Market Newsdesk

August 7, 2025 8:04 am

CION Investment Corporation Reports Second Quarter 2025 Financial Results

CION Investment Corporation Reports Second Quarter 2025 Financial Results

Declares Third Quarter 2025 Base Distribution of $0.36 per Share

NEW YORK–(BUSINESS WIRE)–
CION Investment Corporation (NYSE: CION) (“CION” or the “Company”) today reported financial results for the second quarter ended June 30, 2025 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

CION also announced that, on August 4, 2025, its co-chief executive officers declared a third quarter 2025 base distribution of $0.36 per share, payable on September 16, 2025 to shareholders of record as of September 2, 2025.

SECOND QUARTER AND OTHER HIGHLIGHTS

Net investment income and earnings per share for the quarter ended June 30, 2025 were $0.32 per share and $0.52 per share, respectively;
Net asset value per share was $14.50 as of June 30, 2025 compared to $14.28 as of March 31, 2025, an increase of $0.22 per share, or 1.5%. The increase was primarily due to mark-to-market price increases to the Company’s portfolio during the quarter ended June 30, 2025;
As of June 30, 2025, the Company had $1.12 billion of total principal amount of debt outstanding, of which 38% was comprised of senior secured bank debt and 62% was comprised of unsecured debt. The Company’s net debt-to-equity ratio was 1.39x as of both periods ended June 30, 2025 and March 31, 2025;
As of June 30, 2025, the Company had total investments at fair value of $1.77 billion in 99 portfolio companies across 24 industries. The investment portfolio was comprised of 85.1% senior secured loans, including 85.0% in first lien investments;¹
During the quarter, the Company funded new investment commitments of $29 million, funded previously unfunded commitments of $10 million, and had sales and repayments totaling $88 million, resulting in a net decrease to the Company’s funded portfolio of $49 million;
As of June 30, 2025, investments on non-accrual status amounted to 1.37% and 3.03% of the total investment portfolio at fair value and amortized cost, respectively, from 1.20% and 3.16%, respectively, as of March 31, 2025;
During the quarter, the Company repurchased 699,565 shares of its common stock under its 10b5-1 trading plan at an average price of $9.37 per share for a total repurchase amount of $6.6 million. Through June 30, 2025, the Company repurchased a total of 4,654,598 shares of its common stock under its 10b5-1 trading plan at an average price of $10.11 per share for a total repurchase amount of $47.0 million; and
On August 5, 2025, the Company’s board of directors, including the independent directors, further increased the amount of shares of the Company’s common stock that may be repurchased under the Company’s share repurchase policy by $20 million to up to an aggregate of $80 million.

DISTRIBUTIONS

For the quarter ended June 30, 2025, the Company paid a quarterly base distribution totaling $18.9 million, or $0.36 per share, on June 16, 2025 to shareholders of record as of June 2, 2025.

Michael Reisner, co-Chief Executive Officer of CION, commented:

“Overall, we are pleased with our growth in NAV and continued steady credit performance in our portfolio. Repayments accelerated this quarter, and we expect additional repayments in the third quarter, which should allow us to deploy into our forward pipeline while balancing our overall leverage profile.

Additionally, we are excited to announce that our board has authorized a $20M upsize to our share repurchase program at our quarterly board meeting earlier this week.”

SELECTED FINANCIAL HIGHLIGHTS

	As of
(in thousands, except per share data and ratios)	June 30, 2025		March 31, 2025
Investment portfolio, at fair value¹	$	1,765,955	$	1,791,684
Total debt outstanding²	$	1,117,344	$	1,117,344
Net assets	$	758,610	$	756,784
Net asset value per share	$	14.50	$	14.28
Debt-to-equity	1.47x		1.48x
Net debt-to-equity	1.39x		1.39x

	Three Months Ended
(in thousands, except share and per share data)	June 30, 2025			March 31, 2025
Total investment income	$	52,244		$	56,074
Total operating expenses and income tax expense	$	35,322		$	36,822
Net investment income after taxes	$	16,922		$	19,252
Net realized (losses) gains	$	(32,376	)	$	2,294
Net unrealized gains (losses)	$	42,770		$	(64,251	)
Net increase (decrease) in net assets resulting from operations	$	27,316		$	(42,705	)

Net investment income per share	$	0.32		$	0.36
Net realized and unrealized gains (losses) per share	$	0.20		$	(1.16	)
Earnings per share	$	0.52		$	(0.80	)

Weighted average shares outstanding		52,628,784			53,073,211
Distributions declared per share	$	0.36		$	0.36

Total investment income for the three months ended June 30, 2025 and March 31, 2025 was $52.2 million and $56.1 million, respectively. The decrease in total investment income was primarily driven by lower transaction fees earned from origination and amendment activity during the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025, as well as interest income written off as a result of certain investment restructurings during the quarter ended June 30, 2025, partially offset by an increase in dividend income quarter over quarter.

Operating expenses for the three months ended June 30, 2025 and March 31, 2025 were $35.3 million and $36.8 million, respectively. The decrease in operating expenses was primarily driven by lower advisory fees due to lower total investment income during the quarter ended June 30, 2025 as compared to the quarter ended March 31, 2025.

PORTFOLIO AND INVESTMENT ACTIVITY¹

A summary of the Company’s investment activity for the three months ended June 30, 2025 is as follows:

	New Investment Commitments				Sales and Repayments
Investment Type (in thousands)	$		%		$			%
Senior secured first lien debt	$	40,917	100	%	$	(87,027	)	99	%
Collateralized securities and structured products – equity		—	—			(511	)	1	%
Unsecured debt		—	—			(461	)	—
Equity		76	—			—		—
Total	$	40,993	100	%	$	(87,999	)	100	%

During the three months ended June 30, 2025, new investment commitments were made across 10 existing portfolio companies. During the same period, the Company received full repayment of investments in 3 portfolio companies, sold all investments in 1 portfolio company and wrote off all investments in 1 portfolio company. As a result, the number of portfolio companies decreased from 104 as of March 31, 2025 to 99 as of June 30, 2025.

PORTFOLIO SUMMARY¹

As of June 30, 2025, the Company’s investments consisted of the following:

	Investments at Fair Value
Investment Type (in thousands)	$		%
Senior secured first lien debt	$	1,501,896	85.0	%
Senior secured second lien debt		1,011	0.1	%
Collateralized securities and structured products – equity		3,027	0.2	%
Unsecured debt		8,091	0.4	%
Equity		251,930	14.3	%
Total	$	1,765,955	100.0	%

The following table presents certain selected information regarding the Company’s investments:

	As of
	June 30, 2025	March 31, 2025
Number of portfolio companies	99	104
Percentage of performing loans bearing a floating rate³	90.8 %	92.6 %
Percentage of performing loans bearing a fixed rate³	9.2 %	7.4 %
Yield on debt and other income producing investments at amortized cost⁴	12.35 %	12.13 %
Yield on performing loans at amortized cost⁴	12.84 %	12.62 %
Yield on total investments at amortized cost	10.99 %	10.84 %
Weighted average leverage (net debt/EBITDA)⁵	5.64x	5.28x
Weighted average interest coverage⁵	1.93x	1.99x
Median EBITDA⁶	$34.6 million	$34.2 million

As of June 30, 2025, investments on non-accrual status represented 1.37% and 3.03% of the total investment portfolio at fair value and amortized cost, respectively. As of March 31, 2025, investments on non-accrual status represented 1.20% and 3.16% of the total investment portfolio at fair value and amortized cost, respectively.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2025, the Company had $1.12 billion of total principal amount of debt outstanding, comprised of $425 million of outstanding borrowings under its senior secured credit facilities and $692 million of unsecured notes and term loans. The combined weighted average interest rate on debt outstanding was 7.5% for the quarter ended June 30, 2025. As of June 30, 2025, the Company had $65 million in cash and short-term investments and $106 million available under its financing arrangements.²

EARNINGS CONFERENCE CALL

CION will host an earnings conference call on Thursday, August 7, 2025 at 11:00 am Eastern Time to discuss its financial results for the second quarter ended June 30, 2025. Please visit the Investor Resources – Earnings Presentation section of the Company’s website at www.cionbdc.com for a slide presentation that complements the earnings conference call.

All interested parties are invited to participate via telephone or listen via the live webcast, which can be accessed by clicking the following link: CION Investment Corporation Second Quarter Conference Call. Domestic callers can access the conference call by dialing (877) 484-6065. International callers can access the conference call by dialing +1 (201) 689-8846. All callers are asked to dial in approximately 10 minutes prior to the call. An archived replay will be available on a webcast link located in the Investor Resources – Earnings Call section of CION’s website.

ENDNOTES

1)	The discussion of the investment portfolio excludes short-term investments.

2)	Total debt outstanding excludes netting of debt issuance costs of $15.7 million and $17.6 million as of June 30, 2025 and March 31, 2025, respectively.

3)	The fixed versus floating rate composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, on non-accrual status.

4)	Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual status) at amortized cost. This calculation excludes exit fees that are receivable upon repayment of the investment.

5)	For a particular portfolio company, the Company calculates the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compares that amount to measures of cash flow available to service the net debt. To calculate net debt, the Company includes debt that is both senior and pari passu to the tranche of debt owned by it but excludes debt that is legally and contractually subordinated in ranking to the debt owned by the Company. The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by the Company relative to other senior and junior creditors of a portfolio company. The Company typically calculates cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of the Company’s performing debt investments and excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

	For a particular portfolio company, the Company also calculates the level of contractual interest expense owed by the portfolio company and compares that amount to EBITDA (“interest coverage ratio”). The Company believes this calculation method assists in describing the risk of its portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of the Company’s performing debt investments, and excludes investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

	Portfolio company statistics, including EBITDA, are derived from the financial statements most recently provided to the Company for each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by the Company and may reflect a normalized or adjusted amount.

6)	Median EBITDA is calculated based on the portfolio company’s EBITDA as of the Company’s initial investment.

CĪON Investment Corporation Consolidated Balance Sheets (in thousands, except share and per share amounts)
	June 30, 2025			March 31, 2025
	(unaudited)			(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $1,385,856 and $1,463,914, respectively)	$	1,335,756		$	1,393,039
Non-controlled, affiliated investments (amortized cost of $303,476 and $316,945, respectively)		301,456			301,622
Controlled investments (amortized cost of $211,782 and $184,057, respectively)		187,416			150,999
Total investments, at fair value (amortized cost of $1,901,114 and $1,964,916, respectively)		1,824,628			1,845,660
Cash		6,533			7,720
Interest receivable on investments		45,246			40,863
Receivable due on investments sold and repaid		3,408			1,047
Prepaid expenses and other assets		966			1,033
Total assets	$	1,880,781		$	1,896,323

Liabilities and Shareholders’ Equity
Liabilities
Financing arrangements (net of unamortized debt issuance costs of $15,704 and $17,568, respectively)	$	1,101,640		$	1,099,776
Payable for investments purchased		4			1,896
Accounts payable and accrued expenses		1,178			990
Interest payable		7,866			6,475
Accrued management fees		6,497			6,625
Accrued subordinated incentive fee on income		3,589			4,084
Accrued administrative services expense		1,263			544
Share repurchases payable		134			—
Shareholder distribution payable		—			19,149
Total liabilities		1,122,171			1,139,539

Shareholders’ Equity
Common stock, $0.001 par value; 500,000,000 shares authorized; 52,317,736 and
53,003,407 shares issued, and 52,303,842 and 53,003,407 shares outstanding, respectively		52			53
Capital in excess of par value		1,012,957			1,019,512
Accumulated distributable losses		(254,399	)		(262,781	)
Total shareholders’ equity		758,610			756,784
Total liabilities and shareholders’ equity	$	1,880,781		$	1,896,323
Net asset value per share of common stock at end of period	$	14.50		$	14.28

CĪON Investment Corporation Consolidated Statements of Operations (in thousands, except share and per share amounts)
	Three Months Ended June 30,						Six Months Ended June 30,						Year Ended December 31,
		2025			2024			2025			2024			2024
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Investment income
Non-controlled, non-affiliated investments
Interest income	$	32,478		$	38,512		$	66,598		$	93,884		$	165,786
Paid-in-kind interest income		6,289			7,236			14,648			14,285			31,397
Fee income		739			1,338			4,522			5,211			9,865
Dividend income		1,212			5,139			1,718			5,139			5,855
Non-controlled, affiliated investments
Interest income		2,305			2,383			4,280			3,902			6,426
Paid-in-kind interest income		3,342			2,569			6,490			5,051			11,692
Fee income		700			704			700			704			3,648
Dividend income		439			13			630			40			411
Controlled investments
Interest income		4,467			3,163			8,259			6,395			12,970
Fee income		273			300			473			300			4,382
Total investment income		52,244			61,357			108,318			134,911			252,432
Operating expenses
Management fees		6,497			6,841			13,122			13,705			27,321
Administrative services expense		1,196			1,246			2,475			2,338			4,783
Subordinated incentive fee on income		3,589			4,871			7,673			11,785			20,334
General and administrative		1,393			1,659			3,229			3,443			7,157
Interest expense		22,637			23,773			45,635			48,075			96,870
Total operating expenses		35,312			38,390			72,134			79,346			156,465
Net investment income before taxes		16,932			22,967			36,184			55,565			95,967
Income tax expense, including excise tax		10			4			10			9			107
Net investment income after taxes		16,922			22,963			36,174			55,556			95,860
Realized and unrealized gains (losses)
Net realized losses on:
Non-controlled, non-affiliated investments		(32,376	)		(13,186	)		(30,082	)		(22,922	)		(24,367	)
Non-controlled, affiliated investments		—			(7,091	)		—			(7,091	)		(3,946	)
Net realized losses		(32,376	)		(20,277	)		(30,082	)		(30,013	)		(28,313	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		20,832			1,417			(9,830	)		(5,100	)		(8,218	)
Non-controlled, affiliated investments		10,560			23,202			2,131			16,956			5,059
Controlled investments		11,378			(4,927	)		(13,782	)		(8,576	)		(30,486	)
Net change in unrealized appreciation (depreciation)		42,770			19,692			(21,481	)		3,280			(33,645	)
Net realized and unrealized gains (losses)		10,394			(585	)		(51,563	)		(26,733	)		(61,958	)
Net increase (decrease) in net assets resulting from operations	$	27,316		$	22,378		$	(15,389	)	$	28,823		$	33,902
Per share information—basic and diluted
Net increase (decrease) in net assets per share resulting from operations	$	0.52		$	0.42		$	(0.29	)	$	0.54		$	0.63
Net investment income per share	$	0.32		$	0.43		$	0.68		$	1.03		$	1.79
Weighted average shares of common stock outstanding		52,628,784			53,595,624			52,848,420			53,778,161			53,564,788

ABOUT CION INVESTMENT CORPORATION

CION Investment Corporation is a leading publicly listed business development company that had approximately $1.9 billion in total assets as of June 30, 2025. CION seeks to generate current income and, to a lesser extent, capital appreciation for investors by focusing primarily on senior secured loans to U.S. middle-market companies. CION is advised by CION Investment Management, LLC, a registered investment adviser and an affiliate of CION. For more information, please visit www.cionbdc.com.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss CION’s plans, strategies, prospects and expectations concerning its business, operating results, financial condition and other similar matters. These statements represent CION’s belief regarding future events that, by their nature, are uncertain and outside of CION’s control. There are likely to be events in the future, however, that CION is not able to predict accurately or control. Any forward-looking statement made by CION in this press release speaks only as of the date on which it is made. Factors or events that could cause CION’s actual results to differ, possibly materially from its expectations, include, but are not limited to, the risks, uncertainties and other factors CION identifies in the sections entitled “Risk Factors” and “Forward-Looking Statements” in filings CION makes with the SEC, and it is not possible for CION to predict or identify all of them. CION undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

OTHER INFORMATION

The information in this press release is summary information only and should be read in conjunction with CION’s Quarterly Report on Form 10-Q, which CION filed with the SEC on August 7, 2025, as well as CION’s other reports filed with the SEC. A copy of CION’s Quarterly Report on Form 10-Q and CION’s other reports filed with the SEC can be found on CION’s website at www.cionbdc.com and the SEC’s website at www.sec.gov.

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August 7, 2025 8:04 am

Barinthus Bio Reports Second Quarter 2025 Financial Results and Updates on Corporate Developments

The final cohort of the
single ascending dose (SAD) part of the
Phase 1 A
VALON trial initiated, with the SAD data readout expected early in the fourth
quarter of 2025;
The multiple ascending dose (MAD) part of the AVALON trial initiated;
Available resources and cash runway guidance into 2027 remains unchanged.

GERMANTOWN, Md., Aug. 07, 2025 (GLOBE NEWSWIRE) — Barinthus Biotherapeutics plc (NASDAQ: BRNS) (“Barinthus Bio,” or the “Company”), an immunology and inflammation (“I&I”) company focused on developing therapies that promote immune tolerance with curative potential, today announced its financial results for the quarter ended June 30, 2025, and provided an overview of the Company’s corporate developments.

“In the second quarter, we remained laser-focused on advancing VTP-1000, our highly differentiated immunotherapy designed to prevent or reduce symptoms following gluten exposure in patients with celiac disease,” said Bill Enright, Chief Executive Officer of Barinthus Bio. “We are currently screening patients for the last cohort of the SAD portion of the Phase 1 AVALON trial, and as planned, we initiated the MAD portion of the trial, which includes a gluten challenge, enabling us to assess the potential efficacy of VTP-1000 at this early stage. We look forward to reporting topline data from the SAD portion of the trial early in the fourth quarter of 2025.”

Recent Corporate Developments

Clinical Developments and Upcoming Milestones

Phase 1 AVALON trial of VTP-1000 in patients with celiac disease
- Part A: SAD:
  - The first two cohorts have been dosed with no treatment related serious adverse events (“SAEs”) reported.
  - The third and final cohort in the SAD part of the trial is ongoing.
  - SAD data is expected early in the fourth quarter of 2025.
- Part B: MAD:
  - MAD portion of the trial was initiated in July 2025.
  - MAD data is expected in mid-2026.

Phase 1 trial of VTP-850 in patients with prostate cancer
- The trial is now complete, with no treatment related SAEs reported.
- Data shows encouraging signs of immunogenicity and will be used to facilitate partnering discussions.

Corporate Updates

Barinthus Bio continues to actively seek partners to advance its VTP-300 program in chronic hepatitis B, its VTP-850 program in prostate cancer and other viral vector-based assets.

