Market Newsdesk

May 6, 2026 6:18 am

Taboola Reports Strong First Quarter 2026 Results Exceeding High-End of Guidance, Raises Full-Year Outlook Reflecting Accelerating Growth

NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) — Taboola (Nasdaq: TBLA), a global leader in delivering performance at scale for advertisers, today announced its results for the first quarter ended March 31, 2026.

“We’re starting the year strong, exceeding the high end of our guidance across all metrics and raising our full-year outlook, reflecting accelerated growth,” said Adam Singolda, CEO of Taboola. “We’re seeing steady progress toward consistent double-digit growth, driven by advertiser success on Realize. Our unique data, AI, and distribution continue to deliver real performance outcomes. We remain focused on growing the budgets we manage, returning capital through an aggressive share repurchase program, and strengthening our position as a leader in performance advertising beyond search and social.”

First Quarter 2026 Financial Results

(All comparisons are to the first quarter of 2025 unless otherwise noted.)

Revenues of $466.4 million, an increase of 9.1%.
Gross Profit of $129.6 million, an increase of 8.6%. ex-TAC Gross Profit was $168.1 million, an increase of 10.8%.
Net Income was $59.1 million, improved from a Net loss of $8.8 million. Adjusted EBITDA was $26.7 million, down (25.7)%. Adjusted EBITDA margins in the quarter was 15.9%.
Cash Flow generated by operating activities was $108.7 million, compared to $48.1 million. Free Cash Flow was $90.3 million, compared to $36.1 million.

Second Quarter and Full Year 2026 Guidance

For the Second Quarter and Full Year 2026, the Company currently expects (dollars in millions):

	Q2 2026 Guidance	FY 2026 Guidance
	Unaudited
	(dollars in millions)
Revenues	$492 – $505	$2,006 – $2,062
Gross profit	$147 – $152	$610 – $630
ex-TAC Gross Profit*	$189 – $194	$760 – $781
Adjusted EBITDA*	$49 – $55	$222 – $240
Non-GAAP Net Income*	$36 – $43	$167 – $191

Although we provide guidance for Adjusted EBITDA and Non-GAAP Net Income, we are not able to provide guidance for projected net income (loss), the most directly comparable GAAP measure. Certain elements of net income (loss), including share-based compensation expenses and warrant valuations, are not predictable due to the high variability and difficulty of making accurate forecasts. As a result, it is impractical for us to provide guidance on net income (loss) or to reconcile our Adjusted EBITDA and Non-GAAP Net Income guidance without unreasonable efforts. Consequently, no disclosure of projected net income (loss) is included. For the same reasons, we are unable to address the probable significance of the unavailable information.

Webcast & Conference Call

Taboola’s senior management team will discuss the Company’s earnings on a call that can be accessed via webcast at https://investors.taboola.com.

To access the call by phone, please go to this link to register at https://register-conf.media-server.com/register/BI6665292d621340d8914cb2f724e2fcc5 and you will be provided with dial in details. The webcast will be available for replay for one year, through the close of business on May 7, 2027.

*About Non-GAAP Financial Information

This press release includes ex-TAC Gross Profit, Adjusted EBITDA, Ratio of Adjusted EBITDA to ex-TAC Gross Profit, Free Cash Flow, Non-GAAP Net Income, which are non-GAAP financial measures. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenues, gross profit, net income (loss), cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. The Company believes non-GAAP financial measures provide useful supplemental information to management and investors regarding future financial and business trends relating to the Company. The Company believes that the use of these measures provides an additional tool for investors to use in evaluating operating results and trends and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations because they reflect the exercise of judgments by management about which items are excluded or included in calculating them, which may vary from period to period. Please refer to the appendix at the end of this press release for reconciliations to the most directly comparable measures in accordance with GAAP.

Definitions

ex-TAC Gross Profit: Gross profit adjusted to add back other cost of revenues and non-cash amortization of the Commercial agreement asset. We add back the non-cash amortization of the Commercial agreement asset because it is unique primarily due to the issuance of equity rather than cash, such that ex-TAC Gross Profit includes solely direct cash contribution components.
Adjusted EBITDA: Net income (loss) before finance income (expenses), net, income tax expenses, depreciation and amortization and non-cash amortization of the Commercial agreement asset, further adjusted to exclude share-based compensation including Connexity holdback compensation expenses and other noteworthy income and expense items such as M&A costs and restructuring costs which may vary from period-to-period.
Adjusted EBITDA margins: The ratio of Adjusted EBITDA to ex-TAC Gross Profit as Adjusted EBITDA divided by ex-TAC Gross Profit.

Note Regarding Forward-Looking Statements

Certain statements in this press release are forward-looking statements. Forward-looking statements generally relate to future events including future financial or operating performance of Taboola.com Ltd. (the “Company”). In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “guidance”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “target”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Uncertainties and risk factors that could affect the Company’s future performance and cause results to differ from the forward-looking statements in this press release include, but are not limited to: the Company’s ability to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; changes in applicable laws or regulations; the degree to which, or whether, Realize can achieve its intended performance objectives and attract, retain and grow advertisers and advertising spending; the Company’s estimates of expenses and profitability and underlying assumptions with respect to accounting presentations and purchase price and other adjustments; the extent to which we will buyback any of our shares pursuant to authority granted by the Company’s Board of Directors, which may depend upon market and economic conditions, other business opportunities and priorities, satisfying required conditions under the Israeli Companies Law and the Companies Regulations or other factors; the ability to attract new digital properties and advertisers; ability to meet minimum guarantee requirements in contracts with digital properties; intense competition in the digital advertising space, including with competitors who have significantly more resources; ability to grow and scale the Company’s ad and content platform through new relationships with advertisers and digital properties; ability to secure high quality content from digital properties; ability to maintain relationships with current advertiser and digital property partners; ability to prioritize investments to improve profitability and free cash flow; ability to make continued investments in the Company’s AI-powered technology platform; the need to attract, train and retain highly-skilled technical workforce; changes in the regulation of, or market practice with respect to, “third party cookies” and its impact on digital advertising; continued engagement by users who interact with the Company’s platform on various digital properties; reliance on a limited number of partners for a significant portion of the Company’s revenue; changes in laws and regulations related to privacy, data protection, advertising regulation, competition and other areas related to digital advertising; ability to enforce, protect and maintain intellectual property rights; the potential or expected impact of tariffs on advertising spend, consumer and business sentiment, and the general economic environment; risks related to the fact that we are incorporated in Israel and governed by Israeli law; the potential impacts of the war in Israel to the Company’s operations; and other risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 under Part 1, Item 1A “Risk Factors” and in the Company’s subsequent filings with the Securities and Exchange Commission.

Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no duty to update these forward-looking statements except as may be required by law.

About Taboola

Taboola empowers businesses to grow through performance advertising technology that goes beyond search and social and delivers measurable outcomes at scale.

Taboola works with thousands of businesses who advertise directly on Realize, Taboola’s powerful ad platform, reaching over 600 million daily active users across some of the best publishers in the world. Publishers like NBC News, Yahoo, and OEMs such as Samsung, Xiaomi and others use Taboola’s technology to grow audience and revenue, enabling Realize to offer unique data, specialized algorithms, and unmatched scale.

Investor Contact:

Aadam Anwar
[email protected]

Press Contact:

Dave Struzzi
[email protected]

CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data

	March 31,		December 31,
	2026		2025
	Unaudited
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	150,275	$	120,865
Trade receivables (net of allowance for credit losses of $15,273 and $13,889 as of March 31, 2026 and December 31, 2025, respectively) (1)		309,909		360,166
Prepaid expenses and other current assets		60,909		77,000
Total current assets		521,093		558,031
NON-CURRENT ASSETS
Long-term prepaid expenses		13,934		15,116
Commercial agreement asset		266,211		270,248
Restricted deposits		1,462		1,462
Deferred tax assets, net		22,239		20,624
Operating lease right of use assets		72,528		79,167
Property and equipment, net		96,185		95,335
Intangible assets, net		5,537		13,925
Goodwill		555,931		555,931
Total non-current assets		1,034,027		1,051,808
Total assets	$	1,555,120	$	1,609,839

(1) Includes related party trade receivables of $51,313 and $39,210, as of March 31, 2026 and December 31

CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data

	March 31,			December 31,
		2026			2025
	Unaudited
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade payables (2)	$	278,147		$	330,684
Short-term operating lease liabilities		30,652			30,408
Accrued expenses and other current liabilities		152,077			159,874
Total current liabilities		460,876			520,966
LONG-TERM LIABILITIES
Revolving credit facility		66,400			102,300
Long-term operating lease liabilities		54,532			61,382
Warrants liability		105			501
Deferred tax liabilities, net		736			628
Other long-term liabilities		17,141			16,867
Total long-term liabilities		138,914			181,678
COMMITMENTS AND CONTINGENCIES (Note 10)
SHAREHOLDERS’ EQUITY
Ordinary shares with no par value – Authorized: 700,000,000 as of March 31, 2026 and December 31, 2025; 345,272,825 and 341,610,237 shares issued, and 243,107,545 and 246,330,707 shares outstanding as of March 31, 2026 and December 31, 2025, respectively		—			—
Non-voting Ordinary shares with no par value – Authorized: 46,000,000 as of March 31, 2026 and December 31, 2025; 45,198,702 shares issued, and 30,039,644 shares outstanding as of March 31, 2026 and December 31, 2025.		—			—
Treasury Ordinary shares, at cost – 117,324,338 (102,165,280 Ordinary shares and 15,159,058 Non-voting Ordinary shares) and 110,438,588 (95,279,530 Ordinary shares and 15,159,058 Non-voting Ordinary shares) as of March 31, 2026 and December 31, 2025, respectively		(409,284	)		(385,651	)
Additional paid-in capital		1,417,818			1,404,248
Accumulated other comprehensive income (loss)		(334	)		534
Accumulated deficit		(52,870	)		(111,936	)
Total shareholders’ equity		955,330			907,195
Total liabilities and shareholders’ equity	$	1,555,120		$	1,609,839

(2) Includes related party trade payables of $71,229 and $70,950, as of March 31, 2026 and December 31, 2025, respectively.

CONSOLIDATED STATEMENTS OF LOSS
U.S. dollars in thousands, except share and per share data

	Three months ended March 31,
		2026			2025
	Unaudited
Revenues (1)	$	466,395		$	427,493
Cost of revenues:
Traffic acquisition cost (2)		302,379			279,797
Other cost of revenues		34,439			28,389
Total cost of revenues		336,818			308,186
Gross profit		129,577			119,307
Operating expenses:
Research and development, net		39,580			35,956
Sales and marketing		72,565			65,890
General and administrative		25,048			23,723
Other income, net (3)		(77,000	)		0
Total operating expenses		60,193			125,569
Operating income (loss)		69,384			(6,262	)
Finance expenses, net (4)		(245	)		(4,500	)
Income (loss) before income taxes		69,139			(10,762	)
Income tax benefit (expenses)		(10,073	)		2,012
Net income (loss)	$	59,066		$	(8,750	)

Net income (loss) per share attributable to Ordinary and Non-voting Ordinary shareholders, basic	$	0.21		$	(0.03	)
Net income (loss) per share attributable to Ordinary and Non-voting Ordinary shareholders, diluted	$	0.20		$	(0.03	)
Weighted-average shares used in computing net income (loss) per share attributable to Ordinary and Non-voting Ordinary shareholders, basic		282,244,774			341,960,999
Weighted-average shares used in computing net income (loss) per share attributable to Ordinary and Non-voting Ordinary shareholders, diluted		288,764,244			341,960,999

(1) Includes revenues from related party of $69,680 and $48,324, for the three months ended March 31, 2026 and 2025, respectively.
(2) Includes traffic acquisition cost to related party of $96,790 and $82,159 for the three months ended March 31, 2026 and 2025, respectively.
(3) See Note 10 to the Unaudited Consolidated Interim Financial Statements.
(4) Includes loss on extinguishment of debt of $6,597 for the three months ended March 31, 2025.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands

	Three months ended March 31,
		2026			2025
	Unaudited
Net income (loss)	$	59,066		$	(8,750	)
Other comprehensive loss:
Unrealized losses on derivative instruments, net		(868	)		(1,191	)
Other comprehensive loss		(868	)		(1,191	)
Comprehensive income (loss)	$	58,198		$	(9,941	)

SHARE-BASED COMPENSATION BREAK-DOWN BY EXPENSE LINE
U.S. dollars in thousands

	Three months ended March 31,
	2026		2025
	Unaudited
Cost of revenues	$	739	$	867
Research and development, net		4,836		6,394
Sales and marketing		4,260		4,221
General and administrative		4,360		4,035
Total share-based compensation expenses	$	14,195	$	15,517

DEPRECIATION AND AMORTIZATION BREAK-DOWN BY EXPENSE LINE
U.S. dollars in thousands

	Three months ended March 31,
		2026		2025
	Unaudited
Cost of revenues	$	9,477	$	8,699
Research and development, net		482		531
Sales and marketing		5,911		11,263
General and administrative		202		177
Total depreciation and amortization expense	$	16,072	$	20,670

CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

	Three months ended March 31,
		2026			2025
	Unaudited
Cash flows from operating activities
Net income (loss)	$	59,066		$	(8,750	)
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation, amortization and write-offs		16,072			20,682
Share-based compensation expenses		14,195			15,517
Net loss (gain) from financing expenses		209			(1,038	)
Revaluation of the Warrants liability		(396	)		(1,726	)
Amortization of loan and credit facility issuance costs		184			413
Loss on extinguishment of debt		—			6,597
Commercial agreement asset amortization		4,037			4,037
Change in operating assets and liabilities:
Decrease in trade receivables, net (1)		50,257			65,196
Decrease in prepaid expenses and other current assets and long-term prepaid expenses		16,257			4,434
Decrease in trade payables (2)		(42,229	)		(31,758	)
Decrease in accrued expenses and other current liabilities and other long-term liabilities		(7,523	)		(22,196	)
Increase in deferred taxes, net		(1,507	)		(3,120	)
Change in operating lease right of use assets		7,040			6,211
Change in operating lease liabilities		(7,007	)		(6,388	)
Net cash provided by operating activities		108,655			48,111
Cash flows from investing activities
Purchase of property and equipment		(18,374	)		(12,041	)
Proceeds from maturities of short-term investments		—			3,780
Net cash used in investing activities		(18,374	)		(8,261	)
Cash flows from financing activities
Issuance costs		—			(663	)
Exercise of options		997			705
Payment of tax withholding for share-based compensation expenses		(2,575	)		(842	)
Repurchase of Ordinary shares and non-voting Ordinary shares		(22,691	)		(49,342	)
Payments on account of repurchase of Ordinary shares		(493	)		(2,355	)
Repayment of long-term loan		—			(122,736,000	)
Proceeds from revolving credit line, net of issuance costs		—			123,985
Additional proceeds from revolving credit line		109,000			—
Repayment of revolving credit line		(144,900	)		—
Net cash used in financing activities		(60,662	)		(51,248	)
Exchange rate differences on balances of cash and cash equivalents		(209	)		1,038
Increase (decrease) in cash and cash equivalents		29,410			(10,360	)
Cash and cash equivalents – at the beginning of the period		120,865			226,583
Cash and cash equivalents – at end of the period	$	150,275		$	216,223

(1) Includes an increase (decrease) in related party trade receivables of $(12,103) and $28,093, for the three months ended March 31, 2026 and 2025, respectively.
(2) Includes a decrease in related party trade payables of $279 and $(10,723), for the three months ended March 31, 2026 and 2025, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

	Three months ended March 31,
	2026		2025
	Unaudited
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Income taxes	$	2,595	$	3,764
Interest	$	1,491	$	2,189
Non-cash investing and financing activities:
Purchase of property and equipment	$	617	$	1,895
Share-based compensation included in capitalized internal-use software	$	468	$	279
Exercise of options	$	485	$	92
Creation and modification of operating lease right-of-use assets and operating lease liability	$	401	$	28,922

APPENDIX: Non-GAAP Reconciliation

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2026 AND 2025 (UNAUDITED)

The following table provides a reconciliation of revenues to ex-TAC Gross Profit.

	Three months ended March 31,
	2026		2025
	(dollars in thousands)
Revenues	$	466,395	$	427,493
Traffic acquisition cost (1)		302,379		279,797
Other cost of revenues		34,439		28,389
Gross profit	$	129,577	$	119,307
Add back: Other cost of revenues (1)		38,476		32,426
ex-TAC Gross Profit	$	168,053	$	151,733

The following table provides a reconciliation of net income (loss) to Adjusted EBITDA.

	Three months ended March 31,
		2026			2025
	(dollars in thousands)
Net income (loss)	$	59,066		$	(8,750	)
Adjusted to exclude the following:
Finance expenses, net		245			4,500
Income tax expenses (benefit)		10,073			(2,012	)
Depreciation and amortization (1)		20,109			24,707
Share-based compensation expenses		14,195			15,518
Settlement income, net (2)		(77,000	)		—
Other costs (3)		—			1,972
Adjusted EBITDA	$	26,688		$	35,935

The following table provides a reconciliation of net income (loss) to Non-GAAP Net Income (loss).

