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Category: Economy

  • MIL-OSI Economics: Consultation deadline extended by three weeks

    Source: Isle of Man

    The Isle of Man Financial Services Authority has extended the deadline for responses to its public consultation on the Financial Services (Miscellaneous Provisions) Bill.

    Feedback on the proposals aimed at enhancing the Island’s regulatory framework can now be submitted up to Monday 1 September 2025. The draft Bill includes plans to revise measures within the:

    • Collective Investment Schemes Act 2008
    • Designated Businesses (Registration and Oversight) Act 2015
    • Financial Services Act 2008
    • Insurance Act 2008

    The consultation documents are available to view on the Isle of Man Government Engagement Hub. Comments should be sent to Policy@iomfsa.im or to Casey Houareau, Policy Adviser, Isle of Man Financial Services Authority, PO Box 58, Finch Hill House, Bucks Road, Douglas, IM99 1DT.

    MIL OSI Economics –

  • India and UK sign landmark trade deal: How CETA could benefit different sections of society

    Source: Government of India

    Source: Government of India (4)

    India and the United Kingdom have inked a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at boosting bilateral trade and investment. The deal is expected to bring substantial benefits across various segments of Indian society.

    By promoting greater market access, technology exchange and investment flows, the agreement would create inclusive and sustainable growth opportunities.

    The CETA document outlines targeted advantages for farmers, fisherfolk, tribal communities, informal and formal workers, women entrepreneurs, youth, MSMEs and professionals.

    It emphasizes trade facilitation, skill development, value chain integration and enhanced mobility. CETA would act as a vehicle for equitable growth, rural upliftment and greater global integration of India’s diverse economic stakeholders.

    Indian farming communities stand to gain from easier access to the UK market and more opportunities to sell their produce due to tariff elimination.

    Among other concessions, the UK will liberalise access, effective from the date of implementation, for a range of Indian agricultural and food products, including meats, dairy, tea, coffee, spices, fruits, vegetables, fruit juices, and processed foods. By unlocking preferential access to the UK’s USD 63.4 billion agricultural market, the Comprehensive Economic and Trade Agreement (CETA) gives Indian farmers a direct route to a high-value global customer base and achieve better returns for their goods.

    The CETA agreement takes fully into account the interests of Indian producers of sensitive agricultural products like dairy products, vegetables, apples, edible oils, oats, etc. by keeping those tariff lines under a sensitive list.

    The agricultural sector also benefits from the non-application of safeguard duties on Indian exports. Farmers will also benefit from commitments taken under the CETA to acknowledge traditional knowledge, especially in the patent process for genetic resources.

    The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.

    The CETA marks a significant step forward in advancing opportunities for women and youth across both nations. It includes progressive provisions designed to break down barriers and promote greater participation in international trade, digital innovation, and government procurement for women, youth, and under-represented groups.

    By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.

    India’s youth, aged 15 to 29 and comprising approximately 27.3% of the population, are at the forefront of the country’s social and economic transformation. The CETA is poised to expand high-quality employment pathways for Indian youth by easing services market access, securing mutual recognition of professional qualifications and facilitating short-term mobility for talent in IT, healthcare, finance, and creative sectors.

    Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros. By fostering access to global value chains and enhancing competitiveness, CETA will empower Indian youth with essential skills and pathways to participate in international markets and future growth.

    SMEs are a vital part of India’s economy, contributing around 30.1% of India’s GDP in 2022-23 and 45.8% in India’s total export in 2024-25.

    SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.

    Indian businesses will gain a lot from this CETA. Other than lower tariffs and market access for Indian goods and services, the CETA offers ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes from established systems like a Single Window and Authorised Economic Operator.

    Non-discriminatory treatment to Indian businesses and exporters when it comes to goods, services and government procurement, benefits Indian businesses in the UK market.

    Qualified professionals such as architects, engineers and medical professionals will be able to take advantage of the enhanced market access under the CETA and provide services in the UK. This is expected to create direct and indirect jobs through the expansion of service sectors.

    CETA also provides professionals with better mobility access to the UK. Independent professionals providing services such as R&D and computer services will be able to take advantage of these mobility commitments and provide their services in the UK. This will directly lead to job creation and better opportunities for a wide range of professionals, thereby increasing the quality of life.

    The CETA ensures comprehensive market access for goods across most sectors, fully addressing India’s export interests. India stands to benefit from the duty elimination of tariffs on approximately 99% of tariff lines, covering nearly 100% of the trade value.

    This opens up significant opportunities to boost bilateral trade between India and the UK.

    In key labor-intensive sectors, duties have been reduced to zero from previously high levels- up to 20% on marine products, 12% on textiles and clothing, 8% on chemicals, and 10% on base metals. Notably, in the processed food sector, tariffs on 99.7% of lines have been slashed from as high as 70% to zero, offering a major boost for Indian exporters.

    (ANI)

  • MIL-OSI United Kingdom: UK-India Technology Security Initiative – Anniversary Statement

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-India Technology Security Initiative – Anniversary Statement

    Statement on the one-year anniversary of the landmark UK-India Technology Security Initiative

    On the occasion of the one-year anniversary of the landmark UK-India Technology Security Initiative (TSI), the UK and India reaffirmed their shared commitment to harness frontier technologies to drive economic growth and strengthen national security.

    Both parties welcomed the Initiative’s achievements to date and underscored the transformative potential of the TSI to deliver cutting-edge innovations and generate investment across the entire technology value chain.

    The TSI has already enabled industry, academia and government to deliver new strategic opportunities. Over the past year, both sides have:

    • Launched a flagship £7 million joint research programme on Future Telecoms in 2024 to support joint Open RAN and 5G/6G testbed development.
    • Formalised collaboration between key telecoms lab facilities – India’s Centre for Development of Telematics (C-DOT) and the UK’s Smart RAN Open Network Interoperability Centre (SONIC) for bilateral collaboration in telecom innovation, testing and emerging technology.
    • Accelerated development in responsible and trustworthy AI, including through the first UK-India Conference on AI opportunities, held in Bengaluru in February 2025.
    • Completed the successful first phase of the world’s first UK-India Critical Minerals Supply Chain Observatory. Phase Two, supported by £1.8 million of new funding, will deliver the world’s largest digital data infrastructure on the critical minerals value chain and establish a new satellite campus at the Indian School of Mines in Dhanbad.
    • Strengthened our partnership in FEMTECH – Women-Orientated Health Tech by collaboration between National Institute for Health and Care Research (NIHR) and Department of Biotechnology (DBT).
    • Initiated several new partnerships between private sector from both sides in the fields of Telecoms, Critical Minerals, Advanced Materials and AI.

    To further our strategic collaboration, both sides will:

    • Harness together, the benefits of the global AI revolution and boost economic growth through a UK-India joint centre for AI that will promote trusted real world AI innovations and widespread adoption.
    • Advance next generation, secure-by-design telecommunications through joint research, development and innovation, strategically collaborating on advanced connectivity and cyber resilience. Establish an India-UK Connectivity and Innovation Centre to pioneer AI-driven telecoms, non-terrestrial networks and secure 5G and 6G. Work together through international fora like ITU and 3GPP for 6G.
    • Secure resilient and sustainable critical mineral supply chains to power the Fourth Industrial Revolution. Establish a UK-India Critical Minerals Guild to transform financing standards and innovation. Together, the two sides will prioritise processing, R&D, recycling, managing risk to supply chains, market development etc. and will champion circular economy principles and advance traceability.
    • Use the UK-India biotechnology partnership to unlock the potential in biofoundries, bioprinting, biomanufacturing, bio-based materials, advanced biosciences and drive innovation across health, clean energy and sustainable agriculture. Explore the possibility of setting up a UK-India Biotechnology Accelerator.

    The UK and India continue to work together across other TSI commitments including the collaboration on Graphene and 2D Materials Technology.
    In recognition of the TSI’s success, the two leaders agreed to expand the TSI into new frontier domains, particularly to unlock engagement on futuristic, secure and strategic technologies. This expansion will further align UK and Indian national security priorities and unlock new opportunities for industry and researchers.

    Both parties called on industry, including start-ups and academia to further catalyse the UK-India technology partnership and to take advantage of the opportunities presented by the TSI.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Simon Lewis appointed as Chair of UK Anti-Doping

    Source: United Kingdom – Government Statements

    News story

    Simon Lewis appointed as Chair of UK Anti-Doping

    The Secretary of State has appointed Simon Lewis as the new Chair of UK Anti-Doping (UKAD) for a term of 4 years.

    Simon Lewis

    Simon has been appointed as Chair of UK Anti-Doping and his term will commence on 4 August 2025.

    His background is primarily in the Legal Sector where he has practised as a barrister, in various relevant areas of law, and where he now sits as a fee-paid judge. Simon has served in a number of non-executive board-level roles: within workplace relations (at Acas); professional regulation (at Social Work England and at the Bar Standards Board); healthcare (at a mental health and community NHS trust); higher education (at England’s leading university for improving social mobility); sport governance; and charity. He has also acted in a range of independent regulatory roles across various sectors: within healthcare, sport, and finance/business.  

    Simon grew up in Wales and then Yorkshire, playing representative sports, before graduating from the University of Cambridge.

    On his appointment, Simon Lewis said:

    “It is an honour to be appointed as Chair of UKAD. Having worked extensively across regulatory and sporting landscapes, I’m excited to be able to govern and support an organisation so inextricably involved in both.

    “I want to ensure UKAD continues to bolster the UK’s strong reputation for clean and healthy sport across the four nations. I’m arriving at an important and busy time, with a host of major sporting events approaching, including the Women’s Rugby World Cup, the Winter Olympics and Paralympics, and the 2026 Commonwealth Games in Glasgow. I look forward to working with the team, engaging with a wide range of stakeholders, and supporting UKAD’s goal to protect clean sport.”

    Lisa Nandy, Secretary of State for Culture, Media and Sport said:

    “I’m delighted to welcome Simon Lewis as the new Chair of UKAD. Simon has extensive experience in sport and law, which will ensure UKAD continues to deliver with professionalism and integrity.

    “Sport is part of our national story and as part of our Plan for Change we want to remove barriers to participation at grassroots and support athletes in elite settings. Upholding the values of clean sport and fair competition are absolutely vital in achieving this and as we welcome Simon, I’d like to thank departing Chair Trevor Pearce for all of his work during his tenure.”

    Jane Rumble, Chief Executive of UKAD said:

    “We are very pleased to welcome Simon to UKAD. Simon brings his deep and relevant legal and sport governance experience to us at a pivotal time. In addition to a busy sporting calendar of major events UKAD will also soon shape and deliver a new multi-year Strategic Plan. UKAD is also preparing for the launch of the 2027 World Anti-Doping Code.

    “On behalf of us all at UKAD we are looking forward to giving Simon a warm welcome as he takes up stewardship of our committed and brilliant team.

    “I would also like to thank our outgoing chair Trevor Pearce, who has been with us for nearly nine years, for his excellent stewardship at the helm of our organisation.”

    Remuneration and Governance Code

    The Chair of UK Anti-Doping is remunerated at a rate of £20,640 per annum. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Simon has not declared any significant political activity.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Amalgamated Financial Corp. Reports Second Quarter 2025 Financial Results; Solid Deposit and Loan Growth; Strong Margin at 3.55%

    Source: GlobeNewswire (MIL-OSI)

    Common Equity Tier 1 Capital Ratio of 14.13% | Tangible Book Value per Share of $24.33

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the second quarter ended June 30, 2025.

    Second Quarter 2025 Highlights (on a linked quarter basis)

    • Net income of $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share.
    • Core net income1 of $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share.

    Deposits and Liquidity

    • On-balance sheet deposits increased $321.2 million, or 4.3%, to $7.7 billion.
    • Excluding $112.3 million of temporary pension funding deposits received on the last day of the quarter and withdrawn on the following day, total deposits increased $208.9 million, or 2.8%, to $7.6 billion.
    • Off-balance sheet deposits were $41.4 million at the end of the quarter.
    • Political deposits increased $136.5 million, or 13%, to $1.2 billion, which includes both on and off-balance sheet deposits.
    • Average cost of deposits, increased 3 basis points to 162 basis points, where non-interest-bearing deposits comprised 36% of total deposits.

    Assets and Margin

    • Net interest margin remained unchanged at 3.55%.
    • Net interest income grew $2.3 million, or 3.3%, to $72.9 million.
    • Net loans receivable increased $35.5 million, or 0.8%, to $4.7 billion.
    • Net loans in growth mode (commercial and industrial, commercial real estate, and multifamily) increased $60.8 million or 2.1%.
    • Total PACE assessments grew $16.3 million, or 1.4%, to $1.2 billion.
    • The multifamily and commercial real estate loan portfolios totaled $1.8 billion and had a concentration of 202% to total risk based capital.

    Capital and Returns

    • Tier 1 leverage ratio remained constant at 9.22% and Common Equity Tier 1 ratio was 14.13%.
    • Tangible common equity1 ratio decreased 13 basis points to 8.60% due to a larger balance sheet.
    • Tangible book value per share1 increased $0.82, or 3.5%, to $24.33, and has increased $7.00, or 40.4% since September 2021.
    • Core return on average tangible common equity1 of 14.90% and core return on average assets1 of 1.28%.

    Share Repurchase

    • Repurchased approximately 327,000 shares, or $9.7 million of common stock, through June 30, 2025, with $30.3 million in remaining capacity under the share repurchase program approved on March 10, 2025.
    • Approximately 74,000 shares have been repurchased from July 1 through July 22, 2025.
       
    1 Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com.
       

    Priscilla Sims Brown, President and Chief Executive Officer, commented, “We are achieving our results because our banking model is flexible. We have many levers we can pull to drive performance and that creates reliability and predictability for our shareholders, customers, and employees.”

    Second Quarter Earnings

    Net income was $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share, for the prior quarter. The $1.0 million increase during the quarter was primarily driven by a scheduled $2.6 million increase in non-core income related to solar tax equity investments, a $2.3 million increase in net interest income, and a $1.1 million decrease in non-interest expense. This was partially offset by a $4.3 million increase in provision for credit losses, the effect from a $0.8 million net valuation gain on residential loans sold during the previous quarter, and a $0.4 million increase in losses on sales of securities and other assets compared to the linked quarter.

    Core net income1 was $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share for the prior quarter. Excluded from core net income for the quarter, pre-tax, was $1.0 million of losses on the sale of securities and other assets, $0.3 million of scheduled accelerated depreciation from solar tax equity investments, $0.1 million of severance costs, and $0.1 million of ICS One-Way Sell fee income. Excluded from core net income for the first quarter of 2025, pre-tax, was $2.9 million of accelerated depreciation from solar tax equity investments, a $0.8 million net valuation gain from residential loans sold during the quarter, and $0.7 million of losses on the sale of securities.

    Net interest income was $72.9 million, compared to $70.6 million for the prior quarter. Loan interest income increased $0.9 million and loan yields increased 5 basis points despite a $35.6 million decrease in average loan balances, primarily due to completion of a residential loan pool sale in the prior quarter. In addition, commercial loan originations were offset by paydowns and payoffs on lower-yielding commercial and residential loans. Interest income on securities increased $2.0 million driven by an increase in the average balance of securities of $141.2 million despite a slight decline in securities yields of 4 basis points. Interest expense on total interest-bearing deposits increased $1.7 million driven primarily by an increase in the average balance of total interest-bearing deposits of $201.0 million, while interest-bearing deposits cost remained flat.

    Net interest margin was 3.55%, the same as the prior quarter largely due to a higher average balance of interest-bearing deposits as noted above, which resulted in a slightly higher blended cost of funds. This offset the interest income generated by the higher average balance of securities and modestly higher loan yields. Additionally, income from prepayment penalties had a one basis point impact on net interest margin in the current quarter, compared to no impact in the prior quarter.

    Provision for credit losses was an expense of $4.9 million, compared to an expense of $0.6 million in the prior quarter. The increase in the second quarter was primarily driven by a $2.3 million increase in reserve for one syndicated commercial and industrial loan as well as the macroeconomic forecasts used in the CECL model, primarily related to the consumer solar loan portfolio, which can be volatile.

    Non-interest income was $8.0 million, compared to $6.4 million in the prior quarter. Excluding all non-core income adjustments noted above, core non-interest income1 was $9.3 million, compared to $9.1 million in the prior quarter. The increase was primarily related to higher commercial banking fees, partially offset by lower income from Trust fees.

    Non-interest expense was $40.6 million, a decrease of $1.1 million from the prior quarter. Core non-interest expense1 was $40.4 million, also a decrease of $1.1 million from the prior quarter. This was mainly driven by a $1.5 million decrease in professional fees, partially offset by a $0.4 million increase in advertising expense.

    Provision for income tax expense was $9.5 million, compared to $9.7 million for the prior quarter. The effective tax rate was 26.7%, compared to 28.0% in the prior quarter. The California single-sales factor apportionment law was adopted during the quarter which resulted in an increase in the California state tax rate. A discrete tax benefit was recognized during the current quarter for the remeasurement of deferred tax assets reducing the quarterly effective tax rate. Going forward, the tax rate is expected to be 27.3%. The prior quarter effective tax rate was impacted by discrete tax items related to a city and state tax examination. Adjusted, the current quarter effective tax rate was 27.3% compared to 27.0% for the prior quarter.

    Balance Sheet Quarterly Summary

    Total assets were $8.6 billion at June 30, 2025, a $336.1 million or a 4% increase compared to $8.3 billion at March 31, 2025. On the last day of the quarter, the balance sheet was impacted by $112.3 million of temporary pension funding deposits that were withdrawn the following day. Adjusted, total assets were $8.5 billion, in line with our target for the quarter. Notable changes within individual balance sheet line items include a $177.6 million increase in securities and a $35.5 million increase in net loans receivable. On the liabilities side, on-balance sheet deposits increased by $321.2 million or $208.9 million when adjusted for the temporary deposits noted above. Off-balance sheet deposits decreased by $173.1 million in the quarter. Equity grew by $18.0 million.

    Total net loans receivable at June 30, 2025 were $4.7 billion, an increase of $35.5 million, or 0.8% for the quarter. A balanced increase in loans was primarily driven by a $34.2 million increase in multifamily loans, a $13.5 million increase in commercial and industrial loans, and a $13.1 million increase in commercial real estate loans, all in our identified growth portfolios. This was partially offset by a $11.0 million decrease in consumer solar loans, and a $11.8 million decrease in residential loans, both being non-growth portfolios. During the quarter, criticized or classified loans increased $13.9 million, largely related to the downgrades of four commercial and industrial loans totaling $9.7 million, the downgrade of one multifamily loan totaling $2.8 million, additional downgrades of small business loans totaling $1.0 million, and an increase of $2.1 million in residential and consumer substandard loans. This was partially offset by charge-offs of small business loans totaling $1.1 million, and an upgrade of one $0.1 million small business loan.

    Total on-balance sheet deposits at June 30, 2025 were $7.7 billion, an increase of $321.2 million, or 4.3%, during the quarter. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $1.2 billion as of June 30, 2025, an increase of $136.5 million during the quarter. Non-interest-bearing deposits represented 38% of average total deposits and 36% of ending total deposits for the quarter, contributing to an average cost of total deposits of 162 basis points. Super-core deposits1 totaled approximately $4.2 billion, had a weighted average life of 18 years, and comprised 54% of total deposits. Total uninsured deposits were $3.9 billion, comprising 50% of total deposits.

    Nonperforming assets totaled $35.2 million, or 0.41% of period-end total assets at June 30, 2025, an increase of $1.3 million, compared with $33.9 million, or 0.41% on a linked quarter basis. The increase in nonperforming assets was primarily driven by a $2.4 million increase in residential non-accrual loans, partially offset by a $0.3 million decrease in commercial and industrial nonaccrual loans, a $0.3 million decrease in consumer solar nonaccrual loans, and a $0.5 million decrease in nonaccrual loans held for sale compared to the prior quarter.

    During the quarter, the allowance for credit losses on loans increased $1.3 million to $59.0 million. The ratio of allowance to total loans was 1.25%, an increase of 2 basis points from 1.23% in the first quarter of 2025. This is primarily due to an increase of $2.3 million in reserves for one commercial and industrial loan, along with increases in provision related to the macroeconomic forecasts used in the CECL model. The loan associated with the increased reserve is a commercial and industrial business loan to an originator of consumer loans for renewable energy efficiency improvements. During the quarter, $2.5 million of debtor-in-possession (“DIP”) financing was put in place, a portion of which was advanced and increased our outstanding exposure from $8.3 million to $9.3 million as of June 30, 2025. Additionally, during the third quarter, the remainder of the DIP financing was advanced bringing the total exposure to $10.8 million as of the date of this earnings release. While there remains collateral value, the situation with this loan is fluid and could result in further reserves as the workout progresses.

    Capital Quarterly Summary

    As of June 30, 2025, the Common Equity Tier 1 Capital ratio was 14.13%, the Total Risk-Based Capital ratio was 16.43%, and the Tier 1 Leverage Capital ratio was 9.22%, compared to 14.27%, 16.61% and 9.22%, respectively, as of March 31, 2025. Stockholders’ equity at June 30, 2025 was $754.0 million, an increase of $18.0 million during the quarter. The increase in stockholders’ equity was primarily driven by $26.0 million of net income for the quarter and a $4.3 million improvement in accumulated other comprehensive loss due to the tax-effected mark-to-market on available for sale securities, offset by $9.7 million in share buybacks and $4.4 million in dividends paid at $0.14 per outstanding share.

    Tangible book value per share1 was $24.33 as of June 30, 2025 compared to $23.51 as of March 31, 2025. Tangible common equity1 improved to 8.60% of tangible assets, compared to 8.73% as of March 31, 2025.

    Conference Call

    As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its second quarter 2025 results today, July 24, 2025 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Second Quarter 2025 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13754662. The telephonic replay will be available until July 31, 2025.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

    The presentation materials for the call can be accessed on the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/.

    About Amalgamated Financial Corp.

    Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of June 30, 2025, total assets were $8.6 billion, total net loans were $4.7 billion, and total deposits were $7.7 billion. Additionally, as of June 30, 2025, the trust business held $36.5 billion in assets under custody and $15.6 billion in assets under management.

    Non-GAAP Financial Measures

    This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

    Management utilizes this information to compare operating performance for June 30, 2025 versus certain periods in 2025 and 2024 and to prepare internal projections. The Company believes these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to core business, which are excluded, vary extensively from company to company, the Company believe that the presentation of this information allows investors to more easily compare results to those of other companies.

    The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. The Company strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on the Company’s website, amalgamatedbank.com.

    Terminology

    Certain terms used in this release are defined as follows:

    “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

    “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. The Company believes the most directly comparable GAAP financial measure is net income.

    “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, and restructuring/severance. The Company believes the most directly comparable GAAP financial measure is total non-interest expense.

    “Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. The Company believes the most directly comparable GAAP financial measure is non-interest income.

    “Core operating revenue” is defined as total net interest income plus “core non-interest income”. The Company believes the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

    “Core return on average assets” is defined as “Core net income” divided by average total assets. The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

    “Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

    “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. The Company believes the most directly comparable GAAP financial measure is total deposits.

    “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. The Company believes the most directly comparable GAAP financial measure is total assets.

    “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, goodwill and core deposit intangibles. The Company believes that the most directly comparable GAAP financial measure is total stockholders’ equity.

    “Traditional securities” is defined as total investment securities excluding PACE assessments. The Company believes the most directly comparable GAAP financial measure is total investment securities.

    Forward-Looking Statements

    Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward-looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to:

    1. uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance;
    2. deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses;
    3. deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors;
    4. changes in deposits, including an increase in uninsured deposits;
    5. ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital;
    6. unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments;
    7. negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense;
    8. fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits;
    9. the general decline in the real estate and lending markets, particularly in commercial real estate in the Company’s market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;
    10. potential implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies;
    11. changes in U.S. trade policies and other global political factors beyond the Company’s control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand;
    12. the outcome of legal or regulatory proceedings that may be instituted against us;
    13. inability to achieve organic loan and deposit growth and the composition of that growth;
    14. composition of the Company’s loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates;
    15. inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses;
    16. changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;
    17. any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets;
    18. limitations on the ability to declare and pay dividends;
    19. the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including as a result of compression to net interest margin;
    20. increased competition for experienced members of the workforce including executives in the banking industry;
    21. a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;
    22. increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence;
    23. a downgrade in the Company’s credit rating;
    24. “greenwashing claims” against the Company and environmental, social, and governance (“ESG”) products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion (“DEI”) practices;
    25. any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates;
    26. physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances;
    27. future repurchase of the Company’s shares through the Company’s common stock repurchase program; and
    28. descriptions of assumptions underlying or relating to any of the foregoing.

    Additional factors which could affect the forward-looking statements can be found in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at https://www.sec.gov/. The Company disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:
    Jamie Lillis
    Solebury Strategic Communications
    shareholderrelations@amalgamatedbank.com
    800-895-4172

    Consolidated Statements of Income (unaudited)

      Three Months Ended   Six Months Ended
    		  
      June 30,   March 31,   June 30,   June 30,
    		  
    ($ in thousands) 2025   2025   2024   2025   2024  
    INTEREST AND DIVIDEND INCOME                                        
    Loans $ 58,723     $ 57,843     $ 51,293     $ 116,566     $ 103,245    
    Securities   43,737       41,653       44,978       85,390       87,368    
    Interest-bearing deposits in banks   1,639       1,194       2,690       2,833       5,282    
             Total interest and dividend income   104,099       100,690       98,961       204,789       195,895    
    INTEREST EXPENSE                                        
    Deposits   30,593       28,917       28,882       59,510       54,773    
    Borrowed funds   597       1,196       887       1,793       3,893    
             Total interest expense   31,190       30,113       29,769       61,303       58,666    
    NET INTEREST INCOME   72,909       70,577       69,192       143,486       137,229    
    Provision for credit losses   4,890       596       3,161       5,486       4,749    
             Net interest income after provision for credit losses   68,019       69,981       66,031       138,000       132,480    
    NON-INTEREST INCOME                                        
    Trust Department fees   3,879       4,191       3,657       8,069       7,511    
    Service charges on deposit accounts   3,873       3,438       8,614       7,311       14,750    
    Bank-owned life insurance income   796       626       615       1,422       1,224    
    Losses on sale of securities and other assets   (1,041 )     (680 )     (2,691 )     (1,721 )     (5,465 )  
    Gain (loss) on sale of loans and changes in fair value on loans held-
    for-sale, net    		   18       832       69       850       116    
    Equity method investments income (loss)   51       (2,508 )     (1,551 )     (2,458 )     521    
    Other income   449       507       545       957       830    
             Total non-interest income   8,025       6,406       9,258       14,430       19,487    
    NON-INTEREST EXPENSE                                        
    Compensation and employee benefits   23,240       23,314       23,045       46,554       45,318    
    Occupancy and depreciation   3,476       3,293       3,379       6,768       6,283    
    Professional fees   3,283       4,739       2,332       8,022       4,708    
    Technology   5,485       5,619       4,786       11,103       9,415    
    Office maintenance and depreciation   570       629       580       1,199       1,243    
    Amortization of intangible assets   144       144       182       287       365    
    Advertising and promotion   412       51       1,175       463       2,394    
    Federal deposit insurance premiums   900       900       1,050       1,800       2,100    
    Other expense   3,074       2,961       2,983       6,038       5,838    
             Total non-interest expense   40,584       41,650       39,512       82,234       77,664    
    Income before income taxes   35,460       34,737       35,777       70,196       74,303    
    Income tax expense   9,471       9,709       9,024       19,179       20,301    
             Net income $ 25,989     $ 25,028     $ 26,753     $ 51,017     $ 54,002    
    Earnings per common share – basic $ 0.85     $ 0.82     $ 0.88     $ 1.67     $ 1.77    
    Earnings per common share – diluted $ 0.84     $ 0.81     $ 0.87     $ 1.65     $ 1.75    
     

    Consolidated Statements of Financial Condition

    ($ in thousands) June 30, 2025   March 31, 2025   December 31, 2024

    		  
    Assets (unaudited)   (unaudited)      
    Cash and due from banks $ 4,049     $ 4,196     $ 4,042    
    Interest-bearing deposits in banks   167,017       61,518       56,707    
    Total cash and cash equivalents   171,066       65,714       60,749    
    Securities:                        
    Available for sale, at fair value                        
             Traditional securities   1,713,077       1,546,127       1,477,047    
             Property Assessed Clean Energy (“PACE”) assessments   178,247       161,147       152,011    
        1,891,324       1,707,274       1,629,058    
    Held-to-maturity, at amortized cost:                        
    Traditional securities, net of allowance for credit losses of $47, $47, and $49,
    respectively    		   529,418       535,065       542,246    
    PACE assessments, net of allowance for credit losses of $657, $654, and $655,
    respectively    		   1,037,220       1,038,052       1,043,959    
        1,566,638       1,573,117       1,586,205    
                             
    Loans held for sale   2,545       3,667       37,593    
    Loans receivable, net of deferred loan origination fees and costs   4,714,344       4,677,506       4,672,924    
    Allowance for credit losses   (58,998 )     (57,676 )     (60,086 )  
    Loans receivable, net   4,655,346       4,619,830       4,612,838    
                             
    Resell agreements   57,040       41,651       23,741    
    Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost   5,277       4,679       15,693    
    Accrued interest receivable   55,509       55,092       61,172    
    Premises and equipment, net   8,823       7,366       6,386    
    Bank-owned life insurance   108,465       108,652       108,026    
    Right-of-use lease asset   11,379       12,477       14,231    
    Deferred tax asset, net   33,685       33,799       42,437    
    Goodwill   12,936       12,936       12,936    
    Intangible assets, net   1,200       1,343       1,487    
    Equity method investments   5,110       5,639       8,482    
    Other assets   34,995       31,991       35,858    
             Total assets $ 8,621,338     $ 8,285,227     $ 8,256,892    
    Liabilities                        
    Deposits   7,733,272       7,412,072       7,180,605    
    Borrowings   75,457       69,676       314,409    
    Operating leases   15,395       17,190       19,734    
    Other liabilities   43,230       50,293       34,490    
             Total liabilities   7,867,354       7,549,231       7,549,238    
    Stockholders’ equity                        
    Common stock, par value $0.01 per share   310       309       308    
    Additional paid-in capital   290,256       288,539       288,656    
    Retained earnings   522,405       500,783       480,144    
    Accumulated other comprehensive loss, net of income taxes   (42,982 )     (47,308 )     (58,637 )  
    Treasury stock, at cost   (16,005 )     (6,327 )     (2,817 )  
             Total stockholders’ equity   753,984       735,996       707,654    
             Total liabilities and stockholders’ equity $ 8,621,338     $ 8,285,227     $ 8,256,892    
     

    Select Financial Data

      As of and for the
    Three Months Ended    		   As of and for the
    Six Months Ended
    		  
      June 30,   March 31,   June 30,   June 30,
    		  
    (Shares in thousands) 2025   2025   2024   2025   2024  
    Selected Financial Ratios and Other Data:                              
    Earnings per share                              
    Basic $ 0.85   $ 0.82   $ 0.88   $ 1.67   $ 1.77  
    Diluted   0.84     0.81     0.87     1.65     1.75  
    Core net income (non-GAAP)                              
    Basic $ 0.88   $ 0.88   $ 0.86   $ 1.77   $ 1.70  
    Diluted   0.88     0.88     0.85     1.75     1.68  
    Book value per common share (excluding minority interest) $ 24.79   $ 23.98   $ 21.09   $ 24.79   $ 21.09  
    Tangible book value per share (non-GAAP) $ 24.33   $ 23.51   $ 20.61   $ 24.33   $ 20.61  
    Common shares outstanding, par value $0.01 per share(1)   30,412     30,697     30,630     30,412     30,630  
    Weighted average common shares outstanding, basic   30,558     30,682     30,551     30,619     30,513  
    Weighted average common shares outstanding, diluted   30,758     30,946     30,832     30,872     30,789  
     
    (1) 70,000,000 shares authorized; 30,983,139, 30,940,480, and 30,743,666 shares issued for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024 respectively, and 30,412,241, 30,696,940, and 30,630,386 shares outstanding for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
     

    Select Financial Data

      As of and for the
    Three Months Ended    		   As of and for the
    Six Months Ended
    		  
      June 30,   March 31,   June 30,   June 30,
    		  
      2025   2025   2024   2025   2024  
    Selected Performance Metrics:                              
    Return on average assets 1.23 %   1.22 %   1.30 %   1.23 %   1.33 %  
    Core return on average assets (non-GAAP) 1.28 %   1.33 %   1.27 %   1.30 %   1.27 %  
    Return on average equity 14.06 %   14.05 %   17.27 %   14.06 %   17.75 %  
    Core return on average tangible common equity (non-GAAP) 14.90 %   15.54 %   17.34 %   15.21 %   17.46 %  
    Average equity to average assets 8.78 %   8.71 %   7.53 %   8.75 %   7.48 %  
    Tangible common equity to tangible assets (non-GAAP) 8.60 %   8.73 %   7.66 %   8.60 %   7.66 %  
    Loan yield 5.05 %   5.00 %   4.68 %   5.03 %   4.72 %  
    Securities yield 5.11 %   5.15 %   5.22 %   5.13 %   5.21 %  
    Deposit cost 1.62 %   1.59 %   1.55 %   1.61 %   1.51 %  
    Net interest margin 3.55 %   3.55 %   3.46 %   3.55 %   3.47 %  
    Efficiency ratio (1) 50.14 %   54.10 %   50.37 %   52.07 %   49.56 %  
    Core efficiency ratio (non-GAAP) 49.21 %   52.11 %   50.80 %   50.64 %   50.60 %  
                                   
    Asset Quality Ratios:                              
    Nonaccrual loans to total loans 0.74 %   0.70 %   0.78 %   0.74 %   0.78 %  
    Nonperforming assets to total assets 0.41 %   0.41 %   0.43 %   0.41 %   0.43 %  
    Allowance for credit losses on loans to nonaccrual loans 170.02 %   175.07 %   182.83 %   170.02 %   182.83 %  
    Allowance for credit losses on loans to total loans 1.25 %   1.23 %   1.42 %   1.25 %   1.42 %  
    Annualized net charge-offs to average loans 0.30 %   0.22 %   0.25 %   0.26 %   0.22 %  
                                   
    Liquidity Ratios:                              
    2 day Liquidity Coverage of Uninsured Deposits % 96.73 %   93.75 %   100.83 %   96.73 %   100.83 %  
    Cash and Borrowing Capacity Coverage of Uninsured, Non-Supercore
    Deposits (%)    		 167.94 %   163.71 %   174.24 %   167.94 %   174.24 %  
                                   
    Capital Ratios:                              
    Tier 1 leverage capital ratio 9.22 %   9.22 %   8.42 %   9.22 %   8.42 %  
    Tier 1 risk-based capital ratio 14.13 %   14.27 %   13.48 %   14.13 %   13.48 %  
    Total risk-based capital ratio 16.43 %   16.61 %   16.04 %   16.43 %   16.04 %  
    Common equity tier 1 capital ratio 14.13 %   14.27 %   13.48 %   14.13 %   13.48 %  
     
    (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.
     

