Market Newsdesk

May 7, 2025 6:46 pm

B2Gold Reports Q1 2025 Results

Strong Operating Performance Across All Three Operations Led to Lower Than Expected All-In Sustaining Costs and Higher Than Expected Gold Production in the First Quarter

Goose Project Remains on Track for First Gold Production Next Month; Total Construction and Mine Development Budget Remains at C$1,540 Million

VANCOUVER, British Columbia, May 07, 2025 (GLOBE NEWSWIRE) — B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce its operational and financial results for the first quarter of 2025. All dollar figures are in United States dollars unless otherwise indicated.

2025 First Quarter Highlights

Gold production of 192,752 ounces in Q1 2025: Consolidated gold production in the first quarter of 2025 was 192,752 ounces, higher than expected. All B2Gold operations exceeded production budgets in the first quarter, and the Company remains on track to meet its consolidated annual production guidance range. All three operations continue to meet or exceed gold production expectations to start the second quarter of 2025.
Consolidated cash operating costs of
$832
per gold ounce produced in Q1 2025: Consolidated cash operating costs (see “Non-IFRS Measures”) were $832 per gold ounce produced ($880 per gold ounce sold) during the first quarter of 2025. Cash operating costs per ounce produced for the first quarter of 2025 were lower than expected as a result of lower than expected fuel costs and higher than expected gold production.
Consolidated all-in sustaining costs of
$1,533
per gold ounce sold in Q1 2025: Consolidated all-in sustaining costs (see “Non-IFRS Measures”) were $1,533 per gold ounce sold during the first quarter of 2025. Consolidated all-in sustaining costs for the first quarter of 2025 were lower than expected due to lower than expected total consolidated cash operating costs per gold ounce sold and lower than expected sustaining capital expenditures.
Attributable net
inco
me of
$0.04
per share; adjusted attributable net income of
$0.09
per share in Q1 2025: Net income attributable to the shareholders of the Company of $58 million, or $0.04 per share; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $122 million, or $0.09 per share.
Operating cash flow before working capital adjustments of $244 million in Q1 2025: Cash flow provided by operating activities before working capital adjustments was $244 million, or $0.19 per share, in the first quarter of 2025.
Strong financial position and liquidity: At March 31, 2025, the Company had cash and cash equivalents of $330 million and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $174 million. During the first quarter of 2025, the Company repaid the outstanding balance of $400 million on the Company’s $800 million revolving credit facility (“RCF”), leaving $800 million remaining available for future draw downs.
2025 Winter Ice Road (“WIR”) campaign completed at the Goose Project: Following the successful completion of the 2024 sea lift, construction of the 163 kilometer (“km”) WIR commenced in December 2024 and was completed in February 2025, ahead of schedule. B2Gold successfully completed the 2025 WIR campaign in mid-April 2025, one month ahead of schedule, and delivered all necessary material from the Marine Laydown Area (“MLA”) to support operations until next year’s WIR campaign.
Total Goose Project construction and mine development cash expenditure estimate before first production remains at C$1,540 million: Based on the construction and mine development cash expenditures incurred to date, combined with the estimated expenditures to be incurred through to the first gold pour in the second quarter of 2025, the Company expects to be in-line with the total Goose Project construction and mine development cash expenditure estimate of C$1,540 million, as announced on September 12, 2024. Operating cost guidance for the Goose Project for the second half of 2025 will be released in mid-2025 following the commencement of first gold production.
Goose Project construction and development continue to progress on track for first gold pour in the second quarter of 2025; estimated production of 120,000 to 150,000 ounces in 2025: All planned construction activities in 2024 and early 2025 were completed and project construction and development continue to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed by ramp up to commercial production in the third quarter of 2025. The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six-year period from 2026 to 2031 inclusive will be approximately 300,000 ounces per year.
Updated Mineral Reserve Life of Mine Plan for the Goose Project announced; optimization studies have commenced: On March 27, 2025, the Company announced an updated Mineral Reserve Life of Mine Plan for the Goose Project. The updated technical report highlighted the robust Mineral Resources at the Goose Project and the further potential to expand known deposits and discover additional mineralization, as well as an updated Mineral Reserve estimate. The Company is pursuing multiple optimization studies for the Goose Project, including one study to analyze increasing mill throughput at the Goose Project from 4,000 tonnes per day (“tpd”) potentially up to 6,000 tpd, and a separate study analyzing the implementation of a flotation / concentrate leach process which has the potential to increase gold recovery and reduce processing unit costs. The results of these studies are expected to be finalized in late 2025 / early 2026. Once the studies are completed, the Company will evaluate the economics of each option and pursue the desired choice.
Feasibility Study on the Gramalote Project in Colombia underway and targeted for completion in mid-2025: The positive Preliminary Economic Assessment (“PEA”) results on the Company’s 100% owned Gramalote Project, completed in the second quarter of 2024, outlined a significant production profile with average annual gold production of 234,000 ounces per year for the first five years of production, and strong project economics over a 12.5 year project life. As a result, B2Gold commenced work on a feasibility study with the goal of completion in mid-2025. Feasibility work including geotechnical investigation, processing design and site infrastructure design is underway and the study remains on schedule.
Positive PEA results for the Antelope deposit at the Otjikoto Mine in Namibia announced; development decision anticipated in Q3 2025: On February 4, 2025, the Company announced positive PEA results for the Antelope deposit, located approximately 4 km southwest of the existing Otjikoto open pit. Based on the positive results from the PEA, B2Gold believes that the Antelope deposit has the potential to become a small-scale, low-cost, underground gold mine that can supplement the low-grade stockpile production during the period of 2028 to 2032 and result in a meaningful production profile for Otjikoto into the next decade. The PEA for the Antelope deposit indicates an initial mine life of 5 years and total production of 327,000 ounces, averaging approximately 65,000 ounces per year over the life of mine. In combination with the processing of existing low grade stockpiles, production from the Antelope deposit has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year for 2029 through 2032. A development decision on the Antelope deposit is expected in the third quarter of 2025.
Convertible senior unsecured notes issued: On January 28, 2025, the Company issued 2.75% convertible senior unsecured notes due 2030 (the “Notes”) with an aggregate principal amount of $460 million. The initial conversion rate for the Notes is 315.2088 common shares of the Company (the “Shares”) per $1,000 principal amount of Notes, equivalent to an initial conversion price of approximately $3.17 per Share. The initial conversion rate represented a premium of approximately 35% relative to the closing sale price of the Shares on January 23, 2025, and is subject to adjustment in certain events.
Implementation of Normal Course Issuer Bid (“NCIB”): On April 1, 2025, the Toronto Stock Exchange accepted the notice of B2Gold’s intention to implement a NCIB. As of March 20, 2025, the Company had 1,319,616,807 Shares issued and outstanding with approval to purchase up to 65,980,840 Shares, representing 5% of the issued and outstanding Shares as of that date over a period of twelve months commencing April 3, 2025.
Q2 2025 dividend of $0.02 per share declared: On May 7, 2025, B2Gold’s Board of Directors declared a cash dividend for the second quarter of 2025 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on June 24, 2025, to shareholders of record as of June 11, 2025.

First Quarter 2025 Results

	Three months ended
	March 31,
	2025	2024

Gold revenue ($ in thousands)	532,107	461,444
Net income ($ in thousands)	62,564	48,481
Earnings per share – basic⁽¹⁾($/ share)	0.04	0.03
Earnings per share – diluted⁽¹⁾($/ share)	0.04	0.03
Cash provided by operating activities ($ thousands)	178,788	710,727
Average realized gold price ($/ ounce)	2,892	2,069
Adjusted net income⁽¹⁾⁽²⁾($ in thousands)	121,850	81,503
Adjusted earnings per share⁽¹⁾⁽²⁾– basic ($)	0.09	0.06
*Consolidated operations results:*
Gold sold (ounces)	183,998	222,978
Gold produced (ounces)	192,752	214,339
Production costs ($ in thousands)	161,994	156,745
Cash operating costs⁽²⁾($/ gold ounce sold)	880	703
Cash operating costs⁽²⁾($/ gold ounce produced)	832	718
Total cash costs⁽²⁾($/ gold ounce sold)	1,113	838
All-in sustaining costs⁽²⁾($/ gold ounce sold)	1,533	1,346
*Operations results including equity investment in Calibre* ⁽ ³⁾ :
Gold sold (ounces)	183,998	234,355
Gold produced (ounces)	192,752	225,716
Production costs ($ in thousands)	161,994	168,650
Cash operating costs⁽²⁾($/ gold ounce sold)	880	720
Cash operating costs⁽²⁾($/ gold ounce produced)	832	734
Total cash costs⁽²⁾($/ gold ounce sold)	1,113	851
All-in sustaining costs⁽²⁾($/ gold ounce sold)	1,533	1,345

^{(1) Attributable to the shareholders of the Company.}

^{(2) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.}
^{(3) Production from}
^Calibre
^{Mining Corp.’s (}
^“
^Calibre
^”
^{) La Libertad, El Limon and Pan mines is presented on an approximate 24% basis until January 24,}
²⁰²⁴
^{and 14% subsequently until June 20,}
²⁰²⁴
^{which represented the Company’s indirect ownership interest in}
^Calibre’s
^{operations through its equity investment in}
^Calibre
^{. On June 20, 2024, the Company reduced its ownership interest to approximately 4% and determined that it no longer had significant influence over}
^Calibre
^{and as a result, after June 20, 2024, no longer recorded attributable production representing its indirect ownership interest in}
^Calibre’s
^{mines through an equity investment.}

Liquidity and Capital Resources

B2Gold continues to maintain a strong financial position and liquidity. At March 31, 2025, the Company had cash and cash equivalents of $330 million (December 31, 2024 – $337 million) and working capital (defined as current assets less assets classified as held for sale and current liabilities) of $174 million (December 31, 2024 – $321 million). During the first quarter of 2025 the Company repaid $400 million on the Company’s $800 million RCF, leaving $800 million remaining available for future draw downs, plus a $200 million accordion feature.

Second Quarter 2025 Dividend

On May 7, 2025, B2Gold’s Board of Directors declared a cash dividend for the second quarter of 2025 (the “Q2 2025 Dividend”) of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on June 24, 2025 to shareholders of record as of June 11, 2025.

The Company currently has a Dividend Reinvestment Plan (“DRIP”). For the purposes of the Q2 2025 Dividend, the Company has determined that no discount will be applied to calculate the Average Market Price (as defined in the DRIP) of its common shares issued from treasury. Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution, or other intermediary through which they hold common shares for instructions on how to enroll in the DRIP.

This dividend is designated as an “eligible dividend” for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.

The declaration and payment of future dividends and the amount of any such dividends will be subject to the determination of the Board, in its sole and absolute discretion, taking into account, among other things, economic conditions, business performance, financial condition, growth plans, expected capital requirements, compliance with B2Gold’s constating documents, all applicable laws, including the rules and policies of any applicable stock exchange, as well as any contractual restrictions on such dividends, including any agreements entered into with lenders to the Company, and any other factors that the Board deems appropriate at the relevant time. There can be no assurance that any dividends will be paid at the intended rate or at all in the future.

For more information regarding the DRIP and enrollment in the DRIP, please refer to the Company’s website at https://www.b2gold.com/investors/stock_info/.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

The Company has filed a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission that may be obtained under the Company’s profile on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov/EDGAR or by contacting the Company using the contact information at the end of this news release.

Operations

Fekola Complex – Mali

	Three months ended
	March 31,
	2025	2024

Gold revenue ($ in thousands)	254,667	256,318
Gold sold (ounces)	87,808	123,828
Average realized gold price ($/ ounce)	2,900	2,070
Tonnes of ore milled	2,446,671	2,462,863
Grade (grams/ tonne)	1.31	1.62
Recovery (%)	91.5	92.7
Gold production (ounces)	93,805	119,141
Production costs ($ in thousands)	89,025	85,105
Cash operating costs⁽¹⁾ ($/ gold ounce sold)	1,014	687
Cash operating costs⁽¹⁾ ($/ gold ounce produced)	965	698
Total cash costs⁽¹⁾ ($/ gold ounce sold)	1,350	852
All-in sustaining costs⁽¹⁾ ($/ gold ounce sold)	1,937	1,436
Capital expenditures ($ in thousands)	64,003	80,562
Exploration ($ in thousands)	—	1,302

^{(1) Non-IFRS measure. For a description of how these measures are calculated and a reconciliation of these measures to the most directly comparable measures specified, defined or determined under IFRS and presented in the Company’s financial statements, refer to “Non-IFRS Measures”.}

The Fekola Mine in Mali (owned 80% by the Company and 20% by the State of Mali) had a strong start to the year with gold production for the first quarter of 2025 of 93,805 ounces. For the first quarter of 2025, mill feed grade was 1.31 grams per tonne (“g/t”), mill throughput was 2.45 million tonnes, and gold recovery averaged 91.5%. Mill feed grade in April 2025 was in line with the annual budgeted mill feed grade of 1.84 g/t in 2025.

The Fekola Mine’s cash operating costs (see “Non-IFRS Measures”) for the first quarter of 2025 were $965 per ounce produced ($1,014 per gold ounce sold). Cash operating costs per gold ounce produced for the first quarter of 2025 were lower than expected as a result of higher than estimated gold production, lower operating costs including lower fuel prices for diesel and heavy fuel oil, and lower processing maintenance costs.

All-in sustaining costs (see “Non-IFRS Measures”) for the first quarter of 2025 for the Fekola Mine were $1,937 per gold ounce sold, lower than expected. All-in sustaining costs were lower than anticipated as a result of lower than expected cash operating costs per gold ounce sold and lower than expected sustaining capital expenditures, partially offset by higher gold royalties resulting from a higher than expected average realized gold price. Gold royalties include higher revenue-based production taxes based on a sliding scale and revenue-based State funds for the Fekola Mine, which became effective for the first time in March 2025. The lower sustaining capital expenditures for the first quarter of 2025 were mainly a result of timing of expenditures and are expected to be incurred later in 2025.

Capital expenditures in the first quarter of 2025 totaled $64 million primarily consisting of $20 million for deferred stripping, $17 million for Fekola underground development, $16 million for mobile equipment purchases and rebuilds, $4 million for the construction of a new tailings storage facility (“TSF”) and $3 million for solar plant expansion.

The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits) and the Dandoko permit). The Fekola Complex is expected to produce between 515,000 and 550,000 ounces of gold in 2025 at cash operating costs of between $845 and $905 per ounce and all-in sustaining costs of between $1,550 and $1,610 per ounce. The Fekola Complex is expected to process 9.56 million tonnes of ore during 2025 at an average grade of 1.84 g/t gold with a process gold recovery of 93.4%. Gold production is expected to be weighted approximately 40% to the first half of 2025 and 60% to the second half of 2025.

The Fekola Complex’s total 2025 gold production is anticipated to increase significantly relative to 2024, due to the contribution of higher-grade ore from Fekola underground in the second half of 2025 and Fekola Regional later in the second half of 2025. Between 25,000 and 35,000 ounces of gold production is expected from the mining of higher-grade ore at Fekola underground. Fekola Regional is expected to contribute between 20,000 and 25,000 ounces of additional gold production in 2025 through the trucking of open pit ore to the Fekola mill. Despite a delay in the expected commencement of mining at Fekola Regional due to permit delays, the Company still expects to meet its production guidance from the Fekola Complex in 2025.

The development of Fekola Regional will enhance the overall Fekola Complex life of mine production profile and is expected to extend the mine life of the Fekola Complex. Fekola Regional is anticipated to contribute approximately 180,000 ounces of additional annual gold production in its first four full years of production from 2026 through 2029. Significant exploration potential remains across the Fekola Complex to further extend the mine life.

Masbate Mine – The Philippines

	Three months ended
	March 31,
	2025	2024

Gold revenue ($ in thousands)	129,393	98,967
Gold sold (ounces)	44,450	47,700
Average realized gold price ($/ ounce)	2,911	2,075
Tonnes of ore milled	2,278,032	2,169,462
Grade (grams/ tonne)	0.83	0.99
Recovery (%)	75.9	72.4
Gold production (ounces)	46,369	49,782
Production costs ($ in thousands)	38,016	42,771
Cash operating costs⁽¹⁾($/ gold ounce sold)	855	897
Cash operating costs⁽¹⁾($/ gold ounce produced)	833	835
Total cash costs⁽¹⁾($/ gold ounce sold)	1,021	1,010
All-in sustaining costs⁽¹⁾($/ gold ounce sold)	1,206	1,219
Capital expenditures ($ in thousands)	7,733	8,530
Exploration ($ in thousands)	420	821

The Masbate Mine in the Philippines continued its strong performance with first quarter of 2025 gold production of 46,369 ounces, above expectations. For the first quarter of 2025, mill feed grade was 0.83 g/t gold, mill throughput was 2.28 million tonnes, and gold recovery averaged 75.9%.

The Masbate Mine’s cash operating costs (see “Non-IFRS Measures”) for the first quarter of 2025 were $833 per ounce produced ($855 per gold ounce sold). Cash operating costs per gold ounce produced for the first quarter of 2025 were lower than expected as a result of higher than expected gold production as well as lower operating costs due primarily to lower diesel and heavy fuel oil costs.

All-in sustaining costs (see “Non-IFRS Measures”) for the first quarter of 2025 were $1,206 per gold ounce sold. All-in sustaining costs for the first quarter of 2025 were lower than expected as a result of lower than expected cash operating costs per gold ounce sold and higher than expected gold ounces sold, partially offset by higher gold royalties resulting from a higher than expected average realized gold price.

Capital expenditures in the first quarter of 2025 totaled $8 million, primarily consisting of $2 million for a solar plant, $2 million for deferred stripping, $1 million for mobile equipment purchases and rebuilds and $1 million for expansion of the existing TSF.

The Masbate Mine is expected to produce between 170,000 and 190,000 ounces of gold in 2025 at cash operating costs of between $955 and $1,015 per ounce and all-in sustaining costs of between $1,310 and $1,370 per ounce. Gold production is scheduled to be relatively consistent throughout 2025. For 2025, Masbate is expected to process 8.0 million tonnes of ore at an average grade of 0.88 g/t with a process gold recovery of 79.9%. Mill feed will be a blend of mined fresh ore from the Main Vein pit and low-grade ore stockpiles.

