Market Newsdesk

August 5, 2026 11:06 pm

F&G Annuities & Life Reports Second Quarter 2026 Results

PR Newswire

DES MOINES, Iowa, Aug. 5, 2026 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the second quarter ended June 30, 2026.

Net loss attributable to common shareholders for the second quarter of $81 million, or $0.62 per diluted share (per share), compared to net earnings of $35 million, or $0.26 per share, for the second quarter of 2025. Net loss for the second quarter included $144 million of net unfavorable mark-to-market effects and $22 million of other unfavorable items; all of which are excluded from adjusted net earnings. Net earnings for the second quarter of 2025 included $49 million of net unfavorable mark-to-market effects and $19 million of other unfavorable items; all of which are excluded from adjusted net earnings.

Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the second quarter were $85 million, or $0.65 per share, compared with $103 million, or $0.77 per share, for the second quarter of 2025. Adjusted net earnings include significant income and expense items, as well as investment income from alternative investments below management’s long-term expected return. Please see the “Second Quarter 2026 Results” and “Non-GAAP Measures and Other Information” sections for further explanation.

Company Highlights

Achieved record assets under management before reinsurance of nearly $75 billion: F&G achieved assets under management before reinsurance of $74.7 billion as of June 30, 2026, an increase of 8% over the second quarter of 2025. This included retained AUM of $55.9 billion. F&G’s gross sales were $2.7 billion and net sales were $1.5 billion for the second quarter
Excellent credit performance in our high quality asset portfolio: The retained investment portfolio is performing well, with 97% of fixed maturities being investment grade. It is well matched to our liability profile and diversified across asset types. Credit-related impairments have remained low and stable, averaging 6 basis points over the past five years, and continuing below pricing assumptions through the first half of 2026
Reported adjusted return on equity (ROE) ex AOCI and adjusted return on assets (ROA) include short-term fluctuations in investment income from alternative investments: Adjusted ROE excluding AOCI was 8.0% and adjusted ROA was 68 basis points for the second quarter; adjusted ROA of 85 basis points over the last twelve months (LTM) was in line with full year 2025
Solid balance sheet supports both organic growth and higher return of capital to shareholders: During the second quarter, F&G returned $128 million of capital to shareholders through $37 million of common and preferred dividends and $91 million of share repurchases. This brought the first half of 2026 capital returned to shareholders to approximately $195 million, through $75 million of dividends and $120 million of share repurchases

Conor Murphy, F&G’s Chief Executive Officer and President, commented, “The second quarter reflects the strength and resilience of the business we have built at F&G. We achieved record assets under management before reinsurance of $74.7 billion underpinned by continued momentum in core retail, while maintaining our disciplined approach to sales, pricing and capital allocation. Our investment portfolio continues to perform well, with strong credit performance and impairments remaining below pricing assumptions, reinforcing the consistent earnings power of our business. Combined with our diversified distribution platform and strategic reinsurance relationships, we believe F&G is well positioned to navigate a dynamic market environment.”

Mr. Murphy continued, “Having spent the past year working closely with our employees, distribution partners and leadership team, my confidence in the future of F&G has only grown stronger. We see meaningful opportunities to further scale our fee-based, higher margin and less capital intensive earnings streams while continuing to grow our core spread-based franchise. Supported by strong inforce earnings generation, substantial financial flexibility and favorable demographic trends, we are confident in our ability to grow assets under management, expand returns and create long-term shareholder value.”

Summary Financial Results ¹
(In millions, except per share data)	Three months ended		Six months ended
	June 30, 2026	June 30, 2025	2026	2025
AUM before reinsurance	$ 74,687	$ 69,161	$ 74,687	$ 69,161
Assets under management (AUM)	$ 55,868	$ 55,565	$ 55,868	$ 55,565
Gross sales	$ 2,719	$ 4,106	$ 5,892	$ 7,008
Net sales	$ 1,464	$ 2,744	$ 3,709	$ 4,925
Net earnings (loss)	$ (81)	$ 35	$ 163	$ 10
Net earnings (loss) per share	$ (0.62)	$ 0.26	$ 1.24	$ 0.08
Adjusted net earnings	$ 85	$ 103	$ 195	$ 194
Adjusted net earnings per share	$ 0.65	$ 0.77	$ 1.49	$ 1.48
Adjusted return on average equity (ex. AOCI)	8.0 %	8.8 %	8.0 %	8.8 %
Adjusted return on assets	0.68 %	0.71 %	0.68 %	0.71 %
Book value per common share	$ 33.27	$ 31.02	$ 33.27	$ 31.02
Book value per common share, excluding AOCI	$ 45.93	$ 43.39	$ 45.93	$ 43.39

Second Quarter 2026 Results

Record AUM before reinsurance was $74.7 billion as of June 30, 2026, an increase of 8% over $69.2 billion at the end of the second quarter of 2025. This included AUM of $55.9 billion as of June 30, 2026, an increase of 1% over $55.6 billion at the end of the second quarter of 2025; retained AUM reflects net asset flows offset by $1.8 billion inforce block ceded with the F&G Life Re (Bermuda) sale effective March 1, 2026 and a $750 million funding agreement-backed note maturity in the second quarter of 2026. A rollforward of AUM can be found in the “Non-GAAP Measures and Other Information” section of this release.

Gross sales were $2.7 billion for the second quarter, compared with $4.1 billion for the second quarter of 2025 which included near record opportunistic sales; reflects our commitment to manage growth for the long-term.

Core sales were $2.0 billion for the second quarter, compared with $2.2 billion for the second quarter of 2025; reflects strong momentum with $1.8 billion of core retail (indexed annuities and indexed universal life) sales, one of our strongest quarters on record, and $0.2 billion of pension risk transfer sales.

¹See definition of non-GAAP measures below

Opportunistic sales were $0.7 billion for the second quarter, compared with $1.9 billion for the second quarter of 2025; reflects $1.8 billion decrease in multiyear guaranteed annuities as we prioritize pricing discipline and capital allocation to the highest return opportunities, partially offset by $0.6 billion of higher funding agreements. Opportunistic volumes vary quarter to quarter depending on economics and market opportunity.

Net sales were $1.5 billion for the second quarter, compared with $2.7 billion for the second quarter of 2025; reflects flow reinsurance in line with capital targets for fixed indexed annuities and multiyear guaranteed annuities.

Adjusted net earnings were $85 million, or $0.65 per share, for the second quarter, compared with $103 million, or $0.77 per share, for the second quarter of 2025. Adjusted net earnings include alternative investment portfolio short-term returns that differ from long-term return expectations.

Adjusted net earnings were $85 million, or $0.65 per share, for the second quarter of 2026. Investment income from alternative investments was $49 million, or $0.38 per share, below management’s current long-term expected return of approximately 12%

Adjusted net earnings were $103 million, or $0.77 per share, for the second quarter of 2025. Investment income from alternative investments was $67 million, or $0.50 per share, below management’s long-term expected return

As compared with the prior year quarter and excluding the above items, adjusted net earnings reflect consistent core spread as the business maintained disciplined pricing. Total product margin was reduced after reflecting the F&G Life Re (Bermuda) sale, as well as lower surrender charge fee income and higher other liability costs, as expected. These items were partially offset by asset growth, steady fees from accretive flow reinsurance and owned distribution margin, and disciplined expense management which continued to drive scale benefit

Capital and Liquidity Highlights

Total F&G equity attributable to common shareholders, excluding AOCI, was $6.0 billion, or $45.93 per share, as of June 30, 2026. This reflects an increase of $1.50 per share as compared with December 31, 2025.

	1H26
Book value per common share excluding AOCI – As of December 31, 2025	$44.43
Effect of F&G Life Re (Bermuda) sale (one-time item)	0.10
Subtotal, after one-time items	$44.53
Adjusted net earnings and other	1.05
Subtotal, before capital actions & mark-to-market	$45.58
Capital actions	0.27
Subtotal, before mark-to-market	$45.85
Mark-to-market movement	0.08
Book value per common share excluding AOCI – As of June 30, 2026	$45.93

During the second quarter, F&G returned $128 million of capital to shareholders through $37 million of common and preferred dividends and $91 million to repurchase approximately 3.3 million shares of common stock at an average price of $27.27. This brought the first half of 2026 capital returned to shareholders to approximately $195 million, through $75 million of dividends and $120 million to repurchase approximately 4.5 million shares of common stock at an average price of $26.44.

Earnings Conference Call

Members of F&G’s senior management team will host a conference call with the investment community to discuss F&G’s second quarter 2026 results on Thursday, August 6, 2026, beginning at 9:00 a.m. Eastern Time. The conference call will be broadcast live over F&G’s Investor Relations website at investors.fglife.com. A replay will also be available at the same location.

About F&G

F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this presentation includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP financial measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within.

Forward-Looking Statements and Risk Factors

This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. 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. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in “Risk Factors” and other sections of F&G’s Form 10-K and other filings with the Securities and Exchange Commission (SEC).

CONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
[email protected]
515.330.3307

F&G ANNUITIES & LIFE, INC. CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited)
Assets	June 30, 2026	December 31, 2025
Investments
Fixed maturity securities available for sale, at fair value, net of allowance	$ 52,228	$ 52,700
Fixed maturity securities, at fair value under fair value option	94	—
Equity securities, at fair value	293	341
Derivative investments	1,305	1,148
Mortgage loans, net of allowance	9,265	7,891
Investments in unconsolidated affiliates	5,065	4,878
Other long-term investments	1,315	1,294
Policy loans	171	147
Short-term investments	545	1,043
Total investments	$ 70,281	$ 69,442
Cash and cash equivalents	2,103	1,486
Reinsurance recoverable, net of allowance	20,876	17,545
Goodwill	2,124	2,180
Prepaid expenses and other assets	1,142	1,052
Other intangible assets, net	6,536	6,275
Market risk benefits asset	364	285
Income taxes receivable	81	83
Deferred tax asset, net	85	82
Total assets	$ 103,592	$ 98,430
Liabilities and Equity
Contractholder funds	$ 64,398	$ 62,726
Future policy benefits	10,856	10,755
Market risk benefits liability	1,102	903
Accounts payable and accrued liabilities	2,846	2,701
Notes payable	2,239	2,237
Funds withheld for reinsurance liabilities	17,457	14,191
Total liabilities	$ 98,898	$ 93,513
Equity
Preferred stock, at par value	—	—
Common stock, at par value	—	—
Additional paid-in-capital	3,765	3,764
Retained earnings	2,665	2,568
Accumulated other comprehensive income (loss) (“AOCI”)	(1,658)	(1,488)
Treasury stock	(163)	(40)
Total F&G Annuities & Life, Inc. shareholders’ equity	$ 4,609	$ 4,804
Non-controlling interests	85	113
Total equity	$ 4,694	$ 4,917
Total liabilities and equity	$ 103,592	$ 98,430

F&G ANNUITIES & LIFE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS SECOND QUARTER INFORMATION (In millions, except per share data) (Unaudited)

	Three months ended		Six months ended
	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
Revenues
Life insurance premiums and other fees	$ 394	$ 608	$ 873	$ 1,097
Interest and investment income	718	682	1,441	1,348
Owned distribution revenues	19	23	36	39
Recognized gains and (losses), net	290	51	258	(212)
Total revenues	1,421	1,364	2,608	2,272
Benefits and expenses
Benefits and other changes in policy reserves	1,149	993	1,633	1,517
Market risk benefit losses (gains)	32	(4)	105	105
Depreciation and amortization	175	158	348	311
Personnel costs	77	77	137	144
Other operating expenses	41	42	74	83
Interest expense	41	41	82	81
Total benefits and expenses	1,515	1,307	2,379	2,241

Earnings (loss) before income taxes	(94)	57	229	31
Income tax expense (benefit)	(19)	15	55	10
Net earnings (loss)	(75)	42	174	21
Less: Non-controlling interests	1	2	2	2
Net earnings (loss) attributable to F&G	(76)	40	172	19
Less: Preferred stock dividend	5	5	9	9
Net earnings (loss) attributable to F&G common shareholders	$ (81)	$ 35	$ 163	$ 10

Net earnings (loss) attributable to F&G common shareholders per common share
Basic	$ (0.62)	$ 0.26	$ 1.24	$ 0.08
Diluted	$ (0.62)	$ 0.26	$ 1.24	$ 0.08
Weighted average common shares used in computing net earnings (loss) per common share
Basic	130	133	131	130
Diluted	130	134	131	131

Non-GAAP Measures and Other Information RECONCILIATION OF NET EARNINGS (LOSS) TO ADJUSTED NET EARNINGS

	Three months ended		Six months ended
	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
Net earnings (loss) attributable to F&G common shareholders	$ (81)	$ 35	$ 163	$ 10
Non-GAAP adjustments
Recognized (gains) and losses, net
Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets	137	12	171	27
Change in allowance for expected credit losses	(8)	19	(9)	41
Change in fair value of reinsurance related embedded derivatives	30	61	(189)	102
Change in fair value of other derivatives and embedded derivatives	31	(13)	54	(62)
Recognized (gains) losses, net	190	79	27	108
Market related liability adjustments	(10)	(16)	(47)	87
Purchase price amortization	15	18	30	33
Transaction costs, other and non-recurring items	14	8	19	9
Non-controlling interest	(2)	(2)	(4)	(4)
Income taxes adjustment	$ (41)	$ (19)	$ 7	$ (49)
Adjusted net earnings attributable to common shareholders ¹	$ 85	$ 103	$ 195	$ 194

¹See definition of non-GAAP measures below

Adjusted net earnings were $85 million, or $0.65 per share, for the second quarter of 2026. Investment income from alternative investments was $49 million, or $0.38 per share, below management’s current long-term expected return of approximately 12%

Adjusted net earnings were $103 million, or $0.77 per share, for the second quarter of 2025. Investment income from alternative investments was $67 million, or $0.50 per share, below management’s long-term expected return

Adjusted net earnings of $195 million, or $1.49 per share, for the first six months ended June 30, 2026 included $5 million, or $0.04 per share, from investment and other income true-up adjustments. Investment income from alternative investments was $93 million, or $0.71 per share, below management’s long-term expected return

Adjusted net earnings of $194 million, or $1.48 per share, for the first six months ended June 30, 2025 included $16 million, or $0.12 per share, of income from a reinsurance true-up adjustment. Investment income from alternative investments was $112 million, or $0.86 per share, below management’s long-term expected return

RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME (AOCI), BOOK VALUE PER SHARE AND BOOK VALUE PER SHARE EXCLUDING AOCI

	Three months ended
(In millions)	June 30, 2026	March 31, 2026	December 31, 2025	September 30, 2025
Total F&G Annuities & Life, Inc. shareholders’ equity	4,609	4,639	4,804	4,824
Less: Preferred stock	250	250	250	250
Total F&G equity attributable to common shareholders	4,359	4,389	4,554	4,574
Less: AOCI	(1,658)	(1,843)	(1,488)	(1,376)
Total F&G equity attributable to common shareholders, excluding AOCI	$ 6,017	$ 6,232	$ 6,042	$ 5,950

Common shares outstanding	131	134	136	135

Book value per common share	$ 33.27	$ 32.75	$ 33.49	$ 33.88
Book value per common share, excluding AOCI	$ 45.93	$ 46.51	$ 44.43	$ 44.07

ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER MANAGEMENT (AAUM) AND AUM BEFORE REINSURANCE

	Three months ended
(In millions)	June 30, 2026	March 31, 2026	December 31, 2025	September 30, 2025
AUM at beginning of period	$ 56,436	$ 57,574	$ 56,647	$ 55,565
Net new business asset flows	233	1,364	1,660	2,269
Net flow reinsurance to third parties	(801)	(688)	(733)	(1,187)
Net inforce reinsurance to third parties	—	(1,814)	—	—
Net capital transaction proceeds (disbursements)	—	—	—	—
AUM at end of period¹	$ 55,868	$ 56,436	$ 57,574	$ 56,647

AAUM YTD¹	$ 56,939	$ 57,905	$ 55,384	$ 54,870

AUM before reinsurance	$ 74,687	$ 74,454	$ 73,090	$ 71,430

SALES HIGHLIGHTS

	Three months ended		Six months ended
(In millions)	June 30, 2026	June 30, 2025	June 30, 2026	June 30, 2025
Indexed annuities (“FIA/RILA”)	$ 1,744	$ 1,701	$ 3,323	$ 3,162
Indexed universal life (“IUL”)	42	53	86	96
Pension risk transfer (“PRT”)	232	445	549	756
Subtotal: Core sales	2,018	2,199	3,958	4,014
Fixed rate annuities (“MYGA”)	101	1,907	284	2,469
Funding agreements (“FABN/FHLB”)	600	—	1,650	525
Subtotal: Opportunistic sales²	701	1,907	1,934	2,994
Gross sales	2,719	4,106	5,892	7,008
Sales attributable to flow reinsurance to third parties³	(1,255)	(1,362)	(2,183)	(2,083)
Net sales	1,464	2,744	3,709	4,925

¹See definition of non-GAAP measures below

²Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity

³Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar

DEFINITIONS

The following represents the definitions of non-GAAP measures used by F&G:

Adjusted Net Earnings Attributable to Common Shareholders

Adjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure used to evaluate financial performance each period.
ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including certain market volatility, asymmetrical and noneconomic accounting, nonrecurring items and other income and expense adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate from period to period in a manner inconsistent with these drivers.

ANE provides information to enhance an investor’s understanding of our results and underlying profitability drivers by removing the impact of short-term market volatility (i.e. recognized gains and losses, market risk benefits remeasurement gains and losses, derivative gains and losses), asymmetrical and non-economic accounting (i.e. derivatives and investment hedges that do not qualify for hedge accounting, deferred pension risk transfer deferred profit liability losses), and other adjustments.

ANE is calculated by adjusting net earnings or loss attributable to common shareholders to eliminate:
(i) Recognized gains and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;
(ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;
(iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities);
(iv) Transaction costs: the impacts related to acquisition, integration and merger related items;
(v) Other and “non-recurring,” “infrequent” or “unusual items”: Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these items are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years;
(vi) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and
(vii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction.

Recognized gains and losses are excluded from ANE as part of both adjustments (i) and (ii). As part of those two adjustments to ANE, all material recognized gains and losses are removed except for periodic settlements of interest rate swaps used to economically hedge our floating rate investments.
While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.

Adjusted Weighted Average Diluted Shares Outstanding

Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which our preferred stocks are calculated to be dilutive to either net earnings attributable to common shareholders or adjusted net earnings attributable to common shareholders, but not both, or there is a net earnings loss attributable to common shareholders on a GAAP basis, but positive adjusted net earnings attributable to common shareholders using the non-GAAP measure. The above exceptions are made to include relevant diluted shares when dilution occurs and exclude relevant diluted shares when dilution does not occur for adjusted net earnings attributable to common shareholders.

Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

Adjusted Net Earnings attributable to common shareholders per Diluted Share

Adjusted net earnings attributable to common shareholders per diluted share is calculated as adjusted net earnings plus preferred stock dividend (if the preferred stock has created dilution). This sum is then divided by the adjusted weighted-average diluted shares outstanding.

Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

Adjusted Return on Assets attributable to Common Shareholders

Adjusted return on assets attributable to common shareholders is calculated by dividing year-to-date annualized adjusted net earnings attributable to common shareholders by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, flow reinsurance fee income, owned distribution margin and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM.

Adjusted Return on Average Common Shareholder Equity, excluding AOCI

Adjusted return on average common shareholder equity is calculated by dividing the rolling four quarters adjusted net earnings attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for investors and analysts to assess the level return driven by the Company’s adjusted earnings.

Assets Under Management (AUM)

AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP:
(i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives;
(ii) investments in unconsolidated affiliates at carrying value;
(iii) related party loans and investments;
(iv) accrued investment income;
(v) the net payable/receivable for the purchase/sale of investments; and
(vi) cash and cash equivalents excluding derivative collateral at the end of the period.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.

AUM before Reinsurance

AUM before Reinsurance is comprised of AUM plus flow reinsured assets, including certain block reinsured assets.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets.

Average Assets Under Management (AAUM) (Quarterly and YTD)

AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.

Book Value per Common Share, excluding AOCI

Book value per Common share, excluding AOCI is calculated as total F&G equity attributable to common shareholders divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company.

Debt-to-Capitalization Ratio, excluding AOCI

Debt-to-capitalization ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt plus total equity, excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position.

Return on Average F&G common shareholder Equity, excluding AOCI

Return on average F&G common shareholder equity, excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss) attributable to common shareholders, by total average F&G equity attributable to common shareholders, excluding AOCI. Average F&G equity attributable to common shareholders, excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

Sales

Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company’s consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.

Total Capitalization, excluding AOCI

Total capitalization, excluding AOCI is based on total equity excluding the effect of AOCI and the total aggregate principal amount of debt. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company.

Total Equity, excluding AOCI

Total equity, excluding AOCI is based on total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on total equity.

Total F&G Equity attributable to common shareholders, excluding AOCI

Total F&G equity attributable to common shareholder, excluding AOCI is based on total F&G Annuities & Life, Inc. shareholders’ equity excluding the effect of AOCI and preferred stocks, including additional paid-in-capital. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.

View original content:https://www.prnewswire.com/news-releases/fg-annuities–life-reports-second-quarter-2026-results-302843953.html

SOURCE F&G Annuities & Life, Inc.

August 5, 2026 11:06 pm

MILLER INDUSTRIES REPORTS 2026 SECOND QUARTER RESULTS

PR Newswire

Sequential and YoY Revenue Growth Driven by Steady Production Levels

Significant Sequential Improvement in Net Income Supported by Production Efficiencies

Reduced Debt by $20 Million and Returned $4.9 Million to Shareholders

Board of Directors Approves Dividend of $0.21 per Share

CHATTANOOGA, Tenn., Aug. 5, 2026 /PRNewswire/ — Miller Industries, Inc. (NYSE: MLR) (“Miller Industries” or the “Company”) today announced financial results for the second quarter ended June 30, 2026, and provided updates on its global strategic initiatives.

Q2 2026 Financial Results vs. Q2 2025

Revenue: $240.0 million, a 12.1% increase from $214.0 million
Gross Profit: $35.9 million, a 3.9% increase from $34.6 million
Gross Margin: 15.0%, a 120 basis-point decrease from 16.2%
SG&A Expenses: $25.2 million, a 7.6% increase from $23.4 million
Net Income: $7.3 million, a 14.1% decrease from $8.5 million
Diluted EPS: $0.63 per share, a decrease of 13.7% from $0.73 per diluted share

Second Quarter Business Highlights

Delivered strong sequential and year-over-year revenue growth as the Company matched production to meet sustained order intake.
Significant sequential improvement in net income, capitalizing on production efficiencies.
Reduced debt by $20 million since the end of the first quarter of fiscal 2026, with no outstanding balance on the Company’s credit facility, strengthening the balance sheet and providing greater financial flexibility to execute on long-term strategic priorities.
Strong cash flow generation supported strategic capital allocation, the return of $4.9 million to shareholders in the form of dividends and share repurchases, and continued investment in the business, most notably the capacity expansion at Ooltewah, which remains on schedule.