    Loan and PACE Assessments Portfolio Composition

    (In thousands) At June 30, 2025   At March 31, 2025   At June 30, 2024
    		  
      Amount   % of total   Amount   % of total   Amount   % of total
    		  
    Commercial portfolio:                                          
    Commercial and industrial $ 1,196,804     25.4 %   $ 1,183,297     25.3 %   $ 1,012,400     22.6 %  
    Multifamily   1,406,193     29.8 %     1,371,950     29.4 %     1,230,545     27.5 %  
    Commercial real estate   422,068     9.0 %     409,004     8.7 %     377,484     8.4 %  
    Construction and land development   20,330     0.4 %     20,690     0.4 %     23,254     0.5 %  
    Total commercial portfolio   3,045,395     64.6 %     2,984,941     63.8 %     2,643,683     59.0 %  
                                               
    Retail portfolio:                                          
    Residential real estate lending   1,292,013     27.4 %     1,303,856     27.9 %     1,404,624     31.4 %  
    Consumer solar   345,604     7.3 %     356,601     7.6 %     385,567     8.6 %  
    Consumer and other   31,332     0.7 %     32,108     0.7 %     37,965     1.0 %  
    Total retail portfolio   1,668,949     35.4 %     1,692,565     36.2 %     1,828,156     41.0 %  
    Total loans held for investment   4,714,344     100.0 %     4,677,506     100.0 %     4,471,839     100.0 %  
                                               
    Allowance for credit losses   (58,998 )           (57,676 )           (63,444 )        
    Loans receivable, net $ 4,655,346           $ 4,619,830           $ 4,408,395          
                                               
    PACE assessments:                                          
    Available for sale, at fair value                                          
    Residential PACE assessments   178,247     14.7 %     161,147     13.4 %     112,923     9.7 %  
                                               
    Held-to-maturity, at amortized cost                                          
    Commercial PACE assessments   278,006     22.9 %     271,200     22.6 %     256,663     22.0 %  
    Residential PACE assessments   759,871     62.4 %     767,507     64.0 %     798,561     68.4 %  
    Total Held-to-maturity PACE
    assessments    		   1,037,877     85.3 %     1,038,707     86.6 %     1,055,224     90.4 %  
    Total PACE assessments   1,216,124     100.0 %     1,199,854     100.0 %     1,168,147     100.0 %  
                                               
    Allowance for credit losses   (657 )           (654 )           (655 )        
    Total PACE assessments, net $ 1,215,467           $ 1,199,200           $ 1,167,492          
                                               
    Loans receivable, net and total PACE
    assessments, net as a % of Deposits    		   75.9 %           78.5 %           74.9 %        
    Loans receivable, net and total PACE
    assessments, net as a % of Deposits
    excluding Brokered CDs    		   75.9 %           78.5 %           76.4 %        
     

    Net Interest Income Analysis

      Three Months Ended
    		  
      June 30, 2025   March 31, 2025   June 30, 2024
    		  
    (In thousands) Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		   Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		   Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		  
                                                           
    Interest-earning assets:                                                      
    Interest-bearing deposits in banks $ 161,965   $ 1,639   4.06 %   $ 121,321   $ 1,194   3.99 %   $ 213,725   $ 2,690   5.06 %  
    Securities(1)   3,361,812     42,850   5.11 %     3,220,590     40,867   5.15 %     3,308,881     42,937   5.22 %  
    Resell agreements   52,621     887   6.76 %     30,169     786   10.57 %     122,618     2,041   6.69 %  
    Loans receivable, net (2)   4,659,667     58,723   5.05 %     4,695,264     57,843   5.00 %     4,406,843     51,293   4.68 %  
    Total interest-earning assets   8,236,065     104,099   5.07 %     8,067,344     100,690   5.06 %     8,052,067     98,961   4.94 %  
    Non-interest-earning assets:                                                      
    Cash and due from banks   5,622                 5,045                 6,371              
    Other assets   203,992                 220,589                 217,578              
    Total assets $ 8,445,679               $ 8,292,978               $ 8,276,016              
                                                           
    Interest-bearing liabilities:                                                      
    Savings, NOW and money market
    deposits    		 $ 4,457,620   $ 28,653   2.58 %   $ 4,242,786   $ 26,806   2.56 %   $ 3,729,858   $ 24,992   2.69 %  
    Time deposits   218,835     1,940   3.56 %     232,683     2,111   3.68 %     210,565     1,898   3.63 %  
    Brokered CDs   —     —   0.00 %     —     —   0.00 %     156,086     1,992   5.13 %  
    Total interest-bearing deposits   4,676,455     30,593   2.62 %     4,475,469     28,917   2.62 %     4,096,509     28,882   2.84 %  
    Borrowings   75,741     597   3.16 %     134,340     1,196   3.61 %     104,560     887   3.41 %  
    Total interest-bearing liabilities   4,752,196     31,190   2.63 %     4,609,809     30,113   2.65 %     4,201,069     29,769   2.85 %  
    Non-interest-bearing liabilities:                                                      
    Demand and transaction deposits   2,895,845                 2,901,061                 3,390,941              
    Other liabilities   56,203                 59,728                 60,982              
    Total liabilities   7,704,244                 7,570,598                 7,652,992              
    Stockholders’ equity   741,435                 722,380                 623,024              
    Total liabilities and stockholders’
    equity    		 $ 8,445,679               $ 8,292,978               $ 8,276,016              
                                                           
    Net interest income / interest rate
    spread    		       $ 72,909   2.44 %         $ 70,577   2.41 %         $ 69,192   2.09 %  
    Net interest-earning assets / net
    interest margin    		 $ 3,483,869         3.55 %   $ 3,457,535         3.55 %   $ 3,850,998         3.46 %  
                                                           
    Total deposits excluding Brokered
    CDs / total cost of deposits excluding
    Brokered CDs    		 $ 7,572,300         1.62 %   $ 7,376,530         1.59 %   $ 7,331,364         1.48 %  
    Total deposits / total cost of deposits $ 7,572,300         1.62 %   $ 7,376,530         1.59 %   $ 7,487,450         1.55 %  
    Total funding / total cost of funds $ 7,648,041         1.64 %   $ 7,510,870         1.63 %   $ 7,592,010         1.58 %  
     
    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in 2Q2025, 1Q2025, or 2Q2024 of $200,076, $0, and $0, respectively (in thousands).
     

    Net Interest Income Analysis

      Six Months Ended
    		  
      June 30, 2025   June 30, 2024
    		  
    (In thousands) Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		   Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		  
                                         
    Interest-earning assets:                                    
    Interest-bearing deposits in banks $ 141,756   $ 2,833   4.03 %   $ 209,547   $ 5,282   5.07 %  
    Securities   3,291,591     83,717   5.13 %     3,239,619     84,000   5.21 %  
    Resell agreements   41,457     1,673   8.14 %     100,814     3,368   6.72 %  
    Total loans, net (1)(2)   4,677,367     116,566   5.03 %     4,398,665     103,245   4.72 %  
    Total interest-earning assets   8,152,171     204,789   5.07 %     7,948,645     195,895   4.96 %  
    Non-interest-earning assets:                                    
    Cash and due from banks   5,335                 5,720              
    Other assets   212,245                 221,924              
    Total assets $ 8,369,751               $ 8,176,289              
                                         
    Interest-bearing liabilities:                                    
    Savings, NOW and money market deposits $ 4,350,797   $ 55,459   2.57 %   $ 3,660,704   $ 46,864   2.57 %  
    Time deposits   225,721     4,051   3.62 %     199,305     3,474   3.51 %  
    Brokered CDs   —     —   0.00 %     173,163     4,435   5.15 %  
    Total interest-bearing deposits   4,576,518     59,510   2.62 %     4,033,172     54,773   2.73 %  
    Borrowings   104,879     1,793   3.45 %     196,326     3,893   3.99 %  
    Total interest-bearing liabilities   4,681,397     61,303   2.64 %     4,229,498     58,666   2.79 %  
    Non-interest-bearing liabilities:                                    
    Demand and transaction deposits   2,898,439                 3,264,590              
    Other liabilities   57,955                 70,309              
    Total liabilities   7,637,791                 7,564,397              
    Stockholders’ equity   731,960                 611,892              
    Total liabilities and stockholders’ equity $ 8,369,751               $ 8,176,289              
                                         
    Net interest income / interest rate spread       $ 143,486   2.43 %         $ 137,229   2.17 %  
    Net interest-earning assets / net interest margin $ 3,470,774         3.55 %   $ 3,719,147         3.47 %  
                                         
    Total deposits excluding Brokered CDs / total cost of
    deposits excluding Brokered CDs    		 $ 7,474,957         1.61 %   $ 7,124,599         1.42 %  
    Total deposits / total cost of deposits $ 7,474,957         1.61 %   $ 7,297,762         1.51 %  
    Total funding / total cost of funds $ 7,579,836         1.63 %   $ 7,494,088         1.57 %  
     
    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in June YTD 2025 and June YTD 2024 of $200 thousand and $18 thousand, respectively.
     

    Deposit Portfolio Composition

      Three Months Ended
    		  
    (In thousands) June 30, 2025   March 31, 2025   June 30, 2024
    		  
      Ending
    Balance    		   Average
    Balance    		   Ending
    Balance    		   Average
    Balance    		   Ending
    Balance    		   Average
    Balance
    		  
    Non-interest-bearing demand deposit accounts $ 2,810,489   $ 2,895,845   $ 2,895,757   $ 2,901,061   $ 3,445,068   $ 3,390,941  
    NOW accounts   177,494     177,312     187,078     177,827     192,452     191,253  
    Money market deposit accounts   4,216,318     3,950,346     3,772,423     3,739,548     3,093,644     3,202,365  
    Savings accounts   330,892     329,962     330,410     325,411     336,943     336,240  
    Time deposits   198,079     218,835     226,404     232,683     227,437     210,565  
    Brokered certificates of deposit (“CDs”)   —     —     —     —     153,444     156,086  
    Total deposits $ 7,733,272   $ 7,572,300   $ 7,412,072   $ 7,376,530   $ 7,448,988   $ 7,487,450  
                                         
    Total deposits excluding Brokered CDs $ 7,733,272   $ 7,572,300   $ 7,412,072   $ 7,376,530   $ 7,295,544   $ 7,331,364  
     
      Three Months Ended
    		  
      June 30, 2025   March 31, 2025   June 30, 2024
    		  
    (In thousands) Average
    Rate
    Paid    (1)    		   Cost of
    Funds    		   Average
    Rate
    Paid    (1)    		   Cost of
    Funds    		   Average
    Rate
    Paid    (1)    		   Cost of
    Funds
    		  
                                         
    Non-interest bearing demand deposit accounts 0.00 %   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %  
    NOW accounts 0.68 %   0.72 %   0.72 %   0.70 %   1.07 %   1.07 %  
    Money market deposit accounts 2.70 %   2.77 %   2.73 %   2.76 %   3.08 %   2.93 %  
    Savings accounts 1.32 %   1.30 %   1.28 %   1.28 %   1.67 %   1.37 %  
    Time deposits 3.22 %   3.56 %   3.52 %   3.68 %   3.50 %   3.63 %  
    Brokered CDs — %   — %   — %   — %   4.98 %   5.13 %  
    Total deposits 1.63 %   1.62 %   1.57 %   1.59 %   1.59 %   1.55 %  
                                         
    Interest-bearing deposits excluding Brokered CDs 2.56 %   2.62 %   2.58 %   2.62 %   2.88 %   2.74 %  
     
    (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown.
     

    Asset Quality

    (In thousands) June 30, 2025   March 31, 2025   June 30, 2024
    		  
    Loans 90 days past due and accruing $ —   $ —   $ —  
    Nonaccrual loans held for sale   459     989     989  
    Nonaccrual loans – Commercial   27,501     27,872     23,778  
    Nonaccrual loans – Retail   7,199     5,072     10,924  
    Nonaccrual securities   6     7     29  
    Total nonperforming assets $ 35,165   $ 33,940   $ 35,720  
                       
    Nonaccrual loans:                  
    Commercial and industrial $ 12,501   $ 12,786   $ 8,428  
    Commercial real estate   3,893     3,979     4,231  
    Construction and land development   11,107     11,107     11,119  
    Total commercial portfolio   27,501     27,872     23,778  
                       
    Residential real estate lending   3,805     1,375     7,756  
    Consumer solar   3,193     3,479     2,794  
    Consumer and other   201     218     374  
    Total retail portfolio   7,199     5,072     10,924  
    Total nonaccrual loans $ 34,700   $ 32,944   $ 34,702  
     

    Credit Quality

      June 30, 2025   March 31, 2025   June 30, 2024
    		  
    ($ in thousands)                  
    Criticized and classified loans                  
    Commercial and industrial $ 64,305   $ 55,157   $ 53,940  
    Multifamily   11,324     8,540     10,242  
    Commercial real estate   3,893     3,979     8,311  
    Construction and land development   11,107     11,107     11,119  
    Residential real estate lending   3,805     1,375     7,756  
    Consumer solar   3,193     3,479     2,794  
    Consumer and other   201     218     374  
    Total loans $ 97,828   $ 83,855   $ 94,536  
     
    Criticized and classified loans to total loans                  
    Commercial and industrial 1.36 %   1.18 %   1.21 %  
    Multifamily 0.24 %   0.18 %   0.23 %  
    Commercial real estate 0.08 %   0.09 %   0.19 %  
    Construction and land development 0.24 %   0.24 %   0.25 %  
    Residential real estate lending 0.08 %   0.03 %   0.17 %  
    Consumer solar 0.07 %   0.07 %   0.06 %  
    Consumer and other — %   — %   0.01 %  
    Total loans 2.07 %   1.79 %   2.12 %  
     
      June 30, 2025   March 31, 2025   June 30, 2024
    		  
      Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans    		   ACL to total
    portfolio balance    		   Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans    		   ACL to total
    portfolio balance    		   Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans    		   ACL to total
    portfolio balance
    		  
    Commercial and industrial 0.32  %   1.42 %   0.28 %   1.29 %   0.32  %   1.44 %  
    Multifamily —  %   0.20 %   — %   0.23 %   —  %   0.38 %  
    Commercial real estate —  %   0.49 %   — %   0.39 %   —  %   0.40 %  
    Construction and land development —  %   6.33 %   — %   6.05 %   —  %   3.60 %  
    Residential real estate lending (0.01 )%   0.69 %   — %   0.73 %   (0.18 )%   0.88 %  
    Consumer solar 2.91  %   7.26 %   1.90 %   7.01 %   2.57  %   7.00 %  
    Consumer and other 0.07  %   5.74 %   0.70 %   5.67 %   0.01  %   6.49 %  
    Total loans 0.30  %   1.25 %   0.22 %   1.23 %   0.25  %   1.42 %  
     

    Reconciliation of GAAP to Non-GAAP Financial Measures
    The information provided below presents a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

      As of and for the
    Three Months Ended    		   As of and for the
    Six Months Ended
    		  
    (in thousands) June 30, 2025   March 31, 2025   June 30, 2024   June 30, 2025   June 30, 2024
    		  
    Core operating revenue                                        
    Net Interest Income (GAAP) $ 72,909     $ 70,577     $ 69,192     $ 143,486     $ 137,229    
    Non-interest income (GAAP)   8,025       6,406       9,258       14,430       19,487    
    Add: Loss on Sale of Securities and Other Assets   1,041       680       2,691       1,721       5,465    
    Less: ICS One-Way Sell Fee Income(1)   (102 )     (9 )     (4,859 )     (111 )     (7,762 )  
    Less: Changes in fair value of loans held-for-sale(6)   —       (837 )     —       (837 )     —    
    Less: Subdebt repurchase gain(2)   —       —       (406 )     —       (406 )  
    Add: Tax (credits) depreciation on solar investments(3)   310       2,868       1,815       3,179       7    
    Core operating revenue (non-GAAP) $ 82,183     $ 79,685     $ 77,691       161,868       154,020    
                                             
    Core non-interest expense                                        
    Non-interest expense (GAAP) $ 40,584     $ 41,650     $ 39,512     $ 82,234     $ 77,664    
    Add: Gain on settlement of lease termination(4)   —       —       —       —       499    
    Less: Severance costs(5)   (142 )     (125 )     (44 )     (267 )     (228 )  
    Core non-interest expense (non-GAAP) $ 40,442     $ 41,525     $ 39,468       81,967       77,935    
                                             
    Core net income                                        
    Net Income (GAAP) $ 25,989     $ 25,028     $ 26,753     $ 51,017     $ 54,002    
    Add: Loss on Sale of Securities and Other Assets   1,041       680       2,691       1,721       5,465    
    Less: ICS One-Way Sell Fee Income(1)   (102 )     (9 )     (4,859 )     (111 )     (7,762 )  
    Less: Changes in fair value of loans held-for-sale(6)   —       (837 )     —       (837 )     —    
    Less: Gain on settlement of lease termination(4)   —       —       —       —       (499 )  
    Less: Subdebt repurchase gain(2)   —       —       (406 )     —       (406 )  
    Add: Severance costs(5)   142       125       44       267       228    
    Add: Tax (credits) depreciation on solar investments(3)   310       2,868       1,815       3,179       7    
    Less: Tax on notable items   (371 )     (731 )     180       (1,109 )     775    
    Core net income (non-GAAP) $ 27,009     $ 27,124     $ 26,218       54,127       51,810    
                                             
    Tangible common equity                                        
    Stockholders’ equity (GAAP) $ 753,984     $ 735,996     $ 646,112     $ 753,984     $ 646,112    
    Less: Minority interest   —       —       (133 )     —       (133 )  
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )  
    Less: Core deposit intangible   (1,200 )     (1,343 )     (1,852 )     (1,200 )     (1,852 )  
    Tangible common equity (non-GAAP) $ 739,848     $ 721,717     $ 631,191       739,848       631,191    
                                             
    Average tangible common equity                                        
    Average stockholders’ equity (GAAP) $ 741,435     $ 722,380     $ 623,024     $ 731,960     $ 611,892    
    Less: Minority interest   —       —       (133 )     —       (133 )  
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )  
    Less: Core deposit intangible   (1,270 )     (1,413 )     (1,941 )     (1,341 )     (2,032 )  
    Average tangible common equity (non-GAAP) $ 727,229     $ 708,031     $ 608,014       717,683       596,791    
     
    (1) Included in service charges on deposit accounts in the Consolidated Statements of Income.
    (2) Included in other income in the Consolidated Statements of Income.
    (3) Included in equity method investments income in the Consolidated Statements of Income.
    (4) Included in occupancy and depreciation in the Consolidated Statements of Income.
    (5) Included in compensation and employee benefits in the Consolidated Statements of Income.
    (6) Included in changes in fair value of loans held-for-sale in the Consolidated Statements of Income.
     

    The MIL Network –

  • MIL-OSI: Amalgamated Financial Corp. Reports Second Quarter 2025 Financial Results; Solid Deposit and Loan Growth; Strong Margin at 3.55%

    Source: GlobeNewswire (MIL-OSI)

    Common Equity Tier 1 Capital Ratio of 14.13% | Tangible Book Value per Share of $24.33

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the second quarter ended June 30, 2025.

    Second Quarter 2025 Highlights (on a linked quarter basis)

    • Net income of $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share.
    • Core net income1 of $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share.

    Deposits and Liquidity

    • On-balance sheet deposits increased $321.2 million, or 4.3%, to $7.7 billion.
    • Excluding $112.3 million of temporary pension funding deposits received on the last day of the quarter and withdrawn on the following day, total deposits increased $208.9 million, or 2.8%, to $7.6 billion.
    • Off-balance sheet deposits were $41.4 million at the end of the quarter.
    • Political deposits increased $136.5 million, or 13%, to $1.2 billion, which includes both on and off-balance sheet deposits.
    • Average cost of deposits, increased 3 basis points to 162 basis points, where non-interest-bearing deposits comprised 36% of total deposits.

    Assets and Margin

    • Net interest margin remained unchanged at 3.55%.
    • Net interest income grew $2.3 million, or 3.3%, to $72.9 million.
    • Net loans receivable increased $35.5 million, or 0.8%, to $4.7 billion.
    • Net loans in growth mode (commercial and industrial, commercial real estate, and multifamily) increased $60.8 million or 2.1%.
    • Total PACE assessments grew $16.3 million, or 1.4%, to $1.2 billion.
    • The multifamily and commercial real estate loan portfolios totaled $1.8 billion and had a concentration of 202% to total risk based capital.

    Capital and Returns

    • Tier 1 leverage ratio remained constant at 9.22% and Common Equity Tier 1 ratio was 14.13%.
    • Tangible common equity1 ratio decreased 13 basis points to 8.60% due to a larger balance sheet.
    • Tangible book value per share1 increased $0.82, or 3.5%, to $24.33, and has increased $7.00, or 40.4% since September 2021.
    • Core return on average tangible common equity1 of 14.90% and core return on average assets1 of 1.28%.

    Share Repurchase

    • Repurchased approximately 327,000 shares, or $9.7 million of common stock, through June 30, 2025, with $30.3 million in remaining capacity under the share repurchase program approved on March 10, 2025.
    • Approximately 74,000 shares have been repurchased from July 1 through July 22, 2025.
       
    1 Definitions are presented under “Non-GAAP Financial Measures”. Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on the Company’s website, www.amalgamatedbank.com.
       

    Priscilla Sims Brown, President and Chief Executive Officer, commented, “We are achieving our results because our banking model is flexible. We have many levers we can pull to drive performance and that creates reliability and predictability for our shareholders, customers, and employees.”

    Second Quarter Earnings

    Net income was $26.0 million, or $0.84 per diluted share, compared to $25.0 million, or $0.81 per diluted share, for the prior quarter. The $1.0 million increase during the quarter was primarily driven by a scheduled $2.6 million increase in non-core income related to solar tax equity investments, a $2.3 million increase in net interest income, and a $1.1 million decrease in non-interest expense. This was partially offset by a $4.3 million increase in provision for credit losses, the effect from a $0.8 million net valuation gain on residential loans sold during the previous quarter, and a $0.4 million increase in losses on sales of securities and other assets compared to the linked quarter.

    Core net income1 was $27.0 million, or $0.88 per diluted share, compared to $27.1 million, or $0.88 per diluted share for the prior quarter. Excluded from core net income for the quarter, pre-tax, was $1.0 million of losses on the sale of securities and other assets, $0.3 million of scheduled accelerated depreciation from solar tax equity investments, $0.1 million of severance costs, and $0.1 million of ICS One-Way Sell fee income. Excluded from core net income for the first quarter of 2025, pre-tax, was $2.9 million of accelerated depreciation from solar tax equity investments, a $0.8 million net valuation gain from residential loans sold during the quarter, and $0.7 million of losses on the sale of securities.

    Net interest income was $72.9 million, compared to $70.6 million for the prior quarter. Loan interest income increased $0.9 million and loan yields increased 5 basis points despite a $35.6 million decrease in average loan balances, primarily due to completion of a residential loan pool sale in the prior quarter. In addition, commercial loan originations were offset by paydowns and payoffs on lower-yielding commercial and residential loans. Interest income on securities increased $2.0 million driven by an increase in the average balance of securities of $141.2 million despite a slight decline in securities yields of 4 basis points. Interest expense on total interest-bearing deposits increased $1.7 million driven primarily by an increase in the average balance of total interest-bearing deposits of $201.0 million, while interest-bearing deposits cost remained flat.

    Net interest margin was 3.55%, the same as the prior quarter largely due to a higher average balance of interest-bearing deposits as noted above, which resulted in a slightly higher blended cost of funds. This offset the interest income generated by the higher average balance of securities and modestly higher loan yields. Additionally, income from prepayment penalties had a one basis point impact on net interest margin in the current quarter, compared to no impact in the prior quarter.

    Provision for credit losses was an expense of $4.9 million, compared to an expense of $0.6 million in the prior quarter. The increase in the second quarter was primarily driven by a $2.3 million increase in reserve for one syndicated commercial and industrial loan as well as the macroeconomic forecasts used in the CECL model, primarily related to the consumer solar loan portfolio, which can be volatile.

    Non-interest income was $8.0 million, compared to $6.4 million in the prior quarter. Excluding all non-core income adjustments noted above, core non-interest income1 was $9.3 million, compared to $9.1 million in the prior quarter. The increase was primarily related to higher commercial banking fees, partially offset by lower income from Trust fees.

    Non-interest expense was $40.6 million, a decrease of $1.1 million from the prior quarter. Core non-interest expense1 was $40.4 million, also a decrease of $1.1 million from the prior quarter. This was mainly driven by a $1.5 million decrease in professional fees, partially offset by a $0.4 million increase in advertising expense.

    Provision for income tax expense was $9.5 million, compared to $9.7 million for the prior quarter. The effective tax rate was 26.7%, compared to 28.0% in the prior quarter. The California single-sales factor apportionment law was adopted during the quarter which resulted in an increase in the California state tax rate. A discrete tax benefit was recognized during the current quarter for the remeasurement of deferred tax assets reducing the quarterly effective tax rate. Going forward, the tax rate is expected to be 27.3%. The prior quarter effective tax rate was impacted by discrete tax items related to a city and state tax examination. Adjusted, the current quarter effective tax rate was 27.3% compared to 27.0% for the prior quarter.

    Balance Sheet Quarterly Summary

    Total assets were $8.6 billion at June 30, 2025, a $336.1 million or a 4% increase compared to $8.3 billion at March 31, 2025. On the last day of the quarter, the balance sheet was impacted by $112.3 million of temporary pension funding deposits that were withdrawn the following day. Adjusted, total assets were $8.5 billion, in line with our target for the quarter. Notable changes within individual balance sheet line items include a $177.6 million increase in securities and a $35.5 million increase in net loans receivable. On the liabilities side, on-balance sheet deposits increased by $321.2 million or $208.9 million when adjusted for the temporary deposits noted above. Off-balance sheet deposits decreased by $173.1 million in the quarter. Equity grew by $18.0 million.

    Total net loans receivable at June 30, 2025 were $4.7 billion, an increase of $35.5 million, or 0.8% for the quarter. A balanced increase in loans was primarily driven by a $34.2 million increase in multifamily loans, a $13.5 million increase in commercial and industrial loans, and a $13.1 million increase in commercial real estate loans, all in our identified growth portfolios. This was partially offset by a $11.0 million decrease in consumer solar loans, and a $11.8 million decrease in residential loans, both being non-growth portfolios. During the quarter, criticized or classified loans increased $13.9 million, largely related to the downgrades of four commercial and industrial loans totaling $9.7 million, the downgrade of one multifamily loan totaling $2.8 million, additional downgrades of small business loans totaling $1.0 million, and an increase of $2.1 million in residential and consumer substandard loans. This was partially offset by charge-offs of small business loans totaling $1.1 million, and an upgrade of one $0.1 million small business loan.

    Total on-balance sheet deposits at June 30, 2025 were $7.7 billion, an increase of $321.2 million, or 4.3%, during the quarter. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $1.2 billion as of June 30, 2025, an increase of $136.5 million during the quarter. Non-interest-bearing deposits represented 38% of average total deposits and 36% of ending total deposits for the quarter, contributing to an average cost of total deposits of 162 basis points. Super-core deposits1 totaled approximately $4.2 billion, had a weighted average life of 18 years, and comprised 54% of total deposits. Total uninsured deposits were $3.9 billion, comprising 50% of total deposits.

    Nonperforming assets totaled $35.2 million, or 0.41% of period-end total assets at June 30, 2025, an increase of $1.3 million, compared with $33.9 million, or 0.41% on a linked quarter basis. The increase in nonperforming assets was primarily driven by a $2.4 million increase in residential non-accrual loans, partially offset by a $0.3 million decrease in commercial and industrial nonaccrual loans, a $0.3 million decrease in consumer solar nonaccrual loans, and a $0.5 million decrease in nonaccrual loans held for sale compared to the prior quarter.

    During the quarter, the allowance for credit losses on loans increased $1.3 million to $59.0 million. The ratio of allowance to total loans was 1.25%, an increase of 2 basis points from 1.23% in the first quarter of 2025. This is primarily due to an increase of $2.3 million in reserves for one commercial and industrial loan, along with increases in provision related to the macroeconomic forecasts used in the CECL model. The loan associated with the increased reserve is a commercial and industrial business loan to an originator of consumer loans for renewable energy efficiency improvements. During the quarter, $2.5 million of debtor-in-possession (“DIP”) financing was put in place, a portion of which was advanced and increased our outstanding exposure from $8.3 million to $9.3 million as of June 30, 2025. Additionally, during the third quarter, the remainder of the DIP financing was advanced bringing the total exposure to $10.8 million as of the date of this earnings release. While there remains collateral value, the situation with this loan is fluid and could result in further reserves as the workout progresses.

    Capital Quarterly Summary

    As of June 30, 2025, the Common Equity Tier 1 Capital ratio was 14.13%, the Total Risk-Based Capital ratio was 16.43%, and the Tier 1 Leverage Capital ratio was 9.22%, compared to 14.27%, 16.61% and 9.22%, respectively, as of March 31, 2025. Stockholders’ equity at June 30, 2025 was $754.0 million, an increase of $18.0 million during the quarter. The increase in stockholders’ equity was primarily driven by $26.0 million of net income for the quarter and a $4.3 million improvement in accumulated other comprehensive loss due to the tax-effected mark-to-market on available for sale securities, offset by $9.7 million in share buybacks and $4.4 million in dividends paid at $0.14 per outstanding share.

    Tangible book value per share1 was $24.33 as of June 30, 2025 compared to $23.51 as of March 31, 2025. Tangible common equity1 improved to 8.60% of tangible assets, compared to 8.73% as of March 31, 2025.

    Conference Call

    As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its second quarter 2025 results today, July 24, 2025 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Second Quarter 2025 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13754662. The telephonic replay will be available until July 31, 2025.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

    The presentation materials for the call can be accessed on the investor relations section of the Company’s website at https://ir.amalgamatedbank.com/.

    About Amalgamated Financial Corp.

    Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of June 30, 2025, total assets were $8.6 billion, total net loans were $4.7 billion, and total deposits were $7.7 billion. Additionally, as of June 30, 2025, the trust business held $36.5 billion in assets under custody and $15.6 billion in assets under management.

    Non-GAAP Financial Measures

    This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

    Management utilizes this information to compare operating performance for June 30, 2025 versus certain periods in 2025 and 2024 and to prepare internal projections. The Company believes these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to core business, which are excluded, vary extensively from company to company, the Company believe that the presentation of this information allows investors to more easily compare results to those of other companies.

    The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. The Company strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on the Company’s website, amalgamatedbank.com.

    Terminology

    Certain terms used in this release are defined as follows:

    “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

    “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. The Company believes the most directly comparable GAAP financial measure is net income.

    “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, and restructuring/severance. The Company believes the most directly comparable GAAP financial measure is total non-interest expense.

    “Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, changes in fair value on loans held-for-sale, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. The Company believes the most directly comparable GAAP financial measure is non-interest income.

    “Core operating revenue” is defined as total net interest income plus “core non-interest income”. The Company believes the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

    “Core return on average assets” is defined as “Core net income” divided by average total assets. The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

    “Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” The Company believes the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

    “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. The Company believes the most directly comparable GAAP financial measure is total deposits.

    “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. The Company believes the most directly comparable GAAP financial measure is total assets.

    “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, goodwill and core deposit intangibles. The Company believes that the most directly comparable GAAP financial measure is total stockholders’ equity.

    “Traditional securities” is defined as total investment securities excluding PACE assessments. The Company believes the most directly comparable GAAP financial measure is total investment securities.

    Forward-Looking Statements

    Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified through the use of forward-looking terminology such as “may,” “will,” “anticipate,” “aspire,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “in the future,” “may” and “intend,” as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to:

    1. uncertain conditions in the banking industry and in national, regional and local economies in core markets, which may have an adverse impact on business, operations and financial performance;
    2. deterioration in the financial condition of borrowers resulting in significant increases in credit losses and provisions for those losses;
    3. deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors;
    4. changes in deposits, including an increase in uninsured deposits;
    5. ability to maintain sufficient liquidity to meet deposit and debt obligations as they come due, which may require that the Company sell investment securities at a loss, negatively impacting net income, earnings and capital;
    6. unfavorable conditions in the capital markets, which may cause declines in stock price and the value of investments;
    7. negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense;
    8. fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits;
    9. the general decline in the real estate and lending markets, particularly in commercial real estate in the Company’s market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing;
    10. potential implementation by the current presidential administration of a regulatory reform agenda that is significantly different from that of the prior presidential administration, impacting the rule making, supervision, examination and enforcement of the banking regulation agencies;
    11. changes in U.S. trade policies and other global political factors beyond the Company’s control, including the imposition of tariffs, which raise economic uncertainty, potentially leading to slower growth and a decrease in loan demand;
    12. the outcome of legal or regulatory proceedings that may be instituted against us;
    13. inability to achieve organic loan and deposit growth and the composition of that growth;
    14. composition of the Company’s loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which the Company operates;
    15. inaccuracy of the assumptions and estimates the Company makes and policies that the Company implements in establishing the allowance for credit losses;
    16. changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments;
    17. any matter that would cause the Company to conclude that there was impairment of any asset, including intangible assets;
    18. limitations on the ability to declare and pay dividends;
    19. the impact of competition with other financial institutions, including pricing pressures and the resulting impact on results, including as a result of compression to net interest margin;
    20. increased competition for experienced members of the workforce including executives in the banking industry;
    21. a failure in or breach of operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches;
    22. increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence;
    23. a downgrade in the Company’s credit rating;
    24. “greenwashing claims” against the Company and environmental, social, and governance (“ESG”) products and increased scrutiny and political opposition to ESG and diversity, equity, and inclusion (“DEI”) practices;
    25. any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters) affecting the markets in which the Company operates;
    26. physical and transitional risks related to climate change as they impact the business and the businesses that the Company finances;
    27. future repurchase of the Company’s shares through the Company’s common stock repurchase program; and
    28. descriptions of assumptions underlying or relating to any of the foregoing.

