Market Newsdesk

April 29, 2026 6:34 am

Babcock & Wilcox Secures $21 Million for Fuel Switching Technology Awards; Parts and Services Continues Strong Performance Driven by Increased Baseload Demand

Babcock & Wilcox Secures $21 Million for Fuel Switching Technology Awards; Parts and Services Continues Strong Performance Driven by Increased Baseload Demand

AKRON, Ohio–(BUSINESS WIRE)–
Babcock & Wilcox (B&W) (NYSE: BW) announced today that it has recently secured awards of more than $21 million for fuel switching technologies in the United States reflecting the increased utilization of coal and natural gas power plants. This increased demand for power is also driving continued strong performance in the Company’s parts and services business.

“B&W continues to experience strong demand for its parts and services as coal power plants in the United States operate at peak capacity for extended periods to meet baseload generation demand,” said Matthew Taylor, Senior Vice President, B&W Parts and Field Engineering Services.

“These fuel switching projects, which include engineering and material supply, reinforce B&W’s leadership in delivering efficient, reliable coal-to-gas conversion solutions to help customers reduce emissions without compromising plant performance,” said Justin Chenevey, B&W Senior Vice President, Global Projects. “We’re proud to support both industrial and utility clients with customized upgrades that provide greater fuel flexibility and long-term value.”

“This new work follows our successful fourth quarter 2025 conversion of a 100 MW utility boiler from coal to natural gas, delivered ahead of schedule and within budget,” Chenevey added. “We are also currently executing an additional 1200 MW of coal-to-gas conversion projects which are scheduled for completion this year.”

B&W has successfully performed more than 150 boiler conversions, including projects to switch from coal or oil to 100 percent natural-gas-firing systems, as well as adding multi-fuel capabilities, significantly lowering environmental impact while also reducing fuel and plant operating costs.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to more than $21 million in projects to engineer and supply fuel switching technologies in the U.S., and expected demand for our technologies and services. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429433507/en/

Investor Contact:

Investor Relations

Babcock & Wilcox

704.625.4944

[email protected]

Media Contact:

Ryan Cornell

Public Relations

Babcock & Wilcox

330.860.1345

[email protected]

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Coal Energy Oil/Gas

MEDIA:

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April 29, 2026 6:33 am

Teva to Acquire Emalex Biosciences, Adding NDA-Ready, First-in-Class Therapy to Neuroscience Pipeline and Accelerating Teva’s Pivot to Growth Strategy

Ecopipam, Emalex’s investigational asset for pediatric Tourette syndrome (TS), is a first-in-class selective dopamine D1 receptor antagonist with FDA Orphan Drug and Fast Track designations.
The late-stage program in a high-need, specialized area of neuroscience expands Teva’s innovative medicines pipeline, aligns with commercial strengths and supports both near- and long-term growth.
Upon closing, Emalex shareholders to receive $700 million in cash with the possibility of up to an additional $200 million in commercial milestone payments, as well as net sales-based royalties, subject to regulatory approval

PARSIPPANY, N.J. and CHICAGO, April 29, 2026 (GLOBE NEWSWIRE) — Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), and Emalex Biosciences (“Emalex”) today announced a definitive agreement for Teva to acquire Emalex, including its lead asset, ecopipam. The positive Phase 3 data of ecopipam in children with Tourette syndrome demonstrated statistically significant results on the study’s primary efficacy endpoint, and the NDA submission is anticipated in 2H 2026.

Upon closing, Teva will pay $700 million, and Emalex’s shareholders will be eligible to receive up to $200 million based on future commercial milestones as well as royalties on global net sales of ecopipam, subject to regulatory approval.

“This is a prime example of our Pivot to Growth strategy in action, advancing focused, capital–efficient agreements that expand our late–stage innovative pipeline and commercial portfolio, while delivering on our unrelenting commitment to patients,” said Richard Francis, President and Chief Executive Officer of Teva. “There is a real unmet need in Tourette syndrome, and families deserve additional options that can help manage symptoms while minimizing side effects. With our deep neuroscience expertise, we are well-positioned to advance this first-in-class investigational compound.”

Ecopipam is a registration-ready selective dopamine D1 receptor antagonist for the treatment of pediatric Tourette syndrome. Currently approved Tourette syndrome medications act primarily on D2 receptors.

Eric Messner, Chief Executive Officer of Emalex, said, “This moment reflects years of focused work to advance a first-in-class therapy for patients with Tourette syndrome who need better options. I’m deeply grateful to the Emalex team for the rigor and urgency they’ve brought to this program, and to the patients, families, and investigators who made this progress possible. Teva’s global scale and neuroscience leadership position will help ecopipam reach patients as quickly and broadly as possible, which is our goal.”

Paragon Biosciences, which founded Emalex, creates, builds and funds innovative biology-based companies.

“We built Emalex around a clear patient need and advanced ecopipam to late-stage readiness with speed and precision. At Paragon, we take companies with proven science and a clear path to patients, then choose the fastest way to reach them. Teva brings the scale and neuroscience expertise to execute globally and accelerate access for patients,” said Jeff Aronin, Paragon Biosciences CEO and Emalex Chairman.

Teva is hosting its quarterly earnings call today, April 29, 2026, at 8:00 a.m. EDT, [link] to share its Q1 2026 financial results. During that call, Teva will also discuss this acquisition.

The transaction is subject to customary closing conditions, including receipt of necessary regulatory approvals, and is currently anticipated to close by Q3 2026. Teva will fund the upfront payment using cash on hand. Teva intends to mitigate the near-term margin dilutive impact of this acquisition and remains on track to meet its 2027 financial targets.

About Tourette Syndrome

Tourette syndrome is a chronic, childhood-onset neurodevelopmental disorder characterized by involuntary motor and vocal tics. It begins in childhood, often between 5 and 10 years old. For people living with Tourette syndrome, symptoms can be frequent, visible, and disruptive, affecting everyday life. Current treatment approaches can help, but many patients still do not get the level of control they need, or are limited by side effects, underscoring the need for additional options.

In the U.S., ecopipam has Orphan Drug designation for pediatric patients with Tourette syndrome. Orphan Drug designation is reserved for patient populations of 200,000 or fewer. A substantial proportion of people with TS experience moderate to severe symptoms. While FDA-approved and off-label medicines are used today, many patients and families still need additional options.

About ecopipam

Ecopipam is a first-in-class investigational compound studied as a potential treatment for certain central nervous system disorders. It is designed to block dopamine signaling at the D1 receptor. The D1 receptor family includes subtypes D1 and D5. D1 receptor hypersensitivity may contribute to repetitive and compulsive behaviors associated with Tourette syndrome.

Ecopipam has received Orphan Drug and Fast Track designations from the FDA for the treatment of pediatric patients with Tourette syndrome. Emalex announced the results of the Phase 3 Tourette Syndrome Study of ecopipam last year. The primary efficacy endpoint in the study was time to relapse for pediatric patients following randomization to ecopipam or placebo. The topline data showed statistical significance between ecopipam and placebo for the primary efficacy endpoint in pediatric patients (p = 0.0084). Ecopipam was generally well tolerated in the study and the most common adverse events related to ecopipam therapy were somnolence (10.2%), insomnia (7.4%), anxiety (6.0%), fatigue (5.6%), and headache (5.1%).

Advisors

Evercore served as financial advisor and Faegre Drinker served as legal advisor to Teva. Centerview Partners LLC and PHCP, LLC served as financial advisors and Bradley Arant Boult Cummings, LLP, served as legal advisor to Emalex.

About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is transforming into a leading innovative biopharmaceutical company, enabled by a world-class generics business. For over 120 years, Teva’s commitment to bettering health has never wavered. From innovating in the fields of neuroscience and immunology to providing complex generic medicines, biosimilars and pharmacy brands worldwide, Teva is dedicated to addressing patients’ needs, now and in the future. At Teva, We Are All In For Better Health. To learn more about how, visit www.tevapharm.com.

About Emalex
Emalex Biosciences was created by Paragon Biosciences to develop new treatments for central nervous system disorders. The company is advancing a new class of therapy for patients with Tourette syndrome and other conditions with limited treatment options.

About Paragon Biosciences
Paragon Biosciences, founded by Jeff Aronin, creates, builds and funds innovative biology-based companies. Its portfolio companies advance scientific breakthroughs aimed at addressing significant unmet medical needs. Learn more at https://www.paragonbiosci.com.

Paragon Media Inquiries:
Sheridan Chaney
312.847.1323
[email protected]

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause Teva’s future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, you can identify these forward-looking statements by the use of words such as “should,” “expect,” “anticipate,” “developing,” “target,” “may,” “expand,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression in connection with any discussion of future performance. Important factors that could cause or contribute to such differences include risks and uncertainties relating to: the ability of the parties to consummate the proposed transaction in a timely manner or at all; the ability of the parties to satisfy the closing conditions under the merger agreement for the proposed transaction; potential delays in consummating the proposed transaction; our ability to successfully meet the payment obligations under the agreement with Emalex; our ability to successfully develop, obtain regulatory approval for and commercialize ecopipam; our ability to successfully compete in the marketplace including our ability to develop and commercialize ecopipam and additional pharmaceutical products; our ability to successfully execute our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development, and to execute on our organizational transformation and to achieve expected cost savings; our significant indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments; and other factors discussed in this press release and in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our Quarterly Reports on Form 10-Q, including in the section captioned “Risk Factors” and Cautionary Note Regarding Forward Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

April 29, 2026 6:33 am

Central Pacific Financial Reports FirstQuarter 2026Earnings of $20.7 Million

Central Pacific Financial Reports FirstQuarter 2026Earnings of $20.7 Million

First Quarter Highlights:

Net income of $20.7 million, or $0.78 per diluted share
Return on average assets of 1.12% and return on average equity of 13.90%
Net interest margin of 3.53% and efficiency ratio of 59.87%
Total loans of $5.32 billion, increased by $31.3 million from the prior quarter
Total deposits of $6.70 billion, increased by $89.6 million from the prior quarter
Repurchased 321,396 shares of common stock at a total cost of $10.5 million during the quarter

Other Highlights:

CPF Board of Directors approved a second quarter cash dividend of $0.29 per share
Central Pacific Bank was named the U.S. Small Business Administration (SBA) Lender of the Year in Hawaii (Category II) for 2025

HONOLULU–(BUSINESS WIRE)–
Central Pacific Financial Corp. (NYSE: CPF) (the “Company”), parent company of Central Pacific Bank (the “Bank” or “CPB”), today reported net income of $20.7 million, or $0.78 per fully diluted earnings share (“EPS”), for the first quarter of 2026. This compares to net income of $22.9 million, or EPS of $0.85, in the prior quarter and $17.8 million, or EPS of $0.65, in the first quarter last year.

“We delivered strong net income in the first quarter, marked by balance sheet growth, healthy net interest margin, and disciplined expense management,” said Arnold Martines, Chairman, President and CEO. “We are proud to be named as Hawaii SBA lender of the year for the 17th time, reflecting our ongoing commitment to supporting small businesses in our community. I want to express my sincere appreciation to our employees and customers for their continued dedication and partnership.”

Earnings Highlights

Net interest income for the first quarter of 2026 totaled $61.4 million, which decreased by $0.7 million, or 1.2% from the prior quarter, and increased by $3.7 million, or 6.3%, compared to the same quarter last year. Net interest margin (“NIM”) for the first quarter of 2026 was 3.53%, a decrease of 3 basis points (“bp” or “bps”) from the prior quarter, and an increase of 22 bps from the same quarter last year. The sequential quarter decrease in net interest income and NIM was primarily driven by lower average yields earned on loans, down 6 bps, and investment securities, down 5 bps, partially offset by a 6 bps decrease in average rates paid on interest-bearing deposits. The sequential quarter decrease in net interest income was also due to a $60.0 million decrease in average loans and two less days in the current quarter.

The Company recorded a provision for credit losses of $2.4 million in the first quarter of 2026, compared to a provision of $2.4 million in the prior quarter, and a provision of $4.2 million in the same quarter last year. The current quarter provision for credit losses included $2.7 million for credit losses on loans offset by a $0.3 million credit for off-balance sheet credit exposures. The decrease from the year ago quarter was primarily driven by lower loan balances and changes in the economic forecast used in our current expected credit losses model.

Other operating income for the first quarter of 2026 totaled $11.6 million, compared to $14.2 million in the prior quarter, and $11.1 million in the same quarter last year. The sequential quarter decrease was primarily due to a decrease in income from bank-owned life insurance of $2.4 million and lower mortgage banking income of $0.5 million, partially offset by income related to a debit card program contract extension consideration of $0.7 million (included in other income). The decrease in income from bank-owned life insurance was largely driven by $1.4 million in death benefits recognized in the prior quarter, combined with equity market volatility and the impact on corporate-owned life insurance (“COLI”) policies used to hedge deferred compensation expense.

Other operating expense for the first quarter of 2026 totaled $43.7 million, compared to $45.7 million in the prior quarter, and $42.1 million in the same quarter last year. The decrease from the prior quarter was primarily attributable to lower salaries and employee benefits of $1.4 million due to lower incentive accruals and lower deferred compensation expense, along with a reduction in legal and professional services of $0.5 million.

The efficiency ratio was 59.87% in the first quarter of 2026, compared to 59.88% in the prior quarter and 61.16% in the same quarter last year.

The effective tax rate for the first quarter of 2026 was 23.0%, compared to 18.9% in the prior quarter, and 21.2% in the same quarter last year. The increase in the Company’s effective tax rate was primarily attributable to additional tax credits recognized in the previous quarter and a decrease in tax-exempt income.

Balance Sheet Highlights

As of March 31, 2026, total assets were $7.50 billion, which increased by $86.1 million, or 1.2% from $7.41 billion at December 31, 2025, and an increase of $90.1 million, or 1.22% from $7.41 billion at March 31, 2025.

Total loans, net of deferred fees and costs, were $5.32 billion at March 31, 2026, which increased by $31.3 million, or 0.6% from $5.29 billion at December 31, 2025, and decreased by $14.2 million, or 0.3% from $5.33 billion at March 31, 2025. The average yield earned on loans during the first quarter of 2026 was 4.93%, compared to 4.99% in the prior quarter and 4.88% in the same quarter last year.

Total deposits were $6.70 billion at March 31, 2026, which increased by $89.6 million or 1.4% from $6.61 billion at December 31, 2025, and increased by $103.3 million, or 1.6% from $6.60 billion at March 31, 2025. Core deposits, which include demand deposits, savings and money market deposits and time deposits up to $250,000, totaled $6.13 billion at March 31, 2026. Core deposits increased by $74.9 million, or 1.2% from $6.06 billion at December 31, 2025, and increased by $158.7 million, or 2.7% from $5.98 billion at March 31, 2025. The average rate paid on total deposits during the first quarter of 2026 was 0.90%, compared to 0.94% in the prior quarter, and 1.08% in the same quarter last year.

Asset Quality

Nonperforming assets totaled $14.5 million, or 0.19% of total assets at March 31, 2026, compared to $14.4 million, or 0.19% of total assets at December 31, 2025 and $11.1 million, or 0.15% of total assets at March 31, 2025.

Net charge-offs in the first quarter of 2026 totaled $2.4 million, compared to net charge-offs of $2.5 million in the prior quarter, and net charge-offs of $2.6 million in the same quarter last year. On an annualized basis, net charge-offs as a percentage of average loans was 0.18% in the first quarter of 2026, compared to 0.18% in the prior quarter, and 0.20% in the same quarter last year.

The allowance for credit losses on loans was 1.13% of total loans as of March 31, 2026, and remained unchanged from 1.13% at December 31, 2025 and March 31, 2025.

Capital

Total shareholders’ equity at March 31, 2026 was $593.9 million, compared to $592.6 million at December 31, 2025 and $557.4 million at March 31, 2025.

During the first quarter of 2026, the Company repurchased 321,396 shares of common stock at a total cost of $10.5 million, or an average price of $32.75 per share. As of March 31, 2026, $44.5 million remained available under the Company’s share repurchase authorization.

The Company’s regulatory capital ratios remained strong, with a leverage ratio of 9.7%, a Common Equity Tier 1 ratio of 12.6%, a Tier 1 risk-based capital ratio of 13.5%, and a total risk-based capital ratio of 14.7% at March 31, 2026.

On April 28, 2026, the Board of Directors declared a quarterly cash dividend of $0.29 per share. The dividend will be payable on June 15, 2026, to shareholders of record as of May 29, 2026.

Conference Call

The Company’s management will host a conference call today at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time) to discuss its first quarter of 2026 financial results. Individuals are encouraged to listen to the live webcast of the presentation by visiting the investor relations page of the Company’s website at http://ir.cpb.bank. Alternatively, investors may participate in the live call by dialing 1-800-715-9871 and entering the conference ID: 6299769.

A replay of the call will be available through May 29, 2026, by dialing 1-800-770-2030 and entering the same conference ID: 6299769, and on the Company’s website. Information which may be discussed in the conference call is provided in an earnings supplement presentation on the Company’s website at http://ir.cpb.bank.

About Central Pacific Financial Corp.

Central Pacific Financial Corp. is a Hawaii-based bank holding company with approximately $7.50 billion in assets as of March 31, 2026. Its primary subsidiary, Central Pacific Bank, operates 27 branches and 55 ATMs in the State of Hawaii. Central Pacific Financial Corp. is listed on the New York Stock Exchange under the symbol “CPF.” For additional information, please visit: cpb.bank.

Equal Housing Lender

Member FDIC

NYSE Listed: CPF

Forward-Looking Statements

This document may contain forward-looking statements (“FLS”) concerning, among other things: projections of revenues, expenses, income or loss, earnings or loss per share, capital expenditures, payment or nonpayment of dividends, net interest income, capital position, credit losses, net interest margin, or other financial items. These statements may also include the plans, objectives, and expectations of Central Pacific Financial Corp. (the “Company”) or its management or Board of Directors, including those relating to business plans, use of capital resources, products or services, and regulatory developments or actions. In addition, such statements may address anticipated economic performance, the expected impact of business initiatives, and the assumptions underlying any of the foregoing.

Words such as “believe,” “plan,” “anticipate,” “aim,” “seek,” “expect,” “intend,” “forecast,” “hope,” “target,” “continue,” “remain,” “estimate,” “will,” “should,” “may,” and other similar expressions are intended to identify FLS, although such terminology is not the exclusive means of doing so.

While we believe that our FLS and their underlying assumptions are reasonably based, such statements are inherently subject to risks and uncertainties that may cause actual results to differ materially from expectations. Factors that may lead to such differences, include, but are not limited to: the persistence or resurgence of inflationary pressures in the United States and our market areas, and their effect on market interest rates, economic conditions, and credit quality; the impact of the current U.S. administration’s economic policies, including potential international tariffs, geopolitical instability, trade tensions, and other cost-cutting or fiscal initiatives; the adverse effects of bank failures on customer confidence, deposit behavior, liquidity, and regulatory responses; the effects of pandemics, epidemics, and other public health emergencies, including their impact on Hawaii’s tourism and construction sectors and on our borrowers, customers, vendors and employees; supply chain disruptions, labor contract disputes, strikes; adverse trends in the real estate or construction industries, including rising inventory levels or declining property values; deterioration in borrowers’ financial performance leading to increased loan delinquencies, asset quality issues, or loan losses; the impact of local, national, and international economic conditions and natural disasters (such as wildfires, volcanic eruptions, hurricanes, tsunamis, storms, floods, or earthquakes) on our markets and major industries within Hawaii; weakness in domestic economic conditions, including instability in the financial industry, deterioration in real estate markets, and declines in consumer or business confidence; revisions to estimates of reserve requirements under applicable regulatory and accounting standards; the impact of legislative and regulatory developments, including the Dodd-Frank Act, changing capital and consumer protection rules, and new regulations affecting our operations and competitiveness; the costs and effects of legal and regulatory proceedings, including actual or threatened litigation and the efforts of governmental and regulatory exams and orders, as well as the costs of ongoing or potential compliance efforts; the effect of accounting standard changes adopted by regulatory agencies, the PCAOB, or the FASB, and the cost and resources associated with implementation; changes in trade, monetary, or fiscal policy, including actions by the Federal Reserve; market volatility and monetary fluctuations, including the transition away from the LIBOR Index; declines in our market capitalization or the price of our common stock; the effects and cost of acquisitions, dispositions, or strategic transactions we may make or evaluate; political instability, acts of war or terrorism, or other geopolitical conflicts; shifts in consumer spending, borrowing, and savings behaviors; technological changes and developments; cybersecurity incidents, data privacy breaches, or fraud involving us or third-party vendors; deficiencies in internal control over financial reporting or disclosure controls and procedures, and our ability to remediate them; increased competition among financial institutions and other financial service providers; our ability to achieve efficiency ratio improvement goals; our ability to attract and retain key personnel; changes in our personnel, organization, compensation and benefit plans; and related reputational or regulatory exposures; and risks related to the United States fiscal debt, deficit, and budget uncertainties.

For further information on factors that could cause actual results to differ materially from the expectations or projections expressed in our FLS, please refer to the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recent Form 10-K, particularly, the discussion of “Risk Factors” set forth therein.

We urge investors to consider all of these factors carefully in evaluating the FLS contained in this document. FLS speak only as of the date on which such statements are made. We undertake no obligation to update any FLS to reflect events or circumstances occurring after the date on which such statements are made, or to reflect the occurrence of unanticipated events, except as required by law.


CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)	TABLE 1

	Three Months Ended
(Dollars in thousands,	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
except for per share amounts)		2026			2025			2025			2025			2025
CONDENSED INCOME STATEMENT
Net interest income	$	61,358		$	62,087		$	61,301		$	59,796		$	57,699
Provision for credit losses		2,353			2,396			4,157			4,987			4,172
Total other operating income		11,574			14,201			13,507			13,013			11,096
Total other operating expense		43,666			45,680			47,009			43,946			42,072
Income tax expense		6,188			5,337			5,068			5,605			4,791
Net income		20,725			22,875			18,574			18,271			17,760
Basic earnings per share	$	0.79		$	0.86		$	0.69		$	0.68		$	0.66
Diluted earnings per share		0.78			0.85			0.69			0.67			0.65
Dividends declared per share		0.29			0.28			0.27			0.27			0.27

PERFORMANCE RATIOS
Return on average assets (ROA) [1]		1.12	%		1.25	%		1.01	%		1.00	%		0.96	%
Return on average equity (ROE) [1]		13.90			15.41			12.89			13.04			13.04
Average equity to average assets		8.07			8.12			7.85			7.66			7.37
Efficiency ratio [2]		59.87			59.88			62.84			60.36			61.16
Net interest margin (NIM) [1]		3.53			3.56			3.49			3.44			3.31
Dividend payout ratio [3]		37.18			32.94			39.13			40.30			41.54

SELECTED AVERAGE BALANCES
Average loans, including loans held for sale	$	5,268,482		$	5,328,499		$	5,332,656		$	5,307,946		$	5,311,610
Average interest-earning assets		7,022,759			6,964,796			7,011,753			6,985,097			7,054,488
Average assets		7,396,084			7,310,098			7,341,281			7,314,144			7,388,783
Average deposits		6,592,361			6,499,119			6,509,692			6,503,463			6,561,100
Average interest-bearing liabilities		4,846,057			4,757,686			4,807,225			4,807,669			4,914,398
Average equity		596,524			593,750			576,531			560,248			544,888

[1] ROA and ROE are annualized based on a 30/360 day convention. Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual).
[2] Efficiency ratio is defined as total other operating expense divided by total revenue (net interest income and total other operating income).
[3] Dividend payout ratio is defined as dividends declared per share divided by diluted earnings per share.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Financial Highlights
(Unaudited)	TABLE 1 (CONTINUED)

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
		2026			2025			2025			2025			2025
REGULATORY CAPITAL RATIOS
Central Pacific Financial Corp.
Leverage ratio		9.7	%		9.8	%		9.7	%		9.6	%		9.4	%
Common equity tier 1 capital ratio		12.6			12.7			12.6			12.6			12.4
Tier 1 risk-based capital ratio		13.5			13.6			13.5			13.5			13.4
Total risk-based capital ratio		14.7			14.8			15.7			15.8			15.6

Central Pacific Bank
Leverage ratio		9.6			9.7			10.2			10.1			9.8
Common equity tier 1 capital ratio		13.4			13.5			14.1			14.1			14.0
Tier 1 risk-based capital ratio		13.4			13.5			14.1			14.1			14.0
Total risk-based capital ratio		14.6			14.7			15.3			15.3			15.2

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(dollars in thousands, except for per share amounts)		2026			2025			2025			2025			2025
BALANCE SHEET
Total loans, net of deferred fees and costs	$	5,320,349		$	5,289,096		$	5,367,202		$	5,289,809		$	5,334,547
Total assets		7,495,363			7,409,241			7,421,478			7,369,567			7,405,239
Total deposits		6,699,354			6,609,764			6,577,684			6,544,989			6,596,048
Long-term debt		76,547			76,547			131,527			131,466			131,405
Total equity		593,879			592,581			588,066			568,874			557,376
Tangible common equity to tangible assets [4]		7.92	%		8.00	%		7.92	%		7.72	%		7.53	%

ASSET QUALITY
Allowance for credit losses (ACL)	$	59,933		$	59,621		$	60,393		$	59,611		$	60,469
Nonaccrual loans		14,524			14,386			14,319			14,895			11,085
Non-performing assets (NPA)		14,524			14,386			14,319			14,895			11,085
Ratio of ACL to total loans		1.13	%		1.13	%		1.13	%		1.13	%		1.13	%
Ratio of NPA to total assets		0.19	%		0.19	%		0.19	%		0.20	%		0.15	%

PER SHARE OF COMMON STOCK OUTSTANDING
Book value per common share	$	22.74		$	22.47		$	21.86		$	21.08		$	20.60
Closing market price per common share		31.96			31.16			30.34			28.03			27.04

[4] The tangible common equity ratio is a non-GAAP measure which should be read in conjunction with the Company’s GAAP financial information. Comparison of our ratio with those of other companies may not be possible because other companies may calculate the ratio differently. See Reconciliation of Non-GAAP Financial Measures in Table 9.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)	TABLE 2

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands, except share data)		2026			2025			2025			2025			2025
ASSETS
Cash and due from financial institutions	$	88,880		$	88,200		$	102,859		$	110,935		$	106,670
Interest-bearing deposits in other financial institutions		317,716			290,453			207,034			206,035			170,226
Investment securities:
Debt securities available-for-sale, at fair value		779,156			748,212			758,683			765,213			780,379
Debt securities held-to-maturity, at amortized cost; fair value of: $486,018 at March 31, 2026, $495,845 at December 31, 2025, $500,859 at September 30, 2025, $499,833 at June 30, 2025, and $511,717 at March 31, 2025		554,548			562,391			570,886			580,476			589,688
Total investment securities		1,333,704			1,310,603			1,329,569			1,345,689			1,370,067
Loans held for sale		2,536			1,084			1,557			—			2,788
Loans, net of deferred fees and costs		5,320,349			5,289,096			5,367,202			5,289,809			5,334,547
Less: allowance for credit losses		(59,933	)		(59,621	)		(60,393	)		(59,611	)		(60,469	)
Loans, net of allowance for credit losses		5,260,416			5,229,475			5,306,809			5,230,198			5,274,078
Premises and equipment, net		99,942			100,620			100,992			103,657			103,490
Accrued interest receivable		24,320			23,559			25,232			23,518			24,743
Investment in unconsolidated entities		59,548			61,349			52,987			49,370			50,885
Mortgage servicing rights		8,520			8,672			8,459			8,436			8,418
Bank-owned life insurance		181,298			180,717			179,743			177,639			176,846
Federal Home Loan Bank of Des Moines (“FHLB”) and Federal Reserve Bank (“FRB”) stock		24,682			25,836			25,215			24,816			24,163
Right-of-use lease assets		24,320			24,822			25,570			30,693			29,829
Other assets		69,481			63,851			55,452			58,581			63,036
Total assets	$	7,495,363		$	7,409,241		$	7,421,478		$	7,369,567		$	7,405,239
LIABILITIES
Deposits:
Noninterest-bearing demand	$	1,897,593		$	1,891,198		$	1,903,614		$	1,938,226		$	1,854,241
Interest-bearing demand		1,428,323			1,388,107			1,340,725			1,336,620			1,368,519
Savings and money market		2,378,834			2,346,522			2,292,881			2,242,122			2,316,416
Time		994,604			983,937			1,040,464			1,028,021			1,056,872
Total deposits		6,699,354			6,609,764			6,577,684			6,544,989			6,596,048
Long-term debt, net of unamortized debt issuance costs		76,547			76,547			131,527			131,466			131,405
Lease liabilities		25,073			25,549			26,288			31,981			31,057
Accrued interest payable		6,433			7,068			8,604			8,755			8,757
Other liabilities		94,077			97,732			89,309			83,502			80,596
Total liabilities		6,901,484			6,816,660			6,833,412			6,800,693			6,847,863
EQUITY
Shareholders’ equity:
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025		—			—			—			—			—
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 26,115,229 at March 31, 2026, 26,374,967 at December 31, 2025, 26,903,512 at September 30, 2025, 26,981,436 at June 30, 2025, and 27,061,589 at March 31, 2025		370,633			381,158			397,479			399,823			402,400
Additional paid-in capital		106,501			107,308			106,675			106,033			104,849
Retained earnings		204,494			191,383			175,968			164,676			153,692
Accumulated other comprehensive loss		(87,749	)		(87,268	)		(92,056	)		(101,658	)		(103,565	)
Total equity		593,879			592,581			588,066			568,874			557,376
Total liabilities and equity	$	7,495,363		$	7,409,241		$	7,421,478		$	7,369,567		$	7,405,239

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)	TABLE 3

	Three Months Ended
	Mar 31,		Dec 31,		Sep 30,			Jun 30,		Mar 31,
(Dollars in thousands, except per share data)		2026		2025		2025			2025		2025
Interest income:
Interest and fees on loans	$	64,323	$	66,897	$	67,222		$	65,668	$	64,119
Interest and dividends on investment securities:
Taxable investment securities		9,210		9,401		9,776			9,871		9,801
Tax-exempt investment securities		682		696		709			709		708
Interest on deposits in other financial institutions		2,500		1,501		1,857			1,484		2,254
Dividend income on FHLB and FRB stock		381		382		395			388		324
Total interest income		77,096		78,877		79,959			78,120		77,206
Interest expense:
Interest on deposits:
Interest-bearing demand		522		441		490			443		452
Savings and money market		7,502		8,004		8,898			8,414		8,862
Time		6,665		6,999		7,410			7,616		8,107
Interest on long-term debt		1,049		1,346		1,860			1,851		2,086
Total interest expense		15,738		16,790		18,658			18,324		19,507
Net interest income		61,358		62,087		61,301			59,796		57,699
Provision for credit losses		2,353		2,396		4,157			4,987		4,172
Net interest income after provision for credit losses		59,005		59,691		57,144			54,809		53,527
Other operating income:
Mortgage banking income		649		1,186		958			744		597
Service charges on deposit accounts		2,299		2,423		2,330			2,124		2,147
Other service charges and fees		5,789		5,570		6,472			5,957		5,766
Income from fiduciary activities		1,423		1,529		1,547			1,501		1,624
Income from bank-owned life insurance		399		2,816		1,879			2,260		497
Net loss on sales of investment securities		—		—		(30	)		—		—
Other		1,015		677		351			427		465
Total other operating income		11,574		14,201		13,507			13,013		11,096
Other operating expense:
Salaries and employee benefits		23,085		24,490		24,749			22,696		21,819
Net occupancy		4,322		4,432		4,598			4,253		4,392
Computer software		5,045		5,442		5,151			5,320		4,714
Legal and professional services		2,384		2,878		2,669			2,873		2,798
Equipment		807		825		867			950		1,082
Advertising		997		943		730			832		887
Communication		823		495		791			901		1,033
Other		6,203		6,175		7,454			6,121		5,347
Total other operating expense		43,666		45,680		47,009			43,946		42,072
Income before income taxes		26,913		28,212		23,642			23,876		22,551
Income tax expense		6,188		5,337		5,068			5,605		4,791
Net income	$	20,725	$	22,875	$	18,574		$	18,271	$	17,760
Per common share data:
Basic earnings per share	$	0.79	$	0.86	$	0.69		$	0.68	$	0.66
Diluted earnings per share		0.78		0.85		0.69			0.67		0.65
Cash dividends declared		0.29		0.28		0.27			0.27		0.27
Basic weighted average shares outstanding		26,277,749		26,687,551		26,968,163			26,988,169		27,087,154
Diluted weighted average shares outstanding		26,414,880		26,827,551		27,083,280			27,069,677		27,213,406

Note: Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period.

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Average Balances, Interest Income & Expense, Yields and Rates (Taxable Equivalent)
(Unaudited)	TABLE 4

	Three Months Ended							Three Months Ended							Three Months Ended
	March 31, 2026							December 31, 2025							March 31, 2025
	Average		Average					Average		Average					Average		Average
(Dollars in thousands)	Balance		Yield/Rate		Interest			Balance		Yield/Rate		Interest			Balance		Yield/Rate		Interest
ASSETS
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	274,885	3.69	%	$	2,500		$	151,826	3.92	%	$	1,501		$	206,108	4.44	%	$	2,254
Investment securities:
Taxable [1]		1,318,722	2.80			9,210			1,322,341	2.84			9,401			1,376,687	2.85			9,801
Tax-exempt [1] [3]		135,519	2.55			863			136,530	2.58			881			139,589	2.57			896
Total investment securities		1,454,241	2.77			10,073			1,458,871	2.82			10,282			1,516,276	2.82			10,697
Loans, including loans held for sale [2]		5,268,482	4.93			64,323			5,328,499	4.99			66,897			5,311,610	4.88			64,119
FHLB and FRB stock		25,151	6.07			381			25,600	5.96			382			20,494	6.32			324
Total interest-earning assets		7,022,759	4.44			77,277			6,964,796	4.52			79,062			7,054,488	4.43			77,394
Noninterest-earning assets		373,325							345,302							334,295
Total assets	$	7,396,084						$	7,310,098						$	7,388,783

LIABILITIES AND EQUITY
Interest-bearing liabilities:
Interest-bearing demand deposits	$	1,407,877	0.15	%	$	522		$	1,358,436	0.13	%	$	441		$	1,355,360	0.14	%	$	452
Savings and money market deposits		2,371,217	1.28			7,502			2,297,826	1.38			8,004			2,345,445	1.53			8,862
Time deposits up to $250,000		432,745	2.18			2,331			433,911	2.21			2,422			457,473	2.51			2,832
Time deposits over $250,000		557,671	3.15			4,334			571,240	3.18			4,577			603,919	3.54			5,275
Total interest-bearing deposits		4,769,510	1.25			14,689			4,661,413	1.31			15,444			4,762,197	1.48			17,421
Long-term debt		76,547	5.56			1,049			96,273	5.55			1,346			152,201	5.56			2,086
Total interest-bearing liabilities		4,846,057	1.32			15,738			4,757,686	1.40			16,790			4,914,398	1.61			19,507
Noninterest-bearing deposits		1,822,851							1,837,706							1,798,903
Other liabilities		130,652							120,956							130,594
Total liabilities		6,799,560							6,716,348							6,843,895
Total equity		596,524							593,750							544,888
Total liabilities and equity	$	7,396,084						$	7,310,098						$	7,388,783

Net interest income (taxable-equivalent)						61,539							62,272							57,887
Taxable-equivalent adjustment [3]						(181	)						(185	)						(188	)
Net interest income (GAAP)					$	61,358						$	62,087						$	57,699

Interest rate spread			3.12	%						3.12	%						2.82	%

Net interest margin (taxable-equivalent) [4]			3.53	%						3.56	%						3.31	%

[1] At amortized cost.
[2] Includes nonaccrual loans.
[3] Interest income and resultant yield information for tax-exempt investment securities is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21%.
[4] Annualized net interest income and expense in the NIM calculation are based on the day count interest payment conventions at the interest-earning asset or interest-bearing liability level (i.e. 30/360, actual/actual).

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Loans
(Unaudited)	TABLE 5

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2026			2025			2025			2025			2025
Commercial and industrial	$	590,810		$	594,592		$	608,814		$	608,130		$	634,620
Construction		204,368			213,191			217,610			190,008			160,092
Residential mortgage		1,806,965			1,839,191			1,839,535			1,851,690			1,870,239
Home equity		582,380			600,082			610,889			627,834			655,237
Commercial mortgage		1,703,760			1,594,433			1,613,187			1,540,523			1,552,439
Consumer		432,066			447,607			477,167			471,624			461,920
Total loans, net of deferred fees and costs		5,320,349			5,289,096			5,367,202			5,289,809			5,334,547
Less: Allowance for credit losses		(59,933	)		(59,621	)		(60,393	)		(59,611	)		(60,469	)
Loans, net of allowance for credit losses	$	5,260,416		$	5,229,475		$	5,306,809		$	5,230,198		$	5,274,078

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Deposits
(Unaudited)	TABLE 6

	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
(Dollars in thousands)		2026		2025		2025		2025		2025
Noninterest-bearing demand	$	1,897,593	$	1,891,198	$	1,903,614	$	1,938,226	$	1,854,241
Interest-bearing demand		1,428,323		1,388,107		1,340,725		1,336,620		1,368,519
Savings and money market		2,378,834		2,346,522		2,292,881		2,242,122		2,316,416
Time deposits up to $250,000		429,564		433,629		444,005		439,687		436,437
Core deposits		6,134,314		6,059,456		5,981,225		5,956,655		5,975,613
Other time deposits greater than $250,000		431,013		412,188		458,339		459,945		475,861
Government time deposits		134,027		138,120		138,120		128,389		144,574
Total time deposits greater than $250,000		565,040		550,308		596,459		588,334		620,435
Total deposits	$	6,699,354	$	6,609,764	$	6,577,684	$	6,544,989	$	6,596,048

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Nonperforming Assets and Accruing Loans 90+ Days Past Due
(Unaudited)	TABLE 7

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2026			2025			2025			2025			2025
Nonaccrual loans:
Commercial and industrial	$	490		$	591		$	357		$	110		$	531
Real estate:
Residential mortgage		10,518			10,572			11,413			12,327			9,199
Home equity		2,986			2,608			2,119			1,889			746
Consumer		530			615			430			569			609
Total nonaccrual loans		14,524			14,386			14,319			14,895			11,085
Other real estate owned (“OREO”)		—			—			—			—			—
Total nonperforming assets (“NPAs”)		14,524			14,386			14,319			14,895			11,085
Accruing loans 90+ days past due:
Real estate:
Residential mortgage		—			664			1,159			1,625			—
Home equity		—			485			—			21			87
Consumer		290			403			349			418			670
Total accruing loans 90+ days past due		290			1,552			1,508			2,064			757
Total NPAs and accruing loans 90+ days past due	$	14,814		$	15,938		$	15,827		$	16,959		$	11,842

Ratio of total nonaccrual loans to total loans		0.27	%		0.27	%		0.27	%		0.28	%		0.21	%
Ratio of total NPAs to total assets		0.19			0.19			0.19			0.20			0.15
Ratio of total NPAs to total loans and OREO		0.27			0.27			0.27			0.28			0.21
Ratio of total NPAs and accruing loans 90+ days past due to total loans and OREO		0.28			0.30			0.29			0.32			0.22

Quarter-to-quarter changes in NPAs:
Balance at beginning of quarter	$	14,386		$	14,319		$	14,895		$	11,085		$	11,018
Additions		2,094			2,549			838			5,879			2,397
Reductions:
Payments		(284	)		(397	)		(286	)		(585	)		(614	)
Return to accrual status		(883	)		(1,098	)		(821	)		(861	)		(558	)
Charge-offs, valuation adjustments and other reductions		(789	)		(987	)		(307	)		(623	)		(1,158	)
Total reductions		(1,956	)		(2,482	)		(1,414	)		(2,069	)		(2,330	)
Balance at end of quarter	$	14,524		$	14,386		$	14,319		$	14,895		$	11,085

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Allowance for Credit Losses on Loans
(Unaudited)	TABLE 8

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2026			2025			2025			2025			2025
Allowance for credit losses (“ACL”) on loans:
Balance at beginning of period	$	59,621		$	60,393		$	59,611		$	60,469		$	59,182
Provision for credit losses on loans		2,724			1,685			3,440			3,810			3,905
Charge-offs:
Commercial and industrial		(1,056	)		(678	)		(1,071	)		(2,858	)		(580	)
Real estate:
Consumer		(2,301	)		(2,831	)		(2,824	)		(2,864	)		(2,977	)
Total charge-offs		(3,357	)		(3,509	)		(3,895	)		(5,722	)		(3,557	)
Recoveries:
Commercial and industrial		175			266			204			195			171
Real estate:
Construction		2			1			—			3			—
Residential mortgage		8			9			8			7			10
Home equity		6			9			9			9			3
Consumer		754			767			1,016			840			755
Total recoveries		945			1,052			1,237			1,054			939
Net charge-offs		(2,412	)		(2,457	)		(2,658	)		(4,668	)		(2,618	)
Balance at end of period	$	59,933		$	59,621		$	60,393		$	59,611		$	60,469

Average loans, net of deferred fees and costs	$	5,268,482		$	5,328,499		$	5,332,656		$	5,307,946		$	5,311,610
Ratio of annualized net charge-offs to average loans		0.18	%		0.18	%		0.20	%		0.35	%		0.20	%
Ratio of ACL to total loans		1.13			1.13			1.13			1.13			1.13

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)	TABLE 9

To supplement its consolidated financial information, the Company utilizes certain non-GAAP financial measures. These measures are not intended to be considered in isolation or as a substitute for comparable GAAP results. The Company believes these non-GAAP financial measures provide meaningful insight to investors and other stakeholders in understanding its financial performance and position, by excluding certain transactions that may be non-recurring, non-operational, or not indicative of ongoing results. The Company believes that these non-GAAP measures offer a useful perspective for evaluating performance trends over time and are intended to support period-to-period comparisons. The Company believes they are valuable tools for both investors and management in assessing historical results and forecasting future performance. Non-GAAP financial measures may not be comparable to similarly entitled measures reported by other companies. The results for the three months ended March 31, 2026 were not materially impacted by items outside of the normal course of business.

The Company believes that pre-provision net revenue (“PPNR”), a non-GAAP financial measure, is useful as a tool to help evaluate the ability to provide for credit costs through operations. The following table presents a recalculation of the PPNR for the periods presented.

	Three Months Ended
(dollars in thousands)	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025
GAAP net income	$	20,725	$	22,875	$	18,574	$	18,271	$	17,760
Add: Income tax expense		6,188		5,337		5,068		5,605		4,791
GAAP pre-tax income		26,913		28,212		23,642		23,876		22,551
Add: Provision for credit losses		2,353		2,396		4,157		4,987		4,172
Pre-provision net revenue (“PPNR”) (non-GAAP)		29,266		30,608		27,799		28,863		26,723

CENTRAL PACIFIC FINANCIAL CORP. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)	TABLE 9 (CONTINUED)

A key measure of operating efficiency monitored by the Company is the efficiency ratio, which is derived from GAAP-based amounts. It is calculated by dividing total other operating expenses by total pre-provision revenue (defined as net interest income plus total other operating income). The Company believes that the efficiency ratio, a non-GAAP financial measure, provides a useful supplemental metric that enhances understanding of its business performance and operating efficiency. However, this ratio should not be viewed as a substitute for GAAP results and may not be comparable to similarly titled measures reported by other companies. The following table presents the Company’s efficiency ratio for the periods indicated:

	Three Months Ended
(dollars in thousands)	Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Total other operating expense	$	43,666		$	45,680		$	47,009		$	43,946		$	42,072

Net interest income	$	61,358		$	62,087		$	61,301		$	59,796		$	57,699
Total other operating income		11,574			14,201			13,507			13,013			11,096
Total revenue	$	72,932		$	76,288		$	74,808		$	72,809		$	68,795

Efficiency ratio (non-GAAP)		59.87	%		59.88	%		62.84	%		60.36	%		61.16	%

The table below presents the Tangible Common Equity (“TCE”) ratio, a non-GAAP financial measure, as of the dates indicated. The TCE ratio is calculated by dividing tangible common equity by tangible assets.


(dollars in thousands)	Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
Total equity	$	593,879		$	592,581		$	588,066		$	568,874		$	557,376
Less: Intangible assets		—			—			—			—			—
TCE	$	593,879		$	592,581		$	588,066		$	568,874		$	557,376

Total assets	$	7,495,363		$	7,409,241		$	7,421,478		$	7,369,567		$	7,405,239
Less: Intangible assets		—			—			—			—			—
Tangible assets	$	7,495,363		$	7,409,241		$	7,421,478		$	7,369,567		$	7,405,239

TCE ratio (non-GAAP)		7.92	%		8.00	%		7.92	%		7.72	%		7.53	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429601083/en/

Investor Contact:

Jayrald Rabago

Senior Strategic Financial Officer

(808) 544-3556

[email protected]

Media Contact:

Tim Sakahara

Corporate Communications Manager

(808) 544-5125

[email protected]

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INDUSTRY KEYWORDS: Banking Personal Finance Professional Services Finance

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April 29, 2026 6:33 am

Parsons Reports First Quarter 2026 Results

Q1 2026 Financial Highlights

Q1 revenue of $1.5 billion decreased 4% year-over-year and 8% on an organic basis
Revenue growth of 8% excluding confidential contract; 3% on an organic basis
Net income of $53 million decreased $13 million year-over-year
Adjusted EBITDA increased 1% to $151 million, a Q1 record
Adjusted EBITDA margin expanded 50 basis points to a record 10.1%
Cash flow used in operating activities of $4 million, a Q1 record
Book-to-bill ratio of 1.4x in both segments extends company streak of TTM book-to-bill ratio of 1.0x or greater in every quarter since IPO
Total and funded backlog increased to a record $9.3 billion and $6.6 billion, respectively
Reiterating fiscal year 2026 guidance ranges

CHANTILLY, Va., April 29, 2026 (GLOBE NEWSWIRE) — Parsons Corporation (NYSE: PSN) today announced financial results for the first quarter ended March 31, 2026.

CEO Commentary

“Our first quarter results highlighted the resilience of our business and our team’s high level of execution, as we delivered our highest adjusted EBITDA margin ever, reached record levels for both total and funded backlog, achieved a robust book-to-bill ratio of 1.4x in both segments, and generated record first quarter cash flow. Revenue performance was in line with our expectations, and we continued to complement our organic growth with strategic, accretive acquisitions that enhance our differentiation and drive long-term shareholder value,” said Carey Smith, chair, president, and chief executive officer.

“Looking forward, we are very optimistic about our future. There is increasing global demand for both defense and infrastructure. Our ability to deliver operationally relevant solutions with speed, digitally transform our offerings, and leverage non-traditional commercial business models enables us to uniquely meet our customers’ critical needs. We have a unique and synergistic Critical Infrastructure and Federal Solutions portfolio, consisting of six growing, profitable, and enduring end-markets. With our record total and funded backlog, robust pipeline of large opportunities, strong win rates, and $11 billion in awarded contracts not yet booked, we believe we are well positioned to deliver for our customers and shareholders.”

First Quarter 2026 Results

Year-over-Year Comparisons (Q1 2026 vs. Q1 2025)

Total revenue for the first quarter of 2026 decreased by $63 million, or 4%, to $1.5 billion and was down 8% on an organic basis. Excluding the company’s confidential contract, total revenue increased 8% and organic revenue increased 3% driven by growth in the company’s Critical Infrastructure and Protection, Space and Missile Defense, and Transportation markets. Operating income decreased 12% to $96 million primarily due to lower volume on the company’s fixed-price confidential contract, and higher acquisition-related expenses. Net income decreased 20% to $53 million due to the items noted above. GAAP diluted earnings per share (EPS) attributable to Parsons was $0.49 in the first quarter of 2026, compared to $0.60 in the prior year period.

Adjusted EBITDA including noncontrolling interests for the first quarter of 2026 was $151 million, a 1% increase over the prior year period. Adjusted EBITDA margin expanded 50 basis points to 10.1% compared to 9.6% in the first quarter of 2025. These increases were driven by improved execution and contributions from accretive acquisitions, offsetting lower revenue on the company’s confidential contract. Adjusted diluted EPS was $0.79 in the first quarter of 2026, compared to $0.78 in the first quarter of 2025. The year-over-year adjusted diluted EPS increase was driven by the items that impacted adjusted EBITDA above.

Segment Results

Critical Infrastructure Segment

Critical Infrastructure Year-over-Year Comparisons (Q1 2026 vs. Q1 2025)

	Three Months Ended						Growth
	March 31, 2026			March 31, 2025			Dollars/ Percent			Percent
Revenue	$	732,828		$	711,803		$	21,025			3	%
Adjusted EBITDA	$	79,359		$	73,193		$	6,166			8	%
Adjusted EBITDA margin		10.8	%		10.3	%		0.5	%		5	%

First quarter 2026 Critical Infrastructure revenue increased $21 million, or 3%, from the first quarter of 2025. This increase was driven by organic growth of 2% and inorganic revenue contributions from the company’s TRS Group and Applied Sciences acquisitions. Organic growth was primarily driven by the Global Transportation markets.

First quarter 2026 adjusted EBITDA including noncontrolling interests increased by $6 million, or 8%, compared to the prior year period. Adjusted EBITDA margin expanded 50 basis points to 10.8% from 10.3% in the prior year period. Both adjusted EBITDA dollars and margins were first quarter records for Critical Infrastructure. These increases were driven by the ramp-up of recent contract awards, accretive acquisitions and strong program execution.

Federal Solutions Segment

Federal Solutions Year-over-Year Comparisons (Q1 2026 vs. Q1 2025)

	Three Months Ended						Growth
	March 31, 2026			March 31, 2025			Dollars/ Percent			Percent
Revenue	$	758,348		$	842,557		$	(84,209	)		(10	)%
Adjusted EBITDA	$	71,570		$	75,583		$	(4,013	)		(5	)%
Adjusted EBITDA margin		9.4	%		9.0	%		0.4	%		4	%

First quarter 2026 revenue decreased $84 million, or 10%, compared to the prior year period and 17% on an organic basis. Excluding the company’s confidential contract, Federal Solutions’ revenue increased 12%, and 4% on an organic basis. These increases were driven by growth in the company’s Critical Infrastructure Protection, Space and Missile Defense, and Transportation markets.