Second
Quarter
2025
Financial
Highlights

Cash: As of June 30, 2025, cash, cash equivalents and restricted cash was $87.8 million, compared to $100.6 million as of March 31, 2025. The $12.8 million decrease is a result of the net cash used in operating activities of $18.1 million for the development of our pipeline and general corporate expenses, offset by a $5.3 million translational gain from the conversion of balances in pound sterling denominated entities to the United States dollar reporting currency. Based on current research and development plans, the Company expects its available resources to fund its operating expenses and capital expenditure requirements into 2027.
Research and Development Expenses: Research and development expenses were $8.0 million in the second quarter of 2025 compared to $8.3 million for the first quarter of 2025, with the decrease attributable to a reduction in preclinical activity and a reduction in workforce. The quarter-on-quarter research and development expenses per program are outlined in the following table, with the expense primarily attributable to completion and presentation of preliminary results data from the two phase 2 clinical trials of VTP-300 that were presented at the European Association for the Study of the Liver (“EASL”) Congress 2025 in May, and the continued progression of the phase 1 AVALON clinical trial of VTP-1000 in celiac disease. It is anticipated that research and development expenses related to the legacy programs in infectious disease and oncology will reduce going forward as the ongoing clinical trials complete, and that research and development expenses related to autoimmune programs will continue or increase, as the clinical development continues.


	Three months ended June 30, 2025		Three months ended March 31, 2025		Change
	$ 000		$ 000		$ 000
Direct research and development expenses by program:
VTP-1000 Celiac	$	1,782	$	982	$	800
VTP-300 HBV		1,837		1,350		487
Other clinical programs¹		642		741		(99	)
Other pre-clinical programs		449		419		30
Total direct research and development expenses		4,710		3,492		1,218
Indirect research and development expenses:
Personnel-related (including share-based compensation)2		2,450		3,944		(1,494	)
Facility related		350		335		15
Other indirect costs		443		519		(76	)
Total indirect research and development expenses		3,243		4,798		(1,555	)
Total research and development expense	$	7,953	$	8,290	$	(337	)

¹
This includes expenses relating to the infectious disease and oncology programs; VTP-850 Prostate cancer, VTP-200 HPV, VTP-600 NSCLC (the Phase 1/2a trial is sponsored by Cancer Research UK) and VTP-500 MERS (funded pursuant to an agreement with the Coalition for Epidemic Preparedness Innovations (“CEPI”). Expenses relating to these programs were previously presented separately, but are now aggregated for the prior period comparative.

²
This includes $0.1 million and $0.2 million for the
six months ended
June 30, 2025
and
2024
, respectively, of personnel-related indirect expenses relating to time spent progressing the VTP-500 MERS program, which is funded by CEPI.

General and Administrative Expenses: General and administrative expenses were $15.4 million for the second quarter of 2025, compared to $12.6 million for first quarter of 2025. The increase of $2.8 million relates primarily to an increase in unrealized losses on foreign exchange driven mainly by translation of United States dollar balances in pound sterling denominated entities.
Net Loss: For the second quarter of 2025, the Company generated a net loss attributable to its shareholders of $21.1 million, or $(0.52) per share on both basic and fully diluted bases, compared to a net loss attributable to its shareholders of $19.7 million, or $(0.49) per share on both basic and fully diluted bases for the first quarter of 2025.

About Barinthus Bio

Barinthus Biotherapeutics (NASDAQ: BRNS) is a clinical-stage biopharmaceutical company focused on developing novel immunotherapeutic candidates for treating autoimmune and inflammatory diseases. Our guiding principle at the heart of Barinthus Bio is to help patients and their families by developing truly transformational and highly disease-specific immunotherapies that are potentially curative. Barinthus Bio’s pipeline for I&I indications is enabled by our proprietary and highly differentiated platform for promoting immune tolerance, SNAP-TI, that is designed to guide a patient’s T cells to a specific location to reduce inflammation and restore the natural state of immune non-responsiveness to healthy tissue. Our lead candidate, VTP-1000, is designed to restore immune non-responsiveness to gluten in patients with celiac disease and is currently in a Phase 1 clinical trial. Barinthus Bio’s differentiated technology platform and therapeutic approach, coupled with deep scientific expertise and focus on clinical development, uniquely positions the company to navigate towards delivering treatments that improve the lives of people with autoimmune and inflammatory diseases. For more information, visit www.barinthusbio.com.

Forward Looking Statements

This press release contains forward-looking statements regarding Barinthus Bio within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which can generally be identified as such by use of the words “may,” “will,” “plan,” “forward,” “encouraging,” “believe,” “potential,” “expect,” and similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements include, without limitation, express or implied statements regarding our future expectations, plans and prospects, including our product development activities and clinical trials, including timing for readouts of any preliminary, interim or final data for any of our programs, the timing for initiation of any clinical trials, our anticipated regulatory filings and approvals, our cash runway and cash burn, our ability to develop and advance our current and future product candidates and programs, and our ability to establish and maintain collaborations or strategic relationships. Any forward-looking statements in this press release are based on our management’s current expectations and beliefs and are subject to numerous risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks and uncertainties related to the success, cost and timing of our pipeline development activities and planned and ongoing clinical trials, including the risk that the timing for preliminary, interim or final data or initiation of our clinical trials may be delayed, the risk that interim or topline data may not reflect final data or results, our ability to execute on our strategy, regulatory developments, the risk that we may not achieve the anticipated benefits of our pipeline prioritization and corporate restructuring, our ability to fund our operations and access capital, our cash runway, including the risk that our estimate of our cash runway may be incorrect, global economic uncertainty, including disruptions in the banking industry, the conflicts in Ukraine, Iran, Israel and Gaza, tariffs imposed by the U.S. and other countries and other risks identified in our filings with the Securities and Exchange Commission (the “SEC”), including our most recent annual report on Form 10-K and subsequent filings we may make with the SEC. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. We expressly disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.


BARINTHUS BIOTHERAPEUTICS PLC CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE AMOUNTS) ( UNAUDITED )

	As of June 30, 2025			As of December 31, 2024
ASSETS
Cash and cash equivalents	$	86,259		$	110,662
Restricted cash		1,525			1,738
Research and development incentives receivable		4,536			7,139
Prepaid expenses and other current assets		7,681			6,203
Assets held for sale		413			—
Total current assets		100,414			125,742
Property and equipment, net		4,514			7,373
Intangible assets, net		20,366			21,947
Right of use assets, net		3,323			4,384
Other assets		944			881
Total assets	$	129,561		$	160,327
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		1,800			2,474
Accrued expenses and other current liabilities		7,364			9,525
Deferred income		1,525			1,738
Operating lease liability – current		2,036			1,920
Total current liabilities		12,725			15,657
Non-current liabilities:
Operating lease liability – non-current		9,952			10,087
Contingent consideration		2,544			2,650
Other non-current liabilities		1,468			1,360
Deferred tax liability, net		391			438
Total liabilities	$	27,080		$	30,192
Commitments and contingencies (Note 15)
Stockholders’ equity:
Ordinary shares, £0.000025 nominal value; 40,348,665 shares authorized, issued and outstanding (December 31, 2024: authorized, issued and outstanding: 40,234,663)		1			1
Deferred A shares, £1 nominal value; 63,443 shares authorized, issued and outstanding (December 31, 2024: authorized, issued and outstanding: 63,443)		86			86
Additional paid-in capital		393,663			393,474
Accumulated deficit		(278,436	)		(237,664	)
Accumulated other comprehensive loss – foreign currency translation adjustments		(12,937	)		(25,868	)
Total stockholders’ equity attributable to Barinthus Biotherapeutics plc shareholders		102,377			130,029
Noncontrolling interest		104			106
Total stockholders’ equity	$	102,481		$	130,135
Total liabilities and stockholders’ equity	$	129,561		$	160,327


BARINTHUS BIOTHERAPEUTICS PLC CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (IN THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE AMOUNTS) (UNAUDITED)

	Three months ended						Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Operating expenses
Research and development		7,953			11,662		$	16,243		$	22,787
General and administrative		15,384			7,201			28,023			13,195
Total operating expenses		23,337			18,863			44,266			35,982
Other operating income		13			577			342			782
Loss from operations		(23,324	)		(18,286	)		(43,924	)		(35,200	)
Other income/(expense):
Interest income		523			635			1,079			1,410
Interest expense		(12	)		(12	)		(25	)		(24	)
Research and development incentives		1,342			693			1,644			1,287
Other income		320			20			395			20
Total other income, net		2,173			1,336			3,093			2,693
Loss before income tax		(21,151	)		(16,950	)		(40,831	)		(32,507	)
Tax benefit		25			7			47			44
Net loss		(21,126	)		(16,943	)		(40,784	)		(32,463	)
Net loss attributable to noncontrolling interest		2			12			12			43
Net loss attributable to Barinthus Biotherapeutics plc shareholders		(21,124	)		(16,931	)		(40,772	)		(32,420	)

Weighted-average ordinary shares outstanding, basic		40,343,521			39,041,111			40,304,584			38,907,296
Weighted-average ordinary shares outstanding, diluted		40,343,521			39,041,111			40,304,584			38,907,296
Net loss per share attributable to ordinary shareholders, basic	$	(0.52	)	$	(0.43	)	$	(1.01	)	$	(0.83	)
Net loss per share attributable to ordinary shareholders, diluted	$	(0.52	)	$	(0.43	)	$	(1.01	)	$	(0.83	)

Net loss	$	(21,126	)	$	(16,943	)	$	(40,784	)	$	(32,463	)
Other comprehensive gain/(loss) – foreign currency translation adjustments		8,295			164			12,941			(1,413	)
Comprehensive loss		(12,831	)		(16,779	)		(27,843	)		(33,876	)
Comprehensive loss/(gain) attributable to noncontrolling interest		(5	)		11			2			39
Comprehensive loss attributable to Barinthus Biotherapeutics plc shareholders	$	(12,836	)	$	(16,768	)	$	(27,841	)	$	(33,837	)

IR contact:

Kevin Gardner
Managing Director
LifeSci Advisors
+1 617-283-2856
[email protected]

Media contacts:

Alexis Feinberg
Vice President
ICR Healthcare
[email protected]

Jonathan Edwards
Associate Partner
ICR Healthcare
[email protected]

Company contact:

[email protected]

August 7, 2025 8:03 am

LGI Homes Opens Brayden Preserve: New Community in Mamers, North Carolina

WINSTON-SALEM, N.C., Aug. 07, 2025 (GLOBE NEWSWIRE) — LGI Homes, Inc. (NASDAQ: LGIH) proudly announces the opening of Brayden Preserve, a thoughtfully planned community offering 70 single-family homes on generous lots just outside Raleigh-Durham. Located only 15 minutes from Sanford and 30 minutes from all three main gates of Fort Bragg, Brayden Preserve is drawing strong interest from buyers seeking more space, privacy, and convenience. With homesites ranging from half an acre to 3 acres, this community offers the rare combination of quiet, open living with quick access to major city amenities.

Brayden Preserve is perfectly situated for those commuting to Fayetteville, Raleigh, or key employment centers like Research Triangle Park and RDU Airport. Its location places residents within the desirable Harnett County School District, making it a strategic move for families focused on education.

Homes at Brayden Preserve feature LGI Homes’ signature CompleteHome™ package, which includes energy-efficient stainless-steel Whirlpool® appliances, granite countertops, 36-inch upper cabinets with crown molding, programmable thermostats, Low-E vinyl windows, and Wi-Fi-enabled garage door openers. Each new home comes move-in ready, with spacious layouts and attached two-car garages on oversized lots. Homes will start from $329,900.

“Our floor plans have something for everyone, including 1-level living and first floor master plans,” stated Dayne Luck, Vice President of Sales for Raleigh-Durham.

Four thoughtfully designed floor plans are available at Brayden Preserve:

Blanco – 3 beds, 2 baths, 2-car garage, 1,316 sq. ft.
Avery – 3 beds, 2.5 baths, 2-car garage, 1,800 sq. ft.
Carolina – 3 beds, 2.5 baths, 2-car garage, 1,700 sq. ft.
Rolen – 4 beds, 2.5 baths, 2-car garage, 2,294 sq. ft.

Reflecting on the appeal of the location, Luck noted, “At Brayden Preseve, residents will enjoy peaceful country living, but be minutes away from shopping and dining in downtown Lillington and outdoor recreation such as Raven Rock State Park and Broadway Zoological Park.”

The grand opening of Brayden Preserve will take place on August 16th, giving homebuyers the first chance to tour the community and take advantage of limited-time incentives, such as thousands of dollars off a new home. New home savings will be available for one weekend only.

For more information, call (877) 343-2894 ext. 1046. The Brayden Preserve Information Center at 48 Borne Dr., Broadway, NC, 27505 is open seven days a week.

About LGI Homes

Headquartered in The Woodlands, Texas, LGI Homes, Inc. is a pioneer in the homebuilding industry, successfully applying an innovative and systematic approach to the design, construction and sale of homes across 36 markets in 21 states. As one of America’s fastest growing companies, LGI Homes has closed over 75,000 homes since its founding in 2003 and has delivered profitable financial results every year. Nationally recognized for its quality construction and exceptional customer service, LGI Homes was named to Newsweek’s list of the World’s Most Trustworthy Companies. LGI Homes’ commitment to excellence extends to its more than 1,000 employees, earning the Company numerous workplace awards at the local, state and national level, including the Top Workplaces USA 2025 Award. For more information about LGI Homes and its unique operating model focused on making the dream of homeownership a reality for families across the nation, please visit the Company’s website at www.lgihomes.com.

MEDIA CONTACT:

Rachel Eaton
(281) 362-8998 ext. 2560

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/92319911-8b19-4663-92a4-80b259396836.

August 7, 2025 8:03 am

PepGen Reports Second Quarter 2025 Financial Results and Recent Corporate Highlights

PepGen Reports Second Quarter 2025 Financial Results and Recent Corporate Highlights

– Last patient dosed in 15 mg/kg cohort of FREEDOM-DM1; on track to report topline data from study in early Q4 2025 –

– FREEDOM to conclude with the 15 mg/kg cohort based on splicing and safety data observed to date; clinical sites will begin transitioning to the Phase 2 multiple ascending dose study, FREEDOM2-DM1 –

BOSTON–(BUSINESS WIRE)–
PepGen Inc. (Nasdaq: PEPG), a clinical-stage biotechnology company advancing the next generation of oligonucleotide therapies with the goal of transforming the treatment of severe neuromuscular and neurological diseases, today reported financial results and recent corporate highlights for the quarter ended June 30, 2025.

“This quarter, we made further progress in the development of our promising myotonic dystrophy type 1 program, PGN-EDODM1. With class-leading mean mis-splicing correction following a single 10 mg/kg dose, we believe PGN-EDODM1 has the potential to become a best-in-class treatment for patients with DM1,” said James McArthur, PhD, President and CEO of PepGen. “Having recently completed patient dosing in the 15 mg/kg arm of our single ascending dose FREEDOM trial (PGN-EDODM1-101), we look forward to sharing topline data from this cohort in early Q4 2025. Furthermore, the efficacy and emerging safety profile of PGN-EDODM1 supports our decision to conclude the FREEDOM trial with the 15 mg/kg single dose cohort, with the additional benefit of being able to now transition clinical sites to the FREEDOM2 trial (PGN-EDODM1-102), our multiple ascending dose trial. Our FREEDOM2 trial is designed to demonstrate that sustained mis-splicing correction with multiple doses of PGN-EDODM1 can produce meaningful functional improvements in patients with DM1. We’re looking forward to reporting results from the initial dose cohort of FREEDOM2 in the first quarter of 2026.”

Recent Program Updates

PGN-EDODM1: Myotonic Dystrophy Type 1 (DM1)

FREEDOM Phase 1 Single Ascending Dose (SAD) Randomized, Placebo-Controlled Clinical Trial of PGN-EDODM1:
- The Company has completed patient dosing in the 15 mg/kg cohort of the FREEDOM trial and remains on track to report safety, 28-day splicing and functional benefit data from the 15 mg/kg cohort in early fourth quarter of 2025.
- Based on the robust splicing correction observed at the 5 and 10 mg/kg dose cohorts and the totality of the blinded safety data to date, the Company has decided to conclude dose escalation in the FREEDOM trial with the 15 mg/kg cohort. PepGen will now redirect resources to the FREEDOM2 trial and begin transitioning open clinical sites to the multiple ascending dose (MAD) study.
FREEDOM2 Phase 2 Multiple Ascending Dose (MAD) Randomized, Placebo-Controlled Clinical Trial of PGN-EDODM1:
- The Company expects to report results from the 5 mg/kg cohort of the FREEDOM2 trial in the first quarter of 2026.

Corporate Updates

In May 2025, PepGen appointed Kasra Kasraian, PhD, as Chief Technology Officer. Dr. Kasraian brings over 25 years of experience in product and process development, CMC strategy, and technical operations, spanning small and large molecules, as well as cell and gene therapies.
In May 2025, the Company presented an oral presentation and two posters at the 2025 Myotonic Dystrophy Foundation (MDF) Conference. PepGen also presented at the 5^th Edition of Euro-DyMA’s Pharma Day, held in conjunction with the MDF Conference. These presentations highlighted the recently announced FREEDOM clinical data in DM1, as well as proof-of-mechanism preclinical results for PGN-EDODM1.

Financial Results for the Three Months Ended June 30, 2025

Cash, Cash Equivalents and Marketable Securities were $74.7 million as of June 30, 2025. Based on currently planned operations, the Company believes that its existing cash, cash, equivalents, and marketable securities will be sufficient to fund its operations into the second quarter of 2026.
Research and Development Expenses were $18.4 million for the three months ended June 30, 2025, compared to $25.1 million for the same period in 2024.
General and Administrative Expenses were $5.5 million for the three months ended June 30, 2025, compared to $5.4 million for the same period in 2024.
Net Loss was $23.1 million, or $(0.70) basic and diluted net loss per share, for the three months ended June 30, 2025, compared to $28.3 million, or $(0.87) basic and diluted net loss per share, for the same period in 2024. PepGen had approximately 32.8 million shares outstanding on June 30, 2025.

About PGN-EDODM1

PGN-EDODM1, PepGen’s investigational candidate in development for the treatment of myotonic dystrophy Type 1 (DM1), utilizes the Company’s proprietary Enhanced Delivery Oligonucleotide (EDO) technology to restore the normal splicing function of MBNL1, a key RNA splicing protein. PGN-EDODM1 is designed to directly address the deleterious effects of cytosine-uracil-guanine (CUG) repeat expansion in the dystrophia myotonic protein kinase (DMPK) transcripts which sequester MBNL1, by binding to the pathogenic CUG trinucleotide repeat expansion present in the DMPK transcripts, disrupting the binding between the CUG repeat expansion and MBNL1. DM1 is a progressively disabling, life-shortening genetic disorder. DM1 is estimated to affect 40,000 people in the United States, and over 74,000 people in Europe. The U.S. Food and Drug Administration has granted PGN-EDODM1 both Orphan Drug and Fast Track Designations for the treatment of patients with DM1.

