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Green Plains Reports First Quarter 2026 Financial Results

Results for the First Quarter of 2026:

• Net income attributable to Green Plains of $32.9 million, or EPS of $0.42 per diluted share

• Adjusted EBITDA of $71.5 million, inclusive of $16.3 million from the base business and $55.2 million in 45Z production tax credit value net of discounts and other costs

• No recordable safety incidents during the first quarter of 2026

• Lowered selling, general and administrative expenses to $19.5 million for the first quarter of 2026 compared to both the prior quarter and first quarter of 2025

• Achieved strong utilization in the quarter from the eight operating ethanol plants of 97%

OMAHA, Neb.–(BUSINESS WIRE)–
Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the first quarter of 2026. Net income attributable to the company was $32.9 million, or $0.42 per diluted share compared to net loss attributable to the company of $(72.9) million or ($1.14) per diluted share, for the same period in 2025. Revenues were $445.8 million for the first quarter of 2026 compared with $601.5 million for the same period last year. EBITDA was $71.5 million compared to ($41.5) million for the same period in the prior year.

“The first quarter marked a meaningful inflection point compared to where the business stood a year ago. Our plants ran at a high level, ethanol margins improved, our co-products performed well, and our carbon program contributed significantly to earnings for the first full quarter with all three Nebraska facilities online,” said Chris Osowski, President and Chief Executive Officer. “Based on our first quarter performance and updated outlook for the remainder of the year, we are raising our guidance to $200 to $225 million of EBITDA associated with the generation of production tax credits.”

“The financial foundation of the business is in a meaningfully better place than it was a year ago,” said Ann Reis, Chief Financial Officer. “Expenses continue to trend lower and the balance sheet gives us flexibility to invest in the business while maintaining strong liquidity. With our focus on operational excellence combined with the earnings from carbon we believe the company is well positioned for sustainable cash flow generation through the remainder of the year.”

Results of Operations

Green Plains’ ethanol production segment sold 174.2 million gallons of ethanol during the first quarter of 2026, compared with 195.3 million gallons for the same period in 2025. The consolidated ethanol crush margin was $64.6 million for the first quarter of 2026, compared with ($14.7) million for the same period in 2025. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, including intercompany marketing and agribusiness fees and excluding net nonethanol operating activities.

Consolidated revenues decreased $155.7 million for the three months ended March 31, 2026, compared with the same period in 2025, primarily due to lower revenues within our ethanol production segment as a result of lower volumes sold primarily driven by the disposition of our Obion, Tennessee plant and lower weighted average selling prices on ethanol, as well as lower revenues in our agribusiness and energy services segment as a result of the company ceasing a third-party marketing agreement with Tharaldson Ethanol Plant I LLC effective April 1, 2025.

Net income attributable to Green Plains increased $105.8 million and EBITDA increased $113.0 million for the three months ended March 31, 2026 compared with the same period in 2025 primarily due to recognition of $55.2 million of 45Z production tax credits net of discounts and other costs, higher margins in our ethanol production and agribusiness and energy services segments and lower selling, general and administrative expenses as a result of restructuring costs of $16.6 million incurred during the three months ended March 31, 2025. Interest expense increased $2.6 million for the three months ended March 31, 2026 compared with the same period in 2025 primarily due to higher debt balances associated with carbon sequestration equipment.

During the first quarter of 2026, the company elected to early adopt ASU 2025-10, Accounting for Government Grants Received by Business Entities. Concurrently, the company elected to change its accounting policy related to the recognition of Section 45Z clean fuel production tax credits. The change in accounting policy results in the recognition of Section 45Z clean fuel production tax credits by analogy under the income model of ASU 2025-10, which results in a reduction of cost of goods sold in the statements of operations and recognition as production tax credits on the consolidated balance sheets. The company previously recorded the credits under ASC 740, Accounting for Income Taxes, which resulted in recognition within income tax benefit in the statements of operations and deferred income taxes, net in the consolidated balance sheets. The company determined that the income model under ASU 2025-10 is preferable because it better reflects the financial benefit of Section 45Z clean fuel production tax credits netted against the costs to produce the low-carbon fuels that the tax legislation was meant to incentivize. The company determined that retrospective adjustment to prior period financials is required. No Section 45Z clean fuel production tax credits were recognized during the first or second quarters of 2025, so no adjustments were made in the statements of operations; however, the company has reclassified balances previously reported as deferred income taxes, net, and other long-term liabilities to production tax credits on the consolidated balance sheets as of December 31, 2025.

Segment Information

The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein, and renewable corn oil, in addition to CCS operations at our three Nebraska plants and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.

GREEN PLAINS INC.
SEGMENT OPERATIONS
(unaudited, in thousands)
	Three Months Ended March 31,
		2026				2025			% Var.
Revenues
Ethanol production	$	393,359			$	497,772			(21.0)%
Agribusiness and energy services		58,605				109,829			(46.6)
Intersegment eliminations		(6,160	)			(6,086	)		1.2
	$	445,804			$	601,515			(25.9)%
Gross margin
Ethanol production (1)	$	71,728			$	(5,692	)		*
Agribusiness and energy services		16,218				8,731			85.8
	$	87,946			$	3,039			*
Depreciation and amortization
Ethanol production	$	23,218			$	21,035			10.4%
Agribusiness and energy services		31				598			(94.8)
Corporate activities		388				754			(48.5)
	$	23,637			$	22,387			5.6%
Operating income (loss)
Ethanol production	$	39,422			$	(39,550	)		*
Agribusiness and energy services		13,832				2,433			*
Corporate activities (2)		(8,482	)			(25,143	)		(66.3)
	$	44,772			$	(62,260	)		*
Adjusted EBITDA
Ethanol production (3)	$	63,056			$	(19,416	)		*
Agribusiness and energy services		14,011				3,156			*
Corporate activities (2)		(5,564	)			(25,246	)		(78.0)
EBITDA		71,503				(41,506	)		*
Restructuring costs		—				16,587			(100.0)
Proportional share of EBITDA adjustments to equity method investees		45				735			(93.9)
	$	71,548			$	(24,184	)		*
(1) Ethanol production includes $56.1 million of 45Z production tax credits net of discounts and other costs for the three months ended March 31, 2026, recorded as a reduction of cost of goods sold.
(2) Corporate activities includes $10.3 million of restructuring costs recorded within selling, general and administrative expenses for the three months ended March 31, 2025 as a result of the company’s cost reduction initiative, including severance related to the departure of its former CEO.
(3) Ethanol production includes $55.2 million of 45Z production tax credits recorded net of discounts and other costs for the three months ended March 31, 2026.
* Percentage variance not considered meaningful

GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)
	Three Months Ended March 31,
	2026		2025		% Var.
Ethanol production
Ethanol (gallons)	174,196		195,328		(10.8	)%
Distillers grains (equivalent dried tons)	362		417		(13.2	)
Ultra-High Protein (tons)	54		68		(20.6	)
Renewable corn oil (pounds)	58,476		64,263		(9.0	)
Corn consumed (bushels)	58,802		66,264		(11.3	)
Agribusiness and energy services (1)
Ethanol sold (gallons)	176,145		255,721		(31.1	)
(1) Includes gallons from the ethanol production segment.

GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands)
	Three Months Ended March 31,
	2026			2025
Ethanol production operating income (loss) (1)	$	39,422		$	(39,550	)
Depreciation and amortization		23,218			21,035
Adjusted ethanol production operating income (loss)		62,640			(18,515	)
Intercompany fees and nonethanol operating activities, net (2)		1,976			3,848
Consolidated ethanol crush margin	$	64,616		$	(14,667	)
(1) Ethanol production includes an inventory lower of cost or net realizable value adjustment of $2.5 million for the three months ended March 31, 2025.
(2) Includes ($1.7) million and ($0.4) million for the three months ended March 31, 2026 and 2025, respectively, for certain nonrecurring decommissioning costs and nonethanol operating activities.

Liquidity and Capital Resources

As of March 31, 2026, Green Plains had $183.1 million in total cash and cash equivalents, and restricted cash, and $336.0 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. On April 17, 2026, the Revolver Facility was amended by the Second Amendment to the Loan and Security Agreement and the termination date was extended from March 25, 2027 to September 25, 2027 and the borrowing limit was reduced from $350 million to $300 million. Total debt outstanding at March 31, 2026 was $492.2 million, including $34.0 million outstanding debt under working capital revolvers and other short-term borrowing arrangements.

Conference Call Information

On May 7, 2026, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss first quarter 2026 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains website https://investor.gpreinc.com/events-and-presentations.

Non-GAAP Financial Measures

Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs and our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

About Green Plains Inc.

Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on disciplined execution and leadership in low‑carbon biofuels and high‑value ingredients. The company operates a performance‑driven platform focused on maximizing yield, lowering carbon intensity, and delivering long‑term value through responsible capital deployment. For more information, visit www.gpreinc.com.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed or new technologies being deployed; the failure to realize the anticipated selling, general and administrative expense savings from restructuring; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels, distillers grains, Ultra-High Protein, and renewable corn oil; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions, changes in government policies, and global political or economic issues; the financial condition of the company’s customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the One Big Beautiful Bill Act, tariffs, renewable fuel programs, tax credit programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the Securities and Exchange Commission (the “SEC”).

