Market Newsdesk

LONDON, April 28, 2026 (GLOBE NEWSWIRE) — Waldencast plc (NASDAQ: WALD) (“Waldencast” or the “Company”), a global multi-brand beauty and wellness platform, announced today that it was notified by the staff of the U.S. Securities and Exchange Commission (the “SEC”) that they have concluded their investigation of the Company relating to Waldencast’s restatement of its financial results and material weaknesses in its internal control over financial reporting related to historical accounting practices used by Obagi Cosmeceuticals (the “Investigation”) and, based on the information available as of the date of the notice, the SEC does not intend to recommend an enforcement action against Waldencast.

“We are pleased with the favorable outcome of the SEC’s investigation,” stated Michel Brousset, Chief Executive Officer of Waldencast. “Throughout the Investigation, we fully cooperated and dedicated significant resources to the process. At the same time, we maintained our focus on executing our business plans, upholding strong governance, and ensuring robust internal controls.” 

The Investigation was previously disclosed by the Company in its periodic reports under the Securities Exchange Act of 1934, as amended. As previously disclosed, the Company voluntarily contacted the SEC regarding these matters and has fully cooperated with the SEC throughout the course of the Investigation, incurring substantial legal, advisory and other related costs.

About Waldencast plc

Founded by Michel Brousset and Hind Sebti, Waldencast’s ambition is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth purpose-driven brands. Waldencast’s vision is fundamentally underpinned by its brand-led business model that ensures proximity to its customers, business agility, and market responsiveness, while maintaining each brand’s distinct DNA. For more information please visit: https://ir.waldencast.com.

Obagi Medical is an industry-leading, advanced skin care line rooted in research and skin biology, refined with a legacy of over 35 years’ experience. Obagi Medical products are designed to address the appearance of premature aging, photodamage, skin discoloration, acne, and sun damage. More information about Obagi Medical is available on the brand’s website at www.obagi.com.

Founded in 2016, Milk Makeup quickly became a cult-favorite among the beauty community for its values of self-expression and inclusion, captured by its signature “Live Your Look”, its innovative formulas, and clean ingredients. The brand creates vegan, cruelty-free, clean formulas and has its Milk Makeup HQ in Downtown NYC. More information about Milk Makeup is available on the brand’s website at www.milkmakeup.com.

Contacts:

Investors

ICR
Allison Malkin
[email protected]

Media

ICR
Brittney Fraser/Alecia Pulman
[email protected]

• Revenues of $1.68 billion, net income of $61.5 million
• Earnings per diluted share of $0.77
• Absorption ratio 126.9%
• Board declares cash dividend of $0.19 per share of Class A and Class B common stock

NEW BRAUNFELS, Texas, April 28, 2026 (GLOBE NEWSWIRE) — Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the quarter ended March 31, 2026, the Company achieved revenues of $1.68 billion and net income of $61.5 million, or $0.77 per diluted share, compared with revenues of $1.85 billion and net income of $60.3 million, or $0.73 per diluted share, in the quarter ended March 31, 2025. Additionally, the Company’s Board of Directors declared a cash dividend of $0.19 per share of Class A and Class B Common Stock, to be paid on June 10, 2026, to all shareholders of record as of May 12, 2026.

“Despite continued weakness across the commercial vehicle industry, I am proud of the way our team performed in the first quarter,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. “We believe the first quarter represents the trough of this current downcycle, and while conditions remain challenging, we are beginning to see early indicators of gradual improvement in market conditions, which we believe will continue for the remainder of 2026,” he continued.

“During the quarter, freight rates began to improve modestly, miles driven increased and customer sentiment generally improved, all of which contributed to increased new commercial vehicle quoting activity and order intake,” Rush said. “However, new commercial vehicle sales during the first quarter were at historically low levels across the industry, reflecting the prolonged impact of the multi-year freight recession, excess capacity and broader economic uncertainty,” he added.

“Importantly, our diversified business model once again demonstrated its resilience,” Rush stated. “Our continued focus on aftermarket products and services, along with our leasing and rental operations and diligent expense management, helped support our financial performance during a quarter with significantly reduced commercial vehicle sales activity. We continue to believe that our focus on building a business that does not rely completely on truck sales has allowed us to navigate this industry downturn more effectively,” he said.

“We remain confident that as market conditions improve, demand will return. We have maintained appropriate inventory levels, continued to invest in our operations and remain focused on delivering the highest level of service to our customers, all of which we believe will allow us to capture opportunities as the market recovers,” Rush concluded.

Network Expansion

During the first quarter of 2026, the Company signed an asset purchase agreement to acquire Peterbilt dealerships in Baton Rouge, Lafayette, Lake Charles, New Orleans and Houma, Louisiana, as well as a Peterbilt dealership in McComb, Mississippi and a TRP location in Columbia, Mississippi. The Company expects to complete this acquisition and begin operating these locations as Rush Truck Centers in the next few months.

“This acquisition reflects our continued focus on expanding our network in strategic markets and broadening the solutions we offer our customers,” said Rush. “By growing our footprint, we believe we are strengthening our ability to support customers, capture market share and position the Company for long-term growth,” Rush stated.

Aftermarket Products and Services

Aftermarket products and services accounted for approximately 66.1% of the Company’s total gross profit in the first quarter of 2026, with parts, service and collision center revenues totaling $627.2 million, up 1.3% compared to the first quarter of 2025. The Company achieved a quarterly absorption ratio of 126.9% in the first quarter of 2026, compared to 128.6% in the first quarter of 2025.

“Our aftermarket business delivered solid first-quarter performance despite continued softness across much of the industry,” Rush said. “While demand remained subdued in several customer segments, we achieved modest growth, reflecting the strength of our customer relationships and our focus on expanding our customer base. Although macroeconomic factors have continued to pressure aftermarket demand, we are beginning to see encouraging indicators of improving market conditions, including increases in both freight activity and miles driven, which we believe will support higher parts and service demand as deferred maintenance is addressed,” he added.

“We also believe certain of our aftermarket strategic initiatives, including enhanced inspection processes, improved parts delivery operations, and a continued emphasis on customer uptime, are gaining traction across our network and contributing to our success,” Rush said. “Looking ahead, we expect aftermarket demand to gradually improve through the remainder of 2026 as fleet utilization increases and customers reinvest in their equipment, positioning our aftermarket business as a key driver of stability and profitability for the Company,” he stated.

Commercial Vehicle Sales

New U.S. Class 8 retail truck sales totaled 41,023 units in the first quarter of 2026, down 21.0% compared to the first quarter of 2025, according to ACT Research. The Company sold 2,964 new Class 8 trucks in the U.S. during the first quarter, a decrease of 6.0% compared to the same time period in 2025 and accounted for 7.2% of the new U.S. Class 8 truck market. ACT Research forecasts U.S. retail sales of new Class 8 trucks to total 224,800 units in 2026, a 5.7% increase compared to 2025. The Company sold 71 new Class 8 trucks in Canada during the first quarter of 2026 and accounted for 1.5% of the new Canadian Class 8 truck market.

“Industry conditions for new commercial vehicle sales remained challenging in the first quarter, with industry-wide retail sales at their lowest levels since 2020 with respect to new Class 8 truck sales and 2015 with respect to new Class 4-7 commercial vehicle sales,” Rush said. “Despite the difficult operating conditions, we were able to significantly outperform the market in new Class 8 truck sales. Our performance during the first quarter was driven by strong execution, appropriate inventory levels and the diversity of our customer base,” he continued.

“We saw strong order intake and increased quoting activity throughout the quarter, particularly among large fleet customers,” Rush said. “We believe the increase in new Class 8 truck orders during the quarter was primarily due to improving freight conditions and the upcoming change in emissions regulations. While uncertainty related to economic conditions and global events, along with significantly increased fuel prices, is weighing on the market, we believe that customer sentiment is improving, despite these headwinds, and we are encouraged by the level of engagement we are experiencing,” he added.

New U.S. Class 4-7 retail commercial vehicle sales totaled 49,079 units in the first quarter of 2026, a decrease of 13.9% compared to the first quarter of 2025, according to ACT Research. The Company sold 2,035 new Class 4-7 medium-duty commercial vehicles in the U.S. during the quarter, down 36.5% compared to the first quarter of 2025, and accounted for 4.1% of the total new U.S. Class 4-7 commercial vehicle market. ACT Research forecasts U.S. retail sales for new Class 4 through 7 commercial vehicles to be approximately 200,500 units in 2026, relatively flat compared to 2025. The Company sold 134 Class 5-7 commercial vehicles in Canada during the first quarter of 2026, accounting for 4.1% of the new Canadian Class 5-7 commercial vehicle market.

“Our medium-duty results were impacted by the timing of customer orders and deliveries, particularly among a number of our large fleet customers. Normally, our large medium-duty fleet customers place their orders in the fourth quarter for vehicles that are expected to be delivered in the coming year. However, we did not see that activity in the fourth quarter of 2025. Instead, our larger medium-duty fleet customers began asking for quotes and ordering vehicles in the first quarter of 2026,” Rush explained. “Given the level of quoting, ordering and general customer engagement that we have experienced since the beginning of the year, we expect our medium-duty sales to improve as the year progresses and to be roughly in line with our sales during 2025,” he noted.

The Company sold 1,865 used commercial vehicles in the first quarter of 2026, a 5.4% increase compared to the first quarter of 2025. “In the used truck market, we saw improving demand late in the quarter, driven by strengthening spot rates and tightening capacity,” Rush stated. “We believe this momentum will continue as market conditions improve,” he said.

“Overall, we expect commercial vehicle sales to improve gradually beginning in the second quarter, with a more meaningful recovery in the second half of the year. As customer confidence returns and vehicle replacement cycles resume, we believe we are well positioned to capture increased demand,” Rush concluded.

Leasing and Rental

Leasing and Rental revenue in the first quarter of 2026 was $92.3 million, up 2.2% compared to the first quarter of 2025. “Our leasing and rental business delivered solid performance in the first quarter, driven by continued strength in our full-service leasing operations,” Rush said. “Leasing demand remains healthy, as customers look to replace aging equipment and position themselves ahead of anticipated future cost increases associated with engine emissions regulations,” he continued.

“While rental demand remained below historical levels, we saw improvement as the quarter progressed and expect utilization to continue to increase throughout the year,” Rush added. “We believe our leasing and rental business will remain a stable contributor to our financial performance and continue to strengthen as market conditions improve,” he stated. “I would also like to recognize our Rush Truck Leasing – PacLease team for being named PacLease North American Franchise of the Year, which reflects their strong execution and commitment to delivering outstanding service to our customers,” Rush concluded.

Financial Highlights

In the first quarter of 2026, the Company’s gross revenues totaled $1.68 billion, a 9.2% decrease from $1.85 billion in the first quarter of 2025. Net income for the quarter was $61.5 million, or $0.77 per diluted share, compared to net income of $60.3 million, or $0.73 per diluted share, in the quarter ended March 31, 2025.

Aftermarket products and services revenues were $627.2 million in the first quarter of 2026, compared to $619.1 million in the first quarter of 2025. The Company delivered 3,035 new heavy-duty trucks, 2,169 new medium-duty commercial vehicles, 516 new light-duty commercial vehicles and 1,865 used commercial vehicles during the first quarter of 2026, compared to 3,222 new heavy-duty trucks, 3,329 new medium-duty commercial vehicles, 470 new light-duty commercial vehicles and 1,769 used commercial vehicles during the first quarter of 2025.

Rush Truck Leasing operates 55 PacLease and Idealease franchises across the United States and Ontario, Canada with more than 9,800 trucks in its lease and rental fleet and more than 2,100 trucks under contract maintenance agreements. Lease and rental revenue increased 2.2% in the first quarter of 2026 compared to the first quarter of 2025.

The Company paid a cash dividend of $14.7 million during the first quarter.

“Our first quarter financial results reflect the continued impact of the prolonged freight recession and resulting decrease in demand for new commercial vehicles, which led to lower overall revenues. However, we were able to deliver improved earnings per share compared to the first quarter of 2025 and maintain profitability through diligent expense management and the consistency of our aftermarket and leasing and rental businesses,” Rush explained. “Our aftermarket operations once again provided stability, while our leasing and rental business continued to grow and generate recurring revenue, demonstrating the resilience of our diversified business model and our ability to generate cash and return value to our shareholders even in a challenging operating environment,” he added.

“Finally, I want to thank our employees across the Company for their hard work, dedication and commitment to our customers,” Rush said. “Their focus on execution, operational discipline and delivering a high level of service continues to be the foundation of our performance, particularly during challenging market conditions,” he concluded.

Conference Call Information

Rush Enterprises will host its quarterly conference call to discuss earnings for the first quarter of 2026 on Wednesday, April 29, 2026, at 10 a.m. Eastern/9 a.m. Central. The call can be heard live via the Internet at: http://investor.rushenterprises.com/events.cfm.

Participants may register for the call at:

https://register-conf.media-server.com/register/BI31f424b7e9f24f34915b723b0fb189bd

While not required, it is recommended that you join the event 10 minutes prior to the start.

For those who cannot listen to the live broadcast, the webcast replay will be available at:
http://investor.rushenterprises.com/events.cfm.

Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America, with more than 150 locations in 23 states and Ontario, Canada. These vehicle centers, strategically located in high-traffic areas on or near major highways throughout the United States and Ontario, Canada, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, Blue Arc, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs – from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, and leasing and rental solutions. Rush Enterprises’ operations also provide CNG fuel systems (through its investment in Cummins Clean Fuel Technologies, Inc.), telematics products and other vehicle technologies, as well as vehicle modification and up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com and www.rushenterprises.com, on X @rushtruckcenter, Facebook.com/rushtruckcenters and www.linkedin.com/company/ rushenterprises-inc.

Certain statements contained in this release, including those concerning current and projected market conditions, sales forecasts, market share forecast and anticipated demand for the Company’s services, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements only speak as of the date of this release and the Company assumes no obligation to update the information included in this release. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, inflation and the interest rate environment, increased fuel prices as a result of the conflict in Iran, governmental regulation and supervision, including engine emission regulations, U.S. and global trade policies, product introductions and acceptance, changes in industry practices, one-time events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission, including in our annual report on Form 10-K for the fiscal year ended December 31, 2025. In addition, the declaration and payment of cash dividends and authorization of future share repurchase programs remains at the sole discretion of the Company’s Board of Directors and the issuance of future dividends and authorization of future share repurchase programs will depend upon the Company’s financial results, cash requirements, future prospects, applicable law and other factors that may be deemed relevant by the Company’s Board of Directors. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual business and financial results and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.

-Tables and Additional Information to Follow-

RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Shares and Per Share Amounts)
(Unaudited)
		March 31,			December 31,
		2026			2025
Assets
Current assets:
Cash, cash equivalents and restricted cash	$	239,654		$	212,645
Accounts receivable, net		271,399			277,784
Note receivable, affiliate		8,561			11,576
Inventories, net		1,640,077			1,534,471
Prepaid expenses and other		45,396			54,662
Total current assets		2,205,087			2,091,138
Property and equipment, net		1,672,844			1,694,738
Operating lease right-of-use assets, net		119,752			124,130
Goodwill, net		440,777			441,615
Other assets, net		77,595			78,915
Total assets	$	4,516,055		$	4,430,536
Liabilities and shareholders’ equity
Current liabilities:
Floor plan notes payable	$	919,157		$	917,955
Current maturities of long-term debt		125			127
Current maturities of finance lease obligations		32,041			34,519
Current maturities of operating lease obligations		19,912			19,285
Trade accounts payable		320,090			230,763
Customer deposits		86,463			112,149
Accrued expenses		134,795			177,292
Total current liabilities		1,512,583			1,492,090
Long-term debt, net of current maturities		277,650			274,798
Finance lease obligations, net of current maturities		84,122			88,149
Operating lease obligations, net of current maturities		102,751			107,698
Other long-term liabilities		35,371			34,225
Deferred income taxes, net		211,959			207,733
Shareholders’ equity:
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2026 and 2025		–			–
Common stock, par value $.01 per share; 105,000,000 Class A shares and 35,000,000 Class B shares authorized; 60,855,308 Class A shares and 16,715,210 Class B shares outstanding in 2026; and 60,115,093 Class A shares and 16,437,909 Class B shares outstanding in 2025		845			835
Additional paid-in capital		655,196			634,266
Treasury stock, at cost: 4,586,791 Class A shares and 2,352,163 Class B shares in 2026; and 4,586,791 Class A shares and 2,352,163 Class B shares in 2025		(331,150	)		(331,150	)
Retained earnings		1,950,700			1,904,091
Accumulated other comprehensive income (loss)		(6,812	)		(4,813	)
Total Rush Enterprises, Inc. shareholders’ equity		2,268,779			2,203,229
Noncontrolling interest		22,840			22,614
Total shareholders’ equity		2,291,619			2,225,843
Total liabilities and shareholders’ equity	$	4,516,055		$	4,430,536

RUSH ENTERPRISES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Amounts)
(Unaudited)
		Three Months Ended March 31,
		2026			2025
Revenues
New and used commercial vehicle sales	$	955,143		$	1,130,770
Aftermarket products and services sales		627,194			619,068
Lease and rental sales		92,277			90,253
Finance and insurance		5,611			5,212
Other		3,960			5,527
Total revenue		1,684,185			1,850,830
Cost of products sold
New and used commercial vehicle sales		873,904			1,030,533
Aftermarket products and services sales		399,790			397,743
Lease and rental sales		66,691			64,794
Total cost of products sold		1,340,385			1,493,070
Gross profit		343,800			357,760
Selling, general and administrative expense		242,630			248,803
Depreciation and amortization expense		18,718			17,256
Gain (loss) on sale of assets		(245	)		168
Operating income		82,207			91,869
Other income (loss), net		(464	)		(440	)
Interest expense, net		6,354			12,863
Income before taxes		75,389			78,566
Income tax provision		13,709			17,949
Net income		61,680			60,617
Less: Net income attributable to noncontrolling Interest		226			295
Net income attributable to Rush Enterprises, Inc.	$	61,454		$	60,322
Net income attributable to Rush Enterprises, Inc. per share of common stock:
Basic	$	0.79		$	0.76
Diluted	$	0.77		$	0.73
Weighted average shares outstanding:
Basic		77,394			79,661
Diluted		79,871			82,381
Dividends declared per common share	$	0.19		$	0.18

This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as Adjusted Net Income, Adjusted Total Debt, Adjusted Net (cash) Debt, EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow and Adjusted Invested Capital, which exclude certain items disclosed in the attached financial tables. Please note that all non-GAAP financial measures are provided on an unaudited basis. The Company provides reconciliations of these measures to the most directly comparable GAAP measures.