About PepGen

PepGen is a clinical-stage biotechnology company advancing the next generation of oligonucleotide therapies with the goal of transforming the treatment of severe neuromuscular and neurological diseases. PepGen’s EDO platform is founded on over a decade of research and development and leverages cell-penetrating peptides to improve the uptake and activity of conjugated oligonucleotide therapeutics. Using these EDO peptides, our goal is to generate a pipeline of oligonucleotide therapeutic candidates designed to target the root cause of serious diseases.

For more information, please visit PepGen.com. Follow PepGen on LinkedInand X.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will,” and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding the therapeutic potential and safety profile of our lead product candidate, including, based on early data, PGN-EDODM1, the magnitude of the cost savings from concluding the FREEDOM 1 trial with the 15 mg/kg cohort, the ability to complete enrollment and dose escalation in the FREEDOM2 trial, the expected timing for additional data reports from our FREEDOM Phase 1 trial and FREEDOM2 trial, ongoing and planned regulatory interactions, and our financial resources and expected cash runway.

Any forward-looking statements in this press release are based on current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to risks related to: delays or failure to successfully initiate or complete our ongoing and planned development activities for our current or future product candidates, including PGN-EDODM1; our ability to enroll patients in our clinical trials, including FREEDOM and FREEDOM2; that our interpretation of clinical and preclinical study results may be incorrect, or that we may not observe the levels of therapeutic activity in clinical testing that we anticipate based on prior clinical or preclinical results, including for PGN-EDODM1; our current and future product candidates, including PGN-EDODM1, may not be safe and effective or otherwise demonstrate safety and efficacy in our clinical trials; adverse outcomes from our regulatory interactions, including delays in regulatory review, clearance to proceed or approval by regulatory authorities with respect to our programs, including clearance to commence planned clinical studies of our product candidates, or other regulatory feedback requiring modifications to our development programs, including in each case with respect to our FREEDOM and FREEDOM2 clinical trials; changes in regulatory framework that are out of our control; unexpected increases in the expenses associated with our development activities or other events that adversely impact our financial resources and cash runway; and our dependence on third parties for some or all aspects of our product manufacturing, research and preclinical and clinical testing. Additional risks concerning PepGen’s programs and operations are described in our most recent annual report on Form 10-K and quarterly report on Form 10-Q that are filed with the SEC. PepGen explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.

This release discusses our lead product candidate, PGN-EDODM1, an investigational therapy that has not been approved for use in any country and is not intended to convey conclusions about its efficacy or safety. There is no guarantee that PGN-EDODM1, or any other investigational therapy will successfully complete clinical development or gain regulatory authority approval.

Condensed Consolidated Statements of Operations

(unaudited, in thousands except share and per share data)

Three Months Ended

June 30,

2025

2024

Operating expenses:

Research and development

$

18,391

$

25,063

General and administrative

5,541

5,362

Total operating expenses

$

23,932

$

30,425

Operating loss

$

(23,932)

$

(30,425)

Other income (expense)

Interest income

842

2,121

Other (expense) income, net

3

(31)

Total other income, net

845

2,090

Net loss before income tax

$

(23,087)

$

(28,335)

Income tax expense

—

—

Net loss

$

(23,087)

$

(28,335)

Net loss per share, basic and diluted

$

(0.70)

$

(0.87)

Weighted-average common stock outstanding, basic and diluted

32,748,646

32,469,187

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

June 30,

2025

(unaudited)

December 31,

2024

Assets

Cash, cash equivalents and marketable securities

$

74,653

$

120,191

Other assets

27,589

30,692

Total assets

$

102,242

$

150,883

Liabilities and stockholders’ equity

Liabilities

$

31,084

$

32,263

Stockholders’ equity

71,158

118,620

Total liabilities and stockholders’ equity

$

102,242

$

150,883

View source version on businesswire.com: https://www.businesswire.com/news/home/20250807282316/en/

Investor Contact

Laurence Watts

New Street Investor Relations

[email protected]

Media Contact

Julia Deutsch

Lyra Strategic Advisory, LLC

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Biotechnology Neurology Health Pharmaceutical Clinical Trials

MEDIA:

Logo

Posted on August 7, 2025 8:03 am
Genius Group executes buyback of one million shares as part of approved 20% share buyback mandate

SINGAPORE, Aug. 07, 2025 (GLOBE NEWSWIRE) —
Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading AI-powered, Bitcoin-first education group, today announced that during the last three trading days, the Company bought back one million shares of its stock on the open market at an average price of $1.15 per share.

The buyback is the second buyback the Company has executed further to receiving shareholder and board approval for a share buyback of up to 20% of the Company’s issued ordinary shares in July 2025. On July 9, 2025 the Company executed a first buy back of one million shares of its stock on the open market at an average price of $1.30 per share.

This week’s one million repurchased shares represent 7% of the permitted shares to be repurchased based on the approved share buy back mandate. As a result of these first two buybacks, a total of 14% of shares approved have been bought back. The repurchased shares have been returned to the Company’s treasury.

In executing the buy back, the Company and the Company’s broker followed the guidelines in Rule 10b-18 and Rule 10b-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to ensure compliance and a non-exclusive safe harbor in relation to the repurchase of its shares.

Further to the buyback, and further to the previously disclosed conversion of six million shares owned by Genius Group’s CEO, Roger Hamilton, from publicly tradable Class A Ordinary Shares to non-publicly tradable Class C Ordinary Shares, the total number of the Company’s issued, publicly tradable, free trading Ordinary shares has reduced by 10% from 67.4 million shares as at July 17, 2025 to 61.4 million shares as of today’s date.

A further 63.4 million issued shares related to the ERL acquisition and the Company’s arbitration case with LZGI remain restricted or in escrow at the Company’s transfer agent, together with 10 million shares held in the Company’s treasury.

As a result of the Company’s recent actions and the participation of shareholders in utilising the Direct Registration System (DRS) to move their shares from their broker account to the Company’s transfer agent, Vstock Transfer (“Vstock”), as of today’s date, 56.4% of the Company’s issued, ordinary shares are held at vStock and 43.6% remain in broker accounts.

The Company provided instructions for shareholders interested in transferring their shares via DRS to vStock in its press release dated July 17, 2025.

The Company may elect to execute further buy backs within the parameters of its approved mandate, balanced with prudent and accretive use of its approved funding facilities, in such manner, proportion and timing as it deems most appropriate to preserve shareholder value based on economic and market dynamics, together with the Company’s share price relative to the Company’s current and anticipated enterprise value and net asset value.

About Genius Group

Genius Group (NYSE: GNS) is a Bitcoin-first business delivering AI powered, education and acceleration solutions for the future of work. Genius Group serves 5.8 million users in over 100 countries through its Genius City model and online digital marketplace of AI training, AI tools and AI talent. It provides personalized, entrepreneurial AI pathways combining human talent with AI skills and AI solutions at the individual, enterprise and government level. To learn more, please visit https://www.geniusgroup.ai/

Forward-Looking Statements

Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will”, “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company’s Annual Reports on Form 20-F, as may be supplemented or amended by the Company’s Reports of a Foreign Private Issuer on Form 6-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. No information in this press release should be construed as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.

Contacts

For enquiries, contact [email protected]

Posted on August 7, 2025 8:03 am
RAPT Therapeutics Reports Second Quarter 2025 Financial Results

SOUTH SAN FRANCISCO, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) — RAPT Therapeutics, Inc. (Nasdaq: RAPT) (“RAPT” or the “Company”), a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients living with inflammatory and immunological diseases, today reported financial results for the second quarter and six months ended June 30, 2025.

“The first half of 2025 has been productive, with several key achievements setting the stage for important catalysts anticipated in the second half of the year,” said Brian Wong, President and CEO of RAPT. “We strengthened our team with the addition of Jessica Savage, an experienced drug developer in the food allergy space, and our board of directors with the appointments of industry veterans Drs. Scott Braunstein and Ashley Dombkowski. We have been focused on execution and as we enter the second half of the year we remain on track to initiate our Phase 2b trial of RPT904 in food allergy later this year. We also remain on track with our partner, Jemincare, to report topline results from Jemincare’s Phase 2 trials of RPT904 in CSU and asthma in the second half of this year. Lastly, we continue to advance our next-generation CCR4 pipeline and we see the diversity of our pipeline as a differentiating strength.”

Financial Results for the Second Quarter and Six Months Ended June 30, 2025

Please note: All share amounts and per share amounts in this press release have been adjusted to reflect the 1-for-8 reverse split of the Company’s common stock, effected on June 16, 2025.

Second Quarter Ended June 30, 2025

Net loss for the second quarter of 2025 was $17.6 million, compared to $27.7 million for the second quarter of 2024.

Research and development expenses for the second quarter of 2025 were $12.3 million, compared to $22.6 million for the second quarter of 2024. The decrease in research and development expenses was primarily due to decreases in costs related to development of zelnecirnon and tivumecirnon, personnel, lab supplies, non-cash stock-based compensation and facilities, partially offset by increases in costs related to development of RPT904 and early-stage programs.

General and administrative expenses for the second quarter of 2025 were $7.2 million, compared to $6.7 million for the same period in 2024. The increase in general and administrative expenses was primarily due to increases in consulting costs and facilities costs.

Six Months Ended June 30, 2025

Net loss for the six months ended June 30, 2025 was $34.8 million, compared to $58.2 million for the second quarter of 2024.

Research and development expenses for the six months ended June 30, 2025 were $24.4 million, compared to $47.4 million for the same period in 2024. The decrease in research and development expenses was primarily due to decreases in costs related to development of zelnecirnon and tivumecirnon, personnel, lab supplies, non-cash stock-based compensation and facilities, partially offset by increases in costs related to development of RPT904 and early-stage programs.

General and administrative expenses for each of the six months ended June 30, 2025 and 2024 were $14.4 million. General and administrative expenses were flat primarily due to decreased costs for personnel offset by increases in facilities costs.

As of June 30, 2025, the Company had cash and cash equivalents and marketable securities of $168.9 million.

About RAPT Therapeutics, Inc.

RAPT is a clinical-stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing novel therapies for patients living with inflammatory and immunological diseases. Utilizing our deep and proprietary expertise in immunology, we develop novel therapies that are designed to modulate the critical immune responses underlying these diseases.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimates,” “expects,” “look forward,” “plans,” “potential” “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future performances or achievements expressed or implied by the forward-looking statements. Each of these statements is based only on current information, assumptions and expectations that are inherently subject to change and involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the timing of the initiation of or data from clinical trials, expectations concerning our partnership with Jemincare, the development of our pipeline and other statements that are not historical fact. Many factors may cause differences between current expectations and actual results, including unexpected or unfavorable safety or efficacy data observed during clinical studies, preliminary data and trends that may not be predictive of future data or results or that may not demonstrate safety or efficacy or lead to regulatory approval, our reliance on our partners and other third parties, clinical trial site activation or enrollment rates that are lower than expected, unanticipated or greater than anticipated impacts or delays due to macroeconomic and geopolitical conditions (including the long-term impacts of ongoing overseas conflicts, tariffs and trade tensions, fluctuations in inflation and interest rates and other economic uncertainty), changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process and the sufficiency of RAPT’s cash resources. Detailed information regarding risk factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in RAPT’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 7, 2025 and subsequent filings made by RAPT with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. RAPT disclaims any obligation to update these forward-looking statements, except as required by law.

RAPT Media Contact:

Aljanae Reynolds
[email protected]

RAPT Investor Contact:

Sylvia Wheeler
[email protected]

RAPT THERAPEUTICS INC.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share per share data)

(Unaudited)

Three Months
Ended

June 30, Three Months
Ended

June 30, Six Months
Ended

June 30, Six Months
Ended

June 30,

2025 2024 2025 2024

Operating expenses:

Research and development $ 12,340 $ 22,640 $ 24,382 $ 47,421

General and administrative 7,195 6,690 14,418 14,427

Total operating expenses 19,535 29,330 38,800 61,848

Loss from operations (19,535 ) (29,330 ) (38,800 ) (61,848 )

Other income, net 1,892 1,667 3,992 3,664

Net loss $ (17,643 ) $ (27,663 ) $ (34,808 ) $ (58,184 )

Other comprehensive loss:

Unrealized loss on marketable securities (19 ) (37 ) (34 ) (150 )

Total comprehensive loss $ (17,662 ) $ (27,700 ) $ (34,842 ) $ (58,334 )

Net loss per share, basic and diluted $ (0.65 ) $ (5.69 ) $ (1.29 ) $ (12.01 )

Weighted average number of shares used in computing net loss per share, basic and diluted 26,949,752 4,858,345 26,938,008 4,843,527

RAPT THERAPEUTICS, INC.

BALANCE SHEETS

(In thousands)

June 30,

2025 December 31,

2024

Assets (Unaudited) (1)

Current assets:

Cash and cash equivalents $ 41,886 $ 169,735

Marketable securities 127,061 61,320

Prepaid expenses and other current assets 3,912 4,181

Total current assets 172,859 235,236

Property and equipment, net 970 1,367

Operating lease right-of-use assets 2,308 3,333

Other assets 2,273 389

Total assets $ 178,410 $ 240,325

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable $ 4,189 $ 1,275

Accrued expenses 6,583 9,597

License fees payable — 35,000

Operating lease liabilities, current 2,205 2,422

Other current liabilities 66 57

Total current liabilities 13,043 48,351

Operating lease liabilities, non-current 959 2,070

Total liabilities 14,002 50,421

Commitments

Stockholders’ equity:

Preferred stock — —

Common stock 13 13

Additional paid-in capital 813,734 804,388

Accumulated other comprehensive income 16 50

Accumulated deficit (649,355 ) (614,547 )

Total stockholders’ equity 164,408 189,904

Total liabilities and stockholders’ equity $ 178,410 $ 240,325

(1) The balance sheet for December 31, 2024 has been derived from audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Posted on August 7, 2025 8:03 am
Hertz Logs Best Quarterly Results in Nearly Two Years, Driven by Half a Billion Dollar Profitability Improvement

Hertz Logs Best Quarterly Results in Nearly Two Years, Driven by Half a Billion Dollar Profitability Improvement

“Our transformation is taking hold,” said Gil West, CEO of Hertz. “Through smarter fleet management, improved utilization, enhanced customer experience, disciplined cost control, and the hard work of our people, it’s clear our strategy is working. We’re building a stronger, more resilient Hertz – one that’s operationally sound, financially disciplined, and positioned to lead in the future of mobility.”

ESTERO, Fla.–(BUSINESS WIRE)–
Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz,” “Hertz Global,” or the “Company”) today reported results for its second quarter 2025.

HIGHLIGHTS

Net income and Adjusted Corporate EBITDA both improved ~$0.5 billion year-over-year, marking the Company’s first quarter of positive Adjusted Corporate EBITDA in nearly two years, a result of its disciplined fleet management, operational efficiency, and rigorous cost management

The Company’s “Buy Right, Hold Right, Sell Right” strategy continued to deliver results:

Hertz achieved depreciation per unit per month (DPU) of $251, exceeding its North Star target of sub $300 by 16% and building on the momentum from the first quarter of 2025. The Company has secured all of its Model Year 2025 fleet at pre-tariff pricing

Vehicle Utilization reached 83%, a year-over-year increase of 300 basis points, as the Company executed on fleet optimization with greater precision and agility. Nearly 80% of the core U.S. rental fleet is less than a year old

Hertz achieved its highest second-quarter retail vehicle sales volume in five years, including through its direct-to-consumer Hertz Car sales, highlighting strong demand

Direct operating expenses (DOE) declined 3% year-over-year. DOE per transaction day improved both sequentially and year-over-year, reflecting disciplined cost control and operational agility

The Company’s global Net Promoter Score improved by 11 points year-over-year, underscoring its commitment to service excellence and digital innovation

The Company ended the quarter with over $1.45 billion in liquidity

EARNINGS WEBCAST INFORMATION

Hertz Global’s live webcast and conference call to discuss its second quarter 2025 results will be held on August 7, 2025 at 9:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on the Company’s Investor Relations website at IR.Hertz.com. If you would like to access the call by phone and ask a question, please go to Hertz Q2 2025 earnings teleco registration, and you will be provided with dial in details. Investors are encouraged to dial in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com.

ABOUT HERTZ

Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. For more information about Hertz, visit www.hertz.com.

SUMMARY RESULTS

Three Months Ended

June 30,

Percent

Inc/(Dec)

2025 vs 2024

($ in millions, except earnings per share or where noted)

2025

2024

Hertz Global – Consolidated

Total revenues

$

2,185

$

2,353

(7

)%

Net income (loss)

$

(294

)

$

(865

)

(66

)%

Diluted earnings (loss) per share

$

(0.95

)

$

(2.82

)

(66

)%

Net income (loss) margin

(13

)%

(37

)%

Adjusted net income (loss)^(a)

$

(104

)

$

(440

)

(76

)%

Adjusted diluted earnings (loss) per share^(a)

$

(0.34

)

$

(1.44

)

(76

)%

Adjusted Corporate EBITDA^(a)

$

1

$

(460

)

NM

Adjusted Corporate EBITDA Margin^(a)

—

%

(20

)%

Average Vehicles (in whole units)

542,532

577,224

(6

)%

Average Rentable Vehicles (in whole units)

512,854

546,187

(6

)%

Vehicle Utilization

83

%

80

%

Transaction Days (in thousands)

38,695

39,721

(3

)%

Total RPD (in dollars)^(b)

$

55.65

$

58.80

(5

)%

Total RPU Per Month (in whole dollars)^(b)

$

1,400

$

1,425

(2

)%

Depreciation Per Unit Per Month (in whole dollars)^(b)

$

251

$

595

(58

)%

Americas RAC Segment

Total revenues

$

1,738

$

1,928

(10

)%

Adjusted EBITDA

$

42

$

(403

)

NM

Adjusted EBITDA Margin

2

%

(21

)%

Average Vehicles (in whole units)

435,737

467,863

(7

)%

Average Rentable Vehicles (in whole units)

407,336

439,284

(7

)%

Vehicle Utilization

83

%

81

%

Transaction Days (in thousands)

30,935

32,216

(4

)%

Total RPD (in dollars)^(b)

$

56.08

$

59.73

(6

)%

Total RPU Per Month (in whole dollars)^(b)

$

1,420

$

1,460

(3

)%

Depreciation Per Unit Per Month (in whole dollars)^(b)

$

248

$

644

(61

)%

International RAC Segment

Total revenues

$

447

$

425

5

%

Adjusted EBITDA

$

42

$

(6

)

NM

Adjusted EBITDA Margin

9

%

(1

)%

Average Vehicles (in whole units)

106,795

109,361

(2

)%

Average Rentable Vehicles (in whole units)

105,518

106,903

(1

)%

Vehicle Utilization

81

%

77

%

Transaction Days (in thousands)

7,760

7,505

3

%

Total RPD (in dollars)^(b)

$

53.93

$

54.78

(2

)%

Total RPU Per Month (in whole dollars)^(b)

$

1,322

$

1,282

3

%

Depreciation Per Unit Per Month (in whole dollars)^(b)

$

261

$

384

(32

)%

NM = Not meaningful

(a) Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2025 and 2024.

