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August 20, 2025 4:03 am

ATRenew Inc. Reports Unaudited Second Quarter 2025 Financial Results

PR Newswire

SHANGHAI
, Aug. 20, 2025 /PRNewswire/ — ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the three months ended June 30, 2025.

Second Quarter 2025 Highlights

Total net revenues grew by 32.2% to RMB4,991.5 million (US$696.8 million) from RMB3,776.7 million in the same period of 2024.
Income from operations was RMB91.1 million (US$12.7 million), compared to a loss from operations of RMB5.6 million in the same period of 2024. Adjusted income from operations (non-GAAP)¹was RMB121.3 million (US$16.9 million), compared to adjusted income from operation of RMB94.1 million in the same period of 2024.
Number of consumer products transacted²was 10.3 million compared to 8.4 million in the same period of 2024.

Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “We are pleased to announce that our operational performance exceeded the high end of our guidance in the second quarter of 2025, with total revenue increasing by 32.2% year-over-year to RMB4,991.5 million. This year, we have consistently met the growing demand for recycling and upgrade fueled by China’s national subsidies for consumer electronics trade-ins, while seizing robust growth opportunities by strengthening our fulfillment capabilities, the brand influence of AHS Recycle, and our integrated supply chain. Moving forward, against the backdrop of the circular economy, we remain committed to leveraging our unique business model and scenarios to set innovative benchmarks for the industry.”

Mr. Rex Chen, Chief Financial Officer of ATRenew, added, “In the second quarter of 2025, we achieved an adjusted operating profit of RMB121.3 million, maintaining a healthy and solid growth trajectory. This was driven by the sequential increase in the proportion of retail product revenue, in addition to effective expense management. We will continue to explore a broader range of diverse front-end supply-sourcing scenarios, providing users with higher-quality and more efficient fulfillment experiences to further uplift recycling penetration. Additionally, we will actively explore premium retail and overseas sales channels to create long-term value for both users and shareholders.”

^1. For all measures labeled as “non-GAAP” on this page and following pages, please see “Unaudited Reconciliations of GAAP and Non-GAAP Results” for more information.

^2.“Number of consumer products transacted” represents the number of consumer products distributed to merchants and consumers through transactions on the Company’s PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.

Second Quarter 2025 Financial Results

REVENUE

Total net revenues increased by 32.2% to RMB4,991.5 million (US$696.8 million) from RMB3,776.7 million in the same period of 2024.

Net product revenues increased by 34.0% to RMB4,558.7 million (US$636.4 million) from RMB3,401.8 million in the same period of 2024. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company’s online channels.
Net service revenues increased by 15.4% to RMB432.8 million (US$60.4 million), compared to RMB374.9 million in the same period of 2024. This increase was primarily due to an increase in the service revenue generated from multi-category recycling business.

OPERATING COSTS AND EXPENSES

Operating costs and expenses were RMB4,918.1 million (US$686.5 million), compared to RMB3,795.3 million in the same period of 2024, representing an increase of 29.6%.

Merchandise costs were RMB3,957.6 million (US$552.5 million), compared to RMB2,990.6 million in the same period of 2024, representing an increase of 32.3%. The increase was primarily due to the growth in product sales.
Fulfillment expenses were RMB413.6 million (US$57.7million), compared to RMB328.3 million in the same period of 2024, representing an increase of 26.0%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with the same period of 2024, and (ii) an increase in operation related expenses as the Company expanded its store networks in the second quarter of 2025.
Selling and marketing expenses were RMB406.9 million (US$56.8 million), compared to RMB354.0 million in the same period of 2024, representing an increase of 14.9%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, and (ii) an increase in commission expenses in relation to channel service fees. The increase was partially offset by a decrease in share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions, due to the maturity of some intangible assets in the second quarter of 2024.
General and administrative expenses were RMB77.5 million (US$10.8 million), compared to RMB72.5 million in the same period of 2024, representing an increase of 6.9%. The increase was primarily due to an increase in personnel cost and expected credit loss relating to credit risk. The increase was partially offset by a decrease in share-based compensation expenses.
Technology and content expenses were RMB62.5 million (US$8.7 million), compared to RMB49.8 million in the same period of 2024, representing an increase of 25.5%. The increase was primarily due to an increase in personnel costs.

(LOSS) INCOME FROM OPERATIONS

Income from operations was RMB91.1 million (US$12.7 million), compared to a loss from operations of RMB5.6 million in the same period of 2024.

Adjusted income from operations (non-GAAP) was RMB121.3 million (US$16.9 million), compared to an adjusted income from operations of RMB94.1 million in the same period of 2024.

NET (LOSS) INCOME

Net income was RMB72.3 million (US$10.1 million), compared to a net loss of RMB10.7 million in the same period of 2024.

Adjusted net income (non-GAAP) was RMB99.9 million (US$13.9 million), compared to an adjusted net income of RMB80.5 million in the same period of 2024.

BASIC AND DILUTED NET (LOSS) INCOME PER ORDINARY SHARE

Basic and diluted net income per ordinary share were RMB0.45(US$0.06) and RMB0.44(US$0.06), compared to basic and diluted net loss of RMB0.06 and RMB0.06 in the same period of 2024.

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.62(US$0.09) and RMB0.61(US$0.09), compared to RMB0.48 and RMB0.48 in the same period of 2024.

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS

Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,349.7 million (US$328.0 million) as of June 30, 2025, as compared to RMB2,919.6 million as of December 31, 2024.

Business Outlook

For the third quarter of 2025, the Company currently expects its total revenues to be between RMB5,050.0 million and RMB5,150.0 million, representing an increase of 24.7% to 27.1% year-over-year. This forecast only reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Recent Development

During the second quarter of 2025, ATRenew repurchased a total of approximately 1.6 million ADSs for approximately US$4.0 million under its current share repurchase program which authorizes the Company to repurchase up to US$50 million worth of its shares (including ADSs) through June 27, 2025. As of June 27, 2025, the Company had repurchased a total of approximately 12.3 million ADSs for approximately US$31.1 million under this share repurchase program. On June 30, 2025, ATRenew announced that the board of directors of the Company (the “Board”) has authorized a new share repurchase program, under which the Company may repurchase up to US$50 million of its shares (including ADSs) over a 12-month period starting from June 30, 2025.

As of June 30, 2025, ATRenew celebrated a physical store network of 2,092 AHS stores in 291 cities in China.

On June 30, 2025, ATRenew released 2024 Environmental, Social and Governance (ESG) Report, highlighting its progress and achievements in green recycling, low-carbon transition, corporate governance, and technological innovation, demonstrating the Company’s continued commitment to China’s “Dual Carbon” goals and alignment with global ESG best practices. ATRenew established ambitious emissions reduction goals – aiming to cut Scope 1 & 2 emission intensity by 35% and Scope 3 emission intensity by 50% by 2030, using 2024 as the baseline.

On August 18, 2025, the Board approved a three-year shareholder return plan commencing with the fiscal year 2025. Pursuant to this plan, the Company will allocate no less than 60% of its adjusted net income (non-GAAP) for each fiscal year to shareholder returns, which may be effected through dividend distributions, share repurchases, or a combination of both. The Board will, at its discretion, evaluate and approve the specific form, timing, and amount of such shareholder return measures in any given fiscal year, taking into consideration the Company’s operating results, cash flow, capital requirements, and other relevant factors.

Conference Call Information

The Company’s management will hold a conference call on Wednesday, August 20, 2025 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:		1-412-317-6061
United States Toll Free:		1-888-317-6003
Mainland China Toll Free:		4001-206115
Hong Kong Toll Free:		800-963976
Access Code:		6476843

The replay will be accessible through August 27, 2025 by dialing the following numbers:

International:		1-412-317-0088
United States Toll Free:		1-877-344-7529
Access Code:		7725572

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at ir.atrenew.com.

