Market Newsdesk

May 1, 2025 4:53 pm

AMH Reports First Quarter 2025 Financial and Operating Results

PR Newswire

Delivered Strong First Quarter with Accelerating Monthly Occupancy and Rate Growth

LAS VEGAS
, May 1, 2025 /PRNewswire/ — AMH (NYSE: AMH) (the “Company”), a leading large-scale integrated owner, operator and developer of single-family rental homes, today announced its financial and operating results for the quarter ended March 31, 2025.

Highlights

Rents and other single-family property revenues increased 8.4% year-over-year to $459.3 million for the first quarter of 2025.
Net income attributable to common shareholders totaled $110.0 million, or $0.30 per diluted share, for the first quarter of 2025, compared to $109.3 million, or $0.30 per diluted share, for the first quarter of 2024.
Core Funds from Operations (“Core FFO”) attributable to common share and unit holders increased 6.6% year-over-year to $0.46 per FFO share and unit for the first quarter of 2025 and Adjusted Funds from Operations (“Adjusted FFO”) attributable to common share and unit holders increased 5.4% year-over-year to $0.42 per FFO share and unit for the first quarter of 2025.
Core Net Operating Income (“Core NOI”) from Same-Home properties increased by 4.4% year-over-year for the first quarter of 2025.
Achieved Same-Home Average Occupied Days Percentage of 95.9% in the first quarter of 2025, while generating 1.4% rate growth on new leases and 4.5% rate growth on renewals, resulting in 3.6% blended rate growth.
Spring leasing season continues to further strengthen with preliminary April Same-Home Average Occupied Days Percentage of 96.3%, rate growth on new leases of 3.9% and rate growth on renewals of 4.4%.
Delivered a total of 545 high-quality and energy-efficient newly constructed homes from our AMH Development Program to our wholly-owned portfolio and unconsolidated joint ventures in the first quarter of 2025.
In April 2025, S&P Global Ratings affirmed the Company’s ‘BBB’ issuer credit rating and revised its outlook to ‘Positive’ from ‘Stable’.

“AMH started the year off strong, delivering $0.46 of Core FFO per share for the first quarter which represents 6.6% growth over the same period last year,” stated Bryan Smith, AMH’s Chief Executive Officer. “As we enter our busy leasing season during a time of economic uncertainty, we continue to have confidence in our strong industry fundamentals and proven business model. Further, with our investment grade balance sheet, diversified portfolio footprint, leading operating platform, and strong resident base, AMH is well-positioned for strength and resiliency.”

First Quarter 2025 Financial Results

Net income attributable to common shareholders totaled $110.0 million, or $0.30 per diluted share, for the first quarter of 2025, compared to $109.3 million, or $0.30 per diluted share, for the first quarter of 2024. The increase was primarily due to increases in rents and other single-family property revenues exceeding increases in total expenses, largely offset by lower net gains on property sales.

Rents and other single-family property revenues increased 8.4% to $459.3 million for the first quarter of 2025, compared to $423.6 million for the first quarter of 2024. Revenue growth was driven by an increase in our average occupied portfolio which grew to 57,866 homes for the first quarter of 2025, compared to 56,065 homes for the first quarter of 2024, as well as higher rental rates.

Core NOI from our total portfolio increased 8.9% to $258.8 million for the first quarter of 2025, compared to $237.7 million for the first quarter of 2024. This growth was driven by an 8.0% increase in core revenues resulting from a larger number of occupied properties and higher rental rates, partially offset by a 6.3% increase in core property operating expenses.

For the Company’s Same-Home portfolio, core revenues increased 4.3% to $357.8 million for the first quarter of 2025, compared to $342.9 million for the first quarter of 2024, which was driven by a 4.5% increase in Average Monthly Realized Rent per property, partially offset by a 20 basis point decrease in Average Occupied Days Percentage. Core property operating expenses from Same-Home properties increased 4.2% to $121.7 million for the first quarter of 2025, compared to $116.8 million for the first quarter of 2024, primarily driven by higher repairs and maintenance (“R&M”) and turnover costs, net and property management expenses, net. The increase was partially due to timing associated with incremental turnover costs related to the Company’s lease expiration management initiative, which is designed to shift lease expiration volume to the first half of the year to better align with the peak leasing season. As a result, Core NOI from Same-Home properties increased 4.4% to $236.1 million for the first quarter of 2025, compared to $226.1 million for the first quarter of 2024.

Core FFO attributable to common share and unit holders was $194.7 million, or $0.46 per FFO share and unit, for the first quarter of 2025, compared to $180.9 million, or $0.43 per FFO share and unit, for the first quarter of 2024. Adjusted FFO attributable to common share and unit holders was $176.6 million, or $0.42 per FFO share and unit, for the first quarter of 2025, compared to $166.0 million, or $0.40 per FFO share and unit, for the first quarter of 2024. These improvements were primarily attributable to growth in Core NOI from our total portfolio.

Portfolio

Average Occupied Days Percentage was 94.8% for the first quarter of 2025, compared to 94.2% for the fourth quarter of 2024.

Investments

As of March 31, 2025, the Company’s total single-family properties, excluding properties held for sale, consisted of 60,700 homes, compared to 60,531 homes as of December 31, 2024, an increase of 169 homes during the first quarter of 2025, which included 424 newly constructed homes delivered to our operating portfolio through our AMH Development Program and 13 homes acquired through our traditional acquisition channel, partially offset by 268 homes identified for sale. During the first quarter of 2025, we also developed an additional 121 newly constructed homes which were delivered to our unconsolidated joint ventures, aggregating to 545 total home deliveries through our AMH Development Program. As of March 31, 2025, the Company had 661 properties held for sale and 3,487 properties held in unconsolidated joint ventures.

Capital Activities, Balance Sheet and Liquidity

During the first quarter of 2025, the Company paid off the outstanding principal of approximately $493.2 million on the AMH 2015-SFR1 asset-backed securitization.

As of March 31, 2025, the Company had cash and cash equivalents of $69.7 million and total outstanding debt of $5.0 billion, excluding unamortized discounts and unamortized deferred financing costs, with a weighted-average interest rate of 4.5% and a weighted-average term to maturity of 10.3 years, which includes $410.0 million of outstanding borrowings on its $1.25 billion revolving credit facility. During the first quarter of 2025, the Company generated $49.5 million of Retained Cash Flow and sold 416 properties, generating $134.5 million of net proceeds. Additionally, the Company’s AMH 2015-SFR2 securitization, which had a balance of $429.0 million as of March 31, 2025, has an anticipated repayment date in 2025.

