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DXP Enterprises, Inc. Reports First Quarter 2025 Results

• $114.3 million in cash
• $476.6 million in sales, a 15.5 percent year-over-year increase
• GAAP diluted EPS of $1.25
• $52.5 million in earnings before interest, taxes, depreciation & amortization and other non-cash charges (“Adjusted EBITDA”)
• Completed the acquisition of Arroyo Process Equipment

HOUSTON–(BUSINESS WIRE)–DXP Enterprises, Inc. (“DXP” or the “Company”) (NASDAQ: DXPE) today announced financial results for the first quarter ended March 31, 2025. The following are results for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, and December 31, 2024, where appropriate. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.

First Quarter 2025 Financial Highlights:

• Sales increased 15.5 percent to $476.6 million compared to $412.6 million for the first quarter of 2024 .
• Net income for the first quarter was $20.6 million, compared to $11.3 million for the first quarter of 2024 and $21.4 million for the fourth quarter of 2024.
• Earnings per diluted share for the first quarter was $1.25 based upon 16.5 million diluted shares, compared to $0.67 earnings per diluted share in the first quarter of 2024, based on 17.0 million diluted shares. Adjusted diluted earnings per share was $1.26 for the first quarter compared to $0.70 in the first quarter of 2024.
• Adjusted EBITDA for the first quarter was $52.5 million compared to $40.3 million for the first quarter of 2024 and $50.3 million for the fourth quarter of 2024. Adjusted EBITDA as a percentage of sales, or Adjusted EBITDA margin, was 11.0 percent, 9.8 percent, and 10.7 percent, respectively.

Business segment financial highlights:

• Service Centers’ revenue for the first quarter was $327.1 million, an increase of 13.4 percent year-over-year, with a 14.4 percent operating income margin.
• Innovative Pumping Solutions’ revenue for the first quarter was $86.2 million, an increase of 38.5 percent year-over-year, with a 15.6 percent operating income margin.
• Supply Chain Services’ revenue for the first quarter was $63.3 million, an increase of 2.1 percent year-over-year, with a 8.8 percent operating income margin.

David R. Little, Chairman and Chief Executive Officer commented, “First quarter results reflect the resilience and durability of DXP’s business. We are pleased with our sequential sales growth and strength in our gross profit margins. This resulted in operating leverage that produced earnings per share of $1.25. DXP’s first quarter 2025 sales were $476.6 million, or a 15.5 percent increase over the first quarter of 2024. Organic sales for the quarter, increased 11.1 percent and acquisitions added $31.1 million in sales. Adjusted EBITDA grew $12.2 million, or 30.2 percent over the first quarter of 2024. During the first quarter of 2025, sales were $327.1 million for Service Centers, $63.3 million for Supply Chain Services, and $86.2 million for Innovative Pumping Solutions. Overall, we are very pleased with our performance and the progress DXP continues to make as a growth company. We are optimistic that we can show continued sales and profit improvement during the remainder of 2025.”

Kent Yee, Chief Financial Officer and Senior Vice President, remarked, “Our first quarter year-over-year increase of 15.5 percent was great to see. We continue to see bright spots in the market, and we currently anticipate the second half of the year to drive growth as we benefit from increases in our project backlog and the diversification of our end markets. DXP ended the quarter with $114.3 million in cash on the balance sheet. Specifically, this quarter reflects continued execution of our strategic goals and the confidence we have in our balanced mix of business, tremendous teams, and a strong balance sheet to support our key initiatives. Total debt outstanding as of March 31, 2025, was $647.3 million. DXP’s secured leverage ratio or net debt to EBITDA ratio was 2.50:1.0 with a covenant EBITDA of $212.8 million for the last twelve months ending March 31, 2025.”

Conference Call Information

DXP Enterprises, Inc. management will host a conference call, May 8, 2025, at 10:30 a.m. Central Time, to discuss the Company’s financial results. The conference call may be accessed by going to https://ir.dxpe.com.

Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company’s website at https://ir.dxpe.com. The online replay will be available on the same website immediately following the call. A slide presentation highlighting the Company’s results and key performance indicators will also be available on the Investor Relations section of the Company’s website.

To learn more about DXP Enterprises, Inc., please visit the Company’s website at https://www.dxpe.com

About DXP Enterprises, Inc.

DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout North America and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production (“MROP”) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP’s breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.

Non-GAAP Financial Measures

DXP supplements reporting of net income with certain non-GAAP measurements, including EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, and Free Cash Flow. This supplemental information should not be considered in isolation or as a substitute for the unaudited GAAP measurements. Additional information regarding EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Free Cash Flow and net debt referred to in this press release are included below under “Unaudited Reconciliation of Non-GAAP Financial Information”.

The Company believes EBITDA provides additional information about: (i) operating performance, because it assists in comparing the operating performance of the business, as it removes the impact of non-cash depreciation and amortization expense as well as items not directly resulting from core operations such as interest expense and income taxes and (ii) the performance and the effectiveness of operational strategies. Additionally, EBITDA performance is a component of a measure of the Company’s financial covenants under its credit facilities. Furthermore, some investors use EBITDA as a supplemental measure to evaluate the overall operating performance of companies in the industry. Management believes that some investors’ understanding of performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing ongoing results of operations. By providing this non-GAAP financial measure, together with a reconciliation to its most directly comparable GAAP financial measure, the Company believes it is enhancing investors’ understanding of the business and results of operations, as well as assisting investors in evaluating how well the Company is executing strategic initiatives. Free Cash Flow reconciles to the most directly comparable GAAP financial measure of cash flows from operations as provided below. We believe Free Cash Flow is an important liquidity metric because it measures, during a given period, the amount of cash generated that is available to fund acquisitions, make investments, repay debt obligations, repurchase shares of the Company’s common stock, and for certain other activities.