“In the second quarter we were extremely pleased to deliver strong sequential and year-over-year revenue growth, even in a inconsistent macro environment,” said William G. Miller II, Chief Executive Officer. “Our pragmatic approach to maintaining steady production and healthy inventory levels in our distribution channel is beginning to pay off. As we move into the second half of the year, we believe these current production levels are sustainable. I also want to recognize our dedicated operations team for their outstanding execution in controlling labor costs and implementing manufacturing efficiencies. We are carrying those operational improvements forward, positioning the Company for higher levels of profitability in more favorable demand conditions.”

Mr. Miller continued, “Most importantly, during the quarter, we generated substantial cash flow, which allowed us to execute on our strategic capital allocation priorities. During the second quarter, we reduced our total debt balance by $20 million, resulting in greater financial flexibility to expand capacity in Ooltewah, and return capital to shareholders through our industry leading dividend and share repurchase program. We are encouraged by the strong foundation we have built in the first half of this year and remain confident in our ability to deliver on our full year 2026 outlook.”

Omars Update
Continued solid initial results from Omars reinforce confidence that the acquisition will be accretive in the first year, despite a negative impact of approximately $0.11 per diluted share from recognition of non-cash acquisition–related expenses in the quarter, based on preliminary valuation estimates. These non-cash acquisition-related expenses were primarily tied to adjustments of equipment to fair market value and amortization of the estimated intangible value of customer relationships. The majority of the expenses related to the Company’s acquisition and integration of Omars were recognized in the first and second quarters.

Ooltewah, TN Manufacturing Capacity Expansion
To support future growth, European demand, and defense production commitments, Miller Industries previously announced the addition of a new 200,000+ sq ft facility at its Ooltewah headquarters site, at a cost of approximately $100 million. Miller Industries anticipates funding the majority of this expansion through operating cash flow over the next several years.

This expansion is intended to:

1. Increase Overall Production Capacity and Efficiency

As distributor inventories have returned to historically average levels, the Company plans to maintain production volumes in the second half of 2026 to meet anticipated steady retail activity.
The new facility will significantly expand output capacity to meet growing domestic and international demand, and reinforce Miller Industries as the global leader in the heavy–duty recovery market.
In particular, the expansion will increase output capacity for heavy–duty recovery units, which remain the Company’s largest global export.

2. Support European Demand Through U.S. Backfill, Integrated Capacity, and Regional Expansion

U.S. production will continue to serve as a critical backbone for European demand with the addition of Omars, the expansion of Jige’s heavy–duty integration facility, and production enhancements at the Company’s Boniface facility, all of which will help ensure production stability, improved lead times, and a fully integrated supply strategy globally.

3. Prepare for Higher-Volume Global Military Production

With military commitments now surpassing $200 million, and additional global RFQs underway, the new facility will be capable of supporting higher-volume global defense–grade recovery vehicle production.
Military programs production is scheduled to begin in 2027 and accelerate into 2028 and 2029, requiring enhanced capacity, specialized equipment, and advanced production flow capabilities.

Return of Capital to Shareholders
The Company’s Board of Directors approved a quarterly cash dividend of $0.21. The dividend is payable September 15, 2026, to shareholders of record as of September 8, 2026, and represents the sixty-third consecutive quarter that Miller Industries has paid a dividend. Additionally, Miller Industries repurchased approximately $2.5 million of stock during the second quarter of 2026.

2026 Guidance and Production Outlook
The Company is re-affirming its previously issued revenue guidance of $850 million to $900 million for full year 2026 and expects earnings per share to be generally in line with full year 2025 results.

Miller Industries expects production volumes to remain steady in the second half of 2026. Gross margins are expected to return to historical levels in the mid-13% range for full year 2026, with revenue mix continuing to shift toward historical levels of bodies and chassis.

The statements in the 2026 guidance and production outlook provided above are forward looking. Actual results may differ materially. See our cautionary note regarding “forward-looking statements” below.

Conference Call
The Company will host a conference call, which will be simultaneously broadcast live over the Internet. The call is scheduled for tomorrow, August 6, 2026, at 10:00 AM ET. Listeners can access the conference call live and archived over the Internet through the following link:

https://app.webinar.net/dWQVqgwq5RK

Please allow 15 minutes prior to the call to visit the site, download, and install any necessary audio software. A replay of this call will be available approximately one hour after the live call ends through Thursday, August 20, 2026. The replay number is 1-844-512-2921, Passcode 116408.

About Miller Industries, Inc.
Miller Industries is The World’s Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century®, Vulcan®, Chevron™, Holmes®, Challenger®, Champion®, Jige™, Boniface™, Omars™, Titan® and Eagle®.

Forward-Looking Statements
Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “may”, “will”, “should”, “could”, “continue”, “future”, “potential”, “believe”, “project”, “plan”, “intend”, “seek”, “estimate”, “predict”, “expect”, “anticipate” and similar expressions, or the negative of such terms, or other comparable terminology and include, without limitation: any statements relating to our 2026 guidance and expected order intake and production levels (including under the heading “2026 Guidance and Production Outlook”); the growth and effect of the drivers of our long-term business performance; our future production capacity expansion plans (including the source of funding for the expansion, timing thereof and anticipated impact of the expansion on our business); future customer demand levels; acquisition related costs and the success and timing of integration plans associated with Omars; our anticipated priorities relating to capital allocation; expectations regarding the industry cost environment and the Company’s cost control and operational efficiency initiatives; and any potential upside from pending military contracts and their potential effect on revenue and earnings growth. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management’s beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things: our dependence upon outside suppliers for component parts, chassis and raw materials, including aluminum, steel, and petroleum-related products leaves us subject to changes in price and availability, the cadence and quantity of deliveries from our suppliers, and delays in receiving supplies of such materials, component parts or chassis; our customers’ and towing operators’ access to capital and credit to fund purchases; the continuing impact of existing tariffs, the implementation of new or increased tariffs and any resulting trade wars, and any resulting macroeconomic uncertainty; the rising costs of equipment ownership, including continuing increases in insurance premiums and elevated interest rates that have added cost pressures to our end users, and fluctuations in the value of used trucks; macroeconomic trends, availability of financing, and changing interest rates; our customers’ ability to fund purchases of our products; various international political, economic and other uncertainties, including as a result of new or ongoing military conflicts in the Middle East and Ukraine, which may continue to adversely impact our customer spending patterns; volatility in fuel and other transportation costs, including as a result of the geopolitical tensions in the Middle East and the disruptions in international shipping through the Strait of Hormuz; increases in the cost of skilled labor; risks relating to our indebtedness, including our ability to maintain compliance with the covenants in our credit facility; special risks from our sales to U.S. and other governmental entities through prime contractors; the cyclical nature of our industry and changes in consumer confidence and in economic conditions in general; changes in insurance costs and weather conditions; competition in our industry and our ability to attract or retain customers; changes in government regulations, including environmental and health and safety regulations; our ability to develop or acquire proprietary products and technology; assertions against us relating to intellectual property rights; changes in the tax regimes and related government policies and regulations in the countries in which we operate; our dependence on the continued participation and level of service of our numerous independent distributors; the catastrophic loss of one of our manufacturing facilities; risks relating to acquisitions; environmental and health and safety liabilities and requirements; failure to comply with domestic and foreign anti-corruption laws; loss of the services of our key executives; the effects of regulations relating to conflict minerals; product warranty or product liability claims in excess of our insurance coverage; potential recalls of components or parts manufactured for us by suppliers or potential recalls of defective products; an inability to acquire insurance at commercially reasonable rates; fluctuations of our stock price and involvement with activist shareholders; a disruption in, or breach in security of, our information technology systems or any violation of data protection laws; risks related to our use of artificial intelligence, including generative artificial intelligence and machine learning; and those other risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q, which discussion is incorporated herein by this reference. Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, the Company.

MILLER INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

Three Months Ended  

Six Months Ended  

June 30

2026

2025

Change 

2026

2025

Change 

NET SALES 

239,993

214,032

12.1 %

420,855

439,682

(4.3) %

COSTS OF OPERATIONS 

204,057

179,446

13.7 %

359,238

371,153

(3.2) %

GROSS PROFIT 

35,936

34,586

3.9 %

61,617

68,529

(10.1) %

OPERATING EXPENSES: 

Selling, General and Administrative Expenses 

25,176

23,404

7.6 %

49,125

46,664

5.3 %

NON-OPERATING (INCOME) EXPENSES: 

Interest Expense, Net 

352

294

19.7 %

498

389

28.0 %

Other (Income) Expense, Net 

338

(479)

170.6 %

324

(682)

147.5 %

Total Expense, Net 

25,866

23,219

11.4 %

49,947

46,371

7.7 %

INCOME BEFORE INCOME TAXES 

10,070

11,367

(11.4) %

11,670

22,158

(47.3) %

INCOME TAX PROVISION 

2,801

2,909

(3.7) %

3,848

5,635

(31.7) %

NET INCOME 

7,269

8,458

(14.1) %

7,822

16,523

(52.7) %

BASIC INCOME PER SHARE
OF COMMON STOCK

0.64

0.74

(13.5) %

0.69

1.44

(52.1) %

DILUTED INCOME PER SHARE
OF COMMON STOCK

0.63

0.73

(13.7) %

0.68

1.42

(52.1) %

CASH DIVIDENDS DECLARED PER SHARE
OF COMMON STOCK

0.21

0.20

5.0 %

0.42

0.40

5.0 %

WEIGHTED AVERAGE SHARES
OUTSTANDING: 

Basic 

11,377

11,459

(0.7) %

11,382

11,454

(0.6) %

Diluted 

11,521

11,600

(0.7) %

11,522

11,611

(0.8) %

MILLER INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	June 30,		December 31,
	2026 (Unaudited)		2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	55,635	$	44,682
Accounts receivable, net of allowance for credit losses of $1,994 and $1,876 as of June 30, 2026 and December 31, 2025, respectively		224,984		198,261
Inventories, net		157,307		184,231
Prepaid expenses		15,772		12,409
Total current assets		453,698		439,583
NON-CURRENT ASSETS:
Property, plant and equipment, net		127,977		123,808
Right-of-use assets – operating leases		2,544		276
Goodwill		20,258		20,073
Other assets		4,575		5,927
TOTAL ASSETS	$	609,052	$	589,667

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	2,146	$	2,246
Accounts payable		127,385		78,548
Accrued liabilities		54,257		55,602
Current portion of operating lease obligation		745		176
Total current liabilities		184,533		136,572
NON-CURRENT LIABILITIES:
Long-term obligations		1,023		31,055
Non-current portion of operating lease obligation		1,799		100
Deferred income tax liabilities		1,604		1,370
Total liabilities		188,959		169,097

SHAREHOLDERS’ EQUITY:
Preferred stock, $0.01 par value per share:
Authorized – 5,000,000 shares, Issued and outstanding – none		—		—
Common stock, $0.01 par value per share:
Authorized – 100,000,000 shares, Issued and outstanding – 11,352,184 and 11,371,730 shares as of June 30, 2026 and December 31, 2025, respectively		114		114
Additional paid-in capital		149,736		153,046
Retained earnings		271,838		268,798
Accumulated other comprehensive loss		(1,595)		(1,388)
Total shareholders’ equity		420,093		420,570
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	609,052	$	589,667

View original content:https://www.prnewswire.com/news-releases/miller-industries-reports-2026-second-quarter-results-302844184.html

SOURCE Miller Industries, Inc.

August 5, 2026 11:06 pm

Energy Fuels Announces Q2-2026 Results

PR Newswire

DENVER, Aug. 5, 2026 /PRNewswire/ — Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (“Energy Fuels“or the “Company“), a leading United States (“U.S.“) producer of uranium, rare earth elements (“REEs“), and other critical minerals, today reported its financial and operational results for the quarter ended June 30, 2026.

Energy Fuels Inc., a US-based uranium and rare earth elements producer.

“Energy Fuels had a transformational second quarter where the Company continued to build one of the strongest strategic platforms in the rare earth sector through the planned acquisitions of VAC and ASM to add rare earth metal, alloy and magnet capacity to our portfolio, a conditional loan commitment of $725 million from the OSC to help fund our expansions, further advancement of our Donald Project joint venture as a near term source of rare earth feedstock, and commencement of construction on our heavy rare earth plant at the White Mesa Mill,” said Ross Bhappu, President and Chief Executive Officer of Energy Fuels.

“Our second quarter financial results reflect continued strong performance in our uranium segment, including industry leading low production costs, and actions we have taken to deliver on becoming the first, true, rare earth mine-to-magnet platform in the West. The continued investment in our transformation into a vertically integrated global critical materials company resulted in a net loss driven primarily by transaction-related costs associated with our planned acquisitions and higher operating expenses as we invest in people and projects. Importantly, these investments are being made from a position of financial strength, with nearly $1 billion of working capital at quarter-end. We believe the operational progress achieved this quarter, combined with our disciplined investment in growth, provides a strong foundation for future value creation.”

Second Quarter Highlights

Rare Earth Elements

Planned Acquisition of VAC: On June 23, 2026, the Company entered into a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG, Ara VAC TopCo US LLC and their respective consolidated subsidiaries (collectively, “VAC“) from Ara Partners for a total cash-and-stock consideration of approximately $1.9 billion based on Energy Fuels’ closing share price of $16.12 as of June 22, 2026, to create a fully integrated platform to strengthen global critical rare earth element REE supply chains. VAC is a leading advanced magnetics company with over 100 years of production expertise, more than 400 patents, over 1,000 customers, and operating magnet production facilities in North America, Europe and Asia, including a state-of-the-art facility in Sumter, South Carolina, with capacity to produce 2,000 tonnes per annum (“tpa“) of permanent magnets, scalable to 12,000 tpa (the “Sumter Facility“). Over the last decade, VAC has produced and shipped more than one (1) billion rare earth permanent magnets. VAC’s existing product portfolio spans both permanent magnets (sintered neodymium-iron-boron, NdFeB, and samarium-cobalt, SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products), enabling integrated cross-selling among electrification and industrial applications. Approximately 85% of VAC’s output is produced to customer specifications, reflecting deep design-in relationships built over decades, including customer partnerships averaging over 30 years with their largest accounts.
Planned Acquisition of ASM: The Company continued to advance its planned acquisition of Australian Strategic Materials Ltd. (“ASM“), an Australia-based critical materials company with REE mining, processing and metallization assets, including the Dubbo Project in New South Wales and a metallization and alloying facility in South Korea. The transaction is expected to strengthen Energy Fuels’ position across the REE value chain by adding mining, separation, metallization and alloy production capabilities. During the quarter, the Energy Fuels obtained Australian foreign investment approval. The transaction remains subject to court, regulatory and shareholder approvals and is expected to close by the end of August 2026.
Commercial-Scale ‘Heavy’ Rare Earth Plant Now Under Construction in Utah: On July 29, the Company announced that construction has begun on an expansion of its White Mesa Mill (“Mill“) in Utah to enable the large-scale production of heavy rare earth oxides, which are planned to be used by Energy Fuels to produce rare earth metals, alloys and magnets essential to the automotive, robotics, data center, energy and defense industries. The expansion of the Company’s existing light-rare earth oxide production capacity to also produce heavy-rare earth oxides is a critical step in the execution of Energy Fuels’ integrated mine-to-magnet platform. The planned expansion is expected to be completed by the end of 2027, with respect to the addition of the Tb and Dy circuits and by the end of 2028 with respect to the addition of the Sm, Eu and Gd circuits. The Mill’s heavy rare earth expansion is sized and timed to process the anticipated near-term monazite output from the Company’s Donald Project joint venture in Australia. The planned expansion is also expected to include a circuit for the processing of mixed rare earth carbonates (“MREC“) to enable Energy Fuels to process additional types of feedstocks produced globally that are rich in heavy rare earth oxides. Importantly, the new MREC circuit will enable the Mill to produce rare earth oxides and uranium simultaneously at commercial scale.

Uranium

Mined 315,000 Pounds of Contained U

₃

O

₈
: The Company mined 315,000 pounds of U₃O₈ at its Pinyon Plain, La Sal and Pandora mines during Q2 2026 for a total of 740,000 pounds of U₃O₈during the first half of 2026. At its Pinyon Plain mine, the Company mined ore containing approximately 250,000 pounds of U₃O₈ with an average grade of approximately 0.71% U₃O₈during Q2. Year to date, the Company mined Pinyon Plain ore containing approximately 625,000 pounds of U₃O₈ with an average grade of approximately 0.91% U₃O₈. Lower grades were reported in the first half of the year as the Company moved between high-grade zones. Grades are expected to continue increasing in the coming periods.
Met 2026 Finished U

₃

O

₈

Production Guidance: The Company produced 865,000 pounds of finished U₃O₈in Q2 and 1.7 million pounds of finished U₃O₈in the first half of the year, which falls within the previously published full-year guidance range of 1.5 to 2.5 million pounds of U₃O₈. As planned, the Company commenced its conventional ore processing campaign at the Mill in Q4 2025 and completed it in Q2 2026 producing a total of approximately 2.3 million pounds during this ore run. This conventional ore run successfully reduced production costs as expected. See below for further details. Ore and mineralized material that was not processed as part of the Mill’s conventional ore run will remain stockpiled at the Mill or its Pinyon Plain, La Sal and Pandora mines for another Mill run planned for Q4 2026 or early 2027.
Near-Term Uranium Production Growth Opportunities: Due to mined ore production at the Pinyon Plain, La Sal, and Pandora mines, as well as processing and production at the Mill, the Company is well-stocked to meet its upcoming long-term uranium contract sales and potential spot sales as market conditions warrant. The Company’s inventory balances at the end of Q2 2026 were as follows:

Ore, mineralized material and raw materials (contained pounds of U₃O₈)⁽¹⁾	590,000
Work-in-process (contained pounds of U₃O₈)⁽¹⁾	35,000
Finished pounds of U₃O₈	1,640,000
Total pounds of finished and contained U₃O₈⁽¹⁾	2,265,000

^{(1) Estimated.}

Guidance Unchanged: The Company’s guidance for 2026 remains unchanged as follows:

	Low	High
Mined (contained pounds of U₃O₈)	2,000,000	2,500,000
Processed (finished pounds of U₃O₈)⁽¹⁾	1,500,000	2,500,000
Sales (pounds of U₃O₈)⁽²⁾	1,500,000	2,000,000

^{(1) The conventional uranium Mill run was completed in Q2 2026 and planned maintenance is ongoing. A subsequent Mill run will proceed pending receipt of sufficient ore and mineralized material stockpiles to justify the restart, which is currently expected to be in Q4 2026 or early in 2027.}

^{(2) Subject to sales into the spot market depending on market conditions.}

Uranium Production Costs: During the recently completed conventional ore and mineralized material Mill run, the Company’s average mining and transportation costs to the Mill for Pinyon Plain ore was approximately $14 per pound of recovered U₃O₈, which together with milling cost of approximately $9 per pound U₃O₈, resulted in a total weighted average cost of approximately $23 per pound of U₃O₈ recovered. This falls at the bottom end of the previously announced expected cost of $23 to $30 per pound range for Pinyon Plain ore. The Company believes this ranks among the lowest costs for mined uranium production in the world. These high-grade Pinyon Plain ores were blended and processed with a relatively small quantity of lower grade, higher cost, La Sal/Pandora mineralized material at the Company’s discretion.
Uranium Price Update: The spot price of U₃O₈ is $86.50 per pound and the long-term price of U₃O₈ is $97.00 per pound, according to price data from TradeTech as of July 31, 2026.

Heavy Mineral Sands

Donald Project: The Company continued to advance the Donald Project via its joint venture with Astron Limited. The Donald Project has received all major regulatory approvals required to construct and operate the project and is expected to provide a long‑term, large‑scale source of monazite feedstock to the Company for processing into light and heavy REE oxides at the Mill.

Energy Fuels’ ownership in the Donald Project Joint Venture (“JV”) increased to 12.7% as of June 30, 2026, with AUD$48.83 million ($32.88 million) in cash contributed. The Company has the option to earn-in up to a 49% ownership interest through additional investments upon the achievement of designated milestones, including a potential final investment decision as early as Q3 2026. The Company has rights to 100% of the monazite offtake.

The Donald Project is strategically significant due to high concentrations of heavy REEs and is expected to provide a long-term source of monazite that is rich in valuable heavy rare earth elements, including dysprosium, terbium and samarium. Once produced, the Donald Project’s monazite concentrate is expected to be delivered to the Mill over the 39-year modeled life of the project, supporting the Company’s downstream rare earth strategy.

Financial Highlights

Unless noted otherwise, all dollar amounts are in U.S. dollars.

Nearly $1 Billion in Working Capital: As of June 30, 2026, the Company had $996.0 million of working capital, including $58.4 million of cash and cash equivalents, $878.3 million of marketable securities (comprised primarily of short-term, interest-bearing securities and uranium equities), $15.1 million of trade and other receivables, and $75.0 million of inventory. This liquidity position supports ongoing operations and project development.
Net Loss of $34 Million: The Company incurred a net loss of $33.6 million ($0.13 per share) during the quarter, compared to a net loss of $21.8 million ($0.10 per share) during Q2 2025. The increase was primarily due to transaction-related costs associated with the planned acquisitions of ASM and VAC and higher operating expenses, partially offset by improved margins on uranium sales during the current quarter.
Revenue of $25 Million: The Company sold 310,000 pounds of U₃O₈ at a weighted average realized price of $80.48 per pound for total uranium revenues of $25.0 million. Spot sales totaled 150,000 pounds of U₃O₈ for revenue of $12.74 million at a weighted average realized price of $84.92 per pound, while long-term contract sales totaled 160,000 pounds of U₃O₈ for revenue of $12.21 million at a weighted average realized price of $76.33 per pound. Spot sales were lower than Q1 2026 as the Company took advantage of elevated spot prices earlier this year. The Company remains on track to meet its 2026 sales guidance.

The company will host a conference call to discuss its second quarter results at 9:00 AM MT (11:00 AM ET) on Thursday, August 6, 2026:

Conference call access with the ability to ask questions:

To instantly join the conference call by phone, please use the following link to easily register your name and phone number. After registering, you will receive a call immediately and be placed into the conference call.

Rapid Connect URL: https://registrations.events/easyconnect/6699323/rec7x3o1v5IUael17/

Alternatively, you may dial in to the conference call where you will be connected to the call by an Operator.