About ATRenew Inc.

Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew’s open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China’s pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1636 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2025.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is (loss) income from operations excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income is net (loss) income excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net (loss) income per ordinary share.

The Company presents non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that are included in (loss) income from operations and net (loss) income. The Company also believes that the use of non-GAAP financial measures facilitates investors’ assessment of the Company’s operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. The share-based compensation expenses, amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew’s strategies; ATRenew’s future business development, financial condition and results of operations; ATRenew’s ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew’s filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

In China:

ATRenew Inc.
Investor Relations
Email: [email protected]

In the United States:

ICR LLC.
Email: [email protected]
Tel: +1-212-537-0461

ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
	As of December 31,		As of June 30,
	2024		2025
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		1,970,183		1,299,051		181,341
Restricted cash		132,000		104,199		14,546
Short-term investments		583,764		625,705		87,345
Amount due from related parties, net		117,161		406,434		56,736
Inventories		535,070		814,105		113,645
Funds receivable from third party payment service providers		233,133		319,749		44,635
Prepayments and other receivables, net		598,045		734,706		102,561
Total current assets		4,169,356		4,303,949		600,809
Non-current assets:
Long-term investments		556,136		526,298		73,468
Property and equipment, net		156,532		197,185		27,526
Intangible assets, net		56,603		12,211		1,705
Other non-current assets		152,094		160,664		22,428
Total non-current assets		921,365		896,358		125,127
TOTAL ASSETS		5,090,721		5,200,307		725,936
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings		225,000		171,000		23,871
Accounts payable		171,356		139,976		19,540
Contract liabilities		98,834		104,222		14,549
Accrued expenses and other current liabilities		522,378		584,931		81,653
Accrued payroll and welfare		179,693		184,837		25,802
Amount due to related parties		109,730		146,858		20,501
Total current liabilities		1,306,991		1,331,824		185,916
Non-current liabilities:
Operating lease liabilities, non-current		79,934		73,209		10,220
Deferred tax liabilities		9,244		2,585		361
Total non-current liabilities		89,178		75,794		10,581
TOTAL LIABILITIES		1,396,169		1,407,618		196,497
TOTAL SHAREHOLDERS’ EQUITY		3,694,552		3,792,689		529,439
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		5,090,721		5,200,307		725,936

ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands, except share and per share and otherwise noted)
	Three months ended June 30,						Six months ended June 30,
	2024		2025				2024		2025
	RMB		RMB		US$		RMB		RMB		US$
Net revenues
Net product revenues		3,401,755		4,558,695		636,369		6,711,574		8,822,374		1,231,556
Net service revenues		374,948		432,770		60,412		716,265		822,536		114,822
Operating (expenses) income ⁽¹⁾⁽²⁾
Merchandise costs		(2,990,642)		(3,957,556)		(552,454)		(5,938,457)		(7,573,472)		(1,057,216)
Fulfillment expenses		(328,287)		(413,628)		(57,740)		(638,055)		(841,477)		(117,466)
Selling and marketing expenses		(353,977)		(406,870)		(56,796)		(675,314)		(825,728)		(115,267)
General and administrative expenses		(72,544)		(77,521)		(10,822)		(146,369)		(140,895)		(19,668)
Technology and content expenses		(49,812)		(62,467)		(8,720)		(99,995)		(117,471)		(16,398)
Other operating income, net		12,925		17,646		2,463		21,331		17,890		2,497
(Loss) income from operations		(5,634)		91,069		12,712		(49,020)		163,757		22,860
Interest expense		(4,739)		(1,743)		(243)		(8,717)		(3,628)		(506)
Interest income		5,332		5,580		779		11,925		13,954		1,948
Other (loss) income, net		85		4,770		666		(41,352)		(1,717)		(240)
(Loss) income before income taxes and share of loss in equity method investments		(4,956)		99,676		13,914		(87,164)		172,366		24,062
Income tax benefits (expenses)		8,540		(17,312)		(2,417)		18,587		(23,582)		(3,292)
Share of loss in equity method investments		(14,257)		(10,028)		(1,400)		(34,959)		(33,648)		(4,697)
Net (loss) income		(10,673)		72,336		10,097		(103,536)		115,136		16,073
Net (loss) income per ordinary share:
Basic		(0.06)		0.45		0.06		(0.63)		0.72		0.10
Diluted		(0.06)		0.44		0.06		(0.63)		0.71		0.10
Weighted average number of shares used in calculating net (loss) income per ordinary share
Basic		166,616,018		161,486,547		161,486,547		164,048,134		160,748,983		160,748,983
Diluted		166,616,018		162,572,624		162,572,624		164,048,134		161,890,426		161,890,426
Net (loss) income		(10,673)		72,336		10,097		(103,536)		115,136		16,073
Foreign currency translation adjustments		(330)		(5,742)		(802)		(90)		(6,741)		(941)
Total comprehensive (loss) income		(11,003)		66,594		9,295		(103,626)		108,395		15,132

ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (CONTINUED)
(Amounts in thousands)
	Three months ended June 30,						Six months ended June 30,
	2024		2025				2024		2025
	RMB		RMB		US$		RMB		RMB		US$
(1) Includes share-based compensation expenses as follows:
Fulfillment expenses		(6,590)		(3,981)		(556)		(12,971)		(6,338)		(885)
Selling and marketing expenses		(14,166)		(1,753)		(244)		(44,572)		(6,190)		(864)
General and administrative expenses		(16,393)		(2,375)		(332)		(32,070)		(6,331)		(884)
Technology and content expenses		(5,703)		(4,234)		(591)		(9,954)		(6,217)		(868)
(2) Includes amortization of intangible assets resulting from assets and business acquisitions as follows:
Selling and marketing expenses		(56,479)		(17,913)		(2,501)		(122,891)		(44,392)		(6,197)
Technology and content expenses		(369)		—		—		(851)		—		—

Unaudited Reconciliations of GAAP and Non-GAAP Results
(Amounts in thousands, except share and per share and otherwise noted)
	Three months ended June 30,						Six months ended June 30,
	2024		2025				2024		2025
	RMB		RMB		US$		RMB		RMB		US$
(Loss) income from operations		(5,634)		91,069		12,712		(49,020)		163,757		22,860
Add:
Share-based compensation expenses		42,852		12,343		1,723		99,567		25,076		3,501
Amortization of intangible assets resulting from assets and business acquisitions		56,848		17,913		2,501		123,742		44,392		6,197
Adjusted income from operations (non-GAAP)		94,066		121,325		16,936		174,289		233,225		32,558
Net (loss) income		(10,673)		72,336		10,097		(103,536)		115,136		16,073
Add:
Share-based compensation expenses		42,852		12,343		1,723		99,567		25,076		3,501
Amortization of intangible assets resulting from assets and business acquisitions		56,848		17,913		2,501		123,742		44,392		6,197
Less:
Tax effects of amortization of intangible assets resulting from assets and business acquisitions		(8,540)		(2,687)		(375)		(18,587)		(6,659)		(930)
Adjusted net income (non-GAAP)		80,487		99,905		13,946		101,186		177,945		24,841
Adjusted net income per ordinary share (non- GAAP):
Basic		0.48		0.62		0.09		0.62		1.11		0.15
Diluted		0.48		0.61		0.09		0.61		1.10		0.15
Weighted average number of shares used in calculating net income per ordinary share
Basic		166,616,018		161,486,547		161,486,547		164,048,134		160,748,983		160,748,983
Diluted		169,063,102		162,572,624		162,572,624		164,698,650		161,890,426		161,890,426

View original content:https://www.prnewswire.com/news-releases/atrenew-inc-reports-unaudited-second-quarter-2025-financial-results-302534283.html

SOURCE ATRenew Inc.

