MIL-Evening Report: Rules for calculating climate risk in financial reporting by NZ businesses need revisiting – new research

Source: The Conversation (Au and NZ) – By Martien Lubberink, Associate Professor of Accounting and Capital, Te Herenga Waka — Victoria University of Wellington

Andrew MacDonald/Getty Images

The recent International Court of Justice (ICJ) decision on climate action marked a significant step forward in formalising an idea many already accept: climate inaction is not merely a policy failure, but potentially a breach of legal duty by governments.

The court’s opinion is not legally binding but establishes global expectations. Crucially, the court confirmed environmental protection includes a duty to regulate private businesses and organisations.

In New Zealand, large organisations already have to list climate-related risks in their annual reports and regulatory filings under the External Reporting Board’s Climate Standards.

But our latest research suggests the benefits of mandatory climate reporting regulation in New Zealand may not be as straightforward as they appear.

Extreme weather, limited financial impact

We analysed how New Zealand’s stock market responds to extreme weather events (heavy rain, windstorms, snow, temperature spikes and thunderstorms) using data curated by Earth Sciences New Zealand.

Climate risk is widely assumed to have an impact on markets. So, we expected investors would respond to damaging weather with selloffs or price adjustments.

Instead, we found most extreme weather events had little to no impact on the share prices of New Zealand’s 50 largest listed companies, those on the NZX50.

Even firms directly exposed to these events – airlines, utilities, logistics companies – showed only muted reactions, if any.

It may be that markets already price in these risks. Or that firms have managed them effectively through infrastructure investment and planning.

What is more, the location and severity of extreme weather in New Zealand have remained relatively stable over the past three decades.

Using a statistical analysis, we found no evidence of accelerating trends typically attributed to global warming. This technique assessed whether a particular extreme weather event can be linked to human-induced climate change.

New Zealand’s extreme weather events tend to involve cold, rain and wind – unlike the heatwaves, wildfires and droughts that dominate international headlines.

What this means for disclosure mandates

If markets are already efficiently pricing in these risks – or if the risks are genuinely immaterial for the company – the benefits of mandatory disclosure may be overstated.

Our study suggests the case for universal, mandatory disclosure of extreme weather events under the climate board’s standards may not be strong. If financial impacts are already reflected in stock prices, the current voluntary framework may suffice for many firms.

This is not an argument against disclosure broadly. While our study did not assess other climate-related risks – such as supply chain disruption or chronic sea level rises – these may well be material for some organisations, especially unlisted or regionally exposed firms.

But for the NZX50, where climate regulation is currently focused, the value of standardised extreme weather events disclosures seems limited.

Global principles, local realities

None of this contradicts the ICJ’s opinion.

The court emphasised that states must act, not only to reduce emissions but to protect against climate-related harm. That includes harm caused by private actors, who must be subject to effective regulation.

But the ICJ also recognises the importance of national circumstances. While bound by international obligations, each country still needs to tailor its climate policies to the actual risks it faces.

To do otherwise risks shifting government energy and private capital towards compliance that offers little benefit to investors, the public or the climate.

New Zealand at a crossroads

The ICJ decision comes as New Zealand’s climate ambition appears to be softening.

The government recently released an updated emissions pledge that barely improves on its predecessor. At the same time, it is also reviving offshore oil and gas exploration, expanding coal production and backing legislation to shield carbon-intensive firms from environmental, suitability and governance aligned lending decisions by banks.

Such moves may be politically popular in some quarters, but they sit uneasily with both the ICJ’s vision and New Zealand’s obligations under the Paris Agreement and various trade deals.

If New Zealand wants to avoid being seen as lagging – or worse, a bad-faith actor – it must reconcile its domestic policies with international decision-making.

That does not mean copying regulation from other countries. But it does mean being honest about what is material, what is symbolic and what actually helps reduce emissions or build resilience.

Regulation needs to be smart, not just visible

The ICJ opinion should not be used to justify every climate policy proposal. Rather, it should encourage governments to develop regulation that is meaningful, proportionate and based on evidence.

Our study offers one such piece of evidence. In terms of financial market impacts, New Zealand’s extreme weather may not justify the same disclosure obligations as those in countries where the physical risks are more severe or more clearly linked to climate change.

This is not a reason to do less. It is a reason to do better. Policy needs to target disclosure where it matters, to focus adaptation spending where it is needed and to measure the impact of climate policies not only by their intentions, but by their outcomes.

In short, the ICJ has spoken. Now it is up to each country to act wisely.

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

– ref. Rules for calculating climate risk in financial reporting by NZ businesses need revisiting – new research – https://theconversation.com/rules-for-calculating-climate-risk-in-financial-reporting-by-nz-businesses-need-revisiting-new-research-262024

MIL OSI Analysis – EveningReport.nz –

July 31, 2025

MIL-OSI USA: Grassley, Crawford Call on Director Patel to Review Untapped Information Ignored by FBI in Clinton Email Investigation

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and House Permanent Select Committee on Intelligence Chairman Rick Crawford (R-Ark.) recently sent a letter to Federal Bureau of Investigation (FBI) Director Kash Patel requesting the FBI review unevaluated material related to Hillary Clinton’s use of a private email server and mishandling of highly classified information during her time as Secretary of State.

This untapped and unreviewed information has lived within thumb drives in the FBI’s custody inside a Northern Virginia offshoot office of the FBI’s Washington Field Office since 2018. This letter was sent in response to Chairman Grassley’s efforts to get the appendix to the Department of Justice Office of the Inspector General’s (DOJ OIG) June 2018 report reviewing the DOJ and FBI’s handling of the Clinton investigation, also known as the “Clinton annex,” declassified.

“The revelations contained in the declassified OIG appendix are at the heart of why the Federal Bureau of Investigation (FBI) became distrusted by so many under your agency’s prior directors: a failure to impartially conduct its law enforcement and intelligence mission. Concerning the issue at hand, Comey’s FBI shockingly failed to review and exploit evidence in its own possession, even though they admitted in written memos the information was necessary to conduct a ‘thorough and complete investigation.’ The FBI also failed to review and exploit other foreign intelligence information,” Grassley and Crawford wrote.

“Therefore, we now write to stress the importance that this material be immediately dug out from hiding and properly assessed. How evidence which purportedly includes information related to ‘former President Barack Obama’s emails’ and ‘network infrastructure diagrams for U.S. government classified networks,’ remained unreviewed by the preeminent law enforcement agency in the world is mind-numbing. We know you will not similarly ignore evidence in your agency’s possession, no matter where its exploitation or conclusions might lead,” Grassley and Crawford continued.

Read the full letter HERE.

Notably, the declassified Clinton Annex revealed that:

Russian-language reports were also obtained by the FBI of discussions between then-Democratic National Committee (DNC) head, Debbie Wasserman Schultz, and George Soros’ Open Society Foundations, with suggestions concerning the deletion of evidence on Hillary Clinton’s email servers, mention of FBI’s investigation into the Clinton Foundation, and reports suggesting then-Attorney General Loretta Lynch was in contact with Hillary Clinton’s staff.
DOJ OIG also relied on the now-debunked Intelligence Community Assessment (ICA) on the Russia collusion hoax during its review, once again shedding light on the damage caused by the ICA’s widely spread tentacles.

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MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Grassley Introduces Bipartisan Legislation to Strengthen FBI Whistleblower Protections

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa), co-founder and co-chair of the Whistleblower Protection Caucus, today introduced the Federal Bureau of Investigation (FBI) Whistleblower Protection Enhancement Act. Grassley’s legislation is cosponsored by Sen. Gary Peters (D-Mich.).

“The Biden-Harris administration’s weaponization of the Justice Department and FBI, as well as its egregious retaliation against whistleblowers, caused great damage to our nation’s federal institutions. Multiple agents who bravely blew the whistle had their security clearances suspended and were placed under investigation with no end in sight, leaving them in professional limbo and causing serious financial harm. While the Trump administration has taken significant steps to undo the damage, Congress must offer a solution to ensure future FBI whistleblowers aren’t subjected to a similar retaliatory playbook,” Grassley said. “My legislation will ensure these patriotic whistleblowers receive the protections they deserve, rather than being treated like skunks at a picnic.”

The bipartisan bill would provide Federal Bureau of Investigation (FBI) employees with whistleblower protections established by the Grassley-led Whistleblower Protection Act of 1989, and its subsequent amendments. Specifically, the FBI Whistleblower Protection Enhancement Act would:

Protect FBI whistleblowers who appeal adverse personnel decisions, or who cooperate in whistleblower investigations;
Require the Grassley-authored anti-gag provision to be included in FBI nondisclosure policies, forms and agreements to inform employees of their right to report waste, fraud or abuse, including to Congress;
Prohibit the FBI from coercing employees to engage in political activity;
Clarify which whistleblower disclosures are legally protected;
Require the Attorney General to fully inform FBI employees of their whistleblower protection rights, including challenging retaliatory security clearance suspensions;
Implement the Government Accountability Office (GAO) 2024 recommendation to clarify the process for FBI whistleblowers to seek corrective action from the Merit Systems Protection Board;
Eliminate the requirement that whistleblowers wait a year before challenging the denial, suspension or revocation of their security clearance; and
Require the Director of National Intelligence to ensure agency investigations and adjudications of security clearance denials, suspensions and revocations are free from conflicts of interest.

The FBI Whistleblower Protection Enhancement Act is supported by multiple whistleblower advocacy groups, including Empower Oversight and the Government Accountability Project.

“Senator Grassley’s bill represents the culmination of more than four decades of fighting to ensure that those who protect America’s security have the security to speak truth to power. We urge Congress to pass this legislation swiftly and finally deliver justice that’s been delayed far too long,” said Tom Devine, Legal Director of the Government Accountability Project.

Read the bill text HERE.

Background:

During the 101st Congress, the Grassley-led Whistleblower Protection Act became law, requiring the Attorney General to establish whistleblower protections for FBI employees through regulatory action. However, the Department of Justice (DOJ) refused to implement whistleblower protection regulations until 1997, when then-President Bill Clinton issued a memo requiring them to do so.

Following concerns of continued retaliation, the Grassley-led Whistleblower Protection Enhancement Act of 2012 was signed into law, directing the Attorney General to issue a report reevaluating the 1997 FBI whistleblower protection regulations. Due to the DOJ’s lack of responsiveness, Grassley commissioned the GAO to issue a report, which was published in 2015 and revealed alarming gaps in the FBI’s whistleblower regulations.

In response to the 2015 GAO report, Grassley introduced the FBI Whistleblower Protection Enhancement Act of 2016, which subsequently became law. This legislation directed the FBI to implement modernized whistleblower protection regulations and codified certain FBI whistleblower protections. Despite Grassley’s bill and his call for the FBI to follow the law, the FBI failed to implement these regulations until 2024 – right before the GAO was set to publish a report evaluating the FBI’s implementation of Grassley’s 2016 law. Much like the 2015 report, the 2024 GAO report revealed significant failings in the FBI’s whistleblower protection regulations.

Given the FBI’s inability over the last 35-years to effectively implement whistleblower protection regulations, as well as the Biden-Harris administration’s pervasive retaliation against whistleblowers, Grassley is now introducing legislation to cement the much-needed protections into law.

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MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Grassley: Exhaustive Efforts to Vet Emil Bove’s Nomination Prove He’s Fit for the Job

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Ahead of the Senate’s vote on the nomination of Emil Bove to be United States Circuit Judge for the Third Circuit, Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) released an exhaustive overview of his work to thoroughly vet Bove’s nomination in light of three whistleblower allegations made against the nominee.

In a speech on the Senate floor, Grassley outlined how his team ran into challenges while attempting to review each whistleblower disclosure in good faith: “any assertion that I or my staff was uninterested in the evidence is false.”

Grassley is a co-founder and co-chair of the Senate Whistleblower Protection Caucus.

Bove’s letter to the committee regarding the most recent whistleblower allegations is HERE.

Video and a transcript of Grassley’s floor remarks is below.

[embedded content]

Prepared Floor Remarks by Senator Chuck Grassley of Iowa

Chairman, Senate Judiciary Committee

“The Nomination of Emil Bove”

Tuesday, July 29, 2025

VIDEO

Soon, this body will proceed to a final vote on the nomination of Emil Bove to be a judge on the Third Circuit. As I said in my statements in Committee multiple times, I support the nomination of Mr. Bove. He has a strong legal background and has served his country honorably. I believe he will be a diligent, capable, and fair jurist. My Republican colleagues on Committee agreed, and that’s why he was reported out of Committee with every Republican supporting his nomination.

It’s no surprise to anyone who’s followed this nomination that I have serious concerns with how my Democratic colleagues have conducted themselves. The vicious rhetoric, unfair accusations and abuse directed at Mr. Bove by some on this Committee has crossed the line. I wish I could say that this posture has been limited to just this nomination, but unfortunately, it appears to be a pattern.

Since the very beginning of this Congress, Democrats have engaged in a relentless obstruction campaign for nearly every one of President Trump’s nominees. Their playbook has included maximum procedural obstruction, unfair media attacks, repeated attempts to allege misconduct and demands for delayed consideration, records and investigations.

This Congress alone, Democrats have sent at least 26 letters to 17 agencies or parties demanding records, delays or investigations into President Trump’s nominees just in the Judiciary Committee. Like clockwork, just before a hearing or vote, we get another breathless accusation that one of President Trump’s nominees needs to be investigated.

I’m afraid that what we’ve seen recently on the Bove nomination has been more of the same. My Democratic colleagues have tried to weaponize my respect for whistleblowers and the whistleblowing process against me and against Mr. Bove, and I’m going to set the record straight.

I take whistleblower complaints very seriously. During both Republican and Democratic administrations, I have spent over four decades defending patriotic whistleblowers.

My conduct in defending whistleblowers and running bipartisan investigations stands in stark contrast to the conduct of my Democratic colleagues.

During the first Trump administration, I defended the Ukraine whistleblower’s use of the whistleblower process—despite serious concerns about the substance of his complaint.

When I was last Chairman, I interviewed Donald Trump Jr. and other Republicans as part of my bipartisan investigation into alleged Russian collusion—conducted through the Senate Judiciary Committee.

But when it came to the Biden family and his Administration, despite serious allegations and overwhelming evidence of misconduct, Democrats made no effort to investigate or conduct similar interviews. In fact, they worked hard to thwart any attempt at oversight.

These weren’t fringe claims—they involved potential crimes squarely within the Judiciary Committee’s jurisdiction.

This administration has said Mr. Reuvini isn’t a whistleblower. I’ve publicly disagreed with that position.

That’s the opposite posture my Democratic colleagues took with the IRS whistleblowers who blew the whistle on the Biden administration. My Democratic colleagues tried to destroy them and used the press to falsely claim they weren’t whistleblowers.

No one can say that I don’t take whistleblower complaints seriously, or that I don’t investigate allegations in good faith. I’ve always said that my door is open to whistleblowers, and my efforts regarding the Bove nomination show this is true.

Mr. Reuveni first made allegations against Mr. Bove the morning before his nomination hearing. The allegations broke in a New York Times story, and the paper gleefully ran the unvetted accusations without so much as giving the Justice Department or the nominee the opportunity to respond.

The Deputy Attorney General flatly denied the allegations in a public statement, and the nominee denied them under oath both in the hearing and in response to written questions.

Then, my Democratic colleagues received additional records from the whistleblower on July 1 and July 7 but hid them from Republicans. I didn’t receive them until July 10—the same day that Mr. Bove was scheduled for his first markup.

The coordinated media strategy involved a New York Times exclusive about the files, and a Democratic press release containing a misleading summary of the documents—all designed to smear Mr. Bove.

This timeline raises serious concerns, and it’s legitimate to raise them as a major problem. If my Democratic colleagues wanted to investigate allegations, they should have come to me and we could have vetted the allegations in good faith, together. They didn’t want this. They wanted to run a one-sided media campaign.

Regardless, I still did my job and investigated.

My staff reviewed the disclosures document-by-document and analyzed the facts. The result? Almost none of the material references Mr. Bove at all. More concerningly, the Democrat summary grossly mischaracterized the documents it purported to summarize. In short, the documents didn’t say what Democrats say they did.

My staff also interviewed multiple people who were present for the March 14 meeting described in the whistleblower disclosure. Four separate people other than Mr. Bove who were present in the meeting told us the following:

My staff also spoke to numerous other individuals, including many current or former Justice Department employees, who wanted to share information about the Bove nomination. All told, my staff interviewed or spoke with more than a dozen individuals who came forward to discuss the Bove nomination.

With respect to the initial whistleblower allegations, even if you accept most of the claims as true, there’s no scandal. Government lawyers aggressively litigating and interpreting court orders isn’t misconduct—it’s what lawyers do.

Concerningly, the Minority repeatedly recast discussion of litigation strategy as wrongdoing, even discussions that reflected the government’s official litigation positions, some of which prevailed on appeal.

The whistleblower alleged misconduct—but ten days after the key event he describes, he signed a brief stating—without qualification—that “the Government has complied with the Court’s orders in this case.”

If he believed the Department defied court orders, why sign a brief as an officer of the court saying it had complied?

During the hearing, Mr. Bove firmly denied the allegations. He testified under oath: “I did not advise any Justice Department attorney to violate court orders.”

Recent public reporting backs his account. Months before the whistleblower came forward, his former supervisor wrote in a letter that Mr. Bove advised our team that we must avoid a court order halting an upcoming operation to implement the Act at all costs. This statement confirms Mr. Bove advised his team to avoid triggering a court order, not defy one—that’s consistent with his testimony.

That was the initial allegation, but now, on the eve of Mr. Bove’s final vote, the Democrats and their media allies have launched yet another salvo against Mr. Bove.

On Friday, we learned from social media that two other whistleblowers allegedly have derogatory information about Mr. Bove.

One whistleblower said that they’ve filed a complaint with the Inspector General. My staff requested the complaint and to speak with the whistleblower. Their requests were declined.

Another group, called Justice Connection, publicly alleged that a whistleblower has evidence that Bove wasn’t truthful in his hearing, and that the whistleblower “has tried to share info with Republican senators for weeks and they haven’t responded.”

To the extent that anyone is suggesting that I haven’t been willing to receive and consider relevant evidence—this is plainly false. I’m the Chairman of the Judiciary Committee, and I represent Republicans on this nomination. Regarding this whistleblower, my office wasn’t proactively approached.

Indeed, since we saw these new reports on Friday, my staff proactively – and repeatedly – reached out to the whistleblower’s lawyers, asking to see the evidence that they apparently had already shared with multiple Democrats and the media.

My staff assured them that we would review the evidence in good faith, but all weekend, my staff was stonewalled and given the runaround. Any assertion that I or my staff was uninterested in the evidence is false.

It wasn’t until Monday morning that my staff received any information. Even then, it was bits and pieces of information created by the lawyers, not original information. My staff tried over and over to get all the information, only to be rejected.

My staff was not shown the underlying transcript of the meeting until this morning. They were shown what was represented to be a verbatim transcript of a meeting, but we still didn’t get access to the underlying source.

So, what did I do? I followed my usual process and asked Mr. Bove to respond to the allegations that his testimony was inconsistent with the evidence presented. And he sent me a letter doing just that. I’ll plan to make it public.

In his letter, Mr. Bove flatly denies the allegation that he misled the Committee. He explained that he testified truthfully in response to “compound yes/no questions that sought to attribute words to me that I did not use during the February 14, 2025 video meeting.” He also responds to the attacks on his character and rejects the allegations against him.

Viewed in light of the transcript, Bove’s responses to compound, hostile questions about specific words used a meeting that happened months before his hearing do not, to me, indicate deliberately false or misleading testimony.

And more importantly, the substance of the meeting itself does not reflect misconduct. It reflected a sympathetic tone during a turbulent time, and appropriately characterizes the role of a Justice Department attorney. In the meeting, Mr. Bove specifically acknowledges that being a Justice Department Attorney means “Following orders from the President and from the Attorney General, unless we view them as unlawful or unethical.” He apologized to the attorneys present for the tension and told them, “I don’t want to put pressure on you.”

This context is important.

I’m also curious at my Democratic colleagues’ newfound interest in candor to the Committee. During the last administration, Kristen Clarke unequivocally perjured herself before the Judiciary Committee in response to written questions.

When the information came to light after her confirmation, Democrats closed ranks and refused to join Republicans in their call to hold her accountable. Democrats likewise expressed no interest in evaluating the misleading or inconsistent testimony from numerous other Biden appointees.

When this Committee considered the nomination of Justice Kavanaugh, I criticized the tactics the Democrats employed.

I said:

“The Ranking Member sat on these allegations for nearly seven weeks, only to reveal them at the eleventh hour when it appeared Judge Kavanaugh was headed towards confirmation.”

With respect to the Bove nomination, as with other nominees this Congress, Democrats appear to have dusted off the playbook they devised against Justice Kavanaugh. They hid allegedly relevant information until a politically opportune time, and then used it as an ambush to hurt the nominee.

As I said about the Democrats conduct during Director Patel’s nomination:

“This is becoming a pattern, and I will not facilitate a campaign to undermine the results of the election by delaying the consideration of nominees.”

If anyone, including my colleagues, has information regarding a nominee that they believe is relevant to their fitness for office, I expect them to share it with me in a timely and candid manner so that the allegations can be fairly vetted. My door is always open to whistleblowers, and while I may not always agree with someone else’s conclusion, I’ll always fairly consider any information brought to my office.

My message to the three whistleblowers is this: just because I may disagree with the conclusions in a whistleblower disclosure, it doesn’t mean that I don’t support a whistleblower’s right to come forward.

Whether I agree or disagree with a whistleblower, I’ll defend whistleblower rights.

Reasonable minds can differ. And when I direct my staff to allocate resources away from other ongoing whistleblower projects to handle situations like Bove, their efforts ought to be respected and given good faith treatment.

But eleventh-hour media smears by my colleagues based on information that was hidden from the Committee are unacceptable, and I won’t stand for it as a delay and obstruction tactic.

This tactic didn’t work against Justice Kavanaugh, and it won’t work against Mr. Bove.

I look forward to supporting Mr. Bove and urge all of my colleagues to do the same.

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MIL OSI USA News –

July 31, 2025

MIL-OSI United Kingdom: Peace operations should be equipped with the tools they need to deliver political solutions: UK statement at the UN Security Council

Source: United Kingdom – Government Statements

Speech

Peace operations should be equipped with the tools they need to deliver political solutions: UK statement at the UN Security Council

Statement by Caroline Quinn, UK Deputy Political Coordinator, at the UN Security Council meeting on UN Peace Operations.

UN peace operations have made a critical contribution towards international peace and security for more than three quarters of a century.

However, the nature of conflict is evolving, and we should continue supporting the adaptation of this vital UN tool so it can best support durable peace. 

I will make three points. 

Firstly, the effectiveness of UN political operations depends on their having and implementing clear and robust political strategies.

Not only do mission mandates need to have politics at their core, but missions should ensure that all elements of their work are grounded in political strategy.

This requires improved coordination across the UN system and strong cooperation with key stakeholders, including regional states and organisations, local communities and civil society.

Second, peace operations should be equipped with the tools they need to deliver political solutions.

This includes enhanced technology, such as early warning systems and improved surveillance, to foresee emerging threats.

It also includes strategic communications capabilities to counter the growing misinformation and disinformation campaigns we have regrettably seen targeting UN missions.  

Thirdly President, to best support political solutions, peace operations need to be tailored and targeted to the contexts in which they operate.

This may encompass larger, multi-dimensional peacekeeping operations, but also special political missions, like UNSMIL in Libya, supporting the political process, or expert logistical support such as UNSOS in Somalia.

UN missions also need to be agile and adaptable, with robust contingency plans so that they can quickly adapt when the situation on the ground changes.

 This is equally true for regionally led peace and security missions, which can have a critical role to play.

President, the Secretary-General’s review on the future of all forms of United Nations peace operations offers a crucial opportunity to ensure that all UN peace operations are mandated, designed and equipped to deliver political solutions in their host state context.

The United Kingdom stands ready to work with others to make it a success.

Published 30 July 2025

MIL OSI United Kingdom –

July 31, 2025

MIL-OSI USA: RGA Statement on Kamala Harris Not Running for Governor of California

Source: US Republican Governors Association

The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

WASHINGTON, D.C. – The Republican Governors Association (RGA) released the following statement today in response to Kamala Harris announcing she will not run for Governor of California:

“Kamala Harris’ political career is over thanks to President Trump. Look no further than her decision to not run for governor. She would have been a disaster for California: tanking the state’s economy even further, protecting criminal illegal immigrants over law-abiding citizens, and further bringing the Democrat Party brand down with her, just like she did as Vice President,” said RGA Rapid Response Director Kollin Crompton. “Americans across the country can sigh in relief that they won’t have to see or hear from Kamala Harris any longer.”

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MIL OSI USA News –

July 31, 2025

MIL-OSI USA: NCDHHS Announces First West Nile Case of 2025

Source: US State of North Carolina

Headline: NCDHHS Announces First West Nile Case of 2025

NCDHHS Announces First West Nile Case of 2025
jawerner
Wed, 07/30/2025 – 14:14

The North Carolina Department of Health and Human Services has announced the state’s first case of disease associated with West Nile virus in 2025. The case occurred in a resident of Durham County. To protect the patient’s privacy, no further information will be provided.

West Nile virus-infected mosquitoes were also recently identified through routine monitoring in Pitt County. This mosquito testing is part of a collaboration between Pitt County Vector Control and NCDHHS to prevent transmission of West Nile virus and other mosquito-borne diseases.

“This is the time of year when West Nile virus activity typically increases across North Carolina,” said Emily Herring, NCDHHS Public Health Veterinarian. “This recent case highlights the importance of preventing mosquito bites to reduce the risk of infection.”

West Nile virus is a mosquito-borne virus that can cause serious, life-altering disease or death. Only cases of neurologic illness are reportable in North Carolina. The virus is carried by wild birds and can be transmitted to people through the bite of an infected mosquito. It does not spread from person to person.

Most people infected with West Nile virus will not experience any symptoms, but about one in five people infected will develop a fever and other symptoms such as headache, body aches and joint pain. About one in 150 people will develop a serious neurologic illness and symptoms may include high fever, headache, neck stiffness, disorientation, seizures, and paralysis. Elderly people and people with weakened immune systems are at higher risk of developing severe illness due to West Nile virus infection. If you are ill and suspect you may be infected with West Nile virus, contact your health care provider.