Information Related to Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include, without limitation, those about the Company’s expectations regarding the Company’s expectations regarding the filing of the Form 10-Q; the description of the anticipated changes in the Company’s consolidated balance sheet and the results of operations and the Company’s assessment of the impact of such anticipated changes; the Company’s business, the Company’s future profitability, cash flow, liquidity, and growth. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to: the effectiveness of management’s strategies and decisions; our ability to implement our internal growth and acquisition growth strategies; general economic and business conditions specific to our primary customers; changes in government regulations; our ability to effectively integrate businesses we may acquire; new or modified statutory or regulatory requirements; availability of materials and labor; inability to obtain or delay in obtaining government or third-party approvals and permits; non-performance by third parties of their contractual obligations; unforeseen hazards such as weather conditions, acts of war or terrorist acts and the governmental or military response thereto; cyber-attacks adversely affecting our operations; other geological, operating and economic considerations and declining prices and market conditions, including supply or demand for maintenance, repair and operating products, equipment and service; inability of the Company or its independent auditors to complete the work necessary in order to file the Form 10-Q in the expected time frame; unanticipated changes to the Company’s operating results in the Form 10-Q as filed or in relation to prior periods, including as compared to the anticipated changes stated here; unanticipated impact of such changes and its materiality; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, ability to manage changes and the continued health or availability of management personnel and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

DXP ENTERPRISES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ thousands, except share amounts)
	Three Months Ended March 31,
		2025				2024
Sales	$	476,569			$	412,635
Cost of sales		326,304				288,753
Gross profit		150,265				123,882
Selling, general and administrative expenses		109,750				94,751
Income from operations		40,515				29,131
Interest expense		14,660				15,544
Other income, net		(1,318	)			(1,968	)
Income before income taxes		27,173				15,555
Provision for income taxes		6,584				4,223
Net income		20,589				11,332
Preferred stock dividend		23				23
Net income attributable to common shareholders	$	20,566			$	11,309
Net income	$	20,589			$	11,332
Foreign currency translation adjustments		86				(614	)
Comprehensive income	$	20,675			$	10,718
Earnings per share:
Basic	$	1.31			$	0.70
Diluted	$	1.25			$	0.67
Weighted average common shares outstanding:
Basic		15,698				16,128
Diluted		16,538				16,968

DXP ENTERPRISES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS ($ thousands, except share amounts)
	March 31, 2025				December 31, 2024
ASSETS
Current assets:
Cash	$	114,283			$	148,320
Restricted cash		—				91
Accounts receivable, net of allowance of $3,537 and $5,172, respectively		357,764				339,365
Inventories		109,876				103,113
Costs and estimated profits in excess of billings		47,844				50,735
Prepaid expenses and other current assets		31,989				20,250
Total current assets		661,756				661,874
Property and equipment, net		97,658				81,556
Goodwill		459,963				452,343
Other intangible assets, net		83,608				85,679
Operating lease right of use assets, net		59,597				46,569
Other long-term assets		19,930				21,473
Total assets	$	1,382,512			$	1,349,494
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of debt	$	6,595			$	6,595
Trade accounts payable		114,301				103,728
Accrued wages and benefits		39,334				41,650
Customer advances		13,477				13,655
Billings in excess of costs and estimated profits		19,779				12,662
Short-term operating lease liabilities		16,608				14,921
Other current liabilities		35,323				50,773
Total current liabilities		245,417				243,984
Long-term debt, net of unamortized debt issuance costs and discounts		620,901				621,684
Long-term operating lease liabilities		44,583				33,159
Other long-term liabilities		26,952				27,879
Total long-term liabilities		692,436				682,722
Total liabilities		937,853				926,706
Commitments and Contingencies
Shareholders’ equity:
Series A preferred stock, $1.00 par value; 1,000,000 shares authorized		1				1
Series B preferred stock, $1.00 par value; 1,000,000 shares authorized		15				15
Common stock, $0.01 par value, 100,000,000 shares authorized; 20,402,063 issued and 15,694,290 outstanding at March 31, 2025 and 20,402,861 issued and 15,695,088 outstanding at December 31, 2024		204				204
Additional paid-in capital		220,702				219,511
Retained earnings		410,236				389,670
Accumulated other comprehensive loss		(33,524	)			(33,610	)
Treasury stock, at cost 4,707,773 and 4,707,773 shares, respectively		(152,975	)			(153,003	)
Total DXP Enterprises, Inc. equity		444,659				422,788
Total liabilities and equity	$	1,382,512			$	1,349,494

SEGMENT DATA ($ thousands, unaudited)
	Three Months Ended March 31,
Sales		2025			2024
Service Centers	$	327,075		$	288,435
Innovative Pumping Solutions		86,182			62,216
Supply Chain Services		63,312			61,984
Total Sales	$	476,569		$	412,635
	Three Months Ended March 31,
Operating Income		2025			2024
Service Centers	$	47,045		$	40,320
Innovative Pumping Solutions		13,406			6,970
Supply Chain Services		5,564			5,262
Total Segments Operating Income	$	66,015		$	52,552

RECONCILIATION OF OPERATING INCOME FOR REPORTABLE SEGMENTS ($ thousands, unaudited)
	Three Months Ended March 31,
		2025				2024
Income from operations for reportable segments	$	66,015			$	52,552
Adjustment for:
Amortization of intangibles		5,355				4,369
Corporate expenses		20,145				19,052
Income from operations	$	40,515			$	29,131
Interest expense		14,660				15,544
Other income, net		(1,318	)			(1,968	)
Income before income taxes	$	27,173			$	15,555

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION ($ thousands, unaudited)   We define and calculate EBITDA as Net income attributable to DXP Enterprises, Inc., plus interest, taxes, depreciation, and amortization. We define and calculate Adjusted EBITDA as Net income attributable to DXP Enterprises, Inc., plus interest, taxes, depreciation, and amortization minus stock-based compensation expense and all other non-cash charges, adjustments, and non-recurring items. We identify the impact of all other non-cash charges, adjustments and non-recurring items because we believe these items do not directly reflect our underlying operations.   We define and calculate EBITDA Margin as EBITDA divided by sales. We define and calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by sales.   The following table sets forth the reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin to the most comparable U.S. GAAP financial measure (in thousands):
	Three Months Ended March 31,
		2025				2024
Income before income taxes	$	27,173			$	15,555
Plus: Interest expense		14,660				15,544
Plus: Depreciation and amortization		9,134				7,538
EBITDA	$	50,967			$	38,637
Plus: other non-recurring items(1)		235				842
Plus: stock compensation expense		1,317				864
Adjusted EBITDA	$	52,519			$	40,343
Operating Income Margin		8.5	%			7.1	%
EBITDA Margin		10.7	%			9.4	%
Adjusted EBITDA Margin		11.0	%			9.8	%
(1) Other non-recurring items includes unique acquisition integration costs and other non-cash, non-recurring costs not related to continuing business operations.
We define and calculate organic sales to include locations and acquisitions under our ownership for at least twelve months. “Acquisition Sales” are sales from acquisitions that have been under our ownership for less than twelve months and are excluded in our calculation of Organic Sales.