Otjikoto Mine – Namibia

	Three months ended
	March 31,
	2025	2024

Gold revenue ($ in thousands)	148,047	106,159
Gold sold (ounces)	51,740	51,450
Average realized gold price ($/ ounce)	2,861	2,063
Tonnes of ore milled	843,057	826,477
Grade (grams/ tonne)	1.96	1.74
Recovery (%)	98.8	98.5
Gold production (ounces)	52,578	45,416
Production costs ($ in thousands)	34,953	28,869
Cash operating costs⁽¹⁾ ($/ gold ounce sold)	676	561
Cash operating costs⁽¹⁾ ($/ gold ounce produced)	594	642
Total cash costs⁽¹⁾ ($/ gold ounce sold)	790	644
All-in sustaining costs⁽¹⁾ ($/ gold ounce sold)	916	958
Capital expenditures ($ in thousands)	3,607	13,813
Exploration ($ in thousands)	1,831	1,789

The Otjikoto Mine in Namibia, in which the Company holds a 90% interest, continued to outperform during the first quarter of 2025, producing 52,578 ounces of gold, above expectations. For the first quarter of 2025, mill feed grade was 1.96 g/t, mill throughput was 0.84 million tonnes, and gold recovery averaged 98.8%.

Cash operating costs (see “Non-IFRS Measures”) for the first quarter of 2025 were $594 per gold ounce produced ($676 per ounce gold sold). Cash operating costs per gold ounce produced for the first quarter of 2025 were lower than expected as a result higher than expected gold production, a weaker than expected Namibia foreign exchange rate and lower than expected underground mining costs.

All-in sustaining costs (see “Non-IFRS Measures”) for the first quarter of 2025 were $916 per gold ounce sold. All-in sustaining costs for the first quarter of 2025 were lower than expected as a result of higher than expected gold ounces sold and lower than expected sustaining capital expenditures, partially offset by higher gold royalties resulting from a higher than expected average realized gold price. The lower sustaining capital expenditures for the first quarter of 2025 were mainly a result of timing of expenditures and are expected to be incurred later in 2025.

Capital expenditures for the first quarter of 2025 totaled $4 million, consisting mainly of $3 million for Wolfshag underground mine development.

The Otjikoto Mine is expected to produce between 165,000 and 185,000 ounces of gold in 2025 at cash operating costs of between $695 and $755 per ounce and all-in sustaining costs of between $980 and $1,040 per ounce. Gold production at Otjikoto will be weighted towards the first half of 2025 due to the conclusion of open pit mining activities in the third quarter of 2025. For the full year 2025, Otjikoto is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.63 g/t with a process gold recovery of 98.0%. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing ore stockpiles. Open pit mining operations are scheduled to conclude in the third quarter of 2025, while underground mining operations at Wolfshag are expected to continue into 2027. In addition to the economic potential of the Antelope deposit, exploration results received to date indicate the potential to extend underground production at Wolfshag past 2027, supplementing processing operations into 2032 when economically viable stockpiles are forecast to be exhausted.

On February 4, 2025, the Company announced the positive PEA results for the Antelope deposit. Based on the positive results from the PEA, B2Gold believes that the Antelope deposit has the potential to become a small-scale, low-cost, underground gold mine that can supplement the low-grade stockpile production during the period of 2028 to 2032 and result in a meaningful production profile for Otjikoto into the next decade. The PEA for Antelope indicates an initial mine life of 5 years and total production of 327,000 ounces averaging approximately 65,000 ounce per year over the life-of mine. In combination with the processing of existing low grade stockpiles, production from Antelope has the potential to increase Otjikoto Mine production to approximately 110,000 ounces per year from 2029 through 2032. The Company has approved an initial budget of up to $10 million for 2025 to de-risk the Antelope deposit development schedule by advancing early work planning, project permits, and long lead orders. Technical work including geotechnical, hydrogeological, and metallurgical testing is anticipated to be completed over the next several months. Cost and schedule assumptions will continue to be refined by working with suppliers and contractors, including running a competitive bid process for the development phase of the Antelope deposit. A development decision is expected in the third quarter of 2025.

The Inferred Mineral Resource estimate for the Antelope deposit that formed the basis for the PEA included 1.75 million tonnes grading 6.91 g/t gold for a total of 390,000 ounces of gold, the majority of which is hosted in the Springbok Zone. The Antelope deposit remains open along strike in both directions, highlighting strong potential for future resource expansion.

The PEA is preliminary in nature and is based on Inferred Mineral Resources that are considered too speculative geologically to have the engineering and economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA based on these Mineral Resources will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Goose Project

Development

The Back River Gold District consists of eight mineral claims blocks along an 80 km belt. Construction is underway at the most advanced project in the district, the Goose Project, with development on schedule for first gold pour in the second quarter of 2025.

B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association (“KIA”) is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Inuit priorities, addresses concerns, and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot Communities.

All planned construction activities in 2024 and early 2025 were completed and project construction and development continue to progress on track. The first four generators in the powerhouse will be commissioned by the end of the first week in May 2025. Availability of the Echo pond tailings line will occur in the first week of June 2025 with mill start-up immediately following. First gold is expected by the end of June 2025 with ramp up to commercial production expected in the third quarter of 2025. The Company continues to estimate that gold production in 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six year period from 2026 to 2031 inclusive will be approximately 300,000 ounces per year.

Following the successful completion of the 2024 sealift, construction of the 163 km WIR began in December 2024 and was completed in February 2025. The WIR was operational by mid-February 2025 with the transportation of all materials from the MLA to the Goose Project site completed one month ahead of schedule in mid-April 2025. Over 4,000 loads and 80 million litres of fuel were transported over the 2025 WIR season.

Development of the open pit and underground remain the Company’s primary focus to ensure that adequate material is available for mill startup and that the Echo pit is available for tailings placement. Open pit mining of the Echo pit continues to meet production targets and is scheduled to be completed by May 2025, and is anticipated to be ready to receive tailings when the mill starts. Mining of the Umwelt open pit commenced in December 2024 and is currently meeting production targets. The Umwelt underground development remains on schedule for the commencement of high-grade stope ore production in the third quarter of 2025.

In the first quarter of 2025, the Company incurred cash expenditures of $95 million (C$136 million) for the Goose Project on construction and development activities.

Based on the construction and mine development cash expenditures incurred to date, combined with the estimated expenditures to be incurred through to first gold pour in the second quarter of 2025, the Company expects to be in-line with the total Goose Project construction and mine development cash expenditure estimate of C$1,540 million, as announced on September 12, 2024. Operating cost guidance for the Goose Project for the second half of 2025 will be released in mid-year 2025 following the commencement of gold production.

Optimization Studies

With first gold production for the Goose Project expected by the end of the second quarter of 2025, B2Gold has begun multiple optimization studies with the goal of maximizing the long-term value of the Back River Gold District. These studies include:

Evaluating a flotation / concentrate leach process as a potential option to increase gold recovery and reduce operating costs (discussed in further detail below);
Evaluating the installation of a SAG mill to be paired in conjunction with the existing 4,000 tpd ball mill, which could potentially expand mill throughput capacity (discussed in further detail below);
Evaluating the viability of constructing and running the Goose Project winter ice road on a less than annual basis;
Evaluating underground mining methods and the potential to exceed the planned production from the Umwelt underground by increasing the mine production rate through development of more active production levels, and consideration of alternate mine methods to both lower costs and capture additional existing Mineral Resources into the mine plan; and
Assessing the feasibility of remote operation of surface and underground equipment as it presents an opportunity to optimize production efficiencies and reduce employee transportation costs.

In connection with these studies, B2Gold will be reviewing any regulatory requirements and engaging with the KIA and local communities to ensure any optimization of the Goose Project provides benefits to all stakeholders.

The Company is pursuing multiple optimization studies for the Goose Project, including one study to analyze the potential to increase mill throughput at the Goose Project from 4,000 tpd potentially up to 6,000 tpd, and a separate study analyzing the implementation of a flotation/concentrate leach process which has the potential to increase gold recovery and reduce processing unit costs. The Goose Project is currently permitted for mill throughput of up to 6,000 tpd, so no amendment to the Project Certificate would be required if the Company pursues the mill throughput expansion. The results of these studies are expected to be finalized in late 2025 / early 2026. Once the studies are completed, the Company will evaluate the economics of each option and pursue the desired choice.

Gramalote Project Development

The Gramalote Project is located in central Colombia, approximately 230 km northwest of Bogota and 100 km northeast of Medellin, in the Province of Antioquia, which has expressed a positive attitude towards the development of responsible mining projects in the region.

Following consolidation of the ownership, B2Gold completed a detailed review of the Gramalote Project, including the higher-grade core of the resource, facility size and location, power supply, mining and processing options, tailings design, resettlement, potential construction sequencing and camp design to identify potential cost savings to develop a medium-scale project. The results of the review allowed the Company to determine the optimal parameters and assumptions for the Gramalote PEA, the results of which were announced on June 18, 2024. Based on the positive results from the PEA, B2Gold believes that the Gramalote Project has the potential to become a medium-scale, low-cost open pit gold mine and approved the commencement of a feasibility study.

B2Gold is progressing the feasibility work with the goal of completing a feasibility study by mid-2025. Due to the work completed for previous studies, the work remaining to finalize a feasibility study for the updated medium-scale project is not extensive. The main work programs for the feasibility study include geotechnical and environmental site investigations for the processing plant and waste dump footprints, as well as capital and operating cost estimates.

The Gramalote Project will continue to advance resettlement programs, establish coexistence programs for small miners, work on health, safety and environmental projects and continue to work with the government and local communities on social programs.

Due to the desired modifications to the processing plant and infrastructure locations, a Modified Environmental Impact Study is required. B2Gold has commenced work on the modifications to the Environmental Impact Study and expect it to be completed and submitted shortly following the completion of the feasibility study. If the final economics of the feasibility study are positive and B2Gold makes the decision to develop the Gramalote Project as an open pit gold mine, B2Gold would utilize its proven internal mine construction team to build the mine and mill facilities.

Outlook

The Company is pleased with its positive first quarter of 2025 operating and financial results. The Company is on track to meet its 2025 total gold production guidance of between 970,000 and 1,075,000 ounces. The Company’s full year total cash operating costs for the Fekola Complex, Masbate and Otjikoto continue to be forecast between $835 and $895 per gold ounce and total all-in sustaining costs continue to be forecast between $1,460 and $1,520 per gold ounce. Operating cost guidance for the Goose Project for the second half of 2025 will be released in mid-year 2025 following the commencement of gold production.

Upon completion of the construction activities at the Goose Project, the mine is expected to pour first gold in the second quarter of 2025, followed by ramp up to commercial production in the third quarter, and contribute between 120,000 and 150,000 ounces of gold in 2025. Over the first six full calendar years of operation from 2026 to 2031 inclusive, the average annual gold production for the Goose Project is estimated to be approximately 300,000 ounces of gold per year.

Based on the positive PEA results for the Antelope deposit at the Otjikoto Mine released in February 2025, B2Gold believes that the Antelope deposit has the potential to become a small-scale, low-cost underground gold mine that can supplement the low-grade stockpile production during the period from 2028 to 2032 and result in meaningful production profile for Otjikoto into the next decade.

The Company expects to complete a feasibility study for its wholly owned Gramalote Project in Colombia by mid-2025. The feasibility study will include modifications to the processing plant and infrastructure locations and therefore a Modified Environmental Impact Study will also be required. Work on the modifications to the Environmental Impact Study are well advanced and the Company expects it to be completed and submitted shortly following the completion of the feasibility study. If the final economics of the feasibility study are positive and the Company makes the decision to develop the Gramalote Project as an open pit gold mine, the Company will utilize its proven internal mine construction team to build the mine and mill facilities.

The Company’s ongoing strategy is to continue to maximize responsible profitable production from its existing mines, maintain a strong financial position, realize the potential increase in gold production from the Company’s existing development projects, continue exploration programs across the Company’s robust land packages, evaluate new exploration, development and production opportunities and continue to return capital to shareholders.

First Quarter 2025 Financial Results – Conference Call Details

B2Gold executives will host a conference call to discuss the results on Thursday, May 8, 2025, at 8:00 am PT / 11:00 am ET.

Participants may register for the conference call here: registration link. Upon registering, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call. Participants may also dial in using the numbers below:

Toll-free in U.S. and Canada: +1 (833)-821-2803
All other callers: +1 (647)-846-2419

The conference call will be available for playback for two weeks by dialing toll-free in the U.S. and Canada: +1 (855)-669-9658, replay access code 9068478. All other callers: +1 (412)-317-0088, replay access code 9068478.

About B2Gold

B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.

Qualified Persons

Bill Lytle, Senior Vice President and Chief Operating Officer, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.

Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.

ON BEHALF OF B2GOLD CORP.

“Clive T. Johnson”
President and Chief Executive Officer

Source: B2Gold Corp.

The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in
this news release.

Production results and production guidance presented in this news release reflect the total production at the mines B2Gold operates on a 100% basis. Please see our most recent Annual Information Form for a discussion of our ownership interest in the mines B2Gold operates.

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and all-in sustaining costs, and budgets on a consolidated and mine by mine basis, which if they occur, would have on our business, our planned capital and exploration expenditures; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: remaining well positioned for continued strong operational and financial performance in 2025; projected gold production, cash operating costs and all-in sustaining costs (on a consolidated and mine by mine basis in 2025 for the Fekola Complex, the Otjikoto Mine, the Masbate Gold Project and the Goose Project; total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025, with cash operating costs of between $835 and $895 per ounce and all-in sustaining costs of between $1,460 and $1,520 per ounce; B2Gold’s continued prioritization of developing the Goose Project in a manner that recognizes Indigenous input and concerns and brings long-term socio-economic benefits to the area; the Goose Project capital cost being approximately C$1,190 million and the net cost of open pit and underground development, deferred stripping, and sustaining capital expenditures to be incurred prior to first gold production being approximately C$350 million and the cost for reagents and other working capital items being C$330 million; the Goose Project producing approximately 300,000 ounces of gold per year for the first full six years of production; the potential for first gold production in the second quarter of 2025 from the Goose Project and the estimates of such production and the potential ramp-up to commercial production by the end of the third quarter of 2025; the receipt of the exploitation permit for Fekola Regional and Fekola Regional production expected to commence in the second half of 2025; the receipt of a permit for Fekola underground and Fekola underground commencing operation in mid-2025; the potential for the Antelope deposit to be developed as an underground operation and contribute up to 65,000 per year during the low-grade stockpile processing in 2029 through 2032 and the Otjikoto Mine producing an average of approximately 110,000 ounces per year during that period; the timing and results of a feasibility study on the Gramalote Project and the results thereof; the potential to develop the Gramalote Project as an open pit gold mine; planned 2025 exploration budgets for Canada, Mali, Namibia, the Philippines and Kazakhstan and other grassroots projects; and the potential payment of future dividends, including the timing and amount of any such dividends, and the expectation that quarterly dividends will be maintained at the same level. All statements in this MD&A that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.

Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold’s control, including risks associated with or related to: the volatility of metal prices and B2Gold’s common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold’s feasibility and other studies; the ability to obtain and maintain any necessary permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold’s operations as a result thereof and the ability to generate sufficient cash flows; operations in foreign and developing countries and the compliance with foreign laws, including those associated with operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and changing policies related to mining and local ownership requirements or resource nationalization generally; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related to Filminera Resources Corporation, which owns the Masbate Gold Project; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold’s operations, including risks related to strikes and the halting of such operations from time to time; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold’s reputation; as well as other factors identified and as described in more detail under the heading “Risk Factors” in B2Gold’s most recent Annual Information Form, B2Gold’s current Form 40-F Annual Report and B2Gold’s other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the “SEC”), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the “Websites”). The list is not exhaustive of the factors that may affect B2Gold’s forward-looking statements.

B2Gold’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

B2Gold’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

The projected range of all-in sustaining costs includes sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion, and exclude the effects of expansionary capital and non-sustaining expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected all-in sustaining costs to a total production cash costs projection. B2Gold believes that this measure represents the total costs of producing gold from current operations, and provides B2Gold and other stakeholders of the Company with additional information of B2Gold’s operational performance and ability to generate cash flows. All-in sustaining costs, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.

Non-IFRS Measures

This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards (“IFRS”), including “cash operating costs” and “all-in sustaining costs” (or “AISC”). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The projected range of AISC is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary capital and non-sustaining expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion and amortization. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected AISC to a total production cash costs projection. B2Gold believes that this measure represents the total costs of producing gold from current operations, and provides B2Gold and other stakeholders of the Company with additional information of B2Gold’s operational performance and ability to generate cash flows. AISC, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.

The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold’s consolidated financial statements. Readers should refer to B2Gold’s Management Discussion and Analysis, available on the Websites, under the heading “Non-IFRS Measures” for a more detailed discussion of how B2Gold calculates certain such measures and a reconciliation of certain measures to IFRS terms.

Cautionary Statement Regarding Mineral Reserve and Resource Estimates

The disclosure in this news release was prepared in accordance with Canadian standards for the reporting of mineral resource and mineral reserve estimates, which differ in some material respects from the disclosure requirements of United States securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,”, “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this news release are Canadian mineral disclosure terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). The definitions of these terms, and other mining terms and disclosures, differ from the definitions of such terms, if any, for purposes of the SEC’s disclosure rules for domestic United State issuers. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the MJDS, B2Gold is not required to provide disclosure on its mineral properties under the SEC Rules and provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information and other technical information contained in this news release may not be comparable to similar information disclosed by companies subject to the SEC’s reporting and disclosure requirements for domestic United States issuers.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of B2Gold’s measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable without additional work.

Historical results or feasibility models presented herein are not guarantees or expectations of future performance. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered. In addition, United States investors are cautioned not to assume that any part or all of B2Gold’s measured, indicated or inferred mineral resources constitute or will be converted into mineral reserves or are or will be economically or legally mineable without additional work.