2025 Guidance

Set forth below are the Company’s current expectations with respect to full year 2025 Core FFO attributable to common share and unit holders and our underlying assumptions. In reliance on the exception provided by applicable SEC rules, the Company does not provide guidance for GAAP net income, the most comparable GAAP financial measure, or a reconciliation of 2025 Core FFO guidance to GAAP net income because we are unable to reasonably predict the following items which are included in GAAP net income: (i) gain on sale and impairment of single-family properties and other, net for consolidated properties and unconsolidated real estate joint ventures, (ii) acquisition and other transaction costs and (iii) hurricane-related charges, net. The actual amounts for any and all of these items could significantly impact our 2025 GAAP net income and, as disclosed in our historical financial results, have significantly impacted GAAP net income in prior periods.

Guidance Summary

	Full Year 2025 (Unchanged)
Core FFO attributable to common share and unit holders	$1.80 – $1.86
Core FFO attributable to common share and unit holders growth	1.7% – 5.1%

Same-Home
Core revenues growth	2.50% – 4.50%
Core property operating expenses growth	3.00% – 5.00%
Core NOI growth	2.25% – 4.25%

	Full Year 2025 (Unchanged)
Investment Program	Properties	Investment
Wholly owned acquisitions	—	—
Wholly owned development deliveries	1,800 – 2,000	$700 – $800 million
Development pipeline, pro rata share of JV and Property Enhancing Capex	—	$100 – $200 million
Total capital investment (wholly owned and pro rata JV)	1,800 – 2,000	$0.8 – $1.0 billion
Total gross capital investment (JVs at 100%)	2,200 – 2,400	$1.0 – $1.2 billion

Additional Information

A copy of the Company’s First Quarter 2025 Earnings Release and Supplemental Information Package and this press release are available on our website at www.amh.com, under “Investor relations.” This information has also been furnished to the SEC in a current report on Form 8-K.

Conference Call

A conference call is scheduled on Friday, May 2, 2025 at 12:00 p.m. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2025 and to provide an update on its business. The domestic dial-in number is (877) 451-6152 (U.S. and Canada) and the international dial-in number is (201) 389-0879 (passcode not required). A simultaneous audio webcast may be accessed by using the link at www.amh.com, under “Investor relations.” A replay of the conference call may be accessed through Friday, May 16, 2025 by calling (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (international), replay passcode number 13752374#, or by using the link at www.amh.com, under “Investor relations.”

About AMH

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes. We’re an internally managed Maryland real estate investment trust (REIT) focused on acquiring, developing, renovating, leasing and managing homes as rental properties. Our goal is to simplify the experience of leasing a home and deliver peace of mind to households across the country.

In recent years, we’ve been named a 2025 Great Place to Work®, a 2025 Top U.S. Homebuilder by Builder100, and one of the 2025 Most Trustworthy Companies in America by Newsweek and Statista Inc. As of March 31, 2025, we owned over 61,000 single-family properties in the Southeast, Midwest, Southwest and Mountain West regions of the United States. Additional information about AMH is available on our website at www.amh.com.

AMH refers to one or more of American Homes 4 Rent, American Homes 4 Rent, L.P. and their subsidiaries and joint ventures. In certain states, we operate under AMH Living or American Homes 4 Rent. Please see www.amh.com/dba to learn more.

Cautionary Note Regarding Forward-Looking Statements

This press release and the accompanying Supplemental Information Package contain “forward-looking statements.” These forward-looking statements relate to beliefs, expectations or intentions and similar statements concerning matters that are not of historical fact and are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “intend,” “potential,” “plan,” “goal,” “outlook,” “guidance” or other words that convey the uncertainty of future events or outcomes. Examples of forward-looking statements contained in this press release and the Supplemental Information Package include, among others, our 2025 Guidance, our belief that our acquisition and homebuilding programs will result in continued growth and the estimated timing of our development deliveries set forth in the Supplemental Information Package. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While the Company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control and could cause actual results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements to conform to actual results or changes in its expectations, unless required by applicable law. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see the “Risk Factors” disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s subsequent filings with the SEC.

AMH Condensed Consolidated Balance Sheets *(Amounts in thousands, except share and per share data)*

	March 31, 2025	December 31, 2024
	(Unaudited)
Assets
Single-family properties:
Land	$ 2,383,321	$ 2,370,006
Buildings and improvements	11,689,380	11,559,461
Single-family properties in operation	14,072,701	13,929,467
Less: accumulated depreciation	(3,139,741)	(3,048,868)
Single-family properties in operation, net	10,932,960	10,880,599
Single-family properties under development and development land	1,253,962	1,272,284
Single-family properties and land held for sale, net	247,375	212,808
Total real estate assets, net	12,434,297	12,365,691
Cash and cash equivalents	69,698	199,413
Restricted cash	149,160	150,803
Rent and other receivables	52,035	48,452
Escrow deposits, prepaid expenses and other assets	302,990	337,379
Investments in unconsolidated joint ventures	160,764	159,134
Goodwill	120,279	120,279
Total assets	$ 13,289,223	$ 13,381,151

Liabilities
Revolving credit facility	$ 410,000	$ —
Asset-backed securitizations, net	428,479	924,344
Unsecured senior notes, net	4,088,223	4,086,418
Accounts payable and accrued expenses	520,410	521,759
Total liabilities	5,447,112	5,532,521

Commitments and contingencies

Equity
Shareholders’ equity:
Class A common shares ($0.01 par value per share, 450,000,000 shares authorized, 369,525,121 and 368,987,993 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)	3,695	3,690
Class B common shares ($0.01 par value per share, 50,000,000 shares authorized, 635,075 shares issued and outstanding at March 31, 2025 and December 31, 2024)	6	6
Preferred shares ($0.01 par value per share, 100,000,000 shares authorized, 9,200,000 shares issued and outstanding at March 31, 2025 and December 31, 2024)	92	92
Additional paid-in capital	7,526,294	7,529,008
Accumulated deficit	(382,384)	(380,632)
Accumulated other comprehensive income	6,186	7,852
Total shareholders’ equity	7,153,889	7,160,016
Noncontrolling interest	688,222	688,614
Total equity	7,842,111	7,848,630