    Additional factors which could affect the forward-looking statements can be found in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at https://www.sec.gov/. The Company disclaims any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:
    Jamie Lillis
    Solebury Strategic Communications
    shareholderrelations@amalgamatedbank.com
    800-895-4172

    Consolidated Statements of Income (unaudited)

      Three Months Ended   Six Months Ended
    		  
      June 30,   March 31,   June 30,   June 30,
    		  
    ($ in thousands) 2025   2025   2024   2025   2024  
    INTEREST AND DIVIDEND INCOME                                        
    Loans $ 58,723     $ 57,843     $ 51,293     $ 116,566     $ 103,245    
    Securities   43,737       41,653       44,978       85,390       87,368    
    Interest-bearing deposits in banks   1,639       1,194       2,690       2,833       5,282    
             Total interest and dividend income   104,099       100,690       98,961       204,789       195,895    
    INTEREST EXPENSE                                        
    Deposits   30,593       28,917       28,882       59,510       54,773    
    Borrowed funds   597       1,196       887       1,793       3,893    
             Total interest expense   31,190       30,113       29,769       61,303       58,666    
    NET INTEREST INCOME   72,909       70,577       69,192       143,486       137,229    
    Provision for credit losses   4,890       596       3,161       5,486       4,749    
             Net interest income after provision for credit losses   68,019       69,981       66,031       138,000       132,480    
    NON-INTEREST INCOME                                        
    Trust Department fees   3,879       4,191       3,657       8,069       7,511    
    Service charges on deposit accounts   3,873       3,438       8,614       7,311       14,750    
    Bank-owned life insurance income   796       626       615       1,422       1,224    
    Losses on sale of securities and other assets   (1,041 )     (680 )     (2,691 )     (1,721 )     (5,465 )  
    Gain (loss) on sale of loans and changes in fair value on loans held-
    for-sale, net    		   18       832       69       850       116    
    Equity method investments income (loss)   51       (2,508 )     (1,551 )     (2,458 )     521    
    Other income   449       507       545       957       830    
             Total non-interest income   8,025       6,406       9,258       14,430       19,487    
    NON-INTEREST EXPENSE                                        
    Compensation and employee benefits   23,240       23,314       23,045       46,554       45,318    
    Occupancy and depreciation   3,476       3,293       3,379       6,768       6,283    
    Professional fees   3,283       4,739       2,332       8,022       4,708    
    Technology   5,485       5,619       4,786       11,103       9,415    
    Office maintenance and depreciation   570       629       580       1,199       1,243    
    Amortization of intangible assets   144       144       182       287       365    
    Advertising and promotion   412       51       1,175       463       2,394    
    Federal deposit insurance premiums   900       900       1,050       1,800       2,100    
    Other expense   3,074       2,961       2,983       6,038       5,838    
             Total non-interest expense   40,584       41,650       39,512       82,234       77,664    
    Income before income taxes   35,460       34,737       35,777       70,196       74,303    
    Income tax expense   9,471       9,709       9,024       19,179       20,301    
             Net income $ 25,989     $ 25,028     $ 26,753     $ 51,017     $ 54,002    
    Earnings per common share – basic $ 0.85     $ 0.82     $ 0.88     $ 1.67     $ 1.77    
    Earnings per common share – diluted $ 0.84     $ 0.81     $ 0.87     $ 1.65     $ 1.75    
     

    Consolidated Statements of Financial Condition

    ($ in thousands) June 30, 2025   March 31, 2025   December 31, 2024

    		  
    Assets (unaudited)   (unaudited)      
    Cash and due from banks $ 4,049     $ 4,196     $ 4,042    
    Interest-bearing deposits in banks   167,017       61,518       56,707    
    Total cash and cash equivalents   171,066       65,714       60,749    
    Securities:                        
    Available for sale, at fair value                        
             Traditional securities   1,713,077       1,546,127       1,477,047    
             Property Assessed Clean Energy (“PACE”) assessments   178,247       161,147       152,011    
        1,891,324       1,707,274       1,629,058    
    Held-to-maturity, at amortized cost:                        
    Traditional securities, net of allowance for credit losses of $47, $47, and $49,
    respectively    		   529,418       535,065       542,246    
    PACE assessments, net of allowance for credit losses of $657, $654, and $655,
    respectively    		   1,037,220       1,038,052       1,043,959    
        1,566,638       1,573,117       1,586,205    
                             
    Loans held for sale   2,545       3,667       37,593    
    Loans receivable, net of deferred loan origination fees and costs   4,714,344       4,677,506       4,672,924    
    Allowance for credit losses   (58,998 )     (57,676 )     (60,086 )  
    Loans receivable, net   4,655,346       4,619,830       4,612,838    
                             
    Resell agreements   57,040       41,651       23,741    
    Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost   5,277       4,679       15,693    
    Accrued interest receivable   55,509       55,092       61,172    
    Premises and equipment, net   8,823       7,366       6,386    
    Bank-owned life insurance   108,465       108,652       108,026    
    Right-of-use lease asset   11,379       12,477       14,231    
    Deferred tax asset, net   33,685       33,799       42,437    
    Goodwill   12,936       12,936       12,936    
    Intangible assets, net   1,200       1,343       1,487    
    Equity method investments   5,110       5,639       8,482    
    Other assets   34,995       31,991       35,858    
             Total assets $ 8,621,338     $ 8,285,227     $ 8,256,892    
    Liabilities                        
    Deposits   7,733,272       7,412,072       7,180,605    
    Borrowings   75,457       69,676       314,409    
    Operating leases   15,395       17,190       19,734    
    Other liabilities   43,230       50,293       34,490    
             Total liabilities   7,867,354       7,549,231       7,549,238    
    Stockholders’ equity                        
    Common stock, par value $0.01 per share   310       309       308    
    Additional paid-in capital   290,256       288,539       288,656    
    Retained earnings   522,405       500,783       480,144    
    Accumulated other comprehensive loss, net of income taxes   (42,982 )     (47,308 )     (58,637 )  
    Treasury stock, at cost   (16,005 )     (6,327 )     (2,817 )  
             Total stockholders’ equity   753,984       735,996       707,654    
             Total liabilities and stockholders’ equity $ 8,621,338     $ 8,285,227     $ 8,256,892    
     

    Select Financial Data

      As of and for the
    Three Months Ended    		   As of and for the
    Six Months Ended
    		  
      June 30,   March 31,   June 30,   June 30,
    		  
    (Shares in thousands) 2025   2025   2024   2025   2024  
    Selected Financial Ratios and Other Data:                              
    Earnings per share                              
    Basic $ 0.85   $ 0.82   $ 0.88   $ 1.67   $ 1.77  
    Diluted   0.84     0.81     0.87     1.65     1.75  
    Core net income (non-GAAP)                              
    Basic $ 0.88   $ 0.88   $ 0.86   $ 1.77   $ 1.70  
    Diluted   0.88     0.88     0.85     1.75     1.68  
    Book value per common share (excluding minority interest) $ 24.79   $ 23.98   $ 21.09   $ 24.79   $ 21.09  
    Tangible book value per share (non-GAAP) $ 24.33   $ 23.51   $ 20.61   $ 24.33   $ 20.61  
    Common shares outstanding, par value $0.01 per share(1)   30,412     30,697     30,630     30,412     30,630  
    Weighted average common shares outstanding, basic   30,558     30,682     30,551     30,619     30,513  
    Weighted average common shares outstanding, diluted   30,758     30,946     30,832     30,872     30,789  
     
    (1) 70,000,000 shares authorized; 30,983,139, 30,940,480, and 30,743,666 shares issued for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024 respectively, and 30,412,241, 30,696,940, and 30,630,386 shares outstanding for the periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
     

    Select Financial Data

      As of and for the
    Three Months Ended    		   As of and for the
    Six Months Ended
    		  
      June 30,   March 31,   June 30,   June 30,
    		  
      2025   2025   2024   2025   2024  
    Selected Performance Metrics:                              
    Return on average assets 1.23 %   1.22 %   1.30 %   1.23 %   1.33 %  
    Core return on average assets (non-GAAP) 1.28 %   1.33 %   1.27 %   1.30 %   1.27 %  
    Return on average equity 14.06 %   14.05 %   17.27 %   14.06 %   17.75 %  
    Core return on average tangible common equity (non-GAAP) 14.90 %   15.54 %   17.34 %   15.21 %   17.46 %  
    Average equity to average assets 8.78 %   8.71 %   7.53 %   8.75 %   7.48 %  
    Tangible common equity to tangible assets (non-GAAP) 8.60 %   8.73 %   7.66 %   8.60 %   7.66 %  
    Loan yield 5.05 %   5.00 %   4.68 %   5.03 %   4.72 %  
    Securities yield 5.11 %   5.15 %   5.22 %   5.13 %   5.21 %  
    Deposit cost 1.62 %   1.59 %   1.55 %   1.61 %   1.51 %  
    Net interest margin 3.55 %   3.55 %   3.46 %   3.55 %   3.47 %  
    Efficiency ratio (1) 50.14 %   54.10 %   50.37 %   52.07 %   49.56 %  
    Core efficiency ratio (non-GAAP) 49.21 %   52.11 %   50.80 %   50.64 %   50.60 %  
                                   
    Asset Quality Ratios:                              
    Nonaccrual loans to total loans 0.74 %   0.70 %   0.78 %   0.74 %   0.78 %  
    Nonperforming assets to total assets 0.41 %   0.41 %   0.43 %   0.41 %   0.43 %  
    Allowance for credit losses on loans to nonaccrual loans 170.02 %   175.07 %   182.83 %   170.02 %   182.83 %  
    Allowance for credit losses on loans to total loans 1.25 %   1.23 %   1.42 %   1.25 %   1.42 %  
    Annualized net charge-offs to average loans 0.30 %   0.22 %   0.25 %   0.26 %   0.22 %  
                                   
    Liquidity Ratios:                              
    2 day Liquidity Coverage of Uninsured Deposits % 96.73 %   93.75 %   100.83 %   96.73 %   100.83 %  
    Cash and Borrowing Capacity Coverage of Uninsured, Non-Supercore
    Deposits (%)    		 167.94 %   163.71 %   174.24 %   167.94 %   174.24 %  
                                   
    Capital Ratios:                              
    Tier 1 leverage capital ratio 9.22 %   9.22 %   8.42 %   9.22 %   8.42 %  
    Tier 1 risk-based capital ratio 14.13 %   14.27 %   13.48 %   14.13 %   13.48 %  
    Total risk-based capital ratio 16.43 %   16.61 %   16.04 %   16.43 %   16.04 %  
    Common equity tier 1 capital ratio 14.13 %   14.27 %   13.48 %   14.13 %   13.48 %  
     
    (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.
     

    Loan and PACE Assessments Portfolio Composition

    (In thousands) At June 30, 2025   At March 31, 2025   At June 30, 2024
    		  
      Amount   % of total   Amount   % of total   Amount   % of total
    		  
    Commercial portfolio:                                          
    Commercial and industrial $ 1,196,804     25.4 %   $ 1,183,297     25.3 %   $ 1,012,400     22.6 %  
    Multifamily   1,406,193     29.8 %     1,371,950     29.4 %     1,230,545     27.5 %  
    Commercial real estate   422,068     9.0 %     409,004     8.7 %     377,484     8.4 %  
    Construction and land development   20,330     0.4 %     20,690     0.4 %     23,254     0.5 %  
    Total commercial portfolio   3,045,395     64.6 %     2,984,941     63.8 %     2,643,683     59.0 %  
                                               
    Retail portfolio:                                          
    Residential real estate lending   1,292,013     27.4 %     1,303,856     27.9 %     1,404,624     31.4 %  
    Consumer solar   345,604     7.3 %     356,601     7.6 %     385,567     8.6 %  
    Consumer and other   31,332     0.7 %     32,108     0.7 %     37,965     1.0 %  
    Total retail portfolio   1,668,949     35.4 %     1,692,565     36.2 %     1,828,156     41.0 %  
    Total loans held for investment   4,714,344     100.0 %     4,677,506     100.0 %     4,471,839     100.0 %  
                                               
    Allowance for credit losses   (58,998 )           (57,676 )           (63,444 )        
    Loans receivable, net $ 4,655,346           $ 4,619,830           $ 4,408,395          
                                               
    PACE assessments:                                          
    Available for sale, at fair value                                          
    Residential PACE assessments   178,247     14.7 %     161,147     13.4 %     112,923     9.7 %  
                                               
    Held-to-maturity, at amortized cost                                          
    Commercial PACE assessments   278,006     22.9 %     271,200     22.6 %     256,663     22.0 %  
    Residential PACE assessments   759,871     62.4 %     767,507     64.0 %     798,561     68.4 %  
    Total Held-to-maturity PACE
    assessments    		   1,037,877     85.3 %     1,038,707     86.6 %     1,055,224     90.4 %  
    Total PACE assessments   1,216,124     100.0 %     1,199,854     100.0 %     1,168,147     100.0 %  
                                               
    Allowance for credit losses   (657 )           (654 )           (655 )        
    Total PACE assessments, net $ 1,215,467           $ 1,199,200           $ 1,167,492          
                                               
    Loans receivable, net and total PACE
    assessments, net as a % of Deposits    		   75.9 %           78.5 %           74.9 %        
    Loans receivable, net and total PACE
    assessments, net as a % of Deposits
    excluding Brokered CDs    		   75.9 %           78.5 %           76.4 %        
     

    Net Interest Income Analysis

      Three Months Ended
    		  
      June 30, 2025   March 31, 2025   June 30, 2024
    		  
    (In thousands) Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		   Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		   Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		  
                                                           
    Interest-earning assets:                                                      
    Interest-bearing deposits in banks $ 161,965   $ 1,639   4.06 %   $ 121,321   $ 1,194   3.99 %   $ 213,725   $ 2,690   5.06 %  
    Securities(1)   3,361,812     42,850   5.11 %     3,220,590     40,867   5.15 %     3,308,881     42,937   5.22 %  
    Resell agreements   52,621     887   6.76 %     30,169     786   10.57 %     122,618     2,041   6.69 %  
    Loans receivable, net (2)   4,659,667     58,723   5.05 %     4,695,264     57,843   5.00 %     4,406,843     51,293   4.68 %  
    Total interest-earning assets   8,236,065     104,099   5.07 %     8,067,344     100,690   5.06 %     8,052,067     98,961   4.94 %  
    Non-interest-earning assets:                                                      
    Cash and due from banks   5,622                 5,045                 6,371              
    Other assets   203,992                 220,589                 217,578              
    Total assets $ 8,445,679               $ 8,292,978               $ 8,276,016              
                                                           
    Interest-bearing liabilities:                                                      
    Savings, NOW and money market
    deposits    		 $ 4,457,620   $ 28,653   2.58 %   $ 4,242,786   $ 26,806   2.56 %   $ 3,729,858   $ 24,992   2.69 %  
    Time deposits   218,835     1,940   3.56 %     232,683     2,111   3.68 %     210,565     1,898   3.63 %  
    Brokered CDs   —     —   0.00 %     —     —   0.00 %     156,086     1,992   5.13 %  
    Total interest-bearing deposits   4,676,455     30,593   2.62 %     4,475,469     28,917   2.62 %     4,096,509     28,882   2.84 %  
    Borrowings   75,741     597   3.16 %     134,340     1,196   3.61 %     104,560     887   3.41 %  
    Total interest-bearing liabilities   4,752,196     31,190   2.63 %     4,609,809     30,113   2.65 %     4,201,069     29,769   2.85 %  
    Non-interest-bearing liabilities:                                                      
    Demand and transaction deposits   2,895,845                 2,901,061                 3,390,941              
    Other liabilities   56,203                 59,728                 60,982              
    Total liabilities   7,704,244                 7,570,598                 7,652,992              
    Stockholders’ equity   741,435                 722,380                 623,024              
    Total liabilities and stockholders’
    equity    		 $ 8,445,679               $ 8,292,978               $ 8,276,016              
                                                           
    Net interest income / interest rate
    spread    		       $ 72,909   2.44 %         $ 70,577   2.41 %         $ 69,192   2.09 %  
    Net interest-earning assets / net
    interest margin    		 $ 3,483,869         3.55 %   $ 3,457,535         3.55 %   $ 3,850,998         3.46 %  
                                                           
    Total deposits excluding Brokered
    CDs / total cost of deposits excluding
    Brokered CDs    		 $ 7,572,300         1.62 %   $ 7,376,530         1.59 %   $ 7,331,364         1.48 %  
    Total deposits / total cost of deposits $ 7,572,300         1.62 %   $ 7,376,530         1.59 %   $ 7,487,450         1.55 %  
    Total funding / total cost of funds $ 7,648,041         1.64 %   $ 7,510,870         1.63 %   $ 7,592,010         1.58 %  
     
    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in 2Q2025, 1Q2025, or 2Q2024 of $200,076, $0, and $0, respectively (in thousands).
     

    Net Interest Income Analysis

      Six Months Ended
    		  
      June 30, 2025   June 30, 2024
    		  
    (In thousands) Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		   Average
    Balance
    		   Income /
    Expense    		   Yield /
    Rate
    		  
                                         
    Interest-earning assets:                                    
    Interest-bearing deposits in banks $ 141,756   $ 2,833   4.03 %   $ 209,547   $ 5,282   5.07 %  
    Securities   3,291,591     83,717   5.13 %     3,239,619     84,000   5.21 %  
    Resell agreements   41,457     1,673   8.14 %     100,814     3,368   6.72 %  
    Total loans, net (1)(2)   4,677,367     116,566   5.03 %     4,398,665     103,245   4.72 %  
    Total interest-earning assets   8,152,171     204,789   5.07 %     7,948,645     195,895   4.96 %  
    Non-interest-earning assets:                                    
    Cash and due from banks   5,335                 5,720              
    Other assets   212,245                 221,924              
    Total assets $ 8,369,751               $ 8,176,289              
                                         
    Interest-bearing liabilities:                                    
    Savings, NOW and money market deposits $ 4,350,797   $ 55,459   2.57 %   $ 3,660,704   $ 46,864   2.57 %  
    Time deposits   225,721     4,051   3.62 %     199,305     3,474   3.51 %  
    Brokered CDs   —     —   0.00 %     173,163     4,435   5.15 %  
    Total interest-bearing deposits   4,576,518     59,510   2.62 %     4,033,172     54,773   2.73 %  
    Borrowings   104,879     1,793   3.45 %     196,326     3,893   3.99 %  
    Total interest-bearing liabilities   4,681,397     61,303   2.64 %     4,229,498     58,666   2.79 %  
    Non-interest-bearing liabilities:                                    
    Demand and transaction deposits   2,898,439                 3,264,590              
    Other liabilities   57,955                 70,309              
    Total liabilities   7,637,791                 7,564,397              
    Stockholders’ equity   731,960                 611,892              
    Total liabilities and stockholders’ equity $ 8,369,751               $ 8,176,289              
                                         
    Net interest income / interest rate spread       $ 143,486   2.43 %         $ 137,229   2.17 %  
    Net interest-earning assets / net interest margin $ 3,470,774         3.55 %   $ 3,719,147         3.47 %  
                                         
    Total deposits excluding Brokered CDs / total cost of
    deposits excluding Brokered CDs    		 $ 7,474,957         1.61 %   $ 7,124,599         1.42 %  
    Total deposits / total cost of deposits $ 7,474,957         1.61 %   $ 7,297,762         1.51 %  
    Total funding / total cost of funds $ 7,579,836         1.63 %   $ 7,494,088         1.57 %  
     
    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in June YTD 2025 and June YTD 2024 of $200 thousand and $18 thousand, respectively.
     

    Deposit Portfolio Composition

      Three Months Ended
    		  
    (In thousands) June 30, 2025   March 31, 2025   June 30, 2024
    		  
      Ending
    Balance    		   Average
    Balance    		   Ending
    Balance    		   Average
    Balance    		   Ending
    Balance    		   Average
    Balance
    		  
    Non-interest-bearing demand deposit accounts $ 2,810,489   $ 2,895,845   $ 2,895,757   $ 2,901,061   $ 3,445,068   $ 3,390,941  
    NOW accounts   177,494     177,312     187,078     177,827     192,452     191,253  
    Money market deposit accounts   4,216,318     3,950,346     3,772,423     3,739,548     3,093,644     3,202,365  
    Savings accounts   330,892     329,962     330,410     325,411     336,943     336,240  
    Time deposits   198,079     218,835     226,404     232,683     227,437     210,565  
    Brokered certificates of deposit (“CDs”)   —     —     —     —     153,444     156,086  
    Total deposits $ 7,733,272   $ 7,572,300   $ 7,412,072   $ 7,376,530   $ 7,448,988   $ 7,487,450  
                                         
    Total deposits excluding Brokered CDs $ 7,733,272   $ 7,572,300   $ 7,412,072   $ 7,376,530   $ 7,295,544   $ 7,331,364  
     
      Three Months Ended
    		  
      June 30, 2025   March 31, 2025   June 30, 2024
    		  
    (In thousands) Average
    Rate
    Paid    (1)    		   Cost of
    Funds    		   Average
    Rate
    Paid    (1)    		   Cost of
    Funds    		   Average
    Rate
    Paid    (1)    		   Cost of
    Funds
    		  
                                         
    Non-interest bearing demand deposit accounts 0.00 %   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %  
    NOW accounts 0.68 %   0.72 %   0.72 %   0.70 %   1.07 %   1.07 %  
    Money market deposit accounts 2.70 %   2.77 %   2.73 %   2.76 %   3.08 %   2.93 %  
    Savings accounts 1.32 %   1.30 %   1.28 %   1.28 %   1.67 %   1.37 %  
    Time deposits 3.22 %   3.56 %   3.52 %   3.68 %   3.50 %   3.63 %  
    Brokered CDs — %   — %   — %   — %   4.98 %   5.13 %  
    Total deposits 1.63 %   1.62 %   1.57 %   1.59 %   1.59 %   1.55 %  
                                         
    Interest-bearing deposits excluding Brokered CDs 2.56 %   2.62 %   2.58 %   2.62 %   2.88 %   2.74 %  
     
    (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown.
     

    Asset Quality

    (In thousands) June 30, 2025   March 31, 2025   June 30, 2024
    		  
    Loans 90 days past due and accruing $ —   $ —   $ —  
    Nonaccrual loans held for sale   459     989     989  
    Nonaccrual loans – Commercial   27,501     27,872     23,778  
    Nonaccrual loans – Retail   7,199     5,072     10,924  
    Nonaccrual securities   6     7     29  
    Total nonperforming assets $ 35,165   $ 33,940   $ 35,720  
                       
    Nonaccrual loans:                  
    Commercial and industrial $ 12,501   $ 12,786   $ 8,428  
    Commercial real estate   3,893     3,979     4,231  
    Construction and land development   11,107     11,107     11,119  
    Total commercial portfolio   27,501     27,872     23,778  
                       
    Residential real estate lending   3,805     1,375     7,756  
    Consumer solar   3,193     3,479     2,794  
    Consumer and other   201     218     374  
    Total retail portfolio   7,199     5,072     10,924  
    Total nonaccrual loans $ 34,700   $ 32,944   $ 34,702  
     

    Credit Quality

      June 30, 2025   March 31, 2025   June 30, 2024
    		  
    ($ in thousands)                  
    Criticized and classified loans                  
    Commercial and industrial $ 64,305   $ 55,157   $ 53,940  
    Multifamily   11,324     8,540     10,242  
    Commercial real estate   3,893     3,979     8,311  
    Construction and land development   11,107     11,107     11,119  
    Residential real estate lending   3,805     1,375     7,756  
    Consumer solar   3,193     3,479     2,794  
    Consumer and other   201     218     374  
    Total loans $ 97,828   $ 83,855   $ 94,536  
     
    Criticized and classified loans to total loans                  
    Commercial and industrial 1.36 %   1.18 %   1.21 %  
    Multifamily 0.24 %   0.18 %   0.23 %  
    Commercial real estate 0.08 %   0.09 %   0.19 %  
    Construction and land development 0.24 %   0.24 %   0.25 %  
    Residential real estate lending 0.08 %   0.03 %   0.17 %  
    Consumer solar 0.07 %   0.07 %   0.06 %  
    Consumer and other — %   — %   0.01 %  
    Total loans 2.07 %   1.79 %   2.12 %  
     
      June 30, 2025   March 31, 2025   June 30, 2024
    		  
      Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans    		   ACL to total
    portfolio balance    		   Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans    		   ACL to total
    portfolio balance    		   Annualized
    net charge-
    offs
    (recoveries)
    to average
    loans    		   ACL to total
    portfolio balance
    		  
    Commercial and industrial 0.32  %   1.42 %   0.28 %   1.29 %   0.32  %   1.44 %  
    Multifamily —  %   0.20 %   — %   0.23 %   —  %   0.38 %  
    Commercial real estate —  %   0.49 %   — %   0.39 %   —  %   0.40 %  
    Construction and land development —  %   6.33 %   — %   6.05 %   —  %   3.60 %  
    Residential real estate lending (0.01 )%   0.69 %   — %   0.73 %   (0.18 )%   0.88 %  
    Consumer solar 2.91  %   7.26 %   1.90 %   7.01 %   2.57  %   7.00 %  
    Consumer and other 0.07  %   5.74 %   0.70 %   5.67 %   0.01  %   6.49 %  
    Total loans 0.30  %   1.25 %   0.22 %   1.23 %   0.25  %   1.42 %  
     

    Reconciliation of GAAP to Non-GAAP Financial Measures
    The information provided below presents a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

      As of and for the
    Three Months Ended    		   As of and for the
    Six Months Ended
    		  
    (in thousands) June 30, 2025   March 31, 2025   June 30, 2024   June 30, 2025   June 30, 2024
    		  
    Core operating revenue                                        
    Net Interest Income (GAAP) $ 72,909     $ 70,577     $ 69,192     $ 143,486     $ 137,229    
    Non-interest income (GAAP)   8,025       6,406       9,258       14,430       19,487    
    Add: Loss on Sale of Securities and Other Assets   1,041       680       2,691       1,721       5,465    
    Less: ICS One-Way Sell Fee Income(1)   (102 )     (9 )     (4,859 )     (111 )     (7,762 )  
    Less: Changes in fair value of loans held-for-sale(6)   —       (837 )     —       (837 )     —    
    Less: Subdebt repurchase gain(2)   —       —       (406 )     —       (406 )  
    Add: Tax (credits) depreciation on solar investments(3)   310       2,868       1,815       3,179       7    
    Core operating revenue (non-GAAP) $ 82,183     $ 79,685     $ 77,691       161,868       154,020    
                                             
    Core non-interest expense                                        
    Non-interest expense (GAAP) $ 40,584     $ 41,650     $ 39,512     $ 82,234     $ 77,664    
    Add: Gain on settlement of lease termination(4)   —       —       —       —       499    
    Less: Severance costs(5)   (142 )     (125 )     (44 )     (267 )     (228 )  
    Core non-interest expense (non-GAAP) $ 40,442     $ 41,525     $ 39,468       81,967       77,935    
                                             
    Core net income                                        
    Net Income (GAAP) $ 25,989     $ 25,028     $ 26,753     $ 51,017     $ 54,002    
    Add: Loss on Sale of Securities and Other Assets   1,041       680       2,691       1,721       5,465    
    Less: ICS One-Way Sell Fee Income(1)   (102 )     (9 )     (4,859 )     (111 )     (7,762 )  
    Less: Changes in fair value of loans held-for-sale(6)   —       (837 )     —       (837 )     —    
    Less: Gain on settlement of lease termination(4)   —       —       —       —       (499 )  
    Less: Subdebt repurchase gain(2)   —       —       (406 )     —       (406 )  
    Add: Severance costs(5)   142       125       44       267       228    
    Add: Tax (credits) depreciation on solar investments(3)   310       2,868       1,815       3,179       7    
    Less: Tax on notable items   (371 )     (731 )     180       (1,109 )     775    
    Core net income (non-GAAP) $ 27,009     $ 27,124     $ 26,218       54,127       51,810    
                                             
    Tangible common equity                                        
    Stockholders’ equity (GAAP) $ 753,984     $ 735,996     $ 646,112     $ 753,984     $ 646,112    
    Less: Minority interest   —       —       (133 )     —       (133 )  
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )  
    Less: Core deposit intangible   (1,200 )     (1,343 )     (1,852 )     (1,200 )     (1,852 )  
    Tangible common equity (non-GAAP) $ 739,848     $ 721,717     $ 631,191       739,848       631,191    
                                             
    Average tangible common equity                                        
    Average stockholders’ equity (GAAP) $ 741,435     $ 722,380     $ 623,024     $ 731,960     $ 611,892    
    Less: Minority interest   —       —       (133 )     —       (133 )  
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )  
    Less: Core deposit intangible   (1,270 )     (1,413 )     (1,941 )     (1,341 )     (2,032 )  
    Average tangible common equity (non-GAAP) $ 727,229     $ 708,031     $ 608,014       717,683       596,791    
     
    (1) Included in service charges on deposit accounts in the Consolidated Statements of Income.
    (2) Included in other income in the Consolidated Statements of Income.
    (3) Included in equity method investments income in the Consolidated Statements of Income.
    (4) Included in occupancy and depreciation in the Consolidated Statements of Income.
    (5) Included in compensation and employee benefits in the Consolidated Statements of Income.
    (6) Included in changes in fair value of loans held-for-sale in the Consolidated Statements of Income.
     

    The MIL Network –

  • MIL-OSI: Donegal Group Inc. Announces Second Quarter and First Half 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Pa., July 24, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the second quarter and first half of 2025.

    Significant Items for Second Quarter of 2025 (all comparisons to second quarter of 2024):

    • Net premiums earned decreased 1.1% to $231.8 million
    • Combined ratio of 97.7%, compared to 103.0%
    • Net income of $16.9 million, or 46 cents per diluted Class A share, compared to $4.2 million, or 13 cents per diluted Class A share
    • Net investment gains (after tax) of $1.2 million, or 3 cents per diluted Class A share, compared to $0.6 million, or 2 cents per diluted Class A share, are included in net income
    • Annualized return on average equity of 11.3%, compared to 3.4%
    • Book value per share of $16.62 at June 30, 2025, compared to $14.48 at June 30, 2024

    Financial Summary

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands, except per share amounts)
                           
    Income Statement Data                      
    Net premiums earned $ 231,775     $ 234,311       -1.1 %   $ 464,476     $ 462,060       0.5 %
    Investment income, net   12,540       11,068       13.3       24,524       22,041       11.3  
    Net investment gains   1,544       737       109.5       1,073       2,850       -62.4  
    Total revenues   247,148       246,773       0.2       491,953       487,913       0.8  
    Net income   16,866       4,153       306.1       42,071       10,108       316.2  
    Non-GAAP operating income1   15,647       3,571       338.2       41,224       7,857       424.7  
    Annualized return on average equity   11.3 %     3.4 %   7.9 pts     14.6 %     4.2 %   10.4 pts
                           
    Per Share Data                      
    Net income – Class A (diluted) $ 0.46     $ 0.13       253.8 %   $ 1.17     $ 0.31       277.4 %
    Net income – Class B   0.43       0.11       290.9       1.08       0.28       285.7  
    Non-GAAP operating income – Class A (diluted)   0.43       0.11       290.9       1.14       0.24       375.0  
    Non-GAAP operating income – Class B   0.40       0.10       300.0       1.06       0.22       381.8  
    Book value   16.62       14.48       14.8       16.62       14.48       14.8  
                           
                           

    1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).

    Management Commentary

    Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We are pleased with the progress we have made and the results we delivered for both the second quarter and first half of 2025, which we believe reflect the strength of our strategic execution and underwriting discipline. A meaningful improvement in our core loss ratio for both periods underscores our commitment to disciplined risk management and sustainable profitability. As expected, net premiums written1 declined this quarter, as lower new business writings and planned attrition modestly outpaced ongoing premium rate increases and solid retention levels. As a proactive measure, we intentionally slowed new business writings in our personal lines of business to protect underwriting margins and ensure we remain focused on profitable growth opportunities. We continue to identify and pursue profitable new business opportunities in states and classes that match our objectives.

    “We reached a significant milestone in our multi-year systems modernization project with the successful deployment of our final major commercial lines systems release. During the second half of 2025, we will begin to roll out this enhanced platform on a state-by-state basis, enabling us to more effectively target and win key middle market accounts. When the rollout is completed in the first half of 2026, we will be operating on a single modern technology platform for all of our middle market and small business commercial product offerings.

    “As we look ahead, we remain focused on disciplined execution, organizational alignment and operational excellence to further strengthen our long-term competitive position and enhance value for our stockholders.”

    Insurance Operations

    Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands)
                           
    Net Premiums Earned                      
    Commercial lines $ 138,527     $ 134,489       3.0 %   $ 274,743     $ 266,581       3.1 %
    Personal lines   93,248       99,822       -6.6       189,733       195,479       -2.9  
    Total net premiums earned $ 231,775     $ 234,311       -1.1 %   $ 464,476     $ 462,060       0.5 %
                           
    Net Premiums Written                      
    Commercial lines:                      
    Automobile $ 50,584     $ 47,089       7.4 %   $ 107,109     $ 100,603       6.5 %
    Workers’ compensation   24,243       27,591       -12.1       52,997       58,665       -9.7  
    Commercial multi-peril   56,478       55,870       1.1       117,268       113,373       3.4  
    Other   13,609       11,698       16.3       28,158       25,101       12.2  
    Total commercial lines   144,914       142,248       1.9       305,532       297,742       2.6  
    Personal lines:                      
    Automobile   52,741       62,427       -15.5       107,933       123,808       -12.8  
    Homeowners   33,590       39,608       -15.2       62,378       71,367       -12.6  
    Other   2,568       2,906       -11.6       5,062       5,714       -11.4  
    Total personal lines   88,899       104,941       -15.3       175,373       200,889       -12.7  
    Total net premiums written $ 233,813     $ 247,189       -5.4 %   $ 480,905     $ 498,631       -3.6 %
                           
                           

    Net Premiums Written

    The 5.4% decrease in net premiums written for the second quarter of 2025 compared to the second quarter of 2024, as shown in the table above, represents the net combination of a 1.9% increase in commercial lines net premiums written and a 15.3% decrease in personal lines net premiums written. The $13.3 million decrease in net premiums written for the second quarter of 2025 compared to the second quarter of 2024 included:

    • Commercial Lines: $2.7 million increase that we attribute primarily to solid retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by lower new business writings.
    • Personal Lines: $16.0 million decrease that we attribute primarily to planned attrition due to lower new business writings and non-renewal actions, offset partially by a continuation of renewal premium rate increases and solid retention.

    Underwriting Performance

    We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three and six months ended June 30, 2025 and 2024:

      Three Months Ended   Six Months Ended
      June 30   June 30
        2025       2024       2025       2024  
                   
    GAAP Combined Ratios (Total Lines)              
    Loss ratio – core losses   50.1 %     55.0 %     52.1 %     56.8 %
    Loss ratio – weather-related losses   11.1       10.6       7.4       7.7  
    Loss ratio – large fire losses   5.2       5.3       4.3       5.9  
    Loss ratio – net prior-year reserve development   -1.3       -0.3       -2.9       -2.0  
    Loss ratio   65.1       70.6       60.9       68.4  
    Expense ratio   32.2       31.9       33.4       33.8  
    Dividend ratio   0.4       0.5       0.3       0.5  
    Combined ratio   97.7 %     103.0 %     94.6 %     102.7 %
                   
    Statutory Combined Ratios              
    Commercial lines:              
    Automobile   97.7 %     93.5 %     94.6 %     96.6 %
    Workers’ compensation   104.9       117.0       111.3       114.2  
    Commercial multi-peril   97.5       110.6       93.9       106.7  
    Other   119.8       94.3       100.6       88.3  
    Total commercial lines   101.0       104.9       97.8       103.3  
    Personal lines:              
    Automobile   79.3       95.6       82.2       97.7  
    Homeowners   115.1       103.1       99.0       102.7  
    Other   55.2       104.7       55.9       94.8  
    Total personal lines   91.7       98.6       87.5       99.4  
    Total lines   97.4 %     102.2 %     93.9 %     101.7 %
                   
                   

    Loss Ratio

    For the second quarter of 2025, the loss ratio decreased to 65.1%, compared to 70.6% for the second quarter of 2024. For the commercial lines segment, the core loss ratio, which excludes weather-related losses, large fire losses and net development of reserves for losses incurred in prior accident years, of 54.5% for the second quarter of 2025 decreased modestly from 54.8% for the second quarter of 2024. For the personal lines segment, the core loss ratio of 43.3% for the second quarter of 2025 decreased from 55.3% for the second quarter of 2024, due largely to the favorable impact of premium rate increases on net premiums earned for that segment.

    Weather-related losses were $25.8 million, or 11.1 percentage points of the loss ratio, for the second quarter of 2025, compared to $24.7 million, or 10.6 percentage points of the loss ratio, for the second quarter of 2024. Weather-related loss activity for the second quarter of 2025 was higher than our previous five-year average of $18.9 million, or 9.2 percentage points of the loss ratio, for second-quarter weather-related losses. Atlantic States Insurance Company, our largest insurance subsidiary, incurred $3.0 million in net losses from a catastrophic wind and hail loss event in April 2025, with Donegal Mutual assuming losses that subsidiary incurred from the event in excess of its retention under an intercompany catastrophe reinsurance agreement.

    Large fire losses, which we define as individual fire losses in excess of $50,000, for the second quarter of 2025 were $12.1 million, or 5.2 percentage points of the loss ratio. That amount was comparable to the large fire losses of $12.5 million, or 5.3 percentage points of the loss ratio, for the second quarter of 2024. We experienced a modest decrease in commercial property fire losses that was partially offset by a modest increase in homeowners fire losses compared to the prior-year quarter.

    Net favorable development of reserves for losses incurred in prior accident years reduced the loss ratio by 1.3 percentage points for the second quarter of 2025 and had virtually no impact for the second quarter of 2024. Our insurance subsidiaries experienced favorable development primarily in the personal automobile and homeowners lines of business, partially offset by adverse development in other commercial lines that we primarily attribute to higher-than-anticipated case reserve development.