B2GOLD CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31

(Expressed in thousands of United States dollars, except per share amounts)
(Unaudited)


	*2025*			2024

Gold revenue	$	532,107		$	461,444

Cost of sales
Production costs		(161,994	)		(156,745	)
Depreciation and depletion		(89,557	)		(90,446	)
Royalties and production taxes		(42,806	)		(30,027	)
Total cost of sales		(294,357	)		(277,218	)

Gross profit		237,750			184,226

General and administrative		(11,802	)		(14,138	)
Foreign exchange gains (losses)		7,214			(2,379	)
Non-recoverable input taxes		(6,846	)		(4,304	)
Share-based payments		(5,869	)		(4,954	)
Write-down of mining interests		(5,118	)		—
Community relations		(999	)		(489	)
Share of net income of associates		754			2,097
Other expense		(6,251	)		(5,432	)
Operating income		208,833			154,627

(Losses) gains on derivative instruments		(43,319	)		275
Change in fair value of gold stream		(30,552	)		(10,852	)
Interest and financing expense		(5,723	)		(9,571	)
Interest income		3,172			5,455
Losses on dilution on associate		—			(9,982	)
Other income		356			143
Income from operations before taxes		132,767			130,095

Current income tax, withholding and other taxes		(86,083	)		(61,584	)
Deferred income tax recovery (expense)		15,880			(20,030	)
Net income for the period	$	62,564		$	48,481

Attributable to:
Shareholders of the Company	$	57,587		$	39,751
Non-controlling interests		4,977			8,730
Net income for the period	$	62,564		$	48,481

Earnings per share(attributable to shareholders of the Company)
Basic	$	0.04		$	0.03
Diluted	$	0.04		$	0.03

Weighted average number of common shares outstanding(in thousands)
Basic		1,318,390			1,303,191
Diluted		1,469,206			1,307,674

B2GOLD CORP.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31

(Expressed in thousands of United States dollars)
(Unaudited)


	*2025*			2024
Operating activities
Net income for the period	$	62,564		$	48,481
Mine restoration provisions settled		(493	)		(291	)
Non-cash charges, net		181,923			153,765
Proceeds from prepaid sales		—			500,023
Changes in non-cash working capital		(14,840	)		21,985
Changes in long-term inventory		(10,957	)		1,709
Changes in long-term value added tax receivables		(39,409	)		(14,945	)
Cash provided by operating activities		178,788			710,727

Financing activities
Proceeds from convertible senior unsecured notes, net of transaction costs		445,913			—
Repayment of revolving credit facility		(400,000	)		(150,000	)
Equipment facility draw downs		8,990			—
Repayment of equipment loan facilities		(4,402	)		(2,387	)
Interest and commitment fees paid		(3,494	)		(3,579	)
Cash proceeds from stock option exercises		2,231			1,088
Dividends paid		(25,552	)		(45,989	)
Principal payments on lease arrangements		(2,972	)		(1,448	)
Distributions to non-controlling interests		(8,182	)		(4,580	)
Other		(4,267	)		271
Cash provided (used) by financing activities		8,265			(206,624	)

Investing activities
Expenditures on mining interests:
Fekola Mine		(64,003	)		(80,562	)
Masbate Mine		(7,733	)		(8,530	)
Otjikoto Mine		(3,607	)		(13,813	)
Goose Project		(94,812	)		(117,451	)
Fekola Regional Properties		(3,169	)		(4,501	)
Gramalote Project		(6,793	)		(3,310	)
Other exploration		(5,596	)		(8,840	)
Purchase of long-term investments		(1,808	)		—
Funding of reclamation accounts		(1,421	)		(1,029	)
Other		(6,134	)		(1,541	)
Cash used by investing activities		(195,076	)		(239,577	)

(Decrease) increase in cash and cash equivalents		(8,023	)		264,526

Effect of exchange rate changes on cash and cash equivalents		1,175			(3,607	)
Cash and cash equivalents, beginning of period		336,971			306,895
Cash and cash equivalents, end of period	$	330,123		$	567,814

B2GOLD CORP.

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of United States dollars)
(Unaudited)


	*As at March 31, 2025*			*As at December 31, 2024*
*Assets*
Current
Cash and cash equivalents	$	330,123		$	336,971
Accounts receivable, prepaids and other		47,605			41,059
Value-added and other tax receivables		53,848			46,173
Inventories		535,637			477,586
		967,213			901,789

Long-term investments		120,475			76,717
Value-added tax receivables		276,567			244,147
Mining interests		3,438,533			3,291,435
Investment in associates		92,171			91,417
Long-term inventories		113,965			134,529
Other assets		84,021			73,964
Deferred income taxes		5,752			—
	$	5,098,697		$	4,813,998
*Liabilities*
Current
Accounts payable and accrued liabilities	$	171,452		$	156,352
Current income and other taxes payable		127,265			103,557
Current portion of prepaid gold sales		413,847			272,781
Current portion of long-term debt		27,218			16,419
Current portion of derivative instruments		16,936			1,606
Current portion of gold stream obligation		12,600			6,900
Current portion of mine restoration provisions		6,677			7,170
Other current liabilities		17,564			15,902
		793,559			580,687

Long-term debt		397,926			421,464
Gold stream obligation		184,377			159,525
Prepaid gold sales		134,235			265,329
Mine restoration provisions		147,726			140,541
Deferred income taxes		190,215			169,738
Derivative instruments		36,088			2,107
Employee benefits obligation		19,600			18,410
Other long-term liabilities		20,194			20,500
		1,923,920			1,778,301
*Equity*
Shareholders’ equity
Share capital		3,516,643			3,510,271
Contributed surplus		159,652			91,184
Accumulated other comprehensive loss		(66,484	)		(102,771	)
Retained deficit		(484,638	)		(515,619	)
		3,125,173			2,983,065
Non-controlling interests		49,604			52,632
		3,174,777			3,035,697
	$	5,098,697		$	4,813,998

NON-IFRS MEASURES

Cash operating costs per gold ounce sold and total cash costs per gold ounce sold

‘‘Cash operating costs per gold ounce’’ and “total cash costs per gold ounce” are common financial performance measures in the gold mining industry but, as non-IFRS measures, they do not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance and ability to generate cash flow. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures, along with sales, are considered to be a key indicator of the Company’s ability to generate earnings and cash flow from its mining operations.

Cash cost figures are calculated on a sales basis in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. Other companies may calculate these measures differently. Cash operating costs and total cash costs per gold ounce sold are derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, royalties and production taxes, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce sold and total cash costs per gold ounce sold to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

	For the three months ended March 31, 2025
	Fekola Mine	Masbate Mine	Otjikoto Mine	Total
	$	$	$	$

Production costs	89,025	38,016	34,953	161,994
Royalties and production taxes	29,494	7,378	5,934	42,806

Total cash costs	118,519	45,394	40,887	204,800

Gold sold (ounces)	87,808	44,450	51,740	183,998

Cash operating costs per ounce ($/ gold ounce sold)	1,014	855	676	880

Total cash costs per ounce ($/ gold ounce sold)	1,350	1,021	790	1,113

	For the three months ended March 31, 2024
	Fekola Mine	Masbate Mine	Otjikoto Mine	Total	Calibre equity investment	Grand Total
	$	$	$	$	$	$

Production costs	85,105	42,771	28,869	156,745	11,905	168,650
Royalties and production taxes	20,395	5,390	4,242	30,027	854	30,881

Total cash costs	105,500	48,161	33,111	186,772	12,759	199,531

Gold sold (ounces)	123,828	47,700	51,450	222,978	11,377	234,355

Cash operating costs per ounce ($/ gold ounce sold)	687	897	561	703	1,046	720

Total cash costs per ounce ($/ gold ounce sold)	852	1,010	644	838	1,121	851

Cash operating costs per gold ounce produced

In addition to cash operating costs on a per gold ounce sold basis, the Company also presents cash operating costs on a per gold ounce produced basis. Cash operating costs per gold ounce produced is derived from amounts included in the statement of operations and include mine site operating costs such as mining, processing, smelting, refining, transportation costs, less silver by-product credits. The tables below show a reconciliation of cash operating costs per gold ounce produced to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis (dollars in thousands):

	For the three months ended March 31, 2025
	Fekola Mine	Masbate Mine	Otjikoto Mine		Total
	$	$	$		$

Production costs	89,025	38,016	34,953		161,994
Inventory sales adjustment	1,536	628	(3,746	)	(1,582	)

Cash operating costs	90,561	38,644	31,207		160,412

Gold produced (ounces)	93,805	46,369	52,578		192,752

Cash operating costs per ounce ($/ gold ounce produced)	965	833	594		832

	For the three months ended March 31, 2024
	Fekola Mine		Masbate Mine		Otjikoto Mine	Total		Calibre equity investment	Grand Total
	$		$		$	$		$	$

Production costs	85,105		42,771		28,869	156,745		11,905	168,650
Inventory sales adjustment	(1,922	)	(1,224	)	272	(2,874	)	—	(2,874	)

Cash operating costs	83,183		41,547		29,141	153,871		11,905	165,776

Gold produced (ounces)	119,141		49,782		45,416	214,339		11,377	225,716

Cash operating costs per ounce ($/ gold ounce produced)	698		835		642	718		1,046	734

All-in sustaining costs per gold ounce

In June 2013, the World Gold Council, a non-regulatory association of the world’s leading gold mining companies established to promote the use of gold to industry, consumers and investors, provided guidance for the calculation of the measure “all-in sustaining costs per gold ounce”, but as a non-IFRS measure, it does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The original World Gold Council standard became effective January 1, 2014 with further updates announced on November 16, 2018 which were effective starting January 1, 2019.

Management believes that the all-in sustaining costs per gold ounce measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies. The Company has applied the principles of the World Gold Council recommendations and has reported all-in sustaining costs on a sales basis. Other companies may calculate these measures differently.

B2Gold defines all-in sustaining costs per ounce as the sum of cash operating costs, royalties and production taxes, capital expenditures and exploration costs that are sustaining in nature, sustaining lease expenditures, corporate general and administrative costs, share-based payment expenses related to restricted share units/deferred share units/performance share units/restricted phantom units (“RSUs/DSUs/PSUs/RPUs”), community relations expenditures, reclamation liability accretion and realized (gains) losses on fuel derivative contracts, all divided by the total gold ounces sold to arrive at a per ounce figure.

The tables below show a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the three months ended March 31, 2025 (dollars in thousands):

	For the three months ended March 31, 2025
	Fekola Mine	Masbate Mine	Otjikoto Mine	Corporate	Total
	$	$	$	$	$

Production costs	89,025	38,016	34,953	—	161,994
Royalties and production taxes	29,494	7,378	5,934	—	42,806
Corporate administration	2,937	527	1,349	6,989	11,802
Share-based payments – RSUs/DSUs/PSUs/RPUs⁽¹⁾	15	—	—	3,538	3,553
Community relations	482	102	415	—	999
Reclamation liability accretion	615	345	263	—	1,223
Realized losses on derivative contracts	113	39	23	—	175
Sustaining lease expenditures	919	316	340	427	2,002
Sustaining capital expenditures⁽²⁾	46,526	6,862	3,607	—	56,995
Sustaining mine exploration⁽²⁾	—	16	493	—	509

Total all-in sustaining costs	170,126	53,601	47,377	10,954	282,058

Gold sold (ounces)	87,808	44,450	51,740	—	183,998

All-in sustaining cost per ounce ($/ gold ounce sold)	1,937	1,206	916	—	1,533

^{(1) Included as a component of Share-based payments on the Statement of operations.}

^{(2) Refer to Sustaining capital expenditures and}
^Sustaining
^{mine exploration reconciliations below.}

The table below shows a reconciliation of sustaining capital expenditures to operating mine capital expenditures as extracted from the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 (dollars in thousands):

	For the three months ended March 31, 2025
	Fekola Mine		Masbate Mine		Otjikoto Mine	Total
	$		$		$	$

Operating mine capital expenditures	64,003		7,733		3,607	75,343
Fekola underground	(17,477	)	—		—	(17,477	)
Other	—		(871	)	—	(871	)

Sustaining capital expenditures	46,526		6,862		3,607	56,995

The table below shows a reconciliation of sustaining mine exploration to operating mine exploration as extracted from the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 (dollars in thousands):

	For the three months ended March 31, 2025
	Fekola Mine	Masbate Mine		Otjikoto Mine		Total
	$	$		$		$

Operating mine exploration	—	420		1,831		2,251
Regional exploration	—	(404	)	(1,338	)	(1,742	)

Sustaining mine exploration	—	16		493		509

The table below shows a reconciliation of all-in sustaining costs per ounce to production costs as extracted from the unaudited condensed interim consolidated financial statements on a consolidated and a mine-by-mine basis for the three months ended March 31, 2024 (dollars in thousands):

	For the three months ended March 31, 2024
	Fekola Mine		Masbate Mine		Otjikoto Mine		Corporate	Total		Calibre equity investment	Grand Total
	$		$		$		$	$		$	$

Production costs	85,105		42,771		28,869		—	156,745		11,905	168,650
Royalties and production taxes	20,395		5,390		4,242		—	30,027		854	30,881
Corporate administration	2,727		514		1,480		9,417	14,138		561	14,699
Share-based payments – RSUs/DSUs/PSUs/RPUs⁽¹⁾	33		—		—		4,973	5,006		—	5,006
Community relations	145		13		331		—	489		—	489
Reclamation liability accretion	435		301		238		—	974		—	974
Realized gains on derivative contracts	(218	)	(144	)	(31	)	—	(393	)	—	(393	)
Sustaining lease expenditures	84		318		554		492	1,448		—	1,448
Sustaining capital expenditures⁽²⁾	67,870		8,249		12,898		—	89,017		1,755	90,772
Sustaining mine exploration⁽²⁾	1,302		734		702		—	2,738		—	2,738

Total all-in sustaining costs	177,878		58,146		49,283		14,882	300,189		15,075	315,264

Gold sold (ounces)	123,828		47,700		51,450		—	222,978		11,377	234,355

All-in sustaining cost per ounce ($/ gold ounce sold)	1,436		1,219		958		—	1,346		1,325	1,345

^{(1) Included as a component of Share-based payments on the Statement of operations.}

^{(2) Refer to Sustaining capital expenditures and}
^Sustaining
^{mine exploration reconciliations below}

	For the three months ended March 31, 2024
	Fekola Mine		Masbate Mine		Otjikoto Mine		Total		Calibre equity investment	Grand Total
	$		$		$		$		$	$

Operating mine capital expenditures	80,562		8,530		13,813		102,905		1,755	104,660
Fekola underground	(11,104	)	—		—		(11,104	)	—	(11,104	)
Road construction	(1,588	)	—		—		(1,588	)	—	(1,588	)
Land acquisition	—		(71	)	—		(71	)	—	(71	)
Other	—		(210	)	(915	)	(1,125	)	—	(1,125	)

Sustaining capital expenditures	67,870		8,249		12,898		89,017		1,755	90,772

	For the three months ended March 31, 2024
	Fekola Mine	Masbate Mine		Otjikoto Mine		Total		Calibre equity investment	Grand Total
	$	$		$		$		$	$

Operating mine exploration	1,302	821		1,789		3,912		—	3,912
Regional exploration	—	(87	)	(1,087	)	(1,174	)	—	(1,174	)

Sustaining mine exploration	1,302	734		702		2,738		—	2,738

Adjusted net income and adjusted earnings per share – basic

Adjusted net income and adjusted earnings per share – basic are non-IFRS measures that do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines adjusted net income as net income attributable to shareholders of the Company adjusted for non-recurring items and also significant recurring non-cash items. The Company defines adjusted earnings per share – basic as adjusted net income divided by the basic weighted number of common shares outstanding.

Management believes that the presentation of adjusted net income and adjusted earnings per share – basic is appropriate to provide additional information to investors regarding items that we do not expect to continue at the same level in the future or that management does not believe to be a reflection of the Company’s ongoing operating performance. Management further believes that its presentation of these non-IFRS financial measures provide information that is useful to investors because they are important indicators of the strength of our operations and the performance of our core business. Accordingly, it is intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate this measure differently.

A reconciliation of net income to adjusted net income as extracted from the unaudited condensed interim consolidated financial statements is set out in the table below:

	Three months ended
	March 31,
	2025		2024
	$		$
	(000’s)		(000’s)

Net income attributable to shareholders of the Company for the period:	57,587		39,751

Adjustments for non-recurring and significant recurring non-cash items:
Write-down of mining property	5,118		—
Unrealized losses on derivative instruments	50,875		118
Realized gain on total return swap	(7,731	)	—
Change in fair value of gold stream	30,552		10,852
Loss on dilution of associate	—		9,982
Deferred income tax (recovery) expense	(14,551	)	20,800

Adjusted net income attributable to shareholders of the Company for the period	121,850		81,503

Basic weighted average number of common shares outstanding (in thousands)	1,318,390		1,303,191

Adjusted net earnings attributable to shareholders of the Company per share–basic ($/share)	0.09		0.06

For more information on B2Gold please visit the Company website at www.b2gold.com or contact:

Michael McDonald
VP, Investor Relations & Corporate Development
+1 604-681-8371
[email protected]

Cherry DeGeer
Director, Corporate Communications
+1 604-681-8371
[email protected]

May 7, 2025 6:45 pm

$TOCKHOLDER ALERT: The M&A Class Action Firm Continues Its Investigation Into The Merger – GLYC, BRZH, PRA, FVNNU

PR Newswire

NEW YORK
, May 7, 2025 /PRNewswire/ — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

GlycoMimetics, Inc. (NASDAQ:

GLYC

), relating to a proposed merger with First Crescent Biopharma, Inc. Under the terms of the agreement, pre-acquisition GlycoMimetics stockholders are expected to own approximately 3.1% of the combined Company.

Click here for more information https://monteverdelaw.com/case/glycomimetics-inc-glyc/. It is free and there is no cost or obligation to you.

Breeze Holdings Acquisition Corp. (OTC:

BRZH

), relating to its proposed merger with YD Biopharma Limited. Under the terms of the agreement, all Breeze Holdings ordinary shares will be converted into the right to receive one ordinary share of the surviving company.

Click here for more information: https://monteverdelaw.com/case/breeze-holdings-acquisition-corp-2/. It is free and there is no cost or obligation to you.

ProAssurance Corporation (NYSE: PRA), relating to the proposed merger with The Doctors Company. Under the terms of the agreement, ProAssurance stockholders will receive $25.00 per share in cash.

Click here for more
https://monteverdelaw.com/case/proassurance-corporation-pra/. It is free and there is no cost or obligation to you.

