9	8			159.3	8
Corporate securities		822.2		(24.8	)		797.2	38			803.0	38
Mortgage-backed securities		713.5		(37.3	)		675.9	33			684.9	33
Asset-backed securities		195.9		(0.1	)		195.8	9			214.0	10
Collateralized loan obligations		26.0		(0.1	)		25.9	1			35.3	2
Bank loans and other		150.0		(2.6	)		146.8	7			141.6	7
Total fixed maturity securities	$	2,145.5	$	(67.4	)	$	2,077.0	100	%	$	2,097.4	100	%

Weighted average book yield	4.5%	4.5%
Average credit quality (S&P)	A+	A+
Duration⁽²⁾	4.3	4.5
(1) Amortized cost excludes allowance for current expected credit losses of $1.1 million
(2) Duration is measured by the sensitivity to changes in interest rates

EMPLOYERS HOLDINGS, INC. Book Value Per Share (unaudited) $ in millions, except per share amounts

		June 30, 2025			March 31, 2025			December 31, 2024			June 30, 2024
Numerators:
Stockholders’ equity	A	$	1,083.1		$	1,075.7		$	1,068.7		$	1,022.9
Plus: Deferred Gain			90.7			92.4			94.0			95.3
Stockholders’ equity including the Deferred Gain ⁽¹⁾	B		1,173.8			1,168.1			1,162.7			1,118.2
Accumulated other comprehensive loss			67.3			76.8			104.5			125.3
Income taxes related to accumulated other comprehensive loss			(14.1	)		(16.1	)		(22.0	)		(26.3	)
Adjusted stockholders’ equity ⁽¹⁾	C	$	1,227.0		$	1,228.8		$	1,245.2		$	1,217.2

Denominator (shares outstanding)	D		23,740,953			24,210,602			24,556,706			24,896,116

Book value per share ⁽¹⁾	A / D	$	45.62		$	44.43		$	43.52		$	41.09
Book value per share including the Deferred Gain⁽¹⁾	B / D		49.44			48.25			47.35			44.91
Adjusted book value per share ⁽¹⁾	C / D		51.68			50.75			50.71			48.89

Year-over-year change in: ⁽²⁾
Book value per share			14.0	%		13.5	%		11.9	%		15.7	%
Book value per share including the Deferred Gain			12.8			12.3			10.6			14.0
Adjusted book value per share			8.2			8.5			9.8			10.2

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
(2) Reflects the twelve month change in book value per share after taking into account dividends declared of $1.22, $1.20, $1.18 and $1.14 for the twelve month periods ended June 30, 2025, March 31, 2025, December 31, 2024 and June 30, 2024, respectively.

EMPLOYERS HOLDINGS, INC. Earnings Per Share (unaudited) $ in millions, except per share amounts

		Three Months Ended						Six Months Ended
		June 30,						June 30,
			2025			2024			2025			2024
Numerators:
Net income	A	$	29.7		$	31.7		$	42.5		$	60.0
Impact of the LPT Agreement			(1.7	)		(2.1	)		(3.3	)		(4.2	)
Net income excluding LPT ⁽¹⁾	B		28.0			29.6			39.2			55.8
Net realized and unrealized gains on investments			(20.9	)		(2.2	)		(8.1	)		(13.6	)
Income tax expense related to items excluded from Net income			4.4			0.5			1.7			2.9
Adjusted net income ⁽¹⁾	C	$	11.5		$	27.9		$	32.8		$	45.1

Denominators:
Average common shares outstanding (basic)	D		24,005,881			25,278,473			24,201,160			25,312,208
Average common shares outstanding (diluted)	E		24,136,221			25,363,941			24,370,311			25,449,957

Earnings per share:
Basic	A / D	$	1.24		$	1.25		$	1.76		$	2.37
Diluted	A / E		1.23			1.25			1.74			2.36

Earnings per share excluding LPT: ⁽¹⁾
Basic	B / D	$	1.17		$	1.17		$	1.62		$	2.20
Diluted	B / E		1.16			1.17			1.61			2.19

Adjusted earnings per share: ⁽¹⁾
Basic	C / D	$	0.48		$	1.10		$	1.36		$	1.78
Diluted	C / E		0.48			1.10			1.35			1.77

(1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.

Non-GAAP Financial Measures

Within this earnings release we present the following measures, each of which are “non-GAAP financial measures.” A reconciliation of these measures to the Company’s most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company’s ongoing underwriting performance.

Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

Adjusted net income (see Page 3 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company’s operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

Stockholders’ equity including the Deferred Gain (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company’s total underwriting capital.

Adjusted stockholders’ equity (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company’s adjusted return on stockholders’ equity metric.

Return on stockholders’ equity and Adjusted return on stockholders’ equity (see Page 4 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

Net income excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

The MIL Network –

July 31, 2025

MIL-OSI: Enact Reports Second Quarter 2025 Results; Announces $0.21 Per Share Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

GAAP Net Income of $168 million, or $1.11 per diluted share
Adjusted Operating Income of $174 million, or $1.15 per diluted share
Return on Equity of 13.0% and Adjusted Operating Return on Equity of 13.4%
Primary Insurance in-force of $270 billion, a 1% increase from second quarter 2024
PMIERs Sufficiency of 165% or approximately $2.0 billion
Book Value Per Share of $35.20 and Book Value Per Share excluding AOCI of $35.90
Increased Full-Year Capital Return Guidance to Approximately $400 million

RALEIGH, N.C., July 30, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the second quarter of 2025.

“Our strong second quarter results underscore the resilience of our business model and the consistency of our execution,” stated Rohit Gupta, President and CEO of Enact. “We continue to navigate an evolving market, grow our insurance in-force, maintain robust risk and expense management and deliver strong capital returns while also investing in our business. As we look ahead, we remain confident in the fundamentals of the housing market and our ability to deliver long-term value for all stakeholders while helping more people responsibly achieve and sustain homeownership.”

Key Financial Highlights

(In millions, except per share data or otherwise noted)	2Q25	1Q25	2Q24
Net Income (loss)	$168	$166	$184
Diluted Net Income (loss) per share	$1.11	$1.08	$1.16
Adjusted Operating Income (loss)	$174	$169	$201
Adj. Diluted Operating Income (loss) per share	$1.15	$1.10	$1.27
NIW ($B)	$13	$10	$14
Primary Persistency Rate	82%	84%	83%
Primary IIF ($B)	$270	$268	$266
Net Premiums Earned	$245	$245	$245
Losses Incurred	$25	$31	$(17)
Loss Ratio	10%	12%	(7)%
Operating Expenses	$53	$53	$56
Expense Ratio	22%	21%	23%
Net Investment Income	$66	$63	$60
Net Investment gains (losses)	$(7)	$(3)	$(8)
Return on Equity	13.0%	13.1%	15.4%
Adjusted Operating Return on Equity	13.4%	13.4%	16.9%
PMIERs Sufficiency ($)	$1,961	$1,966	$2,057
PMIERs Sufficiency (%)	165%	165%	169%

Second Quarter 2025 Financial and Operating Highlights

Net income was $168 million, or $1.11 per diluted share, compared with $166 million, or $1.08 per diluted share, for the first quarter of 2025 and $184 million, or $1.16 per diluted share, for the second quarter of 2024. Adjusted operating income was $174 million, or $1.15 per diluted share, compared with $169 million, or $1.10 per diluted share, for the first quarter of 2025 and $201 million, or $1.27 per diluted share, for the second quarter of 2024.
New insurance written (NIW) was approximately $13 billion, up 35% from the first quarter of 2025, primarily from seasonality in the purchase origination market, and modestly down from the second quarter of 2024. NIW for the current quarter was comprised of 96% monthly premium policies and 93% purchase originations.
Persistency remained elevated at 82%, down from 84% in the first quarter of 2025 and down from 83% in the second quarter of 2024. Approximately 7% of the mortgages in our portfolio had rates at least 50 basis points above June 2025’s average mortgage rate of 6.8%.
Primary insurance in-force (IIF) was $270 billion, up approximately 1% from $268 billion in the first quarter of 2025 and up approximately 1% from $266 billion in the second quarter of 2024.
Net premiums earned were $245 million, approximately flat from the first quarter of 2025 and modestly increased from the second quarter of 2024. The year-over-year increase is primarily driven by premium growth from attractive adjacencies and growth in primary insurance in-force, mostly offset by higher ceded premiums.
Losses incurred for the second quarter of 2025 were $25 million and the loss ratio was 10%, compared to $31 million and 12%, respectively, in the first quarter of 2025 and $(17) million and (7)%, respectively, in the second quarter of 2024. The current quarter’s reserve release of $48 million from favorable cure performance and loss mitigation activities compares to a reserve release of $47 million and $77 million in the first quarter of 2025 and second quarter of 2024, respectively. The reserve release in the second quarter of 2024 benefited from reduction of claim rate from 10% to 9%.
Operating expenses in the current quarter were $53 million, and the expense ratio was 22%. This compared to $53 million and 21%, respectively, in the first quarter of 2025 and $56 million and 23%, respectively in the second quarter of 2024. The year-over-year decrease was primarily driven by the prior year restructuring costs of $3 million from a voluntary separation program.
Net investment income was $66 million, up from $63 million in the first quarter of 2025 and up from $60 million in the second quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.
Net investment gains (losses) in the quarter were $(7) million, as compared to $(3) million sequentially and $(8) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
Annualized return on equity for the second quarter of 2025 was 13.0% and annualized adjusted operating return on equity was 13.4%. This compares to the first quarter of 2025 results of 13.1% and 13.4%, respectively, and to second quarter 2024 results of 15.4% and 16.9%, respectively.

Capital and Liquidity

We paid approximately $31 million, or $0.21 per share, dividend in the second quarter.
EMICO completed a dividend of approximately $130 million in the second quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
Enact Holdings, Inc. held $345 million in cash and cash equivalents plus $306 million of invested assets as of June 30, 2025. Combined cash and invested assets decreased $3 million from the prior quarter, primarily due to share buybacks, our quarterly dividend and interest payment on our debt mostly offset by the contribution from EMICO.
PMIERs sufficiency was 165% and $2.0 billion above the PMIERs requirements, compared to 165% and $2.0 billion above the PMIERs requirements in the first quarter of 2025.

Recent Events

We repurchased approximately 2.4 million shares at an average price of $35.45 for a total of approximately $85 million in the quarter. Additionally, through July 25, 2025, we repurchased 0.8 million shares at an average price of $35.86 for a total of $30 million. During the quarter we completed our $250 million share repurchase authorization announced May 1, 2024, and as of July 25, 2025, there was approximately $262 million remaining of our previously announced $350 million repurchase authorization.
We announced today that the Board of Directors declared a quarterly dividend of $0.21 per share, payable on September 8, 2025, to shareholders of record on August 18, 2025.
We now anticipate a total 2025 capital return of approximately $400 million; the final amount and form of capital returned to shareholders will depend on business performance, market conditions, and regulatory approvals.

Conference Call and Financial Supplement Information
This press release, the second quarter 2025 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

Enact will discuss second quarter financial results in a conference call tomorrow, Thursday, July 31, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

The webcast will also be archived on the Company’s website for one year.

About Enact
Enact (Nasdaq: ACT), operating principally through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders’ businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

Safe Harbor Statement
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

GAAP/Non-GAAP Disclosure Discussion
This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss),” “adjusted operating income (loss) per share,” and “adjusted operating return on equity.” Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months ended June 30, 2025 and 2024, as well as for the three months ended March 31, 2025.

Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

	2Q25	1Q25	2Q24
REVENUES:
Premiums	$245,289	$244,786	$244,567
Net investment income	65,884	63,037	59,773
Net investment gains (losses)	(7,343)	(3,243)	(7,713)
Other income	1,060	2,196	2,207
Total revenues	304,890	306,776	298,834

LOSSES AND EXPENSES:
Losses incurred	25,289	30,541	(16,821)
Acquisition and operating expenses, net of deferrals	50,598	50,094	53,960
Amortization of deferred acquisition costs and intangibles	2,205	2,429	2,292
Interest expense	12,296	12,291	13,644
Loss on debt extinguishment	0	0	10,930
Total losses and expenses	90,388	95,355	64,005

INCOME BEFORE INCOME TAXES	214,502	211,421	234,829
Provision for income taxes	46,694	45,643	51,156
NET INCOME	$167,808	$165,778	$183,673

Net investment (gains) losses	7,343	3,243	7,713
Costs associated with reorganization	(24)	629	3,435
Loss on debt extinguishment	0	0	10,930
Taxes on adjustments	(1,537)	(813)	(4,636)
Adjusted Operating Income	$173,590	$168,837	$201,115

Loss ratio⁽¹⁾	10%	12%	(7)%
Expense ratio⁽²⁾	22%	21%	23%
Earnings Per Share Data:
Net Income per share
Basic	$1.12	$1.09	$1.17
Diluted	$1.11	$1.08	$1.16
Adj operating income per share
Basic	$1.16	$1.11	$1.28
Diluted	$1.15	$1.10	$1.27
Weighted-average common shares outstanding
Basic	149,940	151,831	157,193
Diluted	150,729	152,907	158,571

⁽¹⁾The ratio of losses incurred to net earned premiums.
⁽²⁾The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month periods ended June 30, 2025 and March 31, 2025, one percentage point for the three-month period ended June 30, 2024.

Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

Assets	2Q25	1Q25	2Q24
Investments:
Fixed maturity securities available-for-sale, at fair value	$5,896,818	$5,815,337	$5,331,345
Short term investments	3,001	3,696	12,313
Total investments	5,899,819	5,819,033	5,343,658
Cash and cash equivalents	612,967	635,269	699,035
Accrued investment income	53,259	49,654	45,317
Deferred acquisition costs	22,910	23,322	24,619
Premiums receivable	44,091	46,451	48,698
Other assets	107,882	103,351	98,929
Deferred tax asset	32,545	44,440	89,116
Total assets	$6,773,473	$6,721,520	$6,349,372

Liabilities and Shareholders’ Equity
Liabilities:
Loss reserves	$551,940	$542,528	$508,138
Unearned premiums	101,205	107,519	129,870
Other liabilities	153,447	208,667	143,167
Long-term borrowings	743,753	743,399	742,368
Total liabilities	1,550,345	1,602,113	1,523,543
Equity:
Common stock	1,484	1,508	1,561
Additional paid-in capital	1,927,372	2,007,776	2,220,903
Accumulated other comprehensive income	(104,342)	(152,482)	(236,305)
Retained earnings	3,398,614	3,262,605	2,839,670
Total equity	5,223,128	5,119,407	4,825,829
Total liabilities and equity	$6,773,473	$6,721,520	$6,349,372

Book value per share	$35.20	$33.96	$30.91
Book value per share excluding AOCI	$35.90	$34.97	$32.43

U.S. GAAP ROE⁽¹⁾	13.0%	13.1%	15.4%
Net investment (gains) losses	0.6%	0.3%	0.6%
Costs associated with reorganization	0.0%	0.0%	0.3%
(Gains) losses on early extinguishment of debt	0.0%	0.0%	0.9%
Taxes on adjustments	(0.1)%	(0.1)%	(0.4)%
Adjusted Operating ROE⁽²⁾	13.4%	13.4%	16.9%

Debt to Capital Ratio	12%	13%	13%

⁽¹⁾Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
⁽²⁾Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity

This press release was published by a CLEAR® Verified individual.

The MIL Network –

July 31, 2025

MIL-OSI USA News: “Absolute Blockbuster”: New GDP Report Shows Explosive Growth in Trump’s Economy

Source: US Whitehouse

With U.S. economic growth surging in the second quarter, President Donald J. Trump has proven the so-called “experts” wrong once again as he presides over tame inflation, blue-collar wage growth, explosive job creation, and a “Made in America” boom.

Here’s what they’re saying about today’s GDP report:

Economist E.J. Antoni: “This GDP report, I mean, really, is an absolute blockbuster. It completely defies expectation. It is not only a good headline number, it has good internals, as well.”

Economist Steve Moore: “This is an amazing number … We’re seeing lots of jobs. We’re seeing tame inflation. It is really a beautiful picture … It’s hard to see anything to complain about. I’m sure Democrats will find something they don’t like.”

Bullseye Brief author Adam Johnson: “The GDP Price Index was only 2% and the expectation was 2.2%. In other words, we have an economy growing at 3%; we have inflation at 2%. That’s the best of both words, so I’m very positive on that report.”

Job Creators Network CEO Alfredo Ortiz: “The U.S. economy grew by an annualized 3% in the second quarter of the year—yet another data point that supports an interest rate cut by the Fed. Trump’s three-legged stool is working: balancing trade, cutting taxes, and slashing regulations are creating an economic boom.”

Navy Federal Credit Union Chief Economist Heather Long: “The word of the summer for the economy is ‘resilient.’”

CNN’s Wolf Blitzer: “Welcome news for the U.S. economy.”

CNN’s Matt Egan: “GDP, the broadest measure of the U.S. economy, it did rebound in the second quarter. Three percent — that is a solid number and it also beat expectations.”

Benzinga’s Piero Cingari: “The U.S. economy roared back robustly in the second quarter, with gross domestic product rebounding well above expectations—offering President Donald Trump a timely economic victory to celebrate.”

CNBC’s Joe Kernen: “This three percent, with the market at new highs and, really, we haven’t seen inflation go up … none of these ‘horrible things’ have happened.”

CNBC’s Rick Santelli: “There’s no doubt that this is some success. We’re seeing more horsepower. We’re seeing better equities. Inflation? Inflation really hasn’t changed much in the last year or so.”

Politico: “The surge in growth is a win for an administration that’s been battling widespread perceptions that Trump’s economic agenda is causing more harm than good … But for now, the GDP — the total value of all goods and services produced in the U.S. — is expanding at a healthy clip.”

USA TODAY columnist Nicole Russell: “Thanks to President Donald Trump’s bold policies, it appears that the United States will avoid a recession this year − one that so many liberals were predicting only months ago. Will Democrats put politics aside and applaud as the American economy shows a strength and resilience that so many of them doubted? Probably not.”

CBS News: “The number represents a surprising turnaround from the first three months of 2025 … The new data also shows consumers increased spending since the last quarter, with a growth of 1.4%, up from 0.5% from January to March.”

ABC News: “The U.S. economy expanded more than expected as President Donald Trump’s tariffs took hold over recent months, federal government data on Wednesday showed … The reading amounted to sturdy economic growth, suggesting the economy has continued to avert a significant tariff-induced cooldown. A boost in consumer spending helped propel the economic surge.”

CNBC: “The U.S. economy grew at a much stronger-than-expected pace in the second quarter, powered by a turnaround in the trade balance and renewed consumer strength.”

Bloomberg: US Economy Rebounds With 3% GDP Growth

The Wall Street Journal: “The U.S. economy grew at a 3.0% annual rate in the second quarter, exceeding expectations … Trump’s priorities, including tariffs and deportations, haven’t had a major [negative] economic impact thus far.”

President Donald J. Trump: “2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! ‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!”

Vice President JD Vance: “Trump economy keeps defying the experts. Strong growth!”

Secretary of the Treasury Scott Bessent: “Real GDP grew 3% in Q2, surpassing expectations. Consumer spending is up, and inflation is cooling. This is what an America First economy looks like, and the best is yet to come.”

Secretary of Commerce Howard Lutnick: “GDP just surged to 3% and the Trump Economy has officially arrived. Biden’s first quarter is behind us, and growth is already accelerating. President Trump’s tariff policies have drawn historic investments and opened up global markets for U.S. businesses. Congratulations America: 3 percent today, and we’re just getting started.”

Secretary of Labor Lori Chavez-DeRemer: “Thanks to @POTUS, working families are thriving and our economy is booming”

National Economic Council Director Kevin Hassett: “There’s really strong growth, really strong income growth, we’ve got a huge reduction in government spending … Every single thing about this GDP release has shown strength.”

Press Secretary Karoline Leavitt: “Today, GDP growth came in above market expectations, and yesterday, consumer confidence rose. Americans trust in President Trump’s America First economic agenda that continues to prove the so-called ‘experts’ wrong. President Trump has reduced America’s reliance on foreign products, boosted investment in the US, and created thousands of jobs — delivering on his promise to Make America Wealthy Again. The data is clear and there are no more excuses, now is the time for ‘too late’ Powell to cut the rates!”

Counselor to the Secretary of the Treasury Joseph Lavorgna: “Q2 real #GDP expands 3.0%, above consensus expectations! Passage of the #OBBB and the CapEx comeback which is already underway will power a second half boom and beyond.”

MIL OSI USA News –

July 31, 2025

MIL-OSI USA News: Suspending Duty-Free De Minimis Treatment for All Countries

Source: US Whitehouse

class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, it is hereby ordered:

Section 1. Background. In Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs. In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) and section 2(b) of that order. In Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary of Commerce (Secretary) that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

In Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Mexico to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs. In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order. In Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

In Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I declared a national emergency regarding the unusual and extraordinary threat from the failure of the Government of the People’s Republic of China (PRC) to arrest, seize, detain, or otherwise intercept chemical precursor suppliers, money launderers, other transnational criminal organizations, criminals at large, and illicit drugs. In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order. In Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China), I paused the suspension of duty-free de minimis treatment for articles described in section 2(a) of Executive Order 14195 until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

I subsequently received notification from the Secretary that adequate systems have been established to process and collect duties for articles of the PRC and Hong Kong that would otherwise be eligible for duty-free de minimis treatment, and in Executive Order 14256 of April 2, 2025 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports), I suspended duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for products of the PRC and Hong Kong described in section 2(a) of Executive Order 14195, as amended by Executive Order 14228 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China). In addition, I instructed the Secretary to submit a report regarding the impact of Executive Order 14256 on American industries, consumers, and supply chains and to make recommendations for further action as he deems necessary.

In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I declared a national emergency with respect to underlying conditions indicated by the large and persistent annual U.S. goods trade deficits. I also provided that duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) would remain available for products described in section 3(a) of that order until I received a notification by the Secretary that adequate systems are in place to fully and expeditiously process and collect duties applicable for articles otherwise eligible for duty-free de minimis treatment.

The Secretary has notified me that adequate systems are now in place to fully and expeditiously process and collect duties for articles otherwise eligible for duty-free de minimis treatment on a global basis, including for products described in section 2(a) and section 2(b) of Executive Order 14193, section 2(a) of Executive Order 14194, and section 3(a) of Executive Order 14257.

In my judgment, I determine that it is still necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) in the manner and for the articles described below to deal with the unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States.

I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Canadian goods to deal with the emergency declared in Executive Order 14193, as amended. In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14193, as amended, are effective in addressing the emergency declared in Executive Order 14193 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14193 is not undermined. For example, many shippers go to great lengths to evade law enforcement and hide illicit substances in imports that go through international commerce. These shippers conceal the true contents of shipments sent to the United States through deceptive shipping practices. Some of the techniques employed by these shippers to conceal the true contents of the shipments, the identity of the distributors, and the country of origin of the imports include the use of re-shippers in the United States, false invoices, fraudulent postage, and deceptive packaging. The risks of evasion, deception, and illicit-drug importation are particularly high for low-value articles that have been eligible for duty-free de minimis treatment.

Independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Mexican goods to deal with the emergency declared in Executive Order 14194, as amended. In my judgment, and for substantially similar reasons as above, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14194, as amended, are effective in addressing the emergency declared in Executive Order 14194 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14194 is not undermined.

Independently, and after considering information newly provided by the Secretary, among other things, I determine that it is still necessary and appropriate to continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain goods of the PRC and Hong Kong to deal with the emergency declared in Executive Order 14195, as amended. In my judgment, and for substantially similar reasons as above, this suspension is still necessary and appropriate to ensure that the tariffs imposed by Executive Order 14195, as amended, are effective in addressing the emergency declared in Executive Order 14195 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14195 is not undermined.

Also independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) on a global basis to deal with the emergency declared in Executive Order 14257, as amended. In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14257, as amended, are not evaded and are effective in addressing the emergency declared in Executive Order 14257 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14257 is not undermined.

Each of my determinations to suspend or continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) are independent from the other. And each determination is made only for the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.

Sec. 2. Suspension of Duty-Free de minimis Treatment. (a) The duty-free de minimis exemption provided under 19 U.S.C. 1321(a)(2)(C) shall no longer apply to any shipment of articles not covered by 50 U.S.C. 1702(b), regardless of value, country of origin, mode of transportation, or method of entry. Accordingly, all such shipments, except those sent through the international postal network, shall be subject to all applicable duties, taxes, fees, exactions, and charges. International postal shipments not covered by 50 U.S.C. 1702(b) shall be subject to the duty rates described in section 3 of this order. Entry for all shipments that — prior to the effective date of this order — qualified for the de minimis exemption, except for shipments sent through the international postal network, shall be filed using an appropriate entry type in the Automated Commercial Environment (ACE) by a party qualified to make such entry.

(b) Shipments sent through the international postal network that would otherwise qualify for the de minimis exemption under 19 U.S.C. 1321(a)(2)(C) shall pass free of any duties except those specified in section 3 of this order, and without the preparation of an entry by U.S. Customs and Border Protection (CBP), until such time as CBP establishes a new entry process and publishes that process in the Federal Register.

Sec. 3. Duty Rates for International Postal Shipments. (a) Transportation carriers delivering shipments to the United States through the international postal network, or other parties if qualified in lieu of such transportation carriers, must collect and remit duties to CBP using the methodology described in either subsection (b) or (c) of this section. Each transportation carrier shall apply the same methodology across all covered shipments during any given period but may change its methodology no more than once per calendar month, or on another schedule determined to be appropriate by CBP, upon providing at least 24 hours’ notice to CBP.

(b) A duty equal to the effective IEEPA tariff rate applicable to the country of origin of the product shall be assessed on the value of each dutiable postal item (package) containing goods entered for consumption.

(c) A specific duty shall be assessed on each package containing goods entered for consumption, based on the effective IEEPA tariff rate applicable to the country of origin of the product as follows:

(i) Countries with an effective IEEPA tariff rate of less than 16 percent: $80 per item;

(ii) Countries with an effective IEEPA tariff rate between 16 and 25 percent (inclusive): $160 per item; and

(iii) Countries with an effective IEEPA rate above 25 percent: $200 per item.

(d) For all international postal shipments subject to the methodologies described in subsections (b) and (c) of this section, the country of origin of the article must be declared to CBP.

(e) The specific duty methodology provided for in subsection (c) of this section shall be available for transportation carriers to select for a period of 6 months from the effective date of this order. After such time all shipments to the United States through the international postal network must comply with the ad valorem duty methodology in subsection (b) of this section.

(f) Shipments sent through the international postal network that are subject to antidumping and countervailing duties or a quota must continue to be entered under an appropriate entry type in ACE to the extent required by all applicable regulations.

Sec. 4. Implementation. (a) The requirements and procedures established by sections 2 and 3 of this order shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

(b) The provisions of this order supersede section 2 of Executive Order 14256, as amended, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

(c) Consistent with applicable law, the Secretary of Homeland Security is directed and authorized to take all necessary actions to implement and effectuate this order — including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order. The Secretary of Homeland Security, in consultation with the United States International Trade Commission (ITC), shall determine whether modifications to the Harmonized Tariff Schedule of the United States are necessary to effectuate this order and may make such modifications through notice in the Federal Register. The Secretary of Homeland Security shall consult with the Secretary of State, the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the United States Trade Representative, the ITC, and the Postmaster General, where appropriate. The Secretary of Homeland Security may, consistent with applicable law, redelegate any of these functions within the Department of Homeland Security. All executive departments and agencies shall take all appropriate measures within their authority to implement this order.