    Expense Ratio

    The expense ratio was 32.2% for the second quarter of 2025, compared to 31.9% for the second quarter of 2024. The increase in the expense ratio primarily reflected higher underwriting-based incentive costs for agents and employees, partially offset by the favorable impact of ongoing expense management initiatives. The impact from costs that Donegal Mutual Insurance Company allocated to our insurance subsidiaries related to its ongoing systems modernization project peaked at approximately 1.3 percentage points of the full year 2024 expense ratio, and we expect that impact to subside gradually over the next several years. Allocated costs related to that project represented approximately 1.0 percentage point of the expense ratio for the second quarter of 2025, and we expect the full year 2025 expense ratio impact will also be approximately 1.0 percentage point.

    Investment Operations

    Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.4% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at June 30, 2025.

      June 30, 2025   December 31, 2024
      Amount   %   Amount   %
      (dollars in thousands)
    Fixed maturities, at carrying value:              
    U.S. Treasury securities and obligations of U.S.            
    government corporations and agencies $ 145,585       10.2 %   $ 170,423       12.3 %
    Obligations of states and political subdivisions   424,010       29.7       409,560       29.6  
    Corporate securities   441,603       30.9       440,552       31.8  
    Mortgage-backed securities   353,639       24.7       304,459       22.0  
    Allowance for expected credit losses   (1,374 )     -0.1       (1,388 )     -0.1  
    Total fixed maturities   1,363,463       95.4       1,323,606       95.6  
    Equity securities, at fair value   41,007       2.9       36,808       2.6  
    Short-term investments, at cost   24,764       1.7       24,558       1.8  
    Total investments $ 1,429,234       100.0 %   $ 1,384,972   100.0 %
                   
    Average investment yield   3.5 %         3.3 %    
    Average tax-equivalent investment yield   3.6 %         3.4 %    
    Average fixed-maturity duration (years)   5.2           5.2      
                   
                   

    Net investment income of $12.5 million for the second quarter of 2025 increased 13.3% compared to $11.1 million for the second quarter of 2024. The increase in net investment income primarily reflected an increase in average investment yield relative to the prior-year second quarter.

    Net investment gains of $1.5 million for the second quarter of 2025 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2025, offset partially by net realized investment losses on the sale of available-for-sale fixed-maturity securities. Net investment gains of $0.7 million for the second quarter of 2024 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2024.

    Our book value per share was $16.62 at June 30, 2025, compared to $15.36 at December 31, 2024, with the increase related to net income as well as $10.7 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2025 that increased our book value by $0.31 per share, offset partially by cash dividends declared.

    Definitions of Non-GAAP Financial Measures

    We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

    Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

    The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands)
                           
    Reconciliation of Net Premiums                      
    Earned to Net Premiums Written                      
    Net premiums earned $ 231,775     $ 234,311       -1.1 %   $ 464,476     $ 462,060       0.5 %
    Change in net unearned premiums   2,038       12,878       -84.2       16,429       36,571       -55.1  
    Net premiums written $ 233,813     $ 247,189       -5.4 %   $ 480,905     $ 498,631       -3.6 %
                           
                           

    The following table provides a reconciliation of net income to operating income for the periods indicated:

      Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024     % Change     2025       2024     % Change
      (dollars in thousands, except per share amounts)
                           
    Reconciliation of Net Income                      
    to Non-GAAP Operating Income                      
    Net income $ 16,866     $ 4,153       306.1 %   $ 42,071     $ 10,108       316.2 %
    Investment gains (after tax)   (1,219 )     (582 )     109.5       (847 )     (2,251 )     -62.4  
    Non-GAAP operating income $ 15,647     $ 3,571       338.2 %   $ 41,224     $ 7,857       424.7 %
                           
    Per Share Reconciliation of Net Income                      
    to Non-GAAP Operating Income                      
    Net income – Class A (diluted) $ 0.46     $ 0.13       253.8 %   $ 1.17     $ 0.31       277.4 %
    Investment gains (after tax)   (0.03 )     (0.02 )     50.0       (0.03 )     (0.07 )     -57.1  
    Non-GAAP operating income – Class A $ 0.43     $ 0.11       290.9 %   $ 1.14     $ 0.24       375.0 %
                           
    Net income – Class B $ 0.43     $ 0.11       290.9 %   $ 1.08     $ 0.28       285.7 %
    Investment gains (after tax)   (0.03 )     (0.01 )     200.0       (0.02 )     (0.06 )     -66.7  
    Non-GAAP operating income – Class B $ 0.40     $ 0.10       300.0 %   $ 1.06     $ 0.22       381.8 %
                           
                           

    The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

    • the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
    • the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
      • the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

    The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

    Dividend Information

    On July 17, 2025, we declared a regular quarterly cash dividend of $0.1825 per share for our Class A common stock and $0.165 per share for our Class B common stock, which are payable on August 15, 2025 to stockholders of record as of the close of business on August 1, 2025.

    Pre-Recorded Webcast

    At approximately 8:30 am ET on Thursday, July 24, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

    About the Company

    Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

    The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

    Safe Harbor

    We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs, including due to tariffs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments, changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Investor Relations Contacts

    Karin Daly, Vice President, The Equity Group Inc.

    Phone: (212) 836-9623
    E-mail: kdaly@theequitygroup.com

    Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
    Phone: (717) 426-1931
    E-mail: investors@donegalgroup.com

    Financial Supplement

    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
           
      Quarter Ended June 30,
        2025       2024  
           
    Net premiums earned $ 231,775     $ 234,311  
    Investment income, net of expenses   12,540       11,068  
    Net investment gains   1,544       737  
    Lease income   76       78  
    Installment payment fees   844       579  
    Other income, net   369       –  
    Total revenues   247,148       246,773  
           
    Net losses and loss expenses   150,917       165,360  
    Amortization of deferred acquisition costs   39,501       40,656  
    Other underwriting expenses   35,150       34,037  
    Policyholder dividends   819       1,187  
    Interest   337       155  
    Other expenses, net   –       365  
    Total expenses   226,724       241,760  
           
    Income before income tax expense   20,424       5,013  
    Income tax expense   3,558       860  
           
    Net income $ 16,866     $ 4,153  
           
    Net income per common share:      
    Class A – basic $ 0.47     $ 0.13  
    Class A – diluted $ 0.46     $ 0.13  
    Class B – basic and diluted $ 0.43     $ 0.11  
           
    Supplementary Financial Analysts’ Data      
           
    Weighted-average number of shares      
    outstanding:      
    Class A – basic   30,678,158       27,844,811  
    Class A – diluted   31,336,862       27,844,903  
    Class B – basic and diluted   5,576,775       5,576,775  
           
    Net premiums written $ 233,813     $ 247,189  
           
    Book value per common share      
    at end of period $ 16.62     $ 14.48  
           
    Annualized operating return on average equity   11.3 %     3.4 %
    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
           
      Six Months Ended June 30,
        2025       2024  
           
    Net premiums earned $ 464,476     $ 462,060  
    Investment income, net of expenses   24,524       22,041  
    Net investment gains   1,073       2,850  
    Lease income   153       159  
    Installment payment fees   1,727       803  
    Total revenues   491,953       487,913  
           
    Net losses and loss expenses   282,950       316,257  
    Amortization of deferred acquisition costs   78,732       80,258  
    Other underwriting expenses   76,345       75,777  
    Policyholder dividends   1,578       2,241  
    Interest   670       309  
    Other expenses, net   93       810  
    Total expenses   440,368       475,652  
           
    Income before income tax expense   51,585       12,261  
    Income tax expense   9,514       2,153  
           
    Net income $ 42,071     $ 10,108  
           
    Net income per common share:      
    Class A – basic $ 1.19     $ 0.31  
    Class A – diluted $ 1.17     $ 0.31  
    Class B – basic and diluted $ 1.08     $ 0.28  
           
    Supplementary Financial Analysts’ Data      
           
    Weighted-average number of shares      
    outstanding:      
    Class A – basic   30,400,944       27,828,062  
    Class A – diluted   30,884,992       27,845,608  
    Class B – basic and diluted   5,576,775       5,576,775  
           
    Net premiums written $ 480,905     $ 498,631  
           
    Book value per common share      
    at end of period $ 16.62     $ 14.48  
           
    Annualized operating return on average equity   14.6 %     4.2 %
    Donegal Group Inc.
    Consolidated Balance Sheets
    (in thousands)
           
      June 30,   December 31,
        2025       2024  
      (unaudited)    
           
    ASSETS
    Investments:      
    Fixed maturities:      
    Held to maturity, at amortized cost $ 737,356     $ 705,714  
    Available for sale, at fair value   626,107       617,892  
    Equity securities, at fair value   41,007       36,808  
    Short-term investments, at cost   24,764       24,558  
    Total investments   1,429,234       1,384,972  
        57,437       52,926  
    Premiums receivable   198,885       181,107  
    Reinsurance receivable   411,125       420,742  
    Deferred policy acquisition costs   76,620       73,347  
    Prepaid reinsurance premiums   182,795       176,162  
    Other assets   51,739       46,776  
    Total assets $ 2,407,835     $ 2,336,032  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Liabilities:      
    Losses and loss expenses $ 1,117,010     $ 1,120,985  
    Unearned premiums   635,538       612,476  
    Borrowings under lines of credit   35,000       35,000  
    Other liabilities   14,618       21,795  
    Total liabilities   1,802,166       1,790,256  
    Stockholders’ equity:      
    Class A common stock   339       329  
    Class B common stock   56       56  
    Additional paid-in capital   383,546       369,680  
    Accumulated other comprehensive loss   (17,517 )     (28,200 )
    Retained earnings   280,471       245,137  
    Treasury stock   (41,226 )     (41,226 )
    Total stockholders’ equity   605,669       545,776  
    Total liabilities and stockholders’ equity $ 2,407,835     $ 2,336,032  

    The MIL Network –

  • MIL-Evening Report: Grattan on Friday: net zero battle has net zero positives for Sussan Ley

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    There’s no other way of looking at it: Sussan Ley faces a diabolical situation with the debate over whether the Coalition should abandon the 2050 net zero emissions target.

    The issue is a microcosm of her wider problems. The Nationals, the minor party in the Coalition, are determined to run their own race on most things. The Liberals have become akin to two parties, split between those eyeing urban seats and younger voters, and right-wingers reflecting the party’s conservative grassroots.

    Nobody misses the contrast. The Albanese government is beset by a host of actual issues around the transition to a clean energy economy. The renewables rollout is not going as fast as desirable and is meeting with resistance in some communities. Energy costs are high. But such problems are not putting any pressure on Labor’s unity.

    At the same time, the opposition is fractured over an argument about a target that’s a quarter of a century away, when who knows what the technological or political landscape will look like. For the opposition, the internal debate about net zero is about symbols and signals, rather than substance.

    The net zero debate exploded within the opposition this week with Barnaby Joyce’s private member’s bill to scrap Australia’s commitment to it. The timing, in parliament’s first week, was extraordinarily inconvenient for Ley. But if not now, it would have erupted later.

    On present indications, the Nationals appear likely to ditch the net zero commitment. David Littleproud, anxious to avoid the issue becoming a threat to his leadership, is reading the party room and positioning himself to be in the anticipated majority.

    Asked on Thursday whether he supported net zero, Littleproud told the ABC, “well, I have real concerns about it, to be candid. What net zero has become is about trying to achieve the impossible, rather than doing what’s sensible.” But, he insisted, “we’re not climate deniers”.

    It is less clear how the debate will pan out in the Liberal Party, once the group under Shadow Energy Minister Dan Tehan produces its report on energy and emissions-reduction policy.

    Liberal sources say the issue is now being driven by the party’s grassroots, rather than the parliamentary party. Branches are throwing up motions to get rid of the 2050 target.

    The Western Australian Liberal state council will debate a motion this weekend to drop the net zero commitment. The Queensland LNP organisation will consider its position next month. A few weeks ago, the South Australian Liberal state council rejected net zero.

    With a policy review underway, Ley and the parliamentary Liberals have left a vacuum on the issue. Some Liberals warn the parliamentarians risk being run over by the party outside parliament. Others point out that on policy, the parliamentarians are independent of the organisation, which often comes up with right-wing motions.

    How should Ley best handle the situation? By filling the vacuum with a position sooner rather than later. That means accelerating the Tehan report. Beyond that, ideally she should be taking leadership on the issue herself. But is she in a strong enough position to do that?

    One idea being floated would be for the Liberals to retain the net zero target but extend the time frame. This wouldn’t stop the criticism about the shift.

    Whether the Coalition could stay as one if its two parties had different positions on net zero may be an open question but it certainly would be messy.

    On the other side of politics, the government is rapidly approaching a decision on another key target – the one Australia will put up internationally for cutting emissions by 2035. Inevitably, this will be contentious.

    This target must be submitted by September (it was conveniently delayed beyond the election). Minister for Climate Change and Energy Chris Bowen has yet to receive advice on the target from the Climate Change Authority (advice that will be published). The target is expected to be between 65% and 75%.

    The challenge will be to strike a target with sufficient ambition that doesn’t alienate business and the regions.

    Next week the executive secretary of the United Nations Framework Convention on Climate Change, Simon Stiell, will be in Canberra for talks. His comments will be carefully watched.

    Last year he told the Sydney Morning Herald, “the world needs countries like Australia to take climate action and ambition to the next level, and it’s firmly in the interests of every Australian that they do so”.

    Climate and energy issues will have a place at next month’s economic reform roundtable. Bowen is organising two preliminary roundtables – on electricity, with energy user stakeholders, and on climate adaptation. He told The Conversation’s podcast that adaptation will “be an increasing focus of this government and future governments because, tragically, the world has left it too late to avoid the impacts of climate change”.

    The government is waiting, somewhat impatiently, for the decision on whether Australia will be given the nod to host next year’s UN climate conference. The COP meeting, which would be in Adelaide in November 2026, is an enormous event to put on, so the decision is becoming urgent.

    Bowen says Australia already has the numbers over Turkey, the other contender. But “one of the things about the process to decide COPs, I’ve learnt, is it’s quite opaque and there’s no particular timeline and no particular rules to the ballot.

    “It’s meant to work on a consensus, sort of an old world, sort of gentlemanly sort of approach to say whoever loses will withdraw. That’s not the way it’s panning out. I’ve had multiple meetings with my Turkish counterpart to try to find a ‘win-win’ solution. We haven’t been able to find that yet.”

    Stiell’s trip includes Turkey as well as Australia. Bowen will be hoping he may provide some clarity, when they meet, about how the “opaque” process of assigning the COP meeting is going. Bowen will be emphasising how important the proposed co-hosting COP with the Pacific is to the region, with climate change already an existential issue for many Pacific countries.

    Michelle Grattan 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. Grattan on Friday: net zero battle has net zero positives for Sussan Ley – https://theconversation.com/grattan-on-friday-net-zero-battle-has-net-zero-positives-for-sussan-ley-261092

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Africa: Africa’s Business Heroes Unveils Top 50 Finalists for 2025 Edition Record-Breaking Number of Applications, Spanning all 54 African Nations

    Source: APO

    Africa’s Business Heroes (ABH) (www.AfricaBusinessHeroes.org), the flagship philanthropic initiative of the Alibaba Philanthropy, is proud to announce the Top 50 finalists of its 2025 Prize Competition—marking a record-breaking year for participation and regional representation.

    This year, ABH received 32,000 applications, the highest in the competition’s history, with submissions from all 54 African countries – reinforcing ABH’s status as one of the continent’s largest and most inclusive entrepreneurial competitions.

    The 2025 Top 50 provides an overview of Africa’s entrepreneurial landscape. African businesses are increasingly leveraging technology, including fintech, AI, and digital platforms, to transform sectors such as finance, education, and healthcare. Sustainability-driven innovations in agriculture and renewable energy address critical challenges while promoting eco-friendly growth. These trends have significant socio-economic impacts, fostering job creation, financial inclusion, and improved access to essential services. The data underscores opportunities in scalable, tech-enabled, and sustainable businesses poised to drive Africa’s inclusive economic growth.

    Now in its 7th year, ABH continues its mission to spotlight and empower entrepreneurs who are driving innovation and building a more inclusive and sustainable future for Africa. Each year, the competition awards US$1.5 million in grant funding to 10 outstanding entrepreneurs. In addition to funding, ABH provides the Top 50 finalists with capacity-building, mentorship, and enhanced exposure.

    Dramatic Growth in Reach

    The 2025 call for applications not only broke records in volume but also marked an over 300% increase in applications from countries traditionally underrepresented in pan-African competitions, including Algeria, Tunisia, Togo, Gabon, South Sudan, Somalia, Sierra Leone, Mali, and Mauritius. This surge signals the deepening of ABH’s grassroots appeal and accessibility, as well as reflecting the impressive health of entrepreneurship across the African continent.

    Bringing ABH to the Continent: 9-City Roadshow

    As part of its 2025 campaign, the ABH team embarked on an ambitious 9-city roadshow, connecting in person with entrepreneurs and ecosystem leaders in Casablanca, Cairo, Addis Ababa, Kampala, Nairobi, Lagos, Accra, Abidjan and Dakar—the host city for this year’s Semi-Finale, scheduled for September 10–11.

    These on-the-ground engagements reflect ABH’s commitment to being more than a competition—it is a community-builder and ecosystem enabler. The roadshow activated local entrepreneurial ecosystems, engaged past ABH Heroes, hosted info sessions, and facilitated connections between investors, innovators, and changemakers.

    Harnessing Technology to Scale Impact

    2025 also marked a milestone in ABH’s embrace of innovation. For the first time, ABH introduced ABi, its AI-powered co-host built on Qwen Turbo and first unveiled at the 6th ABH Summit & Finale held in Kigali in March 2025, to enhance applicant experience and streamline operations. ABi supported the competition by providing real-time customer service to thousands of applicants and assisting in screening the eligibility of submissions—demonstrating how technology can improve both efficiency and inclusivity.

    Celebrating the 2025 Top 50

    The 2025 Top 50 finalists represent the next generation of African changemakers. They span 16 sectors and hail from 17 countries, with 36% female representation and 10% Francophone entrepreneurs, reflecting ABH’s ongoing commitment to gender and linguistic diversity. These entrepreneurs were selected for their bold solutions, measurable impact, and potential for scale across Africa.

    As part of the next stage of the competition, the Top 50 will participate in the ABH Virtual Bootcamp, an intensive training program featuring workshops led by ecosystem leaders, investors, and ABH Heroes. Topics will include building resilient teams, investment readiness, leveraging AI, and digital marketing for growth.

    “The 2025 ABH Prize has raised the bar, yet again. We are seeing greater depth, diversity, and innovation across the span of applications,” said Zahra Baitie-Boateng, Managing Director, Africa at ABH. “This record-breaking year speaks to the relevance of ABH in every corner of the continent. These 50 finalists are solving real problems with global potential, and we’re excited to amplify their work.”

    In addition to training and mentorship, the Top 50 will benefit from media exposure and access to a dynamic network of ABH Heroes, alumni, and partners.

    Looking Ahead

    The Top 50 will now undergo a second round of evaluations through in-depth interviews with ABH Round 2 judges.  22 entrepreneurs will be shortlisted to undergo due diligence led by PlusVC. Those who advance will be revealed as the Top 20 finalists in August, before heading to Dakar for the Semi-Finale in September.

    The Top 10 finalists selected in Dakar will then progress to the Grand Finale in Kigali in December, where they will compete for their share of US$1.5 million in grant funding and be crowned this year’s Africa’s Business Heroes.

    To learn more about the 2025 ABH Top 50 finalists and the competition, visit www.AfricaBusinessHeroes.org.

    Distributed by APO Group on behalf of Africa’s Business Heroes (ABH).

    For media inquiries or interview requests, please contact: 
    pr@africabusinessheroes.org

    About Africa’s Business Heroes:
    Africa’s Business Heroes (ABH) is the Jack Ma Foundation’s flagship philanthropic initiative in Africa. It supports visionary entrepreneurs across all 54 African countries who are building inclusive and sustainable economies. Over 10 years, ABH will recognize 100 entrepreneurs, awarding them with grant funding, training, and a platform to amplify their stories. Each year, the Top 10 finalists compete in a televised pitch finale for a share of US$1.5 million.

    Media files

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    MIL OSI Africa –

  • MIL-OSI Africa: Africa Finance Corporation (AFC) Fuels Africa’s Mining Ambitions as Silver Sponsor of African Mining Week (AMW) 2025

    Source: APO


    .

    Africa Finance Corporation (AFC), a leading multilateral finance institution, has joined the upcoming African Mining Week (AMW) 2025 as a Silver Sponsor. Held under the theme, From Extraction to Beneficiation: Unlocking Africa’s Mineral Wealth, AMW offers a strategic platform for AFC to engage with African and global mining stakeholders to advance the continent’s mineral development agenda.

    As part of the conference program, AFC will feature in a dedicated finance panel: “The Investor Perspective – Financing Africa’s Mineral Industrialization.” The session will explore how tailored financing solutions can drive local beneficiation, industrialization and inclusive economic growth across Africa’s mining value chains.

    AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    The AFC’s involvement in AMW 2025 comes at a time of expanded capital mobilization efforts. In June 2025, the Corporation secured a €250 million, 10-year loan from Italy’s Cassa Depositi e Prestiti to catalyze Italian investment in African mining and energy infrastructure projects – particularly the strategic Lobito Corridor, enhancing mineral transport between Angola, Zambia and the Democratic Republic of Congo. This initiative complements a proposed €320 million EU financing package supporting the same corridor.

    In February 2025, the European Investment Bank committed $750 million to AFC’s Climate Resilient Infrastructure Fund, targeting climate-focused projects including energy transition metals and sustainable logistics infrastructure. The same month, AFC also secured a $400 million Shariah-compliant facility from Islamic financiers, following a $500 million hybrid bond issuance in January and a $30 million equity investment from the African Development Bank in December 2024.

    AFC’s capital base has also grown with a $184.8 million equity injection from Angola, reflecting the country’s continued collaboration with AFC following over $1 billion in investments in mining, energy and transport. Meanwhile, a €100 million loan extended to construction group Mota–Engil is enabling the execution of three major gold mining contracts in Ivory Coast and Mali – Africa’s second- and third-largest gold producers.

    Against this backdrop, AMW 2025 provides a timely opportunity for the AFC to showcase its financing strategy, highlight its role in advancing Africa’s mineral beneficiation and connect with mining ventures in search of capital.

    Distributed by APO Group on behalf of Energy Capital & Power.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Revived Sunderland Charity Returns to Support Next Generation of Athletes

    Source: City of Sunderland

    A long-standing Sunderland charity dedicated to supporting Sunderland’s athletes has been revived thanks to new funding from the Martin Laing Foundation and Sunderland City Council.

    The Sunderland Sports Fund, a charitable trust established over 20 years ago, provides financial support to talented young athletes and sportspeople with disabilities of all ages across the Sunderland area. After a period of inactivity during the Covid-19 pandemic, the charity is back in action, helping to nurture the city’s sporting talent.

    The funding will be used to award grants to individuals who live in, study in, or represent a sports club or organisation based in Sunderland. The goal is to break down financial barriers and ensure that no promising athlete is held back due to lack of resources.

    Grants awarded by the Sunderland Sports Fund can help pay for coaching fees, equipment and used towards travel expenses and accommodation for national and international competitions. These grants can help bridge the financial gap for athletes between amateur and elite status.

    Thanks to additional funding from Sunderland City Council the charity can now broaden its scope to help encourage more residents to get into sport. This includes directly funding coaches who will in turn help inspire and train more young people.

    Councillor Beth Jones, Cabinet Member for Communities, Culture and Tourism at Sunderland City Council, said: “The Sunderland Sports Fund is a fantastic charity that champions our young athletes and athletes with disabilities. It’s inspiring to see it brought back to life with this much-needed funding, ensuring we continue to support the next generation of sporting talent in our city, while also promoting the many health and wellbeing benefits that come from participating in sport.

    “It’s especially timely as Sunderland is set to host the opening match of the Women’s Rugby World Cup, shining an even brighter spotlight on women’s sport – and I’m delighted that one of the athletes receiving funding this year is a women’s rugby coach, helping inspire more local women and girls to get involved in the game.”

    To mark the revival, the charity held a relaunch event at Sunderland Fire Station, where it awarded bursaries to two young athletes and a rising young coach. Among the recipients was a female rugby coach from Houghton Rugby Club, who is using her qualifications to help drive participation in women’s and girls’ rugby.

    Jorja Spoors, Houghton Rugby Club Coach said: “The Sunderland Sports fund is a great opportunity offered to me thanks to Sunderland City Council. I’ll be using the fund to gain further qualifications, experience, and knowledge within the game and my coaching. The fund will help me to take my coaching to the highest levels available within rugby, with hopes to possibly pursue coaching as a career in the future.

    “It is amazing to see that Sunderland City Council have chosen to re-launch the fund to support upcoming athletes and coaches, like myself and the other recipients of the fund. It is also great to see the recognition that could be gained for women and girls within rugby and sport as a whole.”

    The relaunch event was hosted by former BBC Look North host Jeff Brown, who now serves as a trustee at Sunderland Sports Fund. Also in attendance was Gary Bennet, former SAFC player and Terry Deary, Sunderland born author of Horrible Histories, as well as the Deputy Mayor Councillor Melanie Thornton.

    In its 25 years, the Sunderland Sports Fund has awarded 670 grants to athletes and coaches across a great number of sports including boxing, basketball, swimming, skiing and more.

    Leslie Scott MBE, Chairman of Sunderland Sports Fund said: “This was a landmark occasion for our charity, not only celebrating its 25th year but also relaunching our mission to help Sunderland’s aspiring young athletes and coaches. Over the years, the achievements of our high achievers, some who have become world champions, has reflected positively on the reputation of the city. It is our hope that we will inspire the current and future cohorts of Sunderland’s young people, who are serious about taking part in competitive sports.”

    For more information or to apply for a grant, contact active@sunderland.gov.uk. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Gary Crowe is appointed as new Non-executive Director at GAD

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    News story

    Gary Crowe is appointed as new Non-executive Director at GAD

    Exchequer Secretary to the Treasury, James Murray MP has appointed Gary Crowe as a Non-executive Director of the Government Actuary’s Department.

    Gary Crowe brings extensive experience across the financial services, education and healthcare sectors, with expertise in digital transformation, risk and strategy.

    He was recently Professor of Innovation Leadership at Keele University Management School and is an experienced non-executive director (NED). Gary has chaired a range of committees including Finance, Audit, Risk, Investments, and People & Nominations.

    He will be appointed for a 3-year term, starting on 1 August, as NED to the Government Actuary’s Department (GAD). Gary will replace Ian Wilson whose term on the Board is coming to an end later this year.

    Les Philpott, Non-executive Director and Board Chair said :

    “I am delighted at Gary’s appointment to our Board. Gary brings exceptional breadth and depth of experience, having served on 2 NHS Trust boards as well as holding senior roles across consultancy, financial services, and commercial, retail and private banking. His background spans both public and private sectors, and he has led digital transformation in complex, highly regulated environments, always underpinned by robust governance, financial, and risk management expertise.

    “As Chair of the Audit and Risk Assurance Committee for the Human Tissue Authority, Gary has demonstrated a strong capacity for oversight and assurance in demanding regulatory contexts. His appointment will significantly strengthen our Board’s ability to provide strategic guidance and effective oversight. I look forward to welcoming him and working together to advance the department’s objectives.”

    Fiona Dunsire, Government Actuary said:

    “We are very pleased to be able to welcome Gary to GAD as our new non-executive director. His extensive background in innovation leadership and digital transformation, combined with his health and workforce experience as a non-executive director within the NHS, will be invaluable as we continue to evolve our services and support government departments in addressing complex national challenges. I’m confident Gary will make a valuable contribution to GAD’s continued success in serving the public sector.”

    Gary Crowe added:

    “I’m honoured to be appointed as non-executive director at GAD and look forward to contributing to the department’s important work in supporting the public sector. Having worked across various sectors in consultancy and innovation roles, I understand the critical importance of robust actuarial analysis in helping government make informed decisions about financial risk and uncertainty. I’m excited to work with the talented team at GAD to ensure we continue to broaden the impact of the department in supporting government growth objectives and delivering the highest standards of professional service to our clients.”

    About Gary Crowe

    Gary Crowe brings significant strategic and commercial expertise to the Government Actuary’s Department, with a strong track record in public service.

    He currently serves as Chair of the Audit and Risk Assurance Committee for the Human Tissue Authority (term ending September 2025), is the Local Chair for the Dudley Group NHS Foundation Trust and Vice-Chair of University Hospitals of North Midlands NHS Trust.

    He has previously advised on commercial digital innovation as a management consultant with PA Consulting and during 30 years in financial services. Most recently, Gary was Professor of Innovation Leadership at Keele University Management School.

    About the appointment process

    GAD applies technical skills from the actuarial profession, consultancy discipline, high standards of professionalism and industry sector knowledge to help solve financial challenges faced by the UK public sector, helping our clients to understand and analyse financial risk and uncertainty for a wide range of contemporary issues.

    Gary Crowe was appointed following an open recruitment process in line with public appointment procedures.

    He confirmed that he has not undertaken any political activity within the previous 5 years.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: TransUnion Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Exceeded second quarter 2025 financial guidance across all key financial metrics
    • Delivered 9 percent organic constant currency revenue growth (10 percent reported) led by U.S. Financial Services
    • De-levered to 2.8x Leverage Ratio at quarter-end and repurchased $47 million shares through mid-July
    • Raising 2025 financial guidance, we now expect to deliver 6 to 7 percent revenue growth for the year on both a reported and organic constant currency basis

    CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2025.

    Second Quarter 2025 Results

    Revenue:

    • Total revenue for the quarter was $1,140 million, an increase of 10 percent (10 percent on a constant currency basis and 9 percent on an organic constant currency basis), compared with the second quarter of 2024.

    Earnings:

    • Net income attributable to TransUnion was $110 million for the quarter, compared with $85 million for the second quarter of 2024. Diluted earnings per share was $0.56, compared with $0.44 in the second quarter of 2024. Net income attributable to TransUnion margin was 9.6 percent, compared with 8.2 percent in the second quarter of 2024.
    • Adjusted Net Income was $213 million for the quarter, compared with $193 million for the second quarter of 2024. Adjusted Diluted Earnings per Share was $1.08, compared with $0.99 in the second quarter of 2024.
    • Adjusted EBITDA was $407 million for the quarter, compared with $377 million for the second quarter of 2024, an increase of 8 percent (8 percent on a constant currency basis). Adjusted EBITDA margin was 35.7 percent, compared with 36.2 percent in the second quarter of 2024.

    “In the second quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 10 percent, led by Financial Services and Insurance. International grew 6 percent on an organic constant currency basis, with India accelerating to 8 percent growth and Canada and Africa delivering double-digit growth.”

    “We are raising our 2025 guidance, reflecting strong results in the first half of the year and ongoing business momentum, balanced against continuing market uncertainty. We now expect revenue growth of 6 to 7 percent.”

    “After the last several years of investment, we are now focused on execution and value creation. Through our transformation, we now have more and better solutions than ever. We are already seeing the emerging benefits of our accelerated pace of innovation and believe we are well-positioned to drive a generation of industry-leading growth.”

    Second Quarter 2025 Segment Results

    Segment revenue and Adjusted EBITDA for the second quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the second quarter of 2024 were as follows:

    (in millions) Second
    Quarter 2025    		   Reported
    Growth Rate    		   Constant
    Currency
    Growth Rate    		   Organic
    Constant
    Currency
    Growth Rate
    U.S. Markets:              
    Financial Services $ 420   17 %   17 %   17 %
    Emerging Verticals   324   5 %   5 %   5 %
    Consumer Interactive   147   3 %   3 %   2 %
    Total U.S. Markets Revenue $ 890   10 %   10 %   10 %
                   
    U.S. Markets Adjusted EBITDA $ 337   7 %   7 %   7 %
                   
    International:              
    Canada $ 42   9 %   10 %   10 %
    Latin America   34   (1 )%   4 %   4 %
    United Kingdom   67   19 %   13 %   5 %
    Africa   18   15 %   14 %   14 %
    India   67   5 %   8 %   8 %
    Asia Pacific   24   (7 )%   (8 )%   (8 )%
    Total International Revenue $ 253   7 %   7 %   6 %
                   
    International Adjusted EBITDA $ 108   7 %   8 %   8 %
                           

    Liquidity and Capital Resources

    Cash and cash equivalents was $688 million at June 30, 2025 and $679 million at December 31, 2024.

    For the six months ended June 30, 2025, cash provided by operating activities was $344 million, compared with $349 million in 2024. The decrease in cash provided by operating activities was primarily due to higher income tax payments, the timing of accounts receivable collections and higher bonus payouts, mostly offset by improved operating performance and lower interest expense in 2025 compared with 2024. For the six months ended June 30, 2025, cash used in investing activities was $224 million, compared with $127 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, a current year investment in a note receivable and an increase in capital expenditures. For the six months ended June 30, 2025, capital expenditures were $145 million, compared with $131 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, cash used in financing activities was $127 million, compared with $150 million in 2024. Cash used in financing activities was lower primarily due to higher debt repayments in 2024, partially offset by stock buybacks in 2025.

    Third Quarter and Full Year 2025 Outlook

    Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

        Three Months Ended September 30, 2025   Twelve Months Ended December 31, 2025
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,115     $ 1,135     $ 4,432     $ 4,472  
    Revenue growth1:                
    As reported     3 %     5 %     6 %     7 %
    Constant currency1, 2     3 %     5 %     6 %     7 %
    Organic constant currency1, 3     2 %     4 %     6 %     7 %
                     
    Net income attributable to TransUnion   $ 78     $ 87     $ 412     $ 432  
    Net income attributable to TransUnion growth     14 %     28 %     45 %     52 %
    Net income attributable to TransUnion margin     7.0 %     7.7 %     9.3 %     9.7 %
                     
    Diluted Earnings per Share   $ 0.39     $ 0.44     $ 2.07     $ 2.18  
    Diluted Earnings per Share growth     13 %     27 %     43 %     51 %
                     
    Adjusted EBITDA, as reported5   $ 397     $ 411     $ 1,580     $ 1,610  
    Adjusted EBITDA growth, as reported4     1 %     4 %     5 %     7 %
    Adjusted EBITDA margin     35.6 %     36.2 %     35.7 %     36.0 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.99     $ 1.04     $ 4.03     $ 4.14  
    Adjusted Diluted Earnings per Share growth   (5 )%     — %     3 %     6 %
    1. Additional revenue growth assumptions:
      1. The impact of changing exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
      2. The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q3 2025 and approximately 0.5 point of benefit for FY 2025.
      3. The impact of mortgage is expected to be approximately 2 points of benefit for Q3 2025 and 2 points of benefit for FY 2025.
      4. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
      5. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.
      6. Additional Adjusted EBITDA assumptions:
        1. The impact of changing foreign currency exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
        2. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

          3. Earnings Webcast Details

          In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

          About TransUnion (NYSE: TRU)

          TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

          http://www.transunion.com/business

          Availability of Information on TransUnion’s Website

          Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

          Forward-Looking Statements

          This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

          Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

        • macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
        • our ability to provide competitive services and prices;
        • our ability to retain or renew existing agreements with large or long-term customers;
        • our ability to maintain the security and integrity of our data;
        • our ability to deliver services timely without interruption;
        • our ability to maintain our access to data sources;
        • government regulation and changes in the regulatory environment;
        • litigation or regulatory proceedings;
        • our approach to the use of artificial intelligence;
        • our ability to effectively manage our costs;
        • our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
        • our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
        • economic and political stability in the United States and risks associated with the international markets where we operate;
        • our ability to effectively develop and maintain strategic alliances and joint ventures;
        • our ability to timely develop new services and the market’s willingness to adopt our new services;
        • our ability to manage and expand our operations and keep up with rapidly changing technologies;
        • our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
        • our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
        • our ability to defend our intellectual property from infringement claims by third parties;
        • the ability of our outside service providers and key vendors to fulfill their obligations to us;
        • further consolidation in our end-customer markets;
        • the increased availability of free or inexpensive consumer information;
        • losses against which we do not insure;
        • our ability to make timely payments of principal and interest on our indebtedness;
        • our ability to satisfy covenants in the agreements governing our indebtedness;
        • our ability to maintain our liquidity;
        • stock price volatility;
        • our dividend payments;
        • share repurchase plans;
        • dividend rate;
        • our reliance on key management personnel; and
        • changes in tax laws or adverse outcomes resulting from examination of our tax returns.

