Market Newsdesk

NEW YORK and SYDNEY, April 29, 2026 (GLOBE NEWSWIRE) — Hall Chadwick Acquisition Corp II (“HCAC II” or the “Company”), a blank check company incorporated as a Cayman Islands exempted company, filed a Registration Statement on Form S-1 on April 21, 2026, with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its proposed initial public offering (“IPO”) on the Nasdaq Global Market under the ticker symbol “HCAXU.”

HCAC II was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on companies implementing transformative technologies to further advance the changing landscapes within global connectivity, sustainability, and continued infrastructure development.

The Company intends to offer 26,500,000 units at US$10.00 per unit. Each unit consists of one Class A ordinary share and one-half warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per full share, subject to adjustment. Each warrant will become exercisable upon the consummation of the initial business combination, as described in more detail in the Company’s Registration Statement on Form S-1, filed with the SEC. No fractional shares will be issued upon conversion of the warrants. The underwriters have a 45-day option from the date of the prospectus to purchase up to an additional 3,500,000 units to cover over-allotments, if any. Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, acts as the lead book-running manager, Duane Morris LLP as counsel for HCAC II and Pipara & Co LLP as PCAOB auditor. Listing remains subject to SEC review and market conditions.

The public offering will be made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: [email protected].

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Investor & Media Contacts

• Alex Bono, Chief Executive Officer and Director — [email protected]   
• Peter Beckhouse, Chief Operating Officer — [email protected]
• Mike Willesee, Media Contact — [email protected]

Forward-Looking Statements

This release contains forward-looking statements regarding the proposed IPO, business combination activities and related matters. Such statements involve risks and uncertainties, and actual results may differ materially. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

SAN JOSE, Calif., April 29, 2026 (GLOBE NEWSWIRE) — California Water Service Group (Group or Company, NYSE: CWT), a leading publicly traded water utility serving California, Hawaii, New Mexico, Washington, and Texas, today reported first quarter 2026 results and provided an update on the revised proposed decision issued by the California Public Utilities Commission (CPUC) on April 29, 2026 (revised PD) on California Water Service Company’s (Cal Water’s) 2024 California General Rate Case (2024 CA GRC).

First Quarter 2026 in Line with Expectations Given Pending Decision on 2024 CA GRC

The Company reported that first-quarter 2026 results were in line with expectations as the Company awaits a final decision on the 2024 CA GRC, which is expected on April 30, 2026, or shortly thereafter. Once a final decision is adopted, the Company has authorization from the CPUC to recognize new rate increases retroactive to January 1, 2026. Q1 2026 results do not include any benefit from the 2024 CA GRC.

Q1 2026 net income was $4.0 million or $0.07 per diluted share, compared to net income of $13.3 million, or $0.22 per diluted share in Q1 2025. Q1 2026 revenue was $214.6 million, compared to revenue of $204.0 million in Q1 2025.

• Rate changes and changes in accrued and unbilled revenue added $9.2 million and $4.9 million of revenue, respectively.
• Declining customer consumption decreased revenue by $3.1 million due to variability in climate conditions between the two quarters.

First quarter 2026 operating expenses were $196.4 million, compared to operating expenses of $181.6 million in Q1 2025.

• Water production costs increased by $8.3 million, primarily due to increases in wholesale water rates.
• Depreciation and amortization increased $4.0 million due to new capital assets placed in service.

“On April 29, we received a revised PD in our 2024 California GRC, which represents a significant milestone and provides significant visibility into our California authorized revenues over the next several years,” said Chairman & Chief Executive Officer Martin A. Kropelnicki. “We look forward to the CPUC adopting a final decision at its April 30, 2026 meeting or shortly thereafter, and being able to provide more clarity after the case is finalized.”

“Additionally, during the quarter we announced our agreement to acquire Nexus Water Group’s systems in Nevada and Oregon, which expands our geographic footprint and supports our long-term growth strategy, while maintaining our focus on disciplined and accretive investments. We have filed Change of Control applications with the public utilities commissions in Nevada and Oregon,” he said.

2024 CA GRC Proceeds, with a Final Decision Expected on April 30 or Shortly Thereafter

Cal Water received a revised PD on its 2024 CA GRC on April 29, 2026, which authorizes rate increases that add $90.5 million of revenue in 2026, an increase of 10.9%. It also authorizes revenue increase of $43.2 million, or 4.7%, in 2027, and $48.9 million, or 5.1%, in 2028. The revised PD authorizes key revenue stabilization mechanisms, including continuation of the Monterey-Style Water Revenue Adjustment Mechanism, a new Sales Reconciliation Mechanism, and higher percentage of revenue collected in fixed charges. In addition, it includes provisions that allow for recovery of certain costs through balancing accounts and other regulatory mechanisms designed to mitigate the impact of volatility in customer usage and uncertain costs.

The CPUC is expected to adopt a final decision at its scheduled meeting on April 30, 2026, or shortly thereafter. The revised PD remains subject to review and may be modified in the final decision. If the revised PD is approved substantially as issued, the final decision is expected to support Cal Water’s ongoing investments in critical water infrastructure while helping to maintain rate stability for its customers.

Company Makes Significant Progress on Infrastructure Investments in Q1

In Q1 2026, Group invested $129.4 million in infrastructure, compared to $110.1 million invested in Q1 2025. Overall, based on the revised PD, Group anticipates investing up to $627 million in 2026.

Nevada and Oregon Acquisition Solidifies Company’s Position as the Largest Investor-Owned Water Utility in the Western U.S.

During the quarter, the Company announced an agreement to acquire Nexus Water Group’s water and wastewater systems in Nevada and Oregon for approximately $218 million. The transaction is expected to add approximately 36,000 customer equivalent residential units and about $109 million of rate base, further strengthening its position as a leading regulated water and wastewater utility in the western United States.

The acquisition is expected to enhance the Company’s geographic diversification and provide a platform for continued growth in adjacent markets. Consistent with the Company’s long-term strategy, the Company intends to complete the transaction, which is subject to customary regulatory approvals and closing conditions, in a disciplined manner.

Company Continues Its Strong Dividend Performance

During the first quarter, the Company announced its intent to increase the annual dividend by 8% or $0.10 per common share, which is expected to result in an annualized dividend of $1.34 per common share. The Board of Directors has declared a quarterly dividend in the amount of $0.3350 per common share that will be payable on May 22, 2026 to stockholders of record as of May 11, 2026. This marks the Company’s 325^th consecutive quarterly dividend and its 59^th annual dividend increase.

For additional details, please see the Form 10-Q which will be available at: 

https://www.calwatergroup.com/investors/financials-filings-reports/sec-filings

, or listen to the earnings teleconference or teleconference replay.

Quarterly Earnings Teleconference

The quarterly teleconference will take place on April 30, 2026, at 8 a.m. PT/11 a.m. ET. To join, dial 1-800-715-9871 or 1-646-307-1963 and key in ID# 9611023, or access the live audio webcast at https://edge.media-server.com/mmc/p/tadkppmm/.