August 20, 2025 4:03 am

Futu Announces Second Quarter 2025 Unaudited Financial Results

HONG KONG, Aug. 20, 2025 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Operational Highlights

Total number of funded accounts
¹ increased 40.9% year-over-year to 2,877,126 as of June 30, 2025.
Total number of brokerage accounts
² increased 29.6% year-over-year to 5,243,591 as of June 30, 2025.
Total number of users
³ increased 16.6% year-over-year to 27.1 million as of June 30, 2025.
Total client assets increased 68.1% year-over-year to HK$973.9 billion as of June 30, 2025.
Daily average client assets were HK$895.6 billion in the second quarter of 2025, an increase of 59.9% from the same period in 2024.
Total trading volume in the second quarter of 2025 increased by 121.2% year-over-year to HK$3.59 trillion, in which trading volume for U.S. stocks was HK$2.70 trillion, and trading volume for Hong Kong stocks was HK$833.5 billion.
Margin financing and securities lending balance increased 17.2% year-over-year to HK$51.4 billion as of June 30, 2025.

Second Quarter 2025 Financial Highlights

Total revenues increased 69.7% year-over-year to HK$5,310.9 million (US$676.6 million).
Total gross profit increased 81.6% year-over-year to HK$4,639.9 million (US$591.1 million).
Net income increased 112.7% year-over-year to HK$2,572.6 million (US$327.7 million).
Non-GAAP adjusted net income
⁴ increased 105.2% year-over-year to HK$2,659.8 million (US$338.8 million).

Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, said, “We concluded the second quarter with approximately 2.9 million funded accounts, up 40.9% year-over-year and 7.6% quarter-over-quarter. We reached a key milestone in our international expansion – as of quarter end, over half of our total funded accounts are from clients outside of Futu Securities Hong Kong.”

“During the quarter, we added over 204 thousand new funded accounts, growing 31.6% year-over-year. Trade policy-induced market volatility, coupled with a slate of high-profile IPOs, boosted retail sentiment in Hong Kong, which, for the third quarter in a row, contributed the highest number of new funded accounts across all markets. The U.S. market also recorded solid growth. In the second quarter, we became the official sponsor of the New York Mets, further elevating our brand image in the U.S. and beyond. We also launched crypto trading in most of the states in June, strengthening our value proposition as a one-stop trading platform. In Malaysia, we continued to enrich localized features such as Malaysian IPO financing services and Malaysian Stock Earnings Calendar. In Japan, we partnered with Nasdaq and the Japan Exchange Group to host our inaugural offline investment event, MooFest Japan, which attracted over 12 thousand Tokyo investors to sign up, significantly raising our brand recognition among local retail investors. During the second quarter, our funded account quarterly retention rate again stayed well above 98%, a testament to strong client loyalty.”

“Bolstered by robust net asset inflow and favorable mark-to-market gains from Hong Kong and U.S. equities, total client assets climbed to a new high of HK$973.9 billion, up 68.1% year-over-year and 17.4% quarter-over-quarter. Notably, net asset inflow during the first half of 2025 almost doubled year-over-year. This robust asset inflow was broad-based as average client assets across all markets saw sequential increase. Margin financing and securities lending balance ended the quarter flat at HK$51.4 billion, as clients unwound leveraged positions during market plunge in April but risk appetite recovered subsequently.”

“Total trading volume reached HK$3.59 trillion in the second quarter, up 121.2% year-over-year and 11.6% quarter-over-quarter. The market turmoil in April and the surge of crypto names following favorable policy developments sparked trading interests. U.S. stock trading volume grew 19.7% sequentially to HK$2.70 trillion, led by EV and crypto names. Hong Kong stock trading volume declined 9.0% quarter-over-quarter to HK$833.5 billion, mainly due to softer trading activities in technology names, partly lifted by higher turnover in new consumption stocks.”

“Total client assets in wealth management reached HK$163.2 billion as of quarter end, up 104.4% year-over-year and 17.2% quarter-over-quarter. In Hong Kong and Singapore, we added HKD- and RMB-denominated bonds as well as floating-rate bonds to diversify our fixed income offerings. In Hong Kong, we launched principal-protected structured products, and thus became the first online broker to offer structured products to retail investors. We also became the first and only online brokerage platform to distribute ChinaAMC (HK)‘s tokenized money market funds.”

“As of quarter end, we served 517 IPO distribution and IR clients, up 14.6% year-over-year. During the quarter, we acted as joint bookrunners for several prominent Hong Kong IPOs. In the Haitian Flavouring and Food IPO, we attracted a record 102 thousand subscribers and ranked first among all brokers in both subscriber count and total subscription amount. In the first half of 2025, we partnered with six of the ten largest Hong Kong IPOs by fundraising size and facilitated over HK$10 billion in subscription amount for 12 IPOs each.”

Second Quarter 2025 Financial Results

Revenues

Total revenues were HK$5,310.9 million (US$676.6 million), an increase of 69.7% from HK$3,129.0 million in the second quarter of 2024.

Brokerage commission and handling charge income was HK$2,578.6 million (US$328.5 million), an increase of 87.4% from the second quarter of 2024. This was mainly due to higher trading volume, although blended commission rate was softer compared to the year-ago quarter.

Interest income was HK$2,288.2 million (US$291.5 million), an increase of 43.8% from the second quarter of 2024. The increase was mainly driven by higher interest income from securities borrowing and lending business, bank deposits and margin financing.

Other income was HK$444.1 million (US$56.6 million), an increase of 175.8% from the second quarter of 2024. The increase was primarily attributable to higher fund distribution service income and currency exchange income.

Costs

Total costs were HK$670.9 million (US$85.5 million), an increase of 16.8% from HK$574.3 million in the second quarter of 2024.

Brokerage commission and handling charge expenses were HK$160.6 million (US$20.5 million), an increase of 84.2% from the second quarter of 2024. This increase was roughly in line with the growth of our brokerage commission and handling charge income.

Interest expenses were HK$377.6 million (US$48.1 million), flat compared to the second quarter of 2024, as higher expenses associated with our securities borrowing and lending business were offset by lower margin financing interest expenses.

Processing and servicing costs were HK$132.7 million (US$16.9 million), an increase of 21.3% from the second quarter of 2024. The increase was primarily due to higher data transmission fee as well as higher market information and data fee.

Gross Profit

Total gross profit was HK$4,639.9 million (US$591.1 million), an increase of 81.6% from HK$2,554.7 million in the second quarter of 2024. Gross margin was 87.4%, as compared to 81.6% in the second quarter of 2024.

Operating Expenses

Total operating expenses were HK$1,296.0 million (US$165.1 million), an increase of 20.6% from HK$1,074.4 million in the second quarter of 2024.

Research and development expenses were HK$441.9 million (US$56.3 million), an increase of 18.2% from the second quarter of 2024. This increase was primarily driven by greater investment in AI capabilities.

Selling and marketing expenses were HK$429.1 million (US$54.7 million), an increase of 26.8% from HK$338.3 million in the second quarter of 2024. This was driven by higher new funded accounts, partially offset by lower client acquisition costs.

General and administrative expenses were HK$424.9 million (US$54.1 million), an increase of 17.3% from the second quarter of 2024. The increase was primarily due to an increase in general and administrative personnel.

Income from Operations

Income from operations increased by 125.9% to HK$3,344.0 million (US$426.0 million) from HK$1,480.3 million in the second quarter of 2024. Operating margin increased to 63.0% from 47.3% in the second quarter of 2024 mainly due to strong topline growth and operating leverage.

Net Income

Net income increased by 112.7% to HK$2,572.6 million (US$327.7 million) from HK$1,209.3 million in the second quarter of 2024. Net income margin for the second quarter of 2025 increased to 48.4% from 38.6% in the year-ago quarter.