First quarter 2026 Federal Solutions adjusted EBITDA including noncontrolling interests decreased by $4 million, or 5% from the first quarter of 2025, and adjusted EBITDA margin increased 40 basis points to 9.4%. The adjusted EBITDA dollars were primarily impacted by lower volume on the fixed price confidential contract. The adjusted EBITDA margin increase was primarily driven by accretive contract growth and acquisitions.

First Quarter 2026 Key Performance Indicators

Book-to-bill ratio: 1.4x on net bookings of $2.1 billion.
Book-to-bill ratio (trailing twelve-months): 1.1x on net bookings of $6.7 billion.
Total backlog: $9.3 billion, up $235 million from Q1 2025. Funded backlog of $6.6 billion is at its highest level since the company’s 2019 IPO, and represents 71% of total backlog.
Cash flow used in operating activities: Q1 2026 record of $4 million compared to $12 million in first quarter of 2025.

Significant Contract Wins

Parsons continues to win new business across both segments. During the first quarter of 2026, the company won four single-award contracts worth more than $100 million each.

Awarded a $593 million contract extension under the Federal Aviation Administration’s (FAA) Technical Support Services Contract (TSSC 5). This award exercises the first option period, extends performance through 2030, and supports the FAA’s Aviation System Capital Investment Plan. TSSC 5 has a $1.8 billion ceiling value and a four-year base period and two three-year option periods. The company booked $410 million on this contract during the first quarter.
Received a production award notification from the U.S. Cyber Command on the Joint Cyber Hunt Kit solution. The sole-source contract is new work for the company and has a three-year period of performance with a ceiling value of up to $500 million. The company booked $250 million on this contract during the first quarter.
Awarded a new five-year contract valued at over $340 million to provide program management services for a major transportation project in the Middle East. The company booked over $300 million on this contract during the first quarter.
Awarded more than $145 million under the Global Application Research, Development, Engineering and Maintenance (GARDEM) contract. Under these task orders, Parsons will enhance command and control, space, and intelligence, surveillance, and reconnaissance technologies for the Air Force and other federal customers. The company booked $38 million on these contracts during the first quarter.
Received an additional $150 million to continue serving as the Main Construction Manager for remediation projects on the Faro Mine and Giant Mine programs in Canada, known as two of the largest and most complex mine reclamation projects in the world. The company booked the full amount during the first quarter.
Awarded a new six-year, $60 million contract by the Foothill Gold Line Construction Authority to complete design of phase 2B2 of the Foothill Gold Line project and provide design services during construction. As part of the longest linear light rail line in the world, phase 2B2 will complete the next segment of the Metro A Line light rail system, by adding a 2.3-mile extension from Pomona to Claremont. The company booked the full amount of this contract during the first quarter.
After the first quarter of 2026 ended, Parsons was awarded $400 million in previously unannounced Other Transaction Agreements, each with a three-year period of performance.
After the first quarter of 2026 ended, Parsons was awarded a new single-award IDIQ classified contract by a government customer. The contract has a ceiling value of $184 million over seven-years and represents new work for the company.
After the first quarter of 2026 ended, Parsons was awarded an additional $87 million ceiling increase on a current national security prime contract.

Additional Corporate Highlights

Parsons continues its successful track record of acquiring strategic companies in high-growth markets that strengthens its portfolio. During the quarter, the company was named one of the World’s Most Ethical Companies by Ethisphere for the 17th consecutive year. Parsons was also recognized for delivering project excellence on two major infrastructure programs.

During the first quarter of 2026, Parsons closed its acquisition of Altamira Technologies Corporation, a Northern Virginia-based signals intelligence and space solutions provider, in an all-cash transaction valued at up to $375 million. Altamira advances high priority national security missions supporting intelligence community and Department of War customers by providing multi-intelligence technology solutions and performing critical operations. Altamira expands Parsons’ market presence in signals intelligence, missile warning, space, and foreign military exploitation, and adds critical customer depth with the National Air and Space Intelligence Center, National Security Agency, and other classified intelligence customers. The transaction is consistent with Parsons’ strategy of completing accretive acquisitions with revenue growth and adjusted EBITDA margins of at least 10%.
Named by Ethisphere as one of the 2026 World’s Most Ethical Companies. The company has been honored with this recognition for 17 consecutive years.
Recognized with the Engineering Excellence Honor Award from the American Council of Engineering Companies (ACEC) of Georgia for the company’s work on the Akers Mill Ramp Extension project in Cobb County.
Honored with the Refurbishment and Retrofit Project of the Year award at the Big Project Middle East Awards 2026 for the company’s work on the King Abdullah Finance District Residential Uplift project. This award marks the third consecutive year that the company’s Europe Middle East and Africa team has been recognized for exceptional work.

Fiscal Year 2026 Guidance

The company is reiterating its fiscal year 2026 revenue, adjusted EBITDA, and operating cash flow guidance ranges. The table below summarizes the company’s fiscal year 2026 guidance.

	Current Fiscal Year 2026 Guidance	Growth at the Mid-point
Revenue	$6,500 million – $6,800 million	+4.5% growth and +0.6% organically; +10.5% growth and +6% organically excluding confidential contract
Adjusted EBITDA including non-controlling interest	$615 million – $675 million	+6% growth (10 bps expansion)
Cash Flow from Operating Activities	$470 million – $530 million	+5% growth

We have not provided a reconciliation of our Adjusted EBITDA guidance because the information needed to reconcile this measure is unavailable due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred which may be significant. Additionally, estimating such GAAP measure and providing a meaningful reconciliation for future periods requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort.

Conference Call Information

Parsons will host a conference call today, April 29, 2026, at 8:00 a.m. ET to discuss the financial results for its first quarter 2026.

Access to a webcast of the live conference call can be obtained through the Investor Relations section of the company’s website (https://investors.parsons.com). Those parties interested in participating via telephone may register on the Investor Relations website or by clicking here.

A replay will be available on the company’s website approximately two hours after the conference call and continuing for one year.

About Parsons Corporation

Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we’re making an impact.

Forward-Looking Statements

This Earnings Release and materials included therewith contains 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. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; volatility of government budgets and funding; our dependence on the award, maintenance and renewal of long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors including under the caption “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2025, and our other filings with the Securities and Exchange Commission.

All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statements made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

Media:	Investor Relations:
Bryce McDevitt	Dave Spille
Parsons Corporation	Parsons Corporation
(703) 851-4425	(571) 775-0408
[email protected]	[email protected]

PARSONS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)

	Three Months Ended
	March 31, 2026			March 31, 2025
Revenue	$	1,491,176		$	1,554,360
Direct cost of contracts		1,133,756			1,200,377
Equity in earnings (losses) of unconsolidated joint ventures		6,156			(687	)
Selling, general and administrative expenses		267,902			244,063
Operating income		95,674			109,233
Interest income		1,811			2,142
Interest expense		(15,998	)		(12,246	)
Other income (expense), net		(189	)		1,635
Total other income (expense)		(14,376	)		(8,469	)
Income before income tax expense		81,298			100,764
Income tax benefit (expense)		(16,087	)		(18,977	)
Net income including noncontrolling interests		65,211			81,787
Net income attributable to noncontrolling interests		(12,285	)		(15,584	)
Net income attributable to Parsons Corporation	$	52,926		$	66,203
Earnings per share:
Basic	$	0.49		$	0.62
Diluted	$	0.49		$	0.60


Weighted average number shares used to compute basic and diluted EPS (In thousands) (Unaudited)

	Three Months Ended
	March 31, 2026		March 31, 2025
Basic weighted average number of shares outstanding		107,182		106,831
Dilutive effect of stock-based awards		1,182		1,637
Dilutive effect of warrants		28		440
Dilutive effect of convertible senior notes		–		2,118
Diluted weighted average number of shares outstanding		108,392		111,026


Net income available to shareholders used to compute diluted EPS as a result of adopting the if-converted method in connection with the Convertible Senior Notes (In thousands) (Unaudited)

	Three Months Ended
	March 31, 2026		March 31, 2025
Net income attributable to Parsons Corporation	$	52,926	$	66,203
Convertible senior notes if-converted method interest adjustment		–		54
Diluted net income attributable to Parsons Corporation	$	52,926	$	66,257

PARSONS CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands, except share information)
		March 31, 2026			December 31, 2025
Assets
Current assets:
	Cash and cash equivalents (including $90,488 and $153,144 Cash of consolidated joint ventures)	$	283,921		$	466,388
	Accounts receivable, net (including $323,655 and $337,270 Accounts receivable of consolidated joint ventures)		1,096,575			1,124,417
	Contract assets (including $38,585 and $41,318 Contract assets of consolidated joint ventures)		1,021,848			915,806
	Prepaid expenses and other current assets (including $16,139 and $11,145 Prepaid expenses and other current assets of consolidated joint ventures)		191,796			176,932
	Total current assets		2,594,140			2,683,543

	Property and Equipment, net (including $2,462 and $2,488 Property and equipment of consolidated joint ventures)		154,586			151,061
	Right of use assets, operating leases (including $3,895 and $4,482 Right of use assets, operating leases of consolidated joint ventures)		151,669			126,770
	Goodwill		2,423,561			2,186,650
	Investments in and advances to unconsolidated joint ventures		162,296			148,640
	Intangible assets, net		407,859			325,880
	Deferred tax assets		60,254			88,191
	Other noncurrent assets		57,743			58,799
	Total assets	$	6,012,108		$	5,769,534

Liabilities and Shareholders’ Equity
Current liabilities:
	Accounts payable (including $21,234 and $58,914 Accounts payable of consolidated joint ventures)	$	232,588		$	250,514
	Accrued expenses and other current liabilities (including $191,847 and $195,747 Accrued expenses and other current liabilities of consolidated joint ventures)		831,532			884,445
	Contract liabilities (including $48,749 and $44,802 Contract liabilities of consolidated joint ventures)		359,760			340,113
	Short-term lease liabilities, operating leases (including $2,004 and $2,395 Short-term lease liabilities, operating leases of consolidated joint ventures)		42,760			45,353
	Income taxes payable		12,903			11,239
	Total current liabilities		1,479,543			1,531,664

	Long-term employee incentives		27,870			30,834
	Long-term debt		1,512,921			1,237,816
	Long-term lease liabilities, operating leases (including $1,888 and $2,083 Long-term lease liabilities, operating leases of consolidated joint ventures)		121,309			94,044
	Deferred tax liabilities		11,900			12,159
	Other long-term liabilities		104,408			95,345
	Total liabilities	$	3,257,951		$	3,001,862
Contingencies (Note 12)
Shareholders’ equity:
	Common stock, $1 par value; authorized 1,000,000,000 shares; 145,677,597 and 145,676,335 shares issued; 56,923,103 and 56,103,965 public shares outstanding; 50,046,241 and 50,864,117 ESOP shares outstanding	$	145,678		$	145,676
	Treasury stock, 38,708,253 shares at cost		(793,002	)		(792,638	)
	Additional paid-in capital		2,610,651			2,648,730
	Retained earnings		709,725			661,173
	Accumulated other comprehensive loss		(23,439	)		(20,921	)
	Total Parsons Corporation shareholders’ equity		2,649,613			2,642,020
	Noncontrolling interests		104,544			125,652
	Total shareholders’ equity		2,754,157			2,767,672
	Total liabilities and shareholders’ equity	$	6,012,108		$	5,769,534

PARSONS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, (Unaudited)

		For the Three Months Ended
		March 31, 2026			March 31, 2025
Cash flows from operating activities:
	Net income including noncontrolling interests	$	65,211		$	81,787
	Adjustments to reconcile net income to net cash used in operating activities
	Depreciation and amortization		35,926			27,403
	Amortization of debt issue costs		1,212			1,223
	Loss (gain) on disposal of property and equipment		122			15
	Deferred taxes		4,528			1,555
	Foreign currency transaction gains and losses		1,012			(786	)
	Equity in losses (earnings) of unconsolidated joint ventures		(6,156	)		687
	Return on investments in unconsolidated joint ventures		7,208			12,963
	Stock-based compensation		11,242			10,979
	Contributions of treasury stock		19,347			17,764
	Changes in assets and liabilities, net of acquisitions and consolidated joint ventures:
	Accounts receivable		47,235			(21,015	)
	Contract assets		(94,998	)		(78,015	)
	Prepaid expenses and other assets		(12,552	)		(17,171	)
	Accounts payable		(21,430	)		79,659
	Accrued expenses and other current liabilities		(75,250	)		(132,892	)
	Contract liabilities		19,247			3,153
	Income taxes		589			(2	)
	Other long-term liabilities		(6,193	)		906
	Net cash used in operating activities		(3,700	)		(11,787	)
Cash flows from investing activities:
	Capital expenditures		(14,921	)		(13,473	)
	Payments for acquisitions, net of cash acquired		(333,511	)		(31,612	)
	Investments in unconsolidated joint ventures		(23,695	)		(16,585	)
	Return of investments in unconsolidated joint ventures		7,540			–
	Net cash used in investing activities		(364,587	)		(61,670	)
Cash flows from financing activities:
	Proceeds from borrowings under credit agreement		350,000			145,900
	Repayments of borrowings under credit agreement		(76,000	)		(145,900	)
	Repurchases of convertible notes due 2025		–			(28,480	)
	Contributions by noncontrolling interests		234			260
	Distributions to noncontrolling interests		(33,628	)		(42,009	)
	Repurchases of common stock		(34,989	)		(24,995	)
	Taxes paid on vested stock		(19,702	)		(15,640	)
	Proceeds from issuance of common stock		572			–
	Net cash (used in) provided by financing activities		186,487			(110,864	)
	Effect of exchange rate changes		(667	)		518
	Net increase (decrease) in cash, cash equivalents, and restricted cash		(182,467	)		(183,803	)
	Cash, cash equivalents and restricted cash:
	Beginning of year		466,388			453,548
	End of period	$	283,921		$	269,745


Contract Awards (in thousands)
	Three Months Ended
	March 31, 2026		March 31, 2025
Federal Solutions	$	1,031,334	$	744,709
Critical Infrastructure	$	1,027,075		1,021,797
Total Awards	$	2,058,409	$	1,766,506


Backlog (in thousands)
	March 31, 2026		March 31, 2025
Federal Solutions:
Funded	$	1,862,047	$	1,770,655
Unfunded		2,616,068		2,799,723
Total Federal Solutions		4,478,115		4,570,378
Critical Infrastructure:
Funded		4,787,648		4,451,234
Unfunded		40,163		49,614
Total Critical Infrastructure		4,827,811		4,500,848
Total Backlog	$	9,305,926	$	9,071,226


Book-To-Bill Ratio ¹ :
	Three Months Ended
	March 31, 2026		March 31, 2025
Federal Solutions		1.4		0.9
Critical Infrastructure		1.4		1.4
Overall		1.4		1.1

Non-GAAP Financial Information

The tables under “Parsons Corporation Inc. Reconciliation of Non-GAAP Measures” present Adjusted Net Income attributable to Parsons Corporation, Adjusted Earnings per Share, Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”), Adjusted EBITDA, EBITDA Margin, and Adjusted EBITDA Margin, reconciled to their most directly comparable GAAP measure. These financial measures are calculated and presented on the basis of methodologies other than in accordance with U.S. generally accepted accounting principles (“Non-GAAP Measures”). Parsons has provided these Non-GAAP Measures to adjust for, among other things, the impact of amortization expenses related to our acquisitions, costs associated with a loss or gain on the disposal or sale of property, plant and equipment, restructuring and related expenses, costs associated with mergers and acquisitions, software implementation costs, legal and settlement costs, and other costs considered non-operational in nature. These items have been Adjusted because they are not considered core to the company’s business or otherwise not considered operational or because these charges are non-cash or non-recurring. The company presents these Non-GAAP Measures because management believes that they are meaningful to understanding Parsons’s performance during the periods presented and the company’s ongoing business. Non-GAAP Measures are not prepared in accordance with GAAP and therefore are not necessarily comparable to similarly titled metrics or the financial results of other companies. These Non-GAAP Measures should be considered a supplement to, not a substitute for, or superior to, the corresponding financial measures calculated in accordance with GAAP.

¹Book-to-Bill ratio is calculated as total contract awards divided by total revenue for the period.

PARSONS CORPORATION Non-GAAP Financial Information Reconciliation of Net Income to Adjusted EBITDA (in thousands)

	Three Months Ended
	March 31, 2026		March 31, 2025
Net income attributable to Parsons Corporation	$	52,926	$	66,203
Interest expense, net		14,187		10,104
Income tax expense		16,087		18,977
Depreciation and amortization (a)		35,926		27,403
Net income attributable to noncontrolling interests		12,285		15,584
Equity-based compensation		9,454		7,103
Transaction-related costs (b)		8,439		3,701
Other (c)		1,625		(299	)
Adjusted EBITDA	$	150,929	$	148,776

(a) Depreciation and amortization for the three months ended March 31, 2026, is $26.9 million in the Federal Solutions Segment and $9.0 million in the Critical Infrastructure Segment. Depreciation and amortization for the three months ended March 31, 2025, is $19.5 million in the Federal Solutions Segment and $7.9 million in the Critical Infrastructure Segment.

(b) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.

(c) Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.

PARSONS CORPORATION Non-GAAP Financial Information Computation of Adjusted EBITDA Attributable to Noncontrolling Interests (in thousands)

	Three Months Ended
	March 31, 2026		March 31, 2025
Federal Solutions Adjusted EBITDA attributable to Parsons Corporation	$	71,553	$	75,532
Federal Solutions Adjusted EBITDA attributable to noncontrolling interests		17		51
Federal Solutions Adjusted EBITDA including noncontrolling interests	$	71,570	$	75,583

Critical Infrastructure Adjusted EBITDA attributable to Parsons Corporation		66,901		58,187
Critical Infrastructure Adjusted EBITDA attributable to noncontrolling interests		12,458		15,006
Critical Infrastructure Adjusted EBITDA including noncontrolling interests	$	79,359	$	73,193

Total Adjusted EBITDA including noncontrolling interests	$	150,929	$	148,776

PARSONS CORPORATION Non-GAAP Financial Information Reconciliation of Net Income Attributable to Parsons Corporation to Adjusted Net Income Attributable to Parsons Corporation (in thousands, except per share information)

	Three Months Ended
	March 31, 2026			March 31, 2025
Net income attributable to Parsons Corporation	$	52,926		$	66,203
Acquisition related intangible asset amortization		23,797			16,381
Equity-based compensation		9,454			7,103
Transaction-related costs (a)		8,439			3,701
Other (b)		1,625			(299	)
Tax effect on adjustments		(10,609	)		(8,541	)
Adjusted net income attributable to Parsons Corporation	$	85,632		$	84,548
Adjusted earnings per share:
Weighted-average number of basic shares outstanding		107,182			106,831
Weighted-average number of diluted shares outstanding (c)		108,364			108,468
Adjusted net income attributable to Parsons Corporation per basic share	$	0.80		$	0.79
Adjusted net income attributable to Parsons Corporation per diluted share	$	0.79		$	0.78

(a) Reflects costs incurred in connection with acquisitions and other non-recurring transaction costs, primarily fees paid for professional services and employee retention.

(b) Includes a combination of gain/loss related to sale of fixed assets, software implementation costs, and other individually insignificant items that are non-recurring in nature.

April 29, 2026 6:33 am

Quarterly Activities and Cashflow Report – March 2026

Operational Momentum at Estelle: Advancing Gold Exploration, Antimony Development, and US Redomiciliation

Melbourne, Australia, April 29, 2026 (GLOBE NEWSWIRE) — Nova Minerals Limited (“Nova” and the “Company”)(NASDAQ: NVA) (ASX: NVA), (FRA: QM3), a gold and critical minerals exploration and development stage company focused on advancing the Estelle Gold and Critical Minerals Project in Alaska, U.S.A. provides its quarterly activities and cashflow report for the quarter ended March 31, 2026.

Highlights

Strong results from the 2025 drilling program at RPM North and RPM Valley confirmed broad near-surface gold mineralisation and high-grade zones, supporting resource growth and advancement of the Estelle Project toward development.
Drilling at RPM Valley returned multiple broad intercepts above 1 g/t Au, including visible gold and a project-record intercept of 0.5m @ 364 g/t Au, confirming continuity of mineralisation and potential for resource expansion.
Shallow RC drilling at the Korbel Main deposit defined a higher-grade core zone with grades up to 1.2 g/t Au, highlighting the potential for a starter pit scenario and supporting ongoing Pre-Feasibility Study work.
Surface sampling programs identified strong gold anomalism across multiple prospects, further demonstrating the broader mineralised potential across the Estelle corridor and identifying targets for future drilling programs.
Continued advancing plans to establish a U.S. domestic antimony supply chain, supported by a US$43.4 million non-dilutive funding award from the U.S. Department of War (DoW).
Winter road construction and equipment mobilisation to Estelle is well advanced, with all key equipment received, most now dispatched to site, and delivery on track to support the planned commencement of antimony production.
Pre-Feasibility Study (PFS) work ongoing, including metallurgical test work, mine planning and optimisation studies to support development pathways for Estelle’s gold assets.
Strong corporate and funding position, with access to over A$89.4 million in funding at quarter end, including cash, DoW funding, liquid investments and in-the-money warrants, and no debt.

On the quarter, Nova CEO, Mr Christopher Gerteisen, commented:

“The March quarter delivered strong operational progress at Estelle, with drilling at RPM Valley continuing to demonstrate the scale and continuity of the mineralised system, including the highest-grade intercept recorded at the project to date. These results reinforce the potential for both large-scale bulk-tonnage mineralisation and higher-grade zones within the broader RPM deposit.

“Importantly, we also advanced preparations for our antimony initiative during the quarter, with the successful establishment of the winter access snow road enabling the delivery of key equipment to site, a critical step in positioning Nova to evaluate near-term production opportunities.

“In parallel, surface sampling programs expanded the exploration pipeline across the Estelle corridor, identifying additional anomalies that highlight the significant discovery potential across the broader project area.

“We also announced our intention to redomicile to the United States, a strategic step to better align Nova with its predominantly U.S. shareholder base and enhance access to U.S. capital markets as we advance Estelle toward development.

“Looking ahead, our focus remains on integrating these results into the ongoing Pre-Feasibility Study, progressing the antimony opportunity, and executing the redomiciliation process to position the Company for continued growth and value creation.”

Gold Assets

Nova is rapidly advancing one of the largest undeveloped gold deposits in the world, consisting of over 20 prospects, including four already defined multi-million-ounce gold deposits.

2025 Drill Program

During the quarter, Nova reported additional results from the 2025 drill program across the Estelle Project, including RPM Valley, RPM North and Korbel, further demonstrating the scale and continuity of the broader gold system.

Drilling at RPM Valley delivered multiple broad zones of continuous gold mineralization, confirming the scale and continuity of the system. Key intercepts included 65m @ 3.6 g/t Au from 83m (including a high-grade interval of 36m @ 5.5 g/t Au and a peak result of 0.5m @ 364 g/t Au), alongside 155m @ 0.9 g/t Au from 71m and 172m @ 0.8 g/t Au from 352m, each hosting higher-grade internal zones.

Additional wide intercepts, including 289m @ 0.7 g/t Au from 62m and 152m @ 0.9 g/t Au from 82m, further demonstrate the extensive nature of mineralisation at RPM, with multiple zones of higher-grade material within broader mineralised envelopes.

The 0.5m @ 364 g/t Au intercept represents the highest-grade gold intercept recorded at the Estelle Project to date, with visible gold observed in core. These results confirm the presence of high-grade shoots within the broader bulk-tonnage system and support the potential for both open-pit and higher-grade zones within the RPM Valley deposit.

Infill drilling undertaken during the program was designed to support conversion of existing resources to Measured and Indicated categories, with the aim of incorporating RPM Valley into the ongoing Pre-Feasibility Study (PFS).

Figure 1.

RPM Valley Pad 25-2

Additional results from RPM North extended the mineralised footprint and confirmed broad zones of near-surface gold mineralisation typical of the Estelle intrusive-related gold system, with strong lateral and vertical continuity and several holes extending mineralisation below the current conceptual pit shell.

Figure 2.

RPM North hole RPM-080 2.4m @ 19.7g/t Au from 15.2m

At Korbel, drilling results continued to demonstrate wide zones of near-surface gold mineralisation, reinforcing its position as a large-scale bulk-tonnage deposit and a key contributor to the overall Estelle mineral resource. Results highlighted consistent grade distribution and continuity across the deposit, supporting ongoing resource growth and future development studies.

Collectively, these results continue to support the potential for large-scale bulk-tonnage gold development at Estelle, which remains one of the most significant undeveloped gold systems globally.

Surface Sampling Program

Surface sampling results announced during the quarter identified multiple new mineralised systems across key prospects, further reinforcing the district-scale potential of the broader project area.