(d) To ensure remittance of duties in accordance with this order, and to assure compliance with other legal requirements, CBP is authorized to require a basic importation and entry bond as described in 19 C.F.R. 113.62 for informal entries valued at or less than $2,500. Any carrier that transports international postal shipments to the United States, by any mode of transportation, must have an international carrier bond as described in 19 C.F.R. 113.64 to ensure payment of the duties described in section 3 of this order. CBP is authorized to ensure that the international carrier bonds required by this subsection are sufficient to account for the duties described in section 3 of this order.

Sec. 5. Definition. As used in this order, the term “effective IEEPA tariff rate” means the total duty rate imposed on articles to address a national emergency declared under IEEPA, including Executive Order 14257, as amended; Executive Order 14193; as amended, Executive Order 14194, as amended; and Executive Order 14195, as amended, in accordance with the stacking rules set out in Executive Order 14289 of April 29, 2025 (Addressing Certain Tariffs on Imported Articles), and any subsequent order or proclamation addressing stacking or the applicability of tariffs imposed under IEEPA.

Sec. 6. Severability. (a) If any provision of this order or the application of any provision of this order to any individual or circumstance is held to be invalid, the remainder of this order and the application of its provisions to any other individuals or circumstances shall not be affected.

(b)(i) If the additional duties imposed under Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended, are held to be invalid, the suspension of, or continued suspension of, duty-free de minimis treatment, as detailed in this order, shall not be affected. Duty-free de minimis treatment would still be suspended, whether pursuant to my authority under 50 U.S.C. 1702(a)(1)(B) to “regulate . . . importation” or my authority under that provision to “nullify” or “void” “exercising any right . . . or privilege with respect to . . . any property,” in the way and to the extent explained in this order, to deal with the emergencies declared in Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended. Such suspensions are still necessary and appropriate to address the unusual and extraordinary threats to the national security, foreign policy, and economy of the United States. Each determination to suspend or continue to suspend duty-free de minimis treatment is still independent from the other determination and made only with the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency. CBP is directed and authorized to take all necessary actions consistent with applicable law to implement and effectuate this order in line with this section ‑- including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order in line with this section.

(ii) Duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall remain available for postal shipments until notification by the Secretary to the President that adequate systems are in place to fully and expeditiously process and collect duties applicable for postal shipments otherwise eligible for duty-free de minimis treatment. After such notification, duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall not be available for postal shipments.

Sec. 7. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive

department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) The costs for publication of this order shall be borne by the Department of Homeland Security.

DONALD J. TRUMP

THE WHITE HOUSE,

July 30, 2025.

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Attorney General Bonta Throws Support Behind Case Challenging Trump Administration’s Illegal Tariffs

Source: US State of California

Wednesday, July 30, 2025

Contact: (916) 210-6000, agpressoffice@doj.ca.gov

Continues fighting on all fronts for businesses and consumers

OAKLAND — California Attorney General Rob Bonta today filed an amicus brief in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA). In April, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of power to levy tariffs via over a dozen executive orders under IEEPA. In the brief filed today in the U.S. Court of Appeals for the District of Columbia, Attorney General Bonta and Governor Newsom argue that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority under IEEPA is incorrect, that IEEPA’s language does not provide the authority to impose tariffs, and that President Trump’s IEEPA tariffs are unlawful (and that, much like California’s own case, the plaintiffs’ case was properly filed in district court, not the Court of International Trade). The brief urges the Court of Appeals to affirm the District Court’s decision.

“As the country braces for continuous chaos from President Trump’s illegal tariffs, standing united to fight for American consumers and businesses is more important than ever,” said Attorney General Bonta. “Today, I urge the U.S. Court of Appeals for the District of Columbia to affirm the District Court’s decision that President Trump’s chaotic tariffs are unlawful — not one word in the International Emergency Economic Powers Act, the Trump Administration’s vehicle for these tariffs, authorizes tariffs. These illegal tariffs will affect everything from the cost of essential household items like food and toilet paper to the cost of housing. The tariff chaos is a man-made crisis, and California families and industries will pay the price.”

The case in question involves two family-owned educational-toy companies challenging the Trump Administration’s tariffs under IEEPA. In May, the U.S. District Court for the District of Columbia denied the Trump Administration’s motion to transfer the case to the Court of International Trade and instead retained jurisdiction, held that IEEPA does not authorize tariffs and that the Trump Administration’s IEEPA tariffs were unlawful, and granted the plaintiffs’ motion for an injunction. In the brief, Attorney General Bonta agrees and argues that the Court of Appeals should affirm the District Court’s well-reasoned decision.

Attorney General Bonta is committed to challenging the illegal tariffs that threaten California jobs, businesses, and consumers and has held roundtables in San Francisco and Los Angeles to learn about the impact of tariffs on California industry.

On April 16, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of IEEPA to impose tariffs without the consent of Congress. In May, California filed a motion for a preliminary injunction with the U.S. District Court for the Northern District of California to stop the Trump Administration’s illegal tariffs while litigation in its case proceeds and filed an amicus brief in the Court of International Trade in Oregon v. Trump, another case also challenging President Trump’s illegal imposition of tariffs. In June, a judge granted California’s request for dismissal to allow the state to appeal its case challenging the Trump Administration’s illegal tariffs after the Administration asked that the case be transferred to the Court of International Trade — a motion that California opposed. The dismissal kept the case in California and allowed California to appeal to the Ninth Circuit. California’s case remains ongoing.

A copy of the amicus brief can be found here.

# # #

MIL OSI USA News –

July 31, 2025

MIL-OSI: Duos Technologies Group, Inc. Announces Proposed Public Offering of Common Stock

Source: GlobeNewswire (MIL-OSI)

JACKSONVILLE, Fla., July 30, 2025 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT) a provider of adaptive, versatile and streamlined Edge Data Center (“EDC”) solutions tailored to meet evolving needs in any environment, today announced that it is commencing an underwritten public offering of shares of its common stock (or common stock equivalents). The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The net proceeds from the offering will be used to expand, accelerate, and further commercialize the Company’s Edge Data Center business. With this funding, the Company is expected to be fully capitalized to execute on its substantial backlog and advance to Stage 2 of its EDC strategy, which is the development and deployment of more than 65 edge data centers.

Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.

The offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-272603) filed with the Securities and Exchange Commission (“SEC”) on June 12, 2023, and declared effective by the SEC on June 21, 2023.

A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.

Forward-Looking Statements
This news release includes 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, regarding, among other things our expectations regarding the completion, terms, size, and timing of the public offering, and with respect to granting the underwriters a 30-day option to purchase additional shares, in addition to our plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the public offering and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

This press release was published by a CLEAR® Verified individual.

The MIL Network –

July 31, 2025

MIL-OSI: Ozak AI Enters Stage 4 of Presale at $0.005 After Raising Over $1.5 Million in Early Rounds

Source: GlobeNewswire (MIL-OSI)

ROAD TOWN, British Virgin Islands, July 30, 2025 (GLOBE NEWSWIRE) — Ozak AI has officially launched Stage 4 of its presale, pricing the $OZ token at $0.005 following strong momentum from previous rounds. With over $1.5 million already raised and more than 60 million tokens sold, the project is drawing increasing attention for its real-world AI utility and decentralized infrastructure model. The growing presale demand reflects investor confidence in Ozak AI’s ability to merge artificial intelligence with blockchain through practical applications in sectors such as finance, logistics, and automation.

The model pricing has also drawn the attention of early adopters and intelligent investors, with a total of more than $1.50 million raised so far. Valuable upwards momentum, well-defined utility potential, and an ever-increasing interest of both retail and institutional communities of investors are making the presale of Ozak AI quite a trending subject.

Real Utility vs. Demand: The Driving Force Behind Real-World Demand is Real Utility

Ozak AI combines blockchain and artificial intelligence through a decentralized infrastructure network (DePIN), emphasizing real-time AI services and secure data handling. This innovative platform addresses practical challenges in finance, logistics, data security and automation by delivering decentralized AI solutions with real-world impact.

The commitment to tangible utility has attracted strong investor interest during Ozak AI’s presale. The platform offers advanced features such as Prediction Agents (PAs), the Ozak Stream Network (OSN), EigenLayer AVS, Arbitrum Orbit integration, Ozak Data Vaults, AI-powered prediction agents, real-time data analytics, smart contract execution and more. These capabilities enable companies to scale efficiently, reduce costs, and make data-driven decisions—bringing AI functionality to where it is needed most.

Youtube embed:

Next 500X AI Altcoin

Enthusiastic Demand Speculates on Increased Confidence

Ozak AI appears to be on the right track, with its strategic long-term growth approach resonating increasingly with investors. The token price has risen from $0.001 to $0.005 during the presale phases, marking a 400% increase so far. With a $1 target price, early investors could see a potential return on investment (ROI) of 20,000%. The $OZ token presale has already raised over $1.50 million, with more than 60.76 million $OZ tokens sold, reflecting strong demand and growing confidence even before the token is listed on exchanges.

Every price level during the presale introduces more urgency to the presale, impelling people to participate early. Investors know that even at this stage (Stage 4: $0.005), the potential has a great way to go up, as additional exchange listings in the future will come up. The value promise is evident but convincing based on the idea that Ozak AI is all about providing working toolsets and platforms of AI in the real world. It is not a speculation that can be exciting, but a belief in products and their relevance in the market.

What is So Special About Ozak AI That it May Bring Better ROI as Compared to Many Altcoins?

The uniqueness of the Ozak AI is that it is hybrid in its utility. This project allows for the formation of a decentralized ecosystem of smart contracts, predictive algorithms, and autonomous apps by using both AI and blockchain. This is a synergy between the two most progressive technologies that will enable Ozak AI to perform even better than the traditional altcoins, which are based on the concept of single utility.

Conclusion

Ozak AI is proving to be more than just another blockchain project—it’s a real-world solution provider with a clear technological edge. From its low-cost, high-reward Stage 1 entry point of $0.001 to its current presale pricing of $0.005, every phase of its rollout reflects strong demand and purposeful growth. As the platform bridges the gap between AI and decentralized infrastructure, investor enthusiasm continues to rise.

For more information about Ozak AI, visit the links below:

Website: https://ozak.ai/
Twitter/X: https://x.com/OzakAGI
Telegram: https://t.me/OzakAGI

Media Contact:
Andres Brinc
media@ozak.ai

Disclaimer: This content is provided byOzak AI. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5a7b4e2-8424-43d4-9ed8-64195f1e6b86

The MIL Network –

July 31, 2025

MIL-OSI: Pathfinder Bancorp, Inc. Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

OSWEGO, N.Y., July 30, 2025 (GLOBE NEWSWIRE) — Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the second quarter ended June 30, 2025.

The holding company for Pathfinder Bank (“the Bank”) reported net income attributable to common shareholders of $31,000, or less than $0.01 per diluted share in the second quarter of 2025, compared to $3.0 million or $0.47 per diluted share in the first quarter of 2025 and $2.0 million or $0.32 per share in the second quarter of 2024.

Second Quarter 2025 Highlights and Key Developments

The Company continued to undertake proactive measures in the second quarter to mitigate credit risk and enhance asset quality metrics for the long term. These included the July 2025 sale of $9.3 million in nonperforming and classified loans associated with one local commercial relationship for a pre-tax loss of $3.1 million recorded as a second quarter 2025 lower of cost or market adjustment to loans held for sale (“LOCOM HFS adjustment”), representing $0.40 per diluted share net of tax, as well as $2.6 million in net charge offs (“NCOs”) that are reflected in provision expense of $1.2 million.
Nonperforming loans declined to $11.7 million at period end, improving by 11.7% during the second quarter and 52.3% from June 30, 2024. Nonperforming loans also declined to 1.28% of total loans at period end, improving from 1.45% on March 31, 2025 and 2.76% on June 30, 2024.
Total deposits were $1.22 billion at period end, compared to $1.26 billion on March 31, 2025 and $1.10 billion on June 30, 2024. During the second quarter of 2025, total balances declined on reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality. Core deposits grew to 78.47% of total deposits at period end from 78.31% on March 31, 2025 and 67.98% on June 30, 2024.
Total loans were $909.7 million at period end, reflecting the move of $3.2 million in balances to held-for-sale status for the July 2025 sale of nonperforming and classified loans, compared to $912.2 million on March 31, 2025 and $888.3 million on June 30, 2024. Commercial loans grew to $549.1 million or 60.4% of total loans at period end, compared to $542.7 million on March 31, 2025 and $527.2 million on June 30, 2024.
Net interest income was $10.8 million and net interest margin (“NIM”) was 3.11% in the second quarter of 2025. Linked quarter results reflected 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees, adding approximately $347,000 to net interest income of $11.4 million and 10 basis points to NIM of 3.31%. Second quarter 2024 net interest income was $9.5 million and NIM was 2.78%.
The efficiency ratio was 65.66%, compared to 67.19% in the linked quarter and 74.36% in the year-ago period. The efficiency ratio, which is not a financial metric under generally accepted accounting principles (“GAAP”), is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.
Pre-tax, pre-provision (“PTPP”) net income was $4.2 million, compared to $4.2 million in the linked quarter and $2.8 million in the year-ago period. PTPP net income, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding profitability without giving effect to income taxes and provision for credit losses.

“Pathfinder’s more exacting approach to proactive credit risk mitigation continues to be implemented, with measures taken to proactively address certain loans experiencing credit deterioration resulting in elevated charge offs and the sale of nonperforming and classified commercial loans associated with a single in-market commercial relationship,” said President and Chief Executive Officer James A. Dowd. “These steps were taken as part of our ongoing efforts to enhance Pathfinder’s asset quality and resilience over the long term.”

Dowd added, “Growing our Central New York core deposit franchise remains an ongoing area of focus, as it continues to serve as a valuable source of low-cost funding for local, relationship-based lending opportunities with small- and middle-market businesses and consumers in our attractive regional markets.”

Net Interest Income and Net Interest Margin
Second quarter 2025 net interest income was $10.8 million, a decrease of $597,000, or 5.2%, from the first quarter of 2025. The decrease from the linked quarter was due in part to approximately $347,000 of first quarter 2025 net interest income attributed to 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees.

A decrease in interest and dividend income of $259,000 from the linked quarter was attributed to average yield decreases of 22 basis points on loans, which benefited by 15 basis points from 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees in the first quarter of 2025. The interest and dividend income decrease was also attributed to 5 basis points on fed funds sold and interest-earning deposits, and 11 basis points on all interest-earning assets, partially offset by average yield increases on taxable and tax-exempt securities of 3 and 76 basis points, respectively. In addition, average loan balances declined by $4.9 million, while average balances of lower-yielding taxable securities increased by $18.5 million. The corresponding decrease in loan interest income and federal funds sold and interest-earning deposits was $566,000 and $21,000, respectively, partially offset by increases in taxable and tax-exempt securities income of $337,000 and $63,000, respectively. An increase in interest expense from the first quarter of 2025 of $338,000 was primarily attributed to a 5 basis point increase in the average cost of interest bearing deposits.

Net interest margin was 3.11% in the second quarter of 2025 compared to 3.31% in the first quarter 2025. The decrease of 20 basis points reflected lower average loan yields and higher average interest bearing deposit costs in the second quarter of 2025, as well as approximately 10 basis points of first quarter 2025 margin attributed to 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees.

Second quarter 2025 net interest income was $10.8 million, an increase of $1.3 million, or 14.1%, from the second quarter of 2024. An increase in interest and dividend income of $160,000 was primarily attributed to average yield increases of 11 basis points on loans and a $25.9 million increase in average loan balances. The corresponding increase in loan interest income was $617,000. A decrease in interest expense of $1.2 million was attributed to reductions in the average cost of interest bearing deposits and total interest-bearing liabilities of 40 basis points and 45 basis points, respectively, as well as reductions in brokered deposits and short-term borrowings expense associated with paydowns of brokered deposits and borrowings utilizing a portion of the low-cost liquidity provided by core deposit growth.

Net interest margin was 3.11% in the second quarter of 2025 compared to 2.78% in the second quarter of 2024. The increase of 33 basis points reflected higher average loan yields and lower average deposit and borrowing costs in the second quarter of 2025, as compared to the year-ago period.

Noninterest Income
Second quarter 2025 noninterest income includes the $3.1 million LOCOM HFS adjustment, with an after-tax effect of $2.5 million or $0.40 per diluted share. Nonperforming and classified loans associated with one local commercial relationship dating back to 2013, with an original principal balance of $9.3 million and a June 30, 2025 principal balance of $6.3 million were sold in July 2025 for $3.2 million to an undisclosed financial buyer.

Second quarter 2025 noninterest income totaled negative $1.5 million, reflecting the $3.1 million LOCOM HFS adjustment, and no longer includes contributions from the insurance agency business sold in October 2024. Noninterest income was $1.2 million in the linked quarter and $1.2 million, including $260,000 in insurance revenue, in the year-ago period.

Compared to the linked quarter, second quarter 2025 noninterest income reflected increases of $179,000 in debit card interchange fees and $6,000 in service charges on deposit accounts, as well as a decrease of $6,000 in earnings and gain on bank owned life insurance (“BOLI”). Compared to the linked quarter, second quarter 2025 noninterest income also reflected increases of $202,000 in net unrealized gains on marketable equity securities, as well as decreases of $8,000 in net realized losses on sales and redemptions of investment securities and $4,000 in loan servicing fees.

Compared to the year-ago period, second quarter 2025 noninterest income included increases of $50,000 in service charges on deposit accounts, as well as decreases of $11,000 in earnings and gain on BOLI, and $11,000 in debit card interchange fees. Compared to the year-ago period, second quarter 2025 noninterest income also reflected an increase of $559,000 in net unrealized gains on marketable equity securities, as well as decreases of $16,000 in net realized gains on sales and redemptions of investment securities and $15,000 in loan servicing fees.

Noninterest Expense
Noninterest expense totaled $8.1 million in the second quarter of 2025, including $595,000 in costs associated with the East Syracuse branch acquired in July 2024 and excluding costs for the insurance agency business sold in October 2024. Noninterest expense was $8.4 million in the linked quarter, including East Syracuse branch costs of $577,000, and $7.9 million in the year-ago period, including insurance agency costs of $232,000.

Salaries and benefits were $4.5 million in the second quarter of 2025, in line with the linked quarter and increased $126,000 from the year-ago period. The increase from the second quarter of 2024 was primarily attributed to the July 2024 East Syracuse Branch Acquisition, which had $116,000 of total salary and benefit expenses in the second quarter of 2025. Excluding the East Syracuse branch, salaries and benefits increased $10,000 from the year-ago period. This increase from the second quarter of 2024 was primarily attributed to a $183,000 increase in stock-based compensation, partially offset by a $106,000 decrease in employee benefits, a $51,000 decrease in salaries and benefits expenses, and a $16,000 decrease in director compensation.

Building and occupancy was $1.2 million in the second quarter of 2025, decreasing $117,000 from the linked quarter and increasing $316,000 from the year-ago quarter. The decrease from the linked quarter reflected lower costs associated with building maintenance primarily related to snow removal. The increase from the first quarter of last year was primarily due to ongoing facilities-related costs associated with operating the East Syracuse branch acquired in July 2024.

Data processing expense was $667,000 in the second quarter of 2025, in line with the linked quarter and increasing $117,000 from the year-ago period. The increase from the second quarter of 2024 was primarily attributed to the ongoing operations of the East Syracuse branch acquired in July 2024.

No FDIC assessment expense was recorded in the second quarter of 2025, due to modest over-accruals in prior periods, compared to $229,000 and $228,000 in the linked and year-ago periods, respectively. The Company anticipates more normalized FDIC assessments in the future and expects this expense to range between $220,000 to $230,000 per quarter in the second half of 2025.

Annualized noninterest expense represented 2.18% of average assets in the second quarter of 2025, compared to 2.33% and 2.19% in the linked and year-ago periods. The efficiency ratio was 65.66%, compared to 67.19% and 74.36% in the linked and year-ago periods, respectively. The efficiency ratio, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.

Net Income
For the second quarter of 2025, net income attributable to common shareholders was $31,000, or less than $0.01 per basic and diluted share. Linked quarter net income was $3.0 million, or $0.48 per basic share and $0.47 per diluted share. Second quarter 2024 net income totaled $2.0 million or $0.32 per basic and diluted share.

Statement of Financial Condition
As of June 30, 2025, the Company’s statement of financial condition reflects total assets of $1.51 billion, compared to $1.50 billion and $1.45 billion recorded on March 31, 2025 and June 30, 2024, respectively.

Loans totaled $909.7 million on June 30, 2025, after $3.2 million in balances were moved to held-for-sale status for the July 2025 sale of nonperforming and classified loans, resulting in a decrease of $2.4 million or 0.3% from March 31, 2025. Total loans increased $21.5 million or 2.4% from one year prior. Consumer and residential loans totaled $362.1 million, decreasing 2.4% during the second quarter and increasing 0.2% from one year prior. Commercial loans totaled $549.1 million, increasing 1.2% during the second quarter and 4.1% from one year prior, despite the recent loan sale.

With respect to liabilities, deposits totaled $1.22 billion on June 30, 2025, decreasing 3.4% on reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality, during the second quarter and increasing 11.0% from one year prior.

Shareholders’ equity totaled $124.4 million on June 30, 2025, decreasing $483,000 or 0.4% in the second quarter and increasing $1.1 million or 0.9% from one year prior. The second quarter 2025 decrease primarily reflects a $599,000 decrease in retained earnings, a $426,000 decrease in accumulated other comprehensive loss (“AOCL”), and a $542,000 increase in additional paid in capital. Noncontrolling interest, previously included in equity on the Statements of Financial Condition, was eliminated in October 2024 upon the sale of the Company’s 51% insurance agency ownership interest.

Asset Quality
The Company’s asset quality metrics reflect ongoing efforts the Bank is undertaking as part of its commitment to continuously improve its credit risk management approach.

Nonperforming loans were $11.7 million, or 1.28% of total loans on June 30, 2025, compared to $13.2 million or 1.45% on March 31, 2025 and $24.5 million or 2.76% on June 30, 2024. Continued improvement in nonperforming loans in the second quarter of 2025 primarily resulted from the recent sale of loans associated with one local commercial relationship dating to 2013.

NCOs after recoveries were $2.6 million or an annualized 1.14% of average loans in the second quarter of 2025, with gross charge offs for consumer loans, purchased loan pools, and commercial loans, offsetting recoveries in each of these categories. NCOs were $340,000 or an annualized 0.15% of average loans in the linked quarter and $66,000 or 0.03% in the prior year period.

Provision for credit loss expense was $1.2 million in the second quarter of 2025 primarily reflecting NCOs in the period, partially offset by reductions related to quantitative and qualitative factors in the Company’s reserve model. The provision was $457,000 and $290,000 in the linked and year-ago quarters, respectively.

The Company believes it is sufficiently collateralized and reserved, with an Allowance for Credit Losses (“ACL”) of $16.0 million on June 30, 2025, compared to $17.4 million on March 31, 2025 and $16.9 million on June 30, 2024. As a percentage of total loans, ACL represented 1.76% on June 30, 2025, 1.91% on March 31, 2025, and 1.90% on June 30, 2024.

Liquidity
The Company has diligently ensured a strong liquidity profile as of June 30, 2025 to meet its ongoing financial obligations. The Bank’s liquidity management, as evaluated by its cash reserves and operational cash flows from loan repayments and investment securities, remains robust and is effectively managed by the institution’s leadership.

The Bank’s analysis indicates that expected cash inflows from loans and investment securities are more than sufficient to meet all projected financial obligations. Total deposits were $1.22 billion on June 30, 2025, compared to $1.26 billion on March 31, 2025 and $1.10 billion on June 30, 2024. Decreases in total deposits primarily reflect reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality. Core deposits grew to 78.47% of total deposits on June 30, 2025, compared to 78.31% on March 31, 2025 and 67.98% on June 30, 2024. The Bank continues to implement strategic initiatives to enhance its core deposit franchise, including targeted marketing campaigns and customer engagement programs aimed at deepening banking relationships and enhancing deposit stability.

On June 30, 2025, Pathfinder Bancorp had an available additional funding capacity of $124.5 million with the Federal Home Loan Bank of New York, which complements its liquidity reserves. Moreover, the Bank maintains additional unused credit lines totaling $46.5 million, which provide a buffer for additional funding needs. These facilities, including access to the Federal Reserve’s Discount Window, are part of a comprehensive liquidity strategy that ensures flexibility and readiness to respond to any funding requirements.

Cash Dividend Declared
On June 30, 2025, Pathfinder’s Board of Directors declared a cash dividend of $0.10 per share for holders of both voting common and non-voting common stock.

In addition, this dividend also extends to the notional shares of the Company’s warrants. Shareholders registered by July 18, 2025 will be eligible for the dividend, which is scheduled for disbursement on August 8, 2025. This distribution aligns with Pathfinder Bancorp’s philosophy of consistent and reliable delivery of shareholder value.

Evaluating the Company’s market performance, the closing stock price as of June 30, 2025 stood at $15.34 per share. This positions the annualized dividend yield at 2.61%.

About Pathfinder Bancorp, Inc.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is the bank holding company for Pathfinder Bank, which serves Central New York customers throughout Oswego, Syracuse, and their neighboring communities. Strategically located branches, as well as diversified consumer, mortgage, and commercial loan portfolios, reflect the state-chartered Bank’s commitment to in-market relationships and local customer service. The Company also offers investment services to individuals and businesses. More information is available at pathfinderbank.com and ir.pathfinderbank.com.

Forward-Looking Statements
Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are based on current beliefs and expectations of the Company’s and the Bank’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s and the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; fiscal and monetary policies of the U.S. Government; inflation; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov.