(b) Based on December 31, 2024 foreign exchange rates.

UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS

In this earnings release, we include select unaudited financial data of Hertz Global, Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and the Company’s rationale regarding the importance and usefulness of non-GAAP measures for investors and management.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained or incorporated by reference in this release, and in related comments by the Company’s management, include “forward-looking statements.” Forward-looking statements are identified by words such as “believe,” “expect,” “project,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts,” “guidance” or similar expressions, and include information concerning our liquidity, our results of operations, our business strategies, economic and industry conditions and other information. These forward-looking statements are based on certain assumptions that the Company has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors. The Company believes these judgments are reasonable, but you should understand that these forward-looking statements are not guarantees of future performance or results, and that the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished to the SEC.

Important factors that could affect the Company’s actual results and cause them to differ materially from those expressed in forward-looking statements include, among other things.

mix of program and non-program vehicles in the Company’s fleet, which can lead to increased exposure to residual value risk upon disposition;

the potential for residual values associated with non-program vehicles in the Company’s fleet to decline, including suddenly or unexpectedly, or fail to follow historical seasonal patterns;

the Company’s ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including upon any disruptions in the global supply chain;

the Company’s ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company’s returns;

the age of the Company’s fleet, and its impact on vehicle carrying costs, customer service scores, as well as on the Company’s ability to sell vehicles at acceptable prices and times;

disruptions in the supply chain, including in connection with any increases in tariffs or changes in tariff policies or trade agreements;

whether a manufacturer of the Company’s program vehicle fulfills its repurchase obligations;

the frequency or extent of manufacturer safety recalls;

levels of travel demand, particularly business and leisure travel in the U.S. and in global markets;

seasonality and other occurrences that disrupt rental activity during the Company’s peak periods, including in critical geographies;

the Company’s ability to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in the Company’s rental operations accordingly;

the Company’s ability to implement its business strategy or strategic transactions, including the Company’s ability to implement plans to support a modern mobility ecosystem;

the Company’s ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from its profitability initiatives and other operational programs;

the Company’s ability to adequately respond to changes in technology impacting the mobility industry;

significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing;

the Company’s reliance on third-party distribution channels and related prices, commission structures and transaction volumes;

the Company’s ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share;

the Company’s ability to maintain its network of leases and vehicle rental concessions at airports and other key locations in the U.S. and internationally;

the Company’s ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy;

the Company’s ability to attract and retain effective front-line employees, senior management and other key employees;

the Company’s ability to effectively manage its union relations and labor agreement negotiations;

the Company’s ability to manage and respond to cybersecurity threats and cyber attacks on the Company’s information technology systems or those of the Company’s third-party providers;

the Company’s ability, and that of the Company’s key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber attacks and other security threats;

the Company’s ability to evaluate, maintain, upgrade and consolidate its information technology systems;

the Company’s ability to comply with current and future laws and regulations in the U.S. and internationally regarding data protection, data security and privacy risks;

risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anti-corruption or anti-bribery laws and the Company’s ability to repatriate cash from non-U.S. affiliates without adverse tax consequences;

risks relating to tax laws, including the elimination of tax credits for EVs purchased after September 30, 2025 and those tax laws that affect the Company’s ability to recapture accelerated tax depreciation and expensing, as well as any adverse determinations or rulings by tax authorities;

the Company’s ability to utilize its net operating loss carryforwards;

the Company’s exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation;

the potential for adverse changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to environmental matters, optional insurance products or policies, franchising and licensing matters, the ability to pass-through rental car related expenses or taxes, among others, that affect the Company’s operations, the Company’s costs or applicable tax rates;

the risk of an impairment of the Company’s long-lived assets, which risk could be impacted by, among other things, the timing of our fleet rotation;

the Company’s ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis;

the potential for changes in management’s best estimates and assessments;

the Company’s ability to maintain an effective compliance program;

the availability of earnings and funds from the Company’s subsidiaries;

the Company’s ability to comply, and the cost and burden of complying, with corporate and social responsibility regulations or expectations of stakeholders, and otherwise advance the Company’s corporate responsibility priorities;

the availability of additional, or continued sources, of financing at acceptable rates for the Company’s revenue earning vehicles and to refinance the Company’s existing indebtedness, and the Company’s ability to comply with the covenants in the agreements governing its indebtedness;

the extent to which the Company’s consolidated assets secure its outstanding indebtedness;

volatility in the Company’s share price, the Company’s ownership structure and certain provisions of the Company’s charter documents, which could, among other things, negatively affect the market price of the Company’s common stock;

the Company’s ability to implement an effective business continuity plan to protect the business in exigent circumstances;

the Company’s ability to effectively maintain effective internal control over financial reporting; and

the Company’s ability to execute strategic transactions.

Additional information concerning these and other factors can be found in the Company’s filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date of thisrelease, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

UNAUDITED FINANCIAL INFORMATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions, except per share data)

2025

2024

2025

2024

Revenues

$

2,185

$

2,353

$

3,998

$

4,433

Expenses:

Direct vehicle and operating

1,394

1,440

2,668

2,806

Depreciation of revenue earning vehicles and lease charges, net

415

1,035

950

2,004

Depreciation and amortization of non-vehicle assets

29

41

59

73

Selling, general and administrative

246

243

465

405

Interest expense, net:

Vehicle

152

149

292

290

Non-vehicle

232

88

359

163

Total interest expense, net

384

237

651

453

Other (income) expense, net

7

(5

)

11

(3

)

(Gain) on sale of non-vehicle capital assets

(89

)

—

(89

)

—

Change in fair value of Public Warrants

115

(165

)

124

(251

)

Total expenses

2,501

2,826

4,839

5,487

Income (loss) before income taxes

(316

)

(473

)

(841

)

(1,054

)

Income tax (provision) benefit

22

(392

)

104

3

Net income (loss)

$

(294

)

$

(865

)

$

(737

)

$

(1,051

)

Weighted average number of shares outstanding:

Basic

309

306

308

306

Diluted

309

306

308

306

Earnings (loss) per share:

Basic

$

(0.95

)

$

(2.82

)

$

(2.39

)

$

(3.44

)

Diluted

$

(0.95

)

$

(2.82

)

$

(2.39

)

$

(3.44

)

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In millions, except par value and share data)

June 30, 2025

December 31, 2024

ASSETS

Cash and cash equivalents

$

503

$

592

Restricted cash and cash equivalents:

Vehicle

341

258

Non-vehicle

285

283

Total restricted cash and cash equivalents

626

541

Total cash and cash equivalents and restricted cash and cash equivalents

1,129

1,133

Receivables:

Vehicle

276

389

Non-vehicle, net of allowance of $63 and $58, respectively

874

816

Total receivables, net

1,150

1,205

Prepaid expenses and other assets

739

894

Revenue earning vehicles:

Vehicles

14,468

12,714

Less: accumulated depreciation

(1,173

)

(751

)

Total revenue earning vehicles, net

13,295

11,963

Property and equipment, net

586

623

Operating lease right-of-use assets

2,286

2,088

Intangible assets, net

2,853

2,852

Goodwill

1,045

1,044

Total assets

$

23,083

$

21,802

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable:

Vehicle

$

367

$

161

Non-vehicle

531

481

Total accounts payable

898

642

Accrued liabilities

1,336

1,174

Accrued taxes, net

168

158

Debt:

Vehicle

12,202

11,231

Non-vehicle

5,434

5,104

Total debt

17,636

16,335

Public Warrants

302

178

Operating lease liabilities

2,280

2,073

Self-insured liabilities

640

617

Deferred income taxes, net

327

472

Total liabilities

23,587

21,649

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.01 par value, no shares issued and outstanding

—

—

Common stock, $0.01 par value, 484,708,939 and 481,502,623 shares issued, respectively, and 309,896,895 and 306,690,579 shares outstanding, respectively

5

5

Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively

(3,430

)

(3,430

)

Additional paid-in capital

6,421

6,396

Retained earnings (Accumulated deficit)

(3,239

)

(2,502

)

Accumulated other comprehensive income (loss)

(261

)

(316

)

Total stockholders’ equity (deficit)

(504

)

153

Total liabilities and stockholders’ equity (deficit)

$

23,083

$

21,802

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions)

2025

2024

2025

2024

Cash flows from operating activities:

Net income (loss)

$

(294

)

$

(865

)

$

(737

)

$

(1,051

)

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

Depreciation and reserves for revenue earning vehicles, net

458

1,124

1,082

2,194

Depreciation and amortization, non-vehicle

29

41

59

73

Amortization of deferred financing costs and debt discount (premium)

20

15

40

33

PIK Interest on Exchangeable Notes

—

—

11

—

Stock-based compensation charges

16

16

32

32

Stock-based compensation forfeitures

—

—

—

(68

)

Provision for receivables allowance

28

32

53

63

Deferred income taxes, net

(24

)

349

(148

)

(65

)

(Gain) loss on sale of non-vehicle capital assets

(89

)

—

(89

)

—

Change in fair value of Public Warrants

115

(165

)

124

(251

)

Changes in financial instruments

104

2

104

8

Other

8

8

9

(1

)

Changes in assets and liabilities:

Non-vehicle receivables

(127

)

(165

)

(84

)

(201

)

Prepaid expenses and other assets

(19

)

(3

)

(53

)

(59

)

Operating lease right-of-use assets

105

90

218

190

Non-vehicle accounts payable

21

67

28

63

Accrued liabilities

117

40

138

71

Accrued taxes, net

(34

)

31

4

52

Operating lease liabilities

(95

)

(100

)

(208

)

(200

)

Self-insured liabilities

7

29

14

33

Net cash provided by (used in) operating activities

346

546

597

916

Cash flows from investing activities:

Revenue earning vehicles expenditures

(3,049

)

(3,723

)

(5,896

)

(5,627

)

Proceeds from disposal of revenue earning vehicles

2,126

1,669

4,250

2,902

Non-vehicle capital asset expenditures

(22

)

(26

)

(44

)

(59

)

Proceeds from non-vehicle capital assets disposed of

99

4

126

7

Return of (investment in) equity investments

—

(1

)

—

(3

)

Net cash provided by (used in) investing activities

(846

)

(2,077

)

(1,564

)

(2,780

)

Cash flows from financing activities:

Proceeds from issuance of vehicle debt

2,648

1,149

3,774

1,683

Repayments of vehicle debt

(1,606

)

(229

)

(2,990

)

(1,121

)

Proceeds from issuance of non-vehicle debt

156

1,950

1,056

2,885

Repayments of non-vehicle debt

(579

)

(1,245

)

(859

)

(1,735

)

Payment of financing costs

(28

)

(42

)

(41

)

(42

)

Other

(4

)

(1

)

(7

)

(3

)

Net cash provided by (used in) financing activities

587

1,582

933

1,667

Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents

21

(2

)

30

(15

)

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period

108

49

(4

)

(212

)

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

1,021

945

1,133

1,206

Cash and cash equivalents and restricted cash and cash equivalents at end of period

$

1,129

$

994

$

1,129

$

994

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

(In millions)

Americas RAC

International

RAC

Corporate

Hertz Global

Americas RAC

International

RAC

Corporate

Hertz Global

Revenues

$

1,738

$

447

$

—

$

2,185

$

1,928

$

425

$

—

$

2,353

Expenses:

Direct vehicle and operating

1,132

263

(1

)

1,394

1,199

244

(3

)

1,440

Depreciation of revenue earning vehicles and lease charges, net

325

90

—

415

905

130

—

1,035

Depreciation and amortization of non-vehicle assets

23

4

2

29

28

3

10

41

Selling, general and administrative

132

57

57

246

137

46

60

243

Interest expense, net:

Vehicle

129

23

—

152

123

26

—

149

Non-vehicle

1

(4

)

235

232

—

(6

)

94

88

Total interest expense, net

130

19

235

384

123

20

94

237

Other (income) expense, net

1

1

5

7

1

—

(6

)

(5

)

(Gain) on sale of non-vehicle capital assets

(89

)

—

—

(89

)

—

—

—

—

Change in fair value of Public Warrants

—

—

115

115

—

—

(165

)

(165

)

Total expenses

1,654

434

413

2,501

2,393

443

(10

)

2,826

Income (loss) before income taxes

$

84

$

13

$

(413

)

(316

)

$

(465

)

$

(18

)

$

10

(473

)

Income tax (provision) benefit

22

(392

)

Net income (loss)

$

(294

)

$

(865

)

Supplemental Schedule I (continued)

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

(In millions)

Americas RAC

International

RAC

Corporate

Hertz Global

Americas RAC

International

RAC

Corporate

Hertz Global

Revenues

$

3,228

$

770

$

—

$

3,998

$

3,667

$

766

$

—

$

4,433

Expenses:

Direct vehicle and operating

2,198

470

—

2,668

2,351

460

(5

)

2,806

Depreciation of revenue earning vehicles and lease charges, net

787

163

—

950

1,781

223

—

2,004

Depreciation and amortization of non-vehicle assets

49

7

3

59

53

7

13

73

Selling, general and administrative

246

104

115

465

261

103

41

405

Interest expense, net:

Vehicle

246

46

—

292

239

51

—

290

Non-vehicle

—

(8

)

367

359

(2

)

(10

)

175

163

Total interest expense, net

246

38

367

651

237

41

175

453

Other (income) expense, net

1

(2

)

12

11

—

1

(4

)

(3

)

(Gain) on sale of non-vehicle capital assets

(89

)

—

—

(89

)

—

—

—

—

Change in fair value of Public Warrants

—

—

124

124

—

—

(251

)

(251

)

Total expenses

3,438

780

621

4,839

4,683

835

(31

)

5,487

Income (loss) before income taxes

$

(210

)

$

(10

)

$

(621

)

(841

)

$

(1,016

)

$

(69

)

$

31

(1,054

)

Income tax (provision) benefit

104

3

Net income (loss)

$

(737

)

$

(1,051

)

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED NET INCOME (LOSS), ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE AND ADJUSTED CORPORATE EBITDA

Unaudited

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions, except per share data)

2025

2024

2025

2024

Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share:

Net income (loss)^(a)

$

(294

)

$

(865

)

$

(737

)

$

(1,051

)

Adjustments:

Income tax provision (benefit)

(22

)

392

(104

)

(3

)

Vehicle and non-vehicle debt-related charges^(b)

26

16

51

34

Restructuring and restructuring related charges^(c)

4

12

7

44

Acquisition accounting-related depreciation and amortization^(d)

1

1

1

1

Unrealized (gains) losses on financial instruments^(e)

104

2

104

8

(Gain) on sale of non-vehicle capital assets^(f)

(89

)

—

(89

)

—

Change in fair value of Public Warrants

115

(165

)

124

(251

)

Other items^(g)(k)

17

20

44

28

Adjusted pre-tax income (loss)^(h)

(138

)

(587

)

(599

)

(1,190

)

Income tax (provision) benefit on adjusted pre-tax income (loss)⁽ⁱ⁾

34

147

150

298

Adjusted Net Income (Loss)

$

(104

)

$

(440

)

$

(449

)

$

(892

)

Weighted-average number of diluted shares outstanding

309

306

308

306

Adjusted Diluted Earnings (Loss) Per Share^(j)

$

(0.34

)

$

(1.44

)

$

(1.46

)

$

(2.92

)

Supplemental Schedule II (continued)

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions, except per share data)

2025

2024

2025

2024

Adjusted Corporate EBITDA:

Net income (loss)

$

(294

)

$

(865

)

$

(737

)

$

(1,051

)

Adjustments:

Income tax provision (benefit)

(22

)

392

(104

)

(3

)

Non-vehicle depreciation and amortization

29

41

59

73

Non-vehicle debt interest, net of interest income^(k)

127

88

248

163

Vehicle debt-related charges^(b)

12

10

23

22

Restructuring and restructuring related charges^(c)

4

12

7

44

Unrealized (gains) losses on financial instruments^(e)

104

2

104

8

(Gain) on sale of non-vehicle capital assets^(f)

(89

)

—

(89

)

—

Non-cash stock-based compensation forfeitures^(m)

—

—

—

(64

)

Change in fair value of Public Warrants

115

(165

)

124

(251

)

Other items^(g)

15

25

41

32

Adjusted Corporate EBITDA⁽ⁿ⁾

$

1

$

(460

)

$

(324

)

$

(1,027

)

Adjusted Corporate EBITDA margin

—

%

(20

)%

(8

)%

(23

)%

(a)
Net income (loss) margin for the three and six months ended June 30, 2025 was (13)% and (18)%, respectively. Net income (loss) margin for the three and six months ended June 30, 2024 was (37)% and (24)%, respectively.

(b)
Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.

(c)
Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations.

(d)
Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.

(e)
Represents unrealized gains (losses) on derivative financial instruments, including the Exchange Feature.

(f)
Represents gain on the sale of certain non-vehicle assets in June 2025.

(g)
Represents miscellaneous items. For the three months ended June 30, 2025, primarily includes certain litigation charges, certain IT-related charges and cloud computing costs. For the three months ended June 30, 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages. For the six months ended June 30, 2025, primarily includes certain litigation charges, certain IT-related charges, cloud computing costs and certain concession-related adjustments. For the six months ended June 30, 2024, primarily includes certain IT-related charges, cloud computing costs and certain storm-related damages, partially offset by certain litigation settlements.

(h)
The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Pretax Income (Loss) and Adjusted Net Income (Loss), all of which are deemed non-GAAP measures.