Total liabilities and equity	$ 13,289,223	$ 13,381,151

AMH Condensed Consolidated Statements of Operations *(Amounts in thousands, except share and per share data)* *(Unaudited)*

	For the Three Months Ended March 31,
	2025	2024
Rents and other single-family property revenues	$ 459,276	$ 423,555

Expenses:
Property operating expenses	167,530	155,927
Property management expenses	34,181	31,402
General and administrative expense	19,671	21,885
Interest expense	45,426	38,577
Acquisition and other transaction costs	3,061	3,324
Depreciation and amortization	124,928	115,726
Total expenses	394,797	366,841

Gain on sale and impairment of single-family properties and other, net	62,016	68,901
Loss on early extinguishment of debt	(216)	(954)
Other income and expense, net	2,434	3,434

Net income	128,713	128,095

Noncontrolling interest	15,255	15,320
Dividends on preferred shares	3,486	3,486

Net income attributable to common shareholders	$ 109,972	$ 109,289

Weighted-average common shares outstanding:
Basic	370,372,388	366,513,257
Diluted	370,761,741	366,972,293

Net income attributable to common shareholders per share:
Basic	$ 0.30	$ 0.30
Diluted	$ 0.30	$ 0.30

Defined Terms

Average Monthly Realized Rent

For the related period, Average Monthly Realized Rent is calculated as the lease component of rents and other single-family property revenues (i.e., rents from single-family properties) divided by the product of (a) number of properties and (b) Average Occupied Days Percentage, divided by the number of months. For properties partially owned during the period, this calculation is adjusted to reflect the number of days of ownership.

Average Occupied Days Percentage

The number of days a property is occupied in the period divided by the total number of days the property is owned during the same period after initially being placed in-service. This calculation excludes properties classified as held for sale.

Occupied Property

A property is classified as occupied upon commencement (i.e., start date) of a lease agreement, which can occur contemporaneously with or subsequent to execution (i.e., signature).

Recurring Capital Expenditures

For our Same-Home portfolio, Recurring Capital Expenditures includes replacement costs and other capital expenditures recorded during the period that are necessary to help preserve the value and maintain functionality of our properties. For our total portfolio, we calculate Recurring Capital Expenditures by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

Same-Home Property

A property is classified as Same-Home if it has been stabilized longer than 90 days prior to the beginning of the earliest period presented under comparison. A property is removed from Same-Home if it has been classified as held for sale or has experienced a casualty loss.

Stabilized Property

A property acquired individually (i.e., not through a bulk purchase) is classified as stabilized once it has been renovated by the Company or newly constructed and then initially leased or available for rent for a period greater than 90 days. Properties acquired through a bulk purchase are first considered non-stabilized, as an entire group, until (1) we have owned them for an adequate period of time to allow for complete on-boarding to our operating platform, and (2) a substantial portion of the properties have experienced tenant turnover at least once under our ownership, providing the opportunity for renovations and improvements to meet our property standards. After such time has passed, properties acquired through a bulk purchase are then evaluated on an individual property basis under our standard stabilization criteria.

Non-GAAP Financial Measures

This press release and the First Quarter 2025 Earnings Release and Supplemental Information Package include Funds from Operations attributable to common share and unit holders (“FFO attributable to common share and unit holders”), Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders, Retained Cash Flow, Core NOI and Same-Home Core NOI, which are non-GAAP financial measures. We believe these measures are helpful in understanding our financial performance and are widely used in the REIT industry. Because other REITs may not compute these financial measures in the same manner, they may not be comparable among REITs. In addition, these metrics are not substitutes for net income or loss or net cash flows from operating activities, as defined by GAAP, as measures of our operating performance, liquidity or ability to pay dividends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in this press release and in the First Quarter 2025 Earnings Release and Supplemental Information Package.

Funds from Operations attributable to common share and unit holders and Retained Cash Flow

FFO attributable to common share and unit holders is a non-GAAP financial measure that we calculate in accordance with the definition approved by the National Association of Real Estate Investment Trusts, which defines FFO as net income or loss calculated in accordance with GAAP, excluding gains and losses from sales or impairment of real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustments for unconsolidated real estate joint ventures to reflect FFO on the same basis.

Core FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting FFO attributable to common share and unit holders for (1) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations and adjustments for investments in proptech venture capital funds related to the pro rata equity pickup of realized and unrealized gains and losses from their portfolio investments, (2) noncash share-based compensation expense, (3) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (4) gain or loss on early extinguishment of debt and (5) the allocation of income to our perpetual preferred shares in connection with their redemption.

Adjusted FFO attributable to common share and unit holders is a non-GAAP financial measure that we use as a supplemental measure of our performance. We compute this metric by adjusting Core FFO attributable to common share and unit holders for (1) Recurring Capital Expenditures that are necessary to help preserve the value and maintain functionality of our properties and (2) capitalized leasing costs incurred during the period. As a portion of our homes are recently developed, acquired and/or renovated, we estimate Recurring Capital Expenditures for our entire portfolio by multiplying (a) current period actual Recurring Capital Expenditures per Same-Home Property by (b) our total number of properties, excluding newly acquired non-stabilized properties and properties classified as held for sale.

We present FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, because we consider this metric to be an important measure of the performance of real estate companies, as do many investors and analysts in evaluating the Company. We believe that FFO attributable to common share and unit holders provides useful information to investors because this metric excludes depreciation, which is included in computing net income and assumes the value of real estate diminishes predictably over time. We believe that real estate values fluctuate due to market conditions and in response to inflation. We also believe that Core FFO and Adjusted FFO attributable to common share and unit holders, as well as on a per FFO share and unit basis, provide useful information to investors because they allow investors to compare our operating performance to prior reporting periods without the effect of certain items that, by nature, are not comparable from period to period.

FFO shares and units include weighted-average common shares and operating partnership units outstanding, as well as potentially dilutive securities.

Retained Cash Flow is a non-GAAP financial measure that we believe is helpful as a supplemental measure in assessing the Company’s liquidity. This metric is computed by reducing Adjusted FFO attributable to common share and unit holders by common distributions.

FFO, Core FFO and Adjusted FFO attributable to common share and unit holders and Retained Cash Flow are not substitutes for net income or net cash provided by operating activities, each as determined in accordance with GAAP, as a measure of our operating performance, liquidity or ability to pay dividends. These metrics also are not necessarily indicative of cash available to fund future cash needs. Because other REITs may not compute these measures in the same manner, they may not be comparable among REITs.