Non-GAAP adjusted net income increased by 105.2% to HK$2,659.8 million (US$338.8 million) from the second quarter of 2024. Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses. For further information, see “Use of Non-GAAP Financial Measures” at the bottom of this press release.

Net Income per ADS

Basic net income per American Depositary Share (“ADS”) was HK$18.48 (US$2.35), compared with HK$8.79 in the second quarter of 2024. Diluted net income per ADS was HK$18.24 (US$2.32), compared with HK$8.66 in the second quarter of 2024. Each ADS represents eight Class A ordinary shares.

Conference Call and Webcast

Futu’s management will hold an earnings conference call on Wednesday, August 20, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

Please note that all participants will need to pre-register for the conference call, using the link

https://register-conf.media-server.com/register/BIdb44c44685fb4f95893e105fc2e064cd.

It will automatically lead to the registration page of “Futu Holdings Ltd Second Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.

Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.

About Futu Holdings Limited

Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP adjusted net income, a non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. The Company presents the non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income enables the management to assess the Company’s operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the non-GAAP measure facilitates investors’ assessment of its operating performance.

Non-GAAP adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using non-GAAP adjusted net income is that it does not reflect all items of expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in the business and is not reflected in the presentation of non-GAAP adjusted net income. Further, the non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance.

For more information on this non-GAAP financial measure, please see the table captioned “Unaudited Reconciliations of Non-GAAP and GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain HK dollars (“HK$”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.8499 to US$1.00, the noon buying rate in effect on June 30, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from the management team of the Company, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu’s goal and strategies; Futu’s expansion plans; Futu’s future business development, financial condition and results of operations; Futu’s expectations regarding demand for, and market acceptance of, its credit products; Futu’s expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor inquiries, please contact:

Investor Relations
Futu Holdings Limited
[email protected]

^{___________________}

¹ The number of funded accounts refers to the number of brokerage accounts with Futu that have a positive account balance. Multiple funded accounts by one client are counted as one funded account.
² Multiple brokerage accounts by one client are counted as one brokerage account.
³ The number of users refers to the number of user accounts registered with Futu.
⁴ Non-GAAP adjusted net income is defined as net income excluding share-based compensation expenses.

FUTU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data)

	As of December 31,	As of June 30,
	2024	2025	2025
	HK$	HK$	US$
ASSETS
Cash and cash equivalents	11,688,383	6,257,038	797,085
Cash held on behalf of clients	68,639,816	105,308,081	13,415,213
Restricted cash	1,121	8,065	1,027
Term deposit	4,990	5,440	693
Short-term investments	2,411,074	2,504,765	319,082
Securities purchased under agreements to resell	316,301	611,017	77,838
Loans and advances-current (net of allowance of HK$85,252 thousand and HK$148,187 thousand as of December 31, 2024 and June 30, 2025, respectively)	49,695,691	47,452,581	6,044,992
Receivables:
Clients	534,077	844,075	107,527
Brokers	17,224,387	23,948,019	3,050,742
Clearing organizations	3,277,063	4,208,316	536,098
Fund management companies and fund distributors	1,210,472	1,825,260	232,520
Interest	597,483	706,749	90,033
Amounts due from related parties	61,200	40,707	5,186
Prepaid assets	63,497	92,190	11,744
Other current assets	160,330	1,010,687	128,752
Total current assets	155,885,885	194,822,990	24,818,532

Operating lease right-of-use assets	253,212	479,675	61,106
Long-term investments	573,190	709,457	90,378
Loans and advances-non-current	18,805	19,016	2,422
Other non-current assets	2,025,841	2,368,235	301,689
Total non-current assets	2,871,048	3,576,383	455,595
Total assets	158,756,933	198,399,373	25,274,127

LIABILITIES
Amounts due to related parties	79,090		174,157		22,186
Payables:
Clients	72,379,135		110,940,538		14,132,732
Brokers	43,697,746		37,240,791		4,744,110
Clearing organizations	503,396		1,214,362		154,698
Fund management companies and fund distributors	507,076		2,091,289		266,410
Interest	86,964		47,057		5,995
Borrowings	5,702,259		8,119,152		1,034,300
Securities sold under agreements to repurchase	2,574,659		1,170,504		149,111
Lease liabilities-current	144,357		161,871		20,621
Accrued expenses and other current liabilities	4,936,805		3,611,387		460,055
Total current liabilities	130,611,487		164,771,108		20,990,218

Lease liabilities-non-current	132,924		342,548		43,638
Other non-current liabilities	8,061		6,195		788
Total non-current liabilities	140,985		348,743		44,426
Total liabilities	130,752,472		165,119,851		21,034,644


SHAREHOLDERS’ EQUITY
Class A ordinary shares	72		72		9
Class B ordinary shares	27		27		3
Additional paid-in capital	18,807,369		18,974,362		2,417,147
Treasury Stock	(5,199,257	)	(5,199,257	)	(662,334	)
Accumulated other comprehensive (loss)/ income	(249,916	)	143,424		18,271
Retained earnings	14,652,946		19,372,478		2,467,863
Total shareholders’ equity	28,011,241		33,291,106		4,240,959


Non-controlling interest	(6,780	)	(11,584	)	(1,476	)
Total equity	28,004,461		33,279,522		4,239,483
Total liabilities and equity	158,756,933		198,399,373		25,274,127

FUTU HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands, except for share and per share data)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2024		June 30, 2025		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2025
	HK$		HK$		US$		HK$		HK$		US$
Revenues
Brokerage commission and handling charge income	1,376,300		2,578,602		328,489		2,458,407		4,888,822		622,788
Interest income	1,591,654		2,288,156		291,489		2,945,820		4,358,625		555,246
Other income	161,032		444,132		56,578		317,218		758,080		96,572
Total revenues	3,128,986		5,310,890		676,556		5,721,445		10,005,527		1,274,606
Costs
Brokerage commission and handling charge expenses	(87,238	)	(160,597	)	(20,458	)	(147,539	)	(304,102	)	(38,740	)
Interest expenses	(377,625	)	(377,629	)	(48,106	)	(690,467	)	(846,962	)	(107,895	)
Processing and servicing costs	(109,436	)	(132,716	)	(16,907	)	(206,539	)	(268,831	)	(34,246	)
Total costs	(574,299	)	(670,942	)	(85,471	)	(1,044,545	)	(1,419,895	)	(180,881	)
Total gross profit	2,554,687		4,639,948		591,085		4,676,900		8,585,632		1,093,725

Operating expenses
Research and development expenses	(373,943	)	(441,925	)	(56,297	)	(709,430	)	(827,904	)	(105,467	)
Selling and marketing expenses	(338,332	)	(429,132	)	(54,667	)	(630,996	)	(888,334	)	(113,165	)
General and administrative expenses	(362,105	)	(424,908	)	(54,129	)	(663,440	)	(840,153	)	(107,027	)
Total operating expenses	(1,074,380	)	(1,295,965	)	(165,093	)	(2,003,866	)	(2,556,391	)	(325,659	)

Income from operations	1,480,307		3,343,983		425,992		2,673,034		6,029,241		768,066

Others, net	(42,616	)	(168,114	)	(21,416	)	(10,875	)	(188,712	)	(24,040	)

Income before income tax expense and share of loss from equity method investments	1,437,691		3,175,869		404,576		2,662,159		5,840,529		744,026

Income tax expense	(216,726	)	(579,809	)	(73,862	)	(402,367	)	(1,070,768	)	(136,405	)
Share of loss from equity method investments	(11,667	)	(23,500	)	(2,994	)	(15,361	)	(54,497	)	(6,942	)