Future Vision II Acquisition Corp. (NASDAQ: FVNNU), relating to the proposed merger with Viwo Technology Inc. Under the terms of the agreement, Viwo shareholders will receive in the aggregate 9,950,250 shares of Future Vision valued at $10.05 per share.

Click here for more
https://monteverdelaw.com/case/future-vision-ii-acquisition-corp-fvnnu/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tockholder-alert-the-ma-class-action-firm-continues-its-investigation-into-the-merger–glyc-brzh-pra-fvnnu-302449232.html

SOURCE Monteverde & Associates PC

May 7, 2025 6:45 pm

Benjamin Heselton Joins Lamb Weston as Chief Information Officer

Benjamin Heselton Joins Lamb Weston as Chief Information Officer

EAGLE, Idaho–(BUSINESS WIRE)–
Lamb Weston Holdings, Inc. (NYSE: LW) announced that Benjamin (Ben) Heselton has joined the company as its chief information officer.

Heselton will lead the company’s global technology strategy and will serve as a critical point of contact between all areas of the company and its technology execution.

Heselton joins Lamb Weston from Wurth IT USA, where he served as the chief technology officer. As the leader of Wurth’s digital organization, Heselton oversaw IT services for all Wurth North American Operations, led new global software development, partnered with other Wurth global IT organizations, and was a founding member of the company’s Global Information Security Council. He held various roles during his 18 years with The Wurth Group, including Chief Information Officer, and VP of Information Technology and Project Management for other divisions.

“Ben brings a strong track record of technology leadership and a pragmatic, solutions-driven mindset that makes him a tremendous addition to our executive team,” said Mike Smith, president and chief executive officer of Lamb Weston. “His broad industry experience and strategic vision will help us accelerate digital innovation and elevate our global technology capabilities, ultimately driving greater value across our business.”

“I’m honored to step into the role of chief information officer at Lamb Weston,” said Ben Heselton. “I look forward to partnering with the Global Technology Services team and the broader organization to harness the power of technology in driving operational excellence, innovation, and long-term growth.”

About Lamb Weston

Lamb Weston is a leading supplier of frozen potato and sweet potato products to restaurants and retailers around the world. For 75 years, Lamb Weston has led the industry in innovation, introducing inventive products that simplify back-of-house management for our customers and make things more delicious for their customers. From the fields where Lamb Weston potatoes are grown to proactive customer partnerships, Lamb Weston always strives for more and never settles. Because, when we look at a potato, we see possibilities. Learn more about us at lambweston.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507855266/en/

Investors:

Deborah Hancock

208-202-7259

[email protected]

Media:

Erin Gardiner

208-202-7257

[email protected]

KEYWORDS: United States North America Idaho

INDUSTRY KEYWORDS: Food/Beverage Retail

MEDIA:

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May 7, 2025 6:44 pm

Oportun Announces Continued Board Evolution

SAN CARLOS, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced that its Board of Directors will nominate Carlos Minetti and Raul Vazquez for election at the Company’s 2025 Annual Meeting of Shareholders (the “Annual Meeting”). Scott Parker and R. Neil Williams will not stand for reelection at the Annual Meeting, and the Board will be reduced from ten to eight members at that time. If the Board’s recommended candidates are elected, three of the Board’s seven independent directors will have joined the Board within eighteen months of the Annual Meeting. Following the conclusion of Mr. Williams’ tenure on the Board, the Board will select a new Lead Independent Director.

“The Board has thoughtfully repositioned Oportun for continued success. As part of that process, we took a comprehensive look at how to maintain the Board’s strength and independence, as well as its diversity of experience and expertise,” said Mr. Williams. “After benchmarking against industry peers and corporate governance best practices, and considering the perspectives of our shareholders, we recognized that a smaller Board would be both more conventional and efficient. I have full confidence the Board will continue to provide effective guidance and hold management accountable as the Company executes its strategic initiatives.”

“On behalf of the Board, I’d like to thank Scott and Neil for their service and contributions to the Company. We wish them all the best in their future endeavors,” said Ginny Lee, Chair of the Nominating, Governance and Social Responsibility Committee. “Looking ahead, we remain focused on vigorous and independent oversight of the Company’s strategy and execution, with a goal of driving improved operating performance and delivering enhanced shareholder value.”

About Oportun

Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $19.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to our future performance and financial position, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events, financial trends and risks and uncertainties that we believe may affect our business, financial condition and results of operations. These risks and uncertainties include those risks described in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, we disclaim any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

Additional Information and Where to Find It

Oportun Financial Corporation (“Oportun”), its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with Oportun’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”). Oportun plans to file a proxy statement (the “2025 Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting.

Jo Ann Barefoot, Mohit Daswani, Ginny Lee, Carlos Minetti, Louis Miramontes, Scott Parker, Sandra A. Smith, Richard Tambor, Raul Vazquez and R. Neil Williams, all of whom are members of Oportun’s board of directors, are participants in Oportun’s solicitation. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the 2025 Proxy Statement and other relevant documents to be filed with the SEC in connection with the Annual Meeting. Information relating to the foregoing can also be found in Oportun’s definitive proxy statement for its 2024 Annual Meeting of Stockholders (the “2024 Proxy Statement”), which was filed with the SEC on May 13, 2024, and is available here. Particular attention is directed to the sections of the 2024 Proxy Statement captioned “Directors, Executive Officers and Corporate Governance,” “Non-Employee Director Compensation,” “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” “Executive Compensation” and “Certain Relationships and Related Transactions.” To the extent that holdings of such participants in Oportun’s securities have changed since the amounts printed in the 2024 Proxy Statement, such changes have been reflected on the following filings: for Ms. Barefoot, on June 28, 2024; for Mr. Daswani, on June 28, 2024 and December 13, 2024; for Ms. Lee, on June 28, 2024; for Mr. Minetti, on June 28, 2024 and December 13, 2024; for Mr. Miramontes, on June 28, 2024; for Mr. Parker, on April 25, 2024, June 18, 2024, and June 28, 2024; for Ms. Smith, on June 28, 2024; for Mr. Tambor, on June 28, 2024 and June 28, 2024; for Mr. Vazquez, on June 18, 2024, September 12, 2024, December 2, 2024, March 12, 2025, and April 4, 2025; and for Mr. Williams, on June 28, 2024 and December 11, 2024.

Promptly after filing its definitive 2025 Proxy Statement with the SEC, Oportun will mail the definitive 2025 Proxy Statement and a GREEN proxy card to each stockholder entitled to vote at the Annual Meeting. STOCKHOLDERS ARE URGED TO READ THE 2025 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT OPORTUN WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, Oportun’s proxy statement (in both preliminary and definitive form), any amendments or supplements thereto, and any other relevant documents filed by Oportun with the SEC in connection with the Annual Meeting at the SEC’s website, which is located here. Copies of Oportun’s definitive 2025 Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by Oportun with the SEC in connection with the Annual Meeting will also be available, free of charge, at Oportun’s website, which is located here, or by writing to Investor Relations, Oportun Financial Corporation, 2 Circle Star Way, San Carlos, CA 94070. In addition, copies of these materials may be requested, free of charge, from Oportun’s proxy solicitor, Innisfree M&A Incorporated, by calling toll-free to (877) 800-5195.

Investor Contact

Dorian Hare
(650) 590-4323
[email protected]

Innisfree M&A Incorporated
Scott Winter / Gabrielle Wolf / Jonathan Kovacs
(212) 750-5833

Media Contact

John Christiansen / Bryan Locke
FGS Global
[email protected]

May 7, 2025 6:44 pm

MISTRAS Announces First Quarter 2025 Results

Reinvigorated senior leadership with recently on-boarded, high-caliber positions with proven industry experience, to focus on delivering value to customers

Integrated Data Solutions capabilities for customers worldwide combining data-centric services, software solutions, and technology, to evolve a scalable, full life cycle asset protection ecosystem

Unified accredited laboratories with integrated service capabilities, to significantly reduce cycle times, increase speed to market and simplify quality assurance across Aerospace and Defense platform

PRINCETON JUNCTION, N.J., May 07, 2025 (GLOBE NEWSWIRE) — MISTRAS Group, Inc. (MG: NYSE), a leading “one source” multinational provider of integrated technology-enabled asset protection solutions, reported financial results for its first quarter ended March 31, 2025.

Highlights for the First Quarter 2025*

Revenue of $161.6 million, a decrease of 12.4%
Gross profit of $40.9 million, with gross profit margin of 25.3%, an increase of 30 basis points
Selling, general, and administrative (“SG&A”) expenses of $35.7 million, down 1.7%
Net loss of $3.2 million inclusive of Special items of $3.6 million, with Adjusted EBITDA of $12.0 million
Net cash provided by operating activities of $5.6 million, an increase of $5.0 million

*All comparisons are consolidated and versus the equivalent prior year period, unless otherwise noted and give effect to the reclassification of certain overhead and personnel expenses in the consolidated statement of income (loss) from SG&A to cost of revenue. Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about the non-GAAP financial measures set forth in tables attached to this press release.

Natalia Shuman, President and Chief Executive Officer commented “despite the larger than anticipated year-over-year decline in revenue driven by overall market uncertainty, we were nevertheless able to rapidly calibrate costs and expenses down during the first quarter to our revenue level, in order to preserve our operational metrics. With a continued focus on cost and expense management, including a reduction in our administrative support functional costs, and coupled with anticipated revenue growth across all primary industries, we are confident these drivers will provide an improvement in key profitability measures over the remainder of the year.”

Ms. Shuman continued, “we are closely monitoring potential industry headwinds caused by global market uncertainty driven by our customers’ reactions to tariffs and other market conditions, changes to U.S. trade policy and other market conditions, and the potential impact this could have on our global businesses. We are well positioned to maintain share in the primary industries we serve by leveraging our proprietary technological advantages and testing methods. We are also focusing on our other existing end markets such as Industrials, Infrastructure, & Other Process Industries, where our testing and inspection services as well as data analytics would be enablers to drive growth in the future.”

For the first quarter of 2025, consolidated revenue was $161.6 million, a decrease of 12.4% from the first quarter of 2024. This decline was primarily driven by a $16.6 million decrease in Oil & Gas market revenues and declines in other key markets due to macroeconomic demand factors, which was partially offset by growth in the Industrials market. The overall Oil & Gas revenue decline was primarily driven by modest spring turnaround activity as anticipated, along with unexpected softness in demand in the Midstream sector.

Although gross profit declined in the first quarter of 2025, gross profit margin nevertheless increased 30 basis points. This improvement was due to lower healthcare claims expense in the current year period and a favorable sales mix.

The Company’s results reflect certain overhead and personnel expenses which have been reclassified in the Consolidated Statements of Income (loss) from SG&A to Cost of Revenue, as it is determined this reclassification would be preferable as it provides greater transparency regarding the true cost of the Company’s revenue and aligns with how the business is managed. These overhead and personnel costs, which were determined to be directly related to the Company’s delivery of services, are generally variable to revenue being recognized and results in gross profit that fully encompasses all costs necessary to generate that revenue. The reclassification recorded within the financials was $6.0 million and $4.9 million for the three months ended March 31, 2025 and March 31, 2024.

SG&A in the first quarter of 2025 was $35.7 million, down $0.6 million or 1.7%, from the prior year comparable period despite adverse foreign exchange translation within SG&A of $0.9 million. This decrease in SG&A reflects the continued cost discipline and focus on calibration of overhead costs relative to the revenue level achieved.

The Company reported a quarterly net loss of $3.2 million, or ($0.10) per share, compared to a net income of $1.0 million or $0.03 per share in the prior year period. Net loss excluding Special Items (non-GAAP) was ($0.3) million, or ($0.01) per share for the first quarter of 2025, compared to a net income of $2.2 million, or $0.07 per share in the prior year period.

Adjusted EBITDA was $12.0 million in the first quarter of 2025, compared to $16.2 million in the prior year period, a decline of 25.4%. Nevertheless, Adjusted EBITDA for the first quarter of 2025 was the second highest first quarter Adjusted EBITDA performance for the Company over the last five years.

Cash Flow and Balance Sheet

The Company’s net cash provided by operating activities was $5.6 million for the first quarter of 2025, compared to $0.6 million in the prior year period. Free cash flow (non-GAAP) was negative $0.2 million for the first quarter of 2025, compared to negative $5.3 million in the prior year period. The Company’s improved free cash flow was primarily attributable to a favorable working capital reduction compared to the prior year period.

The Company’s gross debt was $171.9 million as of March 31, 2025, compared to $169.6 million as of December 31, 2024. The Company is typically a net borrower in the first quarter of each year and remains committed to using free cash flow to fund strategic capital expenditures and reduce debt throughout the remainder of 2025.

Reorganization and Other Costs

For the first quarter of 2025, the Company recorded $3.1 million of reorganization and other costs related to continued calibration of the Company’s support, overhead, and other related costs.

2025 Outlook

The Company is not providing full year guidance for fiscal 2025 due to unprecedented market uncertainty as a result of tariffs, changes to U.S. trade policy and other market conditions and while the new CEO is still reviewing the Company’s entire portfolio of businesses.

Conference Call

In connection with this release, MISTRAS will hold a conference call on May 8, 2025, at 9:00 a.m. Eastern Standard Time.

To listen to the live webcast of the conference call, visit the Investor Relations section of MISTRAS Group’s website at www.mistrasgroup.com.

Individuals may pre-register at: https://mistras-q1-earnings.open-exchange.net/.

Following the conference call, an archived webcast of the call will be available for one year by visiting the Investor Relations section of MISTRAS Group’s website.

About MISTRAS Group, Inc. – One Source for Asset Protection Solutions®

MISTRAS Group, Inc. (NYSE: MG) is a global leader in technology-enabled industrial asset integrity solutions, serving critical industries including oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure. The company provides a diversified portfolio of products and services, ranging from advanced non-destructive testing and pipeline inspections to real-time condition monitoring, maintenance planning, and specialized engineering, powered by a proprietary management software suite that centralizes integrity data for predictive analytics and benchmark analysis. With a long-standing track record of innovation and deep industry expertise, MISTRAS helps clients reduce risk, extend asset life, and optimize operational performance. Learn more at www.mistrasgroup.com.

INVESTORS CONTACT:

Edward Prajzner
Senior Executive Vice President & Chief Financial Officer
+1 (833) MISTRAS | [email protected]

Forward-Looking and Cautionary Statements

Certain statements contained in this press release are “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, as amended. Such forward-looking statements include, but are not limited to, the impacts of foreign currency exchange risks and recently announced U.S. foreign tariffs and changes to U.S trade policy on our business and financial results, and additional operational and strategic actions that we expect or seek to take in furtherance of our strategies and activities to enhance our financial results and future growth. Such forward-looking statements relate to MISTRAS’ financial results and estimates, products and services, business model, operational and strategic initiatives to improve operating leverage, strategy, growth opportunities, profitability and competitive position, and other matters. These forward-looking statements generally use words such as “future,” “possible,” “potential,” “targeted,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “project,” “will,” “may,” “should,” “could,” “would” and other similar words and phrases. Such statements are not guarantees of future performance or results and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved, if at all. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. A list, description and discussion of these and other risks and uncertainties can be found in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S Securities and Exchange Commission filed on March 11, 2025, as updated by our reports on Form 10-Q and Form 8-K. The forward-looking statements are made as of the date hereof, and MISTRAS undertakes no obligation to update such statements as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with generally accepted accounting principles in the U.S. (GAAP), this press release also contains adjusted financial measures that are not prepared in accordance with GAAP and that we believe provide investors and management with supplemental information relating to the Company’s operating performance and trends that facilitate comparisons between periods and with respect to trends and projected information. The term “Adjusted EBITDA” used in this release is a financial measure not calculated in accordance with GAAP and is defined by the Company as net income attributable to MISTRAS Group, Inc. plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense, certain acquisition related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange (gain) loss, non-cash impairment charges, reorganization and other costs and, if applicable, certain additional special items which are noted. A reconciliation of Adjusted EBITDA to Net Income (Loss) as computed under GAAP is set forth in a table attached to this press release. The Company also uses the term “free cash flow”, a non-GAAP financial measure the Company defines as cash provided by operating activities less capital expenditures (which is classified as an investing activity). The Company additionally uses the terms:

“Segment and Total Company Income (Loss) from Operations (GAAP) to Income (Loss) from Operations before Special Items (non-GAAP)”, “Net Income (Loss) (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special Items (non-GAAP) and Diluted EPS Excluding Special Items (non-GAAP)” which reconciles the non-GAAP amounts to the GAAP financial measure. This press release also includes the term “net debt”, a non-GAAP financial measure which the Company defines as the sum of the current and long-term portions of long-term debt, less cash and cash equivalents. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are also set forth in tables attached to this press release. Each of these non-GAAP financial measures has material limitations as a performance or liquidity measure and should not be considered alternatives to Net Income (Loss) or any other measures derived in accordance with GAAP. Because Income (loss) from operations before special items and other non-GAAP financial measures used in this press release may not be calculated in the same manner by all companies, these measures may not be comparable to other similarly titled measures used by other companies.

