Market Newsdesk

May 7, 2025 6:03 am

Barrick Reports Solid Q1 Results and Progress on Strategic Growth Objectives

First Quarter 2025 Results
All amounts expressed in U.S. dollars unless otherwise indicated

TORONTO , May 07, 2025 (GLOBE NEWSWIRE) — Barrick Mining Corporation (NYSE:GOLD¹)(TSX:ABX) (“Barrick” or the “Company”) today reported a solid start to the financial year, making significant headway on its long-term strategy and advancing its global portfolio of Tier One² gold and copper assets.

Net earnings per share increased 59% year-on-year to $0.27 with adjusted net earnings per share³ growing by 84% year-on-year to $0.35. Operating cash flow of $1.2 billion was also up 59% while free cash flow⁴ of $375 million improved materially compared to Q1 2024, driving net debt reduction of 5% over the quarter. The Board again approved a quarterly dividend of $0.10 per share while the Company repurchased $143 million of its shares, consistent with its commitment to shareholder returns.

Gold production of 758,000 ounces⁵ was at the top end of guidance with copper production increasing to 44,000 tonnes⁵ year-over-year on improved costs. The average realized gold price^5,6 for the quarter of $2,898 per ounce, up 40% from the prior year, supported stronger margins despite ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines—initiatives that will position both mines for a stronger output next quarter and the rest of the year. Full-year guidance for both gold and copper remains unchanged.

President and CEO Mark Bristow said that during the quarter, Barrick significantly advanced several key growth projects. “At Reko Diq and Lumwana, owner teams have been mobilized, long-lead items secured, and Fluor and Hatch appointed as engineering partners, respectively. These projects will materially grow Barrick’s copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30% by the end of the decade.⁷ We also progressed with the Pueblo Viejo ramp up and tailings expansion—critical to unlocking its full value—and transitioned Fourmile to prefeasibility with 16 rigs now active, targeting high-confidence substantial resource additions,” he said.

Barrick’s global exploration teams continued to expand and advance our pipeline of projects and opportunities, with drilling underway across high-potential targets in the Americas, Africa and Asia. A new discovery has emerged within the Reko Diq mining license, further confirming the potential and world-class mineral endowment of the district. In Canada, a key destination for the group, focused exploration is advancing multiple opportunities.

At the same time, Barrick’s $1 billion sale of its 50% interest in Donlin realizes immediate value and ensures we maintain a sharp focus on developing a future pipeline of the best Tier One² assets, such as Fourmile. Similarly, the Company also continues to progress the planned divestments of Tongon and Hemlo, in line with its strategy.

Bristow said the first quarter highlighted Barrick’s distinct approach to growth—one that avoids the pitfalls of industry short-termism in favor of long-term, internally funded value creation. “We’ve built a global mining company with the financial strength, technical capacity and operational depth to grow organically. Our performance this quarter reflects delivery across all our strategic pillars: from reserve replacement and portfolio optimization, to the ramp-up of world-class projects and reinvestment in exploration.”

“While others pursue shortcuts through M&A, we continue to invest in our own future—by building and not just buying—thereby creating real value for our shareholders. With no need to raise new equity or increase debt to fund our growth, Barrick remains uniquely well positioned to maintain a strong balance sheet while delivering sustainable returns and long-term value for shareholders,” Bristow said.

Along with its world-class portfolio of six Tier One² gold mines, Barrick is building a substantial copper business, which will be a meaningful contributor to growing production volumes in the coming years and beyond. Hence the decision to change the Company’s name to Barrick Mining Corporation and its ticker symbol to ‘B’ on the New York Stock Exchange.¹

Q1 2025 Results Presentation

Mark Bristow will host a live presentation of the results today at 11:00 AM ET, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

The Q1 presentation materials will be available on Barrick’s website at www.barrick.com and the webinar will remain on the website for later viewing.

Key Performance Indicators

Best Assets…

Q1 gold production at the top end of 700-750koz guidance range with full year gold and copper production targets on track
Costs per ounce expected to trend lower over rest of year driven by higher production
Ongoing improvements at Nevada Gold Mines, including open pit unit costs for Carlin lowest in three years
Canadian exploration teams advance a pipeline of opportunities with drilling in progress on most prospective target
New discovery emerges within Reko Diq mining license

Key Growth Projects…

Pueblo Viejo throughput improvement projects completed successfully; ramp up remains on track to deliver on guidance
Fourmile ramping up to 16 rigs running to define substantial extensions to mineral resources, in support of Bullion Hill decline development
Reko Diq and Lumwana transition to execution with the appointment of Fluor and Hatch as engineering partners, respectively
Exploration MoU signed with the Government of Zambia to further support investment in Lumwana and ground beyond its footprint
Design and construction engineer appointed for new tailings storage facility at Pueblo Viejo and early works commenced

Leader in Sustainability…

57% and 44% decrease in LTIFR⁸ and TRIFR⁸ respectively when compared to same quarter last year
Over 31,000 Critical Control Verification on our Fatal Risks completed globally
All National Environmental Permits received for Reko Diq and the IFC disclosed completion of their independent review of the Environmental and Social Impact Assessment
First new houses successfully handed over to families at host site for the Pueblo Viejo tailings storage facility resettlement project

Delivering Value…

$1 billion value unlocked in sale of stake in Donlin Gold Project
Operating cash flow of $1.2 billion for the quarter—59% higher than Q1 2024
Free cash flow⁴ of $375 million for the quarter driving net debt reduction of 5% over the quarter
Net earnings per share of $0.27 and adjusted net earnings per share³ of $0.35 cents for the quarter
$0.10 per share quarterly dividend declared and another $143 million in share buybacks

Financial and Operating Highlights

	Q1 2025	Q4 2024	Q1 2024
Financial Results ($ millions)
Net earnings⁹	474	996	295
Adjusted net earnings³	603	794	333
Attributable EBITDA¹⁰	1,361	1,697	907
Net cash provided by operating activities	1,212	1,392	760
Free cash flow⁴	375	501	32
Net earnings per share	0.27	0.57	0.17
Adjusted net earnings per share³	0.35	0.46	0.19
Total attributable capital expenditures^11,12	631	758	572
Operating Results
Gold
Production⁵(thousands of ounces)	758	1,080	940
Realized gold price^5,6 ($/oz)	2,898	2,657	2,075
Gold COS^5,13 (Barrick’s share) ($/oz)	1,629	1,428	1,425
Gold TCC^5,14($/oz)	1,220	1,046	1,051
Gold AISC^5,14($/oz)	1,775	1,451	1,474
Copper
Production⁵(thousands of tonnes)	44	64	40
Realized copper price^5,6 ($/lb)	4.51	3.96	3.86
Copper COS^5,13 (Barrick’s share) ($/lb)	2.92	2.62	3.20
Copper C1 cash costs^5,15 ($/lb)	2.25	2.04	2.40
Copper AISC^5,15 ($/lb)	3.06	3.07	3.59
Financial Position ($ millions)	As at 3/31/25	As at 12/31/24	As at 3/31/24
Debt (current and long term)	4,727	4,729	4,725
Cash and equivalents	4,104	4,074	3,942
Debt, net of cash	623	655	783

Barrick Reports Share Repurchases
and Declares Q1 Dividend

Barrick today announced the declaration of a dividend of $0.10 per share for the first quarter of 2025. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022.

The Q1 2025 dividend will be paid on June 16, 2025 to shareholders of record at the close of business on May 30, 2025.

In addition to the quarterly dividend, Barrick repurchased approximately 7.69 million shares during Q1 under the share buyback program that was announced in February 2025.

“Our operating performance and growing margins have allowed us to provide significant returns to shareholders during the quarter through the combination of dividends and share buybacks at a compelling valuation. At the same time, Barrick’s balance sheet continues to be one of the strongest in the industry, ensuring we have the liquidity to invest in our significant growth projects,” said senior executive vice-president and chief financial officer Graham Shuttleworth.

Board Strengthened With Two New Directors

Barrick’s shareholders have elected Ben van Beurden and Pekka Vauramo to its board as Independent Directors at the Annual and Special Meeting of Shareholders on May 6.

Chairman John Thornton said the election of these two experienced business leaders reflected Barrick’s ongoing commitment to board renewal and diversity, aimed at ensuring the Company has the leadership required to navigate evolving industry dynamics.

“The addition of van Beurden, with his extensive international experience in the extractive industry and Vauramo who has significant global mining engineering experience will strengthen the board’s operational depth and strategic oversight as Barrick advances its plan to increase gold equivalent production by 30% by 2030.⁷ Both bring exceptional leadership, a global perspective and deep industry knowledge, with expertise in sustainable business practices that will support our commitment to delivering long-term value to shareholders while maintaining our leadership in responsible mining,” Thornton said.

In 2024, Barrick’s ESG & Nominating Committee undertook a comprehensive review of the Board’s composition, identifying opportunities to enhance extractive industry and mining expertise along with global leadership experience to better align with the Company’s strategic objectives.

Ben van Beurden, former CEO of Shell, offers four decades of global experience in the energy sector. He is credited with leading Shell’s transition toward a more diversified and sustainable energy portfolio, alongside corporate simplification efforts that enhanced efficiency and shareholder value. He currently serves as Senior Advisor on energy transition investments at KKR and is the incoming chairman of Clariant.

Pekka Vauramo, former CEO of Metso and previously of Finnair, brings a strong track record in operational leadership and strategic transformation across the mining, logistics, and services sectors. At Metso, he led the merger with Outotec, forming a global leader in sustainable mineral and metal processing technologies. His background also includes senior roles at Sandvik, Cargotec, and Outokumpu, as well as extensive board experience.

Thornton added that the 10 board directors comprised an experienced team with a mosaic of skills, whose diversity of backgrounds, experiences and viewpoints effectively represented Barrick’s stakeholders globally.

Barrick Name Change Signals Intent to Lead In Gold and Copper

The proposed name change from Barrick Gold Corporation to Barrick Mining Corporation was approved at the Company’s Annual and Special Meeting of Shareholders, held on May 6, 2025.

In conjunction with this change, Barrick’s common shares listed on the New York Stock Exchange will now trade under the ticker symbol ‘B’ instead of ‘GOLD’, effective May 9, while the ticker symbol ‘ABX’ for its common shares listed on the Toronto Stock Exchange will remain unchanged.

Mark Bristow says Barrick’s vision is to be the world’s most valued gold and copper exploration, development and mining business. “Along with our world-class portfolio of six Tier One² gold mines, we are building a substantial copper business which will be a meaningful contributor to growing our production volumes in the coming years and beyond.”

“Our new name and our new stock symbol, ‘B’, better reflect Barrick’s current business and our mission to achieve sustainable and profitable gold and copper growth. Gold remains core to our foundation, and we will continue to explore for and develop new gold mines, including the expansion of Pueblo Viejo, the exciting Fourmile gold project in Nevada and exemplified by the Reko Diq project with its world class mix of both copper and gold,” Bristow said.

He said that following the merger with Randgold Resources five years ago, management had set out a new strategy to reposition the Company as the world’s most valued miner by owning long-life, sustainable Tier One² gold and copper assets, operated by the best people and delivering sector-leading returns.

“After the merger, Barrick quickly created its value foundation by combining its Nevada assets with Newmont’s, creating Nevada Gold Mines—the world’s largest gold mining complex. Barrick also focused its attention on re-energizing and consolidating its Tanzanian gold mines, invested in expanding Pueblo Viejo to reach its full potential and turned Kibali into one of the world’s greenest and most automated mines,” says Bristow.

At the same time, Barrick recognized the growing strategic importance of copper and is looking to turn the Lumwana mine into one of largest producers of the metal which, along with the undeveloped Reko Diq copper-gold deposit, will support a planned 30% growth in gold equivalent ounces by the end of the decade.⁷

“Our strong balance sheet and cashflows from existing operations position us to confidently invest in our own future as well as navigate most commodity price scenarios. At the same time, they enable us to increase shareholder returns through enhanced share buybacks and dividends,” he said.

Successful Barrick Academy Scales Up Across All Regions

Barrick is scaling up the successful Barrick Leadership Academy across all its regions, marking a major milestone in the Company’s commitment to cultivating world-class frontline leadership.

Following its successful launch in the Africa & Middle East region at the now closed Buzwagi mine in Tanzania, where it has already trained more than 2,000 supervisors, the program is being expanded across the group with frontline leaders in every region—including Latin America and Asia Pacific—expected to have access to the Academy’s tailored development curriculum by the end of the year.

Representatives from Latin America and Asia Pacific attended sessions at the Buzwagi training center earlier this year, ahead of the regional launch planned for October 2025.

The program is being extended to Nevada Gold Mines with the first cohort launched in April 2025. Ultimately, 700 frontline leaders—including supervisors, general supervisors, and superintendents—will complete the training. Delivered through immersive, in-person workshops and follow-up coaching, the program is providing practical tools for people management and business optimization, including a Lean Management project component. Graduates present their final projects to members of NGM’s Senior Leadership Team.

The Barrick Academy provides a consistent leadership framework rooted in the Company’s DNA, equipping frontline leaders with practical tools to manage teams effectively, drive operational excellence, and align with key performance indicators. The training emphasizes adaptability, helping leaders respond to dynamic industry challenges and foster continuous improvement.

Human resources executive Darian Rich said, “The Barrick Academy is more than a leadership program, it’s a cornerstone of our strategy to build a high-performance culture across our operations. By investing in the development of our people and delivering consistent training across our global sites, we’re empowering our frontline leaders to drive results, innovation, and long-term success.”

Meanwhile, at its Reko Diq project, Barrick launched the International Graduate Development Program for Reko Diq in July 2023. Selected from thousands of applicants, Balochistan graduates are undertaking intensive on-the-job training at Barrick sites around the world, including Veladero in Argentina and Lumwana in Zambia. Nine graduates have successfully completed the first year, with 18 more recently selected to join the program.

This hands-on global exposure equips young professionals from Balochistan with practical skills and insights into world-class mining operations. Upon completion, participants will return to the Reko Diq project, where they are expected to play key roles in its development, support community upliftment, and help ensure that the mine’s leadership structure reflects the region it serves.

“From top executives to frontline supervisors, we believe great leadership drives great performance. That’s why we’ve made significant investments not only in developing technical capabilities but also in strengthening leadership at every level of the business. Through initiatives like the Barrick Academy and other global training programs, we are building a flat, agile organization equipped to respond to changing market dynamics, accelerate innovation, and create long-term value for all our stakeholders,” said Rich.

Recovering Value From Tailings

As part of a broader strategy to recover value from legacy tailings while improving environmental outcomes, Nevada Gold Mines is recovering sulphide concentrate from the copper and gold tailings at the Phoenix mine in Nevada, providing a valuable energy input for the roasters and autoclaves at NGM’s Carlin and Turquoise Ridge operations.

By removing sulphide from the tailings, the initiative reduces acid-generating water potential and enhances the long-term environmental profile of the Phoenix site when it comes to designing its closure—aligning with Barrick’s commitment to responsible mine closure and sustainable development.

Although Phoenix is still producing both gold and copper the repurposed flotation circuit and new filtration plant is designed to scavenge sulphide, along with residual gold concentrations from the final process tailings. At the same time, the sulphide concentrate being produced onsite helps reduce the need for imported sulphur prill—a key “fuel” component in the roasting process which leads to more efficient roaster performance.

Similarly in the pressure oxidation process, it also lowers the need for boilers to produce steam (to heat slurry) in the autoclaves. This cuts both energy use and processing costs, delivering operational efficiencies across the network explains the General Manager of Phoenix mine, Robert Tucker.

By producing sulphide concentrate on site, Barrick is avoiding the need to haul in sulphur from external sources, further reducing the project’s carbon footprint and associated logistics costs, says metallurgy, engineering and capital projects executive John Steele.

“We are currently producing approximately 400 tonnes of sulphide concentrate daily from Phoenix, with a target of reaching 1,000 tonnes per day by year-end. The program complements similar recovery efforts at Golden Sunlight in Montana—a closed site—highlighting Barrick’s strategy to maximize value from its closed operations by turning legacy materials into productive inputs,” Steele says.

Barrick’s approach to mine closure was integrated from the outset, aiming to deliver lasting, positive, and sustainable legacies for local communities while still getting value from the asset, he said.

Pueblo Viejo Resettlement Reaches Milestone

In a development undertaken to ‘best in class standards’, 18 Dominican families have been successfully resettled to a new model community called Nuevos Horizontes (New Horizons), paving the way for several hundred more.

This marks a critical milestone in the broader resettlement program to enable the development of the El Naranjo Tailings Storage Facility (“TSF”), essential to the continued expansion of Barrick’s Pueblo Viejo mine.

Pueblo Viejo is one of the world’s top 10 gold mines and a cornerstone of Barrick’s global gold portfolio. Since 2019, Barrick has been repositioning the asset to realize its full potential of producing 800,000 ounces of gold a year (100% basis) over a 20-year mine life¹⁶ and unlocking approximately 13.9 million ounces of gold reserves with the Expansion Project based on a gold price of $1,400 per ounce.¹⁷

Group sustainability executive Grant Beringer said the selection of El Naranjo as the site for the new TSF followed an extensive technical and stakeholder engagement process that began in 2021 and involved more than 3,000 community engagements. The resettlement itself was progressing in accordance with both Dominican law and the International Finance Corporation’s Performance Standards 5.

“The goal is to ensure that all resettled households are demonstrably better off, with improved access to infrastructure, services and importantly sustainable livelihoods. A total of 220 houses have been constructed at the new site, with more than 500 expected to be completed by year-end. To date, 128 families have accepted their resettlement packages and have been assigned homes for relocation in 2025,” Beringer said.

Replacement of community assets—including schools, churches, and public facilities—is being carried out on a like-for-like basis, with guaranteed access to municipal services. Additional community improvements include a potable water treatment plant, sewage infrastructure, paved roads and dedicated spaces for business and recreation.

Beringer said, “The expansion project and associated resettlement program reflect Barrick’s long-term commitment to responsible development. The creation of the El Naranjo TSF is a key step in unlocking Pueblo Viejo’s full value, and we are doing so in a way that places people at the center of our approach. This isn’t just a resettlement—it’s a transformation, and it’s being delivered to world-class standards.”

Pueblo Viejo remained a significant economic engine for the Dominican Republic, contributing approximately $1.3 million per day in taxes and accounting for 38% of national goods exported (on a 100% basis). In 2024, the mine spent $574 million nationally and $48 million locally (on a 100% basis) on procurement, and employs nearly 3,000 Dominicans, excluding contractors, Beringer said.

Canadian Exploration: Barrick’s Strategic Approach to a Tier One Discovery in Canada

Barrick is a geologically focused organization with a long track record of value creation through exploration and organic growth.

This is demonstrated by its industry-leading depletion replacement record, where the Company continues to grow reserves net of depletion without sacrificing the quality of its orebodies. A long-term exploration strategy is essential to support this delivery, and Barrick continues to invest in exploration across the globe, with Canada as a core part of this approach.

Canada possesses the endowment, geological prospectivity and recent discovery record that supports the potential for the discovery of new world-class deposits. Following the merger with Randgold, Barrick immediately strengthened the Canadian exploration team, bringing together subject matter experts, regional specialists and field geologists that are highly motivated to discover the next world-class gold deposit in Canadian territory.

Barrick’s exploration strategy is based around simultaneously using innovative exploration technologies and techniques combined with a profound geological understanding to identify the most fertile geologic domains and consolidate dominant land positions to evaluate and build a high-quality project pipeline. Over the past three years the exploration team has systematically evaluated 22 advanced opportunities and more than 40 early-stage projects and has separately consolidated and explored four separate project areas through multi-season field campaigns—and the work continues.

Barrick is evaluating opportunities across Canada, focusing our own generative efforts within the highly productive Precambrian Superior Region, recognized as one of the world’s most gold-endowed geological regions. Through this ongoing generative program, the exploration team secured access to numerous properties that are being evaluated using Barrick’s exploration expertise. Barrick’s active exploration portfolio in Canada presently covers approximately 730 square kilometers.

As an example of ongoing work, at a recently established project in the Abitibi Region, we are in the process of completing deep framework drilling through thick cover in an under-explored portion of the belt. In western Ontario, in the Wabigoon greenstone belt, Barrick’s Sturgeon Lake project has progressed from land consolidation to the identification of several large-scale geochemical anomalies characteristic of alkalic magmatic-hydrothermal and orogenic gold systems which are associated with altered and deformed structures mapped at surface. Aggressive testing of these targets will continue through 2025 and beyond.

As the evaluation of this portfolio advances, maintaining a substantial pipeline of projects is critical in supporting a long-term strategy into the future. The latest generative work using recently collected data has identified 18 new areas of interest in Quebec and Ontario that are being prioritized and secured for assessment this season. These priority areas and additional projects to emerge from Barrick’s ongoing generative work along with the continual assessment of third party opportunities form the foundation of Barrick’s long-term commitment to discovering new, world class-deposits in Canada.

Reko Diq JV Shareholders Approve Project, Select Fluor as EPCM

The Reko Diq Joint Venture shareholders have approved the project’s updated Feasibility Study and conditionally approved the associated Phase 1 development capital subject to the closing of up to $3 billion limited recourse project financing, allowing the project to advance with major works in 2025, while maintaining the target for first production by the end of 2028.

At the same time, the shareholders have selected Fluor Corporation as the lead Engineering, Procurement and Construction Management (“EPCM”) partner to work alongside the Barrick Owner’s Team in the detailed design and construction of the project.

At the recent Pakistan Minerals Investment Forum in Islamabad, Mark Bristow said this important milestone reflected the support of the governments of Balochistan and Pakistan, in partnership with Barrick, to develop one of the world’s largest undeveloped copper-gold projects. The project is located in the province of Balochistan, Pakistan, and operated by Barrick.

“The selection of Fluor as our EPCM partner strengthens our ability to execute the Reko Diq project with the technical rigor, operational discipline and socio-environmental responsibility that are hallmarks of both companies,” said Bristow.

“We look forward to working closely with Fluor to ensure that Reko Diq delivers lasting value to all our stakeholders, particularly the people of Balochistan and Pakistan.”

Fluor will be supported by a range of expert engineering consultants including Knight Piesold, PRDW and Vecturis, who have worked with the Barrick Owner’s Team throughout the Feasibility Study.

Bristow said the selection of Fluor reflected a shared commitment to delivering large-scale mining projects safely, responsibly and efficiently, while maximizing local content and community development. Metso, Weir and Komatsu have also been selected as key partners to the project, providing the majority of the processing and mining equipment.

“These engineering and supply partnerships bring extensive global experience in delivering large copper concentrate projects in challenging jurisdictions, including high-altitude, remote and logistically complex environments. This expertise aligns strongly with Barrick’s own track record of successfully developing and operating major projects in challenging jurisdictions around the world,” he said.

Barrick Focuses On Future Growth and Sustainable Value Creation

Barrick reinforced its commitment to growth, reporting significant progress of its key growth projects while achieving its production guidance and setting the stage for continued sustainable value creation, said Mark Bristow in the Company’s annual report published recently.

During 2024, Barrick completed feasibility studies for the Lumwana Super Pit Expansion in Zambia and the Reko Diq project in Pakistan. Both projects confirmed their Tier One² potential, with Lumwana contributing 8.3 million tonnes of copper reserves¹⁸ and Reko Diq adding 13 million ounces of gold reserves and 7.3 million tonnes of copper reserves on an attributable basis.¹⁹ The Company also successfully replaced all the gold and copper it mined during the year, more than replenishing the 4.6 million ounces of attributable gold mineral reserve depletion at better grades.²⁰

“Barrick stands alone in the industry as no other company matches our ability to replace the gold and copper we mine while simultaneously adding to our reserves through exploration and development. Our integrated resource and exploration strategy has allowed us to build a foundation that supports a projected 30% growth in gold equivalent ounces out to the end of the decade,” Bristow said.⁷

The expansion at Pueblo Viejo in the Dominican Republic continued to make progress towards the mine’s target of becoming a plus 800,000 ounce per year, long-life, low-cost gold producer.¹⁶

In Nevada, Goldrush progressed its ramp up as planned, while the adjacent Fourmile project has advanced to prefeasibility stage. The 2024 preliminary economic assessment highlighted Fourmile’s world-class potential with a significantly larger orebody endowment at nearly double the grade of Goldrush.²¹

“Barrick maintains one of the strongest balance sheets in the industry. This financial strength positions us to invest in our future as well as fund both the Lumwana and Reko Diq development projects, without the need to issue new shares or take on unnecessary debt,” said Bristow. “At the same time, our share buyback program not only returns capital to investors but also enhances per-share value, underscoring our disciplined approach to capital allocation.”