Management believes the presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods. Management believes that investors should have the same information available to them that management uses to assess the Company’s operating performance and capital structure. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures utilized by the Company may not be comparable to similarly titled non-GAAP financial measures used by other companies.

		Three Months Ended
Commercial Vehicle Sales Revenue(in thousands)		March 31, 2026			March 31, 2025
New heavy-duty vehicles	$	550,480		$	625,796
New medium-duty vehicles (including bus sales revenue)		270,279			378,358
New light-duty vehicles		32,294			29,273
Used vehicles		95,715			90,812
Other vehicles		6,375			6,531
Absorption Ratio		126.9	%		128.6	%

Absorption Ratio


Management uses several performance metrics to evaluate the performance of its commercial vehicle dealerships and considers Rush Truck Centers’ “absorption ratio” to be of critical importance. Absorption ratio is calculated by dividing the gross profit from the parts, service and collision center departments by the overhead expenses of all of a dealership’s departments, except for the selling expenses of the new and used commercial vehicle departments and carrying costs of new and used commercial vehicle inventory. When 100% absorption is achieved, then gross profit from the sale of a commercial vehicle, after sales commissions and inventory carrying costs, directly impacts operating profit.

Debt Analysis(in thousands)		March 31, 2026			March 31, 2025
Floor plan notes payable	$	919,157		$	1,080,585
Current maturities of long-term debt		125			–
Current maturities of finance lease obligations		32,041			38,516
Long-term debt, net of current maturities		277,650			403,681
Finance lease obligations, net of current maturities		84,122			88,138
Total Debt (GAAP)		1,313,095			1,610,920
Adjustments:
Debt related to lease & rental fleet		(390,563	)		(526,764	)
Floor plan notes payable		(919,157	)		(1,080,585	)
Adjusted Total Debt (Non-GAAP)		3,375			3,571
Adjustment:
Cash and cash equivalents		(239,654	)		(228,719	)
Adjusted Net Debt (Cash) (Non-GAAP)	$	(236,279	)	$	(225,148	)

Management uses “Adjusted Total Debt” to reflect the Company’s estimated financial obligations less debt related to lease and rental fleet (L&RFD) and floor plan notes payable (FPNP), and “Adjusted Net (Cash) Debt” to present the amount of Adjusted Total Debt net of cash and cash equivalents on the Company’s balance sheet. The FPNP is used to finance the Company’s new and used inventory, with its principal balance changing daily as vehicles are purchased and sold and the sale proceeds are used to repay the notes. Consequently, in managing the business, management views the FPNP as interest bearing accounts payable, representing the cost of acquiring vehicles financed as collateral through a banking institution or the vendor’s financing arm and is required to be repaid as the collateral is sold. The Company has the capacity to finance all of its new and used inventory under its lines of credit established for these purposes but may choose to only partially finance them depending on business conditions and its management of cash and interest expense. The Company’s lease and rental fleet inventory are either: (i) leased to customers under long-term lease arrangements; or (ii) to a lesser extent, dedicated to the Company’s rental business. In both cases, the lease and rental payments received fully cover the capital costs of the lease and rental fleet (i.e., the interest expense on the borrowings used to acquire the vehicles and the depreciation expense associated with the vehicles), plus a profit margin for the Company. The Company believes that excluding the FPNP and L&RFD from the Company’s total debt for this purpose provides management with supplemental information regarding the Company’s capital structure and leverage profile and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts. “Adjusted Total Debt” and “Adjusted Net (Cash) Debt” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, the Company’s debt obligations, as reported in the Company’s consolidated balance sheet in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

		Twelve Months Ended
EBITDA(in thousands)		March 31, 2026			March 31, 2025
Net Income (GAAP)	$	264,907		$	292,867
Provision for income taxes		75,588			89,469
Interest expense		39,726			65,748
Depreciation and amortization		72,598			70,055
(Gain) loss on sale of assets		1			(827	)
EBITDA (Non-GAAP)		452,820			517,312
Adjustment:
Less Interest expense associated with FPNP and L&RFD		(42,297	)		(67,084	)
Adjusted EBITDA (Non-GAAP)	$	410,523		$	450,228

The Company presents EBITDA and Adjusted EBITDA, for the twelve months ended each period presented, as additional information about its operating results. The presentation of Adjusted EBITDA that excludes the addition of interest expense associated with FPNP and the L&RFD to EBITDA is consistent with management’s presentation of Adjusted Total Debt, in each case reflecting management’s view of interest expense associated with the FPNP and L&RFD as an operating expense of the Company, and to provide management with supplemental information regarding operating results and to assist investors in performing analysis that is consistent with financial models developed by management and research analyst. “EBITDA” and “Adjusted EBITDA” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net income of the Company, as reported in the Company’s consolidated statements of income in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

		Twelve Months Ended
Free Cash Flow(in thousands)		March 31, 2026			March 31, 2025
Net cash provided by operations (GAAP)	$	768,335		$	928,800
Acquisition of property and equipment		(356,778	)		(462,993	)
Free cash flow (Non-GAAP)		411,557			465,807
Adjustments:
Draws on floor plan financing, net		(29,611	)		(165,052	)
Cash used for L&RF purchases		254,997			373,341
Non-maintenance capital expenditures		34,371			24,250
Adjusted Free Cash Flow (Non-GAAP)	$	671,314		$	698,346

“Free Cash Flow” and “Adjusted Free Cash Flow” are key financial measures of the Company’s ability to generate cash from operating its business. Free Cash Flow is calculated by subtracting the acquisition of property and equipment included in the Cash flows from investing activities from Net cash provided by operating activities. For purposes of deriving Adjusted Free Cash Flow from the Company’s operating cash flow, Company management makes the following adjustments: (i) adds back draws (or subtracts payments) on the floor plan financing that are included in Cash flows from financing activities, as their purpose is to finance the vehicle inventory that is included in Cash flows from operating activities; (ii) adds back proceeds from notes payable related specifically to the financing of the lease and rental fleet that are reflected in Cash flows from financing activities; (iii) subtracts draws on floor plan financing, net and proceeds from L&RFD related to business acquisition assets that are included in Cash flows from investing activities; (iv) subtracts scheduled principal payments on fixed rate notes payable related specifically to the financing of the lease and rental fleet that are included in Cash flows from financing activities; (v) subtracts lease and rental fleet purchases that are included in acquisition of property and equipment and not financed under the lines of credit for cash and interest expense management purposes; and (vi) adds back non-maintenance capital expenditures that are for growth and expansion (i.e. building of new dealership facilities) that are not considered necessary to maintain the current level of cash generated by the business. “Free Cash Flow” and “Adjusted Free Cash Flow” are both presented so that investors have the same financial data that management uses in evaluating the Company’s cash flows from operating activities. “Free Cash Flow” and “Adjusted Free Cash Flow” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net cash provided by (used in) operations of the Company, as reported in the Company’s consolidated statement of cash flows in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

Invested Capital(in thousands)		March 31, 2026			March 31, 2025
Total Rush Enterprises, Inc. shareholders’ equity (GAAP)	$	2,268,779		$	2,166,936
Adjusted net debt (cash) (Non-GAAP)		(236,279	)		(225,148	)
Adjusted Invested Capital (Non-GAAP)	$	2,032,500		$	1,941,788

“Adjusted Invested Capital” is a key financial measure used by the Company to calculate its return on invested capital. For purposes of this analysis, management excludes L&RFD, FPNP, and cash and cash equivalents, for the reasons provided in the debt analysis above and uses Adjusted Net Debt in the calculation. The Company believes this approach provides management with a more accurate picture of the Company’s leverage profile and capital structure and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts. “Adjusted Net (Cash) Debt” and “Adjusted Invested Capital” are both non-GAAP financial measures. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.

Contact:

Rush Enterprises, Inc., New Braunfels
Steven L. Keller, 830-302-5226

TAREN POINT, Australia, April 28, 2026 (GLOBE NEWSWIRE) — GMEX Robotics Corporation (Nasdaq: GMEX) (the “Company”), today announced that it will effect a share consolidation of (i) its issued and unissued existing Class A ordinary shares, par value of $0.0128 per share, at a ratio of 1-for-7, with a post-share consolidation par value of $0.0896, and (ii) its issued and unissued existing Class B ordinary shares, par value of $0.0032, at a ratio of 1-for-28, with a post-share consolidation par value of $0.0896, effective on May 1, 2026 (the “Share Consolidation”). The Company’s Class A ordinary shares are expected to begin trading on a post-consolidation basis at the open of the market session on May 1, 2026. Upon the market opening on May 1, 2026, the Company’s Class A ordinary shares will continue to be traded on The Nasdaq Capital Market under the symbol “GMEX” with the new CUSIP number G3514S120. This decision represents a deliberate capital structure optimization, aligning the company’s market profile with its significant operational progress and ambitious future roadmap.

The Share Consolidation was approved by the Company’s board of director on April 6, 2026. Pursuant to the BVI Business Companies Act (as amended) and the Company’s Memorandum and Articles of Association, the Company’s Board of Directors is authorized to effect the Share Consolidation without the approval of the Company’s shareholders. Accordingly, no shareholder vote, consent or approval is required or will be sought in respect of the Share Consolidation.

As of April 28, 2026, there were 6,007,099 of the Company’s Class A ordinary shares outstanding and 201,250 Class B ordinary shares outstanding. Effecting the Share Consolidation will reduce the outstanding Class A ordinary shares to 858,157 and the outstanding Class B ordinary shares to 7,188. As a result of the Share Consolidation, the Company is authorised to issue a maximum of 22,321,429 shares of US$0.0896 par value each divided into (a) 22,033,929 Class A ordinary shares of a par value of US$0.0896 each; and (b) 287,500 Class B ordinary shares of a par value of US$0.0896 each.

“We are building a company designed for scale, performance, and sustained value creation,” stated Sam Lu, Chief Executive Officer of GMEX Robotics Corporation. “The Strengthened equity profile provides greater flexibility and a more robust platform for future value-accretive initiatives. This positions us optimally to consider strategic partnerships, acquisitions, or other capital market activities from a position of strength”.

As a result of the Share Consolidation, every seven (7) shares of the Company’s Class A ordinary shares will be automatically consolidated into one (1) Class A ordinary share and every twenty-eight (28) shares of the Company’s Class B ordinary shares will be automatically consolidated into one (1) Class B ordinary share. Outstanding warrants and other outstanding equity rights will be proportionately adjusted to reflect the Share Consolidation. No fractional shares will be issued in connection with the Share Consolidation, and in the event that a shareholder would otherwise be entitled to receive a fractional share upon the Share Consolidation, the number of shares to be received by such shareholder will be rounded up to one ordinary share of the same class in lieu of the fractional share that would have resulted from the Share Consolidation. Shareholders who are holding their shares in electronic form at brokerage firms do not need to take any action, as the effect of the Share Consolidation will automatically be reflected in their brokerage accounts.

The Company’s transfer agent, Vstock Transfer LLC, which is also acting as the exchange agent for the Share Consolidation, will send instructions to shareholders of record who hold stock certificates regarding the exchange of their old certificates for new certificates, should they wish to do so. Shareholders who hold their shares in brokerage accounts or “street name” are not required to take action to implement the exchange of their shares.

About GMEX Robotics:

Formerly known as Fitell Corporation, GMEX Robotics is a technology company operating at the intersection of consumer health and advanced automation. Building on a foundation of fitness equipment e-commerce, the Company is expanding its mission to design and deliver AI-driven robotic solutions that prioritize genuine consumer needs.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including market and other conditions, and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the Securities Exchange Commission.

Media Contact:

Jacqueline Grose
CORE IR & PR
[email protected]
(212) 655-0924
www.GMEXRobotics.com

Investor Contact:

CoreIR
[email protected]

SEATTLE, April 28, 2026 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.6 million for the quarter ended March 31, 2026, or $0.61 diluted earnings per share, compared to net income of $2.2 million, or $0.87 diluted earnings per share, for the quarter ended December 31, 2025, and $1.2 million, or $0.45 diluted earnings per share, for the quarter ended March 31, 2025. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.21 per share, payable on May 26, 2026 to stockholders of record as of the close of business on May 11, 2026.

Comments from the Chief Executive Officer and President / Chief Financial Officer

“Economic uncertainty and elevated interest rates tempered loan demand in the first quarter. Nevertheless, we continued to generate solid deposit growth, with total deposits increasing $19.6 million during the quarter and $58.2 million over the past year, reflecting the strength of our customer relationships and franchise. We were also pleased to be ranked fourth in the Puget Sound Business Journal’s April 11, 2025 list of fastest-growing banks in Washington state based on deposit growth. Our continued ability to grow relationships, improve profitability and perform well despite external pressures reflects the dedication of our bankers and the trust our customers place in us,” remarked Laurie Stewart, Chief Executive Officer. 

“Our first quarter results demonstrate improving earnings capacity as margin expansion and balance sheet growth offset seasonal expense patterns,” said Wes Ochs, President and Chief Financial Officer. “Net interest income increased sequentially and year‑over‑year, both loans and deposits grew meaningfully during the quarter, and liquidity strengthened, providing flexibility to support loan demand.”

Mr. Ochs added, “While credit metrics declined modestly during the quarter, nonperforming assets remain manageable and reserves continue to reflect the underlying risk characteristics of the portfolio. With improving funding dynamics and a healthy capital position, we remain focused on sustainable long‑term performance.”

Q1 2026 Financial Performance
Total assets increased $19.9 million or 1.8% to $1.11 billion at March 31, 2026, from $1.09 billion at December 31, 2025, and increased $42.9 million or 4.0% from $1.07 billion at March 31, 2025. Loans held-for-portfolio increased $16.0 million or 1.8% to $921.5 million at March 31, 2026, compared to $905.5 million at December 31, 2025, and increased $35.3 million or 4.0% from $886.2 million at March 31, 2025. Total deposits increased $19.6 million or 2.1% to $968.5 million at March 31, 2026, from $948.9 million at December 31, 2025, and increased $58.2 million or 6.4% from $910.3 million at March 31, 2025. Noninterest-bearing deposits decreased $1.5 million or 1.1% to $131.1 million at March 31, 2026 compared to $132.6 million at December 31, 2025, and increased $4.4 million or 3.5% from $126.7 million at March 31, 2025. The loans-to-deposits ratio was 95.4% at March 31, 2026, compared to 95.7% at December 31, 2025 and 97.5% at March 31, 2025. Total nonperforming loans increased $1.6 million or 27.6% to $7.4 million at March 31, 2026, from $5.8 million at December 31, 2025, and decreased $2.3 million or 23.6% from $9.7 million at March 31, 2025. Nonperforming loans to total loans was 0.80% and the allowance for credit losses on loans to total nonperforming loans was 117.02% at March 31, 2026.				Net interest income increased $385 thousand or 4.4% to $9.0 million for the quarter ended March 31, 2026, from $8.7 million for the quarter ended December 31, 2025, and increased $976 thousand or 12.1% from $8.1 million for the quarter ended March 31, 2025. Net interest margin (“NIM”), annualized, was 3.49% for the quarter ended March 31, 2026, compared to 3.36% for the quarter ended December 31, 2025 and 3.25% for the quarter ended March 31, 2025. A $123 thousand provision for credit losses was recorded for the quarter ended March 31, 2026, compared to a $104 thousand provision for the quarter ended December 31, 2025, and a $203 thousand release of provision for the quarter ended March 31, 2025. The allowance for credit losses on loans to total loans outstanding was 0.94% at March 31, 2026, compared to 0.95% at both December 31, 2025 and March 31, 2025. Total noninterest income increased $43 thousand or 5.0% to $910 thousand for the quarter ended March 31, 2026, compared to the quarter ended December 31, 2025, and decreased $188 thousand or 17.1% compared to the quarter ended March 31, 2025. Total noninterest expense increased $1.0 million or 15.1% to $7.9 million for the quarter ended March 31, 2026, compared to the quarter ended December 31, 2025, and decreased $40 thousand or 0.5% compared to the quarter ended March 31, 2025. The Bank maintained capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at March 31, 2026.