A replay of the call will be available from 2:00 p.m. ET on April 30, 2026, through June 29, 2026, at 1-800-770-2030 or 1-609-800-9909 by keying in ID# 9611023, or by accessing the webcast above. The call will be hosted by Chairman, President and Chief Executive Officer Martin A. Kropelnicki; Senior Vice President, Chief Financial Officer and Treasurer James P. Lynch; and Vice President, Rates and Regulatory Affairs Greg A. Milleman. Prior to the call, the Company will publish a slide presentation on its website.

About California Water Service Group

Group is the parent company of regulated utilities Cal Water, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service (TWSC, Inc.), a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.2 million people in California, Hawaii, New Mexico, Washington, and Texas. Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.

This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions and projections and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this news release include, but are not limited to, statements describing Group’s expected financial performance, expectations regarding Group’s plans and proposals pursuant to and expected timing and progress of the 2024 CA GRC, and the anticipated closing of the Company’s acquisition of Nexus Water Group’s Nevada and Oregon subsidiaries and expected integration of the acquired systems and benefits resulting from the acquisition. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results or outcomes may vary materially from what is contained in a forward-looking statement. Factors that may cause actual results or outcomes to be different than those expected or anticipated include, but are not limited to: the outcome and timeliness of regulatory commissions’ actions concerning rate relief and other matters, including with respect to the 2024 CA GRC and GRCs of our other subsidiaries; the impact of opposition to rate increases; our ability to recover costs; federal governmental and state regulatory commissions’ decisions, including decisions on proper disposition of property; changes in state regulatory commissions’ policies and procedures; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements, such as the United States Environmental Protection Agency’s finalization of a National Primary Drinking Water Regulation establishing legally enforceable maximum contaminant levels (MCL) for PFAS in drinking water in 2024 as well as legal challenges to such MCLs; the impact of weather, climate change, natural disasters, including wildfires and landslides and actual or threatened public health emergencies, including disease outbreaks, on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedness; electric power interruptions, especially as a result of public safety power shutoff programs; availability of water supplies; our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; consequences of eminent domain actions relating to our water systems; increased risk of inverse condemnation losses as a result of the impact of weather, climate change and natural disasters, including wildfires and landslides; shifts in population, including housing and customer growth; issues with the implementation, maintenance or security of our information technology systems; physical and cyber security risks and threats and the adequacy of our efforts to mitigate such risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfully integrate and achieve anticipated benefits from announced acquisitions, including the Oregon, Nevada, and BVRT acquisitions; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations, including into other geographic areas; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown or a recession, changes in tariff policy, the interest rate environment, changes in monetary policy, adverse capital markets activity or macroeconomic conditions as a result of geopolitical conflicts and the prospect of shutdowns of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses on our non-qualified benefit plan investments and our operating results; the impact of weather and timing of meter reads on our accrued and unbilled revenue; the impact of evolving legal and regulatory requirements, including sustainability requirements; the impact of the evolving U.S. political environment and changes effected, proposed, or threatened by the U.S. federal government that has led to, in some cases, legal challenges and uncertainty around the funding, functioning and policy priorities of U.S. federal regulatory agencies and the status of current and future regulations; and other risks and unforeseen events described in our Securities and Exchange Commission (“SEC”) filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the Annual Report on Form 10-K, Quarterly 10-Q and other reports filed from time-to-time with the SEC. We are not under any obligation and we expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. A credit rating is not a recommendation to buy, sell or hold any securities, may be changed at any time by the applicable ratings agency and should be evaluated independently of any other information.

Contacts:

James P. Lynch (408) 367-8200 (analysts)
Shannon Dean (408) 367-8243 (media)

CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited
(In thousands, except per share data)	March 31, 2026				December 31, 2025
ASSETS
Utility plant:
Utility plant	$	6,012,052			$	5,909,242
Less accumulated depreciation and amortization		(1,346,695	)			(1,329,652	)
Net utility plant		4,665,357				4,579,590
Current assets:
Cash and cash equivalents		58,102				51,820
Restricted cash		45,642				45,553
Receivables:
Customers, net		52,580				56,322
Short-term regulatory accounts		78,336				72,511
Other, net		47,464				49,004
Accrued and unbilled revenue, net		39,879				39,674
Materials and supplies		19,637				19,784
Taxes, prepaid expenses, and other assets		33,521				19,760
Total current assets		375,161				354,428
Other assets:
Regulatory assets		341,684				339,865
Goodwill		37,063				37,063
Other assets		360,484				360,219
Total other assets		739,231				737,147
TOTAL ASSETS	$	5,779,749			$	5,671,165
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $0.01 par value; 136,000 shares authorized, 59,853 and 59,638 outstanding on March 31, 2026 and December 31, 2025, respectively	$	599			$	596
Additional paid-in capital		980,113				973,454
Retained earnings		713,333				729,276
Accumulated other comprehensive loss		(13,537	)			(13,922	)
Noncontrolling interests		2,604				2,571
Total equity		1,683,112				1,691,975
Long-term debt, net		1,472,034				1,471,968
Total capitalization		3,155,146				3,163,943
Current liabilities:
Current maturities of long-term debt, net		821				2,270
Short-term borrowings		230,000				130,000
Accounts payable		164,802				175,729
Short-term regulatory accounts		51,594				25,458
Accrued other taxes		7,460				6,048
Accrued interest		23,471				12,976
Other accrued liabilities		66,809				65,683
Total current liabilities		544,957				418,164
Deferred income taxes		452,591				450,946
Regulatory liabilities		915,692				929,814
Pension		94,733				94,226
Advances for construction		212,175				210,638
Contributions in aid of construction		297,719				297,016
Other long-term liabilities		106,736				106,418
Commitments and contingencies
TOTAL CAPITALIZATION AND LIABILITIES	$	5,779,749			$	5,671,165

CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited (In thousands, except per share data)
		Three Months Ended March 31,
			2026				2025
Operating revenue		$	214,573			$	203,973
Operating expenses:
Operations:
Water production costs			71,329				62,991
Administrative and general			33,686				34,174
Other operations			31,233				28,836
Maintenance			8,366				7,668
Depreciation and amortization			39,964				35,956
Income tax expense			74				1,035
Property and other taxes			11,757				10,968
Total operating expenses			196,409				181,628
Net operating income			18,164				22,345
Other income and expenses:
Non-regulated revenue			5,221				5,081
Non-regulated expenses			(5,457	)			(3,466	)
Other components of net periodic benefit credit			3,972				4,800
Allowance for equity funds used during construction			2,079				1,797
Income tax expense on other income and expenses			(1,391	)			(1,703	)
Net other income			4,424				6,509
Interest expense:
Interest expense			19,619				16,509
Allowance for borrowed funds used during construction			(1,068	)			(857	)
Net interest expense			18,551				15,652
Net income			4,037				13,202
Net loss attributable to noncontrolling interests			—				(129	)
Net income attributable to California Water Service Group		$	4,037			$	13,331
Earnings per share of common stock:
Basic		$	0.07			$	0.22
Diluted		$	0.07			$	0.22
Weighted average shares outstanding:
Basic			59,699				59,511
Diluted			59,771				59,566
Dividends per share of common stock		$	0.34			$	0.34