Bristow added that sustainability remained at the core of Barrick’s operations, guiding its decisions and long-term strategy. “Local partnerships continue to be crucial to advancing our sustainability efforts and ensuring our host nations receive their fair share of economic value along with delivering tangible benefits to local communities.”

Also in the annual report, chairman John Thornton highlighted Barrick’s ongoing efforts to diversify its board. “While we are pleased that two of our three committees are now chaired by women, we believe we are never finished with the work of adding to our Board’s diversity in every sense and dimension of the word. Many different kinds of people make for more and better ideas, livelier debate and stronger outcomes,” Thornton said.

APPENDIX

2025 Operating and Capital Expenditure Guidance

GOLD PRODUCTION AND COSTS
	2025 forecast attributable production (koz)	2025 forecast COS ($/oz)¹³	2025 forecast TCC ($/oz)¹⁴	2025 forecast AISC ($/oz)¹⁴
Carlin (61.5%)	705 – 785	1,470 – 1,570	1,140 – 1,220	1,630 – 1,730
Cortez (61.5%)²²	420 – 470	1,420 – 1,520	1,050 – 1,130	1,370 – 1,470
Turquoise Ridge (61.5%)	310 – 345	1,370 – 1,470	1,000 – 1,080	1,260 – 1,360
Phoenix (61.5%)	85 – 105	2,070 – 2,170	890 – 970	1,240 – 1,340
Nevada Gold Mines (61.5%)	1,540 – 1,700	1,470 – 1,570	1,070 – 1,150	1,460 – 1,560
Hemlo	140 – 160	1,500 – 1,600	1,200 – 1,280	1,600 – 1,700
North America	1,680 – 1,860	1,470 – 1,570	1,080 – 1,160	1,480 – 1,580
Pueblo Viejo (60%)	370 – 410	1,540 – 1,640	910 – 990	1,280 – 1,380
Veladero (50%)	190 – 220	1,390 – 1,490	890 – 970	1,570 – 1,670
Porgera (24.5%)	70 – 95	1,510 – 1,610	1,210 – 1,290	1,770 – 1,870
Latin America & Asia Pacific	630 – 730	1,490 – 1,590	940 – 1,020	1,430 – 1,530
Loulo-Gounkoto (80%)²³	—	—	—	—
Kibali (45%)	310 – 340	1,280 – 1,380	940 – 1,020	1,130 – 1,230
North Mara (84%)	230 – 260	1,370 – 1,470	1,020 – 1,100	1,400 – 1,500
Bulyanhulu (84%)	150 – 180	1,470 – 1,570	1,010 – 1,090	1,540 – 1,640
Tongon (89.7%)	110 – 140	1,790 – 1,890	1,570 – 1,650	1,660 – 1,760
Africa & Middle East	820 – 910	1,420 – 1,520	1,060 – 1,140	1,360 – 1,460

Total Attributable to Barrick ^24,25,26	3,150 – 3,500	1,460 – 1,560	1,050 – 1,130	1,460 – 1,560

COPPER PRODUCTION AND COSTS
	2025 forecast attributable production (kt)	2025 forecast COS ($/lb)¹³	2025 forecast C1 cash costs ($/lb)¹⁵	2025 forecast AISC ($/lb)¹⁵
Lumwana	125 – 155	2.30 – 2.60	1.60 – 1.90	2.80 – 3.10
Zaldívar (50%)	40 – 45	3.60 – 3.90	2.70 – 3.00	3.50 – 3.80
Jabal Sayid (50%)	25 – 35	2.00 – 2.30	1.60 – 1.90	1.80 – 2.10
Total Attributable to Barrick ²⁶	200 – 230	2.50 – 2.80	1.80 – 2.10	2.80 – 3.10

ATTRIBUTABLE CAPITAL EXPENDITURES ¹¹
	($ millions)
Attributable minesite sustaining^11,12	1,400 – 1,650
Attributable project^11,12	1,700 – 1,950
Total attributable capital expenditures ¹¹	3,100 – 3,600

OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS

	2025 guidance assumption	Hypothetical change	Consolidated impact on EBITDA¹⁰ (millions)	Attributable impact on EBITDA¹⁰ (millions)	Attributable impact on TCC and AISC^14,15
Gold price sensitivity	$2,400/oz	+/- $100/oz	‘+/-$450	‘+/-$320	‘+/-$5/oz
Copper price sensitivity	$4.00/lb	‘+/-$0.25/lb	‘+/- $120	‘+/- $120	‘+/-$0.01/lb

Production and Cost Summary – Gold

	For the three months ended
	3/31/25	12/31/24	% Change		3/31/24	% Change
Nevada Gold Mines LLC (61.5%) ^a
Gold produced (000s oz attributable basis)	342	444	(23	)%	420	(19	)%
Gold produced (000s oz 100% basis)	556	721	(23	)%	683	(19	)%
Cost of sales ($/oz)	1,643	1,468	12	%	1,431	15	%
Total cash costs ($/oz)^b	1,269	1,121	13	%	1,081	17	%
All-in sustaining costs ($/oz)^b	1,899	1,453	31	%	1,536	24	%
Carlin (61.5%)
Gold produced (000s oz attributable basis)	145	186	(22	)%	205	(29	)%
Gold produced (000s oz 100% basis)	236	301	(22	)%	334	(29	)%
Cost of sales ($/oz)	1,720	1,489	16	%	1,371	25	%
Total cash costs ($/oz)^b	1,459	1,240	18	%	1,127	29	%
All-in sustaining costs ($/oz)^b	2,570	1,657	55	%	1,687	52	%
Cortez (61.5%) ^c
Gold produced (000s oz attributable basis)	92	125	(26	)%	119	(23	)%
Gold produced (000s oz 100% basis)	149	203	(26	)%	194	(23	)%
Cost of sales ($/oz)	1,541	1,405	10	%	1,329	16	%
Total cash costs ($/oz)^b	1,172	1,064	10	%	946	24	%
All-in sustaining costs ($/oz)^b	1,536	1,431	7	%	1,341	15	%
Turquoise Ridge (61.5%)
Gold produced (000s oz attributable basis)	74	94	(21	)%	62	19	%
Gold produced (000s oz 100% basis)	121	153	(21	)%	101	19	%
Cost of sales ($/oz)	1,605	1,491	8	%	1,733	(7	)%
Total cash costs ($/oz)^b	1,227	1,107	11	%	1,359	(10	)%
All-in sustaining costs ($/oz)^b	1,408	1,260	12	%	1,655	(15	)%
Phoenix (61.5%)
Gold produced (000s oz attributable basis)	31	39	(21	)%	34	(9	)%
Gold produced (000s oz 100% basis)	50	64	(21	)%	54	(9	)%
Cost of sales ($/oz)	1,686	1,474	14	%	1,595	6	%
Total cash costs ($/oz)^b	747	752	(1	)%	767	(3	)%
All-in sustaining costs ($/oz)^b	1,012	956	6	%	944	7	%
Pueblo Viejo (60%)
Gold produced (000s oz attributable basis)	74	93	(20	)%	81	(9	)%
Gold produced (000s oz 100% basis)	123	155	(20	)%	134	(9	)%
Cost of sales ($/oz)	1,863	1,679	11	%	1,527	22	%
Total cash costs ($/oz)^b	1,189	1,030	15	%	1,013	17	%
All-in sustaining costs ($/oz)^b	1,668	1,325	26	%	1,334	25	%

Loulo-Gounkoto (80%)
Gold produced (000s oz attributable basis)	18	156	(88	)%	141	(87	)%
Gold produced (000s oz 100% basis)	22	196	(88	)%	176	(87	)%
Cost of sales ($/oz)	—	1,397	(100	)%	1,177	(100	)%
Total cash costs ($/oz)^b	—	923	(100	)%	794	(100	)%
All-in sustaining costs ($/oz)^b	—	2,136	(100	)%	1,092	(100	)%
Kibali (45%)
Gold produced (000s oz attributable basis)	63	80	(21	)%	76	(17	)%
Gold produced (000s oz 100% basis)	141	177	(21	)%	168	(17	)%
Cost of sales ($/oz)	1,691	1,413	20	%	1,200	41	%
Total cash costs ($/oz)^b	1,212	966	25	%	802	51	%
All-in sustaining costs ($/oz)^b	1,426	1,182	21	%	1,048	36	%
Veladero (50%)
Gold produced (000s oz attributable basis)	71	82	(13	)%	57	25	%
Gold produced (000s oz 100% basis)	143	165	(13	)%	115	25	%
Cost of sales ($/oz)	1,141	1,151	(1	)%	1,322	(14	)%
Total cash costs ($/oz)^b	753	828	(9	)%	961	(22	)%
All-in sustaining costs ($/oz)^b	1,271	1,191	7	%	1,664	(24	)%
Porgera (24.5%)
Gold produced (000s oz attributable basis)	21	13	62	%	4	425	%
Gold produced (000s oz 100% basis)	85	53	62	%	14	425	%
Cost of sales ($/oz)	1,675	2,127	(21	)%	—	100	%
Total cash costs ($/oz)^b	1,336	1,322	1	%	—	100	%
All-in sustaining costs ($/oz)^b	1,684	2,967	(43	)%	—	100	%
Tongon (89.7%)
Gold produced (000s oz attributable basis)	27	39	(31	)%	36	(25	)%
Gold produced (000s oz 100% basis)	30	43	(31	)%	40	(25	)%
Cost of sales ($/oz)	2,154	1,405	53	%	1,887	14	%
Total cash costs ($/oz)^b	1,971	1,198	65	%	1,630	21	%
All-in sustaining costs ($/oz)^b	2,144	1,460	47	%	1,773	21	%
Hemlo
Gold produced (000s oz)	38	39	(3	)%	37	3	%
Cost of sales ($/oz)	1,730	1,754	(1	)%	1,715	1	%
Total cash costs ($/oz)^b	1,458	1,475	(1	)%	1,476	(1	)%
All-in sustaining costs ($/oz)^b	1,692	1,689	0	%	1,754	(4	)%
North Mara (84%)
Gold produced (000s oz attributable basis)	67	90	(26	)%	46	46	%
Gold produced (000s oz 100% basis)	80	107	(26	)%	55	46	%
Cost of sales ($/oz)	1,257	1,018	23	%	1,678	(25	)%
Total cash costs ($/oz)^b	986	771	28	%	1,339	(26	)%
All-in sustaining costs ($/oz)^b	1,258	1,098	15	%	1,753	(28	)%

Bulyanhulu (84%)
Gold produced (000s oz attributable basis)	37	44	(16	)%	42	(12	)%
Gold produced (000s oz 100% basis)	44	53	(16	)%	50	(12	)%
Cost of sales ($/oz)	1,714	1,505	14	%	1,479	16	%
Total cash costs ($/oz)^b	1,212	1,072	13	%	1,044	16	%
All-in sustaining costs ($/oz)^b	1,831	1,489	23	%	1,485	23	%
Total Attributable to Barrick ^d
Gold produced (000s oz)	758	1,080	(30	)%	940	(19	)%
Cost of sales ($/oz)^e	1,629	1,428	14	%	1,425	14	%
Total cash costs ($/oz)^b	1,220	1,046	17	%	1,051	16	%
All-in sustaining costs ($/oz)^b	1,775	1,451	22	%	1,474	20	%

_{a. These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge and Phoenix.
b. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.}

_{c. Includes Goldrush.}

_{d. Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.}

_{e. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).}

Production and Cost Summary – Copper

	For the three months ended
	3/31/25	12/31/24	% Change		3/31/24	% Change
Lumwana
Copper production (thousands of tonnes)	27	46	(41	)%	22	23	%
Cost of sales ($/lb)^b	2.80	2.27	23	%	3.41	(18	)%
C1 cash costs ($/lb)^a	2.22	1.89	17	%	2.52	(12	)%
All-in sustaining costs ($/lb)^a	3.20	3.14	2	%	4.33	(26	)%
Zald í var (50%)
Copper production (thousands of tonnes attributable basis)	9	11	(18	)%	9	0	%
Copper production (thousands of tonnes 100% basis)	18	22	(18	)%	19	0	%
Cost of sales ($/lb)^b	4.11	4.22	(3	)%	3.97	4	%
C1 cash costs ($/lb)^a	2.99	3.11	(4	)%	2.95	1	%
All-in sustaining costs ($/lb)^a	3.38	3.98	(15	)%	3.27	3	%
Jabal Sayid (50%)
Copper production (thousands of tonnes attributable basis)	8	7	14	%	9	(11	)%
Copper production (thousands of tonnes 100% basis)	17	15	14	%	17	(11	)%
Cost of sales ($/lb)^b	1.96	2.02	(3	)%	1.61	22	%
C1 cash costs ($/lb)^a	1.44	1.29	12	%	1.35	7	%
All-in sustaining costs ($/lb)^a	1.55	1.44	8	%	1.55	0	%
Total Attributable to Barrick
Copper production (thousands of tonnes)	44	64	(31	)%	40	10	%
Cost of sales ($/lb)^b	2.92	2.62	11	%	3.20	(9	)%
C1 cash costs ($/lb)^a	2.25	2.04	10	%	2.40	(6	)%
All-in sustaining costs ($/lb)^a	3.06	3.07	0	%	3.59	(15	)%

_{a. Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release.}

_{b. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).}

Financial and Operating Highlights

	For the three months ended
	3/31/25		12/31/24		% Change		3/31/24		% Change
Financial Results($ millions)
Revenues	3,130		3,645		(14	)%	2,747		14	%
Cost of sales^h,i	1,785		1,995		(11	)%	1,936		(8	)%
Net earnings^a	474		996		(52	)%	295		61	%
Adjusted net earnings^b	603		794		(24	)%	333		81	%
Attributable EBITDA^b	1,361		1,697		(20	)%	907		50	%
Attributable EBITDA margin^b	51	%	56	%	(9	)%	41	%	24	%
Minesite sustaining capital expenditures^b,c	564		525		7	%	550		3	%
Project capital expenditures^b,c	269		362		(26	)%	165		63	%
Total consolidated capital expenditures^c,d	837		891		(6	)%	728		15	%
Total attributable capital expenditures^e	631		758		(17	)%	572		10	%
Net cash provided by operating activities	1,212		1,392		(13	)%	760		59	%
Net cash provided by operating activities margin^f	39	%	38	%	3	%	28	%	39	%
Free cash flow^b	375		501		(25	)%	32		1,072	%
Net earnings per share (basic and diluted)	0.27		0.57		(53	)%	0.17		59	%
Adjusted net earnings (basic)^bper share	0.35		0.46		(24	)%	0.19		84	%
Weighted average diluted common shares (millions of shares)	1,725		1,742		(1	)%	1,756		(2	)%
Operating Results
Gold production (thousands of ounces)^g	758		1,080		(30	)%	940		(19	)%
Gold sold (thousands of ounces)^g	751		965		(22	)%	910		(17	)%
Market gold price ($/oz)	2,860		2,663		7	%	2,070		38	%
Realized gold price^b,g($/oz)	2,898		2,657		9	%	2,075		40	%
Gold COS (Barrick’s share)^g,h($/oz)	1,629		1,428		14	%	1,425		14	%
Gold TCC^b,g($/oz)	1,220		1,046		17	%	1,051		16	%
Gold AISC^b,g($/oz)	1,775		1,451		22	%	1,474		20	%
Copper production (thousands of tonnes)^g	44		64		(31	)%	40		10	%
Copper sold (thousands of tonnes)^g	51		54		(6	)%	39		31	%
Market copper price ($/lb)	4.24		4.17		2	%	3.83		11	%
Realized copper price^b,g($/lb)	4.51		3.96		14	%	3.86		17	%
Copper COS (Barrick’s share)^g,i($/lb)	2.92		2.62		11	%	3.20		(9	)%
Copper C1 cash costs^b,g($/lb)	2.25		2.04		10	%	2.40		(6	)%
Copper AISC^b,g($/lb)	3.06		3.07		0	%	3.59		(15	)%
	As at 3/31/25		As at 12/31/24		% Change		As at 3/31/24		% Change
Financial Position($ millions)
Debt (current and long-term)	4,727		4,729		0	%	4,725		0	%
Cash and equivalents	4,104		4,074		1	%	3,942		4	%
Debt, net of cash	623		655		(5	)%	783		(20	)%

_{a. Net earnings represents net earnings attributable to the equity holders of the Company.}

_{b. Further information on these non-GAAP financial measures, including detailed reconciliations, is included in the endnotes to this press release.}

_{c. Amounts presented on a consolidated cash basis. Project capital expenditures are not included in our calculation of all-in sustaining costs.}

_{d. Total consolidated capital expenditures also includes capitalized interest of $4 million for Q1 2025 (Q4 2024: $4 million; and Q1 2024: $13 million).}

_{e. These amounts are presented on the same basis as our guidance.}

_{f. Represents net cash provided by operating activities divided by revenue.}

_{g. On an attributable basis.}

_{h. Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).}

_{i. Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).}

Consolidated Statements of Income

Barrick Mining Corporation (formerly Barrick Gold Corporation) (in millions of United States dollars, except per share data) (Unaudited)	Three months ended March 31,
	2025		2024
Revenue (notes 5 and 6)	$ 3,130		$2,747
Costs and expenses (income)
Cost of sales (notes 5 and 7)	1,785		1,936
General and administrative expenses	42		28
Exploration, evaluation and project expenses	54		95
Impairment charges (note 9b)	4		17
Loss on currency translation	2		12
Closed mine rehabilitation	19		(2	)
Income from equity investees (note 12)	(67	)	(48	)
Other expense (note 9a)	170		17
Income before finance costs and income taxes	$ 1,121		$692
Finance costs, net	(62	)	(31	)
Income before income taxes	$ 1,059		$661
Income tax expense (note 10)	(278	)	(174	)
Net income	$ 781		$487
Attributable to:
Equity holders of Barrick Mining Corporation	$ 474		$295
Non-controlling interests (note 15)	$ 307		$192

Earnings per share attributable to the equity holders of Barrick Mining Corporation (note 8)
Net income
Basic	$ 0.27		$0.17
Diluted	$ 0.27		$0.17

^{The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.}

Consolidated Statements of Comprehensive Income

Barrick Mining Corporation (formerly Barrick Gold Corporation) (in millions of United States dollars) (Unaudited)	Three months ended March 31,
	2025		2024
Net income	$ 781		$487
Other comprehensive income (loss), net of taxes
Items that may be reclassified subsequently to profit or loss:
Unrealized gains on derivatives designated as cash flow hedges, net of tax $nil and $nil	—		1
Items that will not be reclassified to profit or loss:
Actuarial loss on post employment benefit obligations, net of tax $nil and $nil	(1	)	—
Net change on equity investments, net of tax $nil and $nil	5		1
Total other comprehensive income	4		2
Total comprehensive income	$ 785		$489
Attributable to:
Equity holders of Barrick Mining Corporation	$ 478		$297
Non-controlling interests	$ 307		$192

Consolidated Statements of Cash Flow

Barrick Mining Corporation (formerly Barrick Gold Corporation) (in millions of United States dollars) (Unaudited)	Three months ended March 31,
	2025		2024
OPERATING ACTIVITIES
Net income	$ 781		$487
Adjustments for the following items:
Depreciation	411		474
Finance costs, net	62		31
Impairment charges (note 9b)	4		17
Income tax expense (note 10)	278		174
Income from equity investees (note 12)	(67	)	(48	)
Gain on sale of non-current assets	—		(1	)
Loss on currency translation	2		12
Change in working capital (note 11)	(105	)	(241	)
Other operating activities (note 11)	(9	)	(70	)
Operating cash flows before interest and income taxes	1,357		835
Interest paid	(25	)	(27	)
Interest received	46		68
Income taxes paid¹	(166	)	(116	)
Net cash provided by operating activities	1,212		760
INVESTING ACTIVITIES
Property, plant and equipment
Capital expenditures (note 5)	(837	)	(728	)
Funding of equity method investments (note 12)	—		(44	)
Dividends received from equity method investments (note 12)	38		47
Shareholder loan repayments from equity method investments	60		45
Net cash used in investing activities	(739	)	(680	)
FINANCING ACTIVITIES
Lease repayments	(3	)	(3	)
Dividends	(172	)	(175	)
Share buyback program (note 14)	(143	)	—
Funding from Reko Diq non-controlling interests (note 15)	83		22
Disbursements to non-controlling interests (note 15)	(208	)	(121	)
Pueblo Viejo JV partner shareholder loan	4		(7	)
Net cash used in financing activities	(439	)	(284	)
Effect of exchange rate changes on cash and equivalents	—		(2	)
Net increase (decrease) in cash and equivalents	34		(206	)
Cash and equivalents at the beginning of period	4,074		4,148
Cash and equivalents at the end of period	4,108		3,942
Less: cash and equivalents classified as held for sale at the end of period	4		—
Cash and equivalents excluding assets classified as held for sale at the end of period	$ 4,104		$3,942

_{¹ Income taxes paid excludes $17 million (Q1 2024: $17 million) for Q1 2025 of income taxes payable that were settled against offsetting value added taxes (“VAT”) receivables.
The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.}

Consolidated Balance Sheets

Barrick Mining Corporation (formerly Barrick Gold Corporation)	As at March 31,		As at December 31,
(in millions of United States dollars) (Unaudited)	2025		2024
ASSETS
Current assets
Cash and equivalents	$ 4,104		$4,074
Accounts receivable	736		763
Inventories¹	1,991		1,942
Other current assets	908		853
Total current assets (excluding assets classified as held for sale)	$ 7,739		$7,632
Assets classified as held for sale (note 4a)	263		—
Total current assets	$ 8,002		$7,632
Non-current assets
Non-current portion of inventory	2,814		2,783
Equity in investees (note 12)	4,141		4,112
Property, plant and equipment	28,683		28,559
Intangible assets	148		148
Goodwill	3,097		3,097
Other assets	1,257		1,295
Total assets	$ 48,142		$47,626
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$ 1,587		$1,613
Debt	24		24
Current income tax liabilities	642		545
Other current liabilities	507		460
Total current liabilities (excluding liabilities classified as held for sale)	$ 2,760		$2,642
Liabilities classified as held for sale (note 4a)	27		—
Total current liabilities	$ 2,787		$2,642
Non-current liabilities
Debt	4,703		4,705
Provisions	2,051		1,962
Deferred income tax liabilities	3,854		3,887
Other liabilities	1,183		1,174
Total liabilities	$ 14,578		$14,370
Equity
Capital stock (note 14)	$ 27,538		$27,661
Deficit	(4,968	)	(5,269	)
Accumulated other comprehensive income	37		33
Other	1,843		1,865
Total equity attributable to Barrick Mining Corporation shareholders	$ 24,450		$24,290
Non-controlling interests (note 15)	9,114		8,966
Total equity	$ 33,564		$33,256
Contingencies and commitments (notes 5 and 16)
Total liabilities and equity	$ 48,142		$47,626

_{¹ On January 2, 2025, an interim attachment order was issued by the Senior Investigating Judges of the Pôle National Économique et Financier (“Pôle Économique”) against the existing gold stock on the site of the Loulo-Gounkoto mining complex, which was executed on January 11, 2025 when the gold was removed from the site to a custodial bank. This gold doré has a carrying value of $92 million and is included in finished products. Refer to note 16 of the condensed interim financial statements for further details.
The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.}

Consolidated Statements of Changes in Equity

Barrick Mining Corporation (formerly Barrick Gold Corporation)			Attributable to equity holders of the company
(in millions of United States dollars) (Unaudited)	Common Shares (in thousands)		Capital stock		Retained earnings (deficit)		Accumulated other comprehensive income (loss)¹	Other²		Total equity attributable to shareholders		Non-controlling interests		Total equity
At January 1, 2025	1,727,100		$ 27,661		($5,269	)	$ 33	$ 1,865		$ 24,290		$ 8,966		$ 33,256
Net income	—		—		474		—	—		474		307		781
Total other comprehensive income	—		—		—		4	—		4		—		4
Total comprehensive income	—		—		474		4	—		478		307		785
Transactions with owners
Dividends	—		—		(172	)	—	—		(172	)	—		(172	)
Funding from non-controlling interests (note 15)	—		—		—		—	—		—		83		83
Disbursements to non-controlling interests (note 15)	—		—		—		—	—		—		(242	)	(242	)
Dividend reinvestment plan (note 14)	50		1		(1	)	—	—		—		—		—
Share buyback program (note 14)	(7,692	)	(124	)	—		—	(22	)	(146	)	—		(146	)
Total transactions with owners	(7,642	)	(123	)	(173	)	—	(22	)	(318	)	(159	)	(477	)
At March 31, 2025	1,719,458		$ 27,538		($4,968	)	$ 37	$ 1,843		$ 24,450		$ 9,114		$ 33,564

At January 1, 2024	1,755,570		$ 28,117		($6,713	)	$ 24	$ 1,913		$ 23,341		$ 8,661		$ 32,002
Net income	—		—		295		—	—		295		192		487
Total other comprehensive income	—		—		—		2	—		2		—		2
Total comprehensive income	—		—		295		2	—		297		192		489
Transactions with owners
Dividends	—		—		(175	)	—	—		(175	)	—		(175	)
Funding from non-controlling interests	—		—		—		—	—		—		22		22
Disbursements to non-controlling interests	—		—		—		—	—		—		(121	)	(121	)
Dividend reinvestment plan	66		1		(1	)	—	—		—		—		—
Total transactions with owners	66		1		(176	)	—	—		(175	)	(99	)	(274	)
At March 31, 2024	1,755,636		$ 28,118		($6,594	)	$ 26	$ 1,913		$ 23,463		$ 8,754		$ 32,217

_{¹ Includes cumulative translation losses at March 31, 2025: $95 million (December 31, 2024: $95 million; March 31, 2024: $95 million).}

_{² Includes additional paid-in capital as at March 31, 2025: $1,805 million (December 31, 2024: $1,827 million; March 31, 2024: $1,875 million).}

_{The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2025 available on our website, are an integral part of these consolidated financial statements.}

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by Tricia Evans, BSc, SMERM, Mineral Resource Manager: North America; Mark Roux, BSc (Hons), P. Grad. Cert. (Geostatistics), Pr. Sci. Nat, Resource Geology Lead – North America; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Peter Jones, MAIG, Manager Resource Geology – Latin America & Asia Pacific; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2024.