At West Wing, rock chip sampling defined a coherent gold-copper anomaly extending approximately 1.5km by 0.8km. Of 46 soil samples collected within the vicinity, 16 were greater than 1.0 g/t Au, and five were greater than 2.0 g/t Au. Of the 30 rock samples, eight were greater than 2.0 g/t Au, including three samples over 5.0 g/t Au, with a high of 15.5 g/t Au. West Wing also shows a notable copper signature with 16 soil samples greater than 0.2% Cu and three rock samples greater than 1% Cu, with a high of 6.9% Cu.

The anomaly is supported by consistent multi-element geochemical signatures and elevated pathfinder elements and represents a previously unrecognised target area within the Estelle district. The style and distribution of mineralisation indicate potential for a linked gold-copper system, warranting follow-up geological and geophysical work.

Figure 3.

Sample
E397403 – 5.5 g/t Au and 6.9% Cu; Sample E397404 – 15.5 g/t Au

Figure 4.

West Wing Sampling – Gold

At RPM, surface sampling returned several high-grade gold results, including values up to 24.6 g/t Au, with mineralisation defined along the ridgeline and extending westward. These results expanded the known footprint of gold anomalism in the area and highlighted multiple priority zones for drill testing, with a focus on structurally controlled mineralisation and continuity along interpreted trends.

Figure 5.
Sample E409201 – 24.6 g/t Au; Sample E405227 – 11.7 g/t Au

Post-period, surface sampling at Portage Pass identified a significant new gold anomaly supported by seven rock samples grading >2 g/t Au, including a high of 14.3 g/t Au, and 10 soil samples grading >0.5 g/t Au with a peak of 1.8 g/t Au. The anomaly extends across a broad, coherent target area and is associated with favourable lithological and structural settings, including similarities to the nearby Korbel deposit style of mineralisation.

A detailed soil sampling grid is planned across the valley in 2026. Subject to the results, a ground-based induced polarization (IP) geophysical survey will be undertaken, following a similar exploration pathway to that which led to the discovery at Korbel. While stronger geochemical anomalies are present elsewhere at Estelle, Portage Pass represents a compelling target given its proximity to Korbel and the associated proposed infrastructure.

Feasibility Studies

PFS-level studies are ongoing, with METS Engineering undertaking additional metallurgical test work to build on the high gold recoveries achieved at RPM to date (ASX Announcement: 5 August 2025), Rough Stock Mining is conducting mining studies, and Whittle Consulting is completing optimization studies.

Antimony Assets

Following the award of US$43.4 million from the U.S. Department of War (DoW), Nova initiated its plan to develop antimony production in Alaska. The company is fully funded to establish a U.S. domestic antimony supply chain that would support U.S. military and consumer markets from late 2026 to early 2027.

With seven antimony prospects identified across the Estelle Project to date, permitted industrial land, government support, and plans for critical infrastructure in place, Nova is positioned to become a key supplier to the U.S. antimony market.

Winter Freight Delivery

During the quarter, the mobilization of equipment to the Estelle Project occurred via the Company’s snow road, 150km from Willow, Alaska. Construction of the winter road commenced in early December, enabling the development of thick ice bridges capable of supporting freight loads in excess of 100,000 lb (45,000 kg).

Following receipt of the DoW Award in late 2025, Nova sought to procure equipment required for trail construction, airstrip expansion, and antimony ore extraction and processing activities.

Equipment was delivered to the Company’s freight staging yard and logistics centre in Willow, where the major of mining and processing equipment has now been received. Equipment is being transported to site via ski-trailers using low ground pressure vehicles or is self-driven along the winter trail. To date, most of the equipment has departed the staging yard for delivery to the Estelle Project site.

Figure 6.
Heavy machinery delivered to site via the winter snow road

Figure 7.
Screener plant being delivered to site via the winter snow road

Corporate

As of the close of the March 2026 quarter, the Company has access to over $A89.4 million in funding comprising of, A$47 million in cash, US$29 million (A$40.3 million) remainder of the 24 month award from the U.S. Department of War to support antimony production in Alaska, and approximately ~A$2.1 million in liquid investments, with no debt.
In January 2026, the Company advised that Mr Louie Simens resigned as Executive Director for personal reasons. Mr Simens was appointed to the Board on 19 December 2017 and served in multiple capacities, including as interim Executive Chairman during key periods of Estelle Project advancement and other strategic initiatives. The Board thanks Mr Simens for his significant contribution and wishes him well in his future endeavours.
Payments to related parties in Q3 FY26 were $293,000 and included CEO and Executive remuneration and non-executive director fees.

Redomiciliation to the United States

With over half its shares now being held by U.S investors, the Company announced its plans to redomicile to the United States following the loss of its U.S. SEC foreign private issuer status.
Dual Australian and U.S. listings to remain under the same ticker codes, with common stock to be listed on the NYSE, and CDI’s to be listed on the ASX.
The redomiciliation is intended to align with U.S. reporting requirements, reduce regulatory complexity, enhance access to U.S. capital markets, broaden institutional appeal, and improve eligibility for U.S. government funding and investment initiatives.
The restructure will be implemented via a Scheme Implementation Deed with a newly incorporated Nevada parent (Nova Minerals Corp), with ASX shareholders to receive CDIs and Nasdaq ADS holders and holders of OTC-quoted shares to receive shares of common stock on a proportionate basis. The new entity is expected to list on the NYSE.
Completion is targeted by the end-June 2026, subject to shareholder, court and customary approvals. No material changes to Nova’s assets, operations, or strategy are expected.

Material Post-Quarter Events

Appointed Ms Ashlie Thorburn as Chief Financial Officer (commencing 20 April 2026), bringing 20+ years’ mining finance experience and strong expertise in SEC/TSX/ASX reporting, compliance, governance and transactions.
With respect to the US redomiciliation, the Company has announced that the Supreme Court of New South Wales has approved the convening of Scheme Meetings and the distribution of the Scheme Booklet to shareholders. The Scheme Booklet has also been registered with ASIC and was dispatched to shareholders on ~28 April 2026.

Next Steps

Material PFS test-work results as they become available
Airborne geophysical surveys to commence in the spring of 2026
Antimony phase 1 project updates
Metallurgical test work ongoing
Environmental test work ongoing
West Susitna access road updates
Updated MRE
Updates on the company redomiciliation to the US

New videos released during the March 2026 quarter

Major ASX Announcements during the March 2026 quarter

7 January 2026	RPM North Drilling Confirms Further Resource Upside
13 January 2026	RPM Valley Confirms High-Grade, Continuity, System Open
21 January 2026	Higher-Grade Starter Pit Potential at Korbel Gold Deposit
27 January 2026	Quarterly Activities/Appendix 5B Cash Flow Report
4 February 2026	Nova Minerals Plans to Redomicile to the United States
2 March 2026	New Gold-Copper System Developing at West Wing
3 March 2026	Nova Executes Scheme Implementation Deed-US Redomiciliation
9 March 2026	Further High-Grade Gold Discovered at RPM
16 March 2026	Nova Winter Freight Haul Underway
31 March 2026	Amendment to the Scheme Implementation Deed

Estelle Gold Project Discussion and Analysis

Further discussion and analysis of the Estelle Gold Project is available through the interactive Vrify 3D animations, presentations and videos, all available on the Company’s website. www.novaminerals.com.au

This announcement has been authorized for release by the Executive Directors.

Christopher Gerteisen
CEO and Executive Director
E: [email protected]

Annalise Batchelor
Sodali & Co
Investor Relations & Media
E: [email protected]
M: +61 432 312 807

CCameron Gilenko
Sodali & Co
Investor Relations & Media
E: [email protected]
M: +61 466 984 953

About Nova Minerals Limited

Nova Minerals Limited is advancing one of the world’s largest undeveloped gold deposits into production and securing a US domestic supply of the critical mineral antimony. The company is focused on the exploration and development of the Estelle Gold and Critical Minerals Project, located in Alaska, a tier-one mining jurisdiction.

Estelle hosts two defined multi-million-ounce gold resources, and more than 20 prospects distributed along a 35-kilometre mineralised trend, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world’s largest gold mines and discoveries including, Kinross Gold Corporation’s Fort Knox Gold Mine. In parallel, Nova is advancing its critical minerals strategy, fully-funded by a US$43.4 million U.S. Department of War award to develop a domestic antimony supply chain, targeted for production in late 2026/2027.

Competent Person Statements

Mr Vannu Khounphakdy P.Geo., who is an independent consulting geologist of a number of mineral exploration and development companies, reviewed and approves the technical information in this release and is a member of the Australian Institute of Geoscientists (AIG), which is ROPO accepted for the purpose of reporting in accordance with ASX listing rules. Mr Vannu Khounphakdyhas sufficient experience relevant to the gold deposits under evaluation to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Vannu Khounphakdy is also a Qualified Person as defined by S-K 1300 rules for mineral deposit disclosure. Mr Vannu Khounphakdy consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The information in the announcement dated today that relates to exploration results and exploration targets is based on information compiled by Mr. Hans Hoffman. Mr. Hoffman, Owner of First Tracks Exploration, LLC, who is providing geologic consulting services to Nova Minerals, compiled the technical information in this release and is a member of the American Institute of Professional Geologists (AIPG), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr. Hoffman has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Hoffman consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

The Exploration results were reported in accordance with Clause 18 of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (JORC Code).

The Company is also listed on the NASDAQ in the United States and, as a result, is required in respect of its exploration and resource reporting to comply with the US Securities and Exchange Commission (SEC) requirements in respect of resource reporting in the USA. This requires compliance with the SEC’s S-K 1300 resource regulations. Investors accessing the Company’s NASDAQ press releases should be aware that S-K 1300 statements made in those releases are not JORC Code compliant statements.

Nova Minerals confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and in the case of the exploration results, that all material assumptions and technical parameters underpinning the results in the relevant market announcement continue to apply and have not materially changed.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved.” Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labor costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein. apparent inconsistencies in the figures shown in the MRE are due to rounding Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labor costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.

Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information which is included herein, except in accordance with applicable securities laws. All drilling and exploration activities is subject to no unforeseen circumstances.

Tenement Holdings as at 31 March 2026

A list of Nova’s Tenement Holdings, as at the end of the Quarter, is presented in the schedules below, with additional notes.

Tenement/Claim/ADL Number	Location	Beneficial % Held
725940 – 725966	Alaska, USA	85%
726071 – 726216	Alaska, USA	85%
727286 – 727289	Alaska, USA	85%
728676 – 728684	Alaska, USA	85%
730362 – 730521	Alaska, USA	85%
737162 – 737357	Alaska, USA	85%
740524 – 740621	Alaska, USA	85%
733438 – 733598	Alaska, USA	85%
741364 – 741366	Alaska, USA	85%

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity
Nova Minerals Limited (ASX: NVA)
ABN		Quarter ended (“current quarter”)
84 006 690 348		31 March 2026

Consolidated statement of cash flows		Current quarter $A’000	Year to date (9 months) $A’000
1.	Cash flows from operating activities
1.1	Receipts from customers
1.2	Payments for	(65)	(370)
	exploration & evaluation	(65)	(370)
	development
	production
	staff costs (directors/consultants)	(702)	(1,410)
	administration and corporate costs audit, tax, and legal fees	(1,274) (51)	(3,078) (691)
	other professional fees	(38)	(1,292)
1.3	Dividends received (see note 3)
1.4	Interest received	424	740
1.5	Interest and other costs of finance paid	(1)	(11)
1.6	Income taxes paid
1.7	Government grants and tax incentives
1.8	Other (provide details if material) GST, Withholding tax & Payroll tax	66	189
1.9	Net cash from / (used in) operating activities	(1,641)	(5,923)

2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	Entities
	Tenements
	property, plant and equipment	(2,379)	(4,604)
	exploration & evaluation	(6,678)	(19,931)
	investments	–	(1,000)
	other non-current assets
2.2	Proceeds from the disposal of:
	entities
	tenements
	property, plant and equipment
	investments	65	295
	other non-current assets
2.3	Cash flows from loans to other entities
2.4	Dividends received (see note 3)
2.5	Department of War Grant	1,021	20,597
2.6	Net cash from / (used in) investing activities	(7,971)	(4,643)

73.	Cash flows from financing activities	–	52,164
3.1	Proceeds from issues of equity securities (excluding convertible debt securities)	–	52,164
3.2	Proceeds from issue of convertible debt securities
3.3	Proceeds from exercise of options and warrants	8	3,629
3.4	Transaction costs related to issues of equity securities or convertible debt securities	(1)	(3,716)
3.5	Proceeds from borrowings
3.6	Repayment of borrowings
3.7	Transaction costs related to loans and borrowings
3.8	Dividends paid
3.9	Finance Lease	(1,121)	(1,163)
3.10	Net cash from / (used in) financing activities	(1,114)	50,914

4.	Net increase / (decrease) in cash and cash equivalents for the period
4.1	Cash and cash equivalents at beginning of period	59,176	9,086
4.2	Net cash from / (used in) operating activities (item 1.9 above)	(1,641)	(5,923)
4.3	Net cash from / (used in) investing activities (item 2.6 above)	(7,971)	(4,643)
4.4	Net cash from / (used in) financing activities (item 3.10 above)	(1,114)	50,914
4.5	Effect of movement in exchange rates on cash held	(1,432)	(2,416)
4.6	Cash and cash equivalents at end of period	47,018	47,018

5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1	Bank balances	47,018	59,176
5.2	Call deposits	–	–
5.3	Bank overdrafts	–	–
5.4	Other (provide details)	–	–
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	47,018	59,176

6.	Payments to related parties of the entity and their associates	Current quarter $A’000
6.1	Aggregate amount of payments to related parties and their associates included in item 1	293
6.2	Aggregate amount of payments to related parties and their associates included in item 2	–
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

7.	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. *Add notes as necessary for an understanding of the sources of finance available to the entity.*	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
7.1	Convertible facilities⁽¹⁾
7.2	Credit standby arrangements
7.3	Other (please specify)
7.4	Total financing facilities

7.5	Unused financing facilities available at quarter end
7.6	Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.
7.6

8.	Estimated cash available for future operating activities	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)	(1,641)
8.2	(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))	(6,678)
8.3	Total relevant outgoings (item 8.1 + item 8.2)	(8,319)
8.4	Cash and cash equivalents at quarter end (item 4.6)	47,018
8.5	Unused finance facilities available at quarter end (item 7.5)	–
8.6	Total available funding (item 8.4 + item 8.5)	47,018

8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)	5.65
8.7	Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2 This statement gives a true and fair view of the matters disclosed.

Date: …29 April 2026……………………………

Authorised by: …Board of Directors…………………………….

(Name of body or officer authorising release – see note 4)

Notes

This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
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April 29, 2026 6:33 am

Delek Logistics Reports First Quarter 2026 Results

Delek Logistics Reports First Quarter 2026 Results

Delek Logistics reported net income of $32.4 million or $0.60 per unit, and adjusted EBITDA of $132.3 million
Successfully completed drilling of our first acid gas injection (AGI) well, progressing our sour gas processing, treating and handling solution at the Libby Gas Complex
Signed new revolving credit facility, increasing borrowing capacity by $150 million and extending maturities to 2031
Strong first quarter execution allows us to reiterate 2026 EBITDA Guidance of $520 million to $560 million
Increased economic separation from DK as we continue to increase EBITDA from third party sources
Continued our consistent distribution growth with our 53rd consecutive quarterly increase to $1.130/unit

BRENTWOOD, Tenn.–(BUSINESS WIRE)–
Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) today announced its financial results for the first quarter 2026.

“Delek Logistics continued its strong performance into 2026, supported by solid execution across our crude, gas, and water segments,” said Avigal Soreq, President of Delek Logistics’ general partner. “During the first quarter, we saw continued benefits from the ramp-up of our Delaware crude and water gathering businesses and made further progress on our sour gas gathering and acid gas injection system by completing the drilling of our first AGI well. Despite the impact of Winter Storm Fern, the business is showing strong results with rising gas G&P volumes as well as crude gathering volumes reflecting the underlying strength of our system.”

“Building on this momentum, we are reaffirming our 2026 EBITDA guidance of $520 to $560 million. Our business continues to benefit from increased third-party cash flows and the strategic steps taken over the past year, which have largely completed DKL’s economic separation from its sponsor while maintaining strong commercial alignment,” Soreq continued. “We are also proud to extend our track record of consistent returns to unitholders, supported by stable and growing cash flows.”

“Looking ahead, we are increasingly encouraged by the opportunities across our footprint, particularly at the Libby Complex, where our comprehensive acid gas injection and sour gas treating capabilities continue to gain traction. This industry-leading solution positions DKL for multi-year growth in the Delaware Basin and supports further expansion of our full-suite strategy. We remain committed to strengthening and growing Delek Logistics through prudent management of liquidity and leverage,” Mr. Soreq continued.

Delek Logistics reported first quarter 2026 net income of $32.4 million or $0.60 per diluted common limited partner unit. This compares to net income of $39.0 million, or $0.73 per diluted common limited partner unit, in the first quarter 2025. Net cash provided by operating activities was $170.4 million in the first quarter 2026 compared to $31.6 million in the first quarter 2025, driven by favorable working capital movements. Distributable cash flow, as adjusted was $72.4 million in the first quarter 2026, compared to $75.1 million in the first quarter 2025. The decrease in net income and distributable cash flow from the first quarter 2025 to the first quarter 2026 was primarily attributable to the impacts of winter storm Fern.

For the first quarter 2026, earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $94.9 million compared to $92.2 million in the first quarter 2025. The first quarter 2026 EBITDA included $1.2 million of transaction costs and $35.4 million of sales-type lease accounting impacts. For the first quarter 2026, Adjusted EBITDA was $132.3 million compared to $123.2 million in the first quarter 2025.

Distribution and Liquidity

On April 23, 2026, Delek Logistics declared a quarterly cash distribution of $1.130 per common limited partner unit for the first quarter 2026. This distribution will be paid on May 11, 2026 to unitholders of record on May 4, 2026. This represents a 1.8% increase over Delek Logistics’ first quarter 2025 distribution of $1.110 per common limited partner unit.

As of March 31, 2026, Delek Logistics had total debt of approximately $2.3 billion and cash of $9.9 million and a leverage ratio of approximately 4.05x. Additional borrowing capacity under the $1.3 billion third party revolving credit facility increased to $1.1 billion.

Consolidated Operating Results

Adjusted EBITDA in the first quarter 2026 was $132.3 million compared to $123.2 million in the first quarter 2025. The $9.1 million increase in Adjusted EBITDA reflects higher margins in the wholesale business and increased interest income related to sales-type leases.

Gathering and Processing Segment

Adjusted EBITDA in the first quarter 2026 was $82.9 million compared with $81.1 million in the first quarter 2025. The increase was primarily due to increased margins.

Wholesale Marketing and Terminalling Segment

Adjusted EBITDA in the first quarter 2026 was $14.3 million, compared with first quarter 2025 Adjusted EBITDA of $17.8 million. The decrease was primarily due to the termination of the East Texas marketing agreement with Delek Holdings, which was partially offset by an increase in wholesale margins.

Storage and Transportation Segment

Adjusted EBITDA in the first quarter 2026 was $25.2 million, compared with $14.5 million in the first quarter 2025.The increase was primarily due to increased income from sales-type leases.

Investments in Pipeline Joint Ventures Segment

During the first quarter 2026, Adjusted EBITDA from equity method investments was $18.3 million compared to $16.8 million in the first quarter 2025. The increase was primarily due to increase in income from W2W, partially offset by a decrease in income from our investments in our other joint ventures.

Corporate

Adjusted EBITDA in the first quarter 2026 was a loss of $8.4 million compared to a loss of $6.9 million in the first quarter 2025.

First Quarter 2026 Results | Conference Call Information

Delek Logistics will hold a conference call to discuss its first quarter 2026 results on Wednesday, April 29, 2026 at 11:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekLogistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days.

About Delek Logistics Partners, LP

Delek Logistics is a midstream energy master limited partnership headquartered in Brentwood, Tennessee. Through its owned assets and joint ventures located primarily in and around the Permian Basin, the Delaware Basin and other select areas in the Gulf Coast region, Delek Logistics provides gathering, pipeline and other transportation services primarily for crude oil and natural gas customers, storage, wholesale marketing and terminalling services primarily for intermediate and refined product customers, and water disposal and recycling services. Delek US Holdings, Inc. (“Delek US”) owns the general partner interest as well as a majority limited partner interest in Delek Logistics, and is also a significant customer.

Safe Harbor Provisions Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,” “expect” or similar expressions, as well as statements in the future tense. Forward-looking statements include, but are not limited to, anticipated performance and financial position; statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; projected benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream acquisitions; expected earnings or returns from joint ventures or other acquisitions; expansion projects; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth.

Investors are cautioned that the following important factors, including among others, may affect these forward-looking statements: the fact that a significant portion of Delek Logistics’ revenue is derived from Delek US, thereby subjecting us to Delek US’ business risks; political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; Delek Logistics’ ability to realize cost reductions; the impact of adverse market conditions affecting the utilization of Delek Logistics’ assets and business performance, including margins generated by its wholesale fuel business; risks and uncertainties with respect to the possible benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity transactions, as well as from integration post-closing; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; projected capital expenditures; scheduled turnaround activity; the results of our investments in joint ventures; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission.

Forward-looking information is based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation.

Non-GAAP Disclosures

Our management uses certain “non-GAAP” operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include:

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) – calculated as net income before interest, income taxes, depreciation and amortization and proportional interest, taxes, depreciation and amortization of equity method investments.
Adjusted EBITDA – EBITDA adjusted for throughput and storage fees associated with the lease component of commercial agreements subject to sales-type lease accounting and certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.
Distributable cash flow – calculated as net cash flow from operating activities adjusted for changes in assets and liabilities, maintenance capital expenditures net of reimbursements, sales-type lease receipts, net of income recognized and other adjustments not expected to settle in cash.
Distributable cash flow, as adjusted – calculated as distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs.

Our EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted, measures are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:

Delek Logistics’ operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA and Adjusted EBITDA, financing methods;
the ability of our assets to generate sufficient cash flow to make distributions to our unitholders on a current and on-going basis;
Delek Logistics’ ability to incur and service debt and fund capital expenditures; and
the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

We believe that the presentation of these non-GAAP measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance and liquidity for current and comparative periods. Non-GAAP measures should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings, net cash provided by operating activities and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted may be defined differently by other partnerships in our industry, our definitions may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. However, due to the inherent difficulty and impracticability of estimating certain amounts required by U.S. GAAP with a reasonable degree of certainty at this time without unreasonable effort and imprecision, we have not provided a reconciliation of forward-looking Adjusted EBITDA guidance.