This release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant’s historical or future financial performance, financial position, or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet, or statement of cash flows (or equivalent statements) of the registrant; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the release of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

PATHFINDER BANCORP, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share amounts)

	2025						2024
SELECTED BALANCE SHEET DATA:	June 30,			March 31,			December 31,			September 30,			June 30,
ASSETS:
Cash and due from banks	$	16,183		$	18,606		$	13,963		$	18,923		$	12,022
Interest-earning deposits		15,292			32,862			17,609			16,401			19,797
Total cash and cash equivalents		31,475			51,468			31,572			35,324			31,819
Available-for-sale securities, at fair value		300,951			284,051			269,331			271,977			274,977
Held-to-maturity securities, at amortized cost		157,892			155,704			158,683			161,385			166,271
Marketable equity securities, at fair value		4,881			4,401			4,076			3,872			3,793
Federal Home Loan Bank stock, at cost		5,278			2,906			4,590			5,401			8,702
Loans held-for-sale		3,161			–			–			–			–
Loans, net of deferred fees		909,723			912,150			918,986			921,660			888,263
Less: Allowance for credit losses		15,983			17,407			17,243			17,274			16,892
Loans receivable, net		893,740			894,743			901,743			904,386			871,371
Premises and equipment, net		19,047			19,233			19,009			18,989			18,878
Assets held-for-sale		–			–			–			–			3,042
Operating lease right-of-use assets		1,115			1,356			1,391			1,425			1,459
Finance lease right-of-use assets		16,280			16,478			16,676			16,873			4,004
Accrued interest receivable		6,889			6,748			6,881			6,806			7,076
Foreclosed real estate		83			–			–			–			60
Intangible assets, net		5,675			5,832			5,989			6,217			76
Goodwill		5,056			5,056			5,056			5,752			4,536
Bank owned life insurance		31,045			24,889			24,727			24,560			24,967
Other assets		22,551			22,472			25,150			20,159			25,180
Total assets	$	1,505,119		$	1,495,337		$	1,474,874		$	1,483,126		$	1,446,211

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Deposits:
Interest-bearing deposits	$	1,030,155		$	1,061,166		$	990,805		$	986,103		$	932,132
Noninterest-bearing deposits		191,732			203,314			213,719			210,110			169,145
Total deposits		1,221,887			1,264,480			1,204,524			1,196,213			1,101,277
Short-term borrowings		75,500			27,000			61,000			60,315			127,577
Long-term borrowings		20,977			17,628			27,068			39,769			45,869
Subordinated debt		30,206			30,156			30,107			30,057			30,008
Accrued interest payable		813			844			546			236			2,092
Operating lease liabilities		1,313			1,560			1,591			1,621			1,652
Finance lease liabilities		16,566			16,655			16,745			16,829			4,359
Other liabilities		13,444			12,118			11,810			16,986			9,203
Total liabilities		1,380,706			1,370,441			1,353,391			1,362,026			1,322,037
Shareholders’ equity:
Voting common stock shares issued and outstanding		4,788,109			4,761,182			4,745,366			4,719,788			4,719,788
Voting common stock	$	48		$	48		$	47		$	47		$	47
Non-voting common stock		14			14			14			14			14
Additional paid in capital		53,645			53,103			52,750			53,231			53,182
Retained earnings		79,564			80,163			77,816			73,670			78,936
Accumulated other comprehensive loss		(8,858	)		(8,432	)		(9,144	)		(6,716	)		(8,786	)
Unearned ESOP shares		–			–			–			–			(45	)
Total Pathfinder Bancorp, Inc. shareholders’ equity		124,413			124,896			121,483			120,246			123,348
Noncontrolling interest		–			–			–			854			826
Total equity		124,413			124,896			121,483			121,100			124,174
Total liabilities and shareholders’ equity	$	1,505,119		$	1,495,337		$	1,474,874		$	1,483,126		$	1,446,211

The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

	Six Months Ended June 30,						2025						2024
SELECTED INCOME STATEMENT DATA:	2025			2024			Q2			Q1			Q4			Q3			Q2
Interest and dividend income:
Loans, including fees	$	26,778		$	24,757		$	13,106		$	13,672		$	13,523		$	14,425		$	12,489
Debt securities:
Taxable		10,707			11,343			5,522			5,185			5,312			5,664			5,736
Tax-exempt		867			1,006			465			402			445			469			498
Dividends		114			307			21			93			164			149			178
Federal funds sold and interest-earning deposits		157			219			68			89			82			492			121
Total interest and dividend income		38,623			37,632			19,182			19,441			19,526			21,199			19,022
Interest expense:
Interest on deposits		14,263			15,037			7,318			6,945			7,823			7,633			7,626
Interest on short-term borrowings		1,040			2,340			495			545			700			1,136			1,226
Interest on long-term borrowings		137			395			72			65			136			202			201
Interest on subordinated debt		958			980			483			475			490			496			489
Total interest expense		16,398			18,752			8,368			8,030			9,149			9,467			9,542
Net interest income		22,225			18,880			10,814			11,411			10,377			11,732			9,480
Provision for (benefit from) credit losses:
Loans		1,677			1,014			1,173			504			988			9,104			304
Held-to-maturity securities		5			(59	)		5			–			(5	)		(31	)		(74	)
Unfunded commitments		(28	)		61			19			(47	)		5			(104	)		60
Total provision for credit losses		1,654			1,016			1,197			457			988			8,969			290
Net interest income after provision for credit losses		20,571			17,864			9,617			10,954			9,389			2,763			9,190
Noninterest income:
Service charges on deposit accounts		754			639			380			374			405			392			330
Earnings and gain on bank owned life insurance		318			324			156			162			169			361			167
Loan servicing fees		198			200			97			101			96			79			112
Net realized (losses) gains on sales and redemptions of investment securities		(8	)		(132	)		–			(8	)		249			(188	)		16
Gain on asset sale ^{1 & 2}		–			–			–			–			3,169			–			–
Net unrealized gains (losses) on marketable equity securities		638			(31	)		420			218			166			62			(139	)
Gains on sales of loans and foreclosed real estate		148			58			83			65			39			90			40
LOCOM HFS adjustment ³		(3,064	)		–			(3,064	)		–			–			–			–
Loss on sale of premises and equipment		–			–			–			–			–			(36	)		–
Debit card interchange fees		181			310			180			1			265			300			191
Insurance agency revenue ¹		–			657			–			–			49			367			260
Other charges, commissions & fees		514			923			230			284			299			280			234
Total noninterest (loss) income		(321	)		2,948			(1,518	)		1,197			4,906			1,707			1,211
Noninterest expense:
Salaries and employee benefits		8,975			8,728			4,525			4,450			4,123			4,959			4,399
Building and occupancy		2,577			1,730			1,230			1,347			1,254			1,134			914
Data processing		1,333			1,078			667			666			721			672			550
Professional and other services		1,384			1,258			778			606			608			1,820			696
Advertising		218			221			77			141			218			165			116
FDIC assessments		229			457			–			229			231			228			228
Audits and exams		174			293			60			114			123			123			123
Amortization expense		314			8			157			157			27			124			5
Insurance agency expense ¹		–			517			–			–			456			308			232
Community service activities		39			91			28			11			19			20			39
Foreclosed real estate expenses		50			55			29			21			20			27			30
Other expenses		1,201			1,178			510			691			744			679			576
Total noninterest expense		16,494			15,614			8,061			8,433			8,544			10,259			7,908
Income (loss) before provision for income taxes		3,756			5,198			38			3,718			5,751			(5,789	)		2,493
Provision (benefit) for income taxes		751			1,013			7			744			492			(1,173	)		481
Net income (loss) attributable to noncontrolling interest and Pathfinder Bancorp, Inc.		3,005			4,185			31			2,974			5,259			(4,616	)		2,012
Net income attributable to noncontrolling interest ¹		–			65			–			–			1,352			28			12
Net income (loss) attributable to Pathfinder Bancorp Inc.	$	3,005		$	4,120		$	31		$	2,974		$	3,907		$	(4,644	)	$	2,000
Voting Earnings per common share – basic	$	0.48		$	0.66		$	–		$	0.48		$	0.63		$	(0.75	)	$	0.32
Voting Earnings per common share – diluted ⁴	$	0.47		$	0.66		$	–		$	0.47		$	0.63		$	(0.75	)	$	0.32
Series A Non-Voting Earnings per common share- basic	$	0.48		$	0.66		$	–		$	0.48		$	0.63		$	(0.75	)	$	0.32
Series A Non-Voting Earnings per common share- diluted ⁴	$	0.47		$	0.66		$	–		$	0.47		$	0.63		$	(0.75	)	$	0.32
Dividends per common share (Voting and Series A Non-Voting)	$	0.20		$	0.20		$	0.10		$	0.10		$	0.10		$	0.10		$	0.10

¹ Although the Company owned 51% of its membership interest in FitzGibbons Agency, LLC (“Agency”) the Company is required to consolidate 100% of the Agency within the consolidated financial statements. The Company sold its 51% membership interest in the Agency in October 2024.
² The $3,169,000 consolidated gain on asset sale equals $1,616,000 associated with the Company’s 51% interest in the Agency plus $1,553,000 associated with the 49% noncontrolling interest.
³ The loss reflects a valuation adjustment “Lower-of-cost-or-market” adjustment on loans held for sale to their estimated market value based on active sale negotiations.
⁴ Diluted earnings per share for the first quarter of 2025 has been updated to $0.47, from the $0.41 reported previously.

The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

	Six Months Ended June 30,						2025						2024
FINANCIAL HIGHLIGHTS:	2025			2024			Q2			Q1			Q4			Q3			Q2
Selected Ratios:
Return on average assets		0.41	%		0.58	%		0.01	%		0.81	%		1.07	%		-1.25	%		0.56	%
Return on average common equity		4.83	%		6.74	%		0.10	%		9.64	%		12.85	%		-14.79	%		6.49	%
Return on average equity		4.83	%		6.74	%		0.10	%		9.64	%		12.85	%		-14.79	%		6.49	%
Return on average tangible common equity ¹		5.34	%		7.05	%		0.11	%		10.52	%		14.17	%		-15.28	%		6.78	%
Net interest margin		3.21	%		2.77	%		3.11	%		3.31	%		3.02	%		3.34	%		2.78	%
Loans / deposits		74.45	%		80.66	%		74.45	%		72.14	%		76.29	%		77.05	%		80.66	%
Core deposits/deposits ²		78.47	%		67.98	%		78.47	%		78.31	%		76.86	%		77.45	%		67.98	%
Annualized non-interest expense / average assets		2.26	%		2.20	%		2.18	%		2.33	%		2.33	%		2.75	%		2.19	%
Commercial real estate / risk-based capital ³		183.34	%		169.73	%		183.34	%		182.62	%		186.73	%		189.47	%		169.73	%
Efficiency ratio ¹		66.43	%		71.29	%		65.66	%		67.19	%		72.25	%		75.78	%		74.36	%

Other Selected Data:
Average yield on loans		5.86	%		5.56	%		5.75	%		5.97	%		5.87	%		6.31	%		5.64	%
Average cost of interest bearing deposits		2.78	%		3.14	%		2.81	%		2.76	%		3.12	%		3.11	%		3.21	%
Average cost of total deposits, including non-interest bearing		2.33	%		2.67	%		2.37	%		2.29	%		2.59	%		2.59	%		2.72	%
Deposits/branch ⁴	$	101,824		$	100,116		$	101,824		$	105,373		$	100,377		$	99,684		$	100,116
Pre-tax, pre-provision net income ¹	$	8,334		$	6,288		$	4,216		$	4,183		$	3,321		$	3,368		$	2,767
Total revenue ¹	$	24,828		$	21,902		$	12,277		$	12,616		$	11,865		$	13,627		$	10,675

Share and Per Share Data:
Cash dividends per share	$	0.20		$	0.20		$	0.10		$	0.10		$	0.10		$	0.10		$	0.10
Book value per common share	$	20.17		$	20.22		$	20.17		$	20.33		$	19.83		$	19.71		$	20.22
Tangible book value per common share ¹	$	18.43		$	19.46		$	18.43		$	18.56		$	18.03		$	17.75		$	19.46
Basic and diluted weighted average shares outstanding – Voting		4,759			4,704			4,769			4,749			4,733			4,714			4,708
Basic earnings per share – Voting⁵	$	0.48		$	0.66		$	–		$	0.48		$	0.63		$	(0.75	)	$	0.32
Diluted earnings per share – Voting^{5 & 6}	$	0.47		$	0.66		$	–		$	0.47		$	0.63		$	(0.75	)	$	0.32
Basic and diluted weighted average shares outstanding – Series A Non-Voting		1,380			1,380			1,380			1,380			1,380			1,380			1,380
Basic earnings per share – Series A Non-Voting ⁵	$	0.48		$	0.66		$	–		$	0.48		$	0.63		$	(0.75	)	$	0.32
Diluted earnings per share – Series A Non-Voting^{5 & 6}	$	0.47		$	0.66		$	–		$	0.47		$	0.63		$	(0.75	)	$	0.32
Common shares outstanding at period end		6,168			6,100			6,168			6,141			6,126			6,100			6,100

Pathfinder Bancorp, Inc. Capital Ratios:
Company tangible common equity to tangible assets ¹		7.61	%		8.24	%		7.61	%		7.68	%		7.54	%		7.36	%		8.24	%
Company Total Core Capital (to Risk-Weighted Assets)		15.97	%		16.19	%		15.97	%		15.89	%		15.66	%		15.55	%		16.19	%
Company Tier 1 Capital (to Risk-Weighted Assets)		12.31	%		12.31	%		12.31	%		12.24	%		12.00	%		11.84	%		12.31	%
Company Tier 1 Common Equity (to Risk-Weighted Assets)		11.81	%		11.83	%		11.81	%		11.75	%		11.51	%		11.33	%		11.83	%
Company Tier 1 Capital (to Assets)		8.75	%		9.16	%		8.75	%		8.82	%		8.64	%		8.29	%		9.16	%

Pathfinder Bank Capital Ratios:
Bank Total Core Capital (to Risk-Weighted Assets)		14.87	%		16.04	%		14.87	%		14.86	%		14.65	%		14.52	%		16.04	%
Bank Tier 1 Capital (to Risk-Weighted Assets)		13.62	%		14.79	%		13.62	%		13.61	%		13.40	%		13.26	%		14.79	%
Bank Tier 1 Common Equity (to Risk-Weighted Assets)		13.62	%		14.79	%		13.62	%		13.61	%		13.40	%		13.26	%		14.79	%
Bank Tier 1 Capital (to Assets)		9.68	%		10.30	%		9.68	%		9.80	%		9.64	%		9.13	%		10.30	%

¹ Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
² Non-brokered deposits excluding certificates of deposit of $250,000 or more.
³ Construction and development, multifamily, and non-owner occupied CRE loans as a percentage of Pathfinder Bank total capital.
⁴ Includes 11 full-service branches and one motor bank for periods after June 30, 2024. Includes 10 full-service branches and one motor bank for all periods prior.
⁵ Basic and diluted earnings per share are calculated based upon the two-class method. Weighted average shares outstanding do not include unallocated ESOP shares.
⁶ Diluted earnings per share for the first quarter of 2025 has been updated to $0.47, from the $0.41 reported previously.

The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

	Six Months Ended June 30,						2025						2024
ASSET QUALITY:	2025			2024			Q2			Q1			Q4			Q3			Q2
Total loan charge-offs	$	3,352		$	180		$	2,844		$	508		$	1,191		$	8,812		$	112
Total recoveries		415			84			247			168			171			90			46
Net loan charge-offs		2,937			96			2,597			340			1,020			8,722			66
Allowance for credit losses at period end		15,983			16,892			15,983			17,407			17,243			17,274			16,892
Nonperforming loans at period end		11,689			24,490			11,689			13,232			22,084			16,170			24,490
Nonperforming assets at period end	$	11,772		$	24,550		$	11,772		$	13,232		$	22,084		$	16,170		$	24,550
Annualized net loan charge-offs to average loans		0.64	%		0.02	%		1.14	%		0.15	%		0.44	%		3.82	%		0.03	%
Allowance for credit losses to period end loans		1.76	%		1.90	%		1.76	%		1.91	%		1.88	%		1.87	%		1.90	%
Allowance for credit losses to nonperforming loans		136.74	%		68.98	%		136.74	%		131.55	%		78.08	%		106.83	%		68.98	%
Nonperforming loans to period end loans		1.28	%		2.76	%		1.28	%		1.45	%		2.40	%		1.75	%		2.76	%
Nonperforming assets to period end assets		0.78	%		1.70	%		0.78	%		0.88	%		1.50	%		1.09	%		1.70	%

	2025						2024
LOAN COMPOSITION:	June 30,			March 31,			December 31,			September 30,			June 30,
1-4 family first-lien residential mortgages	$	240,833		$	243,854		$	251,373		$	255,235		$	250,106
Residential construction		3,520			3,162			4,864			4,077			309
Commercial real estate		381,575			381,479			377,619			378,805			370,361
Commercial lines of credit		75,487			65,074			67,602			64,672			62,711
Other commercial and industrial		85,578			91,644			89,800			88,247			90,813
Paycheck protection program loans		85			96			113			125			136
Tax exempt commercial loans		6,349			4,446			4,544			2,658			3,228
Home equity and junior liens		49,339			52,315			51,948			52,709			35,821
Other consumer		68,439			71,681			72,710			76,703			75,195
Subtotal loans		911,205			913,751			920,573			923,231			888,680
Deferred loan fees		(1,482	)		(1,601	)		(1,587	)		(1,571	)		(417	)
Total loans	$	909,723		$	912,150		$	918,986		$	921,660		$	888,263

	2025				2024
DEPOSIT COMPOSITION:	June 30,		March 31,		December 31,		September 30,		June 30,
Savings accounts	$	129,252	$	129,898	$	128,753	$	129,053	$	106,048
Time accounts		341,063		349,673		360,716		352,729		368,262
Time accounts in excess of $250,000		144,355		149,922		142,473		140,181		117,021
Money management accounts		9,902		10,774		11,583		11,520		12,154
MMDA accounts		278,919		306,281		239,016		250,007		193,915
Demand deposit interest-bearing		120,083		109,941		101,080		97,344		128,168
Demand deposit noninterest-bearing		191,732		203,314		213,719		210,110		169,145
Mortgage escrow funds		6,581		4,677		7,184		5,269		6,564
Total deposits	$	1,221,887	$	1,264,480	$	1,204,524	$	1,196,213	$	1,101,277

The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

	Six Months Ended June 30,						2025							2024
SELECTED AVERAGE BALANCES:	2025			2024			Q2			Q1			Q2
Interest-earning assets:
Loans	$	913,658		$	889,988		$	911,347		$	916,207		$	885,384
Taxable investment securities		425,841			433,156			435,022			416,558			434,572
Tax-exempt investment securities		34,394			29,053			34,314			34,475			28,944
Fed funds sold and interest-earning deposits		11,497			8,669			10,070			12,939			13,387
Total interest-earning assets		1,385,390			1,360,866			1,390,753			1,380,179			1,362,287
Noninterest-earning assets:
Other assets		116,590			96,772			118,280			114,882			98,746
Allowance for credit losses		(17,377	)		(16,498	)		(17,342	)		(17,413	)		(16,905	)
Net unrealized losses on available-for-sale securities		(10,395	)		(10,701	)		(10,838	)		(9,947	)		(10,248	)
Total assets	$	1,474,208		$	1,430,439		$	1,480,853		$	1,467,701		$	1,433,880
Interest-bearing liabilities:
NOW accounts	$	112,720		$	97,213		$	113,994		$	111,643		$	92,918
Money management accounts		10,602			11,759			10,302			10,906			12,076
MMDA accounts		277,664			212,693			298,907			256,186			214,364
Savings and club accounts		129,752			110,119			129,736			129,769			107,558
Time deposits		494,200			525,767			489,490			498,963			524,276
Subordinated loans		30,149			29,954			30,173			30,123			29,977
Borrowings		66,165			133,894			61,803			70,575			141,067
Total interest-bearing liabilities		1,121,252			1,121,399			1,134,405			1,108,165			1,122,236
Noninterest-bearing liabilities:
Demand deposits		199,123			170,313			192,186			206,137			171,135
Other liabilities		29,497			16,542			29,037			29,961			17,298
Total liabilities		1,349,872			1,308,254			1,355,628			1,344,263			1,310,669
Shareholders’ equity		124,336			122,185			125,225			123,438			123,211
Total liabilities & shareholders’ equity	$	1,474,208		$	1,430,439		$	1,480,853		$	1,467,701		$	1,433,880

	Six Months Ended June 30,						2025							2024
SELECTED AVERAGE YIELDS:	2025			2024			Q2			Q1			Q2
Interest-earning assets:
Loans		5.86	%		5.56	%		5.75	%		5.97	%		5.64	%
Taxable investment securities		5.08	%		5.38	%		5.10	%		5.07	%		5.44	%
Tax-exempt investment securities		5.04	%		6.93	%		5.42	%		4.66	%		6.88	%
Fed funds sold and interest-earning deposits		2.73	%		5.05	%		2.70	%		2.75	%		3.62	%
Total interest-earning assets		5.58	%		5.53	%		5.52	%		5.63	%		5.59	%
Interest-bearing liabilities:
NOW accounts		1.16	%		1.08	%		1.25	%		1.07	%		1.14	%
Money management accounts		0.09	%		0.11	%		0.12	%		0.11	%		0.10	%
MMDA accounts		3.16	%		3.70	%		3.25	%		3.06	%		3.74	%
Savings and club accounts		0.25	%		0.26	%		0.25	%		0.25	%		0.26	%
Time deposits		3.66	%		3.97	%		3.64	%		3.69	%		4.03	%
Subordinated loans		6.36	%		6.54	%		6.40	%		6.31	%		6.53	%
Borrowings		3.56	%		4.09	%		3.67	%		3.46	%		4.05	%
Total interest-bearing liabilities		2.92	%		3.34	%		2.95	%		2.90	%		3.40	%
Net interest rate spread		2.66	%		2.19	%		2.57	%		2.73	%		2.19	%
Net interest margin		3.21	%		2.77	%		3.11	%		3.31	%		2.78	%
Ratio of average interest-earning assets to average interest-bearing liabilities		123.56	%		121.35	%		122.60	%		124.55	%		121.39	%

The above information is unaudited and preliminary based on the Company’s data available at the time of presentation.

	Six Months Ended June 30,						2025						2024
NON-GAAP RECONCILIATIONS:	2025			2024			Q2			Q1			Q4			Q3			Q2
Tangible book value per common share:
Total equity							$	124,413		$	124,896		$	121,483		$	120,246		$	123,348
Intangible assets								(10,731	)		(10,888	)		(11,045	)		(11,969	)		(4,612	)
Tangible common equity (non-GAAP)								113,682			114,008			110,438			108,277			118,736
Common shares outstanding								6,168			6,144			6,126			6,100			6,100
Tangible book value per common share (non-GAAP)							$	18.43		$	18.56		$	18.03		$	17.75		$	19.46
Tangible common equity to tangible assets:
Tangible common equity (non-GAAP)							$	113,682		$	114,008		$	110,438		$	108,277		$	118,736
Tangible assets								1,494,388			1,484,449			1,463,829			1,471,157			1,441,599
Tangible common equity to tangible assets ratio (non-GAAP)								7.61	%		7.68	%		7.54	%		7.36	%		8.24	%
Return on average tangible common equity:
Average shareholders’ equity	$	124,336		$	122,185		$	125,225		$	123,438		$	121,589		$	125,626		$	123,211
Average intangible assets		10,912			4,617			10,834			10,991			11,907			4,691			4,614
Average tangible equity (non-GAAP)		113,424			117,568			114,391			112,447			109,682			120,935			118,597
Net income (loss)		3,005			4,120			31			2,974			3,907			(4,644	)		2,000
Net income (loss), annualized	$	6,060		$	8,285		$	124		$	11,831		$	15,543		$	(18,475	)	$	8,044
Return on average tangible common equity (non-GAAP) ¹		5.34	%		7.05	%		0.11	%		10.52	%		14.17	%		-15.28	%		6.78	%
Revenue, pre-tax, pre-provision net income, and efficiency ratio:
Net interest income	$	22,225		$	18,880		$	10,814		$	11,411		$	10,377		$	11,732		$	9,480
Total noninterest income		(321	)		2,948			(1,518	)		1,197			4,906			1,707			1,211
Net realized (gains) losses on sales and redemptions of investment securities		(8	)		(132	)		–			(8	)		249			(188	)		16
Gains on sales of loans and foreclosed real estate		148			58			83			65			39			90			40
LOCOM HFS adjustment ²		(3,064	)		–			(3,064	)		–			–			–			–
Gain on asset sale		–			–			–			–			3,169			–			–
Revenue (non-GAAP) ³		24,828			21,902			12,277			12,551			11,826			13,537			10,635
Total non-interest expense		16,494			15,614			8,061			8,433			8,544			10,259			7,908
Pre-tax, pre-provision net income (non-GAAP) ⁴	$	8,334		$	6,288		$	4,216		$	4,183		$	3,321		$	3,368		$	2,767
Efficiency ratio (non-GAAP) ⁵		66.43	%		71.29	%		65.66	%		67.19	%		72.25	%		75.78	%		74.36	%

¹ Return on average tangible common equity equals annualized net income (loss) divided by average tangible equity
² The loss reflects a valuation adjustment “Lower-of-cost-or-market” adjustment on loans held for sale to the estimated market value based on sale negotiation terms.
³ Revenue equals net interest income plus total noninterest income less net realized gains or losses on sales and redemptions of investment securities, sales of loans and foreclosed real estate, and a gain on the October 2024 sale of the Company’s insurance agency asset
⁴ Pre-tax, pre-provision net income equals revenue less total non-interest expense
⁵ Efficiency ratio equals noninterest expense divided by revenue

The above information is unaudited and preliminary based on the Company’s data available at the time of presentation.

Investor/Media Contacts
James A. Dowd, President, CEO
Justin K. Bigham, Senior Vice President, CFO
Telephone: (315) 343-0057

The MIL Network –

July 31, 2025

MIL-OSI: Oxbridge / SurancePlus to Attend Rare Evo 2025 in Las Vegas

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, July 30, 2025 (GLOBE NEWSWIRE) — Oxbridge Re Holdings Limited (Nasdaq: OXBR) (“Oxbridge Re”), a leader in digitizing reinsurance securities as tokenized real-world assets (RWAs), together with its subsidiary SurancePlus, today announced its participation in Rare Evo 2025, a premier blockchain convention held August 6–10, 2025 at Caesars Palace in Las Vegas, Nevada.

Rare Evo brings together blockchain projects, industry leaders, investors, and developers in a celebration of decentralized innovation and interoperability. With hundreds of exhibitors, capital allocators, and developers in attendance, the event is designed to foster collaboration across ecosystems and bridge the gap between Web2 and Web3.

At Rare Evo, the Oxbridge / SurancePlus team will engage with a broad network of blockchain and financial market participants to showcase its category-defining tokenized reinsurance securities, and to advance discussions surrounding its partnership with Midnight—a next-generation privacy blockchain from the creators of Cardano, led by founder Charles Hoskinson.

Jay Madhu, Chairman and CEO of Oxbridge and SurancePlus, commented: “Rare Evo provides a valuable opportunity to connect with partners and leaders across the Web3 ecosystem. We look forward to discussing our work in tokenized reinsurance and how our partnership with Midnight will support enhanced privacy and interoperability for investors.”

About Oxbridge Re Holdings Limited

Oxbridge Re Holdings Limited (NASDAQ: OXBR, OXBRW) (“Oxbridge”) is headquartered in the Cayman Islands. The company offers tokenized Real-World Assets (“RWAs”) as tokenized reinsurance securities and reinsurance business solutions to property and casualty insurers, through its wholly owned subsidiaries SurancePlus Inc., Oxbridge Re NS, and Oxbridge Reinsurance Limited.

Insurance businesses in the Gulf Coast region of the United States purchase property and casualty reinsurance through our licensed reinsurers Oxbridge Reinsurance Limited and Oxbridge Re NS.

Our Web3-focused subsidiary, SurancePlus Inc. (“SurancePlus”), has developed the first “on chain” reinsurance RWA of its kind to be sponsored by a subsidiary of a publicly traded company. By digitizing interests in reinsurance contracts as on-chain RWAs, SurancePlus has democratized the availability of reinsurance as an alternative investment to both U.S. and non U.S. investors.