Endnotes

Endnote 1

The ticker symbol for the Barrick common shares listed on the New York Stock Exchange is changing from ‘GOLD’ to ‘B’, effective at the start of trading on May 9, 2025. The Barrick common shares will continue to trade under the ‘ABX’ ticker symbol on the Toronto Stock Exchange. The new CUSIP number for the Barrick common shares effective at the start of trading on May 9, 2025 will be 06849F108.

Endnote 2

A Tier One Gold Asset is an asset with a $1,400/oz reserve with potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and with costs per ounce in the lower half of the industry cost curve. A Tier One Copper Asset/Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a world-class geological district with potential for organic reserve growth and long-term geologically driven addition.

Endnote 3

“Adjusted net earnings” and “adjusted net earnings per share” are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share

($ millions, except per share amounts in dollars)	For the three months ended
	3/31/25		12/31/24		3/31/24
Net earnings attributable to equity holders of the Company	474		996		295
Impairment charges related to intangibles, goodwill, property, plant and equipment, and investments^a	4		(477	)	17
Acquisition/disposition gains	0		(17	)	(1	)
Loss on currency translation	2		18		12
Significant tax adjustments^b	(15	)	1		29
Other expense (income) adjustments^c	173		113		(9	)
Non-controlling interest^d	(11	)	(159	)	(4	)
Tax effect^d	(24	)	319		(6	)
Adjusted net earnings	603		794		333
Net earnings per share^e	0.27		0.57		0.17
Adjusted net earnings per share^e	0.35		0.46		0.19

There were no significant impairment charges or reversals in Q1 2025. The net impairment charges for Q4 2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.
For Q1 2025, significant tax adjustments include the re-measurement of deferred tax balances. Significant tax adjustments in Q1 2024 primarily relate to the re-measurement and de-recognition of deferred tax assets.
For Q1 2025, other expense adjustments mainly relate to the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc., combined with reduced operations costs at Loulo-Gounkoto. Other adjustments in Q4 2024 primarily relate to a payment to the Government of Mali to advance negotiations and a customs and royalty settlement at Tongon.
Non-controlling interest and tax effect for Q1 2025 primarily relates to other expense adjustments.
Calculated using weighted average number of shares outstanding under the basic method of earnings per share.

Endnote 4

“Free cash flow” is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

($ millions)	For the three months ended
	3/31/25		12/31/24		3/31/24
Net cash provided by operating activities	1,212		1,392		760
Capital expenditures	(837	)	(891	)	(728	)
Consolidated free cash flow	375		501		32
Free cash flow applicable to equity investees	156		309		63
Non-controlling interests	(120	)	(305	)	(98	)
Attributable free cash flow	411		505		(3	)

Endnote 5

On an attributable basis.

Endnote 6

“Realized price” is a non-GAAP financial performance measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our company’s past performance and is a better indicator of its expected performance in future periods. The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Reconciliation of Sales to Realized Price per ounce/pound

($ millions, except per oz/lb information in dollars)	Gold						Copper
($ millions, except per oz/lb information in dollars)	For the three months ended
	3/31/25		12/31/24		3/31/24		3/31/25	12/31/24	3/31/24
Sales	2,766		3,327		2,528		304	260	163
Sales applicable to non-controlling interests	(848	)	(1,004	)	(795	)	0	0	0
Sales applicable to equity method investments^a,b	252		240		151		164	165	136
Sales applicable to sites in closure or care and maintenance^c	(1	)	(1	)	(2	)	0	0	0
Treatment and refinement charges	6		7		7		42	51	34
Other^d	0		(7	)	0		0	0	0
Revenues – as adjusted	2,175		2,562		1,889		510	476	333
Ounces/pounds sold (koz/Mlb)^c	751		965		910		113	121	86
Realized gold/copper price per oz/lb	2,898		2,657		2,075		4.51	3.96	3.86

Represents sales of $191 million, for Q1 2025 (Q4 2024: $208 million; Q1 2024: $151 million) applicable to our 45% equity method investment in Kibali and $61 million (Q4 2024: $32 million; Q1 2024: $nil) applicable to our 24.5% equity method investment in Porgera for gold. Represents sales of $95 million for Q1 2025 (Q4 2024: $97 million; Q1 2024: $80 million) applicable to our 50% equity method investment in Zaldívar and $72 million (Q4 2024: $74 million; Q1 2024: $62 million), applicable to our 50% equity method investment in Jabal Sayid for copper.
Sales applicable to equity method investments are net of treatment and refinement charges.
On an attributable basis. Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.
Realized price per oz/lb may not calculate based on amounts presented in this table due to rounding.

Endnote 7

Key Outlook Assumptions	2025	2026	2027
Gold Price ($/oz)	2,400	2,400	2,400
Copper Price ($/lb)	4.00	4.00	4.00
Oil Price (WTI) ($/barrel)	80	70	70
AUD Exchange Rate (AUD:USD)	0.75	0.75	0.75
ARS Exchange Rate (USD:ARS)	1,000	1,000	1,000
CAD Exchange Rate (USD:CAD)	1.30	1.30	1.30
CLP Exchange Rate (USD:CLP)	900	900	900
EUR Exchange Rate (EUR:USD)	1.10	1.10	1.10

Gold equivalent ounces calculated from our copper assets are calculated using a gold price of $1,400/oz and copper price of $3.00/lb. Barrick’s five-year indicative production profile for gold equivalent ounces is based on the following assumptions:

Barrick’s five-year indicative outlook is based on our current operating asset portfolio, sustaining projects in progress and exploration/mineral resource management initiatives in execution. This outlook is based on our current reserves and resources and assumes that we will continue to be able to convert resources into reserves. Additional asset optimization, further exploration growth, new project initiatives and divestitures are not included. For the company’s gold and copper segments, and where applicable for a specific region, this indicative outlook is subject to change and assumes the following: new open pit production permitted and commencing at Hemlo in the second half of 2025, allowing three years for permitting and two years for pre-stripping prior to first ore production in 2027; Tongon will enter care and maintenance by 2027; and production from the Zaldívar CuproChlor® Chloride Leach Project (Antofagasta is the operator of Zaldívar).

Our five-year indicative outlook excludes production from Fourmile, as well as Pierina and Golden Sunlight, both of which are currently in care and maintenance; and production from long-term greenfield optionality from Donlin, Pascua-Lama, Norte Abierto and Alturas. Barrick’s five-year production profile also assumes an indicative gold and copper production profile for Reko Diq and an indicative copper production profile for the Lumwana Super Pit expansion, both of which are conceptual in nature.

Loulo-Gounkoto has been excluded from Barrick’s 2025 guidance but included from 2026 onwards as a result of the temporary suspension of operations. We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations. Refer to the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Endnote 8

TRIFR is a ratio calculated as follows: number of reportable injuries x 1,000,000 hours divided by the total number of hours worked. Reportable injuries include fatalities, lost time injuries, restricted duty injuries, and medically treated injuries. LTIFR is a ratio calculated as follows: number of lost time injuries x 1,000,000 hours divided by the total number of hours worked.

Endnote 9

Net earnings represents net earnings attributable to the equity holders of the Company.

Endnote 10

EBITDA is a non-GAAP financial performance measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our full business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and not necessarily reflective of the underlying operating results for the periods presented. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business and which is aligned with how we present our forward looking guidance on gold ounces and copper pounds produced. Attributable EBITDA margin is calculated as attributable EBITDA divided by revenues – as adjusted. We believe this ratio will assist analysts, investors and other stakeholders of Barrick to better understand the relationship between revenues and EBITDA or operating profit. Starting with the Q2 2024 MD&A, we are presenting net leverage as a non-GAAP ratio and is calculated as debt, net of cash divided by the sum of adjusted EBITDA of the last four consecutive quarters. We believe this ratio will assist analysts, investors and other stakeholders of Barrick in monitoring our leverage and evaluating our balance sheet. EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. EBITDA, adjusted EBITDA and attributable EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA, adjusted EBITDA, attributable EBITDA, EBITDA margin and net leverage differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA

($ millions)	For the three months ended
	3/31/25		12/31/24		3/31/24
Net earnings	781		1,187		487
Income tax expense	278		694		174
Finance costs, net^a	39		46		10
Depreciation	411		484		474
EBITDA	1,509		2,411		1,145
Impairment charges of non-current assets^b	4		(477	)	17
Acquisition/disposition gains	0		(17	)	(1	)
Loss on currency translation	2		18		12
Other expense (income) adjustments^c	173		113		(9	)
Income tax expense, net finance costs^a, and depreciation from equity investees	141		201		102
Adjusted EBITDA	1,829		2,249		1,266
Non-controlling Interests	(468	)	(552	)	(359	)
Attributable EBITDA	1,361		1,697		907
Revenues – as adjusted^d	2,685		3,038		2,222
Attributable EBITDA margin^e	51	%	56	%	41	%
	As at 3/31/25		As at 12/31/24		As at 3/31/24
Net leverage^f	0.1:1		0.1:1		0.1:1

Finance costs exclude accretion.
There were no significant impairment charges or reversals in Q1 2025. The net impairment charges for Q4 2024 mainly relate to long-lived asset impairment reversals at Lumwana and Veladero, partially offset by a goodwill impairment at Loulo-Gounkoto.
For Q1 2025, other expense adjustments mainly relate to the signing of agreements to settle legacy legal matters in the Philippines related to Placer Dome Inc., combined with reduced operations costs at Loulo-Gounkoto. Other adjustments in Q4 2024 primarily relate to a payment to the Government of Mali to advance negotiations and a customs and royalty settlement at Tongon.
Refer to Reconciliation of Sales to Realized Price per oz/pound on page 49 of the Q1 2025 MD&A.
Represents attributable EBITDA divided by revenues – as adjusted.
Represents debt, net of cash divided by adjusted EBITDA of the last four consecutive quarters.

Endnote 11

Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 45% share of Kibali, our 50% share of Zaldívar and Jabal Sayid, and our 24.5% share of Porgera. Total attributable capital expenditures for 2024 actual results also includes capitalized interest of $30 million.

Endnote 12

These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.

Reconciliation of the Classification of Capital Expenditures

($ millions)	For the three months ended
	3/31/25	12/31/24	3/31/24
Minesite sustaining capital expenditures	564	525	550
Project capital expenditures	269	362	165
Capitalized interest	4	4	13
Total consolidated capital expenditures	837	891	728

Endnote 13

Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share). Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share). References to attributable basis means our 100% share of Hemlo and Lumwana, our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara, and Bulyanhulu, our 50% share of Veladero, Zaldívar and Jabal Sayid, our 24.5% share of Porgera and our 45% share of Kibali.

Endnote 14

“Total cash costs” per ounce and “All-in sustaining costs” per ounce are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the “WGC”). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. “Total cash costs” per ounce start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. “All-in sustaining costs” per ounce start with “Total cash costs” per ounce and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs. Barrick believes that the use of “Total cash costs” per ounce and “All-in sustaining costs” per ounce will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. “Total cash costs” per ounce and “All-in sustaining costs” per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

Reconciliation of Gold Cost of Sales to Total cash costs and All-in sustaining costs, including on a per ounce basis

($ millions, except per oz information in dollars)		For the three months ended
	Footnote	3/31/25		12/31/24		3/31/24
COS applicable to gold production		1,568		1,810		1,761
Depreciation		(342	)	(424	)	(407	)
Total cash costs applicable to equity method investments		109		90		56
By-product credits		(60	)	(58	)	(56	)
Non-recurring items	a	0		0		0
Other	b	5		4		2
Non-controlling interests	c	(364	)	(413	)	(400	)
Total cash costs		916		1,009		956
General & administrative costs		42		9		28
Minesite exploration and evaluation costs	d	5		8		13
Minesite sustaining capital expenditures	e	564		525		550
Sustaining leases		8		7		6
Rehabilitation – accretion and amortization (operating sites)	f	17		15		17
Non-controlling interest, copper operations and other	g	(217	)	(173	)	(224	)
All-in sustaining costs		1,335		1,400		1,346
Ounces sold – attributable basis (koz)	h	751		965		910
COS/oz	i,j	1,629		1,428		1,425
TCC/oz	j	1,220		1,046		1,051
TCC/oz (on a co-product basis)	j,k	1,273		1,086		1,093
AISC/oz	j	1,775		1,451		1,474
AISC/oz (on a co-product basis)	j,k	1,828		1,491		1,516

a.	Non-recurring items – These costs are not indicative of our cost of production and have been excluded from the calculation of TCC.
b.	Other – Other adjustments mainly relate to treatment and refinement charges.
c.	Non-controlling interests – Non-controlling interests include non-controlling interests related to gold production of $487 million for Q1 2025 (Q4 2024: $559 million; Q1 2024: $542 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to Note 5 to the Financial Statements for further information.
d.	Exploration and evaluation costs – Exploration, evaluation and project expenses are presented as minesite sustaining if they support current mine operations and project if they relate to future projects. Refer to page 32 of the Q1 2025 MD&A.
e.	Capital expenditures – Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures.
f.	Rehabilitation—accretion and amortization – Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites.
g.	Non-controlling interest and copper operations – Removes general and administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. The impact is summarized as the following:

($ millions)	For the three months ended
Non-controlling interest, copper operations and other	3/31/25		12/31/24		3/31/24
General & administrative costs	(6	)	3		(4	)
Minesite exploration and evaluation expenses	0		(2	)	(2	)
Rehabilitation – accretion and amortization (operating sites)	(5	)	(5	)	(5	)
Minesite sustaining capital expenditures	(206	)	(169	)	(213	)
All-in sustaining costs total	(217	)	(173	)	(224	)

h.	Ounces sold – attributable basis – Excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance.
i.	COS/oz – Gold COS/oz is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick’s ownership share).
j.	Per ounce figures – COS/oz, TCC/oz and AISC/oz may not calculate based on amounts presented in this table due to rounding.
k.	Co-product costs/oz TCC/oz and AISC/oz presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as:

($ millions)	For the three months ended
	3/31/25		12/31/24		3/31/24
By-product credits	60		58		56
Non-controlling interest	(20	)	(19	)	(18	)
By-product credits (net of non-controlling interest)	40		39		38

Endnote 15

“C1 cash costs” per pound and “All-in sustaining costs” per pound are non-GAAP financial performance measures related to our copper mine operations. We believe that “C1 cash costs” per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. “C1 cash costs” per pound excludes royalties and non-routine charges as they are not direct production costs. “All-in sustaining costs” per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. “All-in sustaining costs” per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick’s financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure.

Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis

($ millions, except per lb information in dollars)	For the three months ended
	3/31/25		12/31/24		3/31/24
Cost of sales	208		179		168
Depreciation/amortization	(60	)	(54	)	(60	)
Treatment and refinement charges	42		51		34
C1 cash costs applicable to equity method investments	90		103		82
Less: royalties	(21	)	(22	)	(12	)
By-product credits	(5	)	(11	)	(5	)
C1 cash costs	254		246		207
General & administrative costs	8		2		4
Rehabilitation – accretion and amortization	1		3		2
Royalties	21		22		12
Minesite exploration and evaluation costs	2		2		0
Minesite sustaining capital expenditures	57		91		83
Sustaining leases	3		4		1
All-in sustaining costs	346		370		309
Tonnes sold – attributable basis (Kt)	51		54		39
Pounds sold – attributable basis (Mlb)	113		121		86
COS/lb^a,b	2.92		2.62		3.20
C1 cash costs/lb^a	2.25		2.04		2.40
AISC/lb^a	3.06		3.07		3.59

COS/lb, C1 cash costs/lb and AISC/lb may not calculate based on amounts presented in this table due to rounding.
Copper COS/lb is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick’s ownership share).

Endnote 16

Refer to the Technical Report on the Pueblo Viejo Mine, Dominican Republic, dated March 17, 2023 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 17, 2023.

Endnote 17

Difference between Pueblo Viejo’s proven and probable reserves as of December 31, 2019 (9.5 Moz) and December 31, 2023 (20.0 Moz) plus cumulative depletion of 3.5 million ounces over the same period (all on a 100% basis). Estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities. Reserves and resources for Pueblo Viejo are stated on a 60% basis as of December 31, 2023. Proven reserves of 39 million tonnes grading 2.28 g/t, representing 2.8 million ounces of gold. Probable reserves of 140 million tonnes grading 2.10 g/t, representing 9.1 million ounces of gold. Measured resources of 50 million tonnes grading 2.1 g/t, representing 3.4 million ounces of gold. Indicated resources of 190 million tonnes grading 1.92 g/t, representing 12 million ounces of gold. Inferred resources of 4.8 million tonnes grading 1.6 g/t, representing 0.24 million ounces of gold. Complete mineral reserve and mineral resource data for all mines and projects referenced in this presentation, including tonnes, grades, and ounces, can be found in the Mineral Reserves and Mineral Resources Tables included on pages 37-45 of Barrick’s 2023 Annual Information Form/Form 40-F filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Endnote 18

Estimates are as of December 31, 2024, unless otherwise noted. Lumwana proven reserves of 140 million tonnes grading 0.49% representing 0.68 million tonnes of copper, probable mineral reserves of 1,500 million tonnes grading 0.53% representing 7.6 million tonnes of copper, measured resources of 170 million tonnes grading 0.45% representing 0.77 million tonnes of copper, indicated resources of 1,800 million tonnes grading 0.50% representing 9.2 million tonnes of copper and inferred resources of 230 million tonnes grading 0.40% representing 0.91 million tonnes of copper. Complete mineral reserve and mineral resource data for all mines and projects, including tonnes, grades, and ounces, can be found on pages 84-92 of Barrick’s Fourth Quarter and Year-End 2024 Report. For further information with respect to the key assumptions, parameters and risks associated with Lumwana and other technical information, please refer to the Technical Report on the Lumwana Expansion Project, Republic of Zambia dated December 31, 2024 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.

Endnote 19

Estimates are as of December 31, 2024, unless otherwise noted. Reko Diq probable reserves of 1,400 million tonnes grading 0.28g/t representing 13 million ounces of gold, probable reserves of 1,500 million tonnes grading 0.48% representing 7.3 million tonnes of copper, indicated resources of 1,800 million tonnes grading 0.25g/t representing 15 million ounces of gold, indicated resources of 2,000 million tonnes grading 0.43% representing 8.4 million tonnes of copper, inferred resources of 640 million tonnes grading 0.2g/t representing 3.9 million ounces of gold, and inferred resources of 690 million tonnes grading 0.3% representing 2.2 million tonnes of copper. Complete mineral reserve and mineral resource data for all mines and projects, including tonnes, grades, and ounces, can be found on pages 84-92 of Barrick’s Fourth Quarter and Year-End 2024 Report. For further information with respect to the key assumptions, parameters and risks associated with Reko Diq, the mineral reserve and resource estimates included herein and other technical information, please refer to the Technical Report on the Reko Diq Project, Balochistan, Pakistan dated December 31, 2024 and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on February 19, 2025.

Endnote 20

Proven and probable reserve gains calculated from cumulative net change in reserves from year end 2019 to 2024. Reserve replacement percentage is calculated from the cumulative net change in reserves from 2020 to 2024 divided by the cumulative depletion in reserves from year end 2019 to 2024 as shown in the table below:

Year	Attributable P&P Gold (Moz)	Attributable Gold Acquisition & Divestments (Moz)	Attributable Gold Depletion (Moz)	Attributable Gold Net Change (Moz)	Reported Reserve Price USD/oz for GEO conversion
2019^a	71	–	–	–	–
2020^b	68	(2.2)	(5.5)	4.2	$1,200
2021^c	69	(0.91)	(5.4)	8.1	$1,200
2022^d	76	–	(4.8)	12	$1,300
2023^e	77	–	(4.6)	5	$1,300
2024^f	89	–	(4.6)	17	$1,400
2019 – 2024 Total	N/A	(3.1 )	(25 )	46	N/A

Year	Attributable P&P Copper (Mlb)	Attributable Copper Acquisition & Divestments (Moz)	Attributable Copper Depletion (Moz)	Attributable Copper Net Change (Moz)	Reported Reserve Price USD/lb for GEO conversion
2019^a	13,494	–	–	–	–
2020^b	12,691	–	(834)	31	$2.75
2021^c	12,233	–	(636)	178	$2.75
2022^d	12,252	–	(623)	642	$3.00
2023^e	12,391	–	(589)	728	$3.00
2024^f	40,201	–	(731)	28,542	$3.00
2019 – 2024 Total	N/A	–	(3,413 )	30,121	N/A

Year	Attributable P&P GEO	Attributable Acquisition & Divestments GEO	Attributable Depletion GEO	Attributable Net Change GEO (using reported reserve prices)
2019^a	–	–	–	–
2020^b	97	(2.2)	(7.4)	4.2
2021^c	97	(0.91)	(6.9)	8.5
2022^d	104	–	(6.3)	13
2023^e	105	–	(6.0)	6.7
2024^f	176	–	(6.1)	79
2019 – 2024 Total	N/A	(3.1 )	(33 )	111

Totals may not appear to sum correctly due to rounding.

Attributable acquisitions and divestments includes the following: a decrease of 2.2 Moz in proven and probable gold reserves from December 31, 2019 to December 31, 2020, as a result of the divestiture of Barrick’s Massawa gold project effective March 4, 2020; and a decrease of 0.91 Moz in proven and probable gold reserves from December 31, 2020 to December 31, 2021, as a result of the change in Barrick’s ownership interest in Porgera from 47.5% to 24.5% and the net impact of the asset exchange of Lone Tree to i-80 Gold for the remaining 50% of South Arturo that Nevada Gold Mines did not already own.

All estimates are estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects as required by Canadian securities regulatory authorities.