Net income	1,209,298		2,572,560		327,720		2,244,431		4,715,264		600,679

Attributable to:
Ordinary shareholders of the Company	1,212,190		2,574,209		327,930		2,250,328		4,719,532		601,223
Non-controlling interest	(2,892	)	(1,649	)	(210	)	(5,897	)	(4,268	)	(544	)
	1,209,298		2,572,560		327,720		2,244,431		4,715,264		600,679

Net income per share attributable to ordinary shareholders of the Company
Basic	1.10		2.31		0.29		2.04		4.24		0.54
Diluted	1.08		2.28		0.29		2.01		4.19		0.53

Net income per ADS
Basic	8.79		18.48		2.35		16.32		33.92		4.32
Diluted	8.66		18.24		2.32		16.11		33.52		4.27

Weighted average number of ordinary shares used in computing net income per share
Basic	1,103,489,111		1,114,047,038		1,114,047,038		1,103,209,443		1,113,738,611		1,113,738,611
Diluted	1,119,409,062		1,128,991,818		1,128,991,818		1,117,436,747		1,127,802,882		1,127,802,882

Net income	1,209,298		2,572,560		327,720		2,244,431		4,715,264		600,679
Other comprehensive (loss)/ income, net of tax
Foreign currency translation adjustment	(67,811	)	327,589		41,732		(97,252	)	392,804		50,039
Total comprehensive income	1,141,487		2,900,149		369,452		2,147,179		5,108,068		650,718

Attributable to:
Ordinary shareholders of the Company	1,144,361		2,902,320		369,729		2,153,093		5,112,872		651,330
Non-controlling interest	(2,874	)	(2,171	)	(277	)	(5,914	)	(4,804	)	(612	)
	1,141,487		2,900,149		369,452		2,147,179		5,108,068		650,718

FUTU HOLDINGS LIMITED UNAUDITED RECONCILIATIONS OF NON-GAAP AND GAAP RESULTS (In thousands)

	For the Three Months Ended			For the Six Months Ended
	June 30, 2024	June 30, 2025	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2025
	HK$	HK$	US$	HK$	HK$	US$

Net income	1,209,298	2,572,560	327,720	2,244,431	4,715,264	600,679
Add: Share-based compensation expenses	86,855	87,254	11,115	172,793	161,453	20,568
Adjusted net income	1,296,153	2,659,814	338,835	2,417,224	4,876,717	621,247

Non-GAAP to GAAP reconciling items have no income tax effect.

August 20, 2025 4:03 am

UK University Clearing Chaos: Students on Hold for More Than Three Hours – Unless the University Used 8×8

UK University Clearing Chaos: Students on Hold for More Than Three Hours – Unless the University Used 8×8

LONDON–(BUSINESS WIRE)–
As A-level results dropped last Thursday, students across England, Wales, and Northern Ireland scrambled to secure university places through Clearing — and many were forced to wait more than three hours on hold to do so, according to new data from 8×8, Inc. (NASDAQ: EGHT), the industry’s most integrated customer experience (CX) platform provider.

In the UK, Clearing is a process where students who do not have a university place or have changed their mind on which course they wish to attend call universities directly after exam results are published to see if they can claim one of the remaining spots.

With more than 22,000 undergraduate courses still open, phone lines across the UK were quickly overwhelmed. And while Clearing technically runs until October, the first few days are critical – with places awarded on a first-come, first-served basis.

But for students calling 8×8-powered universities, the experience looked very different. Average wait times dropped to just six seconds, and most calls were resolved end-to-end in under eight minutes.

After the first weekend of Clearing since the exam results dropped, data shared with 8×8 from a number of university bodies revealed:

Across the UK, some applicants were on hold for more than three hours before reaching the relevant university employees.
80% of call volume took place on the Thursday of exam results being received.
8×8-supported universities recorded wait times of less than eight seconds for a call to be answered – while some (non-8×8 supported) universities had average wait times of above 16 minutes.
At 8×8-supported universities, total call handling times were around eight minutes – and in some cases under two minutes.

Removing stress from the process

“Clearing is high-stakes for students and universities alike as every second on hold adds stress and the risk of losing a place or funding,” said Maxine Eunson, Head of Public Sector and Universities at 8×8, Inc. “I hear that, at non-8×8 supported universities, average handling time on Clearing has been more than ten minutes and it’s great our tools are helping universities be quicker and better than that as we help them move from chaos to clarity.”

8×8 and Education

More information about how 8×8 helps universities and other educational institutions can be found on the company’s customer success page.

About 8×8 Inc.

8×8, Inc. (NASDAQ: EGHT) connects people and organizations through seamless communication on the industry’s most integrated platform for Customer Experience – combining Contact Center, Unified Communication, and CPaaS solutions. The 8×8® Platform for CX integrates AI at every level to enable personalized customer journeys, drive operational excellence and insights, and facilitate team collaboration. 8×8 helps customer experience and IT leaders become the heartbeat of their organizations, empowering them to unlock the potential of every interaction. For additional information, visit www.8×8.com, or follow 8×8 on LinkedIn, X, and Facebook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250820379661/en/

Media Contact:

8×[email protected]

Investor Relations:

Investor.Relations@8×8.com

KEYWORDS: Europe Ireland United Kingdom

INDUSTRY KEYWORDS: Education Technology VoIP Telecommunications Software Artificial Intelligence University

MEDIA:

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August 20, 2025 3:52 am

Hafnia’s Q2 2025 Financial Results Presentation to Be Held on 27 August 2025

Hafnia’s Q2 2025 Financial Results Presentation to Be Held on 27 August 2025

SINGAPORE–(BUSINESS WIRE)–
Hafnia Limited (“Hafnia”, the “Company”, OSE ticker code: “HAFNI”, NYSE ticker code “HAFN”) will release its Q2 2025 results at approximately 07:30 CET on the 27^th of August 2025. In connection with this release, Hafnia will hold an investor presentation with Mikael Skov (CEO), Perry van Echtelt (CFO), Søren Skibdal Winther (VP), and Thomas Andersen (EVP).

The details are as follows:

Date: Wednesday, August 27, 2025

Location	Local Time
Oslo, Norway	14:30 CET
New York, U.S.A	08:30 EST
Singapore	20:30 SGT

The financial results presentations will be available via live video webcast via the following link: Click here to join Hafnia’s Investor Presentation on August 27 2025

Meeting ID: 393 651 111 894 9

Passcode: b2ET6oZ3

Download Teams | Join on the web

Dial in by phone: +45 32 72 66 19,,509249796# Denmark, All locations

Find a local number

Phone conference ID: 509 249 796#

A recording of the presentation will be available after the live event on the Hafnia Investor Relations Page: https://investor.hafnia.com/financials/quarterly-results/default.aspx.

About Hafnia Limited:

Hafnia is one of the world’s leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies.

As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea.

Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250819097104/en/

For further information, please contact:

Mikael Skov

CEO Hafnia Limited

+65 8533 8900

KEYWORDS: Asia Pacific Europe Norway Singapore Southeast Asia

INDUSTRY KEYWORDS: Chemicals/Plastics Maritime Logistics/Supply Chain Management Oil/Gas Transport Manufacturing Energy

MEDIA:

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August 20, 2025 3:37 am

PRESS RELEASE: CMB.TECH completes merger with Golden Ocean

Antwerp, Aug. 20, 2025 (GLOBE NEWSWIRE) — CMB.TECH NV (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) (“CMB.TECH”) is pleased to announce that it has successfully completed the stock-for-stock merger between Golden Ocean Group Limited (“Golden Ocean”) and CMB.TECH Bermuda Ltd., a wholly-owned subsidiary of CMB.TECH, with CMB.TECH Bermuda Ltd. as the surviving company, and with CMB.TECH as the issuer of the merger consideration shares (the “Merger”).