The following is a reconciliation of net income or loss attributable to common shareholders to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders, Adjusted FFO attributable to common share and unit holders and Retained Cash Flow for the three months ended March 31, 2025 and 2024 (amounts in thousands, except share and per share data):

	For the Three Months Ended March 31,
	2025	2024
	(Unaudited)	(Unaudited)
Net income attributable to common shareholders	$ 109,972	$ 109,289
Adjustments:
Noncontrolling interests in the Operating Partnership	15,255	15,320
Gain on sale and impairment of single-family properties and other, net	(62,016)	(68,901)
Adjustments for unconsolidated real estate joint ventures	1,484	1,597
Depreciation and amortization	124,928	115,726
Less: depreciation and amortization of non-real estate assets	(5,365)	(4,655)
FFO attributable to common share and unit holders	$ 184,258	$ 168,376
Adjustments:
Acquisition, other transaction costs and other	4,090	3,324
Noncash share-based compensation – general and administrative	4,867	6,839
Noncash share-based compensation – property management	1,246	1,444
Loss on early extinguishment of debt	216	954
Core FFO attributable to common share and unit holders	$ 194,677	$ 180,937
Recurring Capital Expenditures	(16,829)	(14,124)
Leasing costs	(1,239)	(795)
Adjusted FFO attributable to common share and unit holders	$ 176,609	$ 166,018
Common distributions	(127,137)	(109,247)
Retained Cash Flow	$ 49,472	$ 56,771

Per FFO share and unit:
FFO attributable to common share and unit holders	$ 0.44	$ 0.40
Core FFO attributable to common share and unit holders	$ 0.46	$ 0.43
Adjusted FFO attributable to common share and unit holders	$ 0.42	$ 0.40

Weighted-average FFO shares and units:
Common shares outstanding	370,372,388	366,513,257
Share-based compensation plan and forward sale equity contracts ⁽¹⁾	761,171	878,863
Operating partnership units	51,376,980	51,376,980
Total weighted-average FFO shares and units	422,510,539	418,769,100


(1)	Reflects the effect of potentially dilutive securities issuable upon the assumed vesting/exercise of restricted stock units and stock options and the dilutive effect of forward sale equity contracts under the treasury stock method.

The following is a reconciliation of net income per common share–diluted to FFO attributable to common share and unit holders, Core FFO attributable to common share and unit holders and Adjusted FFO attributable to common share and unit holders on a per share and unit basis for the three months ended March 31, 2025 and 2024:

	For the Three Months Ended March 31,
	2025	2024
	(Unaudited)	(Unaudited)
Net income per common share–diluted	$ 0.30	$ 0.30
Adjustments:
Conversion from GAAP share count	(0.04)	(0.04)
Noncontrolling interests in the Operating Partnership	0.04	0.04
Gain on sale and impairment of single-family properties and other, net	(0.15)	(0.17)
Depreciation and amortization	0.30	0.28
Less: depreciation and amortization of non-real estate assets	(0.01)	(0.01)
FFO attributable to common share and unit holders	$ 0.44	$ 0.40
Adjustments:
Acquisition, other transaction costs and other	0.01	0.01
Noncash share-based compensation – general and administrative	0.01	0.02
Core FFO attributable to common share and unit holders	$ 0.46	$ 0.43
Recurring Capital Expenditures	(0.04)	(0.03)
Adjusted FFO attributable to common share and unit holders	$ 0.42	$ 0.40

Core Net Operating Income

Core NOI, which we also present separately for our Same-Home portfolio, is a supplemental non-GAAP financial measure that we define as core revenues, which is calculated as rents and other single-family property revenues, excluding expenses reimbursed by tenant charge-backs, less core property operating expenses, which is calculated as property operating and property management expenses, excluding noncash share-based compensation expense and expenses reimbursed by tenant charge-backs.

Core NOI also excludes (1) hurricane-related charges, net, which result in material charges to our single-family property portfolio, (2) gain or loss on early extinguishment of debt, (3) gains and losses from sales or impairments of single-family properties and other, (4) depreciation and amortization, (5) acquisition and other transaction costs incurred with business combinations and the acquisition or disposition of properties as well as nonrecurring items unrelated to ongoing operations, (6) noncash share-based compensation expense, (7) interest expense, (8) general and administrative expense, and (9) other income and expense, net. We believe Core NOI provides useful information to investors about the operating performance of our single-family properties without the impact of certain operating expenses that are reimbursed through tenant charge-backs.

Core NOI and Same-Home Core NOI should be considered only as supplements to net income or loss as a measure of our performance and should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. Additionally, these metrics should not be used as substitutes for net income or loss or net cash flows from operating activities (as computed in accordance with GAAP).

The following are reconciliations of core revenues, Same-Home core revenues, core property operating expenses, Same-Home core property operating expenses, Core NOI and Same-Home Core NOI to their respective GAAP metrics for the three months ended March 31, 2025 and 2024 (amounts in thousands):

	For the Three Months Ended March 31,
	2025	2024
	(Unaudited)	(Unaudited)
Core revenues and Same-Home core revenues
Rents and other single-family property revenues	$ 459,276	$ 423,555
Tenant charge-backs	(63,861)	(57,337)
Core revenues	395,415	366,218
Less: Non-Same-Home core revenues	(37,640)	(23,354)
Same-Home core revenues	$ 357,775	$ 342,864

Core property operating expenses and Same-Home core property operating expenses
Property operating expenses	$ 167,530	$ 155,927
Property management expenses	34,181	31,402
Noncash share-based compensation – property management	(1,246)	(1,444)
Expenses reimbursed by tenant charge-backs	(63,861)	(57,337)
Core property operating expenses	136,604	128,548
Less: Non-Same-Home core property operating expenses	(14,953)	(11,798)
Same-Home core property operating expenses	$ 121,651	$ 116,750

Core NOI and Same-Home Core NOI
Net income	$ 128,713	$ 128,095
Loss on early extinguishment of debt	216	954
Gain on sale and impairment of single-family properties and other, net	(62,016)	(68,901)
Depreciation and amortization	124,928	115,726
Acquisition and other transaction costs	3,061	3,324
Noncash share-based compensation – property management	1,246	1,444
Interest expense	45,426	38,577
General and administrative expense	19,671	21,885
Other income and expense, net	(2,434)	(3,434)
Core NOI	258,811	237,670
Less: Non-Same-Home Core NOI	(22,687)	(11,556)
Same-Home Core NOI	$ 236,124	$ 226,114