North American Toll Free: 1-800-715-9871

To view the webcast online:

Audience URL: https://app.webinar.net/PvRMJVkBGY0

Conference Replay

Conference Replay Toronto: 1-647-362-9199
Conference Replay North American Toll Free: 1-800-770-2030
Conference Replay Entry Code: 6699323#
Conference Replay Expiration Date: 08/13/2026

The Company’s Quarterly Report on Form 10-Q has been filed with the U.S. Securities and Exchange Commission (“SEC“) and may be viewed on the Electronic Document Gathering and Retrieval System (“EDGAR“) at www.sec.gov/edgar, on the System for Electronic Data Analysis and Retrieval + (“SEDAR+“) at https://www.sedarplus.ca/home, and on the Company’s website at www.energyfuels.com. Unless noted otherwise, all dollar amounts are in U.S. dollars.

Selected Summary Financial Information:

	Three Months Ended June 30,
(In thousands, except per share data)	2026	2025
Results of Operations:
Total revenues	$ 25,108	$ 4,212
Operating loss	(30,575)	(26,175)
Net loss attributable to Energy Fuels Inc.	(33,378)	(21,812)
Basic net loss per common share	$ (0.13)	$ (0.10)
Diluted net loss per common share	$ (0.13)	$ (0.10)

(In thousands)	June 30, 2026	December 31, 2025
Financial Position:
Working capital	$ 996,013	$ 927,438
Property, plant and equipment, net	74,190	69,795
Mineral properties, net	328,589	312,266
Current assets	1,033,042	958,671
Total assets	1,533,201	1,411,852
Current liabilities	37,029	31,233
Total liabilities	736,403	729,282

Qualified Person Statement

The scientific and technical information disclosed in this news release was reviewed and approved by Daniel D. Kapostasy, PG, Registered Member SME and Senior Vice President, Chief Technical Officer for the Company, who is a “Qualified Person” as defined in S-K 1300 and National Instrument 43-101.

ABOUT ENERGY FUELS

Energy Fuels is a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes. Energy Fuels is the leading U.S. producer of natural uranium concentrate, used for nuclear energy generation. The Company owns the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it also produces REE products and evaluates medical isotope recovery for emerging cancer therapies. Additionally, Energy Fuels owns several producing and development uranium assets in the western United States and three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia (through a joint venture with Astron Limited). Based in Lakewood, Colorado, its shares trade on the NYSE American (“UUUU”) and TSX (“EFR”). For more details, visit

http://www.energyfuels.com

.

Cautionary Note Regarding Forward-Looking Statements: This news release contains certain “Forward Looking Information” and “Forward Looking Statements” within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based critical materials company or as the leading producer of uranium in the U.S.; any expectation with respect to rate, quantities or duration of production, or related; any expectations as to uranium or other mineral grades and whether such grades will continue or change over time; any expectation as to costs of goods sold, costs of production, or gross profits or net, gross margins or other margins; any expectation as to future sales or sales prices; any expectations as to future inventory levels or changes to inventory levels; any expectation that the Company will be profitable; any expectation that the Company will develop its planned expansion of REE separation capacity at the Mill; any expectation that the Company’s permitting efforts will be successful and as to any potential future production from any properties that are in the permitting or development stage; any expectation with respect to the Company’s planned exploration programs; any expectation that the proposed ASM and VAC acquisitions, or any other merger, business combination or other strategic transaction, will close or that the anticipated benefits thereof will be realized; any expectation that any of the Company’s international development projects, including the Vara Mada Project or Donald Project, will advance to an FID within the expected timeframes or at all; any expectation that Energy Fuels will be successful in agreeing on fiscal terms with the Government of Madagascar or in achieving sufficient fiscal and legal stability for the Vara Mada Project, including but not limited to permitting and other approvals thereof; any expectation that the Company will be successful in its engineering and test work for the production of radioisotopes at the Mill; any expectation that any such radioisotopes will be sold on a commercial basis; any expectation as to the quantities to be delivered under existing uranium sales contracts; and any expectation as to future uranium, vanadium, REE or HMS prices or market conditions. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or variations of such words and phrases, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements or other decisions by regulatory authorities; the imposition of tariffs and other restrictions on trade; legal challenges; the availability of feed sources for the Mill; competition from other producers; public opinion; government and political actions or inactions; the failure of the Government of Madagascar to agree on fiscal terms for the Vara Mada Project or provide the approvals necessary to achieve sufficient fiscal and legal stability on acceptable terms and conditions or at all; the failure of the Company to obtain the required permits for the recovery of Monazite from the Vara Mada Project; the failure of the Company to provide or obtain the necessary financing required to develop its non-U.S. projects, including the Vara Mada Project, the Donald Project, the Bahia Project and/or its expanded REE separations capacity; available supplies of monazite; the ability of the Mill to produce REE products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for REEs; actual results differing from estimates and projections; the ability of the Mill to recover radioisotopes at reasonable costs or at all; market prices and demand for medical radioisotopes; and the other factors described under the caption “Risk Factors” in the Company’s most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on the Company’s website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-fuels-announces-q2-2026-results-302844191.html

SOURCE Energy Fuels Inc.

August 5, 2026 11:06 pm

Tronox Reports Second Quarter 2026 Financial Results

PR Newswire

STAMFORD, Conn., Aug. 5, 2026 /PRNewswire/ — Tronox Holdings plc (NYSE:TROX) (“Tronox” or the “Company”), the world’s leading integrated manufacturer of titanium dioxide (“TiO₂“) pigment, today reported its financial results for the quarter ending June 30, 2026, as follows:

Second Quarter 2026 Financial Highlights:

Revenue of $868 million, a 14% increase compared to the prior quarter and a 19% increase compared to the prior year
Loss from operations of $21 million; net loss attributable to Tronox of $171 million (including $103 million tax valuation allowance); adjusted net loss attributable to Tronox was $82 million (non-GAAP)
GAAP diluted loss per share was $1.07; Adjusted diluted loss per share was $0.51 (non-GAAP)
Adjusted EBITDA of $73 million; Adjusted EBITDA margin of 8.4% (non-GAAP)
Capital expenditures of $45 million
Generated free cash flow of $60 million

Outlook:

Expect to deliver meaningful positive free cash flow for full year 2026, with Q3 relatively neutral
Expect Q3 2026 TiO₂ volumes to be down moderately, in the mid-single-digit percentage range, in-line with normal, seasonal patterns
Expect Q3 zircon volumes to moderate slightly compared to Q2, due to inventory availability following a very strong first half
TiO₂ pricing expected to improve sequentially in the mid-single-digit percentage range and zircon pricing to improve in the mid- to high single-digit percentage range in Q3 2026
Q3 2026 Adjusted EBITDA expected to be $95-$115 million

This outlook is based on Tronox’s views on current global economic activity and is subject to changes and impacts associated with the general macroeconomic and industry-related conditions, global supply chain, and inflation-related challenges, among others.

——

Note: For the Company’s guidance with respect to Adjusted EBITDA and free cash flow, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measure, or reconciliation to such GAAP financial measure, because certain items that impact such measures are uncertain, out of the Company’s control or cannot be reasonably predicted.

Summary of Select Financial Results for the Quarter Ending June 30, 2026

*($M unless otherwise noted)*		Q2 2026	Q2 2025	Y-o-Y % ∆	Q1 2026	Q-o-Q % ∆
Revenue		$868	$731	19 %	$760	14 %
TiO ₂		$700	$587	19 %	$616	14 %
Zircon		$97	$68	43 %	$89	9 %
Other products		$71	$76	(7) %	$55	29 %
(Loss) from operations		($21)	($35)	n/m	($41)	n/m
Net (loss) attributable to Tronox		($171)	($84)	n/m	($103)	n/m
GAAP diluted (loss) per share		($1.07)	($0.53)	n/m	($0.65)	n/m
Adjusted diluted (loss) per share		($0.51)	($0.28)	n/m	($0.55)	n/m
Adjusted EBITDA		$73	$93	(22) %	$62	18 %
Adjusted EBITDA Margin %		8.4 %	12.7 %	(430) bps	8.2 %	20 bps
Free cash flow		$60	($55)	n/m	($135)	n/m

	Y-o-Y % ∆			Q-o-Q % ∆
	Volume	Price / Mix	FX	Volume	Price / Mix	FX
TiO₂	18 %	0 %	1 %	9 %	5 %	0 %
Zircon	61 %	(18) %	—	4 %	5 %	—

CEO’s Remarks

Chief Executive Officer John Romano stated, “The strong commercial momentum we experienced during the first quarter continued into the second quarter. TiO₂ volumes came in at the high end of our guidance and at the highest level since the second quarter of 2022. Our ability to reliably serve customers through our global footprint supported volume performance during the quarter, and we continue to benefit from trade defense measures and structural shifts across the industry. Zircon volumes continued to strengthen in the second quarter, exceeding expectations and outperforming the already strong volumes delivered in the first quarter as supply remained constrained across the industry. Pricing for both TiO₂ and zircon increased 5% sequentially, as previously announced increases were implemented across our markets. During the quarter, we also announced additional pricing increases for both TiO₂ and zircon that are in effect for the third quarter.

“Operationally, we continued to realize benefits from our cost improvement program, which remains on track to deliver at the higher end of the $125-$175 million annual run-rate savings target by the end of 2026. Our second quarter cost profile was in-line with our expectations, as higher costs, primarily related to the successful completion of two planned outages, were partially offset by the sale of more lower-cost inventory during the quarter. As a result, we delivered Adjusted EBITDA within our guided range.”

Mr. Romano concluded, “Cash generation remains a key priority for our business and we delivered $60 million of positive free cash flow in the second quarter. We continued to execute on working capital initiatives, reducing total inventory approximately $120 million from first quarter levels to its lowest value since June 2024. These actions improved liquidity and further strengthened our financial position. While geopolitical developments in the Middle East continue to create uncertainty across portions of the industry, we remain focused on the factors within our control, including disciplined working capital management, commercial and operational execution, and strengthening our balance sheet. At the same time, we are making targeted operating decisions to support future demand and product availability, including the restart of a furnace and advancing plans to bring production back online at our West Mine, both at Namakwa, to support inventory levels, including zircon, to meet demand. Based on our outlook today, we continue to expect meaningful positive free cash flow generation for the full year.”

Second Quarter 2026 Results

(Comparisons are to prior year (Q2 2026 vs. Q2 2025) unless otherwise noted)

The Company recorded second quarter revenue of $868 million, an increase of 19% primarily driven by higher sales volumes of TiO₂and zircon, and a favorable exchange rate impact, partially offset by lower average selling prices of zircon including mix.

Revenue from TiO₂ sales was $700 million, an increase of 19% driven by a 18% increase in sales volumes and a 1% favorable exchange rate impact, while average selling prices including mix remained flat. Sequentially, TiO₂ sales increased 14%, driven by a 9% increase in sales volumes and a 5% increase in average selling prices including mix.

Zircon revenue increased 43% to $97 million, driven by a 61% increase in sales volumes, partially offset by a 18% decrease in average selling prices including mix. Sequentially, zircon revenue increased 9%, driven by a 4% increase in sales volumes, and a 5% increase in average selling prices including mix.

Revenue from other products was $71 million, a decline of 7% year-over-year, driven by lower sales volumes. Sequentially, revenue from other products increased 29% primarily due to higher sales volumes of pig iron.

Net loss attributable to Tronox in the quarter was $171 million, or a loss of $1.07 per diluted share, compared to net loss attributable to Tronox of $84 million, or a loss of $0.53 per diluted share in the year-ago period. Non-recurring adjustments totaled $89 million, or $0.56 per diluted share. Excluding these items, adjusted net loss attributable to Tronox (non-GAAP) was $82 million, or a loss of $0.51 per diluted share.

Adjusted EBITDA of $73 million represented a 22% decrease, driven by unfavorable exchange rate movements, lower average selling prices including mix, higher production costs, freight and other costs, partially offset by higher sales volumes. Adjusted EBITDA margin was 8.4%.

Sequentially, Adjusted EBITDA increased 18% due to higher average TiO₂ and zircon selling prices including mix and higher sales volumes, partly offset by higher production costs, unfavorable exchange rate impacts, and higher freight and other costs.

The Company’s selling, general and administrative expenses were $72 million for the quarter. Tronox’s net interest expense in the quarter was $56 million. Depreciation, depletion and amortization expense was $76 million.

Balance Sheet, Cash Flow and Capital Allocation

Tronox ended the quarter with $3.2 billion of total debt, $3.0 billion of net debt and a net leverage ratio of 11.4x on a trailing twelve-month basis. Available liquidity at the end of the quarter totaled $527 million, including $194 million in cash and cash equivalents and $333 million available under revolving credit agreements. The Company replaced an expired short-term revolving credit facility with a new long-term financing arrangement providing the Company with greater financial flexibility. The next significant debt maturity for the Company is not until 2029. Tronox does not have any financial covenants on its term loans or bonds. The Company has ample liquidity and does not expect to trigger the springing covenant on the US revolving credit facility.

The Company generated free cash flow of $60 million. Capital expenditures were $45 million.

Rare Earths

Tronox continued to advance its rare earths strategy during the quarter, with a clear focus on moving further downstream in a disciplined manner. The definitive feasibility study for the cracking and leaching facility is expected to conclude by third quarter 2027. The Company continued to evaluate development pathways that prioritize returns and limit incremental leverage. Tronox remains actively engaged with potential customers, partners, and funding sources as it assesses the most responsible and value-accretive path forward, leveraging its existing mining footprint and expertise in hydrometallurgical and chemical operations. The Company believes this strategy positions Tronox to participate in longer‑term efforts to diversify rare earth supply chains.

Outlook

Following a strong first half of the year, Tronox expects TiO₂ volumes in the third quarter of 2026 to moderate sequentially in the mid-single-digit percentage range compared to the second quarter, consistent with normal seasonal patterns. Zircon volumes in the second quarter are expected to moderate slightly following a very strong first half, primarily due to inventory availably. Pricing for TiO₂ is expected to increase sequentially in the mid-single-digit percentage range and zircon is expected to increase sequentially in the mid- to high single-digit percentage range as pricing actions announced during the second quarter have taken effect and are having a positive impact on our margins. Adjusted EBITDA for the third quarter of 2026 is expected to be in the range of $95-$115 million and margins are expected to improve sequentially. This range reflects the continued realization of pricing actions implemented during the first half of the year and higher operating rates as the second quarter extended outages are complete. These benefits are expected to be partially offset by elevated input costs resulting from continued volatility in the Middle East. The Company continues to evaluate opportunities to recover these higher costs through pricing and other commercial and operating initiatives over time. The Company expects free cash flow to be relatively neutral in the third quarter. Tronox continues to expect meaningful positive free cash flow generation for the full year 2026.

Webcast Conference Call

Tronox will conduct a webcast conference call on Thursday, August 6, 2026, at 9:00 AM ET (New York). The live call is open to the public and can be accessed via live webcast and teleconference. Please visit investor.tronox.com for a link to register for the live webcast and to view the accompanying slides.

Replay: A webcast replay will be available at investor.tronox.com following the call.

About Tronox

Tronox Holdings plc is one of the world’s leading producers of high-quality titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products and high-purity titanium chemicals, and zircon. We mine titanium-bearing mineral sands and operate upgrading facilities that produce high-grade titanium feedstock materials, pig iron and other minerals, including the rare earth-bearing mineral, monazite. With approximately 5,700 employees across six continents, our rich diversity, unmatched vertical integration model, and unparalleled operational and technical expertise across the value chain, position Tronox as the preeminent titanium dioxide producer in the world. For more information about how our products add brightness and durability to paints, plastics, paper and other everyday products, visit tronox.com.

Cautionary Statement about Forward-Looking Statements

Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance, our operating rates, anticipated completion of extensions and upgrades to our mining operations, anticipated trends in our business and industry, including trade defense measures in specific jurisdictions and their timing and effectiveness, market penetration and growth rates, anticipated costs, competitive landscape, benefits and timing of capital projects including planned mining expansions, the Company’s anticipated capital allocation strategy including future capital expenditures, the benefits and timing of the Company’s cost improvement and other cost saving, inventory reduction and asset rationalization plans, our rare earths and critical minerals strategy and our sustainability goals, commitments and programs. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, actual costs, benefits and timing of capital projects, or the cost improvement plan and other cost saving, inventory reduction and asset rationalization plans, or achievements to differ materially from the results, level of activity, performance, anticipated costs, benefits and timing of capital projects, or the cost improvement plan and other cost saving, inventory reduction and asset rationalization plans, or achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, macroeconomic conditions; policy changes affecting international trade, including import/export restrictions and tariffs; inflationary pressures and energy costs; currency movements; interest rate and debt market volatility, including in respect of our debt securities; political instability, including the ongoing conflicts in Eastern Europe and the Middle East and any expansion of such conflicts, and other geopolitical events; supply chain disruptions; market conditions and price volatility for titanium dioxide, zircon and other feedstock materials, as well as global and regional economic downturns, that adversely affect the demand for our end-use products; disruptions in production at our mining and manufacturing facilities; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission.

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, synergies or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.

Use of Non-GAAP Information
To provide investors and others with additional information regarding the financial results of Tronox Holdings plc, we have disclosed in this release certain non-U.S. GAAP operating performance measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted net income attributable to Tronox, including its presentation on a per share basis, and a non-U.S. GAAP liquidity measure of Free Cash Flow and net leverage ratio on a trailing twelve-month basis. These non-U.S. GAAP financial measures are a supplement to and not a substitute for or superior to, the Company’s results presented in accordance with U.S. GAAP. The non-U.S. GAAP financial measures presented by the Company may be different from non-U.S. GAAP financial measures presented by other companies. Specifically, the Company believes the non-U.S. GAAP information provides useful measures to investors regarding the Company’s financial performance by excluding certain costs and expenses that the Company believes are not indicative of its core operating results. The presentation of these non-U.S. GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-U.S. GAAP financial measures to U.S. GAAP results is included herein.

Investor Relations and Media Contact: Jennifer Guenther
      +1.203.705.3701 extension: 103701 (Media)
      +1.646.960.6598 (Investor Relations)

TRONOX HOLDINGS PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. GAAP)

(UNAUDITED)

(Millions of U.S. dollars, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net sales

$                            868

$                            731

$                         1,628

$                         1,469

Cost of goods sold

813

652

1,529

1,291

Gross profit

55

79

99

178

Restructuring and other charges

4

42

18

128

Selling, general and administrative expenses

72

72

143

146

Loss from operations

(21)

(35)

(62)

(96)

Interest expense

(56)

(45)

(109)

(87)

Interest income

—

1

2

3

Other income (expense), net

10

(2)

(2)

(7)

Loss before income taxes

(67)

(81)

(171)

(187)

Income tax provision

(106)

(4)

(106)

(9)

Net loss

(173)

(85)

(277)

(196)

Net loss attributable to noncontrolling interest

(2)

(1)

(3)

(1)

Net loss attributable to Tronox Holdings plc

$                           (171)

$                             (84)

$                           (274)

$                           (195)

Loss per share:

Basic

$                          (1.07)

$                          (0.53)

$                          (1.72)

$                          (1.23)

Diluted

$                          (1.07)

$                          (0.53)

$                          (1.72)

$                          (1.23)

Weighted average shares outstanding, basic (in thousands)

159,841

158,561

159,444

158,358

Weighted average shares outstanding, diluted (in thousands)

159,841

158,561

159,444

158,358

Other Operating Data:

Capital expenditures

45

83

112

193

Depreciation, depletion and amortization expense

76

74

151

145

TRONOX HOLDINGS PLC

RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES

(UNAUDITED)

(Millions of U.S. dollars, except share and per share data)

RECONCILIATION OF NET LOSS ATTRIBUTABLE TO TRONOX HOLDINGS PLC (U.S. GAAP)

TO ADJUSTED NET LOSS ATTRIBUTABLE TO TRONOX HOLDINGS PLC (NON-U.S. GAAP)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net loss attributable to Tronox Holdings plc (U.S. GAAP)

$                       (171)

$                         (84)

$                   (274)

$                   (195)

Gain on sale of Fuzhou (a)

(20)

—

(20)

—

Restructuring and other charges (b)

4

38

18

124

Tax valuation allowance (c)

103

—

103

—

Other (d)

2

1

3

2

Adjusted net loss attributable to Tronox Holdings plc (non-U.S. GAAP)

$                         (82)

$                         (45)

$                   (170)

$                     (69)

Diluted net loss per share (U.S. GAAP)

$                      (1.07)

$                      (0.53)

$                  (1.72)

$                  (1.23)

Gain on sale of Fuzhou, per share

(0.13)

—

(0.13)

—

Restructuring and other charges, per share

0.03

0.24

0.12

0.78

Tax valuation allowance, per share

0.65

—

0.65

—

Other, per share

0.01

0.01

0.01

0.01

Diluted adjusted net loss per share attributable to Tronox Holdings plc (non-U.S. GAAP) (1)

$                      (0.51)

$                      (0.28)

$                  (1.07)

$                  (0.44)

Weighted average shares outstanding, diluted (in thousands)

159,841

158,561

159,444

158,358

(1) Diluted adjusted net loss per share attributable to Tronox Holdings plc was calculated from exact, not rounded Adjusted net loss attributable to Tronox Holdings plc and share information.

(a) Represents the gain on the sale of Fuzhou.

(b) Represents restructuring and other charges associated with the Botlek and Fuzhou plant closures.

(c) Represents the establishment of a valuation allowance against certain state deferred tax assets within our US jurisdiction.

(d) Represents other activity not representative of the ongoing operations of the Company.