The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC, and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	March 31, 2026			December 31, 2025
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	95,719		$	182,319
Restricted cash		87,425			47,813
Accounts receivable, net		85,856			74,374
Inventories		139,409			148,095
Production tax credits		105,888			40,328
Prepaid expenses and other		17,698			18,117
Derivative financial instruments		10,279			11,494
Total current assets		542,274			522,540
Property and equipment, net		928,679			957,256
Operating lease right-of-use assets		65,254			63,849
Other assets		50,546			41,242
Total assets	$	1,586,753		$	1,584,887
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	88,591		$	134,912
Accrued and other liabilities		68,291			66,828
Derivative financial instruments		35,359			7,901
Operating lease current liabilities		22,477			21,557
Short-term notes payable and other borrowings		34,000			33,584
Current maturities of long-term debt		69,316			3,924
Total current liabilities		318,034			268,706
Long-term debt		388,923			361,992
Operating lease long-term liabilities		44,045			43,648
Carbon equipment liabilities		12,869			104,217
Other liabilities		31,857			34,353
Total liabilities		795,728			812,916
Stockholders’ equity
Total Green Plains stockholders’ equity		785,176			766,247
Noncontrolling interests		5,849			5,724
Total stockholders’ equity		791,025			771,971
Total liabilities and stockholders’ equity	$	1,586,753		$	1,584,887

GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)
	Three Months Ended March 31,
		2026				2025
Revenues	$	445,804			$	601,515
Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)		357,858				598,476
Selling, general and administrative expenses		19,537				42,912
Depreciation and amortization expenses		23,637				22,387
Total costs and expenses		401,032				663,775
Operating income (loss)		44,772				(62,260	)
Other income (expense)
Interest income		2,920				1,003
Interest expense		(11,485	)			(8,913	)
Other, net		152				(1,515	)
Total other expense		(8,413	)			(9,425	)
Income (loss) before income taxes and income (loss) from equity method investees		36,359				(71,685	)
Income tax expense		(2,916	)			(106	)
Income (loss) from equity method investees, net of income taxes		22				(850	)
Net income (loss)		33,465				(72,641	)
Net income attributable to noncontrolling interests		527				265
Net income (loss) attributable to Green Plains	$	32,938			$	(72,906	)
Earnings per share
Net income (loss) attributable to Green Plains – basic	$	0.48			$	(1.14	)
Net income (loss) attributable to Green Plains – diluted	$	0.42			$	(1.14	)
Weighted average shares outstanding
Basic		68,841				64,069
Diluted		84,135				64,069

GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
	Three Months Ended March 31,
		2026				2025
Cash flows from operating activities
Net income (loss)	$	33,465			$	(72,641	)
Noncash operating adjustments
Depreciation and amortization		23,637				22,387
Inventory lower of cost or net realizable value adjustment		—				2,519
Other		5,043				11,962
Net change in working capital		(101,646	)			(19,268	)
Net cash used in operating activities		(39,501	)			(55,041	)
Cash flows from investing activities
Purchases of property and equipment, net		(6,448	)			(16,710	)
Proceeds from the sale of assets		2,000				—
Investment in equity method investees		—				(4,000	)
Net cash used in investing activities		(4,448	)			(20,710	)
Cash flows from financing activities
Net payments – long term debt		(1,046	)			(480	)
Net proceeds (payments) – short-term borrowings		416				(3,436	)
Other		(2,409	)			(3,125	)
Net cash used in financing activities		(3,039	)			(7,041	)
Net change in cash and cash equivalents, and restricted cash		(46,988	)			(82,792	)
Cash and cash equivalents, and restricted cash, beginning of period		230,132				209,395
Cash and cash equivalents, and restricted cash, end of period	$	183,144			$	126,603
Reconciliation of total cash and cash equivalents, and restricted cash
Cash and cash equivalents	$	95,719			$	98,610
Restricted cash		87,425				27,993
Total cash and cash equivalents, and restricted cash	$	183,144			$	126,603

GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)
	Three Months Ended March 31,
	2026			2025
Net income (loss)	$	33,465		$	(72,641	)
Interest expense		11,485			8,913
Income tax expense (benefit), net of equity method income taxes		2,916			(165	)
Depreciation and amortization (1)		23,637			22,387
EBITDA		71,503			(41,506	)
Restructuring costs		—			16,587
Proportional share of EBITDA adjustments to equity method investees		45			735
Adjusted EBITDA	$	71,548		$	(24,184	)
(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.

 

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Green Plains Inc. Contacts

Investors: Will Joekel, CFA | Vice President and Treasurer | 402.952.4946 | [email protected]

Media: 402.884.8700 | [email protected]

KEYWORDS: Nebraska United States North America

INDUSTRY KEYWORDS: Environment Other Energy Utilities Oil/Gas Sustainability Alternative Energy Energy Nuclear Agriculture Natural Resources

MEDIA:

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President and CEO Steve Michaels Named Chairman of PROG Holdings, Inc.

SALT LAKE CITY–(BUSINESS WIRE)–
PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Four Technologies, MoneyApp and Purchasing Power, today announced that its Board of Directors has named Steve Michaels, the Company’s President and Chief Executive Officer, to the additional position of Chairman of the Board. Mr. Michaels succeeds Ray Robinson, who has been appointed Lead Independent Director.

“Steve’s strategic vision and deep understanding of our businesses and industry make him the ideal leader to guide PROG forward at this important time,” said Mr. Robinson. “Steve has built an outstanding management team, delivered strong financial performance and made important strategic investments to meaningfully grow the Company’s ecosystem of payment solutions and diversify its product portfolio. The Board strongly supports Steve and I very much look forward to continuing to work closely with him in our respective new roles.”

“I am honored to be named Chairman,” said Mr. Michaels. “I want to thank Ray for his significant contributions to PROG and the invaluable guidance he has provided to me. I look forward to the ongoing partnership with Ray and the other members of the Board as we continue to execute on our vision for the Company.”

About PROG Holdings, Inc.

PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in Salt Lake City, UT, that provides inclusive, transparent and competitive payment options to consumers. The Company owns Progressive Leasing, a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions; Four Technologies, a provider of Buy Now, Pay Later payment options through its platform, Four; MoneyApp, a mobile application that offers customers interest-free cash advances; and Purchasing Power, a voluntary employee benefit program provider, allowing employees to purchase brand-name products and services through either automatic payroll deductions or allotments. More information on PROG Holdings and its companies can be found at https://investor.progholdings.com/.

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Investor Contact

John A. Baugh, CFA

Vice President, Investor Relations

[email protected]

KEYWORDS: Utah United States North America

INDUSTRY KEYWORDS: Professional Services Apps/Applications Technology Software Finance Electronic Commerce Fintech

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GCT Semiconductor Signs Reference Platform Contract with Major Satellite Communications Provider to Fast-Track Global 5G Deployment

SAN JOSE, Calif.–(BUSINESS WIRE)–GCT Semiconductor Holding Inc. (“GCT” or the “Company”) (NYSE: GCTS), a leading designer and supplier of advanced 5G and 4G semiconductor solutions, today announced it has signed a reference platform agreement with one of the world’s largest satellite communications providers, supplementing a 5G/4G Chipset Licensing agreement executed in January. Under this new agreement, GCT will provide a reference design built around its 5G and 4G chipsets that will be used to expedite the development of the provider’s next-generation user equipment, enabling high-bandwidth, high-speed communications across satellite and terrestrial networks. By leveraging GCT’s new 5G platform, the provider can more efficiently enable OEM/ODM suppliers of user equipment which will further support the expansion of its satellite network and customer base.

“Signing the reference platform agreement underscores the trust our partner has placed in GCT’s technology and our ability to deliver,” said John Schlaefer, CEO of GCT. “Our 5G chipsets will play a central role in expanding their satellite network and unlocking new capabilities for customers worldwide.”

About GCT Semiconductor Holding, Inc.

GCT is a leading fabless designer and supplier of advanced 5G and 4G LTE semiconductor solutions. GCT’s market-proven solutions have enabled fast and reliable 4G LTE connectivity to numerous commercial devices such as CPEs, mobile hotspots, routers, M2M applications and smartphones, etc., for the world’s top wireless carriers. GCT’s system-on-chip solutions integrate radio frequency, baseband modem and digital signal processing functions, therefore offering complete 4G and 5G platform solutions with small form factors, low power consumption, high performance, high reliability, and cost-effectiveness. For more information, visit www.gctsemi.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, statements regarding GCT’s collaboration with satellite communications provider and expectation with respect to shipment of GCT’s 5G products. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results, include, but are not limited to: the ability of the Company to develop its 5G products and generate revenue; the ability of the Company to enter into and meet the obligations under partnership and collaboration agreements; the ability of the Company to grow and manage growth profitability and retain its key employees; the Company’s financial and business performance, including the Company’s financial projections and business metrics; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, forecasts, projected costs, prospects and plans; the Company’s inability to anticipate the future market demands and future needs of its customers; the impact of component shortages, suppliers’ lack of production capacity, natural disasters or pandemics on the Company’s sourcing operations and supply chain; the Company’s future capital requirements and sources and uses of cash; the ability of the Company to raise sufficient capital to fund its operations; the ability to implement business plans, forecasts, and other expectations, including the growth of the 5G market; the risk that the Company may not be able to repay its debt; the risk of economic downturns that affects the Company’s business operation and financial performance; the risk that the Company may not be able to develop and design its products acceptable to its customers; actual or potential conflicts of interest of the Company’s management with its public stockholders; and other risks and uncertainties indicated from time to time in the Company’s filings with SEC, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and those disclosures under the “Risk Factors” section therein. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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• Investor relations website: investors.gctsemi.com
• Investor relations contact: Gateway Group, Ralf Esper, [email protected]
• Media contact: [email protected]

KEYWORDS: California South Korea United States North America Asia Pacific

INDUSTRY KEYWORDS: Semiconductor Technology Satellite Telecommunications 5G Networks

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Bob’s Discount Furniture Announces First Quarter 2026 Financial Results

Net Revenue Increased 8.5%

Comparable Sales Increased 1.2%

Opened 5 New Stores

Maintaining Full Year 2026 Financial Guidance

MANCHESTER, Conn.–(BUSINESS WIRE)–
Bob’s Discount Furniture, Inc. (NYSE:BOBS) (“We”, “our”, the “Company”, “Bob’s Discount Furniture” or “Bob’s”) today announced financial results for the first fiscal quarter ended March 29, 2026.

“I’m incredibly proud of our team’s execution and resilience in the first quarter. Despite adverse weather and broader industry headwinds, Bob’s continued to gain market share, underscoring the strength of our differentiated business model and strategic advantages. Our results reflect the power of our merchandising strategy, omni-channel capabilities, and disciplined approach to new market expansion. As we execute on our long-term strategy of double-digit unit growth and expanding profitability, I’m energized by the tremendous opportunity ahead and confident in our team’s ability to deliver sustained success through The Bob’s Way.”