	Three months ended March 31,
		2026			2025
	(dollars in thousands)
Net income (loss)	$	59,066		$	(8,750	)
Amortization of acquired intangibles (1)		12,425			17,783
Share-based compensation expenses		14,195			15,518
Settlement income, net (2)		(77,000	)		—
Other costs (3)		—			1,972
Revaluation of Warrants		(396	)		(1,726	)
Foreign currency exchange rate losses (4)		(681	)		(1,524	)
Income tax effects		9,586			(4,870	)
Loss on extinguishment of debt (5)		—			6,597
Non-GAAP Net Income	$	17,195		$	25,000

(1) The three months ended March 31, 2026 and 2025 included $4,037 amortization expense of the non-cash based Commercial agreement asset. See Note 1b and Note 2 of Notes to the Unaudited Consolidated Interim Financial Statements.
(2) The three months ended March 31, 2026 included a pre-tax income of approximately $77,000, net of legal fees and other related expenses related to a binding settlement agreement regarding a legal matter in which the Company acted as the plaintiff.
(3) The three months ended March 31, 2025 included $1,972 in professional and legal expenses related to a litigation matter in which the Company is the plaintiff and is not related to our ongoing business operations.
(4) Represents foreign currency exchange rate gains or losses related to the remeasurement of monetary assets and liabilities to the Company’s functional currency using exchange rates in effect at the end of the reporting period.
(5) See Note 7 of Notes to the Unaudited Consolidated Interim Financial Statements.

The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow.

	Three months ended March 31,
		2026			2025
	(dollars in thousands)
Net cash provided by operating activities	$	108,655		$	48,111
Purchases of property and equipment, including capitalized internal-use software		(18,374	)		(12,041	)
Free Cash Flow	$	90,281		$	36,070

APPENDIX: Non-GAAP Guidance Reconciliation

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q2 2026 AND FULL YEAR 2026 GUIDANCE

(Unaudited)

The following table provides a reconciliation of projected Gross profit to ex-TAC Gross Profit.

	Q2 2026 Guidance	FY 2026 Guidance
	Unaudited
	(dollars in millions)
Revenues	$492 – $505	$2,006 – $2,062
Traffic acquisition cost	($307) – ($315)	($1,262) – ($1,297)
Other cost of revenues	($38) – ($38)	($134) – ($135)
Gross profit	$147 – $152	$610 – $630
Add back: Other cost of revenues & amortization	($42) – ($42)	($150) – ($151)
ex-TAC Gross Profit	$189 – $194	$760 – $781

May 6, 2026 6:16 am

Acushnet Holdings Corp. Announces First Quarter 2026 Financial Results

Acushnet Holdings Corp. Announces First Quarter 2026 Financial Results

News Release Available on www.AcushnetHoldingsCorp.com

FAIRHAVEN, Mass.–(BUSINESS WIRE)–
Acushnet Holdings Corp. (NYSE: GOLF) (“Acushnet”) published its first quarter 2026 financial results on May 6, 2026. The results are available via the Acushnet Investor Relations (http://www.acushnetholdingscorp.com/ir) and the U.S. Securities and Exchange Commission (https://www.sec.gov/cgi-bin/browse-edgar?company=acushnet&owner=exclude&action=getcompany) websites.

Acushnet will hold a conference call for investors at 8:30 a.m. Eastern Time on May 6, 2026 to review the first quarter 2026 financial results. A live webcast of that call will be available on the Acushnet Investor Relations website and a replay will be available shortly after the conclusion of the live event.

ABOUT ACUSHNET HOLDINGS CORP.

We are the global leader in the design, development, manufacture and distribution of performance‑driven golf products, and these products are widely recognized for their quality excellence. Driven by our focus on dedicated and discerning golfers and the golf shops that serve them, we believe we are the most authentic and enduring company in the golf industry. Our mission—to be the performance and quality leader in every golf product category in which we compete—has remained consistent since we entered the golf ball business in 1932. Today, we are the steward of two of the most revered brands in golf—Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wearable brands.

Additional information can be found at www.acushnetholdingscorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260504581028/en/

MEDIA CONTACT:

[email protected]

INVESTOR CONTACT:

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Footwear Fashion Retail Golf Sports Other Retail Other Sports

MEDIA:

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May 6, 2026 6:13 am

Carter’s, Inc. Reports First Quarter Fiscal 2026 Results

Carter’s, Inc. Reports First Quarter Fiscal 2026 Results

Net sales $681 million vs. $630 million in Q1 2025, growth of 8.1%
U.S. Retail comparable sales increased 10.5%, the fourth consecutive quarter of growth
Operating margin 4.2% vs. 4.1% in Q1 2025
Adjusted operating margin 4.2% vs. 5.6% in Q1 2025
Diluted EPS $0.39 vs. $0.43 in Q1 2025; adjusted diluted EPS $0.39vs. $0.66 in Q1 2025
Returned $9 million to shareholders through dividends
Reiterates outlook for full-year

ATLANTA–(BUSINESS WIRE)–
Carter’s, Inc. (NYSE:CRI), North America’s largest and most-enduring apparel company exclusively for babies and young children, today reported its first quarter fiscal 2026 results.

“We saw strong demand for our brands during the first quarter across each of our U.S. Retail, U.S. Wholesale and International channels,” said Richard F. Westenberger, interim Chief Executive Officer & President, Chief Financial Officer & Chief Operating Officer. “We posted strong results over the Easter holiday selling period which occurred earlier this year and our investments in marketing drove meaningful traffic increases in our U.S. Retail store and eCommerce businesses.

“Our profitability in the quarter was negatively affected by higher tariffs, investment spending and other inflationary cost pressures and higher interest costs. We expect the impact of these items to moderate as we move through the year and today we have reiterated our full year outlook for both sales and operating profit growth in 2026.

“As announced last week, we look forward to welcoming Sharon Price John as our new Chief Executive Officer next month. Sharon’s extensive industry experience, especially in the children’s space, and her demonstrated record of success position her well to lead the next chapter of Carter’s transformation and growth.”

Adjustments to Reported GAAP Results

In addition to the results presented in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements, as presented below. The Company believes these adjustments provide a meaningful comparison of the Company’s results and afford investors a view of what management considers to be the Company’s underlying performance. These measures are presented for informational purposes only. See “Reconciliation of Adjusted Results to GAAP” section of this release for additional disclosures and reconciliations regarding these non-GAAP financial measures.

There were no adjustments in the first quarter of fiscal 2026. First quarter of fiscal 2025 results included pre-tax expenses of $6.1 million related to the retirement of the Company’s previous CEO and $3.2 million related to operating model improvement initiatives.

	Fiscal Quarter Ended
	April 4, 2026								March 29, 2025
(In millions, except earnings per share)	Operating Income		% Net Sales		Net Income		Diluted EPS		Operating Income		% Net Sales		Net Income		Diluted EPS
As reported (GAAP)	$	28.4	4.2	%	$	14.3	$	0.39	$	26.1	4.1	%	$	15.5	$	0.43
Leadership transition costs		—				—		—		6.1				5.8		0.16
Operating model improvement costs		—				—		—		3.2				2.4		0.07
As adjusted	$	28.4	4.2	%	$	14.3	$	0.39	$	35.4	5.6	%	$	23.8	$	0.66

Note: Results may not be additive due to rounding.

Consolidated Results

First Quarter of Fiscal 2026 compared to First Quarter of Fiscal 2025

Net sales increased $51.3 million, or 8.1%, to $681.1 million, compared to $629.8 million in the first quarter of fiscal 2025, reflecting growth in each segment. Net sales in the U.S. Retail, International, and U.S. Wholesale segments grew 12.8%, 14.3%, and 0.5%, respectively. U.S. Retail comparable net sales increased 10.5%. Changes in foreign currency exchange rates used for translation had a favorable effect on consolidated net sales of approximately $5.6 million, or 0.9% in the first quarter of fiscal 2026, as compared to the first quarter of fiscal 2025.

Operating income increased $2.3 million, or 9.0%, to $28.4 million, compared to $26.1 million in the first quarter of fiscal 2025. Operating margin increased to 4.2%, compared to 4.1% in the prior year period, reflecting higher pricing, favorable channel mix, partially offset by incremental tariff costs, inflationary pressure in store-related expenses, as well as the non-recurrence of costs related to leadership transition and operating model improvements in the first quarter of fiscal 2025.

Adjusted operating income (a non-GAAP measure) decreased $6.9 million, or 19.6%, to $28.4 million, compared to $35.4 million in the first quarter of fiscal 2025. Adjusted operating margin decreased to 4.2%, compared to 5.6% in the prior year period, principally due to incremental tariff costs, inflationary pressure in store-related expenses, partially offset by higher pricing, favorable channel mix, and benefits from cost savings initiatives.

Net income decreased $1.2 million to $14.3 million, or $0.39 per diluted share, compared to $15.5 million, or $0.43 per diluted share, in the first quarter of fiscal 2025.

Adjusted net income (a non-GAAP measure) decreased $9.4 million to $14.3 million, compared to $23.8 million in the first quarter of fiscal 2025. Adjusted earnings per diluted share (a non-GAAP measure) was $0.39, compared to $0.66 in the first quarter of fiscal 2025.

Net cash provided by operations in the first quarter of fiscal 2026 was $6.4 million, compared to net cash used in operation of $48.6 million in the prior year period. The improved operating cash flow was primarily driven by higher sell through of inventory during the period, lower days of supply, and the timing of interest payments on our senior notes.

See the “Reconciliation of Adjusted Results to GAAP” sections of this release for additional disclosures regarding non-GAAP measures.

Return of Capital

In the first quarter of fiscal 2026, the Company paid a cash dividend of $0.25 per common share totaling $9.2 million. No shares were repurchased in the first quarter.

Future declarations of quarterly dividends and the establishment of future record and payment dates will be at the discretion of the Company’s Board of Directors based on a number of factors, including business conditions, the Company’s future financial performance, investment priorities, and other considerations.

2026 Business Outlook

We do not reconcile forward-looking adjusted operating income or adjusted diluted earnings per share to their most directly comparable GAAP measures because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations that are not within our control due to factors described above, or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future operating income or diluted EPS, the most directly comparable GAAP metrics to adjusted operating income and adjusted diluted earnings per share, respectively.

The Company’s outlook (and related assumptions) for the second quarter and full-year fiscal 2026 include an anticipated non-GAAP adjustment related to CEO transition costs of approximately $2 million to $3 million. If the Company were to receive refunds of previously paid tariffs, the Company intends to treat such refunds as non-GAAP adjustments in the appropriate period.

For fiscal year 2026 (a 52 week fiscal year), the Company projects approximately:

Low single-digit to mid-single-digit percentage growth in net sales ($2.898 billion in fiscal 2025);
Low single-digit to mid-single-digit percentage growth in adjusted operating income ($176 million in fiscal 2025);
Low double-digit to mid-teens percentage decline in adjusted diluted earnings per share ($3.47 in fiscal 2025);
Operating cash flow of $110 million to $120 million; and
Capital expenditures of $55 million.

The Company’s outlook for fiscal year 2026 assumes (comparisons vs. prior year unless otherwise noted):

Earnings contributions weighted to the second half due to greater projected net impact of tariffs and investment spending in the first half relative to the second half;
Lower gross margin rate, reflecting incremental tariff costs partially offset by higher pricing, other tariff mitigation actions, and productivity savings;
Low-single digit increase in SG&A, reflecting organizational restructuring and store fleet rationalization savings offset by investments in demand creation, information technology, and other cost inflation across the business;
Net interest expense of approximately $40 million, reflecting higher principal amount and coupon rate associated with the refinancing of its senior notes in Q4 2025;
Effective tax rate of approximately 22%; and
Average number of shares outstanding of approximately 36 million.

For the second quarter of fiscal 2026, the Company projects approximately:

Low-single-digit percentage growth in net sales ($585 million in Q2 fiscal 2025);
$11 million to $13 million in adjusted operating income ($12 million in Q2 fiscal 2025); and
$0.02 to $0.06 in adjusted diluted earnings per share ($0.17 in Q2 fiscal 2025).

The Company’s outlook for second quarter fiscal 2026 assumes (comparisons vs. prior year unless otherwise noted):

Earlier Easter holiday (2026 vs 2025);
Lower gross margin rate, reflecting higher net incremental tariff costs, partially offset by higher planned pricing, supply chain mitigation actions, and productivity improvements;
Low single-digit increase in SG&A, reflecting organizational restructuring savings offset by investments in demand creation and other cost inflation across the business;
Net interest expense of approximately $10 million, reflecting higher principal amount and coupon rate associated with the refinancing of its senior notes in Q4 2025;
Average number of shares outstanding of approximately 36 million.

Conference Call

The Company will hold a conference call with investors to discuss first quarter fiscal 2026 results and its business outlook on May 6, 2026 at 8:30 a.m. Eastern Daylight Time. To listen to a live webcast and view the accompanying presentation materials, please visit ir.carters.com and select links for “News & Events” followed by “Events.” To access the call by phone, please preregister on https://register-conf.media-server.com/register/BI8f3f9f0c26574d83b41c9aff8fe5b51e to receive your dial-in number and unique passcode.

A webcast replay will be available shortly after the conclusion of the call at ir.carters.com.

About Carter’s, Inc.

Carter’s, Inc. is North America’s largest and most-enduring apparel company exclusively for babies and young children. The Company’s core brands are Carter’s and OshKosh B’gosh, iconic and among the sector’s most trusted names. These brands are sold through more than 1,000 Company-operated stores in the United States, Canada, and Mexico, and online at www.carters.com, www.oshkosh.com, www.cartersoshkosh.ca, and www.carters.com.mx. Carter’s also is the largest supplier of baby and young children’s apparel to North America’s biggest retailers. The Company’s Child of Mine brand is available exclusively at Walmart, its Just One You brand is available at Target, and its Simple Joys brand is available on Amazon.com. The Company’s emerging brands include Little Planet, crafted with organic fabrics and sustainable materials, Otter Avenue, a toddler-focused apparel brand, and Skip Hop, baby essentials from tubs to toys. Carter’s is headquartered in Atlanta, Georgia. Additional information may be found at www.carters.com.

Forward Looking Statements

Statements in this press release that are not historical fact and use predictive words such as “estimates”, “outlook”, “guidance”, “expect”, “believe”, “intend”, “designed”, “target”, “plans”, “may”, “will”, “are confident” and similar words are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed in this press release. These risks and uncertainties include, but are not limited to, those disclosed in Part II, Item 1A. “Risk Factors” of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 4, 2026 and Part I, Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2026, and otherwise in our reports and filings with the Securities and Exchange Commission, as well as the following factors: changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits; risks related to public health crises; risks related to the organizational restructuring plan, including, but not limited to, our ability to achieve the expected savings from the plan and to fully implement the plan; risks related to consumer tastes and preferences, as well as fashion trends; the failure to protect our intellectual property; the diminished value of our brands, potentially as a result of negative publicity or unsuccessful branding and marketing efforts; delays, product recalls, or loss of revenue due to a failure to meet our quality standards; risks related to uncertainty regarding the future of international trade agreements and the United States’ position on international trade, as well as significant political, trade, and regulatory developments and other circumstances beyond our control; the roll-back of incremental tariffs imposed under the International Emergency Economic Powers Act (the “incremental tariffs”) and any additional actions taken in response to their roll-back, including, but not limited to, tariffs imposed pursuant to Section 122 of the Trade Act of 1974 (the “122 tariffs”) and potential tariffs imposed under Section 301 of the Trade Act of 1974; our ability to recover refunds of incremental tariff amounts or other tariff amounts paid; increased competition in the marketplace; ongoing political and economic conflicts that could impact our global and domestic operations, including, but not limited to, the conflict between the United States, Israel, and Iran; financial difficulties for one or more of our major customers; identification of locations and negotiation of appropriate lease terms for our retail stores; distinct risks facing our eCommerce business; failure to forecast demand for our products and our failure to manage our inventory; increased margin pressures, including increased cost of materials and labor and our inability to successfully increase prices to offset these increased costs; continued inflationary pressures with respect to labor and raw materials and global supply chain constraints that have, and could continue, to affect freight, transit, and other costs; fluctuations in foreign currency exchange rates; unseasonable or extreme weather conditions; risks associated with corporate responsibility issues; our foreign sourcing arrangements; a relatively small number of vendors supply a significant amount of our products; disruptions in our supply chain, including increased transportation and freight costs; our ability to effectively source and manage inventory; problems with our Braselton, Georgia distribution facility; pending and threatened lawsuits; a breach of our information technology systems and the loss of personal data or a failure to implement new information technology systems successfully; unsuccessful expansion into international markets; failure to comply with various laws and regulations; failure to properly manage strategic initiatives; retention of key individuals; acquisition and integration of other brands and businesses; failure to achieve sales growth plans and profitability objectives to support the carrying value of our intangible assets; our continued ability to meet obligations related to our debt; changes in our tax obligations, including additional customs, duties or tariffs; our continued ability to declare and pay a dividend; volatility in the market price of our common stock; and the cost or effort required for our shareholders to bring certain claims or actions against us, as a result of our designation of the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings. Except for any ongoing obligations to disclose material information as required by federal securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The inclusion of any statement in this press release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