BOSTON, April 29, 2026 (GLOBE NEWSWIRE) — Avalyn Pharma Inc. (Nasdaq: AVLN) (“Avalyn”), a clinical-stage biopharmaceutical company pioneering inhaled therapies to transform the treatment paradigm of serious, rare respiratory diseases, today announced the pricing of its upsized initial public offering of 16,666,667 shares of its common stock at a price to the public of $18.00 per share. The gross proceeds to Avalyn from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $300 million. All of the shares are being offered by Avalyn. In addition, Avalyn has granted the underwriters a 30-day option to buy an additional 2,500,000 shares of its common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market on April 30, 2026 under the ticker symbol “AVLN.” The offering is expected to close on May 1, 2026 subject to the satisfaction of customary closing conditions.

Morgan Stanley, Jefferies, Evercore ISI and Guggenheim Securities are acting as joint book-running managers for the offering.

A registration statement relating to this offering has been filed with the Securities and Exchange Commission and was declared effective on April 29, 2026. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from: Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014, telephone: 1-866-718-1649, email: [email protected]; Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, telephone: (877) 821-7388, email: [email protected]; Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, telephone: (888) 474-0200, email: [email protected]; or Guggenheim Securities, LLC, Attn: Equity Syndicate Department, 330 Madison Ave., New York, New York 10017, telephone: (212) 518-9544, email: [email protected].

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

About
Avalyn

Avalyn aims to transform the treatment paradigm for pulmonary fibrosis and other serious, rare respiratory diseases. The company is advancing optimized inhaled formulations of established antifibrotic medicines designed to deliver drug directly to the lungs, enhance local efficacy, and reduce systemic side effects. Avalyn’s AP01 program is an optimized inhaled formulation of pirfenidone currently being evaluated in MIST, a global Phase 2b clinical trial in patients with progressive pulmonary fibrosis (“PPF”). AP01 has demonstrated encouraging tolerability and clinical activity across Phase 1b and an ongoing, multi-year open-label extension trial, with long-term data supporting the potential to preserve lung function while improving tolerability relative to historical oral pirfenidone data. Avalyn’s AP02 program is an optimized inhaled formulation of nintedanib currently being evaluated in AURA, a global Phase 2 clinical trial in patients with idiopathic pulmonary fibrosis (“IPF”). Avalyn is also advancing AP03, an inhaled fixed-dose combination of pirfenidone and nintedanib, designed to deliver dual antifibrotic mechanisms through a single lung-targeted platform. By leveraging its proprietary drug-device approach and deep expertise in rare respiratory disease development, Avalyn aims to establish a new standard of care in pulmonary fibrosis through inhaled, lung-targeted therapies.

Cautionary
Note
Regarding
Forward-Looking
Statements

This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding Avalyn’ expectations regarding the commencement of trading of its shares on the Nasdaq Global Select Market, the completion and timing of the closing of the offering and the anticipated gross proceeds from the offering. Forward-looking statements are based on Avalyn’ current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to the satisfaction of customary closing conditions and the completion of the offering, and the risks inherent in biopharmaceutical product development. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” section of the registration statement filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Avalyn undertakes no duty to update such information except as required under applicable law. Readers should not rely upon the information on this page as current or accurate after its publication date.

Media Contact:

Kat Lippincott, Deerfield Group
[email protected]
[email protected]

Investor Contact:

Cassie Saitow, Avalyn Pharma Inc.
Sr. Director, IR and Corporate Communications
[email protected]

CALGARY, Alberta, April 29, 2026 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, (gain) loss on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Net Capital Spending, Working Capital and Total Long-Term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) announces its 2026 first quarter results, reflecting higher utilization in both Canadian and U.S. drilling and well service operations year over year.

Financial Highlights

• Revenue of $526 million was 6% higher than $496 million reported in the first quarter of 2025, due to higher activity in both the U.S. and Canada, which more than offset lower results internationally.
• Adjusted EBITDA⁽¹⁾ was $124 million, including $19 million of share-based compensation expense as our share price appreciated 39% in the quarter. In 2025, our Adjusted EBITDA was $137 million and included $3 million of restructuring costs and $3 million of share-based compensation expense.
• Net earnings attributable to shareholders in the first quarter was $17 million compared with $35 million in 2025. Our lower net earnings in 2026 was due to higher share-based compensation expense and increased depreciation expense from the change in useful life estimates.
• Cash provided by operations during the quarter was $63 million, allowing the Company to repurchase $4 million of common shares and reduce debt by $25 million.
• Capital expenditures in the first quarter of 2026 were $65 million compared to $60 million in 2025. Precision has revised its 2026 capital budget to $265 million from $245 million, driven by two contracted Canadian Super Triple drilling rig upgrades and higher expected activity in Canada and the U.S.

Operational Highlights

• Canada averaged 79 active rigs compared to 74 active rigs in the first quarter of 2025, outpacing Canadian industry activity that declined 7%⁽²⁾.
• Canadian revenue per utilization day decreased to $35,021 from $35,601, primarily due to rig mix, as we had proportionately fewer active Super Triples.
• U.S. averaged 37 active rigs in the first quarter of 2026 versus 30 in 2025. Precision’s first quarter 2026 U.S. rig utilization days increased 24% while industry activity declined 7%⁽²⁾.
• U.S. revenue per utilization day increased to US$33,715 from US$33,157 in the same period last year. Excluding revenue from turnkey projects and idle but contracted rigs, revenue per utilization day in the first quarter of 2026 of US$31,865 was comparable to US$31,894 in 2025.
• Continued deploying Alpha™ digital technologies to unlock performance improvements through automation, data analytics and real-time optimization, delivering record drilling results for our Canadian and U.S. customers.
• Internationally, we had seven rigs under contract versus eight in the first quarter of 2025. Revenue per utilization day was US$51,596 from US$49,419 in 2025, driven by higher mobilization revenue.
• Canadian well service rig operating hours increased 4% versus the same quarter in 2025.

<sup>(1)    See “FINANCIAL MEASURES AND RATIOS.”

(2)    See “SEGMENT REVIEW OF CONTRACT DRILLING SERVICES.”</sup>

MANAGEMENT COMMENTARY

Executing Safely and Delivering High Performance Amid Global Volatility

Precision’s President and CEO, Carey Ford, provided the following commentary: “In the first quarter, Precision delivered year over year revenue growth in a declining market, enhanced the capability of our drilling fleet, and continued to deliver on shareholder return commitments.

“As we entered the year, the global operating environment became increasingly complex, driven in part by escalating geopolitical conflict in the Middle East. The resulting commodity and financial market volatility, combined with heightened scrutiny of the global energy industry, has created one of the most unique operating environments we have experienced in several decades. For a company like Precision, with operations in the Middle East, effectively navigating the daily changes is critical.