First Quarter of Fiscal Year 2026

• Net revenue of $578.1 million increased 8.5% from $532.8 million in the first quarter of fiscal year 2025 driven by new stores and comparable sales growth.

• The Company opened 5 new stores and ended the quarter with 214 stores in 26 states.

• Comparable sales growth of 1.2% was driven by increases in conversion and average order value (“AOV”) in both our retail and eCommerce channels, partially offset by lower in-store traffic, particularly during periods during the quarter that were impacted by the effects of exceptional winter weather.

• Gross profit increased 8.4% to $256.5 million in the first quarter of fiscal year 2026 due to the impact of higher net revenues. Gross margin remained flat at 44.4% due to favorable product mix shift into the “Better” product category relative to historical levels, lower freight costs and higher protection plan margins, mostly offset by fixed costs associated with our new Midwest regional distribution center and costs related to inventory growth.

• SG&A increased 9.0% to $235.1 million in the first quarter of fiscal year 2026 due to payroll-related expenses for new stores, higher occupancy costs associated with new and existing stores and an increase in marketing spend. SG&A as a percentage of revenue increased slightly to 40.7% compared to 40.5% in the prior year period due to incremental marketing, occupancy expense associated with new stores and greenfield market expansion and the $2.0 million termination fee associated with the advisory agreement with our controlling stockholder, substantially offset by efficiencies at existing stores.

• Net income of $2.5 million compared to $13.1 million in the first quarter of fiscal year 2025. Adjusted net income was $11.1 million compared to $14.1 million in the first quarter of fiscal year 2025.

• Diluted net income per share of $0.02 compared to $0.12 in the first quarter of fiscal year 2025. Adjusted diluted net income per share* was $0.09 compared to $0.13 in the first quarter of fiscal year 2025.

• Adjusted EBITDA* of $37.6 million or 6.5% compared to $37.3 million or 7.0% in the first quarter of fiscal year 2025.

*See Non-GAAP Financial Measures and Reconciliation of GAAP to Non-GAAP Financial Measures below for further information.

Balance Sheet and Liquidity

• Total liquidity of $127.1 million, comprised of cash and cash equivalents of $27.7 million and available borrowing capacity of $99.4 million at March 29, 2026.

• Inventories were $336.8 million as of the end of the first quarter of fiscal year 2026, a decrease of 3.8% compared to year end.

• Net cash provided by operating activities was $28.9 million in the year-to-date period, an increase of $25.1 million compared to the prior year, primarily driven by the timing of payments on inventory purchases.

• Investments in capital expenditures, net of tenant allowances of $23.3 million in the year-to-date period was primarily associated with our new store program.

Recent Developments

• During the first quarter of fiscal year 2026, we paid off our Term Loan using proceeds from the initial public offering, cash on hand and borrowings under our Revolving Credit Facility.

• On April 29, 2026, we amended our Credit Facility, increasing the maximum availability from $125.0 million to $200.0 million and extending the maturity date to April 2031.

The Company has reaffirmed its guidance for full fiscal year 2026 financial operating results, presented in the table below. Fiscal year 2026 includes 53 weeks. The “53rd week” is expected to deliver $40.0 million in net revenues, $3.5 million in net income and $5.0 million in adjusted EBITDA. The Company has modified full year estimates for fully diluted (“FD”) shares outstanding to approximately 135 million compared to prior estimates of 137 million.

	Fiscal Year 2026
Net revenues	$2,600 to $2,625 million
Comparable sales growth(1)	1.5% to 2.5%
Net income	$113 to $121 million
Adjusted EBITDA(2)	$255 to $265 million
Adjusted net income(2)	$121 to $129 million
Other estimates:
Net capital expenditures(3)	$110 to $115 million
Pre-opening expenses	$23 to $24 million
Effective tax rate	Approximately 27%
New store count	Approximately 20
FD shares outstanding(4)	Approximately 135 million
(1) Comparable sales growth is a key performance indicator that measures performance during the current reporting period against the performance of the comparable store sales and eCommerce sales in the corresponding period of the previous fiscal year. Comparable sales growth excludes net sales from the non-comparable 53rd week.
(2) See Non-GAAP Financial Measures for definitions of Adjusted EBITDA and Adjusted net income.
(3) Net capital expenditures represents capital expenditures net of tenant allowances.
(4) FD shares outstanding reflects expected average fully diluted shares outstanding for fiscal year 2026.

Conference Call

A conference call to discuss fiscal year 2026 first quarter financial results is scheduled for today, May, 7, 2026, at 8:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-0779 (international callers dial 1-201-389-0914) approximately 10 minutes prior to the start of the call. The conference call will be webcast and once available, a recorded replay can be accessed online at ir.mybobs.com for six months.

About Bob’s Discount Furniture

Bob’s Discount Furniture is a high-growth, national omnichannel retailer of value home furnishings with 214 showrooms as of March 29, 2026 across 26 U.S. states. Since our founding in 1991, we have built our ethos as a trusted and reliable brand offering superior value and service, without compromising on quality or style. Our business model is anchored in delivering furniture at “Everyday Low Prices,” and at the heart of Bob’s success is not just the value of our furniture, but the team members who bring our promise to life every day. From showroom to living room, it’s our people who make Bob’s feel like home. Our belief that everyone deserves a home they love is reflected in how we operate daily and the appreciation we have for our people and communities. From our in-store guest experience specialists who create a no-pressure, no-gimmicks shopping experience, to our distribution and logistics teams who enable fast, reliable fulfillment, Bob’s is built on the dedication of over 6,000 team members nationwide. For more information, please visit www.mybobs.com.

Non-GAAP Financial Measures

In addition to the results provided in accordance with U.S. GAAP, this earnings release and related tables include adjusted net income, adjusted EBITDA and adjusted diluted net income per share which present operating results on an adjusted basis. We define adjusted net income as net income adjusted to eliminate the impact of certain items that we do not consider indicative of our core operating performance and the tax effect related to those items. We define adjusted diluted net income per share as adjusted net income divided by weighted average shares outstanding. We define adjusted EBITDA as net income before interest expense, interest income, income tax expense/(benefit), and depreciation and amortization, adjusted for items that are not indicative of the operating performance of the business. We believe that excluding certain items from our GAAP results allows management to better understand our financial performance from period to period. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons. We use these non-GAAP measures to evaluate the effectiveness of our business strategies, to make budgeting decisions, to evaluate our performance in connection with compensation decisions and to compare our performance against that of peer companies using similar measures. However, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. These non-U.S. GAAP measures are not a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. These measures should only be read together with the corresponding U.S. GAAP measures. Please refer to the reconciliations of adjusted net income and adjusted EBITDA to net income and adjusted diluted net income per share to diluted net income per share, the most directly comparable financial measures prepared in accordance with U.S. GAAP, below.

Forward-Looking Statements

Certain statements contained herein, including statements under the headings “Recent Developments”, are not based on historical fact and are “forward-looking statements” within the meaning of applicable securities laws.

Forward-looking statements can generally be identified by words such as “anticipate,” “believe,” “envision,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “contemplate” and other similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, statements concerning: our expected financial operating results for fiscal year 2026; plans to open new stores, expand into new regions and increase market share; and plans to increase brand awareness and increase comparable sales.

The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, factors and assumptions described in “Risk Factors” in our Annual Report on Form 10-K, including those relating to, among other things:

• our reliance on foreign manufacturing, suppliers and imports for our products;

• the significant competition within our industry;

• our ability to successfully anticipate or respond to changes in consumer preferences;

• global economic conditions and the effect of economic pressures and other business factors on discretionary consumer spending;

• the impact of current and future tariffs on our business;

• managing the challenges associated with our planned new store growth;

• failures by our third-party suppliers or the unavailability of suitable suppliers at reasonable prices;

• failures of our vendors to meet our quality standards or applicable regulatory frameworks;

• disruption in our distribution capabilities or supply chain;

• our ability to protect our intellectual property rights;

• compliance with applicable governmental regulations;

• our ability to protect the privacy and security of information related to our customers, us, our employees or others;

• disruption in our information systems; and

• our ability to effectively manage our eCommerce platform and digital marketing efforts.

The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Bob’s Discount Furniture, Inc. Condensed Consolidated Balance Sheets (Unaudited, amounts in thousands, except share and per share amounts)
	March 29, 2026			December 28, 2025
Assets
Current assets
Cash and cash equivalents	$	27,738		$	53,202
Restricted cash		10,172			9,412
Accounts receivable		22,410			17,590
Inventories		336,840			350,284
Prepaids and other current assets		40,624			40,871
Total current assets		437,784			471,359
Property and equipment, net		344,944			328,827
Operating lease right-of-use assets		655,830			641,529
Intangible assets		179,100			179,100
Goodwill		181,699			181,699
Deferred offering costs		—			3,981
Other assets		9,106			5,260
Total assets	$	1,808,463		$	1,811,755
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	248,031		$	260,610
Self-insurance reserves		26,538			27,959
Accrued expenses		47,760			66,211
Customer deposits		82,419			70,740
Current portion of Term Loan		—			1,750
Finance lease liabilities, current portion		14,230			15,201
Operating lease liabilities, current portion		102,200			100,563
Total current liabilities		521,178			543,034
Revolving Credit Facility		25,000			—
Term Loan		—			337,430
Finance lease liabilities, noncurrent portion		47,266			44,254
Operating lease liabilities, noncurrent portion		696,250			678,800
Deferred income taxes		45,530			43,306
Other long-term liabilities		1,011			1,011
Total long-term liabilities		815,057			1,104,801
Total liabilities		1,336,235			1,647,835
Commitments and Contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding at March 29, 2026; $0.01 par value, 50,000 shares authorized, no shares issued or outstanding at December 28, 2025		—			—
Common stock, $0.0001 par value, 445,000,000 shares authorized, 130,502,007 shares issued and outstanding at March 29, 2026; $0.0001 par value, 300,000,000 shares authorized, 119,777,765 shares issued and 110,530,029 outstanding at December 28, 2025		13			11
Additional paid-in capital		438,294			199,796
Treasury stock shares, at cost, — and 9,247,736 shares at March 29, 2026 and December 28, 2025, respectively		—			(67,336	)
Retained earnings		33,921			31,449
Total stockholders’ equity		472,228			163,920
Total liabilities and stockholders’ equity	$	1,808,463		$	1,811,755