The following table sets forth the reconciliation of Acquisition Sales, Organic Sales and Organic Sales per Business Day to the most comparable U.S. GAAP financial measure (in thousands):
	Three Months Ended March 31,
		2025			2024
Sales by Business Segment
Service Centers	$	327,075		$	288,435
Innovative Pumping Solutions		86,182			62,216
Supply Chain Services		63,312			61,984
Total DXP Sales	$	476,569		$	412,635
Acquisition Sales	$	31,112		$	11,775
Organic Sales	$	445,457		$	400,860
Business Days		63			63
Sales per Business Day	$	7,565		$	6,550
Organic Sales per Business Day	$	7,071		$	6,363
We define and calculate free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment.

The following table sets forth the reconciliation of Free Cash Flow to the most comparable GAAP financial measure (in thousands):
	Three Months Ended March 31,
		2025				2024
Net cash from operating activities	$	2,973			$	26,989
Less: purchases of property and equipment		(19,914	)			(2,894	)
Free Cash Flow	$	(16,941	)		$	24,095
We define and calculate adjusted net income as Net income plus non-recurring items less adjustment for taxes.

The following table is a reconciliation of adjusted net income attributable to DXP Enterprises, Inc., a non-GAAP financial measure, to net income, calculated and reported in accordance with U.S. GAAP (in thousands).
	Three Months Ended March 31,
		2025				2024
Net Income	$	20,589			$	11,332
Other non-recurring items		235				842
Adjustment for taxes		(57	)			(256	)
Adjusted Net Income	$	20,767			$	11,918
Weighted average common shares and common equivalent shares outstanding
Diluted		16,538				16,968
Diluted Earnings per Share	$	1.25			$	0.67
Adjusted Diluted Earnings per Share	$	1.26			$	0.70

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507799913/en/

Kent Yee

Senior Vice President, CFO

713-996-4700

www.dxpe.com

KEYWORDS: United States North America Canada Texas

INDUSTRY KEYWORDS: Other Transport Manufacturing Transport Food Tech Logistics/Supply Chain Management Technology Other Energy Mining/Minerals Utilities Forest Products Oil/Gas Coal Agriculture Alternative Energy Natural Resources Energy Nuclear Chemicals/Plastics

MEDIA:

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Trinseo Reports First Quarter 2025 Financial Results and Provides Second Quarter Outlook

First Quarter 2025 Highlights

• Net loss of $79 million and EPS of negative $2.22 included $25 million of refinancing costs for the debt transactions that closed in January 2025
• Adjusted EBITDA* of $65 million was $20 million above prior year driven by $26 million of polycarbonate technology licensing income as well as savings from the previously announced restructuring actions; partially offset by lower equity income from Americas Styrenics and lower volumes
• Cash used in operations of $110 million and capital expenditures of $9 million resulted in Free Cash Flow* of negative $119 million, which included a seasonal working capital build and $25 million of refinancing-related costs
• First quarter ending cash of $128 million (of which $2 million was restricted) and total liquidity of $421 million

WAYNE, Pa.–(BUSINESS WIRE)–
Trinseo (NYSE: TSE):

		Three Months Ended
		March 31,
$millions, except per share data		2025				2024
Net Sales		$	785			$	904
Net Loss			(79	)			(76	)
Diluted EPS ($)			(2.22	)			(2.14	)
Adjusted Net Loss*			(49	)			(69	)
Adjusted EPS ($)*			(1.37	)			(1.94	)
EBITDA*			30				38
Adjusted EBITDA*			65				45

*For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted Net Loss, all of which are non-GAAP measures, to Net Loss, as well as a reconciliation of Free Cash Flow and Adjusted EPS, see Notes 2 and 3 to the financial statements included below.

Trinseo (NYSE: TSE), a specialty material solutions provider, today reported its first quarter 2025 financial results. Net sales of $785 million in the first quarter decreased 13% versus prior year from lower sales volume across all business segments due to continued end market demand weakness and intentional reductions of low-margin sales. Higher prices, primarily from the pass-through of higher raw material costs and improved product mix, led to a 2% increase which was offset by a 2% decrease from currency.

First quarter net loss of $79 million was $3 million higher than prior year primarily due to higher interest expense and a slightly higher provision for income taxes. Adjusted EBITDA of $65 million was $20 million above prior year driven by $26 million of polycarbonate technology licensing income as well as savings from the previously announced restructuring actions. These were partially offset by lower volumes as well as lower income from Americas Styrenics.

Commenting on the Company’s first quarter performance, Frank Bozich, President and Chief Executive Officer of Trinseo, said, “Core business results in the first quarter were in line with expectations, and sequentially higher due to prior quarter customer destocking and seasonality. Despite persistent market weakness, the first quarter was Trinseo’s 7^th consecutive quarter of year-over-year Adjusted EBITDA improvement driven by the various management actions we took early in this industry downturn.”

First Quarter Results and Commentary by Business Segment

• Engineered Materials net sales of $278 million for the quarter were 2% below prior year as lower sales volume was partially offset by higher pricing. Adjusted EBITDA of $26 million was $16 million above prior year, reflecting higher margins from moderating input costs. Sales volume growth in consumer electronics applications and from our geographic expansion initiatives for PMMA were offset by lower market demand in automotive and building and construction.
• Latex Binders net sales of $209 million for the quarter decreased 13% versus prior year from lower volumes, primarily in paper applications in Asia and Europe, which were partially offset by higher price. Adjusted EBITDA of $24 million was $2 million below prior year due to lower volume. Net sales to CASE applications accounted for 15% of total segment net sales with volume increasing 3% over prior year in a flat market environment.
• Polymer Solutions net sales of $298 million for the quarter decreased 22% versus prior year due to lower sales volume, which was primarily the result of intentionally reducing low-margin polystyrene sales. Adjusted EBITDA of $44 million was $15 million above prior year, as lower volumes and margins were more than offset by fixed cost reductions and $26 million of polycarbonate technology licensing income.
• Americas Styrenics Adjusted EBITDA of negative $2 million for the quarter was $8 million below prior year mainly driven by an unfavorable timing impact.