(in millions)

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Expenses:

As Reported

Adjustment

As Adjusted

As Reported

Adjustment

As Adjusted

Direct vehicle and operating

$

1,394

$

(6

)

$

1,388

$

1,440

$

(10

)

$

1,430

Depreciation of revenue earning vehicles and lease charges, net

415

—

415

1,035

—

1,035

Depreciation and amortization of non-vehicle assets

29

—

29

41

—

41

Selling, general and administrative

246

(4

)

242

243

(16

)

227

Interest expense, net:

Vehicle

152

(12

)

140

149

(13

)

136

Non-vehicle

232

(124

)

108

88

(10

)

78

Total interest expense, net

384

(136

)

248

237

(23

)

214

Other (income) expense, net

7

(6

)

1

(5

)

(2

)

(7

)

(Gain) on sale of non-vehicle capital assets

(89

)

89

—

—

—

—

Change in fair value of Public Warrants

115

(115

)

—

(165

)

165

—

Total

$

2,501

$

(178

)

$

2,323

$

2,826

$

114

$

2,940

(in millions)

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Expenses:

As Reported

Adjustment

As Adjusted

As Reported

Adjustment

As Adjusted

Direct vehicle and operating

$

2,668

$

(22

)

$

2,646

$

2,806

$

(16

)

$

2,790

Depreciation of revenue earning vehicles and lease charges, net

950

—

950

2,004

5

2,009

Depreciation and amortization of non-vehicle assets

59

—

59

73

—

73

Selling, general and administrative

465

(7

)

458

405

(55

)

350

Interest expense, net:

Vehicle

292

(23

)

269

290

(26

)

264

Non-vehicle

359

(148

)

211

163

(20

)

143

Total interest expense, net

651

(171

)

480

453

(46

)

407

Other (income) expense, net

11

(7

)

4

(3

)

(3

)

(6

)

(Gain) on sale of non-vehicle capital assets

(89

)

89

—

—

—

—

Change in fair value of Public Warrants

124

(124

)

—

(251

)

251

—

Total

$

4,839

$

(242

)

$

4,597

$

5,487

$

136

$

5,623

(i)

Derived utilizing a combined statutory rate of 25% for the three and six months ended June 30, 2025 and 2024, respectively, applied to the respective Adjusted Pre-tax Income (Loss).

(j)

Adjustments used to reconcile diluted earnings (loss) per share on a GAAP basis to Adjusted Diluted Earnings (Loss) Per Share are comprised of the same adjustments, inclusive of the tax impact, used to reconcile net income (loss) to Adjusted Net Income (Loss) divided by the weighted-average diluted shares outstanding during the period.

(k)

Also includes letter of credit fees.

(l)

Excludes gains (losses) related to the fair value of the Exchange Feature.

(m)

Represents former CEO awards forfeited in March 2024.

(n)

The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Corporate EBITDA, both of which are deemed non-GAAP measures.

(in millions)

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Expenses:

As Reported

Adjustment

As Adjusted

As Reported

Adjustment

As Adjusted

Direct vehicle and operating

$

1,394

$

(6

)

$

1,388

$

1,440

$

(10

)

$

1,430

Depreciation of revenue earning vehicles and lease charges, net

415

—

415

1,035

—

1,035

Depreciation and amortization of non-vehicle assets

29

(29

)

—

41

(41

)

—

Selling, general and administrative

246

(4

)

242

243

(17

)

226

Interest expense, net:

Vehicle

152

(12

)

140

149

(13

)

136

Non-vehicle

232

(232

)

—

88

(88

)

—

Total interest expense, net

384

(244

)

140

237

(101

)

136

Other (income) expense, net

7

(8

)

(1

)

(5

)

(9

)

(14

)

(Gain) on sale of non-vehicle capital assets

(89

)

89

—

—

—

—

Change in fair value of Public Warrants

115

(115

)

—

(165

)

165

—

Total expenses

$

2,501

$

(317

)

$

2,184

$

2,826

$

(13

)

$

2,813

(in millions)

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Expenses:

As Reported

Adjustment

As Adjusted

As Reported

Adjustment

As Adjusted

Direct vehicle and operating

$

2,668

$

(22

)

$

2,646

$

2,806

$

(16

)

$

2,790

Depreciation of revenue earning vehicles and lease charges, net

950

—

950

2,004

5

2,009

Depreciation and amortization of non-vehicle assets

59

(59

)

—

73

(73

)

—

Selling, general and administrative

465

(7

)

458

405

8

413

Interest expense, net:

Vehicle

292

(23

)

269

290

(26

)

264

Non-vehicle

359

(359

)

—

163

(163

)

—

Total interest expense, net

651

(382

)

269

453

(189

)

264

Other (income) expense, net

11

(12

)

(1

)

(3

)

(13

)

(16

)

(Gain) on sale of non-vehicle capital assets

(89

)

89

—

—

—

—

Change in fair value of Public Warrants

124

(124

)

—

(251

)

251

—

Total

$

4,839

$

(517

)

$

4,322

$

5,487

$

(27

)

$

5,460

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED OPERATING CASH FLOW

AND ADJUSTED FREE CASH FLOW

Unaudited

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions)

2025

2024

2025

2024

ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:

Net cash provided by (used in) operating activities

$

346

$

546

$

597

$

916

Depreciation and reserves for revenue earning vehicles, net

(458

)

(1,124

)

(1,082

)

(2,194

)

Bankruptcy related payments (post emergence) and other payments

12

2

12

5

Adjusted operating cash flow

(100

)

(576

)

(473

)

(1,273

)

Non-vehicle capital asset proceeds (expenditures), net

77

(22

)

82

(52

)

Adjusted operating cash flow before vehicle investment

(23

)

(598

)

(391

)

(1,325

)

Net fleet growth after financing

350

45

140

43

Adjusted free cash flow

$

327

$

(553

)

$

(251

)

$

(1,282

)

CALCULATION OF NET FLEET GROWTH AFTER FINANCING:

Revenue earning vehicles expenditures

$

(3,049

)

$

(3,723

)

$

(5,896

)

$

(5,627

)

Proceeds from disposal of revenue earning vehicles

2,126

1,669

4,250

2,902

Revenue earning vehicles capital expenditures, net

(923

)

(2,054

)

(1,646

)

(2,725

)

Depreciation and reserves for revenue earning vehicles, net

458

1,124

1,082

2,194

Financing activity related to vehicles:

Borrowings

2,648

1,149

3,774

1,683

Payments

(1,606

)

(229

)

(2,990

)

(1,121

)

Restricted cash changes, vehicle

(227

)

55

(80

)

12

Net financing activity related to vehicles

815

975

704

574

Net fleet growth after financing

$

350

$

45

$

140

$

43

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

NET DEBT CALCULATION

Unaudited

As of June 30, 2025

As of December 31, 2024

(In millions)

Vehicle

Non-Vehicle

Total

Vehicle

Non-Vehicle

Total

First Lien RCF

$

—

$

375

$

375

$

—

$

175

$

175

Term loans

—

1,986

1,986

—

1,995

1,995

First lien senior notes

—

1,250

1,250

—

1,250

1,250

Exchangeable notes

—

261

261

—

250

250

Senior unsecured notes

—

1,500

1,500

—

1,500

1,500

U.S. vehicle financing (HVF III)

10,089

—

10,089

9,431

—

9,431

International vehicle financing (Various)

2,022

—

2,022

1,752

—

1,752

Other debt

145

6

151

97

—

97

Fair Value of the Exchange Features

—

175

175

—

61

61

Debt issue costs, discounts and premiums

(54

)

(119

)

(173

)

(49

)

(127

)

(176

)

Debt as reported in the balance sheet

12,202

5,434

17,636

11,231

5,104

16,335

Add:

Debt issue costs, discounts and premiums

54

119

173

49

127

176

Less:

Cash and cash equivalents

—

503

503

—

592

592

Restricted cash

341

—

341

258

—

258

Restricted cash and restricted cash equivalents associated with Term C Loan

—

245

245

—

245

245

Net Debt

$

11,915

$

4,805

$

16,720

$

11,022

$

4,394

$

15,416

LTM Adjusted Corporate EBITDA^(a)

(838

)

(1,541

)

Net Corporate Leverage

(5.7)x

(2.9)x

(a)

Reconciliation of LTM Adjusted Corporate EBITDA for the six months ended June 30, 2025 and twelve months ended December 31, 2024 are as follows:

(In millions)

Six Months Ended

June 30, 2025

Twelve Months Ended

December 31, 2024

Net income (loss) three months ended:

September 30, 2024

$

(1,332

)

n/a

December 31, 2024

(479

)

n/a

March 31, 2025

(443

)

n/a

June 30, 2025

(294

)

n/a

LTM net income (loss)

(2,548

)

$

(2,862

)

Adjustments:

Income tax provision (benefit)

(476

)

(375

)

Non-vehicle depreciation and amortization

125

139

Non-vehicle debt interest, net of interest income

460

375

Vehicle debt-related charges

46

45

Restructuring and restructuring related charge

29

66

Unrealized (gains) losses on financial instruments

103

7

(Gain) on sale of non-vehicle capital assets

(89

)

—

Non-cash stock-based compensation forfeitures

—

(64

)

Bankruptcy-related litigation reserve

292

292

Long-Lived Assets impairment

1,048

1,048

Change in fair value of Public Warrants

100

(275

)

Other items

72

63

LTM Adjusted Corporate EBITDA

$

(838

)

$

(1,541

)

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS CALCULATIONS

REVENUE, UTILIZATION AND DEPRECIATION

Unaudited

Global RAC

Three Months Ended

June 30,

Percent

Inc/(Dec)

Six Months Ended

June 30,

Percent

Inc/(Dec)

($ in millions, except where noted)

2025

2024

2025

2024

Total RPD

Revenues

$

2,185

$

2,353

$

3,998

$

4,433

Foreign currency adjustment^(a)

(32

)

(17

)

(35

)

(36

)

Total Revenues – adjusted for foreign currency

$

2,153

$

2,336

$

3,963

$

4,397

Transaction Days (in thousands)

38,695

39,721

72,597

76,575

Total RPD (in dollars)

$

55.65

$

58.80

(5

)%

$

54.59

$

57.42

(5

)%

Total Revenue Per Unit Per Month

Total Revenues – adjusted for foreign currency

$

2,153

$

2,336

$

3,963

$

4,397

Average Rentable Vehicles (in whole units)

512,854

546,187

495,064

537,710

Total revenue per unit (in whole dollars)

$

4,199

$

4,276

$

8,005

$

8,178

Number of months in period (in whole units)

3

3

6

6

Total RPU Per Month (in whole dollars)

$

1,400

$

1,425

(2

)%

$

1,334

$

1,363

(2

)%

Vehicle Utilization

Transaction Days (in thousands)

38,695

39,721

72,597

76,575

Average Rentable Vehicles (in whole units)

512,854

546,187

495,064

537,710

Number of days in period (in whole units)

91

91

181

182

Available Car Days (in thousands)

46,670

49,701

89,607

97,882

Vehicle Utilization^(b)

83

%

80

%

81

%

78

%

Depreciation Per Unit Per Month

Depreciation of revenue earning vehicles and lease charges, net

$

415

$

1,035

$

950

$

2,004

Foreign currency adjustment^(a)

(7

)

(5

)

(8

)

(9

)

Adjusted depreciation of revenue earning vehicles and lease charges

$

408

$

1,030

$

942

$

1,995

Average Vehicles (in whole units)

542,532

577,224

523,628

562,358

Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)

$

752

$

1,784

$

1,800

$

3,548

Number of months in period (in whole units)

3

3

6

6

Depreciation Per Unit Per Month (in whole dollars)

$

251

$

595

(58

)%

$

300

$

591

(49

)%

Note: Global RAC represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate

(a)
Based on December 31, 2024 foreign exchange rates.

(b)
Calculated as Transaction Days divided by Available Car Days.

Supplemental Schedule V (continued)

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS CALCULATIONS

REVENUE, UTILIZATION AND DEPRECIATION

Unaudited

Americas RAC

Three Months Ended

June 30,

Percent

Inc/(Dec)

Six Months Ended

June 30,

Percent

Inc/(Dec)

($ in millions, except where noted)

2025

2024

2025

2024

Total RPD

Revenues

$

1,738

$

1,928

$

3,228

$

3,667

Foreign currency adjustment^(a)

(3

)

(4

)

(3

)

(7

)

Total Revenues – adjusted for foreign currency

$

1,735

$

1,924

$

3,225

$

3,660

Transaction Days (in thousands)

30,935

32,216

58,693

62,776

Total RPD (in dollars)

$

56.08

$

59.73

(6

)%

$

54.94

$

58.30

(6

)%

Total Revenue Per Unit Per Month

Total Revenues – adjusted for foreign currency

$

1,735

$

1,924

$

3,225

$

3,660

Average Rentable Vehicles (in whole units)

407,336

439,284

397,047

436,553

Total revenue per unit (in whole dollars)

$

4,259

$

4,381

$

8,122

$

8,383

Number of months in period (in whole units)

3

3

6

6

Total RPU Per Month (in whole dollars)

$

1,420

$

1,460

(3

)%

$

1,354

$

1,397

(3

)%

Vehicle Utilization

Transaction Days (in thousands)

30,935

32,216

58,693

62,776

Average Rentable Vehicles (in whole units)

407,336

439,284

397,047

436,553

Number of days in period (in whole units)

91

91

181

182

Available Car Days (in thousands)

37,068

39,974

71,865

79,470

Vehicle Utilization^(b)

83

%

81

%

82

%

79

%

Depreciation Per Unit Per Month

Depreciation of revenue earning vehicles and lease charges, net

$

325

$

905

$

787

$

1,781

Foreign currency adjustment^(a)

(1

)

(1

)

(1

)

(1

)

Adjusted depreciation of revenue earning vehicles and lease charges

$

324

$

904

$

786

$

1,780

Average Vehicles (in whole units)

435,737

467,863

424,559

459,224

Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)

$

744

$

1,932

$

1,852

$

3,875

Number of months in period (in whole units)

3

3

6

6

Depreciation Per Unit Per Month (in whole dollars)

$

248

$

644

(61

)%

$

309

$

646

(52

)%

(a)
Based on December 31, 2024 foreign exchange rates.

(b)
Calculated as Transaction Days divided by Available Car Days.

Supplemental Schedule V (continued)

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS CALCULATIONS

REVENUE, UTILIZATION AND DEPRECIATION

Unaudited

International RAC

Three Months Ended

June 30,

Percent

Inc/(Dec)

Six Months Ended

June 30,

Percent

Inc/(Dec)

($ in millions, except where noted)

2025

2024

2025

2024

Total RPD

Revenues

$

447

$

425

$

770

$

766

Foreign currency adjustment^(a)

(28

)

(14

)

(32

)

(28

)

Total Revenues – adjusted for foreign currency

$

419

$

411

$

738

$

738

Transaction Days (in thousands)

7,760

7,505

13,904

13,799

Total RPD (in dollars)

$

53.93

$

54.78

(2

)%

$

53.11

$

53.46

(1

)%

Total Revenue Per Unit Per Month

Total Revenues – adjusted for foreign currency

$

419

$

411

$

738

$

738

Average Rentable Vehicles (in whole units)

105,518

106,903

98,017

101,156

Total revenue per unit (in whole dollars)

$

3,967

$

3,846

$

7,534

$

7,293

Number of months in period (in whole units)

3

3

6

6

Total RPU Per Month (in whole dollars)

$

1,322

$

1,282

3

%

$

1,256

$

1,216

3

%

Vehicle Utilization

Transaction Days (in thousands)

7,760

7,505

13,904

13,799

Average Rentable Vehicles (in whole units)

105,518

106,903

98,017

101,156

Number of days in period (in whole units)

91

91

181

182

Available Car Days (in thousands)

9,601

9,727

17,752

18,413

Vehicle Utilization^(b)

81

%

77

%

78

%

75

%

Depreciation Per Unit Per Month

Depreciation of revenue earning vehicles and lease charges, net

$

90

$

130

$

163

$

223

Foreign currency adjustment^(a)

(6

)

(4

)

(7

)

(7

)

Adjusted depreciation of revenue earning vehicles and lease charges

$

84

$

126

$

156

$

216

Average Vehicles (in whole units)

106,795

109,361

99,069

103,134

Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)

$

782

$

1,153

$

1,575

$

2,090

Number of months in period (in whole units)

3

3

6

6

Depreciation Per Unit Per Month (in whole dollars)

$

261

$

384

(32

)%

$

262

$

348

(25

)%

(a)
Based on December 31, 2024 foreign exchange rates.

(b)
Calculated as Transaction Days divided by Available Car Days.

NON-GAAP MEASURES AND KEY METRICS

The term “GAAP” refers to accounting principles generally accepted in the United States. Adjusted EBITDA is the Company’s segment measure of profitability and complies with GAAP when used in that context.

NON-GAAP MEASURES

Non-GAAP measures are not recognized measurements under GAAP. When evaluating the Company’s operating performance or liquidity, investors should not consider non-GAAP measures in isolation of, superior to, or as a substitute for measures of the Company’s financial performance as determined in accordance with GAAP.

Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share (“Adjusted EPS”)

Adjusted Net Income (Loss) represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; vehicle and non-vehicle debt-related charges; restructuring and restructuring related charges; acquisition accounting-related depreciation and amortization; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring items on a pre-tax basis. Adjusted Net Income (Loss) includes a provision (benefit) for income taxes derived utilizing a combined statutory rate. The combined statutory rate is management’s estimate of the Company’s long-term tax rate. Its most comparable GAAP measure is net income (loss) attributable to the Company.

Adjusted EPS represents Adjusted Net Income (Loss) on a per diluted share basis using the weighted-average number of diluted shares outstanding for the period. Its most comparable GAAP measure is diluted earnings (loss) per share.

Adjusted Net Income (Loss) and Adjusted EPS are important operating metrics because they allow management and investors to assess operational performance of the Company’s business, exclusive of the items mentioned above that are not operational in nature or comparable to those of the Company’s competitors.

Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin

Adjusted Corporate EBITDA represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; non-vehicle depreciation and amortization; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; unrealized (gains) losses on financial instruments; change in fair value of Public Warrants and certain other miscellaneous or non-recurring items.

Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to total revenues.

Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company’s annual operating budget and monthly operating reviews, and analysis of investment decisions, profitability and performance trends. These measures enable management and investors to isolate the effects on profitability of operating metrics most meaningful to the business of renting and leasing vehicles. They also allow management and investors to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of certain executive compensation. Its most comparable GAAP measure is net income (loss) attributable to the Company.

Adjusted operating cash flow and adjusted free cash flow

Adjusted operating cash flow represents net cash provided by operating activities net of the non-cash add back for vehicle depreciation and reserves, and exclusive of bankruptcy related payments made post emergence. Adjusted operating cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash generated from operations when fully burdened by fleet costs.