Mistras Group, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data)

	March 31, 2025			December 31, 2024
ASSETS	(unaudited)
Current Assets
Cash and cash equivalents	$	18,536		$	18,317
Accounts receivable, net		128,192			127,281
Inventories		14,141			14,485
Prepaid expenses and other current assets		15,104			12,387
Total current assets		175,973			172,470
Property, plant and equipment, net		82,796			80,892
Intangible assets, net		39,187			39,708
Goodwill		181,530			181,442
Deferred income taxes		6,351			6,267
Other assets		40,952			42,259
Total assets	$	526,789		$	523,038
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$	13,385		$	11,128
Accrued expenses and other current liabilities		85,485			85,233
Current portion of long-term debt		12,374			11,591
Current portion of finance lease obligations		5,735			5,317
Income taxes payable		573			1,656
Total current liabilities		117,552			114,925
Long-term debt, net of current portion		159,500			158,056
Obligations under finance leases, net of current portion		15,871			15,162
Deferred income taxes		2,093			1,973
Other long-term liabilities		32,772			34,027
Total liabilities		327,788			324,143
Commitments and contingencies
Equity
Preferred stock, 10,000,000 shares authorized		—			—
Common stock, $0.01 par value, 200,000,000 shares authorized, 31,325,787 and 31,010,375 shares issued and outstanding		406			402
Additional paid-in capital		251,629			250,832
Accumulated deficit		(13,170	)		(9,984	)
Accumulated other comprehensive loss		(40,200	)		(42,682	)
Total Mistras Group, Inc. stockholders’ equity		198,665			198,568
Noncontrolling interests		336			327
Total equity		199,001			198,895
Total liabilities and equity	$	526,789		$	523,038

Mistras Group, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Income (Loss) (in thousands, except per share data)

	Three months ended March 31,
	2025			2024

Revenue	$	161,615		$	184,442
Cost of revenue		115,286			132,355
Depreciation		5,437			5,934
Gross profit		40,892			46,153
Selling, general and administrative expenses		35,652			36,252
Environmental expense		540			—
Reorganization and other costs		3,087			1,558
Research and engineering		299			343
Depreciation and amortization		2,326			2,447
(Loss) income from operations		(1,012	)		5,553
Interest expense		3,324			4,430
(Loss) income before (benefit) provision for income taxes		(4,336	)		1,123
(Benefit) provision for income taxes		(1,168	)		119
Net (loss) income		(3,168	)		1,004
Less: net income attributable to noncontrolling interests, net of taxes		18			9
Net (loss) income attributable to Mistras Group, Inc.	$	(3,186	)	$	995

Net (loss) income per common share
Basic	$	(0.10	)	$	0.03
Diluted	$	(0.10	)	$	0.03
Weighted-average common shares outstanding:
Basic		31,095			30,680
Diluted		31,095			31,356

Mistras Group, Inc. and Subsidiaries Unaudited Operating Data by Segment (in thousands)

	Three months ended March 31,
	2025			2024
Revenues
North America	$	128,902		$	150,349
International		33,214			33,047
Products and Systems		3,091			3,210
Corporate and eliminations		(3,592	)		(2,164	)
	$	161,615		$	184,442


	Three months ended March 31,
	2025			2024
Gross profit
North America	$	30,165		$	35,245
International		9,088			9,269
Products and Systems		1,623			1,613
Corporate and eliminations		16			26
	$	40,892		$	46,153

Mistras Group, Inc. and Subsidiaries Unaudited Revenues by Category (in thousands)

Revenue by industry was as follows:

Three Months Ended March 31, 2025	North America		International		Products & Systems		Corp/Elim			Total
Oil & Gas	$	85,731	$	10,646	$	187		—		$	96,564
Aerospace & Defense		14,007		6,281		116		—			20,404
Industrials		11,688		6,517		365		—			18,570
Power Generation & Transmission		3,224		985		444		—			4,653
Other Process Industries		6,501		3,744		8		—			10,253
Infrastructure, Research & Engineering		3,701		2,562		958		—			7,221
Petrochemical		2,523		110		—		—			2,633
Other		1,527		2,369		1,013		(3,592	)		1,317
Total	$	128,902	$	33,214	$	3,091	$	(3,592	)	$	161,615

Three Months Ended March 31, 2024	North America		International		Products & Systems		Corp/Elim			Total
Oil & Gas	$	103,027	$	10,066	$	72		—		$	113,165
Aerospace & Defense		15,375		6,732		11		—			22,118
Industrials		8,909		5,853		437		—			15,199
Power Generation & Transmission		3,592		1,682		578		—			5,852
Other Process Industries		7,928		3,933		39		—			11,900
Infrastructure, Research & Engineering		3,972		2,205		409		—			6,586
Petrochemical		3,813		531		—		—			4,344
Other		3,733		2,045		1,664		(2,164	)		5,278
Total	$	150,349	$	33,047	$	3,210	$	(2,164	)	$	184,442

Oil & Gas Revenue by sub-industry was as follows:

	Three months ended March 31,
	2025		2024
	($ in thousands)
Oil and Gas Revenue
Upstream	$	40,251	$	41,767
Midstream		15,808		21,392
Downstream		40,505		50,006
Total	$	96,564	$	113,165

Consolidated Revenue by type was as follows:

	Three months ended March 31,
	2025		2024
	($ in thousands)
Field Services	$	110,175	$	126,355
Shop Laboratories		15,029		17,195
Data Analytical Solutions		13,981		15,539
Other		22,430		25,353
Total	$	161,615	$	184,442

Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Segment and Total Company Income (Loss) from Operations (GAAP) to Income (Loss) from Operations before Special Items (non-GAAP) (in thousands)

	Three months ended March 31,
	2025			2024

North America:
Income from operations (GAAP)	$	6,515		$	13,561
Reorganization and other costs		1,358			—
Income from operations before special items (non-GAAP)	$	7,873		$	13,561
International:
Income from operations (GAAP)	$	1,081		$	1,124
Reorganization and other costs		178			102
Income from operations before special items (non-GAAP)	$	1,259		$	1,226
Products and Systems:
Income from operations (GAAP)	$	327		$	314
Reorganization and other costs		151			2
Income from operations before special items (non-GAAP)	$	478		$	316
Corporate and Eliminations:
Loss from operations (GAAP)	$	(8,935	)	$	(9,446	)
Environmental expense		540			—
Reorganization and other costs		1,400			1,454
Loss from operations before special items (non-GAAP)	$	(6,995	)	$	(7,992	)
Total Company:
(Loss) income from operations (GAAP)	$	(1,012	)	$	5,553
Environmental expense		540			—
Reorganization and other costs		3,087			1,558
Income from operations before special items (non-GAAP)	$	2,615		$	7,111

Mistras Group, Inc. and Subsidiaries Unaudited Summary Cash Flow Information (in thousands)

	Three months ended March 31,
	2025			2024
Net cash provided by (used in):
Operating activities	$	5,645		$	604
Investing activities		(5,414	)		(5,648	)
Financing activities		(702	)		5,127
Effect of exchange rate changes on cash		690			(874	)
Net change in cash and cash equivalents	$	219		$	(791	)

Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP) (in thousands)

	Three months ended March 31,
	2025			2024

Net cash provided by operating activities (GAAP)	$	5,645		$	604
Less:
Purchases of property, plant and equipment		(4,555	)		(4,804	)
Purchases of intangible assets		(1,267	)		(1,117	)
Free cash flow (non-GAAP)	$	(177	)	$	(5,317	)

Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Gross Debt (GAAP) to Net Debt (non-GAAP) (in thousands)

	March 31, 2025			December 31, 2024

Current portion of long-term debt	$	12,374		$	11,591
Long-term debt, net of current portion		159,500			158,056
Total Debt (Gross)		171,874			169,647
Less: Cash and cash equivalents		(18,536	)		(18,317	)
Total Debt (Net)	$	153,338		$	151,330

Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Net Income (Loss) (GAAP) to Adjusted EBITDA (non-GAAP) (in thousands)

	Three Months Ended March 31,
	2025			2024

Net (loss) income (GAAP)	$	(3,168	)	$	1,004
Less: Net income attributable to non-controlling interests, net of taxes		18			9
Net (loss)/income attributable to Mistras Group, Inc.	$	(3,186	)	$	995
Interest expense		3,324			4,430
Income tax (benefit)/expense		(1,168	)		119
Depreciation and amortization		7,763			8,381
Share-based compensation expense		1,302			1,228
Reorganization and other costs⁽¹⁾		3,087			1,558
Environmental expense		540			—
Foreign exchange loss (gain)		374			(561	)
Adjusted EBITDA (non-GAAP)	$	12,036		$	16,150


⁽¹⁾ For the three months ended March 31, 2025, the Company recognized share-based compensation expense within Reorganization and other costs of $1.0 million.

Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Net Income (Loss) (GAAP) and Diluted EPS (GAAP) to Net Income (Loss) Excluding Special Items (non-GAAP) and Diluted EPS Excluding Special Items (non-GAAP) (tabular dollars in thousands, except per share data)

	Three Months Ended March 31,
	2025			2024
Net (loss) income attributable to Mistras Group, Inc. (GAAP)	$	(3,186	)	$	995
Special items		3,627			1,558
Tax impact on special items		(781	)		(381	)
Special items, net of tax	$	2,846		$	1,177
Net (loss) income attributable to Mistras Group, Inc. Excluding Special Items (non-GAAP)	$	(340	)	$	2,172

Diluted EPS (GAAP) ⁽¹⁾	$	(0.10	)	$	0.03
Special items, net of tax		0.09			0.04
Diluted EPS Excluding Special Items (non-GAAP)	$	(0.01	)	$	0.07


⁽¹⁾ For the three months ended March 31, 2025, 145,000 shares related to stock options and 808,000 shares related to restricted stock units were excluded from the calculation of diluted (loss) earnings per share due to the net loss for the period.

May 7, 2025 6:44 pm

UPS Announces Quarterly Dividend

UPS Announces Quarterly Dividend

ATLANTA–(BUSINESS WIRE)–
UPS (NYSE: UPS) today announced its regular quarterly dividend of $1.64 per share on all outstanding Class A and Class B shares.

The dividend is payable June 5, 2025, to shareowners of record on May 19, 2025.

Commitment to the dividend is one of UPS’s core principles and a hallmark of the company’s financial strength. UPS has either maintained or increased its dividend each year since going public in 1999.

About UPS

UPS (NYSE: UPS) is one of the world’s largest companies, with 2024 revenue of $91.1 billion, and provides a broad range of integrated logistics solutions for customers in more than 200 countries and territories. Focused on its purpose statement, “Moving our world forward by delivering what matters,” the company’s approximately 490,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world. More information can be found at ups.com, about.ups.com and investors.ups.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250507539041/en/

Contacts:

UPS Media Relations

404-828-7123

[email protected]

UPS Investor Relations

404-828-6059 (Option 4)

[email protected]

KEYWORDS: United States North America Georgia

INDUSTRY KEYWORDS: Trucking Air Transport Logistics/Supply Chain Management

MEDIA:

Logo

May 7, 2025 6:43 pm

Brink’s Increases Quarterly Dividend for Third Consecutive Year

RICHMOND, Va., May 07, 2025 (GLOBE NEWSWIRE) — The board of directors of The Brink’s Company (NYSE:BCO) today declared a regular quarterly dividend of $0.255 cents per share on the company’s common stock, an increase of 5%. The dividend is payable on June 2, 2025, to shareholders of record on May 19, 2025.

About The Brink’s Company

The Brink’s Company (NYSE:BCO), a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our network of operations in 51 countries serves customers in more than 100 countries. For more information, please visit our website at www.brinks.com or call 804-289-9709.

Contact:

Investor Relations
804.289.9709

May 7, 2025 6:43 pm

Sprott Inc. Announces Results of its Annual Meeting of Shareholders

TORONTO, May 07, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (“Sprott”) (NYSE/TSX: SII) announced today the results of its Annual Meeting of shareholders held on May 7, 2025 (the “Meeting”). Sprott is pleased to announce that all resolutions put forward in the Management Information Circular dated March 18, 2025 (the “Circular”) to its shareholders were approved.

Results of the matters voted on at the Meeting are set out below.

Election of Directors

Sprott’s seven (7) director nominees were elected:

Nominee	Votes For (percent)	Votes Withheld (percent)
Ronald Dewhurst	94.957%	5.043%
Graham Birch	99.529%	0.471%
Barbara Connolly Keady	97.844%	2.156%
Dinaz Dadyburjor	98.813%	1.187%
Whitney George	98.876%	1.124%
Judith O’Connell	94.926%	5.074%
Catherine Raw	95.496%	4.504%

Appointment of Auditors

KPMG LLP, Chartered Accountants, was re-appointed as auditor of Sprott and the board of directors of Sprott was authorized to fix the auditors’ remuneration and terms of engagement.

Votes For (percent): 98.600%

Votes Withheld (percent): 1.400%

For further details on each of the above matters, please refer to the Circular available under Sprott’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.com.

Final voting results on all matters voted on at the Meeting will be filed on SEDAR+ at www.sedarplus.com.

About Sprott

Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

Investor contact information:

Glen Williams
Senior Managing Partner
Investor and Institutional Client Relations
(416) 943-4394
[email protected]

May 7, 2025 6:42 pm

Flutter Q1 2025 – Shareholder Letter

Flutter Entertainment Reports First Quarter 2025 Financial Results

DUBLIN and TORONTO and NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — Flutter Entertainment (NYSE: FLUT; LSE: FLTR) (“Flutter”) the world’s leading online sports betting and iGaming operator today announces Q1 results, and updates 2025 guidance.

Flutter has today issued a letter to shareholders along with a press release announcing the financial results for the quarter ended March 31, 2025.

A copy of the letter is enclosed, and both the letter and the press release are available on Flutter’s website at www.flutter.com/investors.

Contacts:

Investor Relations:	Media Relations:
Paul Tymms, Investor Relations	Kate Delahunty, Corporate Communications
Ciara O’Mullane, Investor Relations	Lindsay Dunford, Corporate Communications
Chris Hancox, Investor Relations	Rob Allen, Corporate Communications
Email: [email protected]	Email: [email protected]

To our shareholders

I am delighted to present the first of our quarterly shareholder letters, in which I will reflect on Flutter’s long term growth opportunity and our strategic progress, alongside the most recent quarter’s performance.

Introduction

It is now just over 15 months since Flutter listed on the New York Stock Exchange and almost a year since our US primary listing became effective, making it a suitable time to reflect on Flutter’s differentiated positioning and the significant global opportunity we see ahead. My leadership team and I set out Flutter’s compelling growth trajectory at our Investor Day in September 2024, and I remain very excited about that opportunity. We believe that:
We have a compelling strategy, a strong track record of success, and importantly we are focused on growing our business sustainably. Our commitment to Responsible Gaming is central to our long term plan
Flutter has access to a significant global market and runway of growth with the regulated sports betting and iGaming market expected to be worth c.$368bn by 2030¹
Our diversified portfolio of local hero brands are winning in their respective markets with leading positions and local scale advantages
The Flutter Edge is our key sustainable competitive advantage and global differentiator which enables our local brands to both access and contribute to leading global capabilities across product, technology, expertise and scale
This all combines to drive our value creation model which we believe positions us as an “and” business, meaning we have the ability to invest across multiple opportunities at once. We can invest organically behind strong returns, and execute value creative M&A, and deliver returns to shareholders

We believe these attributes set Flutter apart and will continue to power our growth and value creation.

I continue to be really pleased with how the scaling of our US business is driving a step change in the earnings profile of the Group. Our international business is also demonstrating the benefits of scale and diversification, with particularly strong performances in SEA and India. These factors combined to drive year-over-year net income and adjusted EBITDA² growth of 289% and 20% respectively in the quarter.

As the global economic outlook has shifted, in particular in the US, focus has been on the potential impact on online sports betting and iGaming. Our business is resilient and we believe Flutter’s historical performance is instructive. For example, during previous periods of consumer pressure in our International markets, we saw no discernible impact on our businesses, and we have conviction that online sports-betting and iGaming have strong defensive characteristics over the long-term.

Our teams are focused on execution and delivering results on a daily basis, but it is important to remember that we run the business for the long-term, often making decisions that impact short-term profitability, for the greater benefit of longer-term profitability. The nature of sports results will also influence our quarterly results, as we have seen in our most recent quarters, but over time these are transient and do not compromise our compelling growth model and long term value creation opportunity.

Our position as an “and” business is clear to see as we completed another major milestone in the expansion of our portfolio in Italy with the acquisition of Snai, and the imminent acquisition of NSX in Brazil, and the continuation of our share buyback program. With strong organic performance and multiple levers to drive value creation, we remain very confident in our long-term outlook and targets.

US update

US leadership maintained

We are continuing to win in the US, powered by our world-class customer proposition. AMPs³ grew by 11% to more than 4.3m. This performance underpinned our clear leadership position with sports betting and iGaming gross gaming revenue market shares of 43% and 27% respectively in the quarter and a 48% net gaming revenue (NGR) sportsbook share⁴.

US sportsbook innovation continues

Our proprietary pricing capability, and always-on approach to innovation driven by the Flutter Edge, enables delivery of our market-leading sportsbook product for our US customers. We believe the richness of the FanDuel product offering is unmatched and this product advantage continues to drive our expected structural hold progression, reaching 14.1% in the quarter.

We are really excited about our next-generation pricing capability. Through a highly intuitive customer interface, enabled by new revolutionary pricing technology, customers will be able to choose from an almost infinite number of outcomes across the most relevant and immersive betting markets. Your Way is the first surfacing of this pricing capability to customers, and the results to date have been encouraging. The opportunities that this unlocks are unique and we believe create an amazing platform for long-term innovation across both our US and International markets.

Other new and innovative features launched during the quarter included Parlay Your Bracket for March Madness college basketball, helping drive an increase in Same Game Parlay penetration in the quarter. We also launched Bet back tokens, a first to market generosity mechanic, which allow customers to turn their losing bet into a bonus bet. More than a quarter of all March Madness customers engaged with the token.

Super Bowl LIX delivered record-breaking volumes, customer engagement and sports outcomes for FanDuel. Overall however, US sports results were customer friendly in the first quarter driven primarily by an unprecedented number of winning favorites during March Madness. As I have commented before, the nature of sports results means that over time, outcomes will naturally fluctuate around the average and it is these ups and downs that make sports so exciting and drives engagement. Precedent in our global markets shows that sport results can be seasonal but normalize in the long-term. For example, in the UKI, soccer results were very customer friendly in Q4 2021, Q4 2022 and again in Q4 2023 before reverting to operator friendly outcomes in Q4 2024 with a cumulative favorable impact from Q4 2021 to date of 15bps. Crucially we remain extremely confident in our sportsbook pricing and our ability to price each market based on its expected outcome. This means that over time, sports results, and therefore our gross revenue margins, will align to expected outcomes.

US iGaming strategy a clear success

Our focus on direct casino customers continues to deliver fantastic growth. Although only launched in March, our site-wide jackpots have already seen strong activity with over 35% of FanDuel customers engaging with the jackpot feature and more than 500 daily jackpot winners. We also rolled out more exclusive content to our players, with the first of our quarterly installments of the iconic Huff ‘n Puff family of games quickly becoming our #1 game across all states in the first 30 days. All these factors combined to grow our iGaming player base to 1m AMPs for the first time. The network effect of this large, engaged player base is significant, with refer-a-friend being our number one source of new customer acquisition, demonstrating the benefits of our scale and the strength of the FanDuel iGaming proposition.