“Throughout this period, our priorities have remained clear: first and foremost, ensuring the safety of our people; reliably delivering our High Performance, High Value offering to our customers; and increasing the velocity of communication with our customers, vendors, and crews. These priorities position us to respond quickly and decisively as conditions change.

“Internationally, despite minor activity disruptions and increased costs, our crews in the Middle East continue to operate safely and deliver excellent results for our customers. During the quarter, we also reactivated one rig, bringing our total active rig count in the region to seven, all supported by long-term contracts.

“In North America, Precision delivered activity growth in both Canada and the U.S., despite lower industry activity levels year over year. This performance reflects our continued success in driving revenue growth and deepening customer relationships through contracted rig upgrades, disciplined operational excellence, and the deployment of performance-driven technology. Precision remains well positioned as a trusted partner for customers seeking reliable, repeatable, and efficient drilling outcomes.

“Technology continues to be a key differentiator and central to our long-term strategy. During the quarter, we continued deploying Alpha™ digital technologies to unlock performance improvements through automation, data analytics, and real-time optimization, delivering record drilling results for our Canadian and U.S. customers. Our scalable digital portfolio has been a key contributor to our success in North America for several years.

“Looking ahead, we are encouraged by improving customer sentiment in both Canada and the U.S. In Canada, we expect our second quarter activity to be well above last year’s level, supported by demand for our pad-capable Super Triple and Super Single rigs and a robust oil price environment. In the U.S., while we experienced contract churn in March and April, we expect our active rig count to return to the high 30s in June. We are experiencing a notable increase in inquiries from both oil and natural gas customers regarding rig availability and expect further rig additions and pricing increases in the second half of the year. Precision’s scale, technology offering, and operational excellence will support growth opportunities as they emerge.

“Precision continues to maintain a disciplined approach to capital allocation, prioritizing balance sheet strength, high-return investments in our equipment and technology, and enhanced shareholder returns. We remain focused on maximizing free cash flow generation and reaffirm our published shareholder return commitments for 2026.

“I would like to thank our field leadership and crews for their continued commitment to safety, execution, and customer service. Their dedication underpins our ability to deliver consistent performance and advance our High Performance, High Value strategy while delivering long-term value for all stakeholders,” concluded Mr. Ford.

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

	For the three months ended March 31,
(Stated in thousands of Canadian dollars, except per share amounts)		2026				2025			% Change
Revenue		526,051				496,331				6.0
Adjusted EBITDA(1)		123,947				137,497				(9.9	)
Net earnings		17,845				34,947				(48.9	)
Net earnings attributable to shareholders		17,376				34,511				(49.7	)
Cash provided by operations		63,154				63,419				(0.4	)
Cash used in investing activities		74,702				57,202				30.6
Capital spending by spend category(1)
Expansion and upgrade		30,274				19,546				54.9
Maintenance and infrastructure		34,726				40,419				(14.1	)
Proceeds on sale		(2,287	)			(3,765	)			(39.3	)
Net capital spending(1)		62,713				56,200				11.6
Net earnings attributable to shareholders per share:
Basic		1.34				2.52				(46.8	)
Diluted		1.34				2.20				(39.1	)
Weighted average shares outstanding:
Basic		12,932				13,683				(5.5	)
Diluted		12,941				14,287				(9.4	)

^{(1)    See “FINANCIAL MEASURES AND RATIOS.”}

Operating Highlights

	For the three months ended March 31,
	2026				2025				% Change
Contract drilling rig fleet		184				215				(14.4	)
Drilling rig utilization days:
Canada		7,116				6,680				6.5
U.S.		3,332				2,691				23.8
International		611				720				(15.1	)
Revenue per utilization day:
Canada (Cdn$)		35,021				35,601				(1.6	)
U.S. (US$)		33,715				33,157				1.7
International (US$)		51,596				49,419				4.4
Operating costs per utilization day:
Canada (Cdn$)		20,739				20,821				(0.4	)
U.S. (US$)		24,424				23,568				3.6
Service rig fleet(1)		145				143				1.4
Service rig operating hours(1)		68,219				65,635				3.9

^{(1)    The service rig fleet and service rig operating hours exclude our U.S. operations that we wound down in the second quarter of 2025.}

Drilling Activity

	Average for the quarter ended 2025															Average for the quarter ended 2026
	Mar. 31				June 30				Sept. 30				Dec. 31				Mar. 31
Average Precision active rig count(1):
Canada		74				50				63				66				79
U.S.		30				33				36				37				37
International		8				7				7				7				7
Total		112				90				106				110				123

^{(1)    Average number of drilling rigs working or moving.}

Financial Position

(Stated in thousands of Canadian dollars, except ratios)	March 31, 2026				December 31, 2025
Working capital(1)		208,099				186,815
Cash		41,462				85,781
Long-term debt		663,859				679,291
Total long-term financial liabilities(1)		728,252				746,944
Total assets		2,748,154				2,726,690
Long-term debt to long-term debt plus equity ratio(1)		0.29				0.30

^{(1)    See “FINANCIAL MEASURES AND RATIOS.”}

Summary for the three months ended March 31, 2026:

• Revenue in the first quarter was $526 million, $30 million higher than in 2025 as U.S. and Canadian revenue increased by $24 million and $13 million, respectively, due to higher drilling activity, while partially offset by lower international drilling activity.
• Adjusted EBITDA decreased 10% to $124 million from $137 million in the first quarter of 2025. The decrease was primarily due to higher share-based compensation expense of $19 million compared with $3 million in the same period last year, as well as increased rig reactivation costs. For additional information on share-based compensation, please refer to “Other Items” later in this news release.
• Net earnings attributable to shareholders was $17 million or $1.34 per share compared to $35 million or $2.52 per share for the same period last year. The decrease was due to higher share-based compensation expense, as our share price appreciated 39% in the quarter, and increased depreciation expense from the change in useful life estimates.
• Cash provided by operations was $63 million and the Company repurchased 36,874 shares for $4 million and reduced long-term debt by $25 million. Precision ended the quarter with $41 million of cash and more than $430 million in available liquidity.
• In Canada, our operating margin⁽²⁾ was $14,282 compared to $14,780 in the same period last year. The decrease was primarily due to rig mix, as we had proportionately fewer active Super Triples.
• In the U.S., our operating margin was US$9,291 compared to US$9,589 in 2025. Excluding the impact of turnkey projects and idle but contracted rig revenue, our operating margin was US$9,287 in 2026 compared to US$8,360 in 2025. The increase was primarily due to fixed costs being spread over more activity days.
• Internationally, we had revenue per utilization per day of US$51,596 compared to US$49,419 in the same period last year. The increase of 4% was primarily due to higher mobilization revenue. We realized revenue of US$32 million in the first quarter of 2026 compared to US$36 million in 2025 as higher revenue per utilization day was more than offset by lower activity following the expiration of a drilling contract in Kuwait.
• Completion and Production Services revenue was $80 million, consistent with the first quarter of 2025. Adjusted EBITDA was $18 million, representing 22%⁽¹⁾ of revenue which is consistent with the first quarter of 2025.
• General and administrative expenses were $42 million versus $30 million in the first quarter of 2025, with the increase primarily due to higher share-based compensation expense.
• Capital expenditures were $65 million compared to $60 million in the first quarter of 2025 and included $35 million for the maintenance of existing assets, infrastructure, and intangible assets and $30 million for upgrades⁽¹⁾.