Approval by Golden Ocean shareholders

At yesterday’s special general meeting of shareholders of Golden Ocean, the Merger was approved by shareholders holding 92.72% of the shares present or represented at the meeting.

Capital increase

This morning, CMB.TECH has issued 95,952,934 new ordinary shares by means of a capital increase by contribution in kind. These shares will be delivered to former holders of Golden Ocean shares as merger consideration at the exchange ratio of 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean (subject to rounding), in accordance with the merger agreement.

The newly issued CMB.TECH shares will begin trading on Euronext Brussels and on the New York Stock Exchange (“NYSE”) today. In addition, Euronext Oslo Børs (“Euronext Oslo”) has approved CMB.TECH’s application for the secondary listing of its shares on the regulated market Euronext Oslo. CMB.TECH’s ordinary shares (including the newly issued shares) will begin trading on Euronext Oslo today, under ticker symbol “CMBTO”. As part of the secondary listing on Euronext Oslo, CMB.TECH has also established a secondary share register in the Norwegian central securities depository, Euronext Securities Oslo (Verdipapirsentralen) (the “VPS”), with DNB Bank ASA, Issuer Services (“DNB”) as its VPS registrar, which is linked to the U.S. component of CMB.TECH’s primary share register.

More information on the Merger can be found in (i) the registration statement on Form F-4 which was declared effective by the U.S. Securities and Exchange Commission on 16 July 2025 (the “Registration Statement”) and (ii) the exemption document under the EU Prospectus Regulation (EU) 2017/1129 and the Commission Delegated Regulation (EU) 2021/528 (the “Exemption Document”) published on 14 August 2025 in the framework of the Merger and which are available on CMB.TECH’s website.

Key Benefits and Features of the Merger

The Merger creates one of the world’s largest diversified listed maritime groups, featuring:

A combined diversified fleet of around 250 vessels, including dry bulk vessels, crude oil tankers, chemical tankers, container ships, offshore wind vessels and port vessels

A future-proof fleet with more than 80 hydrogen- and ammonia-ready vessels, offering low-carbon fuel optionality

Fair market value
of the fleet of approximately USD 11.1 billion, underscoring scale and asset values

Young and fuel-efficient fleet with an average age of 6.1 years

Solid revenue visibility with a contract backlog of approximately USD 3.0 billion, supporting predictable cash flows and shareholder returns

Global capital market presence with listings in New York, Brussels, and Oslo,with38% expected free float providing trading liquidity

Robust liquidity position exceeding USD 400 million, including cash on hand and undrawn credit facilities, providing financial flexibility and growth capacity

Alexander Saverys, CEO of CMB.TECH, commented: “Today, we are delighted to close the merger between CMB.TECH and Golden Ocean. In less than 18 months, we have transformed a pure play crude oil tanker company into a large and leading diversified and future-proof maritime group. As we welcome the Golden Ocean team and fleet to the CMB.TECH family, we look forward to creating value for all our stakeholders with our modern fleet of more than 250 ships. 11 billion USD worth of assets, three public listings in New York, Brussels and Oslo, more than one third of our fleet ready to be powered by low carbon fuels, a contract backlog of 3 billion USD … and one goal : decarbonise today to navigate tomorrow.”

Settlement

Yesterday was the last day of trading of Golden Ocean shares on Nasdaq and Euronext Oslo. Holders of Golden Ocean shares at the effective date of the Merger (i.e. 20 August 2025, before market opening CEST) will receive their portion of ordinary CMB.TECH shares as merger consideration at the exchange ratio of 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean (subject to rounding), in accordance with the merger agreement.

Holders of Golden Ocean shares on Nasdaq registered in the Depository Trust Company (“DTC”) as at the closing of trading on 19 August 2025 (as evidenced in DTC on 20 August 2025 (record date in DTC) in accordance with the T+1 settlement cycle in DTC), will receive their ordinary CMB.TECH shares through the DTC, with settlement taking place on 21 August 2025 (settlement date in DTC). Holders of Golden Ocean shares on Euronext Oslo registered in the VPS as at the closing of trading on 19 August 2025 (as evidenced in VPS on 21 August 2025 (record date in VPS) in accordance with the T+2 settlement cycle in VPS), will receive their ordinary CMB.TECH shares through the VPS, with settlement taking place on 22 August 2025 (settlement date in VPS). For the avoidance of doubt, the abovementioned shares will be freely tradable as of 20 August 2025.

To ensure timely delivery and settlement of the new ordinary CMB.TECH shares to former Golden Ocean shareholders on Euronext Oslo through the VPS, each of CMB.TECH and CMB have entered into short-term share lending agreements with DNB Carnegie, a part of DNB Bank ASA. Under this arrangement, 25,807,878 treasury shares held by CMB.TECH and 13,410,448 ordinary CMB.TECH shares held by CMB have been lent to DNB Carnegie immediately prior to completion of the Merger. The borrowed shares are expected to be returned to each of CMB.TECH and CMB, respectively, on or about 21 August 2025. No consideration is due by either party under the share lending arrangement.

Transparency
law

In application of article 15 of the Belgian Law of 2 May 2007 on the disclosure of major shareholdings in issuers whose shares are admitted for trading on a regulated market, CMB.TECH publishes (i) the total share capital, (ii) the total number of securities with voting rights and (iii) the total number of voting rights, in view of the changes thereto pursuant to today’s capital increase:

Situation as at 20 August 2025:
Total share capital (excluding share premium): USD 343,439,903.39
Total number of securities with voting right and total number of voting rights (= denominator): 315,977,647

The denominator serves as a basis for the notification of major shareholdings by shareholders. Following the capital increase and the termination of the short-term share lending arrangement, the total number of outstanding shares (excluding treasury shares) is 290,169,769.

About CMB.TECH

CMB.TECH is one of the largest listed, diversified and future-proof maritime groups in the world with a fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore wind vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers.

CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. CMB.TECH desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”, “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, the exercise of appraisal rights by former Golden Ocean shareholders, the potential for litigation in connection with the Merger, the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk and tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

You are cautioned not to place undue reliance on CMB.TECH’s forward-looking statements. These forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance and are applicable only as of the dates of such statements. CMB.TECH assumes no duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.

Disclaimer

This press release is also published in Dutch. If ambiguities should arise from the different language versions, the English version will prevail.

Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons distributing this communication must satisfy themselves that it is lawful to do so. The potential transactions described in this announcement and the distribution of this announcement and other information in connection with the potential transactions in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions.

In connection with the Merger, CMB.TECH has filed with the SEC a registration statement on Form F-4 that includes a prospectus of CMB.TECH and a proxy statement of Golden Ocean. CMB.TECH also has filed other relevant documents with the SEC regarding the Merger. YOU ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. You may obtain a free copy of the proxy statement/prospectus and other relevant documents that CMB.TECH files with the SEC at the SEC’s website at www.sec.gov.

Attachment

PRESS RELEASE: CMB.TECH completes merger with Golden Ocean

Katrien Hennin
CMB.TECH
+32 499393470
[email protected]

Joris Daman
CMB.TECH
+32 498 61 71 11
[email protected]

August 20, 2025 2:51 am

SQM Reports Earnings for the Six Months Ended June 30, 2025

Highlights
•	SQM reported total revenues for the six months ended June 30, 2025 of US$2,079.3 million compared to total revenues of US$2,378.1 million for the same period last year.
•	Net income for the six months ended June 30, 2025 of US$226.0 million or US$0.79 per share, compared to net loss of US$(655.9) million or US$(2.30) per share for the same period last year.
•	Continue to observe record- high iodine sales price.
•	Strong price environment in SPN and Potassium businesses.
•	Increasing sales volumes for the coming months from the International Lithium Division and completion of the Kwinana refinery.
SQM will hold a conference call to discuss these results on Wednesday, August 20, 2025 at 12:00pm EDT (12:00pm Chile time).
Participant Call link: https://register-conf.media-server.com/register/BI096c4f4e6f094d1db8eba9c6ed4a9bbd
Webcast: https://edge.media-server.com/mmc/p/2zir238k

SANTIAGO, Chile, Aug. 20, 2025 (GLOBE NEWSWIRE) — Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net income for the six months ended June 30, 2025, of US$226.0 million or US$0.79 per share, compared to a loss¹ of US$(655.9) million or US$(2.30) per share reported for the same period last year.