Operating Results

Net Interest Income after Provision for Credit Losses

		For the Quarter Ended										Q1 2026 vs. Q4 2025							Q1 2026 vs. Q1 2025
		March 31, 2026			December 31, 2025			March 31, 2025				Amount ($)				Percentage (%)			Amount ($)				Percentage (%)
		(Dollars in thousands, unaudited)
Interest income		$	14,465		$	14,284		$	13,706			$	181			1.3%			$	759			5.5%
Interest expense			5,418			5,622			5,635				(204	)		(3.6)%				(217	)		(3.9)%
Net interest income			9,047			8,662			8,071				385			4.4%				976			12.1%
Provision for credit losses			123			104			(203	)			19			18.3%				326			(160.6)%
Net interest income after provision for credit losses			8,924			8,558			8,274				366			4.3%				650			7.9%

Q1 2026 vs. Q4 2025

Interest income increased $181 thousand, or 1.3%, to $14.5 million for the quarter ended March 31, 2026, compared to $14.3 million for the quarter ended December 31, 2025. The increase was primarily due to higher average balance of loans, investments, interest earning cash, and a 14 basis point increase in the average yield on loans, offset by a 145 basis point decline in the average yield on investments and a 28 basis point decline in the average yield interest-earning cash.

Interest income on loans increased $152 thousand, or 1.2%, to $13.3 million for the quarter ended March 31, 2026, compared to $13.2 million for the quarter ended December 31, 2025. The average balance of total loans was $914.1 million for the quarter ended March 31, 2026, compared to $905.8 million for the quarter ended December 31, 2025. The increase in the average balance of total loans was primarily due to growth in construction and land loans and home equity loans, partially offset by declines in one-to-four family loans, floating home loans and other consumer loans. The average balances for commercial and multifamily loans, manufactured home and commercial business loans remained relatively unchanged from the prior quarter. The average yield on total loans was 5.90% for the quarter ended March 31, 2026, up from 5.76% for the quarter ended December 31, 2025. This increase in yield was primarily due to new loan originations at higher rates during the current quarter.

Interest income on investments was $97 thousand for the quarter ended March 31, 2026, compared to $122 thousand for the quarter ended December 31, 2025. The decrease in interest income was primarily due to a 145 basis point decline in average yield, partially offset by an increase in the average balance of investments. Interest income on interest-earning cash increased modestly to $1.1 million for the quarter ended March 31, 2026, compared to $1.0 million for quarter ended December 31, 2025, reflecting a higher average balance partially offset by a lower average yield.

Interest expense decreased $204 thousand or 3.6%, to $5.4 million for the quarter ended March 31, 2026, compared to the quarter ended December 31, 2025. The decrease was primarily the result of lower borrowings, as well as lower average rates paid on all categories of interest-bearing deposits, subordinated debt, and borrowings, generally reflecting lower market interest rates. These decreases were partially offset by higher average balances of savings and money market accounts and certificate accounts. The average cost of deposits was 2.19% for the quarter ended March 31, 2026, down from 2.26% for the quarter ended December 31, 2025, as higher costing deposits repriced lower due to market interest rate decreases from September 2025 through March 2026. Interest expense on FHLB advances was lower during the current quarter compared to the prior quarter due to the repayment of a maturing advance late in the prior quarter.

Net interest margin, annualized, increased to 3.49% for the quarter ended March 31, 2026, from 3.36% for the quarter ended December 31, 2025, primarily due to lower funding costs and an increase in the average balance of and rates paid on loans receivable.

A provision for credit losses of $123 thousand was recorded for the quarter ended March 31, 2026, consisting of a provision for credit losses on loans of $49 thousand and provision for credit losses on unfunded loan commitments of $74 thousand. This compared to a provision for credit losses of $104 thousand for the quarter ended December 31, 2025, consisting of a provision for credit losses on loans of $68 thousand and provision for credit losses on unfunded loan commitments of $36 thousand. The increase in the provision for credit losses for the quarter ended March 31, 2026 compared to the quarter ended December 31, 2025 primarily reflects an increase in higher risk loan balances during the quarter, mainly construction and land loans, and an increase in unfunded loan commitments. Additionally, new qualitative adjustments were added to all commercial loan categories related to economic uncertainty surrounding geopolitical events as well as adjustments for volume of past due and adversely risk rated home equity and multifamily loans, as compared to economic uncertainty adjustments applied only to the consumer segments previously. These increases were partially offset by improvement in other consumer past due loans and commercial construction collateral values. Other qualitative adjustments were largely applied to the same segments at a similar risk adjustment compared to the quarter ended December 31, 2025. Expected credit loss estimates are based on a range of factors, including market conditions, borrower-specific information, projected delinquencies, and the anticipated effects of economic trends on borrowers’ ability to repay.

Q1 2026 vs. Q1 2025

Interest income on loans increased $719 thousand, or 5.7%, to $13.3 million for the quarter ended March 31, 2026, compared to $12.6 million for the quarter ended March 31, 2025. The average balance of total loans was $914.1 million for the quarter ended March 31, 2026, up from $896.8 million for the quarter ended March 31, 2025. The average yield on total loans was 5.90% for the quarter ended March 31, 2026, up from 5.69% for the quarter ended March 31, 2025.

Interest income on investments was $97 thousand for the quarter ended March 31, 2026, compared to $108 thousand for the quarter ended March 31, 2025. The decrease in interest income was primarily due to an 88 basis point decline in average yield, partially offset by an increase in the average balance of investments. Interest income on interest-earning cash increased $51 thousand to $1.1 million for the quarter ended March 31, 2026, compared to $1.0 million for the quarter ended March 31, 2025. The increase was a result of higher average balance of interest-earning cash, partially offset by lower average yield due to a reduction in the average rate paid on interest-earning cash.

Interest expense decreased $217 thousand, or 3.9%, to $5.4 million for the quarter ended March 31, 2026, compared to $5.6 million for the quarter ended March 31, 2025. The decrease was primarily the result of a $15.0 million decrease in the average balance of interest-bearing demand and NOW accounts and a $14.4 million decrease in the average balance of FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits and borrowings reflecting lower market interest rates. During the fourth quarter of 2025, we paid down our subordinated debt by $4.0 million and repaid $15.0 million of FHLB borrowings that were scheduled to mature in January 2026. These average-balance decreases were partially offset by a $56.2 million increase in the average balance of savings and money market accounts, an $8.4 million increase in the average balance of certificate accounts, and an increase in the rate paid on subordinated debt. The average cost of deposits was 2.19% for the quarter ended March 31, 2026, down from 2.37% for the quarter ended March 31, 2025. The average cost of subordinated debt was 9.66% for the quarter ended March 31, 2026, up from 5.79% for the quarter ended March 31, 2025, due to the debt converting to a variable-rate instrument that reprices on a quarterly basis from the previous fixed-rate period. The average cost of FHLB advances was 4.15% for the quarter ended March 31, 2026, down from 4.25% for the quarter ended March 31, 2025, due to repayment of $15.0 million of advances during the fourth quarter of 2025.

Net interest margin, annualized, increased to 3.49% for the quarter ended March 31, 2026, from 3.25% for the quarter ended March 31, 2025, reflecting both higher interest income and lower funding costs.

A provision for credit losses of $123 thousand was recorded for the quarter ended March 31, 2026, consisting of a provision for credit losses on loans of $49 thousand and a provision for credit losses on unfunded loan commitments of $74 thousand. This compared to a release of provision for credit losses of $203 thousand for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. The larger provision in the current quarter compared to the same quarter last year resulted primarily from the annual updates to the model assumptions, a larger loan portfolio, as well as additional qualitative adjustments applied to the commercial loan segment, reflecting increased uncertainty in market conditions surrounding geopolitical events, in addition to the uncertainty adjustment tied to the impact of tariffs and other external factors affecting our clients already applied to our consumer portfolio. Expected credit loss estimates consider various factors, including market conditions, borrower-specific information, projected delinquencies, and anticipated effects of economic trends on borrowers’ ability to repay.

Noninterest Income

		For the Quarter Ended												Q1 2026 vs. Q4 2025							Q1 2026 vs. Q1 2025
		March 31, 2026				December 31, 2025				March 31, 2025				Amount ($)				Percentage (%)			Amount ($)				Percentage (%)
		(Dollars in thousands, unaudited)
Service charges and fee income		$	624			$	649			$	684			$	(25	)		(3.9)%			$	(60	)		(8.8)%
Earnings on bank-owned life insurance (“BOLI”)			130				189				195				(59	)		(31.2)%				(65	)		(33.3)%
Mortgage servicing income			248				253				269				(5	)		(2.0)%				(21	)		(7.8)%
Fair value adjustment on mortgage servicing rights			(140	)			(160	)			(99	)			20			(12.5)%				(41	)		41.4%
Net gain on sale of loans			101				73				49				28			38.4	%			52			106.1%
Other income			(53	)			(137	)			—				84			(61.3)%				(53	)		—%
Total noninterest income		$	910			$	867			$	1,098			$	43			5.0	%		$	(188	)		(17.1)%

Q1 2026 vs. Q4 2025

Noninterest income during the current quarter compared to the quarter ended December 31, 2025 increased by $43 thousand or 5.0%. There were fluctuations within certain income categories as noted below:

• an $84 thousand increase in other income due to lower estimated costs associated with closing our Tacoma branch in the current quarter compared to losses recognized on the disposal of Integrated Teller Machines (ITMs) decommissioned or replaced in the prior quarter;
• a $28 thousand increase in net gain on sale of loans, primarily related to a higher volume of loans sold; and
• a $20 thousand increase in the fair value adjustment on mortgage servicing rights, primarily reflecting changes in valuation assumptions associated with the prepayment speeds and interest rate declines applied to a smaller servicing portfolio, which led to a lower reduction in the portfolio fair value than in the prior quarter.

These increases were partially offset by:

• a $59 thousand decrease in earnings on BOLI, primarily due to fluctuations in market interest rates; and
• a $25 thousand decrease in service charges and fee income, primarily due to lower interchange income partially related to seasonal swipe activity in the fourth quarter of 2025 being higher during the holiday season.

Loans sold during the quarter ended March 31, 2026, totaled $6.1 million, compared to $4.1 million during the quarter ended December 31, 2025. The change primarily relates to the seasonal timing of loan sales and loan activity, which typically slows down in the fourth quarter.

Q1 2026 vs. Q1 2025

Noninterest income decreased $188 thousand, or 17.1% during the current quarter compared to the quarter ended March 31, 2025, primarily as a result of:

• a $60 thousand decrease in service charges and fee income, primarily due to the timing of the recognition of the annual volume incentive paid by Mastercard in 2025 and 2026;
• a $65 thousand decrease in earnings from BOLI, primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter of 2025, with the benefit of improved yields continuing into the current quarter, partially offset by lower market interest rates in the current quarter;
• a $21 thousand decrease in mortgage servicing income as a result of a smaller servicing portfolio;
• a $41 thousand decline in the fair value adjustment on mortgage servicing rights due to an overall smaller servicing portfolio and changes in valuation assumptions associated with the cost to service loans and interest rate movements compared to the prior year; and
• a $53 thousand decrease in other income due to estimated Tacoma branch closure expenditures in the current quarter.

These decreases were partially offset by a $52 thousand increase in net gain on sale of loans due to an increase in the volume of loans sold.

Noninterest Expense

		For the Quarter Ended										Q1 2026 vs. Q4 2025							Q1 2026 vs. Q1 2025
		March 31, 2026			December 31, 2025				March 31, 2025			Amount ($)				Percentage (%)			Amount ($)				Percentage (%)
		(Dollars in thousands, unaudited)
Salaries and benefits		$	4,458		$	3,533			$	4,595		$	925			26.2%			$	(137	)		(3.0)%
Operations			1,501			1,683				1,365			(182	)		(10.8)%				136			10.0%
Regulatory assessments			198			(53	)			221			251			(473.6)%				(23	)		(10.4)%
Occupancy			427			460				437			(33	)		(7.2)%				(10	)		(2.3)%
Data processing			1,287			1,200				1,293			87			7.3%				(6	)		(0.5)%
Net loss (gain) on OREO and repossessed assets			3			17				3			(14	)		(82.4)%				—			—%
Total noninterest expense		$	7,874		$	6,840			$	7,914		$	1,034			15.1%			$	(40	)		(0.5)%

Q1 2026 vs. Q4 2025

The increase in noninterest expense during the current quarter compared to the quarter ended December 31, 2025 was primarily related to:

• a $925 thousand increase in salaries and benefits due to a higher salaries expense, partially due to accrual reversals in the fourth quarter 2025, higher incentive expense, higher payroll taxes related to annual bonus payments, and higher expenses related to our employee stock ownership plan resulting from the strategic decision to reduce the amount purchased in the fourth quarter of 2025, thereby reducing the expense in the fourth quarter;
• a $251 thousand increase in regulatory assessments primarily due to the downward revision of estimated accrued expense in the fourth quarter of 2025, which resulted from lower than expected exam costs and reduced quarterly assessments due to a lower rate applied to a lower average asset balance with no corresponding true-up in the current quarter; and
• an $87 thousand increase in data processing, primarily due to a vendor reimbursement during the prior quarter and higher processing costs related to some of our software vendors partially due to the addition of new features, such as fraud detection software, which has resulted in lower operational losses in our operations line item.

These increases were partially offset by:

• a $182 thousand decrease in operations expense, primarily due to higher costs associated with our debit card processing in the prior quarter and lower fraud losses; and
• a $33 thousand decrease in occupancy due to higher property charges and maintenance fees recognized in the prior quarter primarily due to repair work performed in connection with the decommissioning of ITMs.

Q1 2026 vs. Q1 2025

The decrease in noninterest expense during the current quarter compared to the quarter ended March 31, 2025 was primarily related to:

• a $137 thousand decrease in salaries and benefits due to a reduction in salary expense due to the impact of deferred compensation accruals for key executives and an increase in deferred salaries due to loan growth, partially offset by an increase in medical expense due to higher premiums paid by the Company;
• a $23 thousand decrease in regulatory assessments, primarily due to reduced quarterly assessments resulting from a lower rate applied to a lower average asset balance; and
• a $10 thousand decrease in occupancy expense, due to higher building lease charges in 2025 resulting from lease renewals and maintenance charges.

These decreases were partially offset by a $136 thousand increase in operations expense, primarily due to higher costs associated with our debit card processing.

Balance Sheet Review, Capital Management and Credit Quality

Assets totaled $1.11 billion at March 31, 2026, up from $1.09 billion at December 31, 2025 and $1.07 billion at March 31, 2025. The increase in total assets from December 31, 2025 was primarily a result of higher balance of loans held-for-portfolio and a new equity investment in the first quarter of 2026. These were also the reasons for the increase in total assets from March 31, 2025, along with higher balances of cash and cash equivalents.

Cash and cash equivalents decreased $469 thousand, or 0.3%, to $138.0 million at March 31, 2026, compared to $138.5 million at December 31, 2025, and increased $6.5 million, or 4.9%, from $131.5 million at March 31, 2025. The decrease from December 31, 2025 primarily relates to increase in loans held-for-portfolio and a new $5.0 million equity investment, partially offset by higher deposit balances. The increase from March 31, 2025 was primarily due to higher deposit balances, partially offset by an increase in loans held-for-portfolio, the new equity investment noted above, and the repayment of borrowings and subordinated debt during the fourth quarter of 2025.

Investment securities decreased $190 thousand, or 2.0%, to $9.4 million at March 31, 2026, compared to $9.6 million at December 31, 2025, and decreased $409 thousand, or 4.2%, from $9.8 million at March 31, 2025. Held-to-maturity securities totaled $1.9 million at both March 31, 2026 and December 31, 2025, compared to $2.1 million at March 31, 2025. Available-for-sale securities totaled $7.5 million at March 31, 2026, compared to $7.7 million at both December 31, 2025 and March 31, 2025. The decreases in our available-for-sale and held-to-maturity portfolios from December 31, 2025 and March 31, 2025 related to principal paydowns or payoffs, as well as decreases in the fair value of available-for-sale securities.

Loans held-for-portfolio totaled $921.5 million at March 31, 2026, compared to $905.5 million at December 31, 2025 and $886.2 million at March 31, 2025. The increase from December 31, 2025, was primarily due to growth in construction and land loans. The increase from March 31, 2025, reflected growth in home equity, commercial real estate, multifamily and construction and land loans. These increases were partially offset by a decline in one-to-four family loans, driven by fewer new home loans and normal amortization, as well as a decrease in floating home loans and other consumer loans.

Equity securities totaled $5.0 million at March 31, 2026, compared to zero at both December 31, 2025 and March 31, 2025. The increase primarily related to the strategic decision to deploy some of our interest-earning cash into a higher yielding Community Reinvestment Act (“CRA”)-eligible workforce housing equity investment in the first quarter of 2026. While this investment carries more risk, the level of investment remains low compared to our total assets and partially replaces the runoff of our CRA-eligible available-for-sale debt securities over the past few years.

Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, increased $1.4 million, or 22.1%, to $7.5 million at March 31, 2026, from $6.1 million at December 31, 2025, and decreased $2.2 million, or 22.9%, from $9.7 million at March 31, 2025. The increase from December 31, 2025 was primarily due to the placement of $1.8 million of loans on nonaccrual status, including one multifamily loan of $1.1 million, partially offset by loan payoffs, returns to accrual status, charged-offs, and OREO sales. The decrease from one year ago was primarily due to loan payoffs totaling $7.9 million, returns to accrual status, and charged-offs, partially offset by $6.5 million of new nonaccrual loans.

Nonperforming loans totaled $7.4 million at March 31, 2026, with commercial and multifamily loans representing $4.2 million, or 57.1% of total nonperforming loans, reflecting a concentration in larger relationships. One-to-four family nonperforming loans totaled $1.9 million, or 26.3% of total nonperforming loans, and the remaining balance of nonperforming loans was primarily comprised of manufactured home, home equity, and other consumer loans. OREO and other repossessed assets totaled $99 thousand, representing 1.3% of total NPAs.

NPAs to total assets were 0.67%, 0.56% and 0.91% at March 31, 2026, December 31, 2025 and March 31, 2025, respectively. The allowance for credit losses on loans to total loans outstanding was 0.94% at March 31, 2026, compared to 0.95% at both December 31, 2025 and March 31, 2025. Net loan charge-offs were $19 thousand for the first quarter of 2026, compared to $27 thousand for the fourth quarter of 2025 and $21 thousand for the first quarter of 2025.

The following table summarizes our NPAs at the dates indicated (dollars in thousands):

	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
Nonperforming Loans:
One-to-four family	$	1,939			$	1,597			$	609			$	1,423			$	762
Home equity loans		383				187				201				359				368
Commercial and multifamily		4,213				3,163				1,065				1,065				5,627
Construction and land		80				82				103				21				22
Manufactured homes		475				461				476				489				501
Floating homes		—				—				—				—				2,363
Commercial business		30				30				—				—				—
Other consumer		259				262				263				9				10
Total nonperforming loans		7,379				5,782				2,717				3,366				9,653
OREO and Other Repossessed Assets:
One-to-four family		—				259				259				259				—
Manufactured homes		99				85				85				41				41
Total OREO and repossessed assets		99				344				344				300				41
Total NPAs	$	7,478			$	6,126			$	3,061			$	3,666			$	9,694
Percentage of Nonperforming Loans:
One-to-four family		25.9	%			26.1	%			19.9	%			38.8	%			7.9	%
Home equity loans		5.1				3.1				6.6				9.8				3.8
Commercial and multifamily		56.3				51.6				34.8				29.1				58.0
Construction and land		1.1				1.3				3.4				0.6				0.2
Manufactured homes		6.4				7.5				15.6				13.3				5.2
Floating homes		—				—				—				—				24.4
Commercial business		0.4				0.5				—				—				—
Other consumer		3.5				4.3				8.5				0.2				0.1
Total nonperforming loans		98.7				94.4				88.8				91.8				99.6
Percentage of OREO and Other Repossessed Assets:
One-to-four family		—				4.2				8.4				7.1				—
Manufactured homes		1.3				1.4				2.8				1.1				0.4
Total OREO and repossessed assets		1.3				5.6				11.2				8.2				0.4
Total NPAs		100.0	%			100.0	%			100.0	%			100.0	%			100.0	%

The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

	At or For the Quarter Ended:
	March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
Allowance for Credit Losses on Loans
Balance at beginning of period	$	8,605			$	8,564			$	8,536			$	8,393			$	8,499
Provision for (release of) provision for credit losses during the period		49				68				65				164				(85	)
Net charge-offs during the period		(19	)			(27	)			(37	)			(21	)			(21	)
Balance at end of period	$	8,635			$	8,605			$	8,564			$	8,536			$	8,393
Allowance for Credit Losses on Unfunded Loan Commitments
Balance at beginning of period	$	148			$	112			$	122			$	116			$	234
Provision for (release of) credit losses during the period		74				36				(10	)			6				(118	)
Balance at end of period		222				148				112				122				116
Allowance for Credit Losses	$	8,857			$	8,753			$	8,676			$	8,658			$	8,509
Allowance for credit losses on loans to total loans		0.94	%			0.95	%			0.94	%			0.94	%			0.95	%
Allowance for credit losses to total loans		0.96	%			0.97	%			0.95	%			0.96	%			0.96	%
Allowance for credit losses on loans to total nonperforming loans		117.02	%			148.82	%			315.20	%			253.59	%			86.95	%
Allowance for credit losses to total nonperforming loans		120.03	%			151.38	%			319.32	%			257.22	%			88.15	%

Total deposits increased $20 million, or 2.1%, to $968.5 million at March 31, 2026, from $948.9 million at December 31, 2025, and increased $58.2 million, or 6.4%, from $910.3 million at March 31, 2025. The increase in total deposits from December 31, 2025 was primarily due to seasonal fluctuations in customer account balances, new client deposits, and higher balances from large depositors. The increase from the prior year end was primarily due to new depositors and existing depositors increasing their balances. Noninterest-bearing deposits decreased $1.5 million, or 1.1%, to $131.1 million at March 31, 2026, compared to $132.6 million at December 31, 2025 and increased $4.4 million, or 3.5%, compared to $126.7 million at March 31, 2025. Noninterest-bearing deposits represented 13.5%, 14.0% and 13.9% of total deposits at March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

FHLB advances totaled $10.0 million at both March 31, 2026 and December 31, 2025, compared to $25.0 million at March 31, 2025. The decrease from March 31, 2025 was due to the early repayment of a $15.0 million FHLB advance during the fourth quarter of 2025 which was originally scheduled to mature in January 2026. FHLB advances are primarily used to support organic loan growth and maintain liquidity ratios in line with our asset/liability objectives. A single FHLB advance outstanding at March 31, 2026 matures in early 2028. Subordinated notes, net, totaled $7.8 million at both March 31, 2026 and December 31, 2025, compared to $11.8 million at March 31, 2025. The decrease in subordinated notes reflects a $4.0 million paydown completed on the first scheduled repricing date of October 1, 2025, as part of a strategic decision to reduce higher costing debt.

Stockholders’ equity totaled $110.4 million at March 31, 2026, an increase of $1.0 million, or 0.9%, from $109.4 million at December 31, 2025, and an increase of $6.0 million, or 5.7%, from $104.4 million at March 31, 2025. The increase in stockholders’ equity from December 31, 2025 was primarily the result of $1.6 million of net income earned during the current quarter and $57 thousand in share-based compensation, partially offset by an $80 thousand increase in accumulated other comprehensive loss, net of tax, and the payment of $541 thousand in cash dividends to the Company’s stockholders.

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Our Tacoma branch is scheduled to close on May 1, 2026 as part of ongoing strategic consolidation efforts. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

Forward-Looking Statements Disclaimer

When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), as well as in the Company’s other press releases, other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of the Company’s future financial performance based on its growth strategies and anticipated trends in its business. These statements are only predictions based on the Company’s current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions, the factors listed below or other factors that the Company cannot foresee that could cause the Company’s actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

Factors that could cause the Company’s actual results to differ materially from those expressed or implied by these forward-looking statements and from historical performance include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of persistent inflation, recessionary pressures or slowing economic growth; changes in interest rate levels and volatility, and the timing and pace of such changes, including actions by the Board of Governors of the Federal Reserve System, which could adversely affect the Company’s revenues and expenses, the values of the Company’s assets and obligations and the availability and cost of capital and liquidity; the impact of inflation and related monetary and fiscal policy responses, including their effects on consumer and business behavior; the effects of a federal government shutdown, debt ceiling standoff, or other fiscal uncertainty; the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans; the Company’s ability to implement key growth initiatives and strategic priorities; environmental, social and governance matters; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; the ability to adapt to rapid technological changes, including advancements related to artificial intelligence, digital banking platforms, and cybersecurity; legislation or regulatory changes, including but not limited to changes in capital requirements, banking regulations, tax laws, or consumer protection laws; vulnerabilities in information systems or third-party service providers, including disruptions, breaches, or attacks; geopolitical developments and international conflicts, as well as the imposition of new or increased tariffs and trade restrictions, any of which may disrupt financial markets, global supply chains, commodity prices, or economic activity in specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, domestic political unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at


www.soundcb.com


 and on the SEC’s website at


www.sec.gov


.

The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

CONSOLIDATED INCOME STATEMENTS

(Dollars in thousands, unaudited)

		For the Quarter Ended
		March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
Interest income		$	14,465			$	14,284			$	14,652			$	14,915			$	13,706
Interest expense			5,418				5,622				5,712				5,660				5,635
Net interest income			9,047				8,662				8,940				9,255				8,071
Provision for (release of provision for) credit losses			123				104				55				170				(203	)
Net interest income after provision for (release of provision for) credit losses			8,924				8,558				8,885				9,085				8,274
Noninterest income:
Service charges and fee income			624				649				672				664				684
Earnings on bank-owned life insurance			130				189				225				229				195
Mortgage servicing income			248				253				262				263				269
Fair value adjustment on mortgage servicing rights			(140	)			(160	)			(372	)			(80	)			(99	)
Net gain on sale of loans			101				73				94				44				49
Other income (loss)			(53	)			(137	)			—				—				—
Total noninterest income			910				867				881				1,120				1,098
Noninterest expense:
Salaries and benefits			4,458				3,533				4,259				4,321				4,595
Operations			1,501				1,683				1,483				1,443				1,365
Regulatory assessments			198				(53	)			221				222				221
Occupancy			427				460				431				416				437
Data processing			1,287				1,200				1,274				1,254				1,293
Net loss on OREO and repossessed assets			3				17				8				9				3
Total noninterest expense			7,874				6,840				7,676				7,665				7,914
Income before provision for income taxes			1,960				2,585				2,090				2,540				1,458
Provision for income taxes			384				339				395				488				291
Net income		$	1,576			$	2,246			$	1,695			$	2,052			$	1,167

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, unaudited)

		March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
ASSETS
Cash and cash equivalents		$	137,984			$	138,453			$	101,156			$	102,542			$	131,494
Available-for-sale securities, at fair value			7,517				7,699				7,637				7,521				7,689
Held-to-maturity securities, at amortized cost			1,884				1,892				1,899				2,113				2,121
Equity securities			5,000				—				—				—				—
Loans held-for-sale			281				542				271				2,025				2,267
Loans held-for-portfolio			921,518				905,533				909,715				904,286				886,226
Allowance for credit losses – loans			(8,635	)			(8,605	)			(8,564	)			(8,536	)			(8,393	)
Total loans held-for-portfolio, net			912,883				896,928				901,151				895,750				877,833
Accrued interest receivable			3,888				3,771				3,896				3,658				3,540
Bank-owned life insurance, net			23,747				23,327				23,138				22,913				22,685
Other real estate owned (“OREO”) and other repossessed assets, net			99				344				344				300				41
Mortgage servicing rights, at fair value			4,096				4,183				4,305				4,638				4,688
Federal Home Loan Bank (“FHLB”) stock, at cost			1,120				1,060				1,735				1,734				1,734
Premises and equipment, net			4,168				4,239				4,421				4,498				4,591
Right-of-use assets			3,133				3,423				3,679				3,933				3,546
Other assets			6,251				6,312				6,531				6,617				6,957
TOTAL ASSETS		$	1,112,051			$	1,092,173			$	1,060,163			$	1,058,242			$	1,069,186
LIABILITIES
Interest-bearing deposits		$	837,409			$	816,309			$	767,554			$	775,262			$	783,660
Noninterest-bearing deposits			131,092				132,566				131,389				124,197				126,687
Total deposits			968,501				948,875				898,943				899,459				910,347
Borrowings			10,000				10,000				25,000				25,000				25,000
Accrued interest payable			496				674				774				634				586
Lease liabilities			3,364				3,671				3,943				4,213				3,828
Other liabilities			8,839				10,366				10,146				10,238				10,774
Advance payments from borrowers for taxes and insurance			2,625				1,387				2,116				914				2,450
Subordinated notes, net			7,812				7,801				11,791				11,780				11,770
TOTAL LIABILITIES			1,001,637				982,774				952,713				952,238				964,755
STOCKHOLDERS’ EQUITY:
Common stock			25				25				25				25				25
Additional paid-in capital			28,797				28,737				28,665				28,590				28,515
Retained earnings			82,518				81,483				79,724				78,517				76,952
Accumulated other comprehensive loss, net of tax			(926	)			(846	)			(964	)			(1,128	)			(1,061	)
TOTAL STOCKHOLDERS’ EQUITY			110,414				109,399				107,450				106,004				104,431
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	1,112,051			$	1,092,173			$	1,060,163			$	1,058,242			$	1,069,186

KEY FINANCIAL RATIOS

(unaudited)

		For the Quarter Ended
		March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Annualized return on average assets		0.58	%		0.84	%		0.63	%		0.78	%		0.45	%
Annualized return on average equity		5.78	%		8.19	%		6.26	%		7.78	%		4.53	%
Annualized net interest margin(1)		3.49	%		3.36	%		3.48	%		3.67	%		3.25	%
Annualized efficiency ratio(2)		79.08	%		71.78	%		78.16	%		73.88	%		86.31	%

(1)   Net interest income divided by average interest earning assets.
(2)   Noninterest expense divided by total revenue (net interest income and noninterest income).

PER COMMON SHARE DATA


(unaudited)

		At or For the Quarter Ended
		March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Basic earnings per share		$	0.61		$	0.87		$	0.66		$	0.80		$	0.45
Diluted earnings per share		$	0.61		$	0.87		$	0.66		$	0.79		$	0.45
Weighted-average basic shares outstanding			2,562,467			2,557,608			2,556,562			2,556,562			2,554,265
Weighted-average diluted shares outstanding			2,574,212			2,574,586			2,575,575			2,577,990			2,578,609
Common shares outstanding at period-end			2,568,043			2,567,953			2,566,069			2,566,069			2,566,069
Book value per share		$	43.00		$	42.60		$	41.87		$	41.31		$	40.70

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID

(Dollars in thousands, unaudited)

The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

	Three Months Ended
	March 31, 2026										December 31, 2025										March 31, 2025
	Average Outstanding Balance				Interest Earned/Paid			Yield/Rate			Average Outstanding Balance				Interest Earned/Paid			Yield/Rate			Average Outstanding Balance				Interest Earned/Paid			Yield/Rate
Interest-Earning Assets:
Loans receivable	$	914,113			$	13,307		5.90	%		$	905,754			$	13,155		5.76	%		$	896,822			$	12,588		5.69	%
Interest-earning cash		120,683				1,061		3.57	%			103,892				1,007		3.85	%			95,999				1,010		4.27	%
Investments		15,646				97		2.51	%			12,218				122		3.96	%			12,924				108		3.39	%
Total interest-earning assets	$	1,050,442				14,465		5.58	%			1,021,864			$	14,284		5.55	%		$	1,005,745				13,706		5.53	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	388,633				2,306		2.41	%		$	363,341				2,327		2.54	%		$	332,406				2,058		2.51	%
Demand and NOW accounts		125,932				82		0.26	%			126,984				93		0.29	%			140,905				108		0.31	%
Certificate accounts		301,341				2,736		3.68	%			293,955				2,782		3.75	%			292,973				3,039		4.21	%
Subordinated notes		7,808				186		9.66	%			7,798				197		10.02	%			11,766				168		5.79	%
Borrowings		10,556				108		4.15	%			20,109				223		4.40	%			25,000				262		4.25	%
Total interest-bearing liabilities	$	834,270				5,418		2.63	%		$	812,187				5,622		2.75	%		$	803,050				5,635		2.85	%
Net interest income/spread					$	9,047		2.95	%						$	8,662		2.80	%						$	8,071		2.68	%
Net interest margin								3.49	%									3.36	%									3.25	%
Ratio of interest-earning assets to interest-bearing liabilities		126	%									126	%									125	%
Noninterest-bearing deposits	$	133,691									$	128,964									$	126,215
Total deposits		949,597			$	5,124		2.19	%			913,244			$	5,202		2.26	%			892,499			$	5,205		2.37	%
Total funding(1)		967,961				5,418		2.27	%			941,151				5,622		2.37	%			929,265				5,635		2.46	%

(1)	Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as total interest expense divided by average total funding.