Company Contact:

Oxbridge Re Holdings Limited
Jay Madhu, CEO
+1 345-749-7570
jmadhu@oxbridgere.com

Forward-Looking Statements

This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled “Risk Factors” contained in our Form 10-K filed with the Securities and Exchange Commission (“SEC”) on 26th March 2025 and in our other filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition and results of operations. Any forward-looking statements made in this press release speak only as of the date of this press release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement contained in this press release, even if the Company’s expectations or any related events, conditions or circumstances change.

The MIL Network –

July 31, 2025

MIL-OSI: Inoxoft Launches Offline AI Tool for On-Device Text Classification

Source: GlobeNewswire (MIL-OSI)

PHILADELPHIA, July 30, 2025 (GLOBE NEWSWIRE) — Inoxoft, a custom software development company, has announced the release of WhiteLightning, an open-source CLI tool that enables developers to train and run fast, lightweight text classifiers entirely offline. This tool doesn’t rely on cloud APIs or large LLMs at runtime.

Built over a year by Inoxoft’s AI and ML engineering team, WhiteLightning was created to address a growing need: delivering intelligent, privacy-safe NLP to edge devices, embedded systems, and offline environments. Using a novel teacher-student approach, the tool distills LLM-generated synthetic data into compact ONNX models under 1 MB in size, ready to run anywhere.

“We built WhiteLightning to give developers full control over NLP and without the usual trade-offs,” said Liubomyr Pohreliuk, CEO at Inoxoft. “You don’t need a 175B model on standby. You need something that works offline, fast, and reliably, something you can ship.”

Why it matters

Drastically lower cost. The tool uses LLMs just once for training (around one cent per task), avoiding ongoing per-query API fees.
Compact model size. It’s small enough to fit inside mobile apps, routers, or embedded devices.
Runs on minimal hardware. WhiteLightning is made for edge environments like Raspberry Pi or older phones.
Fast and efficient. The solution processes thousands of inputs per second on standard CPUs.
Cross-platform ready. This means consistent output across Python, Rust, Swift, and more.
Truly offline. There are no cloud dependencies, data leaks, or vendor lock-in.

Under the hood

LLM-to-edge distillation. Converts task prompts into synthetic data, then a fast ONNX model.
CLI-first experience. Simple Docker-based tool, one command to generate classifiers.
Multi-language runtime compatibility. Supports Rust, Swift, Node.js, Dart, and more.
GitHub-native DevOps. CI/CD with Flake8, Pytest, pre-commit hooks, test matrix in GitHub Actions
Secure by design – No local Python dependencies, environment-variable-based API handling.

WhiteLightning is not a hosted SaaS. It’s a production-grade CLI utility aimed at engineers who want precise, controllable, local-first AI capabilities without extra infrastructure.

Built and backed by Inoxoft

WhiteLightning is developed and actively maintained by Inoxoft’s ML engineers and OSS team:

Open-source license. GPL-3.0 for the tool, MIT for generated models.
Community-led roadmap. Feature discussions and dev chat on Discord.
Deployment-ready Docker image. ghcr.io/inoxoft/whitelightning
Public CI/CD. All PRs tested through GitHub Actions, cross-runtime validations included

Try it yourself

WhiteLightning is available on GitHub with full documentation, test examples, and deployment templates.

Explore the Repo
Read the Docs

For developers who need real-world NLP—fast, free, and fully offline—WhiteLightning offers a clean, powerful alternative to hosted LLMs.

Contact:
pr@inoxoft.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31f97979-3089-48c3-b2ab-7a1217a7dfa0

The MIL Network –

July 31, 2025

MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results Continued Top-line Momentum Drives Exceptional Earnings Growth

Source: GlobeNewswire (MIL-OSI)

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

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

THIRD QUARTER HIGHLIGHTS

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

CEO COMMENTARY AND OUTLOOK

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

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

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

CONSOLIDATED RESULTS

Three Months Ended June 30	As Reported				Adjusted¹
in millions, except per share amounts		2025		2024		2025		2024

Total revenues	$	311.0	$	281.4	$	319.9	$	281.4
Gross profit	$	183.6	$	166.7	$	188.4	$	166.7
Income before tax	$	34.7	$	23.0	$	34.0	$	22.9
Net income	$	26.5	$	18.0	$	25.2	$	17.2
Diluted earnings per share	$	0.34	$	0.25	$	0.33	$	0.24
EBITDA (non-GAAP measure)	$	45.7	$	31.8	$	45.2	$	31.7

PLO increased 11% to $291.6 million, up $29.9 million. On a same-store² basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
PSC increased 7% as a result of higher average PLO.
Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
Store expenses increased 2% and 1% on a same-store basis.
General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

SEGMENT RESULTS

U.S. Pawn

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

Segment contribution increased 32% to $47.6 million.
Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

Latin America Pawn

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

FORM 10-Q

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

CONFERENCE CALL

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

ABOUT EZCORP

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

Follow us on social media:

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

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

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

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

FORWARD LOOKING STATEMENTS

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

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

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands, except per share amounts)		2025			2024			2025			2024
Revenues:
Merchandise sales	$	168,624		$	158,140		$	524,434		$	502,230
Jewelry scrapping sales		26,970			15,395			64,640			43,191
Pawn service charges		115,339			107,830			348,262			321,442
Other revenues		48			56			131			188
Total revenues		310,981			281,421			937,467			867,051
Merchandise cost of goods sold		108,226			101,211			341,605			322,680
Jewelry scrapping cost of goods sold		19,116			13,483			48,367			37,479
Gross profit		183,639			166,727			547,495			506,892
Operating expenses:
Store expenses		119,123			116,335			352,101			341,472
General and administrative		21,780			20,060			60,089			54,869
Depreciation and amortization		8,003			8,158			24,358			24,942
Loss (gain) on sale or disposal of assets and other		—			20			25			(149	)
Other operating income		(1,262	)		—			(1,262	)		(765	)
Total operating expenses		147,644			144,573			435,311			420,369
Operating income		35,995			22,154			112,184			86,523
Interest expense		8,458			3,539			14,886			10,381
Interest income		(5,440	)		(2,931	)		(9,408	)		(8,452	)
Equity in net income of unconsolidated affiliates		(1,200	)		(1,263	)		(4,180	)		(4,135	)
Other (income) expense		(536	)		(191	)		377			(627	)
Income before income taxes		34,713			23,000			110,509			89,356
Income tax expense		8,210			5,050			27,600			21,457
Net income	$	26,503		$	17,950		$	82,909		$	67,899

Basic earnings per share	$	0.45		$	0.33		$	1.47		$	1.23
Diluted earnings per share	$	0.34		$	0.25		$	1.08		$	0.89

Weighted-average basic shares outstanding		59,134			54,898			56,308			55,022
Weighted-average diluted shares outstanding		82,918			83,008			83,144			84,309

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share and per share amounts)	June 30, 2025			June 30, 2024			September 30, 2024

Assets:
Current assets:
Cash and cash equivalents	$	472,088		$	218,038		$	170,513
Short-term restricted cash		9,609			9,204			9,294
Pawn loans		291,634			261,720			274,084
Pawn service charges receivable, net		45,410			40,638			44,013
Inventory, net		225,489			171,937			191,923
Prepaid expenses and other current assets		43,417			40,391			39,171
Total current assets		1,087,647			741,928			728,998
Investments in unconsolidated affiliates		13,753			12,297			13,329
Other investments		51,903			51,220			51,900
Property and equipment, net		67,439			59,926			65,973
Right-of-use assets, net		236,064			235,030			226,602
Long-term restricted cash		5,380			—			—
Goodwill		321,907			308,847			306,478
Intangible assets, net		57,960			60,164			58,451
Deferred tax asset, net		25,841			25,245			25,362
Other assets, net		15,174			15,506			16,144
Total assets	$	1,883,068		$	1,510,163		$	1,493,237

Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	—		$	137,326		$	103,072
Accounts payable, accrued expenses and other current liabilities		78,756			69,742			85,737
Customer layaway deposits		33,336			20,067			21,570
Operating lease liabilities, current		60,183			58,905			58,998
Total current liabilities		172,275			286,040			269,377
Long-term debt, net		517,601			223,998			224,256
Deferred tax liability, net		2,017			416			2,080
Operating lease liabilities		184,295			188,996			180,616
Other long-term liabilities		16,822			9,258			12,337
Total liabilities		893,010			708,708			688,666
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024		580			518			516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171		30			30			30
Additional paid-in capital		448,073			347,082			348,366
Retained earnings		586,549			493,830			507,206
Accumulated other comprehensive loss		(45,174	)		(40,005	)		(51,547	)
Total equity		990,058			801,455			804,571
Total liabilities and equity	$	1,883,068		$	1,510,163		$	1,493,237

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended June 30,
(in thousands)		2025			2024

Operating activities:
Net income	$	82,909		$	67,899
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		24,358			24,942
Amortization of deferred financing costs		1,238			1,212
Non-cash lease expense		43,889			43,999
Deferred income taxes		(542	)		438
Other adjustments		(1,877	)		69
Provision for inventory reserve		39			589
Stock compensation expense		9,213			7,945
Equity in net income from investment in unconsolidated affiliates		(4,180	)		(4,135	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable		(364	)		(1,593	)
Inventory		(9,205	)		(2,775	)
Prepaid expenses, other current assets and other assets		(74	)		(3,625	)
Accounts payable, accrued expenses and other liabilities		(58,023	)		(65,396	)
Customer layaway deposits		11,276			1,055
Income taxes		(927	)		(360	)
Net cash provided by operating activities		97,730			70,264
Investing activities:
Loans made		(738,670	)		(683,121	)
Loans repaid		417,734			391,297
Recovery of pawn loan principal through sale of forfeited collateral		291,903			272,781
Capital expenditures, net		(23,051	)		(16,870	)
Acquisitions, net of cash acquired		(17,093	)		(11,963	)
Proceeds from note receivable		241			1,100
Investment in unconsolidated affiliate		(718	)		(993	)
Investment in other investments		—			(15,000	)
Dividends from unconsolidated affiliates		3,614			3,535
Net cash used in investing activities		(66,040	)		(59,234	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,971	)		(3,253	)
Proceeds from borrowings		300,000			—
Debt issuance cost		(7,563	)		—
Payments on assumed debt		(6,410	)		—
Purchase and retirement of treasury stock		(6,000	)		(9,009	)
Payments of finance leases		(450	)		(386	)
Net cash provided by (used in) financing activities		275,606			(12,648	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(26	)		(108	)
Net increase in cash, cash equivalents and restricted cash		307,270			(1,726	)
Cash and cash equivalents and restricted cash at beginning of period		179,807			228,968
Cash and cash equivalents and restricted cash at end of period	$	487,077		$	227,242

EZCORP, Inc. OPERATING SEGMENT RESULTS

	Three Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn		Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	112,249	$	56,375		$	—		$	168,624		$	—		$	168,624
Jewelry scrapping sales		23,750		3,220			—			26,970			—			26,970
Pawn service charges		83,930		31,409			—			115,339			—			115,339
Other revenues		31		17			—			48			—			48
Total revenues		219,960		91,021			—			310,981			—			310,981
Merchandise cost of goods sold		69,084		39,142			—			108,226			—			108,226
Jewelry scrapping cost of goods sold		16,814		2,302			—			19,116			—			19,116
Gross profit		134,062		49,577			—			183,639			—			183,639
Segment and corporate expenses (income):
Store expenses		83,778		35,345			—			119,123			—			119,123
General and administrative		—		—			—			—			21,780			21,780
Depreciation and amortization		2,651		2,156			—			4,807			3,196			8,003
Other operating income		—		—			—			—			(1,262	)		(1,262	)
Interest expense		—		71			—			71			8,387			8,458
Interest income		—		(427	)		(604	)		(1,031	)		(4,409	)		(5,440	)
Equity in net (income) loss of unconsolidated affiliates		—		—			(1,409	)		(1,409	)		209			(1,200	)
Other expense (income)		—		(12	)		—			(12	)		(524	)		(536	)
Segment contribution	$	47,633	$	12,444		$	2,013		$	62,090
Income (loss) before income taxes									$	62,090		$	(27,377	)	$	34,713

	Three Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	107,849		$	50,291		$	—		$	158,140		$	—		$	158,140
Jewelry scrapping sales		13,757			1,638			—			15,395			—			15,395
Pawn service charges		77,416			30,414			—			107,830			—			107,830
Other revenues		28			28			—			56			—			56
Total revenues		199,050			82,371			—			281,421			—			281,421
Merchandise cost of goods sold		67,229			33,982			—			101,211			—			101,211
Jewelry scrapping cost of goods sold		11,887			1,596			—			13,483			—			13,483
Gross profit		119,934			46,793			—			166,727			—			166,727
Segment and corporate expenses (income):
Store expenses		81,441			34,894			—			116,335			—			116,335
General and administrative		—			—			—			—			20,060			20,060
Depreciation and amortization		2,408			2,090			—			4,498			3,660			8,158
(Gain) loss on sale or disposal of assets and other		(2	)		22			—			20			—			20
Interest expense		—			—			—			—			3,539			3,539
Interest income		—			(370	)		(605	)		(975	)		(1,956	)		(2,931	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(1,406	)		(1,406	)		143			(1,263	)
Other (income) expense		—			(184	)		12			(172	)		(19	)		(191	)
Segment contribution	$	36,087		$	10,341		$	1,999		$	48,427
Income (loss) before income taxes										$	48,427		$	(25,427	)	$	23,000

	Nine Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	357,964		$	166,470		$	—		$	524,434		$	—		$	524,434
Jewelry scrapping sales		56,146			8,494			—			64,640			—			64,640
Pawn service charges		259,354			88,908			—			348,262			—			348,262
Other revenues		82			49			—			131			—			131
Total revenues		673,546			263,921			—			937,467			—			937,467
Merchandise cost of goods sold		225,412			116,193			—			341,605			—			341,605
Jewelry scrapping cost of goods sold		42,017			6,350			—			48,367			—			48,367
Gross profit		406,117			141,378			—			547,495			—			547,495
Segment and corporate expenses (income):
Store expenses		250,399			101,702			—			352,101			—			352,101
General and administrative		—			—			—			—			60,089			60,089
Depreciation and amortization		8,050			6,191			—			14,241			10,117			24,358
Loss on sale or disposal of assets and other		17			8			—			25			—			25
Other operating income		—			—			—			—			(1,262	)		(1,262	)
Interest expense		—			71			—			71			14,815			14,886
Interest income		—			(966	)		(1,803	)		(2,769	)		(6,639	)		(9,408	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,898	)		(4,898	)		718			(4,180	)
Other expense (income)		(7	)		(220	)		—			(227	)		604			377
Segment contribution		147,658			34,592		$	6,701		$	188,951
Income (loss) before income taxes										$	188,951		$	(78,442	)	$	110,509

	Nine Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	348,211		$	154,019		$	—		$	502,230		$	—		$	502,230
Jewelry scrapping sales		39,258			3,933			—			43,191			—			43,191
Pawn service charges		236,499			84,943			—			321,442			—			321,442
Other revenues		94			59			35			188			—			188
Total revenues		624,062			242,954			35			867,051			—			867,051
Merchandise cost of goods sold		218,736			103,944			—			322,680			—			322,680
Jewelry scrapping cost of goods sold		33,965			3,514			—			37,479			—			37,479
Gross profit		371,361			135,496			35			506,892			—			506,892
Segment and corporate expenses (income):
Store expenses		239,536			101,936			—			341,472			—			341,472
General and administrative		—			—			—			—			54,869			54,869
Depreciation and amortization		7,548			6,821			—			14,369			10,573			24,942
(Gain) loss on sale or disposal of assets and other		(6	)		(240	)		—			(246	)		97			(149	)
Other operating income		—			—			—			—			(765	)		(765	)
Interest expense		—			—			—			—			10,381			10,381
Interest income		—			(1,398	)		(1,811	)		(3,209	)		(5,243	)		(8,452	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,278	)		(4,278	)		143			(4,135	)
Other (income) expense		—			(231	)		27			(204	)		(423	)		(627	)
Segment contribution	$	124,283		$	28,608		$	6,097		$	158,988
Income (loss) before income taxes										$	158,988		$	(69,632	)	$	89,356

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)

	Three Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of March 31, 2025	542	742		1,284
New locations opened	—	10		10
Locations acquired	3	40		43
Locations combined or closed	—	(1	)	(1	)
As of June 30, 2025	545	791		1,336

	Three Months Ended June 30, 2024
	U.S. Pawn	Latin America Pawn	Consolidated

As of March 31, 2024	535	711	1,246
New locations opened	1	6	7
Locations acquired	5	—	5
As of June 30, 2024	541	717	1,258

	Nine Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of September 30, 2024	542	737		1,279
New locations opened	—	23		23
Locations acquired	3	41		44
Locations combined or closed	—	(10	)	(10	)
As of June 30, 2025	545	791		1,336

	Nine Months Ended June 30, 2024
	U.S. Pawn		Latin America Pawn		Consolidated

As of September 30, 2023	529		702		1,231
New locations opened	1		20		21
Locations acquired	12		—		12
Locations combined or closed	(1	)	(5	)	(6	)
As of June 30, 2024	541		717		1,258

Non-GAAP Financial Information (Unaudited)

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

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

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

	June 30,		Three Months Ended June 30,		Nine Months Ended June 30,
	2025	2024	2025	2024	2025	2024

Mexican peso	18.8	18.3	19.5	17.2	20.0	17.3
Guatemalan quetzal	7.6	7.6	7.6	7.6	7.6	7.6
Honduran lempira	25.8	24.3	25.7	24.3	25.2	24.3
Australian dollar	1.5	1.5	1.6	1.5	1.6	1.5

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

Miscellaneous Non-GAAP Financial Measures

	Three Months Ended June 30,
(in millions)		2025			2024

Net income	$	26.5		$	18.0
Interest expense		8.5			3.5
Interest income		(5.4	)		(2.9	)
Income tax expense		8.2			5.0
Depreciation and amortization		8.0			8.2
EBITDA	$	45.7		$	31.8

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect			Net Income			Diluted EPS			EBITDA

2025 Q3 Reported	$	311.0	$	183.6	$	34.7		$	8.2		$	26.5		$	0.34		$	45.7
Corporate lease termination		—		—		(1.3	)		(0.3	)		(1.0	)		(0.01	)		(1.3	)
FX impact		—		—		(0.2	)		—			(0.2	)		—			(0.2	)
Non-recurring foreign tax expense		—		—		—			0.8			(0.8	)		(0.01	)		—
Constant Currency		8.9		4.8		0.8			0.1			0.7			0.01			1.0
2025 Q3 Adjusted	$	319.9	$	188.4	$	34.0		$	8.8		$	25.2		$	0.33		$	45.2

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect		Net Income			Diluted EPS			EBITDA

2024 Q3 Reported	$	281.4	$	166.7	$	23.0		$	5.0	$	18.0		$	0.25		$	31.8
Non-recurring foreign tax expense		—		—		—			0.7		(0.7	)		(0.01	)		—
FX impact		—		—		(0.1	)		—		(0.1	)		—			(0.1	)
2024 Q3 Adjusted	$	281.4	$	166.7	$	22.9		$	5.7	$	17.2		$	0.24		$	31.7

	Three Months Ended June 30, 2025				Nine Months Ended June 30, 2025
(in millions)	U.S. Dollar Amount		Percentage Change YOY		U.S. Dollar Amount		Percentage Change YOY

Consolidated revenues	$	311.0	11	%	$	937.5	8	%
Currency exchange rate fluctuations		8.9				30.9
Constant currency consolidated revenues	$	319.9	14	%	$	968.4	12	%

Consolidated gross profit	$	183.6	10	%	$	547.5	8	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency consolidated gross profit	$	188.4	13	%	$	563.6	11	%

Consolidated net inventory	$	225.5	31	%	$	225.5	31	%
Currency exchange rate fluctuations		1.3				1.3
Constant currency consolidated net inventory	$	226.8	32	%	$	226.8	32	%

Latin America Pawn gross profit	$	49.6	6	%	$	141.4	4	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency Latin America Pawn gross profit	$	54.4	16	%	$	157.5	16	%

Latin America Pawn PLO	$	70.6	13	%	$	70.6	13	%
Currency exchange rate fluctuations		1.5				1.5
Constant currency Latin America Pawn PLO	$	72.1	16	%	$	72.1	16	%

Latin America Pawn PSC revenues	$	31.4	3	%	$	88.9	5	%
Currency exchange rate fluctuations		2.9				9.6
Constant currency Latin America Pawn PSC revenues	$	34.3	13	%	$	98.5	16	%

Latin America Pawn merchandise sales	$	56.4	12	%	$	166.5	8	%
Currency exchange rate fluctuations		5.7				20.2
Constant currency Latin America Pawn merchandise sales	$	62.1	23	%	$	186.7	21	%

Latin America Pawn segment profit before tax	$	12.4	20	%	$	34.6	21	%
Currency exchange rate fluctuations		1.1				3.0
Constant currency Latin America Pawn segment profit before tax	$	13.5	30	%	$	37.6	32	%

The MIL Network –

July 31, 2025

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

US Senate News:

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

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

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

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

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

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

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

MIL OSI USA News –

July 31, 2025

MIL-OSI: Tenaris Announces 2025 Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

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

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

Summary of 2025 Second Quarter Results

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

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

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

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

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

Market Background and Outlook

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

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

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

Analysis of 2025 Second Quarter Results

Tubes

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

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

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

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

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

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

Others

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

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

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

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

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

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

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

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

Cash Flow and Liquidity of 2025 Second Quarter

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

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

Analysis of 2025 First Half Results

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

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

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

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

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

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

Tubes

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

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

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

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

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

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

Others

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

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

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

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

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

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

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

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

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

Cash Flow and Liquidity of 2025 First Half

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

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

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

Conference call

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

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

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

Please connect 10 minutes before the scheduled start time.

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

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

Consolidated Condensed Interim Income Statement

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

Attributable to:
Shareholders’ equity	531,323	335,186	1,038,254	1,072,166
Non-controlling interests	10,383	13,040	21,316	26,285
	541,706	348,226	1,059,570	1,098,451

Consolidated Condensed Interim Statement of Financial Position

(all amounts in thousands of U.S. dollars)	At June 30, 2025		At December 31, 2024
	(Unaudited)
ASSETS
Non-current assets
Property, plant and equipment, net	6,168,254		6,121,471
Intangible assets, net	1,362,262		1,357,749
Right-of-use assets, net	147,197		148,868
Investments in non-consolidated companies	1,575,101		1,543,657
Other investments	1,009,677		1,005,300
Deferred tax assets	835,954		831,298
Receivables, net	152,215	11,250,660	205,602	11,213,945
Current assets
Inventories, net	3,486,537		3,709,942
Receivables and prepayments, net	244,958		179,614
Current tax assets	415,626		332,621
Contract assets	60,182		50,757
Trade receivables, net	1,892,116		1,907,507
Derivative financial instruments	2,676		7,484
Other investments	2,482,514		2,372,999
Cash and cash equivalents	572,289	9,156,898	675,256	9,236,180
Total assets		20,407,558		20,450,125
EQUITY
Shareholders’ equity		16,583,542		16,593,257
Non-controlling interests		211,117		220,578
Total equity		16,794,659		16,813,835
LIABILITIES
Non-current liabilities
Borrowings	4,361		11,399
Lease liabilities	94,170		100,436
Derivative financial instruments	1,552		–
Deferred tax liabilities	472,640		503,941
Other liabilities	296,990		301,751
Provisions	61,746	931,459	82,106	999,633
Current liabilities
Borrowings	319,919		425,999
Lease liabilities	53,917		44,490
Derivative financial instruments	9,254		8,300
Current tax liabilities	298,803		366,292
Other liabilities	792,982		585,775
Provisions	156,387		119,344
Customer advances	139,751		206,196
Trade payables	910,427	2,681,440	880,261	2,636,657
Total liabilities		3,612,899		3,636,290
Total equity and liabilities		20,407,558		20,450,125

Consolidated Condensed Interim Statement of Cash Flows

(all amounts in thousands of U.S. dollars)	Three-month period ended June 30,		Six-month period ended June 30,
	2025	2024	2025	2024
	(Unaudited)		(Unaudited)
Cash flows from operating activities
Income for the period	541,706	348,226	1,059,570	1,098,451
Adjustments for:
Depreciation and amortization	150,002	138,509	296,408	313,951
Bargain purchase gain	–	(2,211)	–	(2,211)
Provision for the ongoing litigation related to the acquisition of participation in Usiminas	8,650	170,610	18,527	170,610
Income tax accruals less payments	(36,660)	(84,340)	(90,793)	(113,562)
Equity in earnings (losses) of non-consolidated companies	(32,651)	82,519	(46,686)	34,340
Interest accruals less payments, net	(4,616)	(14,573)	(13,039)	(2,635)
Changes in provisions	628	(6,277)	(1,765)	(4,732)
Changes in working capital	26,499	285,066	250,316	275,518
Others, including net foreign exchange	19,589	17,672	21,609	52,448
Net cash provided by operating activities	673,147	935,201	1,494,147	1,822,178

Cash flows from investing activities
Capital expenditures	(135,454)	(161,318)	(309,292)	(333,415)
Changes in advances to suppliers of property, plant and equipment	(18,769)	(13,467)	(5,853)	(10,515)
Cash decrease due to deconsolidation of subsidiaries	(1,848)	–	(1,848)	–
Acquisition of subsidiaries, net of cash acquired	–	25,946	–	25,946
Loan to joint ventures	–	(1,391)	(1,359)	(2,745)
Proceeds from disposal of property, plant and equipment and intangible assets	56,829	723	57,729	6,135
Dividends received from non-consolidated companies	41,348	53,136	41,348	53,136
Changes in investments in securities	94,299	(277,085)	(131,337)	(1,036,752)
Net cash used in investing activities	36,405	(373,456)	(350,612)	(1,298,210)

Cash flows from financing activities
Dividends paid	(600,317)	(458,556)	(600,317)	(458,556)
Dividends paid to non-controlling interest in subsidiaries	(27,264)	–	(27,264)	–
Changes in non-controlling interests	–	(5)	–	1,115
Acquisition of treasury shares	(236,744)	(492,322)	(473,932)	(803,386)
Payments of lease liabilities	(15,392)	(16,614)	(30,047)	(33,382)
Proceeds from borrowings	128,874	365,149	476,443	1,195,096
Repayments of borrowings	(145,831)	(418,521)	(574,956)	(1,172,599)
Net cash used in financing activities	(896,674)	(1,020,869)	(1,230,073)	(1,271,712)

Decrease in cash and cash equivalents	(187,122)	(459,124)	(86,538)	(747,744)

Movement in cash and cash equivalents
At the beginning of the period	758,952	1,323,056	660,798	1,616,597
Effect of exchange rate changes	(338)	(15,237)	(2,768)	(20,158)
Decrease in cash and cash equivalents	(187,122)	(459,124)	(86,538)	(747,744)
At June 30,	571,492	848,695	571,492	848,695

Exhibit I – Alternative performance measures

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

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

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

EBITDA is calculated in the following manner:

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

EBITDA is a non-IFRS alternative performance measure.