Second Quarter 2025 Outlook

• Second quarter 2025 net loss of $61 million to $46 million
• Second quarter 2025 Adjusted EBITDA of $55 million to $70 million
• Second quarter 2025 Free Cash Flow approximately breakeven and includes $21 million from the polycarbonate technology license income collected in the second quarter

We expect the direct impact from current tariffs to be limited, as we generally manufacture products and procure raw materials in the regions where our products are sold. However, the high level of macroeconomic uncertainty that currently exists limits our ability to assess future end-market demand. Therefore, we are withdrawing all full-year guidance previously furnished in connection with our recent debt refinancing and will focus only on second quarter guidance.

Commenting on the second quarter outlook, Bozich said, “We anticipate Adjusted EBITDA of $55 million to $70 million in Q2 with seasonally higher volumes, lower costs in Engineered Materials, and improved AmSty performance offsetting the first quarter polycarbonate technology license income. I am extremely proud of the agility and resourcefulness demonstrated by all of our employees as we navigate this challenging market environment.

Conference Call and Webcast Information

Trinseo will host a conference call to discuss its first quarter 2025 financial results on Thursday, May 8, 2025 at 10 a.m. Eastern Time.

Commenting on results will be Frank Bozich, President and Chief Executive Officer, David Stasse, Executive Vice President and Chief Financial Officer, and Bee van Kessel, Senior Vice President, Corporate Finance and Investor Relations.

For those interested in asking questions during the Q&A session, please register using the following link:

• Conference Call Registration

For those interested in listening only, please register for the webcast using the following link:

• Webcast Registration

After registering for the conference call, you will receive a confirmation email with a meeting invitation and information for entry. Registration is open through the live call, but it is advised that you register in advance to ensure you are connected for the full call.

Trinseo has posted its first quarter 2025 financial results on the Company’s Investor Relations website. The presentation slides will also be made available in the webcast player prior to the conference call. The Company will also furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission.

A replay of the conference call and transcript will be archived on the Company’s Investor Relations website shortly following the conference call. The replay will be available until May 8, 2026.

About Trinseo

Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.

From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.

Trinseo’s employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $3.5 billion in 2024. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn, Twitter, Facebook.

Use of non-GAAP measures

In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we use additional measures of income excluding certain GAAP items (“non-GAAP measures”), such as Adjusted Net Income, EBITDA, Adjusted EBITDA and Adjusted EPS and measures of liquidity excluding certain GAAP items, such as Free Cash Flow. We believe these measures are useful for investors and management in evaluating business trends and performance each period. These measures are also used to manage our business and assess current period profitability, as well as to provide an appropriate basis to evaluate the effectiveness of our pricing strategies. Such measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. The definitions of each of these measures, further discussion of usefulness, and reconciliations of non-GAAP measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information presented herein.

Cautionary Note on Forward-Looking Statements

This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements may be identified by the use of words like “expect,” “anticipate,” “believe,” “intend,” “forecast,” ”estimate,” “see,” “outlook,” “will,” “may,” “might,” “potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would,” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy, our current indebtedness, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, conditions in the global economy and capital markets, including recessionary conditions and the impact of tariffs on global trade relations; our ability to successfully generate cost savings through restructuring and cost reduction initiatives; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; deterioration of our credit profile limiting our access to commercial credit; increased energy costs; the timing of, and our ability to complete, a sale of our interest in Americas Styrenics; compliance with laws and regulations impacting our business; any disruptions in production at our chemical manufacturing facilities, including those resulting from accidental spills or discharges; our current and future levels of indebtedness and our ability to service, repay or refinance our indebtedness; our ability to meet the covenants under our existing indebtedness; our ability to generate cash flows from operations and achieve our forecasted cash flows; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —”Risk Factors” and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. 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.

TRINSEO PLC   Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited)
		Three Months Ended
		March 31,
		2025				2024
Net sales		$	784.8			$	904.0
Cost of sales			721.0				843.4
Gross profit			63.8				60.6
Selling, general and administrative expenses			91.0				70.1
Equity in earnings (losses) of unconsolidated affiliate			(1.8	)			6.2
Operating loss			(29.0	)			(3.3	)
Interest expense, net			66.6				63.0
Other expense (income), net			(23.2	)			3.8
Loss before income taxes			(72.4	)			(70.1	)
Provision for income taxes			6.6				5.4
Net loss		$	(79.0	)		$	(75.5	)
Weighted average shares- basic			35.5				35.3
Net loss per share- basic		$	(2.22	)		$	(2.14	)
Weighted average shares- diluted			35.5				35.3
Net loss per share- diluted		$	(2.22	)		$	(2.14	)

TRINSEO PLC   Condensed Consolidated Balance Sheets (In millions) (Unaudited)
		March 31,				December 31,
		2025				2024
Assets
Cash and cash equivalents		$	126.1			$	209.8
Accounts receivable, net of allowance			470.5				379.9
Inventories			383.7				347.2
Other current assets			55.7				51.3
Investments in unconsolidated affiliate			220.8				222.6
Property, plant, equipment, goodwill, and other intangible assets, net			1,218.6				1,234.5
Right-of-use assets – operating, net			62.6				63.9
Other long-term assets			117.0				134.9
Total assets		$	2,655.0			$	2,644.1
Liabilities and shareholders’ equity
Current liabilities			689.3				720.9
Long-term debt, net of unamortized deferred financing fees			2,305.1				2,200.7
Noncurrent lease liabilities – operating			52.7				53.3
Other noncurrent obligations			287.1				289.1
Shareholders’ equity (deficit)			(679.2	)			(619.9	)
Total liabilities and shareholders’ equity (deficit)		$	2,655.0			$	2,644.1