Estimates as of December 31, 2019, unless otherwise noted, Proven reserves of 280 million tonnes grading 2.42 g/t, representing 22 million ounces of gold and 420 million tonnes grading 0.4%, representing 3,700 million pounds of copper (which is equal to 1.7 million tonnes of copper). Probable reserves of 1,000 million tonnes grading 1.48 g/t, representing 49 million ounces of gold and 1,200 million tonnes grading 0.38%, representing 9,800 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.
Estimates as of December 31, 2020, unless otherwise noted: Proven reserves of 280 million tonnes grading 2.37g/t, representing 21 million ounces of gold, and 350 million tonnes grading 0.39%, representing 3,000 million pounds of copper (which is equal to 1.4 million tonnes of copper). Probable reserves of 990 million tonnes grading 1.46g/t, representing 47 million ounces of gold, and 1,100 million tonnes grading 0.39%, representing 9,700 million pounds of copper (which is equal to 4.4 million tonnes of copper). Conversions may not recalculate due to rounding.
Estimates as of December 31, 2021, unless otherwise noted, Proven mineral reserves of 240 million tonnes grading 2.20g/t, representing 17 million ounces of gold and 380 million tonnes grading 0.41%, representing 3,400 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,000 million tonnes grading 1.60g/t, representing 53 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.
Estimates as of December 31, 2022, unless otherwise noted. Proven mineral reserves of 260 million tonnes grading 2.26g/t, representing 19 million ounces of gold and 390 million tonnes grading 0.40%, representing 3,500 million pounds of copper (which is equal to 1.6 million tonnes of copper), and probable reserves of 1,200 million tonnes grading 1.53g/t, representing 57 million ounces of gold and 1,100 million tonnes grading 0.37%, representing 8,800 million pounds of copper (which is equal to 4.0 million tonnes of copper). Conversions may not recalculate due to rounding.
Estimates are as of December 31, 2023, unless otherwise noted. Proven mineral reserves of 250 million tonnes grading 1.85g/t, representing 15 million ounces of gold, and 320 million tonnes grading 0.41%, representing 1.3 million tonnes of copper. Probable reserves of 1,200 million tonnes grading 1.61g/t, representing 61 million ounces of gold, and 1,100 million tonnes grading 0.38%, representing 4.3 million tonnes of copper.
Estimates are as of December 31, 2024, unless otherwise noted. Proven mineral reserves of 270 million tonnes grading 1.75g/t, representing 15 million ounces of gold, and 380 million tonnes grading 0.42%, representing 1.6 million tonnes of copper. Probable reserves of 2,500 million tonnes grading 0.90g/t, representing 74 million ounces of gold, and 3,600 million tonnes grading 0.46%, representing 17 million tonnes of copper.

Endnote 21

Fourmile’s financial metrics and production metrics are based upon Barrick’s internal preliminary economic assessment which is conceptual in nature and there is no certainty that the preliminary economic assessment will be realized. Barrick anticipates Fourmile will be incorporated into the Nevada Gold Mines joint venture, at fair market value, if certain criteria are met.

Endnote 22

Includes Goldrush.

Endnote 23

As a result of the temporary suspension of operations at Loulo-Gounkoto, we have excluded Loulo-Gounkoto from our 2025 production guidance (refer to page 8 of Barrick’s Q1 2025 MD&A for more information). We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations.

Endnote 24

TCC/oz and AISC/oz include costs allocated to non-operating sites.

Endnote 25

Operating division guidance ranges reflect expectations at each individual operating division and may not add up to the company-wide guidance range total.

Endnote 26

Includes corporate administration costs.

Shares Listed

GOLD
¹

The New York Stock Exchange

ABX

The Toronto Stock Exchange

Transfer Agents and Registrars

TSX Trust Company

301 – 100 Adelaide Street West
Toronto, Ontario M5H 4H1
or
Equiniti Trust Company, LLC
48 Wall Street
New York, New York 10043

Telephone: 1 800 387 0825
Fax: 1 888 249 6189

Email: [email protected]
Website: www.tsxtrust.com

Barrick Mining Corporation

Telephone: +1 416 861 9911
Email: [email protected]
Website: www.barrick.com

161 Bay Street, Suite 3700
Toronto, Ontario M5J 2S1

310 South Main Street, Suite 1150
Salt Lake City, Utah 84101

Enquiries

Investor and Media Relations

Kathy du Plessis

+44 207 557 7738
Email: [email protected]

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, “expect”, “strategy”, “target”, “plan”, “commitment”, “ramp up”, “opportunities”, “guidance”, “project”, “progress”, “expand”, “invest”, “continue”, “progress”, “develop”, “on track”, “ongoing”, “estimate”, “growth”, “potential”, “future”, “extend”, “will”, “could”, “would”, “should”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s forward-looking production guidance and our five and ten-year production profiles for gold and copper; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; anticipated timing for first production at Reko Diq; expected benefits from the Pueblo Viejo expansion project, including projected increases in production; Barrick’s ability to complete and expected benefits from the sale of its 50% interest in Donlin; Barrick’s planned divestments of Tongon and Hemlo; the potential for Fourmile, Reko Diq and Lumwana to become Tier One assets; mine life and production rates, including anticipated production growth from Barrick’s organic project pipeline; Barrick’s global exploration strategy and planned exploration activities, including in Canada; Barrick’s copper strategy; our plans, and expected timing, completion and benefits of our growth projects; potential mineralization and metal or mineral recoveries; the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and Barrick’s commitment to reach a mutually acceptable solution; Barrick’s strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, planned resettlement activities at Pueblo Viejo, economic contributions and education, employment and procurement initiatives, tailings management, climate change and biodiversity initiatives; Barrick’s talent management strategy; Barrick’s performance dividend policy and share buyback program; and expectations regarding future price assumptions, financial performance and other outlook or guidance.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company’s expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of value added tax refunds received in Chile in connection with the Pascua-Lama Project; expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas (“GHG”) emission levels, energy efficiency and reporting of risks; the Company’s ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick’s value chain, but outside of the Company’s direct control, to achieve such targets within the specified timeframes; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick’s operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick’s infrastructure, information technology systems and the implementation of Barrick’s technological initiatives, including risks related cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company’s management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company’s goodwill and assets.

In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

May 7, 2025 6:03 am

Radware Reports First Quarter 2025 Financial Results

First

Quarter

2025

Financial

Results and Highlights

Revenue
of $
72.1
million
,
a
n
in
crease of
1
1
% year
–
over
–
year
C
loud
ARR
of
$80 million
, an increase of
19% year-over-year
Non-GAAP
dilute
d
EPS of $0.
27
vs. $0
.
1
6
in
Q1
2024
;
GAAP
diluted
EPS
of
$
0.
10
vs. $
(
0.
03
) in Q
1
2024
Cash flow from operations of $22.4 million
in Q1
and $72.9 million
over the
trailing
12
months

TEL AVIV, Israel, May 07, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the first quarter ended March 31, 2025.

“We had a strong start to 2025 with first quarter revenue rising 11% year-over-year, marking our third consecutive quarter of double-digit growth. In addition, our strong non-GAAP EPS growth and cash flow from operations reflect the high leverage in our business model,” said Roy Zisapel, Radware’s president and CEO.

Financial

Highlights

for the

First

Q

uarter

2025

Revenue for the first quarter of 2025 totaled $72.1 million:

Revenue in the Americas region was $27.4 million for the first quarter of 2025, an increase of 1% from $27.1 million in the first quarter of 2024.
Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $28.4 million for the first quarter of 2025, an increase of 25% from $22.7 million in the first quarter of 2024.
Revenue in the Asia-Pacific (“APAC”) region was $16.3 million for the first quarter of 2025, an increase of 7% from $15.3 million in the first quarter of 2024.

GAAP net income for the first quarter of 2025 was $4.3 million, or $0.10 per diluted share, compared to GAAP net loss of $1.2 million, or $(0.03) per diluted share, for the first quarter of 2024.

Non-GAAP net income for the first quarter of 2025 was $11.8 million, or $0.27 per diluted share, compared to non-GAAP net income of $6.8 million, or $0.16 per diluted share, for the first quarter of 2024.

As of March 31, 2025, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $447.9 million. Cash flow from operations was $22.4 million in the first quarter of 2025.

Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

Conference Call

Radware management will host a call today, May 7, 2025, at 8:30 a.m. EDT to discuss its first quarter 2025 results and second quarter 2025 outlook. To participate on the call, please use the following numbers:
U.S. participants call toll free: 1-877-704-4453
International participants call: 1-201-389-0920

A replay will be available for seven days, starting two hours after the end of the call, on telephone number 1-844-512-2921 (US toll-free) or 1-412-317-6671. Access ID 13752770.

The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

Use of Non-GAAP Financial Information

and Key Performance Indicators

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense,
selling
and marketing expense, general and administrative expense, total operating expenses, operating income, financial income,
net,
income before taxes on income,
taxes on income,
net income and
diluted
earnings per share, which are adjustments from results based on GAAP to exclude
, as applicable,
stock-based compensation expenses, amortization of intangible assets, litigation costs,
acquisition costs,
restructuring costs,
exchange rate differences, net on balance sheet items included in financ
ial
income
, net,
and tax
–
related
adjustment
s
. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present
,
and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial
measure
is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses
,
and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal
rates and
does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a
key performance indicator
of the value of the recurring components of our business
.

Safe Harbor Statement

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan,
financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions
; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present
regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at

www.sec.gov

or may be obtained on Radware’s website at

www.radware.com

.

About Radware

Radware

^® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on Facebook, LinkedIn, Radware Blog, X, and YouTube.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

CONTACTS

Investor Relations:

Yisca Erez, +972-72-3917211, [email protected]

Media Contact:

Gerri Dyrek, [email protected]

Radware Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)

	March 31,	December 31,
	2025	2024
	(Unaudited)	(Unaudited)
Assets

Current assets
Cash and cash equivalents	114,239	98,714
Marketable securities	55,118	72,994
Short-term bank deposits	122,361	104,073
Trade receivables, net	25,036	16,823
Other receivables and prepaid expenses	9,627	14,242
Inventories	13,511	14,030
	339,892	320,876

Long-term investments
Marketable securities	31,229	29,523
Long-term bank deposits	124,968	114,354
Other assets	2,203	2,171
	158,400	146,048


Property and equipment, net	14,584	15,632
Intangible assets, net	10,758	11,750
Other long-term assets	36,492	37,906
Operating lease right-of-use assets	17,560	18,456
Goodwill	68,008	68,008
Total assets	645,694	618,676

Liabilities and equity

Current liabilities
Trade payables	3,646	5,581
Deferred revenues	119,329	106,303
Operating lease liabilities	4,642	4,750
Other payables and accrued expenses	55,678	51,836
	183,295	168,470

Long-term liabilities
Deferred revenues	69,505	64,708
Operating lease liabilities	12,497	13,519
Other long-term liabilities	14,319	14,904
	96,321	93,131

Equity
Radware Ltd. equity
Share capital	756	754
Additional paid-in capital	560,833	555,154
Accumulated other comprehensive income (loss)	(140)	1,103
Treasury stock, at cost	(366,588)	(366,588)
Retained earnings	130,194	125,850
Total Radware Ltd. shareholder’s equity	325,055	316,273

Non–controlling interest	41,023	40,802

Total equity	366,078	357,075

Total liabilities and equity	645,694	618,676

Radware Ltd.
Condensed Consolidated Statements of Income (Loss)
(U.S Dollars in thousands, except share and per share data)

	For the three months ended
	March 31,
	2025	2024
	(Unaudited)	(Unaudited)

Revenues	72,079	65,085
Cost of revenues	13,990	12,812
Gross profit	58,089	52,273

Operating expenses, net:
Research and development, net	18,776	18,896
Selling and marketing	31,281	29,701
General and administrative	6,463	7,339
Total operating expenses, net	56,520	55,936

Operating income (loss)	1,569	(3,663)
Financial income, net	4,875	3,608
Income (loss) before taxes on income	6,444	(55)
Taxes on income	2,100	1,167
Net income (loss)	4,344	(1,222)

Basic net income (loss) per share attributed to Radware Ltd.’s shareholders	0.10	(0.03)

Weighted average number of shares used to compute basic net income (loss) per share	42,663,787	41,750,203

Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders	0.10	(0.03)

Weighted average number of shares used to compute diluted net income (loss) per share	44,192,474	41,750,203

Radware Ltd.
Reconciliation of GAAP to Non-GAAP Financial Information
(U.S Dollars in thousands, except share and per share data)

	For the three months ended
	March 31,
	2025	2024
	(Unaudited)	(Unaudited)
GAAP gross profit	58,089	52,273
Share-based compensation	120	79
Amortization of intangible assets	992	992
Non-GAAP gross profit	59,201	53,344

GAAP research and development, net	18,776	18,896
Share-based compensation	1,223	1,722
Non-GAAP Research and development, net	17,553	17,174

GAAP selling and marketing	31,281	29,701
Share-based compensation	3,076	2,551
Non-GAAP selling and marketing	28,205	27,150

GAAP general and administrative	6,463	7,339
Share-based compensation	1,479	2,395
Acquisition costs	153	220
Non-GAAP general and administrative	4,831	4,724

GAAP total operating expenses, net	56,520	55,936
Share-based compensation	5,778	6,668
Acquisition costs	153	220
Non-GAAP total operating expenses, net	50,589	49,048

GAAP operating income (loss)	1,569	(3,663)
Share-based compensation	5,898	6,747
Amortization of intangible assets	992	992
Acquisition costs	153	220
Non-GAAP operating income	8,612	4,296

GAAP financial income, net	4,875	3,608
Exchange rate differences, net on balance sheet items included in financial income, net	492	153
Non-GAAP financial income, net	5,367	3,761

GAAP income (loss) before taxes on income	6,444	(55)
Share-based compensation	5,898	6,747
Amortization of intangible assets	992	992
Acquisition costs	153	220
Exchange rate differences, net on balance sheet items included in financial income, net	492	153
Non-GAAP income before taxes on income	13,979	8,057

GAAP taxes on income	2,100	1,167
Tax related adjustments	62	62
Non-GAAP taxes on income	2,162	1,229

GAAP net income (loss)	4,344	(1,222)
Share-based compensation	5,898	6,747
Amortization of intangible assets	992	992
Acquisition costs	153	220
Exchange rate differences, net on balance sheet items included in financial income, net	492	153
Tax related adjustments	(62)	(62)
Non-GAAP net income	11,817	6,828

GAAP diluted net income (loss) per share	0.10	(0.03)
Share-based compensation	0.14	0.16
Amortization of intangible assets	0.02	0.02
Acquisition costs	0.00	0.01
Exchange rate differences, net on balance sheet items included in financial income, net	0.01	0.00
Tax related adjustments	(0.00)	(0.00)
Non-GAAP diluted net earnings per share	0.27	0.16


Weighted average number of shares used to compute non-GAAP diluted net earnings per share	44,192,474	42,875,058

Radware Ltd.
Condensed Consolidated Statements of Cash Flow
(U.S. Dollars in thousands)

	For the three months ended
	March 31,
	2025	2024
	(Unaudited)	(Unaudited)
Cash flow from operating activities:

Net income (loss)	4,344	(1,222)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,152	2,943
Share-based compensation	5,898	6,747
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net	(161)	(73)
Decrease in accrued interest on bank deposits	(1,790)	(9)
Increase (decrease) in accrued severance pay, net	61	(58)
Increase in trade receivables, net	(8,213)	(219)
Decrease (increase) in other receivables and prepaid expenses and other long-term assets	(186)	605
Decrease in inventories	519	1,004
Increase (decrease) in trade payables	(1,935)	1,406
Increase in deferred revenues	17,823	8,894
Increase in other payables and accrued expenses	3,164	1,483
Operating lease liabilities, net	(234)	(379)
Net cash provided by operating activities	22,442	21,122

Cash flows from investing activities:

Purchase of property and equipment	(1,112)	(1,774)
Proceeds from (investment in) other long-term assets, net	109	(25)
Investment in bank deposits, net	(27,112)	(17,898)
Investment in, redemption of and purchase of marketable securities ,net	16,194	3,502
Proceeds from other deposits	5,000	–
Net cash used in investing activities	(6,921)	(16,195)

Cash flows from financing activities:

Proceeds from exercise of share options	4	–
Repurchase of shares	–	(839)
Net cash provided by (used in) financing activities	4	(839)

Increase in cash and cash equivalents	15,525	4,088
Cash and cash equivalents at the beginning of the period	98,714	70,538
Cash and cash equivalents at the end of the period	114,239	74,626

Radware Ltd.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
(U.S Dollars in thousands)

	For the three months ended
	March 31,
	2025	2024
	(Unaudited)	(Unaudited)
GAAP net income (loss)	4,344	(1,222)
Exclude: Financial income, net	(4,875)	(3,608)
Exclude: Depreciation and amortization expense	3,152	2,943
Exclude: Taxes on income	2,100	1,167
EBITDA	4,721	(720 )

Share-based compensation	5,898	6,747
Acquisition costs	153	220
Adjusted EBITDA	10,772	6,247


	For the three months ended
	March 31,
	2025	2024

Amortization of intangible assets	992	992
Depreciation	2,160	1,951
	3,152	2,943

May 7, 2025 6:03 am

Bunge Reports First Quarter 2025 Results

Bunge Reports First Quarter 2025 Results

ST. LOUIS–(BUSINESS WIRE)–Bunge Global SA (NYSE: BG) today reported first quarter 2025 results

Q1 GAAP diluted EPS of $1.48 vs. $1.68 in the prior year; $1.81 vs. $3.04 on an adjusted basis excluding certain gains/charges and mark-to-market timing differences
Solid performance in Agribusiness driven by Processing, though down from last year
Refined and Specialty Oils results reflected a more balanced supply and demand environment, particularly in the U.S.
In final stage of regulatory process for Viterra transaction
Further strengthened business alignment with our global value chains through agreements to divest regional corn milling and margarine businesses
Maintaining adjusted full-year EPS outlook of approximately $7.75

Overview

Greg Heckman, Bunge’s Chief Executive Officer, commented, “Our team delivered a better than expected start to 2025, staying nimble in a quickly evolving market environment while continuing to serve our customers at both ends of the value chain. We announced agreements to sell our European margarine and U.S. corn milling businesses as we further align our assets with our global integrated value chains. We are in the final stage of regulatory approval for our combination with Viterra and are prepared to close quickly once received.

“We benefited in the first quarter from tariff-related timing shifts in demand and farmer activity and remain confident in our ability to continue to execute despite the current market environment. Our resilient global footprint, disciplined approach, and focus on connecting farmers to consumers to deliver essential food, feed, and fuel position us well to create value for all stakeholders.”

Financial Highlights

	Three Months Ended March 31,
(US$ in millions, except per share data)	2025			2024
Net income attributable to Bunge	$	201		$	244
Net income per share-diluted	$	1.48		$	1.68

Mark-to-market timing differences ^(a)	$	0.08		$	0.94
Certain (gains) & charges^(b)	$	0.25		$	0.42
Adjusted Net income per share-diluted ^(c)	$	1.81		$	3.04

Segment EBIT ^{(c) (d)}	$	404		$	537
Mark-to-market timing differences ^(a)		2			182
Adjusted Segment EBIT ^(c)	$	406		$	719

Corporate and Other EBIT ^(c)(e)	$	(76	)	$	(104	)
Certain (gains) & charges ^(b)		32			61
Adjusted Corporate and Other EBIT ^(c)	$	(44	)	$	(43	)

Total EBIT ^(c)	$	328		$	433
Mark-to-market timing differences ^(a)		2			182
Certain (gains) & charges ^(b)		32			61
Adjusted Total EBIT ^(c)	$	362		$	676

(a)	Mark-to-market timing impact of certain commodity and freight contracts, readily marketable inventories (“RMI”), and related hedges associated with committed future operating capacity and sales. See note 3 in the Additional Financial Information section of this release for details.
(b)	Certain (gains) & charges included in Total EBIT and Net income attributable to Bunge. See Additional Financial Information for details.
(c)	Segment EBIT, Adjusted Segment EBIT, Corporate and Other EBIT, Adjusted Corporate and Other EBIT, Total EBIT, Adjusted Total EBIT, and Adjusted Net income per share-diluted are non-GAAP financial measures. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables attached to this press release and the accompanying slide presentation posted on Bunge’s website.
(d)	Segment earnings before interest and tax (“Segment EBIT”) comprises the aggregate earnings before interest and tax (“EBIT”) of Bunge’s Agribusiness, Refined and Specialty Oils and Milling reportable segments, and excludes Corporate and Other activities.
(e)	Corporate and Other includes salaries and overhead for corporate functions that are not allocated to the Company’s individual reporting segments, as well as certain other activities including Bunge Ventures, the Company’s captive insurance activities, and accounts receivable securitization activities. Corporate and Other also includes historical results of Bunge’s previously recognized Sugar & Bioenergy segment. See note 6 in the Additional Financial information section of this release for details

First Quarter Results

Reportable Segments

Agribusiness

	Three Months Ended
(US$ in millions)	Mar 31, 2025			Mar 31, 2024
Volumes (in thousand metric tons)		18,277			20,192

Net Sales	$	8,161		$	9,740

Gross Profit	$	303		$	454

Selling, general and administrative expense	$	(135	)	$	(155	)

Foreign exchange gains (losses) – net	$	29		$	(62	)

Other income (expense) – net	$	62		$	53

Income (loss) from affiliates	$	9		$	(15	)

Segment EBIT	$	270		$	278
Mark-to-market timing differences		(2	)		209
Certain (gains) & charges		—			—
Adjusted Segment EBIT	$	268		$	487

Processing ⁽²⁾

	Three Months Ended
(US$ in millions)	Mar 31, 2025			Mar 31, 2024
Processing EBIT	$	233		$	180
Mark-to-market timing differences		(26	)		231
Certain (gains) & charges		—			—
Adjusted Processing EBIT	$	207		$	411

Higher results in Brazil, Europe and Asia soy crush value chains were more than offset by lower results in North America, Argentina and European softseeds.

Merchandising ⁽²⁾

	Three Months Ended
(US$ in millions)	Mar 31, 2025		Mar 31, 2024
Merchandising EBIT	$	37	$	98
Mark-to-market timing differences		24		(22	)
Certain (gains) & charges		—		—
Adjusted Merchandising EBIT	$	61	$	76

Improved performance in global grains and our financial services business were more than offset by lower results in ocean freight.

Refined & Specialty Oils

	Three Months Ended
(US$ in millions)	Mar 31, 2025			Mar 31, 2024
Volumes (in thousand metric tons)		2,130			2,195

Net Sales	$	3,092		$	3,240

Gross Profit	$	237		$	359

Selling, general and administrative expense	$	(100	)	$	(100	)

Foreign exchange gains (losses) – net	$	(4	)	$	(11	)

EBIT attributable to noncontrolling interests	$	(3	)	$	(6	)

Other income (expense) – net	$	(10	)	$	(16	)

Segment EBIT	$	116		$	226
Mark-to-market timing differences		7			(22	)
Certain (gains) & charges		—			—
Adjusted Segment EBIT	$	123		$	204

Refined & Specialty Oils Summary

With the exception of Asia, results were down in all regions reflecting a more balanced global supply and demand environment driven in part by the uncertainty in U.S. biofuel policies.

Milling

	Three Months Ended
(US$ in millions)	Mar 31, 2025			Mar 31, 2024
Volumes (in thousand metric tons)		898			874

Net Sales	$	375		$	381

Gross Profit	$	44		$	60

Selling, general and administrative expense	$	(23	)	$	(25	)

Segment EBIT	$	18		$	33
Mark-to-market timing differences		(3	)		(5	)
Certain (gains) & charges		—			—
Adjusted Segment EBIT	$	15		$	28

Milling Summary

Slightly higher results in North America were more than offset by lower results in South America where milling margins were pressured by a more competitive pricing environment.

Corporate and Other⁽⁶⁾

	Three Months Ended
(US$ in millions)	Mar 31, 2025			Mar 31, 2024
Gross Profit	$	13		$	3

Selling, general and administrative expense	$	(122	)	$	(159	)

Foreign exchange gains (losses) – net	$	2		$	(5	)

Other income (expense) – net	$	31		$	33

Income (loss) from affiliates	$	—		$	23

Corporate and Other EBIT	$	(76	)	$	(104	)
Certain (gains) & charges		32			61
Adjusted Corporate and Other EBIT	$	(44	)	$	(43	)

Corporate

	Three Months Ended
(US$ in millions)	Mar 31, 2025			Mar 31, 2024
Corporate EBIT	$	(87	)	$	(140	)
Certain (gains) & charges		32			61
Adjusted Corporate EBIT	$	(55	)	$	(79	)

Other

	Three Months Ended
(US$ in millions)	Mar 31, 2025		Mar 31, 2024
Other EBIT	$	11	$	36
Certain (gains) & charges		—		—
Adjusted Other EBIT	$	11	$	36

Corporate and Other Summary

Corporate expenses were lower primarily due to performance-based compensation. Prior year Other results include $24 million from the sugar & bioenergy joint venture that we divested in the fourth quarter of last year.