Adjusted free cash flow represents adjusted operating cash flow plus the impact of net non-vehicle capital expenditures and net fleet growth after financing. Adjusted free cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash available for, but not limited to, the reduction of non-vehicle debt, share repurchase and acquisition.

The most comparable GAAP measure for adjusted operating cash flow and adjusted free cash flow is net cash provided by (used in) operating activities.

Net Fleet Growth After Financing

U.S. and International Rental Car segments Fleet Growth is defined as revenue earning vehicles expenditures, net of proceeds from disposals, plus vehicle depreciation and net vehicle financing, which includes borrowings, repayments and the change in restricted cash associated with vehicles. Fleet Growth is important as it allows the Company to assess the cash flow required to support its investment in revenue earning vehicles.

Net Non-vehicle Debt

Net Non-vehicle Debt is calculated as non-vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issuance costs associated with non-vehicle debt, less cash and cash equivalents. Non-vehicle debt consists of the Company’s Senior Term Loans, Senior RCF, First Lien Senior Notes, Second Lien Exchangeable Notes, Senior Unsecured Notes, Promissory Notes and certain other non-vehicle indebtedness of its domestic and foreign subsidiaries. Net Non-vehicle Debt is important to management and investors as it helps measure the Company’s corporate leverage. Net Non-vehicle Debt also assists in the evaluation of the Company’s ability to service its non-vehicle debt without reference to the expense associated with the vehicle debt, which is collateralized by assets not available to lenders under the non-vehicle debt facilities.

Net Vehicle Debt

Net Vehicle Debt is calculated as vehicle debt as reported on the Company’s balance sheet, excluding the impact of unamortized debt issue costs associated with vehicle debt, less restricted cash associated with vehicles. Restricted cash associated with vehicle debt is restricted for the purchase of revenue earning vehicles and other specified uses under the Company’s vehicle debt facilities. Net Vehicle Debt is important to management, investors and ratings agencies as it helps measure the Company’s leverage with respect to its vehicle assets.

Total Net Debt

Total Net Debt is calculated as total debt, excluding the impact of unamortized debt issuance costs, less total cash and cash equivalents and restricted cash associated with vehicle debt. Unamortized debt issuance costs are required to be reported as a deduction from the carrying amount of the related debt obligation under GAAP. Management believes that eliminating the effects that these costs have on debt will more accurately reflect the Company’s net debt position. Total Net Debt is important to management, investors and ratings agencies as it helps measure the Company’s gross leverage.

Net Corporate Leverage

Net Corporate Leverage is calculated as non-vehicle net debt divided by Adjusted Corporate EBITDA for the last twelve months. Net Corporate Leverage is important to management and investors as it measures the Company’s corporate leverage net of unrestricted cash. Net Corporate Leverage also assists in the evaluation of the Company’s ability to service its non-vehicle debt with reference to the generation of Adjusted Corporate EBITDA.

KEY METRICS

Available Car Days

Available Car Days represents Average Rentable Vehicles multiplied by the number of days in a given period.

Average Vehicles (“Fleet Capacity” or “Capacity”)

Average Vehicles is determined using a simple average of the number of vehicles in the fleet whether owned or leased by the Company at the beginning and end of a given period.

Average Rentable Vehicles

Average Rentable Vehicles reflects Average Vehicles excluding vehicles for sale on the Company’s retail lots or actively in the process of being sold through other disposition channels.

Depreciation Per Unit Per Month (“Depreciation Per Unit” or “DPU”)

Depreciation Per Unit Per Month represents the amount of average depreciation expense and lease charges per vehicle per month, exclusive of the impacts of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it reflects how effectively the Company is managing the costs of its vehicles and facilitates comparisons with other participants in the vehicle rental industry.

Total Revenue Per Transaction Day (“Total RPD” or “RPD”; also referred to as “pricing”)

Total RPD represents revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the underlying pricing in the vehicle rental business and encompasses the elements in vehicle rental pricing that management has the ability to control.

Total Revenue Per Unit Per Month (“Total RPU”, “RPU” or “Total RPU Per Month”)

Total RPU Per Month represents the amount of revenue generated per vehicle in the rental fleet each month, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it provides a measure of revenue productivity relative to the number of vehicles in our rental fleet whether owned or leased, or asset efficiency.

Transaction Days (“Days”; also referred to as “volume”)

Transaction Days represents the total number of 24-hour periods, with any partial period counted as one Transaction Day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one Transaction Day in a 24-hour period. This metric is important to management and investors as it represents the number of revenue-generating days.

Vehicle Utilization (“Utilization”)

Vehicle Utilization represents the ratio of Transaction Days to Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to rentable fleet capacity.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250804723330/en/

Hertz Investor Relations:

[email protected]

Hertz Media Relations:

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Other Transport Automotive General Automotive Transport Other Automotive Other Travel Transportation Travel Fleet Management

MEDIA:

Posted on August 7, 2025 8:03 am
Rallybio Reports Second Quarter 2025 Financial Results and Provides Business Updates

Rallybio Reports Second Quarter 2025 Financial Results and Provides Business Updates

– Data Readouts from Cohort 1 and Cohort 2 of RLYB116 Confirmatory PK/PD Study on Track for 3Q and 4Q 2025, Respectively –

– Sold Interest in REV102 to Recursion Pharmaceuticals for Up to $25 Million, including an Upfront Equity Payment of $7.5 Million –

– Cash Runway into Mid-2027 –

NEW HAVEN, Conn.–(BUSINESS WIRE)–
Rallybio Corporation (Nasdaq: RLYB), a clinical-stage biotechnology company translating scientific advances into transformative therapies for patients with devastating rare diseases, today reported financial results for the second quarter ended June 30, 2025, and provided an update on recent company developments.

“The second quarter marked a pivotal step forward as we advanced our lead program, RLYB116, into a confirmatory PK/PD study, which is an important milestone that reflects the strength of our science and the dedication of our team. Meanwhile, the strategic divestiture of a preclinical asset underscores our commitment to disciplined portfolio management, enabling us to sharpen our focus and strengthen the balance sheet as we continue to develop transformative therapies for patients and build long-term value for shareholders,” said Stephen Uden, M.D., Chief Executive Officer of Rallybio. “With the RLYB116 confirmatory PK/PD study underway, we continue to look forward to the release of topline data from Cohort 1 and Cohort 2, expected in the third and fourth quarter of 2025, respectively.”

Recent Business Highlights and Upcoming Milestones:

Corporate Updates

In July 2025, Rallybio announced that it entered into a definitive agreement to sell its interest in REV102, an ENPP1 inhibitor in preclinical development for the treatment of patients with hypophosphatasia (HPP), to its joint venture partner Recursion Pharmaceuticals (Recursion) for up to $25.0 million, including an upfront equity payment of $7.5 million and near-term milestones. The upfront payment extends Rallybio’s cash runway into the middle of 2027.

In addition to the upfront payment, Rallybio is eligible to receive a contingent equity payment of $12.5 million upon the initiation of additional preclinical studies, and a $5.0 million cash milestone payment in connection with the initiation of dosing in a Phase 1 clinical study, as defined in the agreement. Rallybio is also eligible to receive low single-digit royalties on all future net sales by Recursion of products comprising or incorporating certain compounds developed as part of the joint venture. In addition, Rallybio may be eligible to receive certain payments in the event of Recursion’s sale of the REV102 program.

RLYB116 Program

Rallybio announced the initiation of dosing in the RLYB116 confirmatory clinical pharmacokinetic/pharmacodynamic (PK/PD) study in June 2025. Results from Cohort 1 and Cohort 2 are anticipated in the third and fourth quarter of 2025, respectively. Data from this study are expected to demonstrate complete and sustained complement inhibition as well as improved tolerability of RLYB116.

In June 2025, Rallybio also announced that the initial indication focus for RLYB116 will be on two hematologic conditions with significant unmet need: immune platelet transfusion refractoriness (PTR) and refractory antiphospholipid syndrome (APS).

RLYB332 Program

Rallybio continues to evaluate plans for future development of RLYB332, a long-acting, monoclonal anti-matriptase-2 antibody that has the potential to be a best-in-class treatment for diseases of iron overload. Preclinical data has demonstrated superior impact on PD parameters relative to comparator molecules, including serum iron, unsaturated iron binding capacity (UIBC), and transferrin saturation (TSAT).

RLYB212 Program

In April 2025, Rallybio announced the discontinuation of the RLYB212 program for the prevention of fetal and neonatal alloimmune thrombocytopenia (FNAIT). The Company’s decision to discontinue RLYB212 development was based on PK data from the Phase 2 clinical trial demonstrating the inability of the RLYB212 dose regimen to achieve predicted target concentrations, as well as the minimum target concentration required for efficacy. Safety follow-up of the sentinel participant in the Phase 2 trial will continue as specified in the clinical trial protocol.

Second Quarter 2025 Financial Results

Revenue: Revenue was $0.2 million for the second quarter of 2025, compared to $0.3 million for the same period in 2024. The decrease in revenue for the second quarter of 2025 was related to the collaboration agreement with Johnson & Johnson in the second quarter of 2024 and the recognition of revenue related to the collaboration’s performance obligations.

Research & Development (R&D) Expenses: R&D expenses were $6.1 million for the second quarter of 2025, compared to $12.9 million for the same period in 2024. The decrease in R&D expenses was primarily due to a decrease in development costs related to RLYB212, RLYB116 and other program candidates; offset by an increase related to payroll and personnel-related costs, largely related to the Company’s workforce reduction announced in May 2025.

General & Administrative (G&A) Expenses: G&A expenses were $4.2 million for the second quarter of 2025, compared to $4.4 million for the same period in 2024. The decrease in G&A expenses was primarily due to a decrease in professional fees and other general and administrative expenses; offset by an increase related to payroll and personnel-related costs, largely related to the 2025 workforce reduction.

Net Loss and Net Loss Per Common Share: Rallybio reported a net loss of $9.7 million, or $0.22 per common share, for the second quarter of 2025 compared to a net loss of $16.2 million, or $0.37 per common share, for the same period in 2024.

Cash Position: As of June 30, 2025, cash, cash equivalents, and marketable securities were $45.7 million. Rallybio expects these funds, together with the upfront payment received from the sale of REV102 to Recursion in July 2025, will be sufficient to support operations into the middle of 2027.

About Rallybio

Rallybio (NASDAQ: RLYB) is a clinical-stage biotechnology company with a mission to develop and commercialize life-transforming therapies for patients with severe and rare diseases. Rallybio has built a pipeline of promising product candidates aimed at addressing diseases with unmet medical need in areas of complement dysregulation and hematology. The Company’s lead program, RLYB116, is a differentiated C5 inhibitor with the potential to treat diseases of complement dysregulation, with an initial focus on immune platelet transfusion refractoriness (PTR) and refractory antiphospholipid syndrome (APS). Rallybio’s pipeline also includes RLYB332, a preclinical long-acting matriptase-2 antibody for the treatment of diseases of iron overload. Rallybio is headquartered in New Haven, Connecticut. For more information, please visit www.rallybio.com and follow us on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and currently available information. All statements, other than statements of historical facts contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements concerning the timing of data for the RLYB116 confirmatory PK/PD study, including data for Cohorts 1 and 2, whether the PK/PD confirmatory study will demonstrate improved tolerability and complete and sustained complement inhibition, the potential commercial opportunity for RLYB116, the Company’s eligibility for certain future payments in connection with the Company’s sale to Recursion of the REV102 program, and the Company’s cash runway. The forward-looking statements in this press release are only predictions and are based largely on management’s current expectations and projections about future events and financial trends that management believes may affect Rallybio’s business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our ability to successfully conduct our clinical trials, including the RLYB116 PK/PD confirmatory study, and complete such clinical trials and obtain results on our expected timelines, or at all, whether our cash resources will be sufficient to fund our operating expenses and capital expenditure requirements and whether we will be successful raising additional capital, our ability to enter into strategic partnerships or other arrangements, competition from other biotechnology and pharmaceutical companies, and those risks and uncertainties described in Rallybio’s filings with the U.S. Securities and Exchange Commission (SEC), including Rallybio’s Quarterly Report on Form 10-Q for the period ended March 31, 2025, and subsequent filings with the SEC. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance and events and circumstances could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we are not obligated to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events, changed circumstances or otherwise.

Financial Tables

RALLYBIO CORPORATION

SELECTED CONDENSED CONSOLIDATED FINANCIAL INFORMATION



Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

FOR THE THREE MONTHS ENDED

JUNE 30,

FOR THE SIX MONTHS ENDED

JUNE 30,

(in thousands, except share and per share amounts)

2025

2024

2025

2024

Revenue:

Collaboration and license revenue

$

212

$

299

$

424

$

299

Total revenue

212

299

424

299

Operating expenses:

Research and development

6,074

12,946

$

11,799

25,882

General and administrative

4,195

4,388

$

8,352

11,239

Total operating expenses

10,269

17,334

20,151

37,121

Loss from operations

(10,057

)

(17,035

)

(19,727

)

(36,822

)

Other income:

Interest income

523

1,143

$

1,167

2,419

Other income

118

143

$

292

310

Total other income, net

641

1,286

1,459

2,729

Loss before equity in losses of joint venture

(9,416

)

(15,749

)

(18,268

)

(34,093

)

Loss on investment in joint venture

287

487

$

874

1,172

Net loss

$

(9,703

)

$

(16,236

)

$

(19,142

)

$

(35,265

)

Net loss per common share, basic and diluted

$

(0.22

)

$

(0.37

)

$

(0.43

)

$

(0.83

)

Weighted-average common shares outstanding, basic and diluted

44,841,140

44,128,059

44,808,055

42,450,837

Other comprehensive loss:

Net unrealized loss on marketable securities

(30

)

—

$

(51

)

(86

)

Other comprehensive loss

(30

)

—

(51

)

(86

)

Comprehensive loss

$

(9,733

)

$

(16,236

)

$

(19,193

)

$

(35,351

)

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)

JUNE 30,

2025

DECEMBER 31,

2024

Cash, cash equivalents and marketable securities

$

45,749

$

65,511

Total assets

51,003

68,108

Total liabilities

5,039

6,454

Total stockholders’ equity

45,964

61,654

View source version on businesswire.com: https://www.businesswire.com/news/home/20250805214081/en/

Investor Contacts

Samantha Tracy

Rallybio Corporation

(475) 47-RALLY (Ext. 282)

[email protected]

Kevin Lui

Precision AQ

(212) 698-8691

[email protected]

Media Contact

[email protected]

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Health Clinical Trials Research Pharmaceutical Science Biotechnology

MEDIA:

Logo

Posted on August 7, 2025 8:03 am
Atlanta Braves Holdings Reports Second Quarter 2025 Financial Results

Atlanta Braves Holdings Reports Second Quarter 2025 Financial Results

ATLANTA–(BUSINESS WIRE)–
Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported results for its second quarter ended June 30, 2025.

Highlights include:

Total revenue grew to $312 million in the second quarter of 2025, up 10% from the prior year period.

Baseball revenue increased 8% from the prior year period to $287 million.

Mixed-use development revenue grew 49% from the prior year period to $25 million.

Total Adjusted OIBDA⁽¹⁾grew to $66 million in the second quarter, up 44% from the prior year period.

Baseball Adjusted OIBDA grew 39% from the prior year period to $52 million.

Mixed-Use Development Adjusted OIBDA grew 53% from the prior year period to $18 million.

Discussion of Results

Three months ended

Six months ended

June 30,

June 30,

2025

2024

% Change

2025

2024

% Change

amounts in thousands

amounts in thousands

Baseball revenue

$

287,319

$

266,001

8

%

$

315,940

$

287,971

10

%

Mixed-use development revenue

25,121

16,875

49

%

43,711

31,985

37

%

Total revenue

312,440

282,876

10

%

359,651

319,956

12

%

Operating costs and expenses:

Baseball operating costs

(210,809

)

(205,070

)

3

%

(259,572

)

(250,277

)

4

%

Mixed-use development costs

(3,633

)

(2,410

)

51

%

(6,041

)

(4,663

)

30

%

Selling, general and administrative, excluding stock-based compensation

(32,294

)

(29,646

)

9

%

(56,883

)

(53,020

)

7

%

Adjusted OIBDA⁽¹⁾

$

65,704

$

45,750

44

%

$

37,155

$

11,996

210

%

Operating income (loss)

$

41,787

$

24,936

68

%

$

(2,665

)

$

(27,419

)

90

%

Regular season home games in period

40

40

40

40

Unless otherwise noted, the following discussion compares financial information for three months ended June 30, 2025 to the same period in 2024.

Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-use development revenue is derived primarily from a real estate portfolio including the mixed-use facility The Battery Atlanta and primarily includes rental income.

The following table disaggregates revenue by segment and by source:

Three months ended

Six months ended

June 30,

June 30,

2025

2024

% Change

2025

2024

% Change

amounts in thousands

amounts in thousands

Baseball:

Baseball event

$

180,349

$

171,350

5

%

$

181,232

$

172,518

5

%

Broadcasting

81,068

70,950

14

%

85,359

73,051

17

%

Retail and licensing

18,566

19,624

(5

)

%

24,646

25,277

(2

)

%

Other

7,336

4,077

80

%

24,703

17,125

44

%

Baseball revenue

287,319

266,001

8

%

315,940

287,971

10

%

Mixed-use development

25,121

16,875

49

%

43,711

31,985

37

%

Total revenue

$

312,440

$

282,876

10

%

$

359,651

$

319,956

12

%

There were 40 regular season home games played in both the second quarter of 2025 and the comparable prior year period.

Baseball revenue increased 8% in the second quarter of 2025 compared to the prior year period primarily driven by growth in broadcasting revenue due to additional streaming rights granted to our regional broadcast partner, as well as contractual rate increases. Baseball event revenue increased primarily due to contractual rate increases on season tickets and existing sponsorship contracts, as well as new premium seating and sponsorship agreements, partially offset by a reduction in concession revenue due to reduced attendance at regular season home games. Other revenue increased primarily due to a concert held at Truist Park, as well as other special events.

Mixed-use development revenue increased 49% in the second quarter of 2025 compared to the prior year period primarily due to increases in rental income from various lease commencements and the in-place leases associated with an April 2025 acquisition of certain real estate assets (the “Acquisition”) as well as higher sponsorship revenue, partially offset by various lease terminations.