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

Free Cash Flow

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

Free cash flow is calculated in the following manner:

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

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

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

Net Cash / (Debt)

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

Net cash/ debt is calculated in the following manner:

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

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

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

Operating working capital days

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

Operating working capital days is calculated in the following manner:

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

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

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

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

The MIL Network –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

FISCAL 2025 THIRD QUARTER SUMMARY

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

MANAGEMENT COMMENTARY

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

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

RETURN OF CAPITAL UPDATE

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

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

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

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

FISCAL 2025 GUIDANCE UPDATE

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

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

INITIATION OF FISCAL 2026 PRELIMINARY GUIDANCE

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

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

2026 OUTLOOK

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

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

DISCUSSION OF THIRD QUARTER RESULTS BY SEGMENT

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

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

Upstream Business

Exploration and Production Segment

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

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

Adjusted EBITDA	$	202,488		$	128,535		$	73,953

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

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

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

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

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

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

Midstream Businesses

Pipeline and Storage Segment

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

	Three Months Ended
	June 30,
(in thousands)		2025		2024	Variance
GAAP Earnings	$	28,857	$	30,690	$	(1,833	)

Adjusted EBITDA	$	67,019	$	68,221	$	(1,202	)

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

Gathering Segment

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

	Three Months Ended
	June 30,
(in thousands)		2025		2024	Variance
GAAP Earnings	$	29,996	$	24,979	$	5,017

Adjusted EBITDA	$	55,923	$	47,631	$	8,292

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

Downstream Business

Utility Segment

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

	Three Months Ended
	June 30,
(in thousands)		2025		2024	Variance
GAAP Earnings	$	4,997	$	2,559	$	2,438

Adjusted EBITDA	$	25,743	$	21,047	$	4,696

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

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

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

Corporate and All Other

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

EARNINGS TELECONFERENCE

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

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

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

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

GUIDANCE SUMMARY

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

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

	Updated FY 2025 Guidance	Preliminary FY 2026 Guidance

Consolidated Adjusted Earnings per Share	$6.80 to $6.95	See sensitivity table on p.2
Consolidated Effective Tax Rate	~ 25.5%	~ 25.5%

Capital Expenditures (Millions)
Exploration and Production	$500 – $510	$470 – $500
Pipeline and Storage	$120 – $140	$210 – $250
Gathering	$95 – $110	$90 – $110
Utility	$175 – $195	$185 – $205
Consolidated Capital Expenditures	$890 – $955	$955 – $1,065

Exploration and Production Segment Guidance

Commodity Price Assumptions	(remaining three months)
NYMEX natural gas price (per MMBtu)	$3.25	$3.00 / $4.00 / $5.00
Appalachian basin spot price (per MMBtu)	$2.50	$2.30 / $3.10 / $3.90

Production (Bcf)	420 to 425	440 to 455

E&P Operating Costs ($/Mcf)
LOE	$0.67 – $0.68	$0.67 – $0.68
G&A	~$0.18	~$0.18
DD&A	$0.63 – $0.65	$0.65 – $0.69

Other Business Segment Guidance (Millions)
Gathering Segment Revenues	$255 – $260	$245 – $255
Pipeline and Storage Segment Revenues	$420 – $430	$415 – $430

Utility Segment Guidance (Millions)
Customer Margin*	$450 – $460	$470 – $490
O&M Expense	$240 – $245	$250 – $260
Non-Service Pension & OPEB Income	$23 – $27	$23 – $27
^{* Customer Margin is defined as Operating Revenues less Purchased Gas Expense.}

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
QUARTER ENDED JUNE 30, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*

Third quarter 2024 GAAP earnings	$	(112,028	)	$	30,690		$	24,979		$	2,559		$	(358	)	$	(54,158	)
Items impacting comparability:
Impairment of assets		200,696															200,696
Tax impact of impairment of assets		(55,686	)														(55,686	)
Unrealized (gain) loss on derivative asset		1,186															1,186
Tax impact of unrealized (gain) loss on derivative asset		(325	)														(325	)
Unrealized (gain) loss on other investments														15			15
Tax impact of unrealized (gain) loss on other investments														(3	)		(3	)
Third quarter 2024 adjusted operating results		33,843			30,690			24,979			2,559			(346	)		91,725
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		27,144															27,144
Higher (lower) realized natural gas prices, after hedging		38,281															38,281
Midstream Revenues
Higher (lower) operating revenues								6,125									6,125
Downstream Margins***
Impact of usage and weather											2,738						2,738
Impact of new rates in New York											2,788						2,788
Regulatory revenue adjustments											670						670
Operating Expenses
Lower (higher) lease operating and transportation expenses		(5,747	)														(5,747	)
Lower (higher) operating expenses					(1,687	)					(2,126	)		(1,463	)		(5,276	)
Lower (higher) property, franchise and other taxes		(1,636	)														(1,636	)
Lower (higher) depreciation / depletion								(882	)		(1,242	)					(2,124	)
Other Income (Expense)
Higher (lower) other income		(531	)		(1,238	)					3,169			1,352			2,752
(Higher) lower interest expense		589			510						(2,007	)		(1,616	)		(2,524	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(5,564	)		(39	)		(178	)		(1,190	)		710			(6,261	)

All other / rounding		325			621			(48	)		(362	)		12			548
Third quarter 2025 adjusted operating results		86,704			28,857			29,996			4,997			(1,351	)		149,203
Items impacting comparability:
Unrealized gain (loss) on derivative asset		(45	)														(45	)
Tax impact of unrealized gain (loss) on derivative asset		12															12
Unrealized gain (loss) on other investments														820			820
Tax impact of unrealized gain (loss) on other investments														(172	)		(172	)
Third quarter 2025 GAAP earnings	$	86,671		$	28,857		$	29,996		$	4,997		$	(703	)	$	149,818

^{* Amounts do not reflect intercompany eliminations.}
^{** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.}
^{*** Downstream margin defined as operating revenues less purchased gas expense.}

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
QUARTER ENDED JUNE 30, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*

Third quarter 2024 GAAP earnings per share	$	(1.22	)	$	0.33		$	0.27		$	0.03		$	—		$	(0.59	)
Items impacting comparability:
Impairment of assets, net of tax		1.58															1.58
Unrealized (gain) loss on derivative asset, net of tax		0.01															0.01
Unrealized (gain) loss on other investments, net of tax														—			—
Rounding														(0.01	)		(0.01	)
Third quarter 2024 adjusted operating results per share		0.37			0.33			0.27			0.03			(0.01	)		0.99
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		0.30															0.30
Higher (lower) realized natural gas prices, after hedging		0.42															0.42
Midstream Revenues
Higher (lower) operating revenues								0.07									0.07
Downstream Margins***
Impact of usage and weather											0.03						0.03
Impact of new rates in New York											0.03						0.03
Regulatory revenue adjustments											0.01						0.01
Operating Expenses
Lower (higher) lease operating and transportation expenses		(0.06	)														(0.06	)
Lower (higher) operating expenses					(0.02	)					(0.02	)		(0.02	)		(0.06	)
Lower (higher) property, franchise and other taxes		(0.02	)														(0.02	)
Lower (higher) depreciation / depletion								(0.01	)		(0.01	)					(0.02	)
Other Income (Expense)
Higher (lower) other income		(0.01	)		(0.01	)					0.03			0.01			0.02
(Higher) lower interest expense		0.01			0.01						(0.02	)		(0.02	)		(0.02	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.06	)		—			—			(0.01	)		0.01			(0.06	)

All other / rounding		—			0.01			—			(0.02	)		0.02			0.01
Third quarter 2025 adjusted operating results per share		0.95			0.32			0.33			0.05			(0.01	)		1.64
Items impacting comparability:
Unrealized gain (loss) on derivative asset, net of tax		—															—
Unrealized gain (loss) on other investments, net of tax														0.01			0.01
Rounding														(0.01	)		(0.01	)
Third quarter 2025 GAAP earnings per share	$	0.95		$	0.32		$	0.33		$	0.05		$	(0.01	)	$	1.64

^{* Amounts do not reflect intercompany eliminations.}
^{** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.}
^{*** Downstream margin defined as operating revenues less purchased gas expense.}

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
NINE MONTHS ENDED JUNE 30, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
(Thousands of Dollars)	Production			Storage			Gathering			Utility			All Other			Consolidated*
Nine months ended June 30, 2024 GAAP earnings	$	2,521		$	85,482		$	82,510		$	73,848		$	773		$	245,134
Items impacting comparability:
Impairment of assets		200,696															200,696
Tax impact of impairment of assets		(55,686	)														(55,686	)
Unrealized (gain) loss on derivative asset		4,848															4,848
Tax impact of unrealized (gain) loss on derivative asset		(1,330	)														(1,330	)
Unrealized (gain) loss on other investments														(1,803	)		(1,803	)
Tax impact of unrealized (gain) loss on other investments														379			379
Nine months ended June 30, 2024 adjusted operating results		151,049			85,482			82,510			73,848			(651	)		392,238
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		28,414															28,414
Higher (lower) realized natural gas prices, after hedging		70,158															70,158
Midstream Revenues
Higher (lower) operating revenues					12,241			5,793									18,034
Downstream Margins***
Impact of usage and weather											5,423						5,423
Impact of new rates in New York											25,230						25,230
Higher (lower) other operating revenues											(1,400	)					(1,400	)
Operating Expenses
Lower (higher) lease operating and transportation expenses		(5,810	)														(5,810	)
Lower (higher) operating expenses		(1,490	)		(3,790	)		(751	)		(6,700	)		(1,740	)		(14,471	)
Lower (higher) property, franchise and other taxes		(2,381	)														(2,381	)
Lower (higher) depreciation / depletion		13,760						(2,684	)		(2,551	)					8,525
Other Income (Expense)
Higher (lower) other income		(2,420	)		(1,840	)					14,888			3,653			14,281
(Higher) lower interest expense					838			(1,648	)		(5,686	)		(4,780	)		(11,276	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(7,902	)		(286	)		727			(2,318	)		755			(9,024	)

All other / rounding		555			374			234			306			67			1,536
Nine months ended June 30, 2025 adjusted operating results		243,933			93,019			84,181			101,040			(2,696	)		519,477
Items impacting comparability:
Impairment of assets		(141,802	)														(141,802	)
Tax impact of impairment of assets		37,169															37,169
Premiums paid on early redemption of debt		(1,430	)					(955	)								(2,385	)
Tax impact of premiums paid on early redemption of debt		385						257									642
Unrealized gain (loss) on derivative asset		(729	)														(729	)
Tax impact of unrealized gain (loss) on derivative asset		196															196
Unrealized gain (loss) on other investments														(1,780	)		(1,780	)
Tax impact of unrealized gain (loss) on other investments														374			374
Nine months ended June 30, 2025 GAAP earnings	$	137,722		$	93,019		$	83,483		$	101,040		$	(4,102	)	$	411,162

^{* Amounts do not reflect intercompany eliminations.}
^{** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.}
^{*** Downstream margin defined as operating revenues less purchased gas expense.}

NATIONAL FUEL GAS COMPANY
RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
NINE MONTHS ENDED JUNE 30, 2025
(Unaudited)

	Upstream			Midstream						Downstream

	Exploration &			Pipeline &									Corporate /
	Production			Storage			Gathering			Utility			All Other			Consolidated*
Nine months ended June 30, 2024 GAAP earnings per share	$	0.03		$	0.92		$	0.89		$	0.80		$	0.01		$	2.65
Items impacting comparability:
Impairment of assets, net of tax		1.57															1.57
Unrealized (gain) loss on derivative asset, net of tax		0.04															0.04
Unrealized (gain) loss on other investments, net of tax														(0.02	)		(0.02	)
Rounding		(0.01	)											0.01			—
Nine months ended June 30, 2024 adjusted operating results per share		1.63			0.92			0.89			0.80			—			4.24
Drivers of adjusted operating results**
Upstream Revenues
Higher (lower) natural gas production		0.31															0.31
Higher (lower) realized natural gas prices, after hedging		0.77															0.77
Midstream Revenues
Higher (lower) operating revenues					0.13			0.06									0.19
Downstream Margins***
Impact of usage and weather											0.06						0.06
Impact of new rates in New York											0.28						0.28
Higher (lower) other operating revenues											0.01						0.01
Operating Expenses
Lower (higher) lease operating and transportation expenses		(0.06	)														(0.06	)
Lower (higher) operating expenses		(0.02	)		(0.04	)		(0.01	)		(0.07	)		(0.02	)		(0.16	)
Lower (higher) property, franchise and other taxes		(0.03	)														(0.03	)
Lower (higher) depreciation / depletion		0.15						(0.03	)		(0.03	)					0.09
Other Income (Expense)
Higher (lower) other income		(0.03	)		(0.02	)					0.16			0.04			0.15
(Higher) lower interest expense					0.01			(0.02	)		(0.06	)		(0.05	)		(0.12	)
Income Taxes
Lower (higher) income tax expense / effective tax rate		(0.09	)		—			0.01			(0.03	)		0.01			(0.10	)

Impact of reduction in shares		0.03			0.01			0.01			0.01			—			0.06
All other / rounding		0.01			0.01			0.01			(0.02	)		(0.01	)		—
Nine months ended June 30, 2025 adjusted operating results per share		2.67			1.02			0.92			1.11			(0.03	)		5.69
Items impacting comparability:
Impairment of assets, net of tax		(1.14	)														(1.14	)
Premiums paid on early redemption of debt, net of tax		(0.01	)					(0.01	)								(0.02	)
Unrealized gain (loss) on derivative asset, net of tax		(0.01	)														(0.01	)
Unrealized gain (loss) on other investments, net of tax														(0.02	)		(0.02	)
Rounding														0.01			0.01
Nine months ended June 30, 2025 GAAP earnings per share	$	1.51		$	1.02		$	0.91		$	1.11		$	(0.04	)	$	4.51

^{* Amounts do not reflect intercompany eliminations.}
^{** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.}
^{*** Downstream margin defined as operating revenues less purchased gas expense.}

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

(Thousands of Dollars, except per share amounts)
	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	(Unaudited)						(Unaudited)
SUMMARY OF OPERATIONS		2025			2024			2025			2024
Operating Revenues:
Utility Revenues	$	157,446		$	124,858		$	729,445		$	616,977
Exploration and Production and Other Revenues		303,883			220,905			864,701			739,537
Pipeline and Storage and Gathering Revenues		70,501			71,679			217,116			216,228
		531,830			417,442			1,811,262			1,572,742
Operating Expenses:
Purchased Gas		27,986			4,952			228,661			167,444
Operation and Maintenance:
Utility		56,053			53,412			174,744			166,405
Exploration and Production and Other		35,272			35,148			103,874			102,768
Pipeline and Storage and Gathering		41,679			40,019			119,982			114,321
Property, Franchise and Other Taxes		24,180			21,201			71,450			66,635
Depreciation, Depletion and Amortization		116,408			113,454			337,055			348,179
Impairment of Assets		—			200,696			141,802			200,696
		301,578			468,882			1,177,568			1,166,448

Operating Income (Loss)		230,252			(51,440	)		633,694			406,294

Other Income (Expense):
Other Income (Deductions)		8,534			3,188			31,486			12,989
Interest Expense on Long-Term Debt		(34,333	)		(32,876	)		(107,356	)		(89,791	)
Other Interest Expense		(3,556	)		(1,341	)		(13,033	)		(14,250	)

Income (Loss) Before Income Taxes		200,897			(82,469	)		544,791			315,242

Income Tax Expense (Benefit)		51,079			(28,311	)		133,629			70,108

Net Income (Loss) Available for Common Stock	$	149,818		$	(54,158	)	$	411,162		$	245,134

Earnings (Loss) Per Common Share
Basic	$	1.66		$	(0.59	)	$	4.54		$	2.67
Diluted	$	1.64		$	(0.59	)	$	4.51		$	2.65

Weighted Average Common Shares:
Used in Basic Calculation		90,358,018			91,874,049			90,546,228			91,966,034
Used in Diluted Calculation		91,139,556			91,874,049			91,247,547			92,467,787

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

	June 30,			September 30,
(Thousands of Dollars)		2025			2024
ASSETS
Property, Plant and Equipment	$	15,044,963		$	14,524,798
Less – Accumulated Depreciation, Depletion and Amortization		7,588,956			7,185,593
Net Property, Plant and Equipment		7,456,007			7,339,205
Current Assets:
Cash and Temporary Cash Investments		39,317			38,222
Receivables – Net		222,515			127,222
Unbilled Revenue		15,347			15,521
Gas Stored Underground		12,810			35,055
Materials and Supplies – at average cost		51,022			47,670
Unrecovered Purchased Gas Costs		2,903			—
Other Current Assets		64,241			92,229
Total Current Assets		408,155			355,919
Other Assets:
Recoverable Future Taxes		90,493			80,084
Unamortized Debt Expense		6,701			5,604
Other Regulatory Assets		124,300			108,022
Deferred Charges		71,426			69,662
Other Investments		73,764			81,705
Goodwill		5,476			5,476
Prepaid Pension and Post-Retirement Benefit Costs		199,286			180,230
Fair Value of Derivative Financial Instruments		2,394			87,905
Other		8,158			5,958
Total Other Assets		581,998			624,646
Total Assets	$	8,446,160		$	8,319,770
CAPITALIZATION AND LIABILITIES
Capitalization:
Comprehensive Shareholders’ Equity
Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and
Outstanding – 90,355,956 Shares and 91,005,993 Shares, Respectively	$	90,356		$	91,006
Paid in Capital		1,047,406			1,045,487
Earnings Reinvested in the Business		1,953,533			1,727,326
Accumulated Other Comprehensive Loss		(115,807	)		(15,476	)
Total Comprehensive Shareholders’ Equity		2,975,488			2,848,343
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs		2,381,852			2,188,243
Total Capitalization		5,357,340			5,036,586
Current and Accrued Liabilities:
Notes Payable to Banks and Commercial Paper		61,500			90,700
Current Portion of Long-Term Debt		300,000			500,000
Accounts Payable		123,131			165,068
Amounts Payable to Customers		24,275			42,720
Dividends Payable		48,340			46,872
Interest Payable on Long-Term Debt		39,060			27,247
Customer Advances		—			19,373
Customer Security Deposits		28,739			36,265
Other Accruals and Current Liabilities		207,179			162,903
Fair Value of Derivative Financial Instruments		57,673			4,744
Total Current and Accrued Liabilities		889,897			1,095,892
Other Liabilities:
Deferred Income Taxes		1,153,427			1,111,165
Taxes Refundable to Customers		297,602			305,645
Cost of Removal Regulatory Liability		302,932			292,477
Other Regulatory Liabilities		137,025			151,452
Other Post-Retirement Liabilities		3,393			3,511
Asset Retirement Obligations		188,305			203,006
Other Liabilities		116,239			120,036
Total Other Liabilities		2,198,923			2,187,292
Commitments and Contingencies		—			—
Total Capitalization and Liabilities	$	8,446,160		$	8,319,770

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

	Nine Months Ended
	June 30,
(Thousands of Dollars)		2025			2024

Operating Activities:
Net Income Available for Common Stock	$	411,162		$	245,134
Adjustments to Reconcile Net Income to Net Cash
Provided by Operating Activities:
Impairment of Assets		141,802			200,696
Depreciation, Depletion and Amortization		337,055			348,179
Deferred Income Taxes		60,754			47,212
Premiums Paid on Early Redemption of Debt		2,385			—
Stock-Based Compensation		15,721			15,984
Other		19,296			18,542
Change in:
Receivables and Unbilled Revenue		(95,254	)		5,253
Gas Stored Underground and Materials and Supplies		18,803			18,981
Unrecovered Purchased Gas Costs		(2,903	)		—
Other Current Assets		28,038			17,431
Accounts Payable		1,744			(13,705	)
Amounts Payable to Customers		(18,445	)		3,550
Customer Advances		(19,373	)		(21,003	)
Customer Security Deposits		(7,526	)		7,910
Other Accruals and Current Liabilities		44,283			23,846
Other Assets		(35,348	)		(35,346	)
Other Liabilities		(39,918	)		(14,649	)
Net Cash Provided by Operating Activities	$	862,276		$	868,015

Investing Activities:
Capital Expenditures	$	(627,316	)	$	(684,200	)
Other		9,352			(1,371	)
Net Cash Used in Investing Activities	$	(617,964	)	$	(685,571	)

Financing Activities:
Changes in Notes Payable to Banks and Commercial Paper		(29,200	)		(287,500	)
Shares Repurchased Under Repurchase Plan		(54,430	)		(27,847	)
Reduction of Long-Term Debt		(1,004,086	)		—
Net Proceeds From Issuance of Long-Term Debt		988,731			299,396
Dividends Paid on Common Stock		(140,098	)		(136,610	)
Net Repurchases of Common Stock Under Stock and Benefit Plans		(4,134	)		(3,916	)
Net Cash Used in Financing Activities	$	(243,217	)	$	(156,477	)

Net Increase in Cash and Cash Equivalents		1,095			25,967
Cash and Cash Equivalents at Beginning of Period		38,222			55,447
Cash and Cash Equivalents at June 30	$	39,317		$	81,414

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

UPSTREAM BUSINESS

	Three Months Ended									Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,									June 30,
EXPLORATION AND PRODUCTION SEGMENT		2025			2024		Variance				2025			2024		Variance
Total Operating Revenues	$	303,883		$	220,905		$	82,978		$	864,701		$	739,537		$	125,164
Operating Expenses:
Operation and Maintenance:
General and Administrative Expense		18,602			18,213			389			56,776			53,170			3,606
Lease Operating and Transportation Expense		73,856			66,581			7,275			210,671			203,317			7,354
All Other Operation and Maintenance Expense		3,816			4,526			(710	)		10,994			12,714			(1,720	)
Property, Franchise and Other Taxes		5,121			3,050			2,071			12,778			9,764			3,014
Depreciation, Depletion and Amortization		68,848			68,778			70			196,773			214,191			(17,418	)
Impairment of Assets		—			200,696			(200,696	)		141,802			200,696			(58,894	)
		170,243			361,844			(191,601	)		629,794			693,852			(64,058	)

Operating Income (Loss)		133,640			(140,939	)		274,579			234,907			45,685			189,222

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		37			100			(63	)		111			301			(190	)
Interest and Other Income (Deductions)		44			(488	)		532			416			(830	)		1,246
Interest Expense on Long-Term Debt		—			—			—			(1,949	)		—			(1,949	)
Other Interest Expense		(13,925	)		(14,670	)		745			(44,215	)		(45,046	)		831
Income (Loss) Before Income Taxes		119,796			(155,997	)		275,793			189,270			110			189,160
Income Tax Expense (Benefit)		33,125			(43,969	)		77,094			51,548			(2,411	)		53,959
Net Income (Loss)	$	86,671		$	(112,028	)	$	198,699		$	137,722		$	2,521		$	135,201
Net Income (Loss) Per Share (Diluted)	$	0.95		$	(1.22	)	$	2.17		$	1.51		$	0.03		$	1.48

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

MIDSTREAM BUSINESSES

	Three Months Ended									Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,									June 30,
PIPELINE AND STORAGE SEGMENT		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	67,982		$	68,035		$	(53	)	$	207,916		$	204,071		$	3,845
Intersegment Revenues		37,597			37,384			213			113,849			103,781			10,068
Total Operating Revenues		105,579			105,419			160			321,765			307,852			13,913
Operating Expenses:
Purchased Gas		(164	)		614			(778	)		(42	)		1,540			(1,582	)
Operation and Maintenance		30,264			28,128			2,136			87,940			83,142			4,798
Property, Franchise and Other Taxes		8,460			8,456			4			25,727			25,776			(49	)
Depreciation, Depletion and Amortization		18,601			18,453			148			55,733			56,157			(424	)
		57,161			55,651			1,510			169,358			166,615			2,743

Operating Income		48,418			49,768			(1,350	)		152,407			141,237			11,170

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		952			1,257			(305	)		2,857			3,772			(915	)
Interest and Other Income		1,111			2,362			(1,251	)		4,945			6,340			(1,395	)
Interest Expense		(11,209	)		(11,855	)		646			(34,637	)		(35,698	)		1,061
Income Before Income Taxes		39,272			41,532			(2,260	)		125,572			115,651			9,921
Income Tax Expense		10,415			10,842			(427	)		32,553			30,169			2,384
Net Income	$	28,857		$	30,690		$	(1,833	)	$	93,019		$	85,482		$	7,537
Net Income Per Share (Diluted)	$	0.32		$	0.33		$	(0.01	)	$	1.02		$	0.92		$	0.10

	Three Months Ended									Nine Months Ended
	June 30,									June 30,
GATHERING SEGMENT		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	2,519		$	3,644		$	(1,125	)	$	9,200		$	12,157		$	(2,957	)
Intersegment Revenues		65,354			56,476			8,878			184,834			174,544			10,290
Total Operating Revenues		67,873			60,120			7,753			194,034			186,701			7,333
Operating Expenses:
Operation and Maintenance		11,929			12,382			(453	)		33,633			32,682			951
Property, Franchise and Other Taxes		21			107			(86	)		(206	)		224			(430	)
Depreciation, Depletion and Amortization		10,848			9,732			1,116			32,197			28,800			3,397
		22,798			22,221			577			65,624			61,706			3,918

Operating Income		45,075			37,899			7,176			128,410			124,995			3,415

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit (Costs)		(1	)		9			(10	)		(1	)		28			(29	)
Interest and Other Income		—			113			(113	)		152			257			(105	)
Interest Expense on Long-Term Debt		—			—			—			(1,334	)		—			(1,334	)
Other Interest Expense		(3,870	)		(3,393	)		(477	)		(12,531	)		(10,824	)		(1,707	)
Income Before Income Taxes		41,204			34,628			6,576			114,696			114,456			240
Income Tax Expense		11,208			9,649			1,559			31,213			31,946			(733	)
Net Income	$	29,996		$	24,979		$	5,017		$	83,483		$	82,510		$	973
Net Income Per Share (Diluted)	$	0.33		$	0.27		$	0.06		$	0.91		$	0.89		$	0.02

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

DOWNSTREAM BUSINESS

	Three Months Ended									Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,									June 30,
UTILITY SEGMENT		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	157,446		$	124,858		$	32,588		$	729,445		$	616,977		$	112,468
Intersegment Revenues		77			86			(9	)		279			479			(200	)
Total Operating Revenues		157,523			124,944			32,579			729,724			617,456			112,268
Operating Expenses:
Purchased Gas		64,292			40,096			24,196			337,541			264,983			72,558
Operation and Maintenance		57,039			54,349			2,690			177,742			169,261			8,481
Property, Franchise and Other Taxes		10,449			9,452			997			32,761			30,471			2,290
Depreciation, Depletion and Amortization		17,945			16,373			1,572			51,908			48,678			3,230
		149,725			120,270			29,455			599,952			513,393			86,559