CARTER’S, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share data) (unaudited)


	Fiscal Quarter Ended
	April 4, 2026			March 29, 2025
Net sales	$	681,113		$	629,827
Cost of goods sold		387,240			338,737
Gross profit		293,873			291,090
Royalty income, net		4,619			5,332
Selling, general, and administrative expenses		270,049			270,320
Operating income		28,443			26,102
Interest expense		11,757			7,819
Interest income		(3,256	)		(3,142	)
Other expense, net		86			76
Income before income taxes		19,856			21,349
Income tax provision		5,520			5,810
Net income	$	14,336		$	15,539

Basic net income per common share	$	0.39		$	0.43
Diluted net income per common share	$	0.39		$	0.43
Dividend declared and paid per common share	$	0.25		$	0.80

CARTER’S, INC. BUSINESS SEGMENT RESULTS (dollars in thousands) (unaudited)

	Fiscal Quarter Ended
	April 4, 2026			% of Consolidated net sales		March 29, 2025			% of Consolidated net sales
Net sales:
U.S. Retail	$	332,248		48.8	%	$	294,432		46.8	%
U.S. Wholesale		251,406		36.9	%		250,096		39.7	%
International		97,459		14.3	%		85,299		13.5	%
Consolidated net sales	$	681,113		100.0	%	$	629,827		100.0	%

Segment operating income (loss):				Segment operating margin					Segment operating margin
U.S. Retail	$	9,037		2.7	%	$	2,308		0.8	%
U.S. Wholesale		36,784		14.6	%		55,309		22.1	%
International		4,159		4.3	%		(215	)	(0.3	)%
Total segment operating income (loss)	$	49,980		7.3	%	$	57,402		9.1	%

Items not included in segment operating income:				Consolidated operating margin					Consolidated operating margin
Unallocated corporate expenses^(a)	$	(21,537	)	n/a		$	(22,012	)	n/a
Leadership transition costs ^(b)		—		n/a			(6,126	)	n/a
Operating model improvement costs ^(c)		—		n/a			(3,162	)	n/a
Consolidated operating income	$	28,443		4.2	%	$	26,102		4.1	%

(a)	Unallocated corporate expenses include corporate overhead expenses that are not directly attributable to one of our business segments and include unallocated accounting, finance, legal, human resources, and information technology expenses, occupancy costs for our corporate headquarters, and other benefit and compensation programs, including performance-based compensation.
(b)	Related to costs associated with the transition of our former CEO, including accelerated vesting of outstanding time-based restricted stock awards.
(c)	Primarily related to third-party consulting costs.

CARTER’S, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (unaudited)

	April 4, 2026			January 3, 2026			March 29, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	473,435		$	487,075		$	320,794
Accounts receivable, net of allowance for credit losses of $6,018, $7,587, and $5,213, respectively		196,596			178,566			203,873
Finished goods inventories, net of inventory reserves of $12,027, $8,897, and $9,641, respectively		465,876			544,624			474,124
Prepaid expenses and other current assets		75,720			60,508			50,216
Total current assets		1,211,627			1,270,773			1,049,007
Property, plant, and equipment, net of accumulated depreciation of $617,458, $609,059, and $612,079, respectively		179,038			186,307			179,247
Operating lease assets		578,585			591,806			568,856
Tradenames, net		268,600			268,659			268,836
Goodwill		208,413			208,994			207,125
Customer relationships, net		19,249			20,128			22,672
Other assets		18,643			18,803			36,057
Total assets	$	2,484,155		$	2,565,470		$	2,331,800

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	188,692		$	235,700		$	199,056
Current operating lease liabilities		133,384			136,488			125,556
Other current liabilities		111,349			133,809			84,734
Total current liabilities		433,425			505,997			409,346
Long-term debt, net		567,487			567,173			498,328
Deferred income taxes		42,910			39,380			45,300
Long-term operating lease liabilities		495,442			508,461			498,628
Other long-term liabilities		16,434			19,411			32,953
Total liabilities	$	1,555,698		$	1,640,422		$	1,484,555

Commitments and contingencies

Shareholders’ equity:
Preferred stock; par value $0.01 per share; 100,000 shares authorized; none issued or outstanding	$	—		$	—		$	—
Common stock, voting; par value $0.01 per share; 150,000,000 shares authorized; 36,850,117, 36,425,877, and 36,237,114 shares issued and outstanding, respectively		369			364			362
Additional paid-in capital		20,251			19,584			9,385
Accumulated other comprehensive loss		(26,740	)		(24,361	)		(43,066	)
Retained earnings		934,577			929,461			880,564
Total shareholders’ equity		928,457			925,048			847,245
Total liabilities and shareholders’ equity	$	2,484,155		$	2,565,470		$	2,331,800

CARTER’S, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) (unaudited)

	Fiscal Quarter Ended
	April 4, 2026			March 29, 2025
Cash flows from operating activities:
Net income	$	14,336		$	15,539
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of property, plant, and equipment		12,684			12,340
Amortization of intangible assets		941			914
Provision for excess and obsolete inventory, net		3,140			1,385
Amortization of debt issuance costs		568			415
Stock-based compensation expense		3,684			9,753
Unrealized foreign currency exchange loss (gain), net		95			(295	)
Recoveries of doubtful accounts receivable from customers		(1,558	)		(454	)
Unrealized gain on investments		(460	)		(329	)
Deferred income taxes expense		3,645			6,572
Other operating items, net		(547	)		—
Effect of changes in operating assets and liabilities:
Accounts receivable		(16,573	)		(8,603	)
Finished goods inventories		74,994			27,122
Prepaid expenses and other assets		(14,991	)		(19,035	)
Accounts payable and other liabilities		(73,541	)		(93,968	)
Net cash provided by (used in) operating activities	$	6,417		$	(48,644	)

Cash flows from investing activities:
Capital expenditures	$	(6,960	)	$	(10,346	)
Net cash used in investing activities	$	(6,960	)	$	(10,346	)

Cash flows from financing activities:
Dividends paid	$	(9,220	)	$	(28,999	)
Withholdings from vesting of restricted stock		(3,012	)		(4,222	)
Other		—			(370	)
Net cash used in financing activities	$	(12,232	)	$	(33,591	)

Net effect of exchange rate changes on cash and cash equivalents		(865	)		449
Net decrease in cash and cash equivalents	$	(13,640	)	$	(92,132	)
Cash and cash equivalents, beginning of period		487,075			412,926
Cash and cash equivalents, end of period	$	473,435		$	320,794

CARTER’S, INC. RECONCILIATION OF ADJUSTED RESULTS TO GAAP (dollars in millions, except earnings per share) (unaudited)

	Fiscal Quarter Ended March 29, 2025
	SG&A			% Net Sales		Operating Income		% Net Sales		Income Taxes		Net Income		Diluted EPS
As reported (GAAP)	$	270.3		42.9	%	$	26.1	4.1	%	$	5.8	$	15.5	$	0.43
Operating model improvement costs ^(b)		(3.2	)				3.2				0.8		2.4		0.07
Leadership transition costs ^(c)		(6.1	)				6.1				0.3		5.8		0.16
As adjusted^(a)	$	261.0		41.4	%	$	35.4	5.6	%	$	6.9	$	23.8	$	0.66

	Fiscal Quarter Ended June 28, 2025
	SG&A			% Net Sales		Operating Income		% Net Sales		Income Taxes		Net Income		Diluted EPS
As reported (GAAP)	$	281.0		48.0	%	$	4.0	0.7	%	$	1.3	$	0.4	$	0.01
Operating model improvement costs ^(b)		(6.6	)				6.6				1.6		5.0		0.14
Leadership transition costs ^(c)		(1.1	)				1.1				0.3		0.8		0.02
As adjusted ^(a)	$	273.3		46.7	%	$	11.8	2.0	%	$	3.1	$	6.3	$	0.17

	Fiscal Year Ended January 3, 2026 (53 weeks)
	SG&A			% Net Sales		Operating Income		% Net Sales		Income Taxes			Net Income		Diluted EPS
As reported (GAAP)	$	1,188.8		41.0	%	$	143.9	5.0	%	$	22.0		$	91.8	$	2.53
Operating model improvement costs^(b)		(14.2	)				14.2				3.4			10.8		0.30
Organizational restructuring^(d)		(9.8	)				9.8				2.4			7.5		0.20
Leadership transition costs^(c)		(8.1	)				8.1				0.7			7.3		0.20
Pension plan settlement^(e)		—					—				2.1			6.7		0.18
Loss on extinguishment of debt^(f)		—					—				0.4			1.3		0.03
Deferred compensation plan termination^(g)		—					—				(0.8	)		0.8		0.03
As adjusted ^(a)	$	1,156.7		39.9	%	$	176.0	6.1	%	$	30.3		$	126.1	$	3.47

(a)	In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present SG&A, operating income, income taxes, net income, and net income on a diluted share basis excluding the adjustments discussed above. The Company believes these adjustments provide a meaningful comparison of the Company’s results and afford investors a view of what management considers to be the Company’s core performance. The adjusted, non-GAAP financial measurements included in this earnings release should not be considered as an alternative to net income or as any other measurement of performance derived in accordance with GAAP. The adjusted, non-GAAP financial measurements are presented for informational purposes only and are not necessarily indicative of the Company’s future condition or results of operations.
(b)	Primarily related to third-party consulting costs.
(c)	Related to costs associated with the transition of our former CEO, including accelerated vesting of outstanding time-based restricted stock awards.
(d)	Related to charges for severance and other termination benefits as a result of organizational restructuring.
(e)	Non-cash charges for settlement of the OshKosh B’Gosh Pension Plan.
(f)	Related to redemption of the $500 million senior notes due 2027 and cash-flow based revolving credit facility.
(g)	Incremental income tax impact resulting from the announced termination of the Company’s deferred compensation plan.


Note: No adjustments were made to GAAP results in the first quarter of fiscal 2026. Results may not be additive due to rounding.

CARTER’S, INC. RECONCILIATION OF NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS (unaudited)

	Fiscal Quarter Ended
	April 4, 2026			March 29, 2025
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding		35,493,430			35,312,090
Dilutive effect of equity awards		2,545			1,923
Diluted number of common and common equivalent shares outstanding		35,495,975			35,314,013
As reported on a GAAP Basis:
(dollars in thousands, except per share data)
Basic net income per common share:
Net income	$	14,336		$	15,539
Income allocated to participating securities		(393	)		(285	)
Net income available to common shareholders	$	13,943		$	15,254
Basic net income per common share	$	0.39		$	0.43
Diluted net income per common share:
Net income	$	14,336		$	15,539
Income allocated to participating securities		(393	)		(285	)
Net income available to common shareholders	$	13,943		$	15,254
Diluted net income per common share	$	0.39		$	0.43
As adjusted (a):
Basic net income per common share:
Net income	$	14,336		$	23,750
Income allocated to participating securities		(393	)		(468	)
Net income available to common shareholders	$	13,943		$	23,282
Basic net income per common share	$	0.39		$	0.66
Diluted net income per common share:
Net income	$	14,336		$	23,750
Income allocated to participating securities		(393	)		(468	)
Net income available to common shareholders	$	13,943		$	23,282
Diluted net income per common share	$	0.39		$	0.66

(a)	In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present per share data excluding the adjustments discussed above. The Company has excluded $8.2 million in after-tax expenses from these results for the fiscal quarter ended March 29, 2025.

Note: Results may not be additive due to rounding.

CARTER’S, INC. RECONCILIATION OF ADJUSTED RESULTS TO GAAP (dollars in millions) (unaudited) The following table provides a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods indicated:

	Fiscal Quarter Ended						Four Fiscal Quarters Ended
	April 4, 2026			March 29, 2025			April 4, 2026
Net income	$	14.3		$	15.5		$	90.6
Interest expense		11.8			7.8			38.2
Interest income		(3.3	)		(3.1	)		(13.6	)
Income tax provision		5.5			5.8			21.7
Depreciation and amortization		13.6			13.3			55.6
EBITDA	$	42.0		$	39.3		$	192.6

Adjustments to EBITDA
Leadership transition costs ^(a)	$	—		$	6.1		$	1.9
Operating model improvement costs ^(b)		—			3.2			11.0
Organizational restructuring ^(c)		—			—			9.8
Loss on extinguishment of debt ^(d)		—			—			1.7
Pension plan settlement ^(e)		—			—			8.8
Total adjustments		—			9.3			33.2
Adjusted EBITDA	$	42.0		$	48.6		$	225.8

(a)	Related to costs associated with the transition of our former CEO, including accelerated vesting of outstanding time-based restricted stock awards.
(b)	Primarily related to third-party consulting costs.
(c)	Related to charges for severance and other termination benefits as a result of organizational restructuring.
(d)	Related to redemption of the $500 million senior notes due 2027 and cash-flow based revolving credit facility.
(e)	Non-cash charges for settlement of the OshKosh B’Gosh Pension Plan.

Note: Results may not be additive due to rounding.

EBITDA and Adjusted EBITDA are supplemental financial measures that are not defined or prepared in accordance with GAAP. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items described in footnotes (a) – (e) to the table above.

We present EBITDA and Adjusted EBITDA because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. These measures also afford investors a view of what management considers to be the Company’s core performance.

The use of EBITDA and Adjusted EBITDA instead of net income or cash flows from operations has limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP. EBITDA and Adjusted EBITDA do not represent net income or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. While EBITDA, Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation. EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as discretionary cash available to us for working capital, debt service and other purposes.

CARTER’S, INC. RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (dollars in millions) (unaudited) The table below reflects the calculation of constant currency net sales on a consolidated and International segment basis for the fiscal quarter ended April 4, 2026:

	Fiscal Quarter Ended
	Reported Net Sales April 4, 2026		Impact of Foreign Currency Translation		Constant-Currency Net Sales April 4, 2026		Reported Net Sales March 29, 2025		Reported Net Sales % Change		Constant-Currency Net Sales % Change

Consolidated net sales	$	681.1	$	5.6	$	675.5	$	629.8	8.1	%	7.3	%
International segment net sales	$	97.5	$	5.6	$	91.9	$	85.3	14.3	%	7.7	%

The Company evaluates its net sales on both an “as reported” and a “constant currency” basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates that occurred between the comparative periods. Constant currency net sales results are calculated by translating current period net sales in local currency to the U.S. dollar amount by using the currency conversion rate for the prior comparative period. The Company consistently applies this approach to net sales for all countries where the functional currency is not the U.S. dollar. The Company believes that the presentation of net sales on a constant currency basis provides useful supplemental information regarding changes in our net sales that were not due to fluctuations in currency exchange rates and such information is consistent with how the Company assesses changes in its net sales between comparative periods. Note: Results may not be additive due to rounding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260505796223/en/

Contact:

T.C. Robillard

Vice President, Investor Relations

[email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Fashion Online Retail Retail Consumer Children Specialty Baby/Maternity

MEDIA:

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May 6, 2026 6:05 am

Organigram to Report Second Quarter Fiscal 2026 Results on May 12th, 2026

Organigram to Report Second Quarter Fiscal 2026 Results on May 12th, 2026

TORONTO–(BUSINESS WIRE)–
Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”), Canada’s #1 cannabis company by market share, announced today it will report earnings results for its second quarter fiscal 2026 ended March 31, 2026, on Tuesday, May 12, 2026, prior to market open.

The Company will host a conference call to discuss its results with details as follows:

Date: Tuesday, May 12, 2026

Time: 8:00 am Eastern Time

To register for the conference call, please use this link:

https://events.q4inc.com/analyst/574618022?pwd=FVnom6fM

To ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call.

To access the webcast:

https://events.q4inc.com/attendee/574618022

Participants will receive their details via email.

A replay of the webcast will be available within 24 hours after the conclusion of the call at https://www.organigram.ca/investors and will be archived for a period of 90 days following the call.

About Organigram

Organigram Global Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiaries include Organigram Inc., a licensed cultivator and processor. Through its acquisition of Collective Project Limited, Organigram Global participates in the US and Canadian cannabinoid beverages markets.

Organigram is focused on producing high-quality cannabis for adult consumers, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed and acquired a portfolio of cannabis brands, including Edison, Big Bag O’ Buds, SHRED, Monjour, Tremblant, Collective Project, Trailblazer, BOXHOT and DEBUNK. Organigram operates facilities in Moncton, New Brunswick and Lac Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company also operates two additional cannabis processing facilities in Southwestern Ontario; one in Aylmer and the other in London. The facility in Aylmer houses best-in-class extraction capabilities, and is optimized for formulation refinement, post-processing of minor cannabinoids, and infused pre-roll production. The facility in London will be optimized for labelling, packaging, and national fulfillment. The Company is regulated by Health Canada under the Cannabis Act and the Cannabis Regulations.

