Economy – Page 658 – NewzIntel.com

MIL-OSI: Canoe EIT Income Fund Announces May 2025 Monthly Distribution and Quarterly Distribution on Preferred Units

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 05, 2025 (GLOBE NEWSWIRE) — Canoe EIT Income Fund (the “Fund”) (TSX – EIT.UN) announces the May 2025 monthly distribution of $0.10 per unit. Additionally, the Fund announces a quarterly distribution for preferred units. Cumulative Redeemable Series 1 (EIT.PR.A) and Series 2 Preferred (EIT.PR.B) unitholders will receive a distribution of $0.30 per unit. Unitholders of record on May 23, 2025, will receive distributions payable on June 13, 2025.

About Canoe EIT Income Fund
Canoe EIT Income Fund is one of Canada’s largest closed-end investment funds, designed to maximize monthly distributions and capital appreciation by investing in a broadly diversified portfolio of high quality securities. The Fund is listed on the TSX under the symbol EIT.UN, and is actively managed by Robert Taylor, Senior Vice President and Chief Investment Officer, Canoe Financial.

About Canoe Financial
Canoe Financial is one of Canada’s fastest growing independent mutual fund companies managing approximately $20.0 billion in assets across a diversified range of award-winning investment solutions. Founded in 2008, Canoe Financial is an employee-owned investment management firm focused on building financial wealth for Canadians. Canoe Financial has a significant presence across Canada, including offices in Calgary, Toronto and Montreal.

For further information, please contact:
Investor Relations
1–877–434–2796
www.canoefinancial.com
info@canoefinancial.com

Not for Distribution to U.S. Newswire Services or for Dissemination in the United States of America.

The Fund makes monthly distributions of an amount comprised in whole or in part of Return of Capital (ROC) of the net asset value per unit. A ROC reduces the amount of your original investment and may result in the return to you of the entire amount of your original investment. ROC that is not reinvested will reduce the net asset value of the fund, which could reduce the fund’s ability to generate future income. You should not draw any conclusions about the fund’s investment performance from the amount of this distribution.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the information filed about the fund on www.sedar.com before investing. Investment funds are not guaranteed and past performance may not be repeated.

This communication is not to be construed as a public offering to sell, or a solicitation of an offer to buy securities. Such an offer can only be made by way of a prospectus or other applicable offering document and should be read carefully before making any investment. This release is for information purposes only. Investors should consult their Investment Advisor for details and risk factors regarding specific strategies and various investment products.

The MIL Network –

May 6, 2025

MIL-OSI: Archrock Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 05, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today reported results for the first quarter 2025.

First Quarter 2025 and Recent Highlights

Revenue for the first quarter of 2025 was $347.2 million compared to $268.5 million in the first quarter of 2024.
Net income for the first quarter of 2025 was $70.9 million and EPS was $0.40, compared to $40.5 million and $0.26, respectively, in the first quarter of 2024.
Adjusted net income (a non-GAAP measure defined below) for the first quarter of 2025 was $74.5 million and adjusted EPS (a non-GAAP measure defined below) was $0.42, compared to $40.5 million and $0.26, respectively, in the first quarter of 2024.
Adjusted EBITDA (a non-GAAP measure defined below) for the first quarter of 2025 was $197.8 million compared to $131.0 million in the first quarter of 2024.
Announced acquisition of Natural Gas Compression Systems, Inc. (“NGCSI”) and NGCSE, Inc. (“NGCSE”) (collectively “NGCS”), which closed on May 1, 2025.
Declared a quarterly dividend of $0.19 per common share for the first quarter of 2025, approximately 15% higher compared to the first quarter of 2024, resulting in dividend coverage of 3.9x.
Raised full-year 2025 Adjusted EBITDA guidance to a range of $790 to $830 million.

Management Commentary and Outlook

“Our outstanding first quarter results were driven by solid execution and our operational transformation from prior and ongoing investments in our high-quality asset base and innovative processes and technology,” said Brad Childers, Archrock’s President and Chief Executive Officer. “We maintained record equipment utilization and, excluding asset sales, grew our operating fleet by over 70,000 horsepower. In addition, we delivered outstanding profitability in both business segments and maintained our sector-leading balance sheet, including a leverage ratio of 3.2x.

“Our excellent underlying business performance and financial strength have positioned us to participate in value-creating industry consolidation. The integration of Total Operations and Production Services is progressing as planned and during the first quarter, we also announced the strategic acquisition of NGCS. The addition of complementary, large horsepower and electric compression assets further enhances our earnings power and position as a premier provider of natural gas compression services.

“We believe our production-oriented business, high-graded operation and outstanding financial position provide us with differentiated cash flow stability. These factors, combined with our robust and committed backlog, give us good visibility into our outlook this coming year, even in the face of macroeconomic uncertainty.

“We are committed to our prudent and returns-based capital allocation approach. Our cash available for dividend coverage remains over 3.0x, we’ve repurchased approximately 977,000 shares totaling $22.7 million during 2025 and the Board of Directors approved an increase in the Company’s share repurchase program by an additional $50 million. We believe the growth in global natural gas demand continues to support infrastructure investment in the U.S., but we are prepared to take decisive action should production growth decelerate,” concluded Childers.

First Quarter 2025 Financial Results

Archrock’s first quarter 2025 net income of $70.9 million included transaction-related costs totaling $3.9 million, a non-cash long-lived and other asset impairment of $1.0 million, and restructuring charges of $0.7 million. Archrock’s first quarter 2024 net income of $40.5 million included a non-cash long-lived and other asset impairment of $2.6 million.

Adjusted EBITDA for the first quarter of 2025 and 2024 included $7.3 million and $2.4 million, respectively, in net gains related to the sale of compression and other assets.

Contract Operations

For the first quarter of 2025, contract operations segment revenue totaled $300.4 million, an increase of 35% compared to $223.1 million in the first quarter of 2024. Adjusted gross margin for the first quarter of 2025 was $210.6 million, up 45% from $145.3 million in the first quarter of 2024. Adjusted gross margin percentage for the first quarter of 2025 was 70%, compared to 65% in the first quarter of 2024. Total operating horsepower at the end of the first quarter of 2025 was 4.3 million, compared to 3.6 million at the end of the first quarter of 2024. Utilization at the end of the first quarter of 2025 was 96%, compared to 95% at the end of the first quarter of 2024.

Aftermarket Services

For the first quarter of 2025, aftermarket services segment revenue totaled $46.8 million, compared to $45.4 million in the first quarter of 2024. Adjusted gross margin for the first quarter of 2025 was $11.5 million, compared to $10.4 million in the first quarter of 2024. Adjusted gross margin percentage for the first quarter of 2025 was 25%, compared to 23% for the first quarter of 2024.

Balance Sheet

Long-term debt was $2.3 billion and our available liquidity totaled $589.9 million at March 31, 2025. Our leverage ratio was 3.2x as of both March 31, 2025 and 2024.

Shareholder Returns

Quarterly Dividend

Our Board of Directors recently declared a quarterly dividend of $0.19 per share of common stock, or $0.76 per share on an annualized basis. Dividend coverage in the first quarter of 2025 was 3.9x. The first quarter 2025 dividend will be paid on May 13, 2025 to stockholders of record at the close of business on May 6, 2025.

Share Repurchase Program

Year to date through May 1, 2025, Archrock repurchased 977,218 common shares at an average price of $23.22 per share, for an aggregate of approximately $22.7 million. Since April 2023, the Company has repurchased 2,460,418 common shares at an average price of $18.24 per share for an aggregate of $44.9 million.

The Board of Directors approved an increase in the Company’s share repurchase program by an additional $50 million through April 27, 2026, resulting in available capacity of $65.2 million as of May 1, 2025.

Updated 2025 Annual Guidance

Archrock is providing revised guidance for the full year 2025. The full-year 2025 guidance below incorporates eight months of the financial impact of the NGCS acquisition that closed on May 1, 2025.

(in thousands, except percentages, per share amounts, and ratios)

	Full Year 2025 Guidance
	Low			High
Net income^{(1) (2)}	$	245,000		$	285,000
Adjusted EBITDA⁽³⁾		790,000			830,000
Cash available for dividend⁽^{4) (5)}		480,000			495,000

Segment
Contract operations revenue	$	1,260,000		$	1,290,000
Contract operations adjusted gross margin percentage		69	%		71	%
Aftermarket services revenue	$	190,000		$	210,000
Aftermarket services adjusted gross margin percentage		22	%		24	%

Selling, general and administrative	$	149,000		$	144,000

Capital expenditures
Growth capital expenditures	$	330,000		$	370,000
Maintenance capital expenditures		110,000			120,000
Other capital expenditures		35,000			50,000

_______________⁽¹⁾2025 annual guidance for net income includes $1.0 million of long-lived and other asset impairment as of March 31, 2025, but does not include the impact of any such future costs, because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾Reflects an estimate of expenses incurred related to the acquisitions of Total Operations and Production Services, LLC (“TOPS”) and NGCS.
⁽³⁾Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

Summary Metrics
(in thousands, except percentages, per share amounts and ratios)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Adjusted net income ⁽¹⁾	$	74,484		$	61,533		$	40,532
Adjusted EBITDA ⁽¹⁾	$	197,845		$	183,844		$	131,024

Contract operations revenue	$	300,397		$	286,466		$	223,051
Contract operations adjusted gross margin	$	210,598		$	200,245		$	145,308
Contract operations adjusted gross margin percentage		70	%		70	%		65	%

Aftermarket services revenue	$	46,766		$	39,950		$	45,437
Aftermarket services adjusted gross margin	$	11,509		$	9,054		$	10,437
Aftermarket services adjusted gross margin percentage		25	%		23	%		23	%

Selling, general, and administrative	$	37,207		$	42,234		$	31,665

Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Cash available for dividend⁽¹⁾	$	132,247		$	118,089		$	82,026
Cash available for dividend coverage ⁽²⁾		3.9	x		3.5	x		3.2	x

Adjusted free cash flow ⁽¹⁾	$	(48,403	)	$	68,945		$	51,779
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

Total available horsepower (at period end) ⁽³⁾		4,461			4,401			3,780
Total operating horsepower (at period end) ⁽⁴⁾		4,283			4,227			3,593
Horsepower utilization spot (at period end) ⁽⁵⁾		96	%		96	%		95	%

_______________⁽¹⁾Management believes adjusted net income, adjusted EBITDA, cash available for dividend, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾Defined as cash available for dividend divided by dividends declared for the period.
⁽³⁾Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽⁴⁾Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁵⁾Defined as total available horsepower divided by total operating horsepower at period end.

Conference Call Details

Archrock will host a conference call on May 6, 2025, to discuss first quarter 2025 financial results. The call will begin at 10:30 a.m. Eastern Time.

To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States or 1 (646) 307-1963 for international calls. The access code is 4749623.

A replay of the webcast will be available on Archrock’s website for 90 days following the event.

Adjusted net income, a non-GAAP measure, is defined as net income (loss) excluding restructuring charges and transaction-related costs adjusted for income taxes. A reconciliation of net income to adjusted net income, the most directly comparable GAAP measure, and a reconciliation of basic and diluted earnings per common share to adjusted earnings per share, the most directly comparable GAAP measure, appear below.

Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items. A reconciliation of net income to adjusted EBITDA, the most directly comparable GAAP measure, and a reconciliation of our full year 2025 net income to adjusted EBITDA guidance appear below.

Adjusted gross margin, a non-GAAP measure, is defined as revenue less cost of sales, exclusive of depreciation and amortization. Adjusted gross margin percentage, a non-GAAP measure, is defined as adjusted gross margin divided by revenue. A reconciliation of net income to adjusted gross margin, the most directly comparable GAAP measure, and a reconciliation of gross margin to adjusted gross margin and adjusted gross margin percentage appear below.

Cash available for dividend, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items, less maintenance capital expenditures, other capital expenditures, cash taxes and cash interest expense. Reconciliations of net income to cash available for dividend and net income to net cash provided by operating activities, the most directly comparable GAAP measures, and a reconciliation of our full year 2025 net income to cash available for dividend guidance appear below.

Adjusted free cash flow, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities. A reconciliation of net cash provided by operating activities to adjusted free cash flow, the most directly comparable GAAP measure, appears below.

Adjusted free cash flow after dividend, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities less dividends paid to stockholders. A reconciliation of net cash provided by operating activities to adjusted free cash flow after dividend, the most directly comparable GAAP measure, appears below.

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICA, visit www.archrock.com.

Forward–Looking Statements

All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock. Forward-looking information includes, but is not limited to statements regarding: guidance or estimates related to Archrock’s results of operations or of financial condition; fundamentals of Archrock’s industry, including the attractiveness of returns and valuation, stability of cash flows, demand dynamics and overall outlook, and Archrock’s ability to realize the benefits thereof; Archrock’s expectations regarding future economic, geopolitical and market conditions and trends; Archrock’s operational and financial strategies, including planned growth, coverage and leverage reduction strategies, Archrock’s ability to successfully effect those strategies, and the expected results therefrom; Archrock’s financial and operational outlook; demand and growth opportunities for Archrock’s services; structural and process improvement initiatives, the expected timing thereof, Archrock’s ability to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by Archrock’s size; statements regarding Archrock’s dividend policy; the expected benefits of the TOPS Acquisition, including its expected accretion and the expected impact on Archrock’s leverage ratio; and plans and objectives of management for future operations.

While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: inability to achieve the expected benefits of the NGCS acquisition and difficulties in integrating NGCS; risks of acquisitions or mergers, including the NGCS acquisition, to reduce our ability to make distributions to our common stockholders; risks related to macroeconomic conditions, including an increase in inflation and trade tensions; pandemics and other public health crises; ongoing international conflicts and tensions; risks related to our operations; competitive pressures; risks of acquisitions to reduce our ability to make distributions to our common stockholders; inability to make acquisitions on economically acceptable terms; uncertainty to pay dividends in the future; risks related to a substantial amount of debt and our debt agreements; inability to access the capital and credit markets or borrow on affordable terms to obtain additional capital; inability to fund purchases of additional compression equipment; vulnerability to interest rate increases; erosion of the financial condition of our customers; risks related to the loss of our most significant customers; uncertainty of the renewals for our contract operations service agreements; risks related to losing management or operational personnel; dependence on particular suppliers and vulnerability to product shortages and price increases; information technology and cybersecurity risks; tax-related risks; legal and regulatory risks, including climate-related and environmental, social and governance risks.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2024, Archrock’s Quarterly Reports on Form 10-Q and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE: Archrock, Inc.

For information, contact:

Megan Repine
VP of Investor Relations
281-836-8360
investor.relations@archrock.com

Archrock, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share amounts)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Revenue:
Contract operations	$	300,397		$	286,466		$	223,051
Aftermarket services		46,766			39,950			45,437
Total revenue		347,163			326,416			268,488

Cost of sales, exclusive of depreciation and amortization
Contract operations		89,799			86,221			77,743
Aftermarket services		35,257			30,896			35,000
Total cost of sales, exclusive of depreciation and amortization		125,056			117,117			112,743

Selling, general and administrative		37,207			42,234			31,665
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Gain on sale of assets, net		(7,335	)		(12,712	)		(2,381	)
Other (income) expense, net		(684	)		1,598			139
Income before income taxes		91,986			78,362			53,585
Provision for income taxes		21,136			18,604			13,053
Net income	$	70,850		$	59,758		$	40,532

Basic and diluted net income per common share ⁽¹⁾	$	0.40		$	0.34		$	0.26

Weighted-average common shares outstanding:
Basic		174,014			173,451			154,187
Diluted		174,371			173,848			154,501

_______________
⁽¹⁾Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc. Unaudited Supplemental Information (in thousands, except percentages, per share amounts and ratios)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Revenue:
Contract operations	$	300,397		$	286,466		$	223,051
Aftermarket services		46,766			39,950			45,437
Total revenue	$	347,163		$	326,416		$	268,488

Adjusted gross margin:
Contract operations	$	210,598		$	200,245		$	145,308
Aftermarket services		11,509			9,054			10,437
Total adjusted gross margin ⁽¹⁾	$	222,107		$	209,299		$	155,745

Adjusted gross margin percentage:
Contract operations		70	%		70	%		65	%
Aftermarket services		25	%		23	%		23	%
Total adjusted gross margin percentage ⁽¹⁾		64	%		64	%		58	%

Selling, general and administrative	$	37,207		$	42,234		$	31,665
% of revenue		11	%		13	%		12	%

Adjusted EBITDA ⁽¹⁾	$	197,845		$	183,844		$	131,024
% of revenue		57	%		56	%		49	%

Capital expenditures	$	168,140		$	97,988		$	99,755
Proceeds from sale of property, plant and equipment and other assets		(2,904	)		(43,387	)		(13,844	)
Net capital expenditures	$	165,236		$	54,601		$	85,911

Total available horsepower (at period end) ⁽²⁾		4,461			4,401			3,780
Total operating horsepower (at period end) ⁽³⁾		4,283			4,227			3,593
Average operating horsepower		4,254			4,205			3,606
Horsepower utilization:
Spot (at period end) ⁽⁴⁾		96	%		96	%		95	%
Average ⁽⁴⁾		96	%		95	%		96	%

Dividend declared for the period per share	$	0.190		$	0.190		$	0.165
Dividend declared for the period to all stockholders	$	33,758		$	33,487		$	25,978
Cash available for dividend coverage ⁽⁵⁾		3.9	x		3.5	x		3.2	x

Adjusted free cash flow ⁽¹⁾	$	(48,403	)	$	68,945		$	51,779
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

_______________⁽¹⁾Management believes adjusted gross margin, adjusted EBITDA, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽³⁾Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁴⁾Defined as total available horsepower divided by total operating horsepower at period end (spot) or over time (average).
⁽⁵⁾Defined as cash available for dividend divided by dividends declared for the period.

	March 31,		December 31,		March 31,
	2025		2024		2024
Balance Sheet
Long-term debt ⁽¹⁾	$	2,297,767	$	2,198,376	$	1,566,566
Total equity		1,349,983		1,323,531		882,080

_______________
⁽¹⁾Carrying values are shown net of unamortized premium and deferred financing costs.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted Net Income and Earnings Per Share to Adjusted Earnings Per Share (in thousands, except per share amounts)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Restructuring charges		665			—			—
Transaction-related costs		3,935			2,247			—
Tax effect of adjustments ⁽¹⁾		(966	)		(472	)		—
Adjusted net income ⁽²⁾	$	74,484		$	61,533		$	40,532

Weighted-average common shares outstanding used in diluted earnings per common share		174,371			173,451			154,401

Basic and diluted earnings per common share ⁽³⁾	$	0.40		$	0.34		$	0.26
Restructuring charges per share		0.00			—			—
Transaction-related costs per share		0.03			0.01			—
Tax effect of adjustments per share		(0.01	)		(0.00	)		—
Adjusted earnings per share ⁽²⁾	$	0.42		$	0.35		$	0.26

_______________
⁽¹⁾Represents tax effect of restructuring charges and transaction-related costs based on statutory tax rate.
⁽²⁾Management believes adjusted net income and adjusted earnings per share provides useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review our current period operating performance, comparability measure and performance measure for period-to-period comparisons without burdened earnings and earnings per share for non-recurring transactional costs.
⁽³⁾Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted EBITDA and Adjusted Gross Margin (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Unrealized change in fair value of investment in unconsolidated affiliate		—			1,484			—
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Stock-based compensation expense		4,027			3,431			3,964
Amortization of capitalized implementation costs		762			750			738
Indemnification expense, net		137			—			—
Provision for income taxes		21,136			18,604			13,053
Adjusted EBITDA ⁽¹⁾		197,845			183,844			131,024
Selling, general and administrative		37,207			42,234			31,665
Stock-based compensation expense		(4,027	)		(3,431	)		(3,964	)
Amortization of capitalized implementation costs		(762	)		(750	)		(738	)
Gain on sale of assets, net		(7,335	)		(12,712	)		(2,381	)
Other (income) expense, net		(684	)		1,598			139
Adjusted gross margin ⁽¹⁾	$	222,107		$	209,299		$	155,745

_______________
⁽¹⁾Management believes adjusted EBITDA and adjusted gross margin provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Total Revenue to Adjusted Gross Margin and Adjusted Gross Margin Percentage (in thousands)

	Three Months Ended
	March 31,					December 31,					March 31,
	2025					2024					2024
Total revenues	$	347,163				$	326,416				$	268,488
Cost of sales, exclusive of depreciation and amortization		(125,056	)				(117,117	)				(112,743	)
Depreciation and amortization		(57,620	)				(58,129	)				(42,835	)
Gross margin and gross margin percentage		164,487		47	%		151,170		46	%		112,910		42	%
Depreciation and amortization		57,620					58,129					42,835
Adjusted gross margin and adjusted gross margin percentage ⁽¹⁾	$	222,107		64	%	$	209,299		64	%	$	155,745		58	%

_______________
⁽¹⁾Management believes adjusted gross margin and adjusted gross margin percentage provide useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Unrealized change in fair value of investment in unconsolidated affiliate		—			1,484			—
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Stock-based compensation expense		4,027			3,431			3,964
Amortization of capitalized implementation costs		762			750			738
Indemnification expense, net		137			—			—
Provision for income taxes		21,136			18,604			13,053
Adjusted EBITDA ⁽¹⁾		197,845			183,844			131,024
Less: Maintenance capital expenditures		(22,753	)		(21,623	)		(19,525	)
Less: Other capital expenditures		(6,019	)		(7,023	)		(2,920	)
Less: Cash tax (payment) refund		(92	)		134			89
Less: Cash interest expense		(36,734	)		(37,243	)		(26,642	)
Cash available for dividend ⁽²⁾	$	132,247		$	118,089		$	82,026

_______________⁽¹⁾Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽²⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Cash Provided by Operating Activities to Cash Available for Dividend (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Inventory write-downs		(188	)		18			(199	)
Provision for credit losses		(156	)		(286	)		75
Gain on sale of assets, net		7,335			12,712			2,381
Current income tax provision		1,182			997			593
Cash tax (payment) refund		(92	)		134			89
Amortization of operating lease ROU assets		(1,204	)		(1,063	)		(947	)
Amortization of contract costs		(5,889	)		(6,106	)		(5,768	)
Deferred revenue recognized in earnings		3,746			5,294			2,859
Indemnification expense, net		137			—			—
Cash restructuring charges		665			—			—
Cash transaction-related costs		3,935			2,247			—
Time-based cash or equity settled units settled as equity		(1,756	)		—			—
Changes in assets and liabilities		37,676			8,450			(32,314	)
Maintenance capital expenditures		(22,753	)		(21,623	)		(19,525	)
Other capital expenditures		(6,019	)		(7,023	)		(2,920	)
Cash available for dividend ⁽¹⁾	$	132,247		$	118,089		$	82,026

_______________
⁽¹⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Cash Provided By Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow After Dividend (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Net cash used in investing activities		(164,031	)		(55,393	)		(85,923	)
Adjusted free cash flow ⁽¹⁾		(48,403	)		68,945			51,779
Dividends paid to stockholders		(34,185	)		(30,690	)		(26,000	)
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

_______________
⁽¹⁾Management believes adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend Guidance (in thousands)

	Annual Guidance Range
	2025
	Low			High
Net income ⁽¹⁾	$	245,000		$	285,000
Interest expense		165,000			165,000
Provision for income taxes		98,000			98,000
Depreciation and amortization		248,000			248,000
Stock-based compensation expense		18,000			18,000
Long-lived and other asset impairment		1,000			1,000
Amortization of capitalized implementation costs		4,000			4,000
Transaction-related costs ⁽²⁾		10,000			10,000
Restructuring charges		1,000			1,000
Adjusted EBITDA ⁽³⁾		790,000			830,000
Less: Maintenance capital expenditures		(110,000	)		(120,000	)
Less: Other capital expenditures		(35,000	)		(50,000	)
Less: Cash tax expense		(5,000	)		(5,000	)
Less: Cash interest expense		(160,000	)		(160,000	)
Cash available for dividend ⁽⁴⁾⁽⁵⁾	$	480,000		$	495,000

_______________⁽¹⁾2025 annual guidance for net income includes $1.0 million of long-lived and other asset impairment as of March 31, 2025, but does not include the impact of any such future costs, because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact Adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾Reflects an estimate of expenses to be incurred related to the TOPS and NGCS acquisitions.
⁽³⁾Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

The MIL Network –

May 6, 2025

MIL-OSI USA: Cortez Masto, Smith, Rounds Push Bipartisan Legislation to Increase Access to Affordable Housing in Rural Communities

US Senate News:

Source: United States Senator for Nevada Cortez Masto
Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) joined Senators Tina Smith (D-Minn.) and Mike Rounds (R-S.D.) on bipartisan legislation to improve federal rural housing programs and strengthen the supply of affordable housing in rural America. The Rural Housing Service Reform Act would represent the most significant Rural Housing Service reforms in decades.
“Working families in Silver State should have access to secure, affordable housing no matter where they live,” said Senator Cortez Masto. “This bipartisan legislation would provide vital resources to improve access to affordable housing in our rural communities, from Elko to Ely.”
The Rural Housing Service expands housing opportunities by offering loans, grants, and rental assistance to rural communities across the country. Rural parts of the country saw only a 1.7% increase in the number of housing units between 2010 and 2020, with almost half of states seeing a decrease in the number of rural units. At the same time, homelessness in rural counties is currently increasing.
The Rural Housing Service Reform Act would improve and build upon a number of U.S. Department of Agriculture (USDA) rural housing programs. Specifically, the bill would:
Fix a longstanding problem for properties, known as Sec. 515 properties, that were financed by the USDA decades ago and now have maturing mortgages, by making it easier for non-profits to acquire those properties and by decoupling rental assistance so that assistance doesn’t disappear when those mortgages mature;
Make permanent a USDA pilot program to make mortgage loans available in Native communities by partnering with local Community Development Financial Institutions (CDFI), lenders designed to provide financing and support to underserved communities;
Bring the USDA’s outdated way of measuring incomes in line with the U.S. Department of Housing and Urban Development’s practices;
Modernize the USDA’s foreclosure process to cut red tape, better protect homeowners, and ensure USDA-owned properties stay affordable;
Update the rules for the home repair loan program to make it less burdensome to get smaller loans;
Require USDA to speed up their loan approval process;
And make much-needed investments in IT so that USDA can process loans more quickly and with less staff time wasted on paperwork or manual data entry.
This legislation has been endorsed by the National Rural Housing Coalition, Local Initiatives Support Corporation, Housing Assistance Council, Enterprise Community Partners, Mortgage Bankers Association, Council of State Community Development Agencies, Habitat for Humanity International, National Housing Law Project, AARP, Council for Affordable and Rural Housing, Bipartisan Policy Center Action, and the National Association of Counties.
Supportive statements from endorsing organizations can be found here. The full text of the bill can be accessed here.
Senator Cortez Masto is a champion for Nevada’s rural communities, working across the aisle to deliver for families. She ensured rural Nevada communities have better access to federal funds and services through the Rural Partners Network. In the Bipartisan Infrastructure Law, she secured funding for rural schools and over $460 million for broadband. She also made sure the law included her legislation to help rural counties with internet access at local schools and streamline federal broadband funding to improve internet access for rural areas. She’s also introduced legislation to provide funds for homeowners to disaster-proof their houses, including by fireproofing, which is particularly important in rural and remote communities. Recently, she reintroduced the HOME and PRICE Acts to increase the supply of and access to affordable housing.

MIL OSI USA News –

May 6, 2025

MIL-OSI: Fold Holdings Appoints Matthew McManus as Chief Operating Officer

Source: GlobeNewswire (MIL-OSI)

PHOENIX, May 05, 2025 (GLOBE NEWSWIRE) — Fold Holdings, Inc. (NASDAQ: FLD) (“Fold” or the “Company”), the first publicly traded bitcoin financial services company, announces the appointment of Matthew McManus as Chief Operating Officer, effective April 21, 2025.

In his new role, Mr. McManus will spearhead Fold’s operational strategy, partnering closely with senior leadership to accelerate growth, optimize performance, and solidify the Company’s leadership position at the forefront of the bitcoin financial revolution.

Matthew brings extensive experience to Fold, having previously served as Chief Product Officer at Unchained Capital, Inc., where he led product strategy, development, and execution. Prior to his tenure at Unchained Capital, Mr. McManus held key roles helping globally recognized brands including Twitter, Capital One, PBS & PBS KIDS, National Geographic, and Marriott. He holds a Bachelor of Science in Information Science, Systems, and Technology from Cornell University’s College of Engineering. His technical foundation, deep domain expertise and proven experience scaling high-performing teams, aligns strongly with Fold’s strategic vision for 2025 and beyond.

“We are excited to welcome Matthew to Fold as our new Chief Operating Officer,” said Will Reeves, CEO of Fold. “He brings exactly the kind of leadership Fold needs. His experience driving operational excellence and innovation within fintech will be instrumental as we continue to expand our footprint and empower consumers through accessible bitcoin solutions.”

For more information about Fold and its innovative bitcoin financial services, please visit FoldApp.com.

About Fold
Fold (NASDAQ: FLD) is the first publicly traded bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use bitcoin. With over 1,485 BTC in its treasury, Fold is at the forefront of integrating bitcoin into everyday financial experiences. Through innovative products like the Fold App and Fold Card, the company is building the bridge between traditional finance and the bitcoin-powered future.

For investor inquiries, please contact:
Orange Group
Samir Jain, CFA
FoldIR@orangegroupadvisors.com

For media inquiries, please contact:
Elev8 New Media
Jessica Starman, MBA
media@foldapp.com

The MIL Network –

May 6, 2025

MIL-OSI: SiriusPoint reports tenth consecutive quarter of underwriting profits and strong net income of $58m

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its first quarter ended March 31, 2025

Combined ratio of 95.4% in the first quarter for Core business with underwriting income of $29 million
Net premiums written growth of 20%, outpacing gross premiums written growth of 12% in the quarter for Core business, with strong growth from Insurance & Services
First quarter return on equity of 12.9%, within 12-15% ‘across the cycle’ return on equity target range
$59 million net impact from California Wildfires in the quarter, below guided range from the fourth quarter
Book value per diluted common share (ex. AOCI) of $15.15, up 3.5% in the quarter. Balance sheet remains strong with Q1’25 BSCR estimate at 227%
During the quarter, AM Best and Fitch affirmed our ratings and revised our outlook to Positive from Stable

Scott Egan, Chief Executive Officer, said: “2025 has got off to a strong start. Our aim to deliver stable and consistent earnings can be seen with our first quarter return on equity of 12.9%, well within our 12-15% target range as our diverse portfolio performed well against the backdrop of elevated natural catastrophe losses.

Our growth momentum continues, with Core gross premiums written growing by 12% in the quarter, while net premiums written increased at a faster pace of 20%, as we seek to retain a greater proportion of our increasingly profitable book. The Core underwriting result saw improvements across multiple fronts, with the attritional loss ratio, acquisition cost ratio, and underwriting expense ratios all decreasing and contributing to a 3.0 point reduction in total across these areas.

Our earnings per share of $0.49 was flat to prior year despite lower net income, demonstrating the significant accretion benefits now being derived from the previously announced share repurchases. Our strong earnings resulted in an increase to book value of 5% in the quarter.

Our focus will be to maintain this momentum and continue to deliver and improve throughout 2025. We are pleased to see our outlook move to Positive from Stable this year for both AM Best and Fitch. These are important proof points of our progress.”

First Quarter 2025 Highlights

Net income attributable to SiriusPoint common shareholders of $57.6 million, or $0.49 per diluted common share
Core income of $47.4 million, including underwriting income of $28.5 million, Core combined ratio of 95.4%
Core net services fee income of $19.0 million, with service margin of 30.6%
Net investment income of $71.2 million and total investment result of $70.9 million
Book value per diluted common share increased $0.77 per share, or 5.3%, from December 31, 2024 to $15.37
Annualized return on average common equity of 12.9%

Key Financial Metrics

The following table shows certain key financial metrics for the three months ended March 31, 2025 and 2024:

		2025			2024
	($ in millions, except for per share data and ratios)
Combined ratio		91.4	%		84.9	%
Core underwriting income (1)	$	28.5		$	44.3
Core net services income (1)	$	18.9		$	18.1
Core income (1)	$	47.4		$	62.4
Core combined ratio (1)		95.4	%		91.4	%
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders		12.9	%		15.4	%
Book value per common share (2)	$	15.73		$	14.92
Book value per diluted common share (2)	$	15.37		$	14.60
Book value per diluted common share ex. AOCI (1) (2)	$	15.15		$	14.64
Tangible book value per diluted common share (1) (2)	$	14.21		$	13.42

(1)

Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”

(2)

Prior year comparatives represent amounts as of December 31, 2024.

First Quarter 2025 Summary

Consolidated underwriting income for the three months ended March 31, 2025 was $54.1 million compared to $89.6 million for the three months ended March 31, 2024. The decrease was primarily driven by increased catastrophe losses from the California wildfires, partially offset by increased favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, and in A&H, due to lower than expected reported attritional losses.

Reportable Segments

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core Premium Volume

Gross premiums written increased by $109.2 million, or 12.4%, to $989.9 million for the three months ended March 31, 2025 compared to $880.7 million for the three months ended March 31, 2024. Net premiums earned increased by $108.0 million, or 20.9%, to $625.8 million for the three months ended March 31, 2025 compared to $517.8 million for the three months ended March 31, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including growth across A&H, expansion of Surety within our Other Specialties business line and continued strategic organic and new program growth in our international business.

Core Results

Core results for the three months ended March 31, 2025 included income of $47.4 million compared to $62.4 million for the three months ended March 31, 2024. Income for the three months ended March 31, 2025 consists of underwriting income of $28.5 million (95.4% combined ratio) and net services income of $18.9 million, compared to underwriting income of $44.3 million (91.4% combined ratio) and net services income of $18.1 million for the three months ended March 31, 2024. The decrease in net underwriting results was primarily driven by increased catastrophe losses, partially offset by increased favorable development and lower attritional losses.

Catastrophe losses for the three months ended March 31, 2025 were $67.9 million, or 10.9 percentage points on the combined ratio, primarily from the California wildfires, compared to minimal losses for the three months ended March 31, 2024. Losses incurred included $34.3 million of favorable prior year loss reserve development for the three months ended March 31, 2025 primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, as well as favorable development in A&H, due to lower than expected reported attritional losses, compared to $8.0 million for the three months ended March 31, 2024 driven by decreased ultimate losses in the Credit reinsurance portfolio.

Net services income remained stable for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 30.6% for the three months ended March 31, 2025 from 30.1% for the three months ended March 31, 2024.

Reinsurance Segment

Reinsurance gross premiums written were $354.8 million for the three months ended March 31, 2025, an decrease of $1.6 million, or 0.4%, compared to the three months ended March 31, 2024, primarily driven by reduced premiums written in Casualty reflecting underwriting actions to improve profitability, partially offset by increased reinstatement premiums of $8.9 million related to our Property Catastrophe business.

Reinsurance generated underwriting income of $8.4 million (97.1% combined ratio) for the three months ended March 31, 2025, compared to underwriting income of $39.9 million (84.2% combined ratio) for the three months ended March 31, 2024. The decrease in net underwriting results was primarily driven by increased catastrophe losses of $63.1 million, or 21.8 percentage points on the combined ratio, primarily from the California wildfires, compared to minimal losses for the three months ended March 31, 2024. This was partially offset by increased favorable prior year loss reserve development of $31.8 million for the three months ended March 31, 2025 primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, compared to $10.3 million for the three months ended March 31, 2024 primarily driven by decreased ultimate losses in the Credit reinsurance portfolio.

Insurance & Services Segment

Insurance & Services gross premiums written were $635.1 million for the three months ended March 31, 2025, an increase of $110.8 million, or 21.1%, compared to the three months ended March 31, 2024, primarily driven by growth across A&H, expansion of Surety within our Other Specialties business line and continued strategic organic and new program growth in our international business.

Insurance & Services generated segment income of $39.0 million for the three months ended March 31, 2025, compared to $22.5 million for the three months ended March 31, 2024. Segment income for the three months ended March 31, 2025 consists of underwriting income of $20.1 million (94.0% combined ratio) and net services income of $18.9 million, compared to underwriting income of $4.4 million (98.4% combined ratio) and net services income of $18.1 million for the three months ended March 31, 2024. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, as well as net favorable prior year loss reserve development of $2.5 million for the three months ended March 31, 2025, mainly in A&H, compared to net adverse prior year loss reserve development of $2.3 million for the three months ended March 31, 2024.

Investments

Net investment income and net realized and unrealized investment gains (losses) for the three months ended March 31, 2025 and 2024 were mainly driven by interest income of $63.4 million and $76.9 million, respectively, on our debt securities and short-term investments. The decrease is driven by a lower asset base as of March 31, 2025 after executing various share repurchase transactions in 2024 and 2025.

Webcast Details

The Company will hold a webcast to discuss its first quarter 2025 results at 8:30 a.m. Eastern Time on May 6, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. first quarter 2025 earnings call.

The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the current insurtech market trends, our ability to generate shareholder value, and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including wildfires, and increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; global economic uncertainty caused by the imposition and/or announcement of tariffs imposed on the import of certain goods into the U.S. from various countries which may have unpredictable consequences including, but not limited to, inflation or trade wars, potential impact on the Company’s credit and mortgage business and potential increase in credit spread which could impact the Company’s short-term capital and liquidity; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures and Other Financial Metrics

In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

About the Company

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.7 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge – Investor Relations and Strategy Manager
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082

Media
Natalie King – Global Head of Marketing and External Communications
Natalie.King@siriuspt.com
+ 44 770 728 8817


SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of March 31, 2025 and December 31, 2024 (expressed in millions of U.S. dollars, except per share and share amounts)

	March 31, 2025		December 31, 2024
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2024 – $1.1) (cost – $4,617.0; 2024 – $5,143.8)	$	4,635.2	$	5,131.0
Debt securities, trading, at fair value (cost – $140.9; 2024 – $187.3)		117.6		162.2
Short-term investments, at fair value (cost – $48.2; 2024 – $95.3)		48.2		95.8
Other long-term investments, at fair value (cost – $437.9; 2024 – $438.2) (includes related party investments at fair value of $220.1 (2024 – $217.2))		317.7		316.5
Total investments		5,118.7		5,705.5
Cash and cash equivalents		740.3		682.0
Restricted cash and cash equivalents		184.9		212.6
Due from brokers		18.8		11.2
Interest and dividends receivable		42.1		44.0
Insurance and reinsurance balances receivable, net		2,240.8		2,054.4
Deferred acquisition costs, net		369.3		327.5
Unearned premiums ceded		514.3		463.9
Loss and loss adjustment expenses recoverable, net		2,335.7		2,315.3
Deferred tax asset		293.3		297.0
Intangible assets		137.9		140.8
Other assets		284.4		270.7
Total assets	$	12,280.5	$	12,524.9
Liabilities
Loss and loss adjustment expense reserves	$	5,762.6	$	5,653.9
Unearned premium reserves		1,816.8		1,639.2
Reinsurance balances payable		1,707.5		1,781.6
Deposit liabilities		15.6		17.4
Deferred gain on retroactive reinsurance		6.6		8.5
Debt		663.5		639.1
Due to brokers		6.6		18.0
Deferred tax liability		94.2		76.2
Share repurchase liability		—		483.0
Other liabilities		180.4		269.2
Total liabilities		10,253.8		10,586.1
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)		200.0		200.0
Common shares (issued and outstanding: 116,020,526; 2023 – 116,429,057)		11.6		11.6
Additional paid-in capital		944.7		945.0
Retained earnings		842.5		784.9
Accumulated other comprehensive income (loss), net of tax		26.4		(4.1	)
Shareholders’ equity attributable to SiriusPoint shareholders		2,025.2		1,937.4
Noncontrolling interests		1.5		1.4
Total shareholders’ equity		2,026.7		1,938.8
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,280.5	$	12,524.9


SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the three months ended March 31, 2025 and 2024 (expressed in millions of U.S. dollars, except per share and share amounts)

		2025			2024
Revenues
Net premiums earned	$	626.7		$	593.8
Net investment income		71.2			78.8
Net realized and unrealized investment gains (losses)		(0.3	)		1.0
Net investment income and net realized and unrealized investment gains (losses)		70.9			79.8
Other revenues		29.7			27.8
Loss on settlement and change in fair value of liability-classified capital instruments		—			(15.9	)
Total revenues		727.3			685.5
Expenses
Loss and loss adjustment expenses incurred, net		401.8			317.5
Acquisition costs, net		129.7			144.9
Other underwriting expenses		41.1			41.8
Net corporate and other expenses		60.6			56.0
Intangible asset amortization		2.9			2.9
Interest expense		18.1			20.5
Foreign exchange gains		(2.2	)		(3.7	)
Total expenses		652.0			579.9
Income before income tax expense		75.3			105.6
Income tax expense		(13.3	)		(9.7	)
Net income		62.0			95.9
Net income attributable to noncontrolling interests		(0.4	)		(1.1	)
Net income available to SiriusPoint		61.6			94.8
Dividends on Series B preference shares		(4.0	)		(4.0	)
Net income available to SiriusPoint common shareholders	$	57.6		$	90.8
Earnings per share available to SiriusPoint common shareholders
Basic earnings per share available to SiriusPoint common shareholders	$	0.50		$	0.50
Diluted earnings per share available to SiriusPoint common shareholders	$	0.49		$	0.49
Weighted average number of common shares used in the determination of earnings per share
Basic		115,975,961			168,934,114
Diluted		118,555,166			174,380,963


SIRIUSPOINT LTD. SEGMENT REPORTING

	Three months ended March 31, 2025
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	354.8		$	635.1		$	989.9		$	—		$	(5.2	)	$	—		$	984.7
Net premiums written		268.5			483.5			752.0			—			(9.0	)		—			743.0
Net premiums earned		289.6			336.2			625.8			—			0.9			—			626.7
Loss and loss adjustment expenses incurred, net		195.3			209.9			405.2			(2.0	)		(1.4	)		—			401.8
Acquisition costs, net		67.1			87.3			154.4			(28.0	)		3.3			—			129.7
Other underwriting expenses		18.8			18.9			37.7			—			3.4			—			41.1
Underwriting income (loss)		8.4			20.1			28.5			30.0			(4.4	)		—			54.1
Services revenues		—			62.1			62.1			(30.2	)		—			(31.9	)		—
Services expenses		—			43.1			43.1			—			—			(43.1	)		—
Net services fee income		—			19.0			19.0			(30.2	)		—			11.2			—
Services noncontrolling income		—			(0.1	)		(0.1	)		—			—			0.1			—
Net services income		—			18.9			18.9			(30.2	)		—			11.3			—
Segment income (loss)		8.4			39.0			47.4			(0.2	)		(4.4	)		11.3			54.1
Net investment income														71.2			—			71.2
Net realized and unrealized investment losses														(0.3	)		—			(0.3	)
Other revenues														(2.2	)		31.9			29.7
Net corporate and other expenses														(17.5	)		(43.1	)		(60.6	)
Intangible asset amortization														(2.9	)		—			(2.9	)
Interest expense														(18.1	)		—			(18.1	)
Foreign exchange gains														2.2			—			2.2
Income before income tax expense	$	8.4		$	39.0			47.4			(0.2	)		28.0			0.1			75.3
Income tax expense								—			—			(13.3	)		—			(13.3	)
Net income								47.4			(0.2	)		14.7			0.1			62.0
Net income attributable to noncontrolling interest								—			—			(0.3	)		(0.1	)		(0.4	)
Net income available to SiriusPoint							$	47.4		$	(0.2	)	$	14.4		$	—		$	61.6

Attritional losses	$	164.0		$	207.6		$	371.6		$	(2.0	)	$	(1.5	)	$	—		$	368.1
Catastrophe losses		63.1			4.8			67.9			—			—			—			67.9
Prior year loss reserve development		(31.8	)		(2.5	)		(34.3	)		—			0.1			—			(34.2	)
Loss and loss adjustment expenses incurred, net	$	195.3		$	209.9		$	405.2		$	(2.0	)	$	(1.4	)	$	—		$	401.8

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		56.6	%		61.7	%		59.3	%											58.8	%
Catastrophe loss ratio		21.8	%		1.4	%		10.9	%											10.8	%
Prior year loss development ratio	(11.0)%			(0.7)%			(5.5)%												(5.5)%
Loss ratio		67.4	%		62.4	%		64.7	%											64.1	%
Acquisition cost ratio		23.2	%		26.0	%		24.7	%											20.7	%
Other underwriting expenses ratio		6.5	%		5.6	%		6.0	%											6.6	%
Combined ratio		97.1	%		94.0	%		95.4	%											91.4	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

	Three months ended March 31, 2024
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	356.4		$	524.3		$	880.7		$	—		$	25.9		$	—		$	906.6
Net premiums written		290.1			337.1			627.2			—			12.1			—			639.3
Net premiums earned		253.6			264.2			517.8			—			76.0			—			593.8
Loss and loss adjustment expenses incurred, net		124.6			176.5			301.1			(1.4	)		17.8			—			317.5
Acquisition costs, net		69.8			65.2			135.0			(33.2	)		43.1			—			144.9
Other underwriting expenses		19.3			18.1			37.4			—			4.4			—			41.8
Underwriting income		39.9			4.4			44.3			34.6			10.7			—			89.6
Services revenues		—			65.8			65.8			(37.1	)		—			(28.7	)		—
Services expenses		—			46.0			46.0			—			—			(46.0	)		—
Net services fee income		—			19.8			19.8			(37.1	)		—			17.3			—
Services noncontrolling income		—			(1.7	)		(1.7	)		—			—			1.7			—
Net services income		—			18.1			18.1			(37.1	)		—			19.0			—
Segment income		39.9			22.5			62.4			(2.5	)		10.7			19.0			89.6
Net investment income														78.8			—			78.8
Net realized and unrealized investment gains														1.0			—			1.0
Other revenues														(0.9	)		28.7			27.8
Loss on settlement and change in fair value of liability-classified capital instruments														(15.9	)		—			(15.9	)
Net corporate and other expenses														(10.0	)		(46.0	)		(56.0	)
Intangible asset amortization														(2.9	)		—			(2.9	)
Interest expense														(20.5	)		—			(20.5	)
Foreign exchange gains														3.7			—			3.7
Income before income tax expense	$	39.9		$	22.5			62.4			(2.5	)		44.0			1.7			105.6
Income tax expense								—			—			(9.7	)		—			(9.7	)
Net income								62.4			(2.5	)		34.3			1.7			95.9
Net (income) loss attributable to noncontrolling interest								—			—			0.6			(1.7	)		(1.1	)
Net income available to SiriusPoint							$	62.4		$	(2.5	)	$	34.9		$	—		$	94.8

Attritional losses	$	134.9		$	174.2		$	309.1		$	(1.4	)	$	48.7		$	—		$	356.4
Prior year loss reserve development		(10.3	)		2.3			(8.0	)		—			(30.9	)		—			(38.9	)
Loss and loss adjustment expenses incurred, net	$	124.6		$	176.5		$	301.1		$	(1.4	)	$	17.8		$	—		$	317.5

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		53.2	%		65.9	%		59.7	%											60.0	%
Prior year loss development ratio	(4.1)%				0.9	%	(1.6)%												(6.5)%
Loss ratio		49.1	%		66.8	%		58.1	%											53.5	%
Acquisition cost ratio		27.5	%		24.7	%		26.1	%											24.4	%
Other underwriting expenses ratio		7.6	%		6.9	%		7.2	%											7.0	%
Combined ratio		84.2	%		98.4	%		91.4	%											84.9	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

SIRIUSPOINT LTD.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

Non-GAAP Financial Measures

Core Results

Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, as well as services expenses which include direct expenses related to consolidated MGAs and services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

Book Value Per Diluted Common Share Metrics

Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
	($ in millions, except share and per share amounts)
Common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,825.2	$	1,737.4

Accumulated other comprehensive income (loss), net of tax		26.4		(4.1	)
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		1,798.8		1,741.5

Intangible assets		137.9		140.8
Tangible common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,687.3	$	1,596.6

Common shares outstanding		116,020,526		116,429,057
Effect of dilutive stock options, restricted share units and warrants		2,708,756		2,559,359
Book value per diluted common share denominator		118,729,282		118,988,416

Book value per common share	$	15.73	$	14.92
Book value per diluted common share	$	15.37	$	14.60
Book value per diluted common share ex. AOCI	$	15.15	$	14.64
Tangible book value per diluted common share	$	14.21	$	13.42

Other Financial Measures

Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three months ended March 31, 2025 and 2024 was calculated as follows:

		2025			2024
	($ in millions)
Net income available to SiriusPoint common shareholders	$	57.6		$	90.8
Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period		1,737.4			2,313.9
Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period		1,825.2			2,402.6
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,781.3		$	2,358.3
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders		12.9	%		15.4	%

The MIL Network –

May 6, 2025

MIL-Evening Report: We’ve heard the promises. Now it’s up to Labor to deliver its housing, wages and other economic policies

Source: The Conversation (Au and NZ) – By Michelle Cull, Associate Professor of Accounting and Financial Planning, Western Sydney University

With a convincing win for a second term of government, the pressure is now on the new Labor government to deliver the economic policies central to its win.

Prime Minister Anthony Albanese is wary of breaking promises and now has the opportunity to back this up. So, what are the key economic policies affecting everyday Australians that Labor is now set to deliver?

In his victory speech, Albanese said Labor would govern for every Australian “who deserves the security of a roof over their head or dreams of owning their own home”.

First home buyers

Labor has budgeted A$10 billion to help more Australians buy their first home. This involves providing an extra 100,000 new homes. The government plans to work with the states from July to identify where they should be located.

Building these homes is expected to take eight years – so the scheme will not be completed during the government’s second term. It will need to work quickly to ensure many of these homes are built while Labor is still in office.

Helping this is Labor’s policy to increase subsidies to housing apprentices and free TAFE education.

Also assisting first home buyers is the expansion of the 5% deposit Home Guarantee Scheme. This will allow more first home buyers to buy a home with only a 5% deposit without paying Lenders Mortgage Insurance.

The expansion will remove income thresholds and increase eligible property price caps to better reflect the market. Further, more people will be able to apply for the scheme.

The government plans to extend existing and introduce several new policies to help more people buy a home.
Fizkes/Shutterstock

In addition, the government is expanding its Help to Buy Scheme by increasing income and property price caps. This enables those on lower incomes to buy a home with a deposit as small as 2%. The government will pay for up to 40% of the cost on their behalf which will ultimately be paid back over time or when the house is sold.

Both the Help to Buy Scheme and Home Guarantee Scheme are extensions of Labor’s existing policies, so the government should be able to deliver this relatively quickly.

Increasing supply for all

Labor’s housing policies are not limited to first home buyers. To further increase housing supply, Labor plans to invest $54 million to speed up the construction of prefabricated and modular homes covered by a new national certification system.

In addition, a $1.5 billion infrastructure program to speed up the building of roads, sewage and water connections should also help increase supply.

Labor is on track to build 55,000 social and affordable homes through the Housing Australia Future Fund and the Social Housing Accelerator. Labor is also offering Build to Rent tax incentives to increase affordable housing rental supply by up to 80,000 new rental properties.

The government has also promised to work with states and territories to strengthen renters’ rights.

Crisis housing

Labor has also made promises for those needing crisis housing.

For women and children fleeing family and domestic violence and for people experiencing homelessness, there is a $1 billion program to provide more crisis and transitional accommodation. There is also $6.2 million of grants for homelessness support.

Workers’ pay rise

Labor has advocated to the Fair Work Commission for a wage increase above inflation for workers in low-paid jobs, such as cleaners, retail workers and early childhood educators.

With inflation currently at 2.4%, we can expect the minimum wage to rise to at least $24.68 an hour. The Fair Work Commission’s next Annual Wage Review should take place before the end of the financial year, with any changes likely to be effective from July.

Labor has backed an above-inflation wage increase for workers in low paid industries.
Dejan Dunjerski/Shutterstock

These wage increases are in addition to the substantial pay increase for aged care nurses as part of the Fair Work Commission’s Aged Care Work Value Case decision.

Tax cuts

The much-discussed tax cuts, costing $17 billion, will reduce the 16% tax rate to 15% (for income between $18,201 and $45,000) in the 2026–27 financial year, and to 14% in 2027–28 – just in time for the next election.

This will save taxpayers $268 and $536, respectively. These tax cuts will be welcomed by many and are likely to increase the labour participation rate. However, more tax reform may be needed to address bracket creep and improve equity in the tax system.

In addition, Labor has promised an automatic instant tax deduction for work-related expenses for labour income taxpayers.

This will take effect from the 2026–27 financial year to reduce the burden of record-keeping on taxpayers. It was also promoted as a way of “helping Australians keep more of what they earn”.

Medicare levy

While low wages are expected to increase and taxes to decrease, Labor also has plans to increase the low-income thresholds for the Medicare levy by 4.7% for singles, families, and seniors and pensioners from July 1 2024.

This should bring immediate relief to those on lower incomes who will be exempt from paying the Medicare levy or pay a reduced levy when lodging their returns for the 2024–25 financial year.

So, what’s next?

Many of these policy announcements are a step in the right direction – the question lies around their ability to be implemented.

Albanese admitted in his victory speech that he is an optimist and his aim is to ensure nobody is left behind.

Once the election hype settles, Labor will need to prove it is delivering on its promises. And, of course, these policies will ultimately have to be paid for. How Labor approaches this in the longer term will become a talking point for the next election.

Michelle Cull is a member of CPA Australia, the Financial Advice Association Australia and President Elect of the Academy of Financial Services in the United States. Michelle is an academic member of UniSuper’s Consultative Committee. Michelle Cull co-founded the Western Sydney University Tax Clinic which has received funding from the Australian Taxation Office as part of the National Tax Clinic Program. Michelle has previously volunteered as Chair of the Macarthur Advisory Council for the Salvation Army Australia.

– ref. We’ve heard the promises. Now it’s up to Labor to deliver its housing, wages and other economic policies – https://theconversation.com/weve-heard-the-promises-now-its-up-to-labor-to-deliver-its-housing-wages-and-other-economic-policies-255865

MIL OSI Analysis – EveningReport.nz –

May 6, 2025

MIL-OSI USA: Credit Suisse Services AG Admits to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts and Admits that Credit Suisse Breached Its Prior Plea Agreement

Source: US Justice – Antitrust Division

Headline: Credit Suisse Services AG Admits to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts and Admits that Credit Suisse Breached Its Prior Plea Agreement

Credit Suisse Services AG pleaded guilty and was sentenced today to conspiring to hide more than $4 billion from the IRS in at least 475 offshore accounts. The guilty plea by the Swiss corporation is the result of a years-long investigation by U.S. law enforcement to uncover financial fraud and abuse.

MIL OSI USA News –

May 6, 2025

MIL-OSI: SiriusPoint Announces Dividend on Series B Preference Shares

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE: SPNT), an international specialty insurer and reinsurer, has announced that the Audit Committee of the Board of Directors of SiriusPoint Ltd. approved a quarterly cash dividend of $0.50 per share on its 8.00% Resettable Fixed Rate Preference Shares, Series B, $0.10 par value, $25.00 liquidation preference per share payable on or prior to May 30, 2025 to Series B shareholders of record as of May 15, 2025.

About SiriusPoint

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.7 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge, SiriusPoint
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082

Media
Sarah Hills, Rein4ce
Sarah.Hills@rein4ce.co.uk
+ 44 7718 882011

The MIL Network –

May 6, 2025

MIL-OSI: Aterian Sets Date for First Quarter 2025 Earnings Announcement & Investor Conference Call

Source: GlobeNewswire (MIL-OSI)

SUMMIT, N.J., May 05, 2025 (GLOBE NEWSWIRE) — Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”), a technology-enabled consumer products company, today announced that it will issue its financial results for the first quarter ended March 31, 2025 on Wednesday, May 14, 2025 after the close of the stock market. The Company will host a corresponding conference call at 5:00 p.m. ET that day to discuss the results.

Investors interested in participating in the live call can dial:

(800) 715-9871 (Domestic)
(646) 307-1963 (International)
Passcode: 1616427

Participants may also access the call through a live webcast at https://ir.aterian.io. The archived online replay will be available for a limited time after the call in the investors section of the Aterian corporate website.

About Aterian, Inc.
Aterian, Inc. (Nasdaq: ATER) is a technology-enabled consumer products company that builds and acquires leading e-commerce brands with top selling consumer products, in multiple categories, including home and kitchen appliances, health and wellness and air quality devices. The Company sells across the world’s largest online marketplaces with a focus on Amazon, Walmart and Target in the U.S. and on its own direct to consumer websites. Our primary brands include Squatty Potty, hOmeLabs, Mueller Living, PurSteam, Healing Solutions and Photo Paper Direct. To learn more about Aterian and its brands, visit aterian.io

Contact:
The Equity Group

Devin Sullivan
Managing Director
dsullivan@equityny.com

Conor Rodriguez
Associate
crodriguez@equityny.com

The MIL Network –

May 6, 2025

MIL-OSI: Onity Group to Present at Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

WEST PALM BEACH, Fla., May 05, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that executive management will participate in two upcoming conferences in May 2025.

Glen Messina, Chair, President and Chief Executive Officer, and Sean O’Neil, Executive Vice President and Chief Financial Officer, will meet with investors at the following conferences:

BTIG 5^thAnnual Housing Ecosystem Conference
Date: Wednesday, May 7, 2025
For more information, please contact USCorporateAccess@btig.com. Please note participants must be pre-registered to attend.

KBW Real Estate Finance & Technology Conference
Date: Tuesday, May 20, 2025
Virtual conference
For more information, please contact kbwevents@kbw.com.

An investor presentation will be made available on the Events & Presentations section of the Company’s shareholder relations page at onitygroup.com prior to the meetings on May 7 and May 20, 2025.

About Onity Group

Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

For Further Information Contact:

Valerie Haertel, VP, Investor Relations
(561) 570-2969
shareholderrelations@onitygroup.com

The MIL Network –

May 6, 2025

MIL-OSI: Great Elm Capital Corp. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

PALM BEACH GARDENS, Fla., May 05, 2025 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (“we,” “our,” the “Company” or “GECC”) (NASDAQ: GECC), a business development company, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter and Other Recent Highlights

GECC increased its quarterly distribution by 5.7% for the first quarter of 2025 to $0.37 per share, from $0.35 per share, which was paid on March 31, 2025.
- The Board of Directors approved a quarterly dividend of $0.37 per share for the second quarter of 2025, equating to a 14.7% annualized yield on GECC’s May 2, 2025 closing price of $10.09.
Total investment income (“TII”) for the quarter ended March 31, 2025 was a record $12.5 million.
- Highest cash income quarter in the Company’s history, with only 12% of GECC’s TII attributable to PIK and accretion income.
Net investment income (“NII”) for the quarter ended March 31, 2025 was $4.6 million, or $0.40 per share, as compared to $2.1 million, or $0.20 per share, for the quarter ended December 31, 2024.
- Increase in NII primarily driven by the receipt of distributions from the CLO Formation JV, LLC (“CLO JV”), as well as income from other new investments.
- GECC received $3.8 million of cash distributions from the CLO JV in the quarter ended March 31, 2025, as compared to $0.5 million in the quarter ended December 31, 2024. Additionally, in April, GECC received $4.3 million of cash distributions from the CLO JV.
Net assets were $132.3 million, or $11.46 per share, on March 31, 2025, as compared to $136.1 million, or $11.79 per share, on December 31, 2024.
- Decrease in NAV primarily driven by unrealized losses in certain investment positions marked down amid broader market volatility, which we expect would reverse over time assuming market conditions stabilize.
GECC’s asset coverage ratio was 163.8% as of March 31, 2025, as compared to 169.7% as of December 31, 2024.

Management Commentary

“We are pleased to report strong first quarter results, generating record total investment income of $12.5 million, driven by cash flows from our CLO JV and income from new investments, with NII that exceeded our increased quarterly distribution,” said Matt Kaplan, GECC’s Chief Executive Officer. “Looking ahead, we expect NII to increase in the second quarter, and we remain well positioned to cover our distributions over the course of 2025. We continue to closely monitor the uncertain macro environment and will look to thoughtfully deploy capital into opportunities with compelling risk-adjusted returns, with a focus on creating meaningful value for our shareholders.”

Financial Highlights – Per Share Data

	Q1/2024	Q2/2024	Q3/2024	Q4/2024	Q1/2025
Earnings Per Share (“EPS”)	($0.05)	($0.14)	$0.33	$0.17	$0.04
Net Investment Income (“NII”) Per Share	$0.37	$0.32	$0.39	$0.20	$0.40
Pre-Incentive Net Investment Income Per Share	$0.46	$0.40	$0.49	$0.20	$0.50
Net Realized and Unrealized Gains / (Losses) Per Share	($0.42)	($0.46)	($0.06)	($0.03)	($0.36)
Net Asset Value Per Share at Period End	$12.57	$12.06	$12.04	$11.79	$11.46
Distributions Paid / Declared Per Share	$0.35	$0.35	$0.35	$0.40	$0.37

Portfolio and Investment Activity

As of March 31, 2025, GECC held total investments of $341.9 million at fair value, as follows:

57 debt investments in corporate credit, totaling approximately $213.2 million, representing 62.4% of the fair market value of the Company’s total investments. Secured debt investments comprised a substantial majority of the fair market value of the Company’s debt investments.
An investment in Great Elm Specialty Finance, totaling approximately $42.8 million, comprised of one debt investment of $29.7 million and one equity investment of $13.0 million, representing 8.7% and 3.8%, respectively, of the fair market value of the Company’s total investments.
CLO investments, totaling approximately $52.2 million, representing 15.3% of the fair market value of the Company’s total investments.
Three dividend paying equity investments, totaling approximately $9.3 million, representing 2.7% of the fair market value of the Company’s total investments.
Other equity investments, totaling approximately $24.4 million, representing 7.1% of the fair market value of the Company’s total investments.

As of March 31, 2025, the weighted average current yield on the Company’s debt portfolio was 12.3%. Floating rate instruments comprised approximately 73% of the fair market value of debt investments (comparable to last quarter) and the Company’s fixed rate debt investments had a weighted average maturity of 3.0 years.

During the quarter ended March 31, 2025, we deployed approximately $37.4 million into 16 investments⁽¹⁾ at a weighted average current yield of 15.1%.

During the quarter ended March 31, 2025, we monetized, in part or in full, 36 investments for approximately $13.8 million⁽²⁾, at a weighted average current yield of 12.3%. Monetizations include $7.4 million of mandatory debt paydowns and redemptions at a weighted average current yield of 11.3%.

Financial Review

Total investment income for the quarter ended March 31, 2025 was $12.5 million, or $1.08 per share. Total expenses for the quarter ended March 31, 2025 were approximately $7.9 million, or $0.69 per share, inclusive of excise tax expense.

Net realized and unrealized losses for the quarter ended March 31, 2025 were approximately $4.1 million, or $0.36 per share.

Liquidity and Capital Resources

As of March 31, 2025, cash totaled approximately $1.3 million.

As of March 31, 2025, total debt outstanding (par value) was $207.4 million, comprised of 5.875% senior notes due June 2026 (NASDAQ: GECCO), 8.75% senior notes due September 2028 (NASDAQ: GECCZ), 8.50% senior notes due April 2029 (NASDAQ: GECCI) and 8.125% senior notes due December 2029 (NASDAQ: GECCH), and $12.0 million outstanding on the $25.0 million revolving line of credit.

Distributions

The Company’s Board of Directors has approved a quarterly cash distribution of $0.37 per share for the quarter ending June 30, 2025. The second quarter distribution will be payable on June 30, 2025 to stockholders of record as of June 16, 2025.

The distribution equates to a 14.7% annualized dividend yield on the Company’s closing market price on May 2, 2025 of $10.09 and a 12.9% annualized dividend yield on the Company’s March 31, 2025 NAV of $11.46 per share.

Conference Call and Webcast

GECC will discuss these results in a conference at 8:30 a.m. ET on May 6, 2025.

Conference Call Details

Date/Time:		Tuesday, May 6, 2025 – 8:30 a.m. ET

Participant Dial-In Numbers:
(United States):		877-407-0789
(International):		201-689-8562

To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode “GECC”. An accompanying slide presentation will be available in pdf format via the “Events and Presentations” section of Great Elm Capital Corp.’s website here after the issuance of the earnings release.

Webcast

The call and presentation will also be simultaneously webcast over the internet via the “Events and Presentations” section of GECC’s website or by clicking on the webcast link here.

About Great Elm Capital Corp.

GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses and CLOs. For additional information, please visit http://www.greatelmcc.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements include statements regarding our future business plans and expectations. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. The key factors that could cause actual results to differ materially from those projected in the forward-looking statements include, without limitation: conditions in the credit markets, our expected financings and investments, including interest rate volatility, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

This press release does not constitute an offer of any securities for sale.

Endnotes:

⁽¹⁾ This includes new deals, additional fundings (inclusive of those on revolving credit facilities), refinancings and capitalized PIK income. Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.
⁽²⁾ This includes scheduled principal payments, prepayments, sales and repayments (inclusive of those on revolving credit facilities). Amounts included herein do not include investments in short-term securities, including United States Treasury Bills.

Media & Investor Contact:

Investor Relations
investorrelations@greatelmcap.com

GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
Dollar amounts in thousands (except per share amounts)

	March 31, 2025			December 31, 2024
Assets
Investments
Non-affiliated, non-controlled investments, at fair value (amortized cost of $258,148 and $244,378, respectively)	$	253,112		$	240,958
Non-affiliated, non-controlled short-term investments, at fair value (amortized cost of $0 and $8,448, respectively)		–			8,448
Affiliated investments, at fair value (amortized cost of $12,378 and $12,378, respectively)		–			–
Controlled investments, at fair value (amortized cost of $94,829 and $87,014, respectively)		88,798			83,304
Total investments		341,910			332,710

Cash and cash equivalents		1,273			–
Receivable for investments sold		2,513			5,065
Interest receivable		4,090			3,306
Dividends receivable		360			364
Due from portfolio company		32			32
Due from affiliates		157			160
Deferred financing costs		213			237
Prepaid expenses and other assets		282			154
Total assets	$	350,830		$	342,028

Liabilities
Notes payable (including unamortized discount of $5,321 and $5,705, respectively)	$	190,079		$	189,695
Revolving credit facility		12,000			–
Payable for investments purchased		10,558			11,194
Interest payable		61			32
Accrued incentive fees payable		2,862			1,712
Distributions payable		–			577
Due to affiliates		1,562			1,385
Accrued expenses and other liabilities		1,413			1,320
Total liabilities	$	218,535		$	205,915

Commitments and contingencies	$	–		$	–

Net Assets
Common stock, par value $0.01 per share (100,000,000 shares authorized, 11,544,415 shares issued and outstanding and 11,544,415 shares issued and outstanding, respectively)	$	115		$	115
Additional paid-in capital		332,111			332,111
Accumulated losses		(199,931	)		(196,113	)
Total net assets	$	132,295		$	136,113
Total liabilities and net assets	$	350,830		$	342,028
Net asset value per share	$	11.46		$	11.79

GREAT ELM CAPITAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Dollar amounts in thousands (except per share amounts)

	For the Three Months Ended March 31,
	2025			2024
Investment Income:
Interest income from:
Non-affiliated, non-controlled investments	$	6,402		$	5,987
Non-affiliated, non-controlled investments (PIK)		611			630
Affiliated investments		–			33
Controlled investments		953			931
Total interest income		7,966			7,581
Dividend income from:
Non-affiliated, non-controlled investments		236			386
Controlled investments		3,376			385
Total dividend income		3,612			771
Other commitment fees from non-affiliated, non-controlled investments		–			525
Other income from:
Non-affiliated, non-controlled investments		743			32
Non-affiliated, non-controlled investments (PIK)		174			–
Total other income		917			32
Total investment income	$	12,495		$	8,909

Expenses:
Management fees	$	1,272		$	940
Incentive fees		1,150			798
Administration fees		355			385
Custody fees		38			36
Directors’ fees		53			54
Professional services		424			388
Interest expense		4,251			2,807
Other expenses		308			303
Total expenses	$	7,851		$	5,711
Net investment income before taxes	$	4,644		$	3,198
Excise tax	$	68		$	5
Net investment income	$	4,576		$	3,193

Net realized and unrealized gains (losses):
Net realized gain (loss) on investment transactions from:
Non-affiliated, non-controlled investments	$	264		$	2,356
Total net realized gain (loss)		264			2,356
Net change in unrealized appreciation (depreciation) on investment transactions from:
Non-affiliated, non-controlled investments		(2,066	)		(3,533	)
Affiliated investments		–			(850	)
Controlled investments		(2,321	)		(1,624	)
Total net change in unrealized appreciation (depreciation)		(4,387	)		(6,007	)
Net realized and unrealized gains (losses)	$	(4,123	)	$	(3,651	)
Net increase (decrease) in net assets resulting from operations	$	453		$	(458	)

Net investment income per share (basic and diluted):	$	0.40		$	0.37
Earnings per share (basic and diluted):	$	0.04		$	(0.05	)
Weighted average shares outstanding (basic and diluted):		11,544,415			8,659,344

The MIL Network –

May 6, 2025

MIL-OSI USA: The Good, the Bad, the Ugly: How Wildfires Reshape Landscapes

Source: US Geological Survey

The Good, the Bad, the Ugly: How Wildfires Reshape Landscapes

Exploring USGS’s Role in Understanding Postfire Changes

Background

Wildfires have long played a crucial role in reshaping and rejuvenating landscapes. They can clear out dead vegetation, return nutrients to the soil, and promote the growth of diverse plant species. However, the aftermath of wildfires also brings significant changes to the environment, some of which pose challenges to ecosystems and dangers to local communities. The USGS conducts extensive research to understand these changes and to develop strategies for hazard mitigation and recovery in fire-prone communities.

The Good: The Beneficial Role of Fire in Landscapes

First, let’s discuss “the good” and why wildfires are a natural part of forest and rangeland habitats. While wildfires can have destructive effects, they play a beneficial role in many ecosystems:

Nutrient Cycling. Fires consume dead and decaying matter, returning nutrients to the soil, which promotes new plant growth.
Habitat Diversity. By clearing dense vegetation, fires create a mosaic of different habitats, supporting a variety of plant and animal species.
Pest and Disease Control. Fires can reduce populations of pests and pathogens, contributing to the overall health of forests and grasslands.

The Bad: How Wildfires Alter Landscapes

Next, let’s discuss “the bad” and how wildfires potentially negatively alter the landscape:

Soil Becomes Water-Repellent. Intense heat from wildfires can cause soils to become hydrophobic, meaning they repel water. This occurs when organic materials in the soil are vaporized by the heat, and upon cooling, these vapors condense and form a waxy coating around soil particles. As a result, rainwater cannot easily penetrate the soil, leading to increased surface runoff and a higher risk of flash flooding.
Streams Become Polluted. After a wildfire, ash and debris can be washed into nearby rivers and streams during rainfall. This runoff may contain elevated levels of nutrients, sediments, and heavy metals, which can degrade water quality and pose risks to aquatic life and human health. For instance, following Colorado’s 2020 Cameron Peak Fire, water supplies experienced significant contamination, highlighting the long-term impacts wildfires can have on water resources.
Slopes Become Unstable. Vegetation plays a vital role in stabilizing soil on slopes. When wildfires destroy this vegetation, the roots that bind the soil together decay, increasing the likelihood of landslides and debris flows, especially during subsequent rainstorms. The USGS has developed models to assess and predict these post-wildfire debris-flow hazards, aiding in the development of early warning systems and mitigation strategies.
Invasive Plants Can Spread. Wildfires can create opportunities for invasive plant species to establish themselves in burned areas. These species often outcompete native vegetation, leading to reduced biodiversity and altered ecosystem functions. The USGS collaborates with land managers to monitor these changes and develop strategies to promote the recovery of native plant communities.

The Ugly: The Future Impacts of Wildfires on Society

Lastly, “the ugly.” Wildfires are not going away. In fact, wildfires in the United States are becoming more frequent, intense, and destructive. Several factors contribute to this trend, including prolonged droughts and increasing urban development in fire-prone areas. Scientists predict that future wildfire seasons will last longer, burn larger areas, and pose even greater challenges for communities, ecosystems, and emergency responders. The increasing severity of wildfires will have profound effects on public safety, public health, and the economy. For example, some ways wildfires will continue to be problematic include:

More Frequent Disruptions. Longer fire seasons will lead to more evacuations, power outages, and damage to infrastructure. Areas that were once considered safe may now face a growing threat of wildfire.
Air Quality and Health Concerns. Wildfire smoke contains harmful pollutants that can worsen respiratory illnesses, particularly for children, the elderly, and individuals with preexisting health conditions. Regions far from active fires can still experience dangerous air quality levels due to drifting smoke.
Economic Costs. Wildfires already cost billions of dollars annually for firefighting efforts, property damage, and lost economic productivity. As fires become more extreme, these costs are expected to rise, placing strain on local, state, and federal budgets.
Water and Food Security. Wildfires can damage watersheds, leading to long-term impacts on water supply and quality. Agricultural areas near fire zones may also suffer losses, reducing food production and increasing prices.

The USGS plays a vital role in helping communities recover from wildfires and prepare for future events. By partnering with federal and state agencies, including the U.S. Forest Service, the Department of the Interior, and state Geological Surveys, the USGS is driving innovation in fire science and management. These partnerships ensure that responders and decision-makers have the best available information to protect lives, property, and natural resources.

The USGS employs more than 100 scientists whose research focuses on fire-related topics, including using high-resolution remote sensing to characterize vegetative fuel loads; applying the latest satellite technology to detect fires and map wildfire perimeters; evaluating best practices to reduce wildfire risks; and assessing post-wildfire flooding and debris-flow hazards. This work also includes creating and sharing best practices to support recovery across landscapes. Together, USGS expertise and monitoring capabilities are greatly improving the safety of first responders and the public-at-large.

Researchers across the USGS are working with the interagency fire community to expand the use of artificial intelligence, machine learning and other rapid-computing capabilities. For example, the USGS uses artificial intelligence with satellite imagery to detect fire boundaries and develop burn severity maps, and to identify distribution and abundance of fire-adapted invasive species like cheatgrass in the Great Basin.

The USGS Wildland Fire Science Strategy aligns with national initiatives as defined in the National Cohesive Wildland Fire Management Strategy. Developed by a broad swath of stakeholders at all levels, the Cohesive Strategy calls for science and management that promote resilient landscapes and fire-adapted communities for safe and effective wildfire responses.

Preparing for the Future

While wildfires are a natural part of many ecosystems, things are changing and society must take proactive steps to protect lives, property, and the environment from the growing wildfire threat. Given the increasing risks, wildfire management strategies must evolve. Investments in forest management, improved building codes, early warning systems, and resilient infrastructure will be crucial in reducing wildfire impacts. The USGS and other agencies will continue to play a key role in researching fire behavior, mapping high-risk areas, and providing vital information to help communities adapt.

Understanding both the positive and negative impacts of wildfires is essential for effective land management. The USGS’s comprehensive research and collaboration with other agencies enhance public safety, inform policy decisions, and promote resilient ecosystems in the face of wildfire events.

As part of the wildfire community, USGS is deeply connected to the people and landscapes we serve. Wildfires often affect our colleagues, friends, and neighbors, underscoring the importance of our mission to provide critical fire science. Each new fire reminds us of our shared responsibility to understand, adapt to, and mitigate wildfire risks in the face of future challenges.

Case Study: The January 2025 Los Angeles Fires

In January 2025, Southern California faced an unprecedented wildfire crisis as extreme Santa Ana winds fueled four large wildfires (the Palisades, Eaton, Hurst, and Kenneth Fires) and dozens of smaller blazes that scorched the region. The fires burned more than 40,000 acres, destroyed 12,000 structures, and led to at least 30 fatalities. Amid this devastation, the USGS delivered essential science and information that supported fire response efforts, assessed postfire hazards, and aided recovery in impacted communities.

The USGS worked alongside federal and state agencies, providing critical tools and information for every stage of the fire management.

Real-Time Fire Mapping. The USGS National Civil Applications Center generated wildfire boundary maps for the Palisades, Eaton, and Hurst fires. Using satellite imagery, these maps were delivered to Incident Commanders each morning to inform daily firefighting strategies and evacuation plans.
Ecological Research and Recovery. The USGS Western Ecological Research Center advised land managers on fire behavior and postfire recovery strategies. This included addressing erosion risks, invasive species management, and advising how to use native vegetation to restore burned areas. The Suppression and Planning Actions for Restoring Communities and Species (SPARCS) team collaborated directly with resource managers to assess their needs and provide support.
Postfire Hazard Assessments. The USGS Geologic Hazards Science Center led assessments of postfire debris flow risks in the steep terrain of the Santa Monica Mountains. Working with the California Geological Survey and other partners, USGS scientists mapped soil burn severity and modelled the likelihood and volume of debris flows during future storms. This data will help the National Weather Service issue warnings and guide local recovery efforts.

MIL OSI USA News –

May 6, 2025

MIL-OSI USA: UConn Students Pitch Tech Startups at Semester-End Showcase

Source: US State of Connecticut

On April 28, students in a Technology Innovation and Entrepreneurship class capped off their academic year-long entrepreneurial journey by pitching their technology-based startup ventures at the course’s final pitch day.

The event, held at the Innovation Partnership Building, featured eight student teams presenting to an audience of guest judges, peers, and visiting international students. A networking hour with light refreshments followed, offering time for further discussion and connection.

This year’s cohort included students from five UConn schools and colleges: Engineering; Business; Nursing; Fine Arts; and Agriculture, Health and Natural Resources. Participants ranged from first-year undergraduates to graduate students.

The Flexapy team presenting their mobile app pitch idea to a panel of judges. (UConn Photo/Sarah Redmond)

“The students have to work across disciplines, build communication skills, and collaborate as a team. That’s part of their learning journey,” said Nanayakkara. “They’re not just learning how to start a company, they’re learning how to work with people who think differently from them, how to adapt, and how to lead. These are skills that apply far beyond entrepreneurship, whether they go into startups, industry, or any field where innovation and collaboration matter.”

Many of the 26 students began developing their ventures in the fall semester’s Technology Innovation and Entrepreneurship I course. That course introduces ideation, design thinking, and business models.

The spring sequel focuses on startup strategy, product-market fit, prototyping, and financials. Together, the courses form a year-long, hands-on sequence designed to help students build viable, scalable technology ventures. No prior experience is required to enroll in the Fall course.

This spring, Joseph Luciani from the College of Engineering’s Innovation Shop joined the instructional team, providing students with support in prototyping and technical development, further strengthening the course’s emphasis on building real, working solutions.

The student teams focused on solutions across a wide range of areas, including charging infrastructure, AI regulations, energy trading, healthcare, elderly care, mobility assistance, physical therapy, and agriculture. The ventures pitched were OptiEnerX, Safety Assurance Index, SoleShift, Transferable, PowerBid, Goldilocks, SmarThyCheck, and Flexapy.

The audience also included 24 visiting students from the U.S. Department of State’s Young Southeast Asian Leaders Initiative (YSEALI), who were on campus for a five- week entrepreneurship program hosted by UConn’s Global Training and Development Institute. The YSEALI students observed the final presentations, asked thoughtful questions, and joined the networking session following the pitches.

“The event was a perfect reflection of UConn’s entrepreneurial spirit and culture of innovation,” said Dr. Tolga Turker, Director of Global Entrepreneurial Programs at UConn’s Global Development and Training Institute. “The student pitches showcased bold imagination and real-world problem-solving, inspiring the YSEALI fellows to pursue their own ideas.”

A panel of guest judges provided constructive feedback and insights, helping teams refine their ideas and build confidence in presenting to external stakeholders.

The event also welcomed course alum Sage Bhagwansingh, founder of Sage Scenes, who returned to support the event and contributed videography, demonstrating the strong and growing community around UConn’s innovation programming.

[embedded content]

“It is incredibly rewarding for us to see how far these students have come, not just in developing their ventures but in how they think, communicate, and lead. We challenge them to step outside their comfort zones and take ownership of the process, from problem discovery to real-world prototyping and startup strategy,” said Daneshmandi, who is also the director of the College of Engineering’s Entrepreneurship Hub. “What they gain is not just entrepreneurial knowledge. It is confidence, adaptability, and an innovative mindset that will stay with them no matter where they go next.”

Students interested in exploring technology entrepreneurship are encouraged to reach out to Daneshmandi. Both courses are offered jointly through the College of Engineering and the School of Business and are open to students of all majors and designed to support innovators at every stage.

For more information about support for technology innovation and entrepreneurship, please visit the eHub.

View photos from the event.

MIL OSI USA News –

May 6, 2025

MIL-OSI USA: Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses

Source: US State of North Carolina

Headline: Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses

Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses
lsaito
Thu, 05/01/2025 – 10:26

Raleigh, NC

Today Governor Josh Stein announced that the Dogwood Health Trust, the Duke Endowment, and the State of North Carolina have distributed $55 million to 2,182 small businesses through the Western North Carolina Small Business Initiative. These grants are supporting western North Carolina businesses impacted by Hurricane Helene and bolstering regional economic recovery. More than 7,300 businesses applied.

“These grants will go a long way in helping western North Carolina’s beloved small business owners keep their doors open after Helene,” said Governor Josh Stein. “But the volume of unfunded applications makes it crystal clear – more help is desperately needed. I’m ready to work with the legislature to deliver support for small businesses that power our mountain economy.”

“The Dogwood Health Trust is proud of this partnership’s work to support small business owners in western North Carolina,” said Dogwood President and CEO Dr. Susan Mims. “The Dogwood Health Trust created the Western North Carolina Small Business Initiative last fall as part of our larger Helene relief efforts. These businesses are vital to the health of our communities, and we must continue to support them.”

The Western North Carolina Small Business Initiative, initiated by the Dogwood Health Trust and then expanded by the State of North Carolina and the Duke Endowment, awarded grants of up to $50,000 to small business with an annual revenue of up to $2.5 million. Earlier this week, Governor Stein announced the new $55 million Small Business Infrastructure Grant Program, which directs up to $1 million in grants to local governments to rebuild public infrastructure like sewers and sidewalks, which small businesses rely upon to attract business. Governor Stein’s second Hurricane Helene relief budget proposal will include increased support for small businesses in western North Carolina.

Note: A previous version of this release stated the number of small businesses awarded grants as 2,812 rather than 2,182.

May 1, 2025

MIL OSI USA News –

May 6, 2025

MIL-OSI: Plantro Ltd. Releases Investor Presentation to Fellow Shareholders of Information Services Corporation and Extends Tender Offer to May 20, 2025

Source: GlobeNewswire (MIL-OSI)

Presentation Highlights the Opportunity to Unlock Value for All ISC Shareholders and Reverse Long-Term Decline

Board Should Meaningfully Engage with Shareholders to Address Governance Issues at ISC

Tender Offer to Acquire up to 14% of Class A Limited Voting Shares Extended Until 5:00pm Eastern Time on May 20, 2025

BRIDGETOWN, Barbados, May 05, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) today announced that it has released a presentation to fellow shareholders of Information Services Corporation (TSX: ISC) (“ISC” or the “Company”). The presentation is available here and will be filed and made available on ISC’s SEDAR+ profile at www.sedarplus.ca.

Plantro’s investor presentation, which is based on publicly available facts and data, highlights that the economics of ISC are ‘upside down’ and do not benefit long-term shareholders. Since ISC’s IPO in 2013, there has been a clear troubling trend: expense growth has consistently outpaced revenue growth. When expenses consistently outpace revenue, it sets the stage for serious financial challenges over the long-term. This has resulted in a long-term financial decline and decreasing returns.

Plantro has heard from other ISC shareholders who share its concerns that it is impossible for ISC to fund its ‘buy-to-grow’ strategy to meet its 2028 revenue and adjusted EBITDA targets through cash flow generation or without incurring significant new debt or issuing substantial equity. Plantro’s representatives have made multiple attempts to engage with the board of directors (the “Board”) and management of ISC to discuss these concerns and share Plantro’s plan to unlock near- and long-term value for shareholders. Unfortunately, the Board appears entrenched, as at every step, Plantro has been met with limited and perfunctory engagement.

Plantro calls on the Board to:

recommend in favour of its ongoing Tender Offer; and
meet with Plantro this week to discuss the governance and business issues at ISC.

Plantro anticipates that the Board, rather than address ISC’s governance issues, will further entrench and impugn Plantro’s motives. However, ISC shareholders should review the presentation, consider ISC’s current trajectory, and determine for themselves whether the status quo is acceptable.

Plantro believes that ISC has an exciting opportunity to unlock significant upside for shareholders. However, it has become clear that ISC’s serious governance issues are holding the Company back.

Tender Offer Extension & Elimination of Voting Tender

Plantro also announced that it is extending and amending its ongoing all-cash tender offer (the “Tender Offer”) to acquire up to 2,593,142 class A limited voting shares (the “Class A Shares”) in the capital of ISC. Pursuant to the terms of a second amended and restated offer document dated May 5, 2025 (the “Offer Document”), Plantro has extended the expiry date of the Tender Offer to 5:00pm (Eastern Time) on May 20, 2025, unless the Tender Offer is further varied, extended, or withdrawn in accordance with the terms of the Offer Document (the “Expiry Time”).

Despite the Board’s unwillingness to engage with Plantro, in order to be constructive, the Tender Offer has also been amended to eliminate the proxy voting tender, about which the Board had previously objected. Plantro is no longer asking shareholders to appoint representatives of Plantro as their nominee and proxy in respect of such shares owned by a shareholder. For clarity, Plantro is not soliciting shareholder proxies in respect of the upcoming 2025 annual meeting of shareholders of ISC scheduled to be held on May 13, 2025.

Shareholders of ISC who have already validly deposited and not withdrawn their Class A Shares are not required to take any further action to accept the Tender Offer. No Class A Shares will be taken up and paid for by Plantro pursuant to the Tender Offer until after the Expiry Time.

In addition to the above amendments, the size of the Tender Offer has been reduced by 184,100 Class A Shares to reflect that Plantro has acquired such number of shares in the market, all in compliance with the terms of the Tender Offer.

Other than as set out herein, all other terms of the Tender Offer remain unchanged. Details of the Tender Offer, including instructions for tendering Class A Shares, are included in the Offer Document (the Offer Document and the second amended and restated letter of transmittal dated May 5, 2025, the “Offer Documents”). The Offer Documents will be filed and made available on ISC’s SEDAR+ profile at www.sedarplus.ca. Shareholders of ISC should carefully read the Offer Documents prior to making a decision with respect to the Tender Offer.

About Plantro

Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

Shareholder Questions

Shareholders of ISC who have questions with respect to the Tender Offer, or who need assistance in depositing their Class A Shares, please contact the depositary or the information agent for the Tender Offer at the contact details below:

Depositary: Odyssey Trust Company
Toll Free (US & Canada): 1-888-290-1175
Calls (All Regions): 587-885-0960
Email: corp.actions@odysseytrust.com

Information Agent: Carson Proxy
North America Toll Free: 1-800-530-5189
Local and Text: 416-751-2066
Email: info@carsonproxy.com

Cautionary Statement Regarding Forward-Looking Information

This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Specifically, certain statements contained in this press release, including without limitation statements regarding the Tender Offer, taking up and paying for Class A Shares deposited under the Tender Offer, the expiry of the Tender Offer, Plantro’s perceived governance failings at ISC, and Plantro’s plan to unlock near- and long-term value at ISC, contain “forward-looking information” and are prospective in nature. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements.

Statements containing forward-looking information are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future outcomes expressed or implied by the statements containing forward-looking information.

Although Plantro believes that the expectations reflected in statements containing forward-looking information herein made by it (and not, for greater certainty, any forward-looking statements attributable to the Company) are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting the Company’s operations will continue substantially in the current state, including, without limitation, with respect to industry conditions, general levels of economic activity, continuity and availability of personnel, local and international laws and regulations, foreign currency exchange rates and interest rates, inflation, taxes, that there will be no unplanned material changes to the Company’s operations, and that the Company’s public disclosure record is accurate in all material respects and is not misleading (including by omission).

Plantro cautions that the foregoing list of material factors and assumptions is not exhaustive. While these factors and assumptions are considered by Plantro to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Plantro and there is no assurance that they will prove correct.

Important facts that could cause outcomes to differ materially from those expressed or implied by such forward-looking information include, among other things, actions taken by the Company in respect of the Tender Offer, the content of subsequent public disclosures by the Company, the failure to satisfy the conditions to the Tender Offer, general economic conditions, legislative or regulatory changes and changes in capital or securities markets. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although Plantro has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to Plantro or that Plantro presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

Statements containing forward-looking information in this press release are based on Plantro’s beliefs and opinions at the time the statements are made, and there should be no expectation that such forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Plantro disclaims any obligation to do so, except as required by applicable law. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

Media Contact: Gagnier Communications
Riyaz Lalani / Dan Gagnier
Email: Plantro@gagnierfc.com

A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/a15f0631-205c-4781-9fea-5ac936ebd5bd

The MIL Network –

May 6, 2025

MIL-OSI: Diamondback Energy, Inc. Announces First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2025.

FIRST QUARTER 2025 AND RECENT HIGHLIGHTS

Average oil production of 475.9 MBO/d (850.7 MBOE/d)
Net cash provided by operating activities of $2.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.5 billion
Cash capital expenditures of $942 million
Free Cash Flow (as defined and reconciled below) of $1.5 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.6 billion
Declared Q1 2025 base cash dividend of $1.00 per share payable on May 22, 2025; implies a 2.9% annualized yield based on May 2, 2025 closing share price of $136.81
Repurchased 3,656,044 shares of common stock in Q1 2025 for $575 million excluding excise tax (at a weighted average price of $157.15 per share); repurchased 1,965,180 shares of common stock to date in Q2 2025 for $255 million excluding excise tax (at a weighted average price of $129.71 per share)
Total Q1 2025 return of capital of $864 million; represents ~55% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q1 2025 base dividend
As previously announced, closed acquisition of certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) on April 1st
Closed drop down transaction to Viper Energy, Inc. (“Viper”), a subsidiary of Diamondback, on May 1st

UPDATED 2025 GUIDANCE HIGHLIGHTS

As a result of recent commodity price volatility, Diamondback is reducing activity in order to prioritize free cash flow generation. The Company believes this revised plan enhances capital efficiency and provides flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

Full year oil production of 480 – 495 MBO/d (857 – 900 MBOE/d)
Full year 2025 cash capital expenditures guidance of $3.4 – $3.8 billion
The Company expects to drill 385 – 435 gross (349 – 395 net) wells and complete between 475 – 550 gross (444 – 514 net) wells with an average lateral length of approximately 11,500 feet in 2025
Q2 2025 oil production guidance of 485 – 500 MBO/d (866 – 900 MBOE/d)
Q2 2025 cash capital expenditures guidance of $800 – $900 million
Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 49.4, ~10% better than the Company’s original full year 2025 guidance provided in February 2025

OPERATIONS UPDATE

The tables below provide a summary of operating activity for the first quarter of 2025.

Total Activity (Gross Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	124	116
Delaware Basin	2	7
Total	126	123

Total Activity (Net Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	116	112
Delaware Basin	2	7
Total	118	119

During the first quarter of 2025, Diamondback drilled 124 gross wells in the Midland Basin and two gross wells in the Delaware Basin. The Company turned 116 operated wells to production in the Midland Basin and seven gross wells in the Delaware Basin, with an average lateral length of 11,978 feet. Operated completions during the first quarter consisted of 30 Wolfcamp A wells, 28 Lower Spraberry wells, 22 Wolfcamp B wells, 17 Jo Mill wells, eight Middle Spraberry wells, four Dean wells, four Barnett wells, three Third Bone Spring wells, three Wolfcamp D wells, two Second Bone Spring wells and two Upper Spraberry wells.

FINANCIAL UPDATE

Diamondback’s first quarter 2025 net income was $1.4 billion, or $4.83 per diluted share. Adjusted net income (as defined and reconciled below) for the first quarter was $1.3 billion, or $4.54 per diluted share.

First quarter 2025 net cash provided by operating activities was $2.4 billion.

During the first quarter of 2025, Diamondback spent $864 million on operated drilling and completions, $21 million on capital workovers and non-operated drilling and completions and $57 million on infrastructure, environmental and midstream, for total cash capital expenditures of $942 million.

First quarter 2025 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.9 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the first quarter was $2.8 billion.

Diamondback’s first quarter 2025 Free Cash Flow (as defined and reconciled below) was $1.5 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the first quarter was $1.6 billion.

First quarter 2025 average unhedged realized prices were $70.95 per barrel of oil, $2.11 per Mcf of natural gas and $23.94 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $47.77 per BOE.

Diamondback’s cash operating costs for the first quarter of 2025 were $10.48 per BOE, including lease operating expenses (“LOE”) of $5.33 per BOE, cash general and administrative (“G&A”) expenses of $0.72 per BOE, production and ad valorem taxes of $2.98 per BOE and gathering, processing and transportation expenses of $1.45 per BOE.

As of March 31, 2025, Diamondback had $1.3 billion in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $2.5 billion available for future borrowings under the facility and approximately $3.8 billion of total liquidity. As of March 31, 2025, the Company had consolidated total debt of $14.1 billion and consolidated net debt (as defined and reconciled below) of $12.3 billion, up from consolidated total debt of $13.2 billion and consolidated net debt of $13.0 billion as of December 31, 2024.

DIVIDEND DECLARATIONS

Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $1.00 per common share for the first quarter of 2025 payable on May 22, 2025 to stockholders of record at the close of business on May 15, 2025.

Future base and variable dividends remain subject to review and approval at the discretion of the Company’s Board of Directors.

COMMON STOCK REPURCHASE PROGRAM

During the first quarter of 2025, Diamondback repurchased ~3.7 million shares of common stock at an average share price of $157.15 for a total cost of approximately $575 million, excluding excise tax. To date, Diamondback has repurchased ~30.2 million shares of common stock at an average share price of $137.55 for a total cost of approximately $4.2 billion and has approximately $1.8 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

FULL YEAR 2025 GUIDANCE

Below is Diamondback’s updated guidance for the full year 2025, which includes second quarter production, cash tax and capital guidance. Given recent weakness in commodity prices, the Company is reducing its activity levels and lowering its capital budget to prioritize free cash generation. Diamondback will continue to closely monitor the macro environment and has flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

	2025 Guidance	2025 Guidance
	Diamondback Energy, Inc.	Viper Energy, Inc.

2025 Net production – MBOE/d	857 – 900 (from 883 – 909)	74.5 – 79.0
2025 Oil production – MBO/d	480 – 495 (from 485 – 498)	41.0 – 43.5
Q2 2025 Oil production – MBO/d (total – MBOE/d)	485 – 500 (866 – 900)	40.0 – 43.0 (72.5 – 78.0)

Unit costs ($/BOE)
Lease operating expenses, including workovers	$5.65 – $6.05 (from $5.90 – $6.30)
G&A
Cash G&A	$0.60 – $0.75	$0.80 – $1.00
Non-cash equity-based compensation	$0.25 – $0.35	$0.10 – $0.20
DD&A	$14.00 – $15.00	$15.50 – $16.50
Interest expense (net of interest income)	$0.40 – $0.65 (from $0.25 – $0.50)	$2.00 – $2.50
Gathering, processing and transportation	$1.40 – $1.60 (from $1.20 – $1.40)

Production and ad valorem taxes (% of revenue)	~7%	~7%
Corporate tax rate (% of pre-tax income)	23%
Cash tax rate (% of pre-tax income)	19% – 22% (from 17% – 20%)	21% – 23%
Q2 2025 Cash taxes ($ – million)⁽¹⁾	$340 – $400	$10 – $15

Capital Budget ($ – million)
Operated drilling and completion	$2,780 – $3,090 (from $3,130 – $3,440)
Capital workovers, non-operated properties and science	$280 – $320
Infrastructure, environmental and midstream⁽²⁾	$340 – $390 (from $390 – $440)
2025 Total capital expenditures	$3,400 – $3,800 (from $3,800 – $4,200)
Q2 2025 Capital expenditures	$800 – $900

Gross horizontal wells drilled (net)	385 – 435 (349 – 395) (from 446 – 471 (406 – 428))
Gross horizontal wells completed (net)	475 – 550 (444 – 514) (from 557 – 592 (526 – 560))
Average lateral length (Ft.)	~11,500′
FY 2025 Midland Basin well costs per lateral foot	$550 – $590 (from $555 – $605)
FY 2025 Delaware Basin well costs per lateral foot	$860 – $910
Midland Basin completed net lateral feet (%)	~95%
Delaware Basin completed net lateral feet (%)	~5%

^⁽¹⁾	Includes approximately $170 million of cash taxes related to the Viper dropdown transaction.
^⁽²⁾	Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025.

CONFERENCE CALL

Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2025 on Tuesday, May 6, 2025 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger, the recently completed Double Eagle acquisition and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 26, 2025, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.


Diamondback Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except share amounts)

	March 31,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents ($560 million and $27 million related to Viper)	$	1,816		$	161
Restricted cash		225			3
Accounts receivable:
Joint interest and other, net		257			198
Oil and natural gas sales, net ($146 million and $149 million related to Viper)		1,334			1,387
Inventories		117			116
Derivative instruments		267			168
Prepaid expenses and other current assets		67			77
Total current assets		4,083			2,110
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($22,019 million and $22,666 million excluded from amortization at March 31, 2025 and December 31, 2024, respectively) ($6,097 million and $5,713 million related to Viper and $2,279 million and $2,180 million excluded from amortization related to Viper)		83,727			82,240
Other property, equipment and land		1,452			1,440
Accumulated depletion, depreciation, amortization and impairment ($1,148 million and $1,081 million related to Viper)		(20,283	)		(19,208	)
Property and equipment, net		64,896			64,472
Funds held in escrow		208			1
Equity method investments		383			375
Derivative instruments		61			2
Deferred income taxes, net ($249 million and $185 million related to Viper)		235			173
Other assets		200			159
Total assets	$	70,066		$	67,292
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable – trade	$	124		$	253
Accrued capital expenditures		754			690
Current maturities of debt		914			900
Other accrued liabilities		761			1,020
Revenues and royalties payable		1,575			1,491
Derivative instruments		75			43
Income taxes payable		550			414
Total current liabilities		4,753			4,811
Long-term debt ($822 million and $1,083 million related to Viper)		12,996			12,075
Derivative instruments		93			106
Asset retirement obligations		586			573
Deferred income taxes		9,887			9,826
Other long-term liabilities		8			39
Total liabilities		28,323			27,430
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 287,287,926 and 290,984,373 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		3			3
Additional paid-in capital		33,125			33,501
Retained earnings (accumulated deficit)		5,352			4,238
Accumulated other comprehensive income (loss)		(7	)		(6	)
Total Diamondback Energy, Inc. stockholders’ equity		38,473			37,736
Non-controlling interest		3,270			2,126
Total equity		41,743			39,862
Total liabilities and stockholders’ equity	$	70,066		$	67,292


Diamondback Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, $ in millions except per share data, shares in thousands)

	Three Months Ended March 31,
		2025			2024
Revenues:
Oil, natural gas and natural gas liquid sales	$	3,657		$	2,101
Sales of purchased oil		374			116
Other operating income		17			10
Total revenues		4,048			2,227
Costs and expenses:
Lease operating expenses		408			255
Production and ad valorem taxes		228			119
Gathering, processing and transportation		111			77
Purchased oil expense		382			117
Depreciation, depletion, amortization and accretion		1,097			469
General and administrative expenses		73			46
Merger and integration expense		37			12
Other operating expenses		39			14
Total costs and expenses		2,375			1,109
Income (loss) from operations		1,673			1,118
Other income (expense):
Interest expense, net		(40	)		(39	)
Other income (expense), net		27			(3	)
Gain (loss) on derivative instruments, net		226			(48	)
Gain (loss) on extinguishment of debt		—			2
Income (loss) from equity investments, net		8			2
Total other income (expense), net		221			(86	)
Income (loss) before income taxes		1,894			1,032
Provision for (benefit from) income taxes		403			223
Net income (loss)		1,491			809
Net income (loss) attributable to non-controlling interest		86			41
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,405		$	768

Earnings (loss) per common share:
Basic	$	4.83		$	4.28
Diluted	$	4.83		$	4.28
Weighted average common shares outstanding:
Basic		289,612			178,477
Diluted		289,612			178,477


Diamondback Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	1,491		$	809
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes		6			52
Depreciation, depletion, amortization and accretion		1,097			469
(Gain) loss on extinguishment of debt		—			(2	)
(Gain) loss on derivative instruments, net		(226	)		48
Cash received (paid) on settlement of derivative instruments		85			(4	)
(Income) loss from equity investment, net		(8	)		(2	)
Equity-based compensation expense		18			14
Other		24			16
Changes in operating assets and liabilities:
Accounts receivable		(6	)		(95	)
Income tax receivable		3			12
Prepaid expenses and other current assets		6			89
Accounts payable and accrued liabilities		(374	)		(110	)
Income taxes payable		135			70
Revenues and royalties payable		84			(35	)
Other		20			3
Net cash provided by (used in) operating activities		2,355			1,334
Cash flows from investing activities:
Additions to oil and natural gas properties		(942	)		(609	)
Property acquisitions		(750	)		(153	)
Proceeds from sale of assets		41			12
Other		(2	)		(1	)
Net cash provided by (used in) investing activities		(1,653	)		(751	)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities		2,277			90
Repayments under credit facilities		(2,538	)		(80	)
Proceeds from senior notes		1,200			—
Repayment of senior notes		—			(25	)
Repurchased shares under buyback program		(575	)		(42	)
Proceeds from partial sale of investment in Viper Energy, Inc.		—			451
Net proceeds from Viper’s issuance of common stock		1,232			—
Dividends paid to stockholders		(290	)		(548	)
Dividends/distributions to non-controlling interest		(95	)		(44	)
Other		(36	)		(71	)
Net cash provided by (used in) financing activities		1,175			(269	)
Net increase (decrease) in cash and cash equivalents		1,877			314
Cash, cash equivalents and restricted cash at beginning of period		164			585
Cash, cash equivalents and restricted cash at end of period	$	2,041		$	899


Diamondback Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Production Data:
Oil (MBbls)		42,835		43,785		24,874
Natural gas (MMcf)		100,578		107,249		50,602
Natural gas liquids (MBbls)		16,961		19,615		8,653
Combined volumes (MBOE)⁽¹⁾		76,559		81,275		41,961

Daily oil volumes (BO/d)		475,944		475,924		273,341
Daily combined volumes (BOE/d)		850,656		883,424		461,110

Average Prices:
Oil ($ per Bbl)	$	70.95	$	69.48	$	75.06
Natural gas ($ per Mcf)	$	2.11	$	0.48	$	0.99
Natural gas liquids ($ per Bbl)	$	23.94	$	19.27	$	21.26
Combined ($ per BOE)	$	47.77	$	42.71	$	50.07

Oil, hedged ($ per Bbl)⁽²⁾	$	70.06	$	68.72	$	74.13
Natural gas, hedged ($ per Mcf)⁽²⁾	$	3.34	$	0.82	$	1.36
Natural gas liquids, hedged ($ per Bbl)⁽²⁾	$	23.94	$	19.27	$	21.26
Average price, hedged ($ per BOE)⁽²⁾	$	48.89	$	42.76	$	49.97

Average Costs per BOE:
Lease operating expenses	$	5.33	$	5.67	$	6.08
Production and ad valorem taxes		2.98		2.77		2.84
Gathering, processing and transportation expense		1.45		1.17		1.84
General and administrative – cash component		0.72		0.69		0.76
Total operating expense – cash	$	10.48	$	10.30	$	11.52

General and administrative – non-cash component	$	0.24	$	0.20	$	0.34
Depreciation, depletion, amortization and accretion	$	14.33	$	14.22	$	11.18
Interest expense, net	$	0.52	$	0.42	$	0.93

(1)	Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
(2)	Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, if any, non-cash equity-based compensation expense, capitalized equity-based compensation expense, merger and integration expenses, other non-cash transactions and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company adds the items listed above to net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

Diamondback Energy, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(unaudited, in millions)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,405		$	1,074		$	768
Net income (loss) attributable to non-controlling interest		86			216			41
Net income (loss)		1,491			1,290			809
Non-cash (gain) loss on derivative instruments, net		(141	)		(51	)		44
Interest expense, net		40			34			39
Depreciation, depletion, amortization and accretion		1,097			1,156			469
Depreciation and interest expense related to equity method investments		21			30			23
(Gain) loss on extinguishment of debt		—			—			(2	)
Non-cash equity-based compensation expense		23			24			21
Capitalized equity-based compensation expense		(5	)		(8	)		(7	)
Merger and integration expenses		37			30			12
Other non-cash transactions		(19	)		2			2
Provision for (benefit from) income taxes		403			115			223
Consolidated Adjusted EBITDA		2,947			2,622			1,633
Less: Adjustment for non-controlling interest		146			118			86
Adjusted EBITDA attributable to Diamondback Energy, Inc.	$	2,801		$	2,504		$	1,547

ADJUSTED NET INCOME

Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, merger and integration expense, other non-cash transactions and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

Diamondback Energy, Inc.
Adjusted Net Income
(unaudited, $ in millions except per share data, shares in thousands)

	Three Months Ended March 31, 2025
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,405		$	4.83
Net income (loss) attributable to non-controlling interest		86			0.30
Net income (loss)⁽¹⁾		1,491			5.13
Non-cash (gain) loss on derivative instruments, net		(141	)		(0.49	)
Merger and integration expense		37			0.13
Other non-cash transactions		(19	)		(0.07	)
Adjusted net income excluding above items⁽¹⁾		1,368			4.70
Income tax adjustment for above items		26			0.09
Adjusted net income⁽¹⁾		1,394			4.79
Less: Adjusted net income attributable to non-controlling interest		74			0.25
Adjusted net income attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,320		$	4.54

Weighted average common shares outstanding:
Basic					289,612
Diluted					289,612

(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $6 million in earnings attributable to participating securities, (iii) divided by diluted weighted average common shares outstanding for the respective periods.

OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

Free Cash Flow, which is a non-GAAP financial measure, is cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company believes that Free Cash Flow is useful to investors as it provides measures to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis as adjusted for non-recurring tax impacts from divestitures, merger and integration expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. The Company uses Free Cash Flow to reduce debt, as well as return capital to stockholders as determined by the Board of Directors.

The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow:

Diamondback Energy, Inc.
Operating Cash Flow Before Working Capital Changes and Free Cash Flow
(unaudited, in millions)

	Three Months Ended
	March 31, 2025			December 31, 2024
Net cash provided by operating activities	$	2,355		$	2,341
Less: Changes in cash due to changes in operating assets and liabilities:
Accounts receivable		(6	)		(103	)
Income tax receivable		3			(3	)
Prepaid expenses and other current assets		6			(24	)
Accounts payable and accrued liabilities		(374	)		114
Income taxes payable		135			138
Revenues and royalties payable		84			59
Other		20			(100	)
Total working capital changes		(132	)		81
Operating cash flow before working capital changes		2,487			2,260
Additions to oil and natural gas properties		(942	)		(933	)
Total Cash CAPEX		(942	)		(933	)
Free Cash Flow		1,545			1,327
Merger and integration expenses		37			30
Treasury locks		1			—
Adjusted Free Cash Flow	$	1,583		$	1,357

NET DEBT

The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

Diamondback Energy, Inc.
Net Debt
(unaudited, in millions)

	March 31, 2025			Net Q1 Principal Borrowings/(Repayments)			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(in millions)
Diamondback Energy, Inc.⁽¹⁾	$	13,269		$	1,200		$	12,069		$	12,284		$	11,169		$	5,669
Viper Energy, Inc.⁽¹⁾		830			(261	)		1,091			830			1,007			1,103
Total debt		14,099		$	939			13,160			13,114			12,176			6,772
Cash and cash equivalents		(1,816	)					(161	)		(370	)		(6,908	)		(896	)
Net debt	$	12,283					$	12,999		$	12,744		$	5,268		$	5,876

(1)	Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.

DERIVATIVES

As of May 2, 2025, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Crude Oil (Bbls/day, $/Bbl)
	Q2 2025		Q3 2025		Q4 2025		Q1 2026
Long Puts – Crude Brent Oil		50,000		36,000		21,000		4,000
Long Put Price ($/Bbl)		$58.30		$56.39		$55.00		$55.00
Deferred Premium ($/Bbl)		$-1.50		$-1.50		$-1.47		$-1.45
Long Puts – WTI (Magellan East Houston)		96,000		102,000		65,000		15,000
Long Put Price ($/Bbl)		$55.10		$54.75		$54.62		$55.00
Deferred Premium ($/Bbl)		$-1.59		$-1.61		$-1.63		$-1.66
Long Puts – WTI (Cushing)		152,000		146,000		86,000		25,000
Long Put Price ($/Bbl)		$55.53		$54.40		$53.98		$55.00
Deferred Premium ($/Bbl)		$-1.59		$-1.55		$-1.55		$-1.32
Basis Swaps – WTI (Midland)		71,000		76,000		76,000		—
Basis Swaps – WTI (Midland)		$1.05		$1.05		$1.05		—
Roll Swaps – WTI		25,000		25,000		25,000		—
Roll Swaps – WTI		$0.93		$0.93		$0.93		—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027
Costless Collars – Henry Hub		690,000		690,000		690,000		620,000		40,000
Floor Price ($/Mmbtu)		$2.49		$2.49		$2.49		$2.77		$3.00
Ceiling Price ($/Mmbtu)		$5.28		$5.28		$5.28		$6.33		$6.65
Natural Gas Basis Swaps – Waha Hub		610,000		610,000		610,000		460,000		240,000
Natural Gas Basis Swaps – Waha Hub		$-0.88		$-0.88		$-0.88		$-1.62		$-1.48
Natural Gas Basis Swaps – Houston Ship Channel		13,407		20,000		20,000		40,000		—
Natural Gas Basis Swaps – Houston Ship Channel		$-0.49		$-0.49		$-0.49		$-0.37		—

Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com

The MIL Network –

May 6, 2025

MIL-OSI: Gibson Energy Reports 2025 First Quarter Results Driven by Record Infrastructure EBITDA and All-Time High Volumes at Gateway and Edmonton

Source: GlobeNewswire (MIL-OSI)

^{All financial figures are in Canadian dollars unless otherwise noted}

CALGARY, Alberta, May 05, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three months ended March 31, 2025.

Key Highlights:

All-time high volumes at both the Gateway and Edmonton terminals drove record Infrastructure Adjusted EBITDA⁽¹⁾ of $155 million
Realized recurring and non-recurring cost savings of approximately $6 million, increasing DCF per share in the first quarter by 7%, with line of sight to $18 million of total savings, relative to our target of over $25 million
Secured a strategic long-term partnership with Baytex Energy Corp. (“Baytex”)
Appointed Riley Hicks as Senior Vice President and Chief Financial Officer effective February 4, 2025, and Dave Gosse as Senior Vice President and Chief Operating Officer to become effective May 20, 2025
Subsequent to the quarter, completed the Gateway dredging project safely, on time and on budget

“We are off to a solid start to 2025, delivering record quarterly Infrastructure EBITDA,” said Curtis Philippon, President & Chief Executive Officer. “Our cost focus efforts continue to deliver results, and we are seeing great progress on our key capital projects at Gateway. With a revitalized leadership team in place and disciplined execution underway, we are well positioned to deliver a strong finish to the year.”

Financial Highlights:

Revenue of $2,748 million decreased by $541 million in the first quarter, compared to $3,289 million in the first quarter of 2024, primarily due to the impact of reduced sales volumes and lower commodity prices within the Marketing segment
Infrastructure Adjusted EBITDA⁽¹⁾ of $155 million in the first quarter, a $4 million or 2% increase from the first quarter of 2024, primarily due to increased throughput at the Edmonton Terminal and Gateway, and lower operating and other costs, partially offset by lower volume at the Hardisty Terminal, and the disposal of non-core assets in the prior period
Marketing Adjusted EBITDA⁽¹⁾ of $0 in the first quarter, a $33 million decrease from the first quarter of 2024, primarily due to the Crude Marketing business’ lower contribution as continued increased demand for Canadian heavy oil has maintained steep backwardation and limited volatility, impacting storage, quality and time-based opportunities. For the Refined Products business, slightly stronger crack spreads during the quarter were offset by higher feedstock costs driven by continued strength in the WCS differential, as well as the impact of seasonal reduction in demand for asphalt products
Adjusted EBITDA⁽¹⁾ on a consolidated basis of $142 million in the first quarter, a $28 million or 16% decrease from the first quarter of 2024, primarily due to lower contributions from the Marketing segment and the other factors impacting segment EBITDA noted above, as well as the impact of unrealized gains and losses on derivative financial instruments recorded in both periods
Net income of $50 million in the first quarter, a $9 million or 23% increase from the first quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above as well as lower general and administrative costs primarily due to executive transition and restructuring costs in the prior period, partially offset by higher corporate foreign exchange losses
Distributable Cash Flow⁽¹⁾ of $91 million in the first quarter, a $24 million or 21% decrease from the first quarter of 2024, primarily due to lower Adjusted EBITDA from the Marketing segment, partially offset by increased Infrastructure Adjusted EBITDA
Dividend Payout ratio⁽²⁾ on a trailing twelve-month basis of 77%, which is within the 70% – 80% target range
Net debt to Adjusted EBITDA⁽²⁾ ratio of 3.7x at March 31, 2025, compared to 3.5x at March 31, 2024, primarily due to lower contributions from the Company’s Marketing segment and higher interest expenses compared to the same period last year

Strategic Developments:

Appointed Riley Hicks as Senior Vice President and Chief Financial Officer, effective February 4, 2025; Riley joined Gibson in 2018 and has held various finance and commercial roles, including most recently Senior Vice President Corporate Development, Marketing and Strategy
Entered into a long-term strategic partnership with Baytex; under the initial 10-year take-or-pay and area dedication agreement, Gibson will invest approximately $50 million in new liquids infrastructure and Baytex will direct production to Gibson’s core Edmonton terminal, enhancing the Company’s quality of cash flows
Surpassed a major safety milestone, with over 9 million hours worked without a lost time injury
Subsequent to the quarter, Dave Gosse was appointed as Senior Vice President and Chief Operating Officer, to become effective May 20, 2025; with more than 30 years of operational and engineering leadership, in roles including President of Energy Transfer Canada, Dave adds strong expertise to Gibson’s executive team
Subsequent to the quarter, successfully completed the dredging project at Gateway safely, on time and on budget, making Gateway one of only two terminals in Texas capable of loading up to 1.6 million barrels on a Very Large Crude Carrier and up to full capacity on a Suezmax vessel

(1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
(2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.

Management’s Discussion and Analysis and Financial Statements
The 2025 first quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2025 first quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, May 6, 2025.

To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

Registration at least five minutes prior to the conference call is recommended.

This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

The webcast will remain accessible for a 12-month period at the above URL.

Supplementary Information

Gibson has also made available certain supplementary information regarding the 2025 first quarter financial and operating results, available at www.gibsonenergy.com.

About Gibson
Gibson is a leading liquids infrastructure company with its principal businesses consisting of storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘‘anticipate’’, ‘‘plan’’, ‘‘contemplate’’, ‘‘continue’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘propose’’, ‘‘might’’, ‘‘may’’, ‘‘will’’, ‘‘shall’’, ‘‘project’’, ‘‘should’’, ‘‘could’’, ‘‘would’’, ‘‘believe’’, ‘‘predict’’, ‘‘forecast’’, ‘‘pursue’’, ‘‘potential’’ and ‘‘capable’’ and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, future cost savings to be realized by the Company, the future effective date of appointment of the Company’s new Senior Vice President and Chief Operating Officer, results through the remainder of the current fiscal year, and the capital expenditure in relation to the project with Baytex, and Gibson’s ability to achieve the anticipated benefits of such project, including the enhancement of the quality of the Company’s cash flows. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form dated February 18, 2025, and Management’s Discussion and Analysis dated May 5, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

For further information, please contact:

Investor Relations
(403) 776-3077
investor.relations@gibsonenergy.com

Media Relations
(403) 476-6334
communications@gibsonenergy.com

Specified Financial Measures
This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the three months ended March 31, 2025 and 2024, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

a) Adjusted EBITDA

Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months ended March 31, 2025, and 2024:

Three months ended March 31,	Infrastructure			Marketing			Corporate and Adjustments				Total
($ thousands)	2025		2024	2025		2024	2025		2024		2025		2024

Segment profit	154,079		145,663	13,860		19,381	—		—		167,939		165,044
Unrealized (gain) loss on financial instruments	(455	)	4,149	(13,746	)	14,217	—		—		(14,201	)	18,366
General and administrative	—		—	—		—	(14,323	)	(21,920	)	(14,323	)	(21,920	)
Adjustments to share of profit from equity accounted investees	1,173		1,481	—		—	—		—		1,173		1,481
Executive transition and restructuring costs	—		—	—		—	2,405		7,135		2,405		7,135
Renewable power purchase agreement	—		—	—		—	(806	)	—		(806	)	—
Adjusted EBITDA	154,797		151,293	114		33,598	(12,724	)	(14,785	)	142,187		170,106

	Three months ended March 31,
($ thousands)	2025		2024

Net Income	49,953		40,489

Income tax expense	14,044		12,455
Depreciation, amortization, and impairment charges	42,532		43,431
Finance costs, net	33,658		35,403
Unrealized (gain) loss on derivative financial instruments	(14,201	)	18,366
Unrealized loss on renewable power purchase agreement	6,787		9,476
Share-based compensation	3,128		5,064
Acquisition and integration costs	—		1,305
Adjustments to share of profit from equity accounted investees	1,173		1,481
Corporate foreign exchange loss (gain) and other	2,708		(4,499	)
Executive transition and restructuring costs	2,405		7,135
Adjusted EBITDA	142,187		170,106

b) Distributable Cash Flow

The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

	Three months ended March 31,
($ thousands)	2025		2024

Cash flow from operating activities	121,852		192,833
Adjustments:
Changes in non-cash working capital and taxes paid	15,417		(26,078	)
Replacement capital	(5,808	)	(4,372	)
Cash interest expense, including capitalized interest	(31,549	)	(33,878	)
Acquisition and integration costs⁽¹⁾	—		1,305
Executive transition and restructuring costs⁽¹⁾	2,405		—
Lease payments	(6,317	)	(8,034	)
Current income tax	(5,226	)	(7,312	)
Distributable cash flow	90,774		114,464

c) Dividend Payout Ratio

	Twelve months ended March 31,
	2025		2024
Distributable cash flow	351,583		392,853
Dividends declared	270,630		247,946
Dividend payout ratio	77	%	63	%

d) Net Debt To Adjusted EBITDA Ratio

	Twelve months ended March 31,
	2025		2024

Current and long-term debt	2,619,116		2,643,464
Lease liabilities	47,752		58,480
Less: unsecured hybrid debt	(450,000	)	(450,000	)
Less: cash and cash equivalents	(46,090	)	(108,858	)

Net debt	2,170,778		2,143,086
Adjusted EBITDA	582,223		605,095
Net debt to adjusted EBITDA ratio	3.7		3.5

The MIL Network –

May 6, 2025

MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the first quarter ended March 31, 2025.

FIRST QUARTER HIGHLIGHTS

As previously announced, Q1 2025 average production of 31,311 bo/d (57,378 boe/d)
Q1 2025 consolidated net income (including non-controlling interest) of $153 million; net income attributable to Viper of $75 million, or $0.62 per Class A common share
Q1 2025 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $100 million, or $0.76 per Class A common share
Declared Q1 2025 base cash dividend of $0.30 per Class A common share; implies a 2.9% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
Declared Q1 2025 variable cash dividend of $0.27 per Class A common share; total base-plus-variable dividend of $0.57 per Class A common share implies a 5.4% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
Total Q1 2025 return of capital to Class A shareholders of $75 million, or $0.57 per Class A common share, represents 75% of cash available for distribution
442 total gross (8.0 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q1 2025 with an average lateral length of 11,946 feet

RECENT EVENTS AND FORWARD OUTLOOK

As previously announced, on May 1, 2025, closed the Drop Down transaction, whereby Viper Energy Partners LLC (“OpCo”), the Company’s operating subsidiary, acquired all of the equity interests of certain mineral and royalty subsidiaries of Diamondback for consideration of $1.0 billion of cash and 69.6 million limited liability company units of OpCo and an equivalent number of shares of the Company’s Class B common stock (the “Drop Down”)
Following the close of the Drop Down, Viper’s long-term issuer default rating was upgraded to BBB- by Fitch; represents second investment grade rating for Viper
As of May 2, 2025, during the second quarter of 2025, repurchased 239,374 shares of the Company’s Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share)
As of May 2, 2025, during the second quarter of 2025, repurchased approximately $36 million in aggregate principal amount of the Company’s 5.375% Senior Notes due 2027 (“2027 Notes”)
Initiating average daily production guidance for Q2 2025 of 40,000 to 43,000 bo/d (72,500 to 78,000 boe/d)
Maintaining average daily production for the balance of 2025, following the closing of the Drop Down, of 47,000 to 49,000 bo/d (85,000 to 88,000 boe/d), resulting in expected full year 2025 average daily production of 41,000 to 43,500 bo/d (74,500 to 79,000 boe/d)

“As previously announced, we are excited the transformative Drop Down transaction between Viper and Diamondback has closed. As a result of the conservative financing of this transaction, as well as Viper’s continued strong financial and operating results, we expect leverage to remain below 1.0x even in a sustained $50 per barrel WTI environment. Given the strength of our balance sheet, we will look to use this period of volatility to our advantage where we can, as highlighted by the opportunistic share repurchases we have been able to make so far this quarter,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

Mr. Van’t Hof continued, “Despite the potential for sustained weakness in commodity prices and reduced activity levels, we expect Viper’s production to remain durable and are maintaining our previous guidance for oil production for the balance of 2025, although we continue to monitor operator activity levels. The symbiotic relationship between Diamondback and Viper is highlighted during times like these where Diamondback continues to focus its development on wells where Viper owns high royalty interests, and therefore enhances Diamondback’s consolidated capital efficiency. Further, the roughly 45% of Viper’s current production that is operated by third parties is predominately exposed to well-capitalized operators in the best parts of the Permian Basin, led by Exxon operating almost half of our third party production.”

FINANCIAL UPDATE

As previously announced, Viper’s first quarter 2025 average unhedged realized prices were $71.33 per barrel of oil, $2.08 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $47.25/boe.

As previously announced, Viper’s first quarter 2025 average hedged realized prices were $70.26 per barrel of oil, $3.74 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $48.99/boe.

During the first quarter of 2025, the Company recorded total operating income of $245 million and consolidated net income (including non-controlling interest) of $153 million.

As of March 31, 2025, the Company had a cash balance of $560 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $830 million, resulting in net debt (as defined and reconciled below) of $270 million. Viper’s outstanding long-term debt as of March 31, 2025 consisted of $430 million in aggregate principal amount of its 2027 Notes, $400 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and no borrowings on its revolving credit facility, leaving $1.3 billion available for future borrowings and $1.9 billion of total liquidity.

As of May 1, 2025, after giving effect to the closing of the Drop Down, Viper had roughly $255 million in borrowings on its revolving credit facility, leaving approximately $995 million available for future borrowings and a similar amount of total liquidity.

As of May 2, 2025, during the second quarter of 2025, Viper had repurchased approximately $36 million in aggregate principal amount of the Company’s 2027 Notes.

FIRST QUARTER 2025 CASH DIVIDEND & CAPITAL RETURN PROGRAM

Viper announced today that the Company’s Board of Directors (the “Board”) declared a base cash dividend of $0.30 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

The Board also declared a variable cash dividend of $0.27 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

As of May 2, 2025, during the second quarter of 2025, Viper repurchased 239,374 shares of Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share). In total, since the initiation of Viper’s common stock repurchase program on November 9, 2020 through May 2, 2025, the Company has repurchased 13,683,957 shares of Class A common stock for an aggregate purchase price of approximately $325 million, reflecting an average price of $23.74 per Class A common share. Future base and variable cash dividends and stock repurchases are at the discretion of the Board and are subject to a number of factors discussed in Viper’s reports filed with the Securities and Exchange Commission.

OPERATIONS UPDATE

During the first quarter of 2025, Viper estimates that 442 gross (8.0 net 100% royalty interest) horizontal wells with an average royalty interest of 1.8% were turned to production on its acreage position with an average lateral length of 11,946 feet. Of these 442 gross wells, Diamondback is the operator of 108 gross wells, with an average royalty interest of 4.0%, and the remaining 334 gross wells, with an average royalty interest of 1.1%, are operated by third parties.

As of March 31, 2025, Viper’s footprint of mineral and royalty interests was 37,573 net royalty acres on a historical basis and 60,725 net royalty acres on a pro forma basis, after giving effect to the Drop Down.

Our gross well information as of May 1, 2025 is as follows, after giving effect to the Drop Down:

	Diamondback Operated	Third-Party Operated	Total
Q1 2025 Horizontal wells turned to production⁽¹⁾⁽²⁾:
Gross wells	108	334	442
Net 100% royalty interest wells	4.3	3.7	8.0
Average percent net royalty interest	4.0%	1.1%	1.8%

Horizontal producing well count:
Gross wells	3,725	11,546	15,271
Net 100% royalty interest wells	235.0	165.0	400.0
Average percent net royalty interest	6.3%	1.4%	2.6%

Horizontal active development well count:
Gross wells	239	682	921
Net 100% royalty interest wells	13.0	10.4	23.4
Average percent net royalty interest	5.4%	1.5%	2.5%

Line of sight wells:
Gross wells	417	677	1,094
Net 100% royalty interest wells	27.1	8.9	36.0
Average percent net royalty interest	6.5%	1.3%	3.3%

(1) Represents wells turned to production on Viper’s standalone acreage position; does not give effect to the Drop Down.
(2) Average lateral length of 11,946 feet.

The 921 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, after giving effect to the Drop Down, there are currently 63 gross rigs operating on Viper’s acreage, 16 of which are operated by Diamondback. The 1,094 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

GUIDANCE UPDATE

Below is Viper’s guidance for the full year 2025, as well as average production guidance for Q2 2025, which gives effect to the Drop Down. Given recent market volatility, Diamondback and our other operators are closely monitoring the macro environment and may review their operating plans for the remainder of 2025, and thus our production guidance could be subject to change.


	Viper Energy, Inc.

Q2 2025 Net Production – Mbo/d	40.0 – 43.0
Q2 2025 Net Production – Mboe/d	72.5 – 78.0
Full Year 2025 Net Production – Mbo/d	41.0 – 43.5
Full Year 2025 Net Production – Mboe/d	74.5 – 79.0

Unit costs ($/boe)
Depletion	$15.50 – $16.50
Cash G&A	$0.80 – $1.00
Non-Cash Share-Based Compensation	$0.10 – $0.20
Net Interest Expense	$2.00 – $2.50

Production and Ad Valorem Taxes (% of Revenue)	~7%
Cash Tax Rate (% of Pre-Tax Income Attributable to the Company)⁽¹⁾	21% – 23%
Q2 2025 Cash Taxes ($ – million)⁽²⁾	$10 – $15

(1) Pre-tax income attributable to the Company is reconciled below.
(2) Attributable to the Company.

CONFERENCE CALL

Viper will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2025 on Tuesday, May 6, 2025 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

About Viper Energy, Inc.

Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin in West Texas. For more information, please visit www.viperenergy.com.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Drop Down and any other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

Viper Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except par values and share data)

	March 31,			December 31,
		2025			2024
Assets
Current assets:
Cash and cash equivalents	$	560		$	27
Royalty income receivable (net of allowance for credit losses)		146			149
Royalty income receivable—related party		41			31
Income tax receivable		2			2
Derivative instruments		31			18
Prepaid expenses and other current assets		12			11
Total current assets		792			238
Property:
Oil and natural gas interests, full cost method of accounting ($2,279 and $2,180 excluded from depletion at March 31, 2025 and December 31, 2024, respectively)		6,097			5,713
Land		6			6
Accumulated depletion and impairment		(1,148	)		(1,081	)
Property, net		4,955			4,638
Derivative instruments		12			—
Deferred income taxes (net of allowances)		249			185
Funds held in escrow		223			1
Other assets		7			7
Total assets	$	6,238		$	5,069
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable—related party	$	2		$	2
Accrued liabilities		66			43
Derivative instruments		5			2
Income taxes payable		18			2
Total current liabilities		91			49
Long-term debt, net		822			1,083
Derivative instruments		2			—
Other long-term liabilities		—			30
Total liabilities		915			1,162
Stockholders’ equity:
Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 131,323,078 shares issued and outstanding as of March 31, 2025 and 102,977,142 shares issued and outstanding as of December 31, 2024		—			—
Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 87,831,750 shares issued and outstanding as of March 31, 2025 and 85,431,453 shares issued and outstanding as of December 31, 2024		—			—
Additional paid-in capital		2,566			1,569
Retained earnings (accumulated deficit)		108			118
Total Viper Energy, Inc. stockholders’ equity		2,674			1,687
Non-controlling interest		2,649			2,220
Total equity		5,323			3,907
Total liabilities and stockholders’ equity	$	6,238		$	5,069

Viper Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts, shares in thousands)

	Three Months Ended March 31,
		2025			2024
Operating income:
Oil income	$	201		$	177
Natural gas income		15			7
Natural gas liquids income		28			21
Royalty income		244			205
Lease bonus income		1			—
Total operating income		245			205
Costs and expenses:
Production and ad valorem taxes		17			14
Depletion		67			47
General and administrative expenses—related party		4			2
General and administrative expenses		2			3
Total costs and expenses		90			66
Income (loss) from operations		155			139
Other income (expense):
Interest expense, net		(13	)		(20	)
Gain (loss) on derivative instruments, net		32			(7	)
Total other income (expense), net		19			(27	)
Income (loss) before income taxes		174			112
Provision for (benefit from) income taxes		21			13
Net income (loss)		153			99
Net income (loss) attributable to non-controlling interest		78			56
Net income (loss) attributable to Viper Energy, Inc.	$	75		$	43

Net income (loss) attributable to common shares:
Basic	$	0.62		$	0.49
Diluted	$	0.62		$	0.49
Weighted average number of common shares outstanding:
Basic		120,926			87,537
Diluted		121,030			87,629

Viper Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	153		$	99
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes		(1	)		(1	)
Depletion		67			47
(Gain) loss on derivative instruments, net		(32	)		7
Net cash receipts (payments) on derivatives		9			(3	)
Other		1			2
Changes in operating assets and liabilities:
Royalty income receivable		3			(23	)
Royalty income receivable—related party		(10	)		(30	)
Accounts payable and accrued liabilities		(4	)		5
Accounts payable—related party		—			(1	)
Income taxes payable		15			12
Other		—			1
Net cash provided by (used in) operating activities		201			115
Cash flows from investing activities:
Acquisitions of oil and natural gas interests		(486	)		(21	)
Proceeds from sale of oil and natural gas interests		—			1
Net cash provided by (used in) investing activities		(486	)		(20	)
Cash flows from financing activities:
Proceeds from borrowings under credit facility		295			90
Repayment on credit facility		(556	)		(80	)
Net proceeds from public offering		1,232			—
Dividends to stockholders		(85	)		(44	)
Dividends to Diamondback		(59	)		(67	)
Dividends to other non-controlling interest		(9	)		—
Net cash provided by (used in) financing activities		818			(101	)
Net increase (decrease) in cash and cash equivalents		533			(6	)
Cash, cash equivalents and restricted cash at beginning of period		27			26
Cash, cash equivalents and restricted cash at end of period	$	560		$	20

Viper Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Production Data:
Oil (MBbls)		2,818		2,747		2,312
Natural gas (MMcf)		7,221		7,236		5,589
Natural gas liquids (MBbls)		1,142		1,209		954
Combined volumes (Mboe)⁽¹⁾		5,164		5,162		4,198

Average daily oil volumes (bo/d)		31,311		29,859		25,407
Average daily combined volumes (boe/d)		57,378		56,109		46,132

Average sales prices:
Oil ($/Bbl)	$	71.33	$	69.91	$	76.61
Natural gas ($/Mcf)	$	2.08	$	0.84	$	1.22
Natural gas liquids ($/Bbl)	$	24.52	$	22.15	$	22.17
Combined ($/boe)⁽²⁾	$	47.25	$	43.56	$	48.85

Oil, hedged ($/Bbl)⁽³⁾	$	70.26	$	69.00	$	75.64
Natural gas, hedged ($/Mcf)⁽³⁾	$	3.74	$	1.05	$	1.12
Natural gas liquids ($/Bbl)⁽³⁾	$	24.52	$	22.15	$	22.17
Combined price, hedged ($/boe)⁽³⁾	$	48.99	$	43.38	$	48.19

Average Costs ($/boe):
Production and ad valorem taxes	$	3.29	$	3.13	$	3.43
General and administrative – cash component		0.97		0.72		1.08
Total operating expense – cash	$	4.26	$	3.85	$	4.51

General and administrative – non-cash stock compensation expense	$	0.19	$	0.16	$	0.12
Interest expense, net	$	2.52	$	3.70	$	4.67
Depletion	$	12.97	$	12.51	$	11.18

(1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
(2) Realized price net of all deducts for gathering, transportation and processing.
(3) Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA is a supplemental non-GAAP (as defined below) financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to the Company, plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, if any, other non-recurring expenses, if any, and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

Viper defines cash available for distribution to the Company’s shareholders generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Viper further defines cash available for variable dividends as at least 75 percent of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.

The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA, cash available for distribution and cash available for variable dividends:

Viper Energy, Inc.
(unaudited, in millions, except per share data)

	Three Months Ended March 31, 2025
Net income (loss) attributable to Viper Energy, Inc.	$	75
Net income (loss) attributable to non-controlling interest		78
Net income (loss)		153
Interest expense, net		13
Non-cash share-based compensation expense		1
Depletion		67
Non-cash (gain) loss on derivative instruments		(23	)
Provision for (benefit from) income taxes		21
Consolidated Adjusted EBITDA		232
Less: Adjusted EBITDA attributable to non-controlling interest		99
Adjusted EBITDA attributable to Viper Energy, Inc.	$	133

Adjustments to reconcile Adjusted EBITDA to cash available for distribution:
Income taxes payable for the current period	$	(23	)
Debt service, contractual obligations, fixed charges and reserves		(9	)
Lease bonus income, net of tax		(1	)
Cash available for distribution to Viper Energy, Inc. shareholders	$	100

	Three Months Ended March 31, 2025
	Amounts		Amounts Per Common Share
Reconciliation to cash available for variable dividends:
Cash available for distribution to Viper Energy, Inc. shareholders	$	100	$	0.76

Return of Capital	$	75	$	0.57
Less:
Base dividend		39		0.30
Cash available for variable dividends	$	36	$	0.27

Total approved base and variable dividend per share			$	0.57

Class A common stock outstanding				131,323

The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to the Company. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of the Company’s Class A common stock.

Viper Energy, Inc.
Pre-tax income attributable to Viper Energy, Inc.
(unaudited, in millions)

	Three Months Ended March 31, 2025
	Three Months Ended March 31, 2025
Income (loss) before income taxes	$	174
Less: Net income (loss) attributable to non-controlling interest		78
Pre-tax income attributable to Viper Energy, Inc.	$	96

Income taxes payable for the current period	$	23
Effective cash tax rate attributable to Viper Energy, Inc.		24.0	%

Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to the Company plus net income (loss) attributable to non-controlling interest adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, if any, other non-recurring expenses, if any, and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to the Company to the non-GAAP financial measure of adjusted net income (loss):

Viper Energy, Inc.
Adjusted Net Income (Loss)
(unaudited, in millions, except per share data)

	Three Months Ended March 31, 2025
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Viper Energy, Inc. ⁽¹⁾	$	75		$	0.62
Net income (loss) attributable to non-controlling interest		78			0.64
Net income (loss)⁽¹⁾		153			1.26
Non-cash (gain) loss on derivative instruments, net		(23	)		(0.19	)
Adjusted income excluding above items⁽¹⁾		130			1.07
Income tax adjustment for above items		3			0.03
Adjusted net income (loss)⁽¹⁾		133			1.10
Less: Adjusted net income (loss) attributed to non-controlling interests		68			0.56
Adjusted net income (loss) attributable to Viper Energy, Inc. ⁽¹⁾	$	65		$	0.54

Weighted average Class A common shares outstanding:
Basic					120,926
Diluted					121,030

(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to the Company, (ii) less any reallocation of earnings attributable to participating securities, and (iii) divided by diluted weighted average Class A common shares outstanding.

RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

	March 31, 2025			Net Q1 Principal Borrowings/ (Repayments)			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(in millions)
Total long-term debt⁽¹⁾	$	830		$	(261	)	$	1,091		$	831		$	1,007		$	1,103
Cash and cash equivalents		(560	)					(27	)		(169	)		(35	)		(20	)
Net debt	$	270					$	1,064		$	662		$	972		$	1,083

(1) Excludes debt issuance costs, discounts & premiums.

Derivatives

As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Crude Oil (Bbls/day, $/Bbl)
	Q2 2025			Q3 2025			Q4 2025		FY 2026		FY 2027
Deferred Premium Puts – WTI (Cushing)		20,000			18,000			—		—		—
Strike	$	55.00		$	55.00		$	—	$	—	$	—
Premium	$	(1.61	)	$	(1.60	)	$	—	$	—	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027
Costless Collars – Henry Hub		60,000		60,000		60,000		60,000		—
Floor	$	2.50	$	2.50	$	2.50	$	2.75	$	—
Ceiling	$	4.93	$	4.93	$	4.93	$	6.64	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025			Q3 2025			Q4 2025			FY 2026			FY 2027
Natural Gas Basis Swaps – Waha Hub		60,000			60,000			60,000			60,000			40,000
Swap Price	$	(0.80	)	$	(0.80	)	$	(0.80	)	$	(1.50	)	$	(1.40	)

Investor Contact:

Chip Seale
+1 432.247.6218
cseale@viperenergy.com

Source: Viper Energy, Inc.; Diamondback Energy, Inc.

The MIL Network –

May 6, 2025

MIL-OSI: Nasdaq Reports April 2025 Volumes

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for April 2025 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics .

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Media Relations Contacts:

Nick Jannuzzi
+1.973.760.1741
Nicholas.Jannuzzi@Nasdaq.com

Investor Relations Contact:

Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com

-NDAQF-

The MIL Network –

May 6, 2025

MIL-OSI: GigaCloud Technology Inc. to Announce First Quarter 2025 Financial Results and Host Conference Call on May 12, 2025

Source: GlobeNewswire (MIL-OSI)

EL MONTE, Calif., May 05, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc. (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced that it will report its financial results for the first quarter ended March 31, 2025 after the market closes on Monday, May 12, 2025. The Company will host a conference call to discuss its financial results on the same day at 6:30 PM Eastern Time.

To access the conference call, participants should pre-register here to receive the dial-in information and a unique PIN. All participants are encouraged to dial-in 15 minutes prior to the conference call’s start time.

A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at https://investors.gigacloudtech.com/news-events/events.

About GigaCloud Technology Inc.
GigaCloud Technology Inc. is a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/

For investor and media inquiries, please contact:

GigaCloud Technology Inc.
ir@gigacloudtech.com

The MIL Network –

May 6, 2025

MIL-OSI: Tactile Systems Technology, Inc. Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, May 05, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Summary & Recent Business Highlights:

Total revenue increased 0.3% year-over-year to $61.3 million
Gross margin of 74% versus 71% in Q1 2024
Net loss of $3.0 million versus $2.2 million in Q1 2024
Adjusted EBITDA loss of $0.3 million versus positive Adjusted EBITDA of $1.0 million in Q1 2024
Repurchased $10.0 million of stock under the Company’s share repurchase program
Expanded launch of Nimbl to include patients with lower extremity conditions, the largest segment of the lymphedema market
Completed launch of a new customer relationship management (CRM) tool and previously announced optimization of sales organization

“Through the first quarter our team executed on several highly strategic, growth-oriented priorities. We launched Nimbl for lower extremity lymphedema, completed efforts to optimize our sales organization for scale and efficiency, and implemented a new CRM tool that equips our team with best-in-class resources to more efficiently reach lymphedema patients,” said Sheri Dodd, Chief Executive Officer of Tactile Medical.

“While these efforts have had a temporary impact on sales force productivity, we are thrilled with the progress made and firmly believe these transformational actions are essential to positioning Tactile for consistent, long-term growth. Our underlying business fundamentals remain firmly in place and we are meaningfully advancing each of our three 2025 strategic priorities to remain the competitive market share leader in medical device lymphatic therapy.”

First Quarter 2025 Financial Results

Total revenue in the first quarter of 2025 increased $180 thousand, or 0.3%, to $61.3 million, compared to $61.1 million in the first quarter of 2024. The increase in total revenue was attributable to an increase of $1.9 million, or 22%, in sales of the airway clearance product line, offset by a decrease of $1.8 million, or 3%, in sales and rentals of the lymphedema product line in the quarter ended March 31, 2025, compared to the first quarter of 2024. The increase in airway clearance product line revenue was primarily attributable to increased placements of AffloVest among our durable medical equipment (DME) partners, while the decrease in lymphedema product line revenue was primarily attributable to a decrease in headcount of our field sales team.

Gross profit in the first quarter of 2025 increased $1.9 million, or 4%, to $45.3 million, compared to $43.4 million in the first quarter of 2024. Gross margin was 74% of revenue, compared to 71% of revenue in the first quarter of 2024. The increase in gross profit was primarily attributable to lower manufacturing and warranty costs.

Operating expenses in the first quarter of 2025 increased $3.5 million, or 8%, to $49.9 million, compared to $46.4 million in the first quarter of 2024. The increase in operating expenses was primarily attributable to planned strategic investments.

Operating loss was $4.5 million in the first quarter of 2025, compared to $3.0 million in the first quarter of 2024.

Other income was $0.5 million in the first quarter of 2025, compared to $0.2 million in the first quarter of 2024, and consisted primarily of interest income, net.

Income tax benefit was $1.1 million in the first quarter of 2025, compared to $0.6 million in the first quarter of 2024.

Net loss in the first quarter of 2025 was $3.0 million, or $(0.13) per diluted share, compared to $2.2 million, or $(0.09) per diluted share, in the first quarter of 2024.

Weighted average shares used to compute diluted net loss per share were 23.7 million in each of the first quarters of 2025 and 2024.

Adjusted EBITDA loss was $0.3 million in the first quarter of 2025, compared to positive Adjusted EBITDA of $1.0 million in the first quarter of 2024.

Balance Sheet Summary

As of March 31, 2025, the Company had $83.6 million in cash and $25.5 million of outstanding borrowings under its credit agreement, compared to $94.4 million in cash and $26.3 million of outstanding borrowings under its credit agreement as of December 31, 2024. The Company repurchased $10.0 million of its stock during the first quarter under its repurchase program. As of March 31, 2025, $16.5 million remained available under the Company’s $30.0 million share repurchase program, which expires October 31, 2026.

2025 Financial Outlook

The Company is updating its 2025 financial outlook and now expects full year 2025 total revenue in the range of $309 million to $315 million, representing growth of approximately 5% to 8% year-over-year, compared to total revenue of $293.0 million in 2024. The Company’s prior 2025 guidance expectation was total revenue in the range of $316 million to $322 million, representing growth of approximately 8% to 10% year-over-year.

The Company now also expects full year 2025 adjusted EBITDA in the range of $32 million to $34 million, compared to adjusted EBITDA of $37.1 million in 2024. The Company’s prior 2025 guidance expectation was adjusted EBITDA in the range of $35 million to $37 million.

Conference Call

Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on May 5, 2025, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13752588. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13752588. The webcast will be archived at investors.tactilemedical.com.

About Tactile Systems Technology, Inc. (DBA Tactile Medical)

Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

Legal Notice Regarding Forward-Looking Statements

This release contains forward-looking statements, including guidance for the full year 2025. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; adverse economic conditions, including inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; price increases for supplies and components; wage and component price inflation; loss of a key supplier or other supply chain disruptions; entry of new competitors and/or competitive products; compliance with and changes in federal, state and local government regulation; technological obsolescence of, or quality issues with, the Company’s products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net income (loss), plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense and plus executive transition costs. Reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure is included in this press release.

This non-GAAP financial measure is presented because the Company believes it is a useful indicator of its operating performance. Management uses this measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes this measure is useful to investors as supplemental information and because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes this non-GAAP financial measure is useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

The non-GAAP financial measure presented in this release should not be considered as an alternative to, or superior to, its respective GAAP financial measure, as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.


Tactile Systems Technology, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
	March 31,		December 31,
(In thousands, except share and per share data)	2025		2024
*Assets*
Current assets
Cash	$	83,619	$	94,367
Accounts receivable, net		35,693		44,937
Net investment in leases		14,850		14,540
Inventories		18,867		18,666
Income taxes receivable		1,193		—
Prepaid expenses and other current assets		5,900		5,053
Total current assets		160,122		177,563
Non-current assets
Property and equipment, net		5,391		5,603
Right of use operating lease assets		16,174		16,633
Intangible assets, net		41,866		42,789
Goodwill		31,063		31,063
Deferred income taxes		18,059		18,311
Other non-current assets		7,567		5,962
Total non-current assets		120,120		120,361
Total assets	$	280,242	$	297,924
*Liabilities and Stockholders’ Equity*
Current liabilities
Accounts payable	$	7,224	$	5,648
Note payable		2,956		2,956
Accrued payroll and related taxes		10,929		17,923
Accrued expenses		7,177		7,780
Income taxes payable		—		270
Operating lease liabilities		3,036		2,980
Other current liabilities		4,079		3,147
Total current liabilities		35,401		40,704
Non-current liabilities
Note payable, non-current		22,481		23,220
Accrued warranty reserve, non-current		1,201		1,209
Income taxes payable, non-current		355		239
Operating lease liabilities, non-current		15,173		15,955
Total non-current liabilities		39,210		40,623
Total liabilities		74,611		81,327

Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of March 31, 2025 and December 31, 2024		—		—
Common stock, $0.001 par value, 300,000,000 shares authorized; 23,584,471 shares issued and outstanding as of March 31, 2025; 23,883,475 shares issued and outstanding as of December 31, 2024		24		24
Additional paid-in capital		172,727		180,719
Retained earnings		32,880		35,854
Total stockholders’ equity		205,631		216,597
Total liabilities and stockholders’ equity	$	280,242	$	297,924


Tactile Systems Technology, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)


	Three Months Ended
	March 31,
(In thousands, except share and per share data)	2025			2024
Revenue
Sales revenue	$	52,469		$	53,307
Rental revenue		8,799			7,781
Total revenue		61,268			61,088
Cost of revenue
Cost of sales revenue		13,891			14,944
Cost of rental revenue		2,031			2,715
Total cost of revenue		15,922			17,659
Gross profit
Gross profit – sales revenue		38,578			38,363
Gross profit – rental revenue		6,768			5,066
Gross profit		45,346			43,429
Operating expenses
Sales and marketing		27,516			27,357
Research and development		1,741			2,143
Reimbursement, general and administrative		19,998			16,261
Intangible asset amortization and earn-out		633			632
Total operating expenses		49,888			46,393
Loss from operations		(4,542	)		(2,964	)
Interest income		895			713
Interest expense		(424	)		(567	)
Other income		—			9
Loss before income taxes		(4,071	)		(2,809	)
Income tax benefit		(1,097	)		(600	)
Net loss	$	(2,974	)	$	(2,209	)
Net loss per common share
Basic	$	(0.13	)	$	(0.09	)
Diluted	$	(0.13	)	$	(0.09	)
Weighted-average common shares used to compute net loss per common share
Basic		23,710,643			23,665,829
Diluted		23,710,643			23,665,829


Tactile Systems Technology, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

	Three Months Ended March 31,
(In thousands)	2025			2024
Cash flows from operating activities
Net loss	$	(2,974	)	$	(2,209	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		1,726			1,634
Deferred income taxes		252			84
Stock-based compensation expense		2,066			2,039
Loss on disposal of property and equipment and intangibles		5			—
Changes in assets and liabilities, net of acquisition:
Accounts receivable, net		9,244			2,682
Net investment in leases		(310	)		(129	)
Inventories		(201	)		1,683
Income taxes		(1,347	)		(693	)
Prepaid expenses and other assets		(2,452	)		(787	)
Right of use operating lease assets		(267	)		2
Accounts receivable, non-current		—			3,983
Accounts payable		1,387			(1,396	)
Accrued payroll and related taxes		(6,994	)		(5,766	)
Accrued expenses and other liabilities		282			(203	)
Net cash provided by operating activities		417			924
Cash flows from investing activities
Purchases of property and equipment		(379	)		(482	)
Intangible assets expenditures		(28	)		(20	)
Net cash used in investing activities		(407	)		(502	)
Cash flows from financing activities
Payments on note payable		(750	)		(750	)
Proceeds from exercise of common stock options		10			1
Payments for repurchases of common stock		(10,018	)		—
Net cash used in financing activities		(10,758	)		(749	)
Net decrease in cash		(10,748	)		(327	)
Cash – beginning of period		94,367			61,033
Cash – end of period	$	83,619		$	60,706

Supplemental cash flow disclosure
Cash paid for interest	$	444		$	583
Cash paid for taxes	$	15		$	54
Accrued excise tax on stock repurchases	$	50		$	—
Capital expenditures incurred but not yet paid	$	189		$	225

The following table summarizes revenue by product line for the three months ended March 31, 2025 and 2024:


	Three Months Ended
	March 31,
(In thousands)	2025			2024
Revenue
Lymphedema products	$	50,554		$	52,313
Airway clearance products		10,714			8,775
Total	$	61,268		$	61,088

Percentage of total revenue
Lymphedema products		83	%		86	%
Airway clearance products		17	%		14	%
Total		100	%		100	%

The following table contains a reconciliation of net loss to Adjusted EBITDA for the three months ended March 31, 2025 and 2024, as well as the dollar and percentage change between the comparable periods:


Tactile Systems Technology, Inc.
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(Unaudited)

	Three Months Ended						Increase
	March 31,						(Decrease)
(Dollars in thousands)	2025			2024			$			%
Net loss	$	(2,974	)	$	(2,209	)	$	(765	)	35	%
Interest (income) expense, net		(471	)		(146	)		(325	)	N.M.	%
Income tax benefit		(1,097	)		(600	)		(497	)	83	%
Depreciation and amortization		1,726			1,634			92		6	%
Stock-based compensation		2,066			2,039			27		1	%
Executive transition costs		491			315			176		56	%
Adjusted EBITDA	$	(259	)	$	1,033		$	(1,292	)	(125	)%

The following table contains a reconciliation of net income to Adjusted EBITDA for the year ended December 31, 2024:


Tactile Systems Technology, Inc.
Reconciliation of Net income to Non-GAAP Adjusted EBITDA
(Unaudited)

	Year Ended
(Dollars in thousands)	December 31, 2024
Net income	$	16,960
Interest (income) expense, net		(1,299	)
Income tax expense		6,529
Depreciation and amortization		6,793
Stock-based compensation		7,819
Executive transition costs		248
Adjusted EBITDA	$	37,050

The following table contains a reconciliation of GAAP net income guidance range to the Adjusted EBITDA guidance range for the twelve months ended December 31, 2025:


Tactile Systems Technology, Inc.
Reconciliation of FY 2025 GAAP Net Income to Adjusted EBITDA Guidance
(Unaudited)

	Twelve Months Ended
	December 31, 2025
(Dollars in thousands)	Low			High
Net income	$	13,400		$	14,800
Interest income, net		(2,400	)		(2,400	)
Income tax expense		5,200			5,800
Depreciation and amortization		6,700			6,700
Stock-based compensation		8,600			8,600
Executive transition costs		500			500
Adjusted EBITDA	$	32,000		$	34,000

Investor Inquiries:
Sam Bentzinger
Gilmartin Group
investorrelations@tactilemedical.com

The MIL Network –

May 6, 2025

MIL-OSI: EverQuote Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

First Quarter Revenue Growth of 83% Year-Over-Year to $166.6 million
First Quarter Variable Marketing Dollars Increase of 52% Year-Over-Year to $46.9 million
Delivers First Quarter Net Income of $8.0 million and Record Adjusted EBITDA of $22.5 million

CAMBRIDGE, Mass., May 05, 2025 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the first quarter ended March 31, 2025.

“2025 is off to a strong start, building on our momentum from last year, and we once again achieved record financial performance across our key financial metrics of revenue, Variable Marketing Dollars or VMD and Adjusted EBITDA,” said Jayme Mendal, CEO of EverQuote. “Our scale and technology are enabling us to build a competitive moat and leverage a data advantage as we extend AI throughout our traffic and distribution systems. We are delivering strong performance to carriers and agents, and they are rewarding us with increased budgets, which supports continued traffic growth. We remain steadfast in our focus to become the leading growth partner for P&C insurance providers.”

“The first quarter marks our fourth consecutive quarter of record revenue and Adjusted EBITDA performance, and we ended the quarter with a strong cash position and no debt outstanding,” said Joseph Sanborn, CFO of EverQuote. “EverQuote remains resilient to macro conditions and is well positioned for continued success as a broad number of carriers are benefiting from healthy combined ratios and are focusing on driving policy growth. Given this favorable environment, we believe that the long-term thesis of insurance advertising spend shifting to digital channels remains firmly intact.”

First Quarter 2025 Highlights:
(Unless otherwise noted, all comparisons are relative to the first quarter of 2024).

Total revenue grew 83% to $166.6 million.
Automotive insurance vertical revenue of $152.7 million, an increase of 97%.
Home and renters insurance vertical revenue of $13.9 million, an increase of 10%.
VMD grew to $46.9 million, compared to $30.8 million, an increase of 52%.
GAAP net income of $8.0 million, compared to a GAAP net income of $1.9 million. GAAP net income in Q1 2025 included a non-cash charge of $7.9 million related to divesting the remaining P&C direct-to-consumer agency assets to settle an existing legal matter with the former owners of PolicyFuel, which was acquired in 2021.
Adjusted EBITDA of $22.5 million, compared to $7.6 million.
Operating cash flow of $23.3 million, compared to $10.4 million.
Ended the quarter with $125.0 million in cash and cash equivalents, an increase of 22% from $102.1 million at the end of the fourth quarter of 2024.

Second Quarter 2025 Outlook:

Revenue of $155.0 – $160.0 million, representing 34% year-over-year growth at the midpoint.
Variable Marketing Dollars of $45.0 – $47.0 million, representing 26% year-over-year growth at the midpoint.
Adjusted EBITDA of $20.0 – $22.0 million, representing 62% year-over-year growth at the midpoint.

With respect to the Company’s expectations under “Second Quarter 2025 Outlook” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, legal settlement expense, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

Conference Call and Webcast Information

EverQuote will host a conference call and live webcast to discuss its first quarter 2025 financial results at 4:30 p.m. Eastern Time today, May 5, 2025. To access the conference call, dial Toll Free: +1 (800) 715-9871 for the US, or +1 (646) 307-1963 for international callers, and provide conference ID 4210704. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.

Safe Harbor Statement

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company’s annual report on Form 10-Q for the quarter ended March 31, 2025, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing dollars, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; (16) any impacts of economic developments, including inflation and potential tariffs; and (17) the future trading prices of our Class A common stock.

About EverQuote

EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.

For more information, visit https://investors.everquote.com and follow on LinkedIn.

Investor Relations Contact

Brinlea Johnson
The Blueshirt Group
(415) 269-2645


EVERQUOTE, INC.
STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
	2025			2024
	(in thousands except per share)
Revenue	$	166,632		$	91,065
Cost and operating expenses(1):
Cost of revenue		5,380			5,041
Sales and marketing		129,430			70,784
Research and development		7,485			6,844
General and administrative		8,440			6,630
Legal settlement		7,900			—
Total cost and operating expenses		158,635			89,299
Income from operations		7,997			1,766
Other income (expense):
Interest income		708			386
Other income (expense), net		(31	)		41
Total other income, net		677			427
Income before income taxes		8,674			2,193
Income tax expense		(684	)		(286	)
Net income	$	7,990		$	1,907
Net income per share:
Basic	$	0.22		$	0.06
Diluted	$	0.21		$	0.05
Weighted average common shares outstanding, basic and diluted:
Basic		35,879			34,387
Diluted		37,667			35,608

^{(1) Amounts include stock-based compensation expense, as follows:}
	Three Months Ended March 31,
	2025			2024
	(in thousands)
Cost of revenue	$	9		$	36
Sales and marketing		1,565			1,594
Research and development		1,370			1,312
General and administrative		2,476			1,576
	$	5,420		$	4,518

EVERQUOTE, INC.
BALANCE SHEET DATA

	March 31,		December 31,
	2025		2024
	(in thousands)
Cash and cash equivalents	$	124,968	$	102,116
Working capital		113,927		99,131
Total assets		232,145		210,530
Total liabilities		82,645		75,162
Total stockholders’ equity		149,500		135,368

EVERQUOTE, INC.
STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025			2024
	(in thousands)
Cash flows from operating activities:
Net income	$	7,990		$	1,907
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		1,221			1,263
Stock-based compensation expense		5,420			4,518
Provision for bad debt		—			18
Unrealized foreign currency transaction (gains) losses		35			(4	)
Changes in operating assets and liabilities:
Accounts receivable		(457	)		(17,123	)
Prepaid expenses and other current assets		496			972
Commissions receivable, current and non-current		1,014			1,323
Operating lease right-of-use assets		267			497
Accounts payable		(2,765	)		15,868
Accrued expenses and other current liabilities		10,018			1,870
Deferred revenue		335			(2	)
Operating lease liabilities		(268	)		(667	)
Net cash provided by operating activities		23,306			10,440
Cash flows from investing activities:
Acquisition of property and equipment, including costs capitalized for development of internal-use software		(1,133	)		(770	)
Net cash used in investing activities		(1,133	)		(770	)
Cash flows from financing activities:
Proceeds from exercise of stock options		1,962			1,428
Tax withholding payments related to net share settlement		(1,293	)		(429	)
Net cash provided by financing activities		669			999
Effect of exchange rate changes on cash, cash equivalents and restricted cash		10			(5	)
Net increase in cash, cash equivalents and restricted cash		22,852			10,664
Cash, cash equivalents and restricted cash at beginning of period		102,116			37,956
Cash, cash equivalents and restricted cash at end of period	$	124,968		$	48,620

EVERQUOTE, INC.
FINANCIAL AND OPERATING METRICS

Revenue by vertical:

	Three Months Ended March 31,				Change
	2025		2024		%
	(in thousands)
Automotive	$	152,715	$	77,538		97.0	%
Home and renters		13,904		12,689		9.6	%
Other		13		838		-98.4	%
Total revenue	$	166,632	$	91,065		83.0	%

Other financial and non-financial metrics:

	Three Months Ended March31,				Change
	2025		2024		%
	(in thousands)
Income from operations	$	7,997	$	1,766		352.8	%
Net income	$	7,990	$	1,907		319.0	%
Variable marketing dollars	$	46,860	$	30,818		52.1	%
Adjusted EBITDA(1)	$	22,507	$	7,588		196.6	%

^{(1) Adjusted EBITDA is a non-GAAP measure. Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information.}

To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; legal settlement expense; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.

The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.

The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.

The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.


EVERQUOTE, INC.
RECONCILIATION OF NON-GAAP MEASURES TO GAAP

	Three Months Ended March 31,
	2025			2024
	(in thousands)
Net income	$	7,990		$	1,907
Stock-based compensation		5,420			4,518
Depreciation and amortization		1,221			1,263
Legal settlement		7,900			—
Interest income		(708	)		(386	)
Income tax expense		684			286
Adjusted EBITDA	$	22,507		$	7,588

The MIL Network –

May 6, 2025

MIL-OSI: James River Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

PEMBROKE, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) reported net income from continuing operations available to common shareholders of $9.0 million ($0.18 per diluted share) and adjusted net operating income¹ of $9.1 million ($0.19 per diluted share) for the first quarter of 2025.

	Three Months Ended March 31,						Three Months Ended March 31,
*($ in thousands, except for share data)*		2025		per diluted share				2024		per diluted share
Net income from continuing operations available to common shareholders	$	9,019		$	0.18		$	20,883		$	0.53
Net loss from discontinued operations²		(1,414	)	$	(0.02	)		(8,105	)	$	(0.18	)
Net income available to common shareholders		7,605		$	0.16			12,778		$	0.35
Adjusted net operating income¹		9,102		$	0.19			14,832		$	0.39

Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting.

First Quarter 2025 Highlights:

Annualized adjusted net operating return on tangible common equity¹ of 11.5% and year to date growth in tangible common equity¹ of 7.1%.
E&S segment combined ratio of 91.5% and renewal rate change of 7.8%, with the majority of underwriting divisions reporting pricing increases.
Specialty Admitted Insurance segment combined ratio of 102.1%, with fronting and program gross written premium declining 21.3%.
De minimis overall prior year reserve activity. Group combined ratio of 99.5%.
Final independent accounting firm determination in the purchase price adjustment dispute related to the sale of JRG Reinsurance Company Ltd. (“JRG Re”), finding in favor of the Company on $53.6 million of the aggregate $54.1 million of items in dispute, resulting in a small downward adjustment to the purchase price of ($0.5) million. This is reflected in the first quarter results.

Frank D’Orazio, the Company’s Chief Executive Officer, commented on the first quarter, “Coming out of 2024, our first quarter results show progress in strengthening our underwriting performance and positioning the franchise for long-term, sustainable profitability. Our disciplined approach to risk selection, combined with the actions taken over the past year to strengthen our reserve position, are showing tangible results. As we move forward, we remain focused on delivering value to shareholders as we take advantage of the attractive E&S underwriting environment while closely managing our expenses.”

E&S Segment Highlights:
- For the first quarter of 2025, the segment’s gross written premium was largely flat to the comparable quarter last year.
- Renewal rate increases across the segment were 7.8% during the quarter.
- The segment continued to experience strong submission growth, with the 6% growth in renewal submissions exceeding 2024 levels.
- There was de minimis favorable reserve development during the quarter.
Specialty Admitted Insurance Segment Highlights:
- Gross written premium for the fronting and program business declined 21.3% compared to the prior year quarter, as the Company manages this segment to retain minimal risk. This excludes the impact of our large workers’ compensation program and Individual Risk Workers’ Compensation book, which were non-renewed in the second quarter of 2023 and sold via a renewal rights transaction in the third quarter of 2023, respectively. Overall, premium declined 30.7%
- While the fronting business of the segment is transactional in nature, the Company remains focused on managing its expenses in this segment over the course of the calendar year.
- There was de minimis prior year reserve movement during the quarter.

First Quarter 2025 Operating Results

Gross written premium of $294.4 million, consisting of the following:

	Three Months Ended March 31,
*($ in thousands)*	2025		2024		*% Change*
Excess and Surplus Lines	$	213,243	$	213,691	0	%
Specialty Admitted Insurance		81,118		117,119	(31	)%
	$	294,361	$	330,810	(11	)%

Net written premium of $128.0 million, consisting of the following:

	Three Months Ended March 31,
*($ in thousands)*	2025		2024		*% Change*
Excess and Surplus Lines	$	115,079	$	117,425	(2	)%
Specialty Admitted Insurance		12,877		20,747	(38	)%
	$	127,956	$	138,172	(7	)%

Net earned premium of $151.9 million, consisting of the following:

	Three Months Ended March 31,
*($ in thousands)*	2025		2024		*% Change*
Excess and Surplus Lines	$	137,028	$	145,623	(6	)%
Specialty Admitted Insurance		14,874		26,068	(43	)%
	$	151,902	$	171,691	(12	)%

As cited above, the first quarter of 2025 included de minimis favorable reserve development in each of the two insurance segments. There remains $116.2 million of aggregate limit on the two E&S segment retroactive reinsurance structures which cover the majority of James River’s E&S segment net reserves for James River’s E&S segment for accident years 2010 -2023.
Pre-tax favorable (unfavorable) reserve development by segment on business not subject to retroactive reinsurance accounting for loss portfolio transfers was as follows:

	Three Months Ended March 31,
*($ in thousands)*	2025		2024
Excess and Surplus Lines	$	10	$	(40	)
Specialty Admitted Insurance		121		438
	$	131	$	398

Retroactive benefits of $1.9 million were recorded in loss and loss adjustment expenses during the first quarter and the total deferred retroactive reinsurance gain on the Balance Sheet is $56.0 million as of March 31, 2025.
The consolidated expense ratio was 32.7% for the first quarter of 2025, which was an increase from 28.9% in the prior year quarter. The expense ratio increase was primarily driven by higher compensation expenses on lower net earned premium.

Investment Results
Net investment income for the first quarter of 2025 was $20.0 million, a decline of 11.6% compared to $22.6 million in the prior year quarter. The comparable decline in income was primarily due to a smaller asset base following the funding of retroactive reinsurance structures for the E&S segment which were purchased in the second half of 2024.

The Company’s net investment income consisted of the following:

	Three Months Ended March 31,
*($ in thousands)*	2025		2024			*% Change*
Private Investments		200		(145	)	NM
All Other Investments		19,808		22,777		(13	)%
Total Net Investment Income	$	20,008	$	22,632		(12	)%

The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended March 31, 2025 was 4.6% (versus 4.8% for the three months ended March 31, 2024).

Net realized and unrealized losses on investments of ($1.4) million for the three months ended March 31, 2025 compared to net realized and unrealized gains on investments of $4.6 million in the prior year quarter. The majority of the realized and unrealized losses during the quarter were related to realized losses on sales in our bank loan portfolio, partially offset by increases in the fair value of our preferred stock portfolio.

Discontinued Operations

In connection with the process outlined in the Stock Purchase Agreement, and as previously disclosed, the buyer of JRG Re claimed a $54.1 million downward adjustment to the closing purchase price, which the Company disputed. As per the Stock Purchase Agreement, the disputed items (totaling $54.1 million) were submitted to an independent accounting firm for final resolution. On April 18, 2025, the independent accounting firm issued its final determination which resulted in a small downward adjustment to the closing purchase price of $0.5 million. The determination by the independent accounting firm is final and binding with regards to the purchase price.

Capital Management

The Company announced that its Board of Directors declared a cash dividend of $0.01 per common share. This dividend is payable on Monday, June 30, 2025 to all shareholders of record on Monday, June 9, 2025.

Tangible Common Equity Per Share

Shareholders’ equity of $484.5 million at March 31, 2025 increased 5.1% compared to shareholders’ equity of $460.9 million at December 31, 2024. Tangible common equity³ per share of $7.11 at March 31, 2025 increased 6.6% compared to tangible common equity per share of $6.67 at December 31, 2024, due to net income from continuing operations, partially offset by a small net loss from discontinued operations. Other comprehensive income benefited by $14.3 million during the first quarter of 2025, improving AOCI to ($55.7) million due to a decline in interest rates.

Conference Call

James River will hold a conference call to discuss its first quarter results tomorrow, May 6, 2025 at 8:00 a.m. Eastern Time. Investors may access the conference call by dialing (800) 715-9871, Conference ID 8501569, or via the internet by visiting www.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our estimate used to compute loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our competitive position and ability to attract and retain insurance business that our subsidiaries write and ultimately our financial condition; the potential loss of key members of our management team or key employees, and our ability to attract and retain personnel; adverse economic and competitive factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio and our reinsurers; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our Company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; the inherent uncertainty of estimating reinsurance recoverable on unpaid losses and the possibility that reinsurance may be less than our estimate of reinsurance recoverable on unpaid losses; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance laws and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Non-GAAP Financial Measures

In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, and adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com

For more information contact:

Zachary Shytle
Senior Analyst, Investments and Investor Relations
980-249-6848
InvestorRelations@james-river-group.com


James River Group Holdings, Ltd. and Subsidiaries Condensed Consolidated Balance Sheet Data (Unaudited)

*($ in thousands, except for share data)*	March 31, 2025		December 31, 2024
ASSETS
Invested assets:
Fixed maturity securities, available-for-sale, at fair value	$	1,259,627	$	1,189,733
Equity securities, at fair value		87,746		86,479
Bank loan participations, at fair value		144,014		142,410
Short-term investments		79,091		97,074
Other invested assets		52,768		36,700
Total invested assets		1,623,246		1,552,396

Cash and cash equivalents		279,427		362,345
Restricted cash equivalents (a)		29,012		28,705
Accrued investment income		10,567		10,534
Premiums receivable and agents’ balances, net		205,965		243,882
Reinsurance recoverable on unpaid losses, net		1,984,292		1,996,913
Reinsurance recoverable on paid losses		127,627		101,210
Deferred policy acquisition costs		27,844		30,175
Goodwill and intangible assets		214,190		214,281
Other assets		446,845		466,635
Total assets	$	4,949,015	$	5,007,076

LIABILITIES AND SHAREHOLDERS’ EQUITY
Reserve for losses and loss adjustment expenses	$	3,081,540	$	3,084,406
Unearned premiums		526,506		572,034
Funds held (a)		25,157		25,157
Deferred reinsurance gain		56,042		57,970
Senior debt		225,800		200,800
Junior subordinated debt		104,055		104,055
Accrued expenses		39,196		53,178
Other liabilities		273,124		315,446
Total liabilities		4,331,420		4,413,046

Series A redeemable preferred shares		133,115		133,115
Total shareholders’ equity		484,480		460,915
Total liabilities, Series A redeemable preferred shares, and shareholders’ equity	$	4,949,015	$	5,007,076

Tangible equity (b)	$	459,447	$	437,719
Tangible equity per share (b)	$	7.73	$	7.40
Tangible common equity per share (b)	$	7.11	$	6.67
Shareholders’ equity per share	$	10.56	$	10.10
Common shares outstanding		45,892,706		45,644,318

(a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company’s obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
(b) See “Reconciliation of Non-GAAP Measures”


James River Group Holdings, Ltd. and Subsidiaries Condensed Consolidated Income Statement Data (Unaudited)

	Three Months Ended March 31,
*($ in thousands, except for share data)*		2025			2024
REVENUES
Gross written premiums	$	294,361		$	330,810
Net written premiums		127,956			138,172

Net earned premiums		151,902			171,691
Net investment income		20,008			22,632
Net realized and unrealized (losses) gains on investments		(1,371	)		4,583
Other income		1,750			2,221
Total revenues		172,289			201,127

EXPENSES
Losses and loss adjustment expenses (a)		99,525			110,049
Other operating expenses		50,560			50,810
Other expenses		563			732
Interest expense		5,541			6,485
Intangible asset amortization and impairment		91			91
Total expenses		156,280			168,167
Income from continuing operations before income taxes		16,009			32,960
Income tax expense on continuing operations		5,021			9,452
Net income from continuing operations		10,988			23,508
Net loss from discontinued operations		(1,414	)		(8,105	)
NET INCOME		9,574			15,403
Dividends on Series A preferred shares		(1,969	)		(2,625	)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	7,605		$	12,778
ADJUSTED NET OPERATING INCOME (b)	$	9,102		$	14,832

INCOME (LOSS) PER COMMON SHARE
Basic
Continuing operations	$	0.20		$	0.55
Discontinued operations	$	(0.03	)	$	(0.21	)
	$	0.17		$	0.34
Diluted
Continuing operations (c)	$	0.18		$	0.53
Discontinued operations	$	(0.02	)	$	(0.18	)
	$	0.16		$	0.35

ADJUSTED NET OPERATING INCOME PER COMMON SHARE
Basic	$	0.20		$	0.39
Diluted (c)	$	0.19		$	0.39

Weighted-average common shares outstanding:
Basic		45,803,501			37,733,710
Diluted		59,659,075			44,638,969
Cash dividends declared per common share	$	0.01		$	0.05

Ratios:
Loss ratio		66.8	%		66.4	%
Expense ratio (d)		32.7	%		28.9	%
Combined ratio		99.5	%		95.3	%
Accident year loss ratio (e)		65.5	%		66.7	%

(a) Losses and loss adjustment expenses include benefits of $1.9 million and $4.0 million for deferred retroactive reinsurance gains (benefits) for the three months ended March 31, 2025 and 2024, respectively.
(b) See “Reconciliation of Non-GAAP Measures”.
(c) The outstanding Series A preferred shares were dilutive in both periods. Dividends on the Series A preferred shares were added back to the numerator of the calculation and common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
(d) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $0.8 million and $1.3 million for the three months ended March 31, 2025 and 2024, respectively.
(e) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).


James River Group Holdings, Ltd. and Subsidiaries Segment Results

EXCESS AND SURPLUS LINES

	Three Months Ended March 31,
*($ in thousands)*		2025			2024		% Change
Gross written premiums	$	213,243		$	213,691		(0.2	)%
Net written premiums	$	115,079		$	117,425		(2.0	)%

Net earned premiums	$	137,028		$	145,623		(5.9	)%
Losses and loss adjustment expenses excluding retroactive reinsurance		(88,804	)		(93,605	)	(5.1	)%
Underwriting expenses		(36,566	)		(33,527	)	9.1	%
Underwriting profit (a)	$	11,658		$	18,491		(37.0	)%

Ratios:
Loss ratio		64.8	%		64.3	%
Expense ratio		26.7	%		23.0	%
Combined ratio		91.5	%		87.3	%
Accident year loss ratio (b)		63.4	%		64.3	%

(a) See “Reconciliation of Non-GAAP Measures”.
(b) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).


SPECIALTY ADMITTED INSURANCE

	Three Months Ended March 31,
*($ in thousands)*		2025			2024		% Change
Gross written premiums	$	81,118		$	117,119		(30.7	)%
Net written premiums	$	12,877		$	20,747		(37.9	)%

Net earned premiums	$	14,874		$	26,068		(42.9	)%
Losses and loss adjustment expenses		(12,649	)		(20,446	)	(38.1	)%
Underwriting expenses		(2,531	)		(4,836	)	(47.7	)%
Underwriting profit (a), (b)	$	(306	)	$	786		—

Ratios:
Loss ratio		85.0	%		78.4	%
Expense ratio		17.1	%		18.6	%
Combined ratio		102.1	%		97.0	%
Accident year loss ratio		85.9	%		80.1	%

(a) See “Reconciliation of Non-GAAP Measures”.
(b) Underwriting results for the three months ended March 31, 2025 and 2024 include gross fee income of $4.3 million and $5.3 million, respectively.

Underwriting Performance Ratios

The following table provides the underwriting performance ratios of the Company’s continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a retroactive reinsurance contract so long as any additional losses subject to the contract are within the limit of the contract and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting gives the users of our financial statements useful information in evaluating our current and ongoing operations.

	Three Months Ended March 31,
	2025		2024
Excess and Surplus Lines:
Loss Ratio	64.8	%	64.3	%
Impact of retroactive reinsurance	(1.4	)%	(2.7	)%
Loss Ratio including impact of retroactive reinsurance	63.4	%	61.6	%

Combined Ratio	91.5	%	87.3	%
Impact of retroactive reinsurance	(1.4	)%	(2.7	)%
Combined Ratio including impact of retroactive reinsurance	90.1	%	84.6	%

Consolidated:
Loss Ratio	66.8	%	66.4	%
Impact of retroactive reinsurance	(1.3	)%	(2.3	)%
Loss Ratio including impact of retroactive reinsurance	65.5	%	64.1	%

Combined Ratio	99.5	%	95.3	%
Impact of retroactive reinsurance	(1.3	)%	(2.3	)%
Combined Ratio including impact of retroactive reinsurance	98.2	%	93.0	%

RECONCILIATION OF NON-GAAP MEASURES

Underwriting Profit

The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.

	Three Months Ended March 31,
*($ in thousands)*		2025			2024
Underwriting profit of the operating segments:
Excess and Surplus Lines	$	11,658		$	18,491
Specialty Admitted Insurance		(306	)		786
Total underwriting profit of operating segments		11,352			19,277
Other operating expenses of the Corporate and Other segment		(10,631	)		(11,137	)
Underwriting profit (a)		721			8,140
Losses and loss adjustment expenses – retroactive reinsurance		1,928			4,002
Net investment income		20,008			22,632
Net realized and unrealized gains on investments		(1,371	)		4,583
Other income (expense)		355			179
Interest expense		(5,541	)		(6,485	)
Amortization of intangible assets		(91	)		(91	)
Income from continuing operations before taxes	$	16,009		$	32,960

(a) Included in underwriting results for the three months ended March 31, 2025 and 2024 is gross fee income of $4.3 million and $5.3 million, respectively.

Adjusted Net Operating Income

We define adjusted net operating income as income available to common shareholders excluding a) income (loss) from discontinued operations, b) the impact of retroactive reinsurance accounting, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to certain lawsuits, various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividends recorded with the amendment of the Series A Preferred Shares. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

Our income available to common shareholders reconciles to our adjusted net operating income as follows:

	Three Months Ended March 31,
		2025						2024
*($ in thousands)*	Income Before Taxes			Net Income			Income Before Taxes			Net Income
Income available to common shareholders	$	12,626		$	7,605		$	22,230		$	12,778
Loss from discontinued operations		1,414			1,414			8,105			8,105
Losses and loss adjustment expenses – retroactive reinsurance		(1,928	)		(1,523	)		(4,002	)		(3,162	)
Net realized and unrealized investment losses (gains)		1,371			1,083			(4,583	)		(3,621	)
Other expenses		563			523			732			732
Adjusted net operating income	$	14,046		$	9,102		$	22,482		$	14,832

Tangible Equity (per Share) and Tangible Common Equity (per Share)

We define tangible equity as shareholders’ equity plus mezzanine Series A Preferred Shares and the deferred retroactive reinsurance gain less goodwill and intangible assets, net of amortization. Tangible equity per share represents tangible equity divided by the sum of total common shares outstanding plus the common shares resulting from an assumed conversion of the outstanding Series A Preferred Shares into common shares (at the conversion price effective as of the last day of the applicable period). We define tangible common equity as tangible equity less mezzanine Series A Preferred Shares and tangible common equity per share represents tangible common equity divided by the total common shares outstanding. Our definitions of tangible equity and tangible equity per share may not be comparable to that of other companies, and they should not be viewed as a substitute for shareholders’ equity and shareholders’ equity per share calculated in accordance with GAAP. We use tangible equity and tangible common equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity and tangible common equity for March 31, 2025, December 31, 2024, March 31, 2024, and December 31, 2023.

	March 31, 2025		December 31, 2024		March 31, 2024		December 31, 2023
*($ in thousands, except for share data)*
Shareholders’ equity	$	484,480	$	460,915	$	539,537	$	534,621
Plus: Series A redeemable preferred shares		133,115		133,115		144,898		144,898
Plus: Deferred reinsurance gain		56,042		57,970		16,731		20,733
Less: Goodwill and intangible assets		214,190		214,281		214,553		214,644
Tangible equity	$	459,447	$	437,719	$	486,613	$	485,608
Less: Series A redeemable preferred shares		133,115		133,115		144,898		144,898
Tangible common equity	$	326,332	$	304,604	$	341,715	$	340,710

Common shares outstanding		45,892,706		45,644,318		37,822,340		37,641,563
Common shares from assumed conversion of Series A preferred shares		13,521,635		13,521,635		6,750,567		5,971,184
Common shares outstanding after assumed conversion of Series A preferred shares		59,414,341		59,165,953		44,572,907		43,612,747

Equity per share:
Shareholders’ equity	$	10.56	$	10.10	$	14.27	$	14.20
Tangible equity	$	7.73	$	7.40	$	10.92	$	11.13
Tangible common equity	$	7.11	$	6.67	$	9.03	$	9.05

_______________
¹ Adjusted net operating income, tangible common equity and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.
² The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been classified to discontinued operations for all periods and includes the final adjustment determination to the closing purchase price pursuant to the Stock Purchase Agreement.
³ Tangible common equity is a non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

The MIL Network –

May 6, 2025

MIL-OSI: James River Announces Excess and Surplus Lines Leadership Retirement and Succession Plan

Source: GlobeNewswire (MIL-OSI)

PEMBROKE, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) announced today its plans for Todd Sutherland, current Senior Vice President, Management Liability within the Company’s Excess and Surplus Lines (“E&S”) segment, to succeed Richard Schmitzer as President of the E&S segment effective May 5, 2025. Mr. Schmitzer announced that he will step down as Chief Executive Officer of the E&S segment effective July 31, 2025, a position he has held since 2010, and retire during the fourth quarter of 2025 after more than 45 years in the insurance industry.

“Richard Schmitzer has chosen to retire after a long and highly successful insurance career spanning over four decades,” said Frank D’Orazio, the Company’s Chief Executive Officer. “Under Richard’s leadership, we have built a meaningfully relevant and resilient E&S business. We are grateful for his many contributions to the organization and wish him well in his retirement.”

“It has been an honor to serve as President and CEO of James River’s E&S segment, and I am very proud of our team, our relationship with the market and the franchise we have built,” said Mr. Schmitzer. “I am committed to working with Todd and the leadership team to achieve a seamless transition as we continue to execute on our strategic priorities and plans.”

In his new role, Mr. Sutherland will report directly to Mr. D’Orazio and will remain based in Richmond, Virginia, the headquarters of the Company’s E&S segment. Concurrent with the succession plan, the title of E&S segment Chief Executive Officer will be retired in lieu of segment President.

Mr. Sutherland joined James River in 2023 to establish the Management Liability division of the Company, aligned with efforts to drive diversified profitable growth across the E&S product portfolio. With over thirty years of industry experience, Mr. Sutherland previously served as Head of the US Central Zone at AXA XL (“AXA”) with oversight of a multi-billion-dollar portfolio of diversified property and casualty lines. Prior to AXA, Mr. Sutherland spent 13 years at Allied World Assurance Company, where he led the development and build out of the US Central Region across all commercial lines. Mr. Sutherland has also held underwriting management roles at Axis Capital and American International Group earlier in his career. He is a graduate of Miami University.

“On behalf of our entire organization, I am very excited to announce our plan for Todd to become our next E&S segment President,” said Mr. D’Orazio. “Todd is a proven leader with a track record of building and leading substantial, profitable businesses at several specialty insurance organizations. Our history together, and his most recent assignment at James River, give me great confidence in his ability to lead and inspire our organization to achieve continued success and reach new heights in the years to come.”

“Richard and his team have built a powerful franchise in the E&S marketplace, and I am thrilled to be in a position to lead the business as we continue to execute on our strategic plan of profitable growth,” said Mr. Sutherland. “I look forward to working with my colleagues across the Company as we deliver exceptional products and best in class service.”

Forward Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our estimate used to compute loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our competitive position and ability to attract and retain insurance business that our subsidiaries write and ultimately our financial condition; the potential loss of key members of our management team or key employees, and our ability to attract and retain personnel; adverse economic and competitive factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio and our reinsurers; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our Company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; the inherent uncertainty of estimating reinsurance recoverable on unpaid losses and the possibility that reinsurance may be less than our estimate of reinsurance recoverable on unpaid losses; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance laws and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company. Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com.

Zachary Shytle
Senior Analyst, Investor Relations and Investments
(980) 249-6848
InvestorRelations@james-river-group.com

The MIL Network –

May 6, 2025

MIL-OSI: Palomar Holdings, Inc. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

LA JOLLA, Calif., May 05, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $42.9 million, or $1.57 per diluted share, for the first quarter of 2025 compared to net income of $26.4 million, or $1.04 per diluted share, for the first quarter of 2024. Adjusted net income⁽¹⁾ was $51.3 million, or $1.87 per diluted share, for the first quarter of 2025 as compared to $27.8 million, or $1.09 per diluted share, for the first quarter of 2024.

First Quarter 2025 Highlights

Gross written premiums increased by 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024
Net income of $42.9 million compared to $26.4 million in the first quarter of 2024
Adjusted net income⁽¹⁾ increased 84.6% to $51.3 million compared to $27.8 million in the first quarter of 2024
Total loss ratio of 23.6% compared to 24.9% in the first quarter of 2024
Catastrophe loss ratio⁽¹⁾ of -0.3% compared to 3.1% in the first quarter of 2024
Combined ratio of 73.1% compared to 76.9% in the first quarter of 2024
Adjusted combined ratio⁽¹⁾ of 68.5% compared to 73.0%, in the first quarter of 2024
Adjusted combined ratio excluding catastrophe losses⁽¹⁾ of 68.9% compared to 69.8%, in the first quarter of 2024
Annualized return on equity of 22.6% compared to 21.7% in the first quarter of 2024
Annualized adjusted return on equity⁽¹⁾ of 27.0% compared to 22.9% in the first quarter of 2024

^{(1) See discussion of “Non-GAAP and Key Performance Indicators” below.}

Mac Armstrong, Chairman and Chief Executive Officer, commented, “I am very pleased with our strong start to 2025, as our first quarter saw sustained gross written premium growth and record adjusted net income. The quarter featured 85% adjusted net income growth, a 69% adjusted combined ratio, and a 27% adjusted ROE. Our results demonstrate our continued execution of the Palomar 2X strategic imperative as well as concerted efforts to build a leading specialty insurance franchise with a resilient and diversified portfolio.  Our 20% gross written premium growth was driven by both new products like Crop and Casualty as well as our balanced mix of residential and commercial property products. Importantly, our same-store premium growth rate was 37%⁽²⁾, demonstrating the strong underlying momentum that exists across our portfolio of specialty products.”  

Mr. Armstrong continued, “Beyond our financial performance, we remain focused on executing all our 2025 strategic imperatives. We continue to make investments across our organization, including the successful acquisition of Advanced AgProtection. This acquisition enhances the talent and operational scale of our Crop franchise and is expected to strengthen the near-term and long-term prospects of Palomar.” 

^{(2) Excludes the impact of lines of business exited or discontinued since prior year.}

Underwriting Results

Gross written premiums increased 20.1% to $442.2 million compared to $368.1 million in the first quarter of 2024, while net earned premiums increased 52.1% compared to the prior year’s first quarter.

Losses and loss adjustment expenses for the first quarter were $38.7 million, comprised of $39.2 million of attritional losses, offset by $0.5 million of favorable development on prior year catastrophe events. The loss ratio for the quarter was 23.6%, comprised of an attritional loss ratio of 23.9% and a catastrophe loss ratio⁽¹⁾ of -0.3% compared to a loss ratio of 24.9% during the same period last year comprised of an attritional loss ratio of 21.8% and a catastrophe loss ratio⁽¹⁾ of 3.1%.

Underwriting income⁽¹⁾ for the first quarter was $44.1 million resulting in a combined ratio of 73.1% compared to underwriting income of $25.0 million resulting in a combined ratio of 76.9% during the same period last year. The Company’s adjusted underwriting income⁽¹⁾ was $51.6 million resulting in an adjusted combined ratio⁽¹⁾ of 68.5% in the first quarter compared to adjusted underwriting income⁽¹⁾ of $29.2 million and an adjusted combined ratio⁽¹⁾ of 73.0% during the same period last year. The Company’s adjusted combined ratio excluding catastrophe losses⁽¹⁾ was 68.9% compared to 69.8% during the same period last year.

Investment Results
Net investment income increased by 69.1% to $12.1 million compared to $7.1 million in the prior year’s first quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended March 31, 2025 due to cash generated from operations and proceeds from the August 2024 public offering. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.09 years at March 31, 2025. Cash and invested assets totaled $1.2 billion at March 31, 2025. During the first quarter, the Company recorded $2.3 million net realized and unrealized losses related to its investment portfolio as compared to net realized and unrealized gains of $3.0 million during the same period last year.

Tax Rate
The effective tax rate for the three months ended March 31, 2025 was 20.1% compared to 23.2% for the three months ended March 31, 2024. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the tax impact of the permanent component of employee stock options offset by non-deductible executive compensation expense.

Stockholders’ Equity and Returns
Stockholders’ equity was $790.4 million at March 31, 2025, compared to $501.7 million at March 31, 2024. For the three months ended March 31, 2025, the Company’s annualized return on equity was 22.6% compared to 21.7% for the same period in the prior year while adjusted return on equity⁽¹⁾ was 27.0% compared to 22.9% for the same period in the prior year.

Full Year 2025 Outlook
For the full year 2025, the Company expects to achieve adjusted net income of $186 million to $200 million, an increase from the Company’s initial outlook of adjusted net income of $180 million to $192 million. This range includes an estimate of $8 million to $12 million of catastrophe losses for the remainder of the year.

Conference Call
As previously announced, Palomar will host a conference call Tuesday, May 6, 2025, to discuss its first quarter 2025 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar First Quarter 2025 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on May 6, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13752911. The replay will be available until 11:59 p.m. (Eastern Time) on May 13, 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 http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc. (“PUEO”), First Indemnity of America Insurance Co. (“FIA”), and Palomar Crop Insurance Services, Inc. (“PCIS”). Palomar’s consolidated results also include Laulima Exchange (“Laulima”), a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, PSIC, PSRE, and PESIC, have a financial strength rating of “A” (Excellent) from A.M. Best. FIA carries an “A-” (Stable) rating from A.M. Best.

To learn more, visit PLMR.com.

Non-GAAP and Key Performance Indicators

Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.

Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.

Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.

Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. Palomar calculates the tax impact only on adjustments which would be included in calculating the Company’s income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.

Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.

Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.

Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.

Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.

Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.

Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.

Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.

Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

Safe Harbor Statement
Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com

Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com

Source: Palomar Holdings, Inc.

Summary of Operating Results:

The following tables summarize the Company’s results for the three months ended March 31, 2025 and 2024:

	Three Months Ended
	March 31,
	2025			2024			Change			% Change
	($ in thousands, except per share data)
Gross written premiums	$	442,163		$	368,078		$	74,085			20.1	%
Ceded written premiums		(230,745	)		(228,171	)		(2,574	)		1.1	%
Net written premiums		211,418			139,907			71,511			51.1	%
Net earned premiums		164,070			107,866			56,204			52.1	%
Commission and other income		830			528			302			57.2	%
Total underwriting revenue ⁽¹⁾		164,900			108,394			56,506			52.1	%
Losses and loss adjustment expenses		38,743			26,837			11,906			44.4	%
Acquisition expenses, net of ceding commissions and fronting fees		46,359			31,798			14,561			45.8	%
Other underwriting expenses		35,733			24,804			10,929			44.1	%
Underwriting income ⁽¹⁾		44,065			24,955			19,110			76.6	%
Interest expense		(85	)		(740	)		655			(88.5	)%
Net investment income		12,071			7,139			4,932			69.1	%
Net realized and unrealized (losses) gains on investments		(2,338	)		3,002			(5,340	)		(177.9	)%
Income before income taxes		53,713			34,356			19,357			56.3	%
Income tax expense		10,791			7,974			2,817			35.3	%
Net income	$	42,922		$	26,382		$	16,540			62.7	%
Adjustments:
Net realized and unrealized losses (gains) on investments		2,338			(3,002	)		5,340			(177.9	)%
Expenses associated with transactions		2,088			—			2,088			—	%
Stock-based compensation expense		4,745			3,820			925			24.2	%
Amortization of intangibles		707			390			317			81.3	%
Tax impact		(1,494	)		204			(1,698	)		NM
Adjusted net income ⁽¹⁾	$	51,306		$	27,794		$	23,512			84.6	%
Key Financial and Operating Metrics
Annualized return on equity		22.6	%		21.7	%
Annualized adjusted return on equity ⁽¹⁾		27.0	%		22.9	%
Loss ratio		23.6	%		24.9	%
Expense ratio		49.5	%		52.0	%
Combined ratio		73.1	%		76.9	%
Adjusted combined ratio ⁽¹⁾		68.5	%		73.0	%
Diluted earnings per share	$	1.57		$	1.04
Diluted adjusted earnings per share ⁽¹⁾	$	1.87		$	1.09
Catastrophe losses	$	(542	)	$	3,359
Catastrophe loss ratio ⁽¹⁾		(0.3	)%		3.1	%
Adjusted combined ratio excluding catastrophe losses ⁽¹⁾		68.9	%		69.8	%
Adjusted underwriting income ⁽¹⁾	$	51,605		$	29,165		$	22,440			76.9	%
NM – not meaningful

^{(1) Indicates Non-GAAP financial measure – see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.}

Condensed Consolidated Balance sheets

Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (unaudited)

(in thousands, except shares and par value data)

	March 31,			December 31,
	2025			2024
	(Unaudited)
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $1,015,892 in 2025; $973,330 in 2024)	$	991,759		$	939,046
Equity securities, at fair value (cost: $44,462 in 2025; $32,987 in 2024)		44,367			40,529
Equity method investment		2,259			2,277
Other investments		11,031			5,863
Total investments		1,049,416			987,715
Cash and cash equivalents		119,312			80,438
Restricted cash		15			101
Accrued investment income		8,590			8,440
Premiums receivable		334,247			305,724
Deferred policy acquisition costs, net of ceding commissions and fronting fees		102,861			94,881
Reinsurance recoverable on paid losses and loss adjustment expenses		30,361			47,076
Reinsurance recoverable on unpaid losses and loss adjustment expenses		361,227			348,083
Ceded unearned premiums		295,275			276,237
Prepaid expenses and other assets		92,292			91,086
Deferred tax assets, net		5,596			8,768
Property and equipment, net		2,393			429
Goodwill and intangible assets, net		24,925			13,242
Total assets	$	2,426,510		$	2,262,220
Liabilities and stockholders’ equity
Liabilities:
Accounts payable and other accrued liabilities	$	65,405		$	70,079
Reserve for losses and loss adjustment expenses		543,889			503,382
Unearned premiums		813,462			741,692
Ceded premium payable		179,105			190,168
Funds held under reinsurance treaty		34,200			27,869
Total liabilities		1,636,061			1,533,190
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of March 31, 2025 and December 31, 2024		—			—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,735,132 and 26,529,402 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		3			3
Additional paid-in capital		501,950			493,656
Accumulated other comprehensive loss		(16,642	)		(26,845	)
Retained earnings		305,138			262,216
Total stockholders’ equity		790,449			729,030
Total liabilities and stockholders’ equity	$	2,426,510		$	2,262,220

Condensed Consolidated Income Statement

Palomar Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive Income (loss) (Unaudited)

(in thousands, except shares and per share data)

	Three Months Ended
	March 31,
	2025			2024
Revenues:
Gross written premiums	$	442,163		$	368,078
Ceded written premiums		(230,745	)		(228,171	)
Net written premiums		211,418			139,907
Change in unearned premiums		(47,348	)		(32,041	)
Net earned premiums		164,070			107,866
Net investment income		12,071			7,139
Net realized and unrealized (losses) gains on investments		(2,338	)		3,002
Commission and other income		830			528
Total revenues		174,633			118,535
Expenses:
Losses and loss adjustment expenses		38,743			26,837
Acquisition expenses, net of ceding commissions and fronting fees		46,359			31,798
Other underwriting expenses		35,733			24,804
Interest expense		85			740
Total expenses		120,920			84,179
Income before income taxes		53,713			34,356
Income tax expense		10,791			7,974
Net income	$	42,922		$	26,382
Other comprehensive income, net:
Net unrealized gains (losses) on securities available for sale		10,203			(2,514	)
Net comprehensive income	$	53,125		$	23,868
Per Share Data:
Basic earnings per share	$	1.61		$	1.06
Diluted earnings per share	$	1.57		$	1.04

Weighted-average common shares outstanding:
Basic		26,658,106			24,862,367
Diluted		27,399,997			25,468,564

Underwriting Segment Data

The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (GWP) by product, location and company are presented below:

	Three Months Ended March 31,
	2025					2024
	($ in thousands)
			% of					% of						%
	Amount		GWP			Amount		GWP			Change			Change
Product
Earthquake	$	130,245		29.5	%	$	105,729		28.7	%	$	24,516			23.2	%
Casualty		110,487		25.0	%		51,935		14.1	%		58,552			112.7	%
Inland Marine and Other Property		99,284		22.5	%		76,876		20.9	%		22,408			29.1	%
Fronting		53,927		12.2	%		94,831		25.8	%		(40,904	)		(43.1	)%
Crop		48,220		10.9	%		38,707		10.5	%		9,513			24.6	%
Total Gross Written Premiums	$	442,163		100.0	%	$	368,078		100.0	%	$	74,085			20.1	%

	Three Months Ended March 31,
	2025					2024
	($ in thousands)
			% of					% of
	Amount		GWP			Amount		GWP
State
California	$	139,723		31.6	%	$	157,217		42.7	%
Texas		44,991		10.2	%		40,795		11.1	%
Hawaii		20,358		4.6	%		12,516		3.4	%
Florida		18,641		4.2	%		13,924		3.8	%
Washington		15,669		3.5	%		12,002		3.3	%
New York		14,597		3.3	%		8,030		2.2	%
New Mexico		12,395		2.8	%		7,469		2.0	%
Colorado		12,168		2.8	%		9,605		2.6	%
Other		163,621		37.0	%		106,520		28.9	%
Total Gross Written Premiums	$	442,163		100.0	%	$	368,078		100.0	%

	Three Months Ended March 31,
	2025					2024
	($ in thousands)
			% of					% of
	Amount		GWP			Amount		GWP
Subsidiary
PSIC	$	230,917		52.2	%	$	222,657		60.5	%
PESIC		190,786		43.1	%		136,493		37.1	%
Laulima		16,037		3.7	%		8,928		2.4	%
FIA		4,423		1.0	%		—		—	%
Total Gross Written Premiums	$	442,163		100.0	%	$	368,078		100.0	%

Gross and net earned premiums

The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented:

	Three Months Ended
	March 31,
	2025			2024			Change			% Change
	($ in thousands)
Gross earned premiums	$	375,776		$	302,872		$	72,904			24.1	%
Ceded earned premiums		(211,706	)		(195,006	)		(16,700	)		8.6	%
Net earned premiums	$	164,070		$	107,866		$	56,204			52.1	%

Net earned premium ratio		43.7	%		35.6	%

Loss detail

	Three Months Ended
	March 31,
	2025			2024			Change			% Change
	($ in thousands)
Catastrophe losses	$	(542	)	$	3,359		$	(3,901	)		(116.1	)%
Non-catastrophe losses		39,285			23,478			15,807			67.3	%
Total losses and loss adjustment expenses	$	38,743		$	26,837		$	11,906			44.4	%

Catastrophe loss ratio		(0.3	)%		3.1	%
Non-catastrophe loss ratio		23.9	%		21.8	%
Total loss ratio		23.6	%		24.9	%

The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:

	Three Months Ended March 31,
	2025			2024
	(in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$	155,299		$	97,653
Add: Balance acquired from FIA⁽¹⁾		6,788			—
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year		43,059			26,333
Prior years		(4,316	)		504
Total incurred		38,743			26,837
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year		4,998			4,895
Prior years		13,170			9,432
Total payments		18,168			14,327
Reserve for losses and LAE net of reinsurance recoverables at end of period		182,662			110,163
Add: Reinsurance recoverables on unpaid losses and LAE at end of period		361,227			292,024
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$	543,889		$	402,187

^{(1) Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of FIA on 1/1/2025, in accordance with ASC 805, Business Combinations.}

Reconciliation of Non-GAAP Financial Measures

For the three months ended March 31, 2025 and 2024, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

Underwriting revenue

	Three Months Ended
	March 31,
	2025			2024
	(in thousands)
Total revenue	$	174,633		$	118,535
Net investment income		(12,071	)		(7,139	)
Net realized and unrealized losses (gains) on investments		2,338			(3,002	)
Underwriting revenue	$	164,900		$	108,394

Underwriting income and adjusted underwriting income

	Three Months Ended
	March 31,
	2025			2024
	(in thousands)
Income before income taxes	$	53,713		$	34,356
Net investment income		(12,071	)		(7,139	)
Net realized and unrealized losses (gains) on investments		2,338			(3,002	)
Interest expense		85			740
Underwriting income	$	44,065		$	24,955
Expenses associated with transactions		2,088			—
Stock-based compensation expense		4,745			3,820
Amortization of intangibles		707			390
Adjusted underwriting income	$	51,605		$	29,165

Adjusted net income

	Three Months Ended
	March 31,
	2025			2024
	(in thousands)
Net income	$	42,922		$	26,382
Adjustments:
Net realized and unrealized losses (gains) on investments		2,338			(3,002	)
Expenses associated with transactions		2,088			—
Stock-based compensation expense		4,745			3,820
Amortization of intangibles		707			390
Tax impact		(1,494	)		204
Adjusted net income	$	51,306		$	27,794

Annualized adjusted return on equity

	Three Months Ended
	March 31,
	2025			2024
	(in thousands)

Annualized adjusted net income	$	205,224		$	111,176
Average stockholders’ equity	$	759,739		$	486,455
Annualized adjusted return on equity		27.0	%		22.9	%

Adjusted combined ratio

	Three Months Ended
	March 31,
	2025			2024
	(in thousands)
Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income	$	120,005		$	82,911
Denominator: Net earned premiums	$	164,070		$	107,866
Combined ratio		73.1	%		76.9	%
Adjustments to numerator:
Expenses associated with transactions	$	(2,088	)	$	—
Stock-based compensation expense		(4,745	)		(3,820	)
Amortization of intangibles		(707	)		(390	)
Adjusted combined ratio		68.5	%		73.0	%

Diluted adjusted earnings per share

	Three Months Ended
	March 31,
	2025		2024
	(in thousands, except per share data)

Adjusted net income	$	51,306	$	27,794
Weighted-average common shares outstanding, diluted		27,399,997		25,468,564
Diluted adjusted earnings per share	$	1.87	$	1.09

Catastrophe loss ratio

	Three Months Ended
	March 31,
	2025			2024
	(in thousands)
Numerator: Losses and loss adjustment expenses	$	38,743		$	26,837
Denominator: Net earned premiums	$	164,070		$	107,866
Loss ratio		23.6	%		24.9	%

Numerator: Catastrophe losses	$	(542	)	$	3,359
Denominator: Net earned premiums	$	164,070		$	107,866
Catastrophe loss ratio		(0.3	)%		3.1	%

Adjusted combined ratio excluding catastrophe losses

	Three Months Ended
	March 31,
	2025			2024
	(in thousands)
Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income	$	120,005		$	82,911
Denominator: Net earned premiums	$	164,070		$	107,866
Combined ratio		73.1	%		76.9	%
Adjustments to numerator:
Expenses associated with transactions	$	(2,088	)	$	—
Stock-based compensation expense		(4,745	)		(3,820	)
Amortization of intangibles		(707	)		(390	)
Catastrophe losses		542			(3,359	)
Adjusted combined ratio excluding catastrophe losses		68.9	%		69.8	%

Tangible Stockholders’ equity

	March 31,			December 31,
	2025			2024
	(in thousands)
Stockholders’ equity	$	790,449		$	729,030
Goodwill and intangible assets		(24,925	)		(13,242	)
Tangible stockholders’ equity	$	765,524		$	715,788

The MIL Network –

May 6, 2025

MIL-Evening Report: Labor has the chance to do something big in its second term. What policy reforms should it take on?

Source: The Conversation (Au and NZ) – By Yee-Fui Ng, Associate Professor, Faculty of Law, Monash University

Dan Breckwoldt/Shutterstock

Labor’s historic election victory means the Albanese government has a rare opportunity to pursue a big, bold reform agenda. The scale of the victory all but guarantees a third term in office after the next election in 2028, and entrenches Anthony Albanese’s authority as prime minister.

The government may opt to play it safe and limit its legislative agenda to the policies it took to the election. But if it was to chance its arm, which substantial changes should it pursue that could make a real difference to Australia’s long-term future?

We asked three experts to nominate the top policy priorities for a second Albanese government. Here are their responses.

Yee-Fui Ng

Associate Professor of Law, Monash University

Advancing Voice and Truth with Indigenous Australians should be a priority. This would build on the comprehensive rejection of the politics of division by the Australian people.

After the defeat of the Voice referendum on Indigenous constitutional recognition, the Coalition reignited the culture wars by criticising “woke” schools and Peter Dutton’s attack on Indigenous welcome to country at Anzac Day ceremonies.

But that negative message did not resonate with modern multicultural Australia, with its diverse population and identities. Anthony Albanese and Penny Wong’s victory speeches on Saturday night emphasised a kinder and more inclusive politics, where all Australians are recognised and no one is left behind.

The Labor government now has a strong mandate to take more significant action on Indigenous issues. Aboriginal people experience higher rates of incarceration, and significant disparities in health, education and employment compared to non-Indigenous Australians. Reform measures could be introduced through legislation, rather than by trying to change the constitution.

Closing the gap and revisiting Voice and Truth should be a priority for the second Albanese government.
ChameleonsEye/Shutterstock

Another pressing reform is bolder action on climate change. There is a growing urgency to tackle the effects of global warming, with an increase in environmental degradation and natural disasters globally.

Peter Dutton’s proposal to build seven nuclear reactors on Australian soil was comprehensively repudiated at the election.

European countries have harnessed the potential of regenerative energies, with the proliferation of wind farms and electric cars. Australia needs to lift its game and be on the same path towards a more sustainable future.

We are custodians of the Earth for future generations. It is incumbent on the Labor government to put forward a stronger agenda for a cleaner, more liveable planet.

Helen Hodgson

Professor at Curtin Law School and Curtin Business School, Curtin University

Second terms are often regarded as the best time strategically for governments to legislate difficult, but necessary reforms. It will be no different for the re-elected Albanese government, which will command a large majority in the new parliament.

Genuine tax reform should be a priority for Labor over the next three years, starting with a reduction in the 50% capital gains tax (CGT) discount and taxing superannuation withdrawals on high balance accounts.

While many people consider negative gearing to be the main concern in relation to investment in housing, reforming the CGT discount would be a more effective way to address increases in housing prices.

Negative gearing is only effective as a wealth-building strategy if there is a payoff at the end through the concessional taxation on the capital gain. Reducing the CGT discount would limit the appeal of negative gearing.

It would also flow through to other forms of investment that might not be delivering productivity gains, including some investments within family trusts.

Reforming CGT would revisit a contentious Labor policy that was roundly rejected at the 2019 election. But the housing crisis has deepened since then and many voters would now see an overhaul as necessary and timely.

The second recommendation I would make would be to address the inequalities that arise from tax exempt superannuation. Prior to 2007, withdrawals from super funds were taxed concessionally, but were not fully exempt.

In the retirement phase, members are required to withdraw a minimum amount from their superannuation accounts. But these days they do it totally tax-free.

The government should consider taxing these withdrawals, subject to a tax credit that reflects the tax paid by the fund prior to retirement phase. It would also be subject to the existing Seniors and Pensioners Tax Offset, which can reduce the amount of tax paid.

The rates of these credits could be tweaked to ensure that only those in the wealthiest 20% are affected. This would level the playing field so the tax payable by most retirees with modest superannuation balances would fall within these two concessions.

These two reforms would help reduce wealth inequality in Australia and raise funds for social spending, including increases in the JobSeeker payment.

Intifar Chowdhury

Lecturer in Government, Flinders University

Despite being one of the most pressing concerns for young Australians, mental health did not get much airtime during the election campaign.

This is striking given the evidence. According to the 2024 Australian Youth Barometer, 98% of young people aged 18–24 report feelings of anxiety or depression, and nearly 40% experience a diagnosable mental disorder in any given year. These aren’t fringe numbers, they are endemic.

Labor has pledged $1 billion to expand access to free public mental health care, with a welcome focus on young people. But funding more services is only part of the solution.

Experts argue that simply increasing the number of people given access to treatment and support won’t go far enough if those people only receive short term or fragmented care. A more meaningful step would be to double the number of free sessions available to people suffering complex mental health needs. Good care takes time, trust and continuity.

More fundamentally, the current policy focus remains too clinical. By contrast, the most effective models for youth care are more holistic. Many young people grappling with mental illness are also dealing with unstable housing, drug use, educational disruption, or loneliness.

Psychosocial supports such as social workers, peer mentors and housing liaisons, are essential to wraparound care. Yet, they remain underfunded.

The new Medicare Mental Health Centres and Youth Specialist Care Centres, which were promised by Labor during the campaign, should not just offer more of the same. Policymakers must rethink the model entirely: multidisciplinary, community-driven, culturally safe, and youth-informed.

They must also address why young men, who make up a majority of suicide deaths, are the least likely to seek help.

Mental health policy should be local, flexible, and expansive. Right now, it still feels centralised, cautious, and underdone.

Improving the mental health and wellbeing of all Australians, especially young people, would be a valuable way of ensuring the government doesn’t squander the time and space its been given by voters to do something truly valuable and reformative.

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

– ref. Labor has the chance to do something big in its second term. What policy reforms should it take on? – https://theconversation.com/labor-has-the-chance-to-do-something-big-in-its-second-term-what-policy-reforms-should-it-take-on-255849

MIL OSI Analysis – EveningReport.nz –

May 6, 2025

MIL-OSI Security: Boston City Councilor Pleads Guilty to Federal Public Corruption Charges

Source: Office of United States Attorneys

City Councilor for Boston’s District 7, Tania Fernandes Anderson, pocketed $7,000 cash from staff member’s city-funded bonus

BOSTON – Boston City Councilor Tania Fernandes Anderson pleaded guilty today in federal court in Boston to public corruption charges after receiving a $7,000 kickback from a staff member’s city funded bonus.

Tania Fernandes Anderson, 46, of Boston, pleaded guilty to one count of wire fraud and one count of theft concerning a program receiving federal funds. U.S. District Court Judge Indira Talwani scheduled sentencing for July 29, 2025. Fernandes Anderson was indicted in December 2024. Per the plea agreement, the government is recommending a sentence of one year and one day in prison to be followed by three years of supervised release and restitution in the amount of $13,000.

“Councilor Fernandes Anderson abused her position of trust for personal gain and turned a public checkbook into her own private slush fund. Her constituents deserve better than this. They deserve a city representative who respects the role of public service and does not use the power and position to line her own pockets,” said United States Attorney Leah B. Foley. “Her guilty plea today says what she refuses to admit in her media interviews: she broke the law, lied to the public, and used her office for her own personal gain. Ms. Fernandes Anderson leaves a legacy not of a selfless trailblazer, but one of fraud, greed, and deceit. The United States Attorney’s Office is committed to ensuring elected officials are held accountable for this kind of corruption and dishonesty.”

“Tania Fernandes Anderson used the city of Boston. She wielded her official powers for her own financial gain, and grossly betrayed the trust of the residents she was elected to serve,” said James Crowley, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “Insidious corruption like this undermines people’s faith in, and expectations of, their government. Today’s conviction should reinforce, to both Boston’s politicos and the public, that the FBI remains committed to bringing to justice any elected official who deprives constituents of the honest services to which they are entitled.”

“The guilty plea of Tania Fernandes Anderson demonstrates IRS-CI’s commitment to identifying, investigating, and prosecuting all instances of public corruption, both in the Commonwealth and across New England,” said Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office. “Elected officials are held to a higher standard when they take an oath to serve their constituents, but Fernandes Anderson forsook this oath when she conspired to orchestrate a kickback scheme to enrich herself at the cost of the American taxpayers.”

Fernandes Anderson currently serves as City Councilor for Boston’s District 7, which includes Roxbury, Dorchester, Fenway and part of the South End. She was first elected to a two-year term in November 2021 and won re-election in November 2023.

In or about 2022, Fernandes Anderson hired two members of her immediate family as salaried employees of her City Councilor Staff. Because City Councilors are prohibited by law from hiring immediate family members to their paid staff, Fernandes Anderson was required to terminate their salaried employment in or about August 2022. Additionally, in May 2023, the Massachusetts State Ethics Commission notified Fernandes Anderson that it would be seeking a $5,000 civil penalty payment from her as a result of the violation.

In or about November 2022, Fernandes Anderson emailed a City of Boston employee regarding her hiring of Staff Member A – a relative of Fernandes Anderson who was not an immediate family member – as a salaried employee. In her email to the City of Boston employee, Fernandes Anderson falsely represented that she and Staff Member A were not related:

From in or about early to mid-2023, Fernandes Anderson was facing personal financial difficulty, which included the outstanding $5,000 civil penalty payment to the Ethics Commission. In or about early May 2023, Fernandes Anderson told Staff Member A that she would give them extra pay in the form of a large bonus, but that Staff Member A would have to give a portion of the bonus back to Fernandes Anderson. Staff Member A agreed to the arrangement with Fernandes Anderson.

On May 3, 2023, Fernandes Anderson emailed a City of Boston employee instructing them to process a $13,000 bonus for Staff Member A – more than twice the total bonuses given to her other staff – without disclosing the repayment arrangement. Staff Member A deposited the check on May 26, 2023 and, following Fernandes Anderson’s instructions, made three separate cash withdrawals over the following weeks in the amounts of $3,000; $3,000; and $4,000. Following the last withdrawal on June 9, 2023, the two met in a bathroom at Boston City Hall, where Staff Member A handed Fernandes Anderson $7,000 in cash.

According to the signed plea agreement, in 2022 and 2023, Fernandes Anderson used funds from her campaign account for her own personal enrichment, and not for campaign-related expenses. Additionally, for tax years 2021, 2022 and 2023, Fernandes Anderson filed fraudulent federal income tax returns with the IRS. Specifically, Fernandes Anderson omitted approximately $11,000 in income that she earned from a Massachusetts-based corporation from her 2021 tax return; willfully omitted campaign funds that she used for her own personal enrichment from her 2022 and 2023 tax returns; and willfully omitted the $7,000 kickback that she received from Staff Member A from her 2023 tax return.

The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000. The charge of theft concerning programs receiving federal funds provides for a sentence of up to 10 years in prison, three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

U.S. Attorney Foley, FBI Acting SAC Crowley and IRS Acting SAC Demeo made the announcement today. Assistant U.S. Attorneys John T. Mulcahy and Dustin Chao of the Public Corruption & Special Prosecutions Unit are prosecuting the case.

MIL Security OSI –

May 6, 2025

MIL-OSI Security: Credit Suisse Services AG Admits to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts and Admits that Credit Suisse Breached Its Prior Plea Agreement

Source: United States Attorneys General 1

Credit Suisse Services AG Pleads Guilty to Tax Crimes, Signs a Separate Non-Prosecution Agreement Related to Conduct in Singapore, and Agrees to Pay More Than $510M

Credit Suisse Services AG pleaded guilty and was sentenced today to conspiring to hide more than $4 billion from the IRS in at least 475 offshore accounts. The guilty plea by the Swiss corporation is the result of a years-long investigation by U.S. law enforcement to uncover financial fraud and abuse.

In addition to the plea, Credit Suisse Services AG entered into a non-prosecution agreement (NPA) with the Justice Department’s Tax Division and U.S. Attorney’s Office for the Eastern District of Virginia in connection with U.S. Accounts booked at Credit Suisse AG Singapore. Under the NPA, Credit Suisse Services AG agreed to cooperate with the Justice Department in ongoing investigations and to pay significant monetary penalties for maintaining accounts in Singapore on behalf of U.S. taxpayers who were using offshore accounts to evade U.S. taxes and reporting requirements.

According to the Plea Agreement, NPA, and documents filed in court today: from Jan. 1, 2010, and continuing until about July 2021, Credit Suisse AG, which had ultra-high-net-worth and high-net-worth individual clients around the globe, conspired with employees, U.S. customers, and others to willfully aid U.S. customers in concealing their ownership and control of assets and funds held at the bank. This enabled those U.S. customers to evade their U.S. tax obligations in several ways, including by opening and maintaining undeclared offshore accounts for U.S. taxpayers at Credit Suisse AG, and providing a variety of offshore private banking services that assisted U.S. taxpayers in the concealment of their assets and income from the IRS and allowed for their continued failure to file FBARs. Among other fraudulent acts, bankers at Credit Suisse falsified records, processed fictitious donation paperwork, and serviced more than $1 billion in accounts without documentation of tax compliance. In doing so, Credit Suisse AG committed new crimes and breached its May 2014 plea agreement with the United States.

Between 2014 and June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons, which Credit Suisse AG Singapore knew or should have known were U.S., with total assets valued at over $2 billion. Credit Suisse AG Singapore failed to adequately identify the true beneficial owners of accounts and failed to conduct adequate inquiry about U.S. indicia in the accounts. In 2023, during the post-merger of UBS AG Singapore and Credit Suisse AG Singapore, UBS became aware of accounts held at Credit Suisse AG Singapore that appeared to be undeclared U.S. accounts. UBS froze some of the accounts, voluntarily disclosed information about those identified accounts to the Justice Department and cooperated by undertaking an investigation into the identified accounts.

Under today’s resolutions, Credit Suisse Services AG and, by extension, UBS AG, is required to cooperate fully with ongoing investigations and affirmatively disclose any information it may later uncover regarding U.S.-related accounts. The agreements provide no protections for any individuals. Pursuant to the guilty plea and the NPA, Credit Suisse Services AG will pay a total of $510,608,909 in penalties, restitution, forfeiture, and fines.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Erik S. Siebert for the Eastern District of Virginia, and Chief Guy Ficco of IRS Criminal Investigation (IRS-CI) made the announcement.

Special Agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C. that is dedicated to uncovering international tax crimes, is investigating the case. The Justice Department’s Office of International Affairs provided critical assistance in obtaining important evidence.

Senior Litigation Counsels Nanette L. Davis and Mark F. Daly as well as Trial Attorney Marissa R. Brodney of the Tax Division, and Assistant U.S. Attorney Kimberly M. Shartar for the Eastern District of Virginia are prosecuting the case.

MIL Security OSI –

May 6, 2025

MIL-OSI: TWFG, Inc. To Announce First Quarter 2025 Financial Results on Tuesday, May 13, 2025.

Source: GlobeNewswire (MIL-OSI)

THE WOODLANDS, Texas, May 05, 2025 (GLOBE NEWSWIRE) — TWFG, Inc. (NASDAQ: TWFG), a leading independent insurance distribution platform, announced today that it will release its financial results for the first quarter ended March 31, 2025, after the market closes on Tuesday, May 13, 2025.

The Company will host a conference call to discuss its financial results the following morning, Wednesday, May 14, 2025, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time).

TO ACCESS THE CALL BY PHONE, PARTICIPANTS CAN REGISTER AT THIS LINK WHERE THEY WILL BE PROVIDED WITH THE DIAL IN DETAILS.

A live webcast of the call will be available on TWFG’s Investor Relations website at investors.twfg.com. Interested parties are encouraged to register and access the webcast at least 10 minutes prior to the scheduled start time.

A replay of the webcast will be available on the Investor Relations website for a limited time following the call.

About TWFG

TWFG, Inc. (NASDAQ: TWFG) is a leading insurance distribution platform providing innovative and personalized insurance solutions to individuals and businesses across the United States. Founded with a commitment to service, professionalism, and entrepreneurial spirit, TWFG empowers its extensive network of agents to deliver client-focused insurance options across a broad array of personal and commercial lines. For more information, please visit www.twfg.com.

Investor Contact:

Gene Padgett
TWFG, Inc. – Chief Accounting Officer
Email: gene.padgett@twfg.com

PR Contact:
Alex Bunch
TWFG, Inc. – CMO
E-mail: alex@twfg.com

The MIL Network –

May 6, 2025

MIL-OSI USA: Hoeven, Cramer: Brad Thykeson & Tom Campbell Appointed to Serve in Key USDA Positions

US Senate News:

Source: United States Senator for North Dakota John Hoeven
05.02.25
Senators Recommended Thykeson as FSA State Executive Director, Campbell as Rural Development State Director
WASHINGTON – U.S. Senators John Hoeven and Kevin Cramer today announced the Trump administration appointed Brad Thykeson and Tom Campbell to key leadership positions at the U.S. Department of Agriculture’s (USDA) state offices in North Dakota:
Brad Thykeson will serve as the next North Dakota State Executive Director of the Farm Service Administration (FSA).
Tom Campbell will serve as the next North Dakota State Director for Rural Development (RD).
Brad Thykeson – Farm Service Agency State Executive Director
The senators supported reinstating Brad Thykeson to serve as the North Dakota FSA Executive Director. Thykeson is a life-long farmer, who served in the same position during President Trump’s first term. During his previous tenure leading the agency, Thykeson implemented FSA programs and oversaw policies providing producers with assistance in times of market uncertainty and natural disasters.
“Brad Thykeson has a proven track record at FSA, having helped ensure farmers could navigate challenges new and old,” said Hoeven and Cramer. “Between an increased cost of production, efforts to secure better trade deals and an ongoing recovery from wildfires and harsh weather, our farmers need someone at the head of the state FSA office who knows our ag economy. Brad is the right person for the job, and we appreciate the administration for heeding our call to reinstate him to this critical position.”
Tom Campbell – North Dakota State Director for Rural Development
In recommending him to lead the USDA’s rural development efforts in North Dakota, Hoeven and Cramer cited Campbell’s experience as a lifelong farmer as well as his extensive public service. Campbell is the co-founder of Campbell Farms, a multi-locational potato production farm and served in the North Dakota State Senate from 2013 to 2018.
“The RD State Director position calls for a person ready to serve the community on day one. Time and again, Tom has answered the call to be a public servant. From his service in the North Dakota Senate to a variety of leadership roles with both local and national agricultural groups, Tom has worked to help fellow producers manage agricultural policy. This long history of building relationships with producers in the state and advocating for policies that benefit farmers, ranchers and rural communities will serve him well in the state director position,” said the senators.

MIL OSI USA News –

May 6, 2025

Category: Economy

First home buyers

Increasing supply for all

Crisis housing

Workers’ pay rise

Tax cuts

Medicare levy

So, what’s next?

The Good, the Bad, the Ugly: How Wildfires Reshape Landscapes

Exploring USGS’s Role in Understanding Postfire Changes

Background

The Good: The Beneficial Role of Fire in Landscapes

The Bad: How Wildfires Alter Landscapes

The Ugly: The Future Impacts of Wildfires on Society

Preparing for the Future

Case Study: The January 2025 Los Angeles Fires

Yee-Fui Ng

Helen Hodgson

Intifar Chowdhury