        There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

        The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

        For More Information

        TRANSUNION AND SUBSIDIARIES
        Consolidated Balance Sheets (Unaudited)
        (in millions, except per share data)
         
            June 30,
        2025        		   December 31,
        2024
        Assets        
        Current assets:        
        Cash and cash equivalents   $ 687.5     $ 679.5  
        Trade accounts receivable, net of allowance of $27.4 and $19.9     895.9       798.9  
        Other current assets     322.3       323.4  
        Total current assets     1,905.7       1,801.8  
        Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3     228.5       203.5  
        Goodwill     5,256.7       5,144.3  
        Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5     3,238.7       3,257.5  
        Other assets     488.1       577.7  
        Total assets   $ 11,117.7     $ 10,984.8  
        Liabilities and stockholders’ equity        
        Current liabilities:        
        Trade accounts payable   $ 345.1     $ 294.6  
        Current portion of long-term debt     76.1       70.6  
        Other current liabilities     519.9       694.4  
        Total current liabilities     941.1       1,059.6  
        Long-term debt     5,060.4       5,076.6  
        Deferred taxes     370.7       415.3  
        Other liabilities     119.3       114.5  
        Total liabilities     6,491.5       6,666.0  
        Stockholders’ equity:        
        Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively     —       —  
        Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively     2.0       2.0  
        Additional paid-in capital     2,600.7       2,558.9  
        Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively     (342.0 )     (334.6 )
        Retained earnings     2,571.1       2,357.9  
        Accumulated other comprehensive loss     (311.6 )     (367.2 )
        Total TransUnion stockholders’ equity     4,520.2       4,217.0  
        Noncontrolling interests     106.0       101.8  
        Total stockholders’ equity     4,626.2       4,318.8  
        Total liabilities and stockholders’ equity   $ 11,117.7     $ 10,984.8  
        TRANSUNION AND SUBSIDIARIES
        Consolidated Statements of Operations (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Revenue   $ 1,139.7     $ 1,040.8     $ 2,235.5     $ 2,062.0  
        Operating expenses                
        Cost of services (exclusive of depreciation and amortization below)     469.9       406.7       915.5       813.0  
        Selling, general and administrative     335.0       310.8       591.8       616.4  
        Depreciation and amortization     142.7       132.9       281.6       266.9  
        Restructuring     —       8.1       —       26.3  
        Total operating expenses     947.5       858.4       1,788.9       1,722.4  
        Operating income     192.2       182.4       446.6       339.6  
        Non-operating income and (expense)                
        Interest expense     (55.7 )     (67.9 )     (111.8 )     (136.5 )
        Interest income     8.8       6.7       17.3       12.1  
        Earnings from equity method investments     5.0       4.6       9.3       9.3  
        Other income and (expense), net     6.6       (5.1 )     (10.8 )     (20.8 )
        Total non-operating income and (expense)     (35.4 )     (61.7 )     (96.0 )     (135.9 )
        Income before income taxes     156.8       120.7       350.5       203.7  
        Provision for income taxes     (44.4 )     (31.0 )     (85.4 )     (44.1 )
        Net income     112.4       89.7       265.1       159.7  
        Less: net income attributable to noncontrolling interests     (2.8 )     (4.7 )     (7.4 )     (9.5 )
        Net income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
                         
        Basic earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.32     $ 0.77  
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        TRANSUNION AND SUBSIDIARIES
        Consolidated Statements of Cash Flows (Unaudited)
        (in millions)
         
            Six Months Ended June 30,
              2025       2024  
        Cash flows from operating activities:        
        Net income   $ 265.1     $ 159.7  
        Adjustments to reconcile net income to net cash provided by operating activities:        
        Depreciation and amortization     281.6       266.9  
        Loss on repayment of loans     —       2.6  
        Deferred taxes     (54.1 )     (63.6 )
        Stock-based compensation     70.5       51.8  
        Other     29.1       19.5  
        Changes in assets and liabilities:        
        Trade accounts receivable     (98.4 )     (71.3 )
        Other current and long-term assets     8.0       45.1  
        Trade accounts payable     37.1       53.7  
        Other current and long-term liabilities     (195.1 )     (115.2 )
        Cash provided by operating activities     343.8       349.2  
        Cash flows from investing activities:        
        Capital expenditures     (145.4 )     (130.7 )
        Proceeds from sale/maturities of other investments     0.2       —  
        Investments in consolidated affiliates, net of cash acquired     (55.7 )     —  
        Investments in nonconsolidated affiliates and notes receivable     (25.0 )     (4.4 )
        Proceeds from the sale of investments in nonconsolidated affiliates     —       3.8  
        Other     2.2       4.8  
        Cash used in investing activities     (223.7 )     (126.5 )
        Cash flows from financing activities:        
        Proceeds from term loans     —       934.9  
        Repayments of term loans     —       (927.9 )
        Repayments of debt     (43.2 )     (99.4 )
        Debt financing fees     —       (13.5 )
        Dividends to shareholders     (45.1 )     (41.4 )
        Proceeds from issuance of common stock     10.5       12.4  
        Employee taxes paid on restricted stock units recorded as treasury stock     (7.4 )     (11.4 )
        Repurchase of common stock     (38.8 )     —  
        Distributions to noncontrolling interests     (3.3 )     (3.8 )
        Cash used in financing activities     (127.3 )     (150.1 )
        Effect of exchange rate changes on cash and cash equivalents     15.2       (5.6 )
        Net change in cash and cash equivalents     8.0       67.0  
        Cash and cash equivalents, beginning of period     679.5       476.2  
        Cash and cash equivalents, end of period   $ 687.5     $ 543.2  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.


        TRANSUNION AND SUBSIDIARIES
        Non-GAAP Financial Measures

        We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

        We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

        Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

        Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

        Consolidated Adjusted EBITDA

        Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

        • Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
        • Provision for income taxes, as reported on our Consolidated Statements of Operations.
        • Depreciation and amortization, as reported on our Consolidated Statements of Operations.
        • Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
        • Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
        • Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
        • Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, including gains or losses on a step acquisition, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
        • Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

        Consolidated Adjusted EBITDA Margin

        Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

        Adjusted Net Income

        Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

        • Amortization of certain intangible assets represents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
        • Stock-based compensation (see Consolidated Adjusted EBITDA above)
        • Operating model optimization program (see Consolidated Adjusted EBITDA above)
        • Accelerated technology investment (see Consolidated Adjusted EBITDA above)
        • Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
        • Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
        • Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statements of operations.

        Adjusted Diluted Earnings Per Share

        Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

        Adjusted Provision for Income Taxes

        Management has excluded the following items from our provision for income taxes for the periods presented:

        • Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
        • Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
        • Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

        Adjusted Effective Tax Rate

        Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

        Leverage Ratio

        Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

        This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

        Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

        Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

        SCHEDULE 1
        TRANSUNION AND SUBSIDIARIES
        Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
        (Unaudited)
         
            For the Three Months Ended June 30, 2025 compared with
        the Three Months Ended June 30, 2024        		   For the Six Months Ended June 30, 2025 compared with
        the Six Months Ended June 30, 2024
            Reported   CC Growth1   Inorganic   Organic CC Growth2   Reported   CC Growth1   Inorganic   Organic CC Growth2
        Revenue:                                
        Consolidated   9.5 %   9.5 %   0.7 %   8.9 %   8.4 %   8.8 %   0.3 %   8.5 %
        U.S. Markets   10.0 %   10.0 %   0.3 %   9.8 %   9.3 %   9.3 %   0.1 %   9.2 %
        Financial Services   17.1 %   17.1 %   — %   17.1 %   15.9 %   15.9 %   — %   15.9 %
        Emerging Verticals   4.9 %   4.9 %   — %   4.9 %   5.4 %   5.4 %   — %   5.4 %
        Consumer Interactive   3.3 %   3.3 %   1.5 %   1.8 %   1.3 %   1.3 %   0.7 %   0.5 %
        International   7.4 %   7.4 %   2.0 %   5.5 %   4.9 %   6.7 %   1.0 %   5.7 %
        Canada   9.0 %   10.5 %   — %   10.5 %   4.8 %   8.7 %   — %   8.7 %
        Latin America   (1.0 )%   4.0 %   — %   4.0 %   (0.8 )%   5.5 %   — %   5.5 %
        United Kingdom   18.7 %   12.6 %   8.4 %   4.6 %   13.8 %   11.0 %   4.3 %   7.0 %
        Africa   15.0 %   13.7 %   — %   13.7 %   13.5 %   11.7 %   — %   11.7 %
        India   4.8 %   7.6 %   — %   7.6 %   0.5 %   4.0 %   — %   4.0 %
        Asia Pacific   (6.8 )%   (7.7 )%   — %   (7.7 )%   — %   — %   — %   — %
                                         
        Adjusted EBITDA:                                
        Consolidated   8.1 %   8.3 %   — %   8.3 %   9.4 %   10.2 %   — %   10.2 %
        U.S. Markets   6.8 %   6.8 %   — %   6.8 %   9.4 %   9.4 %   — %   9.4 %
        International   7.2 %   8.0 %   — %   7.9 %   4.9 %   7.6 %   — %   7.6 %
        1. Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
        2. Organic CC growth rate is the CC growth rate less the inorganic growth rate.
        SCHEDULE 2
        TRANSUNION AND SUBSIDIARIES
        Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
        (dollars in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Revenue:              
        U.S. Markets gross revenue              
        Financial Services $ 419.9     $ 358.7     $ 823.5     $ 710.4  
        Emerging Verticals   323.6       308.5       638.5       606.0  
        Consumer Interactive   146.9       142.1       285.1       281.5  
        U.S. Markets gross revenue $ 890.4     $ 809.3     $ 1,747.0     $ 1,597.8  
                       
        International gross revenue              
        Canada $ 42.3     $ 38.8     $ 80.1     $ 76.5  
        Latin America   34.1       34.5       66.9       67.4  
        United Kingdom   67.2       56.6       126.1       110.8  
        Africa   18.2       15.8       35.1       30.9  
        India   66.6       63.5       135.3       134.6  
        Asia Pacific   24.5       26.2       51.5       51.5  
        International gross revenue $ 252.9     $ 235.4     $ 495.0     $ 471.7  
                       
        Total gross revenue $ 1,143.2     $ 1,044.7     $ 2,242.1     $ 2,069.6  
                       
        Intersegment revenue eliminations              
        U.S. Markets $ (1.9 )   $ (2.4 )   $ (3.5 )   $ (4.7 )
        International   (1.6 )     (1.5 )     (3.1 )     (3.0 )
        Total intersegment revenue eliminations $ (3.5 )   $ (3.9 )   $ (6.6 )   $ (7.6 )
                       
        Total revenue as reported $ 1,139.7     $ 1,040.8     $ 2,235.5     $ 2,062.0  
                       
        Adjusted EBITDA:              
        U.S. Markets $ 337.2     $ 315.8     $ 657.4     $ 600.9  
        International   108.0       100.8       217.8       207.6  
        Corporate   (38.2 )     (40.0 )     (71.0 )     (73.8 )
        Adjusted EBITDA Margin:1              
        U.S. Markets   37.9 %     39.0 %     37.6 %     37.6 %
        International   42.7 %     42.8 %     44.0 %     44.0 %
        1. Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:              
        Net income attributable to TransUnion $ 109.6     $ 85.0     $ 257.7     $ 150.1  
        Net interest expense   47.0       61.2       94.5       124.4  
        Provision for income taxes   44.4       31.0       85.4       44.1  
        Depreciation and amortization   142.7       132.9       281.6       266.9  
        EBITDA $ 343.7     $ 310.1     $ 719.2     $ 585.4  
        Adjustments to EBITDA:              
        Stock-based compensation   40.2       27.8       70.5       51.9  
        Mergers and acquisitions, divestitures and business optimization1   (4.6 )     0.7       13.2       9.8  
        Accelerated technology investment2   23.2       18.2       43.3       36.8  
        Operating model optimization program3   5.4       14.6       15.2       39.1  
        Net other4   (0.8 )     5.2       (57.3 )     11.7  
        Total adjustments to EBITDA $ 63.3     $ 66.5     $ 85.0     $ 149.3  
        Consolidated Adjusted EBITDA $ 407.0     $ 376.6     $ 804.1     $ 734.7  
                       
        Net income attributable to TransUnion margin   9.6 %     8.2 %     11.5 %     7.3 %
        Consolidated Adjusted EBITDA margin5   35.7 %     36.2 %     36.0 %     35.6 %

        As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

          1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Transaction and integration costs   $ 2.9     $ 1.2     $ 8.2     $ 3.4  
        Fair value and impairment adjustments     (7.6 )     0.7       5.0       0.8  
        Post-acquisition adjustments     —       (1.2 )     —       5.7  
        Total mergers and acquisitions, divestitures and business optimization   $ (4.6 )   $ 0.7     $ 13.2     $ 9.8  
          2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Foundational Capabilities   $ 4.2     $ 8.3     $ 11.7     $ 15.0  
        Migration Management     19.0       8.7       31.6       18.8  
        Program Enablement     —       1.2       —       2.9  
        Total accelerated technology investment   $ 23.2     $ 18.2     $ 43.3     $ 36.8  
          3. Operating model optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Employee separation   $ —     $ 7.9     $ —     $ 24.6  
        Facility exit     —       0.2       —       1.7  
        Business process optimization     5.4       6.5       15.2       12.8  
        Total operating model optimization   $ 5.4     $ 14.6     $ 15.2     $ 39.1  
          4. Net other consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ —     $ 6.0     $ (0.1 )   $ 9.1  
        Other debt financing expenses     0.6       0.6       1.1       1.1  
        Currency remeasurement on foreign operations     (1.5 )     (1.3 )     (2.1 )     1.3  
        Legal and regulatory expenses, net     —       —       (56.0 )     —  
        Other non-operating (income) expense     0.2       (0.1 )     (0.1 )     0.2  
        Total other adjustments   $ (0.8 )   $ 5.2     $ (57.3 )   $ 11.7  
          5. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
        SCHEDULE 3
        TRANSUNION AND SUBSIDIARIES
        Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
        (in millions, except per share data)
         
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
                         
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  
                         
        Basic earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.32     $ 0.77  
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
                         
        Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:                
        Net income attributable to TransUnion   $ 109.6     $ 85.0     $ 257.7     $ 150.1  
        Adjustments before income tax items:                
        Amortization of certain intangible assets1     73.1       71.3       143.9       143.3  
        Stock-based compensation     40.2       27.8       70.5       51.9  
        Mergers and acquisitions, divestitures and business optimization2     (4.6 )     0.7       13.2       9.8  
        Accelerated technology investment3     23.2       18.2       43.3       36.8  
        Operating model optimization program4     5.4       14.6       15.2       39.1  
        Net other5     (1.5 )     4.8       (58.2 )     10.7  
        Total adjustments before income tax items   $ 135.6     $ 137.4     $ 227.9     $ 291.6  
        Total adjustments for income taxes6     (32.1 )     (29.4 )     (64.8 )     (69.7 )
        Adjusted Net Income   $ 213.1     $ 193.0     $ 420.7     $ 372.0  
                         
        Weighted-average shares outstanding:                
        Basic     195.0       194.2       195.0       194.2  
        Diluted     197.2       195.2       197.2       195.3  
                         
        Adjusted Earnings per Share:                
        Basic   $ 1.09     $ 0.99     $ 2.16     $ 1.92  
        Diluted   $ 1.08     $ 0.99     $ 2.13     $ 1.90  
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:                
        Diluted earnings per common share from:                
        Net income attributable to TransUnion   $ 0.56     $ 0.44     $ 1.31     $ 0.77  
        Adjustments before income tax items:                
        Amortization of certain intangible assets1     0.37       0.37       0.73       0.73  
        Stock-based compensation     0.20       0.14       0.36       0.27  
        Mergers and acquisitions, divestitures and business optimization2     (0.02 )     —       0.07       0.05  
        Accelerated technology investment3     0.12       0.09       0.22       0.19  
        Operating model optimization program4     0.03       0.08       0.08       0.20  
        Net other5     (0.01 )     0.02       (0.30 )     0.05  
        Total adjustments before income tax items   $ 0.69     $ 0.70     $ 1.16     $ 1.49  
        Total adjustments for income taxes6     (0.16 )     (0.15 )     (0.33 )     (0.36 )
        Adjusted Diluted Earnings per Share   $ 1.08     $ 0.99     $ 2.13     $ 1.90  

        Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

          1. Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
          2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Transaction and integration costs   $ 2.9     $ 1.2     $ 8.2     $ 3.4  
        Fair value and impairment adjustments     (7.6 )     0.7       5.0       0.8  
        Post-acquisition adjustments     —       (1.2 )     —       5.7  
        Total mergers and acquisitions, divestitures and business optimization   $ (4.6 )   $ 0.7     $ 13.2     $ 9.8  
          3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Foundational Capabilities   $ 4.2     $ 8.3     $ 11.7     $ 15.0  
        Migration Management     19.0       8.7       31.6       18.8  
        Program Enablement     —       1.2       —       2.9  
        Total accelerated technology investment   $ 23.2     $ 18.2     $ 43.3     $ 36.8  
          4. Operating model optimization consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Employee separation   $ —     $ 7.9     $ —     $ 24.6  
        Facility exit     —       0.2       —       1.7  
        Business process optimization     5.4       6.5       15.2       12.8  
        Total operating model optimization   $ 5.4     $ 14.6     $ 15.2     $ 39.1  
          5. Net other consisted of the following adjustments:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred loan fee expense from debt prepayments and refinancing   $ —     $ 6.0     $ (0.1 )   $ 9.1  
        Currency remeasurement on foreign operations     (1.5 )     (1.3 )     (2.1 )     1.3  
        Legal and regulatory expenses, net     —       —       (56.0 )     —  
        Other non-operating (income) and expense     —       0.1       —       0.3  
        Total other adjustments   $ (1.5 )   $ 4.8     $ (58.2 )   $ 10.7  
          6. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
        SCHEDULE 4
        TRANSUNION AND SUBSIDIARIES
        Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
        (dollars in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025       2024       2025       2024  
        Income before income taxes $ 156.8     $ 120.7     $ 350.5     $ 203.7  
        Total adjustments before income tax items from Schedule 3   135.6       137.4       227.9       291.6  
        Adjusted income before income taxes $ 292.4     $ 258.1     $ 578.5     $ 495.3  
                       
        Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:              
        Provision for income taxes   (44.4 )     (31.0 )     (85.4 )     (44.1 )
        Adjustments for income taxes:              
        Tax effect of above adjustments   (33.0 )     (31.7 )     (65.3 )     (66.7 )
        Eliminate impact of excess tax expense for stock-based compensation   (0.2 )     (0.1 )     0.3       0.9  
        Other1   1.1       2.5       0.2       (4.0 )
        Total adjustments for income taxes $ (32.1 )   $ (29.4 )   $ (64.8 )   $ (69.7 )
        Adjusted Provision for Income Taxes $ (76.5 )   $ (60.4 )   $ (150.3 )   $ (113.8 )
                       
        Effective tax rate   28.3 %     25.7 %     24.4 %     21.6 %
        Adjusted Effective Tax Rate   26.2 %     23.4 %     26.0 %     23.0 %

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

          1. Other adjustments for income taxes include:
            Three Months Ended June 30,   Six Months Ended June 30,
              2025       2024       2025       2024  
        Deferred tax adjustments   $ (2.9 )   $ —     $ (7.4 )   $ (5.2 )
        Valuation allowance adjustments     (0.7 )     —       1.5       0.2  
        Return to provision, audit adjustments and reserves related to prior periods     3.9       3.3       4.9       2.3  
        Other adjustments     0.8       (0.8 )     1.2       (1.3 )
        Total other adjustments   $ 1.1     $ 2.5     $ 0.2     $ (4.0 )
        SCHEDULE 5
        TRANSUNION AND SUBSIDIARIES
        Leverage Ratio (Unaudited)
        (dollars in millions)
         
            Trailing Twelve Months Ended
        June 30, 2025
        Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:    
        Net income attributable to TransUnion   $ 391.9  
        Net interest expense     206.8  
        Provision for income taxes     140.2  
        Depreciation and amortization     552.5  
        EBITDA   $ 1,291.4  
        Adjustments to EBITDA:    
        Stock-based compensation   $ 139.9  
        Mergers and acquisitions, divestitures and business optimization1     29.9  
        Accelerated technology investment2     90.8  
        Operating model optimization program3     71.0  
        Net other4     (47.2 )
        Total adjustments to EBITDA   $ 284.3  
        Consolidated Adjusted EBITDA     1,575.7  
        Adjusted EBITDA for Pre-Acquisition Period5     1.7  
        Leverage Ratio Adjusted EBITDA   $ 1,577.4  
             
        Total debt   $ 5,136.5  
        Less: Cash and cash equivalents     687.5  
        Net Debt   $ 4,449.0  
             
        Ratio of Net Debt to Net income attributable to TransUnion     11.4  
        Leverage Ratio     2.8  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

          1. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Transaction and integration costs   $ 16.0  
        Fair value and impairment adjustments     12.6  
        Post-acquisition adjustments     1.3  
        Total mergers and acquisitions, divestitures and business optimization   $ 29.9  
          2. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
            Trailing Twelve Months Ended
        June 30, 2025
        Foundational Capabilities   $ 32.3  
        Migration Management     55.9  
        Program Enablement     2.5  
        Total accelerated technology investment   $ 90.8  
          3. Operating model optimization consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Employee separation   $ —  
        Facility exit     40.5  
        Business process optimization     30.5  
        Total operating model optimization   $ 71.0  
          4. Net other consisted of the following adjustments:
            Trailing Twelve Months Ended
        June 30, 2025
        Deferred loan fee expense from debt prepayments and refinancings   $ 8.6  
        Other debt financing expenses     2.3  
        Currency remeasurement on foreign operations     (1.3 )
        Legal and regulatory expenses, net     (56.0 )
        Other non-operating (income) and expense     (0.8 )
        Total other adjustments   $ (47.2 )
          5. The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.
        SCHEDULE 6
        TRANSUNION AND SUBSIDIARIES
        Segment Depreciation and Amortization (Unaudited)
        (in millions)
         
          Three Months Ended June 30,   Six Months Ended June 30,
            2025         2024     2025       2024  
                       
        U.S. Markets $ 105.2     $   99.4   $ 206.4     $ 200.1  
        International   36.6         32.5     73.2       64.7  
        Corporate   0.9         1.0     2.0       2.0  
        Total depreciation and amortization $ 142.7     $   132.9   $ 281.6     $ 266.9  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        SCHEDULE 7
        TRANSUNION AND SUBSIDIARIES
        Reconciliation of Non-GAAP Guidance (Unaudited)
        (in millions, except per share data)
         
          Three Months Ended September 30, 2025   Twelve Months Ended December 31, 2025
          Low   High   Low   High
        Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
        Net income attributable to TransUnion $ 78     $ 87     $ 412     $ 432  
        Interest, taxes and depreciation and amortization   235       239       931       940  
        EBITDA $ 312     $ 326     $ 1,342     $ 1,372  
        Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   85       85       238       238  
        Adjusted EBITDA $ 397     $ 411     $ 1,580     $ 1,610  
                       
        Net income attributable to TransUnion margin   7.0 %     7.7 %     9.3 %     9.7 %
        Consolidated Adjusted EBITDA margin2   35.6 %     36.2 %     35.7 %     36.0 %
                       
        Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
        Diluted earnings per share $ 0.39     $ 0.44     $ 2.07     $ 2.18  
        Adjustments to diluted earnings per share1   0.60       0.60       1.96       1.96  
        Adjusted Diluted Earnings per Share $ 0.99     $ 1.04     $ 4.03     $ 4.14  

        As a result of displaying amounts in millions, rounding differences may exist in the table above.

        1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
        2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

        The MIL Network –

  • MIL-OSI NGOs: Israel/OPT: At UN conference states must prioritize ending Israel’s genocide, unlawful occupation and apartheid

    Source: Amnesty International –

    The high-level UN conference to discuss a peaceful settlement of the question of Palestine and implementation of the two-state solution next week must be centered around the immediate and effective application of international law, including states’ obligations to prevent and punish genocide and apartheid and end Israel’s unlawful occupation of Palestinian territory, said Amnesty International in an advocacy briefing published today.

    The briefing outlines a series of recommendations for states to take meaningful action and exert the necessary pressure on Israel to end its ongoing genocide against the Palestinians in Gaza, lift the inhumane humanitarian blockade and dismantle its unlawful occupation of the Palestinian territory and its system of apartheid imposed on all Palestinians whose rights it controls.

    “If the ministers gathering in New York next week are truly committed to forging just, comprehensive and lasting peace and security for both Israelis and Palestinians, the first priority must be to take concrete action to end Israel’s ongoing genocide against Palestinians in Gaza and its unlawful military occupation of Palestinian territory, which has fuelled mass violations against Palestinians and enabled and entrenched Israel’s cruel system of apartheid,” said Agnès Callamard, Amnesty International’s Secretary General.

    The current catastrophic crisis created by Israel in Gaza is unbearable, and states must act with urgency and resolve. Statements, condemnation and limited state actions are failing to protect civilians and uphold international humanitarian law.

    States must be unequivocal: Israel is not above the law and accountability is a priority.

    Amnesty International’s Secretary General Agnès Callamard

    “Genuine and meaningful action by states must begin, first and foremost, with the demand for an immediate and sustained ceasefire, as well as the lifting of Israel’s illegal blockade. Without these fundamental urgent steps, any process aimed at addressing the future of Palestinians lacks credibility. How such process be considered meaningful when Palestinians are being slaughtered, starved and forcibly displaced into ever-shrinking pockets of land on a daily basis?”

    Among the recommendations, Amnesty International is urgently calling on states to:

    • Demand an immediate and lasting ceasefire in Gaza, ensure full, unimpeded access to all areas of Gaza and firmly reject Israel’s military-controlled, non-neutral aid distribution model. A principled, UN-led humanitarian response must be immediately restored, and funding for impartial humanitarian organizations must be maintained and expanded.
    • End any trade or transfers that contribute to or are linked to the genocide, apartheid or the unlawful occupation. This includes in the first place banning all weapons and surveillance equipment transfers and any military assistance to Israel. States must end preferential trade agreements and cooperation deals with Israel, including the EU-Israel Trade Agreement.
    • Adopt targeted sanctions against those Israeli officials most implicated in international crimes and cooperate with the International Criminal Court, including by implementing its arrest warrants.
    • Commit to the reconstruction of the Gaza Strip and the rehabilitation of its people while opposing any forced displacement of Palestinians within or outside of Gaza.
    • Establish mechanisms for reparations and rehabilitation of Palestinians, with Israel bearing the primary financial responsibility.

    Amnesty International calls also on corporations to refuse any involvement in, or direct linkage to Israel’s unlawful actions. Corporations must ensure that they are not contributing to serious human rights violations themselves.

    The organization also calls on civil society and the public at large to continue mobilizing and campaigning to demand that states abide by their legal obligations under international law and denounce companies, banks and other economic actors that contribute to or are directly linked to Israel’s violations of international law, and demand that they stop.

    “States must be unequivocal: Israel is not above the law and accountability is a priority. They must seize the opportunity presented by this conference to end their active or tacit support for Israeli violations or their self-imposed inertia. The conference must lead to a clear commitment by all states to suspend all economic activity that contributes to or is directly linked to Israel’s illegal occupation, its system of apartheid or its genocide against the Palestinians in Gaza,” said Agnès Callamard.

    “With the very survival of Palestinians at stake, there’s no time to waste with false promises or platitudes. As people continue to take to the streets to demand global action and as more and more states are recognizing Israel’s genocide for what it is, an empty, performative exercise would not be just tone-deaf, it would be unconscionable. For this conference to be anything more than a charade, states must heed our calls. They must turn words into action that is firmly rooted in international law and protection of human rights.”

    Co-chaired by France and Saudi Arabia, the High-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution will take place in New York from 28 to 29 July 2025. Agnès Callamard and other Amnesty International spokespeople will be available for interviews.

    MIL OSI NGO –

  • India’s banking sector slated for key turnaround in Q3: Report

    Source: Government of India

    Source: Government of India (4)

    The third quarter (Q3) of FY26 is likely to mark a turning point for India’s banking sector, as net interest margins (NIMs) are expected to stabilise and earnings begin to recover, a new report said on Thursday.

    This positive outlook is supported by easing funding costs, the upcoming reduction in the Cash Reserve Ratio (CRR), and normalisation of credit costs, according to data compiled by Motilal Oswal Financial Services.

    As part of this recovery, private sector banks are showing impressive resilience in maintaining lending yields despite multiple repo rate cuts by the Reserve Bank of India (RBI).

    The report highlights that private banks have been able to raise their spreads on fresh loans — helping them protect profitability in a low-rate environment.

    In May 2025, the weighted average lending rate (WALR) on fresh loans for private banks rose by 7 basis points month-on-month, the report stated.

    This increase reflects strong pricing strategies and credit demand. The spread on fresh rupee loans over the repo rate for private banks has reached its highest level since August 2022 — now at 415 basis points.

    This indicates that the lenders are not only navigating the policy changes effectively but also maintaining healthy margins through strategic loan repricing.

    Private banks also outperformed in terms of WALR on outstanding loans. While the system-wide WALR on outstanding loans fell slightly to 9.67 per cent in May, private lenders saw a 2 basis point increase — bucking the trend.

    On the funding side, deposit rates are beginning to decline gradually. The weighted average term deposit rate (WATDR) for private banks slipped slightly to 7.19 per cent in May, with further reductions expected as banks implement savings and term deposit rate cuts ranging from 20 to 100 basis points.

    The full benefit of these reductions is likely to materialise in the second half of the fiscal year — easing funding pressures, as per the report.

    According to Motilal Oswal, while NIMs may remain under pressure in the near term, they are expected to bottom out by the second or third quarter of FY26.

    The planned phased CRR cut from September 2025 is expected to inject about Rs 2.5 lakh crore of durable liquidity into the banking system — further supporting margin recovery.

    Credit costs are also expected to decline as asset quality stabilises, particularly in the retail and microfinance segments.

    “This improvement will further support the earnings recovery anticipated in the latter half of FY26,” the report added.

    (IANS)

  • MIL-OSI Europe: Italy: EIB and Eni sign €500 million finance agreement to convert Livorno refinery into a biorefinery

    Source: European Investment Bank

    EIB

    • This will be Eni’s third biorefinery in Italy, after those in Venice and Gela.
    • Among the distinctive features of the project, in addition to the use of advanced technologies, there is the possibility of adapting the plant to also produce SAF (sustainable aviation fuel) in the future.
    • This initiative contributes to the European Union’s decarbonisation goals, with particular reference to the transport sector, and confirms Eni’s energy transition path.
    • The project is part of Enilive’s strategy to reach more than five million tonnes of biorefinery capacity by 2030.

    The European Investment Bank (EIB) and Eni have signed a €500 million 15-year finance contract to support the conversion of Eni’s Livorno refinery in Tuscany into a biorefinery. The agreement was signed today at Eni’s headquarters in San Donato Milanese by EIB Vice-President Gelsomina Vigliotti and Eni CEO Claudio Descalzi.

    Eni’s project involves the construction of new plants to produce hydrogenated biofuels at the Livorno refinery site, including a biogenic pre-treatment unit and a 500 000-tonne/year Ecofining™ plant.

    Thanks to its proprietary Ecofining™ technology, Eni’s company dedicated to sustainable mobility, Enilive, produces HVO (hydrogenated vegetable oil) – a biofuel made from renewable raw materials[1] such as used cooking oil and agrifood waste. Pure HVO can now be used in approved engines and is distributed through existing infrastructure.

    EIB Vice-President Gelsomina Vigliotti said: “The EIB financing is key to delivering a project of high environmental, technological and strategic value, helping to promote the decarbonisation of the transport sector. This is a concrete example of how industrial innovation can accelerate the path towards climate neutrality, while generating sustainable value for regions.”

    Eni CEO Claudio Descalzi said: “The agreement with the EIB confirms Eni’s concrete and high-quality commitment in the transition towards increasingly decarbonized energy. It also underscores the validity of our approach, which is to invest and leverage all available and effective initiatives and technologies for reducing emissions. This virtuous approach is now leading us to convert a third refinery into a biorefinery in Italy, following the examples of Venice and Gela.”

    HVO biofuels play a key role because they can make an immediate contribution to reducing transport sector emissions generated not only on roads, but also by air traffic, maritime and rail transport (calculated along the entire value chain). The conversion of the Livorno site is in line with Enilive’s strategy to increase the production of biofuels in response to growing demand in Europe and Italy, in order to meet both emission reduction targets under RED III (Renewable Energy Directive) and the obligations to release pure biofuels for use as defined by Italian legislation. Worldwide, it is estimated that the demand for hydrogenated biofuels will increase by 65% over the period 2024-2028[2].

    The Livorno biorefinery will be able to treat different types of biogenic charges, mainly waste and residues of plant origin, to produce HVO diesel, HVO naphtha and bio-LPG.

    Among the distinctive features of the project, in addition to the adoption of advanced technologies, there is the possibility in the future of modifying the layout of the plant to have the flexibility to also produce sustainable aviation fuel (SAF), which is a key element of efforts to decarbonise aviation. This gives flexibility to the investment and brings it up to speed with the environmental priorities of the European Union, broadening the potential impact.

    This operation is part of the energy transition at national and European level, contributing substantially to decarbonisation of the transport sector and the reduction of CO2 emissions. It also supports the achievement of Italy’s targets for the production of pure biofuels, which under current legislation provides for a gradual increase in use from 300 000 tonnes per year in 2023 to one million tonnes by 2030.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.

    Eni is a global energy tech company operating in 64 Countries, with about 32.500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni’s goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers. In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni’s areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy – a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.

    [1] In accordance with the EU Renewable Energy Directive

    [2] IEA Renewables 2023 report, main case, analysis and forecast to 2028.

    MIL OSI Europe News –

  • MIL-OSI Europe: Italy: EIB and Eni sign €500 million finance agreement to convert Livorno refinery into a biorefinery

    Source: European Investment Bank

    EIB

    • This will be Eni’s third biorefinery in Italy, after those in Venice and Gela.
    • Among the distinctive features of the project, in addition to the use of advanced technologies, there is the possibility of adapting the plant to also produce SAF (sustainable aviation fuel) in the future.
    • This initiative contributes to the European Union’s decarbonisation goals, with particular reference to the transport sector, and confirms Eni’s energy transition path.
    • The project is part of Enilive’s strategy to reach more than five million tonnes of biorefinery capacity by 2030.

    The European Investment Bank (EIB) and Eni have signed a €500 million 15-year finance contract to support the conversion of Eni’s Livorno refinery in Tuscany into a biorefinery. The agreement was signed today at Eni’s headquarters in San Donato Milanese by EIB Vice-President Gelsomina Vigliotti and Eni CEO Claudio Descalzi.

    Eni’s project involves the construction of new plants to produce hydrogenated biofuels at the Livorno refinery site, including a biogenic pre-treatment unit and a 500 000-tonne/year Ecofining™ plant.

    Thanks to its proprietary Ecofining™ technology, Eni’s company dedicated to sustainable mobility, Enilive, produces HVO (hydrogenated vegetable oil) – a biofuel made from renewable raw materials[1] such as used cooking oil and agrifood waste. Pure HVO can now be used in approved engines and is distributed through existing infrastructure.