Delek Logistics Partners, LP
Consolidated Balance Sheets (Unaudited)
(In thousands, except unit data)
	March 31, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	9,907		$	10,892
Accounts receivable		146,588			114,544
Accounts receivable from related parties		306,286			216,641
Lease receivable – affiliate		47,681			36,362
Inventory		20,967			17,913
Other current assets		4,900			4,416
Total current assets		536,329			400,768
Property, plant and equipment:
Property, plant and equipment		1,876,022			1,827,530
Less: accumulated depreciation		(431,556	)		(403,523	)
Property, plant and equipment, net		1,444,466			1,424,007
Equity method investments		333,795			340,070
Customer relationship intangibles, net		227,377			233,022
Other intangibles, net		142,833			137,439
Goodwill		12,203			12,203
Operating lease right-of-use assets		10,704			11,683
Finance lease right-of-use assets		28,179			27,802
Net investment in leases – affiliate		158,666			185,656
Other non-current assets		14,148			6,618
Total assets	$	2,908,700		$	2,779,268

LIABILITIES AND (DEFICIT) EQUITY
Current liabilities:
Accounts payable	$	508,501		$	292,908
Interest payable		26,930			30,557
Excise and other taxes payable		7,771			16,569
Current portion of operating lease liabilities		2,478			3,027
Current portion of finance lease liabilities		9,031			8,310
Accrued expenses and other current liabilities		6,256			5,122
Total current liabilities		560,967			356,493
Non-current liabilities:
Long-term debt, net of current portion		2,294,624			2,344,420
Operating lease liabilities, net of current portion		3,054			3,551
Finance lease liabilities, net of current portion		20,010			20,289
Asset retirement obligations		25,169			24,278
Other non-current liabilities		25,029			24,123
Total non-current liabilities		2,367,886			2,416,661
Total liabilities		2,928,853			2,773,154
(Deficit) Equity:
Common unitholders – public; 19,653,345 units issued and outstanding at March 31, 2026 (19,643,923 at December 31, 2025)		500,506			510,376
Common unitholders – Delek Holdings; 33,868,203 units issued and outstanding at March 31, 2026 (33,868,203 at December 31, 2025)		(520,659	)		(504,262	)
Total (deficit) equity		(20,153	)		6,114
Total liabilities and (deficit) equity	$	2,908,700		$	2,779,268


Delek Logistics Partners, LP
Consolidated Statement of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
	Three Months Ended March 31,
		2026			2025
Net revenues:
Affiliate	$	166,690		$	126,321
Third party		130,776			123,609
Net revenues		297,466			249,930
Cost of sales:
Cost of materials and other – affiliate		108,185			89,966
Cost of materials and other – third party		60,426			39,086
Operating expenses (excluding depreciation and amortization presented below)		46,596			40,630
Depreciation and amortization		35,353			26,498
Total cost of sales		250,560			196,180
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)		449			355
General and administrative expenses		4,274			8,864
Depreciation and amortization		1,148			1,218
Other operating expense (income), net		1,026			(4,286	)
Total operating costs and expenses		257,457			202,331
Operating income		40,009			47,599
Interest income		(32,285	)		(22,547	)
Interest expense		51,592			41,101
Income from equity method investments		(11,623	)		(10,150	)
Other income, net		(27	)		(21	)
Total non-operating expenses, net		7,657			8,383
Income before income taxes		32,352			39,216
Income tax expense		—			182
Net income		32,352			39,034
Comprehensive income	$	32,352		$	39,034
Net income per unit:
Basic	$	0.60		$	0.73
Diluted	$	0.60		$	0.73
Weighted average common units outstanding:
Basic		53,514,387			53,604,659
Diluted		53,602,510			53,633,836


Delek Logistics Partners, LP
Condensed Consolidated Statements of Cash Flows (In thousands)	Three Months Ended March 31,
(Unaudited)		2026			2025
Cash flows from operating activities
Net cash provided by operating activities	$	170,376		$	31,550
Cash flows from investing activities
Net cash used in investing activities		(49,298	)		(234,767	)
Cash flows from financing activities
Net cash (used in) provided by financing activities		(122,063	)		199,940
Net decrease in cash and cash equivalents		(985	)		(3,277	)
Cash and cash equivalents at the beginning of the period		10,892			5,384
Cash and cash equivalents at the end of the period	$	9,907		$	2,107

Delek Logistics Partners, LP
Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited)
(In thousands)
	Three Months Ended March 31,
		2026			2025
Reconciliation of Net Income to EBITDA:
Net income	$	32,352		$	39,034
Add:
Income tax expense		—			182
Depreciation and amortization		36,501			27,716
Proportional interest, taxes, depreciation and amortization from equity-method investments		6,696			6,665
Interest expense, net		19,307			18,554
EBITDA		94,856			92,151
Throughput and storage fees for sales-type leases		35,381			27,706
DPG Inventory Impact		299			—
Transaction costs		1,161			3,349
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements		587			—
Adjusted EBITDA	$	132,284		$	123,206

Reconciliation of net cash from operating activities to distributable cash flow:
Net cash provided by operating activities	$	170,376		$	31,550
Changes in assets and liabilities		(94,232	)		32,080
Non-cash lease expense		(1,101	)		(2,267	)
Net distributions from equity method investments in investing activities		5,025			2,127
Regulatory and sustaining capital expenditures not distributable		(8,347	)		(645	)
Reimbursement from Delek Holdings for capital expenditures		12			9
Sales-type lease receipts, net of income recognized		3,096			5,159
Other non-cash adjustments		(3,636	)		3,692
Distributable Cash Flow		71,193			71,705
Transaction costs		1,161			3,349
Distributable Cash Flow, as adjusted⁽¹⁾	$	72,354		$	75,054

⁽¹⁾Distributable cash flow adjusted to exclude transaction costs primarily associated with the H2O Midstream Acquisition and Gravity Acquisition.


Delek Logistics Partners, LP
Distributable Coverage Ratio Calculation (Unaudited)
(In thousands)
	Three Months Ended March 31,
		2026		2025
Distributions to partners of Delek Logistics, LP	$	60,080	$	59,319

Distributable cash flow	$	71,193	$	71,705
Distributable cash flow coverage ratio⁽¹⁾	1.18x		1.21x
Distributable cash flow, as adjusted	$	72,354	$	75,054
Distributable cash flow coverage ratio, as adjusted⁽²⁾	1.20x		1.27x

⁽¹⁾Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period.
⁽²⁾Distributable cash flow coverage ratio, as adjusted is calculated by dividing distributable cash flow, as adjusted for transaction costs by distributions to be paid in each respective period.


Delek Logistics Partners, LP
Segment Data (Unaudited)
(In thousands)


	Three Months Ended March 31, 2026
	Gathering and Processing			Wholesale Marketing and Terminalling			Storage and Transportation			Investments in Pipeline Joint Ventures		Corporate and Other			Consolidated
Net revenues:
Affiliate	$	49,246		$	93,926		$	23,518		$	—	$	—		$	166,690
Third party		105,430			23,870			1,476			—		—			130,776
Total revenue	$	154,676		$	117,796		$	24,994		$	—	$	—		$	297,466

Adjusted EBITDA	$	82,928		$	14,314		$	25,162		$	18,319	$	(8,439	)	$	132,284
Transaction costs		—			—			—			—		1,161			1,161
DPG Inventory Impact		299			—			—			—		—			299
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements		587			—			—			—		—			587
Throughput and storage fees for sales-type leases		11,422			4,552			19,407			—		—			35,381
Segment EBITDA	$	70,620		$	9,762		$	5,755		$	18,319	$	(9,600	)		94,856
Depreciation and amortization	$	33,241		$	768		$	1,725		$	—	$	767			36,501
Proportional interest, taxes, depreciation and amortization from equity-method investments	$	—		$	—		$	—		$	6,696	$	—			6,696
Interest income	$	(10,158	)	$	(4,017	)	$	(18,110	)	$	—	$	—			(32,285	)
Interest expense	$	—		$	—		$	—		$	—	$	51,592			51,592
Income tax expense																—
Net income															$	32,352

	Three Months Ended March 31, 2025
	Gathering and Processing			Wholesale Marketing and Terminalling			Storage and Transportation			Investments in Pipeline Joint Ventures				Corporate and Other			Consolidated
Net revenues:
Affiliate	$	38,567		$	64,708		$	23,046		$	—			$	—		$	126,321
Third party		80,036			41,991			1,582			—				—			123,609
Total revenue	$	118,603		$	106,699		$	24,628		$	—			$	—		$	249,930

Adjusted EBITDA	$	81,075		$	17,750		$	14,471		$	16,815			$	(6,905	)	$	123,206
Transaction costs		—			—			—			—				3,349			3,349
Throughput and storage fees not included in revenue		13,136			4,513			10,057			—				—			27,706
Segment EBITDA	$	67,939		$	13,237		$	4,414		$	16,815	$	—	$	(10,254	)		92,151
Depreciation and amortization	$	24,723		$	952		$	1,281		$	—			$	760			27,716
Proportional interest, taxes, depreciation and amortization from equity-method investments	$	—		$	—		$	—		$	6,665			$	—			6,665
Amortization of marketing contract intangible	$	—		$	—		$	—		$	—			$	—			—
Interest income		(11,365	)		(4,161	)		(7,021	)		—				—			(22,547	)
Interest expense	$	—		$	—		$	—		$	—			$	41,101			41,101
Income tax expense																		182
Net income																	$	39,034

Delek Logistics Partners, LP
Segment Capital Spending
(In thousands)
	Three Months Ended March 31,
Gathering and Processing		2026		2025
Regulatory capital spending	$	888	$	—
Sustaining capital spending		7,187		13
Growth capital spending		41,444		71,298
Segment capital spending		49,519		71,311
Wholesale Marketing and Terminalling
Regulatory capital spending		63		11
Sustaining capital spending		14		79
Growth capital spending		34		—
Segment capital spending		111		90
Storage and Transportation
Regulatory capital spending		—		221
Sustaining capital spending		195		321
Segment capital spending		195		542
Consolidated
Regulatory capital spending		951		232
Sustaining capital spending		7,396		413
Growth capital spending		41,478		71,298
Total capital spending	$	49,825	$	71,943

Delek Logistics Partners, LP
Segment Operating Data (Unaudited)
	Three Months Ended March 31,
		2026		2025
Gathering and Processing Segment:
Throughputs (average bpd)
El Dorado Assets:
Crude pipelines (non-gathered)		62,758		61,888
Refined products pipelines to Enterprise Systems		44,658		56,010
El Dorado Gathering System		9,220		10,321
East Texas Crude Logistics System		27,284		26,918
Midland Gathering System		218,203		246,090
Plains Connection System		212,359		179,240
Delaware Gathering Assets:
Natural Gas Gathering and Processing (Mcfd⁽¹⁾)		63,903		59,809
Crude Oil Gathering (average bpd)		129,451		122,226
Water Disposal and Recycling (average bpd)		111,173		128,499
Midland Water Gathering System:
Water Disposal and Recycling (average bpd)⁽²⁾		565,411		632,972
Wholesale Marketing and Terminalling Segment:
East Texas – Tyler Refinery sales volumes (average bpd)⁽³⁾		—		67,876
West Texas marketing throughputs (average bpd)		11,771		10,826
West Texas gross margin per barrel	$	4.42	$	1.64
Terminalling throughputs (average bpd)⁽⁴⁾		135,744		135,404

⁽¹⁾		Mcfd – average thousand cubic feet per day.
⁽²⁾		Consists of volumes of H2O Midstream and Gravity. 2025 Gravity volumes are from January 2, 2025, to March 31, 2025.
⁽³⁾		East Texas Marketing agreement was terminated on January 1, 2026.
⁽⁴⁾		Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, our El Dorado and North Little Rock, Arkansas terminals and our Memphis and Nashville, Tennessee terminals.

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Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (https://www.deleklogistics.com/investor-relations), news webpage (https://www.deleklogistics.com/news-releases) and its X account (@DelekLogistics).

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy Logistics/Supply Chain Management Transport Other Energy

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April 29, 2026 6:33 am

Agios Reports First Quarter 2026 Financial Results and Provides Business Update

Mitapivat (PYRUKYND^® and AQVESME™) generated worldwide net revenues of $20.7 million in the first quarter of 2026, compared to $8.7 million in the first quarter of 2025
Strong initial U.S. commercial launch of AQVESME in thalassemia, with 242 prescriptions written as of March 31, 2026
Company plans to submit mitapivat sNDA for sickle cell disease in the second quarter of 2026
Pipeline advancing to multiple value-driving inflection points in 2026, including two Phase 2 readouts for next-generation PK activator tebapivat
$1.0 billion in cash, cash equivalents, and marketable securities as of March 31, 2026

CAMBRIDGE, Mass., April 29, 2026 (GLOBE NEWSWIRE) — Agios Pharmaceuticals, Inc. (Nasdaq: AGIO), a commercial-stage biopharmaceutical company focused on delivering innovative medicines for patients with rare diseases, today announced financial results and updates for the first quarter ended March 31, 2026.

“Our first-quarter performance reflects strong execution and significant progress against our 2026 strategic objectives,” said Brian Goff, Chief Executive Officer, Agios. “The solid early momentum of our U.S. commercial launch of AQVESME in thalassemia highlights both the medicine’s clinical value and strong community reception. Additionally, following collaborative engagement with the FDA, we now plan to submit our mitapivat sNDA for sickle cell disease under the U.S. accelerated approval pathway in the second quarter. 2026 marks an important growth inflection point for Agios as we continue to build a sustainable rare disease company that is rooted in hematology and focused on delivering differentiated medicines that create meaningful long-term value for patients and shareholders.”

First Quarter 2026 and Recent Corporate Highlights

Mitapivat (PYRUKYND^® and AQVESME™) Commercial Performance and Update

$18.8 million in U.S. net revenue and $1.9 millionin ex–U.S. net revenue in the first quarter of 2026.
- U.S. net revenue was driven by the U.S. commercial launch of AQVESME™ (mitapivat) in thalassemia in late January 2026.
- Ex-U.S. net revenue reflected demand for PYRUKYND^® (mitapivat) in thalassemia in Saudi Arabia.
242 AQVESME prescriptions for thalassemia were written by Risk Evaluation and Mitigation Strategy (REMS)-certified U.S. physicians as of March 31, 2026, driven by motivated prescribers and highly engaged patients.

R&D Highlights

Mitapivat
- Thalassemia –
  - In March 2026, the Emirates Drug Establishment of the United Arab Emirates (UAE) approved PYRUKYND for the treatment of adult patients with non-transfusion-dependent and transfusion-dependent alpha- or beta-thalassemia. With this approval, PYRUKYND becomes the only medicine approved in the UAE for this broad patient population.
  - Mitapivat is now approved for adults with thalassemia in the U.S., Saudi Arabia, and the UAE. A marketing application for mitapivat in thalassemia is currently under review by the European Commission.

- Sickle Cell Disease –
  - Agios confirmed plans to pursue U.S. accelerated approval for mitapivat in sickle cell disease, following completion of its pre-supplemental New Drug Application (sNDA) meeting with the U.S. Food and Drug Administration (FDA).
  - The FDA’s accelerated approval pathway expedites the availability of medicines that can fill a medical need for a serious condition, with the requirement of a confirmatory clinical trial to convert to a traditional approval.
  - The company now plans to submit an sNDA for mitapivat in sickle cell disease in the second quarter of 2026.

Tebapivat
- Lower-Risk Myelodysplastic Syndromes (LR-MDS) –
  - Agios expects to report topline results from its Phase 2b trial in the first half of 2026. Based on findings from the Phase 2a trial, the Phase 2b open-label trial is evaluating three higher daily dose levels of tebapivat (10 mg, 15 mg, and 20 mg) over a 24-week period. The primary endpoint is the proportion of participants achieving transfusion independence, defined as being transfusion-free for at least 8 consecutive weeks during the 24-week period.
- Sickle Cell Disease –
  - Agios expects to report topline results from its Phase 2 trial in the second half of 2026. This double-blind, randomized, placebo-controlled trial is evaluating three daily dose levels of tebapivat (2.5 mg, 5 mg, and 7.5 mg) versus matched placebo over a 12-week period. The primary endpoint is hemoglobin response, defined as a ≥1.0 g/dL increase in average hemoglobin concentration from Week 10 through Week 12 compared with baseline.

First Quarter 2026 Financial Results

For the quarter ended March 31, 2026, net loss was $99.1 million, compared to net loss of $89.3 million for the quarter ended March 31, 2025.

Net product revenue from U.S. sales of mitapivat (PYRUKYND and AQVESME) for the first quarter of 2026 was $18.8 million, compared to $8.7 million for the first quarter of 2025.
Net product revenue from ex-U.S. sales of mitapivat (PYRUKYND) for the first quarter of 2026 was $1.9 million.
Cost of sales for the first quarter of 2026 was $1.3 million.
Research and Development (R&D) Expenses were $81.1 million for the first quarter of 2026, compared to $72.7 million for the first quarter of 2025, due to workforce-related expenses supporting pipeline advancement efforts, as well as increased mitapivat process development expenses.
Selling, General and Administrative (SG&A) Expenses were $48.3 million for the first quarter of 2026, compared to $41.5 million for the first quarter of 2025, due to an increase in activities to support the U.S. commercial launch of AQVESME in thalassemia, as well as an increase in stock compensation expense.
Cash, cash equivalents and marketable securities were $1.0 billion as of March 31, 2026, compared to $1.2 billion as of December 31, 2025. Agios expects that its cash, cash equivalents and marketable securities, together with anticipated product revenue and interest income, will provide the financial independence to execute the U.S. commercial launch of AQVESME in thalassemia, prepare for the potential U.S. commercial launch of mitapivat in sickle cell disease, advance the company’s existing clinical programs, and opportunistically expand its pipeline through both internally- and externally-discovered assets.

First Quarter 2026 Conference Call Information

Agios will host a conference call and live webcast today at 8:00 a.m. ET to discuss the company’s first quarter 2026 financial results and recent business highlights. The live webcast will be accessible on the Investors section of the company’s website (www.agios.com) under the “Events & Presentations” tab. A replay of the webcast will be available on the company’s website approximately two hours after the event.

About Agios: Fueled by Connections to Transform Rare Diseases™

At Agios, our vision is to redefine the future of rare disease treatment. Fueled by connections, we build trusted partnerships with communities – collaborating to develop and deliver innovative medicines that have the potential to transform lives. With a foundation in hematology, we combine biological expertise with real-world insights to advance a growing pipeline of rare disease medicines that reflect the priorities of the people we serve. Agios is a commercial-stage biopharmaceutical company headquartered in Cambridge, Massachusetts. To learn more, visit www.agios.com and follow us on LinkedIn and X.

Available Information about Agios

To achieve broad dissemination, Agios may disclose information to the public through a variety of disclosure channels including press releases, SEC filings, and public conference calls and webcasts. Some of the information distributed through these disclosure channels may be considered material information. Investors and others should note that Agios plans to use its website (www.agios.com) as a distribution channel to announce and give notice of Agios’ upcoming events and presentations (including, but not limited to, presentations at medical or healthcare conferences). Such information, which may be deemed material, will be available on the Investors section of the company’s website under the “Events & Presentations” tab. In addition, you may sign up to automatically receive email alerts about Agios’ upcoming events and presentations (“Calendar Alerts”) by visiting the “Email Alerts” option under the “IR Resources” tab of the Investors section of the company’s website and submitting your email address.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding the potential benefits of PYRUKYND^® (mitapivat), AQVESME™ (mitapivat), tebapivat, AG-236 and AG-181; Agios’ plans, strategies and expectations for its preclinical, clinical and commercial advancement of its drug development, including mitapivat, tebapivat, AG-236 and AG-181; Agios’ expectations for the review of marketing applications for mitapivat by regulatory agencies, including the FDA and European Commission; Agios’ strategic vision and goals; and the potential benefits of Agios’ strategic plans and focus. The words “anticipate,” “expect,” “goal,” “hope,” “milestone,” “plan,” “potential,” “possible,” “strategy,” “will,” “vision,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from Agios’ current expectations and beliefs. For example, there can be no guarantee that any product candidate Agios is developing will successfully commence or complete necessary preclinical and clinical development phases, or that development of any of Agios’ product candidates will successfully continue. There can be no guarantee that any positive developments in Agios’ business will result in stock price appreciation. Management’s expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other important factors, including, without limitation: risks and uncertainties related to the impact of pandemics or other public health emergencies to Agios’ business, operations, strategy, goals and anticipated milestones, including its ongoing and planned research activities, ability to conduct ongoing and planned clinical trials, clinical supply of current or future drug candidates, commercial supply of current or future approved products, and launching, marketing and selling current or future approved products; Agios’ results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. FDA, the EMA or other regulatory authorities, investigational review boards at clinical trial sites and publication review bodies; Agios’ ability to obtain and maintain requisite regulatory approvals and to enroll patients in its planned clinical trials; unplanned cash requirements and expenditures; competitive factors; Agios’ ability to obtain, maintain and enforce patent and other intellectual property protection for any product candidates it is developing; Agios’ ability to establish and maintain key collaborations; uncertainty regarding any royalty payments related to the sale of its oncology business or any milestone or royalty payments related to its in-licensing of AG-236, and the uncertainty of the timing of any such payments; uncertainty of the results and effectiveness of the use of Agios’ cash and cash equivalents; and general economic and market conditions. These and other risks are described in greater detail under the caption “Risk Factors” included in Agios’ public filings with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Agios expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Consolidated Balance Sheet Data
(in thousands)
(Unaudited)

	March 31, 2026		December 31, 2025
Cash, cash equivalents, and marketable securities	$	1,045,492	$	1,164,438
Accounts receivable, net		16,132		10,577
Inventory		35,087		32,920
Total assets		1,184,990		1,297,225
Stockholders’ equity		1,109,115		1,193,114

Consolidated Statements of Operations Data
(in thousands, except share and per share data)
(Unaudited)

	Three Months Ended March 31,
	2026		2025
Revenues:
Product revenue, net	$	20,746	$	8,726
Total revenue		20,746		8,726
Operating expenses:
Cost of sales	$	1,319	$	1,085
Research and development		81,148		72,743
Selling, general and administrative		48,304		41,527
Total operating expenses		130,771		115,355
Loss from operations		(110,025)		(106,629)
Interest income, net		10,795		16,087
Other income, net		119		1,253
Net loss	$	(99,111)	$	(89,289)
Net loss per share – basic and diluted	$	(1.69)	$	(1.55)
Weighted-average number of common shares used in computing net loss per share – basic and diluted		58,782,241		57,459,195

Contacts:

Investor Contact

Morgan Sanford, Vice President, Investor Relations
Agios Pharmaceuticals
[email protected]

Media Contact

Eamonn Nolan, Senior Director, Corporate Communications
Agios Pharmaceuticals
[email protected]

April 29, 2026 6:33 am

TPG Mortgage Investment Trust, Inc. Reports First Quarter 2026 Results

TPG Mortgage Investment Trust, Inc. Reports First Quarter 2026 Results

NEW YORK–(BUSINESS WIRE)–
TPG Mortgage Investment Trust, Inc. (“MITT,” “we,” the “Company,” or “our”) (NYSE: MITT) today reported financial results for the quarter ended March 31, 2026.

MANAGEMENT REMARKS

“Despite a challenging macroeconomic backdrop that pressured book values across the industry, our disciplined leverage profile, consistent capital rotation into higher-returning residential investments, and continued focus on scaling profitability at Arc Home produced EAD of $0.26 for the first quarter, more than covering our recently increased $0.24 dividend” said T.J. Durkin, Chief Executive Officer and President. “Notably, we have been able to raise our common dividend in four of the last six quarters and believe we are well-positioned to drive increased earnings power as we progress through 2026.”

FIRST QUARTER FINANCIAL HIGHLIGHTS

$9.97 Book Value per share as of March 31, 2026⁽¹⁾
- Quarterly economic return on equity of (2.6)%⁽²⁾
$(0.27) of Net Income/(Loss) Available to Common Stockholders per diluted common share⁽³⁾
$0.26 of Earnings Available for Distribution (“EAD”) per diluted common share^(3),(4)
$0.24 dividend per common share declared in the first quarter 2026, representing a 4.3% increase over the fourth quarter 2025 dividend of $0.23 per common share

INVESTING AND FINANCING HIGHLIGHTS

$8.1 billion Investment Portfolio as of March 31, 2026⁽⁵⁾
- 0.6% Net Interest Margin, which includes a 0.02% benefit from the net interest component of our interest rate swaps⁽⁶⁾
$52.3 million investment in Arc Home as of March 31, 2026 determined using a valuation multiple of 1.05x book value⁽⁷⁾
$7.7 billion of financing as of March 31, 2026⁽⁵⁾
- $6.8 billion of non-recourse and $0.9 billion of recourse financing
- 14.1x GAAP Leverage Ratio and 1.7x Economic Leverage Ratio⁽⁸⁾
$100.0 million of total liquidity as of March 31, 2026⁽⁹⁾

DIVIDENDS

On March 16, 2026, declared a first quarter dividend of $0.24 per common share
On April 27, 2026, declared quarterly cash dividends of $0.51563, $0.50, and $0.665952 per share on our Series A, Series B, and Series C Preferred Stock, respectively, payable on June 17, 2026 to preferred shareholders of record on May 29, 2026

STOCKHOLDER CALL

The Company invites stockholders, prospective stockholders, and analysts to participate in MITT’s first quarter earnings conference call on Wednesday, April 29, 2026 at 8:30 a.m. Eastern Time.

To participate in the call by telephone, please dial (800) 274-8461 at least five minutes prior to the start time. International callers should dial (203) 518-9814. The Conference ID is MITTQ126. To listen to the live webcast of the conference call, please go to https://event.on24.com/wcc/r/5302841/31918301826EBF67096CFE9F82ADCD5E and register using the same Conference ID.

The Company issued an earnings presentation detailing its first quarter 2026 financial results, which is available on the Company’s website, www.mitt.tpg.com, under “Presentations” in the “News & Presentations” section.

For those unable to listen to the live call, an audio replay will be available on April 29, 2026 through 9:00 a.m. Eastern Time on May 29, 2026. To access the replay, please go to the Company’s website at www.mitt.tpg.com.

ABOUT TPG MORTGAGE INVESTMENT TRUST, INC.

TPG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. The Company is externally managed and advised by AG REIT Management, LLC, an affiliate of TPG Inc. (NASDAQ: TPG).

Additional information can be found on the Company’s website at www.mitt.tpg.com.

FORWARD LOOKING STATEMENTS

This press release includes “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. The Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Words such as “expects,” “endeavor,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “should,” “may,” “projects,” “could,” “estimates,” “continue” or variations of such words and other similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature, but not all forward-looking statements include such identifying words. Forward-looking statements are based on our beliefs, assumptions and expectations of our future operations, business strategies, performance, financial condition, liquidity and prospects, taking into account information currently available to us, and are not guarantees of future performance. Forward-looking statements regarding the Company include, but are not limited to, the Company’s leverage profile, the Company’s ability to consistently rotate capital into higher-returning residential investments, the ability to scale profitability at Arc Home, whether the Company’s earnings will continue to support its dividend, the Company’s dividend levels, and whether the Company is well positioned to drive increased earnings power. These forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, without limitation, changes in general economic or market conditions, including changes in inflation, tariffs, interest rates and the fair value of our assets; changes in government regulations affecting our business; the Company’s ability to grow its residential loan portfolio; changes in prepayment rates and mortgage default rates on the Company’s assets; financing needs and arrangements; and the risk factors contained in the Company’s filings with the Securities and Exchange Commission (“SEC”), including those described under the headings “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in other reports and documents filed by the Company with the SEC from time to time, which are accessible on the SEC’s website, http://www.sec.gov/. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company’s forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this press release are made only as of the date of this press release or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. All financial information in this press release is as of March 31, 2026, unless otherwise indicated.