Operating Income		7,798			4,674			3,124			129,772			104,063			25,709

Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Credit		5,328			462			4,866			23,498			1,788			21,710
Interest and Other Income		628			1,485			(857	)		1,869			4,735			(2,866	)
Interest Expense		(10,958	)		(8,417	)		(2,541	)		(32,601	)		(25,402	)		(7,199	)
Income (Loss) Before Income Taxes		2,796			(1,796	)		4,592			122,538			85,184			37,354
Income Tax Expense (Benefit)		(2,201	)		(4,355	)		2,154			21,498			11,336			10,162
Net Income	$	4,997		$	2,559		$	2,438		$	101,040		$	73,848		$	27,192
Net Income Per Share (Diluted)	$	0.05		$	0.03		$	0.02		$	1.11		$	0.80		$	0.31

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT OPERATING RESULTS AND STATISTICS
(UNAUDITED)

	Three Months Ended									Nine Months Ended
(Thousands of Dollars, except per share amounts)	June 30,									June 30,
ALL OTHER		2025			2024		Variance				2025			2024		Variance
Total Operating Revenues	$	—		$	—		$	—		$	—		$	—		$	—
Operating Expenses:
Operation and Maintenance		—			—			—			—			—			—
		—			—			—			—			—			—

Operating Income		—			—			—			—			—			—
Other Income (Expense):
Interest and Other Income (Deductions)		(131	)		(65	)		(66	)		(489	)		(184	)		(305	)
Interest Expense		(141	)		(97	)		(44	)		(389	)		(262	)		(127	)
Loss before Income Taxes		(272	)		(162	)		(110	)		(878	)		(446	)		(432	)
Income Tax Benefit		(63	)		(38	)		(25	)		(204	)		(105	)		(99	)
Net Loss	$	(209	)	$	(124	)	$	(85	)	$	(674	)	$	(341	)	$	(333	)
Net Loss Per Share (Diluted)	$	—		$	—		$	—		$	(0.01	)	$	—		$	(0.01	)

	Three Months Ended									Nine Months Ended
	June 30,									June 30,
CORPORATE		2025			2024		Variance				2025			2024		Variance
Revenues from External Customers	$	—		$	—		$	—		$	—		$	—		$	—
Intersegment Revenues		1,341			1,285			56			4,024			3,856			168
Total Operating Revenues		1,341			1,285			56			4,024			3,856			168
Operating Expenses:
Operation and Maintenance		5,725			3,873			1,852			14,992			12,789			2,203
Property, Franchise and Other Taxes		129			136			(7	)		390			400			(10	)
Depreciation, Depletion and Amortization		166			118			48			444			353			91
		6,020			4,127			1,893			15,826			13,542			2,284

Operating Loss		(4,679	)		(2,842	)		(1,837	)		(11,802	)		(9,686	)		(2,116	)
Other Income (Expense):
Non-Service Pension and Post-Retirement Benefit Costs		(212	)		(386	)		174			(635	)		(1,161	)		526
Interest and Other Income		41,073			39,025			2,048			123,918			120,288			3,630
Interest Expense on Long-Term Debt		(34,333	)		(32,876	)		(1,457	)		(104,073	)		(89,791	)		(14,282	)
Other Interest Expense		(3,748	)		(3,595	)		(153	)		(13,815	)		(19,363	)		5,548
Income (Loss) before Income Taxes		(1,899	)		(674	)		(1,225	)		(6,407	)		287			(6,694	)
Income Tax Benefit		(1,405	)		(440	)		(965	)		(2,979	)		(827	)		(2,152	)
Net Income (Loss)	$	(494	)	$	(234	)	$	(260	)	$	(3,428	)	$	1,114		$	(4,542	)
Net Income (Loss) Per Share (Diluted)	$	(0.01	)	$	—		$	(0.01	)	$	(0.03	)	$	0.01		$	(0.04	)

	Three Months Ended									Nine Months Ended
	June 30,									June 30,
INTERSEGMENT ELIMINATIONS		2025			2024		Variance				2025			2024		Variance
Intersegment Revenues	$	(104,369	)	$	(95,231	)	$	(9,138	)	$	(302,986	)	$	(282,660	)	$	(20,326	)
Operating Expenses:
Purchased Gas		(36,142	)		(35,758	)		(384	)		(108,838	)		(99,079	)		(9,759	)
Operation and Maintenance		(68,227	)		(59,473	)		(8,754	)		(194,148	)		(183,581	)		(10,567	)
		(104,369	)		(95,231	)		(9,138	)		(302,986	)		(282,660	)		(20,326	)
Operating Income		—			—			—			—			—			—
Other Income (Expense):
Interest and Other Deductions		(40,295	)		(40,686	)		391			(125,155	)		(122,345	)		(2,810	)
Interest Expense		40,295			40,686			(391	)		125,155			122,345			2,810
Net Income	$	—		$	—		$	—		$	—		$	—		$	—
Net Income Per Share (Diluted)	$	—		$	—		$	—		$	—		$	—		$	—

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

SEGMENT INFORMATION (Continued)
(Thousands of Dollars)

	Three Months Ended									Nine Months Ended
	June 30,									June 30,
	(Unaudited)									(Unaudited)
							Increase										Increase
		2025			2024		(Decrease)				2025				2024		(Decrease)

Capital Expenditures:
Exploration and Production	$	123,369	_⁽¹⁾	$	114,679	_⁽³⁾	$	8,690		$	354,355		_{⁽¹⁾⁽²⁾}	$	399,820	_{⁽³⁾⁽⁴⁾}	$	(45,465	)
Pipeline and Storage		22,700	_⁽¹⁾		26,212	_⁽³⁾		(3,512	)		58,117		_{⁽¹⁾⁽²⁾}		68,791	_{⁽³⁾⁽⁴⁾}		(10,674	)
Gathering		26,638	_⁽¹⁾		29,570	_⁽³⁾		(2,932	)		58,164		_{⁽¹⁾⁽²⁾}		69,088	_{⁽³⁾⁽⁴⁾}		(10,924	)
Utility		50,025	_⁽¹⁾		49,257	_⁽³⁾		768			128,322		_{⁽¹⁾⁽²⁾}		117,508	_{⁽³⁾⁽⁴⁾}		10,814
Total Reportable Segments		222,732			219,718			3,014			598,958				655,207			(56,249	)
All Other		—			—			—			—				—			—
Corporate		138			71			67			518				253			265
Eliminations		—			—			—			(3,520	)			—			(3,520	)
Total Capital Expenditures	$	222,870		$	219,789		$	3,081		$	595,956			$	655,460		$	(59,504	)
_{⁽¹⁾ Capital expenditures for the quarter and nine months ended June 30, 2025, include accounts payable and accrued liabilities related to capital expenditures of $61.5 million, $5.7 million, $11.6 million, and $9.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at June 30, 2025, since they represent non-cash investing activities at that date.}
_{⁽²⁾ Capital expenditures for the nine months ended June 30, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the nine months ended June 30, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2025.}
_{⁽³⁾ Capital expenditures for the quarter and nine months ended June 30, 2024, include accounts payable and accrued liabilities related to capital expenditures of $50.9 million, $7.0 million, $14.6 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at June 30, 2024, since they represented non-cash investing activities at that date.}
_{⁽⁴⁾ Capital expenditures for the nine months ended June 30, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the nine months ended June 30, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at June 30, 2024.}

DEGREE DAYS
				Percent Colder
				(Warmer) Than:
Three Months Ended June 30,	Normal	2025	2024	Normal ⁽¹⁾		Last Year ⁽¹⁾
Buffalo, NY ⁽²⁾	843	825	565	(2.1	)	46.0
Erie, PA	776	813	519	4.8		56.6

Nine Months Ended June 30,
Buffalo, NY ⁽²⁾	6,195	5,825	5,128	(6.0	)	13.6
Erie, PA	5,693	5,527	4,759	(2.9	)	16.1
_{⁽¹⁾Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.}
_{⁽²⁾Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.}

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

EXPLORATION AND PRODUCTION INFORMATION

	Three Months Ended							Nine Months Ended
	June 30,							June 30,
					Increase							Increase
		2025		2024	(Decrease)				2025		2024	(Decrease)

Gas Production/Prices:
Production (MMcf)
Appalachia		111,588		96,504		15,084			314,819		300,144		14,675

Average Prices (Per Mcf)
Weighted Average	$	2.69	$	1.50	$	1.19		$	2.66	$	1.93	$	0.73
Weighted Average after Hedging	$	2.71	$	2.28	$	0.43		$	2.73	$	2.45	$	0.28

Selected Operating Performance Statistics:
General and Administrative Expense per Mcf ⁽¹⁾	$	0.17	$	0.19	$	(0.02	)	$	0.18	$	0.18	$	—
Lease Operating and Transportation Expense per Mcf ⁽¹⁾⁽²⁾	$	0.66	$	0.69	$	(0.03	)	$	0.67	$	0.68	$	(0.01	)
Depreciation, Depletion and Amortization per Mcf ⁽¹⁾	$	0.62	$	0.71	$	(0.09	)	$	0.63	$	0.71	$	(0.08	)
_{⁽¹⁾Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.}
_{⁽²⁾Amounts include transportation expense of $0.56 and $0.59 per Mcf for the three months ended June 30, 2025 and June 30, 2024, respectively. Amounts include transportation expense of $0.57 per Mcf for the nine months ended June 30, 2025 and June 30, 2024.}

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

Pipeline and Storage Throughput – (millions of cubic feet – MMcf)

	Three Months Ended			Nine Months Ended
	June 30,			June 30,
			Increase			Increase
	2025	2024	(Decrease)	2025	2024	(Decrease)
Firm Transportation – Affiliated	20,123	18,377	1,746	101,233	92,433	8,800
Firm Transportation – Non-Affiliated	158,910	150,133	8,777	515,411	498,435	16,976
Interruptible Transportation	149	118	31	665	1,508	(843	)
	179,182	168,628	10,554	617,309	592,376	24,933

Gathering Volume – (MMcf)
	Three Months Ended			Nine Months Ended
	June 30,			June 30,
			Increase			Increase
	2025	2024	(Decrease)	2025	2024	(Decrease)
Gathered Volume	133,271	118,445	14,826	384,003	367,832	16,171

Utility Throughput – (MMcf)
	Three Months Ended			Nine Months Ended
	June 30,			June 30,
			Increase			Increase
	2025	2024	(Decrease)	2025	2024	(Decrease)
Retail Sales:
Residential Sales	10,151	8,123	2,028	60,738	53,168	7,570
Commercial Sales	1,658	1,308	350	9,997	8,401	1,596
Industrial Sales	93	62	31	594	389	205
	11,902	9,493	2,409	71,329	61,958	9,371
Transportation	13,853	12,819	1,034	55,881	52,984	2,897
	25,755	22,312	3,443	127,210	114,942	12,268

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES

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

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

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

Reported GAAP Earnings Per Share	$	1.64		$	(0.59	)	$	4.51		$	2.65
Items impacting comparability:
Impairment of assets, net of tax (E&P)		—			1.58			1.14			1.57
Premiums paid on early redemption of debt, net of tax (E&P / Midstream)		—			—			0.02			—
Unrealized (gain) loss on derivative asset, net of tax (E&P)		—			0.01			0.01			0.04
Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)		(0.01	)		—			0.02			(0.02	)
Rounding		0.01			(0.01	)		(0.01	)		—
Adjusted Operating Results Per Share	$	1.64		$	0.99		$	5.69		$	4.24

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

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(in thousands)		2025			2024			2025			2024
Reported GAAP Earnings	$	149,818		$	(54,158	)	$	411,162		$	245,134
Depreciation, Depletion and Amortization		116,408			113,454			337,055			348,179
Other (Income) Deductions		(8,534	)		(3,188	)		(31,486	)		(12,989	)
Interest Expense		37,889			34,217			120,389			104,041
Income Taxes		51,079			(28,311	)		133,629			70,108
Impairment of Assets		—			200,696			141,802			200,696
Adjusted EBITDA	$	346,660		$	262,710		$	1,112,551		$	955,169

Adjusted EBITDA by Segment
Pipeline and Storage Adjusted EBITDA	$	67,019		$	68,221		$	208,140		$	197,394
Gathering Adjusted EBITDA		55,923			47,631			160,607			153,795
Total Midstream Businesses Adjusted EBITDA		122,942			115,852			368,747			351,189
Exploration and Production Adjusted EBITDA		202,488			128,535			573,482			460,572
Utility Adjusted EBITDA		25,743			21,047			181,680			152,741
Corporate and All Other Adjusted EBITDA		(4,513	)		(2,724	)		(11,358	)		(9,333	)
Total Adjusted EBITDA	$	346,660		$	262,710		$	1,112,551		$	955,169

NATIONAL FUEL GAS COMPANY AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES SEGMENT ADJUSTED EBITDA
	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(in thousands)		2025			2024			2025			2024
Exploration and Production Segment
Reported GAAP Earnings	$	86,671		$	(112,028	)	$	137,722		$	2,521
Depreciation, Depletion and Amortization		68,848			68,778			196,773			214,191
Other (Income) Deductions		(81	)		388			(527	)		529
Interest Expense		13,925			14,670			46,164			45,046
Income Taxes		33,125			(43,969	)		51,548			(2,411	)
Impairment of Assets		—			200,696			141,802			200,696
Adjusted EBITDA	$	202,488		$	128,535		$	573,482		$	460,572

Pipeline and Storage Segment
Reported GAAP Earnings	$	28,857		$	30,690		$	93,019		$	85,482
Depreciation, Depletion and Amortization		18,601			18,453			55,733			56,157
Other (Income) Deductions		(2,063	)		(3,619	)		(7,802	)		(10,112	)
Interest Expense		11,209			11,855			34,637			35,698
Income Taxes		10,415			10,842			32,553			30,169
Adjusted EBITDA	$	67,019		$	68,221		$	208,140		$	197,394

Gathering Segment
Reported GAAP Earnings	$	29,996		$	24,979		$	83,483		$	82,510
Depreciation, Depletion and Amortization		10,848			9,732			32,197			28,800
Other (Income) Deductions		1			(122	)		(151	)		(285	)
Interest Expense		3,870			3,393			13,865			10,824
Income Taxes		11,208			9,649			31,213			31,946
Adjusted EBITDA	$	55,923		$	47,631		$	160,607		$	153,795

Utility Segment
Reported GAAP Earnings	$	4,997		$	2,559		$	101,040		$	73,848
Depreciation, Depletion and Amortization		17,945			16,373			51,908			48,678
Other (Income) Deductions		(5,956	)		(1,947	)		(25,367	)		(6,523	)
Interest Expense		10,958			8,417			32,601			25,402
Income Taxes		(2,201	)		(4,355	)		21,498			11,336
Adjusted EBITDA	$	25,743		$	21,047		$	181,680		$	152,741

Corporate and All Other
Reported GAAP Earnings	$	(703	)	$	(358	)	$	(4,102	)	$	773
Depreciation, Depletion and Amortization		166			118			444			353
Other (Income) Deductions		(435	)		2,112			2,361			3,402
Interest Expense		(2,073	)		(4,118	)		(6,878	)		(12,929	)
Income Taxes		(1,468	)		(478	)		(3,183	)		(932	)
Adjusted EBITDA	$	(4,513	)	$	(2,724	)	$	(11,358	)	$	(9,333	)

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

The MIL Network –

July 31, 2025

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

Source: Microsoft

Headline: Microsoft Cloud and AI strength fuels fourth quarter results

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

Revenue was $76.4 billion and increased 18% (up 17% in constant currency)
Operating income was $34.3 billion and increased 23% (up 22% in constant currency)
Net income was $27.2 billion and increased 24% (up 22% in constant currency)
Diluted earnings per share was $3.65 and increased 24% (up 22% in constant currency)

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

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

Business Highlights

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

Microsoft 365 Commercial products and cloud services revenue increased 16% (up 15% in constant currency) driven by Microsoft 365 Commercial cloud revenue growth of 18% (up 16% in constant currency)
Microsoft 365 Consumer products and cloud services revenue increased 21% driven by Microsoft 365 Consumer cloud revenue growth of 20%
LinkedIn revenue increased 9% (up 8% in constant currency)
Dynamics products and cloud services revenue increased 18% (up 17% in constant currency) driven by Dynamics 365 revenue growth of 23% (up 21% in constant currency)

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

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

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

Windows OEM and Devices revenue increased 3%
Xbox content and services revenue increased 13% (up 12% in constant currency)
Search and news advertising revenue excluding traffic acquisition costs increased 21% (up 20% in constant currency)

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

Fiscal Year 2025 Results

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

Revenue was $281.7 billion and increased 15%
Operating income was $128.5 billion and increased 17% (up 18% in constant currency)
Net income was $101.8 billion and increased 16% (up 15% in constant currency)
Diluted earnings per share was $13.64 and increased 16%

Business Outlook

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

Quarterly Highlights, Product Releases, and Enhancements

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

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

Webcast Details

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

Constant Currency

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

Financial Performance Constant Currency Reconciliation

	Three Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2024 As Reported (GAAP)	$64,727	$27,925	$22,036	$2.95
2025 As Reported (GAAP)	$76,441	$34,323	$27,233	$3.65
Percentage Change Y/Y (GAAP)	18%	23%	24%	24%
Constant Currency Impact	$619	$326	$356	$0.05
Percentage Change Y/Y Constant Currency	17%	22%	22%	22%

	Twelve Months Ended June 30,
($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
2024 As Reported (GAAP)	$245,122	$109,433	$88,136	$11.80
2025 As Reported (GAAP)	$281,724	$128,528	$101,832	$13.64
Percentage Change Y/Y (GAAP)	15%	17%	16%	16%
Constant Currency Impact	$(485)	$(351)	$56	$0.01
Percentage Change Y/Y Constant Currency	15%	18%	15%	16%

Segment Revenue Constant Currency Reconciliation

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

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

Selected Product and Service Revenue Constant Currency Reconciliation

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

About Microsoft

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

Forward-Looking Statements

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

intense competition in all of our markets that could adversely affect our results of operations;
focus on cloud-based and AI services presenting execution and competitive risks;
significant investments in products and services that may not achieve expected returns;
acquisitions, joint ventures, and strategic alliances that could have an adverse effect on our business;
cyberattacks and security vulnerabilities that could lead to reduced revenue, increased costs, liability claims, or harm to our reputation or competitive position;
disclosure and misuse of personal data that could cause liability and harm to our reputation;
the possibility that we may not be able to protect information in our products and services from use by others;
abuse of our advertising, professional, marketplace, or gaming platforms that may harm our reputation or user engagement;
products and services, how they are used by customers, and how third-party products and services interact with them, presenting security, privacy, and execution risks;
issues about the use of AI in our offerings that may result in reputational or competitive harm, or liability;
excessive outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;
supply or quality problems;
potential consequences of new, existing, and evolving legal and regulatory requirements;
claims against us that could result in adverse outcomes in legal disputes;
uncertainties relating to our business with government customers;
additional tax liabilities;
an inability to protect and utilize our intellectual property may harm our business and operating results;
claims that Microsoft has infringed the intellectual property rights of others;
damage to our reputation or our brands that may harm our business and results of operations;
adverse economic or market conditions that could harm our business;
catastrophic events or geopolitical conditions, such as the COVID-19 pandemic, that could disrupt our business;
exposure to increased economic and operational uncertainties from operating a global business, including the effects of foreign currency exchange; and
the dependence of our business on our ability to attract and retain talented employees.

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

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

For more information, press only:

Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777, [email protected]

For more information, financial analysts and investors only:

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

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

MIL OSI Economics –

July 31, 2025

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

Source: Microsoft

Headline: Microsoft Cloud and AI strength fuels fourth quarter results

Microsoft Cloud and AI Strength Fuels Fourth Quarter Results

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

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

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

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

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

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

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

Business Highlights

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

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

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

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

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

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

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

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

· Windows OEM and Devices revenue increased 3%

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

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

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

Fiscal Year 2025 Results

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

· Revenue was $281.7 billion and increased 15%

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

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

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

Business Outlook

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

Quarterly Highlights, Product Releases, and Enhancements

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

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

Webcast Details

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

Constant Currency

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

Financial Performance Constant Currency Reconciliation

($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
	Three Months Ended June 30,
2024 As Reported (GAAP)	$64,727	$27,925	$22,036	$2.95
2025 As Reported (GAAP)	$76,441	$34,323	$27,233	$3.65
Percentage Change Y/Y (GAAP)	18%	23%	24%	24%
Constant Currency Impact	$619	$326	$356	$0.05
Percentage Change Y/Y Constant Currency	17%	22%	22%	22%

($ in millions, except per share amounts)	Revenue	Operating Income	Net Income	Diluted Earnings per Share
	Twelve Months Ended June 30,
2024 As Reported (GAAP)	$245,122	$109,433	$88,136	$11.80
2025 As Reported (GAAP)	$281,724	$128,528	$101,832	$13.64
Percentage Change Y/Y (GAAP)	15%	17%	16%	16%
Constant Currency Impact	$(485)	$(351)	$56	$0.01
Percentage Change Y/Y Constant Currency	15%	18%	15%	16%

Segment Revenue Constant Currency Reconciliation

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

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

Selected Product and Service Revenue Constant Currency Reconciliation

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

About Microsoft

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

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

· supply or quality problems;

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

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

· uncertainties relating to our business with government customers;

· additional tax liabilities;

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

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

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

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

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

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

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

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

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

For more information, press only:

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

For more information, financial analysts and investors only:

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

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

**MICROSOFT CORPORATION**

INCOME STATEMENTS

(In millions, except per share amounts) (Unaudited)
	Three Months Ended June 30,		Twelve Months Ended June 30,
	Three Months Ended June 30,		Twelve Months Ended June 30,
	2025	2024	2025	2024
Revenue:
Product	$17,136	$13,217	$63,946	$64,773
Service and other	59,305	51,510	217,778	180,349
Total revenue	76,441	64,727	281,724	245,122
Cost of revenue:
Product	3,314	1,438	13,501	15,272
Service and other	20,700	18,246	74,330	58,842
Total cost of revenue	24,014	19,684	87,831	74,114
Gross margin	52,427	45,043	193,893	171,008
Research and development	8,829	8,056	32,488	29,510
Sales and marketing	7,285	6,816	25,654	24,456
General and administrative	1,990	2,246	7,223	7,609
Operating income	34,323	27,925	128,528	109,433
Other expense, net	(1,707)	(675)	(4,901)	(1,646)
Income before income taxes	32,616	27,250	123,627	107,787
Provision for income taxes	5,383	5,214	21,795	19,651
Net income	$27,233	$22,036	$101,832	$88,136
Earnings per share:
Basic	$3.66	$2.96	$13.70	$11.86
Diluted	$3.65	$2.95	$13.64	$11.80
Weighted average shares outstanding:
Basic	7,432	7,433	7,433	7,431
Diluted	7,461	7,472	7,465	7,469

COMPREHENSIVE INCOME STATEMENTS

(In millions) (Unaudited)
	Three Months Ended June 30,		Twelve Months Ended June 30,
	Three Months Ended June 30,		Twelve Months Ended June 30,
	2025	2024	2025	2024
Net income	$27,233	$22,036	$101,832	$88,136
Other comprehensive income (loss), net of tax:
Net change related to derivatives	(9)	(4)	(5)	24
Net change related to investments	444	88	1,574	957
Translation adjustments and other	1,051	(239)	674	(228)
Other comprehensive income (loss)	1,486	(155)	2,243	753
Comprehensive income	$28,719	$21,881	$104,075	$88,889

BALANCE SHEETS

(In millions) (Unaudited)
	June 30, 2025	June 30, 2024
Assets
Current assets:
Cash and cash equivalents	$30,242	$18,315
Short-term investments	64,323	57,228
Total cash, cash equivalents, and short-term investments	94,565	75,543
Accounts receivable, net of allowance for doubtful accounts of $944 and $830	69,905	56,924
Inventories	938	1,246
Other current assets	25,723	26,021
Total current assets	191,131	159,734
Property and equipment, net of accumulated depreciation of $93,653 and $76,421	204,966	135,591
Operating lease right-of-use assets	24,823	18,961
Equity and other investments	15,405	14,600
Goodwill	119,509	119,220
Intangible assets, net	22,604	27,597
Other long-term assets	40,565	36,460
Total assets	$619,003	$512,163
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$27,724	$21,996
Short-term debt	0	6,693
Current portion of long-term debt	2,999	2,249
Accrued compensation	13,709	12,564
Short-term income taxes	7,211	5,017
Short-term unearned revenue	64,555	57,582
Other current liabilities	25,020	19,185
Total current liabilities	141,218	125,286
Long-term debt	40,152	42,688
Long-term income taxes	25,986	27,931
Long-term unearned revenue	2,710	2,602
Deferred income taxes	2,835	2,618
Operating lease liabilities	17,437	15,497
Other long-term liabilities	45,186	27,064
Total liabilities	275,524	243,686
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 7,434 and 7,434	109,095	100,923
Retained earnings	237,731	173,144
Accumulated other comprehensive loss	(3,347)	(5,590)
Total stockholders’ equity	343,479	268,477
Total liabilities and stockholders’ equity	$619,003	$512,163

CASH FLOWS STATEMENTS

(In millions) (Unaudited)
	Three Months Ended June 30,		Twelve Months Ended June 30,
	Three Months Ended June 30,		Twelve Months Ended June 30,
	2025	2024	2025	2024
Operations
Net income	$27,233	$22,036	$101,832	$88,136
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other	11,203	6,380	34,153	22,287
Stock-based compensation expense	3,073	2,696	11,974	10,734
Net recognized losses on investments and derivatives	56	44	609	305
Deferred income taxes	(2,221)	(1,145)	(7,056)	(4,738)
Changes in operating assets and liabilities:
Accounts receivable	(16,179)	(13,246)	(10,581)	(7,191)
Inventories	(81)	55	309	1,284
Other current assets	(3,686)	(2,528)	(3,044)	(1,648)
Other long-term assets	418	(1,240)	(2,950)	(6,817)
Accounts payable	(652)	4,204	569	3,545
Unearned revenue	18,361	15,657	5,438	5,348
Income taxes	1,043	(806)	(38)	1,687
Other current liabilities	5,346	4,652	5,922	4,867
Other long-term liabilities	(1,267)	436	(975)	749
Net cash from operations	42,647	37,195	136,162	118,548
Financing
Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net	0	(1,142)	(5,746)	5,250
Proceeds from issuance of debt	0	197	0	24,395
Repayments of debt	0	(13,065)	(3,216)	(29,070)
Common stock issued	548	534	2,056	2,002
Common stock repurchased	(4,546)	(4,210)	(18,420)	(17,254)
Common stock cash dividends paid	(6,169)	(5,574)	(24,082)	(21,771)
Other, net	(677)	(303)	(2,291)	(1,309)
Net cash used in financing	(10,844)	(23,563)	(51,699)	(37,757)
Investing
Additions to property and equipment	(17,079)	(13,873)	(64,551)	(44,477)
Acquisition of companies, net of cash acquired and divestitures, and purchases of intangible and other assets	(1,743)	(1,342)	(5,978)	(69,132)
Purchases of investments	(21,631)	(2,831)	(29,775)	(17,732)
Maturities of investments	4,618	1,557	16,079	24,775
Sales of investments	2,621	2,023	9,309	10,894
Other, net	2,642	(382)	2,317	(1,298)
Net cash used in investing	(30,572)	(14,848)	(72,599)	(96,970)
Effect of foreign exchange rates on cash and cash equivalents	183	(103)	63	(210)
Net change in cash and cash equivalents	1,414	(1,319)	11,927	(16,389)
Cash and cash equivalents, beginning of period	28,828	19,634	18,315	34,704
Cash and cash equivalents, end of period	$30,242	$18,315	$30,242	$18,315

SEGMENT REVENUE AND OPERATING INCOME

(In millions) (Unaudited)
	Three Months Ended June 30,		Twelve Months Ended June 30,
	Three Months Ended June 30,		Twelve Months Ended June 30,
	2025	2024	2025	2024
Revenue
Productivity and Business Processes	$33,112	$28,627	$120,810	$106,820
Intelligent Cloud	29,878	23,785	106,265	87,464
More Personal Computing	13,451	12,315	54,649	50,838
Total	$76,441	$64,727	$281,724	$245,122
Operating Income
Productivity and Business Processes	$18,993	$15,706	$69,773	$59,661
Intelligent Cloud	12,140	9,835	44,589	37,813
More Personal Computing	3,190	2,384	14,166	11,959
Total	$34,323	$27,925	$128,528	$109,433

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

MIL OSI Global Banks –

July 31, 2025

MIL-OSI: EZCORP Reports Third Quarter Fiscal 2025 Results

Source: GlobeNewswire (MIL-OSI)

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

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

THIRD QUARTER HIGHLIGHTS

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

CEO COMMENTARY AND OUTLOOK

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

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

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

CONSOLIDATED RESULTS

Three Months Ended June 30	As Reported				Adjusted¹
in millions, except per share amounts		2025		2024		2025		2024

Total revenues	$	311.0	$	281.4	$	319.9	$	281.4
Gross profit	$	183.6	$	166.7	$	188.4	$	166.7
Income before tax	$	34.7	$	23.0	$	34.0	$	22.9
Net income	$	26.5	$	18.0	$	25.2	$	17.2
Diluted earnings per share	$	0.34	$	0.25	$	0.33	$	0.24
EBITDA (non-GAAP measure)	$	45.7	$	31.8	$	45.2	$	31.7

PLO increased 11% to $291.6 million, up $29.9 million. On a same-store² basis, PLO increased 9% due to increase in average loan size, continued strong pawn demand and improved operational performance.
Total revenues increased 11% and gross profit increased 10%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
PSC increased 7% as a result of higher average PLO.
Merchandise sales gross margin remained consistent at 36%. Aged general merchandise improved to 2.3% of total general merchandise inventory, down 83 basis points.
Net inventory increased 31%, as a result of an increase in PLO, layaways and purchases and a decrease in inventory turnover to 2.4x, from 2.7x.
Store expenses increased 2% and 1% on a same-store basis.
General and administrative expenses increased 9% primarily due to labor, with approximately 50% due to long term incentive compensation.
Income before taxes was $34.7 million, up 51% from $23.0 million, and adjusted EBITDA increased 42% to $45.2 million.
Diluted earnings per share increased 36% to $0.34. On an adjusted basis, diluted earnings per share increased 38% to $0.33.
Cash and cash equivalents at the end of the quarter was $472.1 million, up from $170.5 million as of September 30, 2024. The increase was due primarily to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 offset by an increase in earning assets.