Not all mosquitoes can infect people with West Nile virus, but the mosquitoes that most commonly transmit the virus can be found statewide and are most active between dusk and dawn. Follow these tips to prevent mosquito bites and reduce your risk of exposure to West Nile virus:

When spending time outdoors, use an EPA-registered insect repellent and wear clothing and gear treated with permethrin. Remember to always follow label instructions when using these products.
Wear loose-fitting, long-sleeved shirts and pants when outdoors.
Prevent water from collecting in containers around your home. After every rainfall, tip out any containers that can hold water, even a small amount, such as saucers under flowerpots. Cover, turn over or throw away items like toys, buckets and tires. Change the water in birdbaths and pet bowls at least twice a week.
Keep gutters clean and in good repair and replace corrugated downspout extensions with smooth extensions to prevent mosquito larvae from growing.
Make sure rain barrels have tight-fitting screens or lids.
Treat standing water in containers and low areas around the home with EPA-approved larvicides. Many options are available that last for weeks to months.
When possible, drain any standing water on your property such as puddles and ditches that hold water for more than four days after rain.
Use screened windows and doors, and make sure screens fit tightly and are not torn.

For more information, visit the NCDHHS West Nile Virus webpage or the CDC West Nile virus webpage and learn more about preventing mosquito bites.

El Departamento de Salud y Servicios Humanos de Carolina del Norte ha anunciado el primer caso de enfermedad asociada con el virus del Nilo Occidental en 2025. El caso ocurrió en un habitante del condado de Durham. Para proteger la privacidad del paciente, no se proporcionará más información.

Los mosquitos infectados por el virus del Nilo Occidental también se identificaron recientemente a través del monitoreo de rutina en el condado de Pitt. Esta prueba de mosquitos es parte de una colaboración entre Control de Vectores del condado Pitt y el Departamento de Salud y Servicios Humanos de Carolina del Norte (NCDHHS, por sus siglas en inglés) para prevenir la transmisión del virus del Nilo Occidental y otras enfermedades transmitidas por mosquitos.

“Esta es la época del año en que la actividad del virus del Nilo Occidental generalmente aumenta en Carolina del Norte”, dijo Emily Herring, veterinaria de salud pública del NCDHHS. “Este caso reciente destaca la importancia de prevenir las picaduras de mosquitos para reducir el riesgo de infección”.

El virus del Nilo Occidental es un virus transmitido por mosquitos que puede causar enfermedades graves que alteran la vida, o la muerte. En Carolina del Norte solo se reportan los casos de enfermedades neurológicas. El virus es transmitido por aves silvestres y puede transmitirse a las personas a través de la picadura de un mosquito infectado. No se transmite de persona a persona.

La mayoría de las personas infectadas con el virus del Nilo Occidental no experimentarán ningún síntoma, pero aproximadamente una de cada cinco personas infectadas desarrollará fiebre y otros síntomas como dolor de cabeza, dolores corporales y dolor en las articulaciones. Aproximadamente una de cada 150 personas desarrollará una enfermedad neurológica grave y los síntomas pueden incluir fiebre alta, dolor de cabeza, rigidez en el cuello, desorientación, convulsiones y parálisis. Las personas mayores y las personas con sistemas inmunitarios debilitados corren un mayor riesgo de desarrollar enfermedades graves debido a la infección por el virus del Nilo Occidental. Si está enfermo y sospecha que puede estar infectado con el virus del Nilo Occidental, comuníquese con su proveedor de atención médica.

No todos los mosquitos pueden infectar a las personas con el virus del Nilo Occidental, pero los mosquitos que transmiten el virus con mayor frecuencia se pueden encontrar en todo el estado y son más activos entre el anochecer y el amanecer. Siga estos consejos para prevenir las picaduras de mosquitos y reducir el riesgo de exposición al virus del Nilo Occidental:

Cuando pase tiempo al aire libre, use un repelente de insectos registrado por la Agencia de Protección Ambiental (EPA, por sus siglas en inglés) y use ropa y equipo tratado con permetrina. Recuerde seguir siempre las instrucciones de la etiqueta cuando utilice estos productos.
Use camisas y pantalones holgados de manga larga cuando esté al aire libre.
Evite que el agua se acumule en contenedores alrededor de su hogar. Después de cada lluvia, vierta cualquier recipiente que pueda contener agua, incluso una pequeña cantidad, como platillos debajo de macetas. Cubra, dé la vuelta o deseche artículos como juguetes, cubos, baldes y neumáticos. Cambie el agua en baños para pájaros y tazones para mascotas al menos dos veces por semana.
Mantenga las canaletas limpias y en buen estado y reemplace las extensiones de canalón corrugadas (bajantes de agua ondulados) con extensiones suaves para evitar que crezcan las larvas de mosquitos.
Asegúrese de que los barriles de lluvia tengan mallas o tapas ajustadas.
Trate el agua estancada en recipientes y áreas bajas alrededor de la casa con larvicidas aprobados por la EPA. Hay muchas opciones disponibles que duran de semanas a meses.
Cuando sea posible, drene cualquier agua estancada en su propiedad, como charcos y zanjas que retengan agua durante más de cuatro días después de la lluvia.
Utilice ventanas y puertas con mosquiteros, y asegúrese de que las mallas de los mosquiteros encajen bien y no estén rotas.

Para obtener más información, visite la página web del NCDHHS sobre el virus del Nilo Occidental o la página web de los Centros para el Control y la Prevención de Enfermedades (CDC, por sus siglas en inglés) sobre el virus del Nilo Occidental y obtenga más información sobre la prevención de las picaduras de mosquitos.

Jul 30, 2025

MIL OSI USA News –

July 31, 2025

MIL-OSI: FormFactor, Inc. Reports 2025 Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

LIVERMORE, Calif., July 30, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2025 ended June 28, 2025. Quarterly revenues were $195.8 million, an increase of 14.3% compared to $171.4 million in the first quarter of fiscal 2025, and a decrease of 0.8% from $197.5 million in the second quarter of fiscal 2024.

Anticipated strength in HBM and Foundry & Logic probe cards drove sequentially stronger second-quarter revenue
FormFactor is now shipping in volume to all three major HBM manufacturers
Closed acquisition of Farmers Branch manufacturing facility, providing significant operational flexibility in lower operating cost region

“FormFactor reported sequentially stronger second-quarter revenue that exceeded the high end of our outlook range, due to higher-than-anticipated growth in our probe-card business,” said Mike Slessor, CEO of FormFactor, Inc. “Despite this revenue strength, non-GAAP gross margin and overall profitability fell short of our outlook, mainly caused by an unfavorable shift in product mix and unforecasted ramp-up costs for a second HBM DRAM customer.”

Second Quarter Highlights

On a GAAP basis, net income for the second quarter of fiscal 2025 was $9.1 million, or $0.12 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $6.4 million, or $0.08 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $19.4 million, or $0.25 per fully-diluted share. Gross margin for the second quarter of 2025 was 37.3%, compared with 37.7% in the first quarter of 2025, and 44.0% in the second quarter of 2024.

On a non-GAAP basis, net income for the second quarter of fiscal 2025 was $21.2 million, or $0.27 per fully-diluted share, compared to net income for the first quarter of fiscal 2025 of $18.0 million, or $0.23 per fully-diluted share, and net income for the second quarter of fiscal 2024 of $27.3 million, or $0.35 per fully-diluted share. On a non-GAAP basis, gross margin for the second quarter of 2025 was 38.5%, compared with 39.2% in the first quarter of 2025, and 45.3% in the second quarter of 2024.

GAAP net cash provided by operating activities for the second quarter of fiscal 2025 was $18.9 million, compared to $23.5 million for the first quarter of fiscal 2025, and $21.9 million for the second quarter of fiscal 2024. Free cash flow for the second quarter of fiscal 2025 was negative $47.1 million, compared to free cash flow for the first quarter of fiscal 2025 of $6.3 million, and free cash flow for the second quarter of 2024 of $14.2 million.

A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

Outlook

Dr. Slessor added, “In the current third quarter, we expect to deliver revenue comparable to the second quarter, with slightly higher gross margin and operating profit.”

For the third quarter ending September 27, 2025, FormFactor is providing the following outlook*:

	GAAP	Reconciling Items**	Non-GAAP
Revenue	$200 million +/- $5 million	—	$200 million +/- $5 million
Gross Margin	38.5% +/- 1.5%	$3 million	40% +/- 1.5%
Net income per diluted share	$0.14 +/- $0.04	$0.11	$0.25 +/- $0.04
This outlook assumes consistent foreign currency rates. *Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.

We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

Use of Non-GAAP Financial Information:

To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and six months ended June 28, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

About FormFactor:

FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, and the Company’s performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and “prospect,” and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited)

	Three Months Ended							Six Months Ended
	June 28, 2025			March 29, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Revenues	$	195,798		$	171,356	$	197,474	$	367,154	$	366,199
Cost of revenues		122,860			106,833		110,574		229,693		216,561
Gross profit		72,938			64,523		86,900		137,461		149,638
Operating expenses:
Research and development		28,793			27,800		31,564		56,593		60,191
Selling, general and administrative		31,839			33,454		37,874		65,293		70,953
Total operating expenses		60,632			61,254		69,438		121,886		131,144
Gain on sale of business		—			—		310		—		20,581
Operating income		12,306			3,269		17,772		15,575		39,075
Interest income, net		2,642			3,317		3,415		5,959		6,571
Other income (expense), net		(6	)		890		360		884		880
Income before income taxes		14,942			7,476		21,547		22,418		46,526
Provision for income taxes		2,372			1,075		2,155		3,447		5,353
Loss from equity investment		3,484			—		—		3,484		—
Net income	$	9,086		$	6,401	$	19,392	$	15,487	$	41,173
Net income per share:
Basic	$	0.12		$	0.08	$	0.25	$	0.20	$	0.53
Diluted	$	0.12		$	0.08	$	0.25	$	0.20	$	0.52
Weighted-average number of shares used in per share calculations:
Basic		77,107			77,345		77,235		77,226		77,343
Diluted		77,527			77,884		78,717		77,721		78,746

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended									Six Months Ended
	June 28, 2025			March 29, 2025			June 29, 2024			June 28, 2025			June 29, 2024
GAAP Gross Profit	$	72,938		$	64,523		$	86,900		$	137,461		$	149,638
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		528			542			545			1,070			1,131
Stock-based compensation		1,690			2,005			1,932			3,695			3,860
Restructuring charges		183			60			39			243			83
Non-GAAP Gross Profit	$	75,339		$	67,130		$	89,416		$	142,469		$	154,712

GAAP Gross Margin		37.3	%		37.7	%		44.0	%		37.4	%		40.9	%
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		0.3	%		0.3	%		0.3	%		0.3	%		0.3	%
Stock-based compensation		0.8	%		1.2	%		1.0	%		1.0	%		1.1	%
Restructuring charges		0.1	%		—	%		—	%		0.1	%		—	%
Non-GAAP Gross Margin		38.5	%		39.2	%		45.3	%		38.8	%		42.3	%

GAAP operating expenses	$	60,632		$	61,254		$	69,438		$	121,886		$	131,144
Adjustments:
Amortization of intangibles		(191	)		(191	)		(191	)		(382	)		(382	)
Stock-based compensation		(7,701	)		(7,791	)		(8,277	)		(15,492	)		(16,754	)
Restructuring charges		(195	)		(2,823	)		(49	)		(3,018	)		(98	)
Costs related to sale and acquisition of businesses		(55	)		(217	)		(43	)		(272	)		(689	)
Non-GAAP operating expenses	$	52,490		$	50,232		$	60,878		$	102,722		$	113,221

GAAP operating income	$	12,306		$	3,269		$	17,772		$	15,575		$	39,075
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		719			733			736			1,452			1,513
Stock-based compensation		9,391			9,796			10,209			19,187			20,614
Restructuring charges		378			2,883			88			3,261			181
Gain on sale of business, net of costs and acquisition related expenses		55			217			(267	)		272			(19,892	)
Non-GAAP operating income	$	22,849		$	16,898		$	28,538		$	39,747		$	41,491

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended									Six Months Ended
	June 28, 2025			March 29, 2025			June 29, 2024			June 28, 2025			June 29, 2024
GAAP net income	$	9,086		$	6,401		$	19,392		$	15,487		$	41,173
Adjustments:
Amortization of intangibles and fixed asset fair value adjustments due to acquisitions		719			733			736			1,452			1,513
Stock-based compensation		9,391			9,796			10,209			19,187			20,614
Restructuring charges		378			2,883			88			3,261			181
Gain on sale of business and assets, net of costs and acquisition related expenses		3,460			217			(267	)		3,677			(19,892	)
Income tax effect of non-GAAP adjustments		(1,812	)		(2,026	)		(2,835	)		(3,838	)		(1,922	)
Non-GAAP net income	$	21,222		$	18,004		$	27,323		$	39,226		$	41,667

GAAP net income per share:
Basic	$	0.12		$	0.08		$	0.25		$	0.20		$	0.53
Diluted	$	0.12		$	0.08		$	0.25		$	0.20		$	0.52

Non-GAAP net income per share:
Basic	$	0.28		$	0.23		$	0.35		$	0.51		$	0.54
Diluted	$	0.27		$	0.23		$	0.35		$	0.50		$	0.53

GAAP net cash provided by operating activities	$	18,893		$	23,539		$	21,878		$	42,432		$	54,890
Adjustments:
Sale of business and acquisition related payments in working capital		168			1,221			630			1,389			677
Cash paid for interest		95			92			101			187			201
Capital expenditures		(66,256	)		(18,584	)		(8,398	)		(84,840	)		(21,834	)
Free cash flow	$	(47,100	)	$	6,268		$	14,211		$	(40,832	)	$	33,934

GAAP net cash used in investing activities	$	(78,553	)	$	(84,660	)	$	(6,140	)	$	(163,213	)	$	(9,960	)
GAAP net cash used in financing activities	$	(4,214	)	$	(2,964	)	$	(4,934	)	$	(7,178	)	$	(19,426	)

FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

	Six Months Ended
	June 28, 2025			June 29, 2024
Cash flows from operating activities:
Net income	$	15,487		$	41,173
Selected adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		17,051			14,563
Amortization		1,339			1,280
Stock-based compensation expense		19,187			20,614
Provision for excess and obsolete inventories		6,695			6,277
Loss from equity investment		3,484			—
Gain on sale of business and assets		(103	)		(20,581	)
Non-cash restructuring charges		2,160			—
Other activity impacting operating cash flows		(22,868	)		(8,436	)
Net cash provided by operating activities		42,432			54,890
Cash flows from investing activities:
Acquisition of property, plant and equipment		(84,840	)		(21,834	)
Proceeds from sale of business and assets		103			21,585
Purchase of equity investment		(67,156	)		—
Purchases of marketable securities, net		(11,320	)		(9,711	)
Net cash used in investing activities		(163,213	)		(9,960	)
Cash flows from financing activities:
Purchase of common stock through stock repurchase program, including excise tax paid		(24,586	)		(20,271	)
Proceeds from issuances of common stock		21,576			4,948
Principal repayments on term loans		(549	)		(534	)
Tax withholdings related to net share settlements of equity awards		(3,619	)		(3,569	)
Net cash used in financing activities		(7,178	)		(19,426	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		1,658			(2,826	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(126,301	)		22,678
Cash, cash equivalents and restricted cash, beginning of period		197,206			181,273
Cash, cash equivalents and restricted cash, end of period	$	70,905		$	203,951

FORMFACTOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	June 28, 2025		December 28, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	67,380	$	190,728
Marketable securities		181,949		169,295
Accounts receivable, net of allowance for credit losses		115,199		104,294
Inventories, net		110,789		101,676
Restricted cash		1,061		3,746
Prepaid expenses and other current assets		48,884		35,389
Total current assets		525,262		605,128
Restricted cash		2,464		2,732
Operating lease, right-of-use-assets		19,475		22,579
Property, plant and equipment, net of accumulated depreciation		259,288		210,230
Equity investment		67,264		—
Goodwill		200,858		199,171
Intangibles, net		9,017		10,355
Deferred tax assets		94,795		92,012
Other assets		3,185		4,008
Total assets	$	1,181,608	$	1,146,215

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	59,932	$	62,287
Accrued liabilities		38,545		43,742
Current portion of term loan, net of unamortized issuance costs		1,121		1,106
Deferred revenue		16,450		15,847
Operating lease liabilities		7,919		8,363
Total current liabilities		123,967		131,345
Term loan, less current portion, net of unamortized issuance costs		11,644		12,208
Long-term operating lease liabilities		15,231		17,550
Deferred grant		18,000		18,000
Other liabilities		22,743		19,344
Total liabilities		191,585		198,447

Stockholders’ equity:
Common stock		77		77
Additional paid-in capital		850,064		837,586
Accumulated other comprehensive income (loss)		3,450		(10,840	)
Accumulated income		136,432		120,945
Total stockholders’ equity		990,023		947,768
Total liabilities and stockholders’ equity	$	1,181,608	$	1,146,215

About our Non-GAAP Financial Measures:

We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” included in this press release.

Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4273
ir@formfactor.com

Source: FormFactor, Inc.
FORM-F

The MIL Network –

July 31, 2025

MIL-OSI: Freehold Royalties Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces second quarter results for the period ended June 30, 2025.

Second Quarter Highlights

$78 million in revenue;
$57 million in funds from operations ($0.35/share) ⁽¹⁾⁽²⁾;
$44 million in dividends paid ($0.27/share)⁽³⁾;
11,047 bbls/d of total crude oil and natural gas liquids (NGLs) production, a 4% increase from the previous quarter and a 13% increase year-over-year;
67% weighting to liquids, an increase from 64% in the second quarter of 2024;
16,584 boe/d of total production, a 2% increase from the previous quarter and a 9% increase year-over-year;
Gross drilling of 271 wells, comprised of 45 wells in Canada and 226 in the U.S.;
Continued active leasing program with 40 new leases signed during the second quarter of 2025 (34 in Canada; 6 in the U.S.) contributing revenue of $1.9 million and $5.8 million in the first half of 2025; and
$50.36/boe average realized price ($57.83/boe in the U.S. and $44.23/boe in Canada);
- 31% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs.

President’s Message

Freehold’s second quarter production of 16,584 boe/d increased 2% compared to last quarter and 9% from the second quarter of 2024. Our U.S. assets delivered meaningful production growth of 7% over the first quarter of 2025. Supporting this growth has been improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches. Specific to our second quarter results, this productivity increase was paired with a series of higher royalty interest developments which magnified the production impact on the quarter. In Canada, we continue to see operators focusing capital on our oil weighted plays in Mannville heavy oil, the Clearwater and southeast Saskatchewan. These three oil plays represent approximately 30% of our Canadian production and volumes have grown 10% since the second quarter of 2024 through active drilling by multiple operators on our lands in these areas.

Our oil focused portfolio, underpinned by investment grade operators in premier basins across North America, delivered $57 million in funds from operations in the quarter, or $0.35/share⁽¹⁾⁽²⁾. Oil prices in the second quarter were at the lowest benchmark WTI oil price since the first quarter of 2021. For reference, our funds from operations in the first quarter of 2021 was $0.25/share – this quarter we are 40% higher, confirming the impact that Freehold’s strategic focus on growing its high quality, liquids weighted assets has had over the past four years.

Bonus and leasing revenue remained strong generating $1.9 million during the quarter and $5.8 million in the first half of 2025. This $5.8 million represents a 50% increase from the Company’s previous record levels of lease bonus which occurred over the full year in 2018. This record level of leasing revenue has been driven by active leasing of the mineral title lands we have been acquiring in the U.S. as well as continued leasing of our legacy mineral title lands in Canada.

In total, we paid $44 million in dividends to our shareholders this quarter while maintaining the strength of our balance sheet with net debt of $271 million, representing 1.1x trailing net debt to funds from operations⁽²⁾⁽⁵⁾. We invested approximately $12 million in land acquisitions this quarter, purchasing undeveloped mineral title lands in the core of the Midland and Delaware basins.

David M. Spyker, President and Chief Executive Officer

Operating and Financial Highlights

	Three Months Ended
FINANCIAL ($ millions, except as noted)	Q2-2025	Q1-2025	Q2-2024
West Texas Intermediate (US$/bbl)	63.74	71.42	80.57
AECO 5A Monthly Index (Cdn$/Mcf)	1.69	2.17	1.18
Royalty and other revenue	78.3	91.1	84.5
Funds from operations	56.6	68.1	59.6
Funds from operations per share, basic ($) ⁽¹⁾⁽²⁾	0.35	0.42	0.40
Dividends paid per share ($) ⁽³⁾	0.27	0.27	0.27
Dividend payout ratio (%) ⁽²⁾	78%	65%	68%
Long-term debt	292.6	294.3	228.0
Net debt ⁽⁵⁾	270.6	272.2	199.1
Net debt to trailing funds from operations (times) ⁽⁵⁾	1.1x	1.1x	0.8x
OPERATING
Total production (boe/d) ⁽⁴⁾	16,584	16,248	15,221
Canadian production (boe/d)⁽⁴⁾	9,104	9,278	9,622
U.S. production (boe/d)⁽⁴⁾	7,480	6,970	5,599
Oil and NGL (%)	67%	65%	64%
Petroleum and natural gas realized price ($/boe) ⁽⁴⁾	50.36	59.29	59.74
Cash costs ($/boe) ⁽²⁾⁽⁴⁾	7.38	7.00	9.80
Netback ($/boe) ⁽²^{) (4)}	42.68	53.01	49.44
ROYALTY INTEREST DRILLING (gross / net)
Canada	45 / 1.1	92 / 3.9	65 / 2.1
U.S.	226 / 0.6	230 / 0.8	209 / 1.0

^{(1) Calculated based on the basic weighted average number of shares outstanding during the period}
^{(2) See Non-GAAP and Other Financial Measures}
^{(3) Based on the number of shares issued and outstanding at each record date}
^{(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)}
^{(5) Net debt and net debt to trailing funds from operations are capital management measures. See Non-GAAP and Other Financial Measures.}

Dividend Announcement

The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on September 15, 2025, to shareholders of record on August 29, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Drilling and Leasing Activity

In total, 271 gross wells (1.7 net wells) were drilled on Freehold’s royalty lands during the second quarter of 2025, a decrease of 16% compared to the previous quarter primarily due to the impact of spring break-up in Canada.

Drilling was oil focused with approximately 17% of gross wells drilled in Canada and 83% in the U.S.

	Three Months Ended
	Q2-2025		Q1-2025		Q2-2024
	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾
Canada	45	1.1	92	3.9	65	2.1
United States	226	0.6	230	0.8	209	1.0
Total	271	1.7	322	4.7	274	3.1

^{(1) Equivalent net wells are aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.}

Canada

Canadian drilling was down compared to the previous quarter primarily due to the impact of spring break-up and weaker AECO prices curtailing natural gas activity. Drilling during the second quarter was focused on our crude oil plays including the Clearwater (8 gross wells), southeast Saskatchewan (8 gross wells), and Mannville heavy oil (6 gross wells). Licencing activity remained consistent with 2024 on a year-to-date basis. In conjunction with improving sentiment on Canadian natural gas pricing with LNG Canada starting up, 22 wells have been licensed on our Deep Basin/Montney lands in the first half of 2025 (a significant increase from nine licenses in the first half of 2024).

During the second quarter of 2025, Freehold entered into 34 new leases with 10 counterparties totalling approximately $0.7 million in bonus and lease rental revenue. The majority of the new leasing was in southeast Saskatchewan.

U.S.

During the second quarter of 2025, 226 gross (0.6 net) wells were drilled on our U.S. lands. Approximately 86% of second quarter drilling was in the Permian basin and 13% in the Eagle Ford basin. At the end of the second quarter of 2025, Freehold had 2.2 net drilled but uncompleted wells and 2.4 net wells permitted but not yet drilled.

Initial production for U.S. wells is approximately ten times that of an average Canadian well in the Company’s portfolio, making equivalent net well additions much more meaningful in the U.S. compared to Canada. However, a U.S. well can take upwards of six to twelve months on average from initial permit to first production, compared to three to four months in Canada.

During the second quarter of 2025, Freehold entered into six new U.S. leases with four counterparties, totalling $1.2 million of bonus and lease rental revenue. Leasing activity was primarily in the Permian basin.

Conference Call Details

A webcast to discuss financial and operational results for the period ended June 30, 2025, will be held for the investment community on Thursday July 31, 2025, beginning at 7:00 AM MT (9:00 AM ET).

A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6t37memx.

A dial-in option is also available and can be accessed by dialing 1-800-806-5484 (toll-free in North America) participant passcode is 8979321#.