Forward-Looking Information

This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information including expectations regarding market performance, involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram Global to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include factors and risks disclosed in the Company’s most recent annual information form, management’s discussion and analysis, and other Company documents filed from time to time on SEDAR+ (see www.sedarplus.ca) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release are made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260505667486/en/

For Investor Relations enquiries:

Max Schwartz, Director of Investor Relations

[email protected]

KEYWORDS: United States North America Canada

INDUSTRY KEYWORDS: Cannabis Natural Resources

MEDIA:

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May 6, 2026 6:05 am

BlackRock Aladdin Expands Private Credit Solutions on Preqin for Greater Transparency and Insights across the Asset Class

BlackRock Aladdin Expands Private Credit Solutions on Preqin for Greater Transparency and Insights across the Asset Class

Preqin expands private credit data across closed‑end, BDC and semi‑liquid vehicles, adds analytics and research products to unlock insights on a single platform

LONDON–(BUSINESS WIRE)–
BlackRock Aladdin today announced new private credit capabilities on Preqin, marking the first step in a broader effort to bring greater transparency, analytical depth, and a single connected view of data to the private credit space. With an expansion of private credit data, benchmarks and analytics, Preqin Pro enables investors to analyze market trends, fund dynamics and underlying assets together, across closed‑end funds, Business Development Companies (BDCs) and semi‑liquid vehicles, all within a unified research and analytics experience.

As private credit markets scale and diversify, clients are seeking clearer, more connected insights across liquidity, risk and performance. The latest enhancements to Preqin begin to address a market gap, delivering consistent, standardized intelligence across private credit that underscores BlackRock’s commitment to evolving its global platform to meet client needs across their entire portfolio.

“Private credit is becoming a core part of portfolios, but the data remains fragmented, making it difficult for investors to understand their risk and benchmark their performance,” said Kunal Khara, Global Head of Aladdin Product at BlackRock. “This expansion brings together Aladdin technology with Preqin and eFront data and analytics to create a more unified, transparent and robust view of private credit. It’s another step toward our mission to build a more connected ecosystem that helps clients better understand risk, performance and opportunity across their whole portfolio.”

The new private credit suite available today includes:

Creating a holistic view of the private credit market from fund to asset across fund types,strategies, asset types and issuers, spanning closed-end funds, BDCs and other semi-liquid structures.

New asset-level benchmarks introduce standardized ways that converge the full spectrum of the BDC and closed ended universes, now allowing users to assess risk and performance trends across money multiples, valuation trends, leverage ratios, defaults and recoveries, equity cushion multiples and borrower financials.

Enhanced BDC analytics, leveraging Aladdin technology to move beyond fund-level reporting and static reporting, and provide insight into underlying exposures, risk and performance.

Integrated AI-powered analytics and research enable users to interrogate market, fund and asset data within a single environment, synthesize with custom visual insights.

This launch is the first in a series of product enhancements that will deliver on Aladdin’s mission to help clients capture the expanding opportunity in private credit, aiming to bring a greater level of transparency through data, analytics and reporting across the whole portfolio.

The enhanced private credit capabilities support a broad range of market participants. For LPs, analytics‑led insight embedded in the platform provides clearer visibility into performance, risk, liquidity and exposure, while service providers gain a consistent, market wide view to support valuation, advisory, regulatory, and transaction workflows. For GPs, the platform connects standardized, cleaned, and benchmarked loan‑level data across BDCs and closed‑ended private credit to support investment decisions and risk management.

About Aladdin® by BlackRock

BlackRock Aladdin®—inclusive of the Aladdin platform, eFront®, Aladdin Wealth™, and Preqin—empowers institutional investors to make more informed decisions by providing a common data language across the whole portfolio.

Used by asset managers and owners including banks, financial institutions, pensions, corporations, insurers, and wealth managers, our technology enables clients to manage the entire process from building portfolios and managing performance to operations and accounting. With Preqin, our integrated tech and data solutions support clients across the pre- and post-investment cycles. Complemented by our interconnected ecosystem of partners, BlackRock Aladdin helps firms stay agile as market dynamics and client demands evolve.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506612480/en/

Mimi Celeste Taylor

[email protected]

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Finance Professional Services Technology Fintech Software

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Posted on May 6, 2026 6:05 am
NW Natural Holdings Reports Strong First Quarter 2026 Results

NW Natural Holdings Reports Strong First Quarter 2026 Results

PORTLAND, Ore.–(BUSINESS WIRE)–
Northwest Natural Holding Company (NYSE: NWN) (NW Natural Holdings or the Company) reported financial results and highlights including:

First Quarter 2026 Highlights

Reported earnings per share (EPS) of $2.33 for the first quarter of 2026, compared to EPS of $2.18 and adjusted EPS¹of $2.28 for the same period in 2025

Added over 26,000 gas and water utility connections over the 12 months ended March 31, 2026 for a growth rate of 2.8%, driven by both acquisitions and organic customer growth of 1.8%

Invested $114 million in our gas and water systems to support greater reliability and resiliency

2026 Guidance and Long-term Growth Targets Reaffirmed

2026 EPS guidance of $2.95 – $3.15

Expect rate base growth of 6% – 8% through 2030 driven by planned cap-ex of $2.6 – $2.9 billion from 2026 – 2030

Long-term EPS growth rate target of 4% – 6%² and potential to increase to 5% – 7%² with MX3 gas storage project

“I’m pleased with our strong first‑quarter results, which put us on solid footing for the year,” said Justin Palfreyman, President and CEO of NW Natural Holding Company. “These results reflect our continued focus on building a consistent track record of disciplined execution. We made progress on our key regulatory initiatives and delivered solid operational performance, efficient capital investment, and healthy customer growth across all three of our regulated utility businesses. Additionally, our MX3 gas storage expansion project is on track and continues to build momentum. We remain confident in our strategy and our ability to deliver long‑term value to stakeholders.”

FIRST QUARTER RESULTS

NW Natural Holdings’ first quarter results are summarized below:

Three Months Ended March 31,

In thousands, except per share data

2026

2025

Change

Net income

$97,489

$87,916

$9,573

EPS

2.33

2.18

0.15

Adjusted net income¹

97,489

91,802

5,687

Adjusted EPS¹

2.33

2.28

0.05

¹

See “Non-GAAP Financial Measures” and “Reconciliation to GAAP” for a definition and further information on adjusted net income and adjusted EPS. Adjusted Q1 2025 net income and adjusted EPS exclude transaction and business development costs including the effects of the SiEnergy transaction.

²

EPS growth forecasted for period 2026 – 2030 compounded annually; EPS growth rate uses adjusted 2025 EPS as base year. Long-term growth rate target with MX3 assumes in-service date prior to the end of 2029. NW Natural Holdings does not provide a reconciliation of the adjusted EPS growth rate target to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items.

KEY EVENTS

Reached Settlement in NW Natural’s Washington General Rate Case

On March, 23, 2026, NW Natural Gas Company (NW Natural) filed a multi-party settlement with the Washington Utilities and Transportation Commission (WUTC) that addresses all the revenue requirement items in the multi-year general rate case. The settlement provides increases to the annual revenue requirement over three years, consisting of a $20.1 million revenue increase in the first year beginning Aug. 1, 2026, a $7.7 million revenue increase in the second year, and an $8.7 million revenue increase in the third year. The settlement includes a capital structure of 50% common equity and 50% long-term debt, a return on equity of 9.5%, and an overall cost of capital of 7.15% beginning in the first year and growing to 7.22% in the third year. Rate base is $328.0 million in the first year, or an increase of $80.7 million since the last rate case. The settlement is subject to the review and approval of the WUTC. New rates are expected to be effective Aug. 1, 2026.

SiEnergy Filed a General Rate Case

On May 4, 2026, SiEnergy filed a general rate case with the Texas Railroad Commission (RRC). The filing requests the consolidation of SiEnergy and the Pines gas entities, a $12.0 million revenue increase, a capital structure of 60% common equity and 40% long-term debt, an 8.73% cost of capital, and a 10.75% return on equity. The filing includes rate base of $343.1 million or an increase of $176.9 million since the last rate case. SiEnergy is requesting the factors necessary to file for interim rate adjustments under the Gas Reliability Infrastructure Program (GRIP). New rates are expected to be effective in the fourth quarter of 2026.

Continued Progress on MX3 Storage Expansion Project

NW Natural continues to make progress on the 4 – 5 Bcf expansion of its Mist gas storage facility, including receiving the necessary permits and working on Engineering, Procurement and Construction (EPC) contracts. These new storage services will be regulated by FERC. Customers have agreed to a fixed 12.5% return on equity, and a capital structure of 50% equity and 50% long-term debt. Capital expenditures for the project are expected to total approximately $300 million. NW Natural continues to expect Notice to Proceed by late 2027 and MX3 to be in service by the end of 2029.

2026 GUIDANCE AND LONG-TERM TARGETS

We are reaffirming our 2026 guidance and long-term targets. This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or assumed outcomes, or significant local, state or federal laws, legislation or regulations. Required funds for the capital expenditures are expected to be internally generated or financed with long-term debt or equity, as appropriate.

Guidance

2026

Guidance

(Unchanged)

2025

Actual

EPS

$2.95 – $3.15

$2.93¹

Capital Expenditures

$500 – $550 million

$467 million

Long-term Targets

2026 – 2030²(Unchanged)

EPS Growth

4.0% – 6.0%

Capital Expenditures

$2.6 – $2.9 billion

Rate Base

6.0% – 8.0%

Customer Growth

2.0% – 3.0%

1

See “Non-GAAP Financial Measures” and “Reconciliation to GAAP” for a definition and further information on adjusted EPS. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures calculated in accordance with U.S. GAAP. Non-GAAP financial measures are used to analyze our financial performance because we believe they provide useful information to our investors and creditors in evaluating our financial condition and results of operations.

2

EPS growth forecasted for period 2026 – 2030 compounded annually; EPS growth rate uses adjusted 2025 EPS as the base year.

FIRST QUARTER RESULTS

NW Natural Holdings’ first quarter results are summarized by business segment in the table below. Previously the NWN Gas Utility segment excluded certain gas storage and business activities for NW Natural, which were included in the Other segment. As of the first quarter of 2026, these activities are included along with the NWN Gas Utility activities and presented as the NW Natural segment. NW Holdings and NW Natural historical segment reporting has been recast to reflect their current organizational structure.

Three Months Ended March 31,

2026

2025

Change

In thousands, except per share data

Amount

Per Share¹

Amount

Per Share¹

Amount

Per Share

Net income (loss):

NW Natural

$93,749

$2.24

$91,039

$2.26

$2,710

($0.02

)

SiEnergy

9,090

0.22

5,505

0.14

3,585

0.08

NWN Water

1,431

0.03

1,688

0.04

(257

)

(0.01

)

Other

(6,781

)

(0.16

)

(10,316

)

(0.26

)

3,535

0.10

Consolidated

$97,489

$2.33

$87,916

$2.18

$9,573

$0.15

Adjusted net income (loss):

NW Natural

$93,749

$2.24

$91,039

$2.26

$2,710

($0.02

)

SiEnergy

9,090

0.22

5,505

0.14

3,585

0.08

NWN Water

1,431

0.03

1,688

0.04

(257

)

(0.01

)

Other²

(6,781

)

(0.16

)

(6,430

)

(0.16

)

(351

)

—

Consolidated²

$97,489

$2.33

$91,802

$2.28

$5,687

$0.05

Diluted Shares

41,816

40,304

1,512

1

Segment EPS is a non-GAAP financial measure, which takes segment net income calculated in accordance with GAAP and divides it by the diluted shares outstanding of NW Natural Holdings. See “Non-GAAP Financial Measures” for additional information. The reconciliation of segment EPS to consolidated NW Natural Holdings EPS is shown in the table above.

2

See “Non-GAAP Financial Measures” and “Reconciliation to GAAP” for additional information on Other and consolidated adjusted net income and adjusted EPS.

NW Natural net income increased $2.7 million (or decreased $0.02 per share). Margin increased due to new rates from the Oregon rate case effective Oct. 31, 2025 and net income increased due to a lower income tax rate. These drivers were partially offset by higher depreciation and operations and maintenance (O&M) expense, as well as the impact of financing activities including higher interest expense and share issuances.

SiEnergy net income increased $3.6 million (or $0.08 per share) driven in part by customer growth and investments in the system. Additionally, the first quarter of 2026 reflected a full quarter of both SiEnergy (acquired on Jan. 7, 2025) and Pines (acquired on June 2, 2025) net income, which had a positive effect on year-over-year results.

NWN Water net income decreased $0.3 million (or $0.01 per share) mainly reflecting higher O&M expense to support growth and depreciation expense, partially offset by higher operating revenues driven by healthy organic customer growth and acquisitions.

Othernet loss decreased $3.5 million (or $0.10 per share). On an adjusted basis, which excludes the SiEnergy transaction costs in the first quarter 2025, net loss decreased $0.4 million (flat on a per share basis).

DIVIDEND DECLARED

The board of directors of NW Natural Holdings declared a quarterly dividend of $0.4925 per share on the Company’s common stock. The dividend is payable on May 15, 2026 to shareholders of record on April 30, 2026. The Company’s current indicated annual dividend rate is $1.97 per share. Future dividends are subject to board of director discretion and approval.

CONFERENCE CALL AND WEBCAST

As previously announced, NW Natural Holdings will host a conference call and webcast today to discuss its first quarter 2026 financial and operating results.

Date and Time:

Wednesday, May 6, 2026

8 a.m. PT (11 a.m. ET)

Phone Numbers:

1-833-461-5787

Meeting ID: 913916145

The call will also be webcast in a listen-only format for the media and general public and can be accessed at ir.nwnaturalholdings.com. A replay of the conference call will be available on our website as well.

ABOUT NW NATURAL HOLDINGS

NW Natural Holding Company (NYSE: NWN) is headquartered in Portland, Oregon and has operated for more than 167 years. It owns Northwest Natural Gas Company (NW Natural), the Company’s long-standing natural gas utility serving the Pacific Northwest; SiEnergy Operating, LLC (SiEnergy), a fast-growing natural gas utility serving key Texas markets; NW Natural Water Company (NW Natural Water), an expanding water and wastewater utility; and additional business interests. Together, NW Natural Holdings provides essential energy and water services to nearly one million customers across seven states. The Company has a longstanding commitment to safety, environmental stewardship and supporting its employees and communities, and consistently leads the industry in J.D. Power customer satisfaction. Additional information is available at nwnaturalholdings.com.

FORWARD-LOOKING STATEMENTS

This press release, and other presentations made by NW Holdings from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “assumes,” “continues,” “could,” “should,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “forecasts,” “will” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, assumptions, estimates, expectations, forecasts, outlooks, timing, goals, strategies, commitments, future events, financial positions, financial performance, investments, valuations, timing and amount of capital expenditures, targeted capital structure, risks, risk profile, stability, acquisitions and timing, approval, completion and integration thereof, the likelihood and success associated with any transaction, strategic fit, utility system, technology and infrastructure investments, expected timing of notice to proceed, the initiation of construction, expected in service date and capital expenditure requirements for MX3, system modernization, reliability and resiliency, global, national and local economies, economic and GDP growth, customer and business growth, continued expansion of service territories, rate base growth, customer backlog, growth opportunities, customer satisfaction ratings, weather, performance and service during weather events, customer rates or rate recovery and the timing and magnitude of potential rate changes and the potential outcome of rate cases, environmental remediation cost recoveries, environmental initiatives, decarbonization and the role of natural gas and the gas delivery system, including decarbonization goals and timelines, energy efficiency measures, use of renewable sources, renewable natural gas purchases, projects, investments and other renewable initiatives, and timing, magnitude and completion thereof, unregulated renewable natural gas strategy and initiatives, hydrogen projects or investments and timing, magnitude, approvals and completion thereof, procurement of renewable natural gas or hydrogen for customers, technology and policy innovations, strategic goals and visions, water, wastewater and water services acquisitions, personnel additions, partnerships, investment strategy, regulatory strategy, and financial effects of water, wastewater and water services acquisitions, expected growth and safety benefits of facility upgrade investments, operating plans of third parties, financial targets, financial results, including estimated income, availability and sources of liquidity, capital markets, financing transactions, expenses, positions, revenues, returns, cost of capital, timing, and earnings, earnings guidance and estimated future growth rates, credit ratings, debt and equity issuances and timing, future dividends, commodity costs and sourcing, asset management activities, regulatory environment, performance, timing, outcome, or effects of regulatory proceedings or mechanisms or approvals, rate case execution, regulatory prudence reviews, anticipated regulatory actions or filings, accounting treatment of future events, economic and political conditions, effects of legislation or changes in laws or regulations, impact of the current U.S. presidential administration and Congress, inflation, geopolitical uncertainty and other statements that are other than statements of historical facts.