 

LOANS

(Dollars in thousands, unaudited)

		March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
Real estate loans:
One-to-four family		$	251,146			$	253,841			$	257,797			$	262,672			$	262,457
Home equity			31,903				31,468				29,903				28,582				28,112
Commercial and multifamily			409,810				409,729				408,802				398,429				392,798
Construction and land			71,878				50,261				52,797				49,926				42,492
Total real estate loans			764,737				745,299				749,299				739,609				725,859
Consumer loans:
Manufactured homes			42,968				43,080				42,735				43,112				42,448
Floating homes			84,927				87,315				88,674				91,448				86,626
Other consumer			15,978				16,571				17,031				17,259				18,224
Total consumer loans			143,873				146,966				148,440				151,819				147,298
Commercial business loans			15,164				15,378				14,214				14,779				14,690
Total loans			923,774				907,643				911,953				906,207				887,847
Less:
Premiums			610				627				644				662				688
Deferred fees, net			(2,866	)			(2,737	)			(2,882	)			(2,583	)			(2,309	)
Allowance for credit losses – loans			(8,635	)			(8,605	)			(8,564	)			(8,536	)			(8,393	)
Total loans held-for-portfolio, net		$	912,883			$	896,928			$	901,151			$	895,750			$	877,833

DEPOSITS

(Dollars in thousands, unaudited)

		March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Noninterest-bearing demand		$	131,091		$	132,566		$	131,388		$	124,197		$	126,687
Interest-bearing demand			130,643			125,634			129,570			137,222			143,595
Savings			58,881			59,478			60,106			61,813			63,533
Money market			345,913			331,604			286,827			282,346			287,058
Certificates			301,973			299,593			291,052			293,881			289,474
Total deposits		$	968,501		$	948,875		$	898,943		$	899,459		$	910,347

CREDIT QUALITY DATA

(Dollars in thousands, unaudited)

		At or For the Quarter Ended
		March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
Total nonperforming loans		$	7,379			$	5,782			$	2,717			$	3,366			$	9,653
OREO and other repossessed assets			99				344				344				300				41
Total nonperforming assets		$	7,478			$	6,126			$	3,061			$	3,666			$	9,694
Net charge-offs during the quarter		$	(19	)		$	(27	)		$	(37	)		$	(21	)		$	(21	)
Provision for (release of) credit losses during the quarter			123				104				55				170				(203	)
Allowance for credit losses – loans			8,635				8,605				8,564				8,536				8,393
Allowance for credit losses – loans to total loans			0.94	%			0.95	%			0.94	%			0.94	%			0.95	%
Allowance for credit losses – loans to total nonperforming loans			117.02	%			148.82	%			315.20	%			253.59	%			86.95	%
Nonperforming loans to total loans			0.80	%			0.64	%			0.30	%			0.37	%			1.09	%
Nonperforming assets to total assets			0.67	%			0.56	%			0.29	%			0.35	%			0.91	%

OTHER STATISTICS

(Dollars in thousands, unaudited)

		At or For the Quarter Ended
		March 31, 2026				December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025
Total loans to total deposits			95.38	%			95.65	%			101.45	%			100.75	%			97.53	%
Noninterest-bearing deposits to total deposits			13.54	%			13.97	%			14.62	%			13.81	%			13.92	%
Average total assets for the quarter		$	1,094,501			$	1,066,451			$	1,063,972			$	1,055,881			$	1,051,135
Average total equity for the quarter		$	110,575			$	108,837			$	107,375			$	105,803			$	104,543

Contact

Financial:
Wes Ochs
President/CFO
(206) 436-8587
Media:
Laurie Stewart
CEO
(206) 436-1495

LOS ANGELES, April 28, 2026 (GLOBE NEWSWIRE) — EVgo Inc. (Nasdaq: EVGO), one of the nation’s largest providers of public fast charging infrastructure for electric vehicles (EVs), today announced that it will release its first quarter financial results on Tuesday, May 5. This release will be followed by a webcast hosted by members of the EVgo management team at 8 a.m. ET (5 a.m. PT).

EVgo First Quarter 2026 Webcast

When: Tuesday, May 5
Time: 8 a.m. ET (5 a.m. PT)
Live Webcast: https://investors.evgo.com/news-events/events 

A copy of the press release with the financial results and the presentation discussed during the webcast will be available on the Investor Relations section of EVgo’s website prior to the commencement of the webcast. An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.

About EVgo

EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,200 fast charging stations across 47 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.

For Investors:


[email protected]

For Media:


[email protected]

• Sales of $482 million, up one percent from the prior-year quarter
• Income from continuing operations of $15 million, or $0.32 per diluted share
• Adjusted Income from Continuing Operations Excluding Intangibles Amortization Expense of $42 million, or $0.91 per diluted share
• Net income of $16 million, or $0.34 per diluted share
• Adjusted EBITDA of $98 million, down nine percent from the prior-year quarter, primarily reflecting temporary operational impacts from the Calvert City startup delay, Hopewell productivity challenges, and weather-related disruptions in the second quarter
• Cash flows provided by operating activities of $50 million; Ongoing Free Cash Flow² of $29 million
• Updating full‑year fiscal 2026 sales guidance to $1,835-$1,870 million and Adjusted EBITDA guidance to $385-$400 million, primarily reflecting a slower than expected productivity ramp at Hopewell

WILMINGTON, Del., April 28, 2026 (GLOBE NEWSWIRE) — Ashland Inc. (NYSE: ASH) today announced financial results¹ for the second quarter of fiscal year 2026, which ended March 31, 2026, and updated its full-year fiscal 2026 outlook. Ashland, a global additives and specialty ingredients company, holds leadership positions in high-quality, consumer-focused markets including pharmaceuticals, personal care and architectural coatings.

“Ashland’s second quarter results reflect commercial execution across much of the portfolio as we navigated a challenging operating environment with generally resilient demand,” said Guillermo Novo, chair and chief executive officer of Ashland. “Sales increased modestly year-over-year, driven by strength in Personal Care, resilient performance in Life Sciences, and stabilization in Specialty Additives. Life Sciences delivered steady results, supported by strong customer engagement and continued volume growth in pharma applications, reflecting sustained demand in injectables and oral solid‑dosage excipients. Personal Care generated broad-based growth, led by double-digit gains in biofunctional actives and solid execution across skin care, hair care, and microbial protection. In Specialty Additives, coatings returned to growth on share gains, while we reduced our construction exposure on portfolio mix management, and energy markets were softer in the Middle East due to the ongoing conflict. In Intermediates, demand and pricing were stable at trough levels, with disciplined commercial and operating actions supporting profitability.”

Novo continued, “While execution was solid across much of the portfolio, results were impacted by specific operational challenges. Operational headwinds associated with the ramp-up at our Hopewell manufacturing facility weighed on overall results. Product quality and customer service levels were maintained and profitably scaling this operation remains a central focus for the team. Although these issues weighed on near term performance, they are internal and within our control. In other areas, we completed the Calvert City repairs and effectively managed the winter storm related shutdowns in line with expectations. The team also successfully navigated March supply chain disruptions related to Middle East geopolitical tensions, while maintaining customer service levels through the seasonal activity ramp. In parallel, we mobilized to assess supply chain resilience, which remains manageable, and to plan pricing actions that were recently announced to address global cost increases driven by energy markets.”

“We generated strong cash flow in the quarter, supported by disciplined working capital management, including meaningful inventory reductions,” Novo said. “In a volatile environment, we remain focused on cash generation, balance sheet strength, and disciplined capital allocation to improve resilience. We continue to make strong progress across our globalize and innovate platforms, with innovate having already achieved its full-year target only halfway through fiscal 2026. Despite this strategic progress, given slower than anticipated productivity at our HEC Hopewell site and more variable demand in select areas of the portfolio, we are updating our full-year outlook accordingly. Looking ahead, we remain focused on advancing innovation, strengthening our highest performing businesses globally, stabilizing operations, and executing pricing and productivity initiatives.”

Second-quarter sales were $482 million, up one percent from $479 million in the prior-year quarter. Sales volumes were relatively unchanged, with strong growth in Personal Care and steady performance in Life Sciences offset by softness in Intermediates. Pricing declined two percent, generally across segments. Foreign currency movements contributed a favorable $16 million, or three percent, to sales.

Net income was $16 million, down from income of $31 million in the prior year. Income from continuing operations was $15 million, down from income of $30 million, or $0.32 per diluted share compared to $0.63 last year. Adjusted Income from Continuing Operations Excluding Intangibles Amortization Expense was $42 million, down from $46 million, or $0.91 per diluted share versus $0.99 in the prior year. Adjusted Operating Income was $54 million, down from $60 million last year. Adjusted EBITDA was $98 million, representing a 20 percent margin, down nine percent from $108 million in the prior-year quarter, driven primarily by the Calvert City startup delay, Hopewell productivity challenges, weather-related operational disruptions as well as softer pricing. These impacts were partially offset by favorable foreign exchange and lower selling, administrative, research and development (SARD) expenses as restructuring related benefits continue to be realized. The Calvert City startup delay and weather-related disruptions negatively impacted Adjusted EBITDA by approximately $10 million. Foreign currency movements contributed a favorable $6 million to Adjusted EBITDA.

Average diluted shares outstanding were 46 million in the second quarter, down from 47 million in the prior-year quarter, reflecting share repurchase activity over the past 12 months.

Cash flows provided by operating activities were $50 million, up from $9 million in the prior-year quarter, driven primarily by working capital improvements. Ongoing Free Cash Flow totaled $29 million versus negative $6 million in the prior‑year quarter, driven by lower working capital and capital expenditures.

Reportable Segment Performance

To aid in the understanding of Ashland’s ongoing business performance, the results of Ashland’s reportable segments are described below on an adjusted basis. In addition, EBITDA and Adjusted EBITDA are reconciled to operating income in Table 4. Free Cash Flow, Ongoing Free Cash Flow and Adjusted Operating Income are reconciled in Table 6 and Adjusted Income from Continuing Operations, Adjusted Diluted Earnings Per Share and Adjusted Diluted Earnings Per Share Excluding Intangible Amortization Expense are reconciled in Table 7 of this news release. These adjusted results are considered non-GAAP financial measures.  For a full description of the non-GAAP financial measures used, see the “Use of Non-GAAP Measures” section that further describes these adjustments below.

Life Sciences

Sales for the Life Sciences segment totaled $172 million in the second quarter, flat compared to the prior‑year quarter. Performance reflected higher sales volumes within pharma applications, where demand remains resilient across most regions, offset by select non-pharma end markets and lower pricing. Prices declined modestly year-over-year reflecting carry-over effects from prior-period pricing actions and select competitive pressure in certain regions. Foreign currency movements contributed a favorable impact of approximately $6 million to segment sales compared to the prior year.

Pharma achieved low-single-digit sales growth, representing its fourth consecutive quarter of year-over-year volume gains. Performance was supported by continued strength in high purity excipients, alongside double-digit momentum in injectables and tablet coatings. Results benefited from progress across the globalize and innovate pillars, including growth in differentiated cellulose grades, expanding adoption of low‑nitrite products, and ongoing contributions from new product introductions. These gains were partially offset by continued softness in nutrition and other non-pharma end markets, driven by order timing. Pricing was generally stable sequentially, and as previously announced, Ashland has begun implementing price increases across the portfolio to address recent volatility in energy, raw materials, and logistics costs.

Adjusted Operating Income for the quarter was $36 million, down from $43 million in the prior‑year quarter. Adjusted EBITDA totaled $50 million, representing a 29 percent margin and an 11 percent decrease versus $56 million last year. The year‑over‑year decline was driven by modestly lower pricing and higher costs, primarily reflecting approximately $5 million related to the Calvert City startup delay and weather‑related disruptions, partially offset by favorable foreign exchange. Foreign currency movements contributed approximately $3 million to Adjusted EBITDA in the quarter. Life Sciences continues to benefit from resilient pharma demand, disciplined execution, and sustained momentum across its globalize and innovate initiatives, positioning the segment to capture value as pricing actions are realized and operating conditions normalize.

Personal Care

Personal Care sales in the second quarter were $150 million, an increase of three percent compared to $146 million in the prior-year quarter. Performance was driven by double-digit growth across the globalize platform, led by robust momentum in biofunctional actives, continued traction in microbial protection, and strong  execution across key care ingredients categories. Pricing declined moderately in select end markets to support share gains, while favorable foreign currency movements contributed approximately $5 million to segment sales.

Sales performance reflected broad‑based growth across the Personal Care portfolio, supported by volume increases and solid execution across all three business lines and regions. Care Ingredients increased year-over-year, driven by high‑single‑digit growth in skin care, mid‑single‑digit growth in hair care, and low‑single‑digit growth in oral and home care. Biofunctional Actives delivered robust year‑over‑year growth, supported by strong customer demand and new product adoptions. Microbial Protection achieved solid growth, driven by double-digit volume increases across most regions and continued share gains. Overall demand remained resilient, supported by strong commercial execution and continued progress across the globalize and innovate platforms in higher‑value, differentiated applications.

Adjusted Operating Income was $28 million, up from $27 million in the prior‑year period. Adjusted EBITDA was $43 million, compared to $44 million last year, representing a margin of 29 percent, as higher volumes and favorable foreign currency movements were offset by lower pricing and higher costs, including  approximately $2 million related to the Calvert City startup delay and weather-related disruptions. Foreign currency movements contributed a favorable impact of $2 million to Adjusted EBITDA. Personal Care delivered resilient results and maintained strong margins in a dynamic market environment while continuing to advance targeted commercial and innovation initiatives.

Specialty Additives

Specialty Additives sales were $134 million in the second quarter, flat year-over-year. Performance reflected stable volumes driven by strong execution and continued share gains in coatings and performance specialties, offset by lower volumes in construction, which was impacted by portfolio mix management actions. Volume trends improved as commercial initiatives gained traction across key applications, while construction activity remained lower due in part to these deliberate portfolio actions. Pricing declined moderately year-over-year to support targeted share gains, while foreign currency movements provided a favorable sales impact of approximately $4 million.

Market conditions remained mixed by region. In coatings, volumes increased year-over-year, driven by continued share gains in Europe and North America with solid execution across key customer programs, despite generally flat underlying market conditions. North America remained softer, reflecting subdued architectural activity, while China and parts of MEAI experienced demand volatility, including periods of pre‑buying related to supply uncertainty. Performance specialties also delivered year‑over‑year volume growth, supported by customer wins and effective commercial execution, while construction demand remained challenged globally. Energy & resources demand was lower, reflecting customer‑specific impacts related to the Middle East conflict. Latin America was broadly stable, supported by ongoing share‑gain initiatives.

Adjusted Operating Income was $1 million, compared to income of $10 million in the prior-year quarter, and Adjusted EBITDA was $16 million, down from $26 million in the prior-year quarter. The year‑over‑year decline was driven by lower pricing and higher manufacturing‑related costs, including operational challenges associated with the scale-up of the manufacturing facility at Hopewell, weather-related disruptions of approximately $2 million, and a weaker energy market in the Middle East. During the quarter, Ashland leveraged its global manufacturing network and disciplined execution to maintain reliable customer supply. Foreign currency had a negligible impact on Adjusted EBITDA versus the prior‑year quarter. Specialty Additives remains focused on differentiation across key applications, with targeted actions underway to improve operating performance in a challenging market environment.

Intermediates

Intermediates sales totaled $35 million in the second quarter, a five percent decrease compared to $37 million in the prior-year quarter. This included $26 million in merchant sales, compared to $27 million in the prior year, and $9 million in captive butanediol (BDO) sales, down $1 million year-over-year. Captive BDO sales are recognized at market‑based pricing. Results reflected stable market conditions in a trough environment, with lower BDO demand and pricing versus the prior year, as well as commercial and operating impacts related to the Calvert City outage. Foreign currency movements provided a favorable impact of approximately $1 million to segment sales.

Adjusted Operating Income was $4 million, compared to a loss of $1 million in the prior year. Adjusted EBITDA was $5 million, up from $2 million in the prior‑year quarter. The year‑over‑year improvement reflected disciplined cost management and favorable raw material and operational cost actions, including benefits related to manufacturing inputs, which more than offset the Calvert City‑related commercial and operating impacts during the quarter.

Unallocated & Other

Unallocated and other expense was $20 million compared to $11 million in the prior-year quarter. Restructuring, governance, and legacy expenses declined year-over-year, but were more than offset by the absence of $18 million of gains recognized in the prior‑year quarter, primarily related to the sale of the Avoca business and a gain on land sale. Adjusted unallocated and other expense EBITDA was $16 million compared to $20 million in the prior‑year quarter.

Financial Outlook

Ashland is updating its full-year fiscal 2026 sales guidance to a range of $1,835 to $1,870 million and its Adjusted EBITDA guidance to a range of $385 to $400 million. The updated outlook reflects productivity challenges associated with the Hopewell scale-up, as well as softer energy-related demand tied to the Middle East conflict and reduced EV driven demand for BDO based derivatives. These impacts are partially offset by resilient demand in core end markets, ongoing pricing actions, and continued growth across the globalize and innovate platforms.

Despite a mixed macroeconomic backdrop, Ashland’s core Personal Care and Life Sciences end markets continue to show resilience, underpinned by stable fundamentals and sustained momentum in innovation‑led and globalized product offerings. Second quarter sales trends were encouraging, reflecting solid momentum across several consumer‑focused markets, with early third quarter activity showing a continuation of this commercial strength. While cost‑savings initiatives remain in progress, a slower‑than‑anticipated productivity ramp‑up associated with the Hopewell HEC manufacturing site is delaying the pace of benefit realization. Ashland continues to expect the year to follow a typical seasonal cadence, with stronger performance anticipated in the second half as commercial activity builds and operational stability improves.