For further information contact

Select Quarterly Information

	2025		2024				2023
Financial ($millions, except as noted)	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Royalty and other revenue	78.3	91.1	76.9	73.9	84.5	74.3	80.1	84.2
Net Income (loss)	6.2	37.3	51.1	25.0	39.3	34.0	34.3	42.3
Per share, basic ($) ⁽¹⁾	0.04	0.23	0.33	0.17	0.26	0.23	0.23	0.28
Cash flows from operations	57.4	62.9	59.1	64.1	47.6	52.5	70.7	53.7
Funds from operations	56.6	68.1	61.3	55.7	59.6	54.4	62.8	65.3
Per share, basic ($) ⁽¹⁾⁽³⁾	0.35	0.42	0.40	0.37	0.40	0.36	0.42	0.43
Acquisitions & related expenditures	15.2	13.9	277.0	1.8	11.5	121.5	2.1	1.2
Dividends paid	44.3	44.3	40.7	40.7	40.7	40.7	40.7	40.7
Per share ($) ⁽²⁾	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Dividends declared	44.3	44.3	41.9	40.7	40.7	40.7	40.7	40.7
Per share ($) ⁽²⁾	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Dividend payout ratio (%) ⁽³⁾	78%	65%	66%	73%	68%	75%	65%	62%
Long-term debt	292.6	294.3	300.9	205.8	228.0	223.6	123.0	141.2
Net debt ⁽⁵⁾⁽⁶⁾	270.6	272.2	282.3	187.1	199.1	210.5	100.9	113.4
Shares outstanding, period end (000s)	164.0	164.0	164.0	150.7	150.7	150.7	150.7	150.7
Average shares outstanding, basic (000s) ⁽⁷⁾	164.0	164.0	153.4	150.7	150.7	150.7	150.7	150.7
Operating
Light and medium oil (bbl/d)	6,940	6,880	6,296	6,080	6,551	6,094	6,308	6,325
Heavy oil (bbl/d)	1,557	1,552	1,516	1,315	1,348	1,300	1,182	1,127
NGL (bbl/d)	2,550	2,203	2,066	1,972	1,902	1,884	1,878	1,678
Total liquids (bbl/d)	11,047	10,635	9,878	9,367	9,801	9,278	9,368	9,130
Natural gas (Mcf/d)	33,220	33,678	32,564	31,447	32,524	32,617	32,968	32,851
Total production (boe/d) ⁽⁴⁾	16,584	16,248	15,306	14,608	15,221	14,714	14,863	14,605
Oil and NGL (%)	67%	65%	65%	64%	64%	63%	63%	63%
Petroleum & natural gas realized price ($/boe) ⁽⁴⁾	50.36	59.29	53.80	54.36	59.74	54.81	57.94	61.55
Cash costs ($/boe) ⁽³⁾⁽⁴⁾	7.38	7.00	5.93	5.42	9.80	7.19	4.73	5.10
Netback ($/boe) ⁽³⁾⁽⁴⁾	42.68	53.01	47.25	47.78	49.44	46.62	52.59	55.63
Benchmark Prices
West Texas Intermediate crude oil (US$/bbl)	63.74	71.42	70.27	75.09	80.57	76.96	78.32	82.26
Exchange rate (Cdn$/US$)	1.38	1.43	1.40	1.37	1.37	1.35	1.36	1.34
Edmonton Light Sweet crude oil (Cdn$/bbl)	84.25	95.32	94.90	97.85	105.29	92.14	99.69	107.89
Western Canadian Select crude oil (Cdn$/bbl)	73.96	84.30	80.75	83.95	91.63	77.77	76.96	93.05
Nymex natural gas (US$/Mcf)	3.57	3.79	2.86	2.24	1.96	2.33	2.98	2.64
AECO 5A Monthly Index (Cdn$/Mcf)	1.69	2.17	1.48	0.69	1.18	1.80	2.60	1.88

^{(1) Calculated based on the basic weighted average number of shares outstanding during the period}
^{(2) Based on the number of shares issued and outstanding at each record date}
^{(3) See Non-GAAP and Other Financial Measures}
^{(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)}
^{(5) The 2023 reported balances have been restated due to the retrospective adoption of IAS 1 (see note 3d of December 31, 2024 audited consolidated financial statements)}
^{(6) Net debt is a capital management measures; see Non-GAAP and Other Financial Measures}
^{(7) Weighted average number of shares outstanding during the period, basic}

Forward-Looking Statements

This news release offers our assessment of Freehold’s future plans and operations as of July 30, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

our expectations with the improving sentiment on Canadian natural gas pricing with LNG Canada starting up;
our expectations regarding improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches;
our expectation that in Canada operators will continue to focus capital on our oil weighted plays of the Mannville Stack, the Clearwater and southeast Saskatchewan;
our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada; and
other similar statements.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, inflation and supply chain issues, the impacts of the ongoing Middle-East conflicts, Russia-Ukraine war (and any associated sanctions) and actions taken by OPEC+ on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions on the timing and terms expected, the failure to satisfy conditions of closing for any acquisitions, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2024, available at www.sedarplus.ca.

With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

To the extent any guidance or forward-looking statements herein constitutes a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

Non-GAAP and Other Financial Measures

Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended June 30, 2025.

Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings.

The netback, which is also calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

Cash costs, which is calculated on a boe basis, is comprised by the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

The following table presents the computation of Net Revenue, Cash costs and the Netback:

$/boe	Q2-2025	Q1-2025	Q2-2024
Royalty and other revenue	51.87	62.29	60.99
Production and ad valorem taxes	(1.81)	(2.28)	(1.75)
Net revenue	$50.06	$60.01	$59.24
Less:
General and administrative expense	(2.79)	(3.41)	(2.86)
Operating expense	(0.13)	(0.13)	(0.24)
Interest and financing cash expense	(2.95)	(3.31)	(2.87)
Management fee-cash settled	(0.01)	(0.05)	(0.05)
Cash payout on share-based compensation	(1.50)	(0.10)	(3.78)
Cash costs	(7.38)	(7.00)	($9.80)
Netback	$42.68	$53.01	$49.44

Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary measure and is calculated as dividends paid as a percentage of funds from operations.


($000s, except as noted)	Q2-2025	Q1-2025	Q2-2024
Dividends paid	$44,270	$44,269	$40,686
Funds from operations	$56,600	$68,050	$59,569
Dividend payout ratio (%)	78%	65%	68%

Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary measure.

The MIL Network –

July 31, 2025

MIL-OSI: Eos Energy Enterprises Delivers Record Quarterly Revenue Nearly Equivalent to Full Year 2024, Reports Second Quarter 2025 Financial Results and Reaffirms 2025 Revenue Outlook

Source: GlobeNewswire (MIL-OSI)

$15.2 million revenue, highest in Company history and nearly equivalent to full year 2024
Z3 customer system performance, averaging nearly 88% RTE across multiple cycles and peaking at 89.5% on its highest individual cycle
Closed $336 million in concurrent offerings of common stock and convertible senior notes, strengthening the Company’s balance sheet and creating enhanced financial flexibility
Received $22.7 million for its second loan advance from the Department of Energy’s (DOE) Loan Programs Office, totaling $91 million in funding since November 2024 loan closing
Extended its 26.5% convertible senior notes maturity to September 30, 2034, and reduced interest rate from 26.5% to 7.0%, beginning on June 30, 2026
$18.8 billion commercial pipeline increased $3.2 billion vs. prior quarter led by over 10 GWh submitted to the UK Cap & Floor scheme, 15% sequential growth in 8-hour plus duration projects
Continuing capacity expansion: sub-assembly automation ramping in third quarter while second state-of-the-art manufacturing line on order
One Big Beautiful Bill Act (OBBBA) preserves manufacturing production tax credits with full stackability and transferability through 2029; Eos domestic content exceeds FEOC requirements for customer ITC
Reaffirms 2025 full year revenue guidance range of $150 million – $190 million

EDISON, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”) is an American energy company and the leading innovator in designing, sourcing, manufacturing, and providing zinc-based battery energy storage systems (BESS) manufactured in the United States, today announced its financial results for the second quarter ended June 30, 2025.

Second Quarter Highlights

Record quarterly revenue of $15.2 million, a 46% increase compared to the prior quarter and up 17x from the same period last year, driven by increased production volumes. Factory shipments increased 122% quarter-over-quarter, with 50% of the production volume delivered for a strategic customer project.
Gross loss of $31.0 million, a 32-point margin improvement from the prior quarter, driven by increased production volumes and operational efficiencies partially offset by one-time lower than average selling prices.
Operating expenses totaled $32.9 million, a decrease from prior quarter excluding $5.4 million in one-time non-recurring items.
$222.9 million net loss attributable to shareholders driven by $151.8 million non-cash changes in fair value tied to mark-to-market adjustments related to the Company’s increased stock price as of June 30, 2025, loss recorded for the repurchase of the Company’s outstanding 2026 convertible notes, and loss recorded as part of the prepayment under the Delayed Draw Term Loan.
Adjusted EBITDA loss of $51.6 million, a 75-point margin improvement from prior quarter, driven by improved gross margins and operational leverage.
Total cash of $183.2 million, including restricted cash, as of June 30, 2025.
Commercial opportunity pipeline of $18.8 billion, an increase of 21% compared to prior quarter and 37% compared to June 30, 2024, with a $672.5 million orders backlog.

“The team delivered our strongest operational quarter to date – production scaled rapidly prior to subassembly fully coming online, revenue nearly surpassed all of 2024, and Z3 customer field data has been outperforming its initial product specifications for round trip efficiency,” said Joe Mastrangelo, Eos Chief Executive Officer. “We’ve made significant progress in advancing our commercial pipeline, while improving our operating performance. We are continuing to expand our manufacturing capacity to provide our customers with the confidence in Eos’ ability to deliver large scale projects.”

2025 Outlook

For the full year 2025, Eos continues to expect revenue between $150 million and $190 million. Less than two years ago, the Company initiated its manufacturing expansion plan. Last year, it successfully launched its first state-of-the-art manufacturing line with battery modules being produced every 10 seconds. To further increase capacity and drive cost reductions, Eos is now implementing subassembly automation which should more than double the throughput of the battery module line. Together, these two programs allow the Company to ramp production in the second half of 2025 to an annualized rate of 2 GWh per year.

Recent Business Highlights

Commercial Growth
Macro-level trends are driving a secular shift in power demand, with industries such as artificial intelligence and data centers accelerating the need for resilient, scalable energy infrastructure. Meeting this demand will require a diverse mix of energy solutions, and Eos is well-positioned to be a key contributor to America’s energy independence. In the second quarter, the Company added $3.2 billion to its commercial pipeline, bringing the total to $18.8 billion, representing 77 GWh of energy storage capacity with approximately 20% of it being connected to the build out of data centers.

Eos continues to advance three large Memorandum of Understanding (MOUs) totaling 6.2 GWh along with several emerging large-scale opportunities. Early in the quarter, Eos signed a 5 GWh MOU with Frontier Power, a leading UK developer of energy infrastructure. Since then, Frontier has submitted over 10 GWh of projects using Eos technology to the UK’s Cap and Floor scheme — more than double the original commitment — highlighting strong UK demand for 8-hour plus storage.

More than half of Eos’ pipeline is now stand-alone energy storage projects as system operators increasingly look for solutions that manage grid volatility, ease congestion, and minimize curtailment across all types of power generating assets. Crucially, stand-alone storage remains fully eligible under Section 48E of the Investment Tax Credit (ITC) under the OBBBA. With over 90% domestic content, Eos is strongly positioned to meet evolving Foreign Entity of Concern (FEOC) requirements offering customers both energy security and the ability to maximize domestic energy incentives.

Enhanced Liquidity to Accelerate Growth
During the quarter, Eos executed and closed $336 million in concurrent offerings of common stock and convertible senior notes. The offerings were significantly oversubscribed, demonstrating strong investor confidence in Eos’ growth potential and progress against its strategic plan. These transformative transactions mark a critical inflection point that unlock the financial flexibility required to scale operations and meet long duration energy storage demand.

The offerings also allowed the Company to restructure key portions of its debt, materially lowering its cost of capital while strengthening its balance sheet, with the overall transaction resulting in approximately $400 million in savings over the prior terms of the Company’s debt.

Post quarter end, the Company also extended the maturity of its 26.5% convertible senior notes to September 30, 2034, and reduced the interest rate from 26.5% to 7.0% beginning on June 30, 2026. At the same time, an affiliate of Cerberus Capital Management, L.P. (“Cerberus”) granted a no-penalty extension until and through October 31, 2025, for the Company to achieve the last cash receipt milestone under its Delayed Draw Term Loan. This is the last outstanding performance milestone under the Delayed Draw Term Loan facility.

Earnings Conference Call and Webcast
Eos will host a conference call to discuss its second quarter 2025 results on July 31, 2025, at 8:30 a.m. ET. The live webcast of the earnings call will be available on the “Investor Relations” page of the Company’s website at Eos Investors or may be accessed using this link (registration link). To avoid delays, we encourage participants to join the conference call fifteen minutes ahead of the scheduled start time.

The conference call will be available via webcast through Eos’ investor relations website for twelve months following the live presentation. The webcast replay will be available from approximately 11:30 a.m. ET on July 31, 2025, and can be accessed by visiting Eos Investors.

About Eos Energy Enterprises

Eos is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. The Company’s BESS features the innovative Znyth™ technology, a proven chemistry with readily available non-precious earth components, that is the pre-eminent safe, non-flammable, secure, stable, and scalable alternative to conventional lithium-ion technology. The Company’s BESS is ideal for utility-scale, microgrid, commercial, and industrial long-duration energy storage applications (i.e., 4 to 16+ hours), and provides customers with significant operational flexibility to effectively address current and future increased grid demand and complexity. For more information about Eos (NASDAQ: EOSE), visit eose.com.

Forward Looking Statements

Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, for the fiscal years December 31, 2025, our path to profitability and strategic outlook, statements regarding orders backlog and opportunity pipeline, statements regarding our expectation that we can continue to increase product volume on our state-of-the-art manufacturing line, statements regarding our future expansion and its impact on our ability to scale up operations, statements regarding our expectation that we can continue to strengthen our overall supply chain, statements regarding our expectation that our new comprehensive insurance program will provide increased operational and economic certainty, statements that refer to the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “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 based on our management’s beliefs, as well as assumptions made by, and the information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; the timing and availability of future funding under the Department of Energy Loan Facility; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise

Key Metrics

Backlog. Our backlog represents the amount of revenue that we expect to realize from existing agreements with our customers for the sale of our battery energy storage systems and performance of services. The backlog is calculated by adding new orders in the current fiscal period to the backlog as of the end of the prior fiscal period and then subtracting the shipments in the current fiscal period. If the amount of an order is modified or cancelled, we adjust orders in the current period and our backlog accordingly, but do not retroactively adjust previously published backlogs. There is no comparable US-GAAP financial measure for backlog. We believe that the backlog is a useful indicator regarding the future revenue of our Company.

Pipeline. Our pipeline represents projects for which we have submitted technical proposals or non-binding quotes plus letters of intent (“LOI”) or firm commitments from customers. Pipeline does not include lead generation projects.

Booked Orders. Booked orders are orders where we have legally binding agreements with a Purchase Order (“PO”), or Master Supply Agreement (“MSA”) executed by both parties.

Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, we have disclosed in this earnings release non-GAAP financial measures, including adjusted EBITDA and adjusted EPS, which are non-GAAP financial measures as defined under the rules of the SEC. These non-GAAP financial measures should be considered supplemental to, not a substitute for, or superior to, the financial measures of the Company’s calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes adjusted EBITDA, and adjusted EPS are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

We believe that non-GAAP financial information, when taken collectively may be helpful to our investors in assessing its operating performance. There are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents. For example, the Company’s definitions of non-GAAP financial measures may differ from non-GAAP financial measures used by other companies. Below is a description of the non-GAAP financial information included herein as well as reconciliations to the most directly comparable GAAP measure. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

Adjusted EBITDA is defined as earnings (net loss) attributable to Eos adjusted for interest expense, income tax, depreciation and amortization, non-cash stock-based compensation expense, change in fair value of debt and derivatives, debt extinguishment, and other non-cash or non-recurring items as determined by management which it does not believe to be indicative of its underlying business trends. Adjusted EPS is defined as GAAP net loss per common share as adjusted for non-cash stock-based compensation expense change in fair value of debt and derivatives and debt extinguishment per common share.

EOS ENERGY ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue	$	15,236		$	898		$	25,693		$	7,499
Cost of goods sold		46,189			14,121			81,185			42,350
Gross profit (loss)		(30,953	)		(13,223	)		(55,492	)		(34,851	)
Operating expenses
Research and development expenses		7,201			4,250			14,038			9,450
Selling, general and administrative expenses		25,488			11,293			46,483			25,535
Loss from write-down of property, plant and equipment		205			271			766			336
Total operating expenses		32,894			15,814			61,287			35,321
Operating Loss		(63,847	)		(29,037	)		(116,779	)		(70,172	)
Other (expense) income
Interest expense, net		(2,129	)		(3,515	)		(2,293	)		(7,782	)
Interest expense – related party		(4,510	)		(4,912	)		(10,291	)		(9,763	)
Change in fair value of debt – related party		31,615			(240	)		25,682			(240	)
Change in fair value of warrants		(57,936	)		(7,941	)		(12,011	)		(5,041	)
Change in fair value of derivatives – related parties		(76,455	)		(47,727	)		(41,869	)		(47,193	)
(Loss) gain on debt extinguishment		(49,063	)		68,478			(49,063	)		68,478
Other expense		(606	)		(3,270	)		(1,166	)		(3,134	)
Loss before income taxes	$	(222,931	)	$	(28,164	)	$	(207,790	)	$	(74,847	)
Income tax expense		6			8			11			33
Net Loss attributable to shareholders	$	(222,937	)	$	(28,172	)	$	(207,801	)	$	(74,880	)
Remeasurement of Preferred Stock – related party		(21,385	)		(23,671	)		58,612			(23,671	)
Down round deemed dividend		(4,456	)		—			(4,456	)		—
Net Loss attributable to common shareholders	$	(248,778	)	$	(51,843	)	$	(153,645	)	$	(98,551	)
Other Comprehensive Loss
Change in fair value of debt – credit risk – related party	$	(6,224	)	$	—		$	(6,224	)	$	—
Foreign currency translation adjustment		14			1			21			(4	)
Comprehensive Loss attributable to common shareholders	$	(254,988	)	$	(51,842	)	$	(159,848	)	$	(98,555	)

Basic and diluted Loss per share attributable to common shareholders
Basic	$	(1.05	)	$	(0.25	)	$	(0.66	)	$	(0.48	)
Diluted	$	(1.05	)	$	(0.25	)	$	(0.66	)	$	(0.48	)

Weighted average shares of common stock
Basic		237,741,328			211,137,189			231,616,540			206,225,126
Diluted		237,741,328			211,137,189			231,616,540			206,225,126

EOS ENERGY ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

	June 30, 2025			December 31, 2024
Balance sheet data
Cash and cash equivalents	$	120,225		$	74,292
Other current assets	$	112,052		$	105,620
Property, plant and equipment, net	$	75,533		$	45,660
Other assets	$	53,185		$	34,746
Total assets	$	360,995		$	260,318
Total liabilities	$	931,693		$	842,085
Mezzanine equity – preferred stock	$	532,269		$	488,696
Total deficit	$	(1,102,967	)	$	(1,070,463	)

EOS ENERGY ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, except share and per share amounts)

	Six Months Ended June 30,
		2025			2024
Net cash used in operating activities	$	(95,046	)	$	(66,807	)
Net cash used in investing activities		(11,959	)		(10,299	)
Net cash provided by financing activities		186,820			50,024
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(2	)		(6	)
Net increase (decrease) in cash, cash equivalents and restricted cash		79,813			(27,088	)
Cash, cash equivalents and restricted cash, beginning of the period		103,362			84,667
Cash, cash equivalents and restricted cash, end of the period	$	183,175		$	57,579

EOS ENERGY ENTERPRISES, INC.

UNAUDITED RECONCILIATION OF NET LOSS TO EBITDA LOSS AND ADJUSTED EBITDA LOSS

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net loss	$	(222,937	)	$	(28,172	)	$	(207,801	)	$	(74,880	)
add: Interest expense		6,639			8,427			12,584			17,545
add: Income tax expense		6			8			11			33
add: Depreciation and amortization		2,935			1,371			5,615			2,568
EBITDA loss		(213,357	)		(18,366	)		(189,591	)		(54,734	)
add: Stock based compensation		7,127			1,857			14,701			4,798
add: Change in fair value of derivatives		134,390			55,668			53,880			52,234
(deduct) add: Change in fair value of debt		(31,615	)		240			(25,682	)		240
add (deduct): (Gain) loss on debt extinguishment		49,063			(68,478	)		49,063			(68,478	)
add: Other non-cash or non-recurring		2,766			—			2,766			—
Adjusted EBITDA loss	$	(51,626	)	$	(29,079	)	$	(94,863	)	$	(65,940	)

EOS ENERGY ENTERPRISES, INC.

UNAUDITED RECONCILIATION OF NET LOSS TO ADJUSTED NET LOSS PER SHARE

(In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Net loss attributable to common shareholders	$	(248,778	)	$	(51,843	)	$	(153,645	)	$	(98,551	)
add: Stock based compensation		7,127			1,857			14,701			4,798
add: Change in fair value of derivatives		134,390			55,668			53,880			52,234
(deduct) add: Change in fair value of debt		(31,615	)		240			(25,682	)		240
add (deduct): (Gain) loss on debt extinguishment		49,063			(68,478	)		49,063			(68,478	)
add: Other non-cash or non-recurring		2,766			—			2,766			—
Adjusted net loss attributable to common shareholders	$	(87,047	)	$	(62,556	)	$	(58,917	)	$	(109,757	)

Basic and diluted loss per share attributable to common shareholders
Basic	$	(1.05	)	$	(0.25	)	$	(0.66	)	$	(0.48	)
Diluted	$	(1.05	)	$	(0.25	)	$	(0.66	)	$	(0.48	)

Basic and diluted adjusted loss per share attributable to common shareholders
Basic	$	(0.37	)	$	(0.30	)	$	(0.25	)	$	(0.53	)
Diluted	$	(0.37	)	$	(0.30	)	$	(0.25	)	$	(0.53	)

Weighted average shares of common stock
Basic		237,741,328			211,137,189			231,616,540			206,225,126
Diluted		237,741,328			211,137,189			231,616,540			206,225,126

The MIL Network –

July 31, 2025

MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

FAIR LAWN, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $12.3 million, or $0.12 per basic and diluted share, for the quarter ended June 30, 2025, as compared to $4.5 million, or $0.04 per basic and diluted share, for the quarter ended June 30, 2024. Earnings for the quarter ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, higher non-interest income and a decrease in non-interest expense, partially offset by higher income tax expense.

For the six months ended June 30, 2025, the Company reported net income of $21.2 million, or $0.21 per basic and diluted share, as compared to $3.4 million, or $0.03 per basic and diluted share, for the six months ended June 30, 2024. Earnings for the six months ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, a decrease in provision for credit losses and higher non-interest income, and a decrease in non-interest expense, partially offset by higher income tax expense.

Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “We are pleased with our results for the second quarter of 2025, which reflect a substantial increase in earnings and the continued expansion of our net interest margin resulting from our previously announced strategies. During the quarter, we also experienced solid loan growth, complemented by the purchase of approximately $130.9 million in commercial equipment finance loans. Assets and deposits continued to increase throughout the 2025 period, and we reduced our overall operating costs.”

Results of Operations for the Three Months Ended June 30, 2025 and June 30, 2024

Net income of $12.3 million was recorded for the quarter ended June 30, 2025, an increase of $7.8 million, as compared to net income of $4.5 million for the quarter ended June 30, 2024. The increase in net income was primarily attributable to a $9.6 million increase in net interest income, a $993,000 increase in non-interest income and a $1.3 million decrease in non-interest expense, partially offset by a $3.9 million increase in income tax expense.

Net interest income was $53.7 million for the quarter ended June 30, 2025, an increase of $9.6 million, or 21.8%, from $44.1 million for the quarter ended June 30, 2024. The increase in net interest income was primarily attributable to a $3.2 million increase in interest income and a $6.4 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to lower interest rates paid on new and repricing deposits and borrowings during the quarter ended June 30, 2025. Prepayment penalties, which are included in interest income on loans, totaled $615,000 for the quarter ended June 30, 2025, compared to $436,000 for the quarter ended June 30, 2024.

The average yield on loans for the quarter ended June 30, 2025 increased 3 basis points to 4.96%, as compared to 4.93% for the quarter ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended June 30, 2025 increased 66 basis points to 3.55%, as compared to 2.89% for the quarter ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the quarter ended June 30, 2025 decreased 114 basis points to 5.16%, as compared to 6.30% for the quarter ended June 30, 2024, mainly due to a 150 basis point decrease in the dividend rate received on Federal Home Loan Bank stock.

Total interest expense was $62.8 million for the quarter ended June 30, 2025, a decrease of $6.4 million, or 9.3%, from $69.2 million for the quarter ended June 30, 2024. The decrease in interest expense was primarily attributable to a 19 basis point decrease in the average cost of interest-bearing deposits along with a 52 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits decreased $482,000, or 1.0%, and interest expense on borrowings decreased $5.9 million, or 30.6% for the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024.

The Company’s net interest margin for the quarter ended June 30, 2025 increased 38 basis points to 2.19% when compared to 1.81%, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 11 basis points to 4.75% for the quarter ended June 30, 2025 as compared to 4.64% for the quarter ended June 30, 2024. The average cost of interest-bearing liabilities decreased 31 basis points to 3.18% for the quarter ended June 30, 2025 as compared to 3.49% for the quarter ended June 30, 2024.

Non-interest income was $10.2 million for the quarter ended June 30, 2025, an increase of $993,000, or 10.8%, from $9.2 million for the quarter ended June 30, 2024. The increase was primarily attributable to an increase of $425,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $366,000 in loan fees and service charges related to swap income, gains on securities transactions of $336,000, and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $693,000 in other non-interest income. The gain on the sale of other real estate owned resulted from the sale of a commercial real estate property acquired by foreclosure in 2024 with a book value of $1.3 million which was sold in June 2025.

Non-interest expense was $44.9 million for the quarter ended June 30, 2025, a decrease of $1.3 million, or 2.9%, from $46.2 million for the quarter ended June 30, 2024. The decrease was primarily attributable to a decrease in professional fees of $1.0 million, as legal, regulatory, and compliance-related costs were higher in the 2024 period, a decrease in merger-related expenses of $692,000, and a decrease in other non-interest expense of $798,000.

Income tax expense was $4.2 million for the quarter ended June 30, 2025, an increase of $3.9 million, as compared to income tax expense of $279,000 for the quarter ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.4% and 5.8% for the quarters ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was primarily impacted by permanent income tax differences.

Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024

Net income of $21.2 million was recorded for the six months ended June 30, 2025, an increase of $17.8 million, or 526.4%, compared to net income of $3.4 million for the six months ended June 30, 2024. The increase in net income was primarily attributable to a $17.7 million increase in net interest income, a $2.1 million decrease in provision for credit losses, a $2.0 million increase in non-interest income and a $3.2 million decrease in non-interest expense, partially offset by a $7.2 million increase in income tax expense.

Net interest income was $104.0 million for the six months ended June 30, 2025, an increase of $17.7 million, or 20.6%, from $86.3 million for the six months ended June 30, 2024. The increase in net interest income was primarily attributable to a $6.7 million increase in interest income and a $11.0 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in the average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the six months ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to a decrease in interest rates paid on new and repricing deposits and borrowings during the six months ended June 30, 2025. The decrease in interest expense on borrowings was also impacted by a decrease in the average balance of borrowings and the decrease in the cost of new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $872,000 for the six months ended June 30, 2025, compared to $703,000 for the six months ended June 30, 2024.