Cash Flow

	Three Months Ended
	Mar 31, 2025			Mar 31, 2024
Cash provided by (used for) operating activities	$	(285	)	$	994
Certain reconciling items to Adjusted funds from operations ⁽⁴⁾		677			(480	)
Adjusted funds from operations ⁽⁴⁾	$	392		$	514

Cash used for operations in the three months ended March 31, 2025 was $285 million compared to cash provided of $994 million in the same period last year. The reduction of cash from operations was primarily driven by net changes in working capital. Adjusted funds from operations (FFO) was $392 million compared to $514 million in the prior year.⁽⁴⁾

Income Taxes

For the three months ended March 31, 2025, income tax expense was $80 million compared to $117 million in the prior year. The decrease was primarily due to lower pre-tax income in 2025 and unfavorable adjustments related to foreign currency fluctuations in South America in 2024.

Outlook⁽⁵⁾

Taking into account first quarter results, the current margin and macro environment and forward curves, we continue to forecast full-year 2025 adjusted EPS of approximately $7.75. This forecast excludes the impact of announced acquisitions and divestitures that are expected to close during the year.

In Agribusiness, full-year results are forecasted to be slightly lower than our previous outlook and down from last year primarily due to lower results in Processing.

In Refined and Specialty Oils, full-year results are expected to be similar to our previous outlook and down from the prior year primarily driven by a more balanced supply and demand environment in North America.

In Milling, full-year results are expected to be similar to our previous outlook and up from last year.

In Corporate and Other, full-year results are expected to be more favorable than our previous outlook and the prior year.

Additionally, the Company expects the following for 2025: an adjusted annual effective tax rate in the range of 21% to 25%; net interest expense in the range of $220 to $250 million, which is down from our previous expected range of $250 to $280 million; capital expenditures in the range of $1.5 to $1.7 billion; and depreciation and amortization of approximately $490 million.

Conference Call and Webcast Details

Bunge Global SA’s management will host a conference call at 8:00 a.m. Eastern (7:00 a.m. Central) on Wednesday, May 7, 2025 to discuss the Company’s results.

Additionally, a slide presentation to accompany the discussion of results will be posted on www.bunge.com.

To access the webcast, go to “Events & Presentations” under “News & Events” in the “Investor Center” section of the company’s website. Select “Q1 2025 Bunge Global SA Conference Call” and follow the prompts. Please go to the website at least 15 minutes prior to the call to register and download any necessary audio software.

To listen to the call, please dial 1-844-735-3666. If you are located outside the United States or Canada, dial 1-412-317-5706. Please dial in five to 10 minutes before the scheduled start time. The call will also be webcast live at www.bunge.com.

A replay of the call will be available later in the day on May 7, 2025, continuing through June 7, 2025. To listen to it, please dial 1-877-344-7529 in the United States, 1-855-669-9658 in Canada, or 1-412-317-0088 in other locations. When prompted, enter confirmation code 5982954.

About Bunge

At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to strengthen global food security, increase sustainability where we operate, and help communities prosper. As the world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to develop tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company has its registered office in Geneva, Switzerland and its corporate headquarters in St. Louis, Missouri. We have approximately 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.

Website Information

We routinely post important information for investors on our website, www.bunge.com, in the “Investors” section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, U.S. Securities and Exchange Commission (“SEC”) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Cautionary Statement Concerning Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward looking statements to encourage companies to provide prospective information to investors. This press release includes forward looking statements that reflect our current expectations and projections about our future results, performance, prospects and opportunities. Forward looking statements include all statements that are not historical in nature. We have tried to identify these forward looking statements by using words including “may,” “will,” “should,” “could,” “expect,” “anticipate,” “believe,” “plan,” “intend,” “estimate,” “continue” and similar expressions. These forward looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward looking statements. The following factors, among others, could cause actual results to differ from these forward looking statements:

the impact on our employees, operations, and facilities from the war in Ukraine and the resulting economic and other sanctions imposed on Russia, including the impact on us resulting from the continuation and/or escalation of the war and sanctions against Russia;
the effect of weather conditions and the impact of crop and animal disease on our business;
the impact of global and regional economic, agricultural, financial and commodities market, political, social and health conditions;
changes in government policies and laws affecting our business, including agricultural and trade (including tariff) policies, financial markets regulation and environmental, tax and biofuels regulation;
the impact of seasonality;
the impact of government policies and regulations;
the outcome of pending regulatory and legal proceedings;
our ability to complete, integrate and benefit from acquisitions, divestitures, joint ventures and strategic alliances, including without limitation Bunge’s pending business combination with Viterra Limited (“Viterra”);
the impact of industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products that we sell and use in our business, fluctuations in energy and freight costs and competitive developments in our industries;
the effectiveness of our capital allocation plans, funding needs and financing sources;
the effectiveness of our risk management strategies;
operational risks, including industrial accidents, natural disasters, pandemics or epidemics, wars and cybersecurity incidents;
changes in foreign exchange policy or rates;
the impact of our dependence on third parties;
our ability to attract and retain executive management and key personnel; and
other factors affecting our business generally.

The forward looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward looking statements to reflect subsequent events or circumstances.

You should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025.

Additional Financial Information

Certain gains and (charges), quarter-to-date

The following table provides a summary of certain gains and (charges) that may be of interest to investors, including a description of these items and their effect on Net income (loss) attributable to Bunge, Earnings per share diluted and EBIT for the three month periods ended March 31, 2025 and 2024.

(US$ in millions, except per share data)	Net Income (Loss) Attributable to Bunge						Earnings Per Share Diluted						EBIT
Three Months Ended March 31,	2025			2024			2025			2024			2025			2024

Reportable Segments:	$	—		$	—		$	—		$	—		$	—		$	—
Agribusiness	$	—		$	—		$	—		$	—		$	—		$	—

Refined and Specialty Oils	$	—		$	—		$	—		$	—		$	—		$	—

Milling	$	—		$	—		$	—		$	—		$	—		$	—

Corporate and Other:	$	(33	)	$	(61	)	$	(0.25	)	$	(0.42	)	$	(32	)	$	(61	)
Acquisition and integration costs		(33	)		(61	)		(0.25	)		(0.42	)		(32	)		(61	)

Total	$	(33	)	$	(61	)	$	(0.25	)	$	(0.42	)	$	(32	)	$	(61	)

See Definition and Reconciliation of Non-GAAP Measures.

Corporate and Other

The following is a summary of acquisition and integration costs related to the announced business combination agreement with Viterra recorded in the Company’s Condensed Consolidated Statements of Income (Loss).

	Three Months Ended
(US$ in millions)	Mar 31, 2025			Mar 31, 2024
Selling, general and administrative expenses	$	(32	)	$	(61	)
Interest expense		(4	)		(4	)
Income tax (expense) benefit		3			4
Net income (loss)	$	(33	)	$	(61	)

Condensed Consolidated Earnings Data (Unaudited)

	Three Months Ended March 31,
(US$ in millions, except per share data)	2025			2024
Net sales	$	11,643		$	13,417
Cost of goods sold		(11,046	)		(12,541	)
Gross profit		597			876
Selling, general and administrative expenses		(380	)		(439	)
Foreign exchange gains (losses) – net		25			(78	)
Other income (expense) – net		82			68
Income (loss) from affiliates		5			8
EBIT attributable to noncontrolling interest ^{(a) (1)}		(1	)		(2	)
Total EBIT		328			433
Interest income		59			42
Interest expense		(104	)		(108	)
Income tax (expense) benefit		(80	)		(117	)
Noncontrolling interest share of interest and tax ^{(a) (1)}		(2	)		(6	)
Net income (loss) attributable to Bunge ⁽¹⁾	$	201		$	244

Net income (loss) attributable to Bunge shareholders – diluted	$	1.48		$	1.68
Weighted–average shares outstanding – diluted		135			145

(a) The line items “EBIT attributable to noncontrolling interest” and “Noncontrolling interest share of interest and tax” when combined, represent consolidated Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests on a U.S. GAAP basis of presentation.

Condensed Consolidated Balance Sheets (Unaudited)

	March 31,		December 31,
(US$ in millions)	2025		2024
Assets
Cash and cash equivalents	$	3,245	$	3,311
Trade accounts receivable, net		2,334		2,148
Inventories ^(a)		7,817		6,491
Assets held for sale		177		8
Other current assets		3,800		4,000
Total current assets		17,373		15,958
Property, plant and equipment, net		5,511		5,254
Operating lease assets		996		932
Goodwill and other intangible assets, net		782		774
Investments in affiliates		800		779
Other non-current assets		1,198		1,202
Total assets	$	26,660	$	24,899

Liabilities and Equity
Short-term debt	$	1,328	$	875
Current portion of long-term debt		675		669
Trade accounts payable		3,831		2,777
Current operating lease obligations		285		286
Liabilities held for sale		72		10
Other current liabilities		2,344		2,818
Total current liabilities		8,535		7,435
Long-term debt		4,714		4,694
Non-current operating lease obligations		659		595
Other non-current liabilities		1,159		1,226
Total liabilities		15,067		13,950
Redeemable noncontrolling interest		49		4
Total equity		11,544		10,945
Total liabilities, redeemable noncontrolling interest and equity	$	26,660	$	24,899

(a) Includes RMI of $6,499 million and $5,224 million at March 31, 2025 and December 31, 2024, respectively.

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
(US$ in millions)	2025			2024
Operating Activities
Net income (loss) ⁽¹⁾	$	204		$	252
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:
Foreign exchange (gain) loss on net debt		(84	)		(2	)
Depreciation, depletion and amortization		120			112
Share-based compensation expense		19			17
Deferred income tax expense (benefit)		22			(10	)
Results from affiliates		(5	)		(8	)
Other, net		25			23
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Trade accounts receivable		(136	)		284
Inventories		(1,245	)		(484	)
Secured advances to suppliers		(39	)		34
Trade accounts payable and accrued liabilities		898			774
Advances on sales		(140	)		(30	)
Net unrealized (gain) loss on derivative contracts		27			249
Margin deposits		21			(227	)
Recoverable and income taxes, net		77			(11	)
Marketable securities		(35	)		(6	)
Other, net		(14	)		27
Cash provided by (used for) operating activities		(285	)		994
Investing Activities
Payments made for capital expenditures		(310	)		(236	)
Proceeds from investments		339			239
Payments for investments		(455	)		(351	)
Settlement of net investment hedges		4			(9	)
Proceeds from sale of investments in affiliates		100			—
Payments for investments in affiliates		(25	)		(16	)
Other, net		67			(23	)
Cash provided by (used for) investing activities		(280	)		(396	)
Financing Activities
Net borrowings (repayments) of short-term debt		453			224
Net proceeds (repayments) of long-term debt		(55	)		14
Repurchases of registered or common shares		—			(400	)
Dividends paid to registered or common shareholders		(91	)		(95	)
Contributions from (Return of capital to) noncontrolling interest		7			15
Sale of redeemable noncontrolling interest		206			—
Acquisition of noncontrolling interest		(18	)		—
Other, net		(12	)		(17	)
Cash provided by (used for) financing activities		490			(259	)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash		(4	)		(9	)
Net increase (decrease) in cash and cash equivalents, and restricted cash		(79	)		330
Cash and cash equivalents, and restricted cash – beginning of period		3,328			2,623
Cash and cash equivalents, and restricted cash – end of period	$	3,249		$	2,953

Definition and Reconciliation of Non-GAAP Measures

This earnings release contains certain “non-GAAP financial measures” as defined in Regulation G of the Securities Exchange Act of 1934. Bunge has reconciled these non-GAAP financial measures to the most directly comparable U.S. GAAP measures below. These measures may not be comparable to similarly titled measures used by other companies.

Total EBIT and Adjusted Total EBIT

Bunge uses earnings before interest and tax (“EBIT”) to evaluate the operating performance of its individual reportable segments as well as Corporate and Other results. Total EBIT excludes EBIT attributable to noncontrolling interests. Bunge also uses Segment EBIT, Corporate and Other EBIT and Total EBIT to evaluate the operating performance of Bunge’s reportable segments and Total reportable segments together with Corporate and Other activities. Segment EBIT is the aggregate of the earnings before interest and taxes of each of Bunge’s Agribusiness, Refined and Specialty Oils, and Milling segments. Total EBIT is the aggregate of the earnings before interest and taxes of Bunge’s reportable segments, together with its Corporate and Other activities.

Adjusted Segment EBIT, Adjusted Corporate and Other EBIT and Adjusted Total EBIT, are calculated by excluding temporary mark-to-market timing differences, as defined in note 3 below, and certain gains and (charges), as described in “Additional Financial Information” above, from Segment EBIT, Corporate and Other EBIT, and Total EBIT, respectively.

Segment EBIT, Corporate and Other EBIT, Total EBIT, Adjusted Segment EBIT, Adjusted Corporate and Other EBIT, and Adjusted Total EBIT are non-GAAP financial measures and are not intended to replace Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. Bunge’s management believes these non-GAAP measures are a useful measure of its operating profitability, since the measures allow for an evaluation of performance without regard to financing methods or capital structure. For this reason, operating performance measures such as these non-GAAP measures are widely used by analysts and investors in Bunge’s industries. These non-GAAP measures are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss) or any other measure of consolidated operating results under U.S. GAAP.

Net Income (loss) attributable to Bunge to Adjusted Net Income (loss) attributable to Bunge

Adjusted Net Income (loss) excludes temporary mark-to-market timing differences, as defined in note 3 below, and certain gains and (charges), as described in “Additional Financial Information” above, and is a non-GAAP financial measure. This measure is not a measure of Net income (loss) attributable to Bunge, the most directly comparable U.S. GAAP financial measure. It should not be considered as an alternative to Net Income (loss) attributable to Bunge, Net Income (loss), or any other measure of consolidated operating results under U.S. GAAP. Bunge’s management believes Adjusted Net income (loss) is a useful measure of the Company’s profitability.

We also have presented projected Adjusted Net income per share for 2025. This information is provided only on a non-GAAP basis without reconciliation to projected Net Income per share for 2025, the most directly comparable U.S. GAAP measure. The most directly comparable GAAP measure has not been provided due to the inability to quantify certain amounts necessary for such reconciliation, including but not limited to potentially significant future market price movements over the remainder of the year.

Below is a reconciliation of Net income (loss) attributable to Bunge, to Total EBIT, and Adjusted Total EBIT:

	Three Months Ended March 31,
(US$ in millions)	2025			2024
Net income (loss) attributable to Bunge	$	201		$	244
Interest income		(59	)		(42	)
Interest expense		104			108
Income tax expense (benefit)		80			117
Noncontrolling interest share of interest and tax		2			6
Total EBIT	$	328		$	433

Agribusiness EBIT	$	270		$	278
Refined and Specialty Oils EBIT		116			226
Milling EBIT		18			33
Segment EBIT	$	404		$	537

Corporate and Other EBIT⁽⁶⁾	$	(76	)	$	(104	)

Total EBIT	$	328		$	433
Mark-to-market timing difference		2			182
Certain (gains) & charges		32			61
Adjusted Total EBIT	$	362		$	676

Below is a reconciliation of Net income (loss) attributable to Bunge, to Adjusted Net income (loss) attributable to Bunge:

	Three Months Ended March 31,
(US$ in millions, except per share data)	2025		2024
Net income (loss) attributable to Bunge	$	201	$	244
Adjustment for Mark-to-market timing difference		10		136
Adjusted for Certain (gains) and charges:
Acquisition and integration costs		33		61
Adjusted Net income (loss) attributable to Bunge	$	244	$	441
Weighted-average shares outstanding – diluted ^(a)		135		145
Adjusted Net income (loss) per share – diluted	$	1.81	$	3.04

(a) There were less than 1 million anti-dilutive contingently issuable restricted stock units excluded from the weighted-average number of shares outstanding for each of the three months ended March 31, 2025 and 2024.

Adjusted Funds From Operations

Adjusted FFO is calculated by excluding from Cash provided by (used for) operating activities, foreign exchange gain (loss) on net debt, working capital changes, net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests, and mark-to-market timing differences after tax. Adjusted FFO is a non-GAAP financial measure and is not intended to replace Cash provided by (used for) operating activities, the most directly comparable U.S. GAAP financial measure. Bunge’s management believes the presentation of this measure allows investors to view its cash generating performance using the same measure that management uses in evaluating financial and business performance and trends without regard to foreign exchange gains and losses, working capital changes and mark-to-market timing differences. This non-GAAP measure is not a measure of consolidated cash flow under U.S. GAAP and should not be considered as an alternative to Cash provided by (used for) operating activities, Net increase (decrease) in cash and cash equivalents, and restricted cash, or any other measure of consolidated cash flow under U.S. GAAP.

Notes

(1)	A reconciliation of Net income (loss) attributable to Bunge, to Net income (loss) is as follows:

	Three months ended March 31,
(US$ in millions)	2025		2024
Net income (loss) attributable to Bunge	$	201	$	244
EBIT attributable to noncontrolling interest		1		2
Noncontrolling interest share of interest and tax		2		6
Net income (loss)	$	204	$	252

(2)	The Processing business included in our Agribusiness segment consists of: global oilseed processing activities, which principally include the origination and crushing of oilseeds (including soybeans, canola, rapeseed and sunflower seed) into protein meals and vegetable oils; the distribution of oilseeds, oilseed products and fertilizer products through our port terminals and transportation assets (including trucks, railcars, barges and ocean vessels); fertilizer production; and biodiesel production, which is partially conducted through joint ventures.
	The Merchandising business included in our Agribusiness segment primarily consists of: global grain origination activities, which principally include the purchasing, cleaning, drying, storing and handling of corn, wheat and barley at our network of grain elevators; global trading and distribution of grains and oils; logistical services for the distribution of these commodities to our customer markets through our port terminals and transportation assets (including trucks, railcars, barges and ocean vessels); and financial services and activities for customers from whom we purchase commodities, and other third parties.
(3)	Mark-to-market timing difference comprises the estimated net temporary impact resulting from unrealized period-end gains/losses associated with the fair valuation of certain forward contracts, RMI, and related futures contracts associated with our committed future operating capacity and sales. The impact of these mark-to-market timing differences, which is expected to reverse over time due to the forward contracts, RMI, and related futures contracts being part of an economically-hedged position, is not representative of the operating performance of our business.
(4)	A reconciliation of Cash provided by (used for) operating activities to Adjusted funds from operations (FFO) is as follows:

	Three months ended March 31,
(US$ in millions)	2025			2024
Cash provided by (used for) operating activities	$	(285	)	$	994
Foreign exchange gain (loss) on net debt		84			2
Working capital changes		586			(610	)
Net (income) loss attributable to noncontrolling interests and redeemable noncontrolling interests		(3	)		(8	)
Mark-to-Market timing difference, after tax		10			136
Adjusted FFO	$	392		$	514

(5)

We have not presented a comparable U.S. GAAP financial measure for any full-year 2025 outlook financial measures presented on an adjusted, non-GAAP basis because the information necessary for such presentation is unavailable at this time. The information necessary to prepare the comparable U.S. GAAP presentation could result in significant differences from the non-GAAP financial measures presented in this release. Please see “Definition and Reconciliation of Non-GAAP Measures” for more information.

(6)

Effective January 1, 2025, Bunge’s Sugar & Bioenergy segment reporting activity has been reclassified to Corporate and Other. Historically, the Sugar and Bioenergy segment was primarily comprised of our previously owned 50% interest in the BP Bunge Bioenergia joint venture, divested in the fourth quarter of 2024. Following the divestment, Bunge will no longer separately present a Sugar & Bioenergy segment as remaining activity is insignificant, nor separately present segment results between Core segment and Non-core segment. Corresponding prior period amounts have been restated to conform to current period presentation. This change has no impact on previously-reported condensed consolidated earnings data, condensed consolidated balance sheets, or condensed consolidated statements of cash flows.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507690693/en/

Investor Contact:

Ruth Ann Wisener

Bunge Global SA

636-292-3014

[email protected]

Media Contact:

Bunge News Bureau

Bunge Global SA

636-292-3022

[email protected]

KEYWORDS: United States North America Missouri

INDUSTRY KEYWORDS: Retail Agriculture Natural Resources Food/Beverage

MEDIA:

May 7, 2025 6:03 am

The GEO Group Reports First Quarter 2025 Results

The GEO Group Reports First Quarter 2025 Results

BOCA RATON, Fla.–(BUSINESS WIRE)–The GEO Group, Inc. (NYSE: GEO) (“GEO”), a leading provider of contracted support services for secure facilities, processing centers, and reentry centers, as well as enhanced in-custody rehabilitation, post-release support, and electronic monitoring programs, reported today its financial results for the first quarter of 2025.

First Quarter 2025 Highlights

Total revenues of $604.6 million
Net Income of $19.6 million
Net Income Attributable to GEO of $0.14 per diluted share
Adjusted EBITDA of $99.8 million

For the first quarter 2025, we reported net income attributable to GEO of $19.6 million, or $0.14 per diluted share, compared to net income attributable to GEO of $22.7 million, or $0.14 per diluted share, for the first quarter 2024. We reported total revenues for the first quarter 2025 of $604.6 million compared to $605.7 million for the first quarter 2024. We reported first quarter 2025 Adjusted EBITDA of $99.8 million, compared to $117.6 million for the first quarter 2024.

Our first quarter of 2025 results reflect an increase of approximately $5 million in general and administrative expenses compared to the first quarter of 2024, which was partly the result of the previously announced reorganization of our management team in anticipation of future growth projects and related operational activity during 2025. Compared to the fourth quarter of 2024, our first quarter 2025 results also reflect approximately $6 million in higher payroll taxes, which are front loaded in the first quarter of each year.

George C. Zoley, Executive Chairman of GEO, said, “We are pleased with the progress we have made towards meeting our growth and capital allocation objectives. During the first quarter of 2025, we announced two important contract awards for the reactivation of two company-owned facilities totaling 2,800 beds and representing in excess of $130 million in annualized revenues. We believe we have an unprecedented opportunity to assist the federal government in meeting its expanded immigration enforcement priorities. We have taken several important steps to be prepared to meet that opportunity, including making a significant investment commitment of $70 million to strengthen our capabilities to deliver expanded detention capacity, secure transportation, and electronic monitoring services to ICE and the federal government. We also recently completed a reorganization of our senior management team to oversee the operational execution of this expected future growth activity.”

“As a result of these steps, our financial guidance for 2025 reflects a tale of two halves of the year. The first half of the year is expected to be impacted by higher overhead and operating expenses as well as increased capital expenditures to position our company for future growth, which is expected to begin to layer in during the second half of 2025 and normalize in 2026. We also remain focused on reducing our net debt, deleveraging our balance sheet, and positioning our company to explore opportunities to return capital to shareholders in the future. In 2025, we expect to reduce our total net debt by approximately $150 million to $175 million, bringing our total net debt to approximately $1.54 billion,” Zoley added.

Financial Guidance

Today, we updated our initial financial guidance for 2025. Consistent with our long-standing practice, our updated guidance does not include the impact of any new contract awards that have not been previously announced.

The first half of 2025 reflects higher overhead and operating expenses as well as higher capital expenditures to position our company for anticipated future revenue growth without corresponding revenues, with growth beginning to layer in during the second half of 2025.

For the full year 2025, we expect Net Income Attributable to GEO to be in a range of $0.77 to $0.89 per diluted share, on revenues of approximately $2.53 billion and based on an effective tax rate of approximately 27 percent, inclusive of known discrete items. We expect our full year 2025 Adjusted EBITDA to be between $465 million and $490 million.

For the second quarter of 2025, we expect Net Income Attributable to GEO to be in a range of $0.15 to $0.17 per diluted share, on quarterly revenues of $615 million to $625 million. We expect our second quarter 2025 Adjusted EBITDA to be between $110 million and $114 million.

While our guidance does not include an assumption for new contract awards that have not been previously announced, we anticipate several opportunities to materialize during the year with additional contracts awards expected to be announced during the second quarter of 2025. As we progress through the year and these growth opportunities materialize, we will continue to adjust our financial guidance accordingly.