<sup>(1)    See “FINANCIAL MEASURES AND RATIOS.”

(2)    Defined as revenue per utilization day less operating costs per utilization day.</sup>

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

Precision’s 2026 strategic priorities and the progress made during the first quarter are summarized below.

1. Drive revenue growth and deepen customer relationships through contracted upgrades, continuous operational excellence, and by leveraging our performance-driven technology as a key competitive differentiator.
   • Grew rig utilization in both Canada and the U.S. even though industry activity declined in each region.
   • Maintained strong pricing in Canada and the U.S. compared to the previous quarter and the first quarter of 2025.
   • Deployed $30 million in targeted fleet upgrades to meet evolving customer requirements and deliver efficient, high-performance drilling outcomes.
2. Maximize free cash flow through strategic capital deployment and sustained cost discipline.
   • Generated cash from operations of $63 million, allowing Precision to reduce debt and buy back shares.
   • Recorded resilient operating margins in Canada and the U.S. compared to the previous quarter and the first quarter of 2025.
3. Enhance shareholder returns by reducing debt by $100 million in 2026 and allocating up to 50% of free cash flow, before debt repayments, directly to shareholders.
   • Reduced debt by $25 million and continue to target a sustained Net Debt to Adjusted EBITDA ratio⁽¹⁾ of below 1.0 times.
   • Returned $4 million to shareholders by repurchasing 36,874 shares during the quarter.
   • Well positioned to meet our long-term debt reduction target of $700 million between 2022 and 2027. As of March 31, 2026, we have reduced our debt by $560 million since the beginning of 2022.

^{(1)    See “FINANCIAL MEASURES AND RATIOS.”}

OUTLOOK

Ongoing geopolitical tensions in the Middle East have increased global supply risks, contributing to higher oil prices and a renewed focus on energy supply security. This environment continues to support steady upstream investment and near-term activity in politically stable jurisdictions. Customers continue to prioritize capital discipline and returns, resulting in measured but sustained drilling rather than reacting to short-term price movements. However, if the oil price outlook remains constructive, we expect activity levels to increase over the course of the year.

In Canada, demand for our Super Series rigs remains robust, driving one of our most active winter drilling seasons. Improving commodity prices for heavy oil and condensate, plus additional takeaway capacity for both oil and natural gas continue to support Canadian activity levels. As we move into spring break up with more pad-capable Super Triple and Super Single rigs and an improved oil price environment, we expect our second quarter activity to be well above the prior year’s level.

In the U.S., the natural gas rig count increased approximately 20% in 2025 as customers became more constructive on LNG off-take and rising AI-related power demand. We capitalized on this trend by increasing activity in key natural gas basins such as the Haynesville and Marcellus, resulting in a 24% increase in U.S. drilling rig utilization days in the first quarter of 2026 compared with 2025. Oil directed drilling activity remained subdued through 2025 and into 2026; however, with a more favorable pricing environment, we are experiencing a notable increase in inquiries from both oil and natural gas customers regarding rig availability and expect further rig additions and pricing increases in the second half of the year.

Internationally, despite minor disruptions and increased costs due to the tension in the Middle East, our crews are safely delivering results for our international customers. We have seven active rigs, including four in Kuwait and three in the Kingdom of Saudi Arabia. These rigs are under five-year term contracts that extend into 2027 and 2028. We currently expect seven active rigs for the remainder of the year. We continue to seek opportunities for our two idle international rigs.

As the premier well service provider in Canada, the long-term outlook for this business is positive, driven by increased takeaway capacity from the Trans Mountain pipeline expansion and LNG Canada, and our High Performance, High Value service offering. We expect customer demand and pricing to remain strong in the foreseeable future, assuming no significant change in market conditions.

Overall, our outlook for the remainder of the year is optimistic, with potential upside driven by sustained higher oil prices amid ongoing geopolitical tensions in the Middle East. In Canada, we expect second quarter operating margins to average between $12,000 and $13,000 per utilization day, driven by a higher proportion of Super Singles working through spring break up compared with the prior year. In the U.S., revenue per utilization day is expected to remain stable, while operating margins are anticipated to range between US$7,500 and US$8,500 per utilization day due to additional rig reactivation expenses.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as of April 29, 2026. For the quarter ending after March 31, 2026, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at April 29, 2026		Average for the quarter ended 2025													Average				Average for the quarter ended 2026													Average
		Mar. 31			June 30			Sept. 30			Dec. 31				2025				Mar. 31			June 30			Sept. 30			Dec. 31				2026
Average rigs under term contract:
Canada			20			18			16			21				19				21			17			17			16				18
U.S.			16			16			17			17				17				15			14			11			5				11
International			8			7			7			7				7				7			7			7			7				7
Total			44			41			40			45				43				43			38			35			28				36

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rigs, procurement and distribution of oilfield supplies, and the manufacture, sale and repair of drilling equipment; and Completion and Production Services, which includes our service rigs, oilfield equipment rental, and camp services.

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

	For the three months ended March 31,
(Stated in thousands of Canadian dollars, except where noted)		2026				2025			% Change
Revenue		449,009				419,457				7.0
Expenses:
Operating		303,573				272,412				11.4
General and administrative		12,441				11,029				12.8
Adjusted EBITDA(1)		132,995				136,016				(2.2	)
Adjusted EBITDA as a percentage of revenue(1)		29.6	%			32.4	%

^{(1)    See “FINANCIAL MEASURES AND RATIOS.”}

Canadian onshore drilling statistics:(1)	2026								2025
	Precision				Industry (2)				Precision				Industry(2)
Average number of active land rigs for quarters ended:
March 31		79				199				74				214

<sup>(1)    Canadian operations only.

(2)    Source: Baker Hughes rig counts.</sup>

United States onshore drilling statistics:(1)	2026								2025
	Precision				Industry (2)				Precision				Industry(2)
Average number of active land rigs for quarters ended:
March 31		37				530				30				572

<sup>(1)    United States lower 48 operations only.

(2)    Source: Baker Hughes rig counts.</sup>

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

	For the three months ended March 31,
(Stated in thousands of Canadian dollars, except where noted)		2026				2025			% Change
Revenue		79,931				79,330				0.8
Expenses:
Operating		59,675				59,112				1.0
General and administrative		2,644				2,672				(1.0	)
Adjusted EBITDA(1)		17,612				17,546				0.4
Adjusted EBITDA as a percentage of revenue(1)		22.0	%			22.1	%
Well servicing statistics:
Number of service rigs (end of period)(2)		145				143				1.4
Service rig operating hours(2)		68,219				65,635				3.9

<sup>(1)    See “FINANCIAL MEASURES AND RATIOS.”