Bob’s Discount Furniture, Inc. Consolidated Statements of Operations and Comprehensive Income (Unaudited, amounts in thousands, except per share amounts)
	Three-Month Fiscal Period Ended
	March 29, 2026							March 30, 2025							Increase (Decrease)
	Amount				% of Net Revenues			Amount				% of Net Revenues			Amount				%(1)
Net revenues	$	578,096			100.0	%		$	532,764			100.0	%		$	45,332			8.5	%
Cost of sales		321,586			55.6	%			296,121			55.6	%			25,465			8.6	%
Gross profit		256,510			44.4	%			236,643			44.4	%			19,867			8.4	%
Operating expenses (income)
Selling, general, and administrative		235,147			40.7	%			215,645			40.5	%			19,502			9.0	%
Pre-opening expenses		4,740			0.8	%			2,985			0.6	%			1,755			58.8	%
Loss on disposal of fixed assets		—			—	%			21			—	%			(21	)		(100.0	)%
Restructuring charges		—			—	%			292			—	%			(292	)		(100.0	)%
Insurance recoveries		(667	)		(0.1	)%			—			—	%			667			100.0	%
Total operating expenses		239,220			41.4	%			218,943			41.1	%			20,277			9.3	%
Operating income		17,290			3.0	%			17,700			3.3	%			(410	)		(2.3	)%
Other (income) expense
Interest expense		15,304			2.6	%			903			0.2	%			14,401			NM
Interest income		(197	)		—	%			(400	)		(0.1	)%			(203	)		(50.8	)%
Other income, net		—			—	%			(574	)		(0.1	)%			(574	)		(100.0	)%
Total other expense (income), net		15,107			2.6	%			(71	)		—	%			15,178			NM
Income before taxes		2,183			0.4	%			17,771			3.3	%			(15,588	)		(87.7	)%
Income tax (benefit) expense		(334	)		—	%			4,626			0.8	%			(4,960	)		NM
Net income	$	2,517			0.4	%		$	13,145			2.5	%			(10,628	)		(80.9	)%
Other comprehensive (loss) income
Total other comprehensive loss		—							—
Total comprehensive income	$	2,517						$	13,145
Basic net income per share	$	0.02						$	0.12
Diluted net income per share	$	0.02						$	0.12
(1) NM refers to a value that is not meaningful.

Bob’s Discount Furniture, Inc. Consolidated Statements of Cash Flows (Unaudited, amounts in thousands)
	Three-Month Fiscal Period Ended
	March 29, 2026				March 30, 2025
Cash flows from operating activities
Net income	$	2,517			$	13,145
Adjustments to reconcile net income to net cash provided by operating activities
Stock-based compensation expense		715				891
Transaction losses		704				770
Depreciation and amortization		18,615				16,758
Non-cash interest expense		10,842				22
Loss on disposal of fixed assets		—				21
Non-cash lease costs		20,304				18,291
Deferred income taxes		2,225				(430	)
Change in reserve for product warranties		—				247
Changes in operating assets and liabilities
Accounts receivable		(5,524	)			(2,304	)
Inventories		13,444				(15,747	)
Prepaids and other current assets		247				3,293
Other assets		(3,867	)			43
Accounts payable		(7,656	)			(15,432	)
Accrued expenses		(19,873	)			(10,045	)
Customer deposits		11,679				6,336
Operating leases		(15,519	)			(12,149	)
Net cash provided by operating activities		28,853				3,710
Cash flows from investing activities
Purchase of property and equipment		(31,594	)			(15,867	)
Net cash used in investing activities		(31,594	)			(15,867	)
Cash flows from financing activities
Principal payments on Term Loan		(350,000	)			—
Proceeds from Line of Credit		64,000				—
Principal payments on Line of Credit		(39,000	)			—
Principal payments on financing lease obligations		(3,545	)			(2,574	)
Proceeds (payments) related to exercise of employee stock options		994				(464	)
Payments for the acquisition of treasury stock		(50	)			(83	)
Proceeds from issuance of common stock, net of underwriter discounts		310,915				—
Payments for fractional shares		(45	)			—
Payments of initial public offering costs		(5,232	)			—
Net cash used in financing activities		(21,963	)			(3,121	)
Net decrease in cash, cash equivalents, and restricted cash		(24,704	)			(15,278	)
Cash, cash equivalents, and restricted cash beginning of period		62,614				80,558
Cash, cash equivalents, and restricted cash end of period	$	37,910			$	65,280
Supplemental disclosure of cash flow data
Cash paid for interest	$	3,570			$	441
Supplemental disclosure of noncash investing and financing activities
Assets acquired under financing leases	$	5,586			$	—
Purchase of property and equipment included in accounts payable		16,775				8,607
Employees cashless exercising of stock options		19				1,637

Bob’s Discount Furniture, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, amounts in thousands, except per share amounts)
	Three-Month Fiscal Period Ended
	March 29, 2026				March 30, 2025
Net revenues	$	578,096			$	532,764
Adjusted net income
Net income	$	2,517			$	13,145
Restructuring charges		—				292
Insurance recoveries		(667	)			—
Loss on disposal of fixed assets		—				21
Debt issuance costs acceleration(1)		10,720				—
Management fee(2)		2,000				516
Contract termination benefit(3)		(1,191	)			—
Other expenses(4)		832				503
Tax effect of adjustments		(3,157	)			(398	)
Adjusted net income	$	11,054			$	14,079
Adjusted net income as % of net revenue		1.9	%			2.6	%
Adjusted EBITDA
Net income	$	2,517			$	13,145
Interest expense		15,304				903
Interest income		(197	)			(400	)
Income tax (benefit) expense		(334	)			4,626
Depreciation and amortization		18,615				16,758
Stock-based compensation expense		715				891
Restructuring charges		—				292
Insurance recoveries		(667	)			—
Loss on disposal of fixed assets		—				21
Management fee(2)		2,000				516
Contract termination benefit(3)		(1,191	)			—
Other expenses(4)		832				503
Adjusted EBITDA	$	37,594			$	37,255
Adjusted EBITDA as % of revenue		6.5	%			7.0	%
(1) Represents the acceleration of debt issuance costs in connection with the repayment of the Term Loan in the three-month fiscal period ended March 29, 2026.
(2) Represents management fees paid in accordance with our Advisory Agreement with our controlling stockholder, which terminated in connection with our IPO. Activity for the three-month fiscal period ended March 29, 2026 reflects a termination fee of $2.0 million associated with the Advisory Agreement.
(3) Represents the acceleration of a bonus from our financing partner due to the termination of the agreement.
(4) Other expenses represents costs that are not indicative of ongoing business operations and performance, including, but not limited to, third-party professional fees related to our initial public offering and senior termination benefits.

Bob’s Discount Furniture, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, amounts in thousands, except per share amounts)
	Three-Month Fiscal Period Ended
	March 29, 2026				March 30, 2025
Adjusted diluted net income per share
Diluted net income per share	$	0.02			$	0.12
Restructuring charges		—				—
Insurance recoveries		(0.01	)			—
Loss on disposal of fixed assets		—				—
Debt issuance costs acceleration(1)		0.08				—
Management fee(2)		0.02				0.01
Contract termination benefit		(0.01	)			—
Other expenses(4)		0.01				—
Tax effect of adjustments		(0.02	)			—
Adjusted diluted net income per share	$	0.09			$	0.13
Diluted weighted average shares outstanding		128,108,365				112,604,781
(1) Represents the acceleration of debt issuance costs in connection with the pay down of the Term Loan in the three-month fiscal period ended March 29, 2026.
(2) Represents management fees paid in accordance with our Advisory Agreement with our controlling stockholder, which terminated in connection with the consummation of our proposed IPO. See “Certain Relationships and Related Party Transactions – Advisory Agreement.” Activity for the three-month fiscal period ended March 29, 2026 reflects the per share impact of a termination fee of $2.0 million associated with the Advisory Agreement.
(3) Represents the acceleration of a bonus from our financing partner due to the termination of the agreement.
(4) Other expenses represents costs that are not indicative of ongoing business operations and performance, including, but not limited to, third-party professional fees related our initial public offering and senior termination benefits.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507002762/en/

Investor Relations Contact:

Edward Plank, Vice President, Investor Relations & Strategy

[email protected]

Media Contact:

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Home Goods Online Retail Other Retail Discount/Variety Retail

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Kontoor Brands Reports Stronger 2026 First Quarter Results and Raises Full Year Outlook; Announces Planned Divestiture of Lee and $750 Million Share Repurchase Program

During the first quarter, the Company initiated a competitive process to divest the Lee business. As a result, the Company’s first quarter results and updated 2026 outlook reflect the presentation of the Lee business as discontinued operations.

Key Highlights

• First quarter revenue including the contribution from discontinued operations was $808 million. Revenue from Lee of $195 million now reported in discontinued operations. First quarter revenue from continuing operations of $613 million exceeded expectations driven by 4 percent growth in Wrangler and 16 percent growth in Helly Hansen on a pro-forma basis
• First quarter reported EPS including the contribution from discontinued operations was $1.65. First quarter adjusted EPS including the contribution from discontinued operations was $1.55. First quarter adjusted EPS from continuing operations was $1.06
• Full year revenue outlook including the contribution from discontinued operations is now expected to be in the range of $3.41 to $3.46 billion ($3.40 to $3.45 billion prior). Expected revenue from Lee of approximately $750 million now reported in discontinued operations. Full year revenue outlook from continuing operations is now expected to be in the range of $2.66 to $2.71 billion driven by growth in Wrangler and Helly Hansen
• Full year adjusted EPS outlook including the contribution from discontinued operations is now expected to be in the range of $6.60 to $6.70 ($6.40 to $6.50 prior)
• The Company announced plans to divest the Lee business to sharpen strategic focus on its largest growth assets and enhance capital allocation optionality
• The Company’s Board of Directors approved a new $750 million share repurchase authorization

GREENSBORO, N.C.–(BUSINESS WIRE)–
Kontoor Brands, Inc. (NYSE: KTB) today reported financial results for its first quarter ended April 4, 2026.