Gross profit reached US$558.3 million (26.8% of revenues) for the six months ended June 30, 2025, lower than US$752.5 million (31.6% of revenues) recorded for the six months ended June 30, 2024. Revenues totaled US$2,079.3 million for the six months ended June 30, 2025, representing a decrease of 12.6% compared to US$2,378.1 million reported for the six months ended June 30, 2024.

The Company also announced net income for the second quarter of 2025 of US$88.4 million or US$0.31 per share, a decrease of 58.6% compared to US$213.6 million or US$0.75 per share for the second quarter of 2024. Gross profit for the second quarter of 2025 reached US$253.6 million, 34.0% lower than the US$383.9 million reported for the second quarter of 2024. Revenues totaled US$1,042.7 million for the second quarter of 2025, a decrease of 19.4% compared to US$1,293.6 million for the second quarter of 2024.

SQM’s Chief Executive Officer, Ricardo Ramos, stated, “As anticipated, during the second quarter, we navigated a period of lower lithium market prices than those observed in previous quarters. In this context, some of the contracts we had in place, hit the lower limits set in those contracts, affecting the volumes agreed. As a result, the total volume sold during the second quarter of this year was lower than what was reported in the first quarter of this year, despite the growth seen in the market. With that said, we now expect sales volumes from our Salar de Atacama operations to grow by approximately 10% compared to last year, while we are increasing our sales guidance for our Australian operations.”

He added: “We are also pleased to announce that Covalent, our Joint Venture with Wesfarmers in Australia, has completed construction of the Kwinana refinery in Australia, and achieved first product produced in July at the expected quality and cost. The ramp-up period is expected to take 18 months, and once at full capacity, the Mt. Holland Lithium Project is expected to produce approximately 50,000 tons of battery-grade lithium hydroxide per year, contributing to the growing demand of electric vehicles.”

To see full press release please visit our website: https://ir.sqm.com/

For media inquiries, contact: 

SQM Lithium Chile Division: 
Ignacia Lopez / [email protected] 

SQM International Lithium Division: 
Diana Wearing Smith / [email protected] 

SQM Iodine & Plant Nutrition Division: 
Carolina Guzman / [email protected]

August 20, 2025 2:33 am

CGI and Kesko enter strategic partnership to accelerate digital transformation

PR Newswire

Stock Market Symbols

GIB.A (TSX)

GIB (NYSE)

www.cgi.com/newsroom

CGI to leverage global retail expertise to deliver tangible outcomes for Kesko

HELSINKI, Finland
, Aug. 20, 2025 /PRNewswire/ – CGI (TSX: GIB.A) (NYSE: GIB), one of the largest independent IT and business consulting services firms in the world, and retail services company Kesko have signed an agreement for a strategic partnership to accelerate digital transformation. The partnership covers a wide range of IT services, including end-user services, capacity and cloud services, as well as integrations. In addition, CGI will support the K Group retail network in digital development initiatives.

“K Group’s goal is to be a forerunner in digital services within the retail sector. In the competitive bidding process, our aim was to find a partner with the best capability to support our business growth and development by leveraging the newest technologies efficiently. The development of automation and AI-based solutions plays a significant role in renewing our business and improving productivity. CGI’s strong international expertise combined with local presence convinced us of the company’s ability to support us in achieving our objectives,” says Arto Hiltunen, CIO at Kesko.

“The current trend in the IT sector is that forerunner companies like Kesko are now building strategic collaboration models in which partners participate closely in business development and growth as shared goals and risks. We thank Kesko for the trust in forming a genuine and deep partnership, where the achievement of strategic goals is guided by joint metrics and investments,” says Leena-Mari Lähteenmaa, President, CGI Finland, Poland and Baltics.

CGI helps retail, consumer and services organizations leverage AI and data-driven strategies to boost profitability by delivering friction-free omnichannel customer experiences, enhancing supply chain agility, streamlining store operations, advancing sustainable transformation, and optimizing IT investments. Read more: cgi.com/en/retail-consumer-services

About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 93,000 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2024 reported revenue is CA$14.68 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

View original content:https://www.prnewswire.com/news-releases/cgi-and-kesko-enter-strategic-partnership-to-accelerate-digital-transformation-302533648.html

SOURCE CGI Inc.

August 20, 2025 2:00 am

EHang to Report Second Quarter 2025 Unaudited Financial Results on Tuesday, August 26, 2025

GUANGZHOU, China, Aug. 20, 2025 (GLOBE NEWSWIRE) — EHang Holdings Limited (Nasdaq: EH) (“EHang” or the “Company”), the world’s leading Urban Air Mobility (“UAM”) technology platform company, today announced that it will release its unaudited financial results for the second quarter ended June 30, 2025 on Tuesday, August 26, 2025, before the U.S. market opens.

EHang’s management team will host an earnings conference call at 8:00 AM on Tuesday, August 26, 2025, U.S. Eastern Time (8:00 PM on Tuesday, August 26, 2025, Beijing/Hong Kong Time).

To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call.

Participant Online Registration:

English line: https://registrations.events/direct/NTM69265959

Chinese line: https://registrations.events/direct/NTM943227

A live and archived webcast of the conference call will be available on the Company’s Investors Relations website at http://ir.ehang.com/.

About EHang

EHang (Nasdaq: EH) is the world’s leading urban air mobility (“UAM”) technology platform company. Our mission is to enable safe, autonomous, and eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with unmanned aerial vehicle (“UAV”) systems and solutions: air mobility (including passenger transportation and logistics), smart city management, and aerial media solutions. EHang’s flagship product EH216-S has obtained the world’s first type certificate, production certificate and standard airworthiness certificate for pilotless eVTOL issued by the Civil Aviation Administration of China (“CAAC”). In 2025, EH216-S eVTOL operators have been granted the first batch of Air Operator Certificates for human-carrying pilotless eVTOL flight services for mass consumers issued by the CAAC. As the forerunner of cutting-edge UAV technologies and commercial solutions in the global UAM industry, EHang continues to explore the boundaries of the sky to make flying technologies benefit our life in smart cities. For more information, please visit www.ehang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about management’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to those relating to certifications, our expectations regarding demand for, and market acceptance of, our products and solutions and the commercialization of UAM services, our relationships with strategic partners, and current litigation and potential litigation involving us. Management has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While they believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond management’s control. These statements involve risks and uncertainties that may cause EHang’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.

Investor Contact: [email protected]
Media Contact: [email protected]

August 19, 2025 9:29 pm

Comtech Appoints Lloyd A. Sprung to its Board of Directors

Comtech Appoints Lloyd A. Sprung to its Board of Directors

CHANDLER, Ariz.–(BUSINESS WIRE)–
August 19, 2025– Comtech Telecommunications Corp. (NASDAQ: CMTL) (“Comtech” or the “Company”), a global communications technology leader, today announced that its Board of Directors (the “Board”) has appointed Lloyd A. Sprung as an independent director, effective August 18, 2025.

Mr. Sprung possesses more than three decades of corporate finance, capital markets and restructuring experience, having held senior executive roles at leading investment banks including Evercore and UBS. He is currently the managing member of LAS Advisors, an independent financial and strategic advisory firm.