(2)    The service rig fleet and service rig operating hours exclude our U.S. operations that we wound down in the second quarter of 2025.</sup>

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2025 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

	For the three months ended March 31,
(Stated in thousands of Canadian dollars)	2026				2025
Cash settled share-based incentive plans		15,961				403
Equity settled share-based incentive plans		2,912				2,427
Total share-based incentive compensation plan expense		18,873				2,830
Allocated:
Operating		3,763				1,128
General and Administrative		15,110				1,702
		18,873				2,830

Depreciation

In 2025, we completed a detailed review of our drilling rig equipment and revised the estimated useful life of drill pipe as more complex drilling programs have reduced the useful life of this asset class. This revision resulted in additional depreciation expense of $11 million in the first quarter of 2026.

FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial Measures
We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.
Adjusted EBITDA	We believe Adjusted EBITDA (earnings before income taxes, (gain) loss on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges. The most directly comparable financial measure is net earnings.

	For the three months ended March 31,
(Stated in thousands of Canadian dollars)		2026				2025
Adjusted EBITDA by segment:
Contract Drilling Services		132,995				136,016
Completion and Production Services		17,612				17,546
Corporate and Other		(26,660	)			(16,065	)
Adjusted EBITDA		123,947				137,497
Depreciation and amortization		84,330				75,036
Gain on asset disposals		(1,713	)			(2,872	)
Foreign exchange		448				367
Finance charges		12,356				15,760
(Gain) loss on investments and other assets		1,467				(49	)
Income taxes		9,214				14,308
Net earnings		17,845				34,947
Non-controlling interest		469				436
Net earnings attributable to shareholders		17,376				34,511

Net Capital Spending

We believe net capital spending is a useful measure as it provides an indication of our primary investment activities. The most directly comparable financial measure is cash provided by (used in) investing activities. Net capital spending is calculated as follows:

		For the three months ended March 31,
(Stated in thousands of Canadian dollars)			2026				2025
Capital spending by spend category
Expansion and upgrade			30,274				19,546
Maintenance, infrastructure and intangibles			34,726				40,419
Capital expenditures			65,000				59,965
Proceeds on sale of property, plant and equipment			(2,287	)			(3,765	)
Net capital spending			62,713				56,200
Purchase of investments and other assets			698				11
Receipt of finance lease payments			(251	)			(208	)
Changes in non-cash working capital balances			11,542				1,199
Cash used in investing activities			74,702				57,202

Working Capital

We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position. Working capital is calculated as follows:

	March 31,				December 31,
(Stated in thousands of Canadian dollars)		2026				2025
Current assets		505,033				486,915
Current liabilities		(296,934	)			(300,100	)
Working capital		208,099				186,815

Total Long-term Financial Liabilities

We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position. Total long-term financial liabilities is calculated as follows:

	March 31,				December 31,
(Stated in thousands of Canadian dollars)		2026				2025
Total non-current liabilities		827,942				837,707
Deferred tax liabilities		(99,690	)			(90,763	)
Total long-term financial liabilities		728,252				746,944

Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
Adjusted EBITDA % of Revenue		We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
Long-term debt to long-term debt plus equity		We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
Net Debt to Adjusted EBITDA		We believe that the Net Debt (long-term debt plus current portion of long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
Supplementary Financial Measures
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
Capital Spending by Spend Category		We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this news release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to, the following:

• our 2026 strategic priorities;
• our capital expenditures, free cash flow allocation and debt reduction plans for 2026 and beyond;
• anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2026;
• the average number of term contracts in place for 2026;
• customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions; and
• potential commercial opportunities and rig contract renewals.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

• our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
• the status of current negotiations with our customers and vendors;
• customer focus on safety performance;
• existing term contracts are neither renewed nor terminated prematurely;
• continued market demand for our drilling rigs;
• our ability to deliver rigs to customers on a timely basis;
• the impact of an increase/decrease in capital spending; and
• the general stability of the economic and political environments in the jurisdictions where we operate in.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

• volatility in the price and demand for oil and natural gas;
• fluctuations in the level of oil and natural gas exploration and development activities;
• fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
• our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
• changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
• shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
• liquidity of the capital markets to fund customer drilling programs;
• availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
• the physical, regulatory and transition impacts of climate change;
• the impact of weather and seasonal conditions on operations and facilities;
• the impact of tariffs and trade disputes;
• competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
• ability to improve our rig technology to improve drilling efficiency;
• general economic, market or business conditions;
• the availability of qualified personnel and management;
• a decline in our safety performance which could result in lower demand for our services;
• the impact of inflation and supply chain disruptions;
• business interruptions related to cybersecurity risks;
• changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
• terrorism, acts of war, social, civil and political unrest in the foreign jurisdictions or regions where we operate;
• fluctuations in foreign exchange, interest rates and tax rates; and
• other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2025, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this news release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)		March 31, 2026				December 31, 2025
ASSETS
Current assets:
Cash		$	41,462			$	85,781
Accounts receivable			410,271				352,142
Inventory			53,300				48,992
Total current assets			505,033				486,915
Non-current assets:
Deferred tax assets			2,235				2,235
Property, plant and equipment			2,159,598				2,159,212
Intangibles			8,581				9,470
Right-of-use assets			61,023				56,817
Finance lease receivables			4,244				4,474
Investments and other assets			7,440				7,567
Total non-current assets			2,243,121				2,239,775
Total assets		$	2,748,154			$	2,726,690
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities		$	276,444			$	280,652
Income taxes payable			1,853				1,670
Current portion of lease obligations			18,637				17,778
Total current liabilities			296,934				300,100
Non-current liabilities:
Share-based compensation			8,034				13,780
Provisions and other			6,781				6,704
Lease obligations			49,578				47,169
Long-term debt			663,859				679,291
Deferred tax liabilities			99,690				90,763
Total non-current liabilities			827,942				837,707
Total liabilities			1,124,876				1,137,807
Equity:
Shareholders’ capital			2,245,234				2,238,766
Contributed surplus			77,831				79,270
Accumulated other comprehensive income			174,350				165,020
Deficit			(879,253	)			(898,992	)
Total equity attributable to shareholders			1,618,162				1,584,064
Non-controlling interest			5,116				4,819
Total equity			1,623,278				1,588,883
Total liabilities and equity		$	2,748,154			$	2,726,690