“Our strong first quarter results reflect the power of our operating model combined with strong execution,” said Scott Baxter, President, Chief Executive Officer and Chairman of the Board of Directors. “Wrangler drove another quarter of broad-based growth and market share gains, and Helly Hansen delivered better-than-expected revenue and profitability. Our decision to divest Lee enables sharper focus on the opportunities with greatest potential to maximize shareholder returns as we align the Kontoor brand portfolio to a higher growth profile.”

“Our updated outlook reflects better than expected first quarter results and improving visibility for Wrangler and Helly Hansen,” added Joe Alkire, Kontoor Brands’ Executive Vice President, Chief Financial Officer and Global Head of Operations. “Our planned divestiture of the Lee business is in an advanced state and has attracted interest from multiple parties. We are confident in our ability to successfully complete a transaction this year, resulting in significantly more capital allocation optionality and accelerated growth as we drive enhanced shareholder returns into 2027 and beyond.”

Planned Divestiture of the Lee Business

During the first quarter of 2026, the Company initiated a competitive process to divest the Lee business. The process has attracted interest from multiple parties and the Company anticipates entering into a definitive agreement to divest the Lee business in 2026. As a result, the Company has reported the results of the Lee business in discontinued operations.

The Company expects the divestiture of Lee to be immaterial to earnings per share over a 12-to-18-month period. The earnings contribution of the Lee business will be offset through strong capital deployment and mitigation of overhead and other expenses through restructuring and other mitigating cost actions to offset the costs that were previously allocated to the Lee business.

First Quarter 2026 Income Statement from Continuing Operations Review

Revenue from continuing operations was $613 million and increased 45 percent compared to prior year, including the contribution from the acquisition of Helly Hansen completed in the second quarter of 2025.

Wrangler brand global revenue was $436 million and increased 4 percent compared to prior year. Wrangler U.S. revenue increased 1 percent, driven by a 6 percent increase in direct-to-consumer and a 1 percent increase in wholesale. Wrangler international revenue increased 20 percent compared to prior year, driven by a 38 percent increase in direct-to-consumer and a 17 percent increase in wholesale.

Helly Hansen global revenue was $176 million. Sport and Workwear revenue was $120 million and $45 million, respectively. Musto brand revenue was $11 million.

Gross margin from continuing operations on a reported basis increased 810 basis points to 53.7 percent. On an adjusted basis, gross margin from continuing operations increased 470 basis points to 50.6 percent compared to prior year, driven by the impact of Helly Hansen, the benefits of Project Jeanius and channel mix, partially offset by increased product costs, net of pricing actions. Adjusted gross margin includes $1 million of overhead and other expenses that were previously allocated to the Lee business.

Selling, General & Administrative (SG&A) expenses from continuing operations were $239 million, or 39.0 percent of revenue on a reported basis. On an adjusted basis, SG&A expenses from continuing operations were $224 million, or 36.5 percent of revenue. The increase in SG&A expenses was driven by the impact of Helly Hansen, higher demand creation and direct-to-consumer investments and volume-based variable expenses, partially offset by the benefits from Project Jeanius. Adjusted SG&A expenses include $7 million of overhead and other expenses that were previously allocated to the Lee business.

Operating income from continuing operations was $90 million on a reported basis. On an adjusted basis, operating income from continuing operations was $87 million and increased 60 percent compared to prior year. Operating income includes $8 million of overhead and other expenses that were previously allocated to the Lee business.

Earnings per share (EPS) from continuing operations was $1.09 on a reported basis. On an adjusted basis, EPS from continuing operations was $1.06, including a $0.26 contribution from Helly Hansen. Adjusted EPS includes $0.11 of overhead and other expenses that were previously allocated to the Lee business.

Balance Sheet and Liquidity from Continuing Operations Review

The Company ended the first quarter with $56 million in cash and cash equivalents, and $1.14 billion in long-term debt. At the end of the first quarter, the Company had no outstanding borrowings under the Revolving Credit Facility and $493 million available for borrowing against this facility.

Inventory at the end of the first quarter was $464 million, including the contribution of inventory from Helly Hansen.

As previously announced, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.53 per share, payable on June 18, 2026, to shareholders of record at the close of business on June 8, 2026.

The Company returned $54 million to shareholders through dividends and share repurchases during the first quarter, including the repurchase of $25 million of common stock.

Share Repurchase Authorization

The Company’s Board of Directors has authorized a share repurchase program of up to $750 million of the Company’s common stock. The new repurchase authorization replaces the existing share repurchase program announced on December 11, 2023.

“Our $750 million share repurchase program reflects the confidence we have in our business moving forward and the opportunities to generate significant value from our sharper brand portfolio,” said Scott Baxter, President, Chief Executive Officer and Chairman of Kontoor Brands. “We remain committed to returning cash to shareholders while maintaining an unrelenting focus on delivering superior total shareholder return over time.”

The timing and amount of repurchases will be determined by the Company based on its evaluation of market conditions, continued compliance with its debt covenants and other factors. The program does not have an expiration date but may be suspended, modified or terminated at any time without prior notice. The Company expects to fund repurchases through cash flow generated from operations and expected proceeds from the planned divestiture of the Lee brand.

Tariff Update

Following the U.S. Supreme Court’s decision that the International Emergency Economic Powers Act (“IEEPA”) does not authorize tariffs, the U.S. Court of International Trade has ordered U.S. Customs and Border Protection to refund IEEPA duties.

The Company believes it is probable that it will recover the IEEPA tariffs previously paid and therefore has recognized a net receivable of $54 million as of March 2026. As a result, during the first quarter of 2026, the Company reduced cost of goods sold by approximately $49 million on a reported basis, representing the reversal of expense for IEEPA tariffs on inventory previously sold. Of the $49 million reduction in cost of goods sold, $29 million was related to tariffs expensed in 2025. On an adjusted basis, the Company has excluded the impact of the reversal of expense for 2025-related IEEPA tariffs on first quarter results and in the updated 2026 outlook.

The Company’s outlook assumes a 15 percent reciprocal tariff rate on applicable inventory receipts for the remainder of 2026. For applicable inventory receipts effective February 24, 2026, a 10 percent reciprocal tariff rate applied, which remains in effect. Applicable inventory owned prior to February 24, 2026 is exempt from reciprocal tariffs. The Company’s updated outlook includes the impact from increases in tariffs on all countries from which the Company sources product, with the exception of Mexico. Based on currently available information, the Company’s imports from Mexico to the U.S. remain exempt under USMCA.

The Company is evaluating the impact of the United States and Bangladesh reciprocal trade framework. The Company utilizes U.S. grown cotton in more than 80 percent of products sourced from Bangladesh which may qualify for a duty exemption under the trade framework.

Updated Full Year 2026 Outlook from Continuing Operations

The Company’s updated full year 2026 outlook reflects the impact of the planned divestiture of the Lee business, which is now reported in discontinued operations.

• Revenue including the expected contribution from discontinued operations is now anticipated to be in the range of $3.41 to $3.46 billion. This compares to the prior outlook range of $3.40 to $3.45 billion. Lee revenue is expected to approximate $750 million and is now reported in discontinued operations. Revenue from continuing operations is expected to be in the range of $2.66 to $2.71 billion.
• Adjusted EPS including the expected contribution from discontinued operations is now anticipated to be in the range of $6.60 to $6.70. This compares to the prior outlook range of $6.40 to $6.50. The expected EPS contribution from the Lee business now reported in discontinued operations is approximately $0.90, or approximately $1.45 including the impact of $0.55 of overhead and other expenses previously allocated to the Lee business that were reported in continuing operations.

Adjusted EPS from continuing operations is expected to be in the range of $5.15 to $5.25, including the impact of approximately $0.55 of unmitigated overhead and other expenses that were previously allocated to the Lee business.

The Company expects the divestiture of Lee to be immaterial to earnings per share over a 12-to-18-month period. The earnings contribution of the Lee business will be offset through strong capital deployment and mitigation of overhead and other expenses, through restructuring and other mitigating cost actions to offset the costs that were previously allocated to the Lee business.

	Prior 2026 Outlook	Updated 2026 Outlook
Revenue including discontinued operations	$3.40 to $3.45 billion	$3.41 to $3.46 billion
Lee revenue reported in discontinued operations	$0.75 billion	$0.75 billion
Revenue from continuing operations	$2.65 to $2.70 billion	$2.66 to $2.71 billion
Adjusted EPS including discontinued operations	$6.40 to $6.50	$6.60 to $6.70
Less: EPS of discontinued operations before reclass of allocated expenses		$0.90
Adjusted EPS from continuing operations before reclass of allocated expenses		$5.70 to $5.80
Less: EPS impact of reclass of allocated expenses		$0.55
Adjusted EPS from continuing operations		$5.15 to $5.25

The Company’s full year 2026 outlook from continuing operations also includes the following assumptions.

• Adjusted gross margin is expected to be in the range of 48.3 percent to 48.5 percent, representing an increase of 180 to 200 basis points compared to prior year. The benefits from Project Jeanius, channel and product mix, and the mix benefit from Helly Hansen are expected to more than offset the impact from increases in product costs, net of pricing actions.
• Adjusted SG&A expenses, including the unmitigated impact of expenses previously allocated to the Lee business, are expected to increase approximately 18 percent compared to prior year, including the annualization of Helly Hansen expenses and an increase in investment in demand creation and other strategic growth initiatives, offset by the benefits of Project Jeanius and the impact of the 53rd week in prior year.
• Adjusted operating income, including the unmitigated impact of expenses previously allocated to the Lee business,is expected to be in the range of $411 to $418 million, representing an increase of 15 percent to 17 percent compared to prior year.
• Capital expenditures are expected to be approximately $40 million.
• The Company expects an effective tax rate of approximately 20 percent on adjusted earnings, including the benefit of synergies from Helly Hansen. For the first half of 2026, the Company expects an effective tax rate of approximately 25 percent.