Updating prior guidance

• Sales: $1,835 to $1,870 million
• Adjusted EBITDA: $385 million to $400 million
• Adjusted Diluted Earnings Per Share Excluding Intangibles Amortization: mid-to-high single-digit growth
• Ongoing Free Cash Flow Conversion: approximately 50 percent of Adjusted EBITDA with capital expenditures of approximately $100 million

Key planning assumptions

• Portfolio Optimization initiatives completed last year continue to support mix improvement and structural margin resiliency
• Demand in Life Sciences and Personal Care is expected to remain resilient, supported by stable fundamentals and progress across innovation-driven and globalized product lines
• Specialty Additives and Intermediates markets remain stable at trough levels, with a coatings recovery expected to be regionally uneven until broader industrial and housing activity improves. In Specialty Additives the company is expanding its coatings product offering to shift momentum to overall growth. Against this backdrop, the outlook differs across key end markets, with specific areas under pressure:
  • Construction is expected to remain a year‑over‑year headwind as the company actively manages product mix toward higher‑value, pharma‑grade applications.
  • Energy, a smaller end market exposure, is expected to decline in the second half due to the evolving conflict in the Middle East.
  • EV battery manufacturing build‑outs continue to be delayed amid softer demand.
• Growth in high-value globalized platforms including biofunctional actives, microbial protection, injectables, and tablet coatings is expected to outpace underlying markets
• The manufacturing optimization program is progressing; however, fiscal 2026 savings expectations have been reduced by approximately $10 to $12 million, reflecting delayed benefit realization driven primarily by a slower‑than‑anticipated productivity ramp‑up at the Hopewell HEC site. Corrective actions are underway, with gradual improvement expected as operational stability is restored over time
• Raw material and freight costs are expected to trend higher amid geopolitically related supply pressures in the Middle East
• Ashland believes it is favorably positioned on the global cost curve and has implemented recent pricing actions that are expected to substantially offset these impacts
• Tariff-related uncertainty remains elevated, and the outlook assumes no material incremental impacts beyond known exposures, with mitigation actions aligned to current regulatory expectations

“As we look ahead, our full‑year expectations reflect both the underlying strength of our portfolio and the reality that our operating performance this year has fallen short of our standards. Our updated outlook incorporates the operating environment we are seeing today, including the impact of recent operational challenges at our Hopewell facility. While disappointing, these issues are internal and within our control, and we are taking targeted actions to improve operational execution. Even amid heightened macroeconomic and geopolitical uncertainty, Ashland’s end-market mix, raw material exposure and commercial positioning provide a solid foundation to manage cost volatility and support resilient performance. Beyond these factors, our outlook continues to be supported by momentum in pharmaceutical applications, resilient performance in Personal Care, and a disciplined focus on pricing, productivity, and inventory management. We remain committed to disciplined management of production, working capital, and free cash flow as conditions evolve. With a clear operational roadmap and sustained focus on execution, we are strengthening our foundation in fiscal 2026 and positioning the company for improved performance in fiscal 2027,” concluded Guillermo Novo, chair and chief executive officer of Ashland.

Conference Call Webcast

The company’s live webcast with securities analysts will include an executive summary and detailed remarks. The live webcast will take place at 9 a.m. ET on Wednesday, April 29, 2026. Simultaneously, the company will post a slide presentation in the Investor Relations section of its website at http://investor.ashland.com.

To access the call by phone, please go to this registration link and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

Following the live event, an archived version of the webcast and supporting materials will be available for 12 months at http://investor.ashland.com.

Use of Non-GAAP Measures

Ashland believes that by removing the impact of depreciation and amortization and excluding certain non-cash charges, amounts spent on interest and taxes, and certain other charges that are highly variable from year to year, EBITDA, Adjusted EBITDA, EBITDA Margin and Adjusted EBITDA Margin provide Ashland’s investors with performance measures that reflect the impact to operations from trends in changes in sales, margin and operating expenses, providing a perspective not immediately apparent from net income, operating income, net income margin, and operating income margin. The adjustments Ashland makes to derive the non-GAAP measures of EBITDA, Adjusted EBITDA, EBITDA Margin and Adjusted EBITDA Margin exclude items which may cause short-term fluctuations in net income and operating income and which Ashland does not consider to be the fundamental attributes or primary drivers of its business. EBITDA, Adjusted EBITDA, EBITDA Margin, and Adjusted EBITDA Margin provide disclosure on the same basis as that used by Ashland’s management to evaluate financial performance on a consolidated and reportable segment basis and provide consistency in our financial reporting, facilitate internal and external comparisons of Ashland’s historical operating performance and its business units, and provide continuity to investors for comparability purposes. EBITDA Margin and Adjusted EBITDA Margin are defined as EBITDA and Adjusted EBITDA divided by sales for the corresponding period.

Key items, which are set forth on Table 7 of this release, are defined as financial effects from significant transactions that, either by their nature or amount, have caused short-term fluctuations in net income and/or operating income which Ashland does not consider to reflect Ashland’s underlying business performance and trends most accurately. Further, Ashland believes that providing supplemental information that excludes the financial effects of these items in the financial results will enhance the investor’s ability to compare financial performance between reporting periods.

Tax-specific key items, which are set forth on Table 7 of this release, are defined as financial transactions, tax law changes or other matters that fall within the definition of key items as described above. These items relate solely to tax matters and would only be recorded within the income tax caption of the Statement of Consolidated Income. As with all key items, due to their nature, Ashland does not consider the financial effects of these tax-specific key items on net income to be the most accurate reflection of Ashland’s underlying business performance and trends.

The Free Cash Flow metrics enable Ashland to provide a better indication of the ongoing cash being generated that is ultimately available for both debt and equity holders as well as other investment opportunities. Unlike cash flow provided by operating activities, Free Cash Flow and Ongoing Free Cash Flow include the impact of capital expenditures from continuing operations and other significant items impacting Free Cash Flow, providing a more complete picture of current and future cash generation. Free Cash Flow, Ongoing Free Cash Flow, and Ongoing Free Cash Flow Conversion are non-GAAP liquidity measures that Ashland believes provide useful information to management and investors about Ashland’s ability to convert Adjusted EBITDA to ongoing Free Cash Flow. These liquidity measures are used regularly by Ashland’s stakeholders and industry peers to measure the efficiency at providing cash from regular business activity. Free Cash Flow, Ongoing Free Cash Flow, and Free Cash Flow Conversion have certain limitations, including that they do not reflect adjustments for certain non-discretionary cash flows such as mandatory debt repayments. The amount of mandatory versus discretionary expenditures can vary significantly between periods.

Adjusted Diluted Earnings Per Share is a performance measure used by Ashland and is defined by Ashland as earnings (loss) from continuing operations, adjusted for identified key items and divided by the number of outstanding diluted shares of common stock. Ashland believes this measure provides investors additional insights into operational performance by providing earnings and diluted earnings per share metrics that exclude the effect of the identified key items and tax specific key items.

The Adjusted Diluted Earnings Per Share Excluding Intangibles Amortization Expense metric enables Ashland to demonstrate the impact of non-cash intangibles amortization expense on earnings per share, in addition to key items previously mentioned. Ashland’s management believes this presentation is helpful to illustrate how previous acquisitions impact applicable period results.

Ashland does not quantitatively reconcile our guidance ranges for our non-GAAP measures to their most comparable GAAP measures in the Financial Outlook section of this news release. The guidance ranges for GAAP and non-GAAP financial measures reflect Ashland’s assessment of potential sources of variability in financial results and are informed by evaluation of multiple scenarios, many of which have interactive effects across several financial statement line items. Providing guidance for individual reconciling items between our non-GAAP financial measures and the comparable GAAP measures would imply a degree of precision and certainty in those reconciling items that is not a consistent reflection of our scenario-based process to prepare our guidance ranges. To the extent that a material change affecting the individual reconciling items between the company’s forward-looking non-GAAP and comparable GAAP financial measures is anticipated, the company has provided qualitative commentary in the Financial Outlook section of this news release for your consideration. However, as the impact of such factors cannot be predicted with a reasonable degree of certainty or precision, a quantitative reconciliation is not available without unreasonable effort.

About Ashland 
Ashland Inc. (NYSE: ASH) is a global additives and specialty ingredients company with a conscious and proactive mindset for environmental, social and governance (ESG). The company serves customers in a wide range of consumer and industrial markets, including architectural coatings, construction, energy, food and beverage, personal care and pharmaceutical. Approximately 2,900 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit ashland.com and ashland.com/ESG to learn more.  

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “objectives,” “may,” “will,” “should,” “plans” and “intends” and the negative of these words or other comparable terminology. Ashland may from time to time make forward-looking statements in its annual reports, quarterly reports and other filings with the U.S. Securities and Exchange Commission (“SEC”), news releases and other written and oral communications. These forward-looking statements are based on Ashland’s expectations and assumptions, as of the date such statements are made, regarding Ashland’s future operating performance, financial, operating cash flow and liquidity, as well as the economy and other future events or circumstances. These statements include, but are not limited to, expectations for improved performance in the second half of the fiscal year; anticipated demand trends and market conditions; the projected benefits, timing, and results associated with Ashland’s manufacturing network optimization initiatives, portfolio actions, innovation programs, and commercial strategies; assumptions related to raw material costs, supply chain dynamics, and broader macroeconomic factors; Ashland’s capacity to achieve its fiscal 2026 priorities and further strengthen its positioning for fiscal 2027; as well as management’s perspectives and projections regarding Ashland’s performance in fiscal year 2026.  

Ashland’s expectations and assumptions include, without limitation, internal forecasts and analyses of current and future market conditions and trends, management plans and strategies, operating efficiencies and economic conditions (such as prices, supply and demand, cost of raw materials, and the ability to recover raw-material cost increases through price increases), and risks and uncertainties associated with the following: Ashland’s aggressive growth goals and the extent to which such goals may be impacted by a failure to optimize our tangible and intangible assets, a failure to identify and integrate acquisition targets, any unexpected costs and liabilities associated with such acquisitions, and goodwill impairment; business disruptions stemming from natural, operational, and other catastrophic events, including disruptions to supply and logistics functions, manufacturing delays, and information technology system and network failures; climate change and related resource impacts; changes in consumer preferences and a reduction in demand for Ashland’s products; risks inherent in operating a global business, including tariffs and other trade policies, geopolitical instability and armed conflict, and challenges associated with hiring and managing a diverse workforce across countries with differing laws, regulations, and cultural practices; economic downturns and disruptions in the financial markets; Ashland’s substantial indebtedness, including the possibility that such indebtedness and related restrictive covenants may adversely affect our future cash flows, limit our ability to repay debt and obtain future financing, place Ashland at a competitive disadvantage, and make us more vulnerable to interest rate increases; our ability to develop and market new products and remain competitive in the markets in which we operate; our ability to pass increases in the costs of energy and raw materials to customers and to fulfill our contractual requirements with customers and vendors; downward pressures on prices and margins; the ability to attract and retain key employees and to provide for effective succession planning; cybersecurity risks, including disruptions to or failures in Ashland’s information technology systems and networks, malicious cyberattacks, and the inadvertent or accidental disclosure or loss of proprietary or sensitive information; Ashland’s ability to effectively protect and enforce its intellectual property rights; exposure to products liability claims; risks related to compliance with environmental, health, and safety regulations, including the potential for costly litigation, remediation, and settlement actions; exposure to pending and threatened asbestos-related litigation; changes in the legal and regulatory landscapes in which we operate; changes in taxation or adverse tax rulings; and, without limitation, risks and uncertainties affecting Ashland that are described in Ashland’s most recent Annual Report on Form 10-K (including Item 1A Risk Factors) filed with the SEC, which is available on Ashland’s website at http://investor.ashland.com or on the SEC’s website at http://www.sec.gov. Various risks and uncertainties may cause actual results to differ materially from those stated, projected or implied by any forward-looking statements. Ashland believes its expectations and assumptions are reasonable, but there can be no assurance that the expectations reflected herein will be achieved. Unless legally required, Ashland undertakes no obligation to update any forward-looking statements made in this news release whether as a result of new information, future events or otherwise.

¹

Financial results are preliminary until Ashland’s Form 10-Q is filed with the U.S. Securities and Exchange Commission.

²

The Ongoing Free Cash Flow metric excludes the impact of inflows and outflows from U.S. and Foreign Accounts Receivable Sales Program and payments related to restructuring and environmental and litigation-related matters in both the current-year and prior-year periods.

^™ Trademark, Ashland or its subsidiaries, registered in various countries.

FOR FURTHER INFORMATION:

Investor Relations:	Media Relations:
Sandy Klugman	Carolmarie C. Brown
+1 (302) 594-7777	+1 (302) 995-3158
[email protected]	[email protected]

Attachments

• Ashland_Q2_ 2026_Earnings_ Release_FNL_20260428
• Ashland_Earnings_Release_Financial_Tables_Q2_ FY26_FNL_20260428
• Ashland_Q2_ 2026_Earnings_ Release_With_Financial_Tables_FNL_20260428

SINGAPORE, April 28, 2026 (GLOBE NEWSWIRE) — Trident Digital Tech Holdings Ltd (Nasdaq: TDTH) (“Trident” or the “Company”), a Singapore-headquartered digital technology company listed on Nasdaq, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission on April 28, 2026 Eastern Time. The annual report can be accessed on the Company’s investor relations website at https://investors.tridentity.me.

About Trident

Trident is a leading catalyst for digital transformation in digital optimization, technology services, and Web 3.0 activation worldwide, based in Singapore. The Company offers commercial and technological digital solutions designed to optimize its clients’ end-user experience by promoting digital adoption and self-service.

Tridentity, the Company’s flagship product, is an innovative, highly secure blockchain-based identity solution that provides single sign-on authentication capabilities to integrated third-party systems across various industries. Tridentity aims to offer unparalleled security features, protecting sensitive information and preventing potential threats, thereby promising a new era of security in the global digital landscape in general, and in South Asia, with a strong focus on Africa and other high growth markets.

Beyond Tridentity, the Company’s mission is to become the global leader in Web 3.0 activation, notably connecting businesses to a reliable and secure technological platform, with tailored and optimized customer experiences, with a strong focus on Africa and other high-growth markets. For more information, visit: https://tridentity.me/

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: potential adverse reactions or changes to business relationships; adverse changes in general economic or market conditions; actions by third parties, including government agencies; the Company’s strategies, future business development, and financial condition and results of operations; the expected growth of the digital solutions market; political, economic, social, and legal developments in the jurisdictions in which the Company operates or intends to expand; and the Company’s ability to maintain and enhance its brand. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Inquiries:

Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5^th Floor
New York, New York 10036
Office: (646) 893-5835
Email: [email protected]

LEAWOOD, Kan., April 28, 2026 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) Announces 2026 First Quarter Earnings.

Net Income		Diluted EPS		Net Interest Margin 1		ROAA 1		ROATCE 1
$50.0 million $63.2 million (adj)2		$0.52 $0.67 (adj)2		3.77% 2 3.64% (adj)2		1.12% 2 1.42% (adj)2		11.10% 2 14.12% (adj)2

	MESSAGE FROM OUR CHAIRMAN, PRESIDENT & CEO
	Busey posted strong results this quarter with adjusted diluted EPS of $0.67, up 17.5% year-over-year, and continued strong profitability as adjusted return on average assets2 improved by 33 basis points to 1.42% and adjusted ROATCE improved by 287 basis points to 14.12%. Net interest margin2 continued its expansion, up 6 basis points quarter-over-quarter, to 3.77%. Wealth management fee income had another record quarter, with net inflows offsetting lower market valuations and sustaining relatively stable assets under care. Expenses remained well controlled as we identified, and executed on, additional synergies related to the CrossFirst acquisition, with the efficiency ratio improving 390 basis points from last year, to 54.8%. Capital remained strong with Common Equity Tier 1 Capital to Risk Weighted Assets3 at 12.31%, even after significant share repurchases of $65.6 million during the quarter. Tangible book value per common share2 grew 8.2% year-over-year to $20.14. As expected, loan and deposit balances were down seasonally. Credit remained strong with non-performing assets down 14.0% quarter-over-quarter and the ratio of allowance to loans was stable at 1.26%. As we look ahead to the rest of the year, we have significant momentum with the addition of talent to the organization, and new business pipelines are building. With robust capital and ample liquidity, Busey remains well positioned to drive meaningful value for our associates, clients, communities, and shareholders in this volatile macro environment.
	Van A. Dukeman Chairman, President and CEO of First Busey Corporation

FINANCIAL RESULTS

First quarter 2026 net income for First Busey Corporation, together with its consolidated subsidiaries (“Busey,” the “Company,” “we,” “us,”, or “our”) was $50.0 million, or $0.52 per diluted common share, compared to net income of $60.8 million, or $0.63 per diluted common share, for the fourth quarter of 2025, and a net loss of $(30.0) million, or $(0.44) per diluted common share, for the first quarter of 2025. Annualized return on average assets² and annualized return on average tangible common equity² were 1.12% and 11.10%, respectively, for the first quarter of 2026. During the first quarter of 2026, salaries, wages, and employee benefits expenses were elevated as Busey identified, and executed on, additional synergies related to the CrossFirst Bankshares, Inc. (“CrossFirst”) acquisition and also due to the previously announced departure of Michael J. Maddox.

Adjusted net income available to common stockholders,² which excludes the impact of non-GAAP adjustments, was $58.6 million, or $0.67 per diluted common share, for the first quarter of 2026, compared to $60.6 million, or $0.68 per diluted common share, for the fourth quarter of 2025 and $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025. Annualized adjusted return on average assets² and annualized adjusted return on average tangible common equity² were 1.42% and 14.12%, respectively, for the first quarter of 2026.

Pre-provision net revenue² was $67.7 million for the first quarter of 2026, compared to $80.6 million for the fourth quarter of 2025 and $28.7 million for the first quarter of 2025. Pre-provision net revenue to average assets² was 1.52% for the first quarter of 2026, compared to 1.75% for the fourth quarter of 2025, and 0.78% for the first quarter of 2025.