Contact:
AMH Investor Relations
Phone: (855) 794-2447
Email: [email protected]

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SOURCE AMH

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Astera Labs Ramps Production of PCIe 6 Connectivity Portfolio Supercharging Advanced AI and Cloud Infrastructure Deployments

New gearbox solution broadens the industry’s most widely deployed PCIe offerings across multiple, diverse AI platforms with leading hyperscale and cloud customers

SANTA CLARA, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Astera Labs, Inc. (Nasdaq: ALAB), a global leader in semiconductor-based connectivity solutions for AI and cloud infrastructure, today announced its purpose-built PCIe^® 6 connectivity portfolio is ramping production to fast-track deployments of modern AI platforms at scale. Now featuring gearbox connectivity solutions alongside fabric switches, retimers, and active cable modules, Astera Labs’ expanding PCIe 6 portfolio provides a comprehensive connectivity platform to deliver unparalleled performance, utilization, and scalability for next-generation AI and general-compute systems. Along with Astera Labs’ demonstrated PCIe 6 connectivity over optical media, the portfolio will provide even greater AI rack-scale distance optionality. The transition to PCIe 6 is fueled by the insatiable demand for higher compute, memory, networking, and storage data throughput, ensuring advanced AI accelerators and GPUs operate at peak efficiency.

Thad Omura, Chief Business Officer, said, “Our PCIe 6 solutions have successfully completed qualification with leading AI and cloud server customers, and we are ramping up to volume production in parallel with their next generation AI platform rollouts. By continuing to expand our industry-leading PCIe connectivity portfolio with additional innovative solutions that includes Scorpio Fabric Switches, Aries Retimers, Gearboxes, Smart Cable Modules, and PCIe over optics technology, we are providing our hyperscaler and data center partners all the necessary tools to accelerate the development and deployment of leading-edge AI platforms.”

Patrick Moorhead, Founder, Chief Executive Officer, and Chief Analyst, Moor Insights & Strategy, said, “Hyperscalers are set to begin PCIe 6-based AI platform deployments this year to meet the explosive bandwidth and low latency demands of emerging AI workloads. Astera Labs is well positioned as an enabler of this industry shift to faster data speeds. Its extensive portfolio of PCIe 6 connectivity solutions and COSMOS software suite can accelerate infrastructure readiness for next-generation AI and cloud-scale deployments.”

Industry-Leading PCIe 6 Connectivity Portfolio

PCIe 6 technology is critical to provide the high bandwidth, low latency interconnects needed to keep the latest GPUs fully utilized for maximum scaling of AI workloads. Astera Labs’ comprehensive PCIe 6 portfolio of purpose-built silicon, modules, and boards is ramping to production across multiple, diverse AI platforms that are ready to deploy in real systems with leading hyperscale customers.

NEW Aries 6 PCIe Smart Gearbox
– the industry’s first purpose-built PCIe gearbox solution that intelligently bridges the performance gap between the latest PCIe 6 devices and existing PCIe 5 ecosystem. Aries 6 Gearbox solves the challenge of degraded-performance in mixed-generation systems, ensuring full utilization of high-speed lanes and accelerating the deployment of next-generation AI platforms while optimizing rack-scale TCO.
Scorpio P-Series Smart Fabric Switches
– the industry’s first PCIe 6 fabric switches architected for mixed traffic AI head node connectivity deliver predictable, high-performance data flows between GPUs, CPUs, NICs, and SSDs. Scorpio P-Series enables high-bandwidth, low-latency peer-to-peer GPU data ingest while ensuring seamless interoperability across a diverse ecosystem of PCIe hosts and endpoints.
Aries 6 PCIe/CXL Smart DSP Retimers
– as the gold standard for PCIe retimers, these devices solve high-speed PCIe 6.x/CXL^® 3.x signal integrity challenges in AI and general-compute servers with reliable 3x reach extension. Aries 6 Retimers deliver high-performance, low power connectivity while providing a smart connectivity backbone that is reliable, interoperable, and scalable for diverse hyperscale deployments.
Aries 6 PCIe/CXL Smart Cable Modules (Aries 6 SCMs)
– extend PCIe 6.x/CXL 3.x signal reach up to 7 meters for GPU clustering across dense AI racks over copper-based Active Electrical Cables (AECs). Built on the proven track record of widely deployed and field-tested Aries Retimers, Aries 6 SCMs support multiple form factors and configurations to accommodate diverse AI system topologies.
PCIe 6 over Optics Technology
– enables PCIe 6 optical connectivity for GPU and AI accelerator scale-up clustering across longer distances to enhancing rack-scale data center flexibility. Astera Labs’ optical DSP technology easily integrates into AOC modules and optical transceivers, supporting future optical connectivity standards through software-defined configurability.

The expanded PCIe 6 portfolio integrates with the COnnectivity System Management and Optimization Software (COSMOS) suite to deliver a smart, customizable connectivity backbone with unprecedented data center observability, enhanced security, and extensive fleet management capabilities. COSMOS enables unmatched insights into the state and health of accelerated computing platforms to ensure maximum uptime and availability.

Astera Labs’ PCIe-based solutions are rigorously tested in the company’s Cloud-Scale Interop Lab and in customer platforms with leading PCIe hosts and endpoints across multiple PCIe generations and topologies. This essential interoperability and performance testing enables customers to design with confidence, minimize interoperation risk, and reduce overall development time and costs.

Industry Support

Raghu Nambiar, Corporate VP, Data Center Ecosystems and Solutions, AMD said, “As AI and data-intensive workloads continue to drive demand for ever-faster infrastructure, PCIe 6 becomes a critical technology to unlock the full performance of next-generation data centers. High-speed, low-latency connectivity is essential to harnessing the capabilities of AMD EPYC™ processors and Instinct™ accelerators at scale. Astera Labs’ deep expertise and robust PCIe 6 portfolio make them a valued technology partner in enabling seamless interoperability and performance across heterogeneous compute environments.”