Growth in pre-2024 US states underpins outlook

The combination of new customer acquisition and revenue margin expansion means growth in our more mature US states remains strong with online revenue growth of 9% in pre-2024 states⁵, even after adverse March Madness outcomes.

Handle growth in pre-2024 states was 5%. This was in-line with expectations, but lower than previous quarters, reflecting the continued shift to higher-revenue margin, but lower-handle parlay and Same Game Parlay products. Basketball handle growth was lower than anticipated, offset by growth in other sports. We believe this handle softness is specific to the basketball market, and we have a number of commercial and product initiatives that will specifically enhance basketball engagement next season. As we move into the summer season handle trends remain in line with expectations, with encouraging MLB trends.

It is worth remembering that handle growth is just one driver of our long-term revenue growth alongside product-driven structural gross revenue margin expansion, new customer acquisition, higher retention, wallet-share gains, and promotional spend efficiencies which all work to drive the most important output: our net revenue growth, and all before the benefit of any new state launches.

Best positioned to navigate US regulatory opportunities and challenges

The US regulatory landscape continues to evolve at an exciting pace, and our experienced government affairs teams continue to work on expanding the map in the US. We have seen some momentum during 2025, and we remain confident in both our 2030 expectations for population coverage, and the cadence of roll outs to 2027.

We are also closely monitoring the developments around futures markets and the potential direct and indirect opportunities for FanDuel to explore. We already operate what we believe is the world’s largest betting exchange, the Betfair Exchange, and we have vast experience in this space. Finally, we continue to impress on state law makers that tax rates must recognize the importance in fostering continued investment and enabling regulated markets to continue to grow at strong rates. We remain optimistic that states will take these factors into account as they evaluate taxation rates.

International update

International growth underpinned by Italy, as we add further scale with Snai

Outside of the US, performance across our newly formed International division continues to be positive, with year-over-year revenue growth of 1% (3% in constant currency⁶). We are benefiting from our scale and geographic and product diversification with good growth in our Southern Europe & Africa (SEA) region in particular.

We were delighted to welcome Snai into the Group last week. Snai’s large omnichannel presence adds further scale in Italy, enabling the SEA team to capitalize on the growth opportunity in Europe’s largest regulated market. The acquisition was completed on April 30^th and an extensive integration program is already underway. This will enable us to rapidly realize both the operational and financial benefits of the combination, share Flutter Edge capabilities, and deliver synergies in-line with our previous guidance.

I have previously referenced the opportunity to further expand our SEA footprint, and we recently submitted an offer through the tender process for the Italian Lotto with a majority position in a consortium of industry leaders. We believe the merits of this deal are compelling, in a market where we have demonstrated our extensive lottery experience through the success of our SuperEnalotto proposition and the key role lottery plays supporting our Italian leadership position. We anticipate the tender outcome will be announced within the next 3 months, and if successful, would further add to our scale position in SEA.

Performance within SEA has been very impressive driven by Sisal which achieved record high Italian quarterly market share of 15.4%⁷. The Sisal business is really benefitting from a combination of local expertise and execution, combined with the benefits of the Flutter Edge and being part of the larger Group. We are also seeing very strong growth in Turkey within SEA, where we have been able to expand our product portfolio online and benefit from very strong AMP growth.

Continue to leverage Flutter Edge capabilities in UKI & Australia

In UKI, year-over-year revenue growth of 2% moderated from previous quarters, in part due to the very operator friendly results in the corresponding 2024 quarter. Sportsbook handle was lower as a function of the increased mix of higher-revenue margin, lower-handle Same Game Parlay products, and softer volumes in the horse racing market outside of major festivals, including Cheltenham. UKI structural gross revenue margin continues to expand. This is driven by ongoing investment in our sportsbook product, including Super Sub, to offer even more markets, helping drive increased parlay penetration. The migration of our Sky Bet customers to our in-house platform is progressing well with over 25% of customers (over two million accounts) already migrated, with expected completion in Q2. The new platform will enable Sky Bet to fully access the benefits of the Flutter Edge and provide customers with an even better user experience.

The strength of our Asia Pacific (APAC) iGaming business, in India, is once again visible now that the tax changes in Q4 2023 have been lapped, delivering strong year-over-year iGaming revenue growth of 45% through continued disciplined customer and product investment. Within APAC sports, in Australia, we continue to face into the racing industry’s structural challenges. We have been able to partly offset our adverse racing handle trends by expanding our sports structural gross win margin through ongoing product-led improvements such as “The Feed” feature, which helped drive parlay penetration, alongside improved customer generosity sophistication.

M&A in Brazil remains on track as we augment an impressive portfolio of local hero brands

We have received regulatory clearance and expect to complete the acquisition of NSX during May, forming a new Flutter Brazil business, and putting us in an enhanced competitive position in a fast growing, newly regulated market. Betnacional brings a strong local management team, localized proprietary technology and a local hero brand which, alongside our existing Betfair Brazil business and Flutter Edge capabilities, will position us for success in this very exciting market.

Central and Eastern Europe (CEE), including Adjarabet and MaxBet, grew revenue by 15% year-over-year. In Georgia and Armenia we successfully launched new in-house games, while in Serbia, we deployed a new retail loyalty program which we believe will be critical in delivering on our omnichannel aspirations in the market.

Growing sustainably through our Positive Impact Plan

We recently published our second annual Sustainability Report, demonstrating how responsible gaming is central to our strategy. FanDuel’s My Spend tool, a responsible gaming dashboard designed to help customers manage their budgets, is a great example of how our responsible gaming strategy embeds sustainability into the products we offer our customers. During the 2024-2025 NFL Season, nearly half of FanDuel’s customers reviewed their play using My Spend. I’m proud of how our brands continue to lead the way in their local markets, and last year alone we invested $139 million to promote responsible gaming across our global operations, helping lead industry progress in this area.

Final thoughts

I am pleased with our first quarter performance, and remain extremely confident in the long-term fundamentals of our business. The global regulated market opportunity is significant and growing, and Flutter is uniquely positioned to win. I am excited by the opportunity for Flutter, and I look forward to continuing to execute on our key growth drivers over the remainder of 2025 and beyond.

Sincerely,

Peter Jackson

Flutter CEO

Q1 2025 financial highlights from our CFO

As Peter outlined, we believe we have the key components necessary to deliver long-term value creation. It is almost a year since I became Flutter CFO and over that time I have been really satisfied with our progress. We delivered underlying growth in Q1 in each component of our compelling financial growth story:

Group revenue growth of 8%, underpinned by our scale and diversification
Strong Group net income and adjusted EBITDA² growth of 289% and 20%, respectively
Capital optionality to invest organically, invest in M&A and return capital to our shareholders

Turning back to the quarter, we are reporting our Q1 financial performance using our new segmentation for the first time. We now report two segments, US and International, with unallocated corporate overhead⁸ separately disclosed. We will continue to provide context and detail regarding the key drivers of performance in International by region. This reflects how our operations are managed and resources are allocated following the reorganization of the business on January 1, 2025. We also believe this simplified structure will help external audiences understand the Flutter growth story more easily.

In the US, strong revenue growth year-over-year of 18% included sportsbook growth of 15%, despite the adverse March Madness outcomes, and very strong iGaming growth of 32%. Adjusted EBITDA was $161m, more than five times higher than the prior year as our business delivered significant operating leverage. Sales and marketing in particular saw good operating leverage of 750bps year-over-year due to the combination of our maturing state profile, and the impact of heightened North Carolina investment in the prior year. Our performance in the quarter also included partial mitigation of the increased taxes in Illinois introduced on July 1, 2024 in line with our previous guidance.

In International, revenue of $2bn and adjusted EBITDA of $518m for the quarter were +3% and +2%, respectively, versus the prior year on a constant currency⁶ basis.

This reflected a strong performance in our SEA and CEE regions combined with excellent iGaming growth in UKI and in APAC. Across the segment, sports results were marginally adverse year-over-year, comprising favorable results year-over-year in SEA and UKI, and unfavorable results in APAC.

Regional revenue growth across our International segment included the following key moving parts:

SEA revenue was 14% higher year-over-year driven by SEA AMP growth of 25% to 1.8m in the quarter. Sportsbook revenue growth of 27% benefitted from expanded structural gross margin and favorable sports results, with iGaming up 8%
APAC revenue was 13% lower year-over-year (8% on a constant currency basis) which includes excellent iGaming growth in India of 45% offset by 18% lower sportsbook revenues in Australia, where unfavorable sports results compounded the already highlighted horse racing market softness
APAC revenue was 13% lower year-over-year (8% on a constant currency basis) which includes excellent iGaming growth in India of 45% offset by 18% lower sportsbook revenues in Australia, where unfavorable sports results compounded the already highlighted horse racing market softness
CEE revenue grew 15%, Brazil revenue was 44% lower (36% on a constant currency basis) reflecting the newly regulated market registration challenges, while revenue in our Other regions was 12% lower driven by the impact of market exits and regulatory change

We operate with high levels of discipline, giving us the agility to respond to changing trends in our business. The business has many cost levers, and we set out a $300m cost saving program at our Investor Day, demonstrating our focus on driving operational and cost efficiency. We are making good progress – the migration of our Sky Bet customers to our in-house platform is on track to complete by the end of Q2, and the migration of PokerStars Italian customers onto Sisal technology is expected to be completed in Q3, a key milestone for the overall PokerStars transformation.

We are also ensuring we continue to make the right investments in the right areas. Flutter Edge investment within unallocated corporate overhead increased by $6m year-over-year, to drive product innovation and optimize the efficiency of the services we provide across the Group. Unallocated corporate costs increased by 75% year-over-year primarily due to the Flutter Edge investments and an $18m credit in the prior year relating to the settlement of historic litigation.

Overall Group net income grew 289%, while adjusted EBITDA grew 20%. Both measures include the US driven earnings transformation that Peter has already described, while net income also includes the impact of the fair value changes on the Fox Option liability, which swung from a loss in the prior year to a gain in the current year. Earnings per share increased to $1.57 from a loss of $1.10 with our adjusted earnings per share up 51%².

From a cashflow perspective, net cash from operating activities reduced by 44% and free cash flow reduced by 52% year-over-year. Performance was impacted by a movement in player deposit liabilities which is included in our net cashflow from operating activities. As the final day of Q1 was a weekday this year, compared to the prior year when it fell during a weekend, player deposit liabilities were $211m lower reflecting the smaller cash balances sitting in customer wallets. While this means that cashflow in Q1 was lower year-over-year, we remain confident in the cashflow trajectory of the business over the long-term horizon as set out at our investor day.

Available cash remained unchanged quarter-on-quarter at approximately $1.5bn. The $88m increase in total debt to $6,824m at March 31, 2025 from $6,736m at December 31, 2024 was a function of prevailing foreign exchange rates on our Euro and Sterling denominated debt. Net debt² was $5,329m at the end of Q1 2025, with a leverage ratio² of 2.2x, based on the last 12 months adjusted EBITDA (2.2x at December 31, 2024). As per our announcement on April 30, 2025, the acquisition of Snai was completed using existing debt facilities at attractive terms. We therefore expect our leverage to increase in the near term, but then reduce rapidly given the highly visible profitable growth opportunities that exist across the Group. We remain committed to our medium-term leverage ratio target of 2.0-2.5x.

The share repurchase program, which commenced in November 2024 with up to $5bn expected to be returned to shareholders over the coming years, continued into 2025 with 891 thousand shares repurchased in the quarter for $230m (of which $226m was paid in the quarter). We continue to expect to return up to approximately $1bn of cash to shareholders via the program during 2025.

Financial outlook

Underlying trends overall have been in line with expectations and our 2025 outlook⁹ is therefore only updated to reflect (i) the impact since our Q4 earnings of US sports results¹⁰ and foreign currency movements¹¹, and (ii) the anticipated contributions from Snai, completed on April 30, 2025, and NSX, expected to complete during May¹². Together these acquisitions are expected to add $1.07bn in revenue and $120m in adjusted EBITDA to the Group’s 2025 results.

The changes to the midpoints of our previous guidance are summarized in the table below:

	US				International			Corporate		Ex-US			Group
($ in millions)	Revenue		Adjusted EBITDA		Revenue	Adjusted EBITDA		Adjusted EBITDA		Revenue	Adjusted EBITDA		Revenue		Adjusted EBITDA
US existing states	7,720		1,400
US new states	(40	)	(90	)
Previous Guidance	7,680		1,310		8,250	2,080		(230	)	8,250	1,850		15,930		3,160

US sports results	(280	)	(180	)									(280	)	(180	)
Foreign currency					360	100		(20	)	360	80		360		80
Snai acquisition					850	190				850	190		850		190
NSX acquisition					220	(70	)			220	(70	)	220		(70	)
Change	(280	)	(180	)	1,430	220		(20	)	1,430	200		1,150		20

Revised Guidance	7,400		1,130		9,680	2,300		(250	)	9,680	2,050		17,080		3,180
US existing states	7,440		1,220

Our updated outlook for 2025 now includes the following midpoints:

Group: revenue and adjusted EBITDA of $17.08bn and $3.18bn representing 22% and 35% year-over-year growth, respectively (14% and 30% before including the benefit of Snai and NSX)

US: revenue and adjusted EBITDA of $7.40bn and $1.13bn, representing year-over-year growth of 28% and 123%, respectively, and comprising:

Existing state revenue of $7.44bn and adjusted EBITDA of $1.22bn. This represents year-over-year growth of 28% and 141%, respectively, which on a normalized basis remains unchanged from our investor day guidance of 22.5% revenue growth and 5.4 percentage points of adjusted EBITDA margin expansion
New state and territory launches with negative revenue of $40m and adjusted EBITDA cost of $90m based on a Q4 launch for Missouri and an early 2026 launch for Alberta, Canada (unchanged since Q4 earnings)

International: revenue and adjusted EBITDA of $9.68bn and $2.30bn representing year-over-year growth of 17% and 11%, respectively.

Unallocated corporate overhead: cost increased to $250m to include impact of foreign currency headwinds of $20m since previous guidance was issued.

Other items: are also updated to reflect the impact of acquisitions and changes in foreign currency. Details of the changes to other items, together with our various guidance ranges are set out in the table below.

	Updated 2025 guidance ⁹		Previous
	Low	High	Low	High
Group revenue	$16.63bn	$17.53bn	$15.48bn	$16.38bn
Group adjusted EBITDA	$2.96bn	$3.40bn	$2.94bn	$3.38bn

US existing state⁵revenue	$7.19bn	$7.69bn	$7.47bn	$7.97bn
US existing state adjusted EBITDA	$1.10bn	$1.34bn	$1.28bn	$1.52bn
US new states revenue cost	($40m)		($40m)
US new states adjusted EBITDA	($90m)		($90m)
US total revenue	$7.15bn	$7.65bn	$7.43bn	$7.93bn
US total adjusted EBITDA	$1.01bn	$1.25bn	$1.19bn	$1.43bn

International organic revenue	$8.41bn	$8.81bn	$8.05bn	$8.45bn
International organic EBITDA	$2.08bn	$2.28bn	$1.98bn	$2.18bn
International new acquisitions¹²revenue	$1.07bn		Not applicable
International new acquisitions EBITDA	$120m		Not applicable
International total revenue	$9.48bn	$9.88bn	$8.05bn	$8.45bn
International total adjusted EBITDA	$2.20bn	$2.40bn	$1.98bn	$2.18bn

Unallocated corporate overhead	$250m		$230m
Interest expense, net	$480m	$500m	$360m	$380m
Depreciation and amortization excl. acquired intangibles	Approximately $670m		Approximately $580m
Capital expenditure¹³	Approximately $820m		Approximately $710m
Share repurchases	Unchanged		Up to $1bn

Guidance is provided (i) on the basis that sports results are in line with our expected margin for the remainder of the year, (ii) at current foreign exchange rates and (iii) on the basis of a consistent regulatory and tax framework except where otherwise stated.

A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared of items that have not yet occurred, are out of our control, or cannot be reasonably predicted.

To conclude, like Peter, I am encouraged by the strong positioning of the business and look forward to continuing to deliver on this exciting growth opportunity ahead of us.

Sincerely,

Rob Coldrake

Flutter CFO

Conference call:

Flutter management will host a conference call today at 4:30 p.m. ET (9:30 p.m. BST) to review the results and be available for questions, with access via webcast and telephone.

A public audio webcast of management’s call and the related Q&A can be accessed by registering here or via www.flutter.com/investors. For those unable to listen to the live broadcast, a replay will be available approximately one hour after the conclusion of the call. This earnings release and supplementary materials will also be made available via www.flutter.com/investors.

Analysts and investors who wish to participate in the live conference call must do so by dialing any of the numbers below and using conference ID 20251. Please dial in 10 minutes before the conference call begins.

+1 888 500 3691 (North America)

+44 800 358 0970 (United Kingdom)

+353 1800 943926 (Ireland)

+61 1800 519 630 (Australia)

+1 646 307 1951 (International)

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited, to statements related to our expectations regarding the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy. In some cases, you can identify these forward-looking statements by the use of words such as “outlook”, “believe(s)”, ”expect(s)”, “potential”, “continue(s)”, “may”, “will”, “should”, “could”, “would”, “seek(s)”, “predict(s)”, “intend(s)”, “trends”, “plan(s)”, “estimate(s)”, “anticipates”, “projection”, “goal”, “target”, “aspire”, “will likely result”, and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Such factors include, among others: Flutter’s ability to effectively compete in the global entertainment and gaming industries; Flutter’s ability to retain existing customers and to successfully acquire new customers; Flutter’s ability to develop new product offerings; Flutter’s ability to successfully acquire and integrate new businesses; Flutter’s ability to maintain relationships with third-parties; Flutter’s ability to maintain its reputation; public sentiment towards online betting and iGaming generally; the potential impact of general economic conditions, including inflation, tariffs and/or trade disputes fluctuating interest rates and instability in the banking system, on Flutter’s liquidity, operations and personnel; Flutter’s ability to obtain and maintain licenses with gaming authorities, adverse changes to the regulation (including taxation) of online betting and iGaming; the failure of additional jurisdictions to legalize and regulate online betting and iGaming; Flutter’s ability to comply with complex, varied and evolving U.S. and international laws and regulations relating to its business; Flutter’s ability to raise financing in the future; Flutter’s success in retaining or recruiting officers, key employees or directors; litigation and the ability to adequately protect Flutter’s intellectual property rights; the impact of data security breaches or cyber-attacks on Flutter’s systems; and Flutter’s ability to remediate material weaknesses in its internal control over financial reporting.

Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 4, 2025 and other periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

About Flutter Entertainment plc

Flutter is the world’s leading online sports betting and iGaming operator, with a market leading position in the US and across the world. Our ambition is to leverage our significant scale and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global competitive advantages of the Flutter Edge, which gives our brands access to group-wide benefits to stay ahead of the competition, as well as our clear vision for sustainability through our Positive Impact Plan.

Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games and Adjarabet. We are the industry leader with $14,048m of revenue globally for fiscal 2024, up 19% YoY, and $3,665m of revenue globally for the quarter ended March 31, 2025.

Contacts:

Investor Relations:	Media Relations:
Paul Tymms, Investor Relations	Kate Delahunty, Corporate Communications
Ciara O’Mullane, Investor Relations	Lindsay Dunford, Corporate Communications
Chris Hancox, Investor Relations	Rob Allen, Corporate Communications
Email: [email protected]	Email: [email protected]

Notes

Management estimate of global total addressable market as of 25 September 2025.
Adjusted EBITDA, adjusted EBITDA margin, Free Cash Flow, net debt, leverage ratio, constant currency, adjusted net income attributable to Flutter shareholders and adjusted earnings per share are non-GAAP financial measures. See “Definitions of non-GAAP financial measures” and “Reconciliations of Non-GAAP Financial Measures” sections of this document for definitions of these measures and reconciliations to the most directly comparable financial measures calculated in accordance with GAAP. Due to rounding, these numbers may not add up precisely to the totals provided.
Average Monthly Players (“AMPs”) is defined as the average over the applicable reporting period of the total number of players who have placed and/or wagered a stake and/or contributed to rake or tournament fees during the month. This measure does not include individuals who have only used new player or player retention incentives, and this measure is for online players only and excludes retail player activity. In circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the Group level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level is greater than the total AMPs presented at the Group level. See Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Operational Metrics” of Flutter’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 4, 2025 for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
US market position based on available market share data for states in which FanDuel is active. Online sportsbook market share is the gross gaming revenue (GGR) and net gaming revenue (NGR) market share of our FanDuel brand for the three months to March 31, 2025 in the states in which FanDuel was live (excluding Tennessee as they no longer report this data), based on published gaming regulator reports in those states. iGaming market share is the GGR market share of FanDuel for the three months to March 31, 2025 in the states in which FanDuel was live, based on published gaming regulator reports in those states. US iGaming GGR market share including PokerStars US (which is reported in the International segment) for the three months to March 31, 2025 was 27%.
US analysis by state cohort includes the states and provinces by FanDuel launch date. Pre-2024, states include: New Jersey, Pennsylvania, West Virginia, Indiana, Colorado, Illinois, Iowa, Michigan, Tennessee, Virginia, Arizona, Connecticut, New York, Ontario, Louisiana, Wyoming, Kansas, Maryland, Ohio, Massachusetts, Kentucky.
Constant currency growth rates are calculated by retranslating the non-US dollar denominated component of Q1 2024 at Q1 2025 exchange rates. See reconciliation on page 21.
Italian market position and share based on regulator GGR data from Agenzia delle dogane e dei Monopoli.
Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to a specific segment.
A reconciliation of our forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort. This is due to the inherent difficulty of accurately forecasting the occurrence and financial impact of the adjusting items necessary for such a reconciliation to be prepared of items that have not yet occurred, are out of our control, or cannot be reasonably predicted.
Year to date sports results impact is $280m in revenue and $180m in adjusted EBITDA. The Q1 impact was $230m revenue and $150m of adjusted EBITDA primarily arising in March. The April impact was $50m in revenue and $30m in adjusted EBITDA. Both impacts include an estimate for the benefit of recycling.
Foreign exchange rates assumed in year to go forecasts for 2025 guidance are per the prevailing rates on April 30 of USD:GBP of 0.746, USD:EUR of 0.878 and USD:AUD of 1.563.
In the event either the acquisition of NSX does not complete or the completion is not within the stipulated timeline, by the end of May, guidance will be updated accordingly.
Capital expenditure is defined as payments for the purchase of property and equipment, the purchase of intangible assets and capitalized software.

Definitions of non-GAAP financial measures

This press release includes Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income Attributable to Flutter Shareholders, Adjusted Earnings Per Share (“Adjusted EPS”), leverage ratio, Net Debt, Free Cash Flow, and constant currency which are non-GAAP financial measures that we use to supplement our results presented in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures are presented solely as supplemental disclosures to reported GAAP measures because we believe that these non-GAAP measures are useful in evaluating our operating performance, similar to measures reported by its publicly-listed U.S. competitors, and regularly used by analysts, lenders, financial institutional and investors as measures of performance. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income Attributable to Flutter Shareholders, Adjusted EPS, leverage ratio, Net Debt, Free Cash Flow, and Adjusted Depreciation are not intended to be substitutes for any GAAP financial measures, and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

Constant currency reflects certain operating results on a constant-currency basis in order to facilitate period-to-period comparisons of our results without regard to the impact of fluctuating foreign currency exchange rates. The term foreign currency exchange rates refer to the exchange rates used to translate our operating results for all countries where the functional currency is not the U.S. Dollar, into U.S. Dollars. Because we are a global company, foreign currency exchange rates used for translation may have a significant effect on our reported results. In general, our financial results are affected positively by a weaker U.S. Dollar and are affected negatively by a stronger U.S. Dollar. References to operating results on a constant-currency basis mean operating results without the impact of foreign currency exchange rate fluctuations. We believe the disclosure of constant-currency results is helpful to investors because it facilitates period-to-period comparisons of our results by increasing the transparency of our underlying performance by excluding the impact of fluctuating foreign currency exchange rates. We calculate constant currency revenue, Adjusted EBITDA and Segment Adjusted EBITDA by translating prior-period revenue, Adjusted EBITDA and Segment Adjusted EBITDA, as applicable, using the average exchange rates from the current period rather than the actual average exchange rates in effect in the prior period.

Adjusted EBITDA is defined on a Group basis as net income (loss) before income taxes; other income, net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; impairment of PPE and intangible assets and share based compensation expense.

Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue, respectively.

Adjusted Net Income Attributable to Flutter Shareholders is defined as net income (loss) as adjusted for after-tax effects of transaction fees and associated costs; restructuring and integration costs; gaming taxes dispute, amortization of acquired intangibles, accelerated amortization, loss (gain) on settlement of long-term debt; impairment of PPE and intangible assets; financing related fees not eligible for capitalization; gain from disposal of businesses, fair value (gain)/loss on derivative instruments, fair value (gain)/loss on contingent consideration, fair value (gain)/loss on Fox Option Liability and fair value (gain)/loss on investment, and share-based compensation.

Adjusted EPS is calculated by dividing adjusted net income attributable to Flutter shareholders by the number of diluted weighted-average ordinary shares outstanding in the period.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted net income attributable to Flutter shareholders and Adjusted EPS are non-GAAP measures and should not be viewed as measures of overall operating performance, indicators of our performance, considered in isolation, or construed as alternatives to operating profit (loss), net income (loss) measures or earnings per share, or as alternatives to net cash provided by (used in) operating activities, as measures of liquidity, or as alternatives to any other measure determined in accordance with GAAP.

Management has historically used these measures when evaluating operating performance because we believe that they provide additional perspective on the financial performance of our core business.

Adjusted EBITDA has further limitations as an analytical tool. Some of these limitations are:

it does not reflect the Group’s cash expenditures or future requirements for capital expenditure or contractual commitments;
it does not reflect changes in, or cash requirements for, the Group’s working capital needs;
it does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on the Group’s debt
it does not reflect shared-based compensation expense which is primarily a non-cash charge that is part of our employee compensation;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
it is not adjusted for all non-cash income or expense items that are reflected in the Group’s statements of cash flows; and
the further adjustments made in calculating Adjusted EBITDA are those that management consider not to be representative of the underlying operations of the Group and therefore are subjective in nature.

Net debt is defined as total debt, excluding premiums, discounts, and deferred financing expense, and the effect of foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps reflecting the net cash outflow on maturity less cash and cash equivalents.

Leverage ratio is defined as net debt divided by last twelve months Adjusted EBITDA. We use this non-GAAP financial measure to evaluate our financial leverage. We present net debt to Adjusted EBITDA because we believe it is more representative of our financial position as it is reflective of our ability to cover our net debt obligations with results from our core operations, and is an indicator of our ability to obtain additional capital resources for our future cash needs. We believe net debt is a meaningful financial measure that may assist investors in understanding our financial condition and recognizing underlying trends in our capital structure. The Leverage Ratio is not a substitute for, and should be used in conjunction with, GAAP financial ratios. Other companies may calculate leverage ratios differently.

Free Cash Flow is defined as net cash provided by (used in) operating activities less payments for property and equipment, intangible assets and capitalized software. We believe that excluding these items from free cash flow better portrays our ability to generate cash, as such items are not indicative of our operating performance for the period. This non-GAAP measure may be useful to investors and other users of our financial statements as a supplemental measure of our cash performance, but should not be considered in isolation, as a measure of residual cash flow available for discretionary purposes, or as an alternative to operating cash flows presented in accordance with GAAP. Free Cash Flow does not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Our calculation of Free Cash Flow may differ from similarly titled measures used by other companies, limiting their usefulness as a comparative measure.

Adjusted depreciation is defined as depreciation and amortization excluding amortization of acquired intangibles.

Condensed Consolidated Balance Sheets

($ in millions except share and per share amounts)	As of March 31,	As of December 31,
($ in millions except share and per share amounts)	2025	2024
Current assets:
Cash and cash equivalents	1,537	1,531
Cash and cash equivalents – restricted	54	48
Player deposits – cash and cash equivalents	1,802	1,930
Player deposits – investments	127	130
Accounts receivable, net	109	98
Prepaid expenses and other current assets	612	607
Total current assets	4,241	4,344
Investments	7	6
Property and equipment, net	490	493
Operating lease right-of-use assets	523	507
Intangible assets, net	5,456	5,364
Goodwill	13,736	13,352
Deferred tax assets	241	267
Other non-current assets	131	175
Total assets	24,825	24,508
Liabilities, redeemable non-controlling interests and shareholders’ equity
Current liabilities:
Accounts payable	359	266
Player deposit liability	1,832	1,940
Operating lease liabilities	121	119
Long-term debt due within one year	68	53
Other current liabilities	2,089	2,212
Total current liabilities:	4,469	4,590
Operating lease liabilities – non-current	446	428
Long-term debt	6,756	6,683
Deferred tax liabilities	595	605
Other non-current liabilities	786	935
Total liabilities	13,052	13,241
Commitments and contingencies
Redeemable non-controlling interests	1,737	1,808
Shareholders’ equity
Ordinary share (Authorized 3,000,000,000 shares of €0.09 ($0.10) par value each; issued March 31, 2025: 177,186,883 shares; December 31, 2024: 177,895,367 shares)	36	36
Shares held by employee benefit trust, at cost March 31, 2025: nil, December 31, 2024: nil	—	—
Additional paid-in capital	1,670	1,611
Accumulated other comprehensive loss	(1,591)	(1,927)
Retained earnings	9,748	9,573
Total Flutter Shareholders’ Equity	9,863	9,293
Non-controlling interests	173	166
Total shareholders’ equity	10,036	9,459
Total liabilities, redeemable non-controlling interests and shareholders’ equity	24,825	24,508

Condensed Consolidated Statements of Comprehensive Income (Loss)

($ in millions except share and per share amounts)	Three months ended March 31,
	2025	2024
Revenue	3,665	3,397
Cost of Sales	(1,956)	(1,793)
Gross profit	1,709	1,604
Technology, research and development expenses	(215)	(190)
Sales and marketing expenses	(840)	(881)
General and administrative expenses	(431)	(409)
Operating profit (loss)	223	124
Other income (expense), net	216	(174)
Interest expense, net	(85)	(112)
Income (loss) before income taxes	354	(162 )
Income tax expense	(19)	(15)
Net income (loss)	335	(177 )
Net (loss) income attributable to non-controlling interests and redeemable non-controlling interests	3	4
Adjustment of redeemable non-controlling interest to redemption value	49	15
Net income (loss) attributable to Flutter shareholders	283	(196)
Earnings (loss) per share
Basic	1.59	(1.10)
Diluted	1.57	(1.10)
Other comprehensive income (loss), net of tax:
Effective portion of changes in fair value of cash flow hedges	(44)	23
Fair value of cash flow hedges transferred to the income statement	36	(14)
Changes in excluded components of fair value hedge	(1)	—
Foreign exchange loss on net investment hedges	(14)	(21)
Foreign exchange gain (loss) on translation of the net assets of foreign currency denominated entities	369	(185)
Fair value movements on available for sale debt instruments	—	(1)
Other comprehensive income (loss)	346	(198 )
Other comprehensive income (loss) attributable to Flutter shareholders	336	(188)
Other comprehensive income (loss) attributable to non-controlling interest and redeemable non-controlling interest	10	(10)
Total comprehensive income (loss)	681	(375 )

Condensed Consolidated Statements of Cash Flows

	Three months ended March 31,
($ in millions)	2025	2024
Cash flows from operating activities
Net loss	335	(177)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	294	297
Change in fair value of derivatives	—	(15)
Non-cash interest expense (income), net	12	(1)
Non-cash operating lease expense	43	32
Unrealized foreign currency exchange (gain) loss, net	(8)	8
Gain on disposals	(3)	—
Share-based compensation – equity classified	56	40
Share-based compensation – liability classified	1	1
Other income (expense), net	(205)	186
Deferred tax expense (benefit)	1	(48)
Change in operating assets and liabilities:
Player deposits	9	—
Accounts receivable	(9)	19
Prepaid expenses and other current assets	(1)	13
Accounts payable	84	(18)
Other liabilities	(236)	(40)
Player deposit liability	(147)	73
Operating leases liabilities	(38)	(33)
Net cash provided by operating activities	188	337
Cash flows from investing activities:
Purchases of property and equipment	(19)	(22)
Purchases of intangible assets	(33)	(57)
Capitalized software	(48)	(73)
Acquisitions, net of cash acquired	—	(107)
Proceeds from disposal of intangible assets	5	—
Cash settlement of derivatives designated in net investment hedge	4	—
Other advances	(9)	—
Net cash used in investing activities	(100 )	(259 )
Cash flows from financing activities:
Proceeds from issue of ordinary share upon exercise of options	3	14
Proceeds from issuance of long-term debt (net of transactions costs)	—	639
Repayment of long-term debt	(10)	(834)
Distributions to non-controlling interests	(4)	—
Payment of contingent consideration	(16)	—
Repurchase of ordinary shares and taxes withheld and paid on employee share awards	(244)	—
Net cash used in financing activities	(271 )	(181 )

Net increase in cash, cash equivalents and restricted cash	(183 )	(103 )
Cash, cash equivalents and restricted cash – Beginning of the period	3,509	3,271
Foreign currency exchange gain (loss) on cash and cash equivalents	67	(11)
Cash, cash equivalents and restricted cash – End of the period	3,393	3,157

Cash, cash equivalents and restricted cash comprise of:
Cash and cash equivalents	1,537	1,353
Cash and cash equivalents – restricted	54	22
Player deposits – cash & cash equivalents	1,802	1,782
Cash, cash equivalents and restricted cash – End of the period	3,393	3,157

Supplemental disclosures of cash flow information:
Interest paid	91	123
Income tax paid (net of refunds)	21	29
Operating cash flows from operating leases	38	38

Non-cash investing and financing activities:
Purchase of intangible assets with accrued expense	91	—
Right of use assets obtained in exchange for new operating lease liabilities	15	20
Adjustments to lease balances as a result of remeasurement	25	(2)
Business acquisitions (including contingent consideration)	—	26

Reconciliations of non-GAAP financial measures

Adjusted EBITDA reconciliation

See below a reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to net income, the most comparable GAAP measure.

	Three months ended March 31,
($ in millions)	2025	2024
Net income (loss)	335	(177)
Add back:
Income taxes	19	15
Other income (expense), net	(216)	174
Interest expense, net	85	112
Depreciation and amortization	294	297
Share-based compensation expense	57	41
Transaction fees and associated costs¹	1	29
Restructuring and integration costs²	41	23
Group Adjusted EBITDA	616	514

Group Revenue	3,665	3,397
*Group Adjusted EBITDA Margin*	*16.8* %	*15.1* %

Fees primarily associated with (i) transaction costs related to Snaitech and NSX during the three months ended March 31, 2025; and (ii) advisory fees related to implementation of internal controls, information system changes and other strategic advisory related to the change in the primary listing of the Group during the three months ended March 31, 2024.
During the three months ended March 31, 2025, costs of $41 million (three months ended March 31, 2024: $23 million) primarily relate to various restructuring and other strategic initiatives to drive synergies. The programs are expected to run until 2027. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. It also includes business process re-engineering cost, planning and design of target operating models for the Group’s enabling functions and discovery and planning related to the Group’s anticipated migration to a new enterprise resource planning system. The costs primarily include severance expenses, advisory fees and temporary staffing costs.

Adjusted net income attributable to Flutter shareholders

See below a reconciliation of Adjusted net income attributable to Flutter shareholders to net income/ (loss), the most comparable GAAP measure.

	Three months ended March 31,
($ in millions)	2025	2024
Net income (loss)	335	(177 )
Less:
Transaction fees and associated costs	1	29
Restructuring and integration costs	41	23
Amortization of acquired intangibles	158	172
Share-based compensation	57	41
Loss on settlement of long-term debt	—	—
Financing related fees not eligible for capitalization	1	—
Fair value (gain) / loss on derivative instruments	—	(15)
Fair value (gain) / loss on contingent consideration	—	—
Fair value (gain) / loss on Fox Option Liability	(205)	184
Fair value (gain) / loss on Investment	—	2
Tax impact of above adjustments¹	(50)	(51)
Adjusted net income	338	208
Less:
Net income attributable to non-controlling interests and redeemable non-controlling interests²	3	4
Adjustment of redeemable non-controlling interest³	49	15
Adjusted net income attributable to Flutter shareholders	286	189
Weighted average number of shares	180	178

Tax rates used in calculated adjusted net income attributable to Flutter shareholders is the statutory tax rate applicable to the geographies in which the adjustments were incurred.
Represents net loss attributed to the non-controlling interest in Sisal and the redeemable non-controlling interest in FanDuel, MaxBet and Junglee.
Represents the adjustment made to the carrying value of the redeemable non-controlling interests in Junglee and MaxBet to account for the higher of (i) the initial carrying amount adjusted for cumulative earnings allocations, or (ii) redemption value at each reporting date through retained earnings.