We expect total Capital Expenditures for the full year 2025 to be between $120 million and $135 million, including the impact of the $70 million investment we announced in December of 2024 to strengthen our capabilities to deliver expanded detention capacity, secure transportation, and electronic monitoring services to ICE and the federal government.

Recent Developments

On February 27, 2025, we announced a 15-year contract with ICE to provide support services for the establishment of a federal immigration processing center at the company-owned, 1,000-bed Delaney Hall Facility in Newark, New Jersey. GEO’s support services include the exclusive use of the Delaney Hall Facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel. The new support services contract is expected to generate in excess of $60 million in annualized revenues for GEO in the first full year of operations, with margins consistent with GEO’s company-owned Secure Services facilities.

On March 10, 2025, we announced a contract modification of the current intergovernmental service agreement for the GEO-owned, 1,328-bed Karnes ICE Processing Center in Karnes City, Texas to transition the Karnes ICE Processing Center from housing single adults to housing mixed populations. Subsequently, ICE decided to continue to house single adults at the Karnes ICE Processing Center based on an assessment of the agency’s current needs.

On March 20, 2025, we announced a contract with ICE for the immediate activation of a federal immigration processing center at the GEO-owned, 1,800-bed North Lake Facility in Baldwin, Michigan. GEO and ICE expect to finalize a multi-year contract for GEO to provide support services for ICE at the North Lake Facility that would be expected to generate in excess of $70 million in annualized revenues in the first full year of operations, with margins consistent with GEO’s company-owned Secure Services facilities. GEO’s support services are expected to include the exclusive use of the North Lake Facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.

Balance Sheet

At the end of the first quarter of 2025, our net debt totaled approximately $1.68 billion, and our net leverage was approximately 3.78 times Adjusted EBITDA. We ended the first quarter of 2025 with approximately $65 million in cash and cash equivalents and approximately $235 million in total available liquidity.

Conference Call Information

We have scheduled a conference call and webcast for today at 11:00 AM (Eastern Time) to discuss our first quarter 2025 financial results as well as our outlook. The call-in number for the U.S. is 1-877-250-1553 and the international call-in number is 1-412-542-4145. In addition, a live audio webcast of the conference call may be accessed on the Webcasts section under the News, Events and Reports tab of GEO’s investor relations webpage at investors.geogroup.com. A replay of the webcast will be available on the website for one year. A telephonic replay of the conference call will be available through May 14, 2025, at 1-877-344-7529 (U.S.) and 1-412-317-0088 (International). The participant passcode for the telephonic replay is 7721870.

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Reconciliation Tables and Supplemental Information

GEO has made available Supplemental Information which contains reconciliation tables of Net Income Attributable to GEO to Adjusted Net Income, and Net Income to EBITDA and Adjusted EBITDA, along with supplemental financial and operational information on GEO’s business and other important operating metrics. The reconciliation tables are also presented herein. Please see the section below titled “Note to Reconciliation Tables and Supplemental Disclosure – Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines these supplemental Non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures. GEO’s Reconciliation Tables can be found herein and in GEO’s Supplemental Information available on GEO’s investor webpage at investors.geogroup.com.

Note to Reconciliation Tables and Supplemental Disclosure –

Important Information on GEO’s Non-GAAP Financial Measures

Adjusted Net Income, EBITDA, and Adjusted EBITDA are non-GAAP financial measures that are presented as supplemental disclosures. GEO has presented herein certain forward-looking statements about GEO’s future financial performance that include non-GAAP financial measures, including Net Debt, Net Leverage, and Adjusted EBITDA. The determination of the amounts that are included or excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period.

While we have provided a high level reconciliation for the guidance ranges for full year 2025, we are unable to present a more detailed quantitative reconciliation of the forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures. The quantitative reconciliation of the forward-looking non-GAAP financial measures will be provided for completed annual and quarterly periods, as applicable, calculated in a consistent manner with the quantitative reconciliation of non-GAAP financial measures previously reported for completed annual and quarterly periods.

Net Debt is defined as gross principal debt less cash from restricted subsidiaries. Net Leverage is defined as Net Debt divided by Adjusted EBITDA.

EBITDA is defined as net income adjusted by adding provisions for income tax, interest expense, net of interest income, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, start-up expenses, pre-tax, transaction fees, pre-tax, ATM equity program expenses, pre-tax, close-out expenses, pre-tax, other non-cash revenue and expenses, pre-tax, and certain other adjustments as defined from time to time.

Given the nature of our business as a real estate owner and operator, we believe that EBITDA and Adjusted EBITDA are helpful to investors as measures of our operational performance because they provide an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures, and to fund other cash needs or reinvest cash into our business.

We believe that by removing the impact of our asset base (primarily depreciation and amortization) and excluding certain non-cash charges, amounts spent on interest and taxes, and certain other charges that are highly variable from year to year, EBITDA and Adjusted EBITDA provide our investors with performance measures that reflect the impact to operations from trends in occupancy rates, per diem rates and operating costs, providing a perspective not immediately apparent from net income.

The adjustments we make to derive the non-GAAP measures of EBITDA and Adjusted EBITDA exclude items which may cause short-term fluctuations in income from continuing operations and which we do not consider to be the fundamental attributes or primary drivers of our business plan and they do not affect our overall long-term operating performance.

EBITDA and Adjusted EBITDA provide disclosure on the same basis as that used by our management and provide consistency in our financial reporting, facilitate internal and external comparisons of our historical operating performance and our business units and provide continuity to investors for comparability purposes.

Adjusted Net Income is defined as net income attributable to GEO adjusted for certain items which by their nature are not comparable from period to period or that tend to obscure GEO’s actual operating performance, including for the periods presented loss on the extinguishment of debt, pre-tax, start-up expenses, pre-tax, transaction fees, pre-tax, ATM equity program expenses, pre-tax, close-out expenses, pre-tax, and tax effect of adjustments to net income attributable to GEO.

Safe-Harbor Statement

This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially and adversely affect actual results, including statements regarding GEO’s financial guidance for second quarter and the full year of 2025, statements regarding GEO’s focus on reducing net debt, deleveraging its balance sheet, positioning itself to explore options to return capital to shareholders in the future, making investments to strengthen GEO’s capabilities and deliver expanded detention capacity, secure transportation, and electronic monitoring services, pursuing unprecedented future growth opportunities and significant operational activity, and the upside this could have on GEO’s future financial results and financial guidance, and GEO’s ability to scale up the delivery of diversified services to support the future needs of its government agency partners. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” or “continue” or the negative of such words and similar expressions. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to meet its financial guidance for second quarter and full year 2025 given the various risks to which its business is exposed; (2) GEO’s ability to deleverage and repay, refinance or otherwise address its debt maturities in an amount and on terms commercially acceptable to GEO, and on the timeline it expects or at all; (3) GEO’s ability to identify and successfully complete any potential sales of company-owned assets and businesses or potential acquisitions of assets or businesses on commercially advantageous terms on a timely basis, or at all; (4) changes in federal and state government policy, orders, directives, legislation and regulations that affect public-private partnerships with respect to secure, correctional and detention facilities, processing centers and reentry centers; (5) changes in federal immigration policy; (6) public and political opposition to the use of public-private partnerships with respect to secure correctional and detention facilities, processing centers and reentry centers; (7) any continuing impact of the COVID-19 global pandemic on GEO and GEO’s ability to mitigate the risks associated with COVID-19; (8) GEO’s ability to sustain or improve company-wide occupancy rates at its facilities; (9) fluctuations in GEO’s operating results, including as a result of contract activations, contract terminations, contract renegotiations, changes in occupancy levels and increases in GEO’s operating costs; (10) general economic and market conditions, including changes to governmental budgets and its impact on new contract terms, contract renewals, renegotiations, per diem rates, fixed payment provisions, and occupancy levels; (11) GEO’s ability to address inflationary pressures related to labor related expenses and other operating costs; (12) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (13) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (14) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (15) GEO’s ability to successfully pursue growth opportunities and continue to create shareholder value; (16) GEO’s ability to obtain financing or access the capital markets in the future on acceptable terms or at all; and (17) other factors contained in GEO’s Securities and Exchange Commission periodic filings, including its Form 10-K, 10-Q and 8-K reports, many of which are difficult to predict and outside of GEO’s control.

First quarter 2025 financial tables to follow:

Condensed Consolidated Balance Sheets* (Unaudited)

		As of		As of
		March 31, 2025		December 31, 2024
		(unaudited)		(unaudited)
ASSETS

Cash and cash equivalents	$	64,822	$	76,896
Restricted cash and cash equivalents		3,657		2,785
Accounts receivable, less allowance for doubtful accounts		384,227		376,013
Prepaid expenses and other current assets		50,660		44,485
Total current assets	$	503,366	$	500,179

Restricted Cash and Investments		148,772		145,366
Property and Equipment, Net		1,900,525		1,899,690
Operating Lease Right-of-Use Assets, Net		90,476		95,327
Deferred Income Tax Assets		9,522		9,522
Intangible Assets, Net (including goodwill)		880,269		882,577
Other Non-Current Assets		99,535		99,419

Total Assets	$	3,632,465	$	3,632,080

LIABILITIES AND SHAREHOLDERS’ EQUITY

Accounts payable	$	65,047	$	67,464
Accrued payroll and related taxes		85,731		68,044
Accrued expenses and other current liabilities		188,000		177,768
Operating lease liabilities, current portion		24,374		25,335
Current portion of finance lease obligations, and long-term debt		25,622		1,612
Total current liabilities	$	388,774	$	340,223

Deferred Income Tax Liabilities		78,198		78,198
Other Non-Current Liabilities		96,330		95,410
Operating Lease Liabilities		69,522		73,638
Long-Term Debt		1,658,093		1,711,197
Total Shareholders’ Equity		1,341,548		1,333,414

Total Liabilities and Shareholders’ Equity	$	3,632,465	$	3,632,080

* All figures in ‘000s

Condensed Consolidated Statements of Operations* (Unaudited)

			Q1 2025			Q1 2024
			(unaudited)			(unaudited)

	Revenues	$	604,647		$	605,672
	Operating expenses		453,778			441,675
	Depreciation and amortization		32,136			31,365
	General and administrative expenses		57,749			53,070


Operating income			60,984			79,562

	Interest income		1,997			2,474
	Interest expense		(42,441	)		(51,295	)
	Loss on extinguishment of debt		–			(39	)

Income before income taxes and equity in earnings of affiliates			20,540			30,702

	Provision for income taxes		1,826			8,071
	Equity in earnings of affiliates, net of income tax provision		828			28
Net income			19,542			22,659

	Less: Net loss attributable to noncontrolling interests		16			9

Net income attributable to The GEO Group, Inc.		$	19,558		$	22,668


Weighted Average Common Shares Outstanding:
	Basic		137,143			122,497
	Diluted		140,915			130,987

Net income per Common Share Attributable to The GEO Group, Inc. :**

	Basic:
	Net income per share — basic	$	0.14		$	0.15

	Diluted:
	Net income per share — diluted	$	0.14		$	0.14

	* All figures in ‘000s, except per share data
	** In accordance with U.S. GAAP, diluted earnings per share attributable to GEO available to common stockholders is calculated under the if-converted method or the two-class method, whichever calculation results in the lowest diluted earnings per share amount.

Reconciliation of Net Income to EBITDA and Adjusted EBITDA, and Net Income Attributable to GEO to Adjusted Net Income* (Unaudited)

				Q1 2025			Q1 2024
				(unaudited)			(unaudited)
Net Income			$	19,542		$	22,659

	Add:
		Income tax provision **		2,056			8,199
		Interest expense, net of interest income ***		40,444			48,860
		Depreciation and amortization		32,136			31,365
EBITDA			$	94,178		$	111,083

	Add (Subtract):
		Net loss attributable to noncontrolling interests		16			9
		Stock based compensation expenses, pre-tax		6,488			5,656
		Start-up expenses, pre-tax		–			492
		Transaction fees, pre-tax		55			–
		ATM equity program expenses, pre tax		–			264
		Close-out expenses, pre-tax		–			488
		Other non-cash revenue & expenses, pre-tax		(972	)		(349	)
Adjusted EBITDA			$	99,765		$	117,643


Net Income attributable to GEO			$	19,558		$	22,668

	Add (Subtract):
		Loss on extinguishment of debt, pre-tax		–			39
		Start-up expenses, pre-tax		–			492
		Transaction fees, pre-tax		55			–
		ATM equity program expenses, pre tax		–			264
		Close-out expenses, pre-tax		–			488
		Tax effect of adjustment to net income attributable to GEO⁽¹⁾		(14	)		(323	)

Adjusted Net Income			$	19,599		$	23,628

		Weighted average common shares outstanding – Diluted		140,915			130,987

Adjusted Net Income per Diluted share				0.14			0.18

	* All figures in ‘000s.
	** Includes income tax provision on equity in earnings of affiliates.
	*** Includes loss on extinguishment of debt.
	(1) Tax adjustment related to loss on extinguishment of debt, start-up expenses, transaction fees, ATM equity program expenses, and close-out expenses.

2025 Outlook/Reconciliation (In thousands, except per share data) (Unaudited)

		FY 2025
	Net Income Attributable to GEO	$	108,000		to	$	125,000
	Net Interest Expense		161,000				162,500
	Income Taxes (including income tax provision on equity in earnings of affiliates)		41,000				47,000
	Depreciation and Amortization		136,000				136,500
	Non-Cash Stock Based Compensation		23,000				23,000
	Other Non-Cash		(4,000	)			(4,000	)
	Adjusted EBITDA	$	465,000		to	$	490,000

	Net Income Attributable to GEO Per Diluted Share	$	0.77		to	$	0.89
	Weighted Average Common Shares Outstanding-Diluted		141,000		to		141,000



	CAPEX
	Growth		30,000		to		35,000
	Technology		40,000				45,000
	Facility Maintenance		50,000				55,000
	Capital Expenditures		120,000		to		135,000

	Total Debt, Net	$	1,600,000			$	1,525,000
	Total Leverage, Net		3.4				3.2

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506965733/en/

Pablo E. Paez, (866) 301 4436

Executive Vice President, Corporate Relations

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Public Policy/Government Law Enforcement/Emergency Services Public Safety Defense Construction & Property REIT Other Defense

MEDIA:

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May 7, 2025 6:03 am

LivaNova Reports First-Quarter 2025 Results; Updates 2025 Guidance

LivaNova Reports First-Quarter 2025 Results; Updates 2025 Guidance

Delivered high-single-digit revenue growth, double-digit organic revenue growth, and continued operating margin expansion
Raised full-year 2025 revenue guidance; updated full-year 2025 guidance now incorporates impact of SNIA decision and currently applicable tariffs
Completed premarket approval submission for the aura6000™ System intended to treat obstructive sleep apnea
Announced 12-month, top-line OSPREY data demonstrating strong response and sustained therapeutic impact for patients who received proximal hypoglossal nerve stimulation for obstructive sleep apnea

LONDON–(BUSINESS WIRE)–
LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today reported results for the first quarter ended March 31, 2025 and updated full-year 2025 guidance.

Financial Summary and Highlights⁽¹⁾

First-quarter revenue of $316.9 million increased 7.4% on a reported basis, 8.9% on a constant-currency basis, and 10.4% on an organic basis as compared to the prior-year period
First-quarter U.S. GAAP diluted loss per share of $6.01, impacted by recording SNIA environmental liability of €333.3 million ($360.4 million as of March 31, 2025), and adjusted diluted earnings per share of $0.88
First-quarter net cash provided by operating activities of $24.0 million and adjusted free cash flow of $20.0 million
Raised full-year 2025 revenue growth range 100 basis points to 6.0% to 7.0% on a constant-currency basis and 7.0% to 8.0% on an organic basis. Revised full-year 2025 adjusted diluted earnings per share range to $3.60 to $3.70, which now incorporates the impact of the SNIA decision and currently applicable tariffs. Adjusted free cash flow is expected to be in the range of $135 million to $155 million, consistent with prior guidance
Completed premarket approval (PMA) submission to the U.S. Food and Drug Administration for the aura6000™ System, supported by achieving the primary safety and efficacy endpoints in the OSPREY trial
Announced 12-month, top-line data from the OSPREY trial demonstrating strong response and durability of therapy for patients who received proximal hypoglossal nerve stimulation, including those with severe obstructive sleep apnea, elevated body mass index, and high risk of complete concentric collapse: at 12 months of therapy, the active patient responder rate was 65%, the median percent reduction of apnea hypopnea index was 68%, and the median percent reduction of oxygen desaturation index was 68%

____________________

⁽¹⁾

Constant-currency percent change, organic revenue percent change, organic revenue, adjusted operating income, adjusted diluted earnings per share, and adjusted free cash flow are non-GAAP measures. Constant-currency percent change excludes the impact from fluctuations in the various currencies in which the Company operates as compared to reported percent change. Organic revenue percent change excludes the impact of acquisitions, divestitures, and currency translation effects. Organic revenue excludes the impact of acquisitions and divestitures. For an explanation of these and other non-GAAP measures used in this news release, see the section entitled “Use of Non-GAAP Financial Measures.” For reconciliations of certain non-GAAP measures, see the tables that accompany this news release. As discussed in the section entitled “Use of Non-GAAP Financial Measures” below, the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Accordingly, the Company is unable to reconcile the forward-looking non-GAAP financial measures included in this paragraph to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts. Note: “Term Facilities” include the $300.0 million term facility and $50.0 million delayed draw term facility under the 2021 First Lien Credit Agreement, resulting from the Incremental Facility Amendment No. 2.

“In the first quarter, LivaNova delivered solid revenue growth, driven by the ongoing success of the Essenz™ rollout, demand for Cardiopulmonary consumables, and strong Neuromodulation performance in the Europe and Rest of World regions,” said Vladimir Makatsaria, Chief Executive Officer of LivaNova. “This top-line result, coupled with operational efficiencies, contributed to meaningful operating income growth and cash generation. Importantly, we also achieved significant regulatory and clinical milestones in our obstructive sleep apnea program, including our PMA submission and 12-month data from the OSPREY trial. These achievements reflect effective execution across the organization and reinforce our focus on talent, innovation, growth, and operational excellence.”

First-Quarter 2025 Results

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

	Three Months Ended March 31,		% Change		Constant-Currency % Change
	2025	2024	% Change		Constant-Currency % Change
Cardiopulmonary	$176.3	$155.9	13.1	%	15.0	%
Neuromodulation	138.9	133.9	3.8	%	4.7	%
Other Revenue ⁽¹⁾	1.6	5.1	(68.1	)%	(67.2	)%
Total Net Revenue	316.9	294.9	7.4	%	8.9	%
Less: ACS ⁽²⁾	—	4.1	(100.0	)%	(100.0	)%
Total Organic Net Revenue	$316.9	$290.8	N/A		10.4	%

⁽¹⁾	“Other Revenue” includes rental and site services income not allocated to segments. In addition, “Other Revenue” for the three months ended March 31, 2024 includes revenue from the Company’s former ACS reportable segment.
⁽²⁾	Includes the results from the wind-down portion of the Company’s former ACS reportable segment.
•	Numbers may not add precisely due to rounding.

First-quarter 2025 cardiopulmonary revenue increased 13.1% on a reported basis and 15.0% on a constant-currency basis versus the first quarter of 2024 with growth across all regions, driven by Essenz^{Perfusion System sales and strong consumables demand.}

First-quarter 2025 neuromodulation revenue increased 3.8% on a reported basis and 4.7% on a constant-currency basis versus the first quarter of 2024 driven by strength in the Europe and Rest of World regions.

Earnings Analysis

On a U.S. GAAP basis, first-quarter 2025 operating income was $48.6 million, as compared to operating income of $16.2 million for the first quarter of 2024. Adjusted operating income for the first quarter of 2025 was $64.6 million, as compared to adjusted operating income of $53.1 million for the first quarter of 2024.

On a U.S. GAAP basis, first-quarter 2025 diluted loss per share was $6.01, impacted by recording the SNIA environmental liability, as compared to diluted loss per share of $0.78 in the first quarter of 2024. First-quarter 2025 adjusted diluted earnings per share was $0.88, as compared to adjusted diluted earnings per share of $0.73 in the first quarter of 2024.

Additional Updates

As previously disclosed, on March 14, 2025, the Italian Supreme Court determined that LivaNova can be held liable for the established environmental liabilities of SNIA (a former parent of Sorin). Importantly, the Court also ruled that LivaNova should not be held responsible for certain payments previously approved by the Court of Appeal of Milan in the amount of €157.3 million ($170.0 million as of March 31, 2025). As a result, the Company recorded a liability of €333.3 million ($360.4 million as of March 31, 2025) as the best estimate of the liability inclusive of estimated costs, fees, interest, and taxes. The case has been referred back to the Court of Appeal of Milan to implement the decisions respecting costs and damages in accordance with the judgement of the Italian Supreme Court. On March 31, 2025, as a result of the decision by the Italian Supreme Court, the SNIA Litigation Guarantee was terminated, and the restriction on the cash deposit held as collateral was released. Subsequently, on May 2, 2025, LivaNova repaid $200.0 million of the Term Facilities, which had a principal balance of $313.4 million as of March 31, 2025. The remaining Term Facilities balance and related net interest expense are now considered part of the Company’s permanent capital structure. Consequently, these impacts will no longer be excluded from the Company’s non-GAAP financial measures on a prospective basis and are expected to reduce adjusted diluted earnings per share by approximately $0.20 in 2025. The Company’s revised full-year 2025 guidance range for adjusted diluted earnings per share of $3.60 to $3.70 now incorporates this impact and reflects stronger operational performance expectations.

The full-year 2025 guidance ranges issued today also incorporates the Company’s current and best estimate of the potential impact of presently applicable tariffs, which the Company believes to be manageable at this time. This assessment is based on the Company’s geographic manufacturing footprint and supply chain as well as implemented and planned mitigation strategies.

Full-Year 2025 Guidance

LivaNova now expects full-year 2025 revenue to grow between 6.0% and 7.0% (versus 5.0% and 6.0% prior) on a constant-currency basis and between 7.0% and 8.0% (versus 6.0% and 7.0% prior) on an organic basis. Foreign currency is now expected to be a smaller headwind ranging from 0.0% to 1.0% (versus 1.5% to 2.0% prior) based on current exchange rates.

Adjusted diluted earnings per share for 2025 is now expected to be in the range of $3.60 to $3.70 (versus $3.65 to $3.75 prior, which did not incorporate the SNIA impact), assuming a share count of approximately 55 million for full-year 2025. In 2025, the Company continues to estimate that adjusted free cash flow will be in the range of $135 million to $155 million.

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

Webcast and Conference Call Instructions

The Company will host a live audiocast at 1 p.m. London time (8 a.m. Eastern Time) on Wednesday, May 7, 2025 that will be accessible at www.livanova.com/events. Listeners should register in advance and log on approximately 10 minutes early to ensure proper setup. To listen to the conference call by telephone, dial +1 833 470 1428 (if dialing from within the U.S.) or +1 929 526 1599 (if dialing from outside the U.S.). The conference call access code is 047836. Within 24 hours of the audiocast, a replay will be available at www.livanova.com/events, where it will be archived and accessible for approximately 90 days.

About LivaNova

LivaNova PLC is a global medical technology company built on nearly five decades of experience and a relentless commitment to provide hope for patients and their families through medical technologies, delivering life-changing solutions in select neurological and cardiac conditions. Headquartered in London, LivaNova employs approximately 2,900 employees and has a presence in more than 100 countries for the benefit of patients, healthcare professionals, and healthcare systems worldwide. For more information, please visit www.livanova.com.

Use of Non-GAAP Financial Measures

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

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

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

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

Safe Harbor Statement

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

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

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

aura6000 and Essenz are trademarks of LivaNova USA, Inc.