TRONOX HOLDINGS PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(Millions of U.S. dollars, except share and per share data)

June 30, 2026

December 31, 2025

ASSETS

Current Assets

Cash and cash equivalents

$                                      194

$                                      199

Restricted cash

12

12

Accounts receivable (net of allowance for credit losses of $1 and $1 as of June 30, 2026 and December 31, 2025, respectively)

363

289

Inventories, net

1,458

1,652

Prepaid and other assets

113

112

Income taxes receivable

1

1

Total current assets

2,141

2,265

Noncurrent Assets

Property, plant and equipment, net

1,988

2,007

Mineral leaseholds, net

595

608

Intangible assets, net

203

214

Lease right of use assets, net

180

173

Deferred tax assets

727

833

Other long-term assets

116

117

Total assets

$                                   5,950

$                                   6,217

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable

$                                      404

$                                      481

Accrued liabilities

254

274

Short-term lease liabilities

24

22

Obligations under inventory financing arrangement

50

50

Short-term debt

68

51

Long-term debt due within one year

39

39

Income taxes payable

1

2

Total current liabilities

840

919

Noncurrent Liabilities

Long-term debt, net

3,123

3,132

Pension and postretirement healthcare benefits

80

81

Asset retirement obligations

209

198

Environmental liabilities

30

39

Long-term lease liabilities

156

148

Deferred tax liabilities

212

208

Other long-term liabilities

109

43

Total liabilities

4,759

4,768

Commitments and Contingencies

Shareholders’ Equity

Tronox Holdings plc ordinary shares, par value $0.01 — 159,700,029 shares issued and outstanding at June 30, 2026 and 158,557,858 shares issued and outstanding at December 31, 2025

2

2

Capital in excess of par value

2,097

2,103

(Accumulated deficit) retained earnings

(244)

30

Accumulated other comprehensive loss

(694)

(717)

Total Tronox Holdings plc shareholders’ equity

1,161

1,418

Noncontrolling interest

30

31

Total equity

1,191

1,449

Total liabilities and equity

$                                   5,950

$                                   6,217

TRONOX HOLDINGS PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(Millions of U.S. dollars)

Six Months Ended June 30,

2026

2025

Cash Flows from Operating Activities:

Net loss

$               (277)

$               (196)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation, depletion and amortization

151

145

Deferred income taxes

106

7

Share-based compensation expense

11

9

Amortization of deferred debt issuance costs and discount on debt

6

5

Restructuring and other charges

18

128

Other non-cash items affecting net loss

9

29

Changes in assets and liabilities:

Increase in accounts receivable, net of allowance for credit losses

(74)

(19)

Decrease (increase) in inventories, net

191

(76)

Decrease in prepaid and other assets

21

29

Restructuring payments

(29)

(27)

Decrease in accounts payable and accrued liabilities

(84)

(23)

Net changes in income tax payables and receivables

–

(5)

Changes in other non-current assets and liabilities

(12)

(10)

Cash provided by (used in) operating activities

37

(4)

Cash Flows from Investing Activities:

Capital expenditures

(112)

(193)

Loans

–

15

Proceeds from dispositions and asset sales

15

2

Cash used in investing activities

(97)

(176)

Cash Flows from Financing Activities:

Repayments of short-term debt

(99)

(11)

Repayments of long-term debt

(16)

(14)

Repayments of inventory financing arrangement

(50)

–

Proceeds from inventory financing arrangement

50

–

Proceeds from sale and leaseback transaction

75

–

Proceeds from short-term debt

116

203

Debt issuance costs

(2)

(1)

Sale and leaseback transaction costs

(1)

–

Dividends paid

(16)

(20)

Restricted stock and performance-based shares settled in cash for withholding taxes

–

(1)

Cash provided by financing activities

57

156

Effects of exchange rate changes on cash and cash equivalents and restricted cash

(2)

5

Net decrease in cash and cash equivalents and restricted cash

(5)

(19)

Cash and cash equivalents and restricted cash at beginning of period

211

152

Cash and cash equivalents and restricted cash at end of period

$                 206

$                 133

TRONOX HOLDINGS PLC

RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA, ADJUSTED EBITDA AS A % OF NET SALES AND NET DEBT TO TRAILING-TWELVE MONTHS ADJUSTED EBITDA (NON-U.S. GAAP)

(UNAUDITED)

(Millions of U.S. dollars)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net loss (U.S. GAAP)

$                          (173)

$                          (85)

$                      (277)

$                        (196)

Interest expense

56

45

109

87

Interest income

—

(1)

(2)

(3)

Income tax provision

106

4

106

9

Depreciation, depletion and amortization expense

76

74

151

145

EBITDA (non-U.S. GAAP)

65

37

87

42

Gain on sale of Fuzhou (a)

(20)

—

(20)

—

Share-based compensation (b)

5

4

11

9

Accretion expense and other adjustments to asset retirement obligations and environmental liabilities (c)

6

7

10

14

Accounts receivable securitization program (d)

4

3

7

7

Foreign currency remeasurement (e)

7

(2)

14

(1)

Restructuring and other charges (f)

4

42

18

128

Other items (g)

2

2

8

6

Adjusted EBITDA (non-U.S. GAAP)

$                              73

$                            93

$                        135

$                         205

Three Months Ended June 30,

2026

2025

Net sales

$                            868

$                          731

Net loss (U.S. GAAP)

$                          (173)

$                          (85)

Net loss (U.S. GAAP) as a % of Net sales

(19.9) %

(11.6) %

Adjusted EBITDA (non-U.S. GAAP) (see above) as a % of Net sales

8.4 %

12.7 %

June 30, 2026

December 31, 2025

Long-term debt, net

$                         3,123

$                       3,132

Short-term debt

68

51

Long-term debt due within one year

39

39

(Less) Cash and cash equivalents

(194)

(199)

Net debt (1)

$                         3,036

$                       3,023

Trailing-twelve month Adjusted EBITDA (non-U.S. GAAP)

$                            266

$                          336

Net debt to trailing-twelve month Adjusted EBITDA (non-U.S. GAAP) (see above)

11.4x

9.0x

(a) Represents the gain on the sale of Fuzhou.

(b) Represents non-cash share-based compensation.

(c) Primarily represents accretion expense and other noncash adjustments to asset retirement obligations and environmental liabilities.

(d) Primarily represents expenses associated with the Company’s accounts receivable securitization program which is used as a source of liquidity in the Company’s overall capital structure.

(e) Represents realized and unrealized gains and losses associated with foreign currency remeasurement related to third-party and intercompany receivables and liabilities denominated in a currency other than the functional currency of the entity holding them, which are included in “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations.

(f) Represents restructuring and other charges associated with the Botlek and Fuzhou plant closures.

(g) Includes noncash pension and postretirement costs, asset write-offs and other items included in “Selling general and administrative expenses”, “Cost of goods sold” and “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations.

(1) Net debt calculation excludes the other financing arrangements (inventory financing arrangement and sale leaseback transaction).

TRONOX HOLDINGS PLC

FREE CASH FLOW (NON-U.S. GAAP)

(UNAUDITED)

(Millions of U.S. dollars)

The following table reconciles cash used in operating activities to free cash flow for the three and six months ended June 30, 2026:

Six Months Ended
June 30, 2026

Three Months Ended

March 31, 2026

Three Months Ended
June 30, 2026

Cash used in operating activities

$                          37

$                             (68)

$                         105

Capital expenditures

(112)

(67)

(45)

    Free cash flow (non-U.S. GAAP)

$                         (75)

$                           (135)

$                           60

TRONOX HOLDINGS PLC

RECONCILIATION OF TRAILING TWELVE MONTH NET LOSS TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP)

(UNAUDITED)

(Millions of U.S. dollars)

Three Months Ended

Trailing Twelve Month Adjusted EBITDA

September 30, 2025

December 31, 2025

March 31, 2026

June 30, 2026

Net loss (U.S. GAAP)

$ (100)

$ (177)

$ (104)

$ (173)

$                               (554)

Interest expense

48

54

53

56

211

Interest income

(1)

(2)

(2)

—

(5)

Income tax provision (benefit)

8

(2)

—

106

112

Depreciation, depletion and amortization expense

75

82

75

76

308

EBITDA (non-U.S. GAAP)

30

(45)

22

65

72

Gain on sale of Fuzhou (a)

—

—

—

(20)

(20)

Share-based compensation (b)

5

6

6

5

22

Foreign currency remeasurement (c)

—

7

7

7

21

Accretion expense and other adjustments to asset retirement obligations and environmental liabilities (d)

6

(11)

4

6

5

Accounts receivable securitization program (e)

3

3

3

4

13

Restructuring and other charges (f)

25

79

14

4

122

Other items (g)

5

18

6

2

31

Adjusted EBITDA (non-U.S. GAAP)

$ 74

$                                  57

$                                  62

$                                  73

$                                266

(a) Represents the gain on the sale of Fuzhou.

(b) Represents non-cash share-based compensation.

(c) Represents realized and unrealized gains and losses associated with foreign currency remeasurement related to third-party and intercompany receivables and liabilities denominated in a currency other than the functional currency of the entity holding them, which are included in “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations.

(d) Primarily represents accretion expense and other noncash adjustments to asset retirement obligations and environmental liabilities.

(e) Primarily represents expenses associated with the Company’s accounts receivable securitization program which is used as a source of liquidity in the Company’s overall capital structure.

(f) Represents restructuring and other charges associated with the Botlek and Fuzhou plant closures.

(g) Includes noncash pension and postretirement costs, asset write-offs, severance expense and other items included in “Selling general and administrative expenses”, “Cost of goods sold” and “Other income (expense), net” in the unaudited Condensed Consolidated Statements of Operations.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tronox-reports-second-quarter-2026-financial-results-302844181.html

SOURCE Tronox Holdings plc

Posted on August 5, 2026 11:05 pm
VIAVI Announces Fiscal Fourth Quarter and Fiscal Year 2026 Results

PR Newswire

CHANDLER, Ariz., Aug. 5, 2026 /PRNewswire/ — VIAVI (NASDAQ: VIAV) today reported results for its fiscal fourth quarter and fiscal year ended June 27, 2026 with the following highlights.

Fourth Quarter

Net revenue of $443.1 million, up $152.6 million or 52.5% year-over-year

GAAP operating margin of 13.8%, up 850 bps year-over-year

Non-GAAP operating margin of 24.0%, up 960 bps year-over-year

GAAP net income of $32.7 million, up $24.7 million or 308.8% year-over-year

Non-GAAP net income of $89.1 million, up $59.4 million or 200.0% year-over-year

GAAP diluted earnings per share (EPS) of $0.13, up $0.09 or 225.0% year-over-year

Non-GAAP diluted EPS of $0.34, up $0.21 or 161.5% year-over-year

Fiscal Year 2026

Net revenue of $1.5 billion, up $434.0 million or 40.0% year-over-year

GAAP operating margin of 6.9%, up 160 bps year-over-year

Non-GAAP operating margin of 20.6%, up 630 bps year-over-year

GAAP net loss of $30.4 million, down $65.2 million or 187.4% year-over-year

Non-GAAP net income of $243.8 million, up 137.1 or 128.5% year-over-year

GAAP diluted EPS of $(0.13), down $0.28 or 186.7% year-over-year

Non-GAAP diluted EPS of $1.00, up $0.53 or 112.8% year-over-year

“VIAVI’s fourth quarter and fiscal year 2026 financial performance has exceeded our expectations, driven by strong growth in many of our end markets. Our diversification strategy into datacenter ecosystem and aerospace and defense end markets has been a key growth driver for us during FY26, and we expect this strategy to continue driving our growth for the next several quarters,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.

Financial Overview:

The tables below (in millions, except percentage and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”

Fiscal Fourth Quarter Ended June 27, 2026

GAAP Results

Q4

Q3

Q4

Change

FY 2026

FY 2026

FY 2025

Q/Q

Y/Y

Net revenue

$     443.1

$     406.8

$     290.5

8.9 %

52.5 %

Gross margin

59.1 %

57.5 %

56.3 %

160 bps

280 bps

Operating margin

13.8 %

6.1 %

5.3 %

770 bps

850 bps

Income from operations

$       61.3

$       24.8

$       15.3

147.2 %

300.7 %

Net income per share

0.13

0.03

0.04

333.3 %

225.0 %

Non-GAAP Results

Q4

Q3

Q4

Change

FY 2026

FY 2026

FY 2025

Q/Q

Y/Y

Gross margin

62.3 %

62.2 %

60.1 %

10 bps

220 bps

Operating margin

24.0 %

21.2 %

14.4 %

280 bps

960 bps

Income from operations

$     106.4

$       86.4

$       41.9

23.1 %

153.9 %

Earnings per share

0.34

0.27

0.13

25.9 %

161.5 %

Net Revenue by Segment

Q4

Q3

Q4

Change

FY 2026

FY 2026

FY 2025

Q/Q

Y/Y

Network and Service Enablement

$        353.9

$        321.5

$        209.1

10.1 %

69.2 %

Optical Security and Performance Products

89.2

85.3

81.4

4.6 %

9.6 %

Total

$        443.1

$        406.8

$        290.5

8.9 %

52.5 %

Fiscal Year Ended June 27, 2026

GAAP Results

FY 2026

FY 2025

Change Y/Y

Net revenue

$               1,518.3

$               1,084.3

40.0 %

Gross margin

57.7 %

57.3 %

40 bps

Operating margin

6.9 %

5.3 %

160 bps

Income from operations

$                 105.1

$                   57.5

82.8 %

Net (loss) income per share

(0.13)

0.15

(186.7) %

Non-GAAP Results

FY 2026

FY 2025

Change Y/Y

Gross margin

61.7 %

60.1 %

160 bps

Operating margin

20.6 %

14.3 %

630 bps

Income from operations

$                 312.9

$                 155.2

101.6 %

Earnings per share

1.00

0.47

112.8 %

Net Revenue by Segment

FY 2026

FY 2025

Change Y/Y

Network and Service Enablement

$                  1,182.9

$                    776.6

52.3 %

Optical Security and Performance Products

335.4

307.7

9.0 %

Total

$                  1,518.3

$                  1,084.3

40.0 %

Americas, Asia-Pacific and EMEA customers represented 45.0%, 30.9% and 24.1%, respectively, of total net revenue for the fiscal year ended June 27, 2026.

As of June 27, 2026, the Company held $656.7 million in total cash, short-term investments and short-term restricted cash.

As of June 27, 2026, the Company had $250.0 million aggregate principal amount of 0.625% Senior Convertible Notes and $400.0 million aggregate principal amount of 3.75% Senior Notes with a total net carrying value of $641.9 million.

During the fiscal quarter and fiscal year ended June 27, 2026, the Company generated $66.7 million and $113.9 million, respectively, of cash flows from operations.

Business Outlook for the First Quarter of Fiscal 2027

For the first quarter of fiscal 2027 ending October 3, 2026, the Company expects net revenue to be between $450 million to $460 million and non-GAAP EPS to be between $0.40 to $0.42.

With respect to our expectations above, the Company has not reconciled GAAP net income (loss) per share to non-GAAP EPS in this press release because it is unable to provide a meaningful or accurate estimate of certain reconciling items described in the “Use of Non-GAAP (Adjusted) Financial Measures” section below and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of certain items, including certain charges related to restructuring, acquisition, integration and related charges. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and potentially significant impact on our future GAAP financial results. In addition, the Company believes such reconciliations would imply a degree of precision that may be confusing or misleading to investors.

Conference Call

The Company will discuss these results and other related matters at 1:30 p.m. Pacific Time on August 5, 2026 in a live webcast, which will also be archived for replay on the Company’s website at https://investor.viavisolutions.com. The Company will post supplementary slides outlining the Company’s latest financial results on https://investor.viavisolutions.com under the “Quarterly Results” section concurrently with this earnings press release. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.

About VIAVI Solutions

VIAVI (NASDAQ: VIAV) is a global leader in test and measurement and optical technologies. Our test and measurement, and resilient position, navigation and timing solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. In addition, we develop and advance technologies used in high-volume optical applications across anti-counterfeiting, consumer electronics, aerospace, industrial and automotive end markets.

Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.

Forward-Looking Statements

This press release contains 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 statements include any expectation, anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability targets, cash flow and other financial metrics, as well as the impact and duration of certain trends and market position and conditions, including market stabilization and recovery. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company’s ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (c) consolidations in our industry and customer base; (d) competitive pressures; (e) unforeseen changes or deceleration in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms or evolving technology such as 3D sensing and customer purchasing delays due to macroeconomic conditions, tightening of expenditures or as they assess or transition to such new technologies and/or architectures, all of which limit near-term demand visibility, and could negatively impact potential revenue; (f) continued decline of average selling prices across our businesses; (g) notable seasonality and a significant level of in-quarter book-and-ship business; (h) various product and manufacturing transfers, site consolidations, product discontinuances and restructuring and workforce reduction plans, including the number of employees impacted by a restructuring plan, the estimated expenses the Company will recognize, the timing of these payments and expenses, and anticipated cost savings associated with such plans; (i) challenges in execution of business strategy; (j) financial projections and expectations, including profitability of certain business units, synergies, benefits and other matters related to the acquisition of the high-speed ethernet, network security and channel emulation testing business of Spirent Communications plc; (k) challenges integrating the businesses the Company has acquired and realizing all of the expected benefits and savings; (l) supply chain and materials constraints and the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (m) potential disruptions or delays to our manufacturing and operations due to climate conditions and natural disasters in the regions where we operate, such as wildfires, drought conditions and related water shortages in Arizona, as well as wildfires in Northern California and related blackouts and power outages in that region; (n) the uncertain and ongoing impact to our supply chain of geopolitical tensions, such as the ongoing conflict between Russia and Ukraine and the instability in the Middle East, evolving global trade and tariff negotiations and the uncertain tariff landscape, sanctions and other trade measures imposed by domestic and foreign governments, adverse actions and escalating tensions with foreign governments, including China, and the possibility of escalation of “trade wars,” cyber-attacks, and retaliatory measures; (o) the impact of infectious disease outbreaks, epidemics, and pandemics on our financial results, revenues, customer demand, business operations and manufacturing and on the business operations of our customers, contract manufacturers and suppliers; and (p) inherent uncertainty related to global markets, including inflationary pressures, recessions, stock price and equity market volatility, tightening monetary policy and liquidity, and the effect of such markets on demand for our products. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on the risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements contained in this press release are made as of the date thereof and the Company assumes no obligation to update such statements. We have not filed our Form 10-K for the year ended June 27, 2026. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file the Form 10-K.

Contact Information

Investors:

Vibhuti Nayar
408-404-6305
[email protected]

Press:

Amit Malhotra
202-341-8624
[email protected]

The following financial tables are presented in accordance with GAAP, unless otherwise specified.

-SELECTED PRELIMINARY FINANCIAL DATA –

VIAVI SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

PRELIMINARY

Three Months Ended

Years Ended

June 27, 2026

June 28, 2025

June 27, 2026

June 28, 2025

Net revenue

$          443.1

$          290.5

$        1,518.3

$        1,084.3

Cost of revenues

168.4

120.2

597.5

443.7

Amortization of acquired technologies

13.0

6.8

45.4

19.5

Gross profit

261.7

163.5

875.4

621.1

Operating expenses:

Research and development

69.8

57.2

262.7

208.7

Selling, general and administrative

124.3

89.7

469.2

349.4

Amortization of other intangibles

7.3

1.5

22.5

4.8

Restructuring and related (benefits) charges

(1.0)

(0.2)

15.9

0.7

Total operating expenses

200.4

148.2

770.3

563.6

Income from operations

61.3

15.3

105.1

57.5

Interest and other (expense) income, net

(7.4)

1.8

(41.4)

11.1

Interest expense

(10.4)

(7.5)

(47.4)

(30.0)

Income before income taxes and equity investment earnings

43.5

9.6

16.3

38.6

Provision for income taxes

11.4

2.2

47.5

4.4

Equity investment earnings

0.6

0.6

0.8

0.6

Net income (loss)

$           32.7

$             8.0

$          (30.4)

$           34.8

Net income (loss) per share:

Basic

$           0.14

$           0.04

$          (0.13)

$           0.16

Diluted

$           0.13

$           0.04

$          (0.13)

$           0.15

Shares used in per share calculations:

Basic

239.3

223.2

229.5

222.5

Diluted

261.0

227.0

229.5

225.7

The preliminary financial statements are estimated based on our current information.

VIAVI SOLUTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, unaudited)

PRELIMINARY

June 27, 2026

June 28, 2025

ASSETS

Current assets:

Cash and cash equivalents

$                647.8

$                423.6

Short-term investments

2.0

1.7

Restricted cash

6.9

3.7

Accounts receivable, net

351.3

261.0

Inventories, net

155.3

117.9

Prepayments and other current assets

93.2

77.3

Total current assets

1,256.5

885.2

Property, plant and equipment, net

224.5

231.9

Goodwill, net

700.7

595.7

Intangibles, net

377.6

131.6

Deferred income taxes

74.5

87.2

Other non-current assets

71.8

62.2

Total assets

$             2,705.6

$             1,993.8

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                 92.2

$                 68.8

Accrued payroll and related expenses

98.4

63.6

Deferred revenue

101.9

74.1

Accrued expenses

27.3

28.7

Short-term debt

244.8

246.2

Other current liabilities

115.9

108.3

Total current liabilities

680.5

589.7

Long-term debt

397.1

396.3

Other non-current liabilities

179.5

227.6

Total liabilities

1,257.1

1,213.6

Total stockholders’ equity

1,448.5

780.2

Total liabilities and stockholders’ equity

$             2,705.6

$             1,993.8

The preliminary financial statements are estimated based on our current information.

VIAVI SOLUTIONS INC.

REPORTABLE SEGMENT INFORMATION

(in millions, unaudited)

PRELIMINARY

Three Months Ended June 27, 2026

Network and
Service
Enablement

Optical Security
and Performance
Products

Other Items

⁽¹⁾

Consolidated
GAAP Measures

Net revenue

$     353.9

$       89.2

$           —

$     443.1

Gross profit

$     227.0

$       49.2

$        (14.5)

$     261.7

Gross margin

64.1 %

55.2 %

59.1 %

Operating income

$       70.7

$       35.7

$        (45.1)

$       61.3

Operating margin

20.0 %

40.0 %

13.8 %

Three Months Ended June 28, 2025

Network and
Service
Enablement

Optical Security
and Performance
Products

Other Items

⁽¹⁾

Consolidated
GAAP Measures

Net revenue

$     209.1

$       81.4

$           —

$     290.5

Gross profit

$     130.0

$       44.5

$        (11.0)

$     163.5

Gross margin

62.2 %

54.7 %

56.3 %

Operating income

$        9.7

$       32.2

$        (26.6)

$       15.3

Operating margin

4.6 %

39.6 %

5.3 %

Year Ended June 27, 2026

Network and
Service
Enablement

Optical Security
and Performance
Products

Other Items

⁽¹⁾

Consolidated
GAAP Measures

Net revenue

$   1,182.9

$     335.4

$           —

$   1,518.3

Gross profit

$     762.0

$     175.2

$        (61.8)

$     875.4

Gross margin

64.4 %

52.2 %

57.7 %

Operating income

$     190.0

$     122.9

$      (207.8)

$     105.1

Operating margin

16.1 %

36.6 %

6.9 %

Year Ended June 28, 2025

Network and
Service
Enablement

Optical Security
and Performance
Products

Other Items

⁽¹⁾

Consolidated
GAAP Measures

Net revenue

$     776.6

$     307.7

$           —

$   1,084.3

Gross profit

$     488.0

$     163.6

$        (30.5)

$     621.1

Gross margin

62.8 %

53.2 %

57.3 %

Operating income

$      42.6

$     112.6

$        (97.7)

$      57.5

Operating margin

5.5 %

36.6 %

5.3 %

(1)

See Reconciliation of GAAP Measures from Continuing Operations to Non-GAAP Measures below for details of Other Items.

The preliminary financial schedules are estimated based on our current information.

Use of Non-GAAP (Adjusted) Financial Measures

The Company provides non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP EPS financial measures as supplemental information regarding the Company’s operational performance and believes providing this additional information allows investors to see Company results through the eyes of management, to evaluate more clearly and consistently the Company’s core operational performance and expenses and evaluate the efficacy of the methodology used by management to measure such performance. The Company uses the measures disclosed in this release to evaluate the Company’s historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company’s core operating performance, which the Company believes represents its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to certain purchase price accounting adjustments, amortization of acquisition related intangibles, amortization expense related to acquisition related inventory step-up, stock-based compensation, legal settlements, restructuring, changes in fair value of contingent consideration liabilities, certain investing and acquisition related expenses and other activities and income tax expenses or benefits that management believes are not reflective of such ordinary, ongoing and core operating activities. The non-GAAP adjustments are outlined below.