Vincent Lin, Business Group President, Inventec Enterprise Business Group, said, “The exponential growth of AI and data-centric workloads is driving demand for server platforms with ultra-high bandwidth and low-latency interconnects. PCIe 6 is instrumental in delivering the performance our customers require, and strong ecosystem collaboration is essential to keep up with market demands. Astera Labs is a trusted partner whose PCIe expertise and innovative connectivity solutions accelerate development of Inventec’s next-generation platforms optimized for AI infrastructure.”

Dr. Joachim Peerlings, Vice President of Network and Data Center Solutions at Keysight Technologies, said, “Astera Labs is ramping PCIe 6 to production, and Keysight is proud to support its momentum with advanced testing solutions that ensure the highest standards for performance and compliance. Our collaboration with Astera Labs supports the rapid deployment of its PCIe 6 solutions that are critical to advancing AI and cloud infrastructure.”

Jeremy Werner, senior vice president and general manager, for the Core Data Center Business Unit, at Micron Technology, stated, “Inference has arrived and the next wave of AI infrastructure must pivot to address the deployment of AI agents and assistants. Inference generates more IOPS than any enterprise workload ever encountered. Micron and Astera Labs are leading the industry in delivering these IOPS through the early enablement of PCIe Gen6 high-performance SSDs. Micron’s commitment to technology innovation and broad ecosystem support has now resulted in verified interoperability with Astera Labs.”

Mike Yang, EVP of Quanta Computer Inc./ President of QCT, said, “At Quanta, we focus on building high-performance servers to power AI and ML workloads at scale. PCIe 6 is a key enabler of the bandwidth and latency improvements needed across data center deployments. Astera Labs’ proven PCIe connectivity portfolio and engineering expertise help ensure that our platforms deliver the highest performance and interoperability demanded by cloud customers.”

Leno Park, Vice President of Nand Product Planning, Samsung Electronics, said, “Samsung is pushing the boundaries of storage performance to meet the needs of large-scale AI and ML deployments. PCIe 6 is critical in unlocking the full potential of our next-generation SSDs, and seamless, high-speed connectivity is essential to delivering predictable performance our customers demand. Astera Labs plays a key role in the ecosystem with their deep PCIe expertise and robust connectivity solutions that help ensure end-to-end interoperability and performance at scale.”

Joe Mendolia, Vice President of Marketing, Protocol Solutions Group, Teledyne LeCroy, said, “As a leader in PCI Express 6.x protocol and physical layer testing, Teledyne LeCroy is proud to support ecosystem partners like Astera Labs which is driving PCIe 6 into production. Our innovative analysis tools are designed to help accelerate time to market and ensure robust performance for next-generation interconnect technologies. Collaborations like this are key to enabling the future of AI infrastructure and other advanced applications.”

Robert Lin, President, Enterprise & Networking Business Group, Wistron, said, “High-speed, reliable PCIe connectivity is a cornerstone of Wistron’s server platforms designed for AI and data-intensive computing. Astera Labs brings crucial domain expertise and a comprehensive portfolio that enhances interoperability and simplifies integration of advanced connectivity capabilities. Together, we’re helping customers deploy powerful, scalable next generation infrastructure to meet the growing demands of AI workloads.”

Steven SC Hsieh, Vice President, Wiwynn, said, “As AI workloads push data center infrastructure to its limits, PCIe Gen6 becomes essential to maintain throughput and utilization at scale. Wiwynn’s advanced server and storage platforms benefit from high-performance, interoperable connectivity, and Astera Labs is a close partner in helping us meet these demands. Their deep knowledge of PCIe and end-to-end connectivity portfolio enables us to accelerate deployment of next-gen AI solutions.”

Resources

About Astera Labs

Astera Labs is a global leader in purpose-built connectivity solutions that unlock the full potential of AI and cloud infrastructure. Our Intelligent Connectivity Platform integrates PCIe^®, CXL^®, and Ethernet semiconductor-based solutions and the COSMOS software suite of system management and optimization tools to deliver a software-defined architecture that is both scalable and customizable. Inspired by trusted relationships with hyperscalers and the data center ecosystem, we are an innovation leader delivering products that are flexible and interoperable. Discover how we are transforming modern data-driven applications at www.asteralabs.com.

CONTACT: Lori Zielinski

[email protected]

May 1, 2025 4:52 pm

T1 Provides Update from G1 Dallas

AUSTIN, Texas and NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) provided an update on the Company’s progress at its G1 Dallas solar module manufacturing facility in Wilmer, Texas.

Highlights

On April 30
^th
, T1 achieved term conversion of the G1 Dallas construction loan to a $235 million term loan in line with the previously communicated timeline
The conversion of the construction loan was conditioned upon third-party verification that construction, commissioning, and testing of all G1 Dallas production line equipment was complete
T1 produced 443 MW of PV solar modules at G1 Dallas during Q1 2025, equivalent to 96% of the Company’s production plan

On April 30, 2025, the construction loan of the G1 Dallas solar module manufacturing facility converted to a $235 million term loan in accordance with the terms set forth by T1’s banking consortium of commercial lenders. The term conversion occurred following T1’s satisfaction of certain conditions precedent, including:

A formal acknowledgement by each of T1’s solar module offtake customers that facility commissioning had occurred;
Confirmation by Gray Construction, Inc. that substantial completion of G1 construction had occurred; and
Certification by an independent engineer that G1 Dallas, with a total annual production capacity of 5 GW, has been installed, tested, and is ready and capable of being used for its intended purposes in a safe manner.

“The term conversion of the G1 Dallas construction loan is an important milestone for T1,” said Evan Calio, T1’s Chief Financial Officer. “With commissioning and third-party technical certification of the facility complete, G1 Dallas is now fully operational, and all production lines have been handed over to our operations team.”

G1 Operations Update

During Q1 2025, G1 Dallas produced 443 MW of PV solar modules while construction, commissioning, testing, and inspection of the production lines were ongoing, equating to 96% of T1’s Q1 production plan. In addition, T1 has elected to optimize the G1 product mix for prevailing market conditions by converting three production lines from PERC to TOPCon technology.

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow us on social media.

Investor contact:

Jeffrey Spittel

EVP, Investor Relations and Corporate Development
[email protected]
Tel: +1 409 599-5706

Media contact:

Amy Jaick

SVP, Communications
[email protected]
Tel: +1 973 713-5585

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn, and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a689f8d-4c71-4a98-84c8-7f2d331544d3

May 1, 2025 4:52 pm

United States Steel Corporation Reports First Quarter 2025 Results

United States Steel Corporation Reports First Quarter 2025 Results

First quarter 2025 net loss of $116 million, or $0.52 per diluted share.
First quarter 2025 adjusted net loss of $87 million, or $0.39 per diluted share.
First quarter 2025 adjusted EBITDA of $172 million.