TRINSEO PLC   Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited)
		Three Months Ended
		March 31,
		2025				2024
Cash flows from operating activities
Cash used in operating activities		$	(110.2	)		$	(66.2	)
Cash flows from investing activities
Capital expenditures			(8.7	)			(15.7	)
Proceeds from the sale of businesses and other assets			—				4.7
Cash used in investing activities			(8.7	)			(11.0	)
Cash flows from financing activities
Deferred financing fees			(19.8	)			0.4
Short-term borrowings, net			(1.8	)			(3.7	)
Dividends paid			(0.5	)			(0.6	)
Acquisition-related contingent consideration payment			—				(0.7	)
Net proceeds from issuance of 2028 Refinance Term Loans			115.0				—
Repurchases and repayments of long-term debt			(5.1	)			(4.6	)
Repayments of 2025 Senior Notes			(115.0	)			—
Proceeds from Accounts Receivable Securitization Facility			70.0				30.0
Repayments of Accounts Receivable Securitization Facility			(10.0	)			(30.0	)
Cash provided by (used in) financing activities			32.8				(9.2	)
Effect of exchange rates on cash			2.5				(3.2	)
Net change in cash, cash equivalents, and restricted cash			(83.6	)			(89.6	)
Cash, cash equivalents, and restricted cash—beginning of period			211.9				261.1
Cash, cash equivalents, and restricted cash—end of period		$	128.3			$	171.5
Less: Restricted cash			2.2				5.1
Cash and cash equivalents—end of period		$	126.1			$	166.4

TRINSEO PLC

Notes to Condensed Consolidated Financial Information

(Unaudited)

Note 1: Net Sales by Segment

		Three Months Ended
		March 31,
(In millions)		2025			2024
Engineered Materials		$	277.3		$	282.5
Latex Binders			209.3			241.5
Polymer Solutions			298.2			380.0
Americas Styrenics*			—			—
Total Net Sales		$	784.8		$	904.0

* The results of this segment are comprised entirely of earnings from Americas Styrenics, our 50%-owned equity method investment. As such, we do not separately report net sales of Americas Styrenics within our condensed consolidated statements of operations.

Note 2: Reconciliation of Non-GAAP Performance Measures to Net Income

EBITDA is a non-GAAP financial performance measure, which is defined as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense. We refer to EBITDA in making operating decisions because we believe it provides our management as well as our investors with meaningful information regarding the Company’s operational performance. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis.

We also present Adjusted EBITDA as a non-GAAP financial performance measure, which we define as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits, and other items. In doing so, we are providing management, investors, and credit rating agencies with an indicator of our ongoing performance and business trends, removing the impact of transactions and events that we would not consider a part of our core operations.

Lastly, we present Adjusted Net Income (Loss) and Adjusted EPS as additional performance measures. Adjusted Net Income (Loss) is calculated as Adjusted EBITDA (defined beginning with net income from continuing operations, above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income (Loss) per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income (Loss) and Adjusted EPS provide transparent and useful information to management, investors, analysts and other stakeholders in evaluating and assessing our operating results from period-to-period after removing the impact of certain transactions and activities that affect comparability and that are not considered part of our core operations.

There are limitations to using the financial performance measures noted above. These performance measures are not intended to represent net income or other measures of financial performance. As such, they should not be used as alternatives to net income as indicators of operating performance. Other companies in our industry may define these performance measures differently than we do. As a result, it may be difficult to use these or similarly named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income, which is determined in accordance with GAAP.

		Three Months Ended
		March 31,
(In millions, except per share data)		2025				2024
Net loss		$	(79.0	)		$	(75.5	)
Interest expense, net			66.6				63.0
Provision for income taxes			6.6				5.4
Depreciation and amortization (a)			36.0				45.0
EBITDA		$	30.2			$	37.9
Loss on financing transactions (b)			24.9				—			Selling, general, and administrative expenses, Other expense (income), net
Net gain on disposition of businesses and assets			—				(3.6	)		Selling, general, and administrative expenses
Restructuring and other charges (c)			7.4				9.4			Selling, general, and administrative expenses
Other items (d)			2.3				1.3			Selling, general, and administrative expenses
Adjusted EBITDA		$	64.8			$	45.0
Adjusted EBITDA to Adjusted Net Loss:
Adjusted EBITDA			64.8				45.0
Interest expense, net			66.6				63.0
Provision for income taxes – Adjusted (e)			1.2				4.2
Depreciation and amortization – Adjusted (f)			45.5				46.3
Adjusted Net Loss		$	(48.5	)		$	(68.5	)
Adjusted EPS		$	(1.37	)		$	(1.94	)
Adjusted EBITDA by Segment:
Engineered Materials		$	25.7			$	10.4
Latex Binders			24.5				25.7
Polymer Solutions			44.5				29.1
Americas Styrenics			(1.8	)			6.2
Corporate Unallocated			(28.1	)			(26.4	)
Adjusted EBITDA		$	64.8			$	45.0

_________________________
(a)	During the three months ended March 31, 2025, an $8.1 million benefit was recognized due to a change in cost estimate related to the Boehlen, Germany asset retirement obligation as the Company was able to realize efficiencies during decommissioning.
(b)	Amounts for the three months ended March 31, 2024 primarily relate to fees incurred in conjunction with Company’s debt refinancing transaction that did not meet the criteria for deferred financing charges.
(c)	Restructuring and other charges for the 2025 and 2024 periods primarily relate to employee termination benefits, contract termination costs as well as decommissioning and other charges incurred in connection with the Company’s restructuring plans.
(d)	Other items for the 2025 period primarily relate to fees incurred in conjunction with certain of the Company’s strategic initiatives, including the potential divestiture of our styrenics business. Other items for the 2024 period primarily relate to fees incurred in conjunction with certain of the Company’s strategic initiatives, as well as costs related to our transition to a new enterprise resource planning system.
(e)	Adjusted to remove the tax impact of the items noted within the table above. The income tax expense (benefit) related to these items was determined utilizing either (1) the estimated annual effective tax rate on our ordinary income based upon our forecasted ordinary income for the full year or, (2) for items treated discretely for tax purposes we utilized the applicable rates in the taxing jurisdictions in which these adjustments occurred.
(f)	Amounts for the three months ended March 31, 2025 and 2024 excludes accelerated depreciation of $9.4 million and $1.3 million, respectively. The 2025 and 2024 period charges are primarily related to the shortening of the useful life of certain assets related to the 2024 restructuring plan.

For the same reasons discussed above, we are providing the following reconciliation of forecasted net loss to forecasted Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS for the three months ended June 30, 2025. See “Note on Forward-Looking Statements” above for a discussion of the limitations of these forecasts. Totals may not sum due to rounding.