Cost of revenues, costs of research and development and costs of selling, general and administrative: The Company’s GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, plant and equipment and intangibles, (ii) charges such as severance, benefits and outplacement costs related to restructuring plans with a specific and defined term, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, including related employer payroll taxes, (v) amortization expense related to acquired intangibles, (vi) amortization expense related to acquisition related inventory step-up, (vii) changes in fair value of contingent consideration liabilities, (viii) acquisition related transaction and integration costs related to acquired entities, (ix) significant legal settlements and other contingencies and (x) other charges unrelated to our core operating performance comprised mainly of other costs and contingencies unrelated to current and future operations, including transformational initiatives such as the implementation of simplified automated processes, site consolidations, and reorganizations. The Company excludes these items in calculating non-GAAP operating margin, non-GAAP net income and non-GAAP EPS.

Non-cash interest expense and other expense: The Company excludes certain non-cash interest and other expenses, including loss on debt extinguishment, accretion of debt discount, and other non-cash activities that management believes are not reflective of such ordinary, ongoing and core operating activities, when calculating non-GAAP net income and non-GAAP EPS.

Income tax expense or benefit: The Company excludes certain non-cash tax expense or benefit items, such as (i) the utilization of net operating losses (NOLs) where valuation allowances were released, (ii) intra-period tax allocation benefit and (iii) the tax effect for amortization of non-tax deductible intangible assets, in calculating non-GAAP net income and non-GAAP EPS.

Non-GAAP financial measures are not in accordance with, preferable to, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP operating income is operating income. The GAAP measure most directly comparable to non-GAAP operating margin is operating margin. The GAAP measure most directly comparable to non-GAAP net income is net income. The GAAP measure most directly comparable to non-GAAP EPS is earnings per share.

VIAVI SOLUTIONS INC.

RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS

TO NON-GAAP MEASURES

(in millions, except per share data)

(unaudited)

PRELIMINARY

The following tables reconcile GAAP measures to non-GAAP measures:

Three Months Ended

Years Ended

June 27, 2026

June 28, 2025

June 27, 2026

June 28, 2025

Gross
Profit

Gross
Margin

Gross
Profit

Gross
Margin

Gross
Profit

Gross
Margin

Gross
Profit

Gross
Margin

GAAP measures

$   261.7

59.1 %

$   163.5

56.3 %

$   875.4

57.7 %

$   621.1

57.3 %

Stock-based compensation

1.2

0.2 %

1.2

0.4 %

4.4

0.3 %

5.7

0.5 %

Employer payroll tax on employee share-based awards

—

— %

—

— %

0.4

— %

0.2

— %

Other charges unrelated to core operating performance ⁽¹⁾

0.3

0.1 %

0.4

0.1 %

5.5

0.3 %

0.8

0.1 %

Amortization of acquisition related inventory step-up

—

— %

2.6

0.9 %

6.1

0.4 %

4.3

0.4 %

Amortization of intangibles

13.0

2.9 %

6.8

2.4 %

45.4

3.0 %

19.5

1.8 %

Total related to Cost of Revenues

14.5

3.2 %

11.0

3.8 %

61.8

4.0 %

30.5

2.8 %

Non-GAAP measures

$   276.2

62.3 %

$   174.5

60.1 %

$   937.2

61.7 %

$   651.6

60.1 %

Three Months Ended

Years Ended

June 27, 2026

June 28, 2025

June 27, 2026

June 28, 2025

Operating Income

Operating Margin

Operating Income

Operating Margin

Operating Income

Operating Margin

Operating Income

Operating Margin

GAAP measures

$    61.3

13.8 %

$    15.3

5.3 %

$   105.1

6.9 %

$    57.5

5.3 %

Stock-based compensation

14.2

3.2 %

12.6

4.3 %

55.4

3.6 %

53.1

4.9 %

Employer payroll tax on employee share-based awards

0.2

— %

—

— %

2.7

0.2 %

1.3

0.1 %

Change in fair value of contingent consideration

8.7

2.0 %

(3.4)

(1.2) %

33.0

2.2 %

(8.3)

(0.8) %

Acquisition and integration related charges

0.2

— %

5.6

1.9 %

12.6

0.8 %

22.3

2.1 %

Other charges unrelated to core operating performance ⁽²⁾

2.5

0.6 %

1.1

0.4 %

14.2

1.0 %

1.3

0.1 %

Amortization of acquisition related inventory step-up

—

— %

2.6

0.9 %

6.1

0.4 %

4.3

0.4 %

Amortization of intangibles

20.3

4.6 %

8.3

2.9 %

67.9

4.5 %

24.3

2.2 %

Restructuring and related (benefits) charges

(1.0)

(0.2) %

(0.2)

(0.1) %

15.9

1.0 %

0.7

0.1 %

Litigation settlement

—

— %

—

— %

—

— %

(1.3)

(0.1) %

Total related to Cost of Revenues and Operating Expenses

45.1

10.2 %

26.6

9.1 %

207.8

13.7 %

97.7

9.0 %

Non-GAAP measures

$   106.4

24.0 %

$    41.9

14.4 %

$   312.9

20.6 %

$   155.2

14.3 %

Three Months Ended

Years Ended

June 27, 2026

June 28, 2025

June 27, 2026

June 28, 2025

Net
Income

Diluted
EPS

Net
Income

Diluted
EPS

Net (Loss) Income

Diluted
EPS

Net Income

Diluted
EPS

GAAP measures

$    32.7

$    0.13

$     8.0

$    0.04

$   (30.4)

$   (0.13)

$    34.8

$    0.15

Items reconciling GAAP Net Income (Loss) and EPS to Non-GAAP Net Income and EPS:

Stock-based compensation

14.2

0.05

12.6

0.05

55.4

0.23

53.1

0.23

Employer payroll tax on employee share-based awards

0.2

—

—

2.7

0.01

1.3

0.01

Change in fair value of contingent consideration

8.7

0.03

(3.4)

(0.01)

33.0

0.14

(8.3)

(0.03)

Acquisition and integration related charges

0.2

—

5.6

0.02

12.6

0.05

22.3

0.10

Other charges unrelated to core operating performance ⁽²⁾

2.5

0.01

1.1

—

14.2

0.06

1.3

0.01

Amortization of acquisition related inventory step-up

—

—

2.6

0.01

6.1

0.02

4.3

0.02

Amortization of intangibles

20.3

0.08

8.3

0.04

67.9

0.28

24.3

0.11

Restructuring and related (benefits) charges

(1.0)

—

(0.2)

—

15.9

0.07

0.7

—

   Litigation settlement

—

—

—

—

—

—

(1.3)

(0.01)

Non-cash interest expense and other expense ⁽³⁾

10.4

0.04

1.2

0.01

57.0

0.23

4.7

0.02

Provision for (benefits from) income taxes

0.9

—

(6.1)

(0.03)

9.4

0.04

(30.5)

(0.14)

   Total related to Net Income and EPS

56.4

0.21

21.7

0.09

274.2

1.13

71.9

0.32

Non-GAAP measures

$    89.1

$    0.34

$    29.7

$    0.13

$   243.8

$    1.00

$   106.7

$    0.47

Shares used in per share calculation for Non-GAAP EPS

261.0

227.0

242.9

225.7

Note: Certain totals may not add due to rounding.

(1)

Included in the three months ended and year ended June 27, 2026 are charges of $0.1 million and $3.7 million, respectively, related to the write off of property, plant and equipment and other charges unrelated to core operating performance.

(2)

Included in the three months ended June 27, 2026 are charges of $1.3 million related to the write off of property, plant and equipment, $0.1 million of accelerated depreciation and other charges unrelated to core operating performance. In addition, included in the year ended June 27, 2026 are $4.8 million of losses on disposal of long-lived assets, $2.1 million charge for restoration services for a VIAVI facility impacted by a fire, $0.4 million of accelerated depreciation and other charges unrelated to core operating performance. Included in the year ended June 27, 2025 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance.

(3)

The Company incurred losses of $10.5 million and $56.7 million for the three months ended and year ended June 27, 2026, respectively, in connection with the extinguishment of certain 1.625% Senior Convertible Notes and extinguishment of the Term Loan B.

The preliminary financial schedules are estimated based on our current information.

VIAVI SOLUTIONS INC.

RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS

TO ADJUSTED EBITDA

(in millions, unaudited)

PRELIMINARY

Three Months Ended

Years Ended

June 27, 2026

June 28, 2025

June 27, 2026

June 28, 2025

GAAP Net income (loss)

$            32.7

$             8.0

$           (30.4)

$            34.8

Interest and other expense (income), net ⁽¹⁾

7.4

(1.8)

41.4

(11.1)

Interest expense

10.4

7.5

47.4

30.0

Provision for income taxes

11.4

2.2

47.5

4.4

Equity investment earnings

(0.6)

(0.6)

(0.8)

(0.6)

Depreciation

10.3

9.6

40.4

38.4

Amortization

20.3

8.3

67.9

24.3

EBITDA

91.9

33.2

213.4

120.2

Restructuring and related (benefits) charges

(1.0)

(0.2)

15.9

0.7

Stock-based compensation

14.2

12.6

55.4

53.1

Employer payroll tax on employee share-based awards

0.2

—

2.7

1.3

Change in fair value of contingent consideration

8.7

(3.4)

33.0

(8.3)

Acquisition and integration related charges

0.2

5.6

12.6

22.3

Other charges (benefits) unrelated to core operating performance ⁽²⁾

2.1

1.0

13.4

(0.4)

Amortization of acquisition related inventory step-up

—

2.6

6.1

4.3

Adjusted EBITDA

$           116.3

$            51.4

$           352.5

$           193.2

Note: Certain totals may not add due to rounding.

(1)

The Company incurred losses of $10.5 million and $56.7 million for the three months and year ended June 27, 2026, respectively, in connection with the extinguishment of certain 1.625% Senior Convertible Notes and extinguishment of the Term Loan B.

(2)

Included in the three months ended June 27, 2026 are charges of $1.3 million related to the write off of property, plant and equipment, and other charges unrelated to core operating performance. In addition, included in the year ended June 27, 2026 are $4.8 million of losses on disposal of long-lived assets, $2.1 million charge for restoration services for a VIAVI facility impacted by a fire and other charges unrelated to core operating performance. Included in the year ended June 27, 2025 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance.

The preliminary financial schedules are estimated based on our current information.

View original content to download multimedia:https://www.prnewswire.com/news-releases/viavi-announces-fiscal-fourth-quarter-and-fiscal-year-2026-results-302843700.html

SOURCE VIAVI Financials

Posted on August 5, 2026 11:04 pm
Albemarle Reports Second Quarter 2026 Results

PR Newswire

CHARLOTTE, N.C., Aug. 5, 2026 /PRNewswire/ — Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the second quarter ended June 30, 2026.

Second Quarter 2026 and Recent Highlights

(Unless otherwise stated, all percentage changes represent year-over-year comparisons and do not exclude the prior-period results of Ketjen’s refining catalyst solutions business in which the company sold a 51% stake on March 2, 2026)

Net sales of $1.7 billion, up 31% due to higher pricing in Energy Storage (+73%) and higher pricing and volumes in Specialties (price +11%, volume +8%).

Net income of $480 million, or $3.52 per diluted share attributable to common shareholders.

Adjusted EBITDA^(a) of $858 million; up 155% due primarily to higher pricing in Energy Storage, increased pricing and volumes in Specialties and ongoing cost and productivity improvements. Adjusted EBITDA expanded in both Energy Storage (+229%) and Specialties (+61%).

Cash from operating activities of $710 million and free cash flow of $638 million^(a). Operating cash flow conversion of 83%^(a), primarily driven by timing of an increased dividend from the Talison joint venture and non-recurring working capital benefits.

Delivered $100 million in year-to-date run-rate cost and productivity improvements, tracking towards the high end of our full-year target of $100 to $150 million.

Improving full-year 2026 outlook considerations including:

Increasing full-year Specialties net sales outlook to $1.4 to $1.6 billion and adjusted EBITDA outlook to $275 to $325 million, due to stronger-than-expected pricing and volume performance year to date.

Expect minimal impact to Energy Storage sales volume related to the fire at Talison CGP3 which occurred on June 9, in part due to better-than-planned output from the Wodgina mine.

Reducing full-year capital expenditure forecast to approximately $500 million due to ongoing capital efficiency improvements.

(a) See Non-GAAP Reconciliations for further details.

“Albemarle delivered another quarter of strong results, reflecting improved pricing, continued strength in Specialties, disciplined cost and productivity execution, and strong cash generation,” said Kent Masters, Chairman and CEO. “We continue to see resilient demand fundamentals across our core markets, including energy storage, electric vehicles, and semiconductors. We are advancing our highest value organic growth opportunities while maintaining a disciplined approach to capital allocation and execution.”

Second Quarter 2026 Results

In millions, except per share amounts

Q2 2026

Q2 2025

$ Change

% Change

Net sales

$   1,743.3

$   1,330.0

$      413.3

31.1 %

Net income attributable to Albemarle Corporation

$      480.0

$       22.9

$      457.1

1,996.2 %

Adjusted EBITDA^(a)

$      858.1

$      336.5

$      521.6

155.0 %

Diluted income (loss) per share attributable to common
shareholders

$ 3.52

$      (0.16)

$       3.68

NM

   Non-recurring and other unusual items^(a)

0.22

0.27

Adjusted diluted income per share attributable to
common shareholders^(a)(b)

$       3.75

$       0.11

$       3.64

NM

(a) See Non-GAAP Reconciliations for further details.

(b) Totals may not add due to rounding.

Net sales for the second quarter of 2026 were $1.7 billion compared to $1.3 billion for the prior-year quarter, up 31%, driven primarily by higher prices in both Energy Storage and Specialties and volume growth in Specialties. Adjusted EBITDA of $858 million increased by $522 million from the prior-year quarter, primarily due to higher net sales and ongoing cost and productivity improvements.

Net income attributable to Albemarle of $480 million increased year over year by $457 million. The effective income tax rate for the second quarter of 2026 was 21.3% or 19.1% on an adjusted basis.

Energy Storage Results

In millions

Q2 2026

Q2 2025

$ Change

% Change

Net Sales

$       1,276.7

$         717.7

$         559.0

77.9 %

Sales Volume (kT LCE)^(a)

65

59

6

11.0 %

Avg. Realized Price ($/kg LCE)^(a)

$         19.53

$         12.17

$           7.36

60.5 %

Adjusted EBITDA

$         723.5

$         219.7

$         503.7

229.3 %

(a) Includes aggregated salts and spodumene sales on a lithium carbonate equivalent (LCE) basis.

Energy Storage net sales for the second quarter of 2026 were $1.3 billion, an increase of $559 million, or 78%, due to higher pricing. Adjusted EBITDA of $723 million increased $504 million, or 229%, primarily due to higher lithium pricing partially offset by higher CORFO commissions.

Specialties Results

In millions

Q2 2026

Q2 2025

$ Change

% Change

Net Sales

$         423.5

$         351.6

$           71.9

20.5 %

Adjusted EBITDA

$         117.7

$           73.0

$           44.7

61.3 %

Specialties net sales for the second quarter of 2026 were $423 million, an increase of $72 million, or 20%, primarily due to higher volumes (+8%) and pricing (+11%). Adjusted EBITDA of $118 million increased $45 million, or 61%, primarily due to higher volumes and favorable pricing in bromine and derivatives, along with continued productivity improvements and proactive management of cost escalations driven by the conflict in the Middle East.

2026 Outlook Considerations

Total Corporate Outlook Considerations
The table below reflects expected outcomes for the total company based on recently observed lithium market price scenarios. Outlook ranges for each scenario are based on variation in sales volume and product mix. Energy Storage production volumes are expected to increase year over year. Sales volumes are expected to be in the range of 225 to 235 kilotons lithium carbonate equivalent, as increased Wodgina volumes partially offset a delay in the Talison CGP3 ramp due to a fire that occurred on June 9. All three scenarios assume flat market pricing flowing through Energy Storage’s current contract book which includes approximately 40% of salts volume (or one-third of total volumes) on long-term agreements. Scenarios also assume that spodumene pricing averages 10% of the lithium carbonate equivalent (LCE) price, while other costs are assumed to be constant.

Total Corporate FY 2026E

Observed market price case^(a)

FY 2025 avg.

Q1 2026 avg.

2021-2025 avg.

Average lithium market price ($/kg LCE)^(a)

~$10

~$20

~$30

Net sales

$4.1 – $4.3 billion

$5.7 – $6.0 billion

$7.5 – $7.8 billion

Adjusted EBITDA^(b)

$0.9 – $1.0 billion

$2.4 – $2.6 billion

$4.2 – $4.4 billion

(a) Price represents blend of relevant market pricing including spot and regional indices for the periods referenced.

(b) The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See “Additional Information Regarding Non-GAAP Measures” for more information.

Energy Storage Market Price Scenarios

Energy Storage FY 2026E

Observed market price case^(a)

FY 2025 avg.

Q1 2026 avg.

2021-2025 avg.

Average lithium market price ($/kg LCE)^(a)

~$10

~$20

~$30

Net sales

$2.5 – $2.6 billion

$4.0 – $4.2 billion

$5.9 – $6.1 billion

Adjusted EBITDA

$0.7 – $0.8 billion

$2.1 – $2.3 billion

$3.9 – $4.1 billion

Equity in net income of unconsolidated investments
(net of tax)^(b)

$0.2 – $0.3 billion

$0.6 – $0.7 billion

$1.0 – $1.1 billion

(a) Price represents blend of relevant market pricing including spot and regional indices for the periods referenced.

(b) Included in adjusted EBITDA on a pre-tax basis.

Specialties Outlook Considerations
Specialties net sales and adjusted EBITDA outlook is improved primarily due to strong year to date performance driven by volume growth in bromine specialties and cost and productivity improvements. Our outlook continues to reflect modest volume growth in key end markets led by semiconductors, oil and gas, flame retardants and pharmaceuticals partially offset by expected softness in automotive and petrochemicals. Second-half outlook assumes stabilization in the bromine market and continued uncertainties including the situation in the Middle East. Operations at the Jordan Bromine Company (JBC) joint venture are in line with expectations as it continues to navigate geopolitical tensions in the region.

Segment FY 2026E

Specialties net sales

$1.4 – $1.6 billion

Specialties adjusted EBITDA

$275 – $325 million

Other Corporate Outlook Considerations
Albemarle expects its full-year 2026 capital expenditures to be approximately $500 million, down 15% compared to 2025 due to ongoing capital efficiency improvements.

Following the sale of a controlling stake in Ketjen’s refining catalyst solutions business, announced on March 2, 2026, the refining catalyst business earnings are now classified as equity income and included in Corporate, as are the results of the retained Performance Catalyst Solutions (PCS) business. The adjusted EBITDA and equity income contributions from these are expected to be immaterial post transaction.

Interest and financing expense is expected to be between $120 and $140 million for 2026 following the debt reduction actions completed in the first quarter of 2026.

Other Corporate FY 2026E

Capital expenditures

~$500 million

Depreciation and amortization

$660 – $680 million

Adjusted effective tax rate^(a)

(50)% – 30%

Corporate adjusted EBITDA (incl. FX, Ketjen equity income & PCS)

($20) – $20 million

Interest and financing expenses

$120 – $140 million

Weighted-average common shares outstanding (diluted)^(b)

~136 million

(a)  Adjusted effective tax rate dependent on lithium market prices and geographic income mix

(b)  Diluted weighted-average common shares outstanding amount assumes the conversion of preferred stock and the net income attributable to common shareholders will not be reduced by mandatory convertible preferred stock dividends. If the reduction of mandatory convertible preferred stock dividends results in a more dilutive earnings per share, the diluted weighted-average common shares outstanding will not assume conversion of the preferred stock.

Cash Flow and Capital Deployment
Cash from operations of $1.1 billion in the first half of 2026 increased $518 million compared to the prior-year period. Capital expenditures of $170 million in the first six months of 2026 decreased by $132 million versus the prior-year period.

Balance Sheet and Liquidity
As of June 30, 2026, Albemarle had estimated liquidity of approximately $3.2 billion, including $1.6 billion of cash and cash equivalents, $1.5 billion available under our revolver and $78 million available under other credit lines. Total debt was $1.9 billion, representing a net debt to adjusted EBITDA ratio (as defined in our credit agreement) of approximately 0.5^(a).

(a) See Non-GAAP Reconciliations for further details.

Earnings Call

Date:

Thurs., August 6, 2026

Time:

8:00 AM Eastern time

Dial-in (U.S.):

1-800-590-8290

Dial-in (International):

1-240-690-8800

Conference ID:

ALBQ2

The company’s earnings presentation and supporting material are available on Albemarle’s website at https://investors.albemarle.com.

About Albemarle
Albemarle Corporation (NYSE: ALB) is a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at Albemarle.com.

Albemarle regularly posts information to Albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, U.S. Securities and Exchange Commission filings and other information regarding the company, its businesses and the markets it serves.

Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, which constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as “ambition,” “anticipate,” “believe,” “estimate,” “expect,” “goal,” “guidance,” “intend,” “may,” “outlook,” “scenario,” “should,” “would,” and “will.” Forward-looking statements may include statements regarding: our 2026 company and segment outlooks, including expected market pricing of lithium carbonate equivalent and spodumene and other underlying assumptions and outlook consideration; plans and expectations regarding customer demand and sales; production impacts; financial flexibility and optionality; expected or actual market pricing of lithium, spodumene, bromine, and lithium specialties (“Company Products”); supply and demand for Company Products; drivers of long-term demand and growth; other underlying assumptions and outlook considerations; expected capital allocation and expenditure amounts and the corresponding impact on cash flow; expected impact of tariffs and other trade restrictions; plans and expectations regarding other mining interests, resources, reserves, projects and activities, compound annual growth rate, cost reductions, conversion network optimization, margin improvement, accounting charges, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle’s actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; changes in trade policies and tariffs; and the financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in market pricing of lithium carbonate equivalent and spodumene; potential production volume shortfalls; increased competition and pressure to renegotiate contract terms; changes in product or conversion demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; risks related to the integration of artificial intelligence technologies into our operations; geopolitical conflicts and political unrest affecting global trade, including tensions in the Middle East; the global economy and clean energy initiatives; our ability to retain key personnel and attract new skilled personnel changes in inflation or interest rates; volatility and uncertainties in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; expected benefits and expenses from new operating structure and asset optimization activities; performance of Albemarle’s partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under “Risk Factors” in Albemarle’s most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle’s website (investors.albemarle.com) and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Albemarle Corporation and Subsidiaries

Consolidated Statements of Income

(In Thousands Except Per Share Amounts) (Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net sales

$ 1,743,313

$ 1,329,992

$ 3,172,044

$ 2,406,873

Cost of goods sold

1,153,012

1,133,116

2,080,777

2,053,698

Gross profit

590,301

196,876

1,091,267

353,175

Selling, general and administrative expenses

126,353

132,457

263,759

255,959

Restructuring charges and asset write-offs

7,337

4,448

33,203

3,385

Research and development expenses

3,667

12,444

12,837

26,543

Loss on sale of business

—

—

95,018

—

Operating income

452,944

47,527

686,450

67,288

Interest and financing expenses

(30,924)

(49,939)

(64,045)

(98,916)

Other income (expenses), net

19,629

(6,559)

73,439

3,691

Income (loss) before income taxes and equity in net
income of unconsolidated investments

441,649

(8,971)

695,844

(27,937)

Income tax expense

94,002

34,094

115,513

30,116

Income (loss) before equity in net income of
unconsolidated investments

347,647

(43,065)

580,331

(58,053)

Equity in net income of unconsolidated investments
(net of tax)

151,564

78,258

247,857

142,544

Net income

499,211

35,193

828,188

84,491

Net income attributable to noncontrolling interests

(19,252)

(12,296)

(29,138)

(20,246)

Net income attributable to Albemarle Corporation

479,959

22,897

799,050

64,245

Mandatory convertible preferred stock dividends

(41,687)

(41,687)

(83,375)

(83,375)

Net income (loss) attributable to Albemarle Corporation
common shareholders

$   438,272

$   (18,790)

$   715,675

$   (19,130)

Basic earnings (loss) per share attributable to common
shareholders

$        3.72

$      (0.16)

$        6.07

$      (0.16)

Diluted earnings (loss) per share attributable to
common shareholders

$        3.52

$      (0.16)

$        5.87

$      (0.16)

Weighted-average common shares outstanding – basic

117,961

117,665

117,907

117,634

Weighted-average common shares outstanding –
diluted

136,212

117,665

136,170

117,634

Albemarle Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands) (Unaudited)

June 30,

December 31,

2026

2025

ASSETS

Current assets:

Cash and cash equivalents

$       1,631,688

$       1,618,001

Trade accounts receivable

603,805

593,502

Other accounts receivable

123,870

105,110

Inventories

1,384,563

1,179,271

Other current assets

200,275

140,440

Current assets held for sale

—

371,815

Total current assets

3,944,201

4,008,139

Property, plant and equipment

11,902,156

11,768,840

Less accumulated depreciation and amortization

3,442,831

3,156,429

Net property, plant and equipment

8,459,325

8,612,411

Investments

1,109,241

900,926

Other assets

707,577

647,185

Goodwill

1,482,672

1,499,657

Other intangibles, net of amortization

202,079

214,233

Noncurrent assets held for sale

—

491,660

Total assets

$     15,905,095

$     16,374,211

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable to third parties

$         670,229

$         779,160

Accounts payable to related parties

445,421

134,369

Accrued expenses

507,556

521,831

Current portion of long-term debt

74,677

74,077

Dividends payable

61,514

61,387

Income taxes payable

131,703

35,467

Current liabilities held for sale

—

191,753

Total current liabilities

1,891,100

1,798,044

Long-term debt

1,802,107

3,119,464

Postretirement benefits

45,198

44,744

Pension benefits

105,729

117,361

Other noncurrent liabilities

1,158,555

1,084,892

Deferred income taxes

368,552

368,275

Noncurrent liabilities held for sale

—

59,970

Commitments and contingencies

Equity:

Albemarle Corporation shareholders’ equity:

Common stock

1,180

1,178

Mandatory convertible preferred stock

2,235,105

2,235,105

Additional paid-in capital

3,048,664

3,018,213

Accumulated other comprehensive loss

(243,599)

(334,807)

Retained earnings

5,233,819

4,613,676

Total Albemarle Corporation shareholders’ equity

10,275,169

9,533,365

Noncontrolling interests

258,685

248,096

Total equity

10,533,854

9,781,461

Total liabilities and equity

$     15,905,095

$     16,374,211

Albemarle Corporation and Subsidiaries

Selected Consolidated Cash Flow Data

(In Thousands) (Unaudited)

Six Months Ended

June 30,

2026

2025

Cash and cash equivalents at beginning of year

$  1,618,001

$  1,192,230

Cash flows from operating activities:

Net income

828,188

84,491

Adjustments to reconcile net income to cash flows from operating activities:

Depreciation and amortization

313,606

330,485

Loss on sale of business

95,018

—

Gain on sale of equity investment

(42,300)

—

Stock-based compensation and other

14,661

17,068

Equity in net income of unconsolidated investments (net of tax)

(247,857)

(142,544)

Dividends received from unconsolidated investments and nonmarketable
securities

131,744

67,765

Pension and postretirement expense

5,299

3,504

Pension and postretirement contributions

(14,298)

(9,934)

Unrealized (gain) loss on investments in marketable securities

(2,792)

4,984

Gain on early extinguishment of debt

(12,543)

—

Deferred income taxes

(19,798)

(38,907)

Working capital changes

(53,125)

(96,762)

Noncurrent liability changes and other, net

60,438

318,030

Net cash provided by operating activities

1,056,241

538,180

Cash flows from investing activities:

Capital expenditures

(170,407)

(302,252)

Proceeds from sale of businesses, net of cash sold

525,156

—

Proceeds from sale of property and equipment

—

23,751

Proceeds from sale of investments

123,270

—

Proceeds from sale of available for sale debt securities

—

288,000

(Payments) proceeds from settlement of foreign currency forward contracts,
net

(18,772)

171,262

Sales of marketable securities, net

1,392

2,971

Investments in equity investments and nonmarketable securities

(119)

(120)

Net cash provided by investing activities

460,520

183,612

Cash flows from financing activities:

Repayments of long-term debt and credit agreements

(1,314,151)

(29,103)

Proceeds from borrowings of long-term debt and credit agreements

35,952

19,488

Other debt repayments, net

(12,309)

(2,427)

Fees related to early extinguishment of debt

(1,686)

—

Dividends paid to common shareholders

(95,372)

(95,244)

Dividends paid to mandatory convertible preferred shareholders

(83,375)

(83,375)

Dividends paid to noncontrolling interests

(37,463)

(18,169)

Proceeds from exercise of stock options

19,635

1,186

Withholding taxes paid on stock-based compensation award distributions

(4,199)

(2,941)

Other

(438)

(55)

Net cash used in financing activities

(1,493,406)

(210,640)

Net effect of foreign exchange on cash and cash equivalents

(9,668)

103,447

Increase in cash and cash equivalents

13,687

614,599

Cash and cash equivalents at end of period

$  1,631,688

$  1,806,829

Albemarle Corporation and Subsidiaries

Consolidated Summary of Segment Results

(In Thousands) (Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net sales:

Energy Storage

$             1,276,684

$ 717,656

$             2,167,849

$             1,242,221

Specialties

423,484

351,560

781,897

672,574

Total segment net sales

1,700,168

1,069,216

2,949,746

1,914,795

Corporate and all other

43,145

260,776

222,298

492,078

Total net sales

$             1,743,313

$             1,329,992

$             3,172,044

$             2,406,873

Adjusted EBITDA:

Energy Storage

$ 723,457

$ 219,725

$             1,274,813

$ 406,080

Specialties

117,720

72,977

193,849

131,643

Total segment adjusted EBITDA

841,177

292,702

1,468,662

537,723

Corporate and all other

16,920

43,773

53,249

65,896

Total adjusted EBITDA

$ 858,097

$ 336,475

$             1,521,911

$ 603,619

See accompanying non-GAAP reconciliations below.

Additional Information Regarding Non-GAAP Measures

It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted net income (loss) attributable to Albemarle Corporation common shareholders, adjusted diluted income (loss) per share attributable to common shareholders, non-operating pension and other post-employment benefit (“OPEB”) items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin, adjusted EBITDA margin, operating cash flow conversion and net debt to adjusted EBITDA ratio are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States, or GAAP. These non-GAAP measures should not be considered as alternatives to Net income attributable to Albemarle Corporation (“earnings”) or other comparable measures calculated and reported in accordance with GAAP. These measures are presented here to provide additional useful measurements to review the company’s operations, provide transparency to investors and enable period-to-period comparability of financial performance. The company’s chief operating decision maker uses these measures to assess the ongoing performance of the company and its segments, as well as for business and enterprise planning purposes.

A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle’s website at https://investors.albemarle.com. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company’s results calculated in accordance with GAAP.

ALBEMARLE CORPORATION AND SUBSIDIARIES

Non-GAAP Reconciliations

(Unaudited)

See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, adjusted net income (loss) attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted net income attributable to Albemarle Corporation is defined as net income attributable to Albemarle Corporation before the non-recurring, other unusual and non-operating pension and other post-employment benefit (OPEB) items as listed below. The non-recurring and unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, and other significant non-recurring items. Adjusted net income (loss) attributable to Albemarle Corporation common stockholders is defined as adjusted net income attributable to Albemarle Corporation after mandatory convertible preferred stock dividends. EBITDA is defined as net income attributable to Albemarle Corporation before interest and financing expenses, income tax expense (benefit), and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus the proportionate share of Windfield Holdings income tax expense, non-recurring and other unusual items, and non-operating pension and OPEB items as listed below.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

In thousands, except percentages and per
share amounts

$

% of

net
sales

$

% of
net
sales

$

% of
net
sales

$

% of
net
sales

Net income attributable to Albemarle
Corporation

$479,959

$ 22,897

$            799,050

$ 64,245

Add back:

Non-operating pension and OPEB items
(net of tax)

626

169

1,597

294

Non-recurring and other unusual items (net
of tax)

30,555

31,708

111,945

10,508

Adjusted net income attributable to Albemarle
Corporation

511,140

54,774

912,592

75,047

    Mandatory convertible preferred stock
dividends^(a)

—

(41,687)

—

(83,375)

Adjusted net income (loss) attributable to
Albemarle Corporation common shareholders

$511,140

$ 13,087

$            912,592

$ (8,328)

Adjusted diluted income (loss) per share
attributable to common shareholders

$   3.75

$   0.11

$   6.70

$  (0.07)

Adjusted weighted-average common shares
outstanding – diluted^(a)

136,212

117,691

136,170

117,634

Net income attributable to Albemarle
Corporation

$479,959

27.5 %

$ 22,897

1.7 %

$            799,050

25.2 %

$ 64,245

2.7 %

Add back:

Interest and financing expenses

30,924

1.8 %

49,939

3.8 %

64,045

2.0 %

98,916

4.1 %

Income tax expense

94,002

5.4 %

34,094

2.6 %

115,513

3.6 %

30,116

1.3 %

Depreciation and amortization

155,801

8.9 %

168,731

12.7 %

313,606

9.9 %

330,485

13.7 %

EBITDA

760,686

43.6 %

275,661

20.7 %

1,292,214

40.7 %

523,762

21.8 %

Proportionate share of Windfield income
tax expense

70,766

4.1 %

33,150

2.5 %

112,300

3.5 %

58,476

2.4 %

Non-operating pension and OPEB items

854

— %

336

— %

2,201

0.1 %

611

— %

Non-recurring and other unusual items

25,791

1.5 %

27,328

2.1 %

115,196

3.6 %

20,770

0.9 %

Adjusted EBITDA

$858,097

49.2 %

$            336,475

25.3 %

$             1,521,911

48.0 %

$            603,619

25.1 %

Net sales

$             1,743,313

$             1,329,992

$             3,172,044

$             2,406,873

(a) Calculation of adjusted diluted income (loss) per share attributable to common shareholders for the three and six months ended June 30, 2026 excludes $41.7 million and $83.4 million, respectively, of mandatory convertible preferred stock dividends and includes the assumed conversion of preferred stock into the diluted shares outstanding, as this results in the more dilutive per share result.

Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to Albemarle’s operating segments and are included in the Corporate and all other category. In addition, the company believes that these components of pension cost are mainly driven by market performance, and the company manages these separately from the operational performance of the company’s businesses. In accordance with GAAP, these non-operating pension and OPEB items are included in Other income (expenses), net. Non-operating pension and OPEB items were as follows (in thousands):

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Interest cost

$     8,994

$     8,924

$    18,035

$    17,734

Expected return on assets

(8,140)

(8,588)

(15,834)

(17,123)

Total

$        854

$        336

$     2,201

$        611

In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle’s adjusted net income (loss) calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Restructuring charges and asset write-offs⁽¹⁾

$       0.05

$       0.02

$       0.24

$       0.01

Acquisition and integration related costs⁽²⁾

0.01

0.01

0.01

0.02

Loss on sale of business/equity investment, net⁽³⁾

—

—

0.39

—

Gain on early extinguishment of debt⁽⁴⁾

—

—

(0.09)

—

(Gain) loss in fair value of public equity securities⁽⁵⁾

(0.05)

—

(0.01)

0.03

Other⁽⁶⁾

0.17

0.13

0.20

0.05

Tax related items⁽⁷⁾

0.04

0.11

0.08

(0.02)

Total non-recurring and other unusual items

$       0.22

$       0.27

$       0.82

$       0.09

(1)

In 2026, the Company announced it would place Kemerton Train 1 into care and maintenance. As a result, and in addition to other previously announced restructuring actions, the Company recorded charges of $7.3 million and $33.2 million in Restructuring charges and asset write-offs for the three and six months ended June 30, 2026, respectively. Due to the impact of valuation allowances, this resulted in total after-tax charges of $7.5 million and $33.3 million, or $0.05 and $0.24 per share, for the three and six months ended June 30, 2026, respectively. The three and six months ended June 30, 2025 included certain restructuring costs and adjustments to previously recorded costs related to restructuring actions originally entered into in 2024. As a result, the Company recorded charges of $4.4 million and $3.4 million in Restructuring charges and asset write-offs and gains (losses) of $0.1 million and ($0.1) million in Other income (expenses), net for the three and six months ended June 30, 2025, respectively. Due to the impact of valuation allowances, this resulted in total after-tax gains of $2.9 million and $0.8 million, or $0.02 and $0.01 per share, for the three and six months ended June 30, 2025, respectively.

(2)

Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses for the three and six months ended June 30, 2026 were $0.8 million and $1.9 million ($0.01 and $0.01 per share, with no income tax effect due to the impact of valuation allowances), respectively, and for the three and six months ended June 30, 2025 were $1.8 million and $3.2 million ($1.4 million and $2.5 million after income taxes, or $0.01 and $0.02 per share), respectively.

(3)

During the first quarter of 2026, the Company divested its controlling ownership interest in its Refining Solutions business and its full 50% ownership interest in the Eurecat joint venture. As a result of these transactions, the Company recorded a net loss of $52.7 million ($0.39 per share, with no income tax effect due to the impact of valuation allowances), representing the proceeds received less the carrying value as of the transaction dates.

(4)

During the first quarter of 2026, the Company completed a $1.3 billion debt tender and redemption, resulting in a gain on early extinguishment of debt of $12.5 million ($0.09 per share, with no income tax effect due to the impact of valuation allowances), representing the repurchase of this debt at a discount, partially offset by tender premiums and redemption fees.

(5)

Gains resulting from the net change in fair value of investments in public equity securities, recorded in Other income (expenses), net for the three and six months ended June 30, 2026 of $6.5 million and $1.0 million ($0.05 and $0.01 per share, with no income tax effect due to the impact of valuation allowances), respectively, and for the three and six months ended June 30, 2025 gains (losses) of $0.2 million and ($4.8) million ($0.1 million and ($3.8 million) after income taxes, or less than $0.01 and $0.03 per share), respectively.

(6)

Other adjustments for the three months ended June 30, 2026 included amounts recorded in:

Cost of goods sold – $3.9 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements.

Selling, general and administrative expenses – Primarily comprised of $19.0 million of expenses, mainly consulting fees, related to the Company’s strategic cost savings initiative.

Other income (expenses), net – Primarily related to $3.4 million of charges for asset retirement obligations at a site not part of our operations and a net loss of $1.5 million primarily driven by indemnification charges related to the Eurecat S.A. joint venture sale, partially offset by a $3.9 million gain resulting from the adjustment of indemnification related to previously disposed businesses.

After income taxes, these net losses totaled $22.8 million, or $0.17 per share.

Other adjustments for the three months ended June 30, 2025 included amounts recorded in:

Selling, general and administrative expenses – $8.3 million of gains from the sale of assets not part of our production operations, partially offset by $1.8 million of severance expenses not related to a restructuring plan.

Other income (expenses), net – $38.0 million loss resulting from the redemption of preferred equity in a Grace subsidiary, partially offset by $10.1 million of income from PIK dividends of that preferred equity prior to redemption.

After income taxes, these net losses totaled $15.3 million, or $0.13 per share.

Other adjustments for the six months ended June 30, 2026 included amounts recorded in:

Cost of goods sold – $3.9 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements.

Selling, general and administrative expenses – Primarily comprised of $19.0 million of expenses, mainly consulting fees, related to the Company’s strategic cost savings initiative and a $3.9 million charge for a non-income tax audit of a facility no longer controlled by the Company.

Other income (expenses), net – Primarily related to $3.4 million of charges for asset retirement obligations at a site not part of our operations and a net loss of $1.5 million primarily driven by indemnification charges related to the Eurecat S.A. joint venture sale, partially offset by a $3.9 million gain resulting from the adjustment of indemnification related to previously disposed businesses.

After income taxes, these net losses totaled $27.0 million, or $0.20 per share.

Other adjustments for the six months ended June 30, 2025 included amounts recorded in:

Selling, general and administrative expenses – $11.4 million of gains from the sale of assets not part of our production operations, partially offset by $1.8 million of severance expenses not related to a restructuring plan and $0.6 million of expenses related to certain historical legal matters.

Other income (expenses), net – $38.0 million loss resulting from the redemption of preferred equity in a Grace subsidiary and $1.9 million of charges for asset retirement obligations at a site not part of our operations, partially offset by $19.8 million of income from PIK dividends of the preferred equity in a Grace subsidiary prior to redemption and a $1.9 million gain primarily resulting from the adjustment of indemnification related to previously disposed businesses.

After income taxes, these net losses totaled $5.4 million, or $0.05 per share.

(7)

Included in Income tax expense for the three and six months ended June 30, 2026 are discrete net tax expenses of $6.0 million and $10.6 million, or $0.04 and $0.08 per share, respectively, primarily related to the impact of foreign tax reserves and foreign return to provisions.

Included in Income tax expense for the three and six months ended June 30, 2025 are discrete net tax expenses of $12.2 million, or $0.11 per share, and benefits of $2.0 million, or $0.02 per share, respectively, primarily related to the impact of foreign tax reserves and excess tax benefits realized from stock-based compensation arrangements.

See below for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reporting in accordance with GAAP (in thousands, except percentages).

Income (loss) before
income taxes and
equity in net income
of unconsolidated
investments

Income tax expense
(benefit)

Effective income tax
rate

Three months ended June 30, 2026

As reported

$             441,649

$              94,002

21.3 %

Non-recurring, other unusual and non-operating pension and OPEB
items

26,691

(4,490)

As adjusted

$             468,340

$              89,512

19.1 %

Three months ended June 30, 2025

As reported

$              (8,971)

$              34,094

(380.0) %

Non-recurring, other unusual and non-operating pension and OPEB
items

27,664

(4,213)

As adjusted

$              18,693

$              29,881

159.9 %

Six months ended June 30, 2026

As reported

$             695,844

$             115,513

16.6 %

Non-recurring, other unusual and non-operating pension and OPEB
items

104,853

(8,689)

As adjusted

$             800,697

$             106,824

13.3 %

Six months ended June 30, 2025

As reported

$             (27,937)

$              30,116

(107.8) %

Non-recurring, other unusual and non-operating pension and OPEB
items

21,381

10,579

As adjusted

$              (6,556)

$              40,695

(620.7) %

See below for the calculation of operating cash flow conversion and a reconciliation of free cash flow, a non-GAAP measure, to net cash provided by operating activities, the most directly comparable financial measure calculated and reporting in accordance with GAAP. The Company defines operating cash flow conversion as Net cash provided by operating activities from the statement of cash flows divided by adjusted EBITDA, which is a non-GAAP measure. A reconciliation of adjusted EBITDA, the non-GAAP financial measure, from net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reporting in accordance with GAAP, is provided in the above tables (in thousands, except percentages).

Three Months Ended

June 30, 2026

Free cash flow:

Net cash provided by operating activities

$               709,997

Less: Capital expenditures

(71,731)

Free cash flow

$               638,266

Operating cash flow conversion:

Net cash provided by operating activities

$               709,997

Adjusted EBITDA

$               858,097

Operating cash flow conversion

83 %

See below for the calculation of the net debt to adjusted EBITDA ratio (“Consolidated Leverage Ratio,” as defined in our credit agreement), a non-GAAP financial measure, for the twelve months ended June 30, 2026 (in thousands, except ratio).

Twelve Months Ended

June 30, 2026

Adjusted EBITDA

$               2,016,285

Equity in net income of non-Windfield Holdings unconsolidated investments (net of tax)

544

Dividends received from non-Windfield Holdings unconsolidated investments

9,804

Consolidated Windfield-Adjusted EBITDA

$               2,026,633

Total Albemarle Corporation long-term debt (as reported)

$               1,876,784

49% Windfield Holdings debt

718,079

Off-balance sheet obligations and other

95,200

Consolidated Windfield-Adjusted Funded Debt

$               2,690,063

Less Cash

1,631,688

Less 49% Windfield Holdings cash

62,249

Consolidated Windfield-Adjusted Funded Net Debt

$                 996,126

Consolidated Leverage Ratio

0.5

Contact:

[email protected]

1.980.308.6194

View original content to download multimedia:https://www.prnewswire.com/news-releases/albemarle-reports-second-quarter-2026-results-302844113.html

SOURCE Albemarle Corporation

Posted on August 5, 2026 11:04 pm
Goodyear Announces Second Quarter 2026 Results

PR Newswire

Second Quarter Performance Reflected Improving Market Stability and Continued Execution to Strengthen Goodyear’s Competitive Position

Second Quarter 2026 Highlights

Net sales of $4.3 billion, decreasing 4.8% YoY; down 1.4% organically as a result of lower volumes

Tire unit volume of 36.5 million units, decreasing 4.0% YoY, improving from a 12% YoY decline during the first quarter as destocking pressure moderated and market conditions showed more stability

Goodyear OE volumes and market share grew across both consumer and commercial in each region, reflecting the strength of the product portfolio and supporting long-term replacement demand

Segment operating income of $36 million; strong results in Asia Pacific and improvement in EMEA offset by moderating headwinds in the Americas

Goodyear Forward delivered $95 million of benefits
; manufacturing footprint optimization is underway with recently announced action providing ~$270 million in expected annual savings by 2028

AKRON, Ohio, Aug. 5, 2026 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ:GT) reported second quarter 2026 results today and the company will host an investor call tomorrow morning, Thursday, August 6, at 8:30 a.m. Eastern time led by Mark Stewart, Goodyear’s chief executive officer and president, and Scott Deakin, the company’s interim executive vice president and chief financial officer.