“We are pleased to welcome Lloyd to the Board at this important time for our Company,” said Ken Traub, Chairman, President and CEO of Comtech. “With the improved operating performance that we announced in the third quarter together with the recent financing transactions, Comtech is stronger today and we believe Lloyd will bring a valuable perspective to the Board as we continue to execute on our operational, financial and strategic initiatives to enhance shareholder value.”

“I am honored to be joining the Comtech Board,” said Mr. Sprung. “I look forward to working alongside my fellow directors to support Comtech’s management team and business plans going forward.”

About Lloyd A. Sprung

Mr. Sprung, age 55, is the Managing Member of LAS Advisors, an independent financial and strategic advisory firm he founded in January 2024. He previously served as Managing Director at UBS from August 2017 to December 2023, during which he led the Restructuring and Private Debt Advisory practices. Prior to this, he served as Senior Managing Director at Evercore from April 2011 to May 2017, Managing Director at Miller Buckfire from 2001 to 2010 and previously Vice President at Merrill Lynch. Mr. Sprung obtained his Bachelor of Arts degree in Economics from the University of Pennsylvania and a Master of Business Administration as a Baker Scholar from Harvard Business School.

About Comtech

Comtech Telecommunications Corp. is a leading provider of satellite and space communications technologies; terrestrial and wireless network solutions; Next Generation 911 (“NG911”) and emergency services; and cloud native capabilities to commercial and government customers around the world. Through its culture of innovation and employee empowerment, Comtech leverages its global presence and decades of technology leadership and experience to create some of the world’s most innovative solutions for mission-critical communications. For more information, please visit www.comtech.com.

Cautionary Note Regarding Forward-Looking Statements

Certain information in this press release contains, and oral statements made by the Company’s representatives from time to time may contain, forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “goal,” “outlook,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and similar references to future periods. Forward-looking statements include, among others, statements regarding expectations for its strategic alternatives process, expectations for further portfolio-shaping opportunities, expectations for other operational initiatives, the intended use of proceeds from the Credit Facility and Amended Subordinated Credit Facility, expectations for completing further financing initiatives, future performance and financial condition, plans to address its ability to continue as a going concern, the plans and objectives of management and assumptions regarding such future performance, financial condition, and plans and objectives that involve certain significant known and unknown risks and uncertainties and other factors not under its control which may cause actual results, future performance and financial condition, and achievement of plans and objectives of management to be materially different from the results, performance or other expectations implied by these forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. Forward-looking information is based on information available at the time and/or the Company’s good faith belief with respect to future events, and is subject to risks and uncertainties that are difficult to predict and many of which are outside of the Company’s control. Factors that could cause actual results to differ materially from current expectations include, among other things: the outcome and effectiveness of the aforementioned strategic alternatives process, further portfolio-shaping opportunities, other operational initiatives, and the completion of further financing activities; its ability to access capital and liquidity so that the Company is able to continue as a going concern; its ability to implement changes in executive leadership; the possibility that the expected synergies and benefits from strategic activities will not be fully realized, or will not be realized within the anticipated time periods; the risk that acquired businesses will not be integrated successfully; impacts from, and uncertainties regarding, future actions that may be taken by activist stockholders; the possibility of disruption from acquisitions or dispositions, making it more difficult to maintain business and operational relationships or retain key personnel; the risk that the Company will be unsuccessful in implementing a tactical shift in its Satellite and Space Communications segment away from bidding on large commodity service contracts and toward pursuing contracts for niche products and solutions with higher margins; the nature and timing of receipt of, and performance on, new or existing orders that can cause significant fluctuations in net sales and operating results; the timing and funding of government contracts; adjustments to gross profits on long-term contracts; risks associated with international sales; rapid technological change; evolving industry standards; new product announcements and enhancements; changing customer demands and/or procurement strategies and ability to scale opportunities and deliver solutions to current and prospective customers; changes and uncertainty in prevailing economic and political conditions (including financial and capital market conditions), including as a result of Russia’s military incursion into Ukraine, the Israel-Hamas war and attacks in the Red Sea region or any tariff, trade restriction or similar matters; changes in the price of oil in global markets; changes in prevailing interest rates and foreign currency exchange rates; risks associated with legal proceedings, customer claims for indemnification, and other similar matters; risks associated with obligations under its credit facilities; risks associated with large contracts; risks associated with supply chain disruptions; and other factors described in this and other Company filings with the Securities and Exchange Commission. However, the risks described above are not the only risks that the Company faces. Additional risks and uncertainties, not currently known to the Company or that do not currently appear to be material, may also materially adversely affect its business, financial condition and/or operating results in the future. The Company describes risks and uncertainties that could cause actual results and events to differ materially in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures about Market Risk” sections of its SEC filings. The Company does not intend to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250818635520/en/

Investor Relations Contact

Maria Ceriello

631-962-7115

[email protected]

Media Contact

Jamie Clegg

480-532-2523

[email protected]

KEYWORDS: United States North America Arizona

INDUSTRY KEYWORDS: Electronic Design Automation Technology Aerospace Logistics/Supply Chain Management Manufacturing VoIP Mobile/Wireless Other Communications Carriers and Services Semiconductor Communications Security Satellite Audio/Video Transport Other Technology Telecommunications Software Networks Wearables/Mobile Technology Internet Hardware

MEDIA:

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August 19, 2025 9:18 pm

The Hanover Insurance Group, Inc. Announces Pricing of $500 Million Senior Notes Offering

PR Newswire

WORCESTER, Mass.
, Aug. 19, 2025 /PRNewswire/ — The Hanover Insurance Group, Inc. (NYSE: THG) today announced it has priced a registered offering of $500 million aggregate principal amount of senior, unsecured 5.50% notes due September 1, 2035 (the “Notes”). The company plans to use the net proceeds from the issuance of the Notes to repay its outstanding 7.625% Senior Notes due October 2025, repay or redeem its outstanding 4.500% Senior Notes due April 2026 (collectively, the “Debentures”) and for general corporate purposes. The company anticipates the debt offering will close on or around August 21, 2025, subject to customary closing conditions. Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC are acting as the joint book-running managers for the offering.

Nothing herein shall constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such state or jurisdiction. The offering is being made pursuant to an effective shelf registration filed with the Securities and Exchange Commission (“SEC”) on August 18, 2025. A prospectus and prospectus supplement related to this offering have been filed with the SEC. This press release does not constitute a notice of redemption with respect to, or any offer to purchase, the Debentures. Any such notice will be given to holders of the Debentures in a manner prescribed in the indenture governing the Debentures.

Copies of the prospectus and related prospectus supplement may be obtained at no cost by visiting the SEC website at http://www.sec.gov. Alternatively, copies or information concerning this offering may be obtained by contacting the joint book-running managers: Goldman Sachs & Co. LLC at +1 (800) 828-3182, J.P. Morgan Securities LLC at +1 (212) 834-4533, or Morgan Stanley & Co. LLC at +1 (866) 718-1649.

About The Hanover

The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items.

Forward-Looking Statements

This news release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Those forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief or expectations with respect to future events and financial performance and the debt offering, including the expected closing of the debt offering and the use of proceeds from the debt offering. The company cautions investors that any such forward-looking statements are not guarantees of future performance, and actual results could differ materially. Investors are directed to consider the risks and uncertainties in the company’s business that may affect future performance and that are discussed in readily available documents, including those risks which are discussed in the company’s annual report and other documents filed by the company with the SEC.

Contacts:
Investors:	Media:
Oksana Lukasheva	Emily P. Trevallion
(508) 525-6081	(508) 855-3263
Email: [email protected]	Email: [email protected]

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SOURCE The Hanover Insurance Group, Inc.