Forward-looking statements are based on current expectations and assumptions regarding its business, the economy, geopolitical factors, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated by the forward-looking statements. You are therefore cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future operational, economic or financial performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A “Risk Factors”, and Part II, Item 7 and Item 7A “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosure about Market Risk” in the most recent Annual Report on Form 10-K and in Part I, Items 2 and 3 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk”, and Part II, Item 1A, “Risk Factors”, in the quarterly reports filed thereafter, which, among others, outline legal, regulatory and legislative risks, financial, macroeconomic and geopolitical risks, growth and strategic risks, operational risks, business continuity and technology risks, environmental risks and risks related to our water and renewables businesses.

All forward-looking statements made in this report and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of NW Holdings or NW Natural, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and NW Holdings and NW Natural undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. New factors emerge from time to time and it is not possible to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.

NON-GAAP FINANCIAL MEASURES

Management uses “adjusted net income”, “adjusted earnings per share,” “adjusted segment net loss,” “segment earnings per share” and “adjusted segment earnings per share,” each of which are non-GAAP financial measures, when evaluating NW Natural Holdings’ overall performance. Management uses non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results and can affect the comparison of period-over-period results. These adjustments may include transaction and business development costs primarily consisting of professional fees including legal, accounting, financial and other professional fees incurred in connection with business combinations and business development activities. In addition to presenting the results of operations and earnings amounts in total, certain financial measures are expressed in cents per share, which are non-GAAP financial measures. All references to EPS are on the basis of diluted shares.

Such non-GAAP financial measures are used to analyze our financial performance because we believe they provide useful information to our investors and creditors in evaluating our financial condition and results of operations. Our non-GAAP financial measures should not be considered a substitute for, or superior to, measures calculated in accordance with U.S. GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than how such measures are calculated in this report, limiting the usefulness of those measures for comparative purposes. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the tables below.

NORTHWEST NATURAL HOLDINGS

Consolidated Income Statement and Financial Highlights (Unaudited)

First Quarter 2026

Three Months Ended

In thousands, except per share amounts, customer, and degree day data

March 31,

2026

2025

Operating revenues

$490,403

$494,284

Operating expenses:

Cost of gas

158,149

172,991

Operations and maintenance

83,109

83,683

Environmental remediation

6,325

6,253

General taxes

16,343

15,771

Revenue taxes

18,100

19,405

Depreciation

44,134

40,500

Other operating expenses

1,375

1,327

Total operating expenses

327,535

339,930

Income from operations

162,868

154,354

Other income (expense), net

512

(2,516

)

Interest expense, net

33,352

29,395

Income before income taxes

130,028

122,443

Income tax expense

32,539

34,527

Net income

$97,489

$87,916

Common shares outstanding:

Average diluted for period

41,816

40,304

End of period

42,080

40,309

Per share of common stock information:

Diluted earnings

$2.33

$2.18

Dividends paid per share

0.4925

0.4900

Capital structure, end of period:

Common stock equity

37.7

%

38.7

%

Long-term debt (including junior subordinated notes)

54.4

58.2

Short-term debt (including current maturities of long-term debt)

7.9

3.1

Total

100.0

%

100.0

%

Operating Statistics

Meters

NW Natural

811,089

807,426

SiEnergy

92,754

73,077

NWN Water

81,237

78,052

Total meters – end of period

985,080

958,555

NW Natural Margin

Operating revenues

$433,896

$448,813

Less: Cost of gas

140,144

159,436

Less: Environmental remediation expense

6,325

6,253

Less: Revenue taxes

17,037

18,565

NW Natural margin

$270,390

$264,559

SiEnergy Margin

Operating revenues

$31,695

$22,666

Less: Cost of gas

12,279

8,303

Less: Revenue taxes

961

779

SiEnergy margin

$18,455

$13,584

NORTHWEST NATURAL HOLDINGS

Consolidated Balance Sheets (Unaudited)

March 31,

In thousands

2026

2025

Assets:

Current assets:

Cash and cash equivalents

$34,945

$100,050

Accounts receivable

150,545

154,746

Accrued unbilled revenue

61,236

59,936

Allowance for uncollectible accounts

(4,510

)

(4,427

)

Regulatory assets

146,545

88,623

Derivative instruments

2,719

4,363

Inventories

134,745

90,334

Other current assets

57,895

46,275

Total current assets

584,120

539,900

Non-current assets:

Property, plant, and equipment

5,722,356

5,268,063

Less: Accumulated depreciation

1,300,897

1,266,222

Total property, plant, and equipment, net

4,421,459

4,001,841

Regulatory assets

637,563

371,258

Derivative instruments

459

864

Other investments

69,441

82,663

Operating lease right of use asset, net

68,113

70,455

Assets under sales-type leases

120,450

124,623

Goodwill

371,257

354,534

Other non-current assets

146,105

160,754

Total non-current assets

5,834,847

5,166,992

Total assets

$6,418,967

$5,706,892

Liabilities and equity:

Current liabilities:

Short-term debt

$171,276

$81,100

Current maturities of long-term debt

160,669

36,838

Accounts payable

124,844

132,814

Taxes accrued

17,197

24,115

Interest accrued

22,036

16,297

Regulatory liabilities

113,914

111,050

Derivative instruments

42,097

26,122

Operating lease liabilities

3,270

2,662

Other current liabilities

75,225

82,958

Total current liabilities

730,528

513,956

Long-term debt

2,272,444

2,193,071

Deferred credits and other non-current liabilities:

Deferred tax liabilities

467,134

424,338

Regulatory liabilities

762,429

730,084

Pension and other postretirement benefit liabilities

108,929

127,853

Derivative instruments

17,318

8,224

Operating lease liabilities

74,918

77,226

Other non-current liabilities

408,366

175,922

Total deferred credits and other non-current liabilities

1,839,094

1,543,647

Equity:

Common stock

1,069,314

992,278

Retained earnings

512,213

470,795

Accumulated other comprehensive loss

(4,626

)

(6,855

)

Total equity

1,576,901

1,456,218

Total liabilities and equity

$6,418,967

$5,706,892

NORTHWEST NATURAL HOLDINGS

Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended March 31,

In thousands

2026

2025

Operating activities:

Net income

$97,489

$87,916

Adjustments to reconcile net income to cash provided by operations:

Depreciation

44,134

40,500

Amortization

6,131

5,583

Deferred income taxes

24,998

23,997

Qualified defined benefit pension plan expense

2,307

2,719

Contributions to qualified defined benefit pension plans

(2,900

)

(2,610

)

Deferred environmental expenditures, net

(6,079

)

(6,991

)

Environmental remediation expense

6,325

6,253

Asset optimization revenue sharing bill credits

(23,156

)

(15,549

)

Other

4,207

3,016

Changes in assets and liabilities:

Receivables, net

21,656

15,509

Inventories

(7,598

)

18,279

Income and other taxes

13,408

18,084

Accounts payable

(31,219

)

4,187

Deferred gas costs

(29,651

)

(16,959

)

Asset optimization revenue sharing

4,297

4,357

Decoupling mechanism

(15,803

)

(1,422

)

Cloud-based software

(2,490

)

(2,195

)

Regulatory accounts

13,208

2,155

Other, net

(3,137

)

(7,219

)

Cash provided by operating activities

116,127

179,610

Investing activities:

Capital expenditures

(113,656

)

(102,184

)

Acquisitions, net of cash acquired

—

(270,492

)

Purchase of equity method investment

(1,000

)

(1,000

)

Other

(1,397

)

(1,299

)

Cash used by investing activities

(116,053

)

(374,975

)

Financing activities:

Proceeds from common stock issued, net

22,264

961

Long-term debt issued

—

375,000

Long-term debt retired

(121

)

(1,511

)

Changes in other short-term debt, net

(713

)

(94,010

)

Cash dividend payments on common stock

(19,775

)

(19,104

)

Payment of financing fees

(54

)

(4,307

)

Shares withheld for tax purposes

(1,988

)

(1,536

)

Other

(392

)

(1,125

)

Cash (used in) provided by financing activities

(779

)

254,368

(Decrease) increase in cash, cash equivalents and restricted cash

(705

)

59,003

Cash, cash equivalents and restricted cash, beginning of period

41,077

47,982

Cash, cash equivalents and restricted cash, end of period

$40,372

$106,985

Supplemental disclosure of cash flow information:

Interest paid, net of capitalization

$36,443

$30,109

Income taxes paid, net of refunds

1,400

750

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

$34,945

$100,050

Restricted cash included in other current and non-current assets

5,427

6,935

Cash, cash equivalents and restricted cash

$40,372

$106,985

NORTHWEST NATURAL HOLDINGS

Reconciliation to GAAP (Unaudited)

Three Months Ended March 31,

2026

2025

In thousands, except per share data

Amount

Per Share

Amount

Per Share

CONSOLIDATED

GAAP net income

$97,489

$2.33

$87,916

$2.18

Transaction costs

—

—

5,287

0.13

Income tax effect¹

—

—

(1,401

)

(0.03

)

Adjusted net income

$97,489

$2.33

$91,802

$2.28

Diluted shares

41,816

40,304

OTHER

GAAP net loss

($6,781

)

($0.16

)

($10,316

)

($0.26

)

Transaction costs

—

—

5,287

0.13

Income tax effect¹

—

—

(1,401

)

(0.03

)

Adjusted net loss

($6,781

)

($0.16

)

($6,430

)

($0.16

)

Twelve Months Ended

Dec. 31, 2025

In thousands, except per share data

Amount

Per Share

CONSOLIDATED

GAAP net income

$113,319

$2.77

Transaction costs

9,084

0.22

Income tax effect¹

(2,407

)

(0.06

)

Adjusted net income

$119,996

$2.93

Diluted shares

40,953

OTHER

GAAP net loss

($38,795

)

($0.95

)

Transaction costs

9,084

0.22

Income tax effect²

(2,407

)

(0.06

)

Adjusted net loss

($32,118

)

($0.78

)

¹

SiEnergy transaction expenses were recognized in the first quarter of 2025. Tax effect of adjustment was calculated using a combined federal and statutory rate of 26.5%.

²

SiEnergy transaction expenses were recognized in the first quarter of 2025 and Pines transaction expenses were recognized in the second quarter of 2025. Other business development costs were recognized in the second and third quarter of 2025. Tax effect of adjustment was calculated using a combined federal and statutory rate of 26.5%.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506240146/en/

Investor Contact:

Nikki Sparley

Phone: 503-721-2530

Email: [email protected]

Media Contact:

David Roy

Phone: 503-610-7157

Email: [email protected]

KEYWORDS: Oregon United States North America

INDUSTRY KEYWORDS: Energy Utilities Oil/Gas

MEDIA:

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Posted on May 6, 2026 6:04 am
Deluxe Corporation First Quarter 2026 Financial Results Available on Company’s Website

Deluxe Corporation First Quarter 2026 Financial Results Available on Company’s Website

MINNEAPOLIS–(BUSINESS WIRE)–
Deluxe (NYSE: DLX), a trusted Payments and Data company, today announced its first quarter 2026 financial results through an earnings release available on the company Investor Relations site at www.investors.deluxe.com. The earnings release will be furnished with the Securities and Exchange Commission (SEC) on a Form 8-K available here.

At 8:30 a.m. ET (7:30 a.m. CT) today, the company will host an open-access conference call to discuss these financial results.

Conference Call Details:

Toll-free dial-in: 1-800-330-6730

Toll dial-in: 1-646-769-9500

Conference ID: 403592

Audio & accompanying slides available via webcast accessible at www.investors.deluxe.com. An audio replay will be available after 4:00 p.m. ET through midnight on May 13, 2026, via the webcast link and listen-by-phone option.

About Deluxe

Deluxe, a trusted Payments and Data company, champions business so communities thrive. Our solutions help businesses pay, get paid, and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing more than $2 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506888084/en/

Brian Anderson, VP, Strategy and Investor Relations

651-447-4197

[email protected]

Keith Negrin, VP, Communications

612-669-1459

[email protected]

KEYWORDS: Minnesota United States North America

INDUSTRY KEYWORDS: Technology Payments Fintech Other Technology Professional Services Business Software Small Business Data Management Other Professional Services

MEDIA:

Posted on May 6, 2026 6:04 am
Adobe’s New Productivity Agent Redefines How People Understand, Create and Share Information

Adobe’s New Productivity Agent Redefines How People Understand, Create and Share Information

New productivity agent enables people to chat with PDFs, surface insights and quickly create presentations, podcasts, blogs and social posts from their documents

Productivity agent is powering new sharing and publishing capabilities in PDF Spaces in Acrobat that turn static files into interactive experiences with customized AI assistants that represent senders’ tone and intent; now available in Acrobat Express and Acrobat Studio

Top creators and brands including VICE News, Kid Cudi, Jessica Yellin and Mindy Weiss are using Acrobat’s new sharing and publishing capabilities to build deeper trust and engagement with their audiences

SAN JOSE, Calif.–(BUSINESS WIRE)–
Adobe (Nasdaq:ADBE) – the global technology leader that unleashes creativity, productivity and customer experiences through innovative tools and platforms – unveiled Adobe’s productivity agent, which brings decades of Acrobat document intelligence into a single agentic interface to transform how people understand, create and share information. The agent orchestrates tools and models to generate images, text and rich content like presentations, podcasts and social posts and power conversational PDF editing in Acrobat. It also unlocks the new sharing and publishing capabilities in PDF Spaces, an AI-powered workspace where you can combine files, links and notes to do research, get insights and create content.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260506452996/en/

The productivity agent powers new sharing and publishing capabilities in PDF Spaces, an AI-powered workspace where you can combine files, links and notes to do research, get insights and create content.

The new productivity agent and sharing capabilities are available in Acrobat Express – a new offer that combines AI-powered document insights, premium content generation and information sharing all in one place – and in Acrobat Studio, which includes all features in Acrobat Express along with AI PDF tools.

Adobe’s productivity agent is part of a broader agentic vision that’s redefining how people work. Designed to operate seamlessly with Adobe’s creative agent and agents developed by third parties, it works across documents, data and systems to execute tactics and orchestrate outcomes – freeing people to focus on the vision, the judgment and the work that only they can do. Adobe’s creative agent is transforming how people create; the productivity agent orchestrates everything necessary so people can get insights faster, generate rich content quickly and share knowledge with interactive experiences. Together, they represent Adobe’s commitment to keeping humans at the center of an agentic future.

“Adobe’s productivity agent is redefining how people work with information,” said David Wadhwani, President, Creativity & Productivity Business, Adobe. “We’re bringing together decades of Acrobat’s document intelligence with agents to help people discover insights faster, generate visually rich content effortlessly and share interactive experiences with customized agents that convey their tone and intent.”

Setting a New Standard for Sharing

Adobe invented PDF, which has defined how the world shares its most important information. Today people open more than 400 billion PDFs and send more than 200 million PDFs in Acrobat every year. With the new publishing and sharing capabilities in Acrobat, the company is setting the next standard, transforming documents and files into interactive, personalized experiences that inform, engage and drive action. The productivity agent works behind the scenes, generating titles, summaries and audio overviews from documents and links in a PDF Space. Senders can add context, reorder files to provide emphasis and customize an AI Assistant for the shared experience that answers questions, provides suggestions and helps recipients easily get the information they need.

This new format enables people to:

Create a tailored space. Bring PDFs, documents, links and notes together in one place. The agent quickly generates the space, so the sender can focus on refining the experience with context, structure, emphasis and multimedia content so recipients can focus on what matters most. When documents are updated, the shared experience updates, too, so recipients always have the latest information.

Customize an AI Assistant to fit the moment. Tell the AI Assistant about your goals and recipients. Share it along with the experience to answer questions, provide suggestions and help recipients get the information they need to make confident decisions.

Get recipients up to speed fast with an audio overview. The agent automatically generates an audio summary of the information to help orient recipients before they dive in. A fully editable script helps ensure the right message comes through every time.

Add your brand. Include a logo and color palate to create a professional, on-brand experience.

Follow up with confidence. The agent provides engagement insights to help make follow-up timely and informed.

“We’re not just adding new features, we’re introducing a new format,” said Abhigyan Modi, SVP, Adobe Document Cloud. “For the first time, sharing documents means sharing an experience that’s tailored to your intended audience, whether that’s a client, a team or a million subscribers. Now every one of those experiences can be as personal and purposeful as the work that went into creating it.”

Share With a Single Person, a Team or Millions

Leading publishers and creators are already using shared experiences in PDF Spaces to build trust and deeper engagement with their audiences. VICE News, best known for its immersive on-the-ground reporting that tackles complex global issues in a real and authentic way, will leverage PDF Spaces in Acrobat in its on-the-ground reporting and cross-platform content reaching more than 20 million followers. The new capabilities in PDF Spaces are enabling VICE News to create interactive, explorable experiences layering primary documents, research and supporting materials directly alongside published stories. Audiences can use an AI assistant to go deeper into every story, exploring sources, following threads of curiosity and engaging further with reporting.