PITTSBURGH–(BUSINESS WIRE)–
United States Steel Corporation (NYSE: X) reported first quarter 2025 net loss of $116 million, or $0.52 per diluted share. Adjusted net loss was $87 million, or $0.39 per diluted share. This compares to first quarter 2024 net earnings of $171 million, or $0.68 per diluted share. Adjusted net earnings for the first quarter 2024 was $206 million, or $0.82 per diluted share.

Commenting on the Company’s first quarter performance, U. S. Steel President and Chief Executive Officer, David B. Burritt said, “Our adjusted EBITDA of $172 million highlights the strength and resilience of our operating performance, despite the seasonally low results driven by annual mining logistics constraints in our North American Flat-Rolled segment and lagging spot prices. Our North American Flat-Rolled segment achieved a solid EBITDA margin of 5%, thanks to our commercial strategy, product mix, and disciplined cost management. We recorded our highest quarter of shipments to date from our Mini Mill segment as Big River 2 (“BR2”), a showcase of American innovation in steelmaking, continues ramping toward full capacity. After accounting for $55 million in ramp-up impact at BR2, Mini Mill EBITDA margins reached 10%. Our European business benefited from higher shipments and strong cost management, while our Tubular segment posted sequential gains on stronger average selling prices. We also expect the first quarter to mark our lowest cash balance for the year, driven primarily by working capital impacts related to mining and the ramp up of BR2.”

Burritt added, “We are pleased to see shipments from BR2 continue to rise, with customers praising product quality, especially related to our industry-leading ultra-light gauge hot roll, a first in North America, including for the U.S. commercial construction industry. While markets remain dynamic, our dedicated teams are successfully navigating current volatility through optimizing mix, executing with efficiency, and growing shipment volumes in our Mini Mill segment. Particularly noteworthy is our record-setting safety performance this quarter that speaks volumes about all our mills’ operational excellence.”

Q2 2025 Outlook

We expect second quarter adjusted EBITDA in the range of $375 million and $425 million. Our North American Flat-Rolled segment results are expected to increase as seasonal constraints in mining logistics ease and higher average steel prices flow through results. However, we do expect a partial offset from lower shipments as a function of planned maintenance activity and outage costs during the quarter. We expect an improvement in Mini Mill segment results, reflecting both an increase in average selling prices and volumes from BR2, even after accounting for approximately $50 million of ramp-up impact at BR2. In Europe, where demand conditions remain tepid, we expect results to be broadly consistent with the first quarter, as higher average selling prices and volumes are expected to be offset by planned seasonal maintenance activities. We expect broadly consistent results in the Tubular segment as the benefits of higher selling prices are partly offset by slightly higher costs. Overall, we expect to deliver positive enterprise free cash flow in the second quarter, as working capital impacts in the first quarter begin to unwind.

Earnings Highlights
	Three Months Ended March 31,
(Dollars in millions, except per share amounts)		2025			2024
Net Sales	$	3,727		$	4,160
Segment earnings (loss) before interest, taxes, depreciation and amortization (EBITDA)
Flat-Rolled	$	104		$	156
Mini Mill		5			145
USSE		35			46
Tubular		25			69
Other earnings (loss) before interest, taxes, depreciation and amortization		3			(2	)
Depreciation, depletion, and amortization		(249	)		(210	)
Total segment (loss) earnings before interest and income taxes	$	(77	)	$	204
Other items not allocated to segments		(45	)		(50	)
(Loss) earnings before interest and income taxes	$	(122	)	$	154
Net interest and other financial costs (income)		25			(55	)
Income tax (benefit) expense		(31	)		38
Net (loss) earnings	$	(116	)	$	171
(Loss) earnings per diluted share	$	(0.52	)	$	0.68

Adjusted net (loss) earnings ^(a)	$	(87	)	$	206
Adjusted net (loss) earnings per diluted share ^(a)	$	(0.39	)	$	0.82
Adjusted earnings before interest, income taxes, depreciation and amortization (EBITDA) ^(a)	$	172		$	414
^(a) Please refer to the non-GAAP Financial Measures section of this document for the reconciliation of these amounts.

UNITED STATES STEEL CORPORATION
PRELIMINARY SUPPLEMENTAL STATISTICS (Unaudited)
		Three Months Ended March 31,
			2025			2024
OPERATING STATISTICS
Average realized price: ($/net ton unless otherwise noted) ^(a)
	Flat-Rolled		984			1,054
	Mini Mill		761			977
	U. S. Steel Europe		741			830
	U. S. Steel Europe (€/net ton)		703			764
	Tubular		1,729			2,267

Steel shipments (thousands of net tons): ^(a)
	Flat-Rolled		1,985			2,049
	Mini Mill		782			568
	U. S. Steel Europe		856			1,072
	Tubular		136			114
	Total steel shipments		3,759			3,803

Intersegment steel (unless otherwise noted) shipments (thousands of net tons):
	Mini Mill to Flat-Rolled		54			112
	Flat-Rolled to Mini Mill		2			1
	Flat-Rolled to Mini Mill (pig iron)		104			77
	Flat-Rolled to USSE (coal)		24			119

Raw steel production (thousands of net tons):
	Flat-Rolled		2,105			2,111
	Mini Mill		965			717
	U. S. Steel Europe		956			1,079
	Tubular		161			146

Raw steel capability utilization: ^(b)
	Flat-Rolled		65	%		64	%
	Mini Mill ^(c)		62	%		87	%
	U. S. Steel Europe		78	%		87	%
	Tubular		73	%		65	%

CAPITAL EXPENDITURES (dollars in millions)
	Flat-Rolled		138			139
	Mini Mill		181			463
	U. S. Steel Europe		33			28
	Tubular		7			10
	Other Businesses		—			—
	Total	$	359		$	640
^(a) Excludes intersegment shipments.
^(b)Based on annual raw steel production capability of 13.2 million net tons for Flat-Rolled, 5.0 million net tons for U. S. Steel Europe and 0.9 million net tons for Tubular in both periods. For Mini Mill, based on annual raw steel production capability of 6.3 million net tons and 3.3 million net tons for the three months ended March 31, 2025 and 2024, respectively.
^(c) Big River Steel operated at 92% during the first quarter of 2025.