• Interest expense is expected to be approximately $55 million. The outlook for interest expense does not include the impact of potential additional voluntary debt repayments with a portion of the expected proceeds from the planned divestiture of the Lee business.
• Other expense is expected to be approximately $15 million.
• Average shares outstanding are expected to be approximately 56 million. The outlook for average shares outstanding does not include the impact of potential additional share repurchases from the expected proceeds from the planned divestiture of the Lee business.
• The Company now expects cash from operations of approximately $450 million, including the expected contribution from the Lee business which is reported in discontinued operations.

• The Company expects to make voluntary term loan payments of $225 million, excluding the impact of potential additional voluntary debt repayments with a portion of the expected proceeds from the planned divestiture of the Lee business. The Company expects to achieve a net leverage ratio below 1.5 times on a continuing operations basis by year-end.

Webcast Information

Kontoor Brands will host its first quarter 2026 conference call beginning at 8:30 a.m. Eastern Time today, May 7, 2026. The conference will be broadcast live via the Internet, accessible at https://www.kontoorbrands.com/investors. For those unable to listen to the live broadcast, an archived version will be available at the same location.

Non-GAAP Financial Measures

This release refers to “adjusted”, “organic” and “constant currency” amounts from 2026 and 2025, which are further described in the sections below. All per share amounts are presented on a diluted basis. Amounts as presented herein may not recalculate due to the use of unrounded numbers.

Adjusted Amounts – This release refers to “adjusted” amounts. Adjustments during 2026 represent (i) business optimization activities associated with the continued execution of Project Jeanius, (ii) acquisition and integration-related costs associated with the Helly Hansen acquisition and, (iii) excluding the impact of the reversal of expense for 2025 IEEPA-related tariffs on first quarter of 2026 results. Adjustments during 2025 represent (i) restructuring and transformation costs related to business optimization activities associated with Project Jeanius, (ii) actions to streamline and transfer select production within our internal manufacturing network and, (iii) acquisition and integration-related costs associated with the Helly Hansen acquisition. Additional information regarding adjusted amounts is provided in notes to the supplemental financial information included with this release.

Organic Amounts – This release refers to “organic” amounts, which represent operating results excluding contributions from the Helly Hansen^® and Musto^® brands.

Constant Currency – This release refers to “reported” amounts in accordance with GAAP, which include translation and transactional impacts from changes in foreign currency exchange rates. This release also refers to “constant currency” amounts, which exclude the translation impact of changes in foreign currency exchange rates.

Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented in the supplemental financial information included with this release that identifies and quantifies all reconciling adjustments and provides management’s view of why this non-GAAP information is useful to investors. While management believes that these non-GAAP measures are useful in evaluating the business, this information should be viewed in addition to, and not as an alternate for, reported results under GAAP. The non-GAAP measures used by the Company in this release may be different from similarly titled measures used by other companies.

For forward-looking non-GAAP measures included in this filing, the Company does not provide a reconciliation to the most comparable GAAP financial measures because the information needed to reconcile these measures is unavailable due to the inherent difficulty of forecasting the timing and/or amount of various items that have not yet occurred and have been excluded from adjusted measures. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with the Company’s accounting policies for future periods requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort.

About Kontoor Brands

Kontoor Brands, Inc. (NYSE: KTB) is a portfolio of three of the world’s most iconic lifestyle, outdoor and workwear brands: Wrangler^®, Lee^® and Helly Hansen^®. Kontoor Brands is a purpose-led organization focused on leveraging its global platform, strategic sourcing model and best-in-class supply chain to drive brand growth and deliver long-term value for its stakeholders. For more information about Kontoor Brands, please visit www.KontoorBrands.com.

Forward-Looking Statements

Certain statements included in this release and attachments are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “should,” “may” and other words and terms of similar meaning or use of future dates. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as required under the U.S. federal securities laws. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to: macroeconomic conditions, including inconsistent consumer demand despite recent declines in interest rates, fluctuating foreign currency exchange rates, moderating inflation and global supply chain issues, as well as the ongoing impact of tariffs and uncertainty regarding the outcome of trade negotiations, import/export regulations and tariff policies, continue to adversely impact global economic conditions and have had, and may continue to have, a negative impact on the Company’s business, results of operations, financial condition and cash flows (including future uncertain impacts); the level of consumer demand for apparel; reliance on a small number of large customers; potential difficulty in integrating Helly Hansen and/or in achieving the expected growth, cost savings and/or synergies from the acquisition; potential risks and uncertainties in completing the sale of the Lee business, if at all, and potential risks in segregating and disposing of the Lee business and the Company’s ability to mitigate any stranded costs from the potential disposition; supply chain and shipping disruptions, which could continue to result in shipping delays, an increase in transportation costs and increased product costs or lost sales; intense industry competition; the ability to accurately forecast demand for products; the Company’s ability to gauge consumer preferences and product trends, and to respond to constantly changing markets; the Company’s ability to maintain the images of its brands; disruption and volatility in the global capital and credit markets and its impact on the Company’s ability to obtain short-term or long-term financing on favorable terms; the Company maintaining satisfactory credit ratings; restrictions on the Company’s business relating to its debt obligations; increasing pressure on margins; e-commerce operations through the Company’s direct-to-consumer business; the financial difficulty experienced by the retail industry; possible goodwill and other asset impairment; the ability to implement the Company’s business strategy; the stability of manufacturing facilities and foreign suppliers; fluctuations in wage rates and the price, availability and quality of raw materials and contracted products, including as a result of tariffs and reciprocal tariffs; the reliance on a limited number of suppliers for raw material sourcing and the ability to obtain raw materials on a timely basis or in sufficient quantity or quality; disruption to distribution systems; seasonality; unseasonal or severe weather conditions; potential challenges with the Company’s implementation of Project Jeanius; the Company’s and its vendors’ ability to maintain the strength and security of information technology systems; the risk that facilities and systems and those of third-party service providers may be vulnerable to and unable to anticipate or detect data security breaches and data or financial loss or maintain operational performance; ability to properly collect, use, manage and secure consumer and employee data; legal, regulatory, political and economic risks; the impact of climate change and related legislative and regulatory responses; stakeholder response to sustainability issues, including those related to climate change; compliance with anti-bribery, anti-corruption and anti-money laundering laws by the Company and third-party suppliers and manufacturers; changes in tax laws and liabilities; the costs of compliance with or the violation of national, state and local laws and regulations for environmental, consumer protection, employment, privacy, safety and other matters; continuity of members of management; labor relations; the ability to protect trademarks and other intellectual property rights; the ability of the Company’s licensees to generate expected sales and maintain the value of the Company’s brands; volatility in the price and trading volume of the Company’s common stock; anti-takeover provisions in the Company’s organizational documents; and fluctuations in the amount and frequency of our share repurchases. Many of the foregoing risks and uncertainties will be exacerbated by any worsening of the global business and economic environment.

More information on potential factors that could affect the Company’s financial results are described in detail in the Company’s most recent Annual Report on Form 10-K and in other reports and statements that the Company files with the SEC.

KONTOOR BRANDS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
		Three Months Ended March								%
(Dollars and shares in thousands, except per share amounts)		2026				2025				Change
Net revenues		$	613,322			$	423,001			45%
Costs and operating expenses
Cost of goods sold			283,948				230,267			23%
Selling, general and administrative expenses			239,269				161,365			48%
Total costs and operating expenses			523,217				391,632			34%
Operating income			90,105				31,369			187%
Interest expense			(16,084	)			(9,808	)		64%
Interest income			2,184				3,319			(34)%
Other expense, net			(2,602	)			(10,293	)		(75)%
Income from continuing operations before income taxes			73,603				14,587			405%
Income taxes			(17,964	)			(4,338	)		314%
Income from equity method investment			5,399				—			*
Income from continuing operations			61,038				10,249			496%
Income from discontinued operations, net of tax			31,401				32,633			(4)%
Net income		$	92,439			$	42,882			116%
Earnings per common share – basic
Continuing operations		$	1.10			$	0.18
Discontinued operations		$	0.57			$	0.59
Total earnings per common share – basic		$	1.67			$	0.77
Earnings per common share – diluted
Continuing operations		$	1.09			$	0.18
Discontinued operations		$	0.56			$	0.58
Total earnings per common share – diluted		$	1.65			$	0.76
Weighted average shares outstanding
Basic			55,222				55,355
Diluted			55,996				56,059
* Calculation not meaningful.

Basis of presentation for all financial tables within this release: The Company operates and reports using a 52/53-week fiscal year ending on the Saturday closest to December 31 each year. For presentation purposes herein, all references to periods ended March 2026 and March 2025 correspond to the 13-week fiscal periods ended April 4, 2026 and March 29, 2025, respectively. References to March 2026, December 2025 and March 2025 relate to the balance sheets as of April 4, 2026, January 3, 2026 and March 29, 2025, respectively. Amounts herein may not recalculate due to the use of unrounded numbers.