LIVANOVA PLC
NET REVENUE – UNAUDITED
(U.S. dollars in millions)
	Three Months Ended March 31,
	2025	2024	% Change		Constant-Currency % Change
Cardiopulmonary
U.S.	$60.8	$50.6	20.3	%	20.3	%
Europe ⁽¹⁾	44.5	40.9	8.7	%	11.0	%
Rest of World ⁽¹⁾	71.0	64.4	10.2	%	13.4	%
	176.3	155.9	13.1	%	15.0	%
Neuromodulation
U.S.	108.3	105.9	2.3	%	2.3	%
Europe ⁽¹⁾	15.2	13.4	13.3	%	15.9	%
Rest of World ⁽¹⁾	15.4	14.5	5.7	%	11.7	%
	138.9	133.9	3.8	%	4.7	%
Other Revenue ⁽²⁾	1.6	5.1	(68.1	)%	(67.2	)%
Totals
U.S.	169.2	160.6	5.3	%	5.3	%
Europe ⁽¹⁾	59.7	54.3	9.9	%	12.2	%
Rest of World ⁽¹⁾	88.0	80.0	10.1	%	13.7	%
	$316.9	$294.9	7.4	%	8.9	%

⁽¹⁾	“Europe” includes the UK, Germany, France, Italy, the Netherlands, Spain, Belgium, Poland, Sweden, Switzerland, Austria, Norway, Portugal, Finland, and Denmark. Excluding Europe and the U.S., “Rest of World” includes all other countries where LivaNova operates.
⁽²⁾	“Other Revenue” includes rental and site services income not allocated to segments. In addition, “Other Revenue” for the three months ended March 31, 2024 includes revenue from the Company’s former ACS reportable segment.
•	Numbers may not add precisely due to rounding.

LIVANOVA PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) – UNAUDITED
(U.S. dollars in millions, except per share amounts)

	Three Months Ended March 31,
	2025		2024
Net revenue	$316.9		$294.9
Cost of sales	96.1		87.5
Gross profit	220.8		207.4
Operating expenses:
Selling, general, and administrative	133.7		129.9
Research and development	37.9		45.7
Other operating expense	0.6		15.6
Operating income	48.6		16.2
SNIA environmental liability expense	(360.4	)	—
Interest expense	(15.3	)	(15.9	)
Loss on debt extinguishment	—		(25.5	)
Foreign exchange and other income/(expense)	11.4		(9.1	)
Loss before tax	(315.6	)	(34.2	)
Income tax expense	11.7		7.7
Net loss	($327.3	)	($41.9	)

Basic loss per share	($6.01	)	($0.78	)
Diluted loss per share	($6.01	)	($0.78	)

Weighted average common shares outstanding:
Basic	54.4		54.0
Diluted	54.4		54.0

•	Numbers may not add precisely due to rounding.

Adjusted Financial Measures (U.S. dollars in millions, except per share amounts) – Unaudited

	Three Months Ended March 31,
	2025	2024
Adjusted SG&A	$120.2	$113.3
Adjusted R&D	38.2	42.9
Adjusted operating income	64.6	53.1
Adjusted net income	48.1	40.0
Adjusted diluted earnings per share	$0.88	$0.73

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

	GAAP Three Months Ended March 31,				Adjusted Three Months Ended March 31,
	2025		2024		2025		2024
Gross profit	69.7	%	70.3	%	70.3	%	71.0	%
SG&A	42.2	%	44.0	%	37.9	%	38.4	%
R&D	12.0	%	15.5	%	12.0	%	14.5	%
Operating income	15.3	%	5.5	%	20.4	%	18.0	%
Net (loss) income	(103.3	)%	(14.2	)%	15.2	%	13.6	%
Income tax rate	(3.7	)%	(22.6	)%	24.2	%	20.8	%

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED (U.S. dollars in millions, except per share amounts)
			Specified Items
Three Months Ended March 31, 2025	GAAP Financial Measures		Restructuring Expenses ⁽¹⁾		Depreciation and Amortization Expenses ⁽²⁾		Financing Transactions ⁽³⁾		Contingent Consideration ⁽⁴⁾		Certain Legal & Regulatory Costs ⁽⁵⁾		Stock-based Compensation Costs ⁽⁶⁾		Certain Tax Adjustments ⁽⁷⁾		Certain Interest Adjustments ⁽⁸⁾		Adjusted Financial Measures
Cost of sales	$96.1		$—		($1.7	)	$—		($0.3	)	$—		($0.2	)	$—		$—		$94.0
Gross profit percent	69.7	%	—	%	0.5	%	—	%	0.1	%	—	%	0.1	%	—	%	—	%	70.3	%
Selling, general, and administrative	133.7		—		(2.5	)	—		—		(4.6	)	(6.5	)	—		—		120.2
Selling, general, and administrative as a percent of net revenue	42.2	%	—	%	(0.8	)%	—	%	—	%	(1.4	)%	(2.0	)%	—	%	—	%	37.9	%
Research and development	37.9		—		0.1		—		(0.7	)	2.0		(1.2	)	—		—		38.2
Research and development as a percent of net revenue	12.0	%	—	%	—	%	—	%	(0.2	)%	0.6	%	(0.4	)%	—	%	—	%	12.0	%
Other operating expense	0.6		0.1		—		—		—		(0.7	)	—		—		—		—
Operating income	48.6		(0.1	)	4.1		—		0.9		3.2		7.8		—		—		64.6
Operating margin percent	15.3	%	—	%	1.3	%	—	%	0.3	%	1.0	%	2.5	%	—	%	—	%	20.4	%
Net (loss) income	(327.3	)	(0.1	)	4.1		(5.7	)	0.9		363.6		7.8		(3.7	)	8.4		48.1
Net (loss) income as a percent of net revenue	(103.3	)%	—	%	1.3	%	(1.8	)%	0.3	%	114.8	%	2.5	%	(1.2	)%	2.7	%	15.2	%
Diluted EPS	($6.01	)	$—		$0.07		($0.10	)	$0.02		$6.65		$0.14		($0.07	)	$0.15		$0.88

GAAP results for the three months ended March 31, 2025 include:
⁽¹⁾	Restructuring expenses related to organizational changes
⁽²⁾	Depreciation and amortization associated with purchase price accounting
⁽³⁾	Mark-to-market adjustments for the 2025 & 2029 Notes embedded and capped call derivatives
⁽⁴⁾	Remeasurement of contingent consideration related to the ImThera acquisition
⁽⁵⁾	SNIA environmental liability, legal expenses primarily related to 3T Heater-Cooler defense, 3T Heater-Cooler litigation provision, cybersecurity incident costs net of insurance reimbursement, Medical Device Regulation (“MDR”) costs, and R&D tax incentive
⁽⁶⁾	Non-cash expenses associated with stock-based compensation costs
⁽⁷⁾	The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments
⁽⁸⁾	Interest expense on the Term Facilities, non-cash interest expense on the 2025 & 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities
•	Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED (U.S. dollars in millions, except per share amounts)
			Specified Items
Three Months Ended March 31, 2024	GAAP Financial Measures		Restructuring Expenses ⁽¹⁾		Depreciation and Amortization Expenses ⁽²⁾		Financing Transactions ⁽³⁾		Contingent Consideration ⁽⁴⁾		Certain Legal & Regulatory Costs ⁽⁵⁾		Stock-based Compensation Costs ⁽⁶⁾		Certain Tax Adjustments ⁽⁷⁾		Certain Interest Adjustments ⁽⁸⁾		Adjusted Financial Measures
Cost of sales	$87.5		$—		($1.7	)	$—		$0.2		$—		($0.4	)	$—		$—		$85.6
Gross profit percent	70.3	%	—	%	0.6	%	—	%	(0.1	)%	—	%	0.1	%	—	%	—	%	71.0	%
Selling, general, and administrative	129.9		—		(2.6	)	—		—		(6.1	)	(7.8	)	—		—		113.3
Selling, general, and administrative as a percent of net revenue	44.0	%	—	%	(0.9	)%	—	%	—	%	(2.1	)%	(2.7	)%	—	%	—	%	38.4	%
Research and development	45.7		—		—		—		—		(0.8	)	(2.0	)	—		—		42.9
Research and development as a percent of net revenue	15.5	%	—	%	—	%	—	%	—	%	(0.3	)%	(0.7	)%	—	%	—	%	14.5	%
Other operating expense	15.6		(9.2	)	—		—		—		(6.4	)	—		—		—		—
Operating income	16.2		9.2		4.3		—		(0.1	)	13.2		10.2		—		—		53.1
Operating margin percent	5.5	%	3.1	%	1.5	%	—	%	—	%	4.5	%	3.5	%	—	%	—	%	18.0	%
Net (loss) income	(41.9	)	9.2		4.3		40.3		(0.1	)	13.2		10.2		(2.8	)	7.6		40.0
Net (loss) income as a percent of net revenue	(14.2	)%	3.1	%	1.5	%	13.7	%	—	%	4.5	%	3.5	%	(1.0	)%	2.6	%	13.6	%
Diluted EPS	($0.78	)	$0.17		$0.08		$0.74		$—		$0.24		$0.19		($0.05	)	$0.14		$0.73

GAAP results for the three months ended March 31, 2024 include:
⁽¹⁾	Restructuring expenses related to organizational changes
⁽²⁾	Depreciation and amortization associated with purchase price accounting
⁽³⁾	Loss on debt extinguishment, as well as mark-to-market adjustments for the 2025 & 2029 Notes embedded and capped call derivatives
⁽⁴⁾	Remeasurement of contingent consideration related to the ImThera acquisition
⁽⁵⁾	3T Heater-Cooler litigation provision, cybersecurity incident costs, legal expenses primarily related to 3T Heater-Cooler defense, costs related to the SNIA matter, and MDR costs
⁽⁶⁾	Non-cash expenses associated with stock-based compensation costs
⁽⁷⁾	The impact of valuation allowances, discrete tax items, the tax impact of intercompany transactions, and the tax impact on non-GAAP adjustments
⁽⁸⁾	Interest expense on the Term Facilities, non-cash interest expense on the 2025 and 2029 Notes and Revolving Credit Facility, and interest income on the collateral for the SNIA litigation guarantee and delayed draw on Term Facilities
•	Numbers may not add precisely due to rounding.

LIVANOVA PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED
(U.S. dollars in millions)
	March 31, 2025	December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$738.4	$428.9
Restricted cash	—	294.7
Accounts receivable, net of allowance	202.1	193.2
Inventories	154.0	147.6
Prepaid and refundable taxes	29.3	30.5
Prepaid expenses and other current assets	47.3	32.4
Total Current Assets	1,171.2	1,127.2
Property, plant, and equipment, net	177.7	170.3
Goodwill	761.9	750.0
Intangible assets, net	236.6	237.3
Operating lease assets	48.2	46.8
Investments	22.7	25.1
Deferred tax assets	109.5	111.9
Long-term derivative assets	17.2	23.7
Other assets	13.9	14.1
Total Assets	$2,558.7	$2,506.4
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current debt obligations	$79.6	$78.0
Accounts payable	87.6	69.7
Accrued liabilities and other	108.4	118.5
SNIA environmental liability	360.4	—
Current litigation provision liability	13.2	12.9
Taxes payable	39.5	32.5
Accrued employee compensation and related benefits	52.8	80.5
Total Current Liabilities	741.6	392.1
Long-term debt obligations	549.2	549.6
Contingent consideration	85.1	84.2
Deferred tax liabilities	10.6	10.9
Long-term operating lease liabilities	40.3	40.1
Long-term employee compensation and related benefits	13.0	12.8
Long-term derivative liabilities	37.2	51.8
Other long-term liabilities	47.3	44.5
Total Liabilities	1,524.4	1,186.1
Total Stockholders’ Equity	1,034.3	1,320.3
Total Liabilities and Stockholders’ Equity	$2,558.7	$2,506.4

•	Numbers may not add precisely due to rounding.

LIVANOVA PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED
(U.S. dollars in millions)	Three Months Ended March 31,
	2025		2024
Operating Activities:
Net loss	($327.3	)	($41.9	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Remeasurement of derivative instruments	(18.7	)	11.6
Stock-based compensation	7.8		10.2
Depreciation	6.4		6.3
Amortization of debt issuance costs	5.7		4.9
Amortization of intangible assets	4.2		4.3
Amortization of operating lease assets	4.0		2.5
Loss on investment revaluation – Ceribell, Inc.	2.6		—
Deferred income tax expense	2.2		4.8
Remeasurement of contingent consideration to fair value	0.9		(0.1	)
Loss on debt extinguishment	—		25.5
Other	—		(0.5	)
Changes in operating assets and liabilities:
Accounts receivable, net	(3.9	)	2.0
Inventories	(2.5	)	(8.1	)
Other current and non-current assets	6.4		(8.9	)
Accounts payable and accrued current and non-current liabilities	(30.5	)	(15.6	)
Taxes payable	5.9		6.9
SNIA environmental liability	360.4		—
Litigation provision liability	0.2		6.2
Net cash provided by operating activities	24.0		10.0
Investing Activities:
Purchases of property, plant, and equipment	(10.8	)	(6.4	)
Other	0.2		—
Net cash used in investing activities	(10.6	)	(6.4	)
Financing Activities:
Repayment of long-term debt obligations	(4.4	)	(234.4	)
Proceeds from long-term debt obligations	—		335.5
Payment of debt extinguishment costs	—		(39.0	)
Purchase of capped calls	—		(31.6	)
Proceeds from unwind of capped calls	—		22.5
Payment of contingent consideration	—		(13.8	)
Payment of debt issuance costs	—		(1.9	)
Other	—		(0.3	)
Net cash (used in) provided by financing activities	(4.4	)	37.1
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	6.0		(3.0	)
Net increase in cash, cash equivalents, and restricted cash	14.9		37.8
Cash, cash equivalents, and restricted cash at beginning of period	723.6		577.9
Cash, cash equivalents, and restricted cash at end of period	$738.4		$615.7

•	Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED (U.S. dollars in millions)
	Three Months Ended March 31,
	2025						2024
	GAAP Financial Measures		Certain Tax Adjustments		Adjusted Financial Measures		GAAP Financial Measures		Certain Tax Adjustments		Adjusted Financial Measures
(Loss) income before tax	($315.6	)	$—		$63.5		($34.2	)	$—		$50.5
Income tax expense	11.7		3.7		15.4		7.7		2.8		10.5
Net (loss) income	($327.3	)	($3.7	)	$48.1		($41.9	)	($2.8	)	$40.0
Income tax rate	(3.7	)%			24.2	%	(22.6	)%			20.8	%

•	Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED (U.S. dollars in millions)
	Three Months Ended March 31, 2025
Net cash provided by operating activities	$24.0
Less: Purchases of plant, property, and equipment	(10.8	)
Less: Cybersecurity incident insurance proceeds	(0.1	)
Add: 3T Heater-Cooler litigation payments	0.5
Add: SNIA financing costs	6.5
Adjusted free cash flow	$20.0

•	Numbers may not add precisely due to rounding.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED (U.S. dollars in millions)
	Three Months Ended March 31,		% Change		Constant-Currency % Change
	2025	2024	% Change		Constant-Currency % Change
GAAP net revenue	$316.9	$294.9	7.4	%	8.9	%
Less: ACS ⁽¹⁾	—	4.1	(100.0	)%	(100.0	)%
Organic net revenue	$316.9	$290.8	N/A		10.4	%

⁽¹⁾	Includes net revenue from the Company’s former ACS reportable segment.
•	Numbers may not add precisely due to rounding.

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

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES – UNAUDITED (shares in millions)
	Three Months Ended March 31,
	2025	2024
GAAP diluted weighted average shares outstanding	54.4	54.0
Add: Effects of stock-based compensation instruments	0.3	0.4
Adjusted diluted weighted average shares outstanding	54.7	54.4

•	Numbers may not add precisely due to rounding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507187752/en/

Briana Gotlin

Vice President, Investor Relations

Phone: +1 281 895 2382

e-mail: [email protected]

KEYWORDS: United Kingdom Europe

INDUSTRY KEYWORDS: Medical Devices Health Science Research Health Technology

MEDIA:

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May 7, 2025 6:03 am

Walker & Dunlop Launches Data-Driven Digital Experience To Enable Smarter Decisions

Walker & Dunlop Launches Data-Driven Digital Experience To Enable Smarter Decisions

BETHESDA, Md.–(BUSINESS WIRE)–Walker & Dunlop, Inc. today announced the launch of WDSuite, its new digital experience designed to reduce friction for commercial real estate (CRE) professionals throughout the investment lifecycle. WDSuite empowers users to screen investment opportunities, understand market & neighborhood profiles, mitigate risk, and optimize portfolio performance, enabling smarter and faster decision-making, at no cost.

“Over the years, we’ve made intentional investments in technology to enhance how our clients engage with Walker & Dunlop,” said Alison Williams, executive vice president and group head of the multifamily small balance group at Walker & Dunlop. “WDSuite is the culmination of that strategy. It’s not just a research tool—it’s a modern decision engine that will eventually support every stage of CRE investment, from deal screening to loan servicing.”

WDSuite allows users to evaluate markets and multifamily properties using hyperlocal market ratings, tenant credit profiles, housing/demographic insights, and real-time valuation estimates powered by Walker & Dunlop’s unique multifamily automated valuation model (AVM), which delivers industry-leading accuracy with a median absolute percentage error rate of less than 6%.

In its current state, WDSuite helps investors to quickly analyze area demand drivers. The platform consolidates critical investment factors – demographics, housing, employment, amenities, schools, and more—into a single, intuitive view. WDSuite also has the capability to monitor safety trends and evaluate multifamily tenant credit history at the property level, leveraging a proprietary tenant credit profile that’s unmatched in the market.

“Reliable data is the foundation for decision-making in real estate investment. Our machine learning-powered AVM provides accurate multifamily property value estimates and our customized neighborhood geometries are built by a proprietary clustering algorithm that groups similar census block areas based on trends and demographics to deliver precise, hyperlocal ratings,” said David Keithley, senior vice president and chief product officer at Walker & Dunlop. “We are redefining the CRE finance and investment experience that enables professionals to make smarter decisions faster.”

For more information about WDSuite, visit suite.walkerdunlop.com.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507929930/en/

Investors:

Kelsey Duffey

Senior Vice President, Investor Relations

Phone 301.202.3207

[email protected]

Media:

Nina H. von Waldegg

VP, Public Relations

Phone 301.564.3291

[email protected]

Phone 301.215.5500

7272 Wisconsin Avenue, Suite 1300

Bethesda, Maryland 20814

KEYWORDS: United States North America Maryland

INDUSTRY KEYWORDS: Commercial Building & Real Estate Software Construction & Property Data Analytics Consulting Data Management Professional Services Technology

MEDIA:

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May 7, 2025 6:02 am

Barrick Reports Share Repurchases and Declares Q1 Dividend

All amounts expressed in US dollars

TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Barrick Mining Corporation (NYSE:GOLD¹)(TSX:ABX) (“Barrick” or the “Company”) today announced the declaration of a dividend of $0.10 per share for the first quarter of 2025. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022.

The Q1 2025 dividend will be paid on June 16, 2025 to shareholders of record at the close of business on May 30, 2025.

In addition to the quarterly dividend, Barrick repurchased approximately 7.69 million shares during Q1 under the share buyback program that was announced in February 2025.

Enquiries:

Investor and Media Relations

Kathy du Plessis
+44 20 7557 7738
Email: [email protected]

Website:www.barrick.com

Endnote 1

The ticker symbol for the Barrick common shares listed on the New York Stock Exchange is changing from ‘GOLD’ to ‘B’, effective at the start of trading on May 9, 2025. The Barrick common shares will continue to trade under the ‘ABX’ ticker symbol on the Toronto Stock Exchange. The new CUSIP number for the Barrick common shares effective at the start of trading on May 9, 2025 will be 06849F108.

Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “will”, “perform”, “maintain”, “growth” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to Barrick’s operating and financial performance, liquidity available to invest in growth projects, and the potential for Barrick to deliver enhanced dividends to shareholders under its Performance Dividend Policy.

Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

May 7, 2025 5:48 am

LivaNova Announces 12-month Data from OSPREY Clinical Study for Moderate to Severe Obstructive Sleep Apnea, Demonstrating Strong Response and Durability of Therapy

LivaNova Announces 12-month Data from OSPREY Clinical Study for Moderate to Severe Obstructive Sleep Apnea, Demonstrating Strong Response and Durability of Therapy

Top-line results at 12 months of treatment show meaningful improvement over time:

Overall responder rate of 65%

Overall reduction in median apnea-hypopnea index of 68%

Overall reduction in median oxygen desaturation index of 68%

LONDON–(BUSINESS WIRE)–
LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today announced 12-month, top-line data from its OSPREY randomized controlled trial (RCT), evaluating outcomes with the aura6000™ System for the treatment of moderate to severe obstructive sleep apnea (OSA). At 12 months of therapy, the treatment arm responder rate was 65% with responders defined as those who realized at least a 50% improvement from the baseline apnea-hypopnea index (AHI) and an AHI value below 20. The study features a differentiated neurostimulation modality called proximal hypoglossal nerve stimulation (p-HGNS), which utilizes six electrodes placed on the proximal trunk of the hypoglossal nerve, offering broad access to the muscles controlling the airway and providing customized titration.

In November 2024, the company announced that OSPREY met its primary and secondary endpoints following six months of therapy. Study patients in the treatment arm of OSPREY have since shown continued improvement. When comparing baseline median values to six and 12 months of therapy (assessed at the seven- and 13-month follow-up visits, respectively), OSPREY subjects showed significant reductions in AHI and oxygen desaturation index (ODI) over time:

AHI reduced by 68% when the median at baseline of 34.3 is compared to the median of 11.0 at 12 months (versus the median of 11.6 at six months).
ODI reduced by 68% when the median at baseline of 34.9 is compared to the median of 11.1 at 12 months (versus the median of 12.8 at six months).

Further, after 12 months of treatment, OSPREY subjects in the device stimulation group experienced clinically meaningful improvements in the Epworth Sleepiness Scale (ESS) and the Functional Outcomes of Sleep Questionnaire (FOSQ). ESS and FOSQ as compared to baseline are secondary outcome measures within the study. ESS is a patient questionnaire that assesses how likely the patient is to fall asleep during the day and FOSQ is a patient questionnaire that assesses the effects of fatigue on daily activities.

“OSPREY is the first major multi-center randomized, controlled pivotal trial of hypoglossal nerve stimulation. Patients in the device stimulation group experienced a rapid onset of therapy with continued improvement over time,” said Dr. Atul Malhotra, lead investigator for the study, who is also a professor of medicine at University of California San Diego School of Medicine and sleep medicine specialist at UC San Diego Health. “Responder rates in the treatment group were strong throughout the first year with one in four patients responding on day one, 50% responding by month three, and 65% responding by the 12-month mark. In addition, patient-reported outcomes for daytime sleepiness and functional outcomes of sleep quality demonstrated meaningful improvement over the course of 12 months.”

Dr. Malhotra will present the OSPREY six-month results and 12-month top-line data at the American Thoracic Society International Conference on Tuesday, May 20, at 9:51 a.m. PDT in San Francisco.

OSPREY baseline values of OSA severity and body mass index (BMI) were representative of the general OSA population. Relative to other large-scale trials of hypoglossal nerve stimulation (HGNS) in support of U.S. Food and Drug Administration (FDA) approval, OSPREY included patients with greater OSA severity and higher BMI. Plus, OSPREY was designed to include patients with complete concentric collapse (CCC). Based on a recently presented predictive algorithm¹, it was determined that the OSPREY study enrolled patients at increased risk of CCC at a ratio aligned with the general OSA population seen in clinical practice. Response rates and AHI reductions at month 12 for patients in OSPREY with predicted risk for CCC were consistent with the results for the full study population, demonstrating the robustness of the therapeutic response².

“The OSPREY trial demonstrated rapid and sustained improvement for patients who received active proximal hypoglossal nerve stimulation, including those with severe obstructive sleep apnea, elevated body mass index, and high risk of complete concentric collapse,” said Ahmet Tezel, Ph.D., Chief Innovation Officer of LivaNova. “The OSPREY 12-month results further validate the potential of this therapy as a treatment alternative for the large and growing OSA population. With the strength of our clinical data, expertise of our neuromodulation team, and strategic growth opportunity ahead, we are eager to bring this innovation to patients.”

LivaNova recently completed its premarket approval submission to FDA for the aura6000 System based on meeting OSPREY’s primary safety and efficacy endpoints following six months of treatment. LivaNova has also provided FDA with interim 12-month results from the OSPREY study and intends to share the full 12-month dataset with FDA during its review.

The aura6000 System is an investigational implantable proximal hypoglossal neurostimulator undergoing clinical evaluation for the treatment of adult patients with moderate to severe OSA. There were no serious adverse device-related or procedure-related events reported during OSPREY.