    EIB Vice-President Gelsomina Vigliotti said: “The EIB financing is key to delivering a project of high environmental, technological and strategic value, helping to promote the decarbonisation of the transport sector. This is a concrete example of how industrial innovation can accelerate the path towards climate neutrality, while generating sustainable value for regions.”

    Eni CEO Claudio Descalzi said: “The agreement with the EIB confirms Eni’s concrete and high-quality commitment in the transition towards increasingly decarbonized energy. It also underscores the validity of our approach, which is to invest and leverage all available and effective initiatives and technologies for reducing emissions. This virtuous approach is now leading us to convert a third refinery into a biorefinery in Italy, following the examples of Venice and Gela.”

    HVO biofuels play a key role because they can make an immediate contribution to reducing transport sector emissions generated not only on roads, but also by air traffic, maritime and rail transport (calculated along the entire value chain). The conversion of the Livorno site is in line with Enilive’s strategy to increase the production of biofuels in response to growing demand in Europe and Italy, in order to meet both emission reduction targets under RED III (Renewable Energy Directive) and the obligations to release pure biofuels for use as defined by Italian legislation. Worldwide, it is estimated that the demand for hydrogenated biofuels will increase by 65% over the period 2024-2028[2].

    The Livorno biorefinery will be able to treat different types of biogenic charges, mainly waste and residues of plant origin, to produce HVO diesel, HVO naphtha and bio-LPG.

    Among the distinctive features of the project, in addition to the adoption of advanced technologies, there is the possibility in the future of modifying the layout of the plant to have the flexibility to also produce sustainable aviation fuel (SAF), which is a key element of efforts to decarbonise aviation. This gives flexibility to the investment and brings it up to speed with the environmental priorities of the European Union, broadening the potential impact.

    This operation is part of the energy transition at national and European level, contributing substantially to decarbonisation of the transport sector and the reduction of CO2 emissions. It also supports the achievement of Italy’s targets for the production of pure biofuels, which under current legislation provides for a gradual increase in use from 300 000 tonnes per year in 2023 to one million tonnes by 2030.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.

    Eni is a global energy tech company operating in 64 Countries, with about 32.500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni’s goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers. In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni’s areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy – a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.

    [1] In accordance with the EU Renewable Energy Directive

    [2] IEA Renewables 2023 report, main case, analysis and forecast to 2028.

    MIL OSI Europe News –

  • MIL-OSI: SALTGATOR Debuts Desktop Soft-Gel Injection Machine on Kickstarter — A Game-Changer for Makers

    Source: GlobeNewswire (MIL-OSI)

    DICKINSON, Texas, July 24, 2025 (GLOBE NEWSWIRE) — SALTGATOR Tech Inc., an Dickinson-based startup dedicated to accessible fabrication tools, is proud to announce the launch of its Kickstarter campaign for the SALTGATOR — the world’s first desktop soft-gel injection molding machine. Compact, safe, and remarkably versatile, SALTGATOR puts industrial-grade molding capabilities into the hands of everyday creators.

    Designed for desktops, workshops, or classrooms, the SALTGATOR measures just 13×6×5.5 inches and supports precise heating up to 410°F (210°C). Fully enclosed and insulated, it safely processes up to 4 fl oz of softgel material, enabling users to create custom items like dual-tone fishing lures, silicone grips, cosplay props, keyboard caps, and squishy toys — all within minutes.

    “We believe manufacturing tools belong on every creator’s desk,” said a SALTGATOR spokesperson. “Our goal is to empower the next generation of inventors with professional molding capabilities — without the cost, complexity, or hazards of traditional industrial equipment.”

    Key Benefits:
    – Compact and Powerful – Industrial-level injection molding in a desktop-sized device
    – Multi-Material Support – Compatible with thermoplastic elastomers and 3D-printed molds (PLA, PETG, resin)
    – Eco-Friendly & Reusable – Remelt and reuse materials to reduce waste and cost
    – No Hidden Costs – No subscriptions, no proprietary cartridges — just refill and go
    – Beginner-Friendly Interface – Simple control panel, auto shut-off, and fume-free operation for total peace of mind

    Kickstarter Details
    The SALTGATOR Kickstarter campaign offers early-bird specials starting at $249, a full $150 discount from the projected $399 retail price. Reward tiers include starter mold sets, custom color options, and extended warranties. Shipping is expected 1 months after campaign completion.

    Backers can explore hands-on video demos, real-world use cases, and expert reviews on the campaign page, showcasing how SALTGATOR bridges the gap between creative ideas and real, tangible products. Whether you’re an educator, DIY enthusiast, or small-batch producer, SALTGATOR makes desktop-scale molding more approachable than ever before.

    “As more creators demand agile, on-demand fabrication solutions, SALTGATOR brings those capabilities home,” added the spokesperson. “We’re here to unlock creativity with tools that are powerful, safe, and surprisingly fun to use.”

    About SALTGATOR Tech Inc.
    Founded in 2025 in Dickinson, Texas, SALTGATOR Tech Inc. develops compact, efficient, and user-friendly fabrication tools for innovators of all levels. With a focus on safety, simplicity, and creativity, SALTGATOR’s mission is to make advanced production technologies — like soft-gel injection molding — accessible to makers, educators, and entrepreneurs around the world.

    For media inquiries and sample requests:
    SALTGATOR Tech Inc. Press Office

    https://www.SALTGATOR.com

    https://discord.com/invite/93EydfRVUD

    https://www.kickstarter.com/projects/1613155563/saltgator-the-1st-desktop-softgel-injection-molding-machine?ref=7c79id

    Email: hello@saltgator.com

    Disclaimer: This content is provided by SALTGATOR Tech Inc.. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/23c3bfca-ea72-4a57-a061-6966b5ca0bdb

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c83b5167-eaa7-46c1-8881-6640aeb2d939

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5b7577e2-d171-441f-9c06-912ed41dfafb

    The MIL Network –

  • MIL-OSI: Bitget’s July Proof-of-Reserves Report Shows 45% Increase in User Holdings for Bitcoin (BTC)

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, July 24, 2025 (GLOBE NEWSWIRE) — Bitget, the world’s leading cryptocurrency exchange and Web3 company, has released its latest Proof-of-Reserves (PoR) data reveals a sharp increase in user-held Bitcoin, with BTC balances surging over 45% month-on-month in July. This marks the strongest growth across all major assets tracked on the platform.

    According to the PoR public figures published, BTC held by users grew from 6,594 BTC in June to 9,531 BTC in July. USDT holdings also experienced a notable increase of 21%, climbing from approximately 1.61 billion to nearly 1.95 billion. ETH balances rose by 31% month-on-month, from 148,754 ETH to 195,466 ETH, while USDC holdings grew by 14%.

    The substantial surge in user asset holdings follows ongoing efforts across the industry to promote transparent reserve practices. Bitget continues to publish real-time reserve data via Merkle Tree infrastructure and open-source verification tools. As of July 23, the platform maintains a reserve ratio of over 200% across major assets, double the industry benchmark of 100%.

    “This increase in on-platform user assets, especially Bitcoin, shows a bit of the broader trend in user behavior, where traders and institutions increasingly may favor exchanges that allow independent asset verification,” said Gracy Chen, CEO at Bitget. “Our priority will always be to keep maintaining Bitget as one of the largest most secure platforms for crypto trading,” she added.

    The POR growth in July also corresponds with improved market sentiment and heightened institutional interest in digital assets, particularly following the recent price stabilization of Bitcoin above the $110,000 threshold.

    Bitget’s PoR methodology includes monthly snapshots and daily updates of asset balances, matched against liabilities through publicly auditable cryptographic proofs. The platform’s reserve transparency continues to be a key differentiator as global regulators intensify demands for accountability from centralized exchanges.

    For July, all reserve figures exceed the 100% mark across BTC, ETH, USDT, and USDC, and the exchange remains one of the few top-tier platforms to continuously publish real-time snapshots for user review. This consistent transparency is increasingly valued by both retail and institutional users seeking safeguards against mismanagement or opaque balance sheet practices.

    To know more about Proof of Reserves, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.

    Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ab79b77e-18ca-440d-b88b-dd1a69aec32e

    The MIL Network –

  • MIL-OSI: Nano Labs Appoints Ms. Can Yang as Senior Vice President of Subsidiary Nano bit to Oversee Execution of Digital Currency Strategic Reserves and Strengthen BNB Reserve Capabilities

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, July 24, 2025 (GLOBE NEWSWIRE) — Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading Web 3.0 infrastructure and product solution provider in China, today announced the appointment of Ms. Can Yang as senior vice president of its wholly-owned subsidiary, Nano bit HK Limited (“Nano bit”). Ms. Yang will be responsible for leading the execution of Nano bit’s digital currency strategic reserves initiatives and supporting its steady and sustainable growth within the global crypto financial ecosystem.

    Ms. Yang brings more than 15 years of experience in finance and investment, spanning both fields of Web2 industries and crypto assets sector. Since 2018, she has been a founding partner at Aquarius Capital, overseeing a $600M+ Bitcoin liquidity fund. In this role, she led direct investments and liquidity provisioning for projects across Layer 1 ecosystems—including but not limited to Sui, Sei, Base, and Babylon.

    Prior to entering the crypto industry, Ms. Yang held several senior roles in the traditional financial sector. From 2016 to 2018, she served as investment director at Hanfor Capital Management Ltd., where she participated in the B round of financing of NIO Inc. and successfully exited upon its IPO. From 2012 to 2016, she served as a senior investment manager at a leading aerospace investment firm, where she participated in billion-dollar fundraising initiatives and managed billion-RMB funds. Earlier in her career, from 2008 to 2010, she worked at Deloitte, contributing to high-profile projects for clients including top-tier companies in the infrastructure, conglomerate, and aviation sectors, and participated in annual and internal control audits for several publicly listed companies.

    Dr. Jianping Kong, Chairman and CEO of Nano Labs, commented on the appointment, “We believe Ms. Yang will bring significant expertise to enhance the professionalism and foresight of the Company’s financial management, international compliance, and asset allocation strategies. Her leadership will be instrumental in optimizing our asset-liability structure, improving capital efficiency and strengthening our BNB reserve capabilities. Furthermore, she will help deepen our participation in the global crypto financial market to achieve long-term, stable value creation.”

    Ms. Yang stated: “It is a great honor to join Nano Labs, a company with a strong vision and outstanding execution. I look forward to contributing to our capital operations and advancing our crypto asset strategies.”

    As of now, the Company has accumulated approximately 120,000 BNB.

    About Nano Labs Ltd

    Nano Labs Ltd is a leading Web 3.0 infrastructure and product solution provider in China. Nano Labs is committed to the development of high throughput computing (“HTC”) chips and high performance computing (“HPC”) chips. Nano Labs has built a comprehensive flow processing unit (“FPU”) architecture which offers solution that integrates the features of both HTC and HPC. In addition, Nano Labs has actively positioned itself in the digital assets space, adopting BNB as its primary reserve asset. It has reserved in mainstream digital currencies including BNB and BTC, and established an integrated platform covering multiple business verticals, including HTC solutions and HPC solutions*. For more information, please visit the Company’s website at: ir.nano.cn.

    * According to an industry report prepared by Frost & Sullivan.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s plan to appeal the Staff’s determination, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

    For investor inquiries, please contact:

    Nano Labs Ltd
    ir@nano.cn

    Ascent Investor Relations LLC
    Tina Xiao
    Phone: +1-646-932-7242
    Email: investors@ascent-ir.com

    The MIL Network –

  • MIL-OSI: Everything Blockchain Inc. Advances MemeStrategy Spin-Off Process. Initiates Preparation of Form S-1 for Public Memecoin Treasury.

    Source: GlobeNewswire (MIL-OSI)

    Jacksonville, Florida, July 24, 2025 (GLOBE NEWSWIRE) — Everything Blockchain Inc. (OTC: EBZT), a public company building a diversified, yield generating crypto treasury, today announced the next stage in its MemeStrategy spin-off, formally initiating the S-1 registration process and preparing for a potential NASDAQ uplisting through a capital raise and strategic acquisition.

    Under the current plan, EBZT will distribute 1 share of MemeStrategy for every 6 shares of EBZT held, contingent on SEC registration. The company previously announced its intent to create MemeStrategy, and is now taking concrete steps to structure it as the first public meme asset treasury vehicle, modeled after MicroStrategy but tailored to the crypto memecoin economy. 

    MemeStrategy will accumulate culturally significant tokens such as PEPE, BONK, and SPX6900, with the goal of providing transparent public market exposure to memecoin dynamics. strategic outreach is being initiated to relevant token communities, including BONK, PEPE, and SPX6900, to explore collaboration opportunities.

    “We believe memecoins are more than speculation they’re a cultural asset class,” said Arthur Rozenberg, CEO of Everything Blockchain Inc. “MemeStrategy is designed to bring structure and transparency to the meme asset class, with the goal of long term public market access through a potential Nasdaq listing.”

    To execute the uplisting strategy, MemeStrategy is currently interviewing:

    • A seasoned M&A advisor with experience in public company mergers

    • Crypto native Venture Capital aligned with long term meme treasury value creation

    This spin off is part of a broader strategic repositioning of EBZT. Under new leadership, the company is working to distance itself from the prior chapter of legacy liabilities and OTC stigma. As part of that effort, EBZT is exploring alternative exchange listings, including the TSX Venture Exchange in Toronto, to expand investor reach and enhance credibility.

    MemeStrategy is expected to be distributed as a dividend to EBZT shareholders following SEC registration and completion of the merger and listing process. Further details will be shared as the filing progresses.

    For updates or to explore collaboration, visit: www.MemeStrategy.lol

    About Everything Blockchain Inc.

    Everything Blockchain Inc. (OTC: EBZT) is a public company focused on identifying and capitalizing on opportunities within the rapidly evolving blockchain and cryptocurrency sectors. The company’s strategy centers on building a diversified portfolio of leading crypto networks, with primary focus on Solana infrastructure, while pioneering innovative approaches to public company operations through blockchain technology. EBZT is positioned to become the first U.S. OTC-listed company to fully tokenize its equity.
    For more information, visit: www.everythingblockchain.io

    Contact Information

    Arthur Rozenberg

    CEO, Everything Blockchain, Inc.arthur.rozenberg@everythingblockchain.io

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to plans related to tokenization, treasury strategy, market opportunities, capital raises, and anticipated benefits of proposed initiatives. These statements are based on current expectations and involve risks and uncertainties, including but not limited to: the completion of necessary financing, regulatory approval, technical execution, market acceptance, competitive factors, and general economic conditions.
    Actual results may differ materially from those expressed or implied in forward-looking statements. Everything Blockchain Inc. undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.

    The MIL Network –

  • MIL-OSI: FirstCash Reports Record Second Quarter Operating Results; Strong Performance Across All Segments Drives Over 30% Year-to-Date EPS Growth; Increases Quarterly Cash Dividend 11%

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, July 24, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale payment solutions, today announced operating results for the three and six month periods ended June 30, 2025. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, an increase of 11% over the previous quarterly dividend, which will be paid in August 2025.

    Mr. Rick Wessel, chief executive officer, stated, “FirstCash is pleased to report outstanding earnings results for the second quarter and year-to-date periods. Pawn demand remains extremely robust, with local currency same-store pawn receivables up 13% in both the U.S. and Latin America, driving strong earnings growth for both segments. AFF posted growth in originations for the second quarter and a segment earnings increase of 46% versus last year. Driven by strong cash flows, the Board of Directors increased the quarterly cash dividend by 11%, which further reflects the strength of our business and long-term earnings prospects.”

    Additionally, the Company expects to complete its previously announced acquisition of H&T Group plc (“H&T”) by the end of the third quarter of 2025, subject to receipt of the required approvals by the Financial Conduct Authority of the United Kingdom (“FCA”) and satisfaction of the other remaining closing conditions. H&T is the largest pawnbroker in the U.K. with 285 locations and would represent FirstCash’s first operations in Europe.

    This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

        Three Months Ended June 30,
        As Reported (GAAP)   Adjusted (Non-GAAP)
    In thousands, except per share amounts   2025   2024   2025   2024
    Revenue   $ 830,622   $ 831,012   $ 830,622   $ 831,012
    Net income   $ 59,805   $ 49,073   $ 79,620   $ 61,898
    Diluted earnings per share   $ 1.34   $ 1.08   $ 1.79   $ 1.37
    EBITDA (non-GAAP measure)   $ 132,753   $ 117,651   $ 145,129   $ 121,882
    Weighted-average diluted shares     44,552     45,289     44,552     45,289
        Six Months Ended June 30,
        As Reported (GAAP)   Adjusted (Non-GAAP)
    In thousands, except per share amounts   2025   2024   2025   2024
    Revenue   $ 1,667,045   $ 1,667,382   $ 1,667,045   $ 1,667,382
    Net income   $ 143,396   $ 110,441   $ 172,399   $ 132,087
    Diluted earnings per share   $ 3.21   $ 2.44   $ 3.86   $ 2.91
    EBITDA (non-GAAP measure)   $ 295,714   $ 250,238   $ 308,009   $ 253,474
    Weighted-average diluted shares     44,670     45,338     44,670     45,338
     

    Consolidated Operating Highlights

    • Diluted earnings per share for the second quarter increased 24% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 31% compared to the prior-year quarter.
    • Year-to-date diluted earnings per share increased 32% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 33% compared to the prior-year period.
    • Net income for the second quarter increased 22% over the prior-year quarter on a GAAP basis while adjusted net income increased 29% compared to the prior-year quarter.
    • Year-to-date net income increased 30% over the prior-year period on a GAAP basis and adjusted net income increased 31% compared to the prior-year period.
    • Adjusted EBITDA for the second quarter increased 19% compared to the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 22% compared to the comparative prior-year period.
    • For the trailing twelve month period ended June 30, 2025 the Company reported:
      • Revenues of $3.4 billion
      • Net income of $292 million on a GAAP basis and adjusted net income of $343 million
      • Adjusted EBITDA of $613 million
      • Operating cash flows of $555 million and adjusted free cash flows (a non-GAAP measure) of $267 million

    Store Base and Platform Growth

    • U.K. Pawn Acquisition Update
      • On July 2, 2025 the shareholders of H&T voted to approve the acquisition.
      • Pending approvals by the FCA and the satisfaction of other closing conditions, the Company expects the transaction to close by the end of the third quarter.
      • The total equity value for the H&T acquisition is approximately £291 million ($396 million USD using GBP/USD exchange rate of 1.36) which the Company intends to fund utilizing its revolving bank credit facility.
      • This combination of FirstCash and H&T will create the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom with more than 3,300 total locations.
    • Other Pawn Store Additions
      • A total of 13 pawn locations were added in the second quarter and 25 stores added year-to-date.
      • Three U.S. stores were acquired in Illinois, bringing the total to 39 locations in that market. Additionally, one new location in Texas was opened during the second quarter. Year-to-date through June 30, 2025, a total of six new locations were opened or acquired in the U.S.
      • There were nine new store openings in Latin America, all of which are located in Mexico. Year-to-date through June 30, 2025, a total of 19 new locations were opened in Latin America.
      • The Company purchased the underlying real estate of 14 U.S. stores during the quarter, bringing the total number of company owned locations to 421 at quarter end.
      • As of June 30, 2025, the Company had 3,027 locations, comprised of 1,194 U.S. locations and 1,833 locations in Latin America. Additionally, two U.S. stores were acquired in July 2025 in separate transactions.
    • Retail POS Payment Solutions (AFF) Merchant Partnerships
      • At June 30, 2025, there were approximately 15,300 active retail and e-commerce merchant partner locations, representing a 19% increase in the number of active merchant locations compared to a year ago. Excluding furniture locations that closed in the prior year due to merchant partner bankruptcies, the number of active doors increased 29%.

    U.S. Pawn Segment Operating Results

    • Segment pre-tax operating income in the second quarter of 2025 was a record $98 million, an increase of $8 million, or 8%, compared to the prior-year quarter. The resulting segment pre-tax operating margin was 24% for the second quarter of 2025, which equaled the prior-year quarter.
    • Year-to-date segment pre-tax operating income increased by $24 million, or 13%, compared to the prior-year period. The pre-tax operating margin was 25% for the year-to-date period, which equaled the prior-year period.
    • Pawn receivables increased 12% in total at June 30, 2025 compared to the prior year, driven by an impressive 13% increase in same-store pawn receivables. On a two-year stacked basis, same-store pawn receivables were up 24%.
    • Pawn loan fees increased 9% for the second quarter both in total and on a same-store basis.
    • Retail merchandise sales increased 9% in the second quarter of 2025 compared to the prior-year quarter, while same-store retail sales increased 7% compared to the prior-year quarter.
    • Retail sales margins increased to 43% for the second quarter compared to 42% in the prior-year quarter. Annualized inventory turnover was 2.8 times for the trailing twelve months ended June 30, 2025, which equaled the inventory turnover during the same prior-year period. Inventories aged greater than one year at June 30, 2025 remained low at 2% of total inventories.

    Latin America Pawn Segment Operating Results

    Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the second quarter of 2025 was 19.5 pesos / dollar, an unfavorable change of 13% versus the comparable prior-year period, and for the six month period ended June 30, 2025 was 20.0 pesos / dollar, an unfavorable change of 17% versus the prior-year period.

    • Despite the 13% decrease in the average Mexican peso exchange rate, second quarter segment pre-tax operating income increased 10% on a U.S. dollar basis and totaled a record $41 million compared to last year. On a local currency basis, segment earnings increased 22% over last year, with resulting segment pre-tax operating margins of 20% for both measures, compared to 18% in the prior year.
    • Year-to-date segment pre-tax operating income totaled $72 million, a 5% increase on a U.S. dollar-basis compared to the prior-year period and an 18% increase on a local currency basis. The year-to-date pre-tax operating margin increased to 19% compared to 17% in the prior-year period.
    • Pawn receivables at June 30, 2025 increased 11% on a U.S. dollar basis while increasing 14% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables increased 10% on a U.S. dollar basis and increased 13% on a constant currency basis compared to the prior year.
    • While total and same-store pawn loan fees in the second quarter decreased 1% and 2% on a U.S. dollar-basis, respectively, they both increased 11% on a constant currency basis compared to the prior-year quarter.
    • Retail merchandise sales in the second quarter of 2025 increased 1% on a U.S. dollar-basis compared to the prior-year quarter while increasing 14% on a constant currency basis. On a same-store basis, second quarter retail merchandise sales were flat on a U.S. dollar basis while increasing 13% on a constant currency basis compared to the prior-year quarter.
    • Retail margins were 36% for the second quarter of 2025, which equaled the prior-year quarter. Annualized inventory turnover was 4.1 times for the trailing twelve months ended June 30, 2025 compared to 4.3 times in the prior-year period. Inventories aged greater than one year at June 30, 2025 remained extremely low at 1%.

    American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

    • Second quarter segment pre-tax operating income totaled $38 million, an increase of 46% compared to the prior-year quarter. The growth in earnings was driven primarily by gross margin improvement and operating expense reductions. Year-to-date segment pre-tax operating income totaled $90 million, a 53% increase over the prior-year period which was $59 million.
    • While gross revenues for the second quarter decreased 14%, primarily due to the American Freight Warehouse (“A-Freight”) and Conn’s Home Plus (“Conn’s”) bankruptcies in late 2024, net revenue increased 2%, driven by growth in revenue from other merchant partners and lower net credit provisioning expenses.
    • Gross transaction volume of lease and loan originations during the second quarter increased 3%, compared to the second quarter of last year. Excluding 2024 originations from A-Freight and Conn’s, second quarter 2025 origination volume increased approximately 34%. For the year-to-date period, overall gross transaction volume decreased 2% over the same prior-year period and was up 29% excluding A-Freight and Conn’s.
    • As a percentage of the total gross transaction volume, the combined lease and loan loss provision expense was 29% for the second quarter of 2025 compared to 31% in the second quarter of 2024. The decrease reflected lower than expected charge-offs on older portfolio vintages which resulted in net reserve releases. The combined allowance as a percentage of combined leased merchandise and finance receivables at June 30, 2025 was 43% compared to 45% a year ago.
    • Operating expenses decreased 31% compared to the prior-year quarter, primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships in the prior-year period along with continued realization of operating synergies, including greater efficiencies in technology and development infrastructure, coupled with other cost reduction initiatives.

    Cash Flow and Liquidity

    • Consolidated operating cash flows for the twelve month period ended June 30, 2025 grew 26% and totaled $555 million compared to $439 million in the same prior-year period, with significant contributions from each of the Company’s three business segments.
    • Adjusted free cash flows increased 21% to $267 million in the twelve month period ended June 30, 2025 compared to $220 million in the same prior-year period.
    • The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform and shareholder returns over the past twelve months with a nominal increase in net debt:
      • Pawn earning assets (pawn receivables and inventories) increased $99 million compared to last year.
      • A total of 15 pawn stores were acquired for a combined purchase price of $44 million.
      • 42 new pawn stores were added with a combined investment of $16 million in fixed assets and working capital.
      • Real estate purchases totaled $93 million as the Company purchased the underlying real estate at 60 of its existing pawn stores, bringing the number of Company-owned properties to 421 locations.
      • Shareholder returns comprised of stock repurchases and cash dividends of $127 million.
    • Net debt at June 30, 2025 was $1.6 billion, of which $1.5 billion is fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032. The outstanding balance under the Company’s $700 million revolving line of credit totaled $152 million at June 30, 2025.
    • Based on trailing twelve month results, the Company’s net debt to adjusted EBITDA ratio improved to 2.6x at June 30, 2025.

    Shareholder Returns

    • The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 29, 2025 to stockholders of record as of August 15, 2025. This represents an 11% increase over the previous quarterly dividend.
    • On an annualized basis, the dividend is now $1.68 per share, also representing an 11% increase over the previous annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
    • Over the past twelve months, the Company has repurchased 525,000 shares of common stock at a total cost of $60 million and paid out $68 million in cash dividends, representing a payout ratio of approximately 44% of net income over the same period.
    • The Company has $55 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
    • The Company generated a 14% return on equity and a 7% return on assets for the twelve months ended June 30, 2025. Using adjusted net income for the twelve months ended June 30, 2025, the adjusted return on equity was 17% while the adjusted return on assets was 8%.

    2025 Outlook

    Driven by the strong first half results and continuing customer demand for pawn loans, the outlook for 2025 remains highly positive, with expected year-over-year growth in income driven by the continued growth in earning asset balances coupled with store additions. While the H&T acquisition is now anticipated to close by the end of the third quarter of 2025, the estimates provided below do not yet include revenue and contributions from H&T. Anticipated conditions and trends for the remainder of 2025 include the following:

    Pawn Operations:

    • Pawn operations are expected to remain the primary earnings driver in 2025 as the Company expects segment income from the combined U.S. and Latin America pawn segments to be over 80% of total segment level pre-tax income for the full year.
    • The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential small acquisitions.

    U.S. Pawn

    • Based on strong first half results and expected store additions, the outlook for anticipated revenue growth and margins has been increased for all metrics.
    • Same-store pawn loans at June 30, 2025 were up 13% compared to a year ago, with July balances to date up similarly. Given these trends, the outlook for pawn fee growth is now expected to be in a range of 10% to 12% for the full year versus the prior expectation of 9% to 11% for the full year.
    • Retail sales are expected to grow in a high single digit range in 2025 versus prior expectations of mid single digits. Retail sales margins are now targeted at the upper end of the 41% to 42% guidance range.

    Latin America Pawn

    • U.S. dollar-reported first half results for Latin America in 2025 were negatively impacted by the lower exchange rate for the Mexican peso during the first half of this year compared to last year. With the recent favorable movement in the peso and the better than expected growth in the underlying business, the Company is increasing its full year revenue outlook for the Latin America pawn segment.
    • Same-store pawn receivables at June 30, 2025 were up 10% on a U.S. dollar basis and up 13% on a constant currency basis, with July balances to date up similarly. Full year pawn fee growth is now expected to increase in a range of 10% to 12% on a local currency basis and is now projected to be flat to up slightly on a U.S. dollar basis versus prior expectations of flat to down slightly on a U.S. dollar basis.
    • Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.

    Retail POS Payment Solutions (AFF) Operations:

    • The forecast for full year origination volume for 2025 is expected to be relatively consistent with the 2024 volume. Excluding 2024 originations from Conn’s and A-Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024, reflecting continued diversification outside the furniture vertical.
    • The outlook for full year net revenues has improved, with the revised forecast for net revenues now expected to decline only 6% to 8% compared to last year versus the previously forecasted decline of 8% to 12%.
    • The net lease and loan charge-off rates for the second half of 2025 are expected to remain consistent with the charge-off rates in the second half of last year. Quarterly operating expenses for the balance of 2025 are expected to remain generally consistent with the second quarter run rate.

    Tax Rates and Currency:

    • The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24.5% to 25.5%.
    • Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

    Additional Commentary and Analysis

    Mr. Wessel further commented on FirstCash’s second quarter results and the outlook for the remainder of 2025, “Operating performance across all business segments continues to be incredibly strong, driving year-to-date earnings per share growth of 32% on a GAAP basis and a 33% increase on an adjusted basis. FirstCash also achieved another significant earnings milestone this quarter with adjusted EBITDA for the trailing twelve months exceeding $600 million for the first time in Company history.

    “The U.S. pawn segment has now recorded eight consecutive quarters of double-digit growth in same-store receivables with continuing demand remaining strong thus far in July. At the same time, we remain disciplined in managing loan-to-value ratios as evidenced by the improved U.S. retail margins in the second quarter. The demand for value priced merchandise remains strong as well with same-store retail sales up 7% for the most recent quarter.

    “In Latin America, we have seen tremendous growth in pawn receivables over the last three quarters, including a 13% increase in same-store pawn receivables in the second quarter. This trend continued to accelerate, with same-store pawn loan originations in Mexico up over 20% over the last thirty days. Our outlook for Latin America is further enhanced by the improved exchange rate for the Mexican peso since the last quarter, which has reduced the previously anticipated currency headwinds and improved our full year outlook for the region.

    “Solid performance at AFF further bolstered second quarter and year-to-date operating results for our Retail POS Payment Solutions segment. AFF now has over 15,000 active doors, an increase of 19% over a year ago. Coupled with a 12% increase in same-door originations, AFF fully offset the impact of the loss of two significant merchant partners to bankruptcy last year and realized an overall total increase in originations in the second quarter. Growth continues to be particularly robust in verticals such as elective medical and automotive services. Driven by the solid revenue performance and significant expense savings, profitability for AFF has been especially strong in the first half of the year.

    “Looking ahead, we continue to progress toward the closing of the H&T acquisition. H&T represents a highly complementary strategic fit as the U.K.’s largest pawnbroker, operating with a network of 285 stores, which will expand FirstCash’s geographic footprint into a new and attractive market further providing the Company with enhanced scale, operating efficiencies and long-term growth opportunities. We continue to believe in the financial and strategic rationale for expanding our international operations as part of our long-term growth strategy.

    “Lastly, based on strong earnings results, robust operating cash flows and the strength of its balance sheet, FirstCash continues to make significant investments in new stores, acquisitions and shareholder returns. To that end, we are again pleased to announce an increased quarterly cash dividend to be paid in August which is expected to provide an annualized payout of $1.68 per share further augmenting shareholder returns” concluded Mr. Wessel.