“We delivered second quarter results in line with our expectations, reflecting continued improvement in Asia Pacific and EMEA,” said Stewart. “We’re taking actions to improve performance in a competitive environment by strengthening our product lineup, building on original equipment growth across regions, and optimizing our manufacturing footprint. These actions are designed to strengthen our competitive position and deliver stronger profitability over time.”

Financial Results
Goodyear’s second quarter 2026 net sales were $4.3 billion, with tire unit volumes totaling 36.5 million. After adjusting for the impact of the sales of its Chemical business and the Dunlop brand of $153 million, organic net sales decreased 1.4% as a result of lower tire unit volume.

Second quarter 2026 Goodyear net loss was $204 million, or $0.71 per share, compared to Goodyear net income one year ago of $254 million, or $0.87 per share. Second quarter 2026 included several significant items, including, on a pre-tax basis, rationalization charges of $29 million. This significant item, and others, are excluded from adjusted earnings.

Second quarter 2026 adjusted net loss was $177 million, compared to adjusted net loss of $48 million in the prior year’s quarter. Adjusted loss per share was $0.61, compared to an adjusted loss per share of $0.17 in the prior year’s quarter. Per share amounts are diluted.

Segment Results
The company reported segment operating income of $36 million in the second quarter of 2026, compared to $159 million from one year ago.

After adjusting for the sales of its Chemical business and the Dunlop brand, segment operating income decreased $79 million. The decrease in segment operating income reflects the impact of lower volume of $132 million, higher tariffs and other costs of $100 million, and inflation of $53 million, partially offset by favorable price/mix versus raw material costs of $123 million and $95 million of benefits from Goodyear Forward.

Additional earnings materials can be found on Goodyear’s investor relations website at http://investor.goodyear.com.

Reconciliation of Non-GAAP Financial Measures
See “Non-GAAP Financial Measures” and “Financial Tables” for further explanation and reconciliation tables for historical Total Segment Operating Income and Margin; Adjusted Net Income (Loss); and Adjusted Diluted Earnings per Share, reflecting the impact of certain significant items on the 2026 and 2025 periods. Organic earnings measures exclude the impact of divestitures; see “Non-GAAP Financial Measures” for additional details.

Business Segment Results

AMERICAS

Second Quarter

Six Months

(In millions)

2026

2025

2026

2025

Tire Units

17.4

19.1

32.7

37.5

Net Sales

$2,382

$2,662

$4,445

$5,164

Segment Operating Income (Loss)

$(10)

$141

$27

$296

Segment Operating Margin

(0.4 %)

5.3 %

0.6 %

5.7 %

Americas’ second quarter 2026 net sales of $2.4 billion were 10.5% lower than the previous year, driven by a decline in consumer replacement volume and the sale of the Chemical business. Tire unit volume decreased 8.7%. Replacement tire unit volume decreased 13.0%, reflecting planned rationalization of lower-tier product offerings, lower industry sell-in volume in North America, and increased competition. Original Equipment (OE) tire unit volume increased 8.7%, reflecting market share gains.

Segment operating loss was $10 million, decreasing from $141 million in income last year. Excluding the impact of the sale of the Chemical business, Americas’ segment operating income decreased $118 million driven by the impact of lower volume, inflation and other costs, partially offset by Goodyear Forward benefits and price/mix versus raw materials.

In July, the company announced the planned closure of its Fayetteville, North Carolina, facility as part of its strategy to align its footprint with its evolving product portfolio and improve the competitiveness of its manufacturing network in the Americas. This action is expected to generate approximately $90 million of Americas SOI improvement in 2027 and approximately $270 million annually beginning in 2028. Total pre-tax charges are expected to be between $535 million and $565 million, including $190 million to $210 million of cash costs, with the action expected to be substantially completed by the end of 2027.

EMEA

Second Quarter

Six Months

(In millions)

2026

2025

2026

2025

Tire Units

11.2

11.3

22.4

23.6

Net Sales

$1,372

$1,344

$2,735

$2,621

Segment Operating Income (Loss)

$(17)

$(25)

$(16)

$(30)

Segment Operating Margin

(1.2) %

(1.9) %

(0.6 %)

(1.1) %

EMEA’s second quarter 2026 net sales of $1.4 billion increased 2.1% from second quarter 2025, driven by benefits from price/mix and currency, partly offset by lower tire volume, inclusive of the sale of the Dunlop brand. Replacement unit volume decreased 7.1%, driven by consumer market softness, increased competition and the planned rationalization of lower-tier product offerings. OE tire unit volume increased 8.3%, reflecting the tenth consecutive quarter of consumer market share gains.

Second quarter segment operating loss was $17 million, improving $8 million from the prior year. Excluding the impact of the sale of the Dunlop brand, EMEA’s segment operating income increased $20 million driven by benefits from price/mix versus raw materials and Goodyear Forward, partly offset by higher costs, inflation and the impact of lower volume.

ASIA PACIFIC

Second Quarter

Six Months

(In millions)

2026

2025

2026

2025

Tire Units

7.9

7.5

15.4

15.3

Net Sales

$496

$459

$951

$933

Segment Operating Income

$63

$43

$120

$88

Segment Operating Margin

12.7 %

9.4 %

12.6 %

9.4 %

Asia Pacific’s second quarter 2026 net sales of $496 million were 8.1% higher than the previous year, as a result of higher volume and price/mix benefits. Tire unit volume increased 5.3%. Replacement volume increased 6.4% driven by higher consumer demand. OE volume increased 4.2% driven by growth primarily in China and Japan, reflecting consumer OE market share gains.

Second quarter 2026 segment operating income of $63 million was $20 million higher than the prior year driven by benefits from price/mix versus raw materials, Goodyear Forward and higher volume.

Conference Call
The company will host an investor call on Thursday, August 6, 2026, at 8:30 a.m. Eastern time. Please visit Goodyear’s investor relations website: http://investor.goodyear.com, for additional earnings materials.

The investor call can be accessed on the website or via telephone by calling either (833) 419-0865 or (785) 838-9333 before 8:25 a.m. Eastern time and providing the conference ID “Goodyear.” A replay will be available by calling (800) 723-1517 or (402) 220-2659. The replay will also be available on Goodyear’s investor relations website.

About Goodyear
Goodyear is one of the world’s largest tire companies. It employs about 63,000 people and manufactures its products in 48 facilities in 19 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.

Forward-Looking Statements
Certain information contained in this news release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to implement successfully our strategic initiatives; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; inflationary cost pressures; delays or disruptions in our supply chain or the provision of services to us; a prolonged economic downturn or period of economic uncertainty; deteriorating economic conditions or an inability to access capital markets; a labor strike, work stoppage, labor shortage or other similar event; financial difficulties, work stoppages, labor shortages or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; changes in tariffs, trade agreements or trade restrictions; uncertainty regarding the timing and amount of any IEEPA tariff refund; foreign currency translation and transaction risks; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

Non-GAAP Financial Measures (unaudited)
This news release presents non-GAAP financial measures, including Total Segment Operating Income and Margin, Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (EPS), and organic earnings measures, which are important financial measures for the company but are not financial measures defined by U.S. GAAP, and should not be construed as alternatives to corresponding financial measures presented in accordance with U.S. GAAP.

Total Segment Operating Income is the sum of the individual strategic business units’ (SBUs’) Segment Operating Income as determined in accordance with U.S. GAAP. Total Segment Operating Margin is Total Segment Operating Income divided by Net Sales as determined in accordance with U.S. GAAP. Management believes that Total Segment Operating Income and Margin are useful because they represent the aggregate value of income created by the company’s SBUs and exclude items not directly related to the SBUs for performance evaluation purposes. The most directly comparable U.S. GAAP financial measures to Total Segment Operating Income and Margin are Goodyear Net Income (Loss) and Return on Net Sales (which is calculated by dividing Goodyear Net Income (Loss) by Net Sales).

Adjusted Net Income (Loss) is Goodyear Net Income (Loss) as determined in accordance with U.S. GAAP adjusted for certain significant items. Adjusted Diluted Earnings Per Share (EPS) is the company’s Adjusted Net Income (Loss) divided by Weighted Average Shares Outstanding-Diluted as determined in accordance with U.S. GAAP. Management believes that Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share (EPS) are useful because they represent how management reviews the operating results of the company excluding the impacts of rationalizations, asset write-offs, accelerated depreciation, discrete tax items, impairments, asset sales and certain other significant items.

Organic earnings measures, including organic Net Sales growth, are non-GAAP financial measures that exclude the direct impacts of the divestitures of the Dunlop brand and Chemical business from year-over-year comparisons. We believe these measures provide investors with a supplemental understanding of underlying earnings trends by providing comparisons on a constant basis. We completed the sale of the Dunlop brand and our Chemical business in May 2025 and October 2025, respectively.

It should be noted that other companies may calculate similarly-titled non-GAAP financial measures differently and, as a result, the measures presented herein may not be comparable to such similarly-titled measures reported by other companies. See the following tables for reconciliations of historical Total Segment Operating Income and Margin, Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share to the most directly comparable U.S. GAAP financial measures.

The Goodyear Tire & Rubber Company and Subsidiaries

Financial Tables (Unaudited)

Table 1: Consolidated Statements of Operations

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions, except per share amounts)

2026

2025

2026

2025

Net Sales

$ 4,250

$ 4,465

$ 8,131

$ 8,718

Cost of Goods Sold

3,569

3,705

6,757

7,218

Selling, Administrative and General Expense

703

692

1,371

1,342

Rationalizations

29

59

133

140

Interest Expense

105

112

200

227

Other (Income) Expense

22

31

31

56

Net (Gain) Loss on Asset Sales

(17)

(439)

(20)

(701)

Income (Loss) before Income Taxes

(161)

305

(341)

436

United States and Foreign Tax Expense

46

24

112

37

Net Income (Loss)

(207)

281

(453)

399

Less: Minority Shareholders’ Net Income (Loss)

(3)

27

—

30

Goodyear Net Income (Loss)

$  (204)

$   254

$ (453)

$   369

Goodyear Net Income (Loss) — Per Share of Common Stock

Basic

$ (0.71)

$  0.88

$ (1.57)

$  1.28

Weighted Average Shares Outstanding

289

287

289

287

Diluted

$ (0.71)

$  0.87

$ (1.57)

$  1.27

Weighted Average Shares Outstanding

289

290

289

290

Table 2: Consolidated Balance Sheets

June 30,

December 31,

(In millions, except share data)

2026

2025

Assets:

Current Assets:

     Cash and Cash Equivalents

$             861

$             801

Accounts Receivable, less Allowance — $84 ($89 in 2025)

2,728

2,341

     Inventories:

          Raw Materials

633

616

          Work in Process

193

195

          Finished Products

3,090

2,761

3,916

3,572

     Assets Held for Sale

—

58

     Prepaid Expenses and Other Current Assets

407

446

          Total Current Assets

7,912

7,218

Goodwill

44

42

Intangible Assets

651

663

Deferred Income Taxes

352

348

Other Assets

1,121

1,096

Operating Lease Right-of-Use Assets

972

998

Property, Plant and Equipment, less Accumulated Depreciation — $12,400 ($12,390 in 2025)

7,598

7,843

          Total Assets

$          18,650

$           18,208

Liabilities:

Current Liabilities:

     Accounts Payable — Trade

$            3,878

$            3,879

     Compensation and Benefits

575

578

     Other Current Liabilities

1,215

1,259

     Notes Payable and Overdrafts

359

506

     Operating Lease Liabilities due Within One Year

191

196

     Long Term Debt and Finance Leases due Within One Year

1,059

364

          Total Current Liabilities

7,277

6,782

     Operating Lease Liabilities

832

862

     Long Term Debt and Finance Leases

5,772

5,328

     Compensation and Benefits

765

787

     Deferred Income Taxes

102

105

     Other Long Term Liabilities

901

941

          Total Liabilities

15,649

14,805

Commitments and Contingent Liabilities

Shareholders’ Equity:

Goodyear Shareholders’ Equity:

     Common Stock, no par value:

Authorized, 450 million shares, Outstanding shares — 288 million in 2026 (286 million in 2025)

288

286

     Capital Surplus

3,178

3,175

     Retained Earnings

2,907

3,360

     Accumulated Other Comprehensive Loss

(3,534)

(3,588)

          Goodyear Shareholders’ Equity

2,839

3,233

Minority Shareholders’ Equity — Nonredeemable

162

170

          Total Shareholders’ Equity

3,001

3,403

          Total Liabilities and Shareholders’ Equity

$          18,650

$           18,208

Table 3: Consolidated Statements of Cash Flows

Six Months Ended

June 30,

(In millions)

2026

2025

Cash Flows from Operating Activities:

Net Income (Loss)

$            (453)

$             399

     Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:

          Depreciation and Amortization

474

544

          Amortization and Write-Off of Debt Issuance Costs

6

10

          Provision for Deferred Income Taxes

(8)

(55)

          Net Pension Curtailments and Settlements

—

4

          Net Rationalization Charges

133

140

          Rationalization Payments

(123)

(204)

          Net (Gain) Loss on Asset Sales

(20)

(701)

          Operating Lease Expense

150

159

          Operating Lease Payments

(137)

(141)

          Pension Contributions and Direct Payments

(22)

(53)

     Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions:

          Accounts Receivable

(340)

(498)

          Inventories

(340)

(512)

          Accounts Payable — Trade

60

(59)

          Compensation and Benefits

39

2

          Other Current Liabilities

(21)

312

          Other Assets and Liabilities

(18)

(65)

     Total Cash Flows from Operating Activities

(620)

(718)

Cash Flows from Investing Activities:

          Capital Expenditures

(342)

(466)

          Asset Dispositions

3

1,328

          Other Transactions

—

(25)

     Total Cash Flows from Investing Activities

(339)

837

Cash Flows from Financing Activities:

          Short Term Debt and Overdrafts Incurred

362

557

          Short Term Debt and Overdrafts Paid

(506)

(632)

          Long Term Debt Incurred

5,803

8,888

          Long Term Debt Paid

(4,630)

(8,925)

          Other Transactions

(9)

5

     Total Cash Flows from Financing Activities

1,020

(107)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash

(6)

26

     Net Change in Cash, Cash Equivalents and Restricted Cash

55

38

Cash, Cash Equivalents and Restricted Cash at Beginning of the Period

910

864

     Cash, Cash Equivalents and Restricted Cash at End of the Period

$             965

$             902

Table 4: Reconciliation of Segment Operating Income & Margin

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions)

2026

2025

2026

2025

Total Segment Operating Income

$ 36

$ 159

$ 131

$ 354

     Less:

          Rationalizations

29

59

133

140

          Interest Expense

105

112

200

227

          Other (Income) Expense

22

31

31

56

          Net (Gain) Loss on Asset Sales

(17)

(439)

(20)

(701)

          Asset Write-Offs, Accelerated Depreciation, and Accelerated Lease Costs, net

—

41

16

87

          Corporate Incentive Compensation Plans

8

20

31

36

          Retained Expenses of Divested Operations

3

1

6

3

          Other

47

29

75

70

Income (Loss) before Income Taxes

$ (161)

$ 305

$ (341)

$ 436

United States and Foreign Tax Expense

46

24

112

37

Less: Minority Shareholders’ Net Income (Loss)

(3)

27

—

30

Goodyear Net Income (Loss)

$ (204)

$ 254

$ (453)

$ 369

Net Sales

$  4,250

$  4,465

$  8,131

$  8,718

Return on Net Sales

(4.8) %

5.7 %

(5.6) %

4.2 %

Total Segment Operating Margin

0.8 %

3.6 %

1.6 %

4.1 %

Table 5: Reconciliation of Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share

Second Quarter 2026

(In millions, except per share amounts)

As Reported

Rationalizations,
Asset Write-offs,
Accelerated
Depreciation and
Leases

Colombia
Labor Strike

Indirect Tax
Settlements
and Discrete
Tax Items

Asset and
Other Sales

As Adjusted

Net Sales

$ 4,250

$ —

$ —

$ —

$ —

$        4,250

Cost of Goods Sold

3,569

—

(7)

—

—

3,562

Gross Margin

681

—

7

—

—

688

SAG

703

—

—

—

—

703

Rationalizations

29

(29)

—

—

—

—

Interest Expense

105

—

—

—

—

105

Other (Income) Expense

22

—

—

—

—

22

Net (Gain) Loss on Asset Sales

(17)

—

—

—

17

—

Pre-tax Income (Loss)

(161)

29

7

—

(17)

(142)

Taxes

46

—

—

(5)

(3)

38

Minority Interest

(3)

—

—

—

—

(3)

Goodyear Net Income (Loss)

$ (204)

$ 29

$ 7

$ 5

$ (14)

$ (177)

EPS

$    (0.71)

$           0.10

$      0.02

$      0.02

$     (0.04)

$        (0.61)

Second Quarter 2025

(In millions, except per share amounts)

As Reported

Rationalizations,
Asset Write-offs,
Accelerated
Depreciation
and Leases

Goodyear
Forward and
Other
Transaction
Costs

Indirect Tax
Settlements
and
Discrete Tax
Items

Asset and
Other Sales

As
Adjusted

Net Sales

$ 4,465

$ —

$ —

$        —

$ —

$ 4,465

Cost of Goods Sold

3,705

(40)

—

—

—

3,665

Gross Margin

760

40

—

—

—

800

SAG

692

(1)

(3)

—

—

688

Rationalizations

59

(59)

—

—

—

—

Interest Expense

112

—

—

—

—

112

Other (Income) Expense

31

—

(2)

—

—

29

Net (Gain) Loss on Asset Sales

(439)

—

—

—

439

—

Pre-tax Income (Loss)

305

100

5

—

(439)

(29)

Taxes

24

8

2

4

(21)

17

Minority Interest

27

—

—

—

(25)

2

Goodyear Net Income (Loss)

$ 254

$ 92

$ 3

$ (4)

$      (393)

$ (48)

EPS

$    0.87

$          0.33

$       0.01

$     (0.02)

$     (1.36)

$    (0.17)

Six Months 2026

(In millions, except per share amounts)

As Reported

Rationalizations,
Asset Write-offs,
Accelerated
Depreciation
and Leases

Indirect Tax
Settlements and
Discrete Tax Items

Colombia
Labor Strike

Asset and
Other Sales

As Adjusted

Net Sales

$ 8,131

$ —

$              —

$ —

$ —

$        8,131

Cost of Goods Sold

6,757

(15)

(8)

(7)

—

6,727

Gross Margin

1,374

15

8

7

—

1,404

SAG

1,371

(1)

—

—

—

1,370

Rationalizations

133

(133)

—

—

—

—

Interest Expense

200

—

—

—

—

200

Other (Income) Expense

31

—

—

—

—

31

Net (Gain) Loss on Asset Sales

(20)

—

—

—

20

—

Pre-tax Income (Loss)

(341)

149

8

7

(20)

(197)

Taxes

112

8

(25)

—

(3)

92

Minority Interest

—

1

—

—

—

1

Goodyear Net Income (Loss)

$ (453)

$ 140

$ 33

$ 7

$ (17)

$ (290)

EPS

$    (1.57)

$           0.48

$            0.12

$      0.02

$     (0.05)

$        (1.00)

Six Months 2025

(In millions, except per share amounts)

As Reported

Rationalizations,
Asset Write-offs,
Accelerated
Depreciation
and Leases

Goodyear
Forward and
Other
Transaction
Costs

Pension
Settlement
Charges

Indirect Tax
Settlements
and
Discrete Tax
Items

Asset and
Other Sales

As
Adjusted

Net Sales

$ 8,718

$ —

$ —

$ —

$ —

$ —

$ 8,718

Cost of Goods Sold

7,218

(83)

—

—

—

—

7,135

Gross Margin

1,500

83

—

—

—

—

1,583

SAG

1,342

(4)

(5)

—

—

—

1,333

Rationalizations

140

(140)

—

—

—

—

—

Interest Expense

227

—

—

—

—

—

227

Other (Income) Expense

56

—

(6)

(4)

—

—

46

Net (Gain) Loss on Asset Sales

(701)

—

—

—

—

701

—

Pre-tax Income (Loss)

436

227

11

4

—

(701)

(23)

Taxes

37

30

3

1

5

(46)

30

Minority Interest

30

1

—

—

—

(25)

6

Goodyear Net Income (Loss)

$ 369

$           196

$ 8

$ 3

$ (5)

$      (630)

$ (59)

EPS

$    1.27

$          0.69

$       0.03

$      0.01

$     (0.02)

$     (2.19)

$    (0.21)

MEDIA CONTACT:

ANALYST CONTACT:

KELLY MCGLUMPHY

RYAN REED

[email protected]

[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/goodyear-announces-second-quarter-2026-results-302844172.html

SOURCE The Goodyear Tire & Rubber Company

Posted on August 5, 2026 11:03 pm
AZZ Inc. Announces August Investor Conference Schedule

PR Newswire

FORT WORTH, Texas, Aug. 5, 2026 /PRNewswire/ — AZZ Inc. (NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions in North America, today announced its participation in the following investor conferences during the month of August:

The Three Part Advisors 17^th Annual Midwest Ideas Conference held at The InterContinental Hotel, 505 N. Michigan Avenue, Chicago, IL on August 26-27, 2026. David Nark, Chief Marketing, Communications and Investor Relations Officer of AZZ will present at 7:55 am ET and host one-on-one investor meetings on Wednesday, August 26, 2026.

A webcast of the conference presentation will be available through the conference host’s main website: https://www.threepartadvisors.com/midwest and on AZZ’s investor relations page at https://investor.azz.com/. A replay of the presentation will be available for 30 days. Investors interested in scheduling a meeting with the Company should contact Sandy Martin at [email protected] or Phillip Kupper at [email protected].

AZZ Inc.

Founded in 1956, AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life.

Safe Harbor Statement

Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “could,” “should,” “expects,” “plans,” “will,” “might,” “would,” “projects,” “currently,” “intends,” “outlook,” “forecasts,” “targets,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction market; infrastructure; transportation; HVAC & appliance; container; and the metal coatings end markets. We could also experience additional production costs, including increases due to inflation, in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process and paint used in our coil coating process; supply chain vendor delays; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States or Canada; tariffs, acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2026, and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov.You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Relations and Company Contact:

David Nark, Chief Marketing, Communications, and Investor Relations Officer
AZZ Inc.
(817) 810-0095
www.azz.com

Investor Contact:
Sandy Martin / Phillip Kupper
Three Part Advisors
(214) 616-2207
www.threepa.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/azz-inc-announces-august-investor-conference-schedule-302843971.html

SOURCE AZZ Inc.