		Three Months Ended
		June 30,
(In millions, except per share data)		2025
Adjusted EBITDA		$	55 – 70
Interest expense, net			67
Provision for income taxes			6
Depreciation and amortization			43
Reconciling items to Adjusted EBITDA (g)			—
Net Loss			(61) – (46)
Reconciling items to Adjusted Net Loss (g)			—
Adjusted Net Loss		$	(61) – (46)
Weighted average shares – diluted (h)			35.5
EPS – diluted ($)		$	(1.72) – (1.30)
Adjusted EPS ($)		$	(1.72) – (1.30)

(g)

Reconciling items to Adjusted EBITDA and Adjusted Net Income (Loss) are not typically forecasted by the Company based on their nature as being primarily driven by transactions that are not part of the core operations of the business and, as a result, cannot be estimated without unreasonable cost or uncertainty. As such, for the forecasted second quarter ended June 30, 2025, we have not included estimates for these items.

(h)

Weighted average shares presented for the purpose of forecasting EPS and Adjusted EPS assume that the Company will be in a net loss position for second quarter 2025, and therefore excludes the impact of potentially dilutive shares, as the inclusion of said shares would have an anti-dilutive effect. Further, the weighted average shares presented do not forecast significant future share transactions or events, such as repurchases, significant share-based compensation award grants, and changes in the Company’s share price. These are all factors which could have a significant impact on the calculation of EPS and Adjusted EPS during actual future periods.

Note 3: Reconciliation of Non-GAAP Liquidity Measures to Cash from Operations

The Company uses certain measures, such as Free Cash Flow as non-GAAP measures, to evaluate and discuss its liquidity position and results. Free Cash Flow is defined as cash from operating activities, less capital expenditures. We believe that Free Cash Flow provides an indicator of the Company’s ongoing ability to generate cash through core operations, as it excludes the cash impacts of various financing transactions as well as cash flows from business combinations that are not considered organic in nature. We also believe that Free Cash Flow provides management and investors with useful analytical indicators of our ability to service our indebtedness, pay dividends (when declared), and meet our ongoing cash obligations.

Free Cash Flow is not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as alternatives for that measure. Other companies in our industry may define Free Cash Flow differently than we do. As a result, it may be difficult to use this or similarly named financial measures that other companies may use, to compare the liquidity and cash generation of those companies to our own. The Company compensates for these limitations by providing the following detail, which is determined in accordance with GAAP.

Free Cash Flow

		Three Months Ended
		March 31,
(In millions)		2025			2024
Cash used in operating activities		$	(110.2)		$	(66.2)
Capital expenditures			(8.7)			(15.7)
Free Cash Flow		$	(118.9)		$	(81.9)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507183462/en/

Bee van Kessel

Tel: +41 44 718 3685

Email: [email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Automotive Manufacturing Manufacturing Other Manufacturing Packaging Chemicals/Plastics

MEDIA:

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Pan American Silver Reports Unaudited First Quarter 2025 Results

 Basic Earnings of $0.47 per Share

All amounts expressed in U.S. dollars unless otherwise indicated. Unaudited tabular amounts are in millions of U.S. dollars and thousands of shares, options, and warrants except per share amounts and per ounce amounts, unless otherwise noted.

VANCOUVER, British Columbia–(BUSINESS WIRE)–Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) (“Pan American” or the “Company”) reports unaudited results for the quarter ended March 31, 2025 (“Q1 2025”).

“Pan American has had a strong start to 2025, delivering another quarter of solid operating results. Lower costs and higher metal prices resulted in a record $250.8 million of mine operating earnings and $112.6 million in free cash flow,” said Michael Steinmann, President and Chief Executive Officer. “We are on track to achieve our guidance for 2025, with production levels expected to increase over the coming quarters from a back-end loaded production profile. We remain focused on progressing our initiatives to further increase shareholder value, including the optimization study for Jacobina, development of the La Colorada Skarn, and the consultation process for Escobal.”

The following highlights for Q1 2025 include certain measures that are not generally accepted accounting principles (“non-GAAP”) financial measures. Please refer to the section titled “Alternative Performance (Non-GAAP) Measures” at the end of this news release for further information on these measures.

Consolidated Q1 2025 Results:

• Silver production of 5.0 million ounces.
• Gold production of 182.2 thousand ounces.
• Revenue of $773.2 million.
• Net earnings of $169.3 million, or $0.47 basic earnings per share.
• Adjusted earnings of $153.0 million, or $0.42 adjusted earnings per share.
• Cash flow from operations before non-cash working capital changes of $240.1 million, net of $95.1 million in cash taxes paid ($174.8 million after changes in non-cash working capital).
• Silver Segment All-in Sustaining Costs (“AISC”)⁽¹⁾ per silver ounce of $13.94.
• Gold Segment AISC⁽²⁾, excluding net realizable value (“NRV”) inventory adjustments, per gold ounce of $1,485.
• Cash and short-term investments increased by $35.7 million from December 31, 2024 to $923.0 million.
• As at March 31, 2025, the Company had working capital of $1,161.8 million and $750.0 million available under its undrawn credit facility (“Credit Facility”). Total debt of $804.4 million is primarily related to two senior notes, as well as certain lease liabilities and construction loans payable.
• The Company maintains its 2025 Operating Outlook, as previously provided in its Management’s Discussion & Analysis (“MD&A”) dated February 19, 2025. See the “2025 Operating Outlook” section of this news release for further detail.
• A cash dividend of $0.10 per common share with respect to Q1 2025 was declared on May 7, 2025, payable on or about June 2, 2025, to holders of record of Pan American’s common shares as of the close of markets on May 20, 2025. During Q1 2025, the Company paid cash dividends to its shareholders totaling $36.2 million. The dividends are eligible dividends for Canadian income tax purposes.
• The Company repurchased for cancellation 909,012 common shares in Q1 2025 at an average price of $22.00 per share for a total consideration of $20.0 million under its Normal Course Issuer Bid, which was renewed on March 6, 2025.

⁽¹⁾ Silver Segment AISC is calculated net of credits for realized revenues from all metals other than silver and is calculated per ounce of silver sold.

⁽²⁾ Gold Segment AISC is calculated net of credits for realized revenues from all metals other than gold and is calculated per ounce of gold sold.