Adjusted pre-provision net revenue² was $84.4 million for the first quarter of 2026, compared to $85.4 million for the fourth quarter of 2025 and $54.7 million for the first quarter of 2025. Adjusted pre-provision net revenue to average assets² was 1.89% for the first quarter of 2026, compared to 1.85% for the fourth quarter of 2025 and 1.50% for the first quarter of 2025.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2026				December 31, 2025				March 31, 2025(i)
Total interest income	$	225,485			$	235,094			$	166,815
Total interest expense		71,516				77,536				63,084
Net interest income		153,969				157,558				103,731
Provision for credit losses		3,058				2,435				45,593
Net interest income after provision for credit losses		150,911				155,123				58,138
Total noninterest income		42,265				42,691				21,223
Total noninterest expense		129,519				120,320				112,030
Income (loss) before income taxes		63,657				77,494				(32,669	)
Income taxes		13,676				16,744				(2,679	)
Net income (loss)		49,981				60,750				(29,990	)
Dividends on preferred stock		4,589				4,590				—
Net income (loss) available to common stockholders	$	45,392			$	56,160			$	(29,990	)
Basic earnings (loss) per common share	$	0.52			$	0.63			$	(0.44	)
Diluted earnings (loss) per common share	$	0.52			$	0.63			$	(0.44	)
Effective income tax rate		21.48	%			21.61	%			8.20	%
________________________

(i)	Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses.

Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Pre-tax non-GAAP adjustments to net income were as follows:

	Three Months Ended
(dollars in thousands)	March 31, 2026			December 31, 2025			March 31, 2025
PRE-TAX NON-GAAP ADJUSTMENTS TO NET INCOME
Net securities (gains) losses	$	940		$	667		$	15,768
Provision for credit losses		—			—			45,572
Salaries, wages, and employee benefits		16,124			4,027			15,878
Data processing		80			294			2,302
Net occupancy expense of premises		—			4			—
Professional fees		119			131			7,294
Other noninterest expense		377			360			552
Total pre-tax non-GAAP adjustments to net income	$	17,640		$	5,483		$	87,366

For more information and a reconciliation of non-GAAP measures—which are identified with the End Note labeled as 2—in tabular form, see “Non-GAAP Financial Information.”

Net Interest Income and Net Interest Margin



²

Busey’s average balances, annualized yield rates, and net interest margins are presented in the tables below:

	Three Months Ended
	March 31, 2026									December 31, 2025
(dollars in thousands)	Average Balance			Income/ Expense			Yield/ Rate (vi)			Average Balance			Income/ Expense			Yield/ Rate (vi)
ASSETS
Interest-bearing bank deposits and federal funds sold	$	139,204		$	1,222		3.56	%		$	417,451		$	4,101		3.90	%
Investment securities(i)(ii)		2,918,240			23,289		3.24	%			2,872,518			22,527		3.11	%
Restricted bank stock		81,619			880		4.37	%			77,006			783		4.03	%
Loans held for sale		5,072			73		5.84	%			8,705			128		5.83	%
Portfolio loans(i)(iii)		13,521,631			200,898		6.03	%			13,565,320			208,415		6.10	%
Total interest-earning assets(i)		16,665,766		$	226,362		5.51	%			16,941,000		$	235,954		5.53	%
Noninterest-earning assets		1,394,454									1,368,250
Total assets	$	18,060,220								$	18,309,250
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing transaction deposits	$	3,124,068		$	12,505		1.62	%		$	3,207,478		$	13,809		1.71	%
Savings and money market deposits		5,687,520			31,964		2.28	%			5,906,577			36,565		2.46	%
Time deposits		2,409,136			21,557		3.63	%			2,401,447			22,545		3.72	%
Federal funds purchased and repurchase agreements		160,822			896		2.26	%			162,391			970		2.37	%
Borrowings(iv)		391,965			4,594		4.75	%			278,050			3,647		5.20	%
Total interest-bearing liabilities		11,773,511		$	71,516		2.46	%			11,955,943		$	77,536		2.57	%
Noninterest-bearing deposits		3,536,830									3,636,001
Other liabilities		279,607									248,499
Stockholders’ equity		2,470,272									2,468,807
Total liabilities and stockholders’ equity	$	18,060,220								$	18,309,250
Net interest margin(i)(v)				$	154,846		3.77	%					$	158,418		3.71	%
________________________

(i)	On a tax-equivalent basis and assuming a federal income tax rate of 21.0%.
(ii)	Investment securities include debt securities available for sale, debt securities held to maturity, and equity securities.
(iii)	Non-accrual loans have been included in average portfolio loans.
(iv)	Includes, as applicable, short-term borrowings, long-term borrowings, subordinated notes, and junior subordinated debt owed to unconsolidated trusts.
(v)	For a reconciliation of non-GAAP measures, see “Non-GAAP Financial Information.”
(vi)	Annualized.

Net interest income decreased by $3.6 million in the first quarter of 2026, compared to the fourth quarter of 2025, primarily resulting from two fewer calendar days in the first quarter of 2026 compared to the fourth quarter of 2025. Deposit funding cost reduction during the quarter of 10 basis points represents a 37% beta relative to the quarterly move in the fed funds target average rate.

Based on our most recent Asset Liability Management Committee model, a -100 basis point parallel rate shock is expected to decrease net interest income by 1.3% (relative to a current base rate scenario) over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet strategies as well as embedding rate protection in our asset originations to provide consistent and predicable net interest income performance across different interest rate environments. Deposit balances remained largely stable outside of seasonal public fund and business outflows that contributed to an overall $169.9 million, or 1.1%, decrease in the deposit base. Retail time deposit and savings specials have continued to provide stable funding flows allowing for only minimum utilization of wholesale funding during the quarter. At March 31, 2026, Busey Bank had $60.1 million of brokered funding, comprising 0.4% of total deposits. Total deposit cost of funds decreased from 1.91% during the fourth quarter of 2025 to 1.81% during the first quarter of 2026. Busey’s spot rate on total deposits costs increased by 1 basis point to 1.81% at March 31, 2026, compared to 1.80% at December 31, 2025.

Noninterest Income

	Three Months Ended
(dollars in thousands)	March 31, 2026				December 31, 2025				March 31, 2025
NONINTEREST INCOME
Wealth management fees	$	19,370			$	18,101			$	17,364
Payment technology solutions		5,077				4,879				5,073
Treasury management services		4,826				4,726				3,017
Card services and ATM fees		4,646				4,660				3,709
Other service charges on deposit accounts		1,506				1,618				1,533
Mortgage revenue		438				803				329
Income on bank owned life insurance		1,616				1,783				1,446
Net securities gains (losses)		(940	)			(667	)			(15,768	)
Other noninterest income		5,726				6,788				4,520
Total noninterest income	$	42,265			$	42,691			$	21,223

Total noninterest income decreased by 1.0% compared to the fourth quarter of 2025 primarily due to declines in other noninterest income. Compared to the first quarter of 2025, total noninterest income increased by 99.1%, due in large part to the strategic balance sheet repositioning executed by Busey in the first quarter of 2025, resulting in a securities loss of $15.5 million. Additionally the first quarter of 2026 included a full quarter of income as a larger organization after the acquisition of CrossFirst, in contrast to the first quarter of 2025, which included only one month of income from CrossFirst following the acquisition, completed on March 1, 2025. Busey continues to benefit from its diverse set of product offerings.

Noteworthy changes in noninterest income during the quarter include:

• Wealth management fees increased by $1.3 million, or 7.0%, compared to the fourth quarter of 2025 primarily due to increases in trust fees and seasonal farm management fees. Busey’s Wealth Management division ended the first quarter of 2026 with $15.65 billion in assets under care, compared to $15.66 billion at the end of the fourth quarter of 2025 and $13.68 billion at the end of the first quarter of 2025. Busey’s portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark⁴ over the last three and five years.
• Other noninterest income decreased by $1.1 million, or 15.6%, compared to the fourth quarter of 2025, primarily due to declines in income from swap origination fees, fluctuations in private equity investments, and declines in commercial loan servicing.

Operating Efficiency

	Three Months Ended
(dollars in thousands)	March 31, 2026			December 31, 2025			March 31, 2025 (i)
NONINTEREST EXPENSE
Salaries, wages, and employee benefits	$	85,230		$	68,995		$	67,563
Data processing		9,864			9,871			9,575
Net occupancy expense of premises		7,652			7,877			5,799
Furniture and equipment expenses		2,177			2,200			1,744
Professional fees		3,239			3,491			9,511
Amortization of intangible assets		4,291			4,432			3,083
Interchange expense		1,116			1,218			1,343
FDIC insurance		2,451			2,655			2,167
Other noninterest expense		13,499			19,581			11,245
Total noninterest expense	$	129,519		$	120,320		$	112,030
________________________

(i)	Beginning in the second quarter of 2025, Busey revised its presentation to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.

Total noninterest expense increased by 7.6% compared to the fourth quarter of 2025, due to increases in salaries, wages, and employee benefits, which were partially offset by decreases in other noninterest expense. Compared to the first quarter of 2025, total noninterest expense increased by 15.6%, with the increases primarily attributable to increased salaries, wages, and employee benefits and other noninterest expense, partially offset by declines in professional fees.

Adjusted noninterest expense,² which excludes acquisition and restructuring expenses, was as follows:

	Three Months Ended
(dollars in thousands)	March 31, 2026			December 31, 2025			March 31, 2025
NONINTEREST EXPENSE WITH NON-GAAP ADJUSTMENTS
Salaries, wages, and employee benefits	$	69,106		$	64,968		$	51,685
Data processing		9,784			9,577			7,273
Net occupancy expense of premises		7,652			7,873			5,799
Furniture and equipment expenses		2,177			2,200			1,744
Professional fees		3,120			3,360			2,217
Amortization of intangible assets		4,291			4,432			3,083
Interchange expense		1,116			1,218			1,343
FDIC insurance		2,451			2,655			2,167
Other noninterest expense		13,122			19,221			10,693
Adjusted noninterest expense (Non-GAAP)(i)	$	112,819		$	115,504		$	86,004
________________________

(i)	Beginning in 2026, to better align with industry standards, Busey revised its calculation of adjusted noninterest expense, for all periods presented, to exclude any adjustment for amortization of intangible assets.

Noteworthy changes in noninterest expense during the quarter include:

• Salaries, wages, and employee benefits expenses increased by $16.2 million, or 23.5%, compared to the fourth quarter of 2025. The quarter-over-quarter growth in this expense category was primarily driven by acquisition and restructuring charges, largely due to expenses recorded in connection with the execution on additional synergies related to the CrossFirst acquisition and the departure of Mr. Maddox.

  Compared to the first quarter of 2025, salaries, wages, and employee benefits expenses increased by $17.7 million, or 26.1%, of which $0.2 million was attributable to increases in acquisition and restructuring expenses. Busey’s associate base and footprint broadened in connection with the CrossFirst acquisition, which was completed on March 1, 2025, affecting one month of the first quarter of 2025 and all three months of the first quarter of 2026.

• Other noninterest expense declined by $6.1 million, or 31.1%, compared to the fourth quarter of 2025, which had been elevated by the recognition of a $3.8 million operating loss tied to one relationship. Declines in marketing and business development, primarily due to timing, and a decline in loan expenses also contributed to the decrease in other noninterest expense during the first quarter of 2026.

  Compared to the first quarter of 2025, other noninterest expense increased by $2.3 million, or 20.0%. Significant drivers of the increase included business development costs, software amortization, and loan expenses, impacted by the timing of the CrossFirst acquisition.

The efficiency ratio² was 54.8% for the first quarter of 2026, compared to 55.0% for the fourth quarter of 2025, and 58.7% for the first quarter of 2025. As the business grows, Busey remains focused on prudently managing its expense base and operating efficiently.

BALANCE SHEET STRENGTH

Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
	As of
(dollars in thousands)	March 31, 2026				December 31, 2025				March 31, 2025
ASSETS
Cash and cash equivalents	$	288,462			$	280,227			$	1,185,653
Interest-bearing time deposits in other banks		13,725				13,825				14,639
Debt securities available for sale		2,215,267				2,162,548				2,273,874
Debt securities held to maturity		725,540				746,385				815,402
Equity securities		13,951				14,916				10,828
Loans held for sale		5,224				5,752				7,270
Portfolio loans		13,459,890				13,567,799				13,868,357
Allowance for credit losses		(169,054	)			(174,023	)			(195,210	)
Restricted bank stock		81,722				77,006				53,518
Premises and equipment, net		193,322				193,444				182,003
Goodwill and other intangible assets, net		475,520				480,729				496,118
Other assets		733,053				736,128				751,800
Total assets	$	18,036,622			$	18,104,736			$	19,464,252
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Total deposits	$	14,736,060			$	14,905,958			$	16,459,470
Securities sold under agreements to repurchase		156,364				166,929				137,340
Borrowings		470,365				290,529				401,861
Other liabilities		260,811				272,338				285,975
Total liabilities		15,623,600				15,635,754				17,284,646
Stockholders’ equity
Retained earnings		359,162				336,707				249,484
Accumulated other comprehensive income (loss)		(135,553	)			(124,473	)			(172,810	)
Other stockholders’ equity(i)		2,189,413				2,256,748				2,102,932
Total stockholders’ equity		2,413,022				2,468,982				2,179,606
Total liabilities and stockholders’ equity	$	18,036,622			$	18,104,736			$	19,464,252
________________________

(i)	Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.

Portfolio Loans

Busey remains steadfast in its conservative approach to underwriting and disciplined approach to pricing. Busey’s loan portfolio was comprised of the following:

	As of
(dollars in thousands)	March 31, 2026			December 31, 2025			March 31, 2025
PORTFOLIO LOANS
Commercial loans:
Commercial and industrial and other commercial	$	4,124,737		$	4,229,208		$	4,513,543
Commercial real estate		5,566,044			5,550,018			5,573,766
Real estate construction		1,052,505			1,039,289			1,051,179
Total commercial loans		10,743,286			10,818,515			11,138,488
Retail loans:
Retail real estate		2,119,621			2,154,616			2,245,705
Retail other		596,983			594,668			484,164
Total retail loans		2,716,604			2,749,284			2,729,869
Total portfolio loans	$	13,459,890		$	13,567,799		$	13,868,357

CRE loans comprised 41.4% of Busey’s total loan portfolio as of March 31, 2026, and CRE properties were 25.9% owner occupied. Owner occupied commercial real estate is generally dependent on the performance of the borrowers’ businesses, whereas non-owner occupied commercial real estate is generally reliant on property cash flows generated by third-party tenants.

	As of
(dollars in thousands)	March 31, 2026			December 31, 2025			March 31, 2025
COMMERCIAL REAL ESTATE LOANS
Non-owner occupied commercial real estate	$	4,125,785		$	4,118,361		$	4,123,772
Owner occupied commercial real estate		1,440,259			1,431,657			1,449,994
Total commercial real estate loans	$	5,566,044		$	5,550,018		$	5,573,766

Asset Quality

Asset quality continues to be strong. Busey maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment.

	As of
(dollars in thousands)	March 31, 2026				December 31, 2025				March 31, 2025
Total assets	$	18,036,622			$	18,104,736			$	19,464,252
Portfolio loans		13,459,890				13,567,799				13,868,357
Loans 30 – 89 days past due		17,465				16,475				18,554
Non-performing loans:
Non-accrual loans		45,799				51,198				48,647
Loans 90+ days past due and still accruing		812				2,288				6,077
Non-performing loans		46,611				53,486				54,724
Other non-performing assets		3,337				4,626				4,757
Non-performing assets		49,948				58,112				59,481
Substandard (excludes 90+ days past due)		166,467				116,402				131,078
Classified assets	$	216,415			$	174,514			$	190,559
Allowance for credit losses	$	169,054			$	174,023			$	195,210
RATIOS
Non-performing loans to portfolio loans		0.35	%			0.39	%			0.39	%
Non-performing assets to total assets		0.28	%			0.32	%			0.31	%
Non-performing assets to portfolio loans and other non-performing assets		0.37	%			0.43	%			0.43	%
Allowance for credit losses to portfolio loans		1.26	%			1.28	%			1.41	%
Coverage ratio of the allowance for credit losses to non-performing loans	3.63 x				3.25 x				3.57 x
Classified assets to Bank Tier 1 capital(i)and reserves		9.35	%			7.51	%			8.40	%
________________________

(i)	Capital amounts for the first quarter of 2026 are not yet finalized and are subject to change.

Non-performing assets decreased by $8.2 million compared to December 31, 2025, and decreased by $9.5 million compared to March 31, 2025. Non-performing assets represented 0.28% of total assets as of March 31, 2026, a 4 basis point decrease from December 31, 2025, and a 3 basis point decrease from March 31, 2025.

Classified assets increased by $41.9 million compared to December 31, 2025, and increased by $25.9 million compared to March 31, 2025, as a few larger commercial credits that Busey has been monitoring shifted to substandard still accruing.

The allowance for credit losses was $169.1 million as of March 31, 2026, 3.63 times our non-performing loans balance and representing 1.26% of total portfolio loans.