The average yield on loans for the six months ended June 30, 2025 increased 6 basis points to 4.92%, as compared to 4.86% for the six months ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the six months ended June 30, 2025 increased 73 basis points to 3.50%, as compared to 2.77% for the six months ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the six months ended June 30, 2025 decreased 72 basis points to 5.47%, as compared to 6.19% for the six months ended June 30, 2024, due to lower dividends received on Federal Home Loan Bank stock.

Total interest expense was $124.6 million for the six months ended June 30, 2025, a decrease of $11.0 million, or 8.1%, from $135.6 million for the six months ended June 30, 2024. The decrease in interest expense was primarily attributable to a 10 basis point decrease in the average cost of interest-bearing deposits along with a 53 basis point decrease in the average cost of borrowings coupled with a decrease in the average balance of borrowings. Interest expense on deposits increased $1.2 million, or 1.3%, and interest expense on borrowings decreased $12.3 million, or 32.8% for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

The Company’s net interest margin for the six months ended June 30, 2025 increased 37 basis points to 2.15%, when compared to 1.78% for the six months ended June 30, 2024. The net interest margin increased for the six months ended June 30, 2025, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 15 basis points to 4.72% for the six months ended June 30, 2025, as compared to 4.57% for the six months ended June 30, 2024. The average cost of interest-bearing liabilities decreased 25 basis points to 3.19% for the six months ended June 30, 2025, as compared to 3.44% for the six months ended June 30, 2024.

The provision for credit losses for the six months ended June 30, 2025 was $5.4 million, a decrease of $2.1 million, or 27.7% from $7.5 million for the six months ended June 30, 2024. The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $4.1 million for the six months ended June 30, 2025 as compared to $5.5 million for the six months ended June 30, 2024, and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions.

Non-interest income was $18.6 million for the six months ended June 30, 2025, an increase of $2.0 million, or 12.1%, from $16.6 million for the six months ended June 30, 2024. The increase was primarily attributable to an increase in gain on securities transactions of $1.6 million, an increase of $900,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $461,000 in loan fees and service charges related to swap income and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $2.0 million in other non-interest income.

Non-interest expense was $88.8 million for the six months ended June 30, 2025, a decrease of $3.2 million, or 3.4% from $91.9 million for the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in federal deposit insurance premiums of $615,000, a decrease in professional fees of $3.1 million, a decrease in merger-related expenses of $714,000 and a decrease in other non-interest expense of $1.3 million, partially offset by an increase in compensation and employee benefits expense of $2.3 million. Professional fees for legal, regulatory and compliance-related costs decreased in the 2025 period.

Income tax expense was $7.3 million for the six months ended June 30, 2025, an increase of $7.2 million, as compared to income tax expense of $150,000 for the six months ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.6% and 4.2% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was impacted by permanent income tax differences.

Balance Sheet Summary

Total assets increased $263.5 million, or 2.5%, to $10.7 billion at June 30, 2025 as compared to $10.5 billion at December 31, 2024. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $31.0 million, and an increase in loans receivable, net, of $254.1 million, partially offset by a decrease in cash and cash equivalents of $41.0 million.

Cash and cash equivalents decreased $41.0 million, or 14.2%, to $248.2 million at June 30, 2025 from $289.2 million at December 31, 2024. The decrease was primarily attributable to purchases of securities of $159.3 million, purchases of loans of $150.9 million and the origination of loans receivable, partially offset by proceeds from principal repayments on securities of $98.5 million, and repayments on loans receivable.

Debt securities available for sale increased $31.0 million, or 3.0%, to $1.1 billion at June 30, 2025 from $1.0 billion at December 31, 2024. The increase was attributable to purchases of securities of $126.0 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $22.1 million, partially offset by maturities on securities of $28.5 million, repayments on securities of $73.6 million, and the sale of securities of $15.7 million.

Loans receivable, net, increased $254.1 million, or 3.2%, to $8.1 billion at June 30, 2025 from $7.9 billion at December 31, 2024. Multifamily loans, commercial real estate loans and commercial business loans increased $118.1 million, $177.8 million, and $104.5 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans and home equity loans and advances of $81.6 million, $58.2 million, and $2.6 million, respectively. The increase in commercial business loans was primarily due to the purchase of $130.9 million in equipment finance loans from a third party in May 2025, at a $3.2 million discount, which included $5.1 million of purchased credit deteriorated loans (“PCD”). The principal balance of the PCD loans was charged-off by $3.2 million. The allowance for credit losses for loans increased $4.5 million to $64.5 million at June 30, 2025 from $60.0 million at December 31, 2024, primarily due to an increase in the outstanding balance of loans.

Total liabilities increased $223.2 million, or 2.4%, to $9.6 billion at June 30, 2025 from $9.4 billion at December 31, 2024. The increase was primarily attributable to an increase in total deposits of $39.3 million, or 0.5%, and an increase in borrowings of $192.0 million, or 17.8%, partially offset by a decrease in other liabilities of $12.2 million. The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $1.9 million, $114.0 million, and $80.2 million, respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $149.0 million and $7.7 million, respectively. The $192.0 million increase in borrowings was driven by a net increase in short-term borrowings of $122.0 million, coupled with new long-term borrowings of $130.0 million, partially offset by repayments of $60.0 million in maturing long-term borrowings. Proceeds from borrowings were utilized to fund the purchase of $130.9 million in equipment finance loans from a third party in May 2025.

Total stockholders’ equity increased $40.3 million, or 3.7%, with a balance of $1.1 billion at both June 30, 2025 and December 31, 2024. The increase in total stockholders’ equity was primarily attributable to net income of $21.2 million, and an increase of $15.3 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income.

Asset Quality

The Company’s non-performing loans at June 30, 2025 totaled $39.5 million, or 0.49% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December 31, 2024. The $17.8 million increase in non-performing loans was primarily attributable to a $5.9 million construction loan designated as non-performing during the 2025 period, an increase in non-performing one-to-four family real estate loans of $2.6 million, an increase in non-performing commercial real estate loans of $7.5 million, and an increase in non-performing commercial business loans of $1.3 million. The $5.9 million non-performing construction loan represents the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December 31, 2024 to 43 loans at June 30, 2025. The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four non-performing loans at December 31, 2024 to 14 loans at June 30, 2025. The increase in non-performing commercial business loans was due to an increase in the number of loans from 11 non-performing loans at December 31, 2024 to 16 loans at June 30, 2025. Non-performing assets as a percentage of total assets totaled 0.37% at June 30, 2025, as compared to 0.22% at December 31, 2024.

For the quarter ended June 30, 2025, net charge-offs totaled approximately $3.2 million, as compared to $533,000 in net charge-offs recorded for the quarter ended June 30, 2024. For the six months ended June 30, 2025, net charge-offs totaled $4.1 million as compared to $5.5 million in net charge-offs recorded for the six months ended June 30, 2024. Charge-offs for the three and six months ended June 30, 2025 included $3.2 million in charge-offs related to PCD loans included in the equipment finance loan purchase noted above.

The Company’s allowance for credit losses on loans was $64.5 million, or 0.79% of total gross loans, at June 30, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December 31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.

About Columbia Financial, Inc.

The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 69 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

Forward Looking Statements

Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

Non-GAAP Financial Measures

Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands)

	June 30,		December 31,
	2025		2024
Assets	(Unaudited)
Cash and due from banks	$	248,113	$	289,113
Short-term investments		111		110
Total cash and cash equivalents		248,224		289,223

Debt securities available for sale, at fair value		1,056,950		1,025,946
Debt securities held to maturity, at amortized cost (fair value of $368,232, and $350,153 at June 30, 2025 and December 31, 2024, respectively)		402,159		392,840
Equity securities, at fair value		7,253		6,673
Federal Home Loan Bank stock		68,663		60,387

Loans receivable		8,175,499		7,916,928
Less: allowance for credit losses		64,467		59,958
Loans receivable, net		8,111,032		7,856,970

Accrued interest receivable		41,161		40,383
Office properties and equipment, net		82,176		81,772
Bank-owned life insurance		278,756		274,908
Goodwill and intangible assets		120,003		121,008
Other real estate owned		—		1,334
Other assets		322,651		324,049
Total assets	$	10,739,028	$	10,475,493

Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	8,135,483	$	8,096,149
Borrowings		1,272,578		1,080,600
Advance payments by borrowers for taxes and insurance		49,525		45,453
Accrued expenses and other liabilities		160,734		172,915
Total liabilities		9,618,320		9,395,117

Stockholders’ equity:
Total stockholders’ equity		1,120,708		1,080,376
Total liabilities and stockholders’ equity	$	10,739,028	$	10,475,493

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Income (In thousands, except per share data)

	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
Interest income:	(Unaudited)					(Unaudited)
Loans receivable	$	99,646		$	95,252	$	194,756	$	188,201
Debt securities available for sale and equity securities		10,301			9,241		20,043		17,026
Debt securities held to maturity		2,922			2,502		5,733		4,871
Federal funds and interest-earning deposits		2,443			4,459		5,301		8,022
Federal Home Loan Bank stock dividends		1,179			1,832		2,821		3,793
Total interest income		116,491			113,286		228,654		221,913
Interest expense:
Deposits		49,344			49,826		99,489		98,244
Borrowings		13,444			19,380		25,137		37,389
Total interest expense		62,788			69,206		124,626		135,633

Net interest income		53,703			44,080		104,028		86,280

Provision for credit losses		2,468			2,194		5,401		7,472

Net interest income after provision for credit losses		51,235			41,886		98,627		78,808

Non-interest income:
Demand deposit account fees		2,015			1,590		3,903		3,003
Bank-owned life insurance		1,990			1,804		3,849		3,584
Title insurance fees		861			744		1,507		1,247
Loan fees and service charges		1,744			1,378		2,800		2,339
Gain (loss) on securities transactions		336			—		336		(1,256	)
Change in fair value of equity securities		272			101		580		452
(Loss) gain on sale of loans		(15	)		181		500		366
Gain on sale of other real estate owned		281			—		281		—
Other non-interest income		2,689			3,382		4,888		6,897
Total non-interest income		10,173			9,180		18,644		16,632

Non-interest expense:
Compensation and employee benefits		28,933			27,659		57,516		55,172
Occupancy		5,968			6,054		12,153		12,027
Federal deposit insurance premiums		1,739			1,879		3,619		4,234
Advertising		563			661		1,094		1,287
Professional fees		3,519			4,509		6,034		9,143
Data processing and software expenses		4,103			3,914		8,164		7,881
Merger-related expenses		—			692		—		714
Other non-interest expense, net		81			879		171		1,447
Total non-interest expense		44,906			46,247		88,751		91,905

Income before income tax expense		16,502			4,819		28,520		3,535

Income tax expense		4,197			279		7,315		150

Net income	$	12,305		$	4,540	$	21,205	$	3,385

Earnings per share-basic	$	0.12		$	0.04	$	0.21	$	0.03
Earnings per share-diluted	$	0.12		$	0.04	$	0.21	$	0.03
Weighted average shares outstanding-basic		101,985,784			101,651,511		101,898,636		101,699,126
Weighted average shares outstanding-diluted		101,985,784			101,651,511		101,898,636		101,804,386

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Three Months Ended June 30,
	2025								2024
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	8,059,332		$	99,646		4.96	%	$	7,774,052		$	95,252		4.93	%
Securities		1,493,913			13,223		3.55	%		1,633,801			11,743		2.89	%
Other interest-earning assets		281,611			3,622		5.16	%		401,633			6,291		6.30	%
Total interest-earning assets		9,834,856			116,491		4.75	%		9,809,486			113,286		4.64	%
Non-interest-earning assets		860,948								871,525
Total assets	$	10,695,804							$	10,681,011

Interest-bearing liabilities:
Interest-bearing demand	$	1,938,459		$	10,898		2.25	%	$	1,948,389		$	13,708		2.83	%
Money market accounts		1,332,835			9,424		2.84	%		1,220,774			8,323		2.74	%
Savings and club deposits		645,167			1,114		0.69	%		674,793			1,370		0.82	%
Certificates of deposit		2,788,547			27,908		4.01	%		2,545,967			26,425		4.17	%
Total interest-bearing deposits		6,705,008			49,344		2.95	%		6,389,923			49,826		3.14	%
FHLB advances		1,218,442			13,303		4.38	%		1,576,514			19,219		4.90	%
Junior subordinated debentures		7,045			141		8.03	%		7,023			161		9.22	%
Total borrowings		1,225,487			13,444		4.40	%		1,583,537			19,380		4.92	%
Total interest-bearing liabilities		7,930,495		$	62,788		3.18	%		7,973,460		$	69,206		3.49	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,443,627								1,416,047
Other non-interest-bearing liabilities		215,390								260,107
Total liabilities		9,589,512								9,649,614
Total stockholders’ equity		1,106,292								1,031,397
Total liabilities and stockholders’ equity	$	10,695,804							$	10,681,011

Net interest income				$	53,703							$	44,080
Interest rate spread							1.57	%							1.15	%
Net interest-earning assets	$	1,904,361							$	1,836,026
Net interest margin							2.19	%							1.81	%
Ratio of interest-earning assets to interest-bearing liabilities		124.01	%							123.03	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Six Months Ended June 30,
	2025								2024
	Average Balance			Interest and Dividends		Yield / Cost			Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,977,402		$	194,756		4.92	%	$	7,788,459		$	188,201		4.86	%
Securities		1,485,771			25,776		3.50	%		1,588,767			21,897		2.77	%
Other interest-earning assets		299,424			8,122		5.47	%		383,989			11,815		6.19	%
Total interest-earning assets		9,762,597			228,654		4.72	%		9,761,215			221,913		4.57	%
Non-interest-earning assets		866,499								861,632
Total assets	$	10,629,096							$	10,622,847

Interest-bearing liabilities:
Interest-bearing demand	$	1,999,157		$	22,438		2.26	%	$	1,973,569		$	27,092		2.76	%
Money market accounts		1,307,676			18,662		2.88	%		1,227,857			17,093		2.80	%
Savings and club deposits		647,201			2,221		0.69	%		681,664			2,607		0.77	%
Certificates of deposit		2,772,808			56,168		4.08	%		2,531,145			51,452		4.09	%
Total interest-bearing deposits		6,726,842			99,489		2.98	%		6,414,235			98,244		3.08	%
FHLB advances		1,140,113			24,857		4.40	%		1,511,830			37,067		4.93	%
Junior subordinated debentures		7,041			280		8.02	%		7,020			322		9.22	%
Total borrowings		1,147,154			25,137		4.42	%		1,518,850			37,389		4.95	%
Total interest-bearing liabilities		7,873,996		$	124,626		3.19	%		7,933,085		$	135,633		3.44	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,438,262								1,404,161
Other non-interest-bearing liabilities		218,314								248,514
Total liabilities		9,530,572								9,585,760
Total stockholders’ equity		1,098,524								1,037,087
Total liabilities and stockholders’ equity	$	10,629,096							$	10,622,847

Net interest income				$	104,028							$	86,280
Interest rate spread							1.53	%							1.13	%
Net interest-earning assets	$	1,888,601							$	1,828,130
Net interest margin							2.15	%							1.78	%
Ratio of interest-earning assets to interest-bearing liabilities		123.99	%							123.04	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Components of Net Interest Rate Spread and Margin

	Average Yields/Costs by Quarter
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Yield on interest-earning assets:
Loans		4.96	%		4.89	%		4.88	%		5.00	%		4.93	%
Securities		3.55			3.45			2.99			2.90			2.89
Other interest-earning assets		5.16			5.75			6.00			6.72			6.30
Total interest-earning assets		4.75	%		4.69	%		4.61	%		4.70	%		4.64	%

Cost of interest-bearing liabilities:
Total interest-bearing deposits		2.95	%		3.01	%		3.13	%		3.21	%		3.14	%
Total borrowings		4.40			4.44			4.65			4.87			4.92
Total interest-bearing liabilities		3.18	%		3.21	%		3.38	%		3.52	%		3.49	%

Interest rate spread		1.57	%		1.48	%		1.23	%		1.18	%		1.15	%
Net interest margin		2.19	%		2.11	%		1.88	%		1.84	%		1.81	%

Ratio of interest-earning assets to interest-bearing liabilities		124.01	%		123.96	%		124.02	%		123.06	%		123.03	%

COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Selected Financial Highlights

	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
SELECTED FINANCIAL RATIOS ⁽¹⁾:
Return on average assets		0.46	%		0.34	%	(0.79		)%		0.23	%		0.17	%
Core return on average assets		0.47	%		0.35	%		0.42	%		0.23	%		0.20	%
Return on average equity		4.46	%		3.31	%	(7.86		)%		2.32	%		1.77	%
Core return on average equity		4.58	%		3.37	%		4.09	%		2.29	%		2.06	%
Core return on average tangible equity		5.14	%		3.78	%		4.74	%		2.58	%		2.34	%
Interest rate spread		1.57	%		1.48	%		1.23	%		1.18	%		1.15	%
Net interest margin		2.19	%		2.11	%		1.88	%		1.84	%		1.81	%
Non-interest income to average assets		0.38	%		0.33	%	(0.88		)%		0.33	%		0.35	%
Non-interest expense to average assets		1.68	%		1.68	%		1.73	%		1.60	%		1.74	%
Efficiency ratio		70.30	%		74.57	%		205.17	%		78.95	%		86.83	%
Core efficiency ratio		69.41	%		74.20	%		73.68	%		79.14	%		85.34	%
Average interest-earning assets to average interest-bearing liabilities		124.01	%		123.96	%		124.02	%		123.06	%		123.03	%
Net charge-offs to average outstanding loans ⁽²⁾		0.04	%		0.04	%		0.07	%		0.14	%		0.03	%

⁽¹⁾ Ratios are annualized when appropriate.
⁽²⁾ The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.

ASSET QUALITY DATA:
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(Dollars in thousands)

Non-accrual loans	$	39,545		$	24,856		$	21,701		$	28,014		$	25,281
90+ and still accruing		—			—			—			—			—
Non-performing loans		39,545			24,856			21,701			28,014			25,281
Real estate owned		—			1,334			1,334			1,974			1,974
Total non-performing assets	$	39,545		$	26,190		$	23,035		$	29,988		$	27,255

Non-performing loans to total gross loans		0.49	%		0.31	%		0.28	%		0.36	%		0.33	%
Non-performing assets to total assets		0.37	%		0.25	%		0.22	%		0.28	%		0.25	%
Allowance for credit losses on loans (“ACL”)	$	64,467		$	62,034		$	59,958		$	58,495		$	57,062
ACL to total non-performing loans		163.02	%		249.57	%		276.29	%		208.81	%		225.71	%
ACL to gross loans		0.79	%		0.78	%		0.76	%		0.75	%		0.73	%

LOAN DATA:
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(In thousands)
Real estate loans:
One-to-four family	$	2,629,372		$	2,676,566		$	2,710,937		$	2,737,190		$	2,764,177
Multifamily		1,578,733			1,567,862			1,460,641			1,399,000			1,409,316
Commercial real estate		2,517,693			2,429,429			2,339,883			2,312,759			2,316,252
Construction		415,403			437,081			473,573			510,439			462,880
Commercial business loans		726,526			614,049			622,000			586,447			554,768
Consumer loans:
Home equity loans and advances		256,384			253,439			259,009			261,041			260,427
Other consumer loans		2,602			2,547			3,404			2,877			2,689
Total gross loans		8,126,713			7,980,973			7,869,447			7,809,753			7,770,509
Purchased credit deteriorated loans		11,998			10,395			11,686			11,795			12,150
Net deferred loan costs, fees and purchased premiums and discounts		36,788			35,940			35,795			35,642			36,352
Allowance for credit losses		(64,467	)		(62,034	)		(59,958	)		(58,495	)		(57,062	)
Loans receivable, net	$	8,111,032		$	7,965,274		$	7,856,970		$	7,798,695		$	7,761,949

	At June 30, 2025
	(Dollars in thousands)
	Balance		% of Gross Loans			Weighted Average Loan to Value Ratio			Weighted Average Debt Service Coverage
Multifamily Real Estate	$	1,578,733		19.8	%		59.0	%		1.86	x

Owner Occupied Commercial Real Estate	$	686,005		8.6	%		53.1	%		2.23	x

Investor Owned Commercial Real Estate:
Retail / Shopping centers	$	544,476		6.8	%		54.2	%		1.45	x
Mixed Use		209,619		2.6			58.5			2.52
Industrial / Warehouse		435,261		5.5			54.4			1.60
Non-Medical Office		167,986		2.1			51.6			1.69
Medical Office		98,801		1.2			61.0			1.49
Single Purpose		43,332		0.5			60.7			1.44
Other		332,213		4.2			50.4			1.85
Total	$	1,831,688		23.0	%		54.3	%		1.70	x

Total Multifamily and Commercial Real Estate Loans	$	4,096,426		51.3	%		55.9	%		1.85

DEPOSIT DATA:
	June 30, 2025					March 31, 2025					December 31, 2024
	Balance		Weighted Average Rate			Balance		Weighted Average Rate			Balance		Weighted Average Rate
	(Dollars in thousands)

Non-interest-bearing demand	$	1,439,951		—	%	$	1,490,243		—	%	$	1,438,030		—	%
Interest-bearing demand		1,872,265		2.03			1,935,384		2.08			2,021,312		2.19
Money market accounts		1,355,682		2.79			1,333,668		2.84			1,241,691		2.82
Savings and club deposits		644,761		0.70			651,713		0.70			652,501		0.75
Certificates of deposit		2,822,824		3.96			2,783,927		4.08			2,742,615		4.24
Total deposits	$	8,135,483		2.36	%	$	8,194,935		2.40	%	$	8,096,149		2.47	%

CAPITAL RATIOS:
	June 30,			December 31,
	2025 ⁽¹⁾			2024
Company:
Total capital (to risk-weighted assets)		14.18	%		14.20	%
Tier 1 capital (to risk-weighted assets)		13.35	%		13.40	%
Common equity tier 1 capital (to risk-weighted assets)		13.27	%		13.31	%
Tier 1 capital (to adjusted total assets)		10.37	%		10.02	%

Columbia Bank:
Total capital (to risk-weighted assets)		14.40	%		14.41	%
Tier 1 capital (to risk-weighted assets)		13.53	%		13.56	%
Common equity tier 1 capital (to risk-weighted assets)		13.53	%		13.56	%
Tier 1 capital (to adjusted total assets)		9.95	%		9.64	%

⁽¹⁾ Estimated ratios at June 30, 2025

Reconciliation of GAAP to Non-GAAP Financial Measures

Book and Tangible Book Value per Share
	June 30,			December 31,
	2025			2024
	(Dollars in thousands)

Total stockholders’ equity	$	1,120,708		$	1,080,376
Less: goodwill		(110,715	)		(110,715	)
Less: core deposit intangible		(7,933	)		(8,964	)
Total tangible stockholders’ equity	$	1,002,060		$	960,697

Shares outstanding		104,927,137			104,759,185

Book value per share	$	10.68		$	10.31
Tangible book value per share	$	9.55		$	9.17

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Reconciliation of Core Net Income
	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025			2024
	(In thousands)

Net income	$	12,305		$	4,540	$	21,205		$	3,385
Less/add: (gain) loss on securities transactions, net of tax		(251	)		—		(251	)		1,130
Add: FDIC special assessment, net of tax		—			97		—			490
Add: severance expense, net of tax		354			—		517			67
Add: merger-related expenses, net of tax		—			652		—			672
Add: litigation expenses, net of tax		242			—		242			—
Core net income	$	12,650		$	5,289	$	21,713		$	5,744

Return on Average Assets
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Net income	$	12,305		$	4,540		$	21,205		$	3,385

Average assets	$	10,695,804		$	10,681,011		$	10,629,096		$	10,622,847

Return on average assets		0.46	%		0.17	%		0.40	%		0.06	%

Core net income	$	12,650		$	5,289		$	21,713		$	5,744

Core return on average assets		0.47	%		0.20	%		0.41	%		0.11	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Return on Average Equity
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,106,292		$	1,031,397		$	1,098,524		$	1,037,087
Less/add: (gain)loss on securities transactions, net of tax		(251	)		—			(251	)		1,130
Add: FDIC special assessment, net of tax		—			97			—			490
Add: severance expense, net of tax		354			—			517			67
Add: merger-related expenses, net of tax		—			652			—			672
Add: litigation expenses, net of tax		242			—			242			—
Core average stockholders’ equity	$	1,106,637		$	1,032,146		$	1,099,032		$	1,039,446

Return on average equity		4.46	%		1.77	%		3.89	%		0.66	%

Core return on core average equity		4.58	%		2.06	%		3.98	%		1.11	%

Return on Average Tangible Equity
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,106,292		$	1,031,397		$	1,098,524		$	1,037,087
Less: average goodwill		(110,715	)		(110,715	)		(110,715	)		(110,715	)
Less: average core deposit intangible		(8,241	)		(10,381	)		(8,511	)		(10,668	)
Total average tangible stockholders’ equity	$	987,336		$	910,301		$	979,298		$	915,704

Core return on average tangible equity		5.14	%		2.34	%		4.47	%		1.26	%

Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Efficiency Ratios
	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(Dollars in thousands)

Net interest income	$	53,703		$	44,080		$	104,028		$	86,280
Non-interest income		10,173			9,180			18,644			16,632
Total income	$	63,876		$	53,260		$	122,672		$	102,912

Non-interest expense	$	44,906		$	46,247		$	88,751		$	91,905

Efficiency ratio		70.30	%		86.83	%		72.35	%		89.30	%

Non-interest income	$	10,173		$	9,180		$	18,644		$	16,632
Less /add: (gain) loss on securities transactions		(336	)		—			(336	)		1,256
Core non-interest income	$	9,837		$	9,180		$	18,308		$	17,888

Non-interest expense	$	44,906		$	46,247		$	88,751		$	91,905
Less: FDIC special assessment, net		—			(103	)		—			(565	)
Less: severance expense		(475	)		—			(695	)		(74	)
Less: merger-related expenses		—			(692	)		—			(714	)
Less: litigation expenses		(325	)		—			(325	)		—
Core non-interest expense	$	44,106		$	45,452		$	87,731		$	90,552

Core efficiency ratio		69.41	%		85.34	%		71.71	%		86.93	%

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

The MIL Network –

July 31, 2025

MIL-OSI: Robinhood Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Revenues up 45% year-over-year to $989 million
Net Deposits were $13.8 billion, and Robinhood Gold Subscribers reached a record 3.5 million
Diluted EPS up 100% year-over-year to $0.42

MENLO PARK, Calif., July 30, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the second quarter of 2025, which ended June 30, 2025.