KONTOOR BRANDS, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)		March 2026			December 2025			March 2025
ASSETS
Current assets
Cash and cash equivalents		$	56,411		$	77,215		$	320,790
Accounts receivable, net			244,996			209,419			131,958
Inventories			463,501			435,945			298,810
Prepaid expenses and other current assets			99,156			102,056			57,371
Current assets of discontinued operations			259,335			256,481			278,849
Total current assets			1,123,399			1,081,116			1,087,778
Property, plant and equipment, net			112,657			113,285			82,955
Operating lease assets			124,193			110,330			18,931
Intangible assets, net			450,206			445,584			6,791
Goodwill			459,211			451,006			129,034
Other assets			215,292			212,294			176,045
Other assets of discontinued operations			165,117			169,057			174,145
TOTAL ASSETS		$	2,650,075		$	2,582,672		$	1,675,679
LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt		$	13,125		$	8,750		$	—
Accounts payable			240,111			195,560		$	161,240
Accrued and other current liabilities			192,209			237,864			112,481
Operating lease liabilities, current			29,763			22,418			10,328
Current liabilities of discontinued operations			125,808			129,035			107,091
Total current liabilities			601,016			593,627			391,140
Operating lease liabilities, noncurrent			101,865			95,422			10,464
Other liabilities			168,091			164,431			77,484
Long-term debt			1,130,622			1,134,579			735,640
Other liabilities of discontinued operations			29,612			29,746			34,279
Total liabilities			2,031,206			2,017,805			1,249,007
Commitments and contingencies
Total equity			618,869			564,867			426,672
TOTAL LIABILITIES AND EQUITY		$	2,650,075		$	2,582,672		$	1,675,679

KONTOOR BRANDS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
		Three Months Ended March
(in thousands)		2026				2025
OPERATING ACTIVITIES
Net income		$	92,439			$	42,882
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			15,338				9,637
Stock-based compensation			6,571				14,462
Other, including working capital changes			(68,087	)			10,644
Cash provided by operating activities			46,261				77,625
INVESTING ACTIVITIES
Property, plant and equipment expenditures			(5,963	)			(2,732	)
Capitalized computer software			(2,383	)			(1,503	)
Proceeds from sale of assets			7,242				—
Proceeds from deferred purchase price settlements			5,601				—
Other			(592	)			(527	)
Cash provided (used) by investing activities			3,905				(4,762	)
FINANCING ACTIVITIES
Borrowings under revolving credit facility			22,500				—
Repayments under revolving credit facility			(22,500	)			—
Repayments of term loan			—				(5,000	)
Repurchases of Common Stock			(25,000	)			—
Dividends paid			(29,339	)			(28,824	)
Shares withheld for taxes, net of proceeds from issuance of Common Stock			(15,154	)			(4,052	)
Cash used by financing activities			(69,493	)			(37,876	)
Effect of foreign currency rate changes on cash and cash equivalents			(2,009	)			(12,343	)
Net change in cash and cash equivalents			(21,336	)			22,644
Cash and cash equivalents – beginning of period			108,442				334,066
Cash and cash equivalents – end of period		$	87,106			$	356,710

KONTOOR BRANDS, INC.
Supplemental Financial Information
Business Segment Information
(Unaudited)
		Three Months Ended March										% Change Constant Currency (a)
(Dollars in thousands)		2026				2025				% Change
Segment revenues:
Wrangler		$	435,839			$	420,246			4%		2%
Helly Hansen			165,480				—			*		*
Total reportable segment revenues			601,319				420,246			43%		37%
Other revenues (b)			12,003				2,755			336%		289%
Total net revenues		$	613,322			$	423,001			45%		39%
Segment profit
Wrangler		$	121,769			$	86,848			40%
Helly Hansen			19,653				—			*
Reconciliation to income before income taxes:
Corporate and other expenses			(53,704	)			(65,555	)		(18)%
Interest expense			(16,084	)			(9,808	)		64%
Interest income			2,184				3,319			(37)%
Loss related to other revenues (b)			(215	)			(217	)		*
Income from continuing operations before income taxes		$	73,603			$	14,587			405%

(a) Refer to constant currency definition on the following pages.

(b) We report an “Other” category to reconcile segment revenues to total net revenues and segment profit to income before income taxes, but the Other category does not meet the criteria to be considered a reportable segment. Other includes sales and licensing of the Musto® and Chic® brands, as well as other company-owned brands and private label apparel, and the associated costs.

* Calculation not meaningful.

KONTOOR BRANDS, INC.
Supplemental Financial Information
Business Segment Information – Continuing Operations – Constant Currency Basis (Non-GAAP)
(Unaudited)
		Three Months Ended March 2026
(In thousands)		As Reported under GAAP			Adjust for Foreign Currency Exchange				Constant Currency
Segment revenues:
Wrangler		$	435,839		$	(5,443	)		$	430,396
Helly Hansen			165,480			(20,417	)			145,063
Total reportable segment revenues			601,319			(25,860	)			575,459
Other revenues			12,003			(1,278	)			10,725
Total net revenues		$	613,322		$	(27,138	)		$	586,184

Constant Currency Financial Information

The Company is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by the Company from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses.

To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).

These constant currency performance measures should be viewed in addition to, and not as an alternative for, reported results under GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.

KONTOOR BRANDS, INC.
Supplemental Financial Information
Reconciliation of Adjusted Financial Measures – Quarter-to-Date (Non-GAAP)
(Unaudited)
	Three Months Ended March
(Dollars in thousands, except per share amounts)	2026				2025
Net revenues – as reported under GAAP	$	613,322			$	423,001
Contribution from Helly Hansen (a)		176,010				—
Organic net revenues	$	437,312			$	423,001
Cost of goods sold – as reported under GAAP	$	283,948			$	230,267
Restructuring and transformation costs (b)		(2,828	)			(1,348	)
U.S. Customs 2025 tariffs (c)		21,696				—
Adjusted cost of goods sold		302,816				228,919
Contribution from Helly Hansen (a)		77,951				—
Adjusted organic cost of goods sold	$	224,865			$	228,919
Selling, general and administrative expenses – as reported under GAAP	$	239,269			$	161,365
Restructuring and transformation costs (b)		(2,858	)			(11,156	)
Acquisition and integration-related costs (d)		(12,708	)			(10,326	)
Adjusted selling, general and administrative expenses		223,703				139,883
Contribution from Helly Hansen (a)		79,033				—
Adjusted organic selling, general and administrative expenses	$	144,670			$	139,883
Other expense, net – as reported under GAAP	$	(2,602	)		$	(10,293	)
Acquisition and integration-related costs (d)		60				8,865
Adjusted other expense, net	$	(2,542	)		$	(1,428	)
Diluted earnings per share from continuing operations – as reported under GAAP	$	1.09			$	0.18
Restructuring and transformation costs (b)		0.05				0.18
U.S. Customs 2025 tariffs (c)		(0.20	)			—
Acquisition and integration-related costs (d)		0.12				0.26
Adjusted diluted earnings per share from continuing operations	$	1.06			$	0.62
Contribution from Helly Hansen (a)		0.26				—
Adjusted organic diluted earnings per share from continuing operations	$	0.80			$	0.62
Adjusted diluted earnings per share from continuing operations	$	1.06			$	0.62
Adjusted contribution from discontinued operations		0.49				0.58
Adjusted diluted earnings per share	$	1.55			$	1.20
Net income from continuing operations – as reported under GAAP	$	61,038			$	10,249
Income taxes		17,964				4,338
Interest expense		16,084				9,808
Interest income		(2,184	)			(3,319	)
EBIT from continuing operations	$	92,902			$	21,076
Depreciation and amortization		13,752				7,349
EBITDA from continuing operations	$	106,654			$	28,425
Restructuring and transformation costs (b)		5,686				12,504
U.S. Customs 2025 tariffs (c)		(21,696	)			—
Acquisition and integration-related costs (d)		12,768				19,191
Adjusted EBITDA from continuing operations	$	103,412			$	60,120
As a percentage of total net revenues		16.9	%			14.2	%

Non-GAAP Financial Information: The financial information above has been presented on a GAAP basis, on an adjusted basis and on an adjusted organic basis, which excludes the operating results from the Helly Hansen acquisition. EBIT, EBITDA and adjusted presentations are non-GAAP measures. See “Notes to Supplemental Financial Information – Reconciliation of Adjusted and Adjusted Organic Financial Measures” at the end of this document. Amounts herein may not recalculate due to the use of unrounded numbers.

(a) Contribution from Helly Hansen represents the adjusted operating results from the Helly Hansen® and Musto® brands.

(b) See Note 1 of “Notes to Supplemental Financial Information – Reconciliation of Adjusted and Adjusted Organic Financial Measures” at the end of this document.

(c) See Note 2 of “Notes to Supplemental Financial Information – Reconciliation of Adjusted and Adjusted Organic Financial Measures” at the end of this document.

(d) See Note 3 of “Notes to Supplemental Financial Information – Reconciliation of Adjusted and Adjusted Organic Financial Measures” at the end of this document.

KONTOOR BRANDS, INC.
Supplemental Financial Information
Summary of Select GAAP and Non-GAAP Measures
(Unaudited)
		Three Months Ended March
		2026												2025
(Dollars in thousands, except per share amounts)		GAAP				Adjusted				Adjusted Organic				GAAP				Adjusted
Net revenues		$	613,322			$	613,322			$	437,312			$	423,001			$	423,001
Gross margin		$	329,374			$	310,506			$	212,447			$	192,734			$	194,082
As a percentage of total net revenues			53.7	%			50.6	%			48.6	%			45.6	%			45.9	%
Selling, general and administrative expenses		$	239,269			$	223,703			$	144,670			$	161,365			$	139,883
As a percentage of total net revenues			39.0	%			36.5	%			33.1	%			38.1	%			33.1	%
Operating income from continuing operations		$	90,105			$	86,803			$	67,777			$	31,369			$	54,199
As a percentage of total net revenues			14.7	%			14.2	%			15.5	%			7.4	%			12.8	%
Diluted earnings per share from continuing operations		$	1.09			$	1.06			$	0.80			$	0.18			$	0.62

Non-GAAP Financial Information: The financial information above has been presented on a GAAP basis, on an adjusted basis and on an adjusted organic basis, which excludes the operating results from the Helly Hansen acquisition. These adjusted and adjusted organic presentations are non-GAAP measures. See “Notes to Supplemental Financial Information – Reconciliation of Adjusted and Adjusted Organic Financial Measures” at the end of this document.