Grammy-winning artist, actor, and cultural icon Kid Cudi and his team are using PDF Spaces to prepare for his new podcast series, Big Bro with Kid Cudi, and help fans go deeper into episodes with behind-the-scenes exclusives, guest stories, and Big Bro advice from Cudi himself. Jessica Yellin, award-winning journalist and founder of News Not Noise, a platform dedicated to making sense of the news for a community of millions, is using PDF Spaces to give her audience rich background on the stories she shares. Mindy Weiss, celebrated event planner and tastemaker whose designs have shaped some of the most iconic celebrations in pop culture, is using PDF Spaces to share her wedding planning expertise so her followers can create the moment of their dreams.

The new sharing capabilities unlock new ways for everyone to engage colleagues and managers, customers and prospects or friends and family.

Sales teams can combine proposals and case studies into a single branded experience, so every stakeholder gets a consistent, compelling story and engagement insights that tell reps who to follow up with and how. Marketers can turn research and launch announcements into guided experiences that move audiences to action. HR and compliance leaders can share onboarding packages and policy updates while engagement data helps them understand where employees need more support. Executives and finance teams can distribute board pre-reads and investor briefings as cohesive, guided narratives that give stakeholders everything they need to make informed decisions.

PDF Spaces also makes it easy to share information in everyday life. From travel itineraries to community updates, anyone can create an interactive experience that gives people everything they need in one place without endless email chains or group texts.

Learn more about how people can use the new sharing features in PDF Spaces in Acrobat.

Pricing and Availability

The new productivity agent and sharing and publishing capabilities are now available in Adobe Acrobat AI Plans, including Acrobat Studio, the essential productivity solution with a complete set of PDF tools, PDF Spaces, AI Assistant and Adobe Express Premium. They’re also available in Acrobat Express, a new offering that combines AI-powered document insights, premium content generation and information and sharing all in one place. PDF Spaces can be viewed by anyone; no account required.

About Adobe

Adobe is empowering everyone to create. For more information, visit www.adobe.com.

© 2026 Adobe. All rights reserved. Adobe and the Adobe logo are either registered trademarks or trademarks of Adobe in the United States and/or other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506452996/en/

Brian Domingo

Adobe

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Technology Online Digital Marketing Podcast Content Marketing Business Entertainment Public Relations/Investor Relations Marketing Human Resources Celebrity Advertising Communications Media Professional Services Artificial Intelligence Social Media Influencer Software Blogging

MEDIA:

Photo

The productivity agent powers new sharing and publishing capabilities in PDF Spaces, an AI-powered workspace where you can combine files, links and notes to do research, get insights and create content.

Photo

Customized AI Assistants represent the senders’ tone and intent that can be shared along with the experience to answer questions, provide suggestions and help recipients get the info they need to make confident decisions.

Logo

Posted on May 6, 2026 6:04 am
Oscar Health Announces Strong Financial Results for First Quarter 2026 And Reaffirms 2026 Guidance

Oscar Health Announces Strong Financial Results for First Quarter 2026 And Reaffirms 2026 Guidance

NEW YORK–(BUSINESS WIRE)–
Oscar Health, Inc. (“Oscar” or the “Company”) (NYSE: OSCR) announced today its financial results for the first quarter ended March 31, 2026.

“Oscar Health drove solid first-quarter performance with significant year-over-year improvements across our core metrics,” said Mark Bertolini, CEO of Oscar Health. “We are reaffirming our guidance and remain on track to significantly expand margins and achieve meaningful profitability in 2026. Consumers expect to shop for healthcare like everyday products – on choice, price, and value. Oscar’s exceptional technology, lifestyle products, and member experience deliver exactly that. The workforce is shifting, the individual market is resilient, and Oscar is leading the transition to a consumer-driven health economy.”

Oscar is reaffirming its full year 2026 outlook across all metrics as provided in its financial results press release dated February 10, 2026.

First Quarter 2026 Financial Highlights

Three Months Ended March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$4,647,194

$3,046,263

Medical loss ratio (“MLR”)

70.5%

75.4%

Selling, general, and administrative (“SG&A”) expense ratio

15.2%

15.8%

Earnings from operations

$704,085

$297,123

Net income attributable to Oscar Health, Inc.

$678,996

$275,271

Adjusted EBITDA⁽¹⁾

$727,072

$328,828

(1) Adjusted EBITDA is a non-GAAP measure. See “Key Operating and Non-GAAP Financial Metrics – Adjusted EBITDA” in this release for a reconciliation to net income, the most directly comparable GAAP measure, and for information regarding Oscar’s use of Adjusted EBITDA.

As of March 31,

Membership by Offering

2026

2025

Individual and Small Group ⁽¹⁾

3,174,489

2,021,484

Cigna+Oscar ⁽²⁾

—

17,983

Total Members

3,174,489

2,039,467

(1) 2025 membership includes small group members. The Company no longer offers small group plans effective December 15, 2024.

(2) Represents total membership for our former co-branded partnership with Cigna. We did not renew the Cigna+Oscar Small Group arrangement after its initial term ended on December 31, 2024.

First Quarter 2026 Key Metrics and Non-GAAP Financial Metrics

Total revenue was approximately $4.6 billion for the first quarter of 2026 compared to $3.0 billion for the first quarter of 2025. The increase was driven by higher membership and rate increases, partially offset by an increase in the net risk adjustment transfer accrual.

The medical loss ratio was 70.5% for the first quarter of 2026 compared to 75.4% for the first quarter of 2025. The decrease was primarily due to our disciplined pricing strategy, claims and risk adjustment seasonality from metal and new member mix, and favorable prior period reserve development. The Company had $68 million of favorable development in the first quarter of 2026 compared to $31 million of unfavorable development in the first quarter of 2025.

The SG&A expense ratio was 15.2% for the first quarter of 2026 compared to 15.8% for the first quarter of 2025. The decrease was primarily due to greater fixed cost leverage and disciplined cost management, partially offset by the impact of higher risk adjustment as a percentage of premium.

Earnings from operations was $704.1 million for the first quarter of 2026 compared to earnings from operations of $297.1 million for the first quarter of 2025. The significant increase reflects strong operating performance driven primarily by higher membership, rate increases, favorable prior period development, and fixed cost leverage.

Net income attributable to Oscar Health, Inc. was $679.0 million, or $2.07 of diluted earnings per share, for the first quarter of 2026 compared to Net income attributable to Oscar Health, Inc. of $275.3 million, or $0.92 of diluted earnings per share, for the first quarter of 2025.

Adjusted EBITDA was $727.1 million for the first quarter of 2026 compared to Adjusted EBITDA of $328.8 million for the first quarter of 2025.

Quarterly Conference Call Details

Oscar will host a conference call to discuss its financial results today, May 6, 2026, at 8:00 a.m. (ET). Investors and other interested parties are invited to listen to the conference call by dialing 1-855-761-5600 and entering the following conference ID: 7768132. A live audio webcast will also be available via the Investor Relations page of Oscar’s website at ir.hioscar.com. A replay of the webcast will be available for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

Non-GAAP Financial Information

This release presents Adjusted EBITDA, a non-GAAP financial metric, which is provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of historical non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. For more information regarding Adjusted EBITDA, please see “Key Operating and Non-GAAP Financial Metrics” below.

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. All statements other than statements of historical fact contained herein are forward-looking statements. These statements include, but are not limited to, statements about our financial outlook and estimates, including Total revenue, Medical loss ratio, SG&A expense ratio, Earnings (loss) from operations, and other financial performance metrics, and the related underlying assumptions, our business and financial prospects, including management’s plans and objectives for future operations, expectations and business strategy, such as our 2026 margins and profitability, and industry and market dynamics and expected trends. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential,” or “continues” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict and generally beyond our control.

Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: our ability to execute our strategy and manage our growth effectively (including our ability to successfully integrate strategic acquisitions); our ability to retain and expand our member base; our ability to accurately estimate our incurred medical expenses or overall market morbidity, or effectively manage our medical costs or related administrative costs; unanticipated results of, or changes to, risk adjustment programs or our estimates thereof; evolving federal or state laws or regulations (including any changes in the interpretation or enforcement of existing laws and regulations), including changes with respect to the Patient Protection and Affordable Care Act and any regulations enacted thereunder, the expiration of the enhanced Advanced Premium Tax Credits, the implementation of new program integrity rules, the potential funding of a cost-sharing reduction program, or other government actions, such as the imposition of tariffs; our ability to achieve or maintain profitability in the future; our ability to arrange for the delivery of quality care and maintain good relations with brokers and the physicians, hospitals, and other providers within and outside our provider networks; our ability to comply with ongoing, complex and evolving regulatory requirements, including capital reserve and surplus requirements and applicable performance standards; changes or developments in the regulation of health insurance markets in the United States; our, or any of our vendors’, ability to comply with laws, regulations, and standards related to the handling of information about individuals or applicable consumer protection laws, including as a result of our participation in government-sponsored programs; the ability of our health insurance and Health Maintenance Organization subsidiaries to make payments of dividends or distributions to us, including to fund our business strategy; our ability to utilize quota share reinsurance to meet our capital and surplus requirements and protect against downside risk on medical claims; adverse market conditions resulting in our investment portfolio suffering losses or reducing our ability to meet our financing needs; unfavorable or otherwise costly outcomes of lawsuits, audits, investigations, and other third party claims that may arise from the extensive laws and regulations to which we are subject; incurrence of data security breaches of our or our partners’ information and technology systems; heightened competition in the markets in which we participate; our ability to attract and retain qualified personnel; uncertainties associated with our utilization of certain artificial intelligence (“AI”) and machine learning models; our ability to detect and prevent material weaknesses or significant control deficiencies in our internal controls over financial reporting or other failure to maintain an effective system of internal controls; adverse publicity or other adverse consequences related to our dual class structure or “controlled company” status; and the other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”), and our other filings with the SEC.

You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Any forward-looking statement speaks only as of the date as of which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise.

About Oscar Health

Oscar Health, Inc. is a leading healthcare technology company built on a full-stack platform and a relentless focus on member experience. Oscar Health helps make high-quality and affordable care more accessible for millions of people through Oscar’s Individual & Family plans and ICHRA solutions, +Oscar technology services, and Lucie Health Marketplace. Consumers benefit from better choice, deeper engagement, and connection to high-value clinical care.

Oscar Health, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

Three Months Ended March 31,

(in thousands, except per share amounts)

2026

2025

Revenue

Premium

$

4,580,862

$

2,995,821

Investment income

60,614

46,112

Other revenues

5,718

4,330

Total revenue

4,647,194

3,046,263

Operating Expenses

Medical

3,229,857

2,259,651

Selling, general, and administrative

706,234

482,759

Depreciation and amortization

7,018

6,730

Total operating expenses

3,943,109

2,749,140

Earnings from operations

704,085

297,123

Interest expense

5,383

5,994

Other expenses (income)

(71

)

2,918

Earnings before income taxes

698,773

288,211

Income tax expense

19,750

12,705

Net income

679,023

275,506

Less: Net income attributable to noncontrolling interests

27

235

Net income attributable to Oscar Health, Inc.

$

678,996

$

275,271

Earnings per Share

Basic

$

2.28

$

1.10

Diluted

$

2.07

$

0.92

Weighted Average Common Shares Outstanding

Basic

298,184

251,279

Diluted

329,751

305,938

Oscar Health, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except per share amounts)

March 31, 2026

December 31, 2025

Assets

Current Assets:

Cash and cash equivalents

$

4,805,139

$

2,774,151

Short-term investments

1,994,644

1,216,461

Accounts receivable (net of allowance for credit losses of $7,171 and $7,226)

587,023

362,682

Receivables from CMS ⁽¹⁾

222,195

136,029

Reinsurance recoverable

142,487

99,750

Other current assets

25,817

24,331

Total current assets

7,777,305

4,613,404

Property, equipment, and capitalized software, net

94,194

88,350

Long-term investments

1,266,775

1,470,987

Restricted deposits

28,631

32,951

Other assets

122,741

119,719

Total assets

$

9,289,646

$

6,325,411

Liabilities and Stockholders’ Equity

Current Liabilities:

Benefits payable

$

1,734,051

$

1,455,385

Payables to CMS ⁽¹⁾

4,723,244

2,730,095

Accounts payable and other liabilities

505,943

507,325

Unearned premiums

172,004

166,203

Reinsurance payable

5,112

3,579

Total current liabilities

7,140,354

4,862,587

Long-term debt

430,876

430,095

Other liabilities

51,368

51,994

Total liabilities

7,622,598

5,344,676

Commitments and contingencies

Stockholders’ Equity

Class A common stock ($0.00001 par value; 825,000 thousand shares authorized, 263,552 thousand and 261,851 thousand shares outstanding as of March 31, 2026 and December 31, 2025, respectively)

3

3

Class B common stock ($0.00001 par value; 82,500 thousand shares authorized, 35,591 thousand and 35,838 thousand shares outstanding as of March 31, 2026 and December 31, 2025, respectively)

—

—

Treasury stock (315 thousand shares as of March 31, 2026 and December 31, 2025)

(2,923

)

(2,923

)

Additional paid-in capital

4,277,292

4,256,972

Accumulated deficit

(2,615,438

)

(3,294,434

)

Accumulated other comprehensive income

5,000

18,030

Total Oscar Health, Inc. stockholders’ equity

1,663,934

977,648

Noncontrolling interests

3,114

3,087

Total stockholders’ equity

1,667,048

980,735

Total liabilities and stockholders’ equity

$

9,289,646

$

6,325,411

(1) Centers for Medicare & Medicaid Services

Oscar Health, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

Three Months Ended March 31,

(in thousands)

2026

2025

Cash Flows from Operating Activities:

Net income

$

679,023

$

275,506

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

Deferred taxes

(6,204

)

36

Net realized gain on sale of financial instruments

(4

)

(119

)

Depreciation and amortization expense

7,018

6,730

Amortization of debt issuance costs

1,015

194

Stock-based compensation expense

15,969

24,975

Net accretion of investments

(7,077

)

(7,673

)

Change in provision for credit losses

(55

)

(8,650

)

Changes in assets and liabilities:

(Increase) / decrease in:

Receivables from CMS ⁽¹⁾

(86,165

)

(88,745

)

Accounts receivable

(224,288

)

(97,827

)

Reinsurance recoverable

(42,737

)

103,990

Other assets

5,344

(13,265

)

Increase / (decrease) in:

Benefits payable

278,666

108,848

Payables to CMS ⁽¹⁾

1,993,149

571,443

Accounts payable and other liabilities

(2,007

)

24,294

Unearned premiums

5,800

(3,492

)

Reinsurance payable

1,533

(17,703

)

Net cash provided by operating activities

2,618,980

878,542

Cash Flows from Investing Activities:

Purchase of investments

(914,842

)

(336,869

)

Sale of investments

35,000

15,761

Maturity and paydowns of investments

299,243

155,906

Purchase of property, equipment and capitalized software

(8,794

)

(9,026

)

Change in restricted deposits

(860

)

—

Net cash used in investing activities

(590,253

)

(174,228

)

Cash Flows from Financing Activities:

Payments of debt issuance costs

(4,739

)

—

Tax payments related to net settlement of share-based awards

—

(855

)

Proceeds from exercise of stock options

1,139

5,728

Net cash (used in) provided by financing activities

(3,600

)

4,873

Increase in cash, cash equivalents and restricted cash equivalents

2,025,127

709,187

Cash, cash equivalents, restricted cash and cash equivalents—beginning of period

2,804,123

1,551,118

Cash, cash equivalents, restricted cash and cash equivalents—end of period

4,829,250

2,260,305

Cash and cash equivalents

4,805,139

2,236,555

Restricted cash and cash equivalents included in restricted deposits

24,111

23,750

Total cash, cash equivalents and restricted cash and cash equivalents

$

4,829,250

$

2,260,305

Supplemental Disclosures:

Interest payments

$

4,177

$

154

Income tax payments

$

44

$

—

(1) Centers for Medicare & Medicaid Services

Key Operating and Non-GAAP Financial Metrics

We regularly review the following key operating and Non-GAAP financial metrics, to evaluate our business, measure our performance, identify trends in our business, prepare financial projections, and make strategic decisions. We believe these operational and financial measures are useful in evaluating our performance, in addition to our financial results prepared in accordance with GAAP.

Total Revenue

Total revenue includes premium revenue (net of risk adjustment transfers), investment income, and other revenues. We believe total revenue is an important metric to assess the growth of our business, as well as the earnings potential of our investment portfolio.

MLR

MLR is a metric used to calculate medical expenses as a percentage of net premiums before ceded quota share reinsurance. The impact of the federal risk adjustment program is included in the denominator of our MLR. We believe MLR is an important metric to demonstrate the ratio of our costs to pay for healthcare of our members to the net premium before ceded quota share reinsurance.

Three Months Ended March 31,

(in thousands, except percentages)

2026

2025

Net claims before ceded quota share reinsurance ^(A)

$

3,229,857

$

2,259,651

Net premiums before ceded quota share reinsurance ^(B)

$

4,580,862

$

2,995,821

Medical Loss Ratio ^{(A divided by B)}

70.5

%

75.4

%

SG&A Expense Ratio

The SG&A expense ratio reflects the Company’s selling, general, and administrative expenses, as a percentage of total revenue (net of risk adjustment transfers). We believe the SG&A expense ratio is useful to evaluate our ability to manage our overall selling, general, and administrative cost base.

Earnings (Loss) from Operations

Earnings (loss) from operations is the Company’s total revenue less total operating expenses. We believe earnings (loss) from operations is an important primary metric for assessing operating performance.

Net Income (Loss) Attributable to Oscar Health, Inc.

Net income (loss) attributable to Oscar Health, Inc. is net earnings (loss) allocated to the Company after net income (loss) attributable to noncontrolling interests. It is a key indicator of the Company’s profitability and operational efficiency, allowing management to evaluate performance and make informed decisions on strategic planning, cost management, and resource allocation.

Adjusted EBITDA

Adjusted EBITDA is defined as Net income (loss) for the Company and its consolidated subsidiaries before interest expense, income tax expense (benefit), and depreciation and amortization, as further adjusted for stock-based compensation and other items that are considered unusual or not representative of underlying trends of our business, where applicable for the period presented. We present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is a non-GAAP measure. Management believes that investors’ understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing our ongoing results of operations. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate Adjusted EBITDA in the same manner.

By providing this non-GAAP financial measure, together with a reconciliation to the most comparable U.S. GAAP measure, Net income (loss), we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for, net income (loss) or other financial statement data presented in our Condensed Consolidated Financial Statements as indicators of financial performance.

Three Months Ended March 31,

(in thousands)

2026

2025

Net income

$

679,023

$

275,506

Interest expense

5,383

5,994

Other expenses (income)

(71

)

2,918

Income tax expense

19,750

12,705

Earnings from operations

704,085

297,123

Depreciation and amortization

7,018

6,730

Stock-based compensation⁽¹⁾

15,969

24,975

Adjusted EBITDA

$

727,072

$

328,828

(1) Represents non-cash expenses related to equity-based compensation programs, which vary from period to period depending on various factors including the timing, number, and the valuation of awards. Additionally, these expenses are reported net of any stock-based compensation that has been capitalized for software development costs.

Appendix

Supplemental Financial Information

Premium

The Company records premium revenue net of premiums for reinsurance contracts accounted for under reinsurance accounting. The following table reconciles total reinsurance premiums ceded and reinsurance premiums assumed, which are included as components of total premium revenue in the Condensed Consolidated Statements of Operations:

Three Months Ended March 31,

(in thousands)

2026

2025

Direct policy premiums

$

6,030,275

$

3,349,671

Risk adjustment transfers

(1,442,811

)

(373,749

)

Reinsurance premiums ceded

(5,618

)

(2,542

)

Assumed premiums⁽¹⁾

(984

)

22,441

Premium

$

4,580,862

$

2,995,821

(1) The Company did not renew the Cigna+Oscar Small Group arrangement with Cigna Health and Life Insurance Company after its initial term ended on December 31, 2024. Following termination, the Company has been providing transition and run-off services, and will continue to provide such services through December 31, 2026. The Company also continues to share in premiums and claims for plans sold or issued prior to December 15, 2024.

Medical Expenses

The Company records medical expenses net of reinsurance recoveries for reinsurance contracts accounted for under reinsurance accounting. The following table reconciles total medical expenses to the amount presented in the Condensed Consolidated Statements of Operations:

Three Months Ended March 31,

(in thousands)

2026

2025

Direct claims incurred

$

3,293,837

$

2,268,284

Ceded reinsurance claims

(62,684

)

(31,012

)

Assumed reinsurance claims

(1,296

)

22,379

Medical expenses

$

3,229,857

$

2,259,651

Risk Adjustment

The risk adjustment programs in the markets the Company serves are administered federally by CMS and are designed to mitigate the potential impact of adverse selection and provide stability for health insurers. Under these programs, each plan is assigned a risk score based upon demographic information and current year claims information related to its members. Plans with lower than average risk scores generally pay into the pool, while plans with higher than average risk scores generally receive distributions. The following table provides a rollforward of the Company’s beginning and ending risk adjustment receivable and payable balances for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

(in thousands)

Risk

Adjustment

Receivable

Risk

Adjustment

Payable

Net Risk

Adjustment

Payable

Risk

Adjustment

Receivable

Risk

Adjustment

Payable

Net Risk

Adjustment

Payable

Beginning balance ⁽¹⁾

$

56,066

$

2,587,700

$

2,531,634

$

64,779

$

1,558,341

$

1,493,562

Change in accrual:

Current year

$

16,112

$

1,374,310

$

1,358,198

$

25,666

$

306,870

$

281,204

Prior years ⁽²⁾

5,132

89,745

84,613

(3,319

)

89,240

92,559

Change in accrual, net

$

21,244

$

1,464,055

$

1,442,811

$

22,347

$

396,110

$

373,763

Ending balance:

Current year

$

16,112

$

1,374,310

$

1,358,198

$

25,666

$

306,870

$

281,204

Prior years

61,198

2,677,445

2,616,247

61,460

1,647,581

1,586,121

Ending balance

$

77,310

$

4,051,755

$

3,974,445

$

87,126

$

1,954,451

$

1,867,325

(1) The table includes risk adjustment data validation (“RADV”) receivables and payables. The balance at the beginning of each year presented pertains to prior policy years.

(2) Includes immaterial payments for prior policy years.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506886599/en/

Investor Contact:

Chris Potochar

VP of Investor Relations

[email protected]

Media Contact:

Dalya Browne

Senior Director, External Communications

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Practice Management Insurance Managed Care Health Hospitals Health Technology Professional Services Health Insurance

MEDIA:

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Posted on May 6, 2026 6:04 am
LivaNova Reports First-Quarter 2026 Results; Raises Full-Year 2026 Revenue and Adjusted Diluted EPS Guidance

LivaNova Reports First-Quarter 2026 Results; Raises Full-Year 2026 Revenue and Adjusted Diluted EPS Guidance

– Delivered double-digit reported and constant-currency revenue growth

– Raised full-year 2026 revenue and adjusted diluted earnings per share guidance⁽¹⁾

– Received U.S. Food and Drug Administration premarket approval for aura6000 System to treat moderate to severe obstructive sleep apnea

LONDON–(BUSINESS WIRE)–
LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today reported results for the first quarter ended March 31, 2026 and raised full-year 2026 guidance.

Financial Summary and Highlights⁽¹⁾

First-quarter revenue of $362.3 million increased 14.3% on a reported basis and 11.1% on a constant-currency basis as compared to the prior-year period

First-quarter U.S. GAAP diluted earnings per share of $0.40 and adjusted diluted earnings per share of $0.98

First-quarter net cash provided by operating activities of $15.2 million and adjusted free cash flow of $3.8 million

Raised full-year 2026 revenue growth range by 100 basis points to 7.0% to 8.0% on a constant-currency basis. Raised full-year 2026 adjusted diluted earnings per share range by $0.05 at midpoint to $4.20 to $4.30. Maintained full-year 2026 adjusted free cash flow range of $160 million to $180 million

Received U.S. Food and Drug Administration (FDA) premarket approval (PMA) for the aura6000™ System for the treatment of adult patients with moderate to severe obstructive sleep apnea (OSA). The System is the first and only hypoglossal nerve stimulation (HGNS) device FDA-approved without a contraindication or warning related to complete concentric collapse and without a requirement for a pre-implantation drug-induced sleep endoscopy

In April 2026, announced the publication of the full 12-month results from the OSPREY randomized controlled trial for OSA in the Annals of Internal Medicine, demonstrating proximal hypoglossal nerve stimulation (pHGNS) yields clinically significant responses and sustained improvements over time

“In the first quarter, LivaNova delivered double‑digit revenue growth with strength across all regions, driven by sustained performance in our Cardiopulmonary and Epilepsy businesses,” said Vladimir Makatsaria, Chief Executive Officer of LivaNova. “We also made meaningful progress in Obstructive Sleep Apnea, accomplishing key regulatory and clinical milestones. These achievements support a solid foundation for entry into the high‑growth, high‑margin OSA market with a differentiated technology. Our updated 2026 guidance reflects strong execution in the core businesses alongside continued investment to unlock this next phase of growth and value creation. We remain focused on disciplined execution as we advance our long‑term strategy, consistent with what we outlined at our November 2025 Investor Day.”

_____________________________________

⁽¹⁾

Constant-currency percent change, adjusted diluted earnings per share, and adjusted free cash flow are non-GAAP measures. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. For an explanation of these and other non-GAAP measures used in this news release, see the section entitled “Use of Non-GAAP Financial Measures.” For reconciliations of certain non-GAAP measures, see the tables that accompany this news release. As discussed in the section entitled “Use of Non-GAAP Financial Measures” below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts.

First-Quarter 2026 Results

The following table summarizes revenue by segment (in millions):

Three Months Ended

March 31,

% Change

Constant-

Currency

% Change

2026

2025

Cardiopulmonary

$208.7

$176.3

18.3

%

14.0

%

Neuromodulation

151.8

138.9

9.3

%

7.6

%

Other Revenue ⁽¹⁾

1.8

1.6

10.5

%

(0.2

)%

Total Net Revenue

$362.3

$316.9

14.3

%

11.1

%

⁽¹⁾

“Other Revenue” includes rental and site services income not allocated to segments.

• Numbers may not add precisely due to rounding.

First-quarter 2026 Cardiopulmonary revenue increased 18.3% on a reported basis and 14.0% on a constant-currency basis versus the first quarter of 2025 with growth across all regions, driven by Essenz™^{Perfusion System sales, strong consumables demand, and favorable realized price.}

First-quarter 2026 Neuromodulation revenue increased 9.3% on a reported basis and 7.6% on a constant-currency basis versus the first quarter of 2025 with growth across all regions, driven by total implant growth and favorable realized price.

Earnings Analysis

On a U.S. GAAP basis, first-quarter 2026 operating income was $41.5 million, as compared to operating income of $48.6 million for the first quarter of 2025. Adjusted operating income for the first quarter of 2026 was $71.1 million, as compared to adjusted operating income of $64.6 million for the first quarter of 2025.

On a U.S. GAAP basis, first-quarter 2026 diluted earnings per share was $0.40 as compared to diluted loss per share of $6.01 in the first quarter of 2025, which was impacted by recording the SNIA environmental liability expense of $360.4 million. First-quarter 2026 adjusted diluted earnings per share was $0.98, as compared to adjusted diluted earnings per share of $0.88 in the first quarter of 2025.

Full-Year 2026 Guidance

LivaNova now expects full-year 2026 revenue to grow between 7.0% and 8.0% (versus 6.0% and 7.0% prior) on a constant-currency basis. Foreign currency is expected to be a tailwind of approximately 1.0% based on current exchange rates, consistent with prior guidance.

Adjusted diluted earnings per share for 2026 is now expected to be in the range of $4.20 to $4.30 (versus $4.15 to $4.25 prior), assuming a share count of approximately 56 million for full-year 2026. In 2026, the Company estimates adjusted free cash flow in the range of $160 million to $180 million, consistent with prior guidance.

As discussed in the section entitled “Use of Non-GAAP Financial Measures” below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile the forward-looking non-GAAP financial measures included in this section to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts.

Webcast and Conference Call Instructions

The Company will host a live audiocast at 1 p.m. London time (8 a.m. Eastern Daylight Time) on Wed., May 6, 2026 that will be accessible at www.livanova.com/events. Listeners should register in advance and log on approximately 10 minutes early to ensure proper setup. To listen to the conference call by telephone, dial +1 833 470 1428 (if dialing from within the U.S.) or +1 929 526 1599 (if dialing from outside the U.S.). The conference call access code is 946097. Within 24 hours of the audiocast, a replay will be available at www.livanova.com/events, where it will be archived and accessible for approximately 90 days.

About LivaNova

LivaNova PLC is a global medical technology company built on nearly five decades of experience with a vision to change the trajectory of lives for a new day. Through ingenious medical solutions in select neurological and cardiac conditions, LivaNova strives to ignite patient turnarounds. Headquartered in London, with approximately 3,300 employees and a presence in more than 100 countries, LivaNova serves patients, healthcare professionals, and healthcare systems worldwide. For more information, please visit www.livanova.com.

Use of Non-GAAP Financial Measures

To supplement financial measures presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP or GAAP), management has disclosed certain additional measures not presented in accordance with GAAP known as “non-GAAP financial measures” or “adjusted financial measures.” Company management uses these non-GAAP measures to monitor the Company’s operational performance and for benchmarking against other medical technology companies. Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP financial measures should be considered along with, but not as alternatives to, operational performance measures as prescribed by GAAP.

In this news release, the Company refers to revenue and percentage change in revenue on a comparable, constant-currency basis. Company management believes that these non-GAAP measures provide a useful way to evaluate the revenue performance of LivaNova and to compare the revenue performance of current periods to prior periods on a consistent basis. Constant-currency percent change measures the change in revenue between current and prior-year periods using average exchange rates in effect during the applicable prior-year period.

LivaNova calculates forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. For example, forward-looking net revenue growth projections are estimated on a constant-currency basis and exclude the impact of foreign currency fluctuations. Forward-looking non-GAAP adjusted diluted earnings per share guidance excludes items such as, but not limited to, changes in fair value of certain derivatives and contingent consideration arrangements and asset impairment charges that would be included in comparable GAAP financial measures. The most directly comparable GAAP measure for adjusted free cash flow is net cash provided by operating activities. Adjusted free cash flow is defined as net cash provided by operating activities less cash used for the purchase of property, plant, and equipment excluding the impact of 3T litigation settlement payments, cybersecurity incident insurance proceeds, SNIA environmental liability and related financing costs, and gains related to dividends received from investments and further adjusted as needed for other charges, expenses, or gains that may not be indicative of the Company’s operational performance. However, non-GAAP financial adjustments on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors, including but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, the ultimate outcome of legal proceedings, gains or losses on the potential sale of businesses or other assets, restructuring costs, merger and integration activities, changes in fair value of derivatives, and contingent consideration arrangements, asset impairment charges and the tax impact of the aforementioned items, tax law changes, or other tax matters. Accordingly, the Company does not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Adjusted financial measures such as adjusted cost of sales, adjusted gross profit, adjusted selling, general, and administrative expense, adjusted research and development expense, adjusted other operating expense, adjusted operating income, adjusted income before income tax, adjusted income tax expense, adjusted net income, and adjusted diluted earnings per share are measures that LivaNova generally uses to facilitate management review of the operational performance of the company, to serve as a basis for strategic planning, and in the design of incentive compensation plans. Additionally, the Company uses the non-GAAP liquidity measure adjusted free cash flow. The Company believes that the presentation of these adjusted financial measures allows investors to evaluate the Company’s operational performance for different periods on a more comparable and consistent basis, and with other medical technology companies by adjusting for items that are not related to the operational performance of the Company or incurred in the ordinary course of business.

Safe Harbor Statement

Certain statements in this news release, other than statements of historical or current fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements include, but are not limited to, LivaNova’s plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects, or future events, and involve known and unknown risks that are difficult to predict. As a result, the Company’s actual financial results, performance, achievements, or prospects may differ materially from those expressed or implied by these forward-looking statements. Generally, forward-looking statements can be identified by the use of words such as “may,” “could,” “seek,” “guidance,” “predict,” “potential,” “likely,” “believe,” “will,” “should,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “forecast,” “foresee,” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by LivaNova and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and shareholders should not place undue reliance on forward-looking statements. There are a number of risks, uncertainties, and other important factors, many of which are beyond the Company’s control, that could cause the Company’s actual results to differ materially from the forward-looking statements contained in this news release, and include, but are not limited to, the following risks and uncertainties: volatility in the global market and worldwide economic conditions; adverse changes in export and import costs and other trade restrictions as well as uncertainty over global tariffs; risks relating to supply chain pressures; failure to protect, maintain, or upgrade LivaNova’s IT systems or products, or safeguard against cybersecurity incidents, service disruptions, or data corruption; costs of complying with privacy and security of personal information requirements and laws; changes in technology, including the development of superior or alternative technology or devices by competitors and/or competition from providers of alternative medical therapies; risks related to AI integration and regulation; failure of investments, alliances, acquisitions, or divestitures to achieve expected returns; failure to maintain appropriate working relationships with healthcare professionals to aid in the continuing development of products; the risk of quality issues and the impacts thereof; risks relating to recalls, replacement of inventory, enforcement actions, or product liability claims; failure to comply with, or changes in, laws, regulations, or administrative practices affecting government regulation of the Company’s products; failure to retain talent, maintain an effective succession plan, and negotiate successfully with local works councils; failure to obtain or maintain approvals, clearance, or reimbursement in relation to the Company’s products; unfavorable results from clinical studies or failure to meet milestones; global healthcare policy changes that may lead to restricted access and pricing as well as payback requirements and limited reimbursement; failure to comply with rules relating to healthcare goods and services as well as anti-bribery laws; the unfavorable impact of pending or existing climate change; product liability, intellectual property, shareholder-related, environmental-related, income tax, and other litigation, disputes, losses, and costs, including in the case of the Company’s 3T Heater-Cooler litigation; risks associated with environmental laws and regulations as well as environmental liabilities, violations, and litigation, including in the case of Saluggia and SNIA; failure to protect the Company’s proprietary intellectual property; changes in tax laws and regulations, including exposure to additional income tax liabilities; risks relating to the Company’s indebtedness; risks associated with potential government shutdowns; the potential for impairments of intangible assets, goodwill, and other long-lived assets; risks associated with public health crises; risks associated with shareholder activism; effectiveness of the Company’s internal controls over financial reporting; changes in the Company’s profitability and/or failure to manage costs and expenses; fluctuations in future quarterly operating results and/or variations in revenue and operating expenses relative to estimates; and other unknown or unpredictable factors that could harm the Company’s financial performance.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the Company’s business, including those described in the “Risk Factors” section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the U.S. Securities and Exchange Commission by LivaNova.

Readers are cautioned not to place undue reliance on the Company’s forward-looking statements, which speak only as of the date of this news release. The Company undertakes no obligation to update publicly any of the forward-looking statements in this news release to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If LivaNova updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

Essenz is a trademark of LivaNova USA, Inc.

LIVANOVA PLC

NET REVENUE – UNAUDITED

(In millions)

Three Months Ended March 31,

2026

2025

% Change

Constant-Currency

% Change

Cardiopulmonary

U.S.

$69.3

$60.8

13.9

%

13.9

%

Europe ⁽¹⁾

57.3

44.5

28.8

%

17.6

%

Rest of World ⁽¹⁾

82.1

71.0

15.6

%

11.8

%

208.7

176.3

18.3

%

14.0

%

Neuromodulation

U.S.

115.4

108.3

6.5

%

6.5

%

Europe ⁽¹⁾

18.3

15.2

20.8

%

9.6

%

Rest of World ⁽¹⁾

18.0

15.4

17.4

%

13.3

%

151.8

138.9

9.3

%

7.6

%

Other Revenue ⁽²⁾

1.8

1.6

10.5

%

(0.2

)%

Totals

U.S.

184.7

169.2

9.2

%

9.2

%

Europe ⁽¹⁾

75.7

59.7

26.7

%

15.5

%

Rest of World ⁽¹⁾

101.9

88.0

15.8

%

11.8

%

$362.3

$316.9

14.3

%

11.1

%

⁽¹⁾

“Europe” includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., “Rest of World” includes all other countries where LivaNova operates.

⁽²⁾

“Other Revenue” includes rental and site services income not allocated to segments.

• Numbers may not add precisely due to rounding.

LIVANOVA PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) – UNAUDITED

(In millions, except for per share amounts)

Three Months Ended March 31,

2026

2025

Net revenue

$362.3

$316.9

Cost of sales

118.5

100.6

Gross profit

243.7

216.3

Operating expenses:

Selling, general, and administrative

143.6

129.1

Research and development

58.7

37.9

Other operating expense

—

0.6

Operating income

41.5

48.6

SNIA environmental liability expense

—

(360.4

)

Interest expense

(8.3

)

(15.3

)

Foreign exchange and other income/(expense)

(5.7

)

11.4

Income (loss) before income tax

27.5

(315.6

)

Income tax expense

4.3

11.7

Loss from equity method investments

(0.9

)

—

Net income (loss)

$22.3

($327.3

)

Basic earnings (loss) per share

$0.41

($6.01

)

Diluted earnings (loss) per share

$0.40

($6.01

)

Basic weighted average shares outstanding

54.7

54.4

Diluted weighted average shares outstanding

55.9

54.4

• Numbers may not add precisely due to rounding.

Adjusted Financial Measures (in millions, except for per share amounts) – Unaudited

Three Months Ended March 31,

2026

2025

Adjusted SG&A

$128.9

$115.6

Adjusted R&D

47.1

38.2

Adjusted operating income

71.1

64.6

Adjusted net income

54.6

48.1

Adjusted diluted earnings per share

$0.98

$0.88

Statistics (as a % of net revenue, except for income tax rate) – Unaudited

GAAP Three Months Ended

March 31,

Adjusted Three Months Ended

March 31,

2026

2025

2026

2025

Gross profit

67.3

%

68.3

%

68.2

%

68.9

%

SG&A

39.6

%

40.8

%

35.6

%

36.5

%

R&D

16.2

%

12.0

%

13.0

%

12.0

%

Operating income

11.4

%

15.3

%

19.6

%

20.4

%

Net income (loss)

6.2

%

(103.3

)%

15.1

%

15.2

%

Income tax rate

15.8

%

(3.7

)%

22.5

%

24.2

%

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED

(In millions, except for per share amounts)

Non-GAAP Adjustments

Three Months Ended

March 31, 2026

GAAP Financial Measures

Depreciation

and

Amortization Expenses ⁽¹⁾

Investment

Related Items ⁽²⁾

Financing

Related Items ⁽³⁾

Contingent

Consideration ⁽⁴⁾

Certain Legal &

Regulatory

Costs ⁽⁵⁾

Share-based

Compensation

Costs ⁽⁶⁾

Certain Tax

Adjustments ⁽⁷⁾

Adjusted

Financial

Measures

Cost of sales

$118.5

($1.8

)

$—

$—

($1.1

)

$—

($0.4

)

$—

$115.2

Gross profit percent

67.3

%

0.5

%

—

%

—

%

0.3

%

—

%

0.1

%

—

%

68.2

%

Selling, general, and administrative

143.6

(2.6

)

—

—

—

(6.2

)

(5.9

)

—

128.9

Selling, general, and administrative as a percent of net revenue

39.6

%

(0.7

)%

—

%

—

%

—

%

(1.7

)%

(1.6

)%

—

%

35.6

%

Research and development

58.7

—

—

—

(9.6

)

(0.1

)

(2.0

)

—

47.1

Research and development as a percent of net revenue

16.2

%

—

%

—

%

—

%

(2.6

)%

—

%

(0.5

)%

—

%

13.0

%

Operating income

41.5

4.4

—

—

10.7

6.3

8.3

—

71.1

Operating margin percent

11.4

%

1.2

%

—

%

—

%

2.9

%

1.7

%

2.3

%

—

%

19.6

%

Net income

22.3

4.4

1.1

13.3

10.7

6.3

8.3

(11.7

)

54.6

Net income as a percent of net revenue

6.2

%

1.2

%

0.3

%

3.7

%

2.9

%

1.7

%

2.3

%

(3.2

)%

15.1

%

Diluted earnings per share

$0.40

$0.08

$0.02

$0.24

$0.19

$0.11

$0.15

($0.21

)

$0.98

GAAP results for the three months ended March 31, 2026 include:

⁽¹⁾

Depreciation and amortization associated with purchase price accounting

⁽²⁾

Impairment of investment without readily determinable fair value

⁽³⁾

Mark-to-market adjustments for the 2029 Notes embedded and capped call derivatives, non-cash interest expense, and loss on debt extinguishment

⁽⁴⁾

Remeasurement of contingent consideration related to the ImThera acquisition

⁽⁵⁾

Legal expenses primarily related to 3T Heater-Cooler defense, 3T Heater-Cooler litigation provision, and Medical Device Regulation (“MDR”) costs

⁽⁶⁾

Non-cash expenses associated with share-based compensation costs

⁽⁷⁾

The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments

• Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED

(In millions, except for per share amounts)

Non-GAAP Adjustments

Three Months Ended

March 31, 2025

GAAP

Financial

Measures

Restructuring

Expense ⁽¹⁾

Depreciation

and

Amortization

Expense ⁽²⁾

Investment

Related Items ⁽³⁾

Financing Related Items ⁽⁴⁾

Contingent

Consideration ⁽⁵⁾

Certain Legal &

Regulatory Costs ⁽⁶⁾

Share-based

Compensation

Costs ⁽⁷⁾

Certain Tax

Adjustments ⁽⁸⁾

Adjusted

Financial

Measures

Cost of sales

$100.6

$—

($1.7

)

$—

$—

($0.3

)

$—

($0.2

)

$—

$98.5

Gross profit percent

68.3

%

—

%

0.5

%

—

%

—

%

0.1

%

—

%

0.1

%

—

%

68.9

%

Selling, general, and administrative

129.1

—

(2.5

)

—

—

—

(4.6

)

(6.5

)

—

115.6

Selling, general, and administrative as a percent of net revenue

40.8

%

—

%

(0.8

)%

—

%

—

%

—

%

(1.4

)%

(2.0

)%

—

%

36.5

%

Research and development

37.9

—

0.1

—

—

(0.7

)

2.0

(1.2

)

—

38.2

Research and development as a percent of net revenue

12.0

%

—

%

—

%

—

%

—

%

(0.2

)%

0.6

%

(0.4

)%

—

%

12.0

%

Other operating expense

0.6

0.1

—

—

—

—

(0.7

)

—

—

—

Operating income

48.6

(0.1

)

4.1

—

—

0.9

3.2

7.8

—

64.6

Operating margin percent

15.3

%

—

%

1.3

%

—

%

—

%

0.3

%

1.0

%

2.5

%

—

%

20.4

%

Net (loss) income

(327.3

)

(0.1

)

4.1

2.6

0.2

0.9

363.6

7.8

(3.7

)

48.1

Net (loss) income as a percent of net revenue

(103.3

)%

—

%

1.3

%

0.8

%

0.1

%

0.3

%

114.8

%

2.5

%

(1.2

)%

15.2

%

Diluted (loss) earnings per share ⁽⁹⁾

($6.01

)

$—

$0.07

$0.05

$—

$0.02

$6.65

$0.14

($0.07

)

$0.88

GAAP results for the three months ended March 31, 2025 include:

⁽¹⁾

Restructuring expense related to organizational changes

⁽²⁾

Depreciation and amortization associated with purchase price accounting

⁽³⁾

Loss on investment revaluation of Ceribell, Inc.

⁽⁴⁾

Mark-to-market adjustments for the 2025 and 2029 Notes embedded and capped call derivatives, interest expense on the Term Facilities, non-cash interest expense on the 2025 and 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities

⁽⁵⁾

Remeasurement of contingent consideration related to the ImThera acquisition

⁽⁶⁾

SNIA environmental liability, legal expenses primarily related to 3T Heater-Cooler defense, 3T Heater-Cooler litigation provision, MDR costs, cybersecurity incident costs net of insurance reimbursement, and R&D tax incentive

⁽⁷⁾

Non-cash expenses associated with share-based compensation costs

⁽⁸⁾

The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments

⁽⁹⁾

The denominator used to calculate the impact of non-GAAP adjustments on a per share basis and adjusted diluted earnings per share includes dilution from LivaNova’s share-based compensation awards that was excluded from the calculation of GAAP diluted loss per share because the effect would have been anti-dilutive. See the reconciliation of GAAP diluted weighted average shares outstanding, used in the computation of GAAP diluted loss per share, to adjusted diluted weighted average shares outstanding, used in the computation of adjusted diluted earnings per share, at the end of this news release.

• Numbers may not add precisely due to rounding.

LIVANOVA PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED

(In millions)

March 31,

2026

December 31,

2025

ASSETS

Current Assets:

Cash and cash equivalents

$539.7

$635.6

Accounts receivable, net of allowance

229.3

216.0

Inventories

165.5

164.7

Prepaid and refundable taxes

41.3

48.6

Prepaid expenses and other current assets

38.5

36.8

Total Current Assets

1,014.2

1,101.6

Property, plant, and equipment, net

255.5

242.6

Goodwill

785.6

792.8

Intangible assets, net

224.6

230.0

Operating lease assets

54.5

55.5

Investments

18.5

20.3

Deferred tax assets

109.8

111.0

Long-term derivative assets

38.3

36.6

Other assets

15.4

15.7

Total Assets

$2,516.4

$2,606.1

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities:

Current debt obligations

$2.6

$31.5

Accounts payable

99.1

97.2

Accrued liabilities and other

102.6

94.6

SNIA environmental liability

389.5

396.2

Current contingent consideration

59.6

50.0

Current litigation provision liability

9.6

12.6

Taxes payable

41.7

33.1

Accrued employee compensation and related benefits

57.6

92.9

Total Current Liabilities

762.5

808.1

Long-term debt obligations

285.2

345.2

Long-term contingent consideration

43.1

42.0

Deferred tax liabilities

6.8

9.6

Long-term operating lease liabilities

46.7

48.3

Long-term employee compensation and related benefits

13.1

13.6

Long-term derivative liabilities

93.3

83.9

Other long-term liabilities

54.4

55.4

Total Liabilities

1,305.0

1,406.1

Total Shareholders’ Equity

1,211.3

1,200.0

Total Liabilities and Shareholders’ Equity

$2,516.4

$2,606.1

• Numbers may not add precisely due to rounding.

LIVANOVA PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED

(In millions)

Three Months Ended March 31,

2026

2025

Operating Activities:

Net income (loss)

$22.3

($327.3

)

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

Remeasurement of contingent consideration to fair value

10.7

0.9

Remeasurement of derivative instruments

9.8

(18.7

)

Depreciation

8.3

6.4

Share-based compensation

8.3

7.8

Amortization of debt issuance costs

4.8

5.7

Amortization of intangible assets

4.6

4.2

Amortization of operating lease assets

2.7

4.0

Deferred income tax expense

1.8

2.2

Impairments of investments

1.1

—

Loss on investment revaluation – Ceribell, Inc.

—

2.6

Other

1.2

—

Changes in operating assets and liabilities:

Accounts receivable, net

(14.7

)

(3.9

)

Inventories

(1.5

)

(2.5

)

Other current and non-current assets

(4.2

)

6.4

Accounts payable and accrued current and non-current liabilities

(38.8

)

(30.5

)

Taxes payable

1.7

5.9

Litigation provision liability

(2.8

)

0.2

SNIA environmental liability

—

360.4

Net cash provided by operating activities

15.2

24.0

Investing Activities:

Purchases of property, plant, and equipment

(14.3

)

(10.8

)

Other

(0.3

)

0.2

Net cash used in investing activities

(14.6

)

(10.6

)

Financing Activities:

Repayment of long-term debt obligations

(95.9

)

(4.4

)

Other

1.7

—

Net cash used in financing activities

(94.2

)

(4.4

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(2.2

)

6.0

Net (decrease) increase in cash, cash equivalents, and restricted cash

(95.8

)

14.9

Cash, cash equivalents, and restricted cash at beginning of period

635.6

723.6

Cash and cash equivalents at end of period

$539.7

$738.4

• Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED

(In millions)

Three Months Ended March 31,

2026

2025

GAAP Financial

Measures

Certain Tax

Adjustments

Adjusted

Financial

Measures

GAAP Financial

Measures

Certain Tax

Adjustments

Adjusted

Financial

Measures

Income (loss) before income tax

$27.5

$—

$71.5

($315.6

)

$—

$63.5

Income tax expense

4.3

11.7

16.1

11.7

3.7

15.4

Loss from equity method investments

(0.9

)

—

(0.9

)

—

—

—

Net income (loss)

$22.3

($11.7

)

$54.6

($327.3

)

($3.7

)

$48.1

Income tax rate

15.8

%

22.5

%

(3.7

)%

24.2

%

• Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED

(In millions)

Three Months Ended

March 31, 2026

Net cash provided by operating activities

$15.2

Less: Purchases of plant, property, and equipment

(14.3

)

Add: 3T Heater-Cooler litigation payments

2.8

Adjusted free cash flow

$3.8

• Numbers may not add precisely due to rounding.

The following table presents the reconciliation of GAAP diluted weighted average shares outstanding, used in the computation of GAAP diluted loss per share, to adjusted diluted weighted average shares outstanding, used in the computation of adjusted diluted earnings per share:

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED

(In millions)

Three Months Ended

March 31, 2025

GAAP diluted weighted average shares outstanding

54.4

Add: Effects of share-based compensation instruments

0.3

Adjusted diluted weighted average shares outstanding

54.7

• Numbers may not add precisely due to rounding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260506394472/en/

Briana Gotlin

Vice President, Investor Relations

Phone: +1 281 895 2382

e-mail: [email protected]

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Health Medical Devices Neurology Hospitals Health Technology Other Health Cardiology

MEDIA:

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