References

The PREDICTOR algorithm was presented at the 2024 International Surgical Sleep Society Educational Update in Miami (https://surgicalsleepmeeting.org/educational-update-meeting/). The presentation occurred on Friday, Sept. 27, 2024, with the lecture being delivered by Jordan Weiner, MD (https://surgicalsleepmeeting.org/wp-content/uploads/2024/09/16253-ISSS-2024-Educationl-Agenda-22.pdf).
CYB-03127-R1

About OSPREY

OSPREY is a prospective, multi-center, randomized controlled open-label trial evaluating the safety and efficacy of the aura6000™ System versus a no stimulation control in subjects with moderate to severe OSA who have failed or are unwilling to use positive airway pressure treatment. CAUTION—the aura6000 System is an investigational device. Limited by Federal (or United States) law to investigational use.

About LivaNova

Safe Harbor Statement

This news release contains “forward-looking statements” concerning the Company’s goals, beliefs, expectations, strategies, objectives, plans, underlying assumptions, and other statements that are not necessarily based on historical facts. These statements include, but are not limited to, statements regarding the OSPREY study, the aura6000™ System, and presentations at upcoming conferences. Actual events may differ materially from those indicated in our forward-looking statements as a result of various factors, including those factors set forth in Item 1A of the Company’s most recent Annual Report on Form 10-K, as supplemented by any risk factors contained in Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. LivaNova undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507113359/en/

LivaNova Investor Relations and Media Contacts

+1 281-895-2382

Briana Gotlin

VP, Investor Relations

[email protected]

Deanna Wilke

VP, Corporate Communications

[email protected]

KEYWORDS: North America United States Ireland United Kingdom Europe California

INDUSTRY KEYWORDS: FDA Health Technology Other Health Surgery Mental Health General Health Medical Devices Hospitals Clinical Trials Cardiology Science Biotechnology Other Science Health Research

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May 7, 2025 5:33 am

Magnera Reports Second Quarter Results – Provides Updated Outlook

Second Quarter Highlights

GAAP: Net sales of $824 million, Operating income of $4 million
Non-GAAP: Adjusted EBITDA of $89 million, Post-merger adjusted free cash flow $42 million
Reaffirming post-merger adjusted free cash flow range & lowering full year comparable Adjusted EBITDA range

CHARLOTTE, N.C., May 07, 2025 (GLOBE NEWSWIRE) — Magnera (NYSE: MAGN), a global leader in specialty materials for the consumer products and personal care markets, today reported financial results for its fiscal 2025 second quarter ended March 29, 2025. Curt Begle, Magnera’s CEO, commented: “This quarter underscores the resilience of our business as we navigate ongoing global economic uncertainty. Our team has transitioned from stabilizing the business through a disciplined integration plan to actively executing on identified optimization opportunities. As anticipated, our distinctive value proposition—anchored by our global market presence, broad product portfolio, and innovation capabilities—continues to drive organic growth in attractive end markets as we support our customers’ evolving product requirements.

In the face of uncertainties related to tariff driven demand concerns, we remain laser focused on executing our strategic priorities of integration, synergy realization, and profitable long-term growth. Our portfolio is primarily made up of products that people use every day, however we are prepared to take the appropriate operational and cost measures that align with short-term market realities. Our commitment to earnings and free cash flow stability will ultimately increase long-term shareholder value.”

Key Financials

	March Quarter		March YTD
GAAP results	2025	2024	2025	2024
Net sales	$824	$558	$1,526	$1,077
Operating income	4	21	(18)	9

	March Quarter				Reported		Comparable (1)		March YTD				Reported		Comparable (1)
Adjusted non-GAAP results		2025		2024	Δ%		Δ%			2025		2024	Δ%		Δ%
Net sales	$824		$558		48	%	(4	%)	$1,526		$1,077		42	%	(3	%)
Adjusted EBITDA⁽¹⁾		89		76	17	%	(8	%)		173		142	22	%	(2	%)

(1) Adjusted non-GAAP results exclude items not considered to be ongoing operations. In addition, comparable change % normalizes the impacts of foreign currency and the recent merger with GLT. Further details related to non-GAAP measures and reconciliations can be found under our “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release. Dollars in millions

Consolidated Overview

The net sales increase of 48% included revenue from the Glatfelter merger of $311 million partially offset by a $26 million unfavorable impact from foreign currency changes, decreased selling prices of $14 million and a 1% decline in volume.

The adjusted EBITDA increase of 17% included a contribution from the Glatfelter merger of $18 million partially offset by a $3 million unfavorable impact from foreign currency changes and unfavorable impact from price/cost spread of $3 million. The contributed Glatfelter EBITDA represents a $6 million decline compared to prior year primarily as the result of higher energy costs in Europe.

Americas

The net sales increase in the Americas segment included revenue from the Glatfelter merger of $124 million partially offset by a $15 million unfavorable impact from foreign currency changes and decreased selling prices of $12 million.

The adjusted EBITDA increase included a contribution from the Glatfelter merger of $10 million partially offset by unfavorable impact from price cost spread of $3 million and a $2 million unfavorable impact from foreign currency changes in our South America businesses.

Rest of World

The net sales increase in the Rest of World segment included revenue from the Glatfelter merger of $187 million partially offset by a $11 million unfavorable impact from foreign currency changes and a 3% volume decline.

The adjusted EBITDA increase included a contribution from the Glatfelter merger of $8 million which was down $6 million compared to prior year primarily as the result of higher energy costs in Europe.

Free Cash Flow and Net Debt

Magnera is committed to strengthening our credit metrics by paying down debt in the near term.

(in millions)	March Quarter		March YTD
Cash flow from operating activities	$65		$7
Pre-merger cash flow from operating activities		–		90
Additions to property, plant and equipment, net		(23)		(39)
Post-merger adjusted free cash flow(1)	$ 42		$ 58
(1) Further details related to non-GAAP measures and reconciliations can be found under our “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release.

(in millions)	March 29, 2025
Term Loan	$783
4.75% First Priority Senior Secured Notes		500
7.25% First Priority Senior Secured Notes		800
Debt discount, deferred fees and other (net)		(85)
Total debt	$1,998
Cash and cash equivalents		282
Total net debt	$1,716
Leverage	3.9x

Fiscal Year 2025 Guidance

Full year comparable adjusted EBITDA of $360 – $380 million

Post-merger adjusted free cash flow of $75 – $95 million

Investor Conference Call

The Company will host a conference call today, May 7, 2025, at 10:00 a.m. U.S. Eastern Time to discuss our March 2025 quarter results. The webcast can be accessed here. A replay of the webcast will be available via the same link on our website after the completion of the call.

By Telephone

Participants may register for the call here now or any time up to and during the time of the call and will immediately receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 15 minutes prior to the start of the event.

About Magnera

Magnera Corporation (NYSE: MAGN) serves 1,000+ customers worldwide, offering a wide range of material solutions, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry. Operating across 46 global facilities, Magnera is supported by over 9,000 employees.

Magnera’s purpose is to better the world with new possibilities made real. For more than 160 years, the company has delivered the material solutions their partners need to thrive. Through economic upheaval, global pandemics and changing end-user needs, we have consistently found ways to solve problems and exceed expectations. The distinct scale and comprehensive portfolio of products brings customers more materials and choices. Magnera builds personal partnerships that withstand an ever-changing world.

Visit magnera.com for more information and follow @MagneraCorporation on social platforms.

Non-GAAP Financial Measures and Estimates

This press release includes non-GAAP financial measures including, but not limited to, Adjusted EBITDA, free cash flow, and comparable basis net sales and adjusted EBITDA. A reconciliation of these non-GAAP financial measures to comparable measures determined in accordance with accounting principles generally accepted in the United States of America (GAAP) is set forth at the end of this press release. Information reconciling forward-looking adjusted EBITDA and adjusted free cash flow are not provided because such information is not available without unreasonable effort due to high variability, complexity, and low visibility with respect to certain items, including debt refinancing activity or other non-comparable items. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with U.S. GAAP.

Forward Looking Statements

Information included or incorporated by reference in Magnera Corporation’s filings with the U.S. Securities and Exchange Commission (the “SEC”) and press releases or other public statements contains or may contain “forward-looking” statements within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such “forward-looking” statements include, but are not limited to, statements with respect to our financial condition, results of operations and business, our expectations or beliefs concerning future events, statements about the benefits of the transaction between Glatfelter Corporation and Berry Global Group, Inc., including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “outlook,” “anticipates” or “looking forward” or similar expressions that relate to our strategy, plans, intentions, or expectations. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are based upon the current beliefs and expectations of the management of Magnera and are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. These risks and other risk factors are detailed from time to time in Magnera’s reports filed with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, including our Form 8-K/A filed on January 31, 2025, and other documents filed with the SEC. These risk factors may not contain all of the material factors that are important to you. New factors may emerge from time to time, and it is not possible to either predict new factors or assess the potential effect of any such new factors. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available as of the date hereof. All forward-looking statements are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Consolidated and Combined Statements of Income
(Unaudited)

	Quarterly Period Ended				Two Quarterly Periods Ended
(in millions, except per share amounts)	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024

Net sales	$ 824		$558		$ 1,526		$1,077

Cost of goods sold		736		488		1,367		965
Selling, general and administrative		47		28		91		56
Amortization of intangibles		14		12		28		24
Transaction and other activities		23		4		55		14
Corporate expense allocation		–		5		3		9
Operating income (loss)		4		21		(18)		9
Other expense (income)		5		1		26		(1)
Interest expense		39		2		65		2
Income (loss) before income taxes		(40)		18		(109)		8
Income tax (benefit) expense		1		4		(8)		2
Net income (loss)	$ (41)		$14		$ (101)		$6

Basic and diluted net income per share	$ (1.15)		$0.44		$ (2.85)		$0.19

Outstanding weighted average shares
Basic and diluted		35.6		31.8		35.5		31.8

Condensed Consolidated and Combined Statements of Cash Flows
(Unaudited)

	Two Quarterly Periods Ended
(in millions)	March 29, 2025		March 30, 2024
Net cash from (used in) operating activities	$ 7		$(7)

Cash flows from investing activities:
Additions to property, plant, and equipment, net		(39 )		(41)
Cash acquired from GLT acquisition		37		–
Other investing activities		22		28
Net cash from (used in) investing activities		20		(13)

Cash flows from financing activities:
Repayments on long-term borrowings		1,556		–
Proceeds from long-term borrowings		(432 )		(1)
Transfers from Berry, net		34		8
Cash distribution to Berry		(1,111 )		–
Debt fees and other, net		(15 )		–
Net cash from financing activities		32		7
Effect of currency translation on cash		(7 )		2
Net change in cash and cash equivalents		52		(11)
Cash and cash equivalents at beginning of period		230		185
Cash and cash equivalents at end of period	$ 282		$174

Condensed Consolidated Balance Sheets
(Unaudited)

(in millions of USD)	March 29, 2025			September 28, 2024
Cash and cash equivalents		$ 282		$ 230
Accounts receivable			492		359
Inventories			508		259
Other current assets			146		38
Property, plant, and equipment			1,519		949
Goodwill, intangible assets, and other long-term assets			1,114		972
Total assets		$ 4,061		$2,807
Current liabilities, excluding current debt			588		457
Current and long-term debt			1,998		–
Other long-term liabilities			382		211
Stockholders’ equity			1,093		2,139
Total liabilities and stockholders’ equity		$ 4,061		$2,807

Reconciliation of Non-GAAP Measures and Estimates

(in millions of dollars)

Reconciliation of Net sales and Adjusted EBITDA on a supplemental comparable basis by segment
	Quarterly Period ended March 29, 2025			Quarterly Period ended March 30, 2024
	Americas	Rest of World	Total	Americas	Rest of World	Total
Net sales	$ 473	$ 351	$ 824	$375	$183	$558
Constant FX rates				(15)	(11)	(26)
GLT prior year				126	201	327
Comparable net sales (1)(6)	$ 473	$ 351	$ 824	$486	$373	$859

Operating Income	$ 8	$ (4 )	$ 4	$20	$1	$21
Depreciation and amortization	39	19	58	31	13	44
Transaction, business consolidation and other activities (2)	14	5	19	3	1	4
GAAP carve-out allocation (3)	–	–	–	5	–	5
Other non-cash charges (5)	3	5	8	–	2	2
Adjusted EBITDA (1)	$ 64	$ 25	$ 89	$59	$17	$76
Constant FX rates				(2)	(1)	(3)
GLT prior year				10	14	24
Comparable Adjusted EBITDA (1)(6)	$ 64	$ 25	$ 89	$67	$30	$97
% vs. prior year comparable	(4%)	(17%)	(8%)

	Two Quarterly Periods ended March 29, 2025			Two Quarterly Periods ended March 30, 2024
	Americas	Rest of World	Total	Americas	Rest of World	Total	LTM
Net sales	$ 893	$ 633	$ 1,526	$723	$354	$1,077
Constant FX rates				(28)	(12)	(40)
GLT prior year				202	336	538
Comparable net sales (1)(6)	$ 893	$ 633	$ 1,526	$897	$678	$1,575

Operating Income	$ 1	$ (19 )	$ (18 )	$17	$(8)	$9	$(168)
Depreciation and amortization	72	39	111	61	27	88	197
Transaction, business consolidation and other activities (2)	34	17	51	6	8	14	68
Impact from hyperinflation	–	–	–	15	–	15	–
Goodwill impairment	–	–	–	–	–	–	172
GAAP carve-out allocation (3)	2	1	3	8	1	9	15
Other non-cash charges (4)(5)	11	15	26	3	4	7	30
Adjusted EBITDA (1)	$ 120	$ 53	$ 173	$110	$32	$142	$312
Constant FX rates				(6)	(1)	(7)
GLT prior year				15	27	41
Comparable Adjusted EBITDA (1)(6)	$ 120	$ 53	$ 173	$119	$58	$177
% vs. prior year comparable	0%	(9%)	(2%)
PF GLT Adjusted EBITDA			8			8	59
Synergies and cost reductions							65
PF Adjusted EBITDA							$436

Guidance

	Fiscal 2025	Adjusted EBITDA	Fiscal 2025 Midpoint
Cash flow from operating activities	$60-$80	Adjusted EBITDA	$362
Pre-merger cash flow from operating activities (7)	90	GLT Pro forma	8
Additions to PPE (net)	(75)	Full Year Comparable Adjusted EBITDA	$ 370
Post-merger adjusted free cash flow(1)	$75 – $95

(1) Supplemental financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures should not be considered as alternatives to operating or net income or cash flows from operating activities, in each case determined in accordance with GAAP. Comparable basis measures exclude the impact of currency translation effects and acquisitions. These non-GAAP financial measures may be calculated differently by other companies, including other companies in our industry, limiting their usefulness as comparative measures. Management believes that Adjusted EBITDA and other non-GAAP financial measures are useful to our investors because they allow for a better period-over-period comparison of operating results by removing the impact of items that, in management’s view, do not reflect our core operating performance. We define “Post-merger free cash flow” as cash flow from operating activities, less pre-merger free cash flow, less net additions to property, plant, and equipment. We believe free cash flow is useful to an investor in evaluating our liquidity because free cash flow and similar measures are widely used by investors, securities analysts, and other interested parties in our industry to measure a company’s liquidity. We believe post-merger free cash flow is also useful to an investor in evaluating our liquidity as it can assist in assessing a company’s ability to fund its growth through its generation of cash and as pre-merger cash flow is not indicative of our current structure and operations.

We also use Adjusted EBITDA and comparable basis measures, among other measures, to evaluate management performance and in determining performance-based compensation. Adjusted EBITDA is a measure widely used by investors, securities analysts, and other interested parties in our industry to measure a company’s performance. We also believe these measures are useful to an investor in evaluating our performance without regard to revenue and expense recognition, which can vary depending upon accounting methods.

(2) Includes restructuring, business optimization and other charges and YTD balance also includes $19 million of transaction compensation
(3) Consists of estimated parent-allocated charges for the period prior to merger which is required by GAAP as part of the carve-out financial statement process.
(4) Includes a $12 million inventory step-up charge related to GLT merger YTD and other non-cash charges.
(5) Includes stock compensation expense and equipment disposals
(6) The prior year comparable basis change excludes the impacts of foreign currency and acquisition/mergers.
(7) Pre-merger cash flow includes cash from operations prior to the merger and cash payments burdened by the transaction.

IR Contact Information
Robert Weilminster
EVP, Investor Relations
[email protected]

May 7, 2025 5:09 am

Discover Survey: Americans Seek to Improve Their Financial Lives Amid Uncertainty

Discover Survey: Americans Seek to Improve Their Financial Lives Amid Uncertainty

Two-thirds of Americans are experiencing moderate to high financial stress, and half aren’t financially prepared for the unexpected

RIVERWOODS, Ill.–(BUSINESS WIRE)–
More than four in five Americans (84%) are interested in improving their financial situation, but two in five (41%) are unsure about how to best manage their personal finances, according to a new national survey conducted by Discover^®Personal Loans. Many Americans believe their financial situation will stay the same (41%) or get better (38%) in the year ahead, but 20% expect their financial situation to be worse off.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250507531079/en/

Americans seek to improve their financial lives amid uncertainty.

“I’m inspired that Americans are motivated to seek a brighter financial future, and that many are making or searching for a game plan to achieve their financial goals,” said Dan Nickele, vice president, Discover Personal Loans. “American consumers also told us they anticipate costs to rise in categories like groceries and healthcare. Weathering the storm requires a strong financial foundation which can include taking actions like creating a budget, contributing to an emergency fund, and exploring opportunities to refinance high-interest debt.”

Americans brace for rising costs and debt challenges in 2025

Americans anticipate inflation will increase their costs in many key categories in 2025:

Spending category	% of Americans that expect the category to be among their top 5, for spending the most money in 2025*	% of Americans that believe their costs will increase ‡	% of Americans that believe their costs will increase dramatically or significantly (6% to more than 10%) ‡
Groceries	70%	67%	45%
Housing	49%	54%	30%
Healthcare / Medical Expenses	30%	67%	39%
Debt repayment	29%	50%	27%
Transportation	26%	53%	29%

* “In which categories do you think you’ll spend the most money on in 2025? Please select up to 5.” Survey respondents chose up to five top spending categories from among 14 categories presented as answer options.

‡ Subset: “Compared to the last 12 months, how much more or less do you anticipate your top spending categories will cost over the next 12 months?” Data shown in table represents the percentage of Americans who believe their costs will increase over the next 12 months, from among those who chose the respective spending category as among their top 5 for spending the most money in 2025.

Furthermore, nearly half (44%) of Americans say they’re currently in debt. Of those in debt:

84% say inflation makes managing personal debt challenging.
83% say a budget is a helpful tool for managing personal debt, but only 44% say they created a budget for 2025.
77% say paying off personal debt is expensive.
70% are not financially prepared for unexpected expenses over $2,500.
58% feel they will never get out of debt.
52% lose sleep over personal debt.
48% aren’t confident they’ll get their debt paid off within the next year.
48% say their personal debt is unmanageable – including credit card debt (70%), medical debt (38%), and money owed to family/friendly (25%).
33% report a significant amount of debt.
37% avoid looking at the amount of money in their bank account.

Inflation and routine expenditures are top sources of financial stress

When asked to think about the current state of the economy, survey respondents were split on the overall direction they believe the U.S. is moving: 48% say we’re heading in the wrong direction, 31% say in the right direction and 15% say neither. Economic uncertainty may be impacting financial stress, as 86% of Americans have some level of concern about their personal financial situation with two-thirds (66%) experiencing high or moderate anxiety. Financial stress has remained consistently high over the past five years:

Year	Feel at least occasional concerns (2025) / Feel some level of anxiety (2021-2024) **
2025	86%
2024	80%
2023	76%
2022	80%
2021	71%

** About the 2024 survey: The national survey of 1,500 U.S. residents ages 18 and up was commissioned by Discover and conducted by Dynata (formerly Research Now/SSI), an independent survey research firm. The survey was fielded from April 16 through April 23, 2024. The maximum margin of sampling error was +/-3 percentage points with a 95 percent level of confidence. “What level of anxiety, if any, do you have about your financial situation?” question was asked of U.S. consumers in each annual survey conducted by Dynata (formerly Research NOW/SSI) on behalf of Discover, from 2021 – 2024.

In 2025, nearly half of Americans say inflation (49%) and everyday expenses (45%) contribute to their feelings of financial stress. At least one-quarter of Americans experience financial anxiety due to the state of the economy (38%), their personal debt (29%), unexpected expenses (28%), housing costs (27%) and their household income (25%).

50% of Americans aren’t financially prepared for the unexpected

The survey found half of Americans don’t have an emergency fund, and 27% feel they could be saving more toward their existing emergency fund. Also, half of Americans say they aren’t financially prepared for unexpected expenses in general. Various circumstances that many Americans don’t feel financially prepared to handle include:

Circumstance	Do not feel financially prepared to handle
An economic downturn or recession	55%
A family crisis (e.g., illness, death, legal issues)	54%
An unexpected expense over $2,500	53%
Retirement	50%
Job loss or reduction in income	49%
Taking on caregiver expenses	49%
A major home improvement project or purchase	49%
**At least one of the circumstances above**	77%

Americans see personal loans as an option for unexpected expenses and high interest debt – but, with many strings attached (high/hidden fees, collateral, time and more)

Many Americans believe personal loans are a good option for a big, unexpected expense (53%), and a good option for someone with high-interest debt (39%). However, many negative perceptions of personal loans are also prevalent among U.S. consumers:

Personal Loan Perception	American Consumers With This Perception
Should be used as a last resort after exhausting all other options (e.g., after depleting savings, maxing out credit cards, asking family / friends for a loan)	65%
Have high fees	62%
Have hidden fees	55%
Are difficult to qualify for	55%
Require collateral	54%
Are time consuming and require a lot of paperwork to get approved	51%
Are complicated to apply for	49%
Have higher rates than credit cards	48%
Negatively impact my credit score	48%
Are for people who have difficulty effectively managing their finances	42%

“At Discover, our goal is to help customers find smart solutions to achieve their financial goals. For some people, especially those with high-interest debt, a personal loan may be a helpful tool to reduce the cost of their interest and accelerate the elimination of debt,” said Nickele. “Research is important when making big financial decisions, especially with some of the negative perceptions out there around personal loans. I encourage consumers who could benefit from a personal loan to look for lenders that offer competitive interest rates, no fees, flexible repayment terms and fast funding. If you already have a relationship with a credit card company or bank that you trust, that’s a good place to start personal loan research.”

Low awareness of resources for managing debt and personal finance

The survey also found many Americans may not be aware of the full spectrum of tools, products and concepts that could help them to manage debt and their personal finances:

Financial Tool / Product / Concept	% of Americans Familiar
Cashback debit cards	38%
Debt consolidation loans	35%
Home equity loans	34%
0% intro APR credit cards	30%
High-Yield savings accounts	28%
Snowball method to pay off debt	13%
50/30/20 budgeting rule	12%
Avalanche method to pay off debt	9%
Cash stuffing	8%

Americans that set 2025 financial goals are making progress by taking actions to create a strong foundation

Forty-five percent of Americans set financial goals or resolutions for 2025. Of those, 81% say they’ve made at least some progress (38% are happy with that progress, and 43% feel they could have made better progress). Top actions that the 38% of Americans who are happy with their progress have taken include creating and following a budget (36%), reducing discretionary spending (31%), investing (35%), contributing to an emergency fund (26%), increasing income streams (25%), and paying off or consolidating high interest debt (24%).

About the Survey

This poll was conducted by Morning Consult on behalf of Discover between March 13-19, 2025, among a weighted U.S. national sample of 1,500 adults. The interviews were conducted online. Results have a margin of error of +/- 3 percentage points.

About Discover

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover^®card, America’s cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network^®comprised of Discover Network, with millions of merchants and cash access locations; PULSE^®, one of the nation’s leading ATM/debit networks; and Diners Club International^®, a global payments network with acceptance around the world. For more information, visit https://www.discover.com/company.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507531079/en/

Media Contact:

Matt Miller

Discover Financial Services

[email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Professional Services Payments Technology Finance Artificial Intelligence Banking Digital Cash Management/Digital Assets

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Americans seek to improve their financial lives amid uncertainty.

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