SEGMENT RESULTS

U.S. Pawn

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

Segment contribution increased 32% to $47.6 million.
Segment store count increased by 3 to 545, due to acquisitions, including 1 luxury store in Miami Beach.

Latin America Pawn

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

FORM 10-Q

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

CONFERENCE CALL

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

ABOUT EZCORP

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

Follow us on social media:

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

FORWARD LOOKING STATEMENTS

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

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

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands, except per share amounts)		2025			2024			2025			2024
Revenues:
Merchandise sales	$	168,624		$	158,140		$	524,434		$	502,230
Jewelry scrapping sales		26,970			15,395			64,640			43,191
Pawn service charges		115,339			107,830			348,262			321,442
Other revenues		48			56			131			188
Total revenues		310,981			281,421			937,467			867,051
Merchandise cost of goods sold		108,226			101,211			341,605			322,680
Jewelry scrapping cost of goods sold		19,116			13,483			48,367			37,479
Gross profit		183,639			166,727			547,495			506,892
Operating expenses:
Store expenses		119,123			116,335			352,101			341,472
General and administrative		21,780			20,060			60,089			54,869
Depreciation and amortization		8,003			8,158			24,358			24,942
Loss (gain) on sale or disposal of assets and other		—			20			25			(149	)
Other operating income		(1,262	)		—			(1,262	)		(765	)
Total operating expenses		147,644			144,573			435,311			420,369
Operating income		35,995			22,154			112,184			86,523
Interest expense		8,458			3,539			14,886			10,381
Interest income		(5,440	)		(2,931	)		(9,408	)		(8,452	)
Equity in net income of unconsolidated affiliates		(1,200	)		(1,263	)		(4,180	)		(4,135	)
Other (income) expense		(536	)		(191	)		377			(627	)
Income before income taxes		34,713			23,000			110,509			89,356
Income tax expense		8,210			5,050			27,600			21,457
Net income	$	26,503		$	17,950		$	82,909		$	67,899

Basic earnings per share	$	0.45		$	0.33		$	1.47		$	1.23
Diluted earnings per share	$	0.34		$	0.25		$	1.08		$	0.89

Weighted-average basic shares outstanding		59,134			54,898			56,308			55,022
Weighted-average diluted shares outstanding		82,918			83,008			83,144			84,309

EZCORP, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in thousands, except share and per share amounts)	June 30, 2025			June 30, 2024			September 30, 2024

Assets:
Current assets:
Cash and cash equivalents	$	472,088		$	218,038		$	170,513
Short-term restricted cash		9,609			9,204			9,294
Pawn loans		291,634			261,720			274,084
Pawn service charges receivable, net		45,410			40,638			44,013
Inventory, net		225,489			171,937			191,923
Prepaid expenses and other current assets		43,417			40,391			39,171
Total current assets		1,087,647			741,928			728,998
Investments in unconsolidated affiliates		13,753			12,297			13,329
Other investments		51,903			51,220			51,900
Property and equipment, net		67,439			59,926			65,973
Right-of-use assets, net		236,064			235,030			226,602
Long-term restricted cash		5,380			—			—
Goodwill		321,907			308,847			306,478
Intangible assets, net		57,960			60,164			58,451
Deferred tax asset, net		25,841			25,245			25,362
Other assets, net		15,174			15,506			16,144
Total assets	$	1,883,068		$	1,510,163		$	1,493,237

Liabilities and equity:
Current liabilities:
Current maturities of long-term debt, net	$	—		$	137,326		$	103,072
Accounts payable, accrued expenses and other current liabilities		78,756			69,742			85,737
Customer layaway deposits		33,336			20,067			21,570
Operating lease liabilities, current		60,183			58,905			58,998
Total current liabilities		172,275			286,040			269,377
Long-term debt, net		517,601			223,998			224,256
Deferred tax liability, net		2,017			416			2,080
Operating lease liabilities		184,295			188,996			180,616
Other long-term liabilities		16,822			9,258			12,337
Total liabilities		893,010			708,708			688,666
Commitments and contingencies
Stockholders’ equity:
Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 57,992,965 as of June 30, 2025; 51,771,917 as of June 30, 2024; and 51,582,698 as of September 30, 2024		580			518			516
Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171		30			30			30
Additional paid-in capital		448,073			347,082			348,366
Retained earnings		586,549			493,830			507,206
Accumulated other comprehensive loss		(45,174	)		(40,005	)		(51,547	)
Total equity		990,058			801,455			804,571
Total liabilities and equity	$	1,883,068		$	1,510,163		$	1,493,237

EZCORP, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended June 30,
(in thousands)		2025			2024

Operating activities:
Net income	$	82,909		$	67,899
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		24,358			24,942
Amortization of deferred financing costs		1,238			1,212
Non-cash lease expense		43,889			43,999
Deferred income taxes		(542	)		438
Other adjustments		(1,877	)		69
Provision for inventory reserve		39			589
Stock compensation expense		9,213			7,945
Equity in net income from investment in unconsolidated affiliates		(4,180	)		(4,135	)
Changes in operating assets and liabilities, net of business acquisitions:
Pawn service charges receivable		(364	)		(1,593	)
Inventory		(9,205	)		(2,775	)
Prepaid expenses, other current assets and other assets		(74	)		(3,625	)
Accounts payable, accrued expenses and other liabilities		(58,023	)		(65,396	)
Customer layaway deposits		11,276			1,055
Income taxes		(927	)		(360	)
Net cash provided by operating activities		97,730			70,264
Investing activities:
Loans made		(738,670	)		(683,121	)
Loans repaid		417,734			391,297
Recovery of pawn loan principal through sale of forfeited collateral		291,903			272,781
Capital expenditures, net		(23,051	)		(16,870	)
Acquisitions, net of cash acquired		(17,093	)		(11,963	)
Proceeds from note receivable		241			1,100
Investment in unconsolidated affiliate		(718	)		(993	)
Investment in other investments		—			(15,000	)
Dividends from unconsolidated affiliates		3,614			3,535
Net cash used in investing activities		(66,040	)		(59,234	)
Financing activities:
Taxes paid related to net share settlement of equity awards		(3,971	)		(3,253	)
Proceeds from borrowings		300,000			—
Debt issuance cost		(7,563	)		—
Payments on assumed debt		(6,410	)		—
Purchase and retirement of treasury stock		(6,000	)		(9,009	)
Payments of finance leases		(450	)		(386	)
Net cash provided by (used in) financing activities		275,606			(12,648	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(26	)		(108	)
Net increase in cash, cash equivalents and restricted cash		307,270			(1,726	)
Cash and cash equivalents and restricted cash at beginning of period		179,807			228,968
Cash and cash equivalents and restricted cash at end of period	$	487,077		$	227,242

EZCORP, Inc. OPERATING SEGMENT RESULTS

	Three Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn		Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	112,249	$	56,375		$	—		$	168,624		$	—		$	168,624
Jewelry scrapping sales		23,750		3,220			—			26,970			—			26,970
Pawn service charges		83,930		31,409			—			115,339			—			115,339
Other revenues		31		17			—			48			—			48
Total revenues		219,960		91,021			—			310,981			—			310,981
Merchandise cost of goods sold		69,084		39,142			—			108,226			—			108,226
Jewelry scrapping cost of goods sold		16,814		2,302			—			19,116			—			19,116
Gross profit		134,062		49,577			—			183,639			—			183,639
Segment and corporate expenses (income):
Store expenses		83,778		35,345			—			119,123			—			119,123
General and administrative		—		—			—			—			21,780			21,780
Depreciation and amortization		2,651		2,156			—			4,807			3,196			8,003
Other operating income		—		—			—			—			(1,262	)		(1,262	)
Interest expense		—		71			—			71			8,387			8,458
Interest income		—		(427	)		(604	)		(1,031	)		(4,409	)		(5,440	)
Equity in net (income) loss of unconsolidated affiliates		—		—			(1,409	)		(1,409	)		209			(1,200	)
Other expense (income)		—		(12	)		—			(12	)		(524	)		(536	)
Segment contribution	$	47,633	$	12,444		$	2,013		$	62,090
Income (loss) before income taxes									$	62,090		$	(27,377	)	$	34,713

	Three Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	107,849		$	50,291		$	—		$	158,140		$	—		$	158,140
Jewelry scrapping sales		13,757			1,638			—			15,395			—			15,395
Pawn service charges		77,416			30,414			—			107,830			—			107,830
Other revenues		28			28			—			56			—			56
Total revenues		199,050			82,371			—			281,421			—			281,421
Merchandise cost of goods sold		67,229			33,982			—			101,211			—			101,211
Jewelry scrapping cost of goods sold		11,887			1,596			—			13,483			—			13,483
Gross profit		119,934			46,793			—			166,727			—			166,727
Segment and corporate expenses (income):
Store expenses		81,441			34,894			—			116,335			—			116,335
General and administrative		—			—			—			—			20,060			20,060
Depreciation and amortization		2,408			2,090			—			4,498			3,660			8,158
(Gain) loss on sale or disposal of assets and other		(2	)		22			—			20			—			20
Interest expense		—			—			—			—			3,539			3,539
Interest income		—			(370	)		(605	)		(975	)		(1,956	)		(2,931	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(1,406	)		(1,406	)		143			(1,263	)
Other (income) expense		—			(184	)		12			(172	)		(19	)		(191	)
Segment contribution	$	36,087		$	10,341		$	1,999		$	48,427
Income (loss) before income taxes										$	48,427		$	(25,427	)	$	23,000

	Nine Months Ended June 30, 2025 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	357,964		$	166,470		$	—		$	524,434		$	—		$	524,434
Jewelry scrapping sales		56,146			8,494			—			64,640			—			64,640
Pawn service charges		259,354			88,908			—			348,262			—			348,262
Other revenues		82			49			—			131			—			131
Total revenues		673,546			263,921			—			937,467			—			937,467
Merchandise cost of goods sold		225,412			116,193			—			341,605			—			341,605
Jewelry scrapping cost of goods sold		42,017			6,350			—			48,367			—			48,367
Gross profit		406,117			141,378			—			547,495			—			547,495
Segment and corporate expenses (income):
Store expenses		250,399			101,702			—			352,101			—			352,101
General and administrative		—			—			—			—			60,089			60,089
Depreciation and amortization		8,050			6,191			—			14,241			10,117			24,358
Loss on sale or disposal of assets and other		17			8			—			25			—			25
Other operating income		—			—			—			—			(1,262	)		(1,262	)
Interest expense		—			71			—			71			14,815			14,886
Interest income		—			(966	)		(1,803	)		(2,769	)		(6,639	)		(9,408	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,898	)		(4,898	)		718			(4,180	)
Other expense (income)		(7	)		(220	)		—			(227	)		604			377
Segment contribution		147,658			34,592		$	6,701		$	188,951
Income (loss) before income taxes										$	188,951		$	(78,442	)	$	110,509

	Nine Months Ended June 30, 2024 (Unaudited)
(in thousands)	U.S. Pawn			Latin America Pawn			Other Investments			Total Segments			Corporate Items			Consolidated

Revenues:
Merchandise sales	$	348,211		$	154,019		$	—		$	502,230		$	—		$	502,230
Jewelry scrapping sales		39,258			3,933			—			43,191			—			43,191
Pawn service charges		236,499			84,943			—			321,442			—			321,442
Other revenues		94			59			35			188			—			188
Total revenues		624,062			242,954			35			867,051			—			867,051
Merchandise cost of goods sold		218,736			103,944			—			322,680			—			322,680
Jewelry scrapping cost of goods sold		33,965			3,514			—			37,479			—			37,479
Gross profit		371,361			135,496			35			506,892			—			506,892
Segment and corporate expenses (income):
Store expenses		239,536			101,936			—			341,472			—			341,472
General and administrative		—			—			—			—			54,869			54,869
Depreciation and amortization		7,548			6,821			—			14,369			10,573			24,942
(Gain) loss on sale or disposal of assets and other		(6	)		(240	)		—			(246	)		97			(149	)
Other operating income		—			—			—			—			(765	)		(765	)
Interest expense		—			—			—			—			10,381			10,381
Interest income		—			(1,398	)		(1,811	)		(3,209	)		(5,243	)		(8,452	)
Equity in net (income) loss of unconsolidated affiliates		—			—			(4,278	)		(4,278	)		143			(4,135	)
Other (income) expense		—			(231	)		27			(204	)		(423	)		(627	)
Segment contribution	$	124,283		$	28,608		$	6,097		$	158,988
Income (loss) before income taxes										$	158,988		$	(69,632	)	$	89,356

EZCORP, Inc. STORE COUNT ACTIVITY (Unaudited)

	Three Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of March 31, 2025	542	742		1,284
New locations opened	—	10		10
Locations acquired	3	40		43
Locations combined or closed	—	(1	)	(1	)
As of June 30, 2025	545	791		1,336

	Three Months Ended June 30, 2024
	U.S. Pawn	Latin America Pawn	Consolidated

As of March 31, 2024	535	711	1,246
New locations opened	1	6	7
Locations acquired	5	—	5
As of June 30, 2024	541	717	1,258

	Nine Months Ended June 30, 2025
	U.S. Pawn	Latin America Pawn		Consolidated

As of September 30, 2024	542	737		1,279
New locations opened	—	23		23
Locations acquired	3	41		44
Locations combined or closed	—	(10	)	(10	)
As of June 30, 2025	545	791		1,336

	Nine Months Ended June 30, 2024
	U.S. Pawn		Latin America Pawn		Consolidated

As of September 30, 2023	529		702		1,231
New locations opened	1		20		21
Locations acquired	12		—		12
Locations combined or closed	(1	)	(5	)	(6	)
As of June 30, 2024	541		717		1,258

Non-GAAP Financial Information (Unaudited)

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

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

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

	June 30,		Three Months Ended June 30,		Nine Months Ended June 30,
	2025	2024	2025	2024	2025	2024

Mexican peso	18.8	18.3	19.5	17.2	20.0	17.3
Guatemalan quetzal	7.6	7.6	7.6	7.6	7.6	7.6
Honduran lempira	25.8	24.3	25.7	24.3	25.2	24.3
Australian dollar	1.5	1.5	1.6	1.5	1.6	1.5

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

Miscellaneous Non-GAAP Financial Measures

	Three Months Ended June 30,
(in millions)		2025			2024

Net income	$	26.5		$	18.0
Interest expense		8.5			3.5
Interest income		(5.4	)		(2.9	)
Income tax expense		8.2			5.0
Depreciation and amortization		8.0			8.2
EBITDA	$	45.7		$	31.8

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect			Net Income			Diluted EPS			EBITDA

2025 Q3 Reported	$	311.0	$	183.6	$	34.7		$	8.2		$	26.5		$	0.34		$	45.7
Corporate lease termination		—		—		(1.3	)		(0.3	)		(1.0	)		(0.01	)		(1.3	)
FX impact		—		—		(0.2	)		—			(0.2	)		—			(0.2	)
Non-recurring foreign tax expense		—		—		—			0.8			(0.8	)		(0.01	)		—
Constant Currency		8.9		4.8		0.8			0.1			0.7			0.01			1.0
2025 Q3 Adjusted	$	319.9	$	188.4	$	34.0		$	8.8		$	25.2		$	0.33		$	45.2

	Total Revenues		Gross Profit		Income Before Tax			Tax Effect		Net Income			Diluted EPS			EBITDA

2024 Q3 Reported	$	281.4	$	166.7	$	23.0		$	5.0	$	18.0		$	0.25		$	31.8
Non-recurring foreign tax expense		—		—		—			0.7		(0.7	)		(0.01	)		—
FX impact		—		—		(0.1	)		—		(0.1	)		—			(0.1	)
2024 Q3 Adjusted	$	281.4	$	166.7	$	22.9		$	5.7	$	17.2		$	0.24		$	31.7

	Three Months Ended June 30, 2025				Nine Months Ended June 30, 2025
(in millions)	U.S. Dollar Amount		Percentage Change YOY		U.S. Dollar Amount		Percentage Change YOY

Consolidated revenues	$	311.0	11	%	$	937.5	8	%
Currency exchange rate fluctuations		8.9				30.9
Constant currency consolidated revenues	$	319.9	14	%	$	968.4	12	%

Consolidated gross profit	$	183.6	10	%	$	547.5	8	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency consolidated gross profit	$	188.4	13	%	$	563.6	11	%

Consolidated net inventory	$	225.5	31	%	$	225.5	31	%
Currency exchange rate fluctuations		1.3				1.3
Constant currency consolidated net inventory	$	226.8	32	%	$	226.8	32	%

Latin America Pawn gross profit	$	49.6	6	%	$	141.4	4	%
Currency exchange rate fluctuations		4.8				16.1
Constant currency Latin America Pawn gross profit	$	54.4	16	%	$	157.5	16	%

Latin America Pawn PLO	$	70.6	13	%	$	70.6	13	%
Currency exchange rate fluctuations		1.5				1.5
Constant currency Latin America Pawn PLO	$	72.1	16	%	$	72.1	16	%

Latin America Pawn PSC revenues	$	31.4	3	%	$	88.9	5	%
Currency exchange rate fluctuations		2.9				9.6
Constant currency Latin America Pawn PSC revenues	$	34.3	13	%	$	98.5	16	%

Latin America Pawn merchandise sales	$	56.4	12	%	$	166.5	8	%
Currency exchange rate fluctuations		5.7				20.2
Constant currency Latin America Pawn merchandise sales	$	62.1	23	%	$	186.7	21	%

Latin America Pawn segment profit before tax	$	12.4	20	%	$	34.6	21	%
Currency exchange rate fluctuations		1.1				3.0
Constant currency Latin America Pawn segment profit before tax	$	13.5	30	%	$	37.6	32	%

The MIL Network –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

Petroleum Segment

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

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

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

Renewables Segment

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

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

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

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

Nitrogen Fertilizer Segment

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

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

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

Corporate and Other

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

Cash, Debt and Dividend

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

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

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

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

Second Quarter 2025 Earnings Conference Call

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

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

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

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

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

Contact Information:

Investor Relations

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

Media Relations

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

Non-GAAP Measures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

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

CVR Energy, Inc.
(all information in this release is unaudited)

Consolidated Statement of Operations Data


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except per share data)		2025			2024			2025			2024
Net sales	$	1,761		$	1,967		$	3,407		$	3,829
Operating costs and expenses:
Cost of materials and other		1,582			1,667			3,099			3,130
Direct operating expenses (exclusive of depreciation and amortization)		169			173			324			337
Depreciation and amortization		76			70			142			145
Cost of sales		1,827			1,910			3,565			3,612
Selling, general and administrative expenses (exclusive of depreciation and amortization)		36			28			73			63
Depreciation and amortization		2			2			4			4
(Gain) loss on asset disposal		(1	)		—			—			1
Operating (loss) income		(103	)		27			(235	)		149
Other (expense) income:
Interest expense, net		(30	)		(19	)		(55	)		(39	)
Other income, net		1			4			4			8
(Loss) income before income tax benefit		(132	)		12			(286	)		118
Income tax benefit		(42	)		(26	)		(91	)		(10	)
Net (loss) income		(90	)		38			(195	)		128
Less: Net income attributable to noncontrolling interest		24			17			42			25
Net (loss) income attributable to CVR Energy stockholders	$	(114	)	$	21		$	(237	)	$	103

Basic and diluted (loss) earnings per share	$	(1.14	)	$	0.21		$	(2.36	)	$	1.02
Dividends declared per share	$	—		$	0.50		$	—		$	1.00

Adjusted (loss) earnings per share *	$	(0.23	)	$	0.09		$	(0.81	)	$	0.12
EBITDA *	$	(24	)	$	103		$	(85	)	$	306
Adjusted EBITDA *	$	99		$	87		$	122		$	186

Weighted-average common shares outstanding – basic and diluted		100.5			100.5			100.5			100.5

See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

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

Selected Consolidated Cash Flow Data

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

Free cash flow *	$	(12	)	$	7		$	(297	)	$	128

* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended June 30,
		2025											2024
(in millions)	Petroleum			Renewables			Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,561		$	76		$	169	$	1,761		$	1,795	$	63		$	133	$	1,967
Operating (loss) income		(133	)		(11	)		46		(103	)		10		(11	)		34		27
Net (loss) income		(137	)		(11	)		39		(90	)		18		(11	)		26		38
EBITDA *		(84	)		(5	)		67		(24	)		56		(5	)		54		103

Capital expenditures ⁽¹⁾
Maintenance	$	14		$	1		$	6	$	21		$	22	$	—		$	4	$	27
Growth		9			1			4		15			11		2			1		14
Total capital expenditures	$	23		$	2		$	10	$	36		$	33	$	2		$	5	$	41

	Six Months Ended June 30,
		2025											2024
(in millions)	Petroleum			Renewables			Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	3,038		$	142		$	311	$	3,407		$	3,517	$	97		$	261	$	3,829
Operating (Loss) Income		(295	)		(11	)		81		(235	)		128		(21	)		54		149
Net (loss) income		(297	)		(11	)		66		(195	)		145		(20	)		39		128
EBITDA *		(202	)		1			120		(85	)		227		(9	)		93		306

Capital expenditures ⁽¹⁾
Maintenance	$	55		$	1		$	10	$	66		$	44	$	1		$	9	$	57
Growth		17			1			6		26			25		9			1		35
Total capital expenditures	$	72		$	2		$	16	$	92		$	69	$	10		$	10	$	92

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

Selected Balance Sheet Data

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

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

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)		2025		2024		2025		2024
Refining margin *	$	2.21	$	10.94	$	1.14	$	13.68
Adjusted refining margin *		9.95		9.81		9.04		10.15
Direct operating expenses *		6.45		6.94		7.32		6.34

See “Non-GAAP Reconciliations” section below.

Refining Throughput and Production Data by Refinery

Throughput Data	Three Months Ended June 30,		Six Months Ended June 30,
(in bpd)	2025	2024	2025	2024
Coffeyville
Gathered crude	61,505	87,402	44,213	74,903
Other domestic	30,718	28,625	21,584	37,275
Canadian	581	9,518	610	9,525
Condensate	—	5,079	—	6,390
Other feedstocks and blendstocks	7,883	10,773	7,111	11,671
Wynnewood
Gathered crude	55,470	34,190	56,936	38,624
Other domestic	1,595	2,421	1,087	1,210
Condensate	8,965	5,965	9,556	8,114
Other feedstocks and blendstocks	5,432	2,235	5,309	3,287
Total throughput	172,149	186,208	146,406	190,999

Production Data	Three Months Ended June 30,				Six Months Ended June 30,
(in bpd)	2025		2024		2025		2024
Coffeyville
Gasoline	50,323		71,515		34,718		72,119
Distillate	46,911		57,710		33,645		56,858
Other liquid products	(428	)	7,015		2,930		5,784
Solids	3,711		4,990		2,523		4,985
Wynnewood
Gasoline	36,657		25,672		38,190		28,828
Distillate	23,645		16,053		24,293		17,610
Other liquid products	8,267		2,349		6,671		3,956
Solids	12		6		11		6
Total production	169,098		185,310		142,981		190,146

Crude utilization ⁽¹⁾	76.9	%	83.9	%	64.9	%	85.2	%
Light product yield (as % of crude throughput) ⁽²⁾	99.2	%	98.7	%	97.7	%	99.6	%
Liquid volume yield (as % of total throughput) ⁽³⁾	96.1	%	96.8	%	95.9	%	96.9	%
Distillate yield (as % of crude throughput) ⁽⁴⁾	44.4	%	42.6	%	43.2	%	42.3	%

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

Key Market Indicators

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

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Renewables margin *	$	0.38	$	0.43	$	0.76	$	0.51
Adjusted renewables margin *		0.44		0.67		0.68		0.64
Direct operating expenses *		0.54		0.72		0.51		0.76

See “Non-GAAP Reconciliations” section below.