Adjusted earnings per share reconciliation

See below a reconciliation of adjusted earnings per share to diluted earnings per share, the most comparable GAAP measure.

	Three months ended March 31,
$	2025	2024
Earnings / (loss) per share to Flutter shareholders	1.57	(1.10 )
Add/ (Less):
Transaction fees and associated costs	0.01	0.16
Restructuring and integration costs	0.23	0.13
Amortization of acquired intangibles	0.88	0.96
Share-based compensation	0.31	0.23
Loss on settlement of long-term debt	—	—
Financing related fees not eligible for capitalization	0.01	—
Fair value (gain) / loss on derivative instruments	—	(0.08)
Fair value (gain) / loss on contingent consideration	—	—
Fair value (gain) / loss on Fox Option Liability	(1.14)	1.02
Fair value (gain) / loss on Investment	—	0.01
Tax impact of above adjustments	(0.28)	(0.28)
Adjusted earnings per share	1.59	1.05

Net debt reconciliation

See below a reconciliation of net debt to long-term debt, the most comparable GAAP measure.

($ in millions)	As of March 31, 2025	As of December 31, 2024
Long-term debt	6,756	6,683
Long-term debt due within one year	68	53
Total Debt	6,824	6,736

Add:
Transactions costs, premiums or discount included in the carrying value of debt	49	52
Less:
Unrealized foreign exchange on translation of foreign currency debt¹	(7)	(97)
Cash and cash equivalents	(1,537)	(1,531)
Net Debt	5,329	5,160

Representing the adjustment for foreign exchange that is economically hedged as a result of our cross-currency interest rate swaps to reflect the net cash outflow on maturity.

Free Cash Flow reconciliation

See below a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP measure.

	Three months ended March 31,
($ in millions)	2025	2024
Net cash provided by operating activities	188	337
Less cash impact of:
Purchases of property and equipment	(19)	(22)
Purchases of intangible assets	(33)	(57)
Capitalized software	(48)	(73)
Free Cash Flow	88	185

Constant currency (‘CC’) growth rate reconciliation

See below a reconciliation of constant currency growth rates to nominal currency growth rates, the most comparable GAAP measure.

($ millions except percentages)	Three months ended March 31,
Unaudited	2025	2024	YOY	2025	2024	YOY
				FX impact	CC	CC
Revenue
US	1,666	1,410	+18%	(1)	1,409	+18%
International	1,999	1,987	+1%	(53)	1,934	+3%
Group	3,665	3,397	+8 %	(55 )	3,342	+10 %

Adjusted EBITDA
US	161	26	+519%	1	27	+496%
International	518	524	(1)%	(16)	508	+2%
Unallocated corporate overhead	(63)	(36)	+75%	3	(33)	+90%
Group	616	514	+20 %	(12 )	502	+23 %

See below a reconciliation of other reported constant currency revenue growth rates to nominal currency growth rates.

	Three months ended March 31, 2025
Unaudited	YoY	YoY	YoY
	Nom	FX impact	CC
International sportsbook	(2)%	(2)%	0%
International iGaming	+4%	(3)%	+7%
Turkey	+57%	(27)%	+84%

Reconciliation of supplementary non GAAP information: Adjusted depreciation and amortization

($ millions)	Three months ended March 31, 2025				Three months ended March 31, 2024
Unaudited	US	Intl	Corp	Total	US	Intl	Corp	Total
Depreciation and Amortization	33	250	11	294	29	262	6	297
Less: Amortization of acquired intangibles	(4)	(154)	—	(158)	(4)	(168)	—	(172)
Adjusted depreciation and amortization ¹	29	96	11	136	25	94	6	125

Adjusted depreciation and amortization is defined as depreciation and amortization excluding amortization of acquired intangibles

Segment KPIs

($ millions except percentages)	Three months ended March 31, 2025		YOY
Unaudited	US	Intl	US	Intl
Average monthly players (‘000s)	4,312	10,568	+11 %	+8 %
Sportsbook stakes	14,606	6,912	+8%	(6)%
Sportsbook net revenue margin	7.8 %	12.7 %	+50bps	+50bps

Sportsbook revenue	1,134	880	+15%	(2)%
iGaming revenue	472	1,050	+32%	+4%
Other revenue	60	69	(9)%	(15)%
Total revenue	1,666	1,999	+18 %	+1 %

Adjusted EBITDA	161	518	+519 %	(1 )%
Adjusted EBITDA margin	9.7%	25.9%	+790bps	(50)bps

Additional information: Segment operating expenses
Cost of sales	956	880	+15%	+2%
Technology, research and development expenses	82	95	+49%	(4)%
Sales & marketing expenses	374	309	(11)%	(3)%
General and administrative expenses	93	197	+26%	+6%

International revenue by region

($ millions except percentages)	Three months ended March 31,
Unaudited	2025	2024	YoY	YoY	YoY
			Nom	FX impact	CC
UK and Ireland	882	861	+2%	(1)%	+3%
Southern Europe and Africa	448	394	+14%	(5)%	+19%
Asia Pacific	313	358	(13)%	(5)%	(8)%
Central and Eastern Europe	140	122	+15%	(3)%	+18%
Brazil	9	16	(44)%	(8)%	(36)%
Other regions	207	236	(12)%	(3)%	(9)%
Total segment revenue	1,999	1,987	+1 %	(2 )%	+3 %

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

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May 7, 2025 6:42 pm

Copa Holdings Reports First-Quarter Financial Results

PANAMA CITY, May 07, 2025 (GLOBE NEWSWIRE) — Copa Holdings¹, S.A. (NYSE: CPA), today announced financial results for the first quarter of 2025 (1Q25). Key highlights include:

Net profit of US$176.8 million or US$4.28 per share, a US$0.7 million increase compared to 1Q24.
Operating profit of US$213.8 million and an operating margin of 23.8%, a 1.0% and 0.4 percentage point decrease, respectively, compared to 1Q24.
Capacity, measured in available seat miles (ASMs), increased by 9.5% year over year.
Operating cost per available seat mile excluding fuel (Ex-fuel CASM) decreased 4.3% compared to 1Q24 to 5.8 cents.
Revenue per available seat mile (RASM) decreased 8.1% compared to 1Q24 to 11.5 cents.
The Company ended the quarter with approximately US$1.3 billion in cash, short-term and long-term investments, which represent 39% of the last twelve months’ revenues.
The Company closed 1Q25 with total debt, including lease liabilities, of US$1.9 billion, while the Adjusted Net Debt to EBITDA ratio ended at 0.5 times.
The Company ended the quarter with a consolidated fleet of 112 aircraft: 67 Boeing 737-800, 32 Boeing 737 MAX-9, 9 Boeing 737-700, 3 Boeing 737 MAX-8, and 1 Boeing 737-800 freighter.
Copa Holdings exercised options for six additional Boeing 737 MAX-8 aircraft expected to be delivered in 2028. This increases the Company’s firm outstanding order book to 57 aircraft.
Copa Airlines had an on-time performance for the quarter of 90.8% and a flight completion factor of 99.9%, once again positioning itself among the best in the industry.

Subsequent events

On May 7, 2025, the Board of Directors of Copa Holdings ratified its second dividend payment for the year of US$1.61 per share. Dividends will be paid on June 13, 2025, to shareholders on record as of May 30, 2025.


Copa Holdings, S. A. and Subsidiaries Consolidated Operating and Financial Statistics

	1Q25		1Q24		% Change		4Q24		% Change
Revenue Passengers Carried (000s)	3,512		3,272		7.4	%	3,444		2.0	%
Revenue Passengers OnBoard (000s)	5,208		4,790		8.7	%	5,168		0.8	%
RPMs (millions)	6,743		6,127		10.1	%	6,682		0.9	%
ASMs (millions)	7,801		7,121		9.5	%	7,747		0.7	%
Load Factor	86.4	%	86.0	%	0.4 p.p		86.3	%	0.2 p.p
Yield (US$ Cents)	12.7		14.0		(9.1	)%	12.5		2.0	%
PRASM (US$ Cents)	11.0		12.1		(8.7	)%	10.8		2.2	%
RASM (US$ Cents)	11.5		12.5		(8.1	)%	11.3		1.6	%
CASM (US$ Cents)	8.8		9.5		(7.7	)%	8.7		0.8	%
CASM Excl. Fuel (US$ Cents)	5.8		6.1		(4.3	)%	5.9		(1.2	)%
Fuel Gallons Consumed (millions)	91.0		84.4		7.8	%	91.2		(0.3	)%
Avg. Price Per Fuel Gallon (US$)	2.54		2.90		(12.4	)%	2.38		6.6	%
Average Length of Haul (miles)	1,920		1,873		2.5	%	1,940		(1.1	)%
Average Stage Length (miles)	1,260		1,246		1.1	%	1,260		—	%
Departures	37,829		35,220		7.4	%	37,596		0.6	%
Block Hours	121,611		112,164		8.4	%	121,549		0.1	%
Average Aircraft Utilization (hours)	12.1		11.6		3.8	%	12.0		0.9	%
Operating Revenues (US$ millions)	899.2		893.5		0.6	%	878.6		2.3	%
Operating Profit (Loss) (US$ millions)	213.8		216.0		(1.0	)%	203.7		4.9	%
Operating Margin	23.8	%	24.2	%	-0.4 p.p		23.2	%	0.6 p.p
Net Profit (Loss) (US$ millions)	176.8		176.1		0.4	%	165.8		6.6	%
Basic EPS (US$)	4.28		4.19		2.2	%	3.98		7.7	%
Shares for calculation of Basic EPS (000s)	41,292		42,052		(1.8	)%	41,696		(1.0	)%

Full 1Q25 Earnings Release available for download at:

https://copa.gcs-web.com/financial-information/quarterly-results

1Q25 Earnings Conference Call and Webcast

Date:	May 8, 2025
Time:	11:00 AM US ET (11:00 AM Local Time)
Join by phone:	https://register-conf.media-server.com/register/BIcb85f85fa26a4d56b9369d66c4fb6a5c
Webcast (listen-only):	https://copa.gcs-web.com/events-and-presentations

About Copa Holdings

Copa Holdings is a leading Latin American provider of passenger and cargo services. The Company, through its operating subsidiaries, provides service to countries in North, Central, and South America and the Caribbean. For more information, visit: www.copaair.com.

CONTACT: Copa Holdings S.A.

Investor Relations:

Ph: 011 507 304-2774
www.copaair.com (IR section)

Cautionary statement regarding forward-looking statements

This release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates, and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve several business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statement. The risks and uncertainties relating to the forward-looking statements in this release are among those disclosed in Copa Holdings’ filed disclosure documents and are, therefore, subject to change without prior notice.

CPA-G


Copa Holdings, S. A. and Subsidiaries Consolidated statement of profit or loss (In US$ thousands)

	Unaudited		Unaudited		%		Unaudited		%
	1Q25		1Q24		Change		4Q24		Change
Operating Revenues
Passenger revenue	859,025		858,725		—	%	834,758		2.9	%
Cargo and mail revenue	25,694		21,910		17.3	%	28,966		(11.3	%)
Other operating revenue	14,462		12,831		12.7	%	14,896		(2.9	%)
Total Operating Revenue	899,181		893,467		0.6	%	878,620		2.3	%

Operating Expenses
Fuel	232,160		245,352		(5.4	%)	219,232		5.9	%
Wages, salaries, benefits and other employees’ expenses	117,517		114,314		2.8	%	123,575		(4.9	%)
Passenger servicing	25,024		29,684		(15.7	%)	25,748		(2.8	%)
Airport facilities and handling charges	65,657		60,347		8.8	%	64,655		1.5	%
Sales and distribution	50,261		55,494		(9.4	%)	50,548		(0.6	%)
Maintenance, materials and repairs	39,434		25,627		53.9	%	34,567		14.1	%
Depreciation and amortization	86,284		83,365		3.5	%	85,085		1.4	%
Flight operations	33,749		31,029		8.8	%	34,675		(2.7	%)
Other operating and administrative expenses	35,27		32,270		9.3	%	36,78		(4.1	%)
Total Operating Expense	685,360		677,482		1.2	%	674,871		1.6	%

Operating Profit/(Loss)	213,822		215,985		(1.0	%)	203,749		4.9	%

Non-operating Income (Expense):
Finance cost	(23,233	)	(18,840	)	23.3	%	(21,498	)	8.1	%
Finance income	15,792		13,746		14.9	%	16,064		(1.7	%)
Gain (loss) on foreign currency fluctuations	1,370		(3,914	)	nm		(11,489	)	nm
Net change in fair value of derivatives	(2,434	)	(8	)	nm		2,706		nm
Other non-operating income (expense)	1,428		(112	)	nm		(501	)	nm
Total Non-Operating Income/(Expense)	(7,077	)	(9,127	)	(22.5	%)	(14,718	)	(51.9	%)

Profit before taxes	206,744		206,858		(0.1	%)	189,031		9.4	%

Income tax expense	(29,978	)	(30,792	)	(2.6	%)	(23,262	)	28.9	%

Net Profit/(Loss)	176,766		176,066		0.4	%	165,769		6.6	%


Copa Holdings, S. A. and Subsidiaries Consolidated statement of financial position (In US$ thousands)

	March 2025		December 2024
ASSETS	(Unaudited)		(Audited)
Cash and cash equivalents	164,820		613,313
Short-term investments	751,525		585,919
Total cash, cash equivalents and short-term investments	916,345		1,199,232
Accounts receivable, net	172,525		166,014
Accounts receivable from related parties	5,526		2,976
Expendable parts and supplies, net	145,040		132,341
Prepaid expenses	51,568		42,926
Prepaid income tax	4,159		11,678
Other current assets	26,461		21,711
	405,279		377,647
TOTAL CURRENT ASSETS	1,321,625		1,576,879
Long-term investments	425,821		248,936
Long-term prepaid expenses	7,648		8,237
Property and equipment, net	3,564,026		3,458,261
Right of use assets	293,337		309,302
Intangible, net	97,483		96,754
Net defined benefit assets	1,513		1,058
Deferred tax assets	15,695		20,749
Other Non-Current Assets	20,661		22,113
TOTAL NON-CURRENT ASSETS	4,426,183		4,165,410
TOTAL ASSETS	5,747,808		5,742,289
LIABILITIES
Loans and borrowings	232,447		254,854
Current portion of lease liability	60,156		59,103
Accounts payable	188,886		229,104
Accounts payable to related parties	1,012		1,624
Air traffic liability	607,457		621,895
Frequent flyer deferred revenue	142,773		132,064
Taxes Payable	60,599		55,505
Accrued expenses payable	33,074		62,673
Income tax payable	12,861		9,801
Other Current Liabilities	1,831		1,272
TOTAL CURRENT LIABILITIES	1,341,097		1,427,895

Loans and borrowings long-term	1,390,774		1,415,953
Lease Liability	255,831		270,594
Deferred tax Liabilities	48,803		37,476
Other long – term liabilities	229,921		217,626
TOTAL NON-CURRENT LIABILITIES	1,925,329		1,941,649
TOTAL LIABILITIES	3,266,426		3,369,544
EQUITY
Class A – 34,219,911 issued and 30,232,861 outstanding	23,271		23,244
Class B – 10,938,125	7,466		7,466
Additional Paid-In Capital	216,435		214,542
Treasury Stock	(294,993	)	(291,438	)
Retained Earnings	2,368,185		1,826,565
Net profit	176,766		608,114
Other comprehensive loss	(15,748	)	(15,748	)
TOTAL EQUITY	2,481,382		2,372,745
TOTAL EQUITY LIABILITIES	5,747,808		5,742,289


Copa Holdings, S. A. and Subsidiaries Consolidated statement of cash flows For the three months ended (In US$ thousands)

		2025			2024			2023
	(Unaudited)			(Unaudited)			(Unaudited)
Cash flow from operating activities		205,477			200,998			203,419
Cash flow (used in) investing activities		(518,052	)		(78,334	)		(62,868	)
Cash flow (used in) financing activities		(135,918	)		(158,514	)		(20,661	)
Net (decrease) increase in cash and cash equivalents		(448,493	)		(35,850	)		119,890
Cash and cash equivalents at January 1		613,313			206,375			122,424
Cash and cash equivalents at March 31	$	164,820		$	170,525		$	242,314

Short-term investments		751,525			630,640			773,493
Long-term investments		425,821			301,192			166,481
Total cash and cash equivalents and investments at March 31	$	1,342,166		$	1,102,357		$	1,182,288

Copa Holdings, S.A.

NON-IFRS FINANCIAL MEASURE RECONCILIATION

This press release includes the following non-IFRS financial measures: Operating CASM Excluding Fuel. This supplemental information is presented because we believe it is a useful indicator of our operating performance and is useful in comparing our performance with other companies in the airline industry. These measures should not be considered in isolation and should be considered together with comparable IFRS measures. The following is a reconciliation of these non-IFRS financial measures to the comparable IFRS measures:


Reconciliation of Operating Costs per ASM
Excluding Fuel (CASM Excl. Fuel)	1Q25	1Q24	4Q24

Operating Costs per ASM as Reported (in US$ Cents)	8.8	9.5	8.7
Aircraft Fuel Cost per ASM (in US$ Cents)	3.0	3.4	2.8
Operating Costs per ASM excluding fuel (in US$ Cents)	5.8	6.1	5.9

________________________
¹ The terms “Copa Holdings” and the “Company” refer to the consolidated entity. The financial information presented in this release, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS). See the accompanying reconciliation of non-IFRS financial information to IFRS financial information included in the financial tables section of this earnings release. Unless otherwise stated, all comparisons with prior periods refer to the first quarter of 2024 (1Q24).