NON-GAAP FINANCIAL MEASURES

This press release contains EAD and Economic Leverage Ratio, non-GAAP financial measures. Our presentation of these measures may not be comparable to similarly-titled measures of other companies, who may use different calculations. These non-GAAP measures should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.

NON-GAAP FINANCIAL MEASURES

Earnings Available for Distribution⁽⁴⁾

A reconciliation of GAAP Net Income/(loss) available to common stockholders to EAD is set forth below (in thousands, except per share data).

	Three Months Ended March 31, 2026
	Amount			Per Diluted Share⁽³⁾
Net Income/(loss) available to common stockholders	$	(8,715	)	$	(0.27	)
Add (Deduct):
Net realized (gain)/loss		118			0.00
Net unrealized (gain)/loss		16,460			0.52
Transaction related expenses^(a)		656			0.02
Equity in (earnings)/loss from affiliates		(2,000	)		(0.06	)
EAD from equity method investments^(b),(c),(d)		1,608			0.05
Earnings available for distribution	$	8,127		$	0.26
(a) The following table presents additional detail related to transaction related expenses excluded from EAD (in thousands). The interest expense line item relates to the amortization of deferred financing costs and the income tax expense line item relates to taxes incurred on items excluded from EAD.

Consolidated statements of operations line item:	Three Months Ended March 31, 2026
Transaction related expenses	$	574
Interest expense		74
Income tax expense		8
Transaction related expenses	$	656
(b) For the three months ended March 31, 2026, $(0.1) million of realized and unrealized changes in the fair value of Arc Home’s mortgage servicing rights, transaction related expenses, and other asset impairments, net of related tax expense or benefit, were excluded from EAD.
(c) For the three months ended March 31, 2026, $1.1 million of unrealized changes in the fair value of our investment in Arc Home were excluded from EAD.
(d) EAD recognized by AG Arc does not include our portion of gains recorded by Arc Home in connection with the sale of residential mortgage loans to us. During the three months ended March 31, 2026, we eliminated $6 thousand of intra-entity profits recognized by Arc Home, and also decreased the cost basis of the underlying loans we purchased by the same amount.

Economic Leverage Ratio⁽⁸⁾

The calculation in the table below divides GAAP Leverage and Economic Leverage by our GAAP stockholders’ equity to derive our leverage ratios. The following table presents a reconciliation of our GAAP Leverage ratio to our Economic Leverage ratio ($ in thousands).

March 31, 2026	Leverage			Stockholders’ Equity		Leverage Ratio
Securitized debt, at fair value^(a)	$	6,749,708
Financing arrangements^(b)		850,231
Senior unsecured notes^(b)		96,655
Restricted cash posted on Financing arrangements		(7,964	)
Payable on unsettled trades		133
GAAP Leverage	$	7,688,763		$	544,396	14.1x
Non-recourse financing arrangements^(a)		(6,749,708	)
Economic Leverage	$	939,055		$	544,396	1.7x
(a) Securitized debt, at fair value is non-recourse to us.
(b) Financing arrangements and senior unsecured notes are recourse to us.

Footnotes

(1) Book value is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferred stock of $228.0 million.

(2) The economic return on equity represents the change in book value per share during the period, plus the common dividends per share declared over the period, divided by book value per share from the prior period.

(3) Diluted per share figures are calculated using diluted weighted average outstanding shares in accordance with GAAP.

(4) We define EAD, a non-GAAP financial measure, as Net Income/(loss) available to common stockholders excluding (i) (a) unrealized gains/(losses) on loans, real estate securities, derivatives and other investments, inclusive of our investment in AG Arc and Arc Home’s net mortgage servicing rights, and (b) net realized gains/(losses) on the sale or termination of such instruments, (ii) any transaction related expenses incurred in connection with the acquisition, disposition, or securitization of our investments, (iii) the income tax effect on non-EAD income/(loss) items, and (iv) certain other nonrecurring gains or losses. Items (i) through (iv) above include any amount related to those items held in affiliated entities. EAD includes the net interest income and other income earned on our investments on a yield adjusted basis, including the net interest component of interest rate swaps, TBA dollar roll income/(loss), or any other investment activity that may earn or pay net interest or its economic equivalent. Additionally, EAD includes the net operating income/(loss) from Arc Home. Transaction related expenses are primarily comprised of costs incurred prior to or at the time of executing our securitizations and acquiring or disposing of residential mortgage loans. These costs are nonrecurring and may include underwriting fees, legal fees, diligence fees, and other similar transaction related expenses. Recurring expenses, such as servicing fees, custodial fees, trustee fees and other similar ongoing fees are not excluded from earnings available for distribution. Management considers the transaction related expenses and income taxes related to non-EAD income/(loss) items to be similar to realized losses incurred at the acquisition, disposition, or securitization of an asset and does not view them as being part of its core operations.

(5) Our Investment Portfolio consists of Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments, all of which are held at fair value. Our financing is inclusive of Securitized Debt, which is held at fair value, Financing Arrangements, and Senior Unsecured Notes. Throughout this press release where we disclose our Investment Portfolio and the related financing, we have presented this information inclusive of (i) securities owned through investments in affiliates that are accounted for under GAAP using the equity method and, where applicable, (ii) long positions in TBAs, which are accounted for as derivatives under GAAP. This press release excludes investments held through AG Arc LLC unless otherwise noted.

(6) Net interest margin is calculated by subtracting the weighted average cost of funds on our financing from the weighted average yield for our Investment Portfolio, which excludes cash held.

(7) We invest in Arc Home LLC, a licensed mortgage originator, through AG Arc LLC, one of our equity method investees. Our investment in AG Arc LLC represents a 66.0% ownership interest as of March 31, 2026.

(8) We define GAAP Leverage as the sum of (1) Securitized debt, at fair value, (2) Financing arrangements, net of any restricted cash posted on such financing arrangements, (3) Senior Unsecured Notes, and (4) the amount payable on purchases that have not yet settled less the financing remaining on sales that have not yet settled. We define Economic Leverage, a non-GAAP financial measure, as the sum of our GAAP Leverage, exclusive of any fully non-recourse financing arrangements, and our net TBA position (at cost), if any. Our leverage does not include any financing utilized through AG Arc.

(9) Total liquidity includes $49.3 million of cash and cash equivalents, $50.0 million of available committed financing on certain Home Equity Loans, and $0.7 million of unencumbered Agency RMBS. As of March 31, 2026, we pledged Home Equity Loans with a fair value of $66.2 million and an unpaid principal balance of $63.7 million, in which we have no outstanding financing but have the ability to borrow at an advance rate of 87.5% of unpaid principal balance pledged as collateral. Of this available financing, $50 million is contractually committed.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429453231/en/

TPG Mortgage Investment Trust, Inc.

Investor Relations

(212) 692-2110

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Finance Construction & Property Asset Management REIT

MEDIA:

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April 29, 2026 6:33 am

Regeneron Reports First Quarter 2026 Financial and Operating Results

First
quarter 2026 revenues increased 19% to $3.6 billion versus first quarter 2025
Dupixent
^®
global net sales
(recorded by Sanofi) increased 33% to $4.9 billion
EYLEA HD
^®
U.S. net sales increased 52% to $468 million; total EYLEA HD and EYLEA
^®
U.S. net sales decreased 10% to $941 million
GAAP EPS of $6.75, including $0.82 negative impact from IPR&D; non-GAAP EPS
^(a)
of $9.47, including $0.80 negative impact from IPR&D
EYLEA HD approved by FDA as first and only injectable anti-VEGF with dosing intervals up to 5 months for wet age-related macular degeneration (wAMD) and diabetic macular edema (DME)
Dupixent approved by FDA and European Commission (EC) for young children with chronic spontaneous urticaria (CSU); also approved by FDA as first and only medicine for allergic fungal rhinosinusitis (AFRS)
Otarmeni
^™
(lunsotogene parvec) approved by FDA as first and only gene therapy for genetic hearing loss; Regeneron to provide Otarmeni for free in U.S.
New $3.0 billion share repurchase program authorized

TARRYTOWN, N.Y., April 29, 2026 (GLOBE NEWSWIRE) — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced financial results for the first quarter of 2026 and provided a business update.

“In the first quarter of this year, we were able to achieve strong double-digit growth on both the top and bottom line while continuing to invest significant resources in our portfolio of nearly 50 product candidates in clinical development,” said Leonard S. Schleifer, M.D., Ph.D., Board co-Chair, President and Chief Executive Officer of Regeneron. “Additionally, we recently entered into an agreement with the U.S. government that aims to make progress toward lowering drug prices for American patients by promoting more balanced pricing with other wealthy nations — an approach for which Regeneron has long advocated.”

Financial Highlights

($ in millions, except per share data)	Q1 2026		Q1 2025		% Change
Total revenues	$	3,605	$	3,029	19	%
GAAP net income	$	727	$	809	(10	%)
GAAP net income per share – diluted	$	6.75	$	7.27	(7	%)
Non-GAAP net income^(a)	$	1,040	$	928	12	%
Non-GAAP net income per share – diluted^(a)	$	9.47	$	8.22	15	%

“Regeneron delivered strong first quarter 2026 financial results, achieving total revenue and non‑GAAP net income per share growth of 19% and 15%, respectively,” said Christopher Fenimore, Executive Vice President, Finance and Chief Financial Officer of Regeneron. “In addition to driving commercial execution, we remain focused on our balanced approach to capital allocation—investing in our internal innovation engine, returning capital to shareholders through dividends and share repurchases, expanding our R&D and manufacturing footprint to support long-term growth, and preserving financial flexibility to pursue strategic business development opportunities.”

Business Highlights

Key Pipeline Progress

Regeneron has nearly 50 product candidates in clinical development, including a number of marketed products for which it is investigating additional indications. Updates from the clinical pipeline include:

Dupixent (dupilumab)

In April 2026, the U.S. Food and Drug Administration (FDA) and European Commission approved Dupixent for the treatment of CSU in children aged 2 to 11 years who remain symptomatic despite antihistamine treatment. This expands the previous approvals in the United States and European Union (EU) for CSU in adults and adolescents aged 12 years and older.
In March 2026, the Ministry of Health, Labour and Welfare (MHLW) in Japan approved Dupixent for the treatment of adults with moderate-to-severe bullous pemphigoid (BP). Dupixent was previously approved for the treatment of BP in the United States and a regulatory application is under review in the EU.
In February 2026, the FDA approved Dupixent as the first and only medicine for the treatment of adults and children aged 6 years and older with AFRS.

EYLEA HD (aflibercept) 8 mg

In April 2026, the FDA approved the extension of dosing intervals for EYLEA HD up to every 20 weeks (5 months) for patients with wAMD and DME following one year of successful response based on visual and anatomic outcomes. This further extends the widest range of dosing intervals of any approved injectable anti-VEGF product.
The Company resubmitted its application seeking FDA approval for filling of the EYLEA HD pre-filled syringe (PFS) at Catalent Indiana, where the FDA has recently conducted a site re-inspection. In addition, the FDA did not act by the April 2026 PDUFA date on the Company’s regulatory application for a second contract manufacturer for the PFS; therefore, this application remains pending. The Company and both third-party filling manufacturers are working closely with the FDA to resolve all outstanding issues, and the Company anticipates a regulatory decision on one or both applications during the second quarter of 2026.

Otarmeni (lunsotogene parvec)

In April 2026, the FDA granted accelerated approval for Otarmeni (lunsotogene parvec, formerly known as DB-OTO), the first gene therapy approved under the FDA Commissioner’s National Priority Voucher program. Otarmeni is an adeno-associated virus vector-based gene therapy indicated for the treatment of pediatric and adult patients with severe-to-profound hearing loss associated with variants in the OTOF gene. Otarmeni is the first and only in vivo gene therapy for genetic hearing loss and will be made available by Regeneron for free in the United States.

Fianlimab (LAG-3 antibody)

The Company remains on track to report results from the Phase 3 study of fianlimab in combination with cemiplimab versus pembrolizumab in first-line metastatic melanoma in the second quarter of 2026.
Following the first interim analysis, an Independent Data Monitoring Committee recommended that the Phase 3 study of fianlimab in combination with cemiplimab in adjuvant melanoma continue as planned. A second interim analysis as well as the study’s final analysis, if necessary, are anticipated in the second half of 2026. Regeneron remains blinded to these data.
The Company determined that Phase 2 data evaluating fianlimab in combination with cemiplimab in first-line advanced non-small cell lung cancer (NSCLC) did not support advancement to Phase 3 development.

Other Programs

The Company submitted a New Drug Application (NDA) for cemdisiran (C5 siRNA therapy) in myasthenia gravis, and utilized an FDA Rare Pediatric Disease Priority Review Voucher. NDA acceptance is anticipated in the second quarter of 2026 with an FDA decision expected in the fourth quarter of 2026.
In February 2026, the FDA accepted for priority review the Biologics License Application (BLA) for garetosmab (an Activin A antibody) for the treatment of adults with fibrodysplasia ossificans progressiva (FOP), which has a target action date in August 2026. A regulatory application is also under review in the EU.
A Phase 3 study for REGN7508, an antibody to Factor XI (catalytic domain), was initiated in cancer-associated venous thromboembolism. In addition, a three-arm, placebo-controlled Phase 3 study was initiated to evaluate REGN7508 and REGN9933, an antibody to Factor XI (A2 domain), individually, in stroke prevention in patients with atrial fibrillation who are not candidates for daily oral anticoagulation therapy. Initiation of additional Phase 3 studies for these Factor XI antibodies is planned for later this year.
A Phase 3 study was initiated for mibavademab, an agonist antibody to leptin receptor (LEPR), in monogenic obesity.

Corporate Updates

In April 2026, the Company announced agreements with the U.S. government pursuant to which the Company will provide certain of its products to the Medicaid program at or below prices benchmarked against a defined group of other developed countries (Most-Favored-Nation Pricing), price certain future medicines in the United States at or below Most-Favored-Nation Pricing, offer Praluent^® for direct patient purchase, and continue its large investment in domestic R&D and manufacturing capacity. Furthermore, Regeneron will not be subject to future U.S. government pricing mandates and will receive tariff relief for three years.
In March 2026, the Company entered into a strategic collaboration with TriNetX to receive access to TriNetX’s current and future de-identified health data from approximately 300 million individuals, sourced directly from its global network of health system partners. This collaboration will enable expansion of the Company’s genomic and proteomic Electronic Health Record (EHR)-linked database.
In April 2026, the Company entered into a collaboration with Telix Pharmaceuticals Limited to jointly develop and commercialize next generation radiopharmaceutical therapies.
In February 2026, the Company announced the renewal of Regeneron’s title sponsorship of the Regeneron Science Talent Search (STS), the United States’ oldest and most prestigious science and mathematics competition for high school seniors. The Company is also increasing its commitment for the next 10 years, pledging an additional $150 million, and bringing its 20-year investment in STS to $250 million.
In February 2026, the Company reached resolution of its patent infringement litigation related to the Samsung EYLEA (aflibercept) Injection 2 mg biosimilar product. This settlement precludes Samsung from launching its biosimilar product in the United States until January 2027. All intellectual property-related litigation with Samsung in the United States has been dismissed.

First Quarter 2026 Financial Results

Revenues

($ in millions)	Q1 2026		Q1 2025		% Change
Net product sales:
EYLEA HD – U.S.	$	468	$	307	52	%
EYLEA – U.S.		473		736	(36	%)
Total EYLEA HD and EYLEA – U.S.		941		1,043	(10	%)
Libtayo^®– U.S.		286		192	49	%
Libtayo – ROW*		152		93	63	%
Total Libtayo – Global		438		285	54	%
Praluent – U.S.		67		57	18	%
Evkeeza^®– U.S.		46		31	48	%
Lynozyfic^®– Global		11		—	**
Other products – Global		32		—	**
Total net product sales		1,535		1,416	8	%

Collaboration revenue:
Sanofi		1,605		1,183	36	%
Bayer		287		344	(17	%)
Other		7		4	75	%
Other revenue		171		82	109	%
Total revenues	$	3,605	$	3,029	19	%

* Rest of world (ROW)
** Percentage not meaningful

Net product sales of EYLEA HD increased in the first quarter of 2026, compared to the first quarter of 2025, due to higher sales volumes driven by increased demand, partly offset by a lower net selling price. In addition, EYLEA HD net product sales were negatively impacted by lower wholesaler inventory levels at the end of the first quarter of 2026 compared to the end of the fourth quarter of 2025. EYLEA HD net product sales decreased 7% on a sequential basis; however, physician unit demand increased sequentially by 10%.

Net product sales of EYLEA in the first quarter of 2026, compared to the first quarter of 2025, were negatively impacted by (i) lower sales volumes as a result of continued competitive pressures and the continued transition of patients to EYLEA HD, and (ii) a lower net selling price.

Sanofi collaboration revenue increased in the first quarter of 2026, compared to the first quarter of 2025, due to an increase in the Company’s share of profits from the commercialization of antibodies, which were $1.451 billion and $1.018 billion in the first quarter of 2026 and 2025, respectively. The change in the Company’s share of profits from commercialization of antibodies was driven by higher profits primarily associated with an increase in Dupixent sales.

Refer to Table 4 for a summary of collaboration revenue.

Operating Expenses

	GAAP				% Change		Non-GAAP ^(a)				% Change
($ in millions)	Q1 2026		Q1 2025		% Change		Q1 2026		Q1 2025		% Change
Research and development (R&D)	$	1,544	$	1,327	16	%	$	1,408	$	1,186	19	%
Acquired in-process research and development (IPR&D)	$	102	$	12	**			*		*	n/a
Selling, general, and administrative (SG&A)	$	648	$	633	2	%	$	560	$	537	4	%
Cost of goods sold (COGS)	$	373	$	266	40	%	$	209	$	217	(4	%)
Gross margin on net product sales^(b)		76%		81%				86%		85%
Cost of collaboration and contract manufacturing (COCM)^(c)	$	296	$	199	49	%	$	281	$	199	41	%

* GAAP and non-GAAP amounts are equivalent as no non-GAAP adjustments have been recorded
** Percentage not meaningful

GAAP and non-GAAP R&D expenses increased in the first quarter of 2026, compared to the first quarter of 2025, driven by the advancement of the Company’s late-stage clinical pipeline, including programs in hematology-oncology, complement-mediated diseases, and anticoagulation.
Acquired IPR&D expenses for the first quarter of 2026 primarily related to the premium on equity securities purchased, as well as development milestone and up-front payments, in connection with collaboration and licensing agreements.
GAAP and non-GAAP SG&A expenses increased in the first quarter of 2026, compared to the first quarter of 2025, primarily due to an increase in commercialization-related expenses for EYLEA HD and Libtayo and higher headcount and headcount-related costs, partly offset by lower charitable contributions to an independent non-profit patient assistance organization.
GAAP gross margin on net product sales decreased in the first quarter of 2026, compared to the first quarter of 2025, primarily due to unabsorbed manufacturing costs and higher inventory write-offs and reserves as a result of a temporary interruption of bulk manufacturing production at the Company’s facility in Limerick, Ireland, due to unanticipated facility repairs that commenced during the first quarter of 2026. The Company resumed initial production at the facility in the second quarter of 2026; however, GAAP gross margin will continue to be negatively impacted until production returns to normal levels, which is expected by the end of the second quarter of 2026. The interruption has not impacted, nor is it expected to impact, the availability of any of the Company’s products.

Other Financial Information

GAAP other income (expense), net decreased in the first quarter of 2026, compared to the first quarter of 2025, primarily due to lower net gains on marketable and other securities.

In the first quarter of 2026, the Company’s GAAP effective tax rate (ETR) was 12.5%, compared to 10.6% in the first quarter of 2025. The GAAP ETR increased in the first quarter of 2026, compared to the first quarter of 2025, primarily due to lower tax benefits from cross-border tax laws and federal tax credits for research activities. In the first quarter of 2026, the non-GAAP ETR was 13.9%, compared to 11.6% in the first quarter of 2025.

A reconciliation of the Company’s GAAP to non-GAAP results is included in Table 3 of this press release.

Capital Allocation

During the first quarter of 2026, the Company repurchased $803 million of its common stock. As of March 31, 2026, $688 million remained available for share repurchases under the Company’s share repurchase programs. In April 2026, the Company’s board of directors authorized a new share repurchase program to repurchase up to an additional $3.0 billion of the Company’s common stock. Repurchases may be made from time to time at management’s discretion through a variety of methods. The program has no time limit and can be discontinued at any time.

In April 2026, the Company’s board of directors declared a cash dividend of $0.94 per share on the Company’s common stock and Class A stock, payable on June 4, 2026 to shareholders of record as of May 20, 2026.

2026 Financial Guidance*

The Company’s full year 2026 financial guidance consists of the following components:

	2026 Guidance
	Prior	Updated
GAAP R&D	$6.450–$6.680 billion	Unchanged
Non-GAAP R&D^(a)	$5.900–$6.100 billion	Unchanged
GAAP SG&A	$2.860–$3.040 billion	Unchanged
Non-GAAP SG&A^(a)	$2.500–$2.650 billion	Unchanged
GAAP gross margin on net product sales	79%–80%	77%–78%
Non-GAAP gross margin on net product sales^(a)	83%–84%	Unchanged
GAAP COCM	$940 million–$1.020 billion	$955 million–$1.035 billion
Non-GAAP COCM^(a)	$940 million–$1.020 billion	Unchanged
Capital expenditures	$1.100–$1.300 billion	$1.100–$1.200 billion
GAAP effective tax rate	12%–14%	Unchanged
Non-GAAP effective tax rate^(a)	13%–15%	Unchanged

* The Company’s 2026 financial guidance does not assume the completion of any business development transactions not completed as of the date of this press release

A reconciliation of full year 2026 GAAP to non-GAAP financial guidance is included below:

	Projected Range
($ in millions)	Low			High
GAAP R&D	$	6,450		$	6,680
Stock-based compensation expense		(550	)		(580	)
Non-GAAP R&D^(a)	$	5,900		$	6,100

GAAP SG&A	$	2,860		$	3,040
Stock-based compensation expense		(350	)		(370	)
Other*		(10	)		(20	)
Non-GAAP SG&A^(a)	$	2,500		$	2,650

GAAP gross margin on net product sales		77%			78%
Stock-based compensation expense		1%			1%
Other**		5%			5%
Non-GAAP gross margin on net product sales^(a)		83%			84%

GAAP COCM	$	955		$	1,035
Temporary manufacturing interruption-related costs		(15	)		(15	)
Non-GAAP COCM^(a)	$	940		$	1,020

GAAP ETR		12%			14%
Income tax effect of GAAP to non-GAAP reconciling items		1%			1%
Income tax expense: Shortfall from stock-based compensation		(<1%	)		(<1%	)
Non-GAAP ETR^(a)		13%			15%

* Includes legal settlements and other costs
** Includes intangible asset amortization and temporary manufacturing interruption-related costs

^(a)	This press release uses non-GAAP R&D, non-GAAP SG&A, non-GAAP COGS, non-GAAP gross margin on net product sales, non-GAAP COCM, non-GAAP other income (expense), net, non-GAAP ETR, non-GAAP net income, non-GAAP net income per share, and free cash flow, which are financial measures that are not calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures are computed by excluding certain non-cash and/or other items from the related GAAP financial measure. The Company also includes a non-GAAP adjustment for the estimated income tax effect of reconciling items. A reconciliation of the Company’s GAAP to non-GAAP results is included in Table 3 of this press release. The Company makes such adjustments for items the Company does not view as useful in evaluating its operating performance. For example, adjustments may be made for items that fluctuate from period to period based on factors that are not within the Company’s control (such as the Company’s stock price on the dates share-based grants are issued or changes in the fair value of the Company’s investments in equity securities) or items that are not associated with normal, recurring operations (such as acquisition and integration costs). Management uses these non-GAAP measures for planning, budgeting, forecasting, assessing historical performance, and making financial and operational decisions, and also provides forecasts to investors on this basis. With respect to free cash flow, the Company believes that this non-GAAP measure provides a further measure of the Company’s ability to generate cash flows from its operations. Additionally, the non-GAAP measures presented are intended to provide investors with an enhanced understanding of the financial performance of the Company’s core business operations. However, there are limitations in the use of these and other non-GAAP financial measures as they exclude certain expenses that are recurring in nature. Furthermore, the Company’s non-GAAP financial measures may not be comparable with non-GAAP information provided by other companies. Any non-GAAP financial measure presented by the Company should be considered supplemental to, and not a substitute for, measures of financial performance prepared in accordance with GAAP.

^(b)	Gross margin on net product sales represents gross profit expressed as a percentage of total net product sales recorded by the Company. Gross profit is calculated as net product sales less cost of goods sold.

^(c)	Corresponding reimbursements from collaborators and others for manufacturing product is recorded within revenues.