CONDENSED
INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

		Three Months Ended March 31,
(Stated in thousands of Canadian dollars, except per share amounts)		2026				2025
Revenue		$	526,051			$	496,331
Expenses:
Operating			360,359				329,068
General and administrative			41,745				29,766
Earnings before income taxes, (gain) loss on investments and other assets, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization			123,947				137,497
Depreciation and amortization			84,330				75,036
Gain on asset disposals			(1,713	)			(2,872	)
Foreign exchange			448				367
Finance charges			12,356				15,760
(Gain) loss on investments and other assets			1,467				(49	)
Earnings before income taxes			27,059				49,255
Income taxes:
Current			702				1,106
Deferred			8,512				13,202
			9,214				14,308
Net earnings		$	17,845			$	34,947
Attributable to:
Shareholders of Precision Drilling Corporation		$	17,376			$	34,511
Non-controlling interest		$	469			$	436
Net earnings per share attributable to share- holders of Precision Drilling Corporation:
Basic		$	1.34			$	2.52
Diluted		$	1.34			$	2.20

CONDENSED
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

		Three Months Ended March 31,
(Stated in thousands of Canadian dollars)		2026				2025
Net earnings		$	17,845			$	34,947
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency			18,244				(658	)
Foreign exchange loss on net investment hedge with U.S. denominated debt			(8,914	)			(535	)
Comprehensive income		$	27,175			$	33,754
Attributable to:
Shareholders of Precision Drilling Corporation		$	26,706			$	33,318
Non-controlling interest		$	469			$	436

CONDENSED
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

		Three Months Ended March 31,
(Stated in thousands of Canadian dollars)		2026				2025
Cash provided by (used in):
Operations:
Net earnings		$	17,845			$	34,947
Adjustments for:
Long-term compensation plans			9,261				3,016
Depreciation and amortization			84,330				75,036
Gain on asset disposals			(1,713	)			(2,872	)
Foreign exchange			554				(783	)
Finance charges			12,356				15,760
Income taxes			9,214				14,308
Other			(13	)			—
(Gain) loss on investments and other assets			1,467				(49	)
Income taxes paid			(342	)			(321	)
Interest paid			(21,991	)			(29,637	)
Interest received			424				437
Funds provided by operations			111,392				109,842
Changes in non-cash working capital balances			(48,238	)			(46,423	)
Cash provided by operations			63,154				63,419
Investments:
Purchase of property, plant and equipment			(65,000	)			(59,965	)
Proceeds on sale of property, plant and equipment			2,287				3,765
Purchase of investments and other assets			(698	)			(11	)
Receipt of finance lease payments			251				208
Changes in non-cash working capital balances			(11,542	)			(1,199	)
Cash used in investing activities			(74,702	)			(57,202	)
Financing:
Issuance of long-term debt			3,000				—
Repayment of long-term debt			(28,000	)			(17,110	)
Repurchase of share capital			(4,015	)			(30,766	)
Issuance of common shares from the exercise of options			195				—
Distributions to non-controlling interest			(300	)			—
Lease payments			(4,093	)			(3,587	)
Cash used in financing activities			(33,213	)			(51,463	)
Effect of exchange rate changes on cash			442				(280	)
Decrease in cash			(44,319	)			(45,526	)
Cash, beginning of period			85,781				73,771
Cash, end of period		$	41,462			$	28,245

CONDENSED
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

		Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)		Shareholders’ Capital				Contributed Surplus				Accumulated Other Comprehensive Income				Deficit				Total				Non- Controlling Interest				Total Equity
Balance at January 1, 2026		$	2,238,766			$	79,270			$	165,020			$	(898,992	)		$	1,584,064			$	4,819			$	1,588,883
Net earnings for the period			—				—				—				17,376				17,376				469				17,845
Other comprehensive income for the period			—				—				9,330				—				9,330				—				9,330
Share options exercised			279				(84	)			—				—				195				—				195
Settlement of Executive Performance and Restricted Share Units			4,095				(4,095	)			—				—				—				—				—
Distributions to non-controlling interest			—				—				—				—				—				(172	)			(172	)
Share repurchases			(6,378	)			—				—				2,363				(4,015	)			—				(4,015	)
Liability reversal for automated share purchase plan			10,000				—				—				—				10,000				—				10,000
Liability for automated share purchase plan			(1,700	)			—				—				—				(1,700	)			—				(1,700	)
Redemption of non-management directors share units			172				(172	)			—				—				—				—				—
Share-based compensation expense			—				2,912				—				—				2,912				—				2,912
Balance at March 31, 2026		$	2,245,234			$	77,831			$	174,350			$	(879,253	)		$	1,618,162			$	5,116			$	1,623,278

		Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)		Shareholders’ Capital				Contributed Surplus				Accumulated Other Comprehensive Income				Deficit				Total				Non- Controlling Interest				Total Equity
Balance at January 1, 2025		$	2,301,729			$	77,557			$	199,020			$	(900,834	)		$	1,677,472			$	4,527			$	1,681,999
Net earnings for the period			—				—				—				34,511				34,511				436				34,947
Other comprehensive income for the period			—				—				(1,193	)			—				(1,193	)			—				(1,193	)
Settlement of Executive Performance and Restricted Share Units			11,651				(2,790	)			—				—				8,861				—				8,861
Share repurchases			(31,141	)			—				—				—				(31,141	)			—				(31,141	)
Liability reversal for automated share purchase plan			10,000				—				—				—				10,000				—				10,000
Liability for automated share purchase plan			(5,000	)			—				—				—				(5,000	)			—				(5,000	)
Redemption of non-management directors share units			183				(183	)			—				—				—				—				—
Share-based compensation expense			—				2,427				—				—				2,427				—				2,427
Balance at March 31, 2025		$	2,287,422			$	77,011			$	197,827			$	(866,323	)		$	1,695,937			$	4,963			$	1,700,900

2026 FIRST QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Thursday, April 30, 2026.

To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register-conf.media-server.com/register/BI8811660f92894f7aa14eca5d58cbc0df

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website until the following quarterly conference call is posted.   

https://edge.media-server.com/mmc/p/952icqoy

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange and NYSE Texas, Inc., under the trading symbol “PDS”.

Additional Information

For further information, please contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

Achieved Patient Recruitment Target in Pivotal Phase 3 Trial for Chronic Low Back Pain

Activity Report for Quarter Ended March 31, 2026 (Appendix 4C)

NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) — Mesoblast Limited (Nasdaq:MESO; ASX:MSB), global leader in allogeneic cellular medicines for inflammatory diseases, today provided highlights of its recent activities for the third fiscal quarter ended March 31, 2026.

“We’ve had a busy and exciting March quarter marked by a series of major achievements. Ryoncil^® revenues are now approaching US$100 million since last year’s launch, we have substantially improved our net operating cash spend, our pivotal trial in inflammatory back pain has successfully achieved its patient recruitment target, and we have bolstered our long-term leadership in the field by acquiring genetically modified technology for precision-enhanced cell therapy products,” said Dr. Silviu Itescu, Mesoblast Chief Executive.