Busey’s net charge-offs and provision for credit losses were as follows:

	Three Months Ended
(dollars in thousands)	March 31, 2026			December 31, 2025				March 31, 2025 (i, ii)
Net charge-offs	$	7,362		$	5,752			$	31,429
Provision for loan losses	$	2,393		$	5,594			$	42,452
Provision for unfunded commitments		665			(3,159	)			3,141
Provision for credit losses	$	3,058		$	2,435			$	45,593
________________________

(i)	Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses. For periods ending prior to June 30, 2025, amounts reported as provision for loan losses were previously reported as provision for credit losses.
(ii)	The three months ended March 31, 2025, included $42.4 million to establish an initial allowance for loan losses for loans purchased without credit deterioration (“non-PCD” loans) and $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.

Net charge-offs increased by $1.6 million when compared to the fourth quarter of 2025, and decreased by $24.1 million when compared with the first quarter of 2025. Net charge-offs during the three months ended March 31, 2026, included $6.7 million related to PCD loans acquired in the CrossFirst acquisition, which were previously reserved for.

Deposits

Busey’s deposits were comprised of the following:

	As of
(dollars in thousands)	March 31, 2026			December 31, 2025			March 31, 2025
DEPOSITS
Noninterest-bearing deposits	$	3,526,036		$	3,659,421		$	3,693,070
Interest-bearing transaction deposits		3,129,186			3,119,475			3,200,137
Savings deposits and money market deposits		5,714,697			5,697,172			6,475,187
Time deposits		2,366,141			2,429,890			3,091,076
Total deposits	$	14,736,060		$	14,905,958		$	16,459,470

Core deposits² accounted for 93.7% of total deposits as of March 31, 2026. The quality of our core deposit franchise is a critical value driver of our institution. In addition to the $3.53 billion of noninterest-bearing deposits, we also have $1.99 billion of interest-bearing non-maturity deposits that are priced at 1 basis point providing stable rate inelastic funding. Busey has ample on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the first quarter of 2026 had a weighted average term of 7.4 months at a rate of 3.28%, which was 39 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

Liquidity

As of March 31, 2026, Busey’s available sources of on- and off-balance sheet liquidity⁵ totaled $8.63 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $96.6 million in the first quarter of 2026. Cash flows from our securities portfolio are expected to be approximately $302.5 million for the remainder of 2026, with a current book yield of 3.21%.

Capital Strength

The strength of our balance sheet is also reflected in our capital foundation. Our capital ratios remain strong, and as of March 31, 2026, our estimated regulatory capital ratios³ continued to provide a buffer of more than $800 million above minimum levels that would otherwise restrict dividends, equity repurchases, and discretionary bonus payments. The following table presents Busey’s capital estimates³ and tangible equity position:

	As of
(dollars in thousands, except per share amounts)	March 31, 2026				December 31, 2025				March 31, 2025
Common equity Tier 1 capital to risk weighted assets(i)		12.31	%			12.43	%			12.00	%
Total capital to risk weighted assets(i)		15.87	%			15.93	%			14.88	%
Tangible common equity(ii)	$	1,722,305			$	1,773,056			$	1,675,738
Tangible common equity to tangible assets(ii)		9.81	%			10.06	%			8.83	%
Tangible book value per common share(ii)	$	20.14			$	20.23			$	18.62
________________________

(i)	Capital amounts and ratios as of March 31, 2026, are not yet finalized and are subject to change.
(ii)	For a reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures, see “Non-GAAP Financial Information.”

Dividends

Busey’s strong capital levels, coupled with its earnings, have allowed it to provide a steady return to its stockholders through dividends. During the first quarter of 2026, Busey paid dividends of $0.26 per share on its outstanding shares of common stock, which represents a 4.0% increase from the previous quarterly dividend of $0.25 per share. Busey also paid dividends of $20.00 per share on its outstanding shares of Series A Non-Cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition, and $0.515625 per share on its outstanding depositary shares, each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock.

Share Repurchases

During the first quarter of 2026, under its stock repurchase plan, Busey purchased 2,617,400 shares of its common stock at a weighted average price of $25.07 per share for a total of $65.6 million (excluding excise taxes). As of March 31, 2026, Busey had 2,238,775 shares remaining available for repurchase under the plan.

FIRST QUARTER EARNINGS INVESTOR PRESENTATION

For additional information on Busey’s financial condition and operating results, please refer to our Q1 2026 Earnings Investor Presentation furnished via Form 8‑K on April 28, 2026, in connection with this earnings release.

CORPORATE PROFILE

As of March 31, 2026, First Busey Corporation (Nasdaq: BUSE) was an $18.04 billion financial holding company headquartered in Leawood, Kansas.

Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.01 billion as of March 31, 2026. Busey Bank currently has 80 banking centers, with 21 in central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in southwest Florida, three in Oklahoma, three in Colorado, three in Arizona, one in Indianapolis, Indiana, one in Wichita, Kansas, and one in Clayton, New Mexico. More information about Busey Bank can be found at busey.com.

Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $15.65 billion as of March 31, 2026. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

Busey Bank’s payment technology solutions specialize in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. Busey provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, Busey simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services.

Busey is honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development. Nationally, American Banker has named Busey a Best Bank to Work For since 2016 while Pensions and Investments has recognized Busey as a Best Place to Work in Money Management since 2018. At the local level, Busey is continually honored among the Best Places to Work in Illinois (since 2016), Best Companies to Work For in Florida (since 2017) and Best Places to Work in Indiana (since 2024).

NON-GAAP FINANCIAL INFORMATION

This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax-effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted in the tables below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Common Share
		Three Months Ended
(dollars in thousands, except per share amounts)		March 31, 2026				December 31, 2025				March 31, 2025
Net income (loss) (GAAP)	[a]	$	49,981			$	60,750			$	(29,990	)
Day 2 provision for credit losses(i)			—				—				45,572
Other acquisition (income) expenses			5,244				4,859				26,026
Restructuring expenses			11,456				(43	)			—
Net securities (gains) losses			940				667				15,768
Related tax benefit(ii)			(4,410	)			(1,047	)			(22,069	)
Non-recurring deferred tax adjustment(iii)			—				—				4,591
Adjusted net income (Non-GAAP)	[b]		63,211				65,186				39,898
Preferred dividends	[c]		4,589				4,590				—
Adjusted net income available to common stockholders (Non-GAAP)	[d]	$	58,622			$	60,596			$	39,898
Weighted average number of common shares outstanding, diluted (GAAP)	[e]		87,831,295				89,655,632				68,517,647
Diluted earnings (loss) per common share (GAAP)	[(a-c)÷e]	$	0.52			$	0.63			$	(0.44	)
Weighted average number of common shares outstanding, diluted (Non-GAAP)(iv)	[f]		87,831,295				89,655,632				69,502,717
Adjusted diluted earnings per common share (Non-GAAP)(iv)	[d÷f]	$	0.67			$	0.68			$	0.57
________________________

(i)	The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statements of Income.
(ii)	Tax benefits were calculated using tax rates of 25.0%, 19.1%, and 25.3% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
(iii)	A deferred valuation tax adjustment was recorded in the first quarter of 2025 in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Deferred tax adjustments are reflected within the income taxes line on the Statements of Income.
(iv)	Dilution includes shares that would have been dilutive if there had been net income during the period for March 31, 2025.

Calculation of Return On Average Assets, Return On Average Tangible Common Equity, and Related Adjusted Return Measures
		Three Months Ended
(dollars in thousands)		March 31, 2026				December 31, 2025				March 31, 2025
Net income (loss) (GAAP)	[a]	$	49,981			$	60,750			$	(29,990	)
Amortization of intangible assets			4,291				4,432				3,083
Tax effect of amortization of intangible assets(i)			(1,073	)			(1,121	)			(779	)
Preferred dividends			(4,589	)			(4,590	)			—
Tangible net income available to common stockholders (Non-GAAP)	[b]	$	48,610			$	59,471			$	(27,686	)
Adjusted net income (Non-GAAP)(ii)	[c]	$	63,211			$	65,186			$	39,898
Amortization of intangible assets			4,291				4,432				3,083
Tax effect of amortization of intangible assets(i)			(1,073	)			(1,121	)			(779	)
Preferred dividends			(4,589	)			(4,590	)			—
Adjusted tangible net income available to common stockholders (Non-GAAP)	[d]	$	61,840			$	63,907			$	42,202
Average total assets	[e]	$	18,060,220			$	18,309,250			$	14,831,298
Return on average assets (Non-GAAP)(iii)	[a÷e]		1.12	%			1.32	%		(0.82		)%
Adjusted return on average assets (Non-GAAP)(iii)	[c÷e]		1.42	%			1.41	%			1.09	%
Average common equity		$	2,255,075			$	2,253,609			$	1,932,407
Average goodwill and other intangible assets, net			(478,885	)			(483,640	)			(411,020	)
Average tangible common equity (Non-GAAP)	[f]	$	1,776,190			$	1,769,969			$	1,521,387
Return on average tangible common equity (Non-GAAP)(iii, iv)	[b÷f]		11.10	%			13.33	%		(7.38		)%
Adjusted return on average tangible common equity (Non-GAAP)(iii, iv)	[d÷f]		14.12	%			14.32	%			11.25	%
________________________

(i)	Tax effects were calculated using income tax rates of 25.0%, 25.3%, and 25.3% for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
(ii)	A reconciliation is provided in the previous table.
(iii)	Annualized measure.
(iv)	Beginning in 2026, Busey revised, for all periods presented, its calculation of return on average tangible common equity and adjusted return on average tangible common equity to eliminate the effects of intangible asset amortization from the numerator of both calculations.

Calculation of Net Interest Margin and Adjusted Net Interest Margin
		Three Months Ended
(dollars in thousands)		March 31, 2026				December 31, 2025				March 31, 2025
Net interest income (GAAP)		$	153,969			$	157,558			$	103,731
Tax-equivalent adjustment(i)			877				860				537
Tax-equivalent net interest income (Non-GAAP)	[a]		154,846				158,418				104,268
Purchase accounting accretion related to business combinations			(5,394	)			(5,200	)			(2,728	)
Adjusted net interest income (Non-GAAP)	[b]	$	149,452			$	153,218			$	101,540
Average interest-earning assets (Non-GAAP)	[c]	$	16,665,766			$	16,941,000			$	13,363,594
Net interest margin (Non-GAAP)(ii)	[a÷c]		3.77	%			3.71	%			3.16	%
Adjusted net interest margin (Non-GAAP)(ii)	[b÷c]		3.64	%			3.59	%			3.08	%
________________________

(i)	Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
(ii)	Annualized measure.

Calculation of Pre-Provision Net Revenue and Related Measures
		Three Months Ended
(dollars in thousands)		March 31, 2026				December 31, 2025				March 31, 2025
Net interest income (GAAP)		$	153,969			$	157,558			$	103,731
Total noninterest income (GAAP)			42,265				42,691				21,223
Net security (gains) losses (GAAP)			940				667				15,768
Total noninterest expense (GAAP)(i)			(129,519	)			(120,320	)			(112,030	)
Pre-provision net revenue (Non-GAAP)	[a]		67,655				80,596				28,692
Acquisition and restructuring (income) expenses, excluding initial provision expenses			16,700				4,816				26,026
Adjusted pre-provision net revenue (Non-GAAP)	[b]	$	84,355			$	85,412			$	54,718
Average total assets	[c]	$	18,060,220			$	18,309,250			$	14,831,298
Pre-provision net revenue to average total assets (Non-GAAP)(i, ii)	[a÷c]		1.52	%			1.75	%			0.78	%
Adjusted pre-provision net revenue to average total assets (Non-GAAP)(ii)	[b÷c]		1.89	%			1.85	%			1.50	%
________________________

(i)	Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses. This change affects all measures and ratios derived from total noninterest expense.
(ii)	Annualized measure.

Calculation of Efficiency Ratio
		Three Months Ended
(dollars in thousands)		March 31, 2026				December 31, 2025				March 31, 2025
Net interest income (GAAP)	[a]	$	153,969			$	157,558			$	103,731
Tax-equivalent adjustment(i)			877				860				537
Tax-equivalent net interest income (Non-GAAP)	[b]		154,846				158,418				104,268
Total noninterest income (GAAP)			42,265				42,691				21,223
Net security (gains) losses			940				667				15,768
Adjusted noninterest income (Non-GAAP)	[c]	$	43,205			$	43,358			$	36,991
Operating revenue (Non-GAAP)	[d = a+c]	$	197,174			$	200,916			$	140,722
Tax-equivalent operating revenue (Non-GAAP)(ii)	[e = b+c]		198,051				201,776				141,259
Adjusted noninterest income to operating revenue (Non-GAAP)	[c÷d]		21.91	%			21.58	%			26.29	%
Total noninterest expense (GAAP)(iii)		$	129,519			$	120,320			$	112,030
Acquisition and restructuring expenses, excluding initial provision expenses			(16,700	)			(4,816	)			(26,026	)
Adjusted noninterest expense (Non-GAAP)(iv)			112,819				115,504				86,004
Amortization of intangible assets			(4,291	)			(4,432	)			(3,083	)
Adjusted noninterest expense excluding amortization of intangible assets (Non-GAAP)(iii, v)	[f]	$	108,528			$	111,072			$	82,921
Efficiency ratio (Non-GAAP)(iii, vi)	[f÷e]		54.80	%			55.05	%			58.70	%
________________________

(i)	Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
(ii)	Beginning in 2026, Busey changed the caption for this revenue measure, which was previously called “adjusted tax-equivalent revenue.” The calculation itself has not changed.
(iii)	Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments out of total noninterest expense and into the provision for credit losses. This change affects all measures and ratios derived from total noninterest expense.
(iv)	Beginning in 2026, to better align with industry standards, Busey revised its calculation of adjusted noninterest expense, for all periods presented, to exclude any adjustment for amortization of intangible assets.
(v)	Beginning in 2026, Busey changed the caption for the efficiency ratio numerator from “adjusted noninterest expense” to “adjusted noninterest expense excluding amortization of intangible assets.” The calculation itself has not changed.
(vi)	Beginning in 2026, Busey now reports a single efficiency ratio, which was previously reported as the “Adjusted efficiency ratio.”

Calculation of Tangible Common Equity, and Related Measures and Ratio
		As of
(dollars in thousands, except per share amounts)		March 31, 2026				December 31, 2025				March 31, 2025
Total assets (GAAP)		$	18,036,622			$	18,104,736			$	19,464,252
Goodwill and other intangible assets, net			(475,520	)			(480,729	)			(496,118	)
Tangible assets (Non-GAAP)(i)	[a]	$	17,561,102			$	17,624,007			$	18,968,134
Total stockholders’ equity (GAAP)		$	2,413,022			$	2,468,982			$	2,179,606
Preferred stock and additional paid in capital on preferred stock			(215,197	)			(215,197	)			(7,750	)
Common equity	[b]		2,197,825				2,253,785				2,171,856
Goodwill and other intangible assets, net			(475,520	)			(480,729	)			(496,118	)
Tangible common equity (Non-GAAP)(i)	[c]	$	1,722,305			$	1,773,056			$	1,675,738
Tangible common equity to tangible assets (Non-GAAP)(i)	[c÷a]		9.81	%			10.06	%			8.83	%
Ending number of common shares outstanding (GAAP)	[d]		85,507,160				87,624,430				90,008,178
Book value per common share (Non-GAAP)	[b÷d]	$	25.70			$	25.72			$	24.13
Tangible book value per common share (Non-GAAP)	[c÷d]	$	20.14			$	20.23			$	18.62
________________________

(i)	Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity, for all periods presented, to exclude any tax adjustment.

Calculation of Core Deposits and Related Ratio
		As of
(dollars in thousands)		March 31, 2026				December 31, 2025				March 31, 2025
Total deposits (GAAP)	[a]	$	14,736,060			$	14,905,958			$	16,459,470
Brokered deposits, excluding brokered time deposits of $250,000 or more			(60,123	)			(70,140	)			(722,224	)
Time deposits of $250,000 or more			(865,493	)			(876,207	)			(867,035	)
Core deposits (Non-GAAP)	[b]	$	13,810,444			$	13,959,611			$	14,870,211
Core deposits to total deposits (Non-GAAP)	[b÷a]		93.72	%			93.65	%			90.34	%

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, military conflicts, acts of war or threats thereof, or other adverse external events that could cause economic deterioration or instability in credit markets (including the conflicts in the Middle East and Russia’s invasion of Ukraine); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) the impact of bank failures or adverse developments at other banks and related negative publicity about the banking industry, including investor and depositor sentiment regarding bank stability and liquidity; (7) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (8) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (9) increased competition in the financial services sector (including from non-bank competitors such as credit unions, digital asset service providers, private credit, and fintech companies) and the inability to attract new customers; (10) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (11) the loss of key executives or associates, talent shortages, and employee turnover; (12) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (13) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (14) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (15) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (16) the level of non-performing assets on Busey’s balance sheets; (17) interruptions involving information technology and communications systems or third-party servicers; (18) breaches or failures of information security controls or cybersecurity-related incidents; (19) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (20) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (21) the ability to maintain an adequate level of allowance for credit losses on loans; (22) the effectiveness of Busey’s risk management framework; and (23) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

END NOTES

1	Annualized measure.
2	Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
3	Capital amounts and ratios as of March 31, 2026, are not yet finalized and are subject to change.
4	The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
5	On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.

INVESTOR CONTACT: Christopher H.M. Chan, Chief Financial Officer | 913-647-9825