Conference
Call Information

Regeneron will host a conference call and simultaneous webcast to discuss its first quarter 2026 financial and operating results on Wednesday, April 29, 2026, at 8:30 AM Eastern Time. Participants may access the conference call live via webcast, or register in advance and participate via telephone, on the “Investors and Media” page of Regeneron’s website at www.regeneron.com. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay and transcript of the conference call and webcast will be archived on the Company’s website for at least 30 days.

About Regeneron

Regeneron is a leading biotechnology company that invents, develops, and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, Regeneron’s unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in Regeneron’s laboratories. Regeneron’s medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases.

Regeneron pushes the boundaries of scientific discovery and accelerates drug development using its proprietary technologies, such as VelociSuite^®, which produces optimized fully human antibodies and new classes of bispecific antibodies. Regeneron is shaping the next frontier of medicine with data-powered insights from the Regeneron Genetics Center^® and pioneering genetic medicine platforms, enabling Regeneron to identify innovative targets and complementary approaches to potentially treat or cure diseases.

For more information, please visit www.regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook, or X.

Forward-Looking Statements
and Use of Digital Media

This press release includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”), and actual events or results may differ materially from these forward-looking statements. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, competing products and product candidates (including biosimilar products) that may be superior to, or more cost effective than, products marketed or otherwise commercialized by Regeneron and/or its collaborators or licensees (collectively, “Regeneron’s Products”) and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, “Regeneron’s Product Candidates”); uncertainty of the utilization, market acceptance, and commercial success of Regeneron’s Products and Regeneron’s Product Candidates and the impact of studies (whether conducted by Regeneron or others and whether mandated or voluntary) or recommendations and guidelines from governmental authorities and other third parties or other factors beyond Regeneron’s control on the commercial success of Regeneron’s Products and Regeneron’s Product Candidates; the nature, timing, and possible success and therapeutic applications of Regeneron’s Products and Regeneron’s Product Candidates and research and clinical programs now underway or planned, including without limitation EYLEA HD^® (aflibercept) Injection 8 mg, EYLEA^® (aflibercept) Injection, Dupixent^® (dupilumab), Libtayo^® (cemiplimab), Praluent^® (alirocumab), Kevzara^® (sarilumab), Evkeeza^® (evinacumab), Veopoz^® (pozelimab), Ordspono^™ (odronextamab), Lynozyfic^® (linvoseltamab), Otarmeni^™ (lunsotogene parvec), other clinical programs discussed in this press release, Regeneron’s and its collaborators’ earlier-stage programs, and the use of human genetics in Regeneron’s research programs; the likelihood and timing of achieving any of the anticipated milestones described in this press release; safety issues resulting from the administration of Regeneron’s Products and Regeneron’s Product Candidates in patients, including serious complications or side effects in connection with the use of Regeneron’s Products and Regeneron’s Product Candidates in clinical trials; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Regeneron’s Product Candidates and new indications for Regeneron’s Products, including those listed above and/or otherwise discussed in this press release; the extent to which the results from the research and development programs conducted by Regeneron and/or its collaborators may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval; ongoing regulatory obligations and oversight impacting Regeneron’s Products, research and clinical programs, and business, including those relating to patient privacy; determinations by regulatory and administrative governmental authorities which may delay or restrict Regeneron’s ability to continue to develop or commercialize Regeneron’s Products and Regeneron’s Product Candidates; the ability of Regeneron to manufacture and manage supply chains for multiple products and product candidates and risks associated with tariffs and other trade restrictions; the ability of Regeneron’s collaborators, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labeling, distribution, and other steps related to Regeneron’s Products and Regeneron’s Product Candidates; the availability and extent of reimbursement or copay assistance for Regeneron’s Products from third-party payors and other third parties, including private payor healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; coverage and reimbursement determinations by such payors and other third parties and new policies and procedures adopted by such payors and other third parties; changes to drug pricing regulations and requirements and Regeneron’s drug pricing strategy, including in connection with Regeneron’s April 2026 agreements with the U.S. government discussed in this press release; other changes in laws, regulations, and policies affecting the healthcare industry; unanticipated expenses; the costs of developing, producing, and selling products; the ability of Regeneron to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance, including GAAP and non-GAAP R&D, GAAP and non-GAAP SG&A, GAAP and non-GAAP gross margin on net product sales, GAAP and non-GAAP COCM, capital expenditures, and GAAP and non-GAAP ETR; the potential for any license or collaboration agreement, including Regeneron’s agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated; the impact of public health outbreaks, epidemics, or pandemics on Regeneron’s business; and risks associated with litigation and other proceedings and government investigations relating to the Company and/or its operations (including the pending civil proceedings initiated or joined by the U.S. Department of Justice and the U.S. Attorney’s Office for the District of Massachusetts), risks associated with intellectual property of other parties and pending or future litigation relating thereto (including without limitation the patent litigation and other related proceedings relating to EYLEA), the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on Regeneron’s business, prospects, operating results, and financial condition. A more complete description of these and other material risks can be found in Regeneron’s filings with the U.S. Securities and Exchange Commission, including its Form 10-K for the fiscal year ended December 31, 2025 and its Form 10-Q for the quarterly period ended March 31, 2026. Any forward-looking statements are made based on management’s current beliefs and judgment, and the reader is cautioned not to rely on any forward-looking statements made by Regeneron. Regeneron does not undertake any obligation to update (publicly or otherwise) any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new information, future events, or otherwise.

Regeneron uses its media and investor relations website and social media outlets to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Regeneron is routinely posted and is accessible on Regeneron’s media and investor relations website (https://investor.regeneron.com) and its LinkedIn page (https://www.linkedin.com/company/regeneron-pharmaceuticals).

Non-GAAP Financial Measures

This press release and/or the financial results attached to this press release include amounts that are considered “non-GAAP financial measures” under SEC rules. As required, Regeneron has provided reconciliations of such non-GAAP financial measures.

Contact Information:

Ryan Crowe		Christina Chan
Investor Relations		Corporate Affairs
914-847-8790		914-847-8827
[email protected]		[email protected]

TABLE 1

REGENERON PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) *(In millions)*

	March 31,		December 31,
	2026		2025
Assets:
Cash and marketable securities	$	18,539.7	$	18,865.8
Accounts receivable, net		5,731.0		5,741.1
Inventories		3,103.6		3,200.8
Property, plant, and equipment, net		5,266.1		5,120.4
Intangible assets, net		1,286.9		1,257.4
Deferred tax assets		4,190.9		4,077.2
Other assets		2,750.6		2,296.0
Total assets	$	40,868.8	$	40,558.7

Liabilities and stockholders’ equity:
Accounts payable, accrued expenses, and other liabilities	$	5,877.7	$	5,834.2
Finance lease liabilities		720.0		720.0
Deferred revenue		861.3		761.7
Long-term debt		1,986.2		1,985.9
Stockholders’ equity		31,423.6		31,256.9
Total liabilities and stockholders’ equity	$	40,868.8	$	40,558.7

TABLE 2

REGENERON PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) *(In millions, except per share data)*

	Three Months Ended March 31,
		2026			2025
Revenues:
Net product sales	$	1,534.5		$	1,415.6
Collaboration revenue		1,899.7			1,531.2
Other revenue		171.2			81.9
		3,605.4			3,028.7
Expenses:
Research and development		1,543.5			1,327.4
Acquired in-process research and development		101.9			12.3
Selling, general, and administrative		647.7			633.0
Cost of goods sold		373.4			265.5
Cost of collaboration and contract manufacturing		296.0			198.8
		2,962.5			2,437.0

Income from operations		642.9			591.7

Other income (expense):
Other income (expense), net		201.2			322.0
Interest expense		(12.9	)		(8.7	)
		188.3			313.3

Income before income taxes		831.2			905.0

Income tax expense		104.0			96.3

Net income	$	727.2		$	808.7

Net income per share – basic	$	6.99		$	7.58
Net income per share – diluted	$	6.75		$	7.27

Weighted average shares outstanding – basic		104.0			106.7
Weighted average shares outstanding – diluted		107.7			111.2

TABLE 3

REGENERON PHARMACEUTICALS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited) (In millions, except per share data)

	Three Months Ended March 31,
		2026			2025
GAAP R&D	$	1,543.5		$	1,327.4
Stock-based compensation expense		(135.1	)		(141.0	)
Non-GAAP R&D	$	1,408.4		$	1,186.4

GAAP SG&A	$	647.7		$	633.0
Stock-based compensation expense		(89.2	)		(95.2	)
Litigation settlements		5.0			—
Other costs		(3.2	)		(0.8	)
Non-GAAP SG&A	$	560.3		$	537.0

GAAP COGS	$	373.4		$	265.5
Stock-based compensation expense		(33.1	)		(19.5	)
Intangible asset amortization expense		(39.4	)		(28.7	)
Temporary manufacturing interruption-related costs		(91.9	)		—
Non-GAAP COGS	$	209.0		$	217.3

GAAP COCM	$	296.0		$	198.8
Temporary manufacturing interruption-related costs		(14.8	)		—
Non-GAAP COCM	$	281.2		$	198.8

GAAP other income (expense), net	$	188.3		$	313.3
Gains on marketable and other securities, net		(25.0	)		(139.9	)
Non-GAAP other income (expense), net	$	163.3		$	173.4

GAAP net income	$	727.2		$	808.7
Total of GAAP to non-GAAP reconciling items above		376.7			145.3
Income tax effect of GAAP to non-GAAP reconciling items		(67.5	)		(25.6	)
Income tax expense: Shortfall from stock-based compensation		3.1			—
Non-GAAP net income	$	1,039.5		$	928.4

Non-GAAP net income per share – basic	$	10.00		$	8.70
Non-GAAP net income per share – diluted	$	9.47		$	8.22

Shares used in calculating:
Non-GAAP net income per share – basic		104.0			106.7
Non-GAAP net income per share – diluted		109.8			113.0

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION (Unaudited) (continued)

	Three Months Ended March 31,
	2026			2025
Effective tax rate reconciliation:
GAAP ETR		12.5	%		10.6	%
Income tax effect of GAAP to non-GAAP reconciling items		1.5	%		1.0	%
Income tax expense: Shortfall from stock-based compensation		(0.1	%)		—	%
Non-GAAP ETR		13.9	%		11.6	%

Gross margin on net product sales reconciliation:
GAAP gross margin on net product sales		76	%		81	%
Stock-based compensation expense		2	%		2	%
Intangible asset amortization expense		2	%		2	%
Temporary manufacturing interruption-related costs		6	%		—	%
Non-GAAP gross margin on net product sales		86	%		85	%

Free cash flow reconciliation:
Net cash provided by operating activities	$	1,078.9		$	1,045.1
Capital expenditures		(230.6	)		(229.3	)
Free cash flow	$	848.3		$	815.8

TABLE 4

REGENERON PHARMACEUTICALS, INC. COLLABORATION REVENUE (Unaudited) (In millions)

	Three Months Ended March 31,
	2026		2025
Sanofi collaboration revenue:
Regeneron’s share of profits in connection with commercialization of antibodies	$	1,450.8	$	1,018.2
Reimbursement for manufacturing of commercial supplies		154.3		165.0
Total Sanofi collaboration revenue		1,605.1		1,183.2

Bayer collaboration revenue:
Regeneron’s share of profits in connection with commercialization of EYLEA 8 mg and EYLEA outside the United States		240.0		317.3
Reimbursement for manufacturing of commercial supplies		47.3		26.6
Total Bayer collaboration revenue		287.3		343.9

Other collaboration revenue		7.3		4.1

Total collaboration revenue	$	1,899.7	$	1,531.2

TABLE 5

REGENERON PHARMACEUTICALS, INC. NET PRODUCT SALES OF REGENERON-DISCOVERED PRODUCTS (Unaudited) *(In millions)*

	Three Months Ended March 31,
	2026						2025						% Change
	U.S.		ROW		Total		U.S.		ROW		Total		(Total Sales)
Dupixent^(a)	$	3,558.4	$	1,321.7	$	4,880.1	$	2,629.4	$	1,036.2	$	3,665.6	33	%
EYLEA HD^(b)	$	468.4	$	332.5	$	800.9	$	306.8	$	146.4	$	453.2	77	%
EYLEA^(b)	$	473.1	$	396.2	$	869.3	$	736.0	$	711.4	$	1,447.4	(40	%)
Total EYLEA HD and EYLEA	$	941.5	$	728.7	$	1,670.2	$	1,042.8	$	857.8	$	1,900.6	(12	%)
Libtayo^(c)	$	286.1	$	152.1	$	438.2	$	192.5	$	92.6	$	285.1	54	%
Praluent^(d)	$	66.6	$	179.1	$	245.7	$	56.8	$	136.5	$	193.3	27	%
Kevzara^(a)	$	100.5	$	44.3	$	144.8	$	72.8	$	43.6	$	116.4	24	%
Lynozyfic	$	10.7	$	0.5	$	11.2	$	—	$	—	$	—	*
Other products^(e)	$	77.1	$	29.3	$	106.4	$	31.1	$	23.5	$	54.6	95	%

Note: The table above includes net product sales of Regeneron-discovered products. Such net product sales are recorded by the Company or others, as further described in the footnotes below.
* Percentage not meaningful
^(a)Sanofi records global net product sales of Dupixent and Kevzara, and the Company records its share of profits in connection with global sales of such products within Collaboration revenue
^(b)The Company records net product sales of EYLEA HD and EYLEA in the United States, and Bayer records net product sales outside the United States. The Company records its share of profits in connection with sales outside the United States within Collaboration revenue.
^(c)The Company records global net product sales of Libtayo and pays Sanofi a royalty on such sales
^(d)The Company records net product sales of Praluent in the United States. Sanofi records net product sales of Praluent outside the United States and pays the Company a royalty on such sales, which is recorded within Other revenue.
^(e)Included in this line item are products which are sold by the Company and others. Refer to “First Quarter 2026 Financial Results” section above for a listing of net product sales recorded by the Company. Not included in this line item are net product sales of ARCALYST^®, which are recorded by Kiniksa.

April 29, 2026 6:33 am

Delek US Holdings Reports First Quarter 2026 Results

Delek US Holdings Reports First Quarter 2026 Results

Delek US reported a first quarter net loss of $201.3 million or $(3.34) per share, adjusted net income of $4.7 million or $0.08 per share and adjusted EBITDA of $211.7 million
- Excluding the impacts of the RVO adjustment, adjusted EPS was $(0.98) per share and adjusted EBITDA was $129.4 million
Completed the Big Spring Refinery turnaround safely, within budget and on time
- Improves overall refining profitability through better margin capture and lower costs
Advanced key objectives of Enterprise Optimization Plan (“EOP”), increasing the annual run-rate cash flow improvements to ~$220 million from ~$200 million
Announced refinancing of the revolving credit facilities for both Delek and Delek Logistics, increasing our consolidated borrowing capacity by $300 million and extending maturities to 2031
DKL Successfully completed drilling of its first acid gas injection (“AGI”) well, progressing DKL’s key sour gas processing, treating and handling solution in the Delaware basin
Paid $15.6 million of dividends and announced regular quarterly dividend of $0.255 per share

BRENTWOOD, Tenn.–(BUSINESS WIRE)–
Delek US Holdings, Inc. (NYSE: DK) (“Delek US”, “Company”) today announced financial results for its first quarter ended March 31, 2026.

“2026 is off to a strong start as we continue to build on the momentum established last year, further enhancing our cash flow profile through disciplined execution of our Enterprise Optimization Plan and advancing several other value creation initiatives,” said Avigal Soreq, President and Chief Executive Officer of Delek US. “A key highlight of the quarter was the successful completion of our Big Spring refinery turnaround, which was executed safely, on time, and on budget. With the full system now back online, we are well positioned to capture improved margins and meet demand during the upcoming driving season.”

“Delek Logistics Partners continues to demonstrate the strength and resilience of its integrated 3 stream service business model, supported by increasing third-party cash flows and optimization of its existing asset base. The steady ramp-up of our Delaware Basin Libby 2 Plant and our comprehensive sour gas capabilities reinforce DKL’s competitive position and support its attractive 2026 outlook. The economic separation between DK and DKL continues to increase, enhancing DKL’s financial flexibility and increasing valuation visibility at DK and DKL on a standalone basis.”

“Looking ahead, we are excited about the remainder of the year as we operate our full system and leverage our enhanced reliability to drive performance. We remain focused on safe and efficient operations, disciplined capital allocation, and adding incremental value creating initiatives to achieve our Sum of the Parts goals,” Soreq concluded.

Delek US Results

	Three Months Ended March 31,
*($ in millions, except per share data)*		2026			2025
Net income (loss) attributable to Delek	$	(201.3	)	$	(172.7	)
Total diluted income (loss) per share	$	(3.34	)	$	(2.78	)
Adjusted net income (loss)	$	4.7		$	(144.4	)
Adjusted net income (loss) per share	$	0.08		$	(2.32	)
Adjusted EBITDA	$	211.7		$	33.6

Refining Segment

The refining segment Adjusted EBITDA was $155.3 million in the first quarter 2026 compared with $(27.0) million in the same quarter last year, which reflects an increase in refining margin driven by increased crack spreads. During the first quarter 2026, Delek US’s benchmark crack spreads were up an average of 63.8% from prior-year levels. Adjusted EBITDA was also impacted by inventory adjustments of $(17.6) million and $26.2 million for first quarter 2026 and 2025, respectively.

Logistics Segment

The logistics segment Adjusted EBITDA in the first quarter 2026 was $132.4 million compared with $123.2 million in the prior-year quarter. The increase over last year’s first quarter reflects higher margins in the wholesale business and increased interest income related to sales-type leases.

Shareholder Distributions

On April 20, 2026, the Board of Directors approved the regular quarterly dividend of $0.255 per share that will be paid on May 8, 2026 to shareholders of record on May 1, 2026.

Liquidity

As of March 31, 2026, Delek US had a cash balance of $624.1 million and total consolidated long-term debt of $3,183.1 million, resulting in net debt of $2,559.0 million. As of March 31, 2026, Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) had $9.9 million of cash and $2,294.6 million of total long-term debt, which are included in the consolidated amounts on Delek US’ balance sheet. Excluding Delek Logistics, Delek US had $614.2 million in cash and $888.5 million of long-term debt, or a $274.3 million net debt position.

First Quarter 2026 Results | Conference Call Information

Delek US will hold a conference call to discuss its first quarter 2026 results on Wednesday, April 29, 2026 at 9:00 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekUS.com and clicking on the Investor Relations tab. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. Presentation materials accompanying the call will be available on the investor relations tab of the Delek US website approximately ten minutes prior to the start of the call. For those who cannot listen to the live broadcast, the online replay will be available on the website for 90 days.

Investors may also wish to listen to Delek Logistics’ (NYSE: DKL) first quarter 2026 earnings conference call that will be held on Wednesday, April 29, 2026 at 11:30 a.m. Central Time and review Delek Logistics’ earnings press release. Market trends and information disclosed by Delek Logistics may be relevant to the logistics segment reported by Delek US. Both a replay of the conference call and press release for Delek Logistics will be available online at www.deleklogistics.com.

About Delek US Holdings, Inc.

Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day.

The logistics operations include Delek Logistics Partners, LP (NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 63.3% (including the general partner interest) of Delek Logistics Partners, LP at March 31, 2026.

Safe Harbor Provisions Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if”, “potential,” “expect” or similar expressions, as well as statements in the future tense. These forward-looking statements include, but are not limited to, statements regarding anticipated performance and financial position; cost reductions; throughput at the Company’s refineries; crude oil prices, discounts and quality and our ability to benefit therefrom; growth; scheduled turnaround activity; projected capital expenditures and investments into our business; liquidity and EBITDA impacts from strategic and intercompany transactions; the performance of our midstream growth initiatives, and the flexibility, benefits and expected returns therefrom; and projected benefits of Delek Logistics’ acquisition of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream businesses.

Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; uncertainty related to timing and amount of future share repurchases and dividend payments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; risks and uncertainties related to the integration by Delek Logistics of the Delaware Gathering, Permian Gathering, H2O Midstream or Gravity businesses following their acquisition; Delek US’ ability to realize cost reductions; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; gains and losses from derivative instruments; risks associated with acquisitions and dispositions; risks and uncertainties with respect to the possible benefits of the H2O Midstream and Gravity transactions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; the possibility of litigation challenging and/or legislation changing renewable fuel standard waivers; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability to grow the Midland Gathering System; the ability of the Red River joint venture to complete the expansion project to increase the Red River pipeline capacity; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks described in Delek US’ filings with the United States Securities and Exchange Commission (the “SEC”), including risks disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and reports with the SEC.

Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek US undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek US becomes aware of, after the date hereof, except as required by applicable law or regulation.

Non-GAAP Disclosures:

Adjusting items – certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends;
Adjusted net income (loss) – calculated as net income (loss) attributable to Delek US adjusted for relevant Adjusting items recorded during the period;
Adjusted net income (loss) per share – calculated as Adjusted net income (loss) divided by weighted average shares outstanding, assuming dilution, as adjusted for any anti-dilutive instruments that may not be permitted for consideration in GAAP earnings per share calculations but that nonetheless favorably impact dilution;
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) – calculated as net income (loss) attributable to Delek adjusted to add back interest expense, income tax expense, depreciation, amortization and proportional interest, taxes, depreciation and amortization of equity method investments;
Adjusted EBITDA – calculated as EBITDA adjusted for the relevant identified Adjusting items in Adjusted net income (loss) that do not relate to interest expense, income tax expense, depreciation or amortization, and adjusted to include income (loss) attributable to non-controlling interests;
Refining margin – calculated as gross margin (which we define as sales minus cost of sales) adjusted for operating expenses and depreciation and amortization included in cost of sales;
Adjusted refining margin – calculated as refining margin adjusted for other inventory impacts, net inventory LCM valuation loss (benefit), unrealized hedging (gain) loss and intercompany lease impacts;
Refining production margin – calculated based on the regional market sales price of refined products produced, less allocated transportation, Renewable Fuel Standard volume obligation and associated feedstock costs. This measure reflects the economics of each refinery exclusive of the financial impact of inventory price risk mitigation programs and marketing uplift strategies;
Refining production margin per throughput barrel – calculated as refining production margin divided by our average refining throughput in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period; and
Net debt – calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a specific balance sheet date.

We believe these non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved relevant comparability between periods, to peers or to market metrics through the inclusion of retroactive regulatory or other adjustments as if they had occurred in the prior periods they relate to, or through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying results and trends. “Net debt,” also a non-GAAP financial measure, is an important measure to monitor leverage and evaluate the balance sheet.

Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because Adjusted net income or loss, Adjusted net income or loss per share, EBITDA and Adjusted EBITDA, Adjusted Refining Margin and Refining Production Margin or any of our other identified non-GAAP measures may be defined differently by other companies in its industry, Delek US’ definition may not be comparable to similarly titled measures of other companies. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.