“We delivered strong business results in Q2 driven by relentless product velocity, and we launched tokenization—which I believe is the biggest innovation our industry has seen in the past decade,” said Vlad Tenev, Chairman and CEO of Robinhood.

“Q2 was another great quarter as we drove market share gains, closed the acquisition of Bitstamp and remained disciplined on expenses,” said Jason Warnick, Chief Financial Officer of Robinhood. “And Q3 is off to a great start in July, as customers accelerated their net deposits to around $6 billion and leaned in with strong trading across categories.”

Second Quarter Results

Total net revenues increased 45% year-over-year to $989 million.
- Transaction-based revenues increased 65% year-over-year to $539 million, primarily driven by options revenue of $265 million, up 46%, cryptocurrencies revenue of $160 million, up 98%, and equities revenue of $66 million, up 65%.
- Net interest revenues increased 25% year-over-year to $357 million, primarily driven by growth in interest-earning assets and securities lending activity, partially offset by lower short-term interest rates.
- Other revenues increased 33% year-over-year to $93 million, primarily due to increased Robinhood Gold subscribers.
Net income increased 105% year-over-year to $386 million.
Diluted earnings per share (EPS) increased 100% year-over-year to $0.42.
Total operating expenses increased 12% year-over-year to $550 million.
- Adjusted Operating Expenses and Share-Based Compensation (SBC) (non-GAAP) increased 6% year-over-year to $522 million, which includes costs related to Bitstamp.
Adjusted EBITDA (non-GAAP) increased 82% year-over-year to $549 million.
Funded Customers increased by 2.3 million, or 10%, year-over-year to 26.5 million.
- Investment Accounts increased by 2.6 million, or 10%, year-over-year to 27.4 million.
Total Platform Assets increased 99% year-over-year to $279 billion, driven by continued Net Deposits, acquired assets, and higher equity and cryptocurrency valuations.
Net Deposits were $13.8 billion, an annualized growth rate of 25% relative to Total Platform Assets at the end of Q1 2025. Over the past twelve months, Net Deposits were $57.9 billion, a growth rate of 41% relative to Total Platform Assets at the end of Q2 2024.
Average Revenue Per User (ARPU) increased 34% year-over-year to $151.
Robinhood Gold Subscribers increased by 1.5 million, or 76%, year-over-year to 3.5 million.
Cash and cash equivalents totaled $4.2 billion compared with $4.5 billion at the end of Q2 2024.
Share repurchases were $124 million, representing 3 million shares of our Class A common stock at an average price per share of $41.52. Over the past twelve months, share repurchases were $703 million, representing 21 million shares of our Class A common stock at an average price per share of $34.24.

Highlights

Industry-leading product velocity and global expansion drive strong business results as Robinhood delivers on core focus areas

A Powerful Platform For Active Traders – Robinhood continues to deliver cutting-edge trading tools, including expanding Robinhood Legend availability to all customers in the UK, and capabilities with strong adoption among active traders. In June 2025, the company hosted its first ever product spotlight livestream, announcing Robinhood Legend charts on mobile and options simulated returns pre-trade. Looking ahead, we will host active traders at HOOD Summit 2025 this September—Robinhood’s second annual active trader event—to explore the latest in trading technology.

Serving a New Generation of Investors’ Financial Needs – Robinhood continues to grow its share of wallet as it extends into new categories. Since rolling out in March 2025, Robinhood Strategies, our digital advisory offering, is now managing over $0.5 billion in assets and serving over 100 thousand customers; Robinhood Retirement AUC is now over $20 billion, up 50 percent year-to-date; Robinhood Gold has continued to grow after reaching a record 3.5 million subscribers in Q2, an adoption rate of over 13 percent; and the Gold Card, Robinhood’s credit card, is now in the hands of more than 300,000 customers. Together Robinhood is demonstrating continued momentum in serving far more customer assets and needs.

Robinhood Accelerates Global Crypto Expansion – At our recent event Robinhood Presents: To Catch a Token in June 2025, the company unveiled a suite of new crypto products, expanded into 30 European countries, launched Stock Tokens in Europe on over 200 US stocks and ETFs, and offered Crypto staking to eligible US customers. Also in June 2025, Robinhood closed its acquisition of Bitstamp Ltd., a cryptocurrency exchange with over 50 active licenses and registrations globally, and significantly expanded Robinhood’s institutional business. Robinhood has also entered into an agreement to acquire WonderFi, a Canadian leader in digital asset products and services. The transaction is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals.

Additional Q2 2025 Operating Data

Robinhood Retirement AUC increased 118% year-over-year to a record $19.0 billion.
Cash Sweep increased 56% year-over-year to a record $32.7 billion.
Margin Book increased 90% year-over-year to a record $9.5 billion.
Equity Notional Trading Volumes increased 112% year-over-year to a record $517 billion.
Options Contracts Traded increased 32% year-over-year to a record 515 million.
Robinhood App Crypto Notional Trading Volumes increased 32% year-over-year to $28 billion.
Bitstamp Exchange Crypto Notional Trading Volumes were $7 billion following the closing of the acquisition of Bitstamp in June 2025.

Conference Call and Livestream Information

Robinhood will host a video call to discuss its results at 2 p.m. PT / 5 p.m. ET today, July 30, 2025. The video call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp, on Vlad Tenev’s X.com account, @vladtenev, as well as in the Robinhood App.

Following the call, a replay and transcript will also be available at investors.robinhood.com.

Financial Outlook

The paragraph below provides information on our 2025 expense plan and outlook. We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025.

Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our prior outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 provided at Q1 2025 Earnings (April 30, 2025) was $2.085 billion to $2.185 billion, which did not include expenses related to our acquisition of Bitstamp. As a result of the acquisition closing in the second quarter, we are updating our outlook to $2.15 billion to $2.25 billion to include $65 million of anticipated costs related to Bitstamp as previously announced. This expense outlook does not include provision for credit losses, costs related to our pending acquisition of WonderFi, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.

Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

About Robinhood

Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood, through its subsidiaries, lets you trade stocks, options, futures (which includes event contracts), and crypto, invest for retirement, earn with Robinhood Gold, and access an expert-managed portfolio with Robinhood Strategies. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

“Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

Contacts

Investors:
ir@robinhood.com

Press:
press@robinhood.com


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	December 31,			June 30,
(in millions, except share and per share data)		2024			2025
Assets
Current assets:
Cash and cash equivalents	$	4,332		$	4,162
Cash, cash equivalents, and securities segregated under federal and other regulations		4,724			8,939
Receivables from brokers, dealers, and clearing organizations		471			374
Receivables from users, net		8,239			9,685
Securities borrowed		3,236			6,159
Deposits with clearing organizations		489			720
User-held fractional shares		2,530			3,083
Held-to-maturity investments		398			134
Prepaid expenses		75			108
Deferred customer match incentives		100			124
Other current assets		509			345
Total current assets		25,103			33,833
Property, software, and equipment, net		139			149
Goodwill		179			383
Intangible assets, net		38			191
Non-current deferred customer match incentives		195			267
Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $15 as of June 30, 2025		533			501
Total assets	$	26,187		$	35,324
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	397		$	369
Payables to users		7,448			10,511
Securities loaned		7,463			12,640
Fractional shares repurchase obligation		2,530			3,083
Other current liabilities		266			519
Total current liabilities		18,104			27,122
Other non-current liabilities		111			130
Total liabilities		18,215			27,252
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and June 30, 2025.		—			—
Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024; 21,000,000,000 shares authorized, 771,931,128 shares issued and outstanding as of June 30, 2025.		—			—
Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024; 700,000,000 shares authorized, 116,286,427 shares issued and outstanding as of June 30, 2025.		—			—
Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and June 30, 2025.		—			—
Additional paid-in capital		12,008			11,378
Accumulated other comprehensive income (loss)		(1	)		7
Accumulated deficit		(4,035	)		(3,313	)
Total stockholders’ equity		7,972			8,072
Total liabilities and stockholders’ equity	$	26,187		$	35,324


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended June 30,				YOY% Change	Three Months Ended March 31,		QOQ% Change
(in millions, except share, per share, and percentage data)	2024		2025		YOY% Change	2025		QOQ% Change
Revenues:
Transaction-based revenues	$	327	$	539	65%	$	583	(8)%
Net interest revenues		285		357	25%		290	23%
Other revenues		70		93	33%		54	72%
Total net revenues		682		989	45%		927	7%

Operating expenses⁽¹⁾⁽²⁾:
Brokerage and transaction		40		48	20%		50	(4)%
Technology and development		209		214	2%		214	—%
Operations		28		29	4%		31	(6)%
Provision for credit losses		18		28	56%		24	17%
Marketing		64		99	55%		105	(6)%
General and administrative		134		132	(1)%		133	(1)%
Total operating expenses		493		550	12%		557	(1)%

Other income, net		2		3	50%		1	200%
Income before income taxes		191		442	131%		371	19%
Provision for income taxes		3		56	NM		35	60%
Net income	$	188	$	386	105%	$	336	15%
Net income attributable to common stockholders:
Basic	$	188	$	386		$	336
Diluted	$	188	$	386		$	336
Net income per share attributable to common stockholders:
Basic	$	0.21	$	0.44		$	0.38
Diluted	$	0.21	$	0.42		$	0.37
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		881,076,624		882,149,402			884,577,603
Diluted		904,490,572		909,127,658			909,241,619


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Six Months Ended June 30,				YOY% Change
(in millions, except share, per share, and percentage data)	2024		2025		YOY% Change
Revenues:
Transaction-based revenues	$	656	$	1,122	71%
Net interest revenues		539		647	20%
Other revenues		105		147	40%
Total net revenues		1,300		1,916	47%

Operating expenses⁽¹⁾⁽²⁾:
Brokerage and transaction		75		98	31%
Technology and development		405		428	6%
Operations		56		60	7%
Provision for credit losses		34		52	53%
Marketing		131		204	56%
General and administrative		252		265	5%
Total operating expenses		953		1,107	16%

Other income, net		6		4	(33)%
Income before income taxes		353		813	130%
Provision for income taxes		8		91	NM
Net income	$	345	$	722	109%
Net income attributable to common stockholders:
Basic	$	345	$	722
Diluted	$	345	$	722
Net income per share attributable to common stockholders:
Basic	$	0.39	$	0.82
Diluted	$	0.38	$	0.79
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		878,198,015		883,356,794
Diluted		900,026,613		911,013,005

ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

____________
⁽¹⁾ The following table presents operating expenses as a percent of total net revenues:


	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
	2024		2025		2025		2024		2025
Brokerage and transaction	5	%	5	%	6	%	6	%	5	%
Technology and development	31	%	22	%	23	%	31	%	22	%
Operations	4	%	3	%	3	%	4	%	3	%
Provision for credit losses	3	%	3	%	3	%	3	%	3	%
Marketing	9	%	10	%	11	%	10	%	11	%
General and administrative	20	%	13	%	14	%	19	%	14	%
Total operating expenses	72	%	56	%	60	%	73	%	58	%

⁽²⁾ The following table presents the SBC on our unaudited condensed consolidated statements of operations for the periods indicated:

	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
(in millions)	2024		2025		2025		2024		2025
Brokerage and transaction	$	3	$	3	$	2	$	5		5
Technology and development		52		39		44		96		83
Operations		2		2		1		4		3
Marketing		1		2		2		3		4
General and administrative		28		32		24		40		56
Total SBC	$	86	$	78	$	73	$	148	$	151


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2024			2025			2024			2025
Operating activities:
Net income	$	188		$	386		$	345		$	722
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		18			21			35			41
Provision for credit losses		18			28			34			52
Share-based compensation		86			78			148			151
Other		(1	)		4			(1	)		8
Changes in operating assets and liabilities:
Securities segregated under federal and other regulations		145			(198	)		(547	)		199
Receivables from brokers, dealers, and clearing organizations		58			(94	)		(60	)		112
Receivables from users, net		(742	)		(389	)		(1,538	)		(1,300	)
Securities borrowed		(110	)		(2,045	)		(615	)		(2,923	)
Deposits with clearing organizations		34			(79	)		(213	)		(231	)
Current and non-current prepaid expenses		(20	)		(11	)		(20	)		(24	)
Current and non-current deferred customer match incentives		(122	)		(40	)		(196	)		(96	)
Other current and non-current assets		(45	)		—			(128	)		351
Accounts payable and accrued expenses		20			12			(26	)		(112	)
Payables to users		(285	)		2,280			692			1,948
Securities loaned		876			3,542			1,544			5,177
Other current and non-current liabilities		(64	)		14			(23	)		76
Net cash provided by (used in) operating activities		54			3,509			(569	)		4,151
Investing activities:
Purchases of property, software, and equipment		—			(8	)		(2	)		(10	)
Capitalization of internally developed software		(7	)		(10	)		(14	)		(19	)
Consideration transferred for business acquisitions		(6	)		(224	)		(6	)		(399	)
Cash, cash equivalents, and segregated cash acquired in business acquisitions		—			1,168			—			1,193
Purchases of held-to-maturity investments		(131	)		—			(302	)		—
Proceeds from maturities of held-to-maturity investments		135			58			289			266
Purchases of credit card receivables by Credit Card Funding Trust		(41	)		(979	)		(70	)		(1,528	)
Collections of purchased credit card receivables		37			835			48			1,346
Asset acquisition, net of cash acquired		—			—			(3	)		—
Other		1			(8	)		1			(8	)
Net cash provided by (used in) investing activities		(12	)		832			(59	)		841
Financing activities:
Proceeds from exercise of stock options		4			4			8			11
Proceeds from issuance of common stock under the Employee Share Purchase Plan		10			15			10			15
Taxes paid related to net share settlement of equity awards		(59	)		(252	)		(99	)		(372	)
Repurchase of Class A common stock		—			(124	)		—			(446	)
Draws on credit facilities		11			1			11			1
Repayments on credit facilities		(11	)		(1	)		(11	)		(1	)
Borrowings by the Credit Card Funding Trust		—			80			17			104
Change in principal collected from customers due to Coastal Bank		4			(9	)		7			1
Repayments on borrowings by the Credit Card Funding Trust		(1	)		—			(1	)		—
Payments of debt issuance costs		—			—			(14	)		(16	)
Net cash used in financing activities		(42	)		(286	)		(72	)		(703	)
Effect of foreign exchange rate changes on cash and cash equivalents		—			7			—			8
Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash		—			4,062			(700	)		4,297
Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period		8,646			8,930			9,346			8,695
Cash, cash equivalents, segregated cash, and restricted cash, end of the period	$	8,646		$	12,992		$	8,646		$	12,992

Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
Cash and cash equivalents, end of the period	$	4,524		$	4,162		$	4,524		$	4,162
Segregated cash and cash equivalents, end of the period		4,037			8,740			4,037			8,740
Restricted cash in other current assets, end of the period		69			72			69			72
Restricted cash in other non-current assets, end of the period		16			18			16			18
Cash, cash equivalents, segregated cash and restricted cash, end of the period	$	8,646		$	12,992		$	8,646		$	12,992
Supplemental disclosures:
Cash paid for interest	$	1		$	3		$	8		$	12
Cash paid for income taxes, net of refund received	$	4		$	53		$	6		$	82


Reconciliation of GAAP to Non-GAAP Results (Unaudited)

	Three Months Ended June 30,						Three Months Ended March 31,			Six Months Ended June 30,
(in millions, except for percentage data)	2024			2025			2025			2024			2025
Net income	$	188		$	386		$	336		$	345		$	722
Net margin		28	%		39	%		36	%		27	%		38	%
Add:
Interest expenses related to credit facilities		6			8			6			12			14
Provision for income taxes		3			56			35			8			91
Depreciation and amortization		18			21			20			35			41
EBITDA (non-GAAP)		215			471			397			400			868
Add:
SBC		86			78			73			148			151
Adjusted EBITDA (non-GAAP)	$	301		$	549		$	470		$	548		$	1,019
Adjusted EBITDA Margin (non-GAAP)		44	%		56	%		51	%		42	%		53	%

	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
(in millions)	2024		2025		2025		2024		2025
Total operating expenses (GAAP)	$	493	$	550	$	557	$	953	$	1,107
Less:
SBC		86		78		73		148		151
Provision for credit losses⁽¹⁾		—		28		24		—		52
Adjusted Operating Expenses (non-GAAP)	$	407	$	444	$	460	$	805	$	904

	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
(in millions)	2024		2025		2025		2024		2025
Total operating expenses (GAAP)	$	493	$	550	$	557	$	953	$	1,107
Less:
SBC		86		78		73		148		151
Provision for credit losses⁽¹⁾		—		28		24		—		52
Adjusted Operating Expenses (non-GAAP)		407		444		460		805		904
Add:
SBC		86		78		73		148		151
Adjusted Operating Expenses and SBC (non-GAAP)	$	493	$	522	$	533	$	953	$	1,055

____________

⁽¹⁾ Starting in Q1 2025, Adjusted Operating Expenses and Adjusted Operating Expenses and SBC no longer include provision for credit losses.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that we believe tokenization is the biggest innovation our industry has seen in the past decade; that Robinhood continues to deliver cutting-edge trading tools and capabilities with strong adoption among active traders; that looking ahead, traders will convene at HOOD Summit 2025 this September to explore the latest in trading technology; that Robinhood continues to grow its share of wallet as it extends into new categories; that Robinhood is demonstrating continued momentum in serving far more customer assets and needs; that the acquisition of WonderFi is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals; and all statements and information under the heading “Financial Outlook”. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; operational and regulatory risks and expenditures prior to and following closing of our acquisitions and investments; the difficulty of complying with an extensive, complex, and changing regulatory environment, the risk of monetary and other penalties for noncompliance, and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the regulatory, litigation, contractual, operational, and reputational risks associated with our introduction of new products such as Robinhood Stock Tokens in the European Economic Area and our staking services offered in the U.S.; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which we expect to be available on July 31, 2025, as well as in our other filings with the SEC, all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this press release are made as of the date of this press release, July 30, 2025, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect.

Non-GAAP Financial Measures

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income, and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), Adjusted EBITDA Margin, Adjusted Operating Expenses, and Adjusted Operating Expenses and SBC. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this press release.

Adjusted EBITDA

Adjusted EBITDA is defined as net income, excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

Adjusted EBITDA Margin

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income divided by total net revenues). We believe Adjusted EBITDA Margin provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA Margin is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

Adjusted Operating Expenses

Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) provision for credit losses, (iii) significant legal and tax settlements and reserves, and (iv) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expenses provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses no longer includes provision for credit losses.

Adjusted Operating Expenses and SBC

Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) provision for credit losses, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC. We believe Adjusted Operating Expense and SBC provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses and SBC no longer includes provision for credit losses.

Key Performance Metrics

In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

Assets Under Custody

We define Assets Under Custody as the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), and cash held by users in their accounts, net of receivables from users, as of a stated date or period end on a trade date basis. As previously disclosed in Q1 2025, we introduced a new Key Performance Metric called Total Platform Assets, which includes Assets Under Custody and is defined below. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp.

Funded Customers

We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer. Starting in Q1 2025, individuals who are customers of Registered Investment Advisors (“RIAs”) that use the TradePMR platform, and, starting in June 2025, customers of Bitstamp, are also considered Funded Customers.

Total Platform Assets

We define Total Platform Assets as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), cash held by users in their accounts, net of receivables from users (previously reported as Assets Under Custody), and any such assets managed by RIAs using TradePMR’s platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in Total Platform Assets in any given period. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp.

Net Deposits

We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives, free stock bonuses, and lending and staking rewards by Bitstamp) received by customers, net of reversals, customer cash withdrawals, margin interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. Starting in June 2025, Net Deposits include results from Bitstamp. Due to data limitations, we have not included TradePMR client figures in our Net Deposits key performance metric.

Average Revenue Per User (“ARPU”)

We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this press release represent ARPU annualized for each three-month period presented.

Robinhood Gold Subscribers

We define a Robinhood Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment.

Additional Operating Metrics

Robinhood Retirement AUC

We define Robinhood Retirement AUC as the total Assets Under Custody in traditional individual retirement accounts (“IRAs”) and Roth IRAs. This does not include accounts with an RIA using TradePMR’s platform.

Cash Sweep

We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage cash that has been automatically “swept” or moved from their brokerage accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. This includes balances from customers of RIAs using TradePMR’s platform.

Margin Book

We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). This includes margin loan balances from customers of RIAs using TradePMR’s platform.

Notional Trading Volume

We define Notional Trading Volume for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class on our platforms over a specified period of time. Robinhood App Crypto Notional Trading Volume represents the dollar value of executed trades on the Robinhood platform over a specified period of time. Starting in June 2025, Bitstamp Exchange Crypto Notional Trading Volume represents the dollar value of executed trades on the Bitstamp platform over a specified period of time. For example, each $1 of transaction value executed between a buyer and seller is counted as $1 of transaction value in the relevant period, rather than $2 if counted for each of the buyer and seller.

Options Contracts Traded

We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.

Glossary Terms

Investment Accounts

We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded IRA, or an account with an RIA using TradePMR’s platform. As of June 30, 2025, a Funded Customer can have up to five Investment Accounts – individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, Roth IRA, and RIA custody account using TradePMR’s platform. Does not include Bitstamp as such accounts are not brokerage or other Investment Accounts.

Robinhood Gold Adoption Rate

We define the Robinhood Gold adoption rate as end of period Robinhood Gold Subscribers divided by end of period Funded Customers.

Growth Rate and Annualized Growth Rate with respect to Net Deposits

Growth rate is calculated as aggregate Net Deposits over a specified 12-month period, divided by Total Platform Assets for the fiscal quarter that immediately precedes such 12-month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by Total Platform Assets for the immediately preceding quarter.

The MIL Network –

July 31, 2025

MIL-OSI: AMSC Reports First Quarter Fiscal Year 2025 Financial Results and Business Outlook

Source: GlobeNewswire (MIL-OSI)

First Quarter Financial Highlights:

Increased Revenue by 80% Year Over Year to Above $70 Million
Reported Net Income of Over $6 Million and Non-GAAP Net Income Exceeding $11 million
Achieved Gross Margin Greater than 30%

Company to host conference call tomorrow, July 31, at 10:00 am ET

AYER, Mass., July 30, 2025 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its first quarter of fiscal year 2025 ended June 30, 2025.

Revenues for the first quarter of fiscal 2025 were $72.4 million compared with $40.3 million for the same period of fiscal 2024. The year-over-year increase was driven by organic growth and the acquisition of NWL, Inc.

AMSC’s net income for the first quarter of fiscal 2025 was $6.7 million, or $0.17 per share, compared to a net loss of $2.5 million, or $0.07 per share, for the same period of fiscal 2024. The Company’s non-GAAP net income for the first quarter of fiscal 2025 was $11.6 million, or $0.30 per share, compared with a non-GAAP net income of $3.0 million, or $0.09 per share, in the same period of fiscal 2024. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents, and restricted cash on June 30, 2025, totaled $213.4 million, compared with $85.4 million at March 31, 2025.

“We’ve kicked off fiscal 2025 with accelerated growth, delivering a standout first quarter marked by significant progress and exceptional execution that surpassed our expectations,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “AMSC grew fiscal first quarter revenue by 80% year-over-year, generated net income of over $6 million marking our fourth consecutive quarter of profitability, and achieved expanded gross margins surpassing 30%. Strength in the semiconductor market—driven by growing demand for applications such as artificial intelligence and data centers—contributed to our momentum, while bookings and backlog remained steady. These results highlight our continued progress in scaling the business, diversifying revenue streams, and driving outstanding financial performance. We approach the remainder of fiscal 2025 with confidence in our team and business.”

Business Outlook
For the second quarter ending September 30, 2025, AMSC expects that its revenues will be in the range of $65.0 million to $70.0 million. The Company’s net income for the second quarter of fiscal 2025 is expected to exceed $2.0 million, or $0.05 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $6.0 million, or $0.14 per share.

Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.