Posted on August 5, 2026 11:03 pm
Heritage Reports Second Quarter 2026 Results

PR Newswire

TAMPA, Fla., Aug. 5, 2026 /PRNewswire/ — Heritage Insurance Holdings, Inc. (NYSE: HRTG) (“Heritage” or the “Company”), a super-regional property and casualty insurance holding company, today reported second quarter of 2026 financial results.

Second Quarter 2026 Result Highlights

Record second quarter net income of $61.7 million, an increase of 28.5% from net income of $48.0 million in the prior-year quarter.

Earnings per share increased 32.3% to $2.05 per diluted share in the second quarter, as compared to $1.55 per diluted share in the prior-year quarter.

Year-to-date net income of $98.2 million and earnings per share of $3.23 per diluted share, up from $78.5 million and $2.54 per diluted share for the six months ended June 30, 2025.

Total revenue increased 3.0% to $214.2 million from $208.0 million in the prior-year quarter.

Net loss ratio improved 8.1 percentage points to 30.4%, from 38.5% in the prior-year quarter.

Net combined ratio improved by 8.0 percentage points to 64.9%, from 72.9% in the prior-year quarter.

Annualized return on average equity of 45.4% for the second quarter with shareholders’ equity up 48.1% year-over-year.

Book value per share increased to $19.09 which is an increase of 16.5% from year end 2025 and was up 54.5% from the prior-year quarter.

Second quarter cash flow from operations of $166.5 million, an increase of 277% as compared to the prior-year quarter.

Repurchased 1,001,508 shares of common stock at a cost of $24.6 million in 2026.

Started writing business in Texas on a surplus lines basis.

Ernie Garateix, Heritage’s CEO, commented, “Several years ago, our focus was on improving profitability, strengthening the balance sheet, and reducing volatility in our financial results. Today, we are generating record earnings, producing substantial excess capital and beginning to see encouraging signs that the foundation we have built can support future growth. We believe Heritage has evolved into a stronger, more diversified and more resilient business, operating as a super-regional insurance carrier with opportunities to deploy capital across multiple geographies, products and distribution channels. That flexibility allows us to dynamically allocate capital to the most attractive risk-adjusted return opportunities while maintaining the underwriting discipline that has defined our transformation.”

Mr. Garateix continued, “Despite the significant progress we have made over the last several years, we do not believe our current valuation fully reflects the strength of our earnings profile, the durability of our results, or the growth opportunities ahead. As a result, we have repurchased more than one million shares of our common stock year to date because we believe our shares continue to trade below intrinsic value, while we are also still preserving substantial capacity to support future growth. Despite increased competition across many markets, our analytics, team and infrastructure position Heritage to grow prudently while sustaining profitability and underwriting discipline.”

Strategic Profitability Initiatives

These initiatives will remain in place while the Company also expands its strategy to include its 2026 initiatives:

Generating underwriting profit through rate adequacy and continued selective underwriting.

Allocating capital to products and geographies that maximize long-term returns.

Targeting a balanced and diversified portfolio.

To continue its progress, the Company expects to also focus on the following profitability initiatives in 2026:

Target geographies for new business, while closely managing risk and exposure.

Continue persistent underwriting discipline and focus on rate adequacy while driving prudent top line growth.

Enhance data driven analytics using AI and other technology tools.

Continue the refinement of customer service and claims capabilities.

Leverage infrastructure and capabilities to foster future growth, which includes our entry to the State of Texas on an excess and surplus lines basis.

Act as opportunities emerge which will continue our diversification and expansion over the next several years.

Expand our relationship with reinsurance partners to expand capacity and manage volatility while pursuing growth.

Capital Management

The Board of Directors has continued the suspension of the Company’s quarterly dividend as it prioritizes strategic growth opportunities and will reassess dividend distributions each quarter. On May 7, 2026, the Board authorized a new $50.0 million share repurchase program, replacing the prior authorization effective through December 31, 2026. During the second quarter of 2026, the Company repurchased in aggregate 631,024 shares for approximately $14.6 million under the share repurchase programs and has repurchased 1,001,508 shares for approximately $24.6 million in 2026. The company has $37.4 million remaining on the existing authorization.

Results of Operations

The following table summarizes results of operations for the three and six months ended June 30, 2026, and 2025 (amounts in thousands, except percentages and per share amounts):

Three Months Ended June 30

Six Months Ended June 30

2026

2025

Change

2026

2025

Change

Total revenues

$

214,195

$

208,035

3.0

%

$

426,854

$

419,554

1.7

%

Net income

$

61,710

$

48,024

28.5

%

$

98,194

$

78,498

25.1

%

Earnings per share

$

2.05

$

1.55

32.3

%

$

3.23

$

2.54

27.2

%

Book value per share

$

19.09

$

12.36

54.5

%

$

19.09

$

12.36

54.5

%

Return on equity *

45.4

%

53.9

%

(8.5)

pts

36.6

%

46.6

%

(10.0)

pts

Underwriting summary

Gross premiums written

$

388,441

$

410,968

(5.5)

%

$

735,187

$

766,965

(4.1)

%

Gross premiums earned

$

351,153

$

353,594

(0.7)

%

$

704,716

$

707,422

(0.4)

%

Ceded premiums

$

(150,029)

$

(157,278)

(4.6)

%

$

(303,899)

$

(311,072)

(2.3)

%

Net premiums earned

$

201,124

$

196,316

2.4

%

$

400,817

$

396,350

1.1

%

Ceded premium ratio

42.7

%

44.5

%

(1.8)

pts

43.1

%

44.0

%

(0.8)

pts

Ratios to Net Premiums Earned:

Loss ratio

30.4

%

38.5

%

(8.1)

pts

38.1

%

44.2

%

(6.1)

pts

Expense ratio

34.5

%

34.4

%

0.1

pts

34.8

%

34.6

%

0.2

pts

Combined ratio

64.9

%

72.9

%

(8.0)

pts

72.9

%

78.8

%

(5.9)

pts

* Return on equity represents annualized net income for the period divided by average stockholders’ equity during the period.

Note: Percentages and sums in the table may not recalculate precisely due to rounding.

Ratios

Ceded premium ratio represents ceded premiums as a percentage of gross premiums earned.

Net loss ratio represents net losses and loss adjustment expenses (“LAE”) as a percentage of net premiums earned.

Net expense ratio represents policy acquisition costs (“PAC”) and general and administrative (“G&A”) expenses as a percentage of net premiums earned. Ceding commission income is reported as a reduction of PAC and G&A expenses.

Net combined ratio represents the sum of net losses and LAE, PAC and G&A expenses as a percentage of net premiums earned. The net combined ratio is a key measure of underwriting performance traditionally used in the property and casualty industry. A combined ratio under 100% generally reflects profitable underwriting results.

Second Quarter 2026 Results:

Second quarter 2026 net income increased to $61.7 million, or $2.05 per diluted share, compared with $48.0 million, or $1.55 per diluted share, in the prior-year quarter. The increase was primarily driven by lower losses and higher revenue. Revenue growth reflected lower ceded premiums, which increased net premiums earned, as well as higher investment income from a larger invested asset base. Net losses decreased primarily due to favorable prior-year loss development and lower weather-related losses.

Premiums-in-force were $1.41 billion, down 1.4% from $1.43 billion in the second quarter of 2025, primarily due to commercial residential premium reductions resulting from competitive pricing pressure.

Gross premiums written decreased 5.5% to $388.4 million from $411.0 million in the prior-year quarter, primarily reflecting lower commercial residential premiums, partially offset by growth in personal lines. The Florida commercial residential market remains highly competitive and management continues to emphasize underwriting discipline and adequate profitability by writing business that meets Heritage’s pricing and risk standards. Commercial premiums are expected to level off in the second half of the year as we continue to grow business outside of Florida where business conditions are more favorable while leveraging our strong Florida agency network.

Gross premiums earned were $351.2 million, compared with $353.6 million in the prior-year quarter, reflecting the decline in commercial residential business due to the competitive market conditions discussed above.

Ceded premiums decreased 4.6% to $150.0 million from $157.3 million in the prior-year quarter. The reduction in ceded premiums reflected the decrease in the northeast net quota share program which was effective December 31, 2025 and one month of savings driven by the improved pricing of our June 2026 CAT XOL program. The CAT XOL placement generated treaty-year expense savings of $63.2 million, of which seven-twelfths will be recognized in 2026.

In addition, Heritage successfully completed the placement of its catastrophe excess of loss reinsurance program with higher coverage levels than the prior-year while achieving a lower total and risk-adjusted cost. As operating and reinsurance costs improve, the Company expects policyholders to benefit through more competitive pricing while continuing to maintain appropriate underwriting margins. This should also favorably impact ceded premiums over the next four quarters.

Net premiums earned increased 2.4% to $201.1 million from $196.3 million in the prior-year quarter, driven by lower ceded premiums more than offsetting the decrease in gross written premiums.

Total revenue increased 3.0% to $214.2 million, reflecting higher net premiums earned and increased investment income. Net investment income rose 17.3% to $10.6 million in the second quarter of 2026 from $9.0 million in the prior-year quarter, driven by growth in invested assets. The investment portfolio remains conservatively positioned, emphasizing high-quality fixed-income investments with asset durations closely matched to liabilities.

Net losses and LAE were $61.1 million, down $14.6 million from $75.6 million in the prior-year quarter. The net loss ratio improved 8.1 points to 30.4% from 38.5% in the same quarter last year. Net weather losses for the current accident quarter were $11.5 million, compared with $12.5 million in the prior-year quarter. Net favorable prior-year loss development was $23.4 million in the second quarter of 2026, compared with $2.3 million in the prior-year quarter.

The net expense ratio was 34.5%, essentially flat compared with 34.4% in the prior-year quarter. Policy acquisition costs increased 5.5% year over year, primarily due to lower ceding commissions following a 2025 year end reduction in the net quota share reinsurance program. General and administrative expenses decreased 2.5%, reflecting lower regulatory costs and municipality tax expenses.

The net combined ratio improved 8.0 points to 64.9% from 72.9% in the prior-year quarter, primarily driven by the lower net loss ratio discussed above.

The effective tax rate was 24.9% compared to 23.8% in the prior-year quarter. We calculate the provision for income taxes during interim reporting periods by applying an estimate of the effective tax rate for the full year. The effective tax rate is 1.1 points higher than the prior-year quarter, with the variance driven by pre-tax income and permanent items. The effective tax rate can fluctuate throughout the year as income changes and estimates used in each quarterly tax provision are updated with additional information.

Supplemental Information:

Policies-in-force:

Q2 2026

Q2 2025

% Change

Personal Residential

338,817

357,294

(5.2)

%

Commercial Residential

3,140

2,992

4.9

%

Other

8,930

9,823

(9.1)

%

Total

350,887

370,109

(5.2)

%

Premiums-in-force:

Personal Residential

1,162,853,241

1,148,876,238

1.2

%

Commercial Residential

236,726,188

271,156,884

(12.7)

%

Other

10,010,765

9,458,112

5.8

%

Total

1,409,590,194

1,429,491,234

(1.4)

%

Total Insured Value:

Personal Residential

318,809,611,090

319,578,562,554

(0.2)

%

Commercial Residential

49,442,769,123

45,455,781,220

8.8

%

Total

368,252,380,213

365,034,343,774

0.9

%

Book Value Analysis:

Book Value Per Share

As Of

June 30, 2026

December 31, 2025

June 30, 2025

Numerator:

Common stockholders’ equity

$

567,728

$

505,251

$

383,302

Denominator:

Total Shares Outstanding

$

29,732,416

$

30,833,776

$

31,017,570

Book Value Per Common Share

$

19.09

$

16.39

$

12.36

Book value per share was $19.09 at June 30, 2026, an increase of 16.5% from December 31, 2025 and an increase of 54.5% from June 30, 2025. The increase in stockholders’ equity from December 31, 2025 was primarily driven by net income, partially offset by a $4.9 million net-of-tax increase in unrealized losses on the Company’s fixed income securities portfolio and the $24.6 million paid to repurchase 1,001,508 shares of common stock in 2026. The decline in the number of shares outstanding was driven by the repurchase of common stock and shares surrendered which was partially offset by the issuance of restricted stock this quarter. The increase in average stockholders’ equity of 52.9% over the prior-year quarter caused the ROAE for the prior-year quarter to be higher than the current year quarter, despite higher net income for the current year quarter.

The unrealized losses are unrelated to credit risk but are instead attributable to rising interest rates, with the increase in unrealized losses driven by higher interest rates during the year. Heritage does not anticipate a need to sell investments in advance of their maturity. As such, the Company expects unrealized losses to continue to roll off the portfolio as investments mature. The average duration of the fixed income portfolio is 3.4 years as the Company has extended duration to take advantage of higher yields further out on the yield curve, while still maintaining a short duration, high credit quality portfolio.

Conference Call Details:

Thursday, August 6, 2026– 9:00 a.m. ET
North American Dial-in Numbers Toll Free: 1-888-346-3095
International Dial In: 1-412-902-4258

Webcast:
To listen to the live webcast, please go to http://investors.heritagepci.com, This webcast will be archived and accessible on the Company’s website.

HERITAGE INSURANCE HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(Amounts in thousands, except share amounts)

June
30, 2026

December 31, 2025

ASSETS

(unaudited)

Fixed maturities, available-for-sale, at fair value

$

801,910

$

713,237

Equity securities, at fair value

816

1,064

Other investments, net

1,259

1,285

Total investments

803,985

715,586

Cash and cash equivalents

587,597

559,274

Restricted cash

13,782

13,307

Accrued investment income

7,507

6,556

Premiums receivable, net

94,034

95,331

Reinsurance recoverable on paid and unpaid claims, net

305,175

318,588

Prepaid reinsurance premiums

460,694

307,039

Deferred income tax asset, net

6,003

5,855

Deferred policy acquisition costs, net

68,921

64,544

Property and equipment, net

27,715

28,254

Right-of-use lease asset, finance

11,374

12,598

Right-of-use lease asset, operating

6,086

4,878

Intangibles, net

27,147

30,189

Other assets

32,416

33,823

Total Assets

$

2,452,436

$

2,195,822

LIABILITIES AND STOCKHOLDERS’ EQUITY

Unpaid losses and loss adjustment expenses

$

481,997

$

579,477

Unearned premiums

738,384

707,923

Reinsurance payable

501,033

232,801

Long-term debt, net

71,287

78,428

Advance premiums

26,635

19,164

Income tax payable, net

5,660

4,282

Accrued compensation

6,618

8,844

Lease liability, finance

14,254

15,587

Lease liability, operating

6,293

5,800

Accounts payable and other liabilities

32,547

38,265

Total Liabilities

$

1,884,708

$

1,690,571

Stockholders’ Equity:

Common stock, $0.0001 par value

3

3

Additional paid-in capital

359,501

365,736

Accumulated other comprehensive loss, net of taxes

(15,446)

(10,555)

Treasury stock, at cost

(157,773)

(133,183)

Retained earnings

381,443

283,250

Total Stockholders’ Equity

567,728

505,251

Total Liabilities and Stockholders’ Equity

$

2,452,436

$

2,195,822

HERITAGE INSURANCE HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(Amounts in thousands, except per share and share amounts)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUE:

Gross premiums written

$

388,441

$

410,968

$

735,187

$

766,965

Change in gross unearned premiums

(37,288)

(57,374)

(30,471)

(59,543)

Gross premiums earned

351,153

353,594

704,716

707,422

Ceded premiums

(150,029)

(157,278)

(303,899)

(311,072)

Net premiums earned

201,124

196,316

400,817

396,350

Net investment income

10,595

9,034

20,462

17,609

Net realized (losses) gains on debt securities and other investments

(37)

4

(21)

—

Other revenue

2,513

2,681

5,596

5,595

Total revenue

214,195

208,035

426,854

419,554

EXPENSES:

Losses and loss adjustment expenses

61,057

75,620

152,654

175,027

Policy acquisition costs

45,510

43,146

90,845

88,961

General and administrative expenses

23,778

24,399

48,687

48,260

Total expenses

130,345

143,165

292,186

312,248

Operating income

83,850

64,870

134,668

107,306

Interest expense, net

1,690

1,880

3,468

4,306

Income before taxes

$

82,160

$

62,990

$

131,200

$

103,000

Income tax expense

20,450

14,966

33,006

24,502

Net income

$

61,710

$

48,024

$

98,194

$

78,498

Weighted average shares outstanding

Basic

30,017,180

31,004,218

30,349,056

30,851,022

Diluted

30,076,443

31,063,481

30,408,347

30,910,285

Earnings per share

Basic

$

2.06

$

1.55

$

3.24

$

2.54

Diluted

$

2.05

$

1.55

$

3.23

$

2.54

About Heritage

Heritage Insurance Holdings, Inc. is a super-regional property and casualty insurance holding company. Through its insurance subsidiaries and a large network of experienced agents, the Company writes approximately $1.4 billion of gross personal and commercial residential premium across its multi-state footprint covering the northeast, southeast, Hawaii and California excess and surplus lines.

Forward-Looking Statements

Statements in this press release and on our earnings conference call that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “or “continue” or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. This release and our earnings conference call include forward-looking statements, including statements relating to our strategic initiatives for 2026 and our ability to profitably grow our business and deliver value to our shareholders either organically or through accretive business opportunities; our ability to take advantage of emerging opportunities; our positioning to deliver managed growth with rate adequacy in our markets and our intent not to write policies that we believe are underpriced or do not meet our underwriting standards; our expectations and plans regarding our margins and maintaining adequate margins; our expectations and plans regarding premiums, including premium growth and ceded premium outlook; our beliefs regarding commercial residential market competitiveness, generally, and pricing pressure in Florida, specifically; our expectations regarding our catastrophe excess of loss program; our capital allocation strategy, including our Board’s evaluation of dividend distributions and share repurchases and our evaluation of the intrinsic value of our common stock; our new geography and product diversification and expansion strategy, including our plans relating to building relationships in any new market; our focus on underwriting discipline, exposure management and rate adequacy in existing and new geographies, leveraging our scale, continued enhancement of data and AI-driven analytics and our other strategic priorities for 2026; and our expectations regarding our financial results in 2026 and beyond and the drivers of such results. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, without limitation: the success of the Company’s underwriting and profitability initiatives; inflation and other changes in economic conditions (including changes in interest rates and financial and real estate markets), including changes that may impact demand for our products and our operations; lack of effectiveness of exclusions and loss limitation methods in the insurance policies we assume or write; inherent uncertainty of our models and our reliance on artificial intelligence as a tool in creating and using such models; the impact of macroeconomic and geopolitical conditions, including the impact of interest rates, supply chain constraints, inflationary pressures, tariffs, labor availability and geopolitical conflicts; the impact of new federal and state regulations that affect the property and casualty insurance market and our failure to meet increased regulatory requirements, including minimum capital and surplus requirements; continued and increased impact of abusive and unwarranted claims; the cost of reinsurance, the collectability of reinsurance and our ability to obtain reinsurance coverage on terms and at a cost acceptable to us; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; dependence on investment income and the composition of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; our ability to build and maintain relationships with insurance agents; claims experience; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes, wildfires and hail); changes in loss trends; acts of war and terrorist activities; court decisions and trends in litigation; and other matters described from time to time by us in our filings with the Securities and Exchange Commission, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on March 12, 2026, and subsequent filings. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.

Investor Contact:

Kirk Lusk
Chief Financial Officer
[email protected]

View original content:https://www.prnewswire.com/news-releases/heritage-reports-second-quarter-2026-results-302844123.html

SOURCE Heritage Insurance Holdings, Inc.

Posted on August 5, 2026 11:02 pm
FSCO Announces Earnings Release and Conference Call Schedule for Second Quarter 2026

PR Newswire

PHILADELPHIA, Aug. 5, 2026 /PRNewswire/ — FS Credit Opportunities Corp. (NYSE: FSCO) today announced that it will release its financial results for the second quarter ended June 30, 2026, on Tuesday, August 25, 2026, after the market close.

The Company will also post an earnings presentation with financial information, which will be accessible after the market close on Tuesday, August 25, 2026, on the FSCO website under the Investor Relations section at: https://www.fsco.futurestandard.com/fund-information#investor-relations.

In addition, FSCO will make available a recorded earnings call and accompanying transcript on Thursday, September 10, 2026, after the market close, also in the Investor Relations section of its website. Investors and analysts are encouraged to review the materials and submit any questions through the investor relations contact information provided on the FSCO website.

About Future Standard

Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit and real estate. With a 30+ year track record of value creation and $94 billion in assets under management, we back the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value.¹

Contact Information:

Investor Relations
Josh Blum
[email protected]

Media

Marc Hazelton
[email protected]

Forward Looking Statements
Statements included herein may constitute “forward-looking” statements (as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995) that are not historical facts, including, without limitation, statements with regard to future events or the future performance, financial condition or operations of the Fund, statements regarding distribution levels and frequency or the financial position, business strategy and plans and objectives of management for the Fund’s future operations. Words such as “anticipate”, “believe”, “expect”, and “intend” indicate a forward-looking statement, although not all forward-looking statements include these words. These forward-looking statements are not guarantees of performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause our actual results to differ materially from those expressed or forecasted in the forward-looking statements for any reason, including those factors set forth in the Fund’s filings with the Securities and Exchange Commission. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially include, without limitation, changes in the economy, geopolitical risks, risks associated with possible disruption to the Fund’s operations or the economy generally due to hostilities, terrorism, natural disasters or pandemics, future changes in laws or regulations and conditions in the Fund’s operating area, unexpected costs and the price at which the Fund’s shares may trade on the New York Stock Exchange. Some of these factors are enumerated in the filings the Fund makes with the Securities and Exchange Commission. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. The Fund has based the forward-looking statements included herein on information available to the Fund on the date of this communication. The inclusion of forward-looking statements should not be regarded as a representation that any plans, estimates or expectations will be achieved. Except as required by federal securities laws, the Fund undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

1 Total AUM estimated as of March 31, 2026. References to “assets under management” or “AUM” represent the assets managed by Future Standard or its strategic partners as to which Future Standard is entitled to receive a fee or carried interest (either currently or upon deployment of capital) and general partner capital. Future Standard calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of Future Standard’s investment funds; (ii) uncalled investor capital commitments to these funds, including uncalled investor capital commitments from which Future Standard is currently not earning management fees or carried interest; (iii) the value of outstanding CLOs (excluding CLOs wholly-owned by Future Standard); (iv) the fair value of FS KKR Capital Corp. joint venture (JV) assets and (v) the fair value of other assets managed by Future Standard. Future Standard’s calculation of AUM may differ from the calculations of other asset managers and, as a result, Future Standard’s measurements of its AUM may not be comparable to similar measures presented by other asset managers. Future Standard’s definition of AUM is not based on any definition of AUM that may be set forth in agreements governing the investment funds, vehicles or accounts that it manages and is not calculated pursuant to any regulatory definitions.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fsco-announces-earnings-release-and-conference-call-schedule-for-second-quarter-2026-302844076.html

SOURCE Future Standard

Posts pagination

Page 1 Page 2 … Page 46,135 Next page