Q1 2025 Project Updates:

• At the La Colorada mine, project capital of $4.9 million was directed largely to the current vein mining operation for exploration and mine equipment leases to access, mine, and expand mineral resource extensions in the eastern and southeastern higher-grade Candelaria zone.
• With respect to the La Colorada Skarn, project capital of $3.0 million was largely for exploration and in-fill drilling and advancing engineering work. Pan American is currently discussing potential partnerships for development of the project.
• At Huaron, $3.0 million of project capital was related to residual accounts payable settlements for the drystack tailings storage facility, which was completed in the fourth quarter of 2024, and is now fully commissioned and operating.
• At Jacobina, project capital of $4.8 million was allocated to mine and plant optimization studies aimed at maximizing long-term economic performance.
• At Timmins, project capital of $2.9 million was related to underground development advances to provide access for exploration drilling of adjacent prospective deposits.
• At Escobal, Pan American had four working meetings with the Guatemalan government during Q1 2025 as part of the ILO 169 consultation process. Currently, there is no date for the completion of the consultation process or the potential restart of operations at Escobal.

CONSOLIDATED RESULTS
	Three months ended March 31, 2025			Three months ended March 31, 2024
Weighted average shares during period		362,408			364,486
Shares outstanding end of period		362,190			362,940
	Three months ended March 31,
		2025			2024
FINANCIAL
Revenue	$	773.2		$	601.4
Cost of Sales(1)	$	522.4		$	530.4
Mine operating earnings	$	250.8		$	71.0
Net earnings (loss)	$	169.3		$	(30.8	)
Basic earnings (loss) per share(2)	$	0.47		$	(0.08	)
Adjusted earnings(3)	$	153.0		$	4.7
Basic adjusted earnings per share(2)(3)	$	0.42		$	0.01
Net cash generated from operating activities	$	174.8		$	61.1
Net cash generated from operating activities before changes in working capital(3)	$	240.1		$	127.1
Sustaining capital expenditures(3)	$	62.2		$	65.7
Project capital expenditures(3)(4)	$	18.6		$	30.9
Cash dividend paid per share	$	0.10		$	0.10
PRODUCTION
Silver (thousand ounces)		5,003			5,009
Gold (thousand ounces)		182.2			222.9
Zinc (thousand tonnes)		14.0			9.8
Lead (thousand tonnes)		6.7			4.6
Copper (thousand tonnes)		0.6			1.7
AISC(3) ($/ounce)
Silver Segment		13.94			16.63
Gold Segment		1,485			1,499
AVERAGE REALIZED PRICES(5)
Silver ($/ounce)		31.25			22.61
Gold ($/ounce)		2,868			2,078
Zinc ($/tonne)		2,819			2,424
Lead ($/tonne)		1,974			2,063
Copper ($/tonne)		9,287			8,373

(1)	Cost of Sales includes production costs, depreciation and amortization and royalties.
(2)	Per share amounts are based on basic weighted average common shares.
(3)	Non-GAAP measure; please refer to the “Alternative Performance (non-GAAP) Measures” section of this news release for further information on these measures. The AISC are excluding NRV inventory adjustments.
(4)	Project capital relates to expenditures at the La Colorada mine, the La Colorada Skarn, and the Huaron, Timmins and Jacobina mines.
(5)	Metal prices stated are inclusive of final settlement adjustments on concentrate sales.

Q1 2025 OPERATING PERFORMANCE
	Silver Production (thousand ounces)	Gold Production (thousand ounces)	AISC ($ per ounce)(1)
Silver Segment
La Colorada (Mexico)	1,389	1.2	19.72
Cerro Moro (Argentina)	545	20.6	(4.40)
Huaron (Peru)	951	—	13.09
San Vicente (Bolivia)(2)	643	—	19.70
Total Silver Segment(3)	3,528	21.7	13.94
Gold Segment
Jacobina (Brazil)	1	45.1	1,243
El Peñon (Chile)	945	28.2	1,214
Timmins (Canada)	4	28.5	2,124
Shahuindo (Peru)	65	29.5	1,440
Minera Florida (Chile)	112	15.2	2,445
Dolores (Mexico)	349	14.0	569
Total Gold Segment(3)	1,476	160.5	1,485
Total Consolidated(3)	5,003	182.2

(1)	Non-GAAP measure; please refer to the “Alternative Performance (non-GAAP) Measures” section of this news release for further information on these measures. The AISC are excluding NRV inventory adjustments.
(2)	San Vicente data represents Pan American’s 95.0% interest in the mine’s production.
(3)	Totals may not add due to rounding.

2025 OPERATING OUTLOOK

The Company reaffirms its 2025 Operating Outlook for annual production, AISC, and capital expenditures, as summarized in the table below.

Please see Pan American’s MD&A dated February 19, 2025, for further detail on the Company’s 2025 Operating Outlook, including the quarterly outlook for production and AISC. Please also refer to the Cautionary Note Regarding Forward-Looking Statements and Information at the end of this news release.

	2025 Annual Guidance
Silver Production (million ounces)	20.00 – 21.00
Gold Production (thousand ounces)	735 – 800
Silver Segment AISC(1) ($ per ounce)	16.25 – 18.25
Gold Segment AISC (1) ($ per ounce)	1,525 – 1,625
Sustaining Capital Expenditures ($ millions)	270.0 – 285.0
Project Capital Expenditures ($ millions)	90.0 – 100.0

(1)

AISC is a non-GAAP measure. Please refer to the “Alternative Performance (Non-GAAP) Measures” section of this news release for further information on these measures. The AISC forecast assumes average metal prices of $30.00/oz for silver, $2,650/oz for gold, $3,000/tonne ($1.36/lb) for zinc, $2,000/tonne ($0.91/lb) for lead, and $9,500/tonne ($4.31/lb) for copper; and average annual exchange rates relative to 1 USD of 20.00 for the Mexican peso (“MXN”), 3.75 for the Peruvian sol (“PEN”), 1,177.00 for the Argentine peso (“ARS”), 7.00 for the Bolivian boliviano (“BOB”), 1.38 for the Canadian dollar (“CAD”), 950.00 for the Chilean peso (“CLP”) and 5.75 for the Brazilian real (“BRL”).

AISC, adjusted earnings, basic adjusted earnings per share, sustaining and project capital, free cash flow, working capital, and total debt are non-GAAP financial measures. Please refer to the “Alternative Performance (non-GAAP) Measures” section of this news release for further information on these measures.