About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtecc™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, NWL, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding execution of our goals and strategies, including scaling our business and diversifying revenue streams; growing demand for applications such as artificial intelligence and data centers; backlog; expectations regarding the second quarter of fiscal 2025; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2025; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have not been historically profitable, which may recur in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; While we generated positive operating cash flow in fiscal 2024 and the prior year, we have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may be required to issue performance bonds, which restricts our ability to access any cash used as collateral for the bonds; We may not realize all of the sales expected from our backlog of orders and contracts; If we fail to implement our business strategy successfully, our financial performance could be harmed; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Our contracts with the U.S. and Canadian governments are subject to audit, modification or termination by such governments and include certain other provisions in favor of the governments. The continued funding of such contracts may remain subject to annual legislative appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Our business and operations may be materially adversely impacted in the event of a failure or security breach of our or any critical third parties’ IT Systems or Confidential Information; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationships; Pandemics, epidemics, or other public health crises may adversely impact our business, financial condition and results of operations; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Industry consolidation could result in more powerful competitors and fewer customers; Our success could depend upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our REG products may not develop; Increasing focus and scrutiny on environmental sustainability and social initiatives could adversely impact our business and financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy; Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2025, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)

	Three Months Ended June 30,
	2025		2024
Revenues
Grid	$	60,087	$	32,336
Wind		12,271		7,954
Total revenues		72,358		40,290

Cost of revenues		47,869		28,065

Gross margin		24,489		12,225

Operating expenses:
Research and development		4,304		2,286
Selling, general and administrative		14,204		8,898
Amortization of acquisition-related intangibles		337		412
Change in fair value of contingent consideration		—		3,920
Total operating expenses		18,845		15,516

Operating income (loss)		5,644		(3,291	)

Interest income, net		932		1,120
Other income (expense), net		347		(160	)
Income (loss) before income tax expense		6,923		(2,331	)

Income tax expense		199		193

Net income (loss)	$	6,724	$	(2,524	)

Net income (loss) per common share
Basic	$	0.17	$	(0.07	)
Diluted	$	0.17	$	(0.07	)

Weighted average number of common shares outstanding
Basic		38,875		35,676
Diluted		39,742		35,676

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data)

	June 30, 2025			March 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	207,890		$	79,494
Accounts receivable, net		54,684			46,186
Inventory, net		71,602			71,169
Prepaid expenses and other current assets		13,332			8,055
Restricted cash		1,349			1,613
Total current assets		348,857			206,517

Property, plant and equipment, net		38,521			38,572
Intangibles, net		5,579			5,916
Right-of-use assets		4,041			3,829
Goodwill		48,164			48,164
Restricted cash		4,180			4,274
Deferred tax assets		1,262			1,178
Equity-method investments		1,406			1,113
Other assets		836			958
Total assets	$	452,846		$	310,521

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and accrued expenses	$	38,401		$	32,282
Lease liability, current portion		854			685
Deferred revenue, current portion		66,055			66,797
Total current liabilities		105,310			99,764

Deferred revenue, long term portion		9,836			9,336
Lease liability, long term portion		2,906			2,684
Deferred tax liabilities		1,647			1,595
Other liabilities		31			28
Total liabilities		119,730			113,407

Stockholders’ equity:
Common stock, $0.01 par value, 75,000,000 shares authorized; 45,564,273 and 39,887,536 shares issued and 45,160,922 and 39,484,185 shares outstanding at June 30, 2025 and March 31, 2025, respectively		456			399
Additional paid-in capital		1,388,948			1,259,540
Treasury stock, at cost, 403,351 at June 30, 2025 and March 31, 2025		(3,765	)		(3,765	)
Accumulated other comprehensive income		1,378			1,565
Accumulated deficit		(1,053,901	)		(1,060,625	)
Total stockholders’ equity		333,116			197,114
Total liabilities and stockholders’ equity	$	452,846		$	310,521

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Three Months Ended June 30,
	2025			2024
Cash flows from operating activities:

Net income (loss)	$	6,724		$	(2,524	)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization		1,229			1,008
Stock-based compensation expense		4,526			1,229
Provision for excess and obsolete inventory		711			503
Amortization of operating lease right-of-use assets		243			192
Deferred income taxes		7			(2	)
Earnings from equity method investments		(293	)		—
Change in fair value of contingent consideration		—			3,920
Other non-cash items		140			(3	)
Changes in operating asset and liability accounts:
Accounts receivable		(8,512	)		2,786
Inventory		(1,046	)		(3,799	)
Prepaid expenses and other assets		(5,084	)		(3,099	)
Operating leases		(64	)		(195	)
Accounts payable and accrued expenses		6,321			(1,734	)
Deferred revenue		(777	)		5,127
Net cash provided by operating activities		4,125			3,409

Cash flows from investing activities:
Purchases of property, plant and equipment		(814	)		(265	)
Change in other assets		79			245
Net cash used in investing activities		(735	)		(20	)

Cash flows from financing activities:
Repayment of debt		—			(16	)
Employee taxes paid related to net settlement of equity awards		—			(126	)
Proceeds from public equity offering, net of offering expenses		124,577			—
Net cash provided by (used in) financing activities		124,577			(142	)

Effect of exchange rate changes on cash		71			(4	)

Net increase in cash, cash equivalents and restricted cash		128,038			3,243
Cash, cash equivalents and restricted cash at beginning of period		85,381			92,280
Cash, cash equivalents and restricted cash at end of period	$	213,419		$	95,523

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (In thousands, except per share data)

	Three Months Ended June 30,
	2025		2024
Net income (loss)	$	6,724	$	(2,524	)
Stock-based compensation		4,526		1,229
Amortization of acquisition-related intangibles		337		412
Change in fair value of contingent consideration		—		3,920
Non-GAAP net income	$	11,587	$	3,037

Non-GAAP net income per share – basic	$	0.30	$	0.09
Non-GAAP net income per share – diluted	$	0.29	$	0.08
Weighted average shares outstanding – basic		38,875		35,676
Weighted average shares outstanding – diluted		39,742		37,032

Reconciliation of Forecast GAAP Net Income to Non-GAAP Net Income (In millions, except per share data)

	Three Months Ending
	September 30, 2025
Net income		$	2.0
Stock-based compensation			3.7
Amortization of acquisition-related intangibles			0.3
Non-GAAP net income		$	6.0
Non-GAAP net income per share		$	0.14
Shares outstanding			43.5

Note: Non-GAAP net income is defined by the Company as net income before stock-based compensation; amortization of acquisition-related intangibles; change in fair value of contingent consideration, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income and non-GAAP net income per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net income for the fiscal quarter ending September 30, 2025, including the above adjustments, may differ materially from those forecasted in the table above. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, net income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net income is set forth in the table above.

Contacts:

AMSC Director, Communications:
Nicol Golez
978-399-8344
Nicol.Golez@amsc.com

Investor Relations:
Carolyn Capaccio
Phone: (212) 838-3777
amscIR@allianceadvisors.com

Public Relations:
Joe Luongo
(914) 906-5903
jluongo@rooneypartners.com

The MIL Network –

July 31, 2025

MIL-OSI USA: Coons, Schumer, Murray, Shaheen, Reed, Warner, Schatz, Kaine, Duckworth, Kelly, Bennet, Slotkin, Kim release joint statement to raise alarm about President Trump’s steep concessions to Beijing

US Senate News:

Source: United States Senator for Delaware Christopher Coons

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

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

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

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

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

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

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Senators Coons, Cornyn’s bill to equip law enforcement with trauma kits passes Senate

US Senate News:

Source: United States Senator for Delaware Christopher Coons

WASHINGTON – U.S. Senators Chris Coons (D-Del.), John Cornyn (R-Texas), Sheldon Whitehouse (D-R.I.), Thom Tillis (R-N.C.), Mike Rounds (R-S.D.), and Dick Durbin (D-Ill.) released the following statements after their Improving Police Critical Aid for Responding to Emergencies (CARE) Act, which would equip law enforcement officers with quality trauma kits so they can respond immediately if a civilian or fellow officer experiences a traumatic injury during a call, passed the Senate:

“Our nation’s law enforcement officers keep our communities safe, and all Americans are better off when they have the resources they need to do their jobs when emergencies strike,” said Senator Coons. “As co-chair of the Senate Law Enforcement Caucus, I’m proud that my colleagues passed this bipartisan, commonsense legislation so that police officers have the trauma kits they need to save lives.”

“When responding to medical emergencies, time and access to the right tools can mean the difference between life and death,” said Senator Cornyn. “This legislation would equip law enforcement officers with high-quality trauma kits to prevent deaths due to blood loss and give patients the best chance of survival.”

“Police officers serve on the frontlines in their communities every day, and they are often first on the scene in medical emergencies,” said Senator Whitehouse. “Our bipartisan legislation would provide officers in the field with emergency trauma kits, and fund standardized training to allow them to better protect the public and save lives.”

“As a strong supporter of our brave men and women in law enforcement, I am proud to co-introduce the Improving Police CARE Act which would equip them with the tools they need to keep our communities safe,” said Senator Tillis. “Ensuring law enforcement officers have effective trauma kits will save countless law enforcement and civilian lives.”

“As the first people to arrive at the scene of an emergency, law enforcement officers must be prepared for anything and properly equipped to respond,” said Senator Rounds. “Our legislation would support equipping officers with trauma kits to control life-threatening hemorrhages in an emergency situation. This bill has the potential to save lives, and I’m pleased that it has passed the Senate.”

“It is imperative that law enforcement officers have the resources and training they need to save lives,” said Senator Durbin. “Blood loss injuries are too often deadly, especially in rural areas where it can take longer for patients to receive emergency medical care. The bipartisan Improving Police CARE Act will establish standards for trauma kits used by law enforcement, ensuring that our officers have the right tools to respond to injuries immediately and continue to serve our communities.”

U.S. Senators Ashley Moody (R-Fla.) and Maggie Hassan (D-N.H.) are cosponsors of the legislation.

Background:

Trauma kits play a vital role in preventing deaths due to blood loss. Between 30-40% of trauma-related deaths are caused by hemorrhaging, or uncontrolled bleeding, with 33-56% of them occurring before the patient arrives at the hospital. During the Iraq and Afghanistan conflicts, tourniquets and tourniquet training were widely adopted by the military for their lifesaving potential in combat. This practice has since been embraced in civilian populations given its clear survival benefit. In fact, one study found that patient survival was six times more likely when a tourniquet was used, underscoring the critical need for timely bleeding control. This is especially true in rural areas where the average EMS response time is typically double that of urban areas. Having access to a trauma kit and early bleeding control can help bridge this gap and mean the difference between life and death.

The effectiveness of a law enforcement trauma kit program depends in part on the contents and the quality of the kits. Medical professionals recommend that a kit include bleeding control supplies like tourniquets, bandages, non-latex gloves, scissors, and instructions. However, there is enormous variation in the products available on the market.

The Improving Police Critical Aid for Responding to Emergencies (CARE) Act would:

Establish baseline standards in consultation with law enforcement and medical professionals for trauma kits purchased using grant funding under the Edward Byrne Memorial Justice Assistance Grant (JAG)
And require the development of optional best practices that law enforcement agencies can adapt for training law enforcement officers to use trauma kits, and for deployment and maintenance of the kits in vehicles and government facilities

The legislation is endorsed by the National Association of Police Organizations (NAPO), International Association of Chiefs of Police (IACP), Major County Sheriffs of America (MCSA), Federal Law Enforcement Officers Association (FLEOA), NYPD Sergeants Benevolent Association (SBA), National Fraternal Order of Police (FOP), the Society of Trauma Nurses, the American College of Surgeons (ACS), and the American Trauma Society.

MIL OSI USA News –

July 31, 2025

MIL-OSI United Nations: Haitians in ‘despair’ following abrupt suspension of US humanitarian support

Source: United Nations 2

The cancellation of most US funding in January means many services to the most vulnerable people have been cut or put on hold.

Multiple political, security and socio-economic crises have led to 5.7 million people suffering from a lack of food and have forced 1.3 million people to flee their homes.

With a dramatic reduction in funding Haiti faces a crucial “turning point.”

UN News spoke to OCHA’s country director, Modibo Traore, about the current situation.

UN News: What is the current state of humanitarian funding in Haiti?

Humanitarian funding in Haiti is going through a critical phase, marked by a growing gap between the needs and available resources. As of 1 July, only around 8 per cent of the $908 million required had been mobilized.

This partial coverage only allows a fraction of the 3.6 million people targeted to be reached.

UN aid agencies continue to support Haitian people with humanitarian aid.

The sectors most affected are food security, access to drinking water, primary healthcare, education and protection.

This contraction in international support is part of a global context of multiple competing crises – Ukraine, Gaza, Sudan – but also reflects a loss of political interest in the Haitian issue.

UN News: What conditions in Haiti have led to such significant funding needs?

The growing humanitarian needs observed in Haiti are the result of an accumulation of structural and cyclical factors. On the socioeconomic front, multidimensional poverty affects a large part of the population.

Haiti’s exposure to natural hazards is an aggravating factor.

The country has experienced several major hurricanes that struck the southern region less than a week after an earthquake that severely affected the area, not to mention repeated droughts that have had a major impact on agriculture and livestock farming.

The downtown area of Port-au-Prince remains extremely dangerous due to gang activity.

Since 2019, a new dimension has emerged; chronic insecurity caused by the proliferation of armed groups, particularly in the capital, Port-au-Prince, and now in the Centre and Artibonite departments.

In 2024, the multidimensional crisis that has been shaking Haiti for years has become catastrophic.

The level of violence and insecurity remains high, with devastating consequences for the population, including massive displacement of people who were already in vulnerable situations.

UN News: How has the growing control of armed groups affected donor confidence?

The rise of armed groups in Haiti and their increasing control of strategic locations, particularly major roads and ports of entry to the capital, is a major obstacle to the safe and efficient delivery of humanitarian aid.

This dynamic has an impact on the risk perception of international donors, who now assess Haiti as a high-threat environment for intervention. Access to beneficiaries has become irregular in many areas.

The deterioration of the security situation represents a major challenge for mobilizing and maintaining financial commitments.

Donors have expressed concerns about operational risks, particularly regarding securing supply chains, preventing exploitation and ensuring accountability.

The operational cost of aid has also increased.

UN News: What is the impact of the new approach taken by the US administration?

On 20 January, 2025, President Donald Trump signed Executive Order 14169, which imposed an immediate suspension of all new foreign funding by US federal agencies, including humanitarian programs run by USAID and multilateral partners.

In the case of Haiti, the effects were felt through the sudden halt of approximately 80 per cent of US-funded programmes. NGO partner staff were laid off, payments were suspended, and supply chains were disrupted.

US food aid is prepared for delivery following floods in Haiti in 2022.

Beyond the structural effects, this suspension created profound uncertainty in the Haitian humanitarian system. This situation not only weakened the continuity of essential services but also affected trust between beneficiary communities and humanitarian actors.

UN News: To what extent is the current situation unprecedented?

The year 2025 marks a turning point in humanitarian aid in Haiti. This crisis is not the result of a single or isolated event, but rather a series of deteriorating situations in the context of gradually waning international attention.

The interruption of US programmes has acted as a catalyst for the crisis. USAID’s technical partners, many of whom managed community health programmes in vulnerable neighbourhoods, have ceased operations, depriving hundreds of thousands of people of vital services.

US-co-funded health centres have closed, leaving pregnant women and children without assistance.

The current crisis demonstrates the country’s growing isolation.

While previous crises had prompted rapid international solidarity, the humanitarian response to the situation in 2025 has been slow and partial.

UN News: What difficult decisions have had to be made regarding cutting aid?

The interruption of funding has forced humanitarian organizations to make ethically complex and often painful trade-offs.

In the area of protection, for example, safe spaces for women and girls have been drastically reduced.

The long-term development of Haiti is at risk as funding decreases.

Cash transfer programmes, widely used in urban areas since 2021, have also been suspended. These programmes enabled vulnerable households to maintain a minimum level of food security. Their suspension has led to a resurgence of coping mechanisms such as child labour, less food and children being taken out of school.

Resilience-building activities have also been affected. Programmes combining food security, urban agriculture, and access to water—often co-financed by USAID and UN funds—have been frozen.

This compromises not only the immediate response but also the development of medium-term solutions.

UN News: How are Haitians being affected?

Children are among the hardest hit. UNICEF and its partners have treated more than 4,600 children suffering from severe acute malnutrition, representing only 3.6 per cent of the 129,000 children expected to need treatment this year.

The proportion of institutional maternal deaths has also increased from 250 to 350 per 100,000 live births between February 2022 and April 2025.

A survivor of rape rests at a site for internally displaced people in Port-au-Prince.

In terms of security, the effects are equally worrying. Gender-based sexual violence (GBV) has increased in neighbourhoods controlled by armed groups.

In short, the withdrawal of US funding has led to a multidimensional regression in the rights of women and girls in Haiti, with consequences that are likely to last for several years.

UN News: How have people in Haiti reacted?

Beneficiaries expressed a sense of despair at the sudden suspension of the services.

In working-class neighbourhoods of Port-au-Prince as well as in remote rural areas, the cessation of food distributions, community healthcare, and cash transfers was experienced as a breach of the moral contract between communities and humanitarian institutions.

Humanitarian partners communicate transparently about the reduction of support, so communities are, to some extent, aware of the financial constraints.

MIL OSI United Nations News –

July 31, 2025

MIL-OSI: Orange County Bancorp, Inc. Announces Record Second Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

Net Income increased $2.3 million, or 27.4%, to $10.5 million for the quarter ended June 30, 2025 from $8.2 million for the quarter ended June 30, 2024
Net Interest Income grew $1.0 million, or 4.2%, to $25.1 million for the quarter ended June 30, 2025, as compared to $24.1 million for the quarter ended June 30, 2024
Total Deposits rose $123.4 million, or 5.7%, to $2.3 billion at June 30, 2025, from $2.2 billion at year-end 2024
Total Loans increased $102.1 million, or 5.6%, to $1.9 billion at June 30, 2025, from $1.8 billion at year-end 2024
Book value per share increased $2.55, or 15.6%, to $18.90 at June 30, 2025, from $16.35 at December 31, 2024
Trust and investment advisory income rose 14.8%, to $3.4 million for the quarter ended June 30, 2025, from $3.0 million for the quarter ended June 30, 2024

MIDDLETOWN, N.Y., July 30, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Company (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $10.5 million, or $0.87 per basic and diluted share, for the three months ended June 30, 2025. This compares with net income of $8.2 million, or $0.73 per basic and diluted share, for the three months ended June 30, 2024. The increase in earnings per share, basic and diluted, was due primarily to increases in net interest income and total noninterest income partially offset by an increase in non-interest expense during the current period. For the six months ended June 30, 2025, net income reached $19.2 million, or $1.64 per basic and diluted share, as compared to $17.5 million, or $1.55 per basic and diluted share, for the six months ended June 30, 2024.

Book value per share rose $2.55, or 15.6%, from $16.35 at December 31, 2024, to $18.90 at June 30, 2025. Tangible book value per share increased $2.65, or 16.8%, from $15.80 at December 31, 2024, to $18.45 at June 30, 2025 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were due to increased earnings during the six months ended June 30, 2025 and a reduction of unrealized losses in the available for sale securities (“AFS”) portfolio coupled with net proceeds of approximately $43 million from completion of a follow-on common stock offering during the second quarter of 2025.

“I am pleased to report Orange County Bank had a very productive and successful second quarter,” said Company President and CEO Michael Gilfeather. “Nearly every segment of the Bank turned in strong financial performance, yielding $10.5 million of net income for the period, a $2.3 million, or 27% increase over the same quarter last year. These results include several one-time gains but also reflect continued strength in financial performance as we execute on our full-service, business banking strategy.

We also completed a $46 million follow-on common stock offering during the quarter, strengthening our financial position and giving us the flexibility to continue to expand our lending business in a prudent manner while improving trading liquidity in our stock. On a per share basis, we earned $0.87 a share for the quarter ended June 30, 2025, versus $0.73 for the same quarter last year.

Key to our strong financial performance was continued growth of our loan portfolio. Year to date, total loans increased $102.1 million, or 5.6%, to $1.9 billion at quarter end. Despite uncertainty surrounding tariff policy, loan demand and economic activity in the communities we serve remains strong, but we continue to exercise prudence in underwriting. Year-to-date, we have grown our loan portfolio without a significant change in loan yields. The average yield on our loan portfolio was 6.02% for the first half of 2025, down modestly from 6.06% for the first half of the prior year.

Deposit growth also remains robust, with total deposits up $123.4 million year-to-date to $2.3 billion, a 5.7% increase over year end 2024. These new deposits were organically sourced, enabling us to replace $74 million of higher cost brokered deposits with lower cost Bank client funds. Our cost of deposits for the three months ended June 30, 2025 was 1.30%. We consider our low-cost deposit base a key competitive advantage of the Bank, and while there is some seasonality to these numbers, we have been highly intentional in growing this important driver of our success.

Given that rates on both deposits and loans remained largely unchanged through the first half of the year, it stands to reason net interest margin remained stable as well. For the three months ended June 30, 2025, our net interest margin stood at an impressive 4.06%.

Our Wealth Management division also continued its run of increasing contributions to performance with nearly 15% growth, to $3.4 million for the current quarter from $3.0 million for the same period last year. Earnings from Wealth Management, which is comprised of Trust and Investment Advisory Services, is an important source of revenue for the Company. Orange Wealth Management represents a value-added expansion of our traditional banking business which provides greater service and leads to the creation of more fees and revenues per client. In addition, many of the group’s clients are also borrowers and/or depositors of the Bank.

Given our successful capital raise and further growth in loans, deposits, and wealth management, we had a strong second quarter. I want to once again acknowledge that none of this could happen without the experience, expertise and commitment from our employees. I thank them and our customers and shareholders for their continued confidence and support.”

Second Quarter 2025 Financial Review

Net Income

Net income for the second quarter of 2025 was $10.5 million, an increase of $2.3 million, or 27.4%, from net income of $8.2 million for the second quarter of 2024. The increase represents a combination of increased net interest income and non-interest income over the same quarter last year. Net income for the six months ended June 30, 2025 was $19.2 million, as compared to $17.5 million for the same period in 2024. The increase reflects the effect of net interest income growth combined with increased non-interest income during the first six months of 2025 as compared to the prior year period. These improvements were partially offset by higher provision for credit losses in the first half of 2025 as compared to a $1.9 million recovery recognized through the provision during the first half of 2024 and associated with Signature Bank subordinated debt. The increase in non-interest income includes the recognition of gain associated with the sale of a branch location coupled with a Bank Owned Life Insurance gain related to policy proceeds from a death benefit.

Net Interest Income

For the three months ended June 30, 2025, net interest income rose $1.0 million, or 4.2%, to $25.1 million, versus $24.1 million during the same period last year. The increase was driven primarily by a $712 thousand increase in interest and fees combined with a $309 thousand reduction in interest expense during the current period. For the six months ended June 30, 2025, net interest income reached $48.8 million representing an increase of $3.0 million, or 6.7%, over the first half of 2024.

Total interest income rose $712 thousand, or 2.2%, to $33.2 million for the three months ended June 30, 2025, compared to $32.5 million for the three months ended June 30, 2024. The increase was driven mainly by 5.0% growth in interest and fees associated with loans. For the six months ended June 30, 2025, total interest income rose $1.6 million, or 2.4%, to $65.1 million as compared to $63.6 million for the six months ended June 30, 2024.

Total interest expense decreased $309 thousand during the second quarter of 2025, to $8.1 million, as compared to $8.4 million in the second quarter of 2024. The decrease was primarily due to the reduction of interest costs associated with FHLB advances and borrowings as a result of increased deposit levels during the quarter. Interest expense associated with FHLB advances drawn and other borrowings during the current quarter totaled $375 thousand as compared to $890 thousand during the second quarter of 2024. During the six months ended June 30, 2025, total interest expense fell $1.5 million, to $16.4 million, as compared to $17.9 million for the same period last year.

Provision for Credit Losses

The Company recognized a provision for credit losses of $2.1 million for the three months ended June 30, 2025, as compared to $2.2 million for the three months ended June 30, 2024. This current quarter provision was primarily driven by reserves associated with a specific non-accrual loan as well as the impact of the methodology associated with estimated lifetime losses and the types of loans closed during the quarter. The allowance for credit losses to total loans was 1.48% as of June 30, 2025 versus 1.44% as of December 31, 2024. For the six months ended June 30, 2025, the provision for credit losses totaled $2.3 million as compared to $570 thousand, net of recovery, for the six months ended June 30, 2024. No reserves for investment securities were recorded during the first half of 2025 or 2024, respectively.

Non-Interest Income

Non-interest income rose $3.5 million, or 92.2%, to $7.3 million for the three months ended June 30, 2025 as compared to $3.8 million for the three months ended June 30, 2024. The growth included the continued increased fee income within each of the Company’s fee income categories, including investment advisory income, trust income, and service charges on deposit accounts, as well as certain one-time items during the quarter. These items represented the recognition of a $1.2 million gain associated with the sale of a branch location and approximately $2.4 million of income associated with BOLI payments related to a death benefit offset by a tactical loss of approximately $727 thousand recorded on the sale of certain securities to reposition a small portion of the portfolio and replace with higher yielding securities. For the six months ended June 30, 2025, non-interest income increased approximately $4.2 million, to $11.7 million, as compared to $7.5 million for the six months ended June 30, 2024.

Non-Interest Expense

Non-interest expense was $16.8 million for the second quarter of 2025, reflecting an increase of $1.3 million, or 8.2%, as compared to $15.5 million for the same period in 2024. The increase in non-interest expense for the current three-month period continues to reflect the Company’s commitment to growth. This investment consists primarily of increases in occupancy costs, information technology, and professional fees. Our efficiency ratio improved to 51.6% for the three months ended June 30, 2025, from 55.5% for the same period in 2024. For the six months ended June 30, 2025, our efficiency ratio decreased to 55.0% from 57.9% for the same period in 2024. Non-interest expense for the six months ended June 30, 2025 reached $33.3 million, reflecting a $2.5 million increase over non-interest expense of $30.8 million for the six months ended June 30, 2024.

Income Tax Expense

Provision for income taxes for the three months ended June 30, 2025 was $3.1 million, compared to $2.0 million for the same period in 2024. The increase was directly related to provisions associated with higher levels of pre-tax income as well as the effect of certain tax adjustments for the quarter. For the six months ended June 30, 2025, the provision for income taxes was $5.7 million as compared to $4.3 million for the six months ended June 30, 2024. Our effective tax rate for the three-month period ended June 30, 2025 was 23.0%, as compared to 19.7% for the same period in 2024. Our effective tax rate for the six-month period ended June 30, 2025 was 23.0%, as compared to 19.9% for the same period in 2024.

Financial Condition

Total consolidated assets increased $96.3 million, or 3.8%, to $2.6 billion at June 30, 2025 from $2.5 billion at December 31, 2024. The growth of the balance sheet included increases in cash, loans, and deposits as well as paydowns of borrowings during the current six-month period.

Total cash and due from banks increased from $150.3 million at December 31, 2024, to $175.6 million at June 30, 2025, an increase of approximately $25.3 million, or 16.8%. This increase resulted primarily from higher levels of deposit balances and the completion of the common stock offering which increased cash and due from banks.

Total investment securities fell $37.1 million, or 8.2%, from $453.5 million at December 31, 2024 to $416.4 million at June 30, 2025. The decrease was driven primarily by investment maturities during the first six months of 2025 combined with the sale of approximately $15.0 million in securities at quarter end. The portfolio sale was a strategic initiative to offset a portion of the increases in non-interest income and replaced the investments with higher yielding securities.

Total loans increased $102.1 million, or 5.6%, from $1.8 billion at December 31, 2024 to $1.9 billion at June 30, 2025. The increase was driven by $72.4 million of growth in commercial real estate loans, $30.5 million of increased commercial real estate construction loans, $6.5 million of increased commercial and industrial loans, and $1.8 million of growth in home equity loans. These increases were offset by decreases within the residential real estate and consumer loan segments.

Total deposits increased $123.4 million, to $2.3 billion at June 30, 2025, from $2.2 billion at December 31, 2024. This increase was due primarily to $36.0 million of growth in noninterest-bearing demand accounts; $98.2 million of growth in interest bearing demand accounts; $14.1 million of growth in money market accounts; and $51.8 million of growth in savings accounts. The increases in deposit accounts were offset by a $76.7 million decrease in certificates of deposit, mainly associated with brokered deposits utilized by the Bank for short term funding purposes. Deposit composition at June 30, 2025 included 49.0% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 43% of total deposits at June 30, 2025 as compared to 39% of total deposits at December 31, 2024.