FINANCIAL HIGHLIGHTS FOR QUARTER ENDED MARCH 31, 2026

¹

• Ryoncil^® gross sales for the quarter were US$35.3 million, and net revenues were US$30.3 million.¹
• Strong sales in February and March offset holiday seasonality in January.
• Revenue generated during this first year of Ryoncil^® launch approaches US$100 million.
• Net operating cash spend for the quarter was US$4.1 million. The reduction in net operating cash spend was driven by receipts of US$34.6 million and tight control of operating expenses.
• Mesoblast had US$122 million of cash at March 31, 2026.

OPERATIONAL HIGHLIGHTS

• Achieved patient recruitment target in pivotal phase 3 trial of second-generation product rexlemestrocel-L for chronic low back pain (CLBP).
• Held inaugural R&D day on April 8^th in New York. A replay of the event is available here and presentation materials here.
• At the R&D day Mesoblast highlighted its label extension strategy for Ryoncil^® in adult and pediatric rare diseases, provided an update on near- and mid-term blockbuster opportunities in inflammatory back pain and heart failure, showcased leadership in allogeneic cell therapy innovation, and outlined commercial strategies for continued revenue growth.
• The trial for label extension of our flagship product Ryoncil^® in adults with SR-aGvHD was cleared to begin by FDA, by data safety monitoring board (DSMB), and by central institutional review board (IRB) with first sites to be activated this quarter.
• FDA granted Investigational New Drug (IND) clearance to proceed directly to a registrational trial evaluating Ryoncil^® in Duchenne’s muscular dystrophy (DMD), which affects approximately 15,000 children in the U.S.
• In addition, at the R&D day, Mesoblast unveiled next generation mesenchymal stromal cell (MSC) strategies including announcing the acquisition of an exclusive worldwide license to a patented chimeric antigen receptor (CAR) technology platform for precision-enhanced augmentation of therapeutic MSC products.
• This CAR technology provides Mesoblast with an immediate opportunity to generate products with even greater potency for ulcerative colitis or Crohn’s disease. In addition, Mesoblast plans to use CAR-MSC engineered to express CD19 on their surface to induce remission in Lupus Nephritis and other B cell autoimmune diseases where durable, effective and safe immunomodulation is highly desirable.

Other

Fees to Non-Executive Directors were US$156,048, consulting payments to Non-Executive Directors were US$150,000, and salary payments to full-time Executive Directors were US$399,070, detailed in Item 6 of the Appendix 4C cash flow report for the quarter.²

A copy of the Appendix 4C – Quarterly Cash Flow Report for the third quarter FY2026 is available on the investor page of the company’s website www.mesoblast.com.

About Mesoblast

Mesoblast (the Company) is a world leader in developing allogeneic (off-the-shelf) cellular medicines for the treatment of severe and life-threatening inflammatory conditions. The therapies from the Company’s proprietary mesenchymal lineage cell therapy technology platform respond to severe inflammation by releasing anti-inflammatory factors that counter and modulate multiple effector arms of the immune system, resulting in significant reduction of the damaging inflammatory process.

Mesoblast’s Ryoncil^® (remestemcel-L-rknd) for the treatment of steroid-refractory acute graft versus host disease (SR-aGvHD) in pediatric patients 2 months and older is the first FDA-approved mesenchymal stromal cell (MSC) therapy. Please see the full Prescribing Information at www.ryoncil.com.

Mesoblast is committed to developing additional cell therapies for distinct indications based on its remestemcel-L and rexlemestrocel-L allogeneic stromal cell technology platforms. Ryoncil^® is being developed for additional inflammatory diseases including SR-aGvHD in adults and biologic-resistant inflammatory bowel disease. Rexlemestrocel-L is being developed for heart failure and chronic low back pain. The Company has established commercial partnerships in Japan, Europe and China.

About Mesoblast intellectual property: Mesoblast has a strong and extensive global intellectual property portfolio, with over 1,000 granted patents or patent applications covering mesenchymal stromal cell compositions of matter, methods of manufacturing and indications. These granted patents and patent applications provide commercial protection extending through to at least 2044 in all major markets.

About Mesoblast manufacturing: The Company’s proprietary manufacturing processes yield industrial-scale, cryopreserved, off-the-shelf, cellular medicines. These cell therapies, with defined pharmaceutical release criteria, are planned to be readily available to patients worldwide.

Mesoblast has locations in Australia, the United States and Singapore and is listed on the Australian Securities Exchange (MSB) and on the Nasdaq (MESO). For more information, please see www.mesoblast.com, LinkedIn: Mesoblast Limited and Twitter: @Mesoblast

References / Footnotes

1. The revenues included in this press release are based on management’s initial analysis of operations for the third quarter ended March 31, 2026, and are subject to completion of Mesoblast’s financial closing procedures and audit.
2. As required by ASX listing rule 4.7 and reported in Item 6 of the Appendix 4C, reported are the aggregated total payments to related parties being Executive Directors and Non-Executive Directors.

Forward-Looking Statements

This press release includes forward-looking statements that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements should not be read as a guarantee of future performance or results, and actual results may differ from the results anticipated in these forward-looking statements, and the differences may be material and adverse. Forward-looking statements include, but are not limited to, statements about: the initiation, timing, progress and results of Mesoblast’s preclinical and clinical studies, and Mesoblast’s research and development programs; Mesoblast’s ability to advance product candidates into, enroll and successfully complete, clinical studies, including multi-national clinical trials; Mesoblast’s ability to advance its manufacturing capabilities; the timing or likelihood of regulatory filings and approvals, manufacturing activities and product marketing activities, if any; the commercialization of Mesoblast’s RYONCIL for pediatric SR-aGVHD and any other product candidates, if approved; regulatory or public perceptions and market acceptance surrounding the use of stem-cell based therapies; the potential for Mesoblast’s product candidates, if any are approved, to be withdrawn from the market due to patient adverse events or deaths; the potential benefits of strategic collaboration agreements and Mesoblast’s ability to enter into and maintain established strategic collaborations; Mesoblast’s ability to establish and maintain intellectual property on its product candidates and Mesoblast’s ability to successfully defend these in cases of alleged infringement; the scope of protection Mesoblast is able to establish and maintain for intellectual property rights covering its product candidates and technology; estimates of Mesoblast’s expenses, future revenues, capital requirements and its needs for additional financing; Mesoblast’s financial performance; developments relating to Mesoblast’s competitors and industry; and the pricing and reimbursement of Mesoblast’s product candidates, if approved. You should read this press release together with our risk factors, in our most recently filed reports with the SEC or on our website. Uncertainties and risks that may cause Mesoblast’s actual results, performance or achievements to be materially different from those which may be expressed or implied by such statements, and accordingly, you should not place undue reliance on these forward-looking statements. We do not undertake any obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Release authorized by the Chief Executive.

For more information, please contact:

Corporate Communications / Investors
Paul Hughes
T: +61 3 9639 6036
Media – Global	Media – Australia
Rubenstein	BlueDot Media
Caroline Nelson	Steve Dabkowski
T: +1 703 489 3037	T: +61 419 880 486
E: [email protected]	E: [email protected]