This news release should be read in conjunction with Pan American’s Unaudited Condensed Interim Consolidated Financial Statements and our MD&A for the three months ended March 31, 2025. This material is available on Pan American’s website at https://panamericansilver.com/invest/financial-reports-and-filings/ on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

CONFERENCE CALL AND WEBCAST

Date: May 8, 2025

Time: 11:00 am ET (8:00 am PT)

Webcast:https://event.choruscall.com/mediaframe/webcast.html?webcastid=RKB97YTl [event.choruscall.com]

Conference Call: Participants can register for the conference call at: https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10197324&linkSecurityString=fe98743a80

Upon registration, you will receive the dial-in details and a unique PIN to access the call. This process will bypass the live operator and avoid the queue. Registration will remain open until the end of the live conference call.

Those without internet access or who prefer to speak with an operator may dial:

1-833-752-3507 (toll-free in Canada and the U.S.)

1-647-846-7282 (International Participants)

Visit https://panamericansilver.com/invest/events-and-presentations/ to access the webcast, presentation slides and the MD&A for the period ended March 31, 2025. An archive of the webcast will also be available for three months at panamericansilver.com.

About Pan American

Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “PAAS”.

Learn more at panamericansilver.com

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Alternative Performance (Non-GAAP) Measures

In this news release, we refer to measures that are non-GAAP financial measures. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning as prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies with similar descriptions. These non-GAAP financial measures include:

• Adjusted earnings and basic adjusted earnings per share. Pan American believes that these measures better reflect normalized earnings as they eliminate items that in management’s judgment are subject to volatility as a result of factors, which are unrelated to operations in the period, and/or relate to items that will settle in future periods.
• All-in Sustaining Costs (“AISC”) per silver or gold ounce sold, net of by-product credits. Pan American believes that AISC, calculated net of by-products, is a comprehensive measure of the full cost of operating our consolidated business, given it includes the cost of replacing silver and gold ounces through exploration, the cost of ongoing capital investments at current operations (“sustaining capital”), as well as other items that affect the Company’s consolidated cash flow. AISC excludes capital investments that are expected to increase production levels or mine life beyond those contemplated in the base case life of mine plan (“project capital”).
• Total debt is calculated as the total current and non-current portions of: debt, including senior notes and amounts drawn on the Credit Facility, and lease obligations. Total debt does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the financial debt leverage of Pan American.
• Working capital is calculated as current assets less current liabilities. Working capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate whether Pan American is able to meet its current obligations using its current assets.
• Project capital relates to expenditures at the La Colorada mine, the La Colorada Skarn, and the Huaron, Timmins and Jacobina mines. Project capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate capital investments that are directed at increasing production levels or mine life beyond those contemplated in the base case life of mine plan.
• Free cash flow is calculated as net cash generated from operating activities less sustaining capital expenditures. Free cash flow does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the profitability of Pan American and identify capital that may be available for investment or return to shareholders.

Readers should refer to the “Alternative Performance (non-GAAP) Measures” section of Pan American’s Q1 2025 MD&A for a more detailed discussion of these and other non-GAAP measures and their calculation.

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: future financial or operational performance, including our estimated production of silver, gold and other metals forecasted for 2025, our estimated AISC, and our sustaining and project capital expenditures in 2025; the anticipated dividend payment date of June 2, 2025; our ability to complete or advance the optimization study for Jacobina, the development of the La Colorada Skarn, or the consultation process for Escobal, and any anticipated benefits to shareholder value or financial or operational performance that may be derived therefrom; expectations regarding the ILO 169 consultation process with respect to Escobal; and Pan American’s plans and expectations for its properties and operations.

These forward-looking statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; capital, decommissioning and reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate Credit Facility or otherwise, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP and BRL versus the USD); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, risks relating to expropriation and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; unanticipated or excessive tax assessments or reassessments in our operating jurisdictions; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption “Risks Related to Pan American’s Business” in Pan American’s most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management’s current views of our near- and longer-term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506621448/en/

For more information contact:

Siren Fisekci

VP, Investor Relations & Corporate Communications

Ph: 604-806-3191

Email: [email protected]

KEYWORDS: North America Bolivia Latin America Peru Chile Guatemala Mexico Canada Australia Argentina Africa Australia/Oceania United States Brazil South America Central America Nevada Colorado Idaho Arizona

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

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Nutrien Declares Quarterly Dividend of US$0.545 per Share

SASKATOON, Saskatchewan–(BUSINESS WIRE)–
Nutrien Ltd. (TSX and NYSE: NTR) announced today that its Board of Directors has declared a quarterly dividend of US$0.545 per share payable on July 18, 2025, to shareholders of record on June 30, 2025.

Registered shareholders who are residents of Canada as reflected in Nutrien’s shareholders register, as well as beneficial holders (i.e., shareholders who hold their common shares through a broker or other intermediary) whose intermediary is a participant in CDS Clearing and Depositary Services Inc. or its nominee, CDS & Co., will receive their dividend in Canadian dollars, calculated based on the Bank of Canada daily average exchange rate on June 30, 2025. Registered shareholders resident outside of Canada as reflected in Nutrien’s shareholders register, including the United States, as well as beneficial holders whose intermediary is a participant in The Depository Trust Company or its nominee, Cede & Co., will receive their dividend in US dollars. However, registered shareholders of Nutrien may elect to change the currency of their dividend payments to US dollars or Canadian dollars, as applicable. In addition, Nutrien offers registered shareholders direct deposit by electronic funds transfer for dividend payments.

Registered shareholders may elect to change the currency of their dividend and enroll for direct deposit by contacting, Nutrien’s registrar and transfer agent, Computershare Investor Services Inc., directly (1-800-564-6253 or [email protected]). Beneficial shareholders should contact their broker or other intermediary to determine the ability and necessary steps involved in an election to change the currency of their dividend payment. For further details, please visit www.nutrien.com/investors/shareholder-information/dividends.

All dividends paid by Nutrien are, pursuant to subsection 89(14) of the Income Tax Act (Canada), designated as eligible dividends.

About Nutrien

Nutrien is a leading global provider of crop inputs and services. We operate a world-class network of production, distribution and ag retail facilities that positions us to efficiently serve the needs of growers. We focus on creating long-term value by prioritizing investments that strengthen the advantages of our business across the ag value chain and by maintaining access to the resources and the relationships with stakeholders needed to achieve our goals.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507551289/en/

Jeff Holzman

Vice President, Investor Relations

(306) 933-8545

Contact us at: www.nutrien.com

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Agriculture Natural Resources

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Strong Cash Flows of $46.1 Million from Operating Activities