FHLBNY short-term borrowings were $21.0 million at June 30, 2025 down from $113.5 million at December 31, 2024. The decrease in borrowings continues to be driven by increased deposits which outpaced loan growth during the first half of 2025 and allowed for paydowns of borrowings while maintaining higher levels of cash at June 30, 2025. The decrease in borrowings reflects a strategic decision to manage liquidity sources and take advantage of opportunities to reduce funding costs.

Stockholders’ equity experienced an increase of approximately $67.1 million during the first half of 2025, reaching $252.6 million at June 30, 2025 from $185.5 million at December 31, 2024. The increase was due to the combination of a completed common stock offering which netted approximately $43 million, earnings of approximately $19.2 million, and a decrease in unrealized losses of approximately $6.3 million on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) (“AOCI”), net of taxes.

At June 30, 2025, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital to average assets ratio was 12.40%, both common equity and Tier 1 capital to risk weighted assets were 16.36%, and total capital to risk weighted assets was 17.61%.

Wealth Management

At June 30, 2025, our Wealth Management Division, which includes trust and investment advisory, totaled $1.8 billion in assets under management or advisory, a 2.5% increase over December 31, 2024. Trust and investment advisory income for the quarter ended June 30, 2025 reached $3.4 million, a $437 thousand, or 14.8%, increase as compared to $3.0 million for the quarter ended June 30, 2024.

The breakdown of trust and investment advisory assets as of June 30, 2025 and December 31, 2024, respectively, is as follows:


ORANGE COUNTY BANCORP, INC.
SUMMARY OF AUM/AUA
(UNAUDITED)
(Dollar Amounts in thousands)
	At June 30, 2025				At December 31, 2024
	Amount		Percent		Amount		Percent
Investment Assets Under Management & Advisory	$	1,170,808	64.05	%	$	1,105,143	61.99	%
Trust Asset Under Administration & Management		657,181	35.95	%		677,723	38.01	%
Total	$	1,827,989	100.00	%	$	1,782,866	100.00	%

Loan Quality

At June 30, 2025, the Bank had total non-performing loans of $11.7 million, or 0.61% of total loans. Total non-accrual loans represented approximately $11.7 million at June 30, 2025 compared to $6.3 million at December 31, 2024. The increase in non-accrual loans represents several different loans that have experienced payment disruption during the quarter and are at various stages of collection.

Liquidity

Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of June 30, 2025, the Bank’s cash and due from banks totaled $175.6 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, corporate bonds, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of June 30, 2025, the Bank’s investment in securities available for sale was $410.8 million, of which $66.8 million was not pledged as collateral and additional $74.3 million with the Federal Reserve which is not specifically designated to any borrowings. Additionally, as of June 30, 2025, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $628.2 million, of which $76.4 million was used to collateralize municipal deposits and $10.0 million was utilized for long term advances. As of June 30, 2025, the Bank’s unused borrowing capacity at the FHLBNY was $541.8 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At June 30, 2025, the Bank also held $74.3 million of collateral at the Federal Reserve Bank which could be utilized to provide additional funding through the discount window.

The Bank also considers brokered deposits an element of its deposit strategy. As of June 30, 2025, the Bank had brokered deposit arrangements with various terms totaling $106.5 million.


Non-GAAP Financial Measure Reconciliations
The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.

	June 30, 2025			December 31, 2024
	(Dollars in thousands except for share data)
Tangible Common Equity:
Total stockholders’ equity	$	252,589		$	185,531
Adjustments:
Goodwill		(5,359	)		(5,359	)
Other intangible assets		(678	)		(821	)
Tangible common equity	$	246,552		$	179,351
Common shares outstanding		13,362,912			11,350,158
Book value per common share	$	18.90		$	16.35
Tangible book value per common share	$	18.45		$	15.80

Tangible Assets
Total assets	$	2,606,263		$	2,509,927
Adjustments:
Goodwill		(5,359	)		(5,359	)
Other intangible assets		(678	)		(821	)
Tangible assets	$	2,600,226		$	2,503,747
Tangible common equity to tangible assets		9.48	%		7.16	%

NOTE: Share data and related information has been adjusted for the effect of the 2 for 1 stock split in January 2025

About Orange County Bancorp, Inc

Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.6 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

Forward Looking Statements

Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, tariffs, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

For further information:
Michael Lesler
EVP & Chief Financial Officer
mlesler@orangebanktrust.com
Phone: (845) 341-5111


ORANGE COUNTY BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
(Dollar Amounts in thousands except per share data)

	June 30, 2025			December 31, 2024

ASSETS

Cash and due from banks	$	175,606		$	150,334
Investment securities – available-for-sale		410,814			443,775
(Amortized cost $478,824 at June 30, 2025 and $519,567 at December 31, 2024)
Restricted investment in bank stocks		5,618			9,716
Loans		1,917,802			1,815,751
Allowance for credit losses		(28,408	)		(26,077	)
Loans, net		1,889,394			1,789,674

Premises and equipment, net		14,949			15,808
Accrued interest receivable		10,465			6,680
Bank owned life insurance		35,398			42,257
Goodwill		5,359			5,359
Intangible assets		678			821
Other assets		57,982			45,503

TOTAL ASSETS	$	2,606,263		$	2,509,927

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits:
Noninterest bearing	$	687,120		$	651,135
Interest bearing		1,589,603			1,502,224
Total deposits		2,276,723			2,153,359

FHLB advances, short term		21,000			113,500
FHLB advances, long term		10,000			10,000
Subordinated notes, net of issuance costs		19,626			19,591
Accrued expenses and other liabilities		26,325			27,946

TOTAL LIABILITIES		2,353,674			2,324,396

STOCKHOLDERS’ EQUITY

Common stock, $0.25 par value; 30,000,000 shares authorized; 13,370,929 and 11,366,608 issued; 13,362,912 and 11,350,158 outstanding, at June 30, 2025 and December 31, 2024, respectively		3,343			2,842
Surplus		164,752			120,896
Retained Earnings		146,129			129,919
Accumulated other comprehensive income (loss), net of taxes		(61,436	)		(67,751	)
Treasury stock, at cost; 8,017 and 16,450 shares at June 30, 2025 and December 31, 2024, respectively		(199	)		(375	)
TOTAL STOCKHOLDERS’ EQUITY		252,589			185,531

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,606,263		$	2,509,927


Share data has been adjusted to reflect the effect of the two-for-one stock split paid during January 2025


ORANGE COUNTY BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Dollar Amounts in thousands except per share data)
	For Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
INTEREST INCOME
Interest and fees on loans	$	28,103		$	26,778			55,417		$	52,392
Interest on investment securities:
Taxable		2,731			3,105			5,395			6,331
Tax exempt		561			581			1,137			1,149
Interest on Federal funds sold and other		1,829			2,048			3,182			3,713

TOTAL INTEREST INCOME		33,224			32,512			65,131			63,585

INTEREST EXPENSE
Savings and NOW accounts		5,256			5,158			10,150			9,735
Time deposits		2,222			2,114			4,446			4,528
FHLB advances and borrowings		375			890			1,306			3,141
Subordinated notes		231			231			461			461
TOTAL INTEREST EXPENSE		8,084			8,393			16,363			17,865

NET INTEREST INCOME		25,140			24,119			48,768			45,720

Provision (recovery) for credit losses – investments		–			–			–			(1,900	)
Provision for credit losses – loans		2,113			2,210			2,315			2,470
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES		23,027			21,909			46,453			45,150

NONINTEREST INCOME
Service charges on deposit accounts		334			232			624			467
Trust income		1,573			1,309			3,247			2,621
Investment advisory income		1,823			1,650			3,589			3,225
Investment securities gains(losses)		(727	)		–			(727	)		–
Earnings on bank owned life insurance		234			270			493			512
Gain on sale of assets		3,635			–			3,635			–
Other		444			346			811			668
TOTAL NONINTEREST INCOME		7,316			3,807			11,672			7,493

NONINTEREST EXPENSE
Salaries		6,813			6,873			13,718			13,611
Employee benefits		2,338			2,304			4,788			4,426
Occupancy expense		1,299			1,164			2,576			2,325
Professional fees		1,666			1,337			3,013			2,773
Directors’ fees and expenses		319			(125	)		625			197
Computer software expense		2,117			1,430			4,099			2,665
FDIC assessment		330			350			660			768
Advertising expenses		481			438			870			802
Advisor expenses related to trust income		22			32			44			65
Telephone expenses		203			188			410			375
Intangible amortization		72			71			143			143
Other		1,094			1,425			2,302			2,647
TOTAL NONINTEREST EXPENSE		16,754			15,487			33,248			30,797

Income before income taxes		13,589			10,229			24,877			21,846

Provision for income taxes		3,128			2,016			5,712			4,343
NET INCOME	$	10,461		$	8,213			19,165		$	17,503

Basic and diluted earnings per share	$	0.87		$	0.73		$	1.64		$	1.55

Weighted average shares outstanding		11,994,815			11,282,868			11,665,181			11,276,370


Share data has been adjusted to reflect the effect of the two-for-one stock split paid during January 2025


ORANGE COUNTY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(UNAUDITED)
(Dollar Amounts in thousands)

	Three Months Ended June 30,
		2025							2024
	Average Balance			Interest		Average Rate		Average Balance			Interest		Average Rate
Assets:
Loans Receivable (net of PPP)	$	1,879,606		$	28,100	6.00	%	$	1,728,195		$	26,778	6.21	%
PPP Loans		152			3	7.92	%		197			–	0.00	%
Investment securities		432,657			3,083	2.86	%		467,308			3,364	2.89	%
Due from banks		167,987			1,829	4.37	%		160,498			2,048	5.12	%
Other		5,773			209	14.52	%		5,343			322	24.17	%
Total interest earning assets		2,486,175			33,224	5.36	%		2,361,541			32,512	5.52	%
Non-interest earning assets		104,019							99,032
Total assets	$	2,590,194						$	2,460,573

Liabilities and equity:
Interest-bearing demand accounts	$	397,476		$	489	0.49	%	$	394,697		$	485	0.49	%
Money market accounts		702,607			3,721	2.12	%		666,460			3,796	2.28	%
Savings accounts		301,586			1,046	1.39	%		254,188			877	1.38	%
Certificates of deposit		221,363			2,222	4.03	%		184,363			2,114	4.60	%
Total interest-bearing deposits		1,623,032			7,478	1.85	%		1,499,708			7,272	1.94	%
FHLB Advances and other borrowings		34,341			375	4.38	%		76,923			890	4.64	%
Subordinated notes		19,615			231	4.72	%		19,544			231	4.74	%
Total interest bearing liabilities		1,676,988			8,084	1.93	%		1,596,175			8,393	2.11	%
Non-interest bearing demand accounts		670,150							667,455
Other non-interest bearing liabilities		27,436							25,717
Total liabilities		2,374,574							2,289,347
Total shareholders’ equity		215,620							171,226
Total liabilities and shareholders’ equity	$	2,590,194						$	2,460,573

Net interest income				$	25,140						$	24,119
Interest rate spread¹						3.43	%						3.41	%
Net interest margin²						4.06	%						4.10	%
Average interest earning assets to interest-bearing liabilities		148.3	%						148.0	%

Notes:
¹The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
²Net interest margin is the annualized net interest income divided by average interest-earning assets


ORANGE COUNTY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(UNAUDITED)
(Dollar Amounts in thousands)

	Six Months Ended June 30,
		2025							2024
	Average Balance			Interest		Average Rate		Average Balance			Interest		Average Rate
Assets:
Loans Receivable (net of PPP)	$	1,854,899		$	55,411	6.02	%	$	1,733,197		$	52,389	6.06	%
PPP Loans		157			6	7.71	%		203			3	2.96	%
Investment securities		437,191			6,205	2.86	%		474,419			6,796	2.87	%
Due from banks		157,381			3,182	4.08	%		155,047			3,713	4.80	%
Other		6,871			327	9.60	%		8,119			684	16.90	%
Total interest earning assets		2,456,499			65,131	5.35	%		2,370,985			63,585	5.38	%
Non-interest earning assets		102,995							96,839
Total assets	$	2,559,494						$	2,467,824

Liabilities and equity:
Interest-bearing demand accounts	$	377,378		$	891	0.48	%	$	377,492		$	922	0.49	%
Money market accounts		694,263		$	7,356	2.14	%		643,244			7,151	2.23	%
Savings accounts		285,393		$	1,903	1.34	%		245,009			1,662	1.36	%
Certificates of deposit		222,173			4,446	4.04	%		197,003			4,528	4.61	%
Total interest-bearing deposits		1,579,207			14,596	1.86	%		1,462,748			14,263	1.96	%
FHLB Advances and other borrowings		59,536			1,306	4.42	%		122,203			3,141	5.15	%
Subordinated notes		19,606			461	4.74	%		19,535			461	4.73	%
Total interest bearing liabilities		1,658,349			16,363	1.99	%		1,604,486			17,865	2.23	%
Non-interest bearing demand accounts		668,864							667,947
Other non-interest bearing liabilities		28,665							27,081
Total liabilities		2,355,878							2,299,514
Total shareholders’ equity		203,616							168,310
Total liabilities and shareholders’ equity	$	2,559,494						$	2,467,824

Net interest income				$	48,768						$	45,720
Interest rate spread¹						3.36	%						3.15	%
Net interest margin²						4.00	%						3.87	%
Average interest earning assets to interest-bearing liabilities		148.1	%						147.8	%

Notes:
¹The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
²Net interest margin is the annualized net interest income divided by average interest-earning assets


ORANGE COUNTY BANCORP, INC.
SELECTED RATIOS AND OTHER DATA
(UNAUDITED)

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Performance Ratios:
Return on average assets (1)	1.62	%	1.34	%	1.50	%	1.42	%
Return on average equity (1)	19.41	%	19.19	%	18.82	%	20.80	%
Interest rate spread (2)	3.43	%	3.41	%	3.36	%	3.15	%
Net interest margin (3)	4.06	%	4.10	%	4.00	%	3.87	%
Dividend payout ratio (4)	14.91	%	15.80	%	15.83	%	14.82	%
Non-interest income to average total assets	1.13	%	0.62	%	0.91	%	0.61	%
Non-interest expenses to average total assets	2.59	%	2.52	%	2.60	%	2.50	%
Average interest-earning assets to average interest-bearing liabilities	148.25	%	147.95	%	148.13	%	147.77	%

	At		At
	June 30, 2025		June 30, 2024
Asset Quality Ratios:
Non-performing assets to total assets	0.45	%	0.64	%
Non-performing loans to total loans	0.61	%	0.92	%
Allowance for credit losses to non-performing loans	242.51	%	173.95	%
Allowance for credit losses to total loans	1.48	%	1.60	%

Capital Ratios (5):
Total capital (to risk-weighted assets)	17.61	%	15.09	%
Tier 1 capital (to risk-weighted assets)	16.36	%	13.84	%
Common equity tier 1 capital (to risk-weighted assets)	16.36	%	13.84	%
Tier 1 capital (to average assets)	12.40	%	10.04	%

Notes:
(1) Annualized for the three and six month periods ended June 30, 2025 and 2024, respectively.
(2) Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
(3) The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
(4) The dividend payout ratio represents dividends paid per share divided by net income per share.
(5) Ratios are for the Bank only.


ORANGE COUNTY BANCORP, INC.
SELECTED OPERATING DATA
(UNAUDITED)
(Dollar Amounts in thousands except per share data)
	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest income	$	33,224	$	32,512	$	65,131	$	63,585
Interest expense		8,084		8,393		16,363		17,865
Net interest income		25,140		24,119		48,768		45,720
Provision for credit losses		2,113		2,210		2,315		570
Net interest income after provision for credit losses		23,027		21,909		46,453		45,150
Noninterest income		7,316		3,807		11,672		7,493
Noninterest expenses		16,754		15,487		33,248		30,797
Income before income taxes		13,589		10,229		24,877		21,846
Provision for income taxes		3,128		2,016		5,712		4,343
Net income	$	10,461	$	8,213	$	19,165	$	17,503

Basic and diluted earnings per share	$	0.87	$	0.73	$	1.64	$	1.55
Weighted average common shares outstanding		11,994,815		11,282,868		11,665,181		11,276,370

	At		At
	June 30, 2025		December 31, 2024
Book value per share	$	18.90	$	16.35
Net tangible book value per share (1)	$	18.45	$	15.80
Outstanding common shares		13,362,912		11,350,158

Notes:
(1) Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $678, and $821 in other intangible assets for June 30, 2025 and December 31, 2024, respectively.


ORANGE COUNTY BANCORP, INC.
LOAN COMPOSITION
(UNAUDITED)
(Dollar Amounts in thousands)
	At June 30, 2025				At December 31, 2024
	Amount		Percent		Amount		Percent
Commercial and industrial (a)	$	248,838	12.98	%	$	242,390	13.35	%
Commercial real estate		1,434,414	74.79	%		1,362,054	75.01	%
Commercial real estate construction		111,483	5.81	%		80,993	4.46	%
Residential real estate		71,169	3.71	%		74,973	4.13	%
Home equity		19,142	1.00	%		17,365	0.96	%
Consumer		32,756	1.71	%		37,976	2.09	%
Total loans		1,917,802	100.00	%		1,815,751	100.00	%
Allowance for loan losses		28,408				26,077
Total loans, net	$	1,889,394			$	1,789,674

(a) – Includes PPP loans of:	$	147			$	170


ORANGE COUNTY BANCORP, INC.
DEPOSITS BY ACCOUNT TYPE
(UNAUDITED)
(Dollar Amounts in thousands)
	At June 30, 2025						At December 31, 2024
	Amount		Percent		Average Rate		Amount		Percent		Average Rate
Noninterest-bearing demand accounts	$	687,120	30.18	%	0.00	%	$	651,135	30.24	%	0.00	%
Interest bearing demand accounts		429,330	18.86	%	0.52	%		331,115	15.38	%	0.42	%
Money market accounts		693,148	30.44	%	2.08	%		679,082	31.54	%	2.15	%
Savings accounts		322,832	14.18	%	1.40	%		271,014	12.59	%	1.25	%
Certificates of Deposit		144,293	6.34	%	3.69	%		221,013	10.26	%	3.97	%
Total	$	2,276,723	100.00	%	1.17	%	$	2,153,359	100.00	%	1.31	%


ORANGE COUNTY BANCORP, INC.
NON-PERFORMING ASSETS
(UNAUDITED)
(Dollar Amounts in thousands)

	June 30, 2025			December 31, 2024

Non-accrual loans:
Commercial and industrial	$	2,372		$	293
Commercial real estate		8,414			6,000
Commercial real estate construction		–			–
Residential real estate		100			6
Home equity		828			–
Consumer		–			–
Total non-accrual loans		11,714			6,299
Accruing loans 90 days or more past due:
Commercial and industrial		–			–
Commercial real estate		–			–
Commercial real estate construction		–			–
Residential real estate		–			–
Home equity		–			–
Consumer		–			–
Total loans 90 days or more past due		–			–
Total non-performing loans		11,714			6,299
Other real estate owned		–			–
Other non-performing assets		–			–
Total non-performing assets	$	11,714		$	6,299

Ratios:
Total non-performing loans to total loans		0.61	%		0.35	%
Total non-performing loans to total assets		0.45	%		0.25	%
Total non-performing assets to total assets		0.45	%		0.25	%
Net-chargeoffs to total loans, YTD		0.01	%		0.48	%

The MIL Network –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Financial Highlights:

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

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

Management Commentary

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

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

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

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

Summary of Second Quarter 2025 Results

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

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

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

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

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

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

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

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

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

Third Quarter 2025 Dividend Declaration

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

Stock Repurchases

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

Earnings Conference Call and Webcast

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

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

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

Reconciliation of Non-GAAP Financial Measures to GAAP

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

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

Forward-Looking Statements

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

Filings with the SEC

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

About Employers Holdings, Inc.

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

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

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

Contact Information

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

EMPLOYERS HOLDINGS, INC.
Table of Contents

	Page

	1		Consolidated Financial Highlights

	2		Summary Consolidated Balance Sheets

	3		Summary Consolidated Income Statements

	4		Return on Equity

	5		Combined Ratios

	6		Roll-forward of Unpaid Losses and LAE

	7		Consolidated Investment Portfolio

	8		Book Value Per Share

	9		Earnings Per Share

	10		Non-GAAP Financial Measures

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Non-GAAP Financial Measures

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

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

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

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

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

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

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

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

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

The MIL Network –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

Key Financial Highlights

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

Second Quarter 2025 Financial and Operating Highlights

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

Capital and Liquidity

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

Recent Events

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Debt to Capital Ratio	12%	13%	13%

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

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

The MIL Network –

July 31, 2025

MIL-OSI USA: Cornyn Blasts Democrats for Slow-Walking Trump Nominees, Undermining American People

US Senate News:

Source: United States Senator for Texas John Cornyn

WASHINGTON – Today on the floor, U.S. Senator John Cornyn (R-TX) blasted Senate Democrats for their historic slow-walking of Pres. Trump’s nominees and for undermining the will of the American people and expressed his view that Senate Republicans will need to consider taking steps to speed up confirmations should Democrats not relent in their obstruction. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.

“[My] Democratic colleagues here in the Senate have reflexively and mindlessly opposed President Trump’s nominees.”

“We have confirmed 107 of them, while 147 lower-level but critical nominees are still waiting to be confirmed by the Senate.”

“These include many ambassadors to key allies around the world that the Senate Foreign Relations Committee has voted out of Committee.”

“To date, Senate Democrats have allowed voice votes or given unanimous consent on exactly zero of President Trump’s civilian nominees.”

“Senate Democrats’ partisan obstruction is making our country less safe. It’s making American foreign policy less effective, and it’s ceding the field to our adversaries.”

“If our Democratic colleagues do not relent on this needless and mindless obstruction, Senate Republicans will have to consider what additional steps we need to take in order to expedite this process.”

“Our Democratic colleagues seem unwilling to accept the fact that President Trump actually won the election, receiving a mandate from the American people.”

“We owe it to the American people, we owe it to President Trump, we owe it to these nominees who volunteered to serve their country to vote on these nominees without further delay.”

MIL OSI USA News –

July 31, 2025

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

Source: US Whitehouse

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bloomberg: US Economy Rebounds With 3% GDP Growth

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

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

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

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

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

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

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

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

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

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Casten, 92 House Democrats Demand Oversight Into Humanitarian Efforts in Gaza Amid Starvation Crisis

Source: United States House of Representatives – Representative Sean Casten (IL-06)

July 30, 2025

Washington, D.C. — U.S. Congressman Sean Casten (IL-06) led 92 House Democrats in a letter to Secretary of State Marco Rubio demanding an investigation into the ownership structure and operation of the Gaza Humanitarian Foundation (GHF), a private, unqualified U.S.-linked aid organization at the center of the worsening starvation and humanitarian crisis in Gaza.

A copy of the letter can be found here.

GHF is a U.S.-linked aid organization with no prior experience in humanitarian aid and operates under opaque funding arrangements. GHF received a $30 million grant from the State Department, despite significant internal objections from USAID officials that the group’s funding plan failed to meet the “minimum technical or budgetary standards.” In their letter, the lawmakers criticize the organization’s lack of qualifications, noting that neither of the private firms contracted by GHF to manage distribution sites in Gaza has prior experience in humanitarian work, nor does GHF Executive Chairman Johnnie Moore, who is a close ally of President Donald Trump.

“We have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza,” the lawmakers wrote. “…Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace.”

In July 2025, the Integrated Food Security Phase Classification, a panel developed by the United Nations’ Food and Agriculture Organization, issued a report warning that “the worst-case scenario of Famine is currently playing out in the Gaza Strip.” Netanyahu’s blockade and GHF’s dangerously mismanaged aid sites are directly contributing to the starvation crisis.

The lawmakers also expressed concern regarding disturbing violence at GHF distribution sites, where flawed distribution methods have caused mass panic and mass casualties.

GHF operates only four aid distribution sites in Gaza using a reckless first-come, first-served model that has resulted in deadly chaos. At least 1,000 Palestinians have reportedly been killed while attempting to access aid near GHF sites, with reports describing Israeli soldiers and U.S. contractors opening fire on desperate civilians. One former contractor said he was instructed to “shoot to kill and ask questions later.”

“Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis,” the lawmakers continued. “As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity.”

In addition to Rep. Casten, the letter was signed by Amo, Gabe; Ansari, Yassamin; Balint, Becca; Barragán, Nanette; Bera, Ami; Bonamici, Suzanne; Brownley, Julia; Brown, Shontel; Carbajal, Salud; Carson, André; Carter, Troy; Castro, Joaquin; Chu, Judy; Cleaver, Emanuel; Cohen, Steve; Courtney, Joe; Craig, Angie; Crow, Jason; Davis, Danny; Dean, Madeleine; DeGette, Diana; DeLauro, Rosa; Deluzio, Christopher; DeSaulnier, Mark; Dexter, Maxine; Dingell, Debbie; Doggett, Lloyd; Escobar, Veronica; Fields, Cleo; Foster, Bill; Foushee, Valerie; Frost, Maxwell; Garcia, Robert; Garcia, Sylvia; Green, Al; Harder, Josh; Hayes, Jahana; Houlahan, Chrissy; Hoyle, Val; Huffman, Jared; Jackson, Jonathan; Jacobs, Sara; Johnson, Henry; Kaptur, Marcy; Keating, William; Kelly, Robin; Khanna, Ro; Larsen, Rick; Larson, John; Leger Fernandez, Teresa; Lofgren, Zoe; Lynch, Stephen; Magaziner, Seth; Matsui, Doris; McBride, Sarah; McClellan, Jennifer; McCollum, Betty; McGovern, James; Moore, Gwen; Mullin, Kevin; Nadler, Jerrold; Norton, Eleanor; Ocasio-Cortez, Alexandria; Panetta, Jimmy; Pappas, Chris; Pelosi, Nancy; Pettersen, Brittany; Pingree, Chellie; Pocan, Mark; Pressley, Ayanna; Quigley, Mike; Randall, Emily; Ruiz, Raul; Salinas, Andrea; Schakowsky, Janice; Schrier, Kim; Scott, Robert; Smith, Adam; Sorensen, Eric; Stansbury, Melanie; Swalwell, Eric; Takano, Mark; Thompson, Bennie; Thompson, Mike; Tokuda, Jill; Tonko, Paul; Trahan, Lori; Underwood, Lauren; Vasquez, Gabe; Velázquez, Nydia; Watson Coleman, Bonnie; and Williams, Nikema.

A copy of the letter can be found here. Text of the letter can be found below.

Dear Secretary Rubio:

As supporters of a strong U.S.-Israel relationship and advocates for humanitarian assistance to the people of Gaza, we write to seek clarity on the ownership structure and operation of the Gaza Humanitarian Foundation (GHF).

More than two million people in Gaza currently face “critical levels” of hunger. We welcome efforts to facilitate the entry of humanitarian aid and share the objective of ensuring that Hamas does not divert such aid. However, we have serious concerns with the operations of GHF, a newly established, private, U.S.-linked organization with no prior humanitarian experience, and the possibility that it could become the sole or primary aid provider in Gaza. We agree that delivering aid promptly and securely is crucial. However, GHF’s practices and finances require increased transparency and oversight to ensure aid reaches the intended beneficiaries effectively, safely, and in accordance with international standards.

On June 24, 2025, the Department of State (DOS) approved a $30 million grant for GHF. Jeremy Lewin, a current DOS official and former Department of Government Efficiency (DOGE) employee, reportedly moved forward with the grant’s approval despite 58 internal objections that U.S. Agency for International Development (USAID) staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required “minimum technical or budgetary standards.” As lawmakers entrusted with the authority to appropriate taxpayer funds, which were undoubtedly used for GHF’s grant, we find this troubling.

Moreover, GHF has not published a complete list of its sponsors. Registered in Delaware in February 2025, GHF also established an office in Geneva, Switzerland (which the Swiss government has since announced is to be dissolved) with the explicit intent of accommodating donors that “prefer to participate outside of the U.S. structure.” The foundation has publicly stated that it has received at least $119 million from “other government donors.” Furthermore, despite its public denial, the Israeli government has reportedly covertly contributed approximately $280 million USD to the new aid mechanism run by GHF. Full disclosure of GHF’s funding sources is imperative.

GHF runs four aid distribution sites in Gaza. It contracts two American private firms, Safe Reach Solutions (SRS) and UG Solutions (UGS), to provide security and logistics, with some pricing models reportedly provided by Boston Consulting Group consultants, who reportedly regularly met with Israeli officials in connection with the consultants’ role in helping develop ideas for GHF’s operations. None of the groups have prior humanitarian experience, nor does GHFExecutive Chairman Johnnie Moore, a close ally of President Trump. As a result, these distribution centers appear to operate at a reduced capacity at an exorbitant cost, significantly exceeding the current operating costs of experienced humanitarian organizations.

We are further alarmed at the widespread violence at GHF distribution centers. As of July 23, 2025, there have reportedly been at least 1,000 people killed while trying to access critical aid near GHF sites. Instead of using traditional aid distribution methods, based on internationally agreed-upon humanitarian principles, GHF provides food on a first-come, first-served basis. As a result, when centers open, large crowds of Palestinians rush to the centers. In these situations, there appear to be few restrictions on the use of lethal force by Israeli soldiers and American contractors in the vicinity. A former security contractor stated that he was instructed, “if you feel threatened, shoot – shoot to kill and ask questions later.” GHF centers offer desperately needed lifelines to those who receive aid without experiencing violence. However, the risk of violence, long wait times, and limited aid availability appear to force hundreds of thousands to choose between risking their lives or going without food.

The operations of the GHF sites are widely criticized by experienced humanitarian organizations as being inefficient and dangerous, and violating internationally agreed-upon humanitarian principles. Notably, GHF’s inaugural Executive Director and former Marine, Jake Wood, resigned from the organization, citing that the organization no longer aligned with “humanitarian principles.”

Providing secure and efficient humanitarian assistance to Palestinians is not only a moral obligation—it is also vital to Israel’s long-term security and the safe return of Israeli hostages. Enhancing aid operations is essential to stabilizing the region and achieving lasting peace. To address our concerns, we respectfully request responses to the following questions no later than August 14th, 2025:

From which congressionally appropriated account does DOS’s $30 million grant for the GHF originate?
What specific oversight mechanisms are in place to ensure that the GHF operates in accordance with U.S. and international humanitarian law and humanitarian principles of neutrality and impartiality?
The DOS reportedly stated that GHF is subject to “rigorous oversight, including of GHF’s operations and finances.”
1. What is DOS’s role in monitoring the daily operations and financial practices of GHF, and what is the reporting mechanism?
2. Are the GHF and the private security contractors that it partners with to distribute assistance in compliance with U.S. standards (legal, regulatory, technical, budgetary, or otherwise) for humanitarian organizations?
The $30 million grant to GHF was approved despite 58 internal objections that USAID staff experts wanted GHF to resolve before approving funding, and an assessment in a memorandum from an acting USAID official that GHF’s funding plan failed to meet required ‘minimum technical or budgetary standards.’ What were the details of their objections or concerns, and why were they overridden?
What makes GHF more qualified than other humanitarian organizations with years of experience and the operational expertise needed to handle such a complex situation?
1. What makes the newly appointed Executive Chairman, Rev. Johnnie Moore Jr., a man with no prior humanitarian experience, but a close relationship with President Trump, the right person to lead GHF?
What steps is the U.S. government taking to address concerns about militarization at GHF’s aid sites, particularly regarding the involvement of U.S. private contractors and Israeli security forces?
Is there a formal agreement or memo of understanding between the U.S. and GHF that outlines the foundation’s operational guidelines, transparency, and accountability measures? If so, please provide a copy or summary of these terms.
Was the DOS involved in the decision-making processes that led to the establishment of only four aid distribution centers in Gaza to date? If so, please provide details of that communication.
GHF refuses to publish its sources of funding, including the $119 million it received from “other government donors.” What is the complete and most current list of GHF’s donors?
What are the details of the contracts between GHF, its contractors, Safe Reach Solutions (SRS), UGSolutions (UGS), and its aid providers?
1. What does GHF pay per diem for security and logistics to SRS and UGS?
2. Where does GHF source its aid packages from? How much does it pay for them?
Has the U.S. conducted any oversight or reviews of GHF’s operations in light of recent criticisms related to overcrowding, militarization, and security concerns? If so, what were the findings?
The Trump Administration is reportedly considering an additional $500 million grant to GHF using USAID funds. According to U.S. law, all NGO recipients of USAID grants are subject to a responsibility determination that certifies the NGO’s “necessary management competence…and that the applicant will practice mutually agreed upon methods of accountability for funds and other assets provided by USAID.”
1. Will this funding be approved?
2. If so, what account will this funding come from?
What steps will be taken to conduct the required “responsibility determination” certifying GHF’s competence and accountability?
What specific benefits has GHF’s aid distribution model or operations provided for U.S. and Israeli interests that the U.S. government assesses may justify some of the apparent drawbacks of the GHF model and operations?
Looking ahead, what information can the Administration share about the likely roles and potential roles of GHF and other humanitarian assistance providers in Gaza, respectively, under various scenarios (ceasefire, intensified conflict, post-conflict transition)?
1. What are the sources of this information?
2. What factors will the Administration use to determine whether and how to provide U.S. support to GHF and/or other providers, while actively monitoring their compliance with applicable legal and other standards?
How, if at all, will GHF coordinate with other humanitarian organizations already working in Gaza? Will GHF work within the already established coordinating mechanisms, and if so, how does it plan to do so?

Thank you for your attention to this critical matter.

Sincerely,

###

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Secretary Hoskins Applauds the Professionalism of the Missouri Secretary of State’s Legal & Elections Teams Following Indictment of St. Louis County E

Source: US State of Missouri

FOR IMMEDIATE RELEASE

July 30, 2025

Secretary Hoskins Applauds the Professionalism of the Missouri Secretary of State’s Legal & Elections Teams Following Indictment of St. Louis County Executive Sam Page

JEFFERSON CITY, MO—Missouri Secretary of State Denny Hoskins today commended the outstanding work of the Legal and Elections divisions at the Missouri Secretary of State’s Office, whose investigation into possible misuse of public funds culminated in referral to the Missouri Attorney General’s Office.

A St. Louis County grand jury has indicted County Executive Sam Page on two misdemeanor election charges and two felony theft charges. The indictment alleges that taxpayer dollars were used to fund a mailer opposing Proposition B in the April 8, 2025, ballot—a clear violation of state law prohibiting public officials from using government funds to influence ballot measures.

“Our office takes its role in protecting fair and lawful elections extremely seriously,” said Secretary of State Hoskins. “I’m proud of the seasoned professionals in our Legal and Elections divisions whose experience, integrity, and diligence ensured this matter was thoroughly and professionally examined.”

The Secretary of State’s Office referred the investigation initially to the St. Louis County Prosecuting Attorney’s Office. Due to a conflict of interest, the case was reassigned and is now being handled by a special prosecutor within the Missouri Attorney General’s Office.

“This process reflects the strength of checks and balances within Missouri’s government,” added Hoskins. “Thanks to the expertise of our teams, Missouri citizens can expect real accountability for the appropriate use of public funds—not political campaigning.”

Secretary Hoskins reaffirmed that the Secretary of State’s Office remains committed to upholding the integrity of elections and public trust.

For more information, please contact Rachael Dunn, Director of Communications, via email at [email protected].

About the Missouri Secretary of State’s Office

The Missouri Secretary of State’s Office serves as a central hub for key state functions that promote transparency, security, and opportunity for all Missourians. The Office oversees the administration of fair and secure elections, registers and supports businesses, maintains and preserves state records through the State Archives, and ensures public access to government rulemaking via the Administrative Rules Division.

Additionally, the Office protects investors through the Securities Division, supports libraries and literacy programs across the state, and administers the Safe at Home address confidentiality program for survivors of abuse and assault. With a commitment to service, accountability, and civic engagement, the Secretary of State’s Office works every day to strengthen Missouri’s government and communities.

About Secretary of State Denny Hoskins

Denny Hoskins, CPA, was elected Missouri’s 41st Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families. Hoskins previously served as a legislator in both the state Senate and House. He and his wife, Michelle, reside in Warrensburg and have five adult children.

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Secretary Hoskins Highlights Ongoing Election Integrity Efforts

Source: US State of Missouri

FOR IMMEDIATE RELEASE

July 30, 2025

Secretary Hoskins Highlights Ongoing Election Integrity Efforts

JEFFERSON CITY, MO — Secretary of State Denny Hoskins today announced the latest developments in Missouri’s ongoing commitment to ensuring accurate, secure, and transparent voter rolls, reinforcing the state’s position as a national leader in election integrity.

“Free and fair elections begin with clean voter rolls,” said Secretary Hoskins. “That’s why Missouri conducts regular, extensive voter registration list maintenance—and we’re strengthening those efforts with powerful new tools and partnerships. I thank President Trump and his administration for taking leadership on allowing real, common sense resources for local election authorities to make strides in election integrity.”

In 2025 alone, as of the release, Missouri’s local election authorities removed more than 195,000 outdated or ineligible voter registrations. These removals include over 4,000 individuals with felony convictions and over 43,000 confirmed deceased registrations. Please note, list maintenance is ongoing.

Thanks to new access to federal databases—including the Department of Homeland Security’s Systematic Alien Verification for Entitlements (SAVE) program and Social Security Administration records—Missouri is now better equipped than ever to identify noncitizens and deceased individuals on the voter rolls.

Additionally, the Secretary of State’s Office is partnering with the Department of Homeland Security and the Federal Bureau of Investigations to investigate any non-citizens who have voted in Missouri.

The Secretary of State’s Office is also exploring memoranda of understanding (MOUs) with bordering and economically connected states to share data and enhance the accuracy of voter lists across state lines. These partnerships aim to provide additional safeguards against double registrations and unlawful voting.

“These are not just numbers—they represent real accountability,” Hoskins said. “Behind each removal is a commitment to voter confidence, election integrity, and the rule of law. And none of it would be possible without the dedicated work of our local election authorities. Their efforts are essential to protecting our elections, and we thank them for their continued service to the people of Missouri.”

About the Missouri Secretary of State’s Office

The Missouri Secretary of State’s Office serves as a central hub for key state functions that promote transparency, security, and opportunity for all Missourians. The Office oversees the administration of fair and secure elections, registers and supports businesses, maintains and preserves state records through the State Archives, and ensures public access to government rulemaking via the Administrative Rules Division.

Additionally, the Office protects investors through the Securities Division, supports libraries and literacy programs across the state, and administers the Safe at Home address confidentiality program for survivors of abuse and assault. With a commitment to service, accountability, and civic engagement, the Secretary of State’s Office works every day to strengthen Missouri’s government and communities.

About Secretary of State Denny Hoskins

Denny Hoskins, CPA, was elected Missouri’s 41st Secretary of State in November 2024. With a strong background in business and public service, he is committed to improving government efficiency, transparency, and supporting Missouri families. Hoskins previously served as a legislator in both the state Senate and House. He and his wife, Michelle, reside in Warrensburg and have five adult children.

For more information, please contact Rachael Dunn, Director of Communications, via email at [email protected].

MIL OSI USA News –

July 31, 2025

MIL-OSI USA: Prepare for Heavy Rain and Potential Flooding

Source: US State of New York

overnor Kathy Hochul today directed State agencies to prepare for heavy rain and the potential for localized flooding as parts of the state are forecast to be impacted by periods of heavy rain Thursday into Friday. New Yorkers across the Mid-Hudson, Long Island and New York City Regions could see locally higher totals over 3 inches of rain beginning Thursday and are cautioned to be vigilant in impacted areas. The storm also has the potential to impact the Capital Region if the storm track shifts. This is expected to be a slow-moving weather event with the most severe impacts occurring where the storm ultimately sets up. Isolated strong thunderstorms bringing locally heavy downpours, isolated damaging winds and large hail may occur Wednesday evening in parts of the Capital Region, Mohawk Valley, Southern Tier, Mid-Hudson, New York City and Long Island. Following the rain, cooler temperatures and low levels of humidity will blanket the State over the weekend.

“As the forecast shifts from extreme heat to heavy rains, I am urging all New Yorkers to stay vigilant and use caution through the end of this week,” Governor Hochul said. “State agencies are on standby for heavy downpours and localized flooding and will be monitoring the situation in real-time to ensure the safety of all New Yorkers in the path of the storm.”

Residents are encouraged to monitor their local forecasts, weather watches and warnings. For a complete listing of weather alerts, visit the National Weather Service website at alerts.weather.gov.

New Yorkers should ensure that government emergency alerts are enabled on their mobile phones. They should also sign up for real-time weather and emergency alerts that will be texted to their phones by texting their county or borough name to 333111.

Agency Preparations

Division of Homeland Security and Emergency Services
The Division’s Office of Emergency Management (OEM) is in contact with their local counterparts and is prepared to facilitate requests for assistance. OEM has enhanced their monitoring, the Office of Fire Prevention and Control is preparing to stage water rescue teams in Orange County and Ulster Counties in advance of the anticipated weather and will activate the State Fire Operations Center if conditions warrant.

State stockpiles are ready to deploy emergency response assets and supplies as needed. The State Watch Center is monitoring the storm track and statewide impacts closely.

Department of Transportation
The State Department of Transportation is monitoring weather conditions and prepared to respond with 3,428 supervisors and operators available statewide. All field staff are available to fully engage and respond.

Statewide equipment numbers are as follows:

1,431 large dump trucks
337 large loaders
92 chippers
86 tracked and wheeled excavators
33 water pumps
32 traffic and tree crew bucket trucks
28 traffic tower platforms
16 vacuum trucks with sewer jets

The need for additional resources will be re-evaluated as conditions warrant throughout the event. For real-time travel information, motorists should call 511 or visit 511ny.org, New York State’s official traffic and travel information source.

Thruway Authority
The Thruway Authority has 669 operators and supervisors prepared to respond to any wind or flood related issues across the state with small to medium sized excavators, plow/dump trucks, large loaders, portable Variable Message Signs (VMS) boards, portable light towers, smaller generators, smaller pumps and equipment hauling trailers, as well as signage and other traffic control devices available for any detours or closures. VMS and social media are utilized to alert motorists of weather conditions on the Thruway.

Statewide equipment numbers are as follows:

337 Large and Small Dump Trucks
63 Loaders
31 Trailers
5 Vac Trucks
14 Excavators
8 Brush Chippers
99 Chainsaws
24 Aerial Trucks
22 Skid Steers
86 Portable Generators
65 Portable Light Units

The Thruway Authority encourages motorists to download its mobile app which is available to download for free on iPhone and Android devices. The app provides motorists direct access to live traffic cameras, real-time traffic information and navigation assistance while on the go. Motorists can also sign up for TRANSalert e-mails which provide the latest traffic conditions along the Thruway, follow @ThruwayTraffic on X, and visit thruway.ny.gov to see an interactive map showing traffic conditions for the Thruway and other New York State roadways.

Department of Public Service
New York’s utilities have approximately 5,500 workers available statewide to engage in damage assessment, response, repair and restoration efforts across New York State, as necessary. The utilities will work with the local, county, and state transportation agencies to navigate closed roadways in any areas experiencing flooding. Agency staff will track utilities’ work throughout the event and ensure utilities shift appropriate staffing to regions that experience the greatest impact.

New York State Police
State Police instructed all Troopers to remain vigilant and will deploy extra patrols to affected areas as needed. All four-wheel drive vehicles are in service, and all watercraft and specialty vehicles are staged and ready for deployment.

Department of Environmental Conservation
The Department of Environmental Conservation’s (DEC) Emergency Management staff, Environmental Conservation Police Officers, Forest Rangers, and regional staff remain on alert and continue to monitor weather forecasts. Working with partner agencies, DEC is prepared to coordinate resource deployment of all available assets, including first responders, to targeted areas in preparation for potential impacts due to heavy rainfall and flooding.

DEC will have swift water teams staged in the Hudson Valley starting tomorrow morning through Friday, August 1.

DEC reminds local officials to watch for potential flooding in their communities. Municipalities are encouraged to undertake local assessments of flood-prone areas and to remove any accumulating debris. DEC permits and authorization are not required to remove debris unless stream banks or beds will be disturbed by debris removal and/or the use of heavy equipment. Municipalities and local governments are advised to contact DEC’s Regional Permit Administrators if assistance is required and to help determine if a permit is necessary.

If a permit is necessary, DEC can issue Emergency Authorizations to expedite approval of projects in place of an individual permit. DEC approves Emergency Authorizations for situations that are deemed an emergency based on the immediate protection of life, health, general welfare, property, or natural resources.

Office of Parks, Recreation and Historic Preservation
New York State Park Police and park personnel are on alert and closely monitoring weather conditions and impacts. Park visitors should visit parks.ny.gov, check the free mobile app, or call their local park office for the latest updates regarding park hours, openings and closings.

Metropolitan Transportation Authority

The Metropolitan Transportation Authority is closely monitoring weather conditions to ensure safe, reliable service. MTA employees will be poised to respond to any weather-related issues. To reduce the likelihood of flooding and respond to any instances of flooding, MTA crews will inspect drains in flood-prone areas to ensure they are functional, and supervisors will monitor flood-prone locations for any reports of flooding to ensure quick response. Elevator and escalator specialists will be deployed to flood-prone locations to attend to any weather-related elevator and escalator troubles.

Customers are encouraged to check mta.info for the latest service updates, and to use caution while navigating the system. Customers should also sign up for real-time service alerts via text or email. These alerts are also available via the MTA app and the TrainTime app.

Port Authority of New York and New Jersey

The Port Authority of New York and New Jersey is closely monitoring weather forecasts and is working with airport terminal operators and other airport partners in preparation. Air travelers should check with their airlines for updated information on their flights or check the Federal Aviation Administration website for any FAA programs that may affect flight operations at their departure airport before leaving for the airport and allow for additional travel time. Motorists who use the Port Authority’s six bridges and tunnels are strongly encouraged to sign up for email alerts, bus riders can use the MyTerminal app for real-time alerts on bus service at the Midtown Bus Terminal, or for PATH riders, check train service information via the PATH mobile app, RidePATH.

Flood Safety

Know your area’s type of flood risk — visit FEMA’s Flood Map Service Center.
Have a flood emergency plan in place that includes considerations for your children, pets and neighbors.
If you live in a flood-prone area, document your belongings and valuables. Keep important documents in a waterproof container. Create digital, password-protected copies of important documents, pictures, and other items.
Obtain flood insurance coverage under the National Flood Insurance Program (NFIP). Homeowner’s policies do not cover flooding.
Monitor your local weather forecast and follow any warnings that may be broadcast.
If you are advised by emergency officials to take immediate action such as evacuation, do not wait – follow all orders promptly.
Traveling during a flood can be extremely dangerous. One foot of moving water can sweep a vehicle away. Never walk, swim or drive through flood waters. If you have doubts, remember: “Turn Around, Don’t Drown!”
Consider those with access and functional needs to determine if they are prepared for a flood emergency where they live and work.

For more preparedness information and safety tips from DHSES, visit dhses.ny.gov/safety. The National Weather Service website also includes Flood Safety Tips and Spring Safety Resources.

MIL OSI USA News –

July 31, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Second Quarter 2025 Highlights and Key Developments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The MIL Network –

July 31, 2025

MIL-OSI USA: Warner Joins Legislative Effort to Publicly Release Epstein Files

US Senate News:

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

WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) today joined his colleagues in introducing the Epstein Files Transparency Act, legislation directing the U.S. Department of Justice (DOJ) to publicly release all files relating to the investigation of Jeffrey Epstein and his associates.

“President Trump promised transparency and accountability, but what we got instead was more secrecy and flimsy excuses,” said Sen. Warner. “The American people deserve to know the full truth about Jeffrey Epstein and the individuals who enabled his horrifying crimes.”

The Epstein Files Transparency Act will require the Attorney General to release all relevant Department of Justice documents and records relating to Jeffrey Epstein. This bill directs the Department of Justice, including the FBI and U.S. Attorneys’ Offices, to release materials related to:

Investigations and prosecutions of Jeffrey Epstein and Ghislaine Maxwell;
Flight logs, travel records, and other transportation data;
Individuals and entities connected to Epstein’s activities and immunity deals;
Internal DOJ communications and decisions not to prosecute;
Records surrounding Epstein’s detention and death.

Importantly, the legislation includes strong protections for victims’ privacy and national security, while explicitly prohibiting redactions based on reputational harm or political sensitivity. A copy of the legislation is available here.

MIL OSI USA News –

July 31, 2025

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

US Senate News:

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

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

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

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

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

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

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

MIL OSI USA News –

July 31, 2025

MIL-OSI Canada: Expanding wastewater services in Airdrie

[. With the population now over 90,000 and demand on critical infrastructure continuing to rise, this $50 million investment will support the construction of a new 7-kilometre wastewater pipeline that connects to the City of Calgary’s existing wastewater treatment system. This regional approach is a cost-effective and environmentally responsible solution, eliminating the need for a new treatment facility while supporting the development of thousands of new homes and businesses.

“Airdrie is one of the fastest-growing municipalities in Alberta, and needs upgraded infrastructure to meet the demand for new, serviced, sub-divisions. This expansion will support projected growth of 45,000 housing units and a significant number of commercial developments.”

Devin Dreeshen, Minister of Transportation and Economic Corridors

This project ensures that Airdrie can continue to growth sustainably while leveraging existing regional infrastructure assets, rather than building a new treatment facility. By partnering with Calgary to manage wastewater treatment, Airdrie is reducing long-term infrastructure costs.

“Our government’s investment in upgraded wastewater infrastructure is great news for a growing community like Airdrie. With new residential and commercial developments popping up every day in this area, the need for reliable wastewater treatment services has never been greater. By bringing new wastewater pipeline infrastructure online, we are ensuring families and businesses have the services they need to thrive.”

Angela Pitt, MLA for Airdrie-East

As more people and businesses choose to call Airdrie home, this wastewater system upgrade will ensure reliable service for new residential and commercial developments while supporting future growth by removing infrastructure barriers, attracting investment, and enhancing the city’s economic competitiveness.

“We are deeply grateful to the Province of Alberta for recognizing the significant infrastructure pressures facing the City of Airdrie. This announcement represents the largest provincial funding commitment in our city’s history and comes at a pivotal time for our growing community. We extend our sincere thanks to The Provincial Government, our partners in private industry and the dedicated team at the City of Airdrie, along with everyone who contributed to making this achievement possible.”

Peter Brown, mayor, City of Airdrie

The total cost of the project is $114 million. Design work will begin later in 2025, with construction set to begin in 2026 and completion anticipated by 2027.

Quick facts

Recently annexed land in east Airdrie offers 10,000 acres of developable land, accessible through the recently completed 40 Avenue/Highway 2 interchange.
Design work on the new pipeline will begin this year, with construction slated for 2026 and completion by 2027.

Multimedia

Watch the news conference

MIL OSI Canada News –

July 31, 2025

MIL-OSI: Tenaris Announces 2025 Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

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

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

Summary of 2025 Second Quarter Results

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

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

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

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

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

Market Background and Outlook

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

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

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

Analysis of 2025 Second Quarter Results

Tubes

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

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

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

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

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

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

Others

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

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

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

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

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

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

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

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

Cash Flow and Liquidity of 2025 Second Quarter

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

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

Analysis of 2025 First Half Results

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

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

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

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

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

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

Tubes

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

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

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

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

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

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

Others

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

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

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

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

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

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

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

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

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

Cash Flow and Liquidity of 2025 First Half

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

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

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

Conference call

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

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

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

Please connect 10 minutes before the scheduled start time.

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

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

Consolidated Condensed Interim Income Statement

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

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

Consolidated Condensed Interim Statement of Financial Position

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

Consolidated Condensed Interim Statement of Cash Flows

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

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

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

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

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

Exhibit I – Alternative performance measures

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

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

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

EBITDA is calculated in the following manner:

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

EBITDA is a non-IFRS alternative performance measure.

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

Free Cash Flow

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

Free cash flow is calculated in the following manner:

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

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

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

Net Cash / (Debt)

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

Net cash/ debt is calculated in the following manner:

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

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

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

Operating working capital days

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

Operating working capital days is calculated in the following manner:

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

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

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

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

The MIL Network –

July 31, 2025

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