    About FirstCash

    FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of annualized segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

    FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

    Forward-Looking Information

    This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025 and the Company’s previously announced H&T acquisition. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

    While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks related to the H&T acquisition, in particular, the ability to obtain the necessary regulatory approvals for the H&T acquisition from the FCA and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the H&T acquisition; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    FIRSTCASH HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited, in thousands)
     
      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025       2024       2025       2024  
    Revenue:              
    Retail merchandise sales $ 385,125     $ 363,463     $ 756,181     $ 730,284  
    Pawn loan fees   190,822       181,046       382,693       360,581  
    Leased merchandise income   139,784       194,570       296,702       400,241  
    Interest and fees on finance receivables   76,075       56,799       149,488       114,186  
    Wholesale scrap jewelry sales   38,816       35,134       81,981       62,090  
    Total revenue   830,622       831,012       1,667,045       1,667,382  
                   
    Cost of revenue:              
    Cost of retail merchandise sold   230,326       218,147       454,450       441,676  
    Depreciation of leased merchandise   78,272       110,157       167,091       230,441  
    Provision for lease losses   32,543       47,653       60,105       90,663  
    Provision for loan losses   41,761       31,116       78,121       61,534  
    Cost of wholesale scrap jewelry sold   34,904       28,542       70,259       51,831  
    Total cost of revenue   417,806       435,615       830,026       876,145  
                   
    Net revenue   412,816       395,397       837,019       791,237  
                   
    Expenses and other income:              
    Operating expenses   222,493       228,369       437,079       449,505  
    Administrative expenses   59,263       46,602       107,786       90,620  
    Depreciation and amortization   25,864       26,547       51,366       52,574  
    Interest expense   26,337       25,187       53,808       50,605  
    Interest income   (527 )     (261 )     (1,756 )     (1,004 )
    (Gain) loss on foreign exchange   (1,271 )     1,437       (1,285 )     1,251  
    Merger and acquisition expenses   2,777       1,364       3,239       1,961  
    Other income, net   (3,199 )     (26 )     (5,514 )     (2,338 )
    Total expenses and other income   331,737       329,219       644,723       643,174  
                   
    Income before income taxes   81,079       66,178       192,296       148,063  
                   
    Provision for income taxes   21,274       17,105       48,900       37,622  
                   
    Net income $ 59,805     $ 49,073     $ 143,396     $ 110,441  
     
    Certain amounts in the consolidated statement of income for the three and six months ended June 30, 2024 have been reclassified in order to conform to the 2025 presentation.
    FIRSTCASH HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited, in thousands)
     
      June 30,   December 31,
        2025       2024       2024  
    ASSETS          
    Cash and cash equivalents $ 101,467     $ 113,693     $ 175,095  
    Accounts receivable, net   76,062       72,158       73,325  
    Pawn loans   550,718       491,731       517,867  
    Finance receivables, net   154,518       105,401       147,501  
    Inventories   355,733       315,424       334,580  
    Leased merchandise, net   100,689       142,935       128,437  
    Prepaid expenses and other current assets   35,667       31,923       26,943  
    Total current assets   1,374,854       1,273,265       1,403,748  
               
    Property and equipment, net   750,862       661,005       717,916  
    Operating lease right of use asset   342,859       324,651       324,646  
    Goodwill   1,826,184       1,794,957       1,787,172  
    Intangible assets, net   204,643       253,910       228,858  
    Other assets   9,805       9,606       9,934  
    Deferred tax assets, net   5,042       5,014       4,712  
    Total assets $ 4,514,249     $ 4,322,408     $ 4,476,986  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Accounts payable and accrued liabilities $ 145,035     $ 141,314     $ 171,540  
    Customer deposits and prepayments   80,848       76,452       72,703  
    Lease liability, current   100,845       97,809       95,161  
    Total current liabilities   326,728       315,575       339,404  
               
    Revolving unsecured credit facilities   152,000       150,000       198,000  
    Senior unsecured notes   1,532,865       1,529,870       1,531,346  
    Deferred tax liabilities, net   125,290       129,060       128,574  
    Lease liability, non-current   237,198       219,454       225,498  
    Total liabilities   2,374,081       2,343,959       2,422,822  
               
    Stockholders’ equity:          
    Common stock   575       575       575  
    Additional paid-in capital   1,760,179       1,760,986       1,767,569  
    Retained earnings   1,520,677       1,296,721       1,411,083  
    Accumulated other comprehensive loss   (96,267 )     (84,366 )     (129,596 )
    Common stock held in treasury, at cost   (1,044,996 )     (995,467 )     (995,467 )
    Total stockholders’ equity   2,140,168       1,978,449       2,054,164  
    Total liabilities and stockholders’ equity $ 4,514,249     $ 4,322,408     $ 4,476,986  
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS
    (UNAUDITED)
     

    The Company organizes its operations into three reportable segments as follows:

    • U.S. pawn
    • Latin America pawn
    • Retail POS payment solutions (AFF)

    Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated to the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

    U.S. Pawn Operating Results and Margins (dollars in thousands)

      Three Months Ended        
      June 30,    
      2025
    		   2024   Increase
    Revenue:                  
    Retail merchandise sales $ 249,918     $ 230,093       9 %  
    Pawn loan fees   130,948       120,332       9 %  
    Wholesale scrap jewelry sales   28,740       26,311       9 %  
    Total revenue   409,606       376,736       9 %  
                       
    Cost of revenue:                  
    Cost of retail merchandise sold   143,149       132,449       8 %  
    Cost of wholesale scrap jewelry sold   26,265       21,269       23 %  
    Total cost of revenue   169,414       153,718       10 %  
                       
    Net revenue   240,192       223,018       8 %  
                       
    Segment expenses:                  
    Operating expenses   133,815       125,192       7 %  
    Depreciation and amortization   8,091       7,231       12 %  
    Total segment expenses   141,906       132,423       7 %  
                       
    Segment pre-tax operating income $ 98,286     $ 90,595       8 %  
                       
    Operating metrics:                  
    Retail merchandise sales margin 43 %   42 %        
    Net revenue margin 59 %   59 %        
    Segment pre-tax operating margin 24 %   24 %        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    U.S. Pawn Operating Results and Margins (dollars in thousands)

      Six Months Ended        
      June 30,    
      2025    2024    Increase
    Revenue:                  
    Retail merchandise sales $ 501,143     $ 467,083       7 %  
    Pawn loan fees   268,896       243,306       11 %  
    Wholesale scrap jewelry sales   62,232       44,037       41 %  
    Total revenue   832,271       754,426       10 %  
                       
    Cost of revenue:                  
    Cost of retail merchandise sold   288,907       272,363       6 %  
    Cost of wholesale scrap jewelry sold   53,489       36,535       46 %  
    Total cost of revenue   342,396       308,898       11 %  
                       
    Net revenue   489,875       445,528       10 %  
                       
    Segment expenses:                  
    Operating expenses   262,766       244,087       8 %  
    Depreciation and amortization   15,691       14,244       10 %  
    Total segment expenses   278,457       258,331       8 %  
                       
    Segment pre-tax operating income $ 211,418     $ 187,197       13 %  
                       
    Operating metrics:                  
    Retail merchandise sales margin 42 %   42 %        
    Net revenue margin 59 %   59 %        
    Segment pre-tax operating margin 25 %   25 %        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

      As of June 30,    
      2025
    		   2024   Increase
    Earning assets:                  
    Pawn loans $ 400,143     $ 356,342       12 %  
    Inventories   252,885       223,428       13 %  
      $ 653,028     $ 579,770       13 %  
                       
    Average outstanding pawn loan amount (in ones) $ 286     $ 260       10 %  
                       
    Composition of pawn collateral:                  
    General merchandise 28 %   30 %        
    Jewelry 72 %   70 %        
      100 %   100 %        
                       
    Composition of inventories:                  
    General merchandise 39 %   43 %        
    Jewelry 61 %   57 %        
      100 %   100 %        
                       
    Percentage of inventory aged greater than one year 2 %   1 %        
                       
    Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) 2.8 times   2.8 times        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

    Latin America Pawn Operating Results and Margins (dollars in thousands)

                          Constant Currency Basis
                          Three Months        
                    Ended        
        Three Months Ended           June 30,   Increase /
        June 30,   Increase /     2025     (Decrease)
          2025         2024     (Decrease)   (Non-GAAP)   (Non-GAAP)
    Revenue:                              
    Retail merchandise sales   $ 135,956       $ 134,445       1   %   $ 153,234       14   %
    Pawn loan fees     59,874         60,714       (1 ) %     67,497       11   %
    Wholesale scrap jewelry sales     10,076         8,823       14   %     10,076       14   %
    Total revenue     205,906         203,982       1   %     230,807       13   %
                                   
    Cost of revenue:                              
    Cost of retail merchandise sold     87,579         86,276       2   %     98,641       14   %
    Cost of wholesale scrap jewelry sold     8,639         7,273       19   %     9,811       35   %
    Total cost of revenue     96,218         93,549       3   %     108,452       16   %
                                   
    Net revenue     109,688         110,433       (1 ) %     122,355       11   %
                                   
    Segment expenses:                              
    Operating expenses     64,414         67,902       (5 ) %     72,340       7   %
    Depreciation and amortization     4,294         5,418       (21 ) %     4,804       (11 ) %
    Total segment expenses     68,708         73,320       (6 ) %     77,144       5   %
                                   
    Segment pre-tax operating income   $ 40,980       $ 37,113       10   %   $ 45,211       22   %
                                   
    Operating metrics:                              
    Retail merchandise sales margin 36  %   36  %         36  %        
    Net revenue margin 53  %   54  %         53  %        
    Segment pre-tax operating margin 20  %   18  %         20  %        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Latin America Pawn Operating Results and Margins (dollars in thousands)

                          Constant Currency Basis
                          Six Months        
                    Ended        
        Six Months Ended           June 30,   Increase /
        June 30,   Increase /     2025     (Decrease)
          2025         2024     (Decrease)   (Non-GAAP)   (Non-GAAP)
    Revenue:                              
    Retail merchandise sales   $ 256,488       $ 265,294       (3 ) %   $ 296,887       12   %
    Pawn loan fees     113,797         117,275       (3 ) %     131,755       12   %
    Wholesale scrap jewelry sales     19,749         18,053       9   %     19,749       9   %
    Total revenue     390,034         400,622       (3 ) %     448,391       12   %
                                   
    Cost of revenue:                              
    Cost of retail merchandise sold     166,318         170,459       (2 ) %     192,333       13   %
    Cost of wholesale scrap jewelry sold     16,770         15,296       10   %     19,491       27   %
    Total cost of revenue     183,088         185,755       (1 ) %     211,824       14   %
                                   
    Net revenue     206,946         214,867       (4 ) %     236,567       10   %
                                   
    Segment expenses:                              
    Operating expenses     125,831         135,327       (7 ) %     144,841       7   %
    Depreciation and amortization     8,730         10,523       (17 ) %     10,008       (5 ) %
    Total segment expenses     134,561         145,850       (8 ) %     154,849       6   %
                                   
    Segment pre-tax operating income   $ 72,385       $ 69,017       5   %   $ 81,718       18   %
                                   
    Operating metrics:                              
    Retail merchandise sales margin 35  %   36  %         35  %        
    Net revenue margin 53  %   54  %         53  %        
    Segment pre-tax operating margin 19  %   17  %         18  %        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

                          Constant Currency Basis
                          As of        
                          June 30,    
      As of June 30,       2025   Increase
      2025   2024   Increase   (Non-GAAP)   (Non-GAAP)
    Earning assets:                              
    Pawn loans $ 150,575     $ 135,389       11 %     $ 154,466     14 %  
    Inventories   102,848       91,996       12 %       105,501     15 %  
      $ 253,423     $ 227,385       11 %     $ 259,967     14 %  
                                   
    Average outstanding pawn loan amount (in ones) $ 96     $ 89       8 %     $ 98     10 %  
                                   
    Composition of pawn collateral:                              
    General merchandise 57 %   63 %                    
    Jewelry 43 %   37 %                    
      100 %   100 %                    
                                   
    Composition of inventories:                              
    General merchandise 59 %   69 %                    
    Jewelry 41 %   31 %                    
      100 %   100 %                    
                                   
    Percentage of inventory aged greater than one year 1 %   1 %                    
                                   
    Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) 4.1 times   4.3 times                    
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Retail POS Payment Solutions Operating Results (dollars in thousands)

      Three Months Ended        
      June 30,   Increase /
      2025   2024   (Decrease)
    Revenue:              
    Leased merchandise income $ 139,784   $ 194,570     (28 ) %
    Interest and fees on finance receivables   76,075     56,799     34   %
    Total revenue   215,859     251,369     (14 ) %
                   
    Cost of revenue:              
    Depreciation of leased merchandise   78,529     110,567     (29 ) %
    Provision for lease losses   32,667     47,824     (32 ) %
    Provision for loan losses   41,761     31,116     34   %
    Total cost of revenue   152,957     189,507     (19 ) %
                   
    Net revenue   62,902     61,862     2   %
                   
    Segment expenses:              
    Operating expenses   24,264     35,275     (31 ) %
    Depreciation and amortization   699     678     3   %
    Total segment expenses   24,963     35,953     (31 ) %
                   
    Segment pre-tax operating income $ 37,939   $ 25,909     46   %
      Six Months Ended        
      June 30,   Increase /
      2025   2024   (Decrease)
    Revenue:              
    Leased merchandise income $ 296,702   $ 400,241     (26 ) %
    Interest and fees on finance receivables   149,488     114,186     31   %
    Total revenue   446,190     514,427     (13 ) %
                   
    Cost of revenue:              
    Depreciation of leased merchandise   167,672     231,341     (28 ) %
    Provision for lease losses   60,271     91,004     (34 ) %
    Provision for loan losses   78,121     61,534     27   %
    Total cost of revenue   306,064     383,879     (20 ) %
                   
    Net revenue   140,126     130,548     7   %
                   
    Segment expenses:              
    Operating expenses   48,482     70,091     (31 ) %
    Depreciation and amortization   1,404     1,399     —   %
    Total segment expenses   49,886     71,490     (30 ) %
                   
    Segment pre-tax operating income $ 90,240   $ 59,058     53   %
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

      Three Months Ended           Six Months Ended        
      June 30,   Increase /   June 30,   Increase /
      2025   2024   (Decrease)   2025   2024   (Decrease)
    Leased merchandise $ 110,516   $ 146,778     (25 ) %   $ 204,822   $ 300,899     (32 ) %
    Finance receivables   149,943     105,258     42   %     291,205     207,422     40   %
    Total gross transaction volume $ 260,459   $ 252,036     3   %   $ 496,027   $ 508,321     (2 ) %
     

    Retail POS Payment Solutions Earning Assets (dollars in thousands)

      As of June 30,   Increase /
        2025       2024     (Decrease)
    Leased merchandise, net:              
    Leased merchandise, before allowance for lease losses $ 170,824     $ 246,457       (31 ) %
    Less allowance for lease losses   (69,972 )     (103,301 )     (32 ) %
    Leased merchandise, net $ 100,852     $ 143,156       (30 ) %
                   
    Finance receivables, net:              
    Finance receivables, before allowance for loan losses $ 277,392     $ 205,362       35   %
    Less allowance for loan losses   (122,874 )     (99,961 )     23   %
    Finance receivables, net $ 154,518     $ 105,401       47   %
     

    Portfolio Metrics

      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025       2024       2025       2024  
    Leased merchandise portfolio metrics:                      
    Provision rate (1) 30 %   33 %   29 %   30 %
    Average monthly net charge-off rate (2), (3) 6.2 %   5.4 %   6.2 %   5.4 %
    Delinquency rate (4) 23.2 %   23.0 %   23.2 %   23.0 %
                           
    Finance receivables portfolio metrics:                      
    Provision rate (1) 28 %   30 %   27 %   30 %
    Average monthly net charge-off rate (2) 4.6 %   4.5 %   4.4 %   4.7 %
    Delinquency rate (4) 20.6 %   20.0 %   20.6 %   20.0 %

    (1) Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.
    (2) Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.
    (3) The increase in leased merchandised net charge-off rate for 2025 is the expected result given reduced originations of new leases in 2025.
    (4) Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

    FIRSTCASH HOLDINGS, INC.
    PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS
     

    Pawn Operations

    As of June 30, 2025, the Company operated 3,027 pawn store locations composed of 1,194 stores in 29 U.S. states and the District of Columbia, 1,731 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

    The following tables detail pawn store count activity for the three and six months ended June 30, 2025:

      Three Months Ended June 30, 2025
      U.S.   Latin America   Total
    Total locations, beginning of period 1,197     1,826     3,023  
    New locations opened 1     9     10  
    Locations acquired 3     —     3  
    Consolidation of existing pawn locations (1) (7 )   (2 )   (9 )
    Total locations, end of period 1,194     1,833     3,027  
               
               
      Six Months Ended June 30, 2025
      U.S.   Latin America   Total
    Total locations, beginning of period 1,200     1,826     3,026  
    New locations opened 2     19     21  
    Locations acquired 4     —     4  
    Consolidation of existing pawn locations (1) (12 )   (12 )   (24 )
    Total locations, end of period 1,194     1,833     3,027  

    (1) Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.

    Retail POS Payment Solutions

    As of June 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,300 active retail merchant partner locations. This compares to the active door count of approximately 12,800 locations at June 30, 2024.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES
    (UNAUDITED)
     

    The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

    The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired AFF intangible assets, the Consumer Financial Protection Bureau (“CFPB”) litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Adjusted Net Income and Adjusted Diluted Earnings Per Share

    Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

    The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

                      Trailing Twelve
      Three Months Ended   Six Months Ended   Months Ended
      June 30,   June 30,   June 30,
        2025       2024     2025       2024     2025     2024  
      In Thousands   In Thousands   In Thousands   In Thousands   In Thousands   In Thousands
    Net income, as reported $ 59,805     $ 49,073   $ 143,396     $ 110,441   $ 291,770   $ 237,174  
    Adjustments, net of tax:                      
    Merger and acquisition expenses   2,134       1,047     2,488       1,504     2,690     7,380  
    AFF purchase accounting and other adjustments   9,258       9,572     18,516       19,145     37,660     51,497  
    CFPB litigation settlement   9,390       —     9,390       —     9,390     —  
    Other (income) expenses, net   (967 )     2,206     (1,391 )     997     1,482     (343 )
    Adjusted net income $ 79,620     $ 61,898   $ 172,399     $ 132,087   $ 342,992   $ 295,708  
      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025     2024   2025   2024
      Per Share   Per Share   Per Share   Per Share
    Diluted earnings per share, as reported $ 1.34     $ 1.08   $ 3.21     $ 2.44
    Adjustments, net of tax:              
    Merger and acquisition expenses   0.05       0.03     0.06       0.03
    AFF purchase accounting and other adjustments   0.21       0.21     0.41       0.42
    CFPB litigation settlement   0.21       —     0.21       —
    Other (income) expenses, net   (0.02 )     0.05     (0.03 )     0.02
    Adjusted diluted earnings per share $ 1.79     $ 1.37   $ 3.86     $ 2.91
    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

    The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

                                Trailing Twelve
        Three Months Ended   Six Months Ended   Months Ended
        June 30,   June 30,   June 30,
        2025   2024   2025   2024   2025   2024
    Net income   $ 59,805     $ 49,073     $ 143,396     $ 110,441     $ 291,770     $ 237,174  
    Income taxes     21,274       17,105       48,900       37,622       95,239       80,001  
    Depreciation and amortization     25,864       26,547       51,366       52,574       103,733       107,574  
    Interest expense     26,337       25,187       53,808       50,605       108,429       101,880  
    Interest income     (527 )     (261 )     (1,756 )     (1,004 )     (2,687 )     (1,548 )
    EBITDA     132,753       117,651       295,714       250,238       596,484       525,081  
    Adjustments:                                    
    Merger and acquisition expenses     2,777       1,364       3,239       1,961       3,506       9,600  
    AFF purchase accounting and other adjustments (1)     —       —       —       —       —       13,968  
    CFPB litigation settlement     11,000       —       11,000       —       11,000       —  
    Other (income) expenses, net     (1,401 )     2,867       (1,944 )     1,275       1,982       (486 )
    Adjusted EBITDA   $ 145,129     $ 121,882     $ 308,009     $ 253,474     $ 612,972     $ 548,163  

    (1) For the twelve months ended June 30, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Free Cash Flow and Adjusted Free Cash Flow

    For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

    Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

                        Trailing Twelve
        Three Months Ended   Six Months Ended   Months Ended
        June 30,   June 30,   June 30,
          2025       2024       2025       2024       2025       2024  
    Cash flow from operating activities   $ 116,854     $ 106,187     $ 243,494     $ 228,719     $ 554,733     $ 439,192  
    Cash flow from certain investing activities:                        
    Pawn loans, net (1)     (50,032 )     (46,036 )     (30,592 )     (20,887 )     (81,704 )     (56,053 )
    Finance receivables, net     (35,411 )     (22,252 )     (55,977 )     (37,563 )     (157,728 )     (95,880 )
    Purchases of furniture, fixtures, equipment and improvements     (12,952 )     (16,237 )     (25,866 )     (42,664 )     (51,447 )     (74,464 )
    Free cash flow     18,459       21,662       131,059       127,605       263,854       212,795  
    Merger and acquisition expenses paid, net of tax benefit     2,134       1,047       2,488       1,504       2,690       7,380  
    Adjusted free cash flow   $ 20,593     $ 22,709     $ 133,547     $ 129,109     $ 266,544     $ 220,175  

    (1) Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Adjusted Return on Equity and Adjusted Return on Assets

    Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

    Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

      Trailing Twelve
      Months Ended
      June 30, 2025
    Adjusted net income (1) $ 342,992  
         
    Average stockholders’ equity (average of five most recent quarter-end balances) $ 2,046,067  
    Adjusted return on equity (trailing twelve months adjusted net income divided by average equity) 17 %
         
    Average total assets (average of five most recent quarter-end balances) $ 4,426,553  
    Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets) 8 %

    (1) See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.

    Constant Currency Results

    The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

    The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

      June 30,   Favorable /
      2025   2024   (Unfavorable)
    Mexican peso / U.S. dollar exchange rate:              
    End-of-period 18.9   18.4     (3 ) %
    Three months ended 19.5   17.2     (13 ) %
    Six months ended 20.0   17.1     (17 ) %
                   
    Guatemalan quetzal / U.S. dollar exchange rate:              
    End-of-period 7.7   7.8     1   %
    Three months ended 7.7   7.8     1   %
    Six months ended 7.7   7.8     1   %
                   
    Colombian peso / U.S. dollar exchange rate:              
    End-of-period 4,070   4,148     2   %
    Three months ended 4,199   3,927     (7 ) %
    Six months ended 4,195   3,921     (7 ) %

    The MIL Network –

  • MIL-OSI: FirstCash Reports Record Second Quarter Operating Results; Strong Performance Across All Segments Drives Over 30% Year-to-Date EPS Growth; Increases Quarterly Cash Dividend 11%

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, July 24, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale payment solutions, today announced operating results for the three and six month periods ended June 30, 2025. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, an increase of 11% over the previous quarterly dividend, which will be paid in August 2025.

    Mr. Rick Wessel, chief executive officer, stated, “FirstCash is pleased to report outstanding earnings results for the second quarter and year-to-date periods. Pawn demand remains extremely robust, with local currency same-store pawn receivables up 13% in both the U.S. and Latin America, driving strong earnings growth for both segments. AFF posted growth in originations for the second quarter and a segment earnings increase of 46% versus last year. Driven by strong cash flows, the Board of Directors increased the quarterly cash dividend by 11%, which further reflects the strength of our business and long-term earnings prospects.”

    Additionally, the Company expects to complete its previously announced acquisition of H&T Group plc (“H&T”) by the end of the third quarter of 2025, subject to receipt of the required approvals by the Financial Conduct Authority of the United Kingdom (“FCA”) and satisfaction of the other remaining closing conditions. H&T is the largest pawnbroker in the U.K. with 285 locations and would represent FirstCash’s first operations in Europe.

    This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

        Three Months Ended June 30,
        As Reported (GAAP)   Adjusted (Non-GAAP)
    In thousands, except per share amounts   2025   2024   2025   2024
    Revenue   $ 830,622   $ 831,012   $ 830,622   $ 831,012
    Net income   $ 59,805   $ 49,073   $ 79,620   $ 61,898
    Diluted earnings per share   $ 1.34   $ 1.08   $ 1.79   $ 1.37
    EBITDA (non-GAAP measure)   $ 132,753   $ 117,651   $ 145,129   $ 121,882
    Weighted-average diluted shares     44,552     45,289     44,552     45,289
        Six Months Ended June 30,
        As Reported (GAAP)   Adjusted (Non-GAAP)
    In thousands, except per share amounts   2025   2024   2025   2024
    Revenue   $ 1,667,045   $ 1,667,382   $ 1,667,045   $ 1,667,382
    Net income   $ 143,396   $ 110,441   $ 172,399   $ 132,087
    Diluted earnings per share   $ 3.21   $ 2.44   $ 3.86   $ 2.91
    EBITDA (non-GAAP measure)   $ 295,714   $ 250,238   $ 308,009   $ 253,474
    Weighted-average diluted shares     44,670     45,338     44,670     45,338
     

    Consolidated Operating Highlights

    • Diluted earnings per share for the second quarter increased 24% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 31% compared to the prior-year quarter.
    • Year-to-date diluted earnings per share increased 32% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 33% compared to the prior-year period.
    • Net income for the second quarter increased 22% over the prior-year quarter on a GAAP basis while adjusted net income increased 29% compared to the prior-year quarter.
    • Year-to-date net income increased 30% over the prior-year period on a GAAP basis and adjusted net income increased 31% compared to the prior-year period.
    • Adjusted EBITDA for the second quarter increased 19% compared to the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 22% compared to the comparative prior-year period.
    • For the trailing twelve month period ended June 30, 2025 the Company reported:
      • Revenues of $3.4 billion
      • Net income of $292 million on a GAAP basis and adjusted net income of $343 million
      • Adjusted EBITDA of $613 million
      • Operating cash flows of $555 million and adjusted free cash flows (a non-GAAP measure) of $267 million

    Store Base and Platform Growth

    • U.K. Pawn Acquisition Update
      • On July 2, 2025 the shareholders of H&T voted to approve the acquisition.
      • Pending approvals by the FCA and the satisfaction of other closing conditions, the Company expects the transaction to close by the end of the third quarter.
      • The total equity value for the H&T acquisition is approximately £291 million ($396 million USD using GBP/USD exchange rate of 1.36) which the Company intends to fund utilizing its revolving bank credit facility.
      • This combination of FirstCash and H&T will create the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom with more than 3,300 total locations.
    • Other Pawn Store Additions
      • A total of 13 pawn locations were added in the second quarter and 25 stores added year-to-date.
      • Three U.S. stores were acquired in Illinois, bringing the total to 39 locations in that market. Additionally, one new location in Texas was opened during the second quarter. Year-to-date through June 30, 2025, a total of six new locations were opened or acquired in the U.S.
      • There were nine new store openings in Latin America, all of which are located in Mexico. Year-to-date through June 30, 2025, a total of 19 new locations were opened in Latin America.
      • The Company purchased the underlying real estate of 14 U.S. stores during the quarter, bringing the total number of company owned locations to 421 at quarter end.
      • As of June 30, 2025, the Company had 3,027 locations, comprised of 1,194 U.S. locations and 1,833 locations in Latin America. Additionally, two U.S. stores were acquired in July 2025 in separate transactions.
    • Retail POS Payment Solutions (AFF) Merchant Partnerships
      • At June 30, 2025, there were approximately 15,300 active retail and e-commerce merchant partner locations, representing a 19% increase in the number of active merchant locations compared to a year ago. Excluding furniture locations that closed in the prior year due to merchant partner bankruptcies, the number of active doors increased 29%.

    U.S. Pawn Segment Operating Results

    • Segment pre-tax operating income in the second quarter of 2025 was a record $98 million, an increase of $8 million, or 8%, compared to the prior-year quarter. The resulting segment pre-tax operating margin was 24% for the second quarter of 2025, which equaled the prior-year quarter.
    • Year-to-date segment pre-tax operating income increased by $24 million, or 13%, compared to the prior-year period. The pre-tax operating margin was 25% for the year-to-date period, which equaled the prior-year period.
    • Pawn receivables increased 12% in total at June 30, 2025 compared to the prior year, driven by an impressive 13% increase in same-store pawn receivables. On a two-year stacked basis, same-store pawn receivables were up 24%.
    • Pawn loan fees increased 9% for the second quarter both in total and on a same-store basis.
    • Retail merchandise sales increased 9% in the second quarter of 2025 compared to the prior-year quarter, while same-store retail sales increased 7% compared to the prior-year quarter.
    • Retail sales margins increased to 43% for the second quarter compared to 42% in the prior-year quarter. Annualized inventory turnover was 2.8 times for the trailing twelve months ended June 30, 2025, which equaled the inventory turnover during the same prior-year period. Inventories aged greater than one year at June 30, 2025 remained low at 2% of total inventories.

    Latin America Pawn Segment Operating Results

    Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the second quarter of 2025 was 19.5 pesos / dollar, an unfavorable change of 13% versus the comparable prior-year period, and for the six month period ended June 30, 2025 was 20.0 pesos / dollar, an unfavorable change of 17% versus the prior-year period.

    • Despite the 13% decrease in the average Mexican peso exchange rate, second quarter segment pre-tax operating income increased 10% on a U.S. dollar basis and totaled a record $41 million compared to last year. On a local currency basis, segment earnings increased 22% over last year, with resulting segment pre-tax operating margins of 20% for both measures, compared to 18% in the prior year.
    • Year-to-date segment pre-tax operating income totaled $72 million, a 5% increase on a U.S. dollar-basis compared to the prior-year period and an 18% increase on a local currency basis. The year-to-date pre-tax operating margin increased to 19% compared to 17% in the prior-year period.
    • Pawn receivables at June 30, 2025 increased 11% on a U.S. dollar basis while increasing 14% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables increased 10% on a U.S. dollar basis and increased 13% on a constant currency basis compared to the prior year.
    • While total and same-store pawn loan fees in the second quarter decreased 1% and 2% on a U.S. dollar-basis, respectively, they both increased 11% on a constant currency basis compared to the prior-year quarter.
    • Retail merchandise sales in the second quarter of 2025 increased 1% on a U.S. dollar-basis compared to the prior-year quarter while increasing 14% on a constant currency basis. On a same-store basis, second quarter retail merchandise sales were flat on a U.S. dollar basis while increasing 13% on a constant currency basis compared to the prior-year quarter.
    • Retail margins were 36% for the second quarter of 2025, which equaled the prior-year quarter. Annualized inventory turnover was 4.1 times for the trailing twelve months ended June 30, 2025 compared to 4.3 times in the prior-year period. Inventories aged greater than one year at June 30, 2025 remained extremely low at 1%.

    American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

    • Second quarter segment pre-tax operating income totaled $38 million, an increase of 46% compared to the prior-year quarter. The growth in earnings was driven primarily by gross margin improvement and operating expense reductions. Year-to-date segment pre-tax operating income totaled $90 million, a 53% increase over the prior-year period which was $59 million.
    • While gross revenues for the second quarter decreased 14%, primarily due to the American Freight Warehouse (“A-Freight”) and Conn’s Home Plus (“Conn’s”) bankruptcies in late 2024, net revenue increased 2%, driven by growth in revenue from other merchant partners and lower net credit provisioning expenses.
    • Gross transaction volume of lease and loan originations during the second quarter increased 3%, compared to the second quarter of last year. Excluding 2024 originations from A-Freight and Conn’s, second quarter 2025 origination volume increased approximately 34%. For the year-to-date period, overall gross transaction volume decreased 2% over the same prior-year period and was up 29% excluding A-Freight and Conn’s.
    • As a percentage of the total gross transaction volume, the combined lease and loan loss provision expense was 29% for the second quarter of 2025 compared to 31% in the second quarter of 2024. The decrease reflected lower than expected charge-offs on older portfolio vintages which resulted in net reserve releases. The combined allowance as a percentage of combined leased merchandise and finance receivables at June 30, 2025 was 43% compared to 45% a year ago.
    • Operating expenses decreased 31% compared to the prior-year quarter, primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships in the prior-year period along with continued realization of operating synergies, including greater efficiencies in technology and development infrastructure, coupled with other cost reduction initiatives.

    Cash Flow and Liquidity

    • Consolidated operating cash flows for the twelve month period ended June 30, 2025 grew 26% and totaled $555 million compared to $439 million in the same prior-year period, with significant contributions from each of the Company’s three business segments.
    • Adjusted free cash flows increased 21% to $267 million in the twelve month period ended June 30, 2025 compared to $220 million in the same prior-year period.
    • The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform and shareholder returns over the past twelve months with a nominal increase in net debt:
      • Pawn earning assets (pawn receivables and inventories) increased $99 million compared to last year.
      • A total of 15 pawn stores were acquired for a combined purchase price of $44 million.
      • 42 new pawn stores were added with a combined investment of $16 million in fixed assets and working capital.
      • Real estate purchases totaled $93 million as the Company purchased the underlying real estate at 60 of its existing pawn stores, bringing the number of Company-owned properties to 421 locations.
      • Shareholder returns comprised of stock repurchases and cash dividends of $127 million.
    • Net debt at June 30, 2025 was $1.6 billion, of which $1.5 billion is fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032. The outstanding balance under the Company’s $700 million revolving line of credit totaled $152 million at June 30, 2025.
    • Based on trailing twelve month results, the Company’s net debt to adjusted EBITDA ratio improved to 2.6x at June 30, 2025.

    Shareholder Returns

    • The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 29, 2025 to stockholders of record as of August 15, 2025. This represents an 11% increase over the previous quarterly dividend.
    • On an annualized basis, the dividend is now $1.68 per share, also representing an 11% increase over the previous annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
    • Over the past twelve months, the Company has repurchased 525,000 shares of common stock at a total cost of $60 million and paid out $68 million in cash dividends, representing a payout ratio of approximately 44% of net income over the same period.
    • The Company has $55 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
    • The Company generated a 14% return on equity and a 7% return on assets for the twelve months ended June 30, 2025. Using adjusted net income for the twelve months ended June 30, 2025, the adjusted return on equity was 17% while the adjusted return on assets was 8%.

    2025 Outlook

    Driven by the strong first half results and continuing customer demand for pawn loans, the outlook for 2025 remains highly positive, with expected year-over-year growth in income driven by the continued growth in earning asset balances coupled with store additions. While the H&T acquisition is now anticipated to close by the end of the third quarter of 2025, the estimates provided below do not yet include revenue and contributions from H&T. Anticipated conditions and trends for the remainder of 2025 include the following:

    Pawn Operations:

    • Pawn operations are expected to remain the primary earnings driver in 2025 as the Company expects segment income from the combined U.S. and Latin America pawn segments to be over 80% of total segment level pre-tax income for the full year.
    • The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential small acquisitions.

    U.S. Pawn

    • Based on strong first half results and expected store additions, the outlook for anticipated revenue growth and margins has been increased for all metrics.
    • Same-store pawn loans at June 30, 2025 were up 13% compared to a year ago, with July balances to date up similarly. Given these trends, the outlook for pawn fee growth is now expected to be in a range of 10% to 12% for the full year versus the prior expectation of 9% to 11% for the full year.
    • Retail sales are expected to grow in a high single digit range in 2025 versus prior expectations of mid single digits. Retail sales margins are now targeted at the upper end of the 41% to 42% guidance range.

    Latin America Pawn

    • U.S. dollar-reported first half results for Latin America in 2025 were negatively impacted by the lower exchange rate for the Mexican peso during the first half of this year compared to last year. With the recent favorable movement in the peso and the better than expected growth in the underlying business, the Company is increasing its full year revenue outlook for the Latin America pawn segment.
    • Same-store pawn receivables at June 30, 2025 were up 10% on a U.S. dollar basis and up 13% on a constant currency basis, with July balances to date up similarly. Full year pawn fee growth is now expected to increase in a range of 10% to 12% on a local currency basis and is now projected to be flat to up slightly on a U.S. dollar basis versus prior expectations of flat to down slightly on a U.S. dollar basis.
    • Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.

    Retail POS Payment Solutions (AFF) Operations:

    • The forecast for full year origination volume for 2025 is expected to be relatively consistent with the 2024 volume. Excluding 2024 originations from Conn’s and A-Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024, reflecting continued diversification outside the furniture vertical.
    • The outlook for full year net revenues has improved, with the revised forecast for net revenues now expected to decline only 6% to 8% compared to last year versus the previously forecasted decline of 8% to 12%.
    • The net lease and loan charge-off rates for the second half of 2025 are expected to remain consistent with the charge-off rates in the second half of last year. Quarterly operating expenses for the balance of 2025 are expected to remain generally consistent with the second quarter run rate.

    Tax Rates and Currency:

    • The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24.5% to 25.5%.
    • Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

    Additional Commentary and Analysis

    Mr. Wessel further commented on FirstCash’s second quarter results and the outlook for the remainder of 2025, “Operating performance across all business segments continues to be incredibly strong, driving year-to-date earnings per share growth of 32% on a GAAP basis and a 33% increase on an adjusted basis. FirstCash also achieved another significant earnings milestone this quarter with adjusted EBITDA for the trailing twelve months exceeding $600 million for the first time in Company history.

    “The U.S. pawn segment has now recorded eight consecutive quarters of double-digit growth in same-store receivables with continuing demand remaining strong thus far in July. At the same time, we remain disciplined in managing loan-to-value ratios as evidenced by the improved U.S. retail margins in the second quarter. The demand for value priced merchandise remains strong as well with same-store retail sales up 7% for the most recent quarter.

    “In Latin America, we have seen tremendous growth in pawn receivables over the last three quarters, including a 13% increase in same-store pawn receivables in the second quarter. This trend continued to accelerate, with same-store pawn loan originations in Mexico up over 20% over the last thirty days. Our outlook for Latin America is further enhanced by the improved exchange rate for the Mexican peso since the last quarter, which has reduced the previously anticipated currency headwinds and improved our full year outlook for the region.

    “Solid performance at AFF further bolstered second quarter and year-to-date operating results for our Retail POS Payment Solutions segment. AFF now has over 15,000 active doors, an increase of 19% over a year ago. Coupled with a 12% increase in same-door originations, AFF fully offset the impact of the loss of two significant merchant partners to bankruptcy last year and realized an overall total increase in originations in the second quarter. Growth continues to be particularly robust in verticals such as elective medical and automotive services. Driven by the solid revenue performance and significant expense savings, profitability for AFF has been especially strong in the first half of the year.

    “Looking ahead, we continue to progress toward the closing of the H&T acquisition. H&T represents a highly complementary strategic fit as the U.K.’s largest pawnbroker, operating with a network of 285 stores, which will expand FirstCash’s geographic footprint into a new and attractive market further providing the Company with enhanced scale, operating efficiencies and long-term growth opportunities. We continue to believe in the financial and strategic rationale for expanding our international operations as part of our long-term growth strategy.

    “Lastly, based on strong earnings results, robust operating cash flows and the strength of its balance sheet, FirstCash continues to make significant investments in new stores, acquisitions and shareholder returns. To that end, we are again pleased to announce an increased quarterly cash dividend to be paid in August which is expected to provide an annualized payout of $1.68 per share further augmenting shareholder returns” concluded Mr. Wessel.