KONTOOR BRANDS, INC.
Supplemental Financial Information
Disaggregation of Revenue – Continuing Operations
(Unaudited)
		Three Months Ended March 2026
		Revenues – As Reported
(In thousands)		Wrangler			Helly Hansen			Other			Total
Channel revenues
U.S. Wholesale		$	339,098		$	16,840		$	1,605		$	357,543
International Wholesale			52,843			100,972			8,265			162,080
Direct-to-Consumer			43,898			47,668			2,133			93,699
Total		$	435,839		$	165,480		$	12,003		$	613,322
Geographic revenues
U.S.		$	373,749		$	36,154		$	1,876		$	411,779
International			62,090			129,326			10,127			201,543
Total		$	435,839		$	165,480		$	12,003		$	613,322

		Three Months Ended March 2025
		Revenues – As Reported
(In thousands)		Wrangler			Helly Hansen			Other			Total
Channel revenues
U.S. Wholesale		$	335,504		$	—		$	2,609		$	338,113
International Wholesale			45,225			—			—			45,225
Direct-to-Consumer			39,517			—			146			39,663
Total		$	420,246		$	—		$	2,755		$	423,001
Geographic revenues
U.S.		$	368,302		$	—		$	2,755		$	371,057
International			51,944			—			—			51,944
Total		$	420,246		$	—		$	2,755		$	423,001

KONTOOR BRANDS, INC.
Supplemental Financial Information
Summary of Select Revenue Information – Continuing Operations
(Unaudited)
		Three Months Ended March
		2026			2025			2026 to 2025
(Dollars in thousands)		As Reported under GAAP						% Change Reported		% Change Constant Currency
Wrangler U.S.		$	373,749		$	368,302		1%		1%
Helly Hansen U.S.			36,154			—		*		*
Other U.S.			1,876			2,755		(32)%		(32)%
Total U.S. revenues		$	411,779		$	371,057		11%		11%
Wrangler International		$	62,090		$	51,944		20%		9%
Helly Hansen International			129,326			—		*		*
Other International			10,127			—		*		*
Total International revenues		$	201,543		$	51,944		288%		236%
Global Wrangler		$	435,839		$	420,246		4%		2%
Global Helly Hansen			165,480			—		*		*
Global Other			12,003			2,755		336%		289%
Total revenues		$	613,322		$	423,001		45%		39%

KONTOOR BRANDS, INC.
Supplemental Financial Information
Revenue from Continuing and Discontinued Operations
(Unaudited)
	Three Months Ended March
	2026			2025
(Dollars in thousands)
Revenue – continuing operations	$	613,322		$	423,001
Revenue – discontinued operations		194,288			199,900
Total	$	807,610		$	622,901

KONTOOR BRANDS, INC.

Supplemental Financial Information

Reconciliation of Adjusted and Adjusted Organic Financial Measures – Notes (Non-GAAP)

(Unaudited)

Notes to Supplemental Financial Information – Reconciliation of Adjusted and Adjusted Organic Financial Measures

Management uses non-GAAP financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. In addition, adjusted EBITDA is a key financial measure for the Company’s shareholders and financial leaders, as the Company’s debt financing agreements require the measurement of adjusted EBITDA, along with other measures, in connection with the Company’s compliance with debt covenants. While management believes that these non-GAAP measures are useful in evaluating the business, this information should be considered supplemental in nature and should be viewed in addition to, and not as an alternate for, reported results under GAAP. In addition, these non-GAAP measures may be different from similarly titled measures used by other companies.

(1) During the three months ended March 2026, restructuring and transformation costs included $2.8 million related to the closure of a portion of our manufacturing facilities which was recorded to “cost of goods sold”, and $2.9 million related to business optimization activities associated with Project Jeanius recorded to “selling, general and administrative expenses.” Total restructuring and transformation costs resulted in a corresponding tax impact of $1.3 million for the three months ended March 2026.

During the three months ended March 2025, restructuring and transformation costs included $11.6 million related to business optimization activities and $0.9 million related to streamlining and transferring select production within our internal manufacturing network. Total restructuring and transformation costs resulted in a corresponding tax impact of $2.9 million for the three months ended March 2025.

(2) In February 2026, the U.S. Supreme Court issued a ruling that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) on goods imported into the United States were unauthorized, effectively invalidating IEEPA-based tariffs that had been in effect since the second quarter of 2025. We concluded it is probable that we will recover the IEEPA tariffs previously paid and therefore have recognized a net receivable of $53.7 million as of March 2026. As a result, during the three months ended March 2026, we reduced cost of goods sold by approximately $49.0 million, representing the expense for IEEPA tariffs on inventory previously sold to customers since the time the tariffs were enacted in the second quarter of 2025. Additionally, we reduced inventory by $4.7 million for tariffs that were remaining in inventory costs. The expected refund amount of $21.7 million associated with IEEPA tariffs previously expensed in 2025 has been adjusted from the three months ended March 2026 results, and resulted in a corresponding tax impact of $5.1 million.

(3) During the three months ended March 2026, integration-related costs associated with Helly Hansen included $12.8 million of professional and other fees. Integration-related costs resulted in a corresponding tax impact of $3.0 million for the three months ended March 2026.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507061035/en/

Investors:

Michael Karapetian, (336) 332-4263

Vice President, Global Brand & Operations Finance and Corporate Investor Relations

[email protected]

or

Media:

Julia Burge, (336) 332-5122

Senior Director, Corporate Communications

[email protected]

KEYWORDS: North Carolina United States North America

INDUSTRY KEYWORDS: Women Sports General Sports Men Specialty Fashion Lifestyle Consumer Retail Outdoors

MEDIA:

Posted on May 7, 2026 6:53 am

Blackstone Secured Lending Fund Reports First-Quarter 2026 Results

Blackstone Secured Lending Fund Reports First-Quarter 2026 Results

NEW YORK–(BUSINESS WIRE)–
Blackstone Secured Lending Fund (NYSE: BXSL or the “Company”) today reported its first-quarter 2026 results.

Brad Marshall, Co-Chief Executive Officer of Blackstone Secured Lending Fund, said, “BXSL reported another strong quarter despite recent market volatility, with net investment income per share fully covering our dividend per share of $0.77, representing an 11.7% annualized dividend yield on NAV of $26.26 per share. New investment activity was nearly $325 million while repayments grew to nearly $450 million. While non-accruals increased during the quarter from historically low levels, our portfolio of primarily first-lien senior secured debt remains well positioned, underpinned by high single-digit percent LTM EBITDA growth across our borrowers and stable interest coverage ratios of 2.0x. Overall, we believe performance continues to be supported by high current income, senior positioning with strong documentation protection, and proactive portfolio management.”

Blackstone Secured Lending Fund issued a full detailed presentation of its first quarter 2026 results, which can be viewed at www.bxsl.com.

Dividend Declaration

The Company’s Board of Trustees has declared a second quarter 2026 dividend of $0.77 per share to shareholders of record as of June 30, 2026, payable on or about July 24, 2026.

Quarterly Investor Call Details

Blackstone Secured Lending Fund will host its conference call today at 9:30 a.m. ET to discuss results. To register for the webcast, please use the following link: https://event.webcasts.com/starthere.jsp?ei=1759712&tp_key=af0b41e04f

For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of BXSL’s website at https://ir.bxsl.com.

About Blackstone Secured Lending Fund

Blackstone Secured Lending Fund (NYSE: BXSL) is a specialty finance company that invests primarily in the debt of private U.S. companies. As of March 31, 2026, BXSL’s fair value of investments was approximately $13.9 billion. BXSL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. BXSL is externally managed by Blackstone Private Credit Strategies LLC, an SEC-registered investment adviser that is an affiliate of Blackstone Inc. Blackstone Inc., together with its subsidiaries, is the world’s largest alternative investment firm with over $1.3 trillion of assets under management as of March 31, 2026.

Forward-Looking Statements and Other Matters

Certain information contained in this communication constitutes “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “could,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates”, “opportunity,” “leads,” “forecast,” “possible,” “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BXSL’s financial estimates and their underlying assumptions, statements about plans, statements regarding pending transactions, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward‐looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BXSL believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its prospectus and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BXSL’s prospectus and other filings). The forward-looking statements speak only as of the date of this report. Except as otherwise required by federal securities laws, BXSL undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507066013/en/

Investors

Stacy Wang, Head of Stakeholder Relations

[email protected]

Fund and Portfolio Inquiries

Justin Farshidi

[email protected]

+1 646-482-3823

Media

Thomas Clements

[email protected]

+1 646-482-6088

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

MEDIA:

Posted on May 7, 2026 6:53 am

The Buckle, Inc. Reports April 2026 Net Sales

The Buckle, Inc. Reports April 2026 Net Sales

KEARNEY, Neb.–(BUSINESS WIRE)–
The Buckle, Inc. (NYSE: BKE) announced today that comparable store net sales, for stores open at least one year, for the 4-week period ended May 2, 2026 increased 0.2 percent from comparable store net sales for the 4-week period ended May 3, 2025. Net sales for the 4-week fiscal month ended May 2, 2026 increased 0.9 percent to $86.3 million from net sales of $85.5 million for the prior year 4-week fiscal month ended May 3, 2025.

Comparable store net sales year-to-date for the 13-week period ended May 2, 2026 increased 5.1 percent from comparable store net sales for the 13-week period ended May 3, 2025. Net sales for the 13-week fiscal period ended May 2, 2026 increased 6.1 percent to $288.7 million compared to net sales of $272.1 million for the prior year 13-week fiscal period ended May 3, 2025.

The Company will announce first quarter earnings on Friday, May 29, 2026. Management will hold a live audio webcast at 10:00 a.m. EDT on May 29, 2026 to discuss results for the quarter. To register for the live event, visit https://buckle.zoom.us/webinar/register/WN_1biv_wJXRU2zF4J96aDa4Q. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).

About Buckle

Buckle is a specialty retailer focused on delivering exceptional service and style through unforgettable experiences. Offering a curated mix of high-quality, on-trend apparel, accessories, and footwear, Buckle is for those living the styled life. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 443 retail stores in 42 states, which includes the opening of one new store located in Byron Center, Michigan during fiscal April and one new store located in Baraboo, Wisconsin earlier this week (after the fiscal month ended). The Company operated 439 stores in 42 states as of May 7, 2025. To listen to the Company’s recorded monthly sales commentary, please call (308) 238-2500.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

News releases and other information on The Buckle, Inc.

can be accessed at www.buckle.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507503071/en/

Thomas B. Heacock, Chief Financial Officer

The Buckle, Inc.

(308) 236-8491

KEYWORDS: Nebraska United States North America

INDUSTRY KEYWORDS: Women Footwear Teens Men Online Retail Consumer Fashion Retail

MEDIA:

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