Delek US Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
*($ in millions, except share and per share data)*
	March 31, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	624.1		$	625.8
Accounts receivable, net		942.7			648.7
Inventories, net of inventory valuation reserves		931.0			726.0
Other current assets		149.9			67.5
Total current assets		2,647.7			2,068.0
Property, plant and equipment:
Property, plant and equipment		5,811.3			5,586.9
Less: accumulated depreciation		(2,399.9	)		(2,314.4	)
Property, plant and equipment, net		3,411.4			3,272.5
Operating lease right-of-use assets		69.9			71.4
Goodwill		475.3			475.3
Other intangibles, net		404.2			405.7
Equity method investments		424.4			427.7
Other non-current assets		137.0			127.1
Total assets	$	7,569.9		$	6,847.7

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,309.7		$	1,633.8
Current portion of long-term debt		9.5			9.5
Current portion of operating lease liabilities		26.3			27.2
Accrued expenses and other current liabilities		1,149.1			858.9
Total current liabilities		3,494.6			2,529.4
Non-current liabilities:
Long-term debt, net of current portion		3,173.6			3,223.6
Obligation under Inventory Intermediation Agreement		230.5			119.5
Environmental liabilities, net of current portion		30.9			31.1
Asset retirement obligations		35.1			34.0
Deferred tax liabilities		159.5			217.9
Operating lease liabilities, net of current portion		42.9			46.1
Other non-current liabilities		100.8			98.8
Total non-current liabilities		3,773.3			3,771.0
Stockholders’ equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding		—			—
Common stock, $0.01 par value, 110,000,000 shares authorized, 78,793,863 shares and 77,357,447 shares issued at March 31, 2026, and December 31, 2025, respectively		0.8			0.8
Additional paid-in capital		1,274.4			1,290.9
Accumulated other comprehensive loss		—			—
Treasury stock, 17,575,527 shares, at cost, at March 31, 2026, and December 31, 2025, respectively		(694.1	)		(694.1	)
Retained earnings (deficit)		(528.6	)		(311.1	)
Non-controlling interests in subsidiaries		249.5			260.8
Total stockholders’ equity		302.0			547.3
Total liabilities and stockholders’ equity	$	7,569.9		$	6,847.7

Delek US Holdings, Inc.
Condensed Consolidated Statements of Income (Loss) (Unaudited)
*($ in millions, except share and per share data)*	Three Months Ended March 31,
		2026			2025
Net revenues	$	2,653.1		$	2,641.9
Cost of sales:
Cost of materials and other		2,465.8			2,399.5
Operating expenses (excluding depreciation and amortization presented below)		219.9			211.1
Depreciation and amortization		97.6			95.0
Total cost of sales		2,783.3			2,705.6
Operating expenses related to wholesale business (excluding depreciation and amortization presented below)		1.6			1.3
General and administrative expenses		44.0			61.5
Depreciation and amortization		5.7			6.3
Asset impairment		—			—
Other operating expense (income), net		(2.2	)		(7.0	)
Total operating costs and expenses		2,832.4			2,767.7
Operating income (loss)		(179.3	)		(125.8	)
Interest expense, net		84.5			84.1
Income from equity method investments		(14.6	)		(13.3	)
Other expense (income), net		(0.3	)		(1.6	)
Total non-operating expense, net		69.6			69.2
Income (loss) from continuing operations before income tax expense (benefit)		(248.9	)		(195.0	)
Income tax expense (benefit)		(58.2	)		(36.8	)
Income (loss) from continuing operations, net of tax		(190.7	)		(158.2	)
Discontinued operations:
Income (loss) from discontinued operations		(0.3	)		(0.4	)
Income tax expense (benefit)		(0.1	)		(0.1	)
Income (loss) from discontinued operations, net of tax		(0.2	)		(0.3	)
Net income (loss)		(190.9	)		(158.5	)
Net income attributed to non-controlling interests		10.4			14.2
Net income (loss) attributable to Delek	$	(201.3	)	$	(172.7	)
Basic income (loss) per share:
Income (loss) from continuing operations	$	(3.34	)	$	(2.78	)
Income (loss) from discontinued operations	$	—		$	—
Total basic income (loss) per share	$	(3.34	)	$	(2.78	)

Diluted income (loss) per share:
Income (loss) from continuing operations	$	(3.34	)	$	(2.78	)
Income (loss) from discontinued operations	$	—		$	—
Total diluted income (loss) per share	$	(3.34	)	$	(2.78	)
Weighted average common shares outstanding:
Basic		60,255,377			62,115,776
Diluted		60,255,377			62,115,776

Delek US Holdings, Inc.
Condensed Consolidated Cash Flow Data (Unaudited)
*($ in millions)*	Three Months Ended March 31,
		2026			2025
Cash flows from operating activities:
Cash provided by (used in) operating activities – continuing operations	$	461.3		$	(62.1	)
Cash provided by (used in) operating activities – discontinued operations		(0.2	)		(0.3	)
Net cash provided by (used in) operating activities		461.1			(62.4	)
Cash flows from investing activities:
Net cash used in investing activities		(190.3	)		(314.6	)
Cash flows from financing activities:
Net cash provided by (used in) financing activities		(272.5	)		265.2
Net decrease in cash and cash equivalents		(1.7	)		(111.8	)
Cash and cash equivalents at the beginning of the period		625.8			735.6
Cash and cash equivalents at the end of the period		624.1			623.8

Working Capital Impacts Included in Cash Flows from Operating Activities from Continuing Operations
*($ in millions)*	Three Months Ended March 31,
		2026		2025
Favorable (unfavorable) cash flow working capital changes ⁽¹⁾	$	600.9	$	25.6

(1) Includes obligations under the inventory intermediation agreement.

Significant Transactions During the Quarter Impacting Results:

Restructuring Costs

In 2022, we announced that we are progressing a business transformation focused on enterprise-wide opportunities to improve the efficiency of our cost structure. For the first quarter 2026, we recorded restructuring costs totaling $2.7 million ($2.1 million after-tax) associated with our business transformation. Restructuring costs of $1.7 million are recorded in general and administrative expenses and $1.0 million are included in operating expenses in our condensed consolidated statements of income.

General and Administrative Expenses

Excluding transaction costs and restructuring costs, general and administrative expenses were $40.2 million for the three months ended March 31, 2026.

Transactions with Delek Logistics

In January 2026, we entered into asset purchase agreements with Delek Logistics, pursuant to which we agreed to acquire a Tyler refinery tank for total consideration of $19.0 million and El Dorado tank and terminal assets for total consideration of $66.0 million. The Tyler Tank Purchase closed on April 1, 2026 with consideration paid through transfer of Delek Logistics common units, based on a 30-day volume weighted average unit price. The El Dorado Terminal Purchase is expected to close on October 1, 2027, subject to the satisfaction of customary closing conditions.

Other Inventory Impact

“Other inventory impact” is primarily calculated by multiplying the number of barrels sold during the period by the difference between current period weighted average purchase cost per barrel directly related to our refineries and per barrel cost of materials and other for the period recognized on a first-in, first-out basis directly related to our refineries. It assumes no beginning or ending inventory, so that the current period average purchase cost per barrel is a reasonable estimate of our market purchase cost for the current period, without giving effect to any build or draw on beginning inventory. These amounts are based on management estimates using a methodology including these assumptions. However, this analysis provides management with a means to compare hypothetical refining margins to current period average crack spreads, as well as provides a means to better compare our results to peers.

Intercompany Leases

As a result of amendments to intercompany lease agreements in August 2024, we had to reassess lease classification for the agreements that contain leases under Accounting Standards Codification 842. As a result of these lease assessments, certain of these agreements met the criteria to be accounted for as sales-type leases for Delek Logistics and finance leases for the Refining segment. Therefore, portions of the minimum volume commitments under these agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues in the Logistics segment. Similarly, these minimum volume commitments were previously recorded as costs of sales for the Refining segment, as the underlying lease was reclassified from an operating lease to a finance lease, and these payments are now recorded as interest expense and reductions in the lease liability. These accounting changes have no impact to the Delek US consolidated results as these amounts eliminate in consolidation.

Revolving Credit Facilities

On March 26, 2026, Delek Logistics Partners, LP entered into a new credit agreement that provides for revolving commitments up to $1,300.0 million in the aggregate with a sublimit up to $150.0 million for letters of credit and up to $50.0 million for swing line loans.

On April 9, 2026, the Company entered into Amendment No. 4 to Third Amended and Restated Credit Agreement. Amendment No. 4, among other modifications, (i) increases the revolving loan commitments from $1,100.0 million to $1,250.0 million, (ii) extends the maturity date of the Delek Revolving Credit Facility from October 26, 2027 to April 9, 2031, (iii) reduces the interest rate margins applicable to the Delek Revolving Credit Facility by 0.25% and (iv) amends certain thresholds for obligations under the Existing ABL Credit Agreement.

Reconciliation of Net Income (Loss) Attributable to Delek US to Adjusted Net Income (Loss)

	Three Months Ended March 31,
*$ in millions (unaudited)*		2026			2025

Reported net income (loss) attributable to Delek US	$	(201.3	)	$	(172.7	)
Adjusting items ⁽¹⁾
Inventory and other LCM valuation (benefit) loss		(8.7	)		0.2
Tax effect		2.0			—
Inventory and other LCM valuation (benefit) loss, net		(6.7	)		0.2
Other inventory impact		(17.6	)		26.2
Tax effect		4.0			(5.9	)
Other inventory impact, net ⁽²⁾		(13.6	)		20.3
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements		23.9			(1.6	)
Tax effect		(5.4	)		0.4
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net		18.5			(1.2	)
Transaction related expenses		2.1			3.5
Tax effect		(0.5	)		(0.8	)
Transaction related expenses, net		1.6			2.7
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts		180.8			(0.2	)
Tax effect		(40.7	)		—
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts, net		140.1			(0.2	)
Restructuring costs		2.7			8.4
Tax effect		(0.6	)		(1.9	)
Restructuring costs, net ⁽²⁾		2.1			6.5
Renewable volume obligation short related to small refinery exemptions⁽⁴⁾		82.3			—
Tax effect		(18.5	)		—
Renewable volume obligation short related to small refinery exemptions, net		63.8			—
DPG inventory adjustment		0.3			—
Tax effect		(0.1	)		—
DPG inventory adjustment, net ⁽³⁾		0.2			—
Total Adjusting items ⁽¹⁾		206.0			28.3
Adjusted net income (loss)	$	4.7		$	(144.4	)

⁽¹⁾	All adjustments have been tax effected using the estimated marginal income tax rate, as applicable.
⁽²⁾	See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
⁽³⁾	Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
⁽⁴⁾	Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.

Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share

	Three Months Ended March 31,
*$ per share (unaudited)*		2026			2025

Reported diluted net income (loss) per share	$	(3.34	)	$	(2.78	)
Adjusting items, after tax (per share) ^{(1) (2)}
Net inventory and other LCM valuation (benefit) loss		(0.11	)		—
Other inventory impact ⁽³⁾		(0.23	)		0.33
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements		0.31			(0.02	)
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts		2.33			—
Transaction related expenses		0.03			0.04
Restructuring costs ⁽³⁾		0.03			0.11
Renewable volume obligation short related to small refinery exemptions ⁽⁵⁾		1.06			—
DPG inventory adjustment, net ⁽⁴⁾		—			—
Total Adjusting items ⁽¹⁾		3.42			0.46
Adjusted net income (loss) per share	$	0.08		$	(2.32	)

⁽¹⁾	The adjustments have been tax effected using the estimated marginal tax rate, as applicable.
⁽²⁾	For periods of Adjusted net loss, Adjustments (Adjusting items) and Adjusted net loss per share are presented using basic weighted average shares outstanding.
⁽³⁾	See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
⁽⁴⁾	Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
⁽⁵⁾	Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.

Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA
	Three Months Ended March 31,
*$ in millions (unaudited)*		2026			2025
Reported net income (loss) attributable to Delek US	$	(201.3	)	$	(172.7	)
Add:
Interest expense, net		84.5			84.1
Income tax expense (benefit)		(58.3	)		(36.9	)
Depreciation and amortization		103.3			101.3
Proportional interest, taxes, depreciation and amortization from equity-method investments		7.3			7.1
EBITDA attributable to Delek US		(64.5	)		(17.1	)
Adjusting items
Net inventory and other LCM valuation (benefit) loss		(8.7	)		0.2
Other inventory impact ⁽¹⁾		(17.6	)		26.2
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements		23.9			(1.6	)
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts		180.8			(0.2	)
Transaction related expenses		2.1			3.5
Restructuring costs ⁽¹⁾		2.7			8.4
Renewable volume obligation short related to small refinery exemptions⁽³⁾		82.3			—
DPG inventory adjustment ⁽²⁾		0.3			—
Net income attributable to non-controlling interest		10.4			14.2
Total Adjusting items		276.2			50.7
Adjusted EBITDA	$	211.7		$	33.6

⁽¹⁾	See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
⁽²⁾	Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
⁽³⁾	Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.

Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA
	Three Months Ended March 31, 2026
*$ in millions (unaudited)*	Refining			Logistics		Segment Total			Corporate, Other and Eliminations			Consolidated
Segment EBITDA Attributable to Delek US	$	79.2		$	94.9	$	174.1		$	(238.6	)	$	(64.5	)
Adjusting items
Net inventory and other LCM valuation (benefit) loss		(8.7	)		—		(8.7	)		—			(8.7	)
Other inventory impact ⁽¹⁾		(17.6	)		—		(17.6	)		—			(17.6	)
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements		23.3			0.6		23.9			—			23.9
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts		22.3			—		22.3			158.5			180.8
Restructuring costs ⁽¹⁾		—			—		—			2.7			2.7
Transaction related expenses		—			1.2		1.2			0.9			2.1
Renewable volume obligation short related to small refinery exemptions ⁽³⁾		82.3			—		82.3			—			82.3
DPG inventory adjustment ⁽²⁾		—			0.3		0.3			—			0.3
Intercompany lease impacts ⁽¹⁾		(25.5	)		35.4		9.9			(9.9	)		—
Net income attributable to non-controlling interest		—			—		—			10.4			10.4
Total Adjusting items		76.1			37.5		113.6			162.6			276.2
Adjusted Segment EBITDA	$	155.3		$	132.4	$	287.7		$	(76.0	)	$	211.7


	Three Months Ended March 31, 2025
*$ in millions (unaudited)*	Refining			Logistics		Segment Total			Corporate, Other and Eliminations			Consolidated
Segment EBITDA Attributable to Delek US	$	(15.8	)	$	92.2	$	76.4		$	(93.5	)	$	(17.1	)
Adjusting items
Net inventory and other LCM valuation (benefit) loss		0.2			—		0.2			—			0.2
Other inventory impact ⁽¹⁾		26.2			—		26.2			—			26.2
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements		(1.6	)		—		(1.6	)		—			(1.6	)
Unrealized changes in fair value of the net RINs obligation due to price of underlying RINs and related hedging on forward RIN contracts		(5.5	)		—		(5.5	)		5.3			(0.2	)
Restructuring costs		0.3			—		0.3			8.1			8.4
Transaction related expenses		—			3.3		3.3			0.2			3.5
Intercompany lease impacts ⁽¹⁾		(30.8	)		27.7		(3.1	)		3.1			—
Net income attributable to non-controlling interest		—			—		—			14.2			14.2
Total Adjusting items		(11.2	)		31.0		19.8			30.9			50.7
Adjusted Segment EBITDA	$	(27.0	)	$	123.2	$	96.2		$	(62.6	)	$	33.6

⁽¹⁾	See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.
⁽²⁾	Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial.
⁽³⁾	Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation.

Refining Segment Selected Financial Information	Three Months Ended March 31,
Refining Segment Selected Financial Information		2026			2025
Total Refining Segment	(Unaudited)
Days in period		90			90
Total sales volume – refined product (average barrels per day (“bpd”)) ⁽¹⁾		274,376			294,892
Total production (average bpd)		257,659			285,570

Crude oil		238,338			272,183
Other feedstocks		21,692			17,020
Total throughput (average bpd)		260,030			289,203

Total refining production margin per bbl total throughput	$	12.13		$	5.75
Total refining operating expenses per bbl total throughput	$	6.16		$	6.00

Total refining production margin ($ in millions)	$	283.8		$	149.6
Supply, marketing and other^{($ millions) ⁽²⁾}		(61.3	)		(23.7	)
Total adjusted refining margin ($ in millions)	$	222.5		$	125.9

Total crude slate details
Total crude slate: (% based on amount received in period)
WTI crude oil		80.4	%		66.2	%
Gulf Coast Sweet crude		4.6	%		8.7	%
Local Arkansas crude oil		3.7	%		3.8	%
Other		11.3	%		21.3	%

Crude utilization (% based on nameplate capacity) ⁽⁴⁾		78.9	%		90.1	%

Tyler, TX Refinery
Days in period		90			90
Products manufactured (average bpd):
Gasoline		37,956			34,214
Diesel/Jet		30,236			30,415
Petrochemicals, LPG, NGLs		1,816			1,861
Other		22			1,405
Total production		70,030			67,895
Throughput (average bpd):
Crude oil		68,035			68,460
Other feedstocks		3,616			770
Total throughput		71,651			69,230

Tyler refining production margin ($ in millions)	$	104.9		$	48.7
Per barrel of throughput:
Tyler refining production margin	$	16.27		$	7.82
Operating expenses	$	5.64		$	5.69
Crude Slate: (% based on amount received in period)
WTI crude oil		79.5	%		73.7	%
East Texas crude oil		18.8	%		25.2	%
Other		1.7	%		1.1	%

Capture rate ⁽³⁾		60.9	%		46.1	%
El Dorado, AR Refinery
Days in period		90			90
Products manufactured (average bpd):
Gasoline		37,534			37,350
Diesel/Jet		26,054			27,941
Petrochemicals, LPG, NGLs		1,304			941
Asphalt		5,362			6,843
Other		1,521			1,569
Total production		71,775			74,644
Throughput (average bpd):
Crude oil		69,909			71,921
Other feedstocks		2,933			3,840
Total throughput		72,842			75,761

Refining Segment Selected Financial Information (continued)	Three Months Ended March 31,
		2026			2025
El Dorado refining production margin ($ in millions)	$	61.9		$	26.1
Per barrel of throughput:
El Dorado refining production margin	$	9.44		$	3.83
Operating expenses	$	5.68		$	5.16
Crude Slate: (% based on amount received in period)
WTI crude oil		85.5	%		68.5	%
Local Arkansas crude oil		12.9	%		14.4	%
Other		1.6	%		17.1	%

Capture rate ⁽³⁾		35.3	%		22.6	%
Big Spring, TX Refinery
Days in period		90			90
Products manufactured (average bpd):
Gasoline		15,714			29,399
Diesel/Jet		10,463			19,023
Petrochemicals, LPG, NGLs		1,150			3,142
Asphalt		1,224			2,543
Other		1,802			3,878
Total production		30,353			57,985
Throughput (average bpd):
Crude oil		28,718			53,321
Other feedstocks		1,816			6,094
Total throughput		30,534			59,415

Big Spring refining production margin ($ in millions)	$	21.6		$	26.0
Per barrel of throughput:
Big Spring refining production margin	$	7.85		$	4.86
Operating expenses	$	10.21		$	8.36
Crude Slate: (% based on amount received in period)
WTI crude oil		72.3	%		62.7	%
WTS crude oil		27.7	%		37.3	%

Capture rate ⁽³⁾		31.5	%		30.2	%
Krotz Springs, LA Refinery
Days in period		90			90
Products manufactured (average bpd):
Gasoline		46,713			43,163
Diesel/Jet		30,954			32,321
Heavy oils		1,567			3,231
Petrochemicals, LPG, NGLs		6,267			6,331
Other		—			—
Total production		85,501			85,046
Throughput (average bpd):
Crude oil		71,676			78,481
Other feedstocks		13,327			6,316
Total throughput		85,003			84,797

Krotz Springs refining production margin ($ in millions)	$	95.4		$	48.8
Per barrel of throughput:
Krotz Springs refining production margin	$	12.48		$	6.40
Operating expenses	$	5.57		$	5.36
Crude Slate: (% based on amount received in period)
WTI Crude		79.4	%		59.9	%
Gulf Coast Sweet Crude		16.0	%		30.3	%
Other		4.6	%		9.8	%

Capture rate ⁽³⁾		55.3	%		52.5	%

⁽¹⁾	Includes sales to other segments which are eliminated in consolidation.
⁽²⁾	Supply, marketing and other activities include refined product wholesale and related marketing activities, asphalt and intermediates marketing activities, optimization of inventory, the execution of risk management programs to capture the physical and financial opportunities that extend from our refining operations and our 50% interest in a joint venture that owns asphalt terminals. Formally known as Trading & Supply.
⁽³⁾	Defined as refining production margin divided by the respective crack spread. See page 17 for crack spread information.
⁽⁴⁾	Crude throughput as % of total nameplate capacity of 302,000 bpd.

Logistics Segment Selected Information	Three Months Ended March 31,
		2026		2025
	(Unaudited)
Gathering & Processing: (average bpd)
Lion Pipeline System:
Crude pipelines (non-gathered)		62,758		61,888
Refined products pipelines		44,658		56,010
SALA Gathering System		9,220		10,321
East Texas Crude Logistics System		27,284		26,918
Midland Gathering Assets		218,203		246,090
Plains Connection System		212,359		179,240
Delaware Gathering Assets:
Natural gas gathering and processing (Mcfd) ⁽¹⁾		63,903		59,809
Crude oil gathering (average bpd)		129,451		122,226
Water disposal and recycling (average bpd)		111,173		128,499
Midland Water Gathering System: ⁽²⁾
Water disposal and recycling (average bpd) ⁽²⁾⁽³⁾		565,411		632,972

Wholesale Marketing & Terminalling:
East Texas – Tyler Refinery sales volumes (average bpd) ⁽⁴⁾		—		67,876
West Texas wholesale marketing throughputs (average bpd)		11,771		10,826
West Texas wholesale marketing margin per barrel	$	4.42	$	1.64
Terminalling throughputs (average bpd) ⁽⁵⁾		135,744		135,404

⁽¹⁾	Mcfd – average thousand cubic feet per day.
⁽²⁾	Consists of volumes of H2O Midstream and Gravity.
⁽³⁾	Gravity volumes in 2025 are from January 2, 2025 through March 31, 2025.
⁽⁴⁾	Excludes jet fuel and petroleum coke.
⁽⁵⁾	Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, El Dorado and North Little Rock, Arkansas terminals and Memphis and Nashville, Tennessee terminals.

Supplemental Information
Schedule of Selected Segment Financial Data, Pricing Statistics Impacting our Refining Segment, and Other Reconciliations of Amounts Reported Under U.S. GAAP

	Three Months Ended March 31, 2026
*$ in millions (unaudited)*	Refining		Logistics		Segment Total		Corporate, Other and Eliminations			Consolidated
Net revenues (excluding intercompany fees and revenues)	$	2,522.3	$	130.8	$	2,653.1	$	—		$	2,653.1
Inter-segment fees and revenues		108.2		166.7		274.9		(274.9	)		—
Total revenues	$	2,630.5	$	297.5	$	2,928.0	$	(274.9	)	$	2,653.1
Cost of sales		2,617.3		253.6		2,870.9		(87.6	)		2,783.3
Gross margin	$	13.2	$	43.9	$	57.1	$	(187.3	)	$	(130.2	)

	Three Months Ended March 31, 2025
*$ in millions (unaudited)*	Refining			Logistics		Segment Total			Corporate, Other and Eliminations			Consolidated
Net revenues (excluding intercompany fees and revenues)	$	2,518.3		$	123.6	$	2,641.9		$	—		$	2,641.9
Inter-segment fees and revenues		90.0			126.3		216.3			(216.3	)		—
Total revenues	$	2,608.3		$	249.9	$	2,858.2		$	(216.3	)	$	2,641.9
Cost of sales		2,700.9			199.3		2,900.2			(194.6	)		2,705.6
Gross margin	$	(92.6	)	$	50.6	$	(42.0	)	$	(21.7	)	$	(63.7	)

Pricing Statistics	Three Months Ended March 31,
(average for the period presented)		2026		2025

WTI — Cushing crude oil (per barrel)	$	72.67	$	71.47
WTI — Midland crude oil (per barrel)	$	72.57	$	72.52
WTS — Midland crude oil (per barrel)	$	69.91	$	71.95
LLS (per barrel)	$	73.68	$	74.35
Brent (per barrel)	$	77.90	$	74.98

U.S. Gulf Coast 5-3-2 crack spread (per barrel) ⁽¹⁾	$	26.71	$	16.97
U.S. Gulf Coast 3-2-1 crack spread (per barrel) ⁽¹⁾	$	24.90	$	16.11
U.S. Gulf Coast 2-1-1 crack spread (per barrel) ⁽¹⁾	$	22.56	$	12.20

U.S. Gulf Coast Unleaded Gasoline (per gallon)	$	2.09	$	1.98
Gulf Coast Ultra-low sulfur diesel (per gallon)	$	2.74	$	2.29
U.S. Gulf Coast high sulfur diesel (per gallon)	$	2.49	$	2.12
Natural gas (per MMBTU)	$	3.48	$	3.87

⁽¹⁾

For our Tyler and El Dorado refineries, we compare our per barrel refining product margin to the Gulf Coast 5-3-2 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Big Spring refinery, we compare our per barrel refining margin to the Gulf Coast 3-2-1 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Krotz Springs refinery, we compare our per barrel refining margin to the Gulf Coast 2-1-1 crack spread consisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel). The Tyler refinery’s crude oil input is primarily WTI Midland and East Texas, while the El Dorado refinery’s crude input is primarily a combination of WTI Midland, local Arkansas and other domestic inland crude oil. The Big Spring refinery’s crude oil input is primarily comprised of WTS and WTI Midland. The Krotz Springs refinery’s crude oil input is primarily comprised of LLS and WTI Midland.

Other Reconciliations of Amounts Reported Under U.S. GAAP
*$ in millions (unaudited)*
	Three Months Ended March 31,
Reconciliation of gross margin to Refining margin to Adjusted refining margin		2026			2025
Gross margin	$	13.2		$	(92.6	)
Add back (items included in cost of sales):
Operating expenses (excluding depreciation and amortization)		150.2			158.1
Depreciation and amortization		65.3			71.9
Refining margin	$	228.7		$	137.4
Adjusting items
Net inventory and other LCM valuation loss (benefit)		(8.7	)		0.2
Other inventory impact ⁽¹⁾		(17.6	)		26.2
Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements		23.3			(1.6	)
Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements		22.3			(5.5	)
Intercompany lease impacts ⁽¹⁾		(25.5	)		(30.8	)
Total Adjusting items		(6.2	)		(11.5	)
Adjusted refining margin	$	222.5		$	125.9

⁽¹⁾ See further discussion in the “Significant Transactions During the Quarter Impacting Results” section.

Calculation of Net Debt	March 31, 2026		December 31, 2025
Long-term debt – current portion	$	9.5	$	9.5
Long-term debt – non-current portion		3,173.6		3,223.6
Total long-term debt		3,183.1		3,233.1
Less: Cash and cash equivalents		624.1		625.8
Net debt – consolidated		2,559.0		2,607.3
Less: DKL net debt		2,284.7		2,333.5
Net debt, excluding DKL	$	274.3	$	273.8

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