Operating income and Adjusted OIBDA⁽¹⁾ increased in the second quarter of 2025 compared to the prior year period as revenue growth outpaced increases in operating and selling, general and administrative expenses. Baseball operating costs increased primarily due to increases in MLB’s revenue sharing plan, expenses for events held at Truist Park, and minor league related expenses partially offset by a decrease in major league player salaries. Mixed-use development costs increased during the second quarter of 2025 compared to the prior period as a result of operating costs associated with the assets within the Acquisition. Selling, general and administrative expenses increased due to increased property taxes, insurance and other professional fees as well as personnel costs.

FOOTNOTES

1)

For a definition of Adjusted OIBDA (as defined by ABH) and the applicable reconciliation to the most comparable GAAP measure, see “Non-GAAP Financial Measures and Supplemental Disclosures,” below.

Conference Call Information: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) will discuss ABH’s financial results on a conference call which will begin at 10:00 a.m. (E.T.) on August 7, 2025. The call can be accessed by dialing (800) 715-9871 or +1 (646) 307-1963, passcode 7251864 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast, go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the ABH website.

About Atlanta Braves Holdings, Inc.: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) consists primarily of the Major League Baseball franchise the Atlanta Braves and a real estate portfolio including the mixed-use development The Battery Atlanta, which is located adjacent to the Braves stadium, Truist Park. For more information, please visit our website at https://www.bravesholdings.com/investors.

During the conference call, ABH may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. ABH’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the business, product and marketing strategies, new service offerings, future financial performance and prospects, trends and any other matters that are not historical facts. The words “believe,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “strategy,” “continue,” “seek,” “may,” “could” and similar expressions or statements regarding future periods are intended to identify forward-looking statements, although not all forward-looking statements may contain such words. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but such statements necessarily involve risks and uncertainties and there can be no assurance that the expectation or belief will result or be achieved or accomplished. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, include, without limitation: ABH’s historical financial information is not necessarily representative of its future financial position, future results of operations or future cash flows; ABH’s ability to recognize anticipated benefits from the split-off from Liberty Media Corporation (“Liberty”); the incurrence of costs as a standalone public company following the split-off from Liberty; the ability of ABH to successfully transition responsibilities for various matters from Liberty to ABH or third-party personnel; ABH’s ownership, management and board of directors structure; ABH’s ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations; ABH’s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry; ABH’s ability to realize the benefits of acquisitions or other strategic investments; the impact of inflation and weak economic conditions on consumer demand for products, services and events offered by ABH; the outcome of pending or future litigation or investigations; the operational risks of ABH and its business affiliates with operations outside of the United States; ABH’s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments; the ability of ABH and its affiliates to comply with government regulations, including, without limitation, consumer protection laws and competition laws, and adverse outcomes from regulatory proceedings; the regulatory and competitive environment of the industries in which the Company operates; changes in the nature of key strategic relationships with business partners, vendors and joint venturers; the achievement of on-field success; ABH’s ability to develop, obtain and retain talented players; the impact of organized labor on ABH; the impact of the structure or an expansion of MLB; the level of broadcasting revenue that Braves Holdings receives; the impact of data loss or breaches or disruptions of ABH’s information systems and information system security; ABH’s processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities; ABH’s ability to attract and retain qualified key personnel; the inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; ABH’s stock price has and may continue to fluctuate; ABH’s common stock and organizational structure; and geopolitical incidents, accidents, terrorist acts, pandemics or epidemics, natural disasters, including the effects of climate change, or other events that cause one or more events to be cancelled or postponed, are not covered by insurance, or cause reputational damage to ABH and its affiliates. These forward-looking statements and such risks, uncertainties, and other factors speak only as of the date of this press release, and ABH expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in ABH’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement is based except to the extent required by law. Please refer to the publicly filed documents of ABH, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as may be updated by subsequent filings under the Securities Exchange Act of 1934, as amended, including Forms 10-Q and 8-K, for additional information about ABH and about the risks and uncertainties related to ABH’s business which may affect the statements made in this press release.

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss)

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for ABH together with reconciliations to operating income, as determined under GAAP. ABH defines Adjusted OIBDA as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges, if applicable. However, ABH’s definition of Adjusted OIBDA may differ from similarly titled measures disclosed by other companies.

ABH believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, ABH views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that ABH management considers in assessing the results of operations and performance of its assets.

The following table provides a reconciliation of Adjusted OIBDA for ABH to operating income (loss) calculated in accordance with GAAP for the three and six months ended June 30, 2025 and 2024.

Three months ended

Six months ended

June 30,

June 30,

(amounts in thousands)

2025

2024

2025

2024

Operating income (loss)

$

41,787

$

24,936

$

(2,665

)

$

(27,419

)

Stock-based compensation

2,646

3,705

5,292

7,424

Depreciation and amortization

21,271

17,109

34,528

31,991

Adjusted OIBDA

$

65,704

$

45,750

$

37,155

$

11,996

Baseball

$

52,047

$

37,391

$

12,447

$

(4,325

)

Mixed-Use Development

17,566

11,509

30,453

21,442

Corporate and other

(3,909

)

(3,150

)

(5,745

)

(5,121

)

SCHEDULE 2: Cash and Debt

The following presentation is provided to separately identify cash and debt information. ABH cash decreased $148 million during the second quarter primarily as a result of the Acquisition, other capital expenditures, seasonal working capital changes, and increases in restricted cash held. ABH debt increased $3 million in the second quarter primarily due to borrowings on Mixed-Use Development debt to support capital projects.

(amounts in thousands)

June 30, 2025

March 31, 2025

ABH Cash (GAAP)^(a)

$

96,196

$

244,679

Debt:

Baseball

League wide credit facility

$

—

$

—

MLB facility fund – term

30,000

30,000

MLB facility fund – revolver

37,950

38,525

TeamCo revolver

—

—

Term debt

155,431

155,431

Mixed-Use Development

482,651

478,583

Total ABH Debt

$

706,032

$

702,539

Deferred financing costs

(2,931

)

(3,073

)

Total ABH Debt (GAAP)

$

703,101

$

699,466

a)

Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $57 million and $22 million as of June 30, 2025 and March 31, 2025, respectively.

ATLANTA BRAVES HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited)

June 30,

December 31,

2025

2024

amounts in thousands

Assets

Current assets:

Cash and cash equivalents

$

96,196

$

110,144

Restricted cash

57,425

2,455

Accounts receivable and contract assets, net of allowance for credit losses of $244 and $238, respectively

60,662

49,991

Other current assets

22,250

16,556

Total current assets

236,533

179,146

Property and equipment, at cost

1,259,862

1,161,803

Accumulated depreciation

(378,795

)

(354,318

)

881,067

807,485

Investments in affiliates, accounted for using the equity method

114,606

108,786

Intangible assets not subject to amortization:

Goodwill

175,764

175,764

Franchise rights

123,703

123,703

299,467

299,467

Other assets, net

152,188

128,962

Total assets

$

1,683,861

$

1,523,846

ATLANTA BRAVES HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEET (continued)

(unaudited)

June 30,

December 31,

2025

2024

amounts in thousands

except share amounts

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

111,043

$

63,711

Deferred revenue and refundable tickets

144,442

111,851

Current portion of debt

104,445

104,193

Other current liabilities

11,232

6,905

Total current liabilities

371,162

286,660

Long-term debt

598,656

512,927

Finance lease liabilities

100,839

103,845

Deferred income tax liabilities

37,755

43,516

Pension liability

4,393

6,558

Other noncurrent liabilities

36,183

34,116

Total liabilities

1,148,988

987,622

Equity:

Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at June 30, 2025 and December 31, 2024

—

—

Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,162 and 10,318,162 at June 30, 2025 and December 31, 2024, respectively

103

103

Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,776 and 977,776 at June 30, 2025 and December 31, 2024, respectively

10

10

Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 51,459,265 and 51,269,890 at June 30, 2025 and December 31, 2024, respectively

513

511

Additional paid-in capital

1,123,091

1,112,551

Accumulated other comprehensive earnings (loss), net of taxes

(3,348

)

(3,352

)

Retained earnings (deficit)

(597,541

)

(585,644

)

Total stockholders’ equity

522,828

524,179

Noncontrolling interests in equity of subsidiaries

12,045

12,045

Total equity

534,873

536,224

Commitments and contingencies

Total liabilities and equity

$

1,683,861

$

1,523,846

ATLANTA BRAVES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

Three months ended

Six months ended

June 30,

June 30,

2025

2024

2025

2024

amounts in thousands,

except per share amounts

Revenue:

Baseball revenue

$

287,319

266,001

$

315,940

287,971

Mixed-Use Development revenue

25,121

16,875

43,711

31,985

Total revenue

312,440

282,876

359,651

319,956

Operating costs and expenses:

Baseball operating costs

210,809

205,070

259,572

250,277

Mixed-Use Development costs

3,633

2,410

6,041

4,663

Selling, general and administrative, including stock-based compensation

34,940

33,351

62,175

60,444

Depreciation and amortization

21,271

17,109

34,528

31,991

270,653

257,940

362,316

347,375

Operating income (loss)

41,787

24,936

(2,665

)

(27,419

)

Other income (expense):

Interest expense

(11,652

)

(9,713

)

(21,996

)

(19,156

)

Share of earnings (losses) of affiliates, net

10,613

11,622

10,935

13,249

Realized and unrealized gains (losses) on financial instruments, net

(640

)

931

(1,277

)

3,905

Other, net

1,673

2,217

2,886

3,986

Earnings (loss) before income taxes

41,781

29,993

(12,117

)

(25,435

)

Income tax benefit (expense)

(12,287

)

(884

)

220

3,272

Net earnings (loss)

$

29,494

29,109

$

(11,897

)

(22,163

)

Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share

$

0.47

0.47

$

(0.19

)

(0.36

)

Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share

$

0.46

0.46

$

(0.19

)

(0.36

)

ATLANTA BRAVES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

Six months ended

June 30,

2025

2024

amounts in thousands

Cash flows from operating activities:

Net earnings (loss)

$

(11,897

)

(22,163

)

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

Depreciation and amortization

34,528

31,991

Stock-based compensation

5,292

7,424

Share of (earnings) losses of affiliates, net

(10,935

)

(13,249

)

Realized and unrealized (gains) losses on financial instruments, net

1,277

(3,905

)

Deferred income tax expense (benefit)

(5,761

)

(2,801

)

Cash receipts from returns on equity method investments

5,095

5,838

Net cash received (paid) for interest rate swaps

1,632

3,036

Other charges (credits), net

4,071

(1,480

)

Net change in operating assets and liabilities:

Current and other assets

(30,545

)

(8,574

)

Payables and other liabilities

94,883

60,635

Net cash provided by (used in) operating activities

87,640

56,752

Cash flows from investing activities:

Capital expended for property and equipment

(36,400

)

(57,432

)

Acquisition of real estate assets

(93,709

)

—

Investments in equity method affiliates and equity securities

—

(714

)

Other investing activities, net

4

41

Net cash provided by (used in) investing activities

(130,105

)

(58,105

)

Cash flows from financing activities:

Borrowings of debt

88,509

33,405

Repayments of debt

(5,702

)

(4,787

)

Proceeds (disbursements) from exercise of stock options and other stock issuances

5,250

(1,027

)

Other financing activities, net

(4,570

)

(2,599

)

Net cash provided by (used in) financing activities

83,487

24,992

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

41,022

23,639

Cash, cash equivalents and restricted cash at beginning of period

112,599

137,717

Cash, cash equivalents and restricted cash at end of period

$

153,621

161,356

Supplemental disclosure to the condensed consolidated statements of cash flows:

Property and equipment expenditures incurred but not yet paid

$

5,081

23,103

View source version on businesswire.com: https://www.businesswire.com/news/home/20250807994310/en/

Cameron Rudd – Investor Relations

(404) 614-2300 or [email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Baseball Sports

MEDIA:

Logo

Posted on August 7, 2025 7:58 am
Sempra Reports Second-Quarter 2025 Results

PR Newswire

SAN DIEGO
, Aug. 7, 2025 /PRNewswire/ — Sempra (NYSE: SRE) today reported second-quarter 2025 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $461 million or $0.71 per diluted share, compared to second-quarter 2024 GAAP earnings of $713 million or $1.12 per diluted share. On an adjusted basis, second-quarter 2025 earnings were $583 million or $0.89 per diluted share, compared to $567 million or $0.89 per diluted share in 2024.

“We are pleased to report another solid quarter,” said Jeffrey W. Martin, chairman and CEO of Sempra. “We remain focused on the disciplined execution of our value creation initiatives for 2025, with a view toward continuing to rotate capital into a more utility-centric business model.”

The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for second-quarter 2025 and 2024.

‌

(Dollars and shares in millions, except EPS)

Three months ended June 30,

Six months ended June 30,

2025

2024

2025

2024

‌

GAAP Earnings

$             461

$             713

$          1,367

$          1,514

Impact from regulatory disallowances

25

—

25

—

Impact from foreign currency and inflation on monetary positions in
Mexico

97

(152)

89

(111)

Net unrealized (gains) losses on derivatives

(25)

6

10

18

Net unrealized (gains) losses on interest rate swaps related to Port
Arthur LNG Phase 1 project

(1)

—

8

—

Tax items related to assets held for sale

26

—

26

—

Adjusted Earnings⁽¹⁾

$             583

$             567

$          1,525

$          1,421

‌

Diluted Weighted-Average Common Shares Outstanding

653

636

653

636

GAAP EPS

$            0.71

$            1.12

$            2.09

$            2.38

Adjusted EPS⁽¹⁾

$            0.89

$            0.89

$            2.34

$            2.24

‌

¹⁾

See Table A for information regarding non-GAAP financial measures.

Update on Value Creation Initiatives
During the quarter, Sempra continued to make steady progress on its five value creation initiatives for 2025. In particular, important progress was made on two transactions that form a part of Sempra’s ongoing capital recycling program. On the planned sale of equity at Sempra Infrastructure, the company has extended the right of first offer process under its limited partnership agreement and signed a non-binding letter of intent with KKR. In addition, with respect to the planned sale of Ecogas México, S. de R.L. de C.V., the sales process continues to advance with strong interest from strategic and financial buyers. Both transactions are expected to close in the second or third quarter of 2026.

Sempra Texas
In the second quarter, the state of Texas concluded its regular biennial legislative session with the passage of new legislation that is expected to help utilities support strong economic growth and increased energy demand across the state. One key example is the Unified Tracker Mechanism introduced through House Bill 5247. For qualifying utilities, this alternative tracker mechanism is expected to reduce the impacts of regulatory lag associated with new capital investment and improve earned returns on equity during periods of higher investment.

Oncor Electric Delivery Company LLC (Oncor) has commenced utilizing this alternative tracker mechanism as the company looks to advance critical transmission and distribution infrastructure projects to increase electric reliability. At the end of the second quarter of 2025, Oncor had over 1,120 active transmission point of interconnection requests in queue, split almost evenly between generation and large commercial and industrial customers. This represents a nearly 40% increase in active requests as compared to the end of second-quarter 2024. Additionally, Oncor increased its premises served by almost 20,000 in the second quarter and built, rebuilt or upgraded nearly 600 circuit miles of transmission and distribution power lines.

In light of the continued expected growth across its service territory and other drivers, Oncor filed a request for a comprehensive base rate review with the Public Utility Commission of Texas. This review is intended to support Oncor’s continued delivery of safe, reliable electric service to more than 13 million Texans—and to help meet the needs of the state’s growing population. In addition, the filed rate request is intended to recover storm-related costs and adjust for higher interest expense and cost inflation, while also updating Oncor’s capital structure to support higher levels of capital investment in the coming years. Oncor expects a final order to be issued in its base rate review proceeding in the first quarter of 2026.

Sempra California
Sempra California is a dual-utility platform focused on connecting roughly 25 million consumers to safe, reliable and affordable energy. In May, the California Independent System Operator finalized its 2024 – 2025 Transmission Plan, awarding an estimated $600 million of projects to San Diego Gas & Electric Company (SDGE) with a view toward supporting local load growth and evolving grid conditions.

Throughout the quarter, SDGE and Southern California Gas Company (SoCalGas) advanced strategic programs to help meet growing demand and modernize their energy networks, investing over $1.2 billion of capital during the period. In addition, both companies are executing on a series of initiatives to lower costs and improve productivity, including an effort by SDGE to save customers nearly $300 million between 2026 and 2031 by phasing out certain non-economic regulatory programs, pending California Public Utilities Commission approval.

Sempra Infrastructure

Throughout the quarter, Sempra Infrastructure continued to make progress on five significant construction projects, including infrastructure projects on both the Pacific and Gulf Coasts of North America.

Also, during the second quarter, Sempra Infrastructure’s Port Arthur LNG Phase 2 development project received its non-FTA export authorization from the U.S. Department of Energy, which allows the export of up to approximately 13.5 million tonnes per annum (Mtpa) of U.S.-produced LNG. In July, Sempra Infrastructure executed a 20-year sale and purchase agreement with JERA Co. Inc. for the supply of 1.5 Mtpa of LNG offtake from Phase 2 of the development project. Sempra continues to target making a financial investment decision on Phase 2 in 2025.

Earnings Guidance
Sempra is updating its full-year 2025 GAAP earnings-per-common-share (EPS) guidance range of $4.05 to $4.45, reflecting actual results through the second quarter, affirming its full-year 2025 adjusted EPS guidance range of $4.30 to $4.70, and affirming its full-year 2026 EPS guidance range of $4.80 to $5.30. The company is also affirming its guidance to the high-end or above its projected long-term EPS compound annual growth rate of 7% to 9% for 2025 through 2029.

Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra’s adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.

Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the internet today at 12 p.m. ET with the company’s senior management. Access is available by logging onto the Investors section of the company’s website, sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors.

About Sempra
Sempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world’s most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra’s inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

In this press release, forward-looking statements can be identified by words such as “believe,” “expect,” “intend,” “anticipate,” “contemplate,” “plan,” “estimate,” “project,” “forecast,” “envision,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “construct,” “develop,” “opportunity,” “preliminary,” “initiative,” “target,” “outlook,” “optimistic,” “poised,” “positioned,” “maintain,” “continue,” “progress,” “advance,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.

Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) California Public Utilities Commission (CPUC), Comisión Nacional de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions, including risks related to (i) being able to make a final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries, and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third parties with which we conduct business, including the energy grid or other energy infrastructure; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact on affordability of San Diego Gas & Electric Company’s (SDG&E) and Southern California Gas Company’s (SoCalGas) customer rates and their cost of capital and on SDG&E’s, SoCalGas’ and Sempra Infrastructure’s ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices and the imposition of tariffs, (ii) with respect to SDG&E’s and SoCalGas’ businesses, the cost of meeting the demand for lower carbon and reliable energy in California, and (iii) with respect to Sempra Infrastructure’s business, volatility in foreign currency exchange rates; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC’s (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor’s independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC’s website, www.sec.gov, and on Sempra’s website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.

Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, nor are they regulated by the CPUC.

None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.

SEMPRA

Table A

‌

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions, except per share amounts; shares in thousands)

Three months ended June 30,

Six months ended June 30,

2025

2024

2025

2024

‌

REVENUES

Utilities:

Natural gas

$          1,470

$          1,494

$          3,832

$          3,603

Electric

1,031

1,144

2,090

2,200

Energy-related businesses

499

373

880

848

Total revenues

3,000

3,011

6,802

6,651

‌

EXPENSES AND OTHER INCOME

Utilities:

Cost of natural gas

(183)

(137)

(676)

(691)

Cost of electric fuel and purchased power

(91)

(156)

(143)

(245)

Energy-related businesses cost of sales

(85)

(54)

(204)

(163)

Operation and maintenance

(1,239)

(1,333)

(2,582)

(2,545)

Depreciation and amortization

(653)

(603)

(1,293)

(1,197)

Franchise fees and other taxes

(165)

(156)

(361)

(340)

Other income, net

59

30

150

129

Interest income

14

17

48

30

Interest expense

(359)

(311)

(792)

(616)

Income before income taxes and equity earnings

298

308

949

1,013

Income tax (expense) benefit

(172)

130

(229)

(42)

Equity earnings

393

433

718

781

Net income

519

871

1,438

1,752

Earnings attributable to noncontrolling interests

(46)

(146)

(48)

(215)

Preferred dividends

(11)

(11)

(22)

(22)

Preferred dividends of subsidiary

(1)

(1)

(1)

(1)

Earnings attributable to common shares

$             461

$             713

$          1,367

$          1,514

‌

Basic earnings per common share (EPS):

Earnings

$            0.71

$            1.13

$            2.10

$            2.39

Weighted-average common shares outstanding

652,664

633,450

652,330

633,135

‌

Diluted EPS:

Earnings

$            0.71

$            1.12

$            2.09

$            2.38

Weighted-average common shares outstanding

653,224

636,279

653,123

635,817

SEMPRA

Table A (Continued)

RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGS

Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2025 and 2024 as follows:

Three months ended June 30, 2025:

$(25) million impact from regulatory disallowances related to the recovery of coronavirus disease 2019 (COVID-19) costs at Sempra California

$(97) million impact from foreign currency and inflation on our monetary positions in Mexico

$25 million net unrealized gains on commodity derivatives

$1 million net unrealized gains on interest rate swaps related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project)

$(26) million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas México, S. de R.L. de C.V. (Ecogas) as a result of management’s decision to hold the asset for sale

Three months ended June 30, 2024:

$152 million impact from foreign currency and inflation on our monetary positions in Mexico

$(6) million net unrealized losses on commodity derivatives

Six months ended June 30, 2025:

$(25) million impact from regulatory disallowances related to the recovery of COVID-19 costs at Sempra California

$(89) million impact from foreign currency and inflation on our monetary positions in Mexico

$(10) million net unrealized losses on commodity derivatives

$(8) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project

$(26) million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management’s decision to hold the asset for sale

Six months ended June 30, 2024:

$111 million impact from foreign currency and inflation on our monetary positions in Mexico

$(18) million net unrealized losses on commodity derivatives

Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation on our monetary positions in Mexico and net unrealized gains and losses on commodity and interest rate derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra’s business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.

RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS AND ADJUSTED EPS TO GAAP EPS

(Dollars in millions, except per share amounts; shares in thousands)

Pretax
amount

Income
tax
(benefit)
expense⁽¹⁾

Non-
controlling
interests

Earnings

Diluted
EPS

Pretax
amount

Income
tax
benefit⁽¹⁾

Non-
controlling
interests

Earnings

Diluted
EPS

Three months ended June 30, 2025

Three months ended June 30, 2024

‌

Sempra GAAP Earnings and GAAP EPS

$        461

$       0.71

$        713

$       1.12

Excluded items:

Impact from regulatory disallowances

$         36

$        (11)

$          —

25

0.04

$          —

$          —

$          —

—

—

Impact from foreign currency and inflation
on monetary positions in Mexico

24

122

(49)

97

0.14

(37)

(186)

71

(152)

(0.24)

Net unrealized (gains) losses on
commodity derivatives

(46)

6

15

(25)

(0.04)

12

(2)

(4)

6

0.01

Net unrealized gains on interest rate
swaps related to PA LNG Phase 1
project

(9)

1

7

(1)

—

—

—

—

—

—

Tax items related to assets held for sale

—

38

(12)

26

0.04

—

—

—

—

—

Sempra Adjusted Earnings and Adjusted EPS

$        583

$       0.89

$        567

$       0.89

Weighted-average common shares
outstanding, diluted

653,224

636,279

‌

Six months ended June 30, 2025

Six months ended June 30, 2024

‌

Sempra GAAP Earnings and GAAP EPS

$     1,367

$       2.09

$     1,514

$       2.38

Excluded items:

Impact from regulatory disallowances

$         36

$        (11)

$          —

25

0.04

$          —

$          —

$          —

—

—

Impact from foreign currency and inflation
on monetary positions in Mexico

22

112

(45)

89

0.14

(30)

(133)

52

(111)

(0.17)

Net unrealized losses on commodity
derivatives

23

(9)

(4)

10

0.02

35

(5)

(12)

18

0.03

Net unrealized losses on interest rate
swaps related to PA LNG Phase 1
project

56

(3)

(45)

8

0.01

—

—

—

—

—

Tax items related to assets held for sale

—

38

(12)

26

0.04

—

—

—

—

—

Sempra Adjusted Earnings and Adjusted EPS

$     1,525

$       2.34

$     1,421

$       2.24

‌

Weighted-average common shares
outstanding, diluted

653,123

635,817

⁽¹⁾

Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based on
applicable statutory tax rates.

SEMPRA

Table A (Continued)

RECONCILIATION OF SEMPRA 2025 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2025 GAAP EPS GUIDANCE RANGE

Sempra 2025 Adjusted EPS Guidance Range of $4.30 to $4.70 excludes items (after the effects of income taxes and, if applicable, NCI) as follows:

$(25) million impact from regulatory disallowances related to the recovery of COVID-19 costs at Sempra California

$(89) million impact from foreign currency and inflation on our monetary positions in Mexico

$(10) million net unrealized losses on commodity derivatives

$(8) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project

$(26) million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management’s decision to hold the asset for sale

Sempra 2025 Adjusted EPS Guidance is a non-GAAP financial measure. This non-GAAP financial measure excludes significant items that are generally not related to our ongoing business activities and/or infrequent in nature. This non-GAAP financial measure also excludes the impact from foreign currency and inflation on our monetary positions in Mexico and net unrealized gains and losses on commodity and interest rate derivatives for the six months ended June 30, 2025, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra’s business operations to prior and future periods. This non-GAAP financial measure does not contemplate the anticipated impacts of the proposed sale of Ecogas and the proposed sale of an equity interest in Sempra Infrastructure Partners, which combined, are expected to be accretive. Sempra 2025 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2025 GAAP EPS Guidance Range. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra 2025 Adjusted EPS Guidance Range to Sempra 2025 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.

RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE

‌

Full-Year 2025

Sempra GAAP EPS Guidance Range

$        4.05

to

$        4.45

Excluded items:

Impact from regulatory disallowances

0.04

0.04

Impact from foreign currency and inflation on monetary positions in Mexico

0.14

0.14

Net unrealized losses on commodity derivatives

0.02

0.02

Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project

0.01

0.01

Tax items related to assets held for sale

0.04

0.04

Sempra Adjusted EPS Guidance Range

$        4.30

to

$        4.70

Weighted-average common shares outstanding, diluted (millions)

654

SEMPRA

Table B

‌

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

June 30,

December 31,

2025

2024⁽¹⁾

‌

ASSETS

Current assets:

Cash and cash equivalents

$               155

$            1,565

Restricted cash

25

21

Accounts receivable – trade, net

1,612

1,983

Accounts receivable – other, net

433

397

Due from unconsolidated affiliates

3

13

Income taxes receivable

148

90

Inventories

625

559

Prepaid expenses

157

255

Regulatory assets

343

60

Fixed-price contracts and other derivatives

142

91

Greenhouse gas allowances

217

217

Assets held for sale

273

—

Other current assets

36

34

Total current assets

4,169

5,285

‌

Other assets:

Restricted cash

3

3

Regulatory assets

4,196

3,937

Greenhouse gas allowances

1,229

845

Nuclear decommissioning trusts

878

875

Dedicated assets in support of certain benefit plans

591

585

Deferred income taxes

159

172

Right-of-use assets – operating leases

1,152

1,177

Investment in Oncor Holdings

16,402

15,400

Other investments

2,586

2,534

Goodwill

1,602

1,602

Other intangible assets

279

292

Wildfire fund

255

262

Other long-term assets

1,604

1,749

Total other assets

30,936

29,433

Property, plant and equipment, net

64,802

61,437

Total assets

$          99,907

$          96,155

⁽¹⁾

Derived from audited financial statements.

SEMPRA

Table B (Continued)

‌

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

June 30,

December 31,

2025

2024⁽¹⁾

‌

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt

$            2,282

$            2,016

Accounts payable – trade

2,026

2,238

Accounts payable – other

265

208

Due to unconsolidated affiliates

8

—

Dividends and interest payable

818

773

Accrued compensation and benefits

402

558

Regulatory liabilities

54

141

Current portion of long-term debt and finance leases

1,372

2,274

Greenhouse gas obligations

217

217

Other current liabilities

1,163

1,251

Total current liabilities

8,607

9,676

‌

Long-term debt and finance leases

34,936

31,558

‌

Deferred credits and other liabilities:

Due to unconsolidated affiliates

359

352

Regulatory liabilities

3,906

3,817

Greenhouse gas obligations

879

506

Pension and other postretirement benefit plan obligations, net of plan assets

163

168

Deferred income taxes

6,161

5,845

Asset retirement obligations

3,848

3,737

Deferred credits and other

2,752

2,708

Total deferred credits and other liabilities

18,068

17,133

Equity:

Sempra shareholders’ equity

31,697

31,222

Preferred stock of subsidiary

20

20

Other noncontrolling interests

6,579

6,546

Total equity

38,296

37,788

Total liabilities and equity

$          99,907

$          96,155

⁽¹⁾

Derived from audited financial statements.

SEMPRA

Table C

‌

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)

Six months ended June 30,

2025

2024

‌

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$             1,438

$             1,752

Adjustments to reconcile net income to net cash provided by operating activities

797

540

Net change in working capital components

(498)

(99)

Distributions from investments

516

405

Changes in other noncurrent assets and liabilities, net

13

(78)

Net cash provided by operating activities

2,266

2,520

‌

CASH FLOWS FROM INVESTING ACTIVITIES

Expenditures for property, plant and equipment

(4,640)

(3,830)

Expenditures for investments

(972)

(387)

Purchases of nuclear decommissioning and other trust assets

(531)

(401)

Proceeds from sales of nuclear decommissioning and other trust assets

580

442

Other

—

8

Net cash used in investing activities

(5,563)

(4,168)

‌

CASH FLOWS FROM FINANCING ACTIVITIES

Common dividends paid

(787)

(741)

Preferred dividends paid

(22)

(22)

Issuances of common stock

19

18

Repurchases of common stock

(58)

(40)

Issuances of debt (maturities greater than 90 days)

5,458

3,812

Payments on debt (maturities greater than 90 days) and finance leases

(3,411)

(1,197)

Increase (decrease) in short-term debt, net

682

(817)

Advances from unconsolidated affiliates

44

45

Contributions from noncontrolling interests

83

786

Distributions to noncontrolling interests

(91)

(203)

Other

(26)

(23)

Net cash provided by financing activities

1,891

1,618

‌

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

1

(8)

‌

Less: Increase in cash held for sale

(1)

—

‌

Decrease in cash, cash equivalents and restricted cash

(1,406)

(38)

Cash, cash equivalents and restricted cash, January 1

1,589

389

Cash, cash equivalents and restricted cash, June 30

$                183

$                351

SEMPRA

Table D

‌

SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES

(Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2025

2024

2025

2024

EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES

Sempra California

$             259

$             316

$             983

$             898

Sempra Texas Utilities

208

202

354

385

Sempra Infrastructure

72

291

218

422

Segment earnings attributable to common shares

539

809

1,555

1,705

Parent and other

(78)

(96)

(188)

(191)

Sempra earnings attributable to common shares

$             461

$             713

$ 1,367

$ 1,514

CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT

Sempra California

$ 1,221

$ 1,069

$ 2,315

$ 2,212

Sempra Infrastructure

1,081

827

2,322

1,617

Segment totals

2,302

1,896

4,637

3,829

Parent and other

2

1

3

1

Total Sempra

$ 2,304

$ 1,897

$ 4,640

$ 3,830

CAPITAL EXPENDITURES FOR INVESTMENTS

Sempra Texas Utilities

$             485

$             192

$             971

$             385

Sempra Infrastructure

1

2

1

2

Total Sempra

$             486

$             194

$             972

$             387

SEMPRA

Table E

‌

OTHER OPERATING STATISTICS

‌

Three months ended
June 30,

Six months ended or at
June 30,

2025

2024

2025

2024

‌

UTILITIES

Sempra California

Gas sales (Bcf)⁽¹⁾

75

78

191

200

Transportation (Bcf)⁽¹⁾

114

120

245

262

Total deliveries (Bcf)⁽¹⁾

189

198

436

462

‌

Total gas customer meters (thousands)

7,135

7,098

‌

Electric sales (millions of kWhs)⁽¹⁾

610

661

1,325

1,596

Community Choice Aggregation and Direct Access (millions of kWhs)

3,104

2,892

6,536

6,061

Total deliveries (millions of kWhs)⁽¹⁾

3,714

3,553

7,861

7,657

‌

Total electric customer meters (thousands)

1,540

1,525

Oncor Electric Delivery Company LLC (Oncor)⁽²⁾

Total deliveries (millions of kWhs)

42,226

40,343

81,232

77,656

Total electric customer meters (thousands)

4,084

4,008

‌

Ecogas

Natural gas sales (Bcf)

1

1

2

2

Natural gas customer meters (thousands)

166

160

‌

ENERGY-RELATED BUSINESSES

Sempra Infrastructure

Termoeléctrica de Mexicali (millions of kWhs)

776

650

1,478

1,630

Wind and solar (millions of kWhs)⁽¹⁾

842

888

1,588

1,607

⁽¹⁾

Includes intercompany sales.

⁽²⁾

Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an 80.25% interest through
our investment in Oncor Electric Delivery Holdings Company LLC.

SEMPRA

Table F

‌

STATEMENTS OF OPERATIONS DATA BY SEGMENT

(Dollars in millions)

Sempra California

Sempra Texas
Utilities⁽¹⁾

Sempra
Infrastructure

Consolidating
Adjustments,
Parent & Other

Total

Three months ended June 30, 2025

‌

Revenues

$                   2,490

$                      530

$                      (20)

$                   3,000

Depreciation and amortization

(574)

(78)

(1)

(653)

Interest income

3

5

6

14

Interest expense⁽²⁾

(228)

6

(137)

(359)

Income tax (expense) benefit

(13)

(231)

72

(172)

Equity earnings

—

$                      210

183

—

393

Earnings attributable to noncontrolling interests

—

—

(46)

—

(46)

Other segment items⁽³⁾

(1,419)

(2)

(297)

2

(1,716)

Earnings (losses) attributable to common shares

$                      259

$                      208

$                        72

$                      (78)

$                      461

‌

Three months ended June 30, 2024

‌

Revenues

$                   2,625

$                      409

$                      (23)

$                   3,011

Depreciation and amortization

(528)

(73)

(2)

(603)

Interest income

5

7

5

17

Interest expense

(209)

—

(102)

(311)

Income tax (expense) benefit

(44)

133

41

130

Equity earnings

—

$                      204

229

—

433

Earnings attributable to noncontrolling interests

—

—

(146)

—

(146)

Other segment items⁽³⁾

(1,533)

(2)

(268)

(15)

(1,818)

Earnings (losses) attributable to common shares

$                      316

$                      202

$                      291

$                      (96)

$                      713

⁽¹⁾

Substantially all earnings attributable to common shares are from equity earnings.

⁽²⁾

Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.

⁽³⁾

Includes cost of natural gas, cost of electric fuel and purchased power, operation and maintenance expense (O&M), franchise fees and other taxes, other
income (expense), net, and preferred dividends for Sempra California; O&M and interest expense for Sempra Texas Utilities related to activities at the holding
company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for
Sempra Infrastructure.

SEMPRA

Table F (Continued)

‌

STATEMENTS OF OPERATIONS DATA BY SEGMENT

(Dollars in millions)

Sempra California

Sempra Texas
Utilities⁽¹⁾

Sempra
Infrastructure

Consolidating
Adjustments,
Parent & Other

Total

Six months ended June 30, 2025

‌

Revenues

$                   5,891

$                      956

$                      (45)

$                   6,802

Depreciation and amortization

(1,136)

(154)

(3)

(1,293)

Interest income

5

24

19

48

Interest expense⁽²⁾

(453)

(71)

(268)

(792)

Income tax (expense) benefit

(65)

(253)

89

(229)

Equity earnings

—

$                      358

360

—

718

Earnings attributable to noncontrolling interests

—

—

(48)

—

(48)

Other segment items⁽³⁾

(3,259)

(4)

(596)

20

(3,839)

Earnings (losses) attributable to common shares

$                      983

$                      354

$                      218

$                    (188)

$                   1,367

‌

Six months ended June 30, 2024

‌

Revenues

$                   5,766

$                      928

$                      (43)

$                   6,651

Depreciation and amortization

(1,049)

(145)

(3)

(1,197)

Interest income

8

12

10

30

Interest expense

(414)

—

(202)

(616)

Income tax (expense) benefit

(127)

24

61

(42)

Equity earnings

—

$                      389

392

—

781

Earnings attributable to noncontrolling interests

—

—

(215)

—

(215)

Other segment items⁽³⁾

(3,286)

(4)

(574)

(14)

(3,878)

Earnings (losses) attributable to common shares

$                      898

$                      385

$                      422

$                    (191)

$                   1,514

⁽¹⁾

Substantially all earnings attributable to common shares are from equity earnings.

⁽²⁾

Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.

⁽³⁾

Includes cost of natural gas, cost of electric fuel and purchased power, O&M, franchise fees and other taxes, other income (expense), net, and preferred
dividends for Sempra California; O&M and interest expense for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas,
energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.

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SOURCE Sempra

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