    About FirstCash

    FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of annualized segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

    FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

    Forward-Looking Information

    This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025 and the Company’s previously announced H&T acquisition. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

    While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks related to the H&T acquisition, in particular, the ability to obtain the necessary regulatory approvals for the H&T acquisition from the FCA and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the H&T acquisition; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    FIRSTCASH HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited, in thousands)
     
      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025       2024       2025       2024  
    Revenue:              
    Retail merchandise sales $ 385,125     $ 363,463     $ 756,181     $ 730,284  
    Pawn loan fees   190,822       181,046       382,693       360,581  
    Leased merchandise income   139,784       194,570       296,702       400,241  
    Interest and fees on finance receivables   76,075       56,799       149,488       114,186  
    Wholesale scrap jewelry sales   38,816       35,134       81,981       62,090  
    Total revenue   830,622       831,012       1,667,045       1,667,382  
                   
    Cost of revenue:              
    Cost of retail merchandise sold   230,326       218,147       454,450       441,676  
    Depreciation of leased merchandise   78,272       110,157       167,091       230,441  
    Provision for lease losses   32,543       47,653       60,105       90,663  
    Provision for loan losses   41,761       31,116       78,121       61,534  
    Cost of wholesale scrap jewelry sold   34,904       28,542       70,259       51,831  
    Total cost of revenue   417,806       435,615       830,026       876,145  
                   
    Net revenue   412,816       395,397       837,019       791,237  
                   
    Expenses and other income:              
    Operating expenses   222,493       228,369       437,079       449,505  
    Administrative expenses   59,263       46,602       107,786       90,620  
    Depreciation and amortization   25,864       26,547       51,366       52,574  
    Interest expense   26,337       25,187       53,808       50,605  
    Interest income   (527 )     (261 )     (1,756 )     (1,004 )
    (Gain) loss on foreign exchange   (1,271 )     1,437       (1,285 )     1,251  
    Merger and acquisition expenses   2,777       1,364       3,239       1,961  
    Other income, net   (3,199 )     (26 )     (5,514 )     (2,338 )
    Total expenses and other income   331,737       329,219       644,723       643,174  
                   
    Income before income taxes   81,079       66,178       192,296       148,063  
                   
    Provision for income taxes   21,274       17,105       48,900       37,622  
                   
    Net income $ 59,805     $ 49,073     $ 143,396     $ 110,441  
     
    Certain amounts in the consolidated statement of income for the three and six months ended June 30, 2024 have been reclassified in order to conform to the 2025 presentation.
    FIRSTCASH HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited, in thousands)
     
      June 30,   December 31,
        2025       2024       2024  
    ASSETS          
    Cash and cash equivalents $ 101,467     $ 113,693     $ 175,095  
    Accounts receivable, net   76,062       72,158       73,325  
    Pawn loans   550,718       491,731       517,867  
    Finance receivables, net   154,518       105,401       147,501  
    Inventories   355,733       315,424       334,580  
    Leased merchandise, net   100,689       142,935       128,437  
    Prepaid expenses and other current assets   35,667       31,923       26,943  
    Total current assets   1,374,854       1,273,265       1,403,748  
               
    Property and equipment, net   750,862       661,005       717,916  
    Operating lease right of use asset   342,859       324,651       324,646  
    Goodwill   1,826,184       1,794,957       1,787,172  
    Intangible assets, net   204,643       253,910       228,858  
    Other assets   9,805       9,606       9,934  
    Deferred tax assets, net   5,042       5,014       4,712  
    Total assets $ 4,514,249     $ 4,322,408     $ 4,476,986  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Accounts payable and accrued liabilities $ 145,035     $ 141,314     $ 171,540  
    Customer deposits and prepayments   80,848       76,452       72,703  
    Lease liability, current   100,845       97,809       95,161  
    Total current liabilities   326,728       315,575       339,404  
               
    Revolving unsecured credit facilities   152,000       150,000       198,000  
    Senior unsecured notes   1,532,865       1,529,870       1,531,346  
    Deferred tax liabilities, net   125,290       129,060       128,574  
    Lease liability, non-current   237,198       219,454       225,498  
    Total liabilities   2,374,081       2,343,959       2,422,822  
               
    Stockholders’ equity:          
    Common stock   575       575       575  
    Additional paid-in capital   1,760,179       1,760,986       1,767,569  
    Retained earnings   1,520,677       1,296,721       1,411,083  
    Accumulated other comprehensive loss   (96,267 )     (84,366 )     (129,596 )
    Common stock held in treasury, at cost   (1,044,996 )     (995,467 )     (995,467 )
    Total stockholders’ equity   2,140,168       1,978,449       2,054,164  
    Total liabilities and stockholders’ equity $ 4,514,249     $ 4,322,408     $ 4,476,986  
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS
    (UNAUDITED)
     

    The Company organizes its operations into three reportable segments as follows:

    • U.S. pawn
    • Latin America pawn
    • Retail POS payment solutions (AFF)

    Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated to the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

    U.S. Pawn Operating Results and Margins (dollars in thousands)

      Three Months Ended        
      June 30,    
      2025
    		   2024   Increase
    Revenue:                  
    Retail merchandise sales $ 249,918     $ 230,093       9 %  
    Pawn loan fees   130,948       120,332       9 %  
    Wholesale scrap jewelry sales   28,740       26,311       9 %  
    Total revenue   409,606       376,736       9 %  
                       
    Cost of revenue:                  
    Cost of retail merchandise sold   143,149       132,449       8 %  
    Cost of wholesale scrap jewelry sold   26,265       21,269       23 %  
    Total cost of revenue   169,414       153,718       10 %  
                       
    Net revenue   240,192       223,018       8 %  
                       
    Segment expenses:                  
    Operating expenses   133,815       125,192       7 %  
    Depreciation and amortization   8,091       7,231       12 %  
    Total segment expenses   141,906       132,423       7 %  
                       
    Segment pre-tax operating income $ 98,286     $ 90,595       8 %  
                       
    Operating metrics:                  
    Retail merchandise sales margin 43 %   42 %        
    Net revenue margin 59 %   59 %        
    Segment pre-tax operating margin 24 %   24 %        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    U.S. Pawn Operating Results and Margins (dollars in thousands)

      Six Months Ended        
      June 30,    
      2025    2024    Increase
    Revenue:                  
    Retail merchandise sales $ 501,143     $ 467,083       7 %  
    Pawn loan fees   268,896       243,306       11 %  
    Wholesale scrap jewelry sales   62,232       44,037       41 %  
    Total revenue   832,271       754,426       10 %  
                       
    Cost of revenue:                  
    Cost of retail merchandise sold   288,907       272,363       6 %  
    Cost of wholesale scrap jewelry sold   53,489       36,535       46 %  
    Total cost of revenue   342,396       308,898       11 %  
                       
    Net revenue   489,875       445,528       10 %  
                       
    Segment expenses:                  
    Operating expenses   262,766       244,087       8 %  
    Depreciation and amortization   15,691       14,244       10 %  
    Total segment expenses   278,457       258,331       8 %  
                       
    Segment pre-tax operating income $ 211,418     $ 187,197       13 %  
                       
    Operating metrics:                  
    Retail merchandise sales margin 42 %   42 %        
    Net revenue margin 59 %   59 %        
    Segment pre-tax operating margin 25 %   25 %        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

      As of June 30,    
      2025
    		   2024   Increase
    Earning assets:                  
    Pawn loans $ 400,143     $ 356,342       12 %  
    Inventories   252,885       223,428       13 %  
      $ 653,028     $ 579,770       13 %  
                       
    Average outstanding pawn loan amount (in ones) $ 286     $ 260       10 %  
                       
    Composition of pawn collateral:                  
    General merchandise 28 %   30 %        
    Jewelry 72 %   70 %        
      100 %   100 %        
                       
    Composition of inventories:                  
    General merchandise 39 %   43 %        
    Jewelry 61 %   57 %        
      100 %   100 %        
                       
    Percentage of inventory aged greater than one year 2 %   1 %        
                       
    Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) 2.8 times   2.8 times        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

    Latin America Pawn Operating Results and Margins (dollars in thousands)

                          Constant Currency Basis
                          Three Months        
                    Ended        
        Three Months Ended           June 30,   Increase /
        June 30,   Increase /     2025     (Decrease)
          2025         2024     (Decrease)   (Non-GAAP)   (Non-GAAP)
    Revenue:                              
    Retail merchandise sales   $ 135,956       $ 134,445       1   %   $ 153,234       14   %
    Pawn loan fees     59,874         60,714       (1 ) %     67,497       11   %
    Wholesale scrap jewelry sales     10,076         8,823       14   %     10,076       14   %
    Total revenue     205,906         203,982       1   %     230,807       13   %
                                   
    Cost of revenue:                              
    Cost of retail merchandise sold     87,579         86,276       2   %     98,641       14   %
    Cost of wholesale scrap jewelry sold     8,639         7,273       19   %     9,811       35   %
    Total cost of revenue     96,218         93,549       3   %     108,452       16   %
                                   
    Net revenue     109,688         110,433       (1 ) %     122,355       11   %
                                   
    Segment expenses:                              
    Operating expenses     64,414         67,902       (5 ) %     72,340       7   %
    Depreciation and amortization     4,294         5,418       (21 ) %     4,804       (11 ) %
    Total segment expenses     68,708         73,320       (6 ) %     77,144       5   %
                                   
    Segment pre-tax operating income   $ 40,980       $ 37,113       10   %   $ 45,211       22   %
                                   
    Operating metrics:                              
    Retail merchandise sales margin 36  %   36  %         36  %        
    Net revenue margin 53  %   54  %         53  %        
    Segment pre-tax operating margin 20  %   18  %         20  %        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Latin America Pawn Operating Results and Margins (dollars in thousands)

                          Constant Currency Basis
                          Six Months        
                    Ended        
        Six Months Ended           June 30,   Increase /
        June 30,   Increase /     2025     (Decrease)
          2025         2024     (Decrease)   (Non-GAAP)   (Non-GAAP)
    Revenue:                              
    Retail merchandise sales   $ 256,488       $ 265,294       (3 ) %   $ 296,887       12   %
    Pawn loan fees     113,797         117,275       (3 ) %     131,755       12   %
    Wholesale scrap jewelry sales     19,749         18,053       9   %     19,749       9   %
    Total revenue     390,034         400,622       (3 ) %     448,391       12   %
                                   
    Cost of revenue:                              
    Cost of retail merchandise sold     166,318         170,459       (2 ) %     192,333       13   %
    Cost of wholesale scrap jewelry sold     16,770         15,296       10   %     19,491       27   %
    Total cost of revenue     183,088         185,755       (1 ) %     211,824       14   %
                                   
    Net revenue     206,946         214,867       (4 ) %     236,567       10   %
                                   
    Segment expenses:                              
    Operating expenses     125,831         135,327       (7 ) %     144,841       7   %
    Depreciation and amortization     8,730         10,523       (17 ) %     10,008       (5 ) %
    Total segment expenses     134,561         145,850       (8 ) %     154,849       6   %
                                   
    Segment pre-tax operating income   $ 72,385       $ 69,017       5   %   $ 81,718       18   %
                                   
    Operating metrics:                              
    Retail merchandise sales margin 35  %   36  %         35  %        
    Net revenue margin 53  %   54  %         53  %        
    Segment pre-tax operating margin 19  %   17  %         18  %        
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

                          Constant Currency Basis
                          As of        
                          June 30,    
      As of June 30,       2025   Increase
      2025   2024   Increase   (Non-GAAP)   (Non-GAAP)
    Earning assets:                              
    Pawn loans $ 150,575     $ 135,389       11 %     $ 154,466     14 %  
    Inventories   102,848       91,996       12 %       105,501     15 %  
      $ 253,423     $ 227,385       11 %     $ 259,967     14 %  
                                   
    Average outstanding pawn loan amount (in ones) $ 96     $ 89       8 %     $ 98     10 %  
                                   
    Composition of pawn collateral:                              
    General merchandise 57 %   63 %                    
    Jewelry 43 %   37 %                    
      100 %   100 %                    
                                   
    Composition of inventories:                              
    General merchandise 59 %   69 %                    
    Jewelry 41 %   31 %                    
      100 %   100 %                    
                                   
    Percentage of inventory aged greater than one year 1 %   1 %                    
                                   
    Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories) 4.1 times   4.3 times                    
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Retail POS Payment Solutions Operating Results (dollars in thousands)

      Three Months Ended        
      June 30,   Increase /
      2025   2024   (Decrease)
    Revenue:              
    Leased merchandise income $ 139,784   $ 194,570     (28 ) %
    Interest and fees on finance receivables   76,075     56,799     34   %
    Total revenue   215,859     251,369     (14 ) %
                   
    Cost of revenue:              
    Depreciation of leased merchandise   78,529     110,567     (29 ) %
    Provision for lease losses   32,667     47,824     (32 ) %
    Provision for loan losses   41,761     31,116     34   %
    Total cost of revenue   152,957     189,507     (19 ) %
                   
    Net revenue   62,902     61,862     2   %
                   
    Segment expenses:              
    Operating expenses   24,264     35,275     (31 ) %
    Depreciation and amortization   699     678     3   %
    Total segment expenses   24,963     35,953     (31 ) %
                   
    Segment pre-tax operating income $ 37,939   $ 25,909     46   %
      Six Months Ended        
      June 30,   Increase /
      2025   2024   (Decrease)
    Revenue:              
    Leased merchandise income $ 296,702   $ 400,241     (26 ) %
    Interest and fees on finance receivables   149,488     114,186     31   %
    Total revenue   446,190     514,427     (13 ) %
                   
    Cost of revenue:              
    Depreciation of leased merchandise   167,672     231,341     (28 ) %
    Provision for lease losses   60,271     91,004     (34 ) %
    Provision for loan losses   78,121     61,534     27   %
    Total cost of revenue   306,064     383,879     (20 ) %
                   
    Net revenue   140,126     130,548     7   %
                   
    Segment expenses:              
    Operating expenses   48,482     70,091     (31 ) %
    Depreciation and amortization   1,404     1,399     —   %
    Total segment expenses   49,886     71,490     (30 ) %
                   
    Segment pre-tax operating income $ 90,240   $ 59,058     53   %
    FIRSTCASH HOLDINGS, INC.
    SEGMENT RESULTS (CONTINUED)
    (UNAUDITED)
     

    Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

      Three Months Ended           Six Months Ended        
      June 30,   Increase /   June 30,   Increase /
      2025   2024   (Decrease)   2025   2024   (Decrease)
    Leased merchandise $ 110,516   $ 146,778     (25 ) %   $ 204,822   $ 300,899     (32 ) %
    Finance receivables   149,943     105,258     42   %     291,205     207,422     40   %
    Total gross transaction volume $ 260,459   $ 252,036     3   %   $ 496,027   $ 508,321     (2 ) %
     

    Retail POS Payment Solutions Earning Assets (dollars in thousands)

      As of June 30,   Increase /
        2025       2024     (Decrease)
    Leased merchandise, net:              
    Leased merchandise, before allowance for lease losses $ 170,824     $ 246,457       (31 ) %
    Less allowance for lease losses   (69,972 )     (103,301 )     (32 ) %
    Leased merchandise, net $ 100,852     $ 143,156       (30 ) %
                   
    Finance receivables, net:              
    Finance receivables, before allowance for loan losses $ 277,392     $ 205,362       35   %
    Less allowance for loan losses   (122,874 )     (99,961 )     23   %
    Finance receivables, net $ 154,518     $ 105,401       47   %
     

    Portfolio Metrics

      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025       2024       2025       2024  
    Leased merchandise portfolio metrics:                      
    Provision rate (1) 30 %   33 %   29 %   30 %
    Average monthly net charge-off rate (2), (3) 6.2 %   5.4 %   6.2 %   5.4 %
    Delinquency rate (4) 23.2 %   23.0 %   23.2 %   23.0 %
                           
    Finance receivables portfolio metrics:                      
    Provision rate (1) 28 %   30 %   27 %   30 %
    Average monthly net charge-off rate (2) 4.6 %   4.5 %   4.4 %   4.7 %
    Delinquency rate (4) 20.6 %   20.0 %   20.6 %   20.0 %

    (1) Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.
    (2) Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.
    (3) The increase in leased merchandised net charge-off rate for 2025 is the expected result given reduced originations of new leases in 2025.
    (4) Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).

    FIRSTCASH HOLDINGS, INC.
    PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS
     

    Pawn Operations

    As of June 30, 2025, the Company operated 3,027 pawn store locations composed of 1,194 stores in 29 U.S. states and the District of Columbia, 1,731 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

    The following tables detail pawn store count activity for the three and six months ended June 30, 2025:

      Three Months Ended June 30, 2025
      U.S.   Latin America   Total
    Total locations, beginning of period 1,197     1,826     3,023  
    New locations opened 1     9     10  
    Locations acquired 3     —     3  
    Consolidation of existing pawn locations (1) (7 )   (2 )   (9 )
    Total locations, end of period 1,194     1,833     3,027  
               
               
      Six Months Ended June 30, 2025
      U.S.   Latin America   Total
    Total locations, beginning of period 1,200     1,826     3,026  
    New locations opened 2     19     21  
    Locations acquired 4     —     4  
    Consolidation of existing pawn locations (1) (12 )   (12 )   (24 )
    Total locations, end of period 1,194     1,833     3,027  

    (1) Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.

    Retail POS Payment Solutions

    As of June 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,300 active retail merchant partner locations. This compares to the active door count of approximately 12,800 locations at June 30, 2024.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES
    (UNAUDITED)
     

    The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

    The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired AFF intangible assets, the Consumer Financial Protection Bureau (“CFPB”) litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Adjusted Net Income and Adjusted Diluted Earnings Per Share

    Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

    The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

                      Trailing Twelve
      Three Months Ended   Six Months Ended   Months Ended
      June 30,   June 30,   June 30,
        2025       2024     2025       2024     2025     2024  
      In Thousands   In Thousands   In Thousands   In Thousands   In Thousands   In Thousands
    Net income, as reported $ 59,805     $ 49,073   $ 143,396     $ 110,441   $ 291,770   $ 237,174  
    Adjustments, net of tax:                      
    Merger and acquisition expenses   2,134       1,047     2,488       1,504     2,690     7,380  
    AFF purchase accounting and other adjustments   9,258       9,572     18,516       19,145     37,660     51,497  
    CFPB litigation settlement   9,390       —     9,390       —     9,390     —  
    Other (income) expenses, net   (967 )     2,206     (1,391 )     997     1,482     (343 )
    Adjusted net income $ 79,620     $ 61,898   $ 172,399     $ 132,087   $ 342,992   $ 295,708  
      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025     2024   2025   2024
      Per Share   Per Share   Per Share   Per Share
    Diluted earnings per share, as reported $ 1.34     $ 1.08   $ 3.21     $ 2.44
    Adjustments, net of tax:              
    Merger and acquisition expenses   0.05       0.03     0.06       0.03
    AFF purchase accounting and other adjustments   0.21       0.21     0.41       0.42
    CFPB litigation settlement   0.21       —     0.21       —
    Other (income) expenses, net   (0.02 )     0.05     (0.03 )     0.02
    Adjusted diluted earnings per share $ 1.79     $ 1.37   $ 3.86     $ 2.91
    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

    The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

                                Trailing Twelve
        Three Months Ended   Six Months Ended   Months Ended
        June 30,   June 30,   June 30,
        2025   2024   2025   2024   2025   2024
    Net income   $ 59,805     $ 49,073     $ 143,396     $ 110,441     $ 291,770     $ 237,174  
    Income taxes     21,274       17,105       48,900       37,622       95,239       80,001  
    Depreciation and amortization     25,864       26,547       51,366       52,574       103,733       107,574  
    Interest expense     26,337       25,187       53,808       50,605       108,429       101,880  
    Interest income     (527 )     (261 )     (1,756 )     (1,004 )     (2,687 )     (1,548 )
    EBITDA     132,753       117,651       295,714       250,238       596,484       525,081  
    Adjustments:                                    
    Merger and acquisition expenses     2,777       1,364       3,239       1,961       3,506       9,600  
    AFF purchase accounting and other adjustments (1)     —       —       —       —       —       13,968  
    CFPB litigation settlement     11,000       —       11,000       —       11,000       —  
    Other (income) expenses, net     (1,401 )     2,867       (1,944 )     1,275       1,982       (486 )
    Adjusted EBITDA   $ 145,129     $ 121,882     $ 308,009     $ 253,474     $ 612,972     $ 548,163  

    (1) For the twelve months ended June 30, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Free Cash Flow and Adjusted Free Cash Flow

    For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

    Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

                        Trailing Twelve
        Three Months Ended   Six Months Ended   Months Ended
        June 30,   June 30,   June 30,
          2025       2024       2025       2024       2025       2024  
    Cash flow from operating activities   $ 116,854     $ 106,187     $ 243,494     $ 228,719     $ 554,733     $ 439,192  
    Cash flow from certain investing activities:                        
    Pawn loans, net (1)     (50,032 )     (46,036 )     (30,592 )     (20,887 )     (81,704 )     (56,053 )
    Finance receivables, net     (35,411 )     (22,252 )     (55,977 )     (37,563 )     (157,728 )     (95,880 )
    Purchases of furniture, fixtures, equipment and improvements     (12,952 )     (16,237 )     (25,866 )     (42,664 )     (51,447 )     (74,464 )
    Free cash flow     18,459       21,662       131,059       127,605       263,854       212,795  
    Merger and acquisition expenses paid, net of tax benefit     2,134       1,047       2,488       1,504       2,690       7,380  
    Adjusted free cash flow   $ 20,593     $ 22,709     $ 133,547     $ 129,109     $ 266,544     $ 220,175  

    (1) Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Adjusted Return on Equity and Adjusted Return on Assets

    Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

    Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

      Trailing Twelve
      Months Ended
      June 30, 2025
    Adjusted net income (1) $ 342,992  
         
    Average stockholders’ equity (average of five most recent quarter-end balances) $ 2,046,067  
    Adjusted return on equity (trailing twelve months adjusted net income divided by average equity) 17 %
         
    Average total assets (average of five most recent quarter-end balances) $ 4,426,553  
    Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets) 8 %

    (1) See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.

    Constant Currency Results

    The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

    The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

    FIRSTCASH HOLDINGS, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
    TO GAAP FINANCIAL MEASURES (CONTINUED)
    (UNAUDITED)
     

    Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

      June 30,   Favorable /
      2025   2024   (Unfavorable)
    Mexican peso / U.S. dollar exchange rate:              
    End-of-period 18.9   18.4     (3 ) %
    Three months ended 19.5   17.2     (13 ) %
    Six months ended 20.0   17.1     (17 ) %
                   
    Guatemalan quetzal / U.S. dollar exchange rate:              
    End-of-period 7.7   7.8     1   %
    Three months ended 7.7   7.8     1   %
    Six months ended 7.7   7.8     1   %
                   
    Colombian peso / U.S. dollar exchange rate:              
    End-of-period 4,070   4,148     2   %
    Three months ended 4,199   3,927     (7 ) %
    Six months ended 4,195   3,921     (7 ) %

    The MIL Network –

  • MIL-OSI Europe: Cocoa with a conscience: Funding fair and forest‑friendly beans

    Source: European Investment Bank

    The European Union has taken steps to combat deforestation and child labour through the Sustainable Cocoa Initiative and the Alliance for Sustainable Cocoa. Those initiatives call on countries like the Ivory Coast and Ghana, which produce 60% of the world’s cocoa, to improve oversight of the sector, combat deforestation and child labour, and ensure decent incomes for farmers. Exporters will also have to comply with a new European regulation on deforestation, which is expected to go into force in 2026.

    In parallel, the Ivorian government has embarked on an “ambitious initiative” to implement new African standards that trace crops across cocoa-producing regions and improve environmental protection, says Sylvain Caurla, an agroforestry engineer with the European Investment Bank who works on sustainable cocoa and reforestation projects in the Ivory Coast.

    “Cocoa has been a major driver of deforestation in recent decades,” Caurla says. “But cocoa is also a major contributor to Ivorian GDP. There is a world strategy around protecting forests, but also producing cocoa in a different way, a sustainable way – a way that provides a decent livelihood for communities that depend on it.”

    The EIB’s loan to BNI was approved in September 2024, just in time for the main cocoa harvest season, which lasts from October to March. In a few weeks, BNI was able to put together projects – loans for agricultural cooperatives and others – accounting for about 90% of the EIB funds, says Marc-Antoine Coursaget, the loan officer in EIB Global who is handling the investment.

    Around 60% of the financed cooperatives are led by young entrepreneurs or employ a significant number of young people, while 40% are either led by women or have a large number of women in the workforce.

    The EIB and Agence Française de Développement will also provide technical assistance to help BNI strengthen its environmental and social management system and enable cocoa producers meet EU requirements and the demands of international certifications. Those regulations and certifications are designed to curb cacao’s incursion into Ivory Coast’s rainforest, which has shrunk by more than 80% since 1960, with devastating consequences for biodiversity.

    Ivory Coast has embarked on vast programmes of reforestation to counter the loss. The EIB is providing €150 million to support the country’s forest preservation, rehabilitation and expansion strategy.

    “The European Union has two main priorities in Ivory Coast: one is the Sustainable Cocoa Initiative and the second is low-carbon transition,” Coursaget says. “And when you fight deforestation, you also help reduce carbon emissions.”

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Public consultation on Green Innovation Corridor first phase now open

    Source: City of Wolverhampton

    The GIC will connect key assets at the University of Wolverhampton’s Springfield Campus, Science Park, and the i54 advanced manufacturing business park – the country’s most successful Enterprise Zone.

    It will introduce new commercial and business opportunities for development, incubation space, grow on space for SMEs and space for larger use.

    The scheme has already secured £27million funding from UK Government and has attained West Midlands Investment Zone status, helping unlock transformational capital funding, business support and skills programmes.

    People can now have their say on designs for the first phase – the planned redevelopment of 4 brownfield sites, collectively known as Six Mile Green, located close to University of Wolverhampton Science Park.

    An online survey is available at Consultation | Six Mile Green – Redevelopment of brownfield land at the University of Wolverhampton Science Park until 1 August, 2025.

    An exhibition at University of Wolverhampton Science Park will also be running from Monday 28 July to Friday 1 August and a public drop-in event at the Science Park is being hosted by the project team on Wednesday 30 July between 4pm and 8pm.

    Once feedback from the consultation has been taken into consideration, a hybrid planning application will be submitted, comprising detailed plans for ground remediation, site clearance, service infrastructure and enabling works and outline plans for new buildings providing around 20,000sqm of mixed use commercial floorspace.

    If the plans are approved, then WM Investment Zone funding will be used to carry out preconstruction works by March 2027, which will support prospective developers by providing development ready sites for design and build construction.

    Councillor Chris Burden, City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, said: “The Green Innovation Corridor will drive the Green Industrial Revolution, building upon Wolverhampton’s sustainable construction, green credentials and circular economy for transformation that will create quality jobs for local people.

    “Bringing forward these designs for consultation is the next step towards our goal of securing the planning permission for Six Mile Green that will facilitate enabling works and ultimately attract developer interest.”

    Pete Cross, Chief Operating Officer, University of Wolverhampton said, “The University of Wolverhampton is proud to be a key partner in the Green Innovation Corridor, which will act as a catalyst for innovation, skills development, and economic prosperity.

    “We are working closely with our colleagues at the City of Wolverhampton Council to develop an exciting and ambitious business community that will drive growth in green technologies and advanced manufacturing, directly contributing to the net zero agenda and creating high value jobs for our communities.

    “The proposals outline the development of our existing sites across the Science Park, Springfield Campus and Six-Mile Green and we look forward to working with external investors and developers to put these plans into motion.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Mikhail Mishustin created a government commission to eliminate the consequences of the An-24 plane crash in Tynda

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    A government commission was created by order of Mikhail Mishustin to eliminate the consequences of the An-24 plane crash in the Amur Region. It is headed by Transport Minister Andrei Nikitin.

    The commission included the head of the Federal Air Transport Agency Dmitry Yadrov, the head of Rostransnadzor Viktor Gulin, the first deputy minister of finance Irina Okladnikova, the deputy head of the Ministry of Emergency Situations Viktor Yatsutsenko, the deputy head of the Ministry of Health Andrey Plutnitsky, the governor of the Amur Region Vasily Orlov, as well as representatives of the Ministry for the Development of the Russian Far East, the Ministry of Labor, the Ministry of Internal Affairs, and Rostrud.

    In the near future, on the instructions of Mikhail Mishustin, Andrei Nikitin and Dmitry Yadrov will fly to the crash site.

    On July 24 at 07:05 (Moscow time), while approaching to land at Tynda airport, the An-24 aircraft of Angara Airlines disappeared from radar. There were 42 passengers and 6 crew members on board. It was later established that the plane crashed several kilometers from Tynda airport.

    All emergency services have been deployed to eliminate the aftermath of the crash. Relatives of the victims will be provided with all necessary assistance. Work will also be carried out to pay the appropriate compensation. In connection with the disaster, the Russian Emergencies Ministry hotline is operating in Tynda: 8 (4162) 53–99–99.

    Rosaviatsia will work out the issue of transporting relatives of passengers of the crashed plane to Tynda on Russian airlines.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –

  • MIL-OSI Russia: New Horizons of Solutions: From Theory to Practice of Risk Management

    Translation. Region: Russian Federal

    Source: Peter the Great St. Petersburg Polytechnic University –

    An important disclaimer is at the bottom of this article.

    The Polytechnic University solemnly awarded the winners and prize-winners of the All-Russian student case championship “Risk Management: New Horizons for Solutions”. The organizers are the Higher School of Industrial Management of the Institute of Industrial Management, Economics and Trade and the consulting company “Trust Technologies”.

    Joint-Stock Company “Trust Technologies” provides audit and consulting services to corporate clients in various sectors of the economy. According to the RAEX rating agency, in 2025 the company entered the top five largest Russian participants in the audit and consulting services market.

    The case championship was attended by 56 students from St. Petersburg, Moscow, Yekaterinburg, Voronezh and Tambov. As part of 15 teams, the students solved cases dedicated to risk management issues related to an unstable external environment, technological risks, digitalization and sustainable development. The participants presented projects combining digital technologies, risk management methods and models, as well as forecasting tools in an uncertain environment.

    “The ability to manage risks in modern conditions is a critically important competency for any business. The level of the presented student projects, their depth of development and practical orientation are pleasing. Cooperation with the company “Trust Technologies”, a strong partner occupying a leading position in the audit and consulting services market, is very important for us. This creates a unique environment for cultivating young and in-demand specialists in the labor market, ready to get involved in solving real business problems of Russian companies,” said Olga Kalinina, Director of the Higher School of Industrial Management, at the opening of the final.

    The teams defended their solutions before an expert jury, which included representatives of the Trust Technologies company: Svetlana Kuzmenkova, Senior Manager of the Non-Financial Risk Group, Viktor Kosmachev, Senior Consultant of the Systemic Changes and Business Development Practice, Evgeniya Filyanina, Consultant of the Non-Financial Risk Group, as well as Associate Professors of the Higher School of Industrial Management of the IPMEiT Anna Timofeeva, Evgeny Makarenko and Elena Kiseleva.

    The best project solution was presented by the AllRisks team, which became the absolute winner of the championship. The team included Artem Rudenko (SPbGEU), Mikhail Borovkov (ITMO), Elizaveta Egorova and Polina Ivanova (SPbPU).

    The first place winner was the PonITech SPbPU team: Diana Yakimenko, Maria Belova, Maria Platonova and Vitaly Trofimov.

    The second place was taken by the Ratio team from the Peoples’ Friendship University of Russia named after Patrice Lumumba: Daria Dreval, Larisa Ordina, Elizaveta Kostyaeva and Veronika Vatrukhina.

    The third place went to the “Risk Hunters” – Valentina Fedorova, Anastasia Rusakova, Arina Katrina, Egor Bogdanov and Liana Pogosyan from SPbSUT.

    “We set a difficult task for the participants: to develop risk management solutions that not only take into account modern challenges, but also integrate digital tools for forecasting and management in conditions of uncertainty. As a result of the defenses, we saw non-standard approaches, a strong analytical background and a willingness to offer specific mechanisms that can be applied in practice. We are confident that for many students this championship will become a springboard to a successful career in business,” commented Evgeniya Filyanina, consultant of the non-financial risks group.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Li Qiang: As long as China and the EU faithfully uphold free trade, the world economy and trade remain dynamic

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Xinhua | 24.07.2025

    Keywords: China

    Source: Xinhua

    Li Qiang: As long as China and the EU faithfully uphold free trade, the world economy and trade will remain dynamic Li Qiang: As long as China and the EU faithfully uphold free trade, the world economy and trade will remain dynamic

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI: Aurora Mobile CEO Comments on Robinhood CEO’s Crypto Remarks

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, July 24, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today issued a statement from its CEO, Mr. Luo Weidong, commenting on recent remarks made by Vlad Tenev, the CEO of Robinhood Markets Inc., regarding the cryptocurrency space.

    In a recent earnings call and media interviews, Vlad Tenev expressed optimism about the future of crypto assets and its potential as a mainstream asset for diversification. He also mentioned the tokenization of companies (public or private) shares and/or options for possible future trading and transactional purposes.

    Mr. Luo Weidong of Aurora Mobile commented, “At Aurora Mobile, we closely monitor the developments in the financial technology and digital asset space. Vlad Tenev’s perspectives on the growing attractiveness of crypto assets align with the broader market trends we are observing. The growing acceptance of cryptocurrencies, particularly Bitcoin and Solana, as tools for diversification, is a sign of the evolving financial landscape.”

    While Aurora Mobile is not directly involved in the cryptocurrency trading space like Robinhood, the Company has been a pioneer in leveraging big data and artificial intelligence to provide valuable insights and solutions across multiple industries. “Our expertise lies in aggregating, cleansing, and analyzing vast amounts of real-time and anonymous mobile behavioral data at the device level. This data-driven approach allows us to offer actionable insights to our clients in sectors ranging from finance to retail,” Mr. Luo added.

    “Just as the cryptocurrency market is evolving, our services are designed to adapt to the dynamic needs of our clients. Transparency and providing users with valuable information, principles that Robinhood is emphasizing in the crypto space, are also core to our mission at Aurora Mobile,” Mr. Luo continued.

    Aurora Mobile has long been a trusted partner to many major internet companies and leading consumer brands. “We are committed to leveraging our technology and data capabilities to contribute to the digital transformation of businesses, much like the efforts in the cryptocurrency space to make digital assets more accessible and user-friendly,” concluded Mr. Luo.

    As the financial technology landscape continues to evolve, Aurora Mobile remains focused on innovating and providing solutions that meet the changing needs of its clients and the market at large.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    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. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, 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 but not limited to statements about Aurora Mobile’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: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI: Aurora Mobile CEO Comments on Robinhood CEO’s Crypto Remarks

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, July 24, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today issued a statement from its CEO, Mr. Luo Weidong, commenting on recent remarks made by Vlad Tenev, the CEO of Robinhood Markets Inc., regarding the cryptocurrency space.

    In a recent earnings call and media interviews, Vlad Tenev expressed optimism about the future of crypto assets and its potential as a mainstream asset for diversification. He also mentioned the tokenization of companies (public or private) shares and/or options for possible future trading and transactional purposes.

    Mr. Luo Weidong of Aurora Mobile commented, “At Aurora Mobile, we closely monitor the developments in the financial technology and digital asset space. Vlad Tenev’s perspectives on the growing attractiveness of crypto assets align with the broader market trends we are observing. The growing acceptance of cryptocurrencies, particularly Bitcoin and Solana, as tools for diversification, is a sign of the evolving financial landscape.”

    While Aurora Mobile is not directly involved in the cryptocurrency trading space like Robinhood, the Company has been a pioneer in leveraging big data and artificial intelligence to provide valuable insights and solutions across multiple industries. “Our expertise lies in aggregating, cleansing, and analyzing vast amounts of real-time and anonymous mobile behavioral data at the device level. This data-driven approach allows us to offer actionable insights to our clients in sectors ranging from finance to retail,” Mr. Luo added.

    “Just as the cryptocurrency market is evolving, our services are designed to adapt to the dynamic needs of our clients. Transparency and providing users with valuable information, principles that Robinhood is emphasizing in the crypto space, are also core to our mission at Aurora Mobile,” Mr. Luo continued.

    Aurora Mobile has long been a trusted partner to many major internet companies and leading consumer brands. “We are committed to leveraging our technology and data capabilities to contribute to the digital transformation of businesses, much like the efforts in the cryptocurrency space to make digital assets more accessible and user-friendly,” concluded Mr. Luo.

    As the financial technology landscape continues to evolve, Aurora Mobile remains focused on innovating and providing solutions that meet the changing needs of its clients and the market at large.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    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. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, 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 but not limited to statements about Aurora Mobile’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: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –