GlobeNewswire – Page 553

MIL-OSI: Kairous Acquisition Corp. Limited Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination

Source: GlobeNewswire (MIL-OSI)

Singapore, Feb. 18, 2025 (GLOBE NEWSWIRE) — Kairous Acquisition Corp. Limited (OTCPINK: KACL, the “Company”), a special purpose acquisition company, announced today that Kairous Asia Limited, the Company’s initial public offering sponsor (“Sponsor”), has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $50,000, in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from February 16, 2025 to March 16, 2025. The Company issued a promissory note to Sponsor with a principal amount equal to the amount deposited. The promissory note bears no interest and will be converted into the Company’s ordinary shares at a price of $10.10 per share at the closing of a business combination by the Company. The purpose of the extension is to provide time for the Company to complete a business combination.

About Kairous Acquisition Corp. Limited

Kairous Acquisition Corp. Limited is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contacts

Kairous Acquisition Corp. Limited
Athiwat Apichote
ir.kairous@gmail.com

The MIL Network –

February 19, 2025

MIL-OSI: Hansen Launches AI-Powered Virtual Agent to Enhance Customer Experience

Source: GlobeNewswire (MIL-OSI)

MELBOURNE, Australia, Feb. 19, 2025 (GLOBE NEWSWIRE) — Hansen Technologies (ASX:HSN), a leading global provider of software and services to the energy, utilities, communications, and media industries, is unveiling an advanced AI solution to enhance the customer support experience. Hansen’s AI Virtual Agent is a Conversational (ConvAI) and Generative AI (GenAI) solution that is designed to integrate with Customer Information Systems (CIS) and is optimised for Hansen CIS, supporting diverse customer care needs. These can include setting up new accounts, updating personal information, processing bill payments, arranging payment plans, and transferring services.

As utility and communications companies around the globe work to enhance customer satisfaction while alleviating pressure on overburdened call centre staff, those leading the charge are achieving success by delivering intelligent, seamless customer experiences—without compromising on cost efficiency. However, early AI-based customer support solutions fell short, struggling with limited natural language processing capabilities and a lack of industry-specific expertise. As a result, they were unable to handle the complexity and high volume of customer interactions spanning multiple communication channels.

Hansen’s AI Virtual Agent is built to streamline key processes in call centres, making interactions more efficient and customer focused. By managing complex queries across voice, email, SMS and messaging platforms simultaneously, it shortens response times, improves customer satisfaction, and drives operational excellence. This Hansen solution is built on large language models and has been specifically fine-tuned to address sector-specific needs and is offered in a SaaS deployment model on AWS cloud infrastructure. It already supports queries in multiple languages and the company plans to further build on these.

David Castree, President of Energy & Utilities at Hansen, explains: “With engineering innovation, and a clear focus initially on the utility sector we are proud to bring Hansen’s AI Virtual Agent to market and deliver a seamlessly integrated Conversational and Generative AI solution working alongside existing call centre agents to elevate the customer service experience. Importantly for companies, the cost per engagement has the potential to decrease by up to two-thirds, while the capacity to handle call volume is no longer constrained by the number of service centre lines or available agents.”

Hansen has made a significant strategic investment for a minority interest in Dial AI, an innovative software engineering company, to bring this industry-leading AI solution to market.

For further information about Hansen’s AI Virtual Agent or Hansen CIS, part of the Hansen Suite for Energy & Utilities, please visit www.hansencx.com.

About Hansen
Hansen Technologies (ASX: HSN) is a leading global provider of software and services to the energy & utilities and communications & media industries. With its award-winning software portfolio, Hansen serves customers in over 80 countries, helping them to create, sell, and deliver new products and services, manage and analyse customer data, and control critical revenue management and customer support processes.
For more information, visit www.hansencx.com

The MIL Network –

February 19, 2025

MIL-OSI: CVR Energy Reports Fourth Quarter and Full-Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Reported full-year 2024 net income attributable to CVR Energy stockholders of $7 million and EBITDA of $394 million.
Paid cumulative cash dividends attributable to 2024 of $1.00 per share.
Enhanced liquidity by $408 million in the fourth quarter of 2024 through a Term Loan and the sale of our 50 percent interest in Midway Pipeline.

SUGAR LAND, Tx, Feb. 18, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced fourth quarter 2024 net income attributable to CVR Energy stockholders of $28 million, or 28 cents per diluted share, compared to fourth quarter 2023 net income attributable to CVR Energy stockholders of $91 million, or 91 cents per diluted share. Adjusted loss for the fourth quarter of 2024 was 13 cents per diluted share compared to adjusted earnings of 65 cents per diluted share in the fourth quarter of 2023. Net income for the fourth quarter of 2024 was $40 million, compared to net income of $97 million in the fourth quarter of 2023. Fourth quarter 2024 EBITDA was $122 million, compared to fourth quarter 2023 EBITDA of $204 million. Adjusted EBITDA for the fourth quarter of 2024 was $67 million, compared to adjusted EBITDA of $170 million in the fourth quarter of 2023.

For full-year 2024, the Company reported net income attributable to CVR Energy stockholders of $7 million, or 6 cents per diluted share, compared to net income attributable to CVR Energy stockholders for full-year 2023 of $769 million, or $7.65 per diluted share. Adjusted loss for full-year 2024 was 51 cents per diluted share compared to adjusted earnings of $5.64 per diluted share for full-year 2023. Net income for full-year 2024 was $45 million, compared to net income of $878 million for full-year 2023. Full-year 2024 EBITDA was $394 million, compared to full-year 2023 EBITDA of $1.4 billion. Adjusted EBITDA for full-year 2024 was $317 million, compared to adjusted EBITDA of $1.2 billion for full-year 2023.

“CVR Energy’s 2024 full-year and fourth quarter results for its refining business were lower than the previous year due to reduced crack spreads and, to a lesser degree, decreased throughputs,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “We commenced our planned Coffeyville turnaround early, which should position us well for the improvement in cracks we expect as summer driving season begins and capacity rationalization occurs.

“CVR Partners operated well during 2024, with consolidated ammonia plant utilization of 96 percent,” Lamp said. “The Partnership is pleased to have declared a fourth quarter 2024 cash distribution of $1.75 per common unit, with cumulative cash distributions of $6.76 per common unit for 2024.”

Petroleum Segment

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Petroleum Segment reported fourth quarter 2024 net income of $35 million and EBITDA of $72 million, compared to net income of $158 million and EBITDA of $196 million for the fourth quarter of 2023. Adjusted EBITDA for the Petroleum Segment was $9 million for the fourth quarter of 2024, compared to $152 million for the fourth quarter of 2023.

Combined total throughput for the fourth quarter of 2024 was approximately 214,000 barrels per day (“bpd”), compared to approximately 223,000 bpd of combined total throughput for the fourth quarter of 2023.

Refining margin for the fourth quarter of 2024 was $165 million, or $8.37 per total throughput barrel, compared to $307 million, or $15.01 per total throughput barrel, during the same period in 2023. Included in our fourth quarter 2024 refining margin were favorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $57 million, unfavorable derivative impacts of $6 million from open crack spread swap positions and unfavorable inventory valuation impacts of $12 million. Excluding these items, adjusted refining margin for the fourth quarter of 2024 was $6.45 per barrel, compared to an adjusted refining margin per barrel of $12.91 for the fourth quarter of 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Full-Year 2024 Compared to Full-Year 2023

The Petroleum Segment reported full-year 2024 net income of $70 million and EBITDA of $223 million, compared to net income of $1.1 billion and EBITDA of $1.2 billion for full-year 2023. Adjusted EBITDA for the Petroleum Segment was $138 million for full-year 2024, compared to $903 million for full-year 2023.

Combined total throughput for full-year 2024 was approximately 196,000 bpd, compared to approximately 208,000 bpd for full-year 2023.

Refining margin was $684 million, or $9.53 per total throughput barrel, for full-year 2024 compared to $1.7 billion, or $21.82 per total throughput barrel, for full-year 2023. Included in our full-year 2024 refining margin were favorable mark-to-market impacts on our outstanding RFS obligation of $89 million, unfavorable derivative impacts of $22 million from open crack spread swap positions, and unfavorable inventory valuation impacts of $6 million. Excluding these items, adjusted refining margin for full-year 2024 was $8.67 per barrel, compared to an adjusted refining margin per barrel of $18.11 for full-year 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Renewables Segment

Effective for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we have revised our reportable segments to reflect a new reportable segment – Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Renewables Segment reported fourth quarter 2024 net loss of $3 million and EBITDA of $3 million, compared to net loss of $30 million and EBITDA loss of $26 million for the fourth quarter of 2023. Adjusted EBITDA for the Renewables Segment was $9 million for the fourth quarter of 2024, compared to Adjusted EBITDA loss of $17 million for the fourth quarter of 2023.

Total vegetable oil throughput for the fourth quarter of 2024 was approximately 187,000 gallons per day (“gpd”), compared to approximately 200,000 gpd for the fourth quarter of 2023.

Renewables margin was $14 million, or 79 cents per vegetable oil throughput gallon, for the fourth quarter of 2024 compared to a loss of $17 million, or 90 cents per vegetable oil throughput gallon, for the fourth quarter of 2023. Factors contributing to our fourth quarter 2024 renewables margin were lower cost of sales of $46 million due to a decrease in vegetable oil feed prices and an increase in the Heating Oil – Bean Oil (“HOBO”) spread of 7 cents per gallon driven by a decrease in soybean oil prices of 9 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels.

Full-Year 2024 Compared to Full-Year 2023

The Renewables Segment reported full-year 2024 net loss of $21 million and EBITDA of $3 million, compared to net loss of $36 million and EBITDA loss of $17 million for full-year 2023. Adjusted EBITDA for the Renewables Segment was $10 million for full-year 2024, compared to Adjusted EBITDA loss of $5 million for full-year 2023.

Total vegetable oil throughput for full-year 2024 was approximately 151,000 gpd, compared to approximately 226,000 gpd for full-year 2023.

Renewables margin was $44 million, or 80 cents per vegetable oil throughput gallon, for full-year 2024 compared to $22 million, or 27 cents per vegetable oil throughput gallon, for full-year 2023. Factors contributing to our full-year 2024 renewables margin were favorable cost of sales of $284 million due to lower vegetable oil feed prices, an increase in the HOBO spread of 59 cents per gallon driven by a decrease in soybean oil prices of 14 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels and an increase in renewable diesel yield due to improved catalyst performance in the current year.

Nitrogen Fertilizer Segment

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Nitrogen Fertilizer Segment reported net income of $18 million and EBITDA of $50 million on net sales of $140 million for the fourth quarter of 2024, compared to net income of $10 million and EBITDA of $38 million on net sales of $142 million for the fourth quarter of 2023.

CVR Partners’ fertilizer facilities produced a combined 210,000 tons of ammonia during the fourth quarter of 2024, of which 80,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 310,000 tons of urea ammonia nitrate (“UAN”). During the fourth quarter of 2023, the fertilizer facilities produced 205,000 tons of ammonia, of which 75,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 306,000 tons of UAN.

For the fourth quarter of 2024, average realized gate prices for UAN declined by 5 percent to $229 per ton and ammonia improved by 3 percent to $475 per ton when compared to the fourth quarter of 2023. Average realized gate prices for UAN and ammonia were $241 per ton and $461 per ton, respectively, for the fourth quarter of 2023.

Full-Year 2024 Compared to Full-Year 2023

The Nitrogen Fertilizer Segment reported net income of $61 million and EBITDA of $179 million on net sales of $525 million for full-year 2024, compared to net income of $172 million and EBITDA of $281 million on net sales of $681 million for full-year 2023.

For full-year 2024, our fertilizer facilities produced a combined 836,000 tons of ammonia, of which 270,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 1,273,000 tons of UAN. For full-year 2023, the fertilizer facilities produced 864,000 tons of ammonia, of which 270,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 1,369,000 tons of UAN.

For full-year 2024, average realized gate prices for UAN declined by 20 percent to $248 per ton and ammonia declined by 16 percent to $479 per ton when compared to the full-year 2023. Average realized gate prices for UAN and ammonia were $309 per ton and $573 per ton, respectively, for full-year 2023.

Corporate and Other

The Company reported income tax benefit of $26 million, or (137.2) percent of income before income taxes, for the year ended December 31, 2024, compared to an income tax expense of $207 million, or 19.1 percent of income before income taxes, for the year ended December 31, 2023. The decrease in income tax expense was due primarily to a decrease in overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023. In addition, the change in the effective tax rate was due primarily to changes in pretax earnings attributable to noncontrolling interests and the impact of federal and state tax credits and incentives generated in relation to overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023.

Cash, Debt and Dividend

During the fourth quarter of 2024, we completed two liquidity enhancing transactions generating net proceeds of $318 million from the senior secured term loan facility (the “Term Loan”) issuance and approximately $90 million of gross proceeds from the sale of our subsidiary’s 50% interest in the Midway Pipeline.

Consolidated cash and cash equivalents was $987 million at December 31, 2024. Consolidated total debt and finance lease obligations was $1.9 billion at December 31, 2024, including $569 million held by the Nitrogen Fertilizer Segment.

CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2024 cash distribution of $1.75 per common unit, which will be paid on March 10, 2025, to common unitholders of record as of March 3, 2025.

Fourth Quarter 2024 Earnings Conference Call

CVR Energy previously announced that it will host its fourth quarter and full-year 2024 Earnings Conference Call on Wednesday, February 19, at 1 p.m. Eastern. This Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The fourth quarter and full-year 2024 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/4a2maqba. A repeat of the call can be accessed for 14 days by dialing (877) 660-6853, conference ID 13751234.

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

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

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

Contact Information:

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

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

Non-GAAP Measures

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

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

The following are non-GAAP measures we present for the three and twelve months ended December 31, 2024 and 2023:

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

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

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

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

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

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

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

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

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

Major Scheduled Turnaround Activities – Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $58 million and $60 million during the years ended December 31, 2024 and 2023, respectively. The next planned turnaround commenced in January 2025 at the Coffeyville Refinery.

Midway JV Disposition – On December 23, 2024, a subsidiary of the Company sold the 50% limited liability company interests it owned in the Midway Pipeline, LLC to Plains Pipeline, L.P. in exchange for cash consideration of approximately $90 million. The sale resulted in a gain of $24 million within Other income (expense), net in the Company’s Consolidated Statements of Operations.

CVR Energy, Inc.
(unaudited)

Consolidated Statement of Operations Data

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except per share data)	2024			2023			2024			2023
Net sales	$	1,947		$	2,202		$	7,610		$	9,247
Operating costs and expenses:
Cost of materials and other		1,653			1,802			6,448			7,013
Direct operating expenses (exclusive of depreciation and amortization)		165			166			667			670
Depreciation and amortization		72			75			290			291
Cost of sales		1,890			2,043			7,405			7,974
Selling, general and administrative expenses (exclusive of depreciation and amortization)		35			34			139			141
Depreciation and amortization		2			1			8			7
(Gain) loss on asset disposal		(1	)		—			—			2
Operating income		21			124			58			1,123
Other income (expense):
Interest expense, net		(20	)		(9	)		(77	)		(52	)
Other income, net		27			4			38			14
Income before income tax expense		28			119			19			1,085
Income tax expense (benefit)		(12	)		22			(26	)		207
Net income		40			97			45			878
Less: Net income attributable to noncontrolling interest		12			6			38			109
Net income attributable to CVR Energy stockholders	$	28		$	91		$	7		$	769

Basic and diluted earnings per share	$	0.28		$	0.91		$	0.06		$	7.65
Dividends declared per share	$	—		$	2.00		$	1.50		$	4.50

Adjusted (loss) earnings per share	$	(0.13	)	$	0.65		$	(0.51	)	$	5.64
EBITDA^*	$	122		$	204		$	394		$	1,435
Adjusted EBITDA^*	$	67		$	170		$	317		$	1,164

Weighted-average common shares outstanding – basic and diluted		100.5			100.5			100.5			100.5

____________________

* See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

(in millions)	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	987	$	581
Working capital		726		497
Total assets		4,263		4,707
Total debt and finance lease obligations, including current portion		1,919		2,185
Total liabilities		3,375		3,669
Total CVR stockholders’ equity		703		847

Selected Consolidated Cash Flow Data

	Three Months Ended December 31,					Year Ended December 31,
(in millions)	2024		2023			2024			2023
Net cash flows provided by (used in):
Operating activities	$	98	$	(36	)	$	404		$	948
Investing activities		43		(58	)		(121	)		(239	)
Financing activities		312		384			(482	)		(40	)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	453	$	290		$	(199	)	$	669

Free cash flow ^*	$	40	$	(94	)	$	181		$	708

_____________________

* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended December 31, 2024									Three Months Ended December 31, 2023
(in millions)	Petroleum		Renewables			Nitrogen Fertilizer		Consolidated		Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,755	$	93		$	140	$	1,947	$	1,997	$	110		$	142	$	2,202
Operating income (loss)		4		(3	)		26		21		144		(31	)		17		124
Net income (loss)		35		(3	)		18		40		158		(30	)		10		97
EBITDA ^*		72		3			50		122		196		(26	)		38		204

Capital Expenditures: ⁽¹⁾
Maintenance	$	24	$	1		$	15	$	40	$	24	$	1		$	11	$	36
Growth		7		—			3		11		5		8			—		13
Total capital expenditures	$	31	$	1		$	18	$	51	$	29	$	9		$	11	$	49

	Year Ended December 31, 2024									Year Ended December 31, 2023
(in millions)	Petroleum		Renewables			Nitrogen Fertilizer		Consolidated		Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	6,920	$	289		$	525	$	7,610	$	8,287	$	559		$	681	$	9,247
Operating income (loss)		12		(22	)		90		58		982		(37	)		201		1,123
Net income (loss)		70		(21	)		61		45		1,071		(36	)		172		878
EBITDA ^*		223		3			179		394		1,185		(17	)		281		1,435

Capital Expenditures: ⁽¹⁾
Maintenance	$	90	$	3		$	30	$	127	$	94	$	2		$	28	$	128
Growth		38		8			7		54		14		54			1		69
Total capital expenditures	$	128	$	11		$	37	$	181	$	108	$	56		$	29	$	197

______________________

* See “Non-GAAP Reconciliations” section below.

(1)

Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.

	December 31, 2024								December 31, 2023
(in millions)	Petroleum		Renewables		Nitrogen Fertilizer		Consolidated		Petroleum		Renewables		Nitrogen Fertilizer		Consolidated
Cash and cash equivalents ⁽¹⁾	$	735	$	13	$	91	$	987	$	375	$	16	$	45	$	581
Total assets		3,288		420		1,019		4,263		2,978		344		975		4,707
Total debt and finance lease obligations, including current portion ⁽²⁾		354		—		569		1,919		44		5		547		2,185

___________________________

(1)		Corporate cash and cash equivalents consisted of $148 million and $145 million at December 31, 2024 and December 31, 2023, respectively.
(2)		Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $1,594 million at December 31, 2024 and December 31, 2023, respectively.

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Refining margin ^*	$	8.37	$	15.01	$	9.53	$	21.82
Adjusted refining margin ^*		6.45		12.91		8.67		18.11
Direct operating expenses ^*		5.13		4.69		5.86		5.34

___________________

* See “Non-GAAP Reconciliations” section below.

Throughput Data by Refinery

	Three Months Ended December 31,		Year Ended December 31,
(in bpd)	2024	2023	2024	2023
Coffeyville
Gathered crude	69,560	61,733	71,382	62,263
Other domestic	47,732	57,161	39,360	49,930
Canadian	3,969	6,109	7,304	3,265
Condensate	—	7,115	3,177	7,566
Other crude oil	5,709	—	2,546	—
Other feedstocks and blendstocks	14,997	16,321	12,511	13,490
Wynnewood
Gathered crude	55,507	49,061	46,185	50,900
Other domestic	—	2,974	980	2,112
Condensate	10,747	17,192	9,165	15,228
Other feedstocks and blendstocks	5,482	4,888	3,668	3,465
Total throughput	213,703	222,554	196,278	208,219

Production Data by Refinery

	Three Months Ended December 31,				Year Ended December 31,
(in bpd)	2024		2023		2024		2023
Coffeyville
Gasoline	72,868		76,921		69,771		69,847
Distillate	61,016		62,570		56,690		57,888
Other liquid products	3,775		4,168		5,125		4,388
Solids	4,349		4,798		4,762		4,123
Wynnewood
Gasoline	40,139		42,363		33,106		38,843
Distillate	24,473		25,432		20,917		24,978
Other liquid products	4,405		5,480		4,551		6,882
Solids	12		9		9		10
Total production	211,037		221,741		194,931		206,959

Light product yield (as % of total crude throughput) ⁽¹⁾	102.7	%	103.0	%	100.2	%	100.2	%
Liquid volume yield (as % of total throughput) ⁽²⁾	96.7	%	97.5	%	96.9	%	97.4	%
Distillate yield (as % of total crude throughput) ⁽³⁾	44.2	%	43.7	%	43.1	%	43.3	%

______________________

(1)		Total Gasoline and Distillate divided by total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”).
(2)		Total Gasoline, Distillate, and Other liquid products divided by total throughput.
(3)		Total Distillate divided by Total Crude Throughput.

Key Market Indicators

	Three Months Ended December 31,						Year Ended December 31,
(dollars per barrel)	2024			2023			2024			2023
West Texas Intermediate (WTI) NYMEX	$	70.32		$	78.53		$	75.77		$	77.57
Crude Oil Differentials to WTI:
Brent		3.69			4.32			4.09			4.60
WCS (heavy sour)		(12.25	)		(22.91	)		(13.86	)		(17.97	)
Condensate		(0.24	)		(0.30	)		(0.48	)		(0.21	)
Midland Cushing		0.87			1.09			1.10			1.26
NYMEX Crack Spreads:
Gasoline		13.84			13.69			20.91			27.88
Heating Oil		23.40			41.34			26.67			40.60
NYMEX 2-1-1 Crack Spread		18.62			27.52			23.79			34.24
PADD II Group 3 Product Basis:
Gasoline		(4.03	)		(4.75	)		(6.52	)		(2.92	)
Ultra Low Sulfur Diesel (ULSD)		(4.57	)		(2.96	)		(4.96	)		(1.02	)
PADD II Group 3 Product Crack Spread:
Gasoline		9.81			8.94			14.40			24.96
ULSD		18.83			38.38			21.71			39.57
PADD II Group 3 2-1-1		14.32			23.66			18.05			32.27

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended December 31,					Year Ended December 31,
	2024		2023			2024		2023
Renewables margin ^*	$	0.79	$	(0.90	)	$	0.80	$	0.27
Adjusted renewables margin ^*		1.16		(0.43	)		0.93		0.41
Direct operating expenses ^*		0.48		0.37			0.57		0.35

__________________________

* See “Non-GAAP Reconciliations” section below.

Renewables Throughput Data

	Three Months Ended December 31,		Year Ended December 31,
(in gallons per day)	2024	2023	2024	2023
Corn Oil	81,497	90,932	52,807	53,661
Soybean Oil	105,351	109,242	98,439	172,297
Other feedstocks and blendstocks	91,709	46,210	58,730	51,039
Total throughput	278,557	246,384	209,976	276,997

Renewables Production Data

	Three Months Ended December 31,				Year Ended December 31,
(in gallons per day)	2024		2023		2024		2023
Renewable diesel	163,110		176,200		134,399		200,015
Renewable naphtha	19,731		32,886		17,101		34,099
Renewable light ends	88,938		94,952		62,424		92,802
Other	67,293		42,106		41,064		45,552
Total production	339,072		346,144		254,988		372,468

Renewable diesel yield (as % of corn and soybean oil throughput)	87.8	%	88.0	%	89.2	%	88.5	%

Key Market Indicators

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.43	$	0.52	$	0.44	$	0.58
Midwest crude corn oil (dollars per pound)		0.46		0.62		0.50		0.61
CARB ULSD (dollars per gallon)		2.28		2.90		2.47		2.89
NYMEX ULSD (dollars per gallon)		2.23		2.85		2.44		2.81
California LCFS (dollars per metric ton)		72.05		68.71		60.07		72.52
Biodiesel RINs (dollars per RIN)		0.66		0.84		0.59		1.35

Nitrogen Fertilizer Segment

	Three Months Ended December 31,				Year Ended December 31,
(percent of capacity utilization)	2024		2023		2024		2023
Ammonia utilization rate ⁽¹⁾	96	%	94	%	96	%	100	%

_____________________

(1)

Reflects our ammonia utilization rates on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Nitrogen Fertilizer Segment’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and twelve months ended December 31, 2024 and 2023, respectively, and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

Sales and Production Data

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Consolidated sales (thousands of tons):
Ammonia		97		98		271		281
UAN		310		320		1,260		1,395

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	475	$	461	$	479	$	573
UAN		229		241		248		309

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		210		205		836		864
Ammonia (net available for sale) ⁽²⁾		80		75		270		270
UAN		310		306		1,273		1,369

Feedstock:
Petroleum coke used in production (thousands tons)		123		131		517		518
Petroleum coke used in production (dollars per ton)	$	55.71	$	77.09	$	59.69	$	78.14
Natural gas used in production (thousands of MMBtus) ⁽³⁾		2,224		2,033		8,667		8,462
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	3.00	$	2.95	$	2.56	$	3.42
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		2,352		2,317		7,755		8,671
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	2.50	$	2.83	$	2.50	$	3.84

______________________

(1)		Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)		Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)		The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Ammonia — Southern plains (dollars per ton)	$	526	$	648	$	526	$	564
Ammonia — Corn belt (dollars per ton)		595		704		573		644
UAN — Corn belt (dollars per ton)		274		301		277		311

Natural gas NYMEX (dollars per MMBtu)	$	2.98	$	2.92	$	2.41	$	2.67

Q1 2025 Outlook

The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2025. See “Forward-Looking Statements” above.

	Q1 2025
	Low			High
Petroleum
Total throughput (bpd)		120,000			135,000
Direct operating expenses (in millions) ⁽¹⁾	$	95		$	105
Turnaround ⁽²⁾		150			165

Renewables
Total throughput (in millions of gallons)		13			16
Direct Operating expenses (in millions) ⁽¹⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		95	%		100	%
Direct operating expenses (in millions) ⁽¹⁾	$	55		$	65

Capital Expenditures (in millions) ⁽²⁾
Petroleum	$	30		$	40
Renewables		2			5
Nitrogen Fertilizer		12			16
Other		—			2
Total capital expenditures	$	44		$	63

____________________

(1)		Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer Segment, turnaround expenses and inventory valuation impacts.
(2)		Turnaround and capital expenditures are disclosed on an accrual basis.

Non-GAAP Reconciliations

Reconciliation of Consolidated Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Net income	$	40		$	97		$	45		$	878
Interest expense, net		20			9			77			52
Income tax (benefit) expense		(12	)		22			(26	)		207
Depreciation and amortization		74			76			298			298
EBITDA		122			204			394			1,435
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives		6			(67	)		22			(32	)
Inventory valuation impacts, unfavorable		20			90			14			45
Gain on sale of equity method investment		(24	)		—			(24	)		—
Adjusted EBITDA	$	67		$	170		$	317		$	1,164

Reconciliation of Basic and Diluted Earnings per Share to Adjusted Earnings per Share

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Basic and diluted earnings per share	$	0.28		$	0.91		$	0.06		$	7.65
Adjustments: ⁽¹⁾
Revaluation of RFS liability, favorable		(0.43	)		(0.42	)		(0.67	)		(2.12	)
Unrealized loss (gain) on derivatives		0.04			(0.50	)		0.16			(0.23	)
Inventory valuation impacts, unfavorable		0.16			0.66			0.12			0.34
Gain on sale of equity method investment		(0.18	)		—			(0.18	)		—
Adjusted (loss) earnings per share	$	(0.13	)	$	0.65		$	(0.51	)	$	5.64

___________________

(1)

Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Net cash provided by (used in) operating activities	$	98		$	(36	)	$	404		$	948
Less:
Capital expenditures		(55	)		(55	)		(179	)		(205	)
Capitalized turnaround expenditures		(7	)		(4	)		(53	)		(57	)
Return on equity method investment		4			1			9			22
Free cash flow	$	40		$	(94	)	$	181		$	708

Reconciliation of Petroleum Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Petroleum net income	$	35		$	158		$	70		$	1,071
Interest income, net		(4	)		(10	)		(21	)		(75	)
Depreciation and amortization		41			48			174			189
Petroleum EBITDA		72			196			223			1,185
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives, net		6			(67	)		22			(30	)
Inventory valuation impact, unfavorable ⁽¹⁾		12			80			6			32
Gain on sale of equity method investment		(24	)		—			(24	)		—
Petroleum Adjusted EBITDA		9			152			138			903

Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Adjusted Refining Margin

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except throughput data)	2024			2023			2024			2023
Net sales	$	1,755		$	1,997		$	6,920		$	8,287
Less:
Cost of materials and other		(1,590	)		(1,690	)		(6,236	)		(6,629	)
Direct operating expenses (exclusive of depreciation and amortization)		(101	)		(96	)		(421	)		(406	)
Depreciation and amortization		(41	)		(47	)		(174	)		(185	)
Gross profit		23			164			89			1,067
Add:
Direct operating expenses (exclusive of depreciation and amortization)		101			96			421			406
Depreciation and amortization		41			47			174			185
Refining margin		165			307			684			1,658
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives, net		6			(67	)		22			(30	)
Inventory valuation impact, unfavorable ⁽¹⁾		12			80			6			32
Adjusted refining margin	$	126		$	263		$	623		$	1,376

Total throughput barrels per day		213,703			222,554			196,278			208,219
Days in the period		92			92			366			365
Total throughput barrels		19,660,650			20,474,980			71,837,644			75,999,905

Refining margin per total throughput barrel	$	8.37		$	15.01		$	9.53		$	21.82
Adjusted refining margin per total throughput barrel		6.45			12.91			8.67			18.11
Direct operating expenses per total throughput barrel		5.13			4.69			5.86			5.34

_____________________

(1)

The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Renewables net loss	$	(3	)	$	(30	)	$	(21	)	$	(36	)
Interest expense, net		—			(1	)		(1	)		(1	)
Depreciation and amortization		6			5			25			20
Renewables EBITDA		3			(26	)		3			(17	)
Adjustments:
Unrealized (gain) loss on derivatives, net		—			—			—			(2	)
Inventory valuation, (favorable) unfavorable ⁽¹⁾		6			9			7			14
Renewables Adjusted EBITDA	$	9		$	(17	)	$	10		$	(5	)

Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except throughput data)	2024			2023			2024			2023
Net sales	$	93		$	110		$	289		$	559
Less:
Cost of materials and other		(79	)		(127	)		(245	)		(537	)
Direct operating expenses (exclusive of depreciation and amortization)		(8	)		(7	)		(31	)		(28	)
Depreciation and amortization		(6	)		(5	)		(25	)		(20	)
Gross loss		—			(29	)		(12	)		(26	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		8			7			31			28
Depreciation and amortization		6			5			25			20
Renewables margin		14			(17	)		44			22
Unrealized (gain) loss on derivatives, net		—			—			—			(2	)
Inventory valuation, (favorable) unfavorable ⁽¹⁾		6			9			7			14
Adjusted renewables margin	$	20		$	(8	)	$	51		$	34

Total vegetable oil throughput gallons per day		186,970			200,174			151,278			225,957
Days in the period		92			92			366			365
Total vegetable oil throughput gallons		17,201,274			18,416,045			55,367,620			82,474,473

Renewables margin per vegetable oil throughput gallon	$	0.79		$	(0.90	)	$	0.80		$	0.27
Adjusted renewables margin per vegetable oil throughput gallon		1.16			(0.43	)		0.93			0.41
Direct operating expenses per vegetable oil throughput gallon		0.48			0.37			0.57			0.35

____________________

(1)

The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,				Year Ended December 31,
(in millions)	2024		2023		2024		2023
Nitrogen Fertilizer net income	$	18	$	10	$	61	$	172
Add:
Interest expense, net		7		7		30		29
Depreciation and amortization		25		21		88		80
Nitrogen Fertilizer EBITDA and Adjusted EBITDA	$	50	$	38	$	179	$	281

The MIL Network –

February 19, 2025

MIL-OSI: Interfield Global Software Inc. Plans Transitioning to Canadian Securities Exchange

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Feb. 18, 2025 (GLOBE NEWSWIRE) — Further to its previously announced strategic alternatives review, Interfield Global Software Inc. (CBOE CA: IFSS) (the “Company”) announces that its board of directors has approved a proposed listing of the Company’s common shares (“Common Shares”) on the Canadian Securities Exchange (“CSE”) and delisting of the Common Shares from the Cboe Canada Exchange (“Cboe Canada”).

The Company’s management believes that the transition of the Company to a growth equity market will continue to position the Company to take full advantage of the Company’s previously announced joint venture with Abhi (the “Abhi JV”) and to streamline the business of the Company in preparation for the Abhi JV. The proposed listing on CSE is also intended to address the concerns of Cboe Canada in relation to the ability of the Company to maintain Cboe Canada’s continuous listing requirements, further to which, effective February 11, 2025, the Company was placed on delisting review by Cboe Canada. If the non-compliance matters are not satisfactorily addressed, the Company’s Common Shares will be delisted from Cboe Canada at the closing of trading on May 12, 2025.

While the Company currently anticipates the proposed listing of its Common Shares on CSE to be completed prior to May 12, 2025, the proposed listing remains subject to the review of CSE and is contingent on the satisfaction of all listing and regulatory requirements by the Company. There can be no assurance that the CSE will approve the listing application or that the Company will complete the transition to CSE as currently proposed. Additionally, the delisting from Cboe Canada remains subject to the approval of Cboe Canada. The Company will provide further updates, as necessary, at the appropriate time.

About Abhi

Abhi is a prominent fintech company, earning recognition as one of the Future 100 companies in the UAE. It was also the first to receive the Technology Pioneer 2023 Award by the World Economic Forum, making fintech history in the MENAP region. Abhi offers a comprehensive suite of products and services, including EWA, payroll solutions, and SME financing.

About Interfield Global Software Inc.

The Company is a publicly listed company, with its common shares listed on Cboe Canada. (Cboe CA: IFSS), operating out of Dubai, U.A.E through its wholly owned subsidiary, Interfield Solutions.

Interfield Solutions is a software company that services numerous industrial segments worldwide including oil and gas, mining and renewables. Interfield Solutions has two operating divisions, E-commerce and Software as a Service. Equipment Hound, the company’s flagship product of its E-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the globe. Equipment Hound manages a catalogue of equipment from various suppliers and provides procurement solutions for buyers. It includes features such as requests for quotes, logistics support and third-party verification. ToolSuite, the company’s flagship product of its Software as a Service division, is a cloud based data collection and management platform that digitizes industrial processes and provides real-time auditable data for clients.

For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca.

ON BEHALF OF THE BOARD OF DIRECTORS

“Harold Hemmerich”

Harold Hemmerich, Chief Executive Officer & Director
Phone: +971 50 558 8349

Bruce Nurse, Investor Relations
Phone: +1 303 919 2913

Forward-Looking Statements Disclaimer and Reader Advisory

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance often using phrases such as “expects”, “anticipates”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends”, or variations of such words and phrases, or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements. Forward looking statements in this release include: the anticipated implementation of the Abhi JV and restructuring in preparation for the Abhi JV, including the anticipated listing of Common Shares on CSE and the proposed delisting from Cboe.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors, which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, including the approval of the relevant stock exchange(s) and any applicable regulatory authority; and that factors may occur which impede or prevent the Company’s future business plans. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

Neither Cboe Canada Exchange nor its Regulation Services Provider (as that term is defined in the policies of Cboe Canada Exchange) accepts responsibility for the adequacy or accuracy of this news release.

The MIL Network –

February 19, 2025

MIL-OSI: HP Accelerates AI Software Investments to Transform the Future of Work

Source: GlobeNewswire (MIL-OSI)

PALO ALTO, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) — HP Inc. (NYSE: HPQ) announced a definitive agreement to acquire key AI capabilities from Humane, including their AI-powered platform Cosmos, highly skilled technical talent, and intellectual property with more than 300 patents and patent applications. The acquisition advances HP’s transformation into a more experience-led company.

“This investment will rapidly accelerate our ability to develop a new generation of devices that seamlessly orchestrate AI requests both locally and in the cloud,” said Tuan Tran, President of Technology and Innovation at HP. “Humane’s AI platform Cosmos, backed by an incredible group of engineers, will help us create an intelligent ecosystem across all HP devices from AI PCs to smart printers and connected conference rooms. This will unlock new levels of functionality for our customers and deliver on the promises of AI.”

The acquisition brings a highly skilled group of Humane engineers, architects, and product innovators to HP’s Technology and Innovation Organization. They will form HP IQ, HP’s new AI innovation lab focused on building an intelligent ecosystem across HP’s products and services for the future of work.

“We’re excited to join HP at such a pivotal moment in the industry and help shape the future of intelligent experiences,” said Bethany Bongiorno and Imran Chaudhri, Co-founders of Humane. “HP’s scale, global reach, and operational excellence—combined with our design-led approach, integration technology, and engineering expertise—will redefine workforce productivity.”

HP is committed to reinventing the future of work through technology, delivering experiences that empower organizations and employees to thrive in today’s dynamic environment.

The $116 million transaction is expected to close at the end of this month.

About HP
HP Inc. (NYSE: HPQ) is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers a wide range of innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming, and more. For more information, please visit: http://www.hp.com.

Media Contacts

HP Media Relations
MediaRelations@hp.com
hp.com/go/newsroom

The MIL Network –

February 19, 2025

MIL-OSI: Gran Tierra Energy Inc. Provides Release Date for its 2024 Fourth Quarter & Year End Results and Details of Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announces that the Company will release its 2024 fourth quarter and year ended December 31, 2024, financial and operating results on Monday, February 24, 2025, before market open. Gran Tierra will host its conference call on the same day, Monday, February 24, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time and 4:00 p.m. Greenwich Mean Time.

Interested parties may register for the conference call by clicking on this link. Please note that there is no longer a general dial-in number to participate, and each individual party must register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a feature that allows parties to elect to be called back through the “Call Me” function on the platform.

Interested parties can also continue to access the live webcast from their mobile or desktop devices by clicking on this link, which is also available on Gran Tierra’s website at https://www.grantierra.com/investor-relations/presentations-events/. An audio replay of the conference call will be available at the same webcast link two hours following the call and will be available until February 24, 2026.

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the “SEC”) are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221, info@grantierra.com

The MIL Network –

February 19, 2025

MIL-OSI: Meriwest Credit Union Elevates Chad Maze to Executive Vice President

Source: GlobeNewswire (MIL-OSI)

SILICON VALLEY, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) — Meriwest Credit Union proudly announces the promotion of Chad Maze to the role of Executive Vice President and Chief Operating Officer. As Executive Vice President, Mr. Maze will continue to lead all member-centric business functions, including consumer, mortgage, and business lending; retail and virtual branch operations; marketing; and wealth management. Mr. Maze will also lead philanthropic and community efforts as chair of the Meriwest Community Foundation.

Leveraging his three decades of experience in the financial services industry, Mr. Maze’s strategic insights and business acumen have consistently highlighted his invaluable contributions to Meriwest. His proactive approach to challenges and proven track record of achieving results have played a vital role in driving the credit union’s sustained success.

Lisa Pesta, President & CEO, expressed, “Chad’s promotion is truly well-deserved. His dedication and proactive approach to problem-solving have made a significant impact on Meriwest and our communities. We have full confidence that Chad will continue to be an integral part of our future success.”

Asked for comment, Mr. Maze stated, “Lisa, our Board of Directors, and the entire Meriwest team are wonderful people to work with. My job as ‘coach’ is so much more fun when you get to be a part of one of the best teams in the business. I am sincerely honored and grateful. This recognition belongs to all of us.”

Mr. Maze’s promotion to Executive Vice President and Chief Operating Officer further enhances Meriwest’s commitment to delivering member value, driving growth, fostering innovation, and serving our communities with unparalleled dedication.

About Meriwest Credit Union

Founded in San Jose, California in 1961, Meriwest Credit Union, ($2.1B in assets) is one of Silicon Valley’s most established financial institutions. Dedicated to delivering advice-based, personal, convenient, and innovative financial services to over 80,000 families and businesses throughout the San Francisco Bay Area and Pima County, Arizona, Meriwest offers a wide array of personal banking, business services, and wealth advisory services. Meriwest has been voted one of the ‘Best Credit Unions in Silicon Valley’ in the Mercury News’ Annual ‘Readers’ Choice Awards’ and a “Best Place to Work” by the Silicon Valley Business Journal 2020 through 2024. More information can be found at www.meriwest.com.

Media Contact:
Jeffrey Zane
Meriwest Credit Union
Public Relations
408-612-1484
jzane@meriwest.com

The MIL Network –

February 19, 2025

MIL-OSI: Capital Southwest Announces Leadership Changes

Source: GlobeNewswire (MIL-OSI)

Michael Sarner to Succeed Bowen Diehl as President & Chief Executive Officer
Chris Rehberger Promoted to Chief Financial Officer, Treasurer & Secretary
Tabitha Geiger Promoted to Chief Compliance Officer

DALLAS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, announced today that Chief Financial Officer Michael Sarner has been appointed by the Board of Directors (the “Board”) to succeed Bowen Diehl as President and Chief Executive Officer of Capital Southwest. Mr. Sarner has also been appointed to serve on the Board. Both appointments are effective February 17, 2025. Mr. Diehl will continue to serve the Company in an advisory capacity for at least another year.

In addition, Chris Rehberger has been promoted from Executive Vice President of Finance and Treasurer to Chief Financial Officer, Treasurer & Secretary of the Company, and Tabitha Geiger has been promoted from Deputy Compliance Officer to Chief Compliance Officer of the Company, effective February 17, 2025.

“On behalf of the Board, we want to both acknowledge and celebrate Bowen’s long career at Capital Southwest,” said David Brooks, Chairman of the Board. “We greatly appreciate the leadership he has provided to Capital Southwest over the past decade and we wish him the very best. Succession planning has always been a priority for the Company, and Michael, Bowen and the Board are all in agreement that it is time to transition the leadership of Capital Southwest. Michael and Bowen have both been fully immersed in the strategy and operations of the Company, which will make this a smooth transition.”

“I couldn’t be more optimistic about the future of Capital Southwest under Michael’s leadership. He has worked tirelessly by my side over the past decade building a best-in-class BDC and, together with the rest of our leadership team, I am confident the firm has the right team to continue executing Capital Southwest’s strategy going forward,” said Bowen Diehl. “I am very proud of what we have built here together and I am grateful for having had the opportunity over the past ten years to lead Capital Southwest’s transformation into a BDC with one of the most robust business models in the industry. While stepping down is clearly bittersweet, succession planning is an important part of a company’s evolution, and I very much look forward to supporting Capital Southwest in any way that Michael and the team find helpful, in the short term as an advisor, and in the long term as a fellow shareholder.”

Mr. Sarner joined Capital Southwest in 2015 and brings more than thirty years of financial, treasury and BDC experience to his new role. He has been instrumental in planning and executing on both the corporate and capitalization strategy for Capital Southwest, raising over $2 billion in both debt and equity. In addition to serving as Chief Financial Officer, Mr. Sarner also served as the Company’s Chief Compliance Officer and Secretary. He also has served on the Investment Committee for the entirety of his time with Capital Southwest. Previously, he spent fifteen years at American Capital in a variety of financial roles, including Executive Vice President and Treasurer.

“I’m honored to be entrusted with Capital Southwest’s future,” said Michael Sarner, President and Chief Executive Officer. “The Company is well-positioned for growth with a strong and cohesive leadership team – including Chris with whom I’ve worked closely with for the past two decades. I look forward to fostering the growth of the entire Capital Southwest team, as well as providing leadership for the Company with a renewed vision for the future.”

Mr. Rehberger joined Capital Southwest in 2015 and has twenty years of experience in corporate finance roles within the BDC space. Mr. Rehberger additionally spent ten years in corporate finance roles at American Capital working alongside Mr. Sarner. Mr. Rehberger earned a bachelor’s in commerce with a concentration in finance from the McIntire School and a master’s from the Darden School of Business, both from the University of Virginia.

Ms. Geiger has almost a decade of experience. Previously, she spent eight years in compliance consulting with IQ-EQ, where she was responsible for implementing and overseeing compliance programs for private equity, venture capital and hedge fund managers. Ms. Geiger earned a BS in Agricultural Communications and Journalism from Texas A&M University and her JD from South Texas College of Law. She is licensed to practice law in Texas.

About Capital Southwest
Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

Media Relations Contact:
Lauren DiGeronimo
laurend@trailrunnerint.com

Investor Relations Contact:
Michael Sarner
msarner@capitalsouthwest.com

The MIL Network –

February 19, 2025

MIL-OSI: Drugs Made In America Acquisition Corp. Announces Closing of Full Exercise of IPO Over-Allotment Option

Source: GlobeNewswire (MIL-OSI)

Fort Lauderdale, Florida, Feb. 18, 2025 (GLOBE NEWSWIRE) — Drugs Made In America Acquisition Corp. (Nasdaq: DMAAU) (the “Company”) today announced that the underwriter of its previously announced initial public offering fully exercised its option to purchase an additional 3,000,000 units at the public offering price of $10.00 per unit, resulting in additional gross proceeds of $30,000,000. The units began trading on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “DMAAU” on January 28, 2025.

After giving effect to this full exercise of the overallotment option, the total number of units sold in the public offering increased to 23,000,000 units, resulting in total gross proceeds of $230,000,000 for the Company’s initial public offering.

Each unit consists of one ordinary share and one right to receive one-eighth (1/8) of an ordinary share upon the consummation of an initial business combination. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “DMAA” and “DMAAR”, respectively.

Clear Street LLC acted as the sole book-running manager in the offering. Loeb & Loeb LLP served as legal counsel to the Company. Winston & Strawn LLP served as legal counsel to Clear Street.

The offering was made only by means of a prospectus, copies of which may be obtained from Clear Street, Attn: Syndicate Department, 150 Greenwich Street, 45th floor, New York, NY 10007, or by email at ecm@clearstreet.io. A registration statement on Form S-1 (333-281170) relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and was declared effective on January 7, 2025, and a post-effective amendment to the registration statement was declared effective on January 27, 2025.

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

About Drugs Made In America Acquisition Corp.

The Company is a blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. While the Company may pursue a business combination target in any business, industry or geographical location, it intends to focus its search for businesses in the pharmaceutical industry. The Company believes that it is possible to mitigate risks in the U.S. medical supply chain by investing in companies that will reduce America’s overreliance on production of pharmaceuticals from concentrated geographic regions through investments in strategic on-shoring of advanced domestic manufacturing technologies for critical drugs.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the registration statement, as amended by the post-effective amendment, and the prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov.

Contact Information

Drugs Made In America Acquisition Corp.
1 East Broward Boulevard, Suite 700
Fort Lauderdale, FL 33301

Lynn Stockwell
Chief Executive Officer and Executive Chair
Email: executive@dmaacorp.com
Phone: (954) 870-3099

The MIL Network –

February 19, 2025

MIL-OSI: SiriusPoint reports ninth consecutive quarter of underwriting profits with FY Core combined ratio of 91.0%

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its fourth quarter ended December 31, 2024

Combined ratio of 90.2% in the fourth quarter for Core business, representing a 3.2 point improvement versus prior year, resulting in a full year 2024 Core combined ratio of 91.0% and Core underwriting income of $200 million
Growth in the quarter of 21% on gross premiums written for continuing lines business (excluding 2023 exited programs), contributing to 10% growth for the full year
Fourth quarter net loss of $21 million, materially impacted by three significant items linked to our efforts to reposition the Company, including the CM Bermuda repurchase transaction, closure of previously announced LPT transaction with Enstar, and the write-down of a single MGA investment. This marks the end of the significant reshaping of the Company
Underlying net income of $44 million in the fourth quarter contributing to $304 million for the full year, up 14% versus prior year
Return on equity for 2024 of 9.1%, or 14.6% on an underlying basis and at the upper end of the target range of 12-15%
Book value per diluted common share (ex. AOCI) of $14.64, up 2.7% in the quarter and up 9.8% from December 31, 2023. Balance sheet remains strong post CM Bermuda transaction with Q4’24 BSCR estimate at 214%
Permanent retirement of the 45.7 million common shares repurchased from CM Bermuda on closure of the transaction, driving greater than 20% earnings per share accretion

Scott Egan, Chief Executive Officer, said: “2024 has been a remarkable year of delivery for SiriusPoint. Despite increased catastrophe activity, our Core combined ratio has improved meaningfully from last year to 91.0%, excluding the impact from the loss portfolio transfer in 2023. Our 4.2 point improvement in attritional loss ratio demonstrates our focus on improving the quality of our underwriting. We saw 21% growth of gross premiums written for the quarter and 10% for the full year for our continuing lines business.

Our underlying return on equity of 14.6% is at the upper end of the 12-15% target range set out a year ago. In optimizing our capital position, we have returned over $1 billion to investors during 2024 while maintaining robust capital ratios, due to our strong performance, reshaping actions, and capital generation over the past two years.

We have strengthened our underlying business performance year-over-year, providing a strong basis for 2025. While this quarter our net income was impacted by several one-off items, we see 2024 as the end of the repositioning and reshaping of the Company. Our efforts are now fully focused on both growing the business and continuing to enhance performance.

I take great pride in the accomplishments of the SiriusPoint team, who have worked with commitment and dedication to produce improvements in our underlying results, quarter after quarter. I am immensely grateful for all that they do every day for our customers, partners and shareholders.”

Fourth Quarter 2024 Highlights

Net loss attributable to SiriusPoint common shareholders of $21.3 million, or $0.13 per diluted common share
Core income of $66.7 million, including underwriting income of $56.3 million, Core combined ratio of 90.2%
Core net services fee income of $10.4 million, with service margin of 20.2%
Net investment income of $68.9 million and total investment result of $29.0 million
Book value per diluted common share decreased $0.13 per share, or 0.9%, from September 30, 2024 to $14.60
Annualized return on average common equity of (4.0)%

Year Ended December 31, 2024

Net income available to SiriusPoint common shareholders of $183.9 million, or $1.04 per diluted common share
Core income of $244.6 million, including underwriting income of $200.0 million, Core combined ratio of 91.0%
Core net services fee income of $46.7 million, with service margin of 21.0%
Net investment income of $303.6 million and total investment result of $224.6 million
Book value per diluted common share increased $1.25 per share, or 9.4%, from December 31, 2023 to $14.60
Return on average common equity of 9.1%
Debt to capital ratio increased to 24.8% compared to 23.8% as of December 31, 2023

Key Financial Metrics

The following table shows certain key financial metrics for the three and twelve months ended December 31, 2024 and 2023:


	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	($ in millions, except for per share data and ratios)
Combined ratio		94.4	%		93.6	%		88.3	%		84.5	%
Core underwriting income (1)	$	56.3		$	37.0		$	200.0		$	250.2
Core net services income (1)	$	10.4		$	9.3		$	44.6		$	41.2
Core income (1)	$	66.7		$	46.3		$	244.6		$	291.4
Core combined ratio (1)		90.2	%		93.4	%		91.0	%		89.1	%
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	(4.0		)%		17.1	%		9.1	%		16.2	%
Book value per common share	$	14.92		$	13.76		$	14.92		$	13.76
Book value per diluted common share	$	14.60		$	13.35		$	14.60		$	13.35
Book value per diluted common share ex. AOCI (1)	$	14.64		$	13.33		$	14.64		$	13.33
Tangible book value per diluted common share (1)	$	13.42		$	12.47		$	13.42		$	12.47

(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.”

Fourth Quarter 2024 Summary

Consolidated underwriting income for the three months ended December 31, 2024 was $32.7 million compared to $36.7 million for the three months ended December 31, 2023. The decrease was primarily driven by higher catastrophe losses, partially offset by an increase in favorable prior year loss reserve development. Catastrophe losses, net of reinsurance and reinstatement premiums, were $38.6 million, or 6.5 percentage points on the combined ratio, for the three months ended December 31, 2024 mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Favorable prior year reserve development was $37.3 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as in Insurance & Services, mainly due to lower than expected reported attritional losses in A&H, compared to $11.1 million for the three months ended December 31, 2023 which included reserve strengthening for specific areas of uncertainty for the loss reserves.

Consolidated underwriting income for the year ended December 31, 2024 was $276.4 million compared to $375.9 million for the year ended December 31, 2023. The decrease was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $127.8 million driven by reserving analyses performed in connection with the loss portfolio transfer transaction with Pallas Reinsurance Company Ltd that closed on June 30, 2023 (“2023 LPT”). Excluding the favorable development linked to the 2023 LPT, underwriting income increased by $15.8 million primarily driven by favorable development in Reinsurance, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses. Catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.3 percentage points on the combined ratio, for the year ended December 31, 2024, primarily driven by Hurricanes Milton and Helene, compared to $24.8 million, or 1.0 percentage points on the combined ratio, for the year ended December 31, 2023, primarily driven by the Turkey Earthquake and Chile Wildfire.

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.

Three months ended December 31, 2024 and 2023

Core Premium Volume

Gross premiums written increased by $42.7 million, or 5.9%, to $762.5 million for the three months ended December 31, 2024 compared to $719.8 million for the three months ended December 31, 2023. Net premiums earned increased by $23.2 million, or 4.2%, to $581.6 million for the three months ended December 31, 2024 compared to $558.4 million for the three months ended December 31, 2023. The increases in premium volume were primarily driven by increases in Insurance & Services from strategic organic and new program growth, as well higher A&H premiums, and in Reinsurance in Specialty and Property from new business and renewal growth. These increases were partially offset by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023.

Core Results

Core results for the three months ended December 31, 2024 included income of $66.7 million compared to $46.3 million for the three months ended December 31, 2023. Income for the three months ended December 31, 2024 consists of underwriting income of $56.3 million (90.2% combined ratio) and net services income of $10.4 million, compared to underwriting income of $37.0 million (93.4% combined ratio) and net services income of $9.3 million for the three months ended December 31, 2023. The improvement in net underwriting results was primarily driven by increased favorable prior year loss reserve development and lower attritional losses, partially offset by higher catastrophe losses.

Losses incurred included $58.1 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $37.7 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $38.6 million, or 6.6 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Despite increased catastrophe losses for the three months ended December 31, 2024, catastrophe losses for the year ended December 31, 2024 were in line with our expectations evidencing our actions to reduce our catastrophe exposed business during the last two years.

Year ended December 31, 2024 and 2023

Core Premium Volume

Gross premiums written decreased by $134.3 million, or 4.1%, to $3,176.4 million for the year ended December 31, 2024 compared to $3,310.7 million for the year ended December 31, 2023. Net premiums earned decreased by $81.5 million, or 3.6%, to $2,199.1 million for the year ended December 31, 2024 compared to $2,280.6 million for the year ended December 31, 2023. The decreases in premium volume were primarily due to the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, with the most significant offset being strategic organic and new program growth within Insurance & Services.

Core Results

Core results for the year ended December 31, 2024 included income of $244.6 million compared to $291.4 million for the year ended December 31, 2023. Income for the year ended December 31, 2024 consists of underwriting income of $200.0 million (91.0% combined ratio) and net services income of $44.6 million, compared to underwriting income of $250.2 million (89.1% combined ratio) and net services income of $41.2 million for the year ended December 31, 2023. The decrease in net underwriting results was primarily driven by lower favorable prior year loss reserve development as the year ended December 31, 2023 included $104.8 million driven by reserving analyses performed in connection with the 2023 LPT.

Excluding the favorable development linked to the 2023 LPT, net underwriting income increased by $49.0 million primarily driven by favorable development in Reinsurance, mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, as well as lower attritional losses in both Reinsurance and Insurance & Services, partially offset by higher acquisition costs from business mix changes, including the growth of Insurance & Services, and higher catastrophe losses.

For the year ended December 31, 2024 catastrophe losses, net of reinsurance and reinstatement premiums, were $54.8 million, or 2.5 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $13.5 million, or 0.6 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia, for the year ended December 31, 2023.

Reinsurance Segment

Three months ended December 31, 2024 and 2023

Reinsurance gross premiums written were $312.2 million for the three months ended December 31, 2024, an increase of $60.5 million, or 24.0%, compared to the three months ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

Reinsurance generated underwriting income of $18.3 million (93.2% combined ratio) for the three months ended December 31, 2024, compared to underwriting income of $27.8 million (88.6% combined ratio) for the three months ended December 31, 2023. The decrease in net underwriting results was primarily due to higher catastrophe losses, partially offset by increased favorable development. Catastrophe losses, net of reinsurance and reinstatement premiums, for the three months ended December 31, 2024, were $35.2 million, or 13.2 percentage points on the combined ratio, mainly from Hurricane Milton, compared to minimal losses for the three months ended December 31, 2023. Losses incurred included $41.8 million of favorable prior year loss reserve development for the three months ended December 31, 2024 mainly in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $21.1 million for the three months ended December 31, 2023 driven by management reflecting the continued favorable reported loss emergence through December 31, 2023 in its best estimate of reserves.

Year ended December 31, 2024 and 2023

Reinsurance gross premiums written were $1,335.6 million for the year ended December 31, 2024, an increase of $64.6 million, or 5.1%, compared to the year ended December 31, 2023, primarily driven by new business and renewal growth across Specialty and Property, partially offset by reduced premiums written in Casualty reflecting underwriting actions to improve profitability.

Reinsurance generated underwriting income of $124.8 million (88.0% combined ratio) for the year ended December 31, 2024, compared to underwriting income of $206.2 million (80.0% combined ratio) for the year ended December 31, 2023. The decrease in net underwriting results was primarily due to decreased favorable prior year loss reserve development and higher catastrophe losses, partially offset by lower attritional losses. Net favorable prior year loss reserve development was $75.0 million for the year ended December 31, 2024 primarily driven by favorable development in Property and Specialty from reserve releases relating to prior year’s catastrophe events, compared to $140.8 million for the year ended December 31, 2023, which included $93.0 million driven by reserving analyses performed in connection with the 2023 LPT.

For the year ended December 31, 2024, catastrophe losses, net of reinsurance and reinstatement premiums, were $49.5 million, or 4.7 percentage points on the combined ratio, which includes losses from Hurricanes Milton and Helene compared to $12.2 million, or 1.2 percentage points on the combined ratio, including losses from the Turkey Earthquake, Hawaii wildfires and Hurricane Idalia for the year ended December 31, 2023.

Insurance & Services Segment

Three months ended December 31, 2024 and 2023

Insurance & Services gross premiums written were $450.3 million for the three months ended December 31, 2024, a decrease of $17.8 million, or 3.8%, compared to the three months ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $89.9 million of gross premiums written for the three months ended December 31, 2023, partially offset by strategic organic and new program growth, as well higher A&H premiums.

Insurance & Services generated segment income of $48.4 million for the three months ended December 31, 2024, compared to $16.8 million for the three months ended December 31, 2023. Segment income for the three months ended December 31, 2024 consists of underwriting income of $38.0 million (87.9% combined ratio) and net services income of $10.4 million, compared to underwriting income of $9.2 million (97.0% combined ratio) and net services income of $7.6 million for the three months ended December 31, 2023. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

Year ended December 31, 2024 and 2023

Insurance & Services gross premiums written were $1,840.8 million for the year ended December 31, 2024, a decrease of $198.9 million, or 9.8%, compared to the year ended December 31, 2023, primarily driven by the movement of certain lines from Insurance & Services to Corporate, including the non-renewal of a Workers’ Compensation program and the planned transition of a Cyber program to another carrier, representing $421.8 million of gross premiums written for the year ended December 31, 2023, as well as lower A&H premiums, partially offset by strategic organic and new program growth.

Insurance & Services generated segment income of $119.8 million for the year ended December 31, 2024, compared to income of $86.3 million for the year ended December 31, 2023. Segment income for the year ended December 31, 2024 consists of underwriting income of $75.2 million (93.5% combined ratio) and net services income of $44.6 million, compared to underwriting income of $44.0 million (96.5% combined ratio) and net services income of $42.3 million for the year ended December 31, 2023. The improvement in underwriting income of $31.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily driven by our decreased loss ratio mainly from lower attritional losses, partially offset by higher acquisition costs from business mix changes as we grow our Insurance & Services segment.

As of December 31, 2024, we have equity stakes in 20 entities (managing general agents (“MGAs”), Insurtech and Other) compared to 36 at the start of 2023. We continue to rationalize our MGA equity stakes and realize the significant off-balance sheet value of our consolidated MGAs, with 6 of these rationalized in 2024. Book value for our three consolidated MGAs was $90.1 million as of December 31, 2024, compared to $76.3 million at December 31, 2023, when adjusted to exclude Arcadian Risk Capital Ltd. which we deconsolidated on June 30, 2024.

Investments

Three months ended December 31, 2024 and 2023

Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt portfolio of $61.2 million, partially offset by unrealized losses resulting from fair value analyses on our strategic investment portfolio.

Total net investment income and realized and unrealized investment gains (losses) for the three months ended December 31, 2023 was primarily attributable to investment results from our debt and short-term investment portfolio of $68.5 million. This result was driven by interest income primarily on securitized assets and corporate debt positions, which made up 65.6% of our total investments as of December 31, 2023.

Year ended December 31, 2024 and 2023

Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2024 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $289.7 million, partially offset by unrealized losses on other long-term investments of $70.0 million. Increased investment income is primarily due to the rotation of the portfolio from cash and cash equivalents and U.S. government and government agency positions to high-grade corporate debt and other securitized assets, in an effort to better diversify our portfolio. Losses on private other long-term investments were the result of updated fair value analyses consistent with the current insurtech market trends and disposals of positions as we execute our strategy to focus on underwriting relationships with MGAs.

Total net investment income and realized and unrealized investment gains (losses) for the year ended December 31, 2023 was primarily attributable to net investment income related to interest income from our debt and short-term investment portfolio of $277.0 million.

Webcast Details

The Company will hold a webcast to discuss its fourth quarter 2024 results at 8:30 a.m. Eastern Time on February 19, 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. fourth quarter 2024 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 success of our strategic transaction with CMIG International Holding Pte. Ltd., 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 increased severity and frequency of weather-related natural disasters and catastrophes, including wildfires, 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.; 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; SiriusPoint’s response to any acquisition proposal that may be received from any party, including any actions that may be considered by the Company’s Board of Directors or any committee thereof; 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. Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses. Management believes it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. 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 $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Stable) from AM Best, S&P and Fitch, and A3 (Stable) 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 20 3772 3102


SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of December 31, 2024 and December 31, 2023 (expressed in millions of U.S. dollars, except per share and share amounts)

	December 31, 2024			December 31, 2023
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $1.1 (2023 – $0.0) (cost – $5,143.8; 2023 – $4,754.6)	$	5,131.0		$	4,755.4
Debt securities, trading, at fair value (cost – $187.3; 2023 – $568.1)		162.2			534.9
Short-term investments, at fair value (cost – $95.3; 2023 – $370.8)		95.8			371.6
Investments in related party investment funds, at fair value		116.5			105.6
Other long-term investments, at fair value (cost – $317.8; 2023 – $358.1) (includes related party investments at fair value of $100.7 (2023 – $173.7))		200.0			310.1
Total investments		5,705.5			6,077.6
Cash and cash equivalents		682.0			969.2
Restricted cash and cash equivalents		212.6			132.1
Redemption receivable from related party investment fund		—			3.0
Due from brokers		11.2			5.6
Interest and dividends receivable		44.0			42.3
Insurance and reinsurance balances receivable, net		2,054.4			1,966.3
Deferred acquisition costs, net		327.5			308.9
Unearned premiums ceded		463.9			449.2
Loss and loss adjustment expenses recoverable, net		2,315.3			2,295.1
Deferred tax asset		297.0			293.6
Intangible assets		140.8			152.7
Other assets		270.7			175.9
Total assets	$	12,524.9		$	12,871.5
Liabilities
Loss and loss adjustment expense reserves	$	5,653.9		$	5,608.1
Unearned premium reserves		1,639.2			1,627.3
Reinsurance balances payable		1,781.6			1,736.7
Deposit liabilities		17.4			134.4
Deferred gain on retroactive reinsurance		8.5			27.9
Debt		639.1			786.2
Due to brokers		18.0			6.2
Deferred tax liability		76.2			68.7
Liability-classified capital instruments		—			67.3
Share repurchase liability		483.0			—
Accounts payable, accrued expenses and other liabilities		269.2			278.1
Total liabilities		10,586.1			10,340.9
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: 116,429,057; 2023 – 168,120,022)		11.6			16.8
Additional paid-in capital		945.0			1,693.0
Retained earnings		784.9			601.0
Accumulated other comprehensive income (loss), net of tax		(4.1	)		3.1
Shareholders’ equity attributable to SiriusPoint shareholders		1,937.4			2,513.9
Noncontrolling interests		1.4			16.7
Total shareholders’ equity		1,938.8			2,530.6
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,524.9		$	12,871.5

SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) For the three and twelve months ended December 31, 2024 and 2023 (expressed in millions of U.S. dollars, except per share and share amounts)

	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenues
Net premiums earned	$	590.3		$	578.0		$	2,343.5		$	2,426.2
Net investment income		68.9			78.4			303.6			283.7
Net realized and unrealized investment losses		(40.7	)		(12.4	)		(88.7	)		(10.0	)
Net realized and unrealized investment gains (losses) from related party investment funds		0.8			(1.0	)		9.7			(1.0	)
Net investment income and net realized and unrealized investment gains (losses)		29.0			65.0			224.6			272.7
Other revenues		19.4			17.8			184.2			97.8
Loss on settlement and change in fair value of liability-classified capital instruments		(25.9	)		(15.0	)		(148.5	)		(59.4	)
Total revenues		612.8			645.8			2,603.8			2,737.3
Expenses
Loss and loss adjustment expenses incurred, net		369.1			365.4			1,368.5			1,381.3
Acquisition costs, net		134.6			111.7			516.9			472.7
Other underwriting expenses		53.9			64.2			181.7			196.3
Net corporate and other expenses		58.1			64.5			232.1			258.2
Intangible asset amortization		3.0			2.9			11.9			11.1
Interest expense		19.6			19.8			69.6			64.1
Foreign exchange (gains) losses		(12.9	)		19.2			(10.0	)		34.9
Total expenses		625.4			647.7			2,370.7			2,418.6
Income (loss) before income tax (expense) benefit		(12.6	)		(1.9	)		233.1			318.7
Income tax (expense) benefit		(4.4	)		101.6			(30.7	)		45.0
Net income (loss)		(17.0	)		99.7			202.4			363.7
Net income attributable to noncontrolling interests		(0.3	)		(2.2	)		(2.5	)		(8.9	)
Net income (loss) available to SiriusPoint		(17.3	)		97.5			199.9			354.8
Dividends on Series B preference shares		(4.0	)		(4.0	)		(16.0	)		(16.0	)
Net income (loss) available to SiriusPoint common shareholders	$	(21.3	)	$	93.5		$	183.9		$	338.8
Earnings (loss) per share available to SiriusPoint common shareholders
Basic earnings (loss) per share available to SiriusPoint common shareholders	$	(0.13	)	$	0.52		$	1.06		$	1.93
Diluted earnings (loss) per share available to SiriusPoint common shareholders	$	(0.13	)	$	0.50		$	1.04		$	1.85
Weighted average number of common shares used in the determination of earnings (loss) per share
Basic		161,378,360			166,640,624			166,537,394			163,341,448
Diluted		161,378,360			173,609,940			169,470,681			169,607,348

SIRIUSPOINT LTD. SEGMENT REPORTING

	Three months ended December 31, 2024
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	312.2		$	450.3		$	762.5		$	—		$	(3.0	)	$	—		$	759.5
Net premiums written		237.5			322.7			560.2			—			4.8			—			565.0
Net premiums earned		265.9			315.7			581.6			—			8.7			—			590.3
Loss and loss adjustment expenses incurred, net		148.3			175.3			323.6			(1.4	)		46.9			—			369.1
Acquisition costs, net		73.1			77.8			150.9			(27.6	)		11.3			—			134.6
Other underwriting expenses		26.2			24.6			50.8			—			3.1			—			53.9
Underwriting income (loss)		18.3			38.0			56.3			29.0			(52.6	)		—			32.7
Services revenues		—			51.6			51.6			(31.4	)		—			(20.2	)		—
Services expenses		—			41.2			41.2			—			—			(41.2	)		—
Net services income		—			10.4			10.4			(31.4	)		—			21.0			—
Segment income (loss)		18.3			48.4			66.7			(2.4	)		(52.6	)		21.0			32.7
Net investment income														68.9			—			68.9
Net realized and unrealized investment losses														(40.7	)		—			(40.7	)
Net realized and unrealized investment gains from related party investment funds														0.8			—			0.8
Other revenues														(0.8	)		20.2			19.4
Loss on settlement and change in fair value of liability-classified capital instruments														(25.9	)		—			(25.9	)
Net corporate and other expenses														(16.9	)		(41.2	)		(58.1	)
Intangible asset amortization														(3.0	)		—			(3.0	)
Interest expense														(19.6	)		—			(19.6	)
Foreign exchange gains														12.9			—			12.9
Income (loss) before income tax expense	$	18.3		$	48.4			66.7			(2.4	)		(76.9	)		—			(12.6	)
Income tax expense								—			—			(4.4	)		—			(4.4	)
Net income (loss)								66.7			(2.4	)		(81.3	)		—			(17.0	)
Net income attributable to noncontrolling interest								—			—			(0.3	)		—			(0.3	)
Net income (loss) available to SiriusPoint							$	66.7		$	(2.4	)	$	(81.6	)	$	—		$	(17.3	)

Attritional losses	$	154.9		$	188.2		$	343.1		$	(1.4	)	$	26.1		$	—		$	367.8
Catastrophe losses		35.2			3.4			38.6			—			—			—			38.6
Prior year loss reserve development		(41.8	)		(16.3	)		(58.1	)		—			20.8			—			(37.3	)
Loss and loss adjustment expenses incurred, net	$	148.3		$	175.3		$	323.6		$	(1.4	)	$	46.9		$	—		$	369.1

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		58.3	%		59.6	%		59.0	%											62.3	%
Catastrophe loss ratio		13.2	%		1.1	%		6.6	%											6.5	%
Prior year loss development ratio	(15.7		)%	(5.2		)%	(10.0		)%										(6.3		)%
Loss ratio		55.8	%		55.5	%		55.6	%											62.5	%
Acquisition cost ratio		27.5	%		24.6	%		25.9	%											22.8	%
Other underwriting expenses ratio		9.9	%		7.8	%		8.7	%											9.1	%
Combined ratio		93.2	%		87.9	%		90.2	%											94.4	%

(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 December 31, 2023
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	251.7		$	468.1		$	719.8		$	—		$	(4.2	)	$	—		$	715.6
Net premiums written		194.9			263.3			458.2			—			(3.6	)		—			454.6
Net premiums earned		243.2			315.2			558.4			—			19.6			—			578.0
Loss and loss adjustment expenses incurred, net		121.8			206.6			328.4			(1.4	)		38.4			—			365.4
Acquisition costs, net		65.5			66.8			132.3			(31.6	)		11.0			—			111.7
Other underwriting expenses		28.1			32.6			60.7			—			3.5			—			64.2
Underwriting income (loss)		27.8			9.2			37.0			33.0			(33.3	)		—			36.7
Services revenues		1.7			54.0			55.7			(40.0	)		—			(15.7	)		—
Services expenses		—			43.6			43.6			—			—			(43.6	)		—
Net services fee income		1.7			10.4			12.1			(40.0	)		—			27.9			—
Services noncontrolling income		—			(2.8	)		(2.8	)		—			—			2.8			—
Net services income		1.7			7.6			9.3			(40.0	)		—			30.7			—
Segment income (loss)		29.5			16.8			46.3			(7.0	)		(33.3	)		30.7			36.7
Net investment income														78.4			—			78.4
Net realized and unrealized investment losses														(12.4	)		—			(12.4	)
Net realized and unrealized investment losses from related party investment funds														(1.0	)		—			(1.0	)
Other revenues														2.1			15.7			17.8
Loss on settlement and change in fair value of liability-classified capital instruments														(15.0	)		—			(15.0	)
Net corporate and other expenses														(20.9	)		(43.6	)		(64.5	)
Intangible asset amortization														(2.9	)		—			(2.9	)
Interest expense														(19.8	)		—			(19.8	)
Foreign exchange losses														(19.2	)		—			(19.2	)
Income (loss) before income tax benefit	$	29.5		$	16.8			46.3			(7.0	)		(44.0	)		2.8			(1.9	)
Income tax benefit								—			—			101.6			—			101.6
Net income								46.3			(7.0	)		57.6			2.8			99.7
Net (income) loss attributable to noncontrolling interest								—			—			0.6			(2.8	)		(2.2	)
Net income available to SiriusPoint							$	46.3		$	(7.0	)	$	58.2		$	—		$	97.5

Attritional losses	$	143.5		$	222.8		$	366.3		$	(1.4	)	$	11.7		$	—		$	376.6
Catastrophe losses		(0.6	)		0.4			(0.2	)		—			0.1			—			(0.1	)
Prior year loss reserve development		(21.1	)		(16.6	)		(37.7	)		—			26.6			—			(11.1	)
Loss and loss adjustment expenses incurred, net	$	121.8		$	206.6		$	328.4		$	(1.4	)	$	38.4		$	—		$	365.4

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		59.0	%		70.7	%		65.6	%											65.2	%
Catastrophe loss ratio	(0.2		)%		0.1	%		—	%											—	%
Prior year loss development ratio	(8.7		)%	(5.3		)%	(6.8		)%										(1.9		)%
Loss ratio		50.1	%		65.5	%		58.8	%											63.2	%
Acquisition cost ratio		26.9	%		21.2	%		23.7	%											19.3	%
Other underwriting expenses ratio		11.6	%		10.3	%		10.9	%											11.1	%
Combined ratio		88.6	%		97.0	%		93.4	%											93.6	%

(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.

	Twelve months ended December 31, 2024
	Reinsurance			Insurance & Services			Core			Eliminations (2)			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	1,335.6		$	1,840.8		$	3,176.4		$	—		$	68.2		$	—		$	3,244.6
Net premiums written		1,104.7			1,236.2			2,340.9			—			11.2			—			2,352.1
Net premiums earned		1,045.1			1,154.0			2,199.1			—			144.4			—			2,343.5
Loss and loss adjustment expenses incurred, net		554.3			714.1			1,268.4			(5.5	)		105.6			—			1,368.5
Acquisition costs, net		279.9			284.7			564.6			(121.4	)		73.7			—			516.9
Other underwriting expenses		86.1			80.0			166.1			—			15.6			—			181.7
Underwriting income (loss)		124.8			75.2			200.0			126.9			(50.5	)		—			276.4
Services revenues		—			222.9			222.9			(132.8	)		—			(90.1	)		—
Services expenses		—			176.2			176.2			—			—			(176.2	)		—
Net services fee income		—			46.7			46.7			(132.8	)		—			86.1			—
Services noncontrolling income		—			(2.1	)		(2.1	)		—			—			2.1			—
Net services income		—			44.6			44.6			(132.8	)		—			88.2			—
Segment income (loss)		124.8			119.8			244.6			(5.9	)		(50.5	)		88.2			276.4
Net investment income														303.6			—			303.6
Net realized and unrealized investment losses														(88.7	)		—			(88.7	)
Net realized and unrealized investment gains from related party investment funds														9.7			—			9.7
Other revenues														94.1			90.1			184.2
Loss on settlement and change in fair value of liability-classified capital instruments														(148.5	)		—			(148.5	)
Net corporate and other expenses														(55.9	)		(176.2	)		(232.1	)
Intangible asset amortization														(11.9	)		—			(11.9	)
Interest expense														(69.6	)		—			(69.6	)
Foreign exchange gains														10.0			—			10.0
Income (loss) before income tax expense	$	124.8		$	119.8			244.6			(5.9	)		(7.7	)		2.1			233.1
Income tax expense								—			—			(30.7	)		—			(30.7	)
Net income (loss)								244.6			(5.9	)		(38.4	)		2.1			202.4
Net income attributable to noncontrolling interest								—			—			(0.4	)		(2.1	)		(2.5	)
Net income (loss) available to SiriusPoint							$	244.6		$	(5.9	)	$	(38.8	)	$	—		$	199.9

Attritional losses	$	579.8		$	734.5		$	1,314.3		$	(5.5	)	$	112.8		$	—		$	1,421.6
Catastrophe losses		49.5			5.3			54.8			—			—			—			54.8
Prior year loss reserve development		(75.0	)		(25.7	)		(100.7	)		—			(7.2	)		—			(107.9	)
Loss and loss adjustment expenses incurred, net	$	554.3		$	714.1		$	1,268.4		$	(5.5	)	$	105.6		$	—		$	1,368.5

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		55.5	%		63.6	%		59.8	%											60.7	%
Catastrophe loss ratio		4.7	%		0.5	%		2.5	%											2.3	%
Prior year loss development ratio	(7.2		)%	(2.2		)%	(4.6		)%										(4.6		)%
Loss ratio		53.0	%		61.9	%		57.7	%											58.4	%
Acquisition cost ratio		26.8	%		24.7	%		25.7	%											22.1	%
Other underwriting expenses ratio		8.2	%		6.9	%		7.6	%											7.8	%
Combined ratio		88.0	%		93.5	%		91.0	%											88.3	%

(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.

	Twelve months ended December 31, 2023
	Reinsurance			Insurance & Services			Core			Eliminations (2)			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	1,271.0		$	2,039.7		$	3,310.7		$	—		$	116.7		$	—		$	3,427.4
Net premiums written		1,061.0			1,282.7			2,343.7			—			94.2			—			2,437.9
Net premiums earned		1,031.4			1,249.2			2,280.6			—			145.6			—			2,426.2
Loss and loss adjustment expenses incurred, net		490.3			815.4			1,305.7			(5.4	)		81.0			—			1,381.3
Acquisition costs, net		252.2			295.5			547.7			(137.2	)		62.2			—			472.7
Other underwriting expenses		82.7			94.3			177.0			—			19.3			—			196.3
Underwriting income (loss)		206.2			44.0			250.2			142.6			(16.9	)		—			375.9
Services revenues		(1.1	)		238.6			237.5			(149.6	)		—			(87.9	)		—
Services expenses		—			187.8			187.8			—			—			(187.8	)		—
Net services fee income (loss)		(1.1	)		50.8			49.7			(149.6	)		—			99.9			—
Services noncontrolling income		—			(8.5	)		(8.5	)		—			—			8.5			—
Net services income (loss)		(1.1	)		42.3			41.2			(149.6	)		—			108.4			—
Segment income (loss)		205.1			86.3			291.4			(7.0	)		(16.9	)		108.4			375.9
Net investment income														283.7			—			283.7
Net realized and unrealized investment losses														(10.0	)		—			(10.0	)
Net realized and unrealized investment losses from related party investment funds														(1.0	)		—			(1.0	)
Other revenues														9.9			87.9			97.8
Loss on settlement and change in fair value of liability-classified capital instruments														(59.4	)		—			(59.4	)
Net corporate and other expenses														(70.4	)		(187.8	)		(258.2	)
Intangible asset amortization														(11.1	)		—			(11.1	)
Interest expense														(64.1	)		—			(64.1	)
Foreign exchange losses														(34.9	)		—			(34.9	)
Income before income tax benefit	$	205.1		$	86.3			291.4			(7.0	)		25.8			8.5			318.7
Income tax benefit								—			—			45.0			—			45.0
Net income								291.4			(7.0	)		70.8			8.5			363.7
Net income attributable to noncontrolling interest								—			—			(0.4	)		(8.5	)		(8.9	)
Net income available to SiriusPoint							$	291.4		$	(7.0	)	$	70.4		$	—		$	354.8

Attritional losses	$	618.9		$	840.7		$	1,459.6		$	(5.4	)	$	76.5		$	—		$	1,530.7
Catastrophe losses		12.2			1.3			13.5			—			11.3			—			24.8
Prior year loss reserve development		(140.8	)		(26.6	)		(167.4	)		—			(6.8	)		—			(174.2	)
Loss and loss adjustment expenses incurred, net	$	490.3		$	815.4		$	1,305.7		$	(5.4	)	$	81.0		$	—		$	1,381.3

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		60.0	%		67.3	%		64.0	%											63.1	%
Catastrophe loss ratio		1.2	%		0.1	%		0.6	%											1.0	%
Prior year loss development ratio	(13.7		)%	(2.1		)%	(7.3		)%										(7.2		)%
Loss ratio		47.5	%		65.3	%		57.3	%											56.9	%
Acquisition cost ratio		24.5	%		23.7	%		24.0	%											19.5	%
Other underwriting expenses ratio		8.0	%		7.5	%		7.8	%											8.1	%
Combined ratio		80.0	%		96.5	%		89.1	%											84.5	%

(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, and services expenses which include direct expenses related to consolidated MGAs, 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 December 31, 2024 and December 31, 2023:


	December 31, 2024			December 31, 2023
	($ in millions, except share and per share amounts)
Common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,737.4		$	2,313.9

Accumulated other comprehensive income (loss), net of tax		(4.1	)		3.1
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		1,741.5			2,310.8

Intangible assets		140.8			152.7
Tangible common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,596.6		$	2,161.2

Common shares outstanding		116,429,057			168,120,022
Effect of dilutive stock options, restricted share units and warrants		2,559,359			5,193,920
Book value per diluted common share denominator		118,988,416			173,313,942

Book value per common share	$	14.92		$	13.76
Book value per diluted common share	$	14.60		$	13.35
Book value per diluted common share ex. AOCI	$	14.64		$	13.33
Tangible book value per diluted common share	$	13.42		$	12.47

Underlying Net Income

Underlying net income is a non-GAAP financial measure and the most directly comparable U.S. GAAP measure is net income. Underlying net income excludes items which we believe are not indicative of the operations of our underlying businesses, including realized and unrealized gains (losses) on strategic and other investments and liability-classified capital instruments, income (expense) related to loss portfolio transfers, deferred tax assets attributable to the enactment of the Bermuda corporate income tax, development on COVID-19 reserves resulting from the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024, and foreign exchange gains (losses). We believe it is useful to review underlying net income as it better reflects how we view the business, as well as provides investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Underlying return on average common shareholders’ equity is calculated by dividing underlying net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity, excluding AOCI. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates.

The following table sets forth the computation of underlying net income for the three and twelve months ended December 31, 2024 and 2023:


	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Net income (loss) available to SiriusPoint common shareholders	$	(21.3	)	$	93.5		$	183.9		$	338.8
Non-recurring adjustments:
Gains on sale or deconsolidation of consolidated MGAs		—			—			(96.0	)		—
Losses on strategic and other investments		34.3			15.4			90.5			40.2
MGA & Strategic Investment Rationalization		34.3			15.4			(5.5	)		40.2

Losses on settlement and change in fair value of liability-classified capital instruments (“CMIG Merger Instruments”)		25.9			15.0			148.5			59.4
COVID-19 favorable reserve development ⁽¹⁾		—			—			(19.9	)		—
CMIG Instruments & Transactions		25.9			15.0			128.6			59.4

(Income) expense related to loss portfolio transfers		28.9			2.1			44.6			(101.6	)
Bermuda corporate income tax enactment		—			(100.8	)		—			(100.8	)
Foreign exchange (gains) losses		(12.9	)		19.2			(10.0	)		34.9
Income tax expense on adjustments ⁽²⁾		(11.4	)		(7.8	)		(38.1	)		(4.9	)

Underlying net income available to SiriusPoint common shareholders	$	43.5		$	36.6		$	303.5		$	266.0

Return on average common shareholders’ equity attributable to SiriusPoint common shareholders		(4.0	)%		17.1	%		9.1	%		16.2	%

Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period	$	2,494.9		$	2,050.0		$	2,313.9		$	1,874.7
Accumulated other comprehensive income (loss), net of tax		81.5			(135.4	)		3.1			(45.0	)
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – beginning of period		2,413.4			2,185.4			2,310.8			1,919.7

Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period		1,737.4			2,313.9			1,737.4			2,313.9
Impact of adjustments from above		64.8			(56.9	)		119.6			(72.8	)
Accumulated other comprehensive income (loss), net of tax		(4.1	)		3.1			(4.1	)		3.1
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI – end of period		1,806.3			2,253.9			1,861.1			2,238.0

Average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI	$	2,109.9		$	2,219.7		$	2,086.0		$	2,078.9

Underlying return on average common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		8.2	%		6.6	%		14.5	%		12.8	%

(1)	This development, which is primarily related to business written by legacy Third Point Reinsurance Ltd., is the result of the COVID-19 reserve study performed concurrently with the settlement of the Series A Preference shares in the third quarter of 2024.
(2)	An effective tax rate of 15% is applied to the adjustments to calculate the income tax expense, where applicable.

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 (loss) 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 and twelve months ended December 31, 2024 and 2023 was calculated as follows:


	Three months ended						Twelve months ended
	December 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
	($ in millions)
Net income (loss) available to SiriusPoint common shareholders	$	(21.3	)	$	93.5		$	183.9		$	338.8
Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period		2,494.9			2,050.0			2,313.9			1,874.7
Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period		1,737.4			2,313.9			1,737.4			2,313.9
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	2,116.2		$	2,182.0		$	2,025.7		$	2,094.3
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders	(4.0		)%		17.1	%		9.1	%		16.2	%

The MIL Network –

February 19, 2025

MIL-OSI: James River To Hold Its Fourth Quarter Earnings Conference Call on Tuesday, March 4, 2025

Source: GlobeNewswire (MIL-OSI)

PEMBROKE, Bermuda, Feb. 18, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (NASDAQ: JRVR) will release fourth quarter 2024 earnings after the market closes on Monday, March 3, 2025. It will also host an earnings conference call on Tuesday, March 4, 2025 beginning at 8:30 a.m. (Eastern Time).

The conference call may be accessed by dialing (800) 715-9871, conference ID 6424000, or via the investor website at https://investors.jrvrgroup.com. A replay will also be available in the same location.

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

The MIL Network –

February 19, 2025

MIL-OSI: United Community Banks, Inc. Announces Quarterly Cash Dividend on Preferred Stock

Source: GlobeNewswire (MIL-OSI)

GREENVILLE, S.C., Feb. 18, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (“United”), reported that its Board of Directors approved a quarterly cash dividend of $429.6875 per share (equivalent to $0.4296875 per depositary share or 1/1000th interest per share) on the Company’s 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NYSE: UCB PRI). The dividend is payable March 14, 2025 to shareholders of record on February 28, 2025.

About United Community Banks, Inc.

United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of December 31, 2024, United Community Banks, Inc. had $27.7 billion in assets, 199 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2024, United Community became a 10-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. In 2024, United was named by American Banker as one of the “Best Banks to Work For” for the eighth consecutive year and was recognized in the Greenwich Excellence and Best Brands Awards, receiving 15 awards that included national honors for overall satisfaction in small business banking and middle market banking. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found at ucbi.com.

For more information:
Jefferson Harralson
Chief Financial Officer
(864) 240-6208
Jefferson_Harralson@ucbi.com

The MIL Network –

February 19, 2025

MIL-OSI: COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2024 FINANCIAL AND OPERATING RESULTS

Source: GlobeNewswire (MIL-OSI)

FRISCO, TX, Feb. 18, 2025 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2024.

Highlights of 2024‘s Fourth Quarter

Natural gas and oil sales, including realized hedging gains, were $336 million.
Operating cash flow was $223 million or $0.76 per share.
Adjusted EBITDAX for the quarter was $252 million.
Adjusted net income was $46.3 million or $0.16 per share for the quarter.
Six successful wells were turned to sales in the Western Haynesville with an average daily initial production rate of 40 MMcf per well.
Added over 64,000 net acres in the Western Haynesville, increasing total acreage in the play to 518,000 net acres.

Financial Results for the Three Months Ended December 31, 2024

Comstock produced 124.2 Bcfe in the fourth quarter as compared to 140.6 Bcfe in the fourth quarter of 2023. The lower production in the quarter was related to the decision to drop two operated rigs in early 2024 and to defer completion activity in the third quarter of 2024. Comstock’s realized natural gas price for the fourth quarter of 2024 averaged $2.32 per Mcf before hedging and $2.70 per Mcf after hedging. Natural gas and oil sales in the fourth quarter of 2024 totaled $336.1 million (including realized hedging gains of $47.8 million). Operating cash flow (excluding changes in working capital) generated in the fourth quarter of 2024 was $222.8 million, and the net loss for the fourth quarter was $55.3 million or $0.19 per share. Net loss in the quarter included a pre-tax $126.9 million unrealized loss on hedging contracts held for natural gas price risk management. Excluding this item, adjusted net income for the fourth quarter of 2024 was $46.3 million, or $0.16 per share.

Comstock’s production cost per Mcfe in the fourth quarter averaged $0.72 per Mcfe, which was comprised of $0.36 for gathering and transportation costs, $0.25 for lease operating costs, $0.06 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 69% in the fourth quarter of 2024 and 73% after hedging.

Financial Results for the Year Ended December 31, 2024

Production in 2024 was 527.8 Bcfe as compared to 524.9 Bcfe in 2023. Natural gas and oil sales for the year ended December 31, 2024 totaled $1.3 billion (including realized hedging gains of $207.8 million). Operating cash flow (excluding changes in working capital) generated during the year was $675.2 million, and the net loss was $218.8 million or $0.76 per share. The adjusted net loss excluding a pre-tax $197.6 million unrealized loss on hedging contracts for the year ended December 31, 2024 was $69.0 million or $0.24 per share.

Comstock’s production cost per Mcfe during the year ended December 31, 2024 averaged $0.78 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.25 for lease operating costs, $0.11 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 61% during 2024 and 68% after hedging.

2024 Drilling Results

Comstock drilled 50 (42.9 net) operated horizontal Haynesville/Bossier shale wells in 2024, which had an average lateral length of 10,759 feet. Comstock also turned 48 (42.9 net) operated wells to sales in 2024, which had an average initial production rate of 26 MMcf per day.

Since its last operational update in October, Comstock turned an additional six (6.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:

Well	Vertical Depth (feet)	Completed Lateral (feet)	Initial Production Rate (MMcf per day)

Hodges #1	16,705	11,405	39
Powell #1	18,081	9,758	42
Hogue #1	18,872	12,055	44
Deornellas A #1	18,975	10,884	42
Deornellas B #2	17,552	9,473	40
Miles #1	15,921	10,584	34

These wells had average initial daily production rates of 40 MMcf per day and average completed lateral lengths of 10,693 feet.

2024 Proved Oil and Gas Reserves

Comstock also announced that proved natural gas and oil reserves as of December 31, 2024 were estimated at 3.8 trillion cubic feet equivalent (“Tcfe”) as compared to 4.9 Tcfe as of December 31, 2023. The reserve estimates were determined under SEC guidelines and were audited by the Company’s independent reserve engineering firm. The 3.8 Tcfe of proved reserves at December 31, 2024 were substantially all natural gas, 73% developed and 98% operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the “PV-10 Value”), was approximately $1.6 billion using the Company’s average first of month 2024 prices of $1.84 per Mcf of natural gas and $71.07 per barrel of oil. The natural gas and oil prices used in determining the December 31, 2024 proved reserve estimates were 23% lower for natural gas and 2% lower for oil as compared to prices used at December 31, 2023.

The very low natural gas prices used to determine proved reserves resulted in many of the Company’s proved undeveloped locations being excluded from the year-end proved reserve estimates as they did not generate an adequate return at that natural gas price. Using NYMEX future market prices as of December 31, 2024 of $3.26 per Mcf for natural gas and $59.10 per barrel of oil, as adjusted for the Company’s basis differentials, proved reserves would have been 7.0 Tcfe with a PV-10 value of $5.7 billion.

The following table reflects the changes in the SEC and NYMEX proved reserve estimates since the end of 2023:

	SEC			NYMEX
	(Bcfe)
Proved Reserves:
Proved Reserves at December 31, 2023		4,943.5			6,654.4
Production		(527.8	)		(528.0	)
Extensions and discoveries		531.3			899.4
Divestitures		(2.4	)		(3.0	)
Revisions		(1,180.5	)		(0.3	)
Proved Reserves at December 31, 2024		3,764.1			7,022.5

Comstock replaced 101% of its 2024 production excluding revisions under SEC pricing and replaced 170% of its 2024 production under NYMEX pricing.

2025 Budget

In response to improved natural gas prices, the Company plans to increase the number of operating drilling rigs it is running from five to seven during 2025. Four of the rigs will be devoted to the Western Haynesville to continue to delineate the new play. As a result, Comstock plans to spend approximately $1.0 billion to $1.1 billion in 2025 on its development and exploration projects to drill 46 (40.3 net) operated horizontal wells and to turn 46 (39.7 net) operated wells to sales in 2025. Comstock expects to spend $130 million to $150 million on its Western Haynesville midstream system, which will be funded by its midstream partnership.

Earnings Call Information

Comstock has planned a conference call for 10:00 a.m. Central Time on February 19, 2025, to discuss the fourth quarter 2024 operational and financial results. Investors wishing to listen should visit the Company’s website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
https://register.vevent.com/register/BI6e0b4d6ba76e49049b0b8093ff4a87a6

Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/siuhk9j5.

If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on February 19, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/siuhk9j5.

This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company’s filings with the Securities and Exchange Commission (“SEC”) available on the Company’s website or the SEC’s website at sec.gov.

Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company’s stock is traded on the New York Stock Exchange under the symbol CRK.

COMSTOCK RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Revenues:
Natural gas sales	$	287,626		$	348,385		$	1,043,886		$	1,259,450
Oil sales		672			1,050			3,597			5,161
Total natural gas and oil sales		288,298			349,435			1,047,483			1,264,611
Gas services		78,208			61,148			206,097			300,498
Total revenues		366,506			410,583			1,253,580			1,565,109
Operating expenses:
Production and ad valorem taxes		7,707			31,912			57,437			91,803
Gathering and transportation		44,434			46,925			194,890			184,906
Lease operating		31,379			31,678			130,504			132,203
Exploration		—			—			—			1,775
Depreciation, depletion and amortization		202,116			185,558			795,397			607,908
Gas services		72,611			57,733			205,407			282,050
General and administrative		10,164			6,000			39,435			37,992
Loss (gain) on sale of assets		35			—			(875	)		(125	)
Total operating expenses		368,446			359,806			1,422,195			1,338,512
Operating income (loss)		(1,940	)		50,777			(168,615	)		226,597
Other income (expenses):
Gain (loss) from derivative financial instruments		(79,022	)		111,449			10,196			187,639
Other income		284			304			1,211			1,771
Interest expense		(54,616	)		(47,936	)		(210,621	)		(169,018	)
Total other income (expenses)		(133,354	)		63,817			(199,214	)		20,392
Income (loss) before income taxes		(135,294	)		114,594			(367,829	)		246,989
(Provision for) benefit from income taxes		79,981			(6,217	)		149,075			(35,095	)
Net income (loss)		(55,313	)		108,377			(218,754	)		211,894
Net income attributable to noncontrolling interest		(2,816	)		(777	)		(10,897	)		(777	)
Net income (loss) attributable to Comstock	$	(58,129	)	$	107,600		$	(229,651	)	$	211,117

Net income (loss) per share:
Basic	$	(0.19	)	$	0.39		$	(0.76	)	$	0.76
Diluted	$	(0.19	)	$	0.39		$	(0.76	)	$	0.76
Weighted average shares outstanding:
Basic		290,170			276,999			287,010			276,806
Diluted		290,170			276,999			287,010			276,806
Dividends per share	$	—		$	0.125		$	—		$	0.500

COMSTOCK RESOURCES, INC.
OPERATING RESULTS
(In thousands, except per unit amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Natural gas production (MMcf)		124,128			140,565			527,548			524,467
Oil production (Mbbls)		10			13			50			70
Total production (MMcfe)		124,185			140,649			527,847			524,890

Natural gas sales	$	287,626		$	348,385		$	1,043,886		$	1,259,450
Natural gas hedging settlements ⁽¹⁾		47,847			4,107			207,803			80,328
Total natural gas including hedging		335,473			352,492			1,251,689			1,339,778
Oil sales		672			1,050			3,597			5,161
Total natural gas and oil sales including hedging	$	336,145		$	353,542		$	1,255,286		$	1,344,939

Average natural gas price (per Mcf)	$	2.32		$	2.48		$	1.98		$	2.40
Average natural gas price including hedging (per Mcf)	$	2.70		$	2.51		$	2.37		$	2.55
Average oil price (per barrel)	$	67.20		$	80.77		$	71.94		$	73.73
Average price (per Mcfe)	$	2.32		$	2.48		$	1.98		$	2.41
Average price including hedging (per Mcfe)	$	2.71		$	2.51		$	2.38		$	2.56

Production and ad valorem taxes	$	7,707		$	31,912		$	57,437		$	91,803
Gathering and transportation		44,434			46,925			194,890			184,906
Lease operating		31,379			31,678			130,504			132,203
Cash general and administrative ⁽²⁾		6,282			3,141			24,174			28,125
Total production costs	$	89,802		$	113,656		$	407,005		$	437,037

Production and ad valorem taxes (per Mcfe)	$	0.06		$	0.23		$	0.11		$	0.18
Gathering and transportation (per Mcfe)		0.36			0.33			0.37			0.35
Lease operating (per Mcfe)		0.25			0.23			0.25			0.25
Cash general and administrative (per Mcfe)		0.05			0.02			0.05			0.05
Total production costs (per Mcfe)	$	0.72		$	0.81		$	0.78		$	0.83

Unhedged operating margin		69	%		67	%		61	%		65	%
Hedged operating margin		73	%		68	%		68	%		68	%

Gas services revenues	$	78,208		$	61,148		$	206,097		$	300,498
Gas services expenses		72,611			57,733			205,407			282,050
Gas services margin	$	5,597		$	3,415		$	690		$	18,448

Natural Gas and Oil Capital Expenditures:
Unproved property acquisitions	$	18,448		$	21,907		$	106,386		$	98,553
Total natural gas and oil properties acquisitions	$	18,448		$	21,907		$	106,386		$	98,553
Exploration and Development:
Development leasehold	$	1,308		$	8,818		$	13,461		$	27,905
Exploratory drilling and completion		134,779			65,079			354,557			244,129
Development drilling and completion		96,021			233,856			503,550			974,664
Other development costs		8,325			6,262			30,500			25,130
Total exploration and development capital expenditures	$	240,433		$	314,015		$	902,068		$	1,271,828

(1) Included in gain (loss) from derivative financial instruments in operating results.

(2) Excludes stock-based compensation.

COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
ADJUSTED NET INCOME (LOSS):
Net income (loss)	$	(55,313	)	$	108,377		$	(218,754	)	$	211,894
Unrealized loss (gain) from derivative financial instruments		126,869			(107,342	)		197,607			(107,311	)
Exploration expense		—			—			—			1,775
Loss (gain) on sale of assets		35			—			(875	)		(125	)
Adjustment to income taxes		(25,333	)		26,868			(46,981	)		26,450
Adjusted net income (loss) ⁽¹⁾	$	46,258		$	27,903		$	(69,003	)	$	132,683

Adjusted net income (loss) per share ⁽²⁾	$	0.16		$	0.10		$	(0.24	)	$	0.47
Diluted shares outstanding		292,983			276,999			287,010			276,806


ADJUSTED EBITDAX:
Net income (loss)	$	(55,313	)	$	108,377		$	(218,754	)	$	211,894
Interest expense		54,616			47,936			210,621			169,018
Income taxes		(79,981	)		6,217			(149,075	)		35,095
Depreciation, depletion, and amortization		202,116			185,558			795,397			607,908
Exploration		—			—			—			1,775
Unrealized loss (gain) from derivative financial instruments		126,869			(107,342	)		197,607			(107,311	)
Stock-based compensation		3,881			2,861			15,261			9,867
Loss (gain) on sale of assets		35			—			(875	)		(125	)
Total Adjusted EBITDAX ⁽³⁾	$	252,223		$	243,607		$	850,182		$	928,121

(1) Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company’s profitability excluding, non-cash unrealized gains and losses on derivative financial instruments, gains and losses on sales of assets and other unusual items.

(2) Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units and preferred stock pursuant to the treasury stock method.

(3) Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock’s results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized (gain) loss from derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

COMSTOCK RESOURCES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
OPERATING CASH FLOW ⁽¹⁾:
Net income (loss)	$	(55,313	)	$	108,377		$	(218,754	)	$	211,894
Reconciling items:
Unrealized loss (gain) from derivative financial instruments		126,869			(107,342	)		197,607			(107,311	)
Deferred income taxes		(57,754	)		15,423			(124,919	)		44,301
Depreciation, depletion and amortization		202,116			185,558			795,397			607,908
Amortization of debt discount and issuance costs		2,957			1,984			11,476			7,964
Stock-based compensation		3,881			2,861			15,261			9,867
Loss (gain) on sale of assets		35			—			(875	)		(125	)
Operating cash flow	$	222,791		$	206,861		$	675,193		$	774,498
(Increase) decrease in accounts receivable		(18,989	)		(16,626	)		56,584			278,697
(Increase) decrease in other current assets		(22,144	)		1,369			(22,893	)		745
Increase (decrease) in accounts payable and other accrued expenses		85,395			36,603			(88,547	)		(37,094	)
Net cash provided by operating activities	$	267,053		$	228,207		$	620,337		$	1,016,846

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
FREE CASH FLOW ⁽²⁾:
Operating cash flow	$	222,791		$	206,861		$	675,193		$	774,498
Less:
Exploration and development capital expenditures		(240,433	)		(314,015	)		(902,068	)		(1,271,828	)
Midstream capital expenditures		(38,638	)		(14,098	)		(85,377	)		(35,694	)
Other capital expenditures		(558	)		(11	)		(2,264	)		(491	)
Contributions from midstream partnership		24,500			24,000			60,500			24,000
Free cash deficit from operations	$	(32,338	)	$	(97,263	)	$	(254,016	)	$	(509,515	)
Acquisitions		(18,448	)		(21,907	)		(106,386	)		(98,553	)
Proceeds from divestitures		—			—			1,214			41,295
Free cash deficit after acquisition and divestiture activity	$	(50,786	)	$	(119,170	)	$	(359,188	)	$	(566,773	)

(1) Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.

(2) Free cash flow from operations and free cash flow after acquisition and divestiture activity are presented in the earnings release because management believes them to be useful indicators of the Company’s ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, proved and unproved property acquisitions, and proceeds from divestitures of natural gas and oil properties.

COMSTOCK RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)

	December 31, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$	6,799	$	16,669
Accounts receivable		174,846		231,430
Derivative financial instruments		4,865		126,775
Other current assets		97,524		86,619
Total current assets		284,034		461,493
Property and equipment, net		5,688,389		5,384,771
Goodwill		335,897		335,897
Operating lease right-of-use assets		73,777		71,462
	$	6,382,097	$	6,253,623

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	421,814	$	523,260
Accrued costs		146,173		134,466
Operating leases		35,927		23,765
Derivative financial instruments		8,940		—
Total current liabilities		612,854		681,491
Long-term debt		2,952,090		2,640,391
Deferred income taxes		345,116		470,035
Derivative financial instruments		66,757		—
Long-term operating leases		37,740		47,742
Asset retirement obligation		33,996		30,773
Total liabilities		4,048,553		3,870,432
Stockholders’ Equity:
Common stock		146,130		139,214
Additional paid-in capital		1,366,274		1,260,930
Accumulated earnings		728,619		958,270
Total stockholders’ equity attributable to Comstock		2,241,023		2,358,414
Noncontrolling interest		92,521		24,777
Total stockholders’ equity		2,333,544		2,383,191
	$	6,382,097	$	6,253,623

The MIL Network –

February 19, 2025

MIL-OSI: Occidental Announces Fourth Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON , Feb. 18, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced its fourth quarter 2024 financial results. The earnings release and accompanying financial schedules can be accessed via the Investor Relations section of the company’s website, oxy.com. The earnings release is also available on the U.S. Securities and Exchange Commission’s website at sec.gov.

The company will hold a conference call to discuss the results on Wednesday, February 19, 2025, at 1 p.m. Eastern/12 p.m. Central. The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at oxy.com/investors . Participants may pre-register for the conference call at https://dpregister.com/sreg/10195053/fe1bf33c4f. A recording of the webcast will be posted on the Investor Relations section of the company’s website within several hours after the call is completed.

About Occidental
Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Contacts

The MIL Network –

February 19, 2025

MIL-OSI: Bel Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

WEST ORANGE, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the fourth quarter and full year of 2024.

Fourth Quarter 2024 Highlights

Net sales of $149.9 million compared to $140.0 million in Q4-23. Excluding $20.8 million of contribution from Enercon, organic sales down 7.8% from Q4-23.
Gross profit margin of 37.5%, up from 36.6% in Q4-23
GAAP net loss attributable to Bel shareholders of $1.8 million versus GAAP net earnings attributable to Bel shareholders of $12.0 million in Q4-23
Non-GAAP net earnings attributable to Bel shareholders of $19.0 million versus $19.5 million in Q4-23
Adjusted EBITDA of $30.3 million (20.2% of sales) as compared to $27.3 million (19.5% of sales) in Q4-23
Completed acquisition of Enercon, making aerospace and defense Bel’s largest end market served

Full Year 2024 Highlights

Net sales of $534.8 million compared to $639.8 million in 2023. Excluding contribution from Enercon, organic sales down 19.7%.
Gross profit margin of 37.8%, up from 33.7% in 2023
GAAP net earnings attributable to Bel shareholders of $41.0 million versus $73.8 million in 2023
Non-GAAP net earnings attributable to Bel shareholders of $72.1 million versus $89.6 million in 2023
Adjusted EBITDA of $101.9 million (19.0% of sales), down from $116.8 million (18.3% of sales) in 2023

“Bel’s profitability levels remained strong throughout 2024 despite a challenging top line environment,” said Daniel Bernstein, President and CEO. “Our recent initiatives in operational efficiencies and global mindset of financial discipline has strengthened Bel’s foundation, enabling us to thrive despite the macro conditions we faced. We could not be more pleased with our acquisition of Enercon, both operationally and from a team perspective. We are excited to embark on 2025 as a new team, working together to progress on revenue synergy opportunities that we have identified across our two businesses. On a personal note, as recently announced, I look forward to working with Farouq in the coming months as I transition the roles of President and CEO to the next generation,” concluded Mr. Bernstein.

Farouq Tuweiq, CFO, added, “Our priority for 2024 was to take actions to drive future top line growth and further refine our organizational structure to enhance operational efficiencies. In this regard, we were successful in achieving a series of initiatives. During the fourth quarter, we closed on our acquisition of Enercon, the largest transaction in Bel’s history. Enercon adds scale, diversity and a strong financial profile to Bel’s legacy business. Further, in October 2024, Uma Pingali joined Bel as our first Global Head of Sales. Under Uma’s leadership, we are laying the foundation of a new cohesive global sales structure and strategy aimed at driving top line growth across all product groups, geographies and end markets. On the internal initiative side, we announced two additional facility consolidation projects in 2024 and have initiated a strategic focus on global procurement with the hiring of Anubhav Gothi. Each of these actions completed in 2024 will serve to support Bel’s growth and profitability objectives for 2025.

“Looking ahead, we are encouraged to see the tide turning in terms of demand from our networking and distribution partners. We anticipate the rebound in these areas will be slow and steady throughout 2025. Based on information available today, GAAP net sales in the first quarter of 2025 are expected to be in the range of $144 to $154 million, with gross margin in the range of 36% to 38%. We are excited entering 2025 as a more nimble organization and look forward to executing on the growth opportunities in the year ahead,” concluded Mr. Tuweiq.

Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Non-GAAP adjusted net sales exclude expedite fee revenue. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

Conference Call
Bel has scheduled a conference call for 8:30 a.m. ET on Wednesday, February 19, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13750153 after 12:30 pm ET, also for 30 days.

About Bel
Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defense, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

Company Contact:
Farouq Tuweiq
Chief Financial Officer
ir@belf.com

Investor Contact:
Three Part Advisors
Jean Marie Young, Managing Director or Steven Hooser, Partner
631-418-4339
jyoung@threepa.com; shooser@threepa.com

Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, gross margin, products, product groups, customers, geographies and end markets; statements about the anticipated benefits of the recently-closed Enercon acquisition, including our beliefs about the potential future advantages of the acquisition for Bel’s operations, team, and with respect to revenue synergy opportunities; statements expressing management’s optimism for 2025 and for the future generally; statements about the process of transitioning the roles of President and CEO to the next generation; statements regarding Bel’s plans and intentions in respect of corporate projects and objectives, including plans for initiatives and efficiencies, and including statements about the intention to drive future top line growth and refine the organizational structure to enhance operational efficiencies; statements about the anticipated future contributions of new employees recently joining Bel and the role of such newly-created positions in the corporate team; statements about Bel’s sales structure and strategy aimed at driving top line growth across product groups, geographies and end markets; statements about facility consolidation projects and strategic focus on global procurement, and the anticipated benefits thereof including with respect to supporting Bel’s growth and profitability objectives for 2025; Anticipated demand from networking and distribution partners; size and capabilities of the organization; statements about executing on growth opportunities; statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to the Enercon acquisition which closed in November 2024, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions that may result to Bel’s business and our currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect our products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on our products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with our international operations, including our substantial manufacturing operations in China, and following Bel’s acquisition of Enercon which closed in November 2024, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on US. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s most recent Annual Report on Form 10-K and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting our business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures
The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program for 2023, please see the Executive Compensation discussion appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 1, 2024.

Website Information
We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

[Financial tables follow]


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023

Net sales	$	149,859		$	140,010		$	534,792		$	639,813
Cost of sales		93,652			88,827			332,434			423,964
Gross profit		56,207			51,183			202,358			215,849
As a % of net sales		37.5	%		36.6	%		37.8	%		33.7	%

Research and development costs		6,934			5,966			23,586			22,487
Selling, general and administrative expenses		34,831			24,942			110,616			99,091
As a % of net sales		23.2	%		17.8	%		20.7	%		15.5	%
Impairment of CUI tradename		400			–			400			–
Restructuring charges		1,669			3,808			3,459			10,114
Gain on sale of property		–			–			–			(3,819	)
Income from operations		12,373			16,467			64,297			87,976
As a % of net sales		8.3	%		11.8	%		12.0	%		13.8	%

Gain on sale of Czech Republic business		–			–			–			980
Interest expense		(2,815	)		(448	)		(4,078	)		(2,850	)
Interest income		1,013			–			4,754			–
Other expense, net		(3,186	)		(2,520	)		(3,165	)		(2,806	)
Earnings before income taxes		7,385			13,499			61,808			83,300

Provision for income taxes		953			1,463			12,616			9,469
Effective tax rate		12.9	%		10.8	%		20.4	%		11.4	%
Net earnings	$	6,432		$	12,036		$	49,192		$	73,831
As a % of net sales		4.3	%		8.6	%		9.2	%		11.5	%

Less: Net earnings attributable to noncontrolling interest		484			–			484			–
Redemption value adjustment attributable to noncontrolling interest		7,748			–			7,748			–
Net (loss) earnings attributable to Bel Fuse Shareholders	$	(1,800	)	$	12,036		$	40,960		$	73,831

Weighted average number of shares outstanding:
Class A common shares – basic and diluted		2,115			2,142			2,124			2,142
Class B common shares – basic and diluted		10,429			10,628			10,491			10,634

Net (loss) earnings per common share:
Class A common shares – basic and diluted	$	(0.14	)	$	0.90		$	3.09		$	5.52
Class B common shares – basic and diluted	$	(0.14	)	$	0.95		$	3.28		$	5.83

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Balance Sheets (in thousands, unaudited)

	December 31, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	68,253	$	89,371
Held to maturity U.S. Treasury securities		950		37,548
Accounts receivable, net		111,376		84,129
Inventories		161,370		136,540
Other current assets		31,581		33,890
Total current assets		373,530		381,478
Property, plant and equipment, net		47,879		36,533
Right-of-use assets		25,125		20,481
Related-party note receivable		2,937		2,152
Equity method investment		9,265		10,282
Goodwill and other intangible assets, net		439,984		76,033
Other assets		51,069		44,672
Total assets	$	949,789	$	571,631

Total liabilities, redeemable noncontrolling interests and stockholders’ equity
Current liabilities:
Accounts payable	$	49,182	$	40,441
Operating lease liability, current		7,954		6,350
Other current liabilities		70,933		63,818
Total current liabilities		128,069		110,609
Long-term debt		287,500		60,000
Operating lease liability, long-term		17,763		14,212
Other liabilities		75,295		46,252
Total liabilities		508,627		231,073
Redeemable noncontrolling interests		80,586		–
Stockholders’ equity		360,576		340,558
Total liabilities, redeemable noncontrolling interests and stockholders’ equity	$	949,789	$	571,631

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	Year Ended
	December 31,
	2024			2023

Cash flows from operating activities:
Net earnings	$	49,192		$	73,831
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		16,457			13,312
Stock-based compensation		3,738			3,486
Amortization of deferred financing costs		151			33
Deferred income taxes		(6,267	)		(3,872	)
Net unrealized losses on foreign currency revaluation		1,456			1,356
Gain on sale of property		–			(2,117	)
Gain on sale of Czech Republic business		–			(980	)
Other, net		2,347			(1,037	)
Changes in operating assets and liabilities:
Accounts receivable, net		(6,817	)		22,500
Unbilled receivables		7,800			5,451
Inventories		15,121			33,613
Accounts payable		139			(22,745	)
Accrued expenses		(7,068	)		5,356
Accrued restructuring costs		215			(1,228	)
Income taxes payable		(1,009	)		(4,976	)
Other operating assets/liabilities, net		2,199			(13,634	)
Net cash provided by operating activities		77,654			108,349

Cash flows from investing activities:
Purchases of property, plant and equipment		(14,108	)		(12,126	)
Purchases of held to maturity U.S. Treasury securities		(131,309	)		(59,992	)
Proceeds from held to maturity securities		167,907			19,918
Payment for equity method investment		–			(10,282	)
Investment in related party notes receivable		(785	)		(2,152	)
Proceeds from sale of property, plant and equipment		883			6,036
Payment of acquisition, net of cash acquired		(324,071	)
Proceeds from sale of business		–			5,063
Net cash used in investing activities		(301,483	)		(53,535	)

Cash flows from financing activities:
Dividends paid to common stockholders		(3,453	)		(3,492	)
Deferred financing costs		(1,736	)		–
Repayments under revolving credit line		(15,000	)		(40,000	)
Borrowings under revolving credit line		242,500			5,000
Purchases of common stock		(16,053	)		(105	)
Net cash provided by (used in) financing activities		206,258			(38,597	)

Effect of exchange rate changes on cash and cash equivalents		(3,547	)		2,888

Net (decrease) increase in cash and cash equivalents		(21,118	)		19,105
Cash and cash equivalents – beginning of period		89,371			70,266
Cash and cash equivalents – end of period	$	68,253		$	89,371


Supplementary information:
Cash paid during the period for:
Income taxes, net of refunds received	$	22,952		$	25,056
Interest payments	$	5,795		$	4,729
ROU assets obtained in exchange for lease obligations	$	6,870		$	5,999

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Product Group Highlights (dollars in thousands, unaudited)

	Sales							Gross Margin
	Q4-24		Q4-23		% Change			Q4-24			Q4-23			Basis Point Change
Power Solutions and Protection	$	78,073	$	68,971		13.2	%		40.6	%		40.2	%		40
Connectivity Solutions		52,548		50,562		3.9	%		36.6	%		29.3	%		730
Magnetic Solutions		19,238		20,477		-6.1	%		29.1	%		17.1	%		1,200
Total	$	149,859	$	140,010		7.0	%		37.5	%		36.6	%		90

	Sales							Gross Margin
	FY 2024		FY 2023		% Change			FY 2024			FY 2023			Basis Point Change
Power Solutions and Protection	$	245,551		314,105		-21.8	%		42.4	%		38.1	%		430
Connectivity Solutions		220,370		210,572		4.7	%		37.1	%		34.2	%		290
Magnetic Solutions		68,871		115,136		-40.2	%		25.3	%		22.0	%		330
Total	$	534,792	$	639,813		-16.4	%		37.8	%		33.7	%		410

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.

Bel Fuse Inc.
Supplementary Information⁽¹⁾
Reconciliation of GAAP Net Sales to Non-GAAP Adjusted Net Sales⁽²⁾
Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA⁽²⁾⁽³⁾
(in thousands, unaudited)

Three Months Ended

Year Ended

December 31,

2024

2023

2024

2023

GAAP net sales

$

149,859

$

140,010

$

534,792

$

639,813

Expedite fee revenue

–

425

57

14,850

Non-GAAP adjusted net sales

$

149,859

$

139,585

$

534,735

$

624,963

	Three Months Ended						Year Ended
	December 31,						December 31,

	2024			2023			2024			2023

GAAP Net earnings	$	6,432		$	12,036		$	49,192		$	73,831
Provision for income taxes		953			1,463			12,616			9,469
Other income/expense, net		3,186			2,520			3,165			2,806
Interest income		(1,013	)		–			(4,754	)		–
Interest expense		2,815			448			4,078			2,850
GAAP Operating Income	$	12,373		$	16,467		$	64,297		$	88,956
Restructuring charges		1,669			3,808			3,459			10,114
Acquisition related costs		8,592			–			12,884			–
Amortization of inventory step-up		639			–			639			–
Impairment of CUI tradename		400			–			400			–
Loss on liquidation of foreign subsidiary		–			2,724			–			2,724
MPS litigation costs		–			128			–			3,031
Gain on sale of Czech Republic business		–			–			–			(980	)
Gain on sale of properties		–			–			–			(3,819	)
Stock compensation		956			774			3,738			3,486
Non-GAAP Operating Income	$	24,629		$	23,901		$	85,417		$	103,512
Depreciation and amortization		5,698			3,350			16,457			13,312
Adjusted EBITDA	$	30,327		$	27,251		$	101,874		$	116,824
% of net sales		20.2	%		19.5	%		19.0	%		18.3	%

(1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
(3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.


Bel Fuse Inc. Supplementary Information⁽¹⁾ Reconciliation of GAAP Measures to Non-GAAP Measures⁽²⁾⁽⁴⁾ (in thousands, except per share data) (unaudited)

The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.

	Three Months Ended December 31, 2024													Three Months Ended December 31, 2023
Reconciling Items	Earnings before taxes		Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders			Class A EPS⁽³⁾			Class B EPS⁽³⁾			Earnings before taxes		Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders		Class A EPS⁽³⁾		Class B EPS⁽³⁾

GAAP measures	$	7,385	$	953	$	(1,800	)	$	(0.14	)	$	(0.14	)	$	13,499	$	1,463	$	12,036	$	0.90	$	0.95
Restructuring charges		1,669		270		1,399			0.11			0.11			3,808		675		3,133		0.24		0.25
Acquisition related costs		8,592		1,516		7,076			0.54			0.57			–		–		–		–		–
Redemption value adjustment on redeemable NCI		–		–		7,748			0.59			0.62			–		–		–		–		–
Amortization of inventory step-up		639		147		492			0.04			0.04			–		–		–		–		–
Impairment of CUI tradename		400		92		308			0.02			0.02			–		–		–		–		–
Loss on liquidation of foreign subsidiary		–		–		–			–			–			2,724		681		2,043		0.15		0.16
MPS litigation costs		–		–		–			–			–			128		29		99		0.01		0.01
Share-based compensation		956		197		759			0.06			0.06			774		160		614		0.05		0.05
Amortization of intangibles		2,843		493		2,349			0.18			0.19			1,160		254		906		0.07		0.07
Unrealized foreign currency exchange (gains) losses		908		201		707			0.05			0.06			829		203		626		0.05		0.05
Non-GAAP measures	$	23,392	$	3,869	$	19,039		$	1.45		$	1.53		$	22,922	$	3,465	$	19,457	$	1.46	$	1.54

	Year Ended December 31, 2024										Year Ended December 31, 2023
Reconciling Items	Earnings before taxes		Provision for income taxes		Net Earnings Attributable to Bel Fuse Shareholders		Class A EPS⁽³⁾		Class B EPS⁽³⁾		Earnings before taxes			Provision for income taxes			Net Earnings Attributable to Bel Fuse Shareholders			Class A EPS⁽³⁾			Class B EPS⁽³⁾

GAAP measures	$	61,808	$	12,616	$	40,960	$	3.09	$	3.28	$	83,300		$	9,469		$	73,831		$	5.52		$	5.83
Restructuring charges		3,459		587		2,872		0.22		0.23		10,114			1,682			8,432			0.63			0.67
Acquisition related costs		12,884		2,503		10,381		0.79		0.83		–			–			–			–			–
Redemption value adjustment on redeemable NCI		–		–		7,748		0.59		0.62		–			–			–			–			–
Amortization of inventory step-up		639		147		492		0.04		0.04		–			–			–			–			–
Impairment of CUI tradename		400		92		308		0.02		0.02		–			–			–			–			–
MPS litigation costs		–		–		–		–		–		3,031			696			2,335			0.18			0.18
Gain on sale of Czech Republic business		–		–		–		–		–		(980	)		(49	)		(931	)		(0.07	)		(0.07	)
Gain on sale of properties		–		–		–		–		–		(3,819	)		(763	)		(3,056	)		(0.23	)		(0.24	)
Loss on liquidation of foreign subsidiary		–		–		–		–		–		2,724			681			2,043			0.15			0.16
Share-based compensation		3,738		770		2,968		0.23		0.24		3,486			718			2,768			0.21			0.22
Amortization of intangibles		6,537		1,236		5,301		0.40		0.42		4,663			1,019			3,644			0.28			0.29
Unrealized foreign currency exchange (gains) losses		1,455		340		1,115		0.08		0.09		831			270			561			0.04			0.04
Non-GAAP measures	$	90,919	$	18,291	$	72,144	$	5.47	$	5.77	$	103,350		$	13,723		$	89,627		$	6.72		$	7.08

⁽¹⁾The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission.
⁽²⁾In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP adjusted net sales, Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
⁽³⁾Individual amounts of earnings per share may not agree to the total due to rounding.
⁽⁴⁾In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

The MIL Network –

February 19, 2025

MIL-OSI: Occidental Announces Further Progress on Debt Reduction

Source: GlobeNewswire (MIL-OSI)

Achieved near-term debt repayment target of $4.5 billion in the fourth quarter of 2024
Announced proceeds from $1.2 billion of divestitures signed in the first quarter of 2025 will go toward current year debt maturities

HOUSTON, Feb. 18, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced it achieved its near-term debt repayment target of $4.5 billion in the fourth quarter of 2024 and signed two agreements in the first quarter of 2025 to divest upstream assets to undisclosed buyers for a combined total of $1.2 billion.

The divestiture transactions, which are expected to close in the first quarter of 2025, include Rockies non-operated assets and Permian Basin assets not included in Occidental’s near-term development plan. The resulting proceeds will be applied to the company’s remaining 2025 debt maturities.

“We were pleased to reach the near-term deleveraging milestone in the fourth quarter of 2024, within five months of closing the CrownRock acquisition, and seven months ahead of our goal,” said President and CEO Vicki Hollub. “The transactions announced today continue to high grade our portfolio and accelerate the progress toward achieving both our medium-term balance sheet deleveraging target and shareholder return pathway.”

Occidental will continue to advance deleveraging via free cash flow and divestitures.

About Occidental
Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “will,” “should,” “could,” “may,” “anticipate,” “plan,” “intend,” “expect,” “goal,” “target,” “advance,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause actual results to differ include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced GHG emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts

The MIL Network –

February 19, 2025

MIL-OSI: CDPQ to sell 2,500,000 common shares of Intact Financial

Source: GlobeNewswire (MIL-OSI)

MONTRÉAL, Feb. 18, 2025 (GLOBE NEWSWIRE) — CDPQ today announced its intention to sell 2,500,000 common shares of Intact Financial Corporation (TSX: IFC), representing approximately 1.4% of the issued and outstanding common shares of Intact as of February 18, 2025.

The common shares are being sold at a gross price of $278.60 per share, which has been underwritten by CIBC Capital Markets and National Bank Financial. CDPQ expects to receive gross cash proceeds of approximately $696,500,000 from the offering.

This transaction is part of CDPQ’s regular portfolio rebalancing. Once the transaction is complete, CDPQ will own approximately 6.6% of Intact’s issued and outstanding common shares, remaining its largest shareholder and Intact continuing as one of CDPQ’s largest holdings in the public markets.

“CDPQ has been a major shareholder of Intact for over fifteen years, during which time our investment in the company has generated significant returns for our depositors,” said Vincent Delisle, Executive Vice-President and Head of Liquid Markets at CDPQ. “This transaction allows us to monetize a portion of these returns while retaining significant ownership in the company, based on our confidence in Intact’s growth prospects, including through several strategic operations based and managed in Québec.”

“CDPQ continues to be a valued partner in Intact’s evolution as a leading global P&C insurer. This transaction enables a significant gain on a portion of one of their largest investments while remaining able to support our growth ambitions,” said Ken Anderson, Executive Vice President and CFO, Intact Financial Corporation. “We have delivered an annualized total shareholder return of 15% over the last 10 years, and we remain well positioned to sustain our track record of outperformance, given the strength of our platforms, our talented team and our clear strategic roadmap.”

ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

ABOUT INTACT FINANCIAL CORPORATION
Intact Financial Corporation (TSX: IFC) is the largest provider of Property and Casualty (P&C) insurance in Canada, a leading Specialty lines insurer with international expertise and a leader in Commercial lines in the UK and Ireland. The business has grown organically and through acquisitions to almost $24 billion of total annual operating direct premiums written (DPW).

In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly owned subsidiary BrokerLink. Intact also distributes directly to consumers through the belairdirect brand and affinity partnerships. Additionally, Intact provides exclusive and tailored offerings to high-net-worth customers through Intact Prestige. In the US, Intact Insurance Specialty Solutions provides a range of Specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies. Across the UK, Ireland, and Europe, Intact provides Personal, Commercial and/or Specialty insurance solutions through the RSA, 123.ie, NIG and FarmWeb brands.

For more information
CDPQ Media Relations Team
+ 1 514 847-5493
medias@cdpq.com

Caroline Audet
Manager, Media Relations and Public Affairs, Intact Financial
416 227-7905 / 514 985-7165
media@intact.net

The MIL Network –

February 19, 2025

MIL-OSI: Athene Holding Ltd. Declares First Quarter 2025 Preferred Stock Dividends

Source: GlobeNewswire (MIL-OSI)

WEST DES MOINES, Iowa, Feb. 18, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”) announced that it has declared the following preferred stock dividends on its non-cumulative preferred stock (represented by depositary shares, each representing a 1/1,000th interest in a share of preferred stock), payable on March 31, 2025 to holders of record as of March 15, 2025.

Quarterly dividend of $396.875 per share on the company’s 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”); holders of depositary shares will receive $0.396875 per depositary share.
Quarterly dividend of $351.5625 per share on the company’s 5.625% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”); holders of depositary shares will receive $0.3515625 per depositary share.
Quarterly dividend of $398.4375 per share on the company’s 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (the “Series C Preferred Stock”); holders of depositary shares will receive $0.3984375 per depositary share.
Quarterly dividend of $304.6875 per share on the company’s 4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D (the “Series D Preferred Stock”); holders of depositary shares will receive $0.3046875 per depositary share.
Quarterly dividend of $484.375 per share on the company’s 7.750% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E (the “Series E Preferred Stock”); holders of depositary shares will receive $0.484375 per depositary share.

Depositary shares for the Series A Preferred Stock are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “ATHPrA,” depositary shares for the Series B Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrB,” depositary shares for the Series C Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrC,” depositary shares for the Series D Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrD,” and depositary shares for the Series E Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrE.”

About Athene
Athene is a leading retirement services company with over $360 billion of total assets as of December 31, 2024, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

Contact:

Jeanne Hess
VP, External Relations
+1 646 768 7319
jeanne.hess@athene.com

The MIL Network –

February 19, 2025

MIL-OSI: Susan Campfield to Retire as Director of Norwood Financial Corp and Wayne Bank

Source: GlobeNewswire (MIL-OSI)

HONESDALE, Pa., Feb. 18, 2025 (GLOBE NEWSWIRE) — Susan Campfield has announced her retirement from the Board of Directors of Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, effective February 18, 2025.

After serving the companies for 19 years, Campfield announced her retirement stating, “I have enjoyed supporting this great bank and all of the good it has done and is doing in the communities that we serve. It has been one of the real honors of my professional life.”

Campfield joined the Board of Directors in 2006 as a fixture in the Wayne County, Pennsylvania business community. For over 33 years, she served as President and Chief Executive Officer of Gumble Brothers, Inc., a building material supplier located in Paupack, Pennsylvania. In her role, Campfield worked with numerous contractors and builders, which gave her an extensive knowledge of the local construction market. She brought expertise on the local economy and business opportunities for the bank during her time as Director.

Norwood Financial Corp is the parent company of Wayne Bank, which operates from thirty offices throughout Northeastern Pennsylvania and Upstate New York, including those offices operating under the Bank of Cooperstown and Bank of the Finger Lakes brands. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact:		John M. McCaffery
		Executive Vice President &
		Chief Financial Officer
		NORWOOD FINANCIAL CORP
		272-304-3003
		www.waynebank.com

The MIL Network –

February 19, 2025

MIL-OSI: Gibson Energy Reports 2024 Fourth Quarter and Record Full Year Results Driven by All-Time High Volumes at the Gateway and Edmonton Terminals, Alongside a 5% Dividend Increase

Source: GlobeNewswire (MIL-OSI)

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

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three and twelve months ended December 31, 2024.

“We are pleased to announce record Infrastructure results for 2024, driven by a full year of contribution from Gateway,” said Curtis Philippon, President & Chief Executive Officer. “Exiting the year, the quality and stability of our Infrastructure cash flows improved due to successful re-contracting efforts and record throughput at both Gateway and Edmonton. We also announced exciting growth capital projects at Gateway. I am pleased with the progress we are making on setting up the Gibson team, increasing our focus on the business, strengthening our growth pipeline and building a high-performance culture.”

Financial Highlights:

Revenue of $11,780 million for the full year, including $2,358 million in the fourth quarter, relatively consistent year over year primarily due to higher sales volumes within the Marketing segment and the revenue contribution from the Gateway Terminal
Infrastructure Adjusted EBITDA⁽¹⁾ of $601 million for the full year, including $147 million in the fourth quarter, a $107 million or 22% increase over full year 2023 primarily due to the full year contribution from the Gateway Terminal and an Edmonton tank, which were only partially offset by a reduction from the Hardisty Unit Train Facility and the impact of certain one-time items
Marketing Adjusted EBITDA⁽¹⁾ of $63 million for the full year, including a $5 million loss in the fourth quarter, an $82 million or 57% decrease over full year 2023 principally due to significantly tighter crude oil differentials and crack spreads, and increased demand for Canadian heavy oil triggering steep backwardation and limited volatility, impacting storage, quality and time-based opportunities
Adjusted EBITDA⁽¹⁾ on a consolidated basis of $610 million for the full year, including $130 million in the fourth quarter, a $20 million or 3% increase over full year 2023, due to the impact of unrealized gains and losses on financial instruments recorded in both periods and the factors noted above, partially offset by the add back of certain one-time items, and an increase in general and administrative expenses, net of executive transition and restructuring costs
Net income of $152 million for the full year 2024, including a $6 million loss in the fourth quarter, a $62 million or 29% decrease over full year 2023 due to the impact of items noted above, higher general and administrative costs primarily due to executive transition and restructuring costs, the impact of the Gateway acquisition that resulted in higher finance costs, depreciation and amortization expenses, and an environmental remediation provision, partially offset by acquisition and integration costs in the prior year and a lower income tax expense
Distributable Cash Flow⁽¹⁾ of $375 million for the full year, including $71 million in the fourth quarter, an $11 million or 3% decrease over full year 2023, primarily due to higher finance costs, partially offset by higher Adjusted EBITDA and lower lease payments
Dividend Payout ratio⁽²⁾ on a trailing twelve-month basis of 71%, which is at the low end of the 70% – 80% target range
Net debt to Adjusted EBITDA ratio⁽²⁾ of 3.5x for the twelve months ended December 31, 2024, which is at the high end of the 3.0x – 3.5x target range, compared to 3.7x for the twelve months ended December 31, 2023

Strategic Developments and Highlights:

Appointed Curtis Philippon as the President and Chief Executive Officer, effective August 29, 2024
Announced the extension of a long-term contract with an investment grade global E&P company at the Gateway Terminal and the sanction of a connection to the Cactus II Pipeline in July
Refinanced $350 million 5.80% senior unsecured notes due 2026 with $350 million of 4.45% senior unsecured notes due in November 2031, resulting in annual cost savings of approximately $5 million
Announced the extension of a long-term contract and the sanctioning of the dredging project at the Gateway Terminal in December which, along with the earlier announcements, will allow the Company to achieve its Gateway targets
Placed in-service two new 435,000 barrel tanks under a long-term take-or-pay agreement with an investment grade customer at the Edmonton Terminal in December
Achieved a new milestone, recording 8.8 million hours without a lost time injury for our employee and contract workforce
Subsequent to the quarter, appointed Riley Hicks as the Senior Vice President and Chief Financial Officer, effective February 4, 2025
Subsequent to the quarter, Gibson’s Board of Directors also approved a quarterly dividend of $0.43 per common share, an increase of $0.02 per common share or 5%, beginning with the dividend payable in April

⁽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 2024 fourth quarter Management’s Discussion and Analysis and audited Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and year ended December 31, 2024, as compared to the three months and year ended December 31, 2023. 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 2024 fourth quarter and year-end financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Wednesday, February 19, 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 2024 fourth quarter and full year financial and operating results, available at www.gibsonenergy.com.

About Gibson
Gibson is a leading liquids infrastructure company with its principal businesses consisting of the 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) including, but not limited to, the Company’s plans and targets, including its focus on delivering shareholder returns and progressing its cost focus campaign, and dividend payment dates and amounts thereof. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “will,” “anticipate”, “continue”, “expect”, “intend”, “may”, “should”, “could”, “believe”, “further” and similar expressions are intended to identify forward looking statements. 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 and Management’s Discussion and Analysis, each dated February 18, 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 years ended December 31, 2024 and 2023, 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 and years ended December 31, 2024, and 2023:

Three months ended December 31,	Infrastructure			Marketing			Corporate and Adjustments				Total
($ thousands)	2024	2023		2024		2023	2024		2023		2024		2023

Segment profit	127,444	157,968		(16,435	)	24,474	—		—		111,009		182,442
Unrealized loss (gain) on derivative financial instruments	6,359	(5,377	)	11,662		3,388	—		—		18,021		(1,989	)
General and administrative	—	—		—		—	(18,065	)	(10,893	)	(18,065	)	(10,893	)
Adjustments to share of profit from equity accounted investees	1,169	155		—		—	—		—		1,169		155
Executive transition and restructuring costs	—	—		—		—	6,304		—		6,304		—
Environmental remediation provision ⁽¹⁾	9,287	—		—		—	—		—		9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670	—		—		—	—		—		2,670		—
Renewable power purchase agreement	—	—		—		—	(713	)	—		(713	)	—
Other	—	—		—		—	—		(34	)	—		(34	)
Adjusted EBITDA	146,929	152,746		(4,773	)	27,862	(12,474	)	(10,927	)	129,682		169,681

Years ended December 31,	Infrastructure			Marketing			Corporate and Adjustments				Total
($ thousands)	2024	2023		2024	2023		2024		2023		2024		2023

Segment profit	574,010	494,451		52,956	148,436		—		—		626,966		642,887
Unrealized loss (gain) on derivative financial instruments	10,105	(4,637	)	9,778	(3,484	)	—		—		19,883		(8,121	)
General and administrative	—	—		—	—		(69,985	)	(49,570	)	(69,985	)	(49,570	)
Adjustments to share of profit from equity accounted investees	5,240	4,448		—	—		—		—		5,240		4,448
Executive transition and restructuring costs	—	—		—	—		16,969		—		16,969		—
Environmental remediation provision ⁽¹⁾	9,287	—		—	—		—		—		9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670	—		—	—		—		—		2,670		—
Renewable power purchase agreement	—	—		—	—		(888	)	—		(888	)	—
Other	—	—		—	—		—		184		—		184
Adjusted EBITDA	601,312	494,262		62,734	144,952		(53,904	)	(49,386	)	610,142		589,828

^{(1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.}

	Three months ended December 31,
($ thousands)	2024		2023

Net (Loss) Income	(5,563	)	53,301

Income tax expense	7,575		20,259
Depreciation, amortization, and impairment charges	55,217		47,690
Finance costs, net	34,033		35,919
Unrealized loss (gain) on derivative financial instruments	18,021		(1,989	)
Unrealized (gain) loss on renewable power purchase agreement	(4,375	)	866
Share-based compensation	6,882		5,600
Acquisition and integration costs	—		2,083
Adjustments to share of profit from equity accounted investees	1,169		155
Corporate foreign exchange (gain) loss and other	(1,538	)	5,797
Environmental remediation provision ⁽¹⁾	9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670		—
Executive transition and restructuring costs	6,304		—
Adjusted EBITDA	129,682		169,681

	Years ended December 31,
($ thousands)	2024		2023

Net Income	152,174		214,211

Income tax expense	53,780		71,123
Depreciation, amortization, and impairment charges	186,669		142,478
Finance costs, net	138,318		116,276
Unrealized loss (gain) on derivative financial instruments	19,883		(8,121	)
Corporate unrealized loss on derivative financial instruments	2,332		1,296
Share-based compensation	22,040		20,944
Acquisition and integration costs	1,371		22,042
Adjustments to share of profit from equity accounted investees	5,240		4,448
Corporate foreign exchange (gain) loss and other	(591	)	5,131
Environmental remediation provision ⁽¹⁾	9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670		—
Executive transition and restructuring costs	16,969		—
Adjusted EBITDA	610,142		589,828

^{(1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.}

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 December 31,					Years ended December 31,
($ thousands)	2024		2023		2024		2023

Cash flow from operating activities	67,276		155,602		598,454		574,856
Adjustments:
Changes in non-cash working capital and taxes paid	53,978		7,487		(10,642	)	(7,434	)
Replacement capital	(11,727	)	(10,226	)	(35,987	)	(35,928	)
Cash interest expense, including capitalized interest	(31,931	)	(34,456	)	(134,336	)	(100,133	)
Acquisition and integration costs ⁽¹⁾	—		2,083		1,371		22,042
Executive transition and restructuring costs ⁽¹⁾	6,304		—		16,969		—
Lease payments	(6,063	)	(9,628	)	(30,241	)	(35,896	)
Current income tax	(6,685	)	(7,917	)	(30,318	)	(31,717	)
Distributable cash flow	71,152		102,945		375,270		385,790

^{(1) Costs adjusted on an incurred basis.}

c) Dividend Payout Ratio

	Years ended December 31,
	2024		2023
Distributable cash flow	375,270		385,790
Dividends declared	266,858		236,907
Dividend payout ratio	71	%	61	%

d) Net Debt To Adjusted EBITDA Ratio

	Years ended December 31,
	2024		2023

Current and long-term debt	2,598,635		2,711,543
Lease liabilities	48,180		62,005
Less: unsecured hybrid debt	(450,000	)	(450,000	)
Less: cash and cash equivalents	(57,069	)	(143,758	)

Net debt	2,139,746		2,179,790
Adjusted EBITDA	610,142		589,828
Net debt to adjusted EBITDA ratio	3.5		3.7

The MIL Network –

February 19, 2025

MIL-OSI: Goosehead Insurance, Inc. To Report Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

WESTLAKE, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), announced today that it will report its fourth quarter 2024 results after the market close on Monday, February 24, 2024.

The company will hold a conference call to discuss results at 4:30 PM ET on February 24th. To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details. A live webcast of the conference call will also be available on Goosehead’s investor relations website at ir.gooseheadinsurance.com.

A webcast replay of the call will be available at ir.gooseheadinsurance.com for one year following the call.

About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

Contacts

Investor Contact:

Dan Farrell
Goosehead Insurance – VP Capital Markets
Phone: (214) 838-5290
E-mail: dan.farrell@goosehead.com; IR@goosehead.com

PR Contact

Mission North for Goosehead Insurance
Email: goosehead@missionnorth.com; PR@goosehead.com

The MIL Network –

February 19, 2025

MIL-OSI: Gibson Energy Announces 5% Dividend Increase and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

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

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson”, or the “Company”) announced today that its Board of Directors has approved and declared a quarterly dividend of $0.43 per common share, representing a 5% increase of $0.02 per common share per quarter. The quarterly dividend is payable on April 17, 2025, to shareholders of record at the close of business on March 31, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Gibson’s dividends are subject to Canadian withholding tax.

“We are pleased to announce a 5% increase to the dividend, marking the sixth consecutive annual increase,” said Riley Hicks, Senior Vice President and Chief Financial Officer. “This dividend increase is reflective of the growth of our long-term, stable cash flows in 2024 driven by record-setting volumes achieved at the Gateway and Edmonton Terminals. As we move into 2025, we remain committed to our Infrastructure strategy, prioritizing safety, adhering to our Financial Governing Principles and maintaining a disciplined approach to per-share growth. In order to further enhance shareholder returns, we expect to deploy up to $200 million between growth capital and share repurchases this year.”

About Gibson

Gibson is a leading liquids infrastructure company with its principal businesses consisting of the 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) including, but not limited to, statements concerning Gibson’s dividend increase and payment, share repurchases and financial and other commitments. 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, dividend payment, share repurchases, the return of capital to shareholders and the funding sources thereof. 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 February 18, 2025 as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

For further information, please contact:

Investors: Beth Pollock
Vice President, Capital Markets & Risk
Phone: (403) 992-6478
Email: beth.pollock@gibsonenergy.com

Media: Wendy Robinson
Director, Communications & Brand
Phone: (403) 827-6057
Email: wendy.robinson@gibsonenergy.com

The MIL Network –

February 19, 2025

MIL-OSI: TruGolf 2024 Guidance Update

Source: GlobeNewswire (MIL-OSI)

Record Sales in 2024

Significantly Exceeds Second Half EBITDA Target

Salt Lake City, Utah, Feb. 18, 2025 (GLOBE NEWSWIRE) — TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading golf technology company, announced today an update to its previously issued guidance targets. In November the Company announced it expected sales growth for 2024 to be between 9% and 13%; with second half 2024 EBITDA in a range between $1.1 million to $1.5 million. Based on TruGolf’s unaudited fourth quarter results, the Company expects 2024 sales to be approximately $22.5 million, a new record and that second half 2024 EBITDA is expected to be in excess of $2.2 million, significantly more than the target range. Full year 2024 EBITDA is expected to be in excess of $1.2 million.

Chief Executive Officer and Director Chris Jones said, “We are very pleased with the growing sales momentum for our upgraded and industry leading golf simulators. Second half demand was so strong for some products that we simply ran out of inventory. In response, we have taken actions to adjust for the robust market adoption so that we can better deliver products during this dynamic growth period for TruGolf. Interest in our franchise concept remains high and we anticipate announcing contracts for additional franchises in the United States throughout 2025. We expect the first franchise locations to open before the end of the year, with associated delivery of TruGolf simulators in the first half of 2025.”

Growth in the 2nd half was attributable to the launch of new games for TruGolf’s Multisport Arcade including Hoops, Quarterback, Cornhole, and an update to the ever popular Wild West Shootout pushing sales of both Arcade software and hardware worldwide. Another primary driver was the launch of E6 APEX Course play with over 1,200 courses from around the world in 4K visual splendor, more than any company in the industry, with exclusive benefits for TruGolf’s APOGEE Launch Monitor customers fueling both hardware and software sales growth. This APEX release also included an integration with IBM watsonx.ai.

TruGolf expects to issue its fourth quarter and full year 2024 results in late March 2025, on schedule with requirements for emerging growth companies as defined in the Jumpstart of Businesses Startup Act of 2012.

Disclaimer on Forward Looking Statements

This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the Company’s forecasts for total sales and EBITDA discussed above. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Forward Looking Statements and Risk Factors sections of the Company’s S-1 filed with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events.

About TruGolf, Inc.:

TruGolf is a golf technology company, committed to making golf, easy. From innovative uses for AI to build content and enhanced image and spatial analysis, to gamified golf improvement plans, TruGolf is an industry leader in the growing technological revolution in the sport of golf. Since TruGolf’s founding it has redefined what is possible with golf through technology. TruGolf’s suite of Hardware, Software, and Web Products make the game easier to Play, Improve and Enjoy.

Contact: Michael Bacal
mbacal@darrowir.com
917-886-9071

The MIL Network –

February 19, 2025

MIL-OSI: Tactile Systems Technology, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Feb. 18, 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 fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Summary & Recent Business Highlights:

Total revenue increased 10% year-over-year to $85.6 million
Gross margin of 75% versus 72% in Q4 2023
Net income of $9.7 million versus $8.2 million in Q4 2023
Adjusted EBITDA of $16.2 million versus $15.4 million in Q4 2023
Expanded launch of Nimbl to include patients with lower extremity lymphedema
Appointed Laura King to Board of Directors
Promoted Aaron Snodgrass to Senior Vice President, Sales, effective February 18, 2025

Full Year 2024 Summary:

Total revenue increased 7% year-over-year in 2024 to $293.0 million
Gross margin of 74% in 2024, compared to 71% in 2023
Operating cashflow of $40.7 million in 2024, compared to $35.9 million in 2023
Ended 2024 with $94.4 million in cash, up from $61.0 million at the end of 2023

“Our fourth quarter results capped off a dynamic year for Tactile, during which we launched our next-generation lymphedema platform, generated clinical evidence supporting the value of our therapies, deployed new workflow-related tools to enhance speed and efficiency in order operations, and served over 79,000 patients with our lymphedema and airway clearance solutions,” said Sheri Dodd, President and Chief Executive Officer of Tactile Medical. “Financially, we demonstrated a consistent ability to strengthen our balance sheet and expand profitability, while also delivering double-digit revenue growth in the fourth quarter.”

Ms. Dodd concluded, “Our financial and operational progress in 2024, coupled with strong market fundamentals and an innovative portfolio, leaves us confident that we are well-positioned to advance our market leadership this year and over the long-term while delivering sustainable, profitable growth. In 2025, we will also continue investing in our strategic priority to enhance the overall patient experience, including through improving access to care, expanding treatment options, and supporting the end-to-end patient journey.”

Fourth Quarter 2024 Financial Results

Total revenue in the fourth quarter of 2024 increased $7.9 million, or 10%, to $85.6 million, compared to $77.7 million in the fourth quarter of 2023. The increase in total revenue was attributable to an increase of $7.6 million, or 11%, in sales and rentals of the lymphedema product line and an increase of $0.3 million, or 4%, in sales of the airway clearance product line in the quarter ended December 31, 2024, compared to the fourth quarter of 2023.

Gross profit in the fourth quarter of 2024 increased $8.4 million, or 15%, to $64.4 million, compared to $56.0 million in the fourth quarter of 2023. Gross margin was 75.2% of revenue, compared to 72.1% of revenue in the fourth quarter of 2023.

Operating expenses in the fourth quarter of 2024 increased $7.6 million, or 17%, to $51.9 million, compared to $44.2 million in the fourth quarter of 2023.

Operating income was $12.5 million in the fourth quarter of 2024, compared to $11.8 million in the fourth quarter of 2023.

Interest income was $0.9 million in each of the fourth quarters of 2024 and 2023.

Interest expense was $0.5 million in the fourth quarter of 2024, compared to $0.9 million in the fourth quarter of 2023.

Income tax expense was $3.3 million in the fourth quarter of 2024, compared to $3.6 million in the fourth quarter of 2023.

Net income in the fourth quarter of 2024 was $9.7 million, or $0.40 per diluted share, compared to $8.2 million, or $0.35 per diluted share, in the fourth quarter of 2023.

Weighted average shares used to compute diluted net income per share were 24.5 million and 23.8 million for the fourth quarters of 2024 and 2023, respectively.

Adjusted EBITDA was $16.2 million in the fourth quarter of 2024, compared to $15.4 million in the fourth quarter of 2023.

Full Year 2024 Financial Results

Total revenue in the full year of 2024 increased $18.6 million, or 7%, to $293.0 million, compared to $274.4 million in the full year of 2023. The increase in total revenue was attributable to an increase of $17.6 million, or 7%, in sales and rentals of the lymphedema product line and an increase of $0.9 million, or 3%, in sales of the airway clearance product line in the full year of 2024, compared to the full year of 2023.

Net income in the full year of 2024 was $17.0 million, or $0.70 per diluted share, compared to $28.5 million, or $1.23 per diluted share, in the full year of 2023.

Weighted average shares used to compute diluted net income per share were 24.1 million and 23.2 million in the full year of 2024 and 2023, respectively.

Adjusted EBITDA was $37.1 million in the full year of 2024, compared to $29.7 million in the full year of 2023.

Balance Sheet Summary

As of December 31, 2024, the Company had $94.4 million in cash and $26.3 million of outstanding borrowings under its credit agreement, compared to $61.0 million in cash and $29.3 million of outstanding borrowings under its credit agreement as of December 31, 2023. As of December 31, 2024, $26.5 million remained available under the Company’s $30.0 million share repurchase program, which became effective on October 30, 2024, and expires October 31, 2026.

2025 Financial Outlook

The Company expects full year 2025 total revenue in the range of $316 million to $322 million, representing growth of approximately 8% to 10% year-over-year, compared to total revenue of $293.0 million in 2024. The Company also expects full year 2025 adjusted EBITDA in the range of $35 million to $37 million, compared to adjusted EBITDA of $37.1 million in 2024.

Conference Call

Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on February 18, 2025, to discuss the results of the quarter and fiscal year. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13751026. 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 13751026. 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; the impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; adverse economic conditions or intense competition; price increases for supplies and components; wage and component price inflation; loss of a key supplier; entry of new competitors and products; compliance with and changes in federal, state and local government regulation; loss or retirement of key executives, including prior to identifying a successor; technological obsolescence of the Company’s products; technical problems with the Company’s research and 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, 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, plus or minus the change in fair value of earn-out 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.
Consolidated Balance Sheets
	December 31,		December 31,
(In thousands, except share and per share data)	2024		2023
*Assets*
Current assets
Cash	$	94,367	$	61,033
Accounts receivable		44,937		43,173
Net investment in leases		14,540		14,195
Inventories		18,666		22,527
Prepaid expenses and other current assets		5,053		4,366
Total current assets		177,563		145,294
Non-current assets
Property and equipment, net		5,603		6,195
Right of use operating lease assets		16,633		19,128
Intangible assets, net		42,789		46,724
Goodwill		31,063		31,063
Accounts receivable, non-current		—		10,936
Deferred income taxes		18,311		19,378
Other non-current assets		5,962		2,720
Total non-current assets		120,361		136,144
Total assets	$	297,924	$	281,438
*Liabilities and Stockholders’ Equity*
Current liabilities
Accounts payable	$	5,648	$	6,659
Note payable		2,956		2,956
Accrued payroll and related taxes		17,923		16,789
Accrued expenses		7,780		5,904
Income taxes payable		270		1,467
Operating lease liabilities		2,980		2,807
Other current liabilities		3,147		4,475
Total current liabilities		40,704		41,057
Non-current liabilities
Note payable, non-current		23,220		26,176
Accrued warranty reserve, non-current		1,209		1,681
Income taxes payable, non-current		239		446
Operating lease liabilities, non-current		15,955		18,436
Total non-current liabilities		40,623		46,739
Total liabilities		81,327		87,796

Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and December 31, 2023		—		—
Common stock, $0.001 par value, 300,000,000 shares authorized; 23,883,475 shares issued and outstanding as of December 31, 2024; 23,600,584 shares issued and outstanding as of December 31, 2023		24		24
Additional paid-in capital		180,719		174,724
Retained earnings		35,854		18,894
Total stockholders’ equity		216,597		193,642
Total liabilities and stockholders’ equity	$	297,924	$	281,438

Tactile Systems Technology, Inc.
Consolidated Statements of Operations


	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands, except share and per share data)	2024			2023			2024			2023
Revenue
Sales revenue	$	75,270		$	67,407		$	256,012		$	239,493
Rental revenue		10,315			10,245			36,972			34,930
Total revenue		85,585			77,652			292,984			274,423
Cost of revenue
Cost of sales revenue		18,005			18,190			64,815			66,713
Cost of rental revenue		3,211			3,455			11,481			12,577
Total cost of revenue		21,216			21,645			76,296			79,290
Gross profit
Gross profit – sales revenue		57,265			49,217			191,197			172,780
Gross profit – rental revenue		7,104			6,790			25,491			22,353
Gross profit		64,369			56,007			216,688			195,133
Operating expenses
Sales and marketing		29,206			26,581			112,009			107,119
Research and development		2,038			1,793			8,832			7,823
Reimbursement, general and administrative		19,977			15,200			71,135			62,074
Intangible asset amortization and earn-out		633			633			2,531			76
Total operating expenses		51,854			44,207			194,507			177,092
Income from operations		12,515			11,800			22,181			18,041
Interest income		948			859			3,384			1,874
Interest expense		(472	)		(897	)		(2,085	)		(4,147	)
Other income		—			2			9			2
Income before income taxes		12,991			11,764			23,489			15,770
Income tax expense (benefit)		3,275			3,562			6,529			(12,745	)
Net income	$	9,716		$	8,202		$	16,960		$	28,515
Net income per common share
Basic	$	0.40		$	0.35		$	0.71		$	1.24
Diluted	$	0.40		$	0.35		$	0.70		$	1.23
Weighted-average common shares used to compute net income per common share
Basic		24,007,863			23,551,388			23,883,729			22,925,497
Diluted		24,473,898			23,771,490			24,138,244			23,176,169

Tactile Systems Technology, Inc.
Consolidated Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2024			2023
Cash flows from operating activities
Net income	$	16,960		$	28,515
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,792			6,539
Deferred income taxes		1,067			(19,378	)
Stock-based compensation expense		7,819			7,547
Loss on disposal of property and equipment and intangibles		308			3
Change in fair value of earn-out liability		—			(2,475	)
Changes in assets and liabilities, net of acquisition:
Accounts receivable		(1,764	)		11,653
Net investment in leases		(345	)		1,935
Inventories		3,861			597
Income taxes		(1,404	)		(721	)
Prepaid expenses and other assets		(3,929	)		72
Right of use operating lease assets		187			71
Accounts receivable, non-current		10,936			12,125
Accounts payable		(1,087	)		(3,853	)
Accrued payroll and related taxes		1,134			(311	)
Accrued expenses and other liabilities		120			(6,464	)
Net cash provided by operating activities		40,655			35,855
Cash flows from investing activities
Purchases of property and equipment		(2,392	)		(2,324	)
Proceeds from sale of property and equipment		12			—
Intangible assets expenditures		(117	)		(157	)
Net cash used in investing activities		(2,497	)		(2,481	)
Cash flows from financing activities
Proceeds from issuance of note payable		—			8,250
Payments on earn-out		—			(10,575	)
Payments on note payable		(3,000	)		(3,000	)
Payments on revolving line of credit		—			(25,000	)
Payments of deferred debt issuance costs		—			(125	)
Proceeds from exercise of common stock options		24			14
Proceeds from the issuance of common stock from the employee stock purchase plan		1,660			1,541
Payments for repurchases of common stock		(3,508	)		—
Proceeds from issuance of common stock at market		—			34,625
Net cash (used in) provided by financing activities		(4,824	)		5,730
Net increase (decrease) in cash		33,334			39,104
Cash – beginning of period		61,033			21,929
Cash – end of period	$	94,367		$	61,033

Supplemental cash flow disclosure
Cash paid for interest	$	2,106		$	4,560
Cash paid for taxes	$	6,848		$	5,815
Capital expenditures incurred but not yet paid	$	76		$	528

The following table summarizes revenue by product line for the three and twelve months ended December 31, 2024 and 2023:

	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands)	2024			2023			2024			2023
Revenue
Lymphedema products	$	77,083		$	69,464		$	259,361		$	241,721
Airway clearance products		8,502			8,188			33,623			32,702
Total	$	85,585		$	77,652		$	292,984		$	274,423

Percentage of total revenue
Lymphedema products		90	%		89	%		89	%		88	%
Airway clearance products		10	%		11	%		11	%		12	%
Total		100	%		100	%		100	%		100	%

The following table contains a reconciliation of net income to Adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023, as well as the dollar and percentage change between the comparable periods:

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

	Three Months Ended					Increase						Year Ended						Increase
	December 31,					(Decrease)						December 31,						(Decrease)
(Dollars in thousands)	2024			2023		$			%			2024			2023			$			%
Net income	$	9,716		$	8,202	$	1,514		18		%	$	16,960		$	28,515		$	(11,555	)	41		%
Interest (income) expense, net		(476	)		38		(514	)	N.M.		%		(1,299	)		2,273			(3,572	)	(157	)	%
Income tax expense (benefit)		3,275			3,562		(287	)	(8	)	%		6,529			(12,745	)		19,274		(151	)
Depreciation and amortization		1,714			1,624		90		6		%		6,793			6,539			254		4		%
Stock-based compensation		1,850			1,950		(100	)	(5	)	%		7,819			7,547			272		4		%
Change in fair value of earn-out		—			—		—		—		%		—			(2,475	)		2,475		(100	)	%
Executive transition costs		137			—		137		—		%		248			—			248		—		%
Adjusted EBITDA	$	16,216		$	15,376	$	840		5		%	$	37,050		$	29,654		$	7,396		25		%

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)

	Year Ended
	December 31, 2025
(Dollars in thousands)	Low			High
Net income	$	15,750		$	17,150
Interest income, net		(2,500	)		(2,500	)
Income tax expense benefit		6,100			6,700
Depreciation and amortization		6,700			6,700
Stock-based compensation		8,800			8,800
Executive transition costs		150			150
Adjusted EBITDA	$	35,000		$	37,000

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

The MIL Network –

February 19, 2025

MIL-OSI: Fidus Investment Corporation Declares First Quarter 2025 Dividend

Source: GlobeNewswire (MIL-OSI)

EVANSTON, Ill., Feb. 18, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”) today announced that its Board of Directors on February 18, 2025 declared a base dividend of $0.43 per share and a supplemental dividend of $0.11 per share for the first quarter of 2025. The Company’s dividends will be payable on March 27, 2025 to stockholders of record as of March 20, 2025.

When declaring dividends, the Company’s Board of Directors reviews estimates of taxable income available for distribution, which differs from consolidated income under U.S. generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2025 taxable income, as well as the tax attributes for 2025 dividends, will be made after the close of the 2025 tax year. The final tax attributes for 2025 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

Fidus has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend, stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of the Company’s common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.

ABOUT FIDUS INVESTMENT CORPORATION

Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated for U.S. federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a small business investment company.

Company Contact:	Investor Relations Contact:
Shelby E. Sherard	Jody Burfening
Chief Financial Officer	Alliance Advisors IR
(847) 859-3940	(212) 838-3777
ssherard@fidusinv.com	jburfening@allianceadvisors.com

The MIL Network –

February 19, 2025

MIL-OSI: Devon Energy Reports Fourth-Quarter 2024 Results and Declares and Raises Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

OKLAHOMA CITY, Feb. 18, 2025 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the fourth-quarter 2024. The company also declared its quarterly dividend and provided a 2025 outlook. Devon’s earnings release, supplemental financial tables, guidance and related earnings presentation can be accessed via the Investor Relations section of Devon’s website, www.devonenergy.com.

The company’s fourth-quarter conference call will be held at 10:00 a.m. Central time (11:00 a.m. Eastern time) on Wednesday, Feb. 19, 2025, and will serve primarily as a forum for analyst and investor questions and answers.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

Investor Contact investor.relations@dvn.com 405-228-4450	Media Contact Michelle Hindmarch, 405-552-7460

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

The MIL Network –

February 19, 2025

MIL-OSI: NextNRG, Inc. Announces Closing of Public Offering

Source: GlobeNewswire (MIL-OSI)

MIAMI, Feb. 18, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (“NextNRG” and the “Company”) (Nasdaq: NXXT), a company focused on renewable energy, mobile fueling, and next-generation energy infrastructure, today announced the closing of a public offering of 5,000,000 shares of common stock at a price to the public of $3.00 per share, for gross proceeds of $15,000,000, before deducting underwriting discounts and offering expenses. In addition, NextNRG has granted the underwriters a 45-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any.

NextNRG previously announced the closing of its previous share exchange agreement with EzFill Holdings, Inc. Effective February 14, 2025, the Company changed its name from “EzFill Holdings, Inc.” to “NextNRG, Inc.” The Company’s common stock ceased trading under the ticker symbol “EZFL” and began trading on the Nasdaq Capital Market under the ticker symbol “NXXT” and the new CUSIP number 652941105 as of the commencement of trading on February 14, 2025.

The Company intends to use the proceeds to expand its business, repay outstanding indebtedness, and general corporate purposes, including working capital.

ThinkEquity acted as sole book-runner for the offering.

Anthony, Linder & Cacomanolis, PLLC acted as legal counsel to NextNRG and Loeb & Loeb LLP acted as legal counsel to ThinkEquity in connection with the offering.

A registration statement on Form S-1 (File No. 333-275761) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and a post-effective amendment thereto became effective on February 13, 2025. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004.

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

About NextNRG, Inc. (f/k/a EzFill Holdings, Inc.)

NextNRG Holding Corp. (NextNRG) and EzFill have merged to form a combined entity focused on renewable energy, mobile fueling, and next-generation energy infrastructure. By leveraging artificial intelligence (AI) and machine learning (ML) technologies, NextNRG is developing an integrated ecosystem that combines solar energy generation, battery storage, wireless electric vehicle (EV) charging, and on-demand fuel delivery.

At the core of NextNRG’s strategy is the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

Following the merger with EzFill, NextNRG is integrating sustainable energy solutions into mobile fueling operations. The company will provide renewable energy to its fueling partners, supporting more efficient fuel delivery while advancing clean energy adoption. It continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division, further solidifying its position as a leader in the on-demand fueling industry.

By combining renewable energy innovation with mobile fueling expertise, NextNRG is building a sustainable energy ecosystem that bridges traditional fuel needs with AI-powered clean energy solutions.

The combined entity, NextNRG, is trading under the symbol NXXT on the Nasdaq Capital Market. To find out more visit NextNRG.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, NextNRG’s expectations regarding NextNRG’s expectations with respect to granting the underwriters a 45-day option to purchase additional shares and NextNRG’s anticipated use of the net proceeds from the proposed offering. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in the prospectus related to the offering to be filed with the SEC. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

Investor Relations Contact:

Jeff Ramson, CEO

PCG Advisory, Inc.

jramson@pcgadvisory.com

The MIL Network –

February 19, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 18.02.2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
18 February 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 18.02.2025

Espoo, Finland – On 18 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	1,336,347	4.79
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,336,347	4.79

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 18 February 2025 was EUR 6,405,512. After the disclosed transactions, Nokia Corporation holds 251,793,006 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment

Daily Report 2025-02-18

The MIL Network –

February 19, 2025

MIL-OSI: Arogo Capital Acquisition Corp. Executes Business Combination Agreement with Bangkok Tellink Co., Ltd.

Source: GlobeNewswire (MIL-OSI)

~ The proposed transaction represents an equity value on a pro-forma basis of a total equity value of the combined company of USD350 million ~

~ Bangkok Tellink Co., Ltd. is an emerging leader in advanced telecommunications, mobile network technology, and Internet of Things (IoT) solutions ~

~ Leveraging its successful track record, Bangkok Tellink Co., Ltd. seeks enhanced access to U.S. capital markets to accelerate the rollout of its next-gen telecommunication technologies, foster broader geographic expansion, and provide increased financial flexibility to advance research and development efforts ~

Miami, FL and Bangkok, Thailand, Feb. 18, 2025 (GLOBE NEWSWIRE) — Arogo Capital Acquisition Corp. (OTC: AOGO), a Delaware special purpose acquisition company (“Arogo”), and Bangkok Tellink Company Limited, a Thai registered company (“Bangkok Tellink”), today announced their execution of a definitive business combination agreement (the “Business Combination Agreement”) for a proposed business combination in a transaction valued at $350 million on February 14, 2025.

The transaction contemplated in the Business Combination Agreement is expected to result in a newly combined company to be listed on The Nasdaq Global Market. Upon the closing of the transaction, Bangkok Tellink will continue to be led by its CEO, Mr. Nusttanakit Sasianon. The boards of directors of Bangkok Tellink and Arogo Capital Acquisition Corp. have unanimously approved the transaction

Bangkok Tellink is a licensed Mobile Virtual Network Service Operator (“MVNO”) as well as a licensed Mobile Virtual Network Aggregator (“MVNA”) and offers mobile phone packages across multiple frequencies (e.g., 700MHz, 850MHz, 2100MHz, 2300MHz, and 26GHz) and, under its “INFINITE” brand, provides a range of services including Smart Solutions, IoT Sim Cards, eSIMs, SMPP (i.e., virtual SMS), SIP trunk (voice virtual number), and software development.

The eSIM market in Thailand is growing as it offers convenience for consumers and flexibility for businesses. eSIM technology allows users to switch mobile operators without changing physical SIM cards and is spearheading a transformative shift in connectivity, promoting Thailand’s progression towards a sophisticated digital economy. The exploding demand for eSims reflects Thailand’s commitment to expanding its telecommunications infrastructure and has positioned it as a leader in Southeast Asia.¹

Bangkok Tellink is uniquely positioned to facilitate the growth of Thailand’s digital economy that is driven by the need for enhanced economic competitiveness, improved public services, and sustainable growth. eSIM technology supports this transformation by simplifying connectivity for businesses and consumers alike, facilitating more efficient operations, and enhancing the accessibility of digital services across the country

Nusttanakit Sasianon, CEO of Bangkok Tellink commented, “This is an exciting moment for Bangkok Tellink to expand our business, enhance our product and service offerings, and accelerate our growth. We are excited to continue to foster this business combination with the Arogo team to generate attractive value for our shareholders.”

Suradech Taweesaengsakulthai, CEO of Arogo added, “We’re thrilled to partner with the Bangkok Tellink team to capitalize on their proven track record and support the expansion of their operations to meet the demand for its services including Smart Solutions, IoT Sim Cards, eSIMs, SMPP (i.e., virtual SMS), SIP trunk (voice virtual number), and software development. We have strong confidence in Bangkok Tellink’s management team and business model. We look forward to a successful closing of the business combination.”

The completion of the business combination is subject to regulatory approvals, the approval of the transaction by the shareholders of Arogo and Bangkok Tellink, and the satisfaction or waiver of other customary closing conditions. Bangkok Tellink believes that its planned listing, in addition to creating a capital platform for its development and gaining the attention of investors in the international capital markets, will further promote Bangkok Tellink’s growth strategy.

Additional information about the business combination, including a copy of the Business Combination Agreement, will be available in a Current Report on Form 8-K to be filed by Arogo with the Securities and Exchange Commission (the “SEC”), followed by a Registration Statement on Form F-4 to be filed by Pubco with the SEC.

Advisors
Rimon P.C. (Washington D.C.) serves as United States legal counsel to Arogo.

Araya & Partners Co., Ltd. (Bangkok) serves as legal counsel to Bangkok Tellink Co., Ltd.

ARC Group Limited is acting as sole financial advisor to Arogo.

About Bangkok Tellink Co., Ltd.
Bangkok Tellink Co., Ltd, established in 2019, is at the forefront of Thailand’s telecommunications industry. By offering mobile network infrastructure, IoT devices, E-sim services, and software development, Bangkok Tellink provides integrated solutions that foster connectivity and productivity. Bangkok Tellink invests in innovation, operational efficiency, and sustainability to position itself as a prominent telecommunications and technology leader.

About Arogo Capital Acquisition Corp.
Arogo Capital Acquisition Corp. is a blank check company formed in 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On December 29, 2021, Arogo consummated an initial public offering of its units that consisted of one share of Class A common stock and one redeemable warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. For more information, visit www.arogocapital.com.

Important Information and Where to Find It.

For additional information on the proposed transaction, see Arogo’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the proposed transaction, Arogo intends to file relevant materials with the SEC, including a registration statement on Form F-4 by Pubco, which will include a proxy statement/prospectus, and other documents regarding the proposed transaction. Arogo’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/ prospectus and the amendments thereto and the definitive proxy statement and documents incorporated by reference therein filed in connection with the proposed business combination, as these materials will contain important information about Bangkok Tellink and Arogo and the proposed business combination.

Promptly after the Form F-4 is declared effective by the SEC, Arogo will mail the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the business combination and other proposals set forth in the proxy statement/prospectus. Before making any voting or investment decision, investors and shareholders of Arogo are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by Arogo with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to Arogo Capital Acquisition Corp., 848 Brickell Avenue, Penthouse 5, Miami, FL 33131.

Participants in the Solicitation

Arogo and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Arogo’s shareholders in connection with the proposed transaction. A list of the names of those directors and executive officers and a description of their interests in Arogo will be included in the proxy statement/prospectus for the proposed business combination when available at www.sec.gov.

Information about Arogo’s directors and executive officers and their ownership of Arogo shares of common stock is set forth in Arogo’s final prospectus for its for its initial public offering filed with the SEC on December 28, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to the proposed business combination when it becomes available. These documents can be obtained free of charge from the source indicated above.

Bangkok Tellink and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Arogo in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.

Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus to be filed with the SEC on Form F-4. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to (i) trends in the financial advisory industry, including changes in demand and supply related to Bangkok Tellink’s products; (ii) Bangkok Tellink’s growth prospects and Bangkok Tellink’s market size; (iii) Bangkok Tellink’s projected financial and operational performance including relative to its competitors; (iv) new product and service offerings Bangkok Tellink may introduce in the future; (v) the potential transaction, including the implied enterprise value, the expected post-closing ownership structure and the likelihood and ability of the parties to consummate the potential transaction successfully; (vi) the risk the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Arogo securities; (vii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by the shareholders of Arogo; (viii) the effect of the announcement or pendency of the proposed business combination on Arogo’s or Bangkok Tellink’s business relationships, performance and business generally; (ix) the outcome of any legal proceedings that may be instituted against Arogo or Bangkok Tellink related to the proposed business combination or any agreement related thereto; (x) the ability to maintain the listing of Arogo on OTC; (xi) the price of Arogo’s securities, including volatility resulting from changes in the competitive and regulated industry in which Bangkok Tellink operates, variations in performance across competitors, changes in laws and regulations affecting Bangkok Tellink’s business and changes in the combined capital structure; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination and identify and realize additional opportunities; and (xiii) other statements regarding Arogo’s or Bangkok Tellink’s expectations, hopes, beliefs, intentions and strategies regarding the future.

In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties.

You should carefully consider the risks and uncertainties described in the “Risk Factors” section of Arogo’s final prospectus for its for its initial public offering filed with the SEC on December 28, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing and the proxy statement/prospectus relating to this transaction, which is expected to be filed by Arogo with the SEC, other documents filed by Arogo from time to time with SEC, and any risk factors made available to you in connection with Arogo, Bangkok Tellink, and the transaction. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Bangkok Tellink and Arogo) and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Arogo and Bangkok Tellink caution that the foregoing list of factors is not exclusive.

No Offer or Solicitation

This press release relates to a proposed business combination between Arogo and Bangkok Tellink, and does not constitute a proxy statement or solicitation of a proxy and does not constitute an offer to sell or a solicitation of an offer to buy the securities of Arogo or Bangkok Tellink, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Contacts

Arogo Capital Acquisition Corp.
Attn: Ms. Nisachon Rattanamee
Email: nisachon@arogocapital.com

Bangkok Tellink Company Limited
Attn: Daniel Fong
Email: daniel@s1winconsultant.com

Sources
Arogo Capital Acquisition Corp and Bangkok Tellink Company Limited

¹eSIM Technology: Fueling Thailand’s Transition to a Digital Economy | Global YO

The MIL Network –

February 19, 2025

MIL-OSI: AI Unlimited Group Strengthens Leadership and Market Position with S-1 Filing and Strategic Board Appointments

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Feb. 18, 2025 (GLOBE NEWSWIRE) — AI Unlimited Group, Inc. (AIUG) has taken a significant step forward in its corporate evolution with the lodgment of its S-1 registration statement, marking the transition from early-stage growth to an acceleration phase backed by institutional capital. As part of this pivotal milestone, the company has strengthened its leadership structure with the appointment of seasoned industry veterans to its Nominee Board of Directors, reinforcing AIUG’s commitment to operational excellence, technology leadership, and market expansion.

AI Unlimited Group operates at the intersection of artificial intelligence and financial services, delivering innovative solutions across liability management, wealth automation, travel financing, and receivables optimization. The company’s sophisticated AI-driven platforms address critical inefficiencies in global financial markets, providing scalable and high-impact solutions for consumers and businesses alike.

Strengthening Governance with World-Class Leadership
AI Unlimited Group is pleased to announce the nomination of Al Weiss, Lisa Licht, and Maj. Gen. (Ret) Alberto C. Rosende to its Board of Directors to support Founder and CEO, Trent McKendrick. These accomplished executives bring a wealth of experience across global financial services, operations, technology, and corporate strategy.

Al Weiss, former President of Worldwide Operations at Disney Parks & Resorts, managed a $10 billion portfolio and led the expansion of Disney’s global assets. His extensive expertise in large-scale operations, strategic planning, and brand stewardship will contribute to AIUG’s long-term vision and execution strategy.

Lisa Licht, a brand and digital transformation expert, has held executive roles at Live Nation, Yahoo, and 20th Century Fox, where she successfully implemented strategies that drove revenue growth and digital engagement. Her leadership will be instrumental in positioning AIUG’s technology platforms for market leadership.

Maj. Gen. (Ret) Alberto C. Rosende, a decorated U.S. Army veteran and payments industry executive, brings over three decades of experience in financial risk management at Visa and American Express. His insights will support AIUG’s financial infrastructure, security, and regulatory compliance framework.

AI Unlimited Group uses SOTA AI models across its apps, providing unmatched personalization, efficiency, and insights for users in finance, travel, and debt management.

Positioned for Expansion in High-Growth Markets
AI Unlimited Group’s portfolio comprises four advanced AI-driven platforms:

– Lever – AI-powered student loan optimization and liability management

– NestEgg – AI-driven automated investing and retirement solutions

– Travl.App – AI-enhanced travel planning, savings, and financing

– Resolve Debt – AI-first accounts receivable and debt recovery automation

Travl.App: Launching Q1 2025 to Revolutionize Travel Finance
Travl.App is AI Unlimited Group’s latest innovation in travel planning and financial management, designed to remove financial barriers and enhance the way users plan, book, and save for their trips. By leveraging advanced AI-powered insights, Travl.App provides tailored itineraries, cost-saving strategies, and seamless financing options, ensuring a personalized and intuitive travel experience. Helping, 74% of millennials who struggle to save towards travel, making up 29 million unfulfilled vacations!

Ike Pyun, SVP of Travl.App, added: Travl.App is not just another travel platform—it’s a personalized travel experience and AI-powered travel assistant designed to empower users to plan and book smarter while managing their budgets and providing digital savings wallets. Our goal is to make travel financially seamless by integrating intelligent savings strategies, personalized recommendations, and flexible financing solutions that meet the evolving needs of modern travelers.”

Set to launch in Q1 2025, Travl.App integrates real-time pricing data, predictive travel trends, and flexible buy-now-pay-later (BNPL) financing to make travel more accessible and financially manageable for a global audience.

Strategic Underwriting Partnership with The Benchmark Company
AI Unlimited Group has engaged The Benchmark Company as the lead underwriter for its Nasdaq public offering, reinforcing institutional confidence in its strategic direction, growth trajectory, and market opportunity. Benchmark’s deep expertise in capital markets will support AIUG’s scalability, investor relations, and long-term shareholder value creation.

CEO and SVP Statements
Trent McKendrick, Founder and CEO of AI Unlimited Group, commented:

“Filing our S-1 registration is a landmark moment for AI Unlimited Group as we transition from an early-stage innovator to a high-growth enterprise. With our expanded leadership team and strategic partnerships, we are building an unparalleled ecosystem that combines AI-driven financial technology with scalable market solutions. We remain steadfast in our mission to revolutionize financial independence through automation, ensuring we provide long-term value for our investors and stakeholders.”

A Defining Moment in AI-Driven Financial Technology
With the S-1 registration now filed, AI Unlimited Group is embarking on the next stage of its corporate journey. Backed by a strong leadership team, cutting-edge AI infrastructure, and a robust market opportunity, the company is well-positioned to drive innovation, expand its platform offerings, and maximize shareholder returns.

Investor Relations Contact:

TraDigital IR
John McNamara
917-658-2602
John@tradigitalir.com

The MIL Network –

February 19, 2025

Category: GlobeNewswire