Renewables Throughput and Production Data

	Three Months Ended June 30,				Six Months Ended June 30,
(in gallons per day)	2025		2024		2025		2024
Throughput Data
Corn Oil	1,107		33,253		10,488		34,947
Soybean Oil	153,609		93,303		144,837		66,128

Production Data
Renewable diesel	148,373		117,277		146,292		89,936

Renewable utilization ⁽¹⁾	61.4	%	50.2	%	61.6	%	40.1	%
Renewable diesel yield (as % of corn and soybean oil throughput)	95.9	%	92.7	%	94.2	%	89.0	%

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

Key Market Indicators

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

Nitrogen Fertilizer Segment

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

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

Sales and Production Data

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Consolidated sales volumes (thousands of tons):
Ammonia		57		43		117		113
UAN		345		330		681		614

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	593	$	520	$	573	$	525
UAN		317		268		287		268

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		197		221		413		414
Ammonia (net available for sale) ⁽²⁾		54		69		117		130
UAN		321		337		668		643

Feedstock:
Petroleum coke used in production (thousands of tons)		130		133		261		261
Petroleum coke used in production (dollars per ton)	$	56.68	$	62.96	$	49.54	$	69.21
Natural gas used in production (thousands of MMBtus) ⁽³⁾		1,897		2,213		4,057		4,361
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	3.29	$	1.93	$	4.00	$	2.51
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		2,201		1,855		3,807		3,620
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	3.63	$	1.85	$	4.05	$	2.65

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

Key Market Indicators

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

Natural gas NYMEX (dollars per MMBtu)	$	3.51	$	2.32	$	3.69	$	2.21

Q3 2025 Outlook

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

	Q3 2025
	Low			High
Petroleum
Total throughput (bpd)		200,000			215,000
Crude utilization ⁽¹⁾		92	%		97	%
Direct operating expenses (in millions) ⁽²⁾	$	105		$	115

Renewables
Total throughput (in millions of gallons)		16			20
Renewable utilization ⁽⁴⁾		70	%		85	%
Direct operating expenses (in millions) ⁽²⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		93	%		98	%
Direct operating expenses (in millions) ⁽²⁾	$	60		$	65

Capital Expenditures (in millions) ⁽³⁾
Petroleum	$	25		$	30
Renewables		1			3
Nitrogen Fertilizer		20			25
Other		1			2
Total capital expenditures	$	47		$	60

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

Non-GAAP Reconciliations

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

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

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

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

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

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

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

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

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

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

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)		2025			2024			2025			2024
Net sales	$	1,561		$	1,795		$	3,038		$	3,517
Less:
Cost of materials and other		(1,526	)		(1,610	)		(3,008	)		(3,041	)
Direct operating expenses (exclusive of depreciation and amortization)		(102	)		(118	)		(193	)		(221	)
Depreciation and amortization		(48	)		(43	)		(90	)		(92	)
Gross (loss) profit		(115	)		24			(253	)		163
Add:
Direct operating expenses (exclusive of depreciation and amortization)		102			118			193			221
Depreciation and amortization		48			43			90			92
Refining margin		35			185			30			476
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		89			—			200			(91	)
Unrealized loss (gain) on derivatives, net		2			(17	)		(1	)		7
Inventory valuation impacts, unfavorable (favorable) ⁽¹⁾		31			(2	)		10			(39	)
Adjusted refining margin	$	157		$	166		$	239		$	353

Total throughput barrels per day		172,149			186,208			146,406			190,999
Days in the period		91			91			181			182
Total throughput barrels		15,665,597			16,944,862			26,499,565			34,761,961

Refining margin per total throughput barrel	$	2.21		$	10.94		$	1.14		$	13.68
Adjusted refining margin per total throughput barrel		9.95			9.81			9.04			10.15
Direct operating expenses per total throughput barrel		6.45			6.94			7.32			6.34

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

Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

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

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

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except throughput data)		2025			2024			2025			2024
Net sales	$	76		$	63		$	142		$	97
Less:
Cost of materials and other		(71	)		(58	)		(121	)		(88	)
Direct operating expenses (exclusive of depreciation and amortization)		(7	)		(8	)		(14	)		(13	)
Depreciation and amortization		(6	)		(6	)		(12	)		(12	)
Gross loss		(8	)		(9	)		(5	)		(16	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		7			8			14			13
Depreciation and amortization		6			6			12			12
Renewables margin		5			5			21			9
Inventory valuation impacts, (favorable) unfavorable ⁽¹⁾		1			3			(2	)		2
Adjusted renewables margin	$	6		$	8		$	19		$	11

Total vegetable oil throughput gallons per day		154,716			126,556			155,325			101,075
Days in the period		91			91			181			182
Total vegetable oil throughput gallons		14,079,118			11,516,572			28,113,944			18,395,649

Renewables margin per vegetable oil throughput gallon	$	0.38		$	0.43		$	0.76		$	0.51
Adjusted renewables margin per vegetable oil throughput gallon		0.44			0.67			0.68			0.64
Direct operating expenses per vegetable oil throughput gallon		0.54			0.72			0.51			0.76

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

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

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

The MIL Network –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

The MIL Network –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

About JD.com, Inc.

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

Safe Harbor Statement

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

For investor and media inquiries, please contact:

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

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

The MIL Network –

July 31, 2025

MIL-OSI: SEACOR Marine Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

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

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

Notable second quarter items include:

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

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

Chief Executive Officer John Gellert commented:

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

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

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

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

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

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

(1

)

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

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

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

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

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)
	Three Months Ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Operating Revenues	$	60,810		$	69,867		$	116,309		$	132,637
Costs and Expenses:
Operating		49,493			49,520			91,421			97,619
Administrative and general		11,998			10,889			23,484			22,806
Lease expense		325			486			662			967
Depreciation and amortization		12,090			12,939			24,900			25,821
		73,906			73,834			140,467			147,213
Gains on Asset Dispositions and Impairments, Net		19,163			37			24,972			36
Operating Income (Loss)		6,067			(3,930	)		814			(14,540	)
Other Income (Expense):
Interest income		372			445			808			1,038
Interest expense		(8,844	)		(10,190	)		(18,430	)		(20,499	)
Derivative gains (losses), net		87			104			212			(439	)
Foreign currency losses, net		(2,119	)		(560	)		(3,315	)		(640	)
Other, net		—			—			—			(95	)
		(10,504	)		(10,201	)		(20,725	)		(20,635	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(4,437	)		(14,131	)		(19,911	)		(35,175	)
Income Tax Expense (Benefit)		2,508			(682	)		3,412			243
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(6,945	)		(13,449	)		(23,323	)		(35,418	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		218			966			1,107			(134	)
Net Loss	$	(6,727	)	$	(12,483	)	$	(22,216	)	$	(35,552	)

Net Loss Per Share:
Basic	$	(0.26	)	$	(0.45	)	$	(0.83	)	$	(1.29	)
Diluted	$	(0.26	)	$	(0.45	)	$	(0.83	)	$	(1.29	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,686,560			27,729,033			26,791,291			27,536,319
Diluted		25,686,560			27,729,033			26,791,291			27,536,319

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Time Charter Statistics:
Average Rates Per Day	$	19,731		$	18,825		$	18,901		$	18,879		$	19,141
Fleet Utilization		68	%		60	%		72	%		67	%		69	%
Fleet Available Days ⁽²⁾		4,310			4,583			4,870			5,026			4,994
Operating Revenues:
Time charter	$	57,673		$	51,933		$	66,095		$	63,313		$	65,649
Bareboat charter		838			708			364			372			364
Other marine services		2,299			2,858			3,349			5,231			3,854
		60,810			55,499			69,808			68,916			69,867
Costs and Expenses:
Operating:
Personnel		18,969			18,537			20,365			21,940			21,566
Repairs and maintenance		13,648			8,520			10,433			9,945			10,244
Drydocking		5,143			3,869			2,467			6,068			6,210
Insurance and loss reserves		2,982			2,153			2,473			2,584			3,099
Fuel, lubes and supplies		4,296			4,546			4,884			6,574			3,966
Other		4,455			4,303			6,104			5,796			4,435
		49,493			41,928			46,726			52,907			49,520
Direct Vessel Profit ⁽¹⁾		11,317			13,571			23,082			16,009			20,347
Other Costs and Expenses:
Lease expense		325			337			347			364			486
Administrative and general		11,998			11,486			10,888			11,019			10,889
Depreciation and amortization		12,090			12,810			12,879			12,928			12,939
		24,413			24,633			24,114			24,311			24,314
Gains (Losses) on Asset Dispositions and Impairments, Net		19,163			5,809			11,624			1,821			37
Operating (Loss) Income		6,067			(5,253	)		10,592			(6,481	)		(3,930	)
Other Income (Expense):
Interest income		372			436			372			358			445
Interest expense		(8,844	)		(9,586	)		(10,001	)		(10,127	)		(10,190	)
Derivative gains (losses), net		87			125			(536	)		67			104
Loss on debt extinguishment		—			—			(31,923	)		—			—
Foreign currency (losses) gains, net		(2,119	)		(1,196	)		1,308			(1,717	)		(560	)
Other, net		—			—			187			29			—
		(10,504	)		(10,221	)		(40,593	)		(11,390	)		(10,201	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(4,437	)		(15,474	)		(30,001	)		(17,871	)		(14,131	)
Income Tax Expense (Benefit)		2,508			904			(2,345	)		(513	)		(682	)
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(6,945	)		(16,378	)		(27,656	)		(17,358	)		(13,449	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		218			889			1,430			1,012			966
Net Loss	$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)

Net Loss Per Share:
Basic	$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)
Diluted	$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,687			27,908			27,773			27,773			27,729
Diluted		25,687			27,908			27,773			27,773			27,729
Common Shares and Warrants Outstanding at Period End		26,976			29,488			28,950			28,950			28,941

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

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*United States, primarily Gulf of America*
Time Charter Statistics:
Average rates per day worked	$	25,262		$	23,874		$	26,116		$	17,188		$	22,356
Fleet utilization		48	%		25	%		45	%		42	%		37	%
Fleet available days		1,007			1,121			920			920			921
Out-of-service days for repairs, maintenance and drydockings		144			153			75			116			179
Out-of-service days for cold-stacked status ⁽²⁾		270			173			184			175			127
Operating Revenues:
Time charter	$	12,205		$	6,765		$	10,744		$	6,593		$	7,697
Other marine services		1,175			235			1,114			1,188			480
		13,380			7,000			11,858			7,781			8,177
Direct Costs and Expenses:
Operating:
Personnel		6,854			6,486			6,097			6,297			6,284
Repairs and maintenance		1,950			1,479			1,680			1,655			1,879
Drydocking		3,684			1,066			1,451			2,615			2,570
Insurance and loss reserves		1,067			702			854			799			943
Fuel, lubes and supplies		1,010			819			854			964			866
Other		631			349			229			225			226
		15,196			10,901			11,165			12,555			12,768
Direct Vessel (Loss) Profit ⁽¹⁾	$	(1,816	)	$	(3,901	)	$	693		$	(4,774	)	$	(4,591	)
Other Costs and Expenses:
Lease expense	$	139		$	136		$	136		$	140		$	141
Depreciation and amortization		3,203			3,705			3,196			3,194			3,194

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	19,140		$	17,294		$	16,895		$	18,875		$	18,580
Fleet utilization		77	%		70	%		73	%		77	%		74	%
Fleet available days		1,668			1,710			1,856			1,990			1,969
Out-of-service days for repairs, maintenance and drydockings		248			382			180			203			203
Out-of-service days for cold-stacked status		—			—			—			58			91
Operating Revenues:
Time charter	$	24,535		$	20,835		$	22,999		$	28,809		$	27,047
Other marine services		806			852			1,027			3,048			1,028
		25,341			21,687			24,026			31,857			28,075
Direct Costs and Expenses:
Operating:
Personnel		5,515			5,183			5,654			6,083			4,969
Repairs and maintenance		4,646			3,462			3,712			3,455			3,161
Drydocking		901			1,241			835			681			1,226
Insurance and loss reserves		899			594			577			599			819
Fuel, lubes and supplies		1,714			2,180			2,226			2,514			1,170
Other		2,357			2,727			3,748			3,975			2,801
		16,032			15,387			16,752			17,307			14,146
Direct Vessel Profit ⁽¹⁾	$	9,309		$	6,300		$	7,274		$	14,550		$	13,929
Other Costs and Expenses:
Lease expense	$	51		$	63		$	82		$	75		$	172
Depreciation and amortization		4,263			4,402			4,477			4,540			4,565

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

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	15,506		$	17,848		$	17,337		$	17,825		$	17,083
Fleet utilization		73	%		75	%		88	%		71	%		82	%
Fleet available days		1,089			1,170			1,266			1,288			1,296
Out-of-service days for repairs, maintenance and drydockings		204			82			30			229			168
Operating Revenues:
Time charter	$	12,365		$	15,710		$	19,385		$	16,411		$	18,073
Other marine services		432			292			635			375			619
		12,797			16,002			20,020			16,786			18,692
Direct Costs and Expenses:
Operating:
Personnel		4,511			4,927			5,470			5,769			6,930
Repairs and maintenance		6,338			2,505			3,574			3,318			3,443
Drydocking		13			1,031			(226	)		832			707
Insurance and loss reserves		842			702			804			927			798
Fuel, lubes and supplies		1,279			883			840			1,043			1,103
Other		1,104			881			1,305			1,131			989
		14,087			10,929			11,767			13,020			13,970
Direct Vessel Profit ⁽¹⁾	$	(1,290	)	$	5,073		$	8,253		$	3,766		$	4,722
Other Costs and Expenses:
Lease expense	$	72		$	83		$	72		$	73		$	71
Depreciation and amortization		3,227			3,230			3,272			3,261			3,247

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	23,764		$	22,084		$	21,390		$	21,984		$	22,437
Fleet utilization		66	%		67	%		73	%		63	%		71	%
Fleet available days ⁽²⁾		546			582			828			828			808
Out-of-service days for repairs, maintenance and drydockings		26			—			20			94			41
Operating Revenues:
Time charter	$	8,568		$	8,623		$	12,967		$	11,500		$	12,832
Bareboat charter		838			708			364			372			364
Other marine services		(114	)		1,479			573			620			1,727
		9,292			10,810			13,904			12,492			14,923
Direct Costs and Expenses:
Operating:
Personnel		2,089			1,941			3,144			3,791			3,383
Repairs and maintenance		714			1,074			1,467			1,517			1,761
Drydocking		545			531			407			1,940			1,707
Insurance and loss reserves		174			155			238			259			539
Fuel, lubes and supplies		293			664			964			2,053			827
Other		363			346			822			465			419
		4,178			4,711			7,042			10,025			8,636
Direct Vessel Profit ⁽¹⁾	$	5,114		$	6,099		$	6,862		$	2,467		$	6,287
Other Costs and Expenses:
Lease expense	$	63		$	55		$	57		$	76		$	102
Depreciation and amortization		1,397			1,473			1,934			1,933			1,933

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

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	—		$	—		$	10,410		$	10,316		$	8,125
Fleet utilization		—	%		—	%		79	%		46	%		49	%
Fleet available days		—			—			178			334			364
Out-of-service days for repairs, maintenance and drydockings		—			—			28			87			29
Out-of-service days for cold-stacked status		—			—			—			58			91
Operating Revenues:
Time charter	$	(22	)	$	15		$	1,465		$	1,576		$	1,459
Other marine services		(9	)		9			—			13			219
		(31	)		24			1,465			1,589			1,678
Direct Costs and Expenses:
Operating:
Personnel	$	9		$	1		$	595		$	981		$	1,045
Repairs and maintenance		255			38			128			239			465
Drydocking		—			—			5			436			280
Insurance and loss reserves		(4	)		—			49			66			97
Fuel, lubes and supplies		(125	)		66			25			90			69
Other		(4	)		12			210			263			230
		131			117			1,012			2,075			2,186
Other Costs and Expenses:
Lease expense	$	—		$	—		$	7		$	4		$	164
Depreciation and amortization		3			4			122			175			175

*FSV*
Time Charter Statistics:
Average rates per day worked	$	13,468		$	13,786		$	13,643		$	13,102		$	12,978
Fleet utilization		67	%		71	%		72	%		81	%		80	%
Fleet available days		1,935			1,980			2,024			2,024			2,002
Out-of-service days for repairs, maintenance and drydockings		181			135			118			96			128
Out-of-service days for cold-stacked status		270			90			92			83			36
Operating Revenues:
Time charter	$	17,573		$	19,357		$	19,992		$	21,606		$	20,698
Other marine services		516			762			416			1,012			516
		18,089			20,119			20,408			22,618			21,214
Direct Costs and Expenses:
Operating:
Personnel	$	4,526		$	4,933		$	5,078		$	5,637		$	5,829
Repairs and maintenance		3,542			2,983			4,480			4,378			4,572
Drydocking		666			353			426			448			457
Insurance and loss reserves		683			517			422			532			546
Fuel, lubes and supplies		1,449			1,173			1,586			1,962			993
Other		1,428			1,782			2,456			2,238			1,850
		12,294			11,741			14,448			15,195			14,247
Other Costs and Expenses:
Depreciation and amortization	$	4,703		$	4,932		$	4,746		$	4,744		$	4,746

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*PSV*
Time Charter Statistics:
Average rates per day worked	$	22,231		$	19,424		$	17,912		$	21,819		$	20,952
Fleet utilization		68	%		55	%		72	%		58	%		66	%
Fleet available days ⁽¹⁾		1,738			1,890			1,932			1,932			1,900
Out-of-service days for repairs, maintenance and drydockings		247			396			117			349			291
Operating Revenues:
Time charter	$	26,440		$	20,286		$	24,865		$	24,488		$	26,390
Bareboat charter		838			708			364			372			364
Other marine services		433			508			1,561			2,855			2,266
		27,711			21,502			26,790			27,715			29,020
Direct Costs and Expenses:
Operating:
Personnel	$	8,567		$	8,351		$	8,999		$	9,360		$	8,979
Repairs and maintenance		3,799			3,949			4,101			3,798			3,151
Drydocking		1,993			2,513			1,046			2,629			2,616
Insurance and loss reserves		906			631			618			636			1,037
Fuel, lubes and supplies		1,858			2,594			2,379			3,594			1,575
Other		2,199			2,018			2,566			2,821			1,850
		19,322			20,056			19,709			22,838			19,208
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	(3	)	$	3
Depreciation and amortization		3,943			4,133			4,122			4,117			4,128

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

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

*Other Activity*
Operating Revenues:
Other marine services	$	191		$	290		$	195		$	209		$	187
		191			290			195			209			187
Direct Costs and Expenses:
Operating:
Personnel	$	194		$	5		$	15		$	36		$	(1,129	)
Repairs and maintenance		30			(21	)		2			(1	)		2
Insurance and loss reserves		21			(236	)		—			16			(63	)
Fuel, lubes and supplies		—			1			—			—			—
Other		29			9			12			1			(14	)
		274			(242	)		29			52			(1,204	)
Other Costs and Expenses:
Lease expense	$	325		$	337		$	340		$	363		$	319
Depreciation and amortization		17			22			23			26			25

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	34,381		$	42,988		$	59,491		$	35,601		$	40,605
Restricted cash		17,174			2,440			16,649			2,263			2,255
Receivables:
Trade, net of allowance for credit loss		63,287			63,946			69,888			76,497			70,770
Other		10,439			8,811			7,913			7,841			6,210
Tax receivable		507			1,602			1,601			983			983
Inventories		2,539			2,827			2,760			3,139			3,117
Prepaid expenses and other		4,716			6,075			4,406			4,840			5,659
Assets held for sale		—			12,195			10,943			—			500
Total current assets		133,043			140,884			173,651			131,164			130,099
Property and Equipment:
Historical cost		887,408			881,961			900,414			921,445			921,443
Accumulated depreciation		(377,265	)		(365,422	)		(367,448	)		(362,604	)		(349,799	)
		510,143			516,539			532,966			558,841			571,644
Construction in progress		31,772			27,248			11,904			11,935			11,518
Net property and equipment		541,915			543,787			544,870			570,776			583,162
Right-of-use asset – operating leases		1,179			3,293			3,436			3,575			3,683
Right-of-use asset – finance leases		25			28			36			19			28
Investments, at equity, and advances to 50% or less owned companies		2,310			4,507			3,541			2,046			2,641
Other assets		1,558			1,665			1,577			1,864			1,953
Total assets	$	680,030		$	694,164		$	727,111		$	709,444		$	721,566
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	543		$	540		$	606		$	494		$	861
Current portion of finance lease liabilities		11			11			17			17			26
Current portion of long-term debt		30,000			30,000			27,500			28,605			28,605
Accounts payable		26,737			28,445			29,236			22,744			17,790
Other current liabilities		24,182			16,414			27,683			28,808			23,795
Total current liabilities		81,473			75,410			85,042			80,668			71,077
Long-term operating lease liabilities		812			2,926			2,982			3,221			3,276
Long-term finance lease liabilities		14			17			20			4			5
Long-term debt		310,980			310,108			317,339			272,325			277,740
Deferred income taxes		18,330			20,312			22,037			26,802			30,083
Deferred gains and other liabilities		625			1,356			1,369			1,416			1,447
Total liabilities		412,234			410,129			428,789			384,436			383,628
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		281			293			287			287			286
Additional paid-in capital		468,669			480,904			479,283			477,661			476,020
Accumulated deficit		(202,816	)		(196,089	)		(180,600	)		(154,374	)		(138,028	)
Shares held in treasury		(9,639	)		(9,628	)		(8,110	)		(8,110	)		(8,110	)
Accumulated other comprehensive income, net of tax		10,980			8,234			7,141			9,223			7,449
		267,475			283,714			298,001			324,687			337,617
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		267,796			284,035			298,322			325,008			337,938
Total liabilities and equity	$	680,030		$	694,164		$	727,111		$	709,444		$	721,566

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
							Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Cash Flows from Operating Activities:
Net Loss	$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		12,090			12,810			12,879			12,928			12,939
Deferred financing costs amortization		43			43			254			298			297
Stock-based compensation expense		1,510			1,627			1,622			1,604			1,587
Debt discount amortization		232			226			1,799			2,061			1,993
Allowance for credit losses		(213	)		(407	)		59			101			39
(Gains) losses from equipment sales, retirements or impairments		(19,163	)		(5,809	)		(11,624	)		(1,821	)		(37	)
Losses on debt extinguishment		—			—			28,252			—			—
Derivative (gains) losses		(87	)		(125	)		536			(67	)		(104	)
Interest on finance lease		1			1			2			—			1
Settlements on derivative transactions, net		—			(373	)		—			—			—
Currency losses (gains)		2,119			1,196			(1,308	)		1,717			560
Deferred income taxes		(1,982	)		(1,725	)		(4,766	)		(3,281	)		(3,790	)
Equity (earnings) losses		(218	)		(889	)		(1,430	)		(1,012	)		(966	)
Dividends received from equity investees		3,199			—			—			1,498			1,418
Changes in Operating Assets and Liabilities:
Accounts receivables		284			5,333			5,448			(7,411	)		(6,928	)
Other assets		1,901			(1,681	)		1,338			1,032			(2,395	)
Accounts payable and accrued liabilities		4,934			(6,204	)		1,693			9,325			(4,378	)
Net cash (used in) provided by operating activities		(2,077	)		(11,466	)		8,528			626			(12,247	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(10,213	)		(20,795	)		(3,010	)		(210	)		(658	)
Proceeds from disposition of property and equipment		31,592			8,472			22,441			2,331			86
Net cash (used in) provided by investing activities		21,379			(12,323	)		19,431			2,121			(572	)
Cash Flows from Financing Activities:
Payments on long-term debt		(7,500	)		(5,000	)		(2,479	)		(7,770	)		(6,533	)
Payments on debt extinguishment		—			—			(328,712	)		—			—
Payments on debt extinguishment cost		—			—			(3,671	)		—			—
Proceeds from issuance of long-term debt, net of debt discount and issuance costs		8,097			(396	)		345,192			—			—
Payments on finance leases		(4	)		(9	)		(13	)		(10	)		(9	)
Payments for repurchase of common stock		(7,089	)		—			—			—			—
Payments for repurchase of warrants		(6,668	)		—			—			—			—
Proceeds from exercise of stock options and warrants		—			—			—			38			102
Tax withholdings on restricted stock vesting		(11	)		(1,518	)		—			—			(39	)
Net cash (used in) provided by financing activities		(13,175	)		(6,923	)		10,317			(7,742	)		(6,479	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		—			—			—			(1	)		(1	)
Net Change in Cash, Restricted Cash and Cash Equivalents		6,127			(30,712	)		38,276			(4,996	)		(19,299	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		45,428			76,140			37,864			42,860			62,159
Cash, Restricted Cash and Cash Equivalents, End of Period	$	51,555		$	45,428		$	76,140		$	37,864		$	42,860

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
	Owned		Managed		Total
June 30, 2025
AHTS		—		1		1
FSV		21		1		22
PSV		19		—		19
Liftboats		7		—		7
		47		2		49
December 31, 2024
AHTS		—		2		2
FSV		22		1		23
PSV		21		—		21
Liftboats		8		—		8
		51		3		54

The MIL Network –

July 31, 2025

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

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

LMPC via Getty Images

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

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

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

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

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

An Australia–Hong Kong co-production

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

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

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

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

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

A film of cunning stunts

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

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

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

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

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

Part character, and part tourism advert

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

But as Trenchard-Smith recalls:

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

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

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

Pure cinema

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

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

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

Odua Images/Shutterstock

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

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

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

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

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

Key challenges

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

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

As one interviewee put it:

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

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

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

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

Structural barriers

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

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

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

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

Turning identity into an asset

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

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

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

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

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

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

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

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

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

There’s more we can do

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

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

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

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

Source: Independent Petroleum Association of America

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

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

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

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

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

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

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

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

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

# # #

MIL OSI Global Banks –

July 31, 2025

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

Source: US Commodity Futures Trading Commission

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

MIL OSI USA News –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

About StoneX Group Inc.

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

CONTACT: StoneX Group Inc.

Investor Inquiries:

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

SNEX-G

The MIL Network –

July 31, 2025

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

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

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

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

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

adult imprisonment
children in out-of-home care
suicide
children developmentally on track.

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

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

life expectancy
healthy birthweights
year 12 or equivalent qualifications
youth engagement
appropriately sized housing.

Time for change

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

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

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

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

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

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

1. A national action plan, driven by human rights

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

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

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

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

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

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

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

2. An independent oversight body

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

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

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

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

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

3. A bigger role for local government

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

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

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

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

Imaginima / Getty Images

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

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

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

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

The gap between promise and evidence

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

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

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

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

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

Economic impact from AI will unfold gradually

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

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

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

The educational risk

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

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

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

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

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

A multi-partner infrastructure strategy

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

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

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

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

Australia’s AI future

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

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

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján

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

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

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

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

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

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

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

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

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

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

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

The full text of the legislation can be seen here.

MIL OSI USA News –

July 31, 2025

Category: Business

An Australia–Hong Kong co-production

A film of cunning stunts

Part character, and part tourism advert

Pure cinema

Key challenges

Structural barriers

Turning identity into an asset

There’s more we can do

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

Time for change

1. A national action plan, driven by human rights

2. An independent oversight body

3. A bigger role for local government

The gap between promise and evidence

Economic impact from AI will unfold gradually

The educational risk

A multi-partner infrastructure strategy

Australia’s AI future