UNITED STATES STEEL CORPORATION
CONDENSED STATEMENT OF OPERATIONS (Unaudited)
	Three Months Ended March 31,
(Dollars in millions, except per share amounts)		2025			2024
Net Sales	$	3,727		$	4,160

Operating expenses (income):
Cost of sales		3,493			3,665
Selling, general and administrative expenses		120			119
Depreciation, depletion and amortization		249			210
Earnings from investees		(3	)		(14	)
Asset impairment charges		—			7
Restructuring and other charges		—			6
Other (gains) losses, net		(10	)		13
Total operating expenses		3,849			4,006

(Loss) earnings before interest and income taxes		(122	)		154
Net interest and other financial costs (income)		25			(55	)

(Loss) earnings before income taxes		(147	)		209
Income tax (benefit) expense		(31	)		38

Net (loss) earnings		(116	)		171
Less: Net earnings attributable to noncontrolling interests		—			—
Net (loss) earnings attributable to United States Steel Corporation	$	(116	)	$	171

COMMON STOCK DATA:
Net (loss) earnings per share attributable to United States Steel Corporation Stockholders
Basic	$	(0.52	)	$	0.76
Diluted	$	(0.52	)	$	0.68
Weighted average shares, in thousands
Basic		225,645			224,099
Diluted		225,645			254,584
Dividends paid per common share	$	0.05		$	0.05

UNITED STATES STEEL CORPORATION
CONDENSED CASH FLOW STATEMENT (Unaudited)
		Three Months Ended March 31,			Three Months Ended March 31,
(Dollars in millions)			2025			2024
Increase (decrease) in cash, cash equivalents and restricted cash
Operating activities:
	Net (loss) earnings	$	(116	)	$	171
	Depreciation, depletion and amortization		249			210
	Asset impairment charges		—			7
	Restructuring and other charges		—			6
	Pensions and other postretirement benefits		(1	)		(28	)
	Active employee benefit investments		12			30
	Deferred income taxes		(32	)		36
	Working capital changes		(409	)		(312	)
	Income taxes receivable/payable		42			5
	Other operating activities		(119	)		(153	)
Net cash used in operating activities			(374	)		(28	)

Investing activities:
	Capital expenditures		(359	)		(640	)
	Proceeds from sale of assets		1			—
	Other investing activities		—			(5	)
Net cash used in investing activities			(358	)		(645	)

Financing activities:
	Repayment of long-term debt		(18	)		(14	)
	Other financing activities		(32	)		(32	)
Net cash used in financing activities			(50	)		(46	)

Effect of exchange rate changes on cash			7			(7	)

Net decrease in cash, cash equivalents and restricted cash			(775	)		(726	)
Cash, cash equivalents and restricted cash at beginning of year			1,413			2,988

Cash, cash equivalents and restricted cash at end of period		$	638		$	2,262

UNITED STATES STEEL CORPORATION
CONDENSED BALANCE SHEET (Unaudited)
		March 31,		December 31,
(Dollars in millions)			2025		2024
Cash and cash equivalents		$	594	$	1,367
Receivables, net			1,647		1,398
Inventories			2,372		2,168
Other current assets			323		299
	Total current assets		4,936		5,232

Operating lease assets			68		72
Property, plant and equipment, net			12,113		11,973
Investments and long-term receivables, net			762		757
Intangibles, net			411		416
Goodwill			920		920
Other noncurrent assets			873		865
	Total assets	$	20,083	$	20,235

Accounts payable and other accrued liabilities			2,800		2,747
Payroll and benefits payable			272		295
Short-term debt and current maturities of long-term debt			109		95
Other current liabilities			218		236
	Total current liabilities		3,399		3,373

Noncurrent operating lease liabilities			41		44
Long-term debt, less unamortized discount and debt issuance costs			4,047		4,078
Employee benefits			97		117
Deferred income tax liabilities			635		657
Other long-term liabilities			533		526
United States Steel Corporation stockholders’ equity			11,238		11,347
Noncontrolling interests			93		93
	Total liabilities and stockholders’ equity	$	20,083	$	20,235

UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED NET EARNINGS
		Three Months Ended March 31,
(Dollars in millions)		2025						2024
Net (loss) earnings and diluted net (loss) earnings per share attributable to United States Steel Corporation, as reported		$	(116	)	$	(0.52	)	$	171		$	0.68
	Restructuring and other charges		—						6
	Stock-based compensation expense		15						11
	Asset impairment charges		—						7
	VEBA asset surplus adjustment		(7	)					(4	)
	Environmental remediation charges		1						2
	Strategic alternatives review process costs		23						23
	Other charges, net		6						1
Adjusted pre-tax net (loss) earnings to United States Steel Corporation			(78	)					217
	Tax impact of adjusted items ^(a)		(9	)					(11	)
Adjusted net (loss) earnings and diluted net (loss) earnings per share attributable to United States Steel Corporation		$	(87	)	$	(0.39	)	$	206		$	0.82
Weighted average diluted ordinary shares outstanding, in millions			225.6						254.6
^(a) The tax impact of adjusted items for both the three months ended March 31, 2025 and 2024 were calculated using a blended tax rate of 24%.

UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED EBITDA
		Three Months Ended March 31,
(Dollars in millions)			2025			2024
Reconciliation to Adjusted EBITDA
	Net (loss) earnings attributable to United States Steel Corporation	$	(116	)	$	171
	Income tax (benefit) expense		(31	)		38
	Net interest and other financial costs (income)		25			(55	)
	Depreciation, depletion and amortization expense		249			210
EBITDA			127			364
	Restructuring and other charges		—			6
	Stock-based compensation expense		15			11
	Asset impairment charges		—			7
	Environmental remediation charges		1			2
	Strategic alternatives review process costs		23			23
	Other charges, net		6			1
Adjusted EBITDA		$	172		$	414
	Net (loss) earnings margin ^(a)		(3.1	)%		4.1	%
	Adjusted EBITDA margin ^(a)		4.6	%		10.0	%
^(a) The net (loss) earnings and adjusted EBITDA margins represent net earnings or adjusted EBITDA divided by net sales.

UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF PAST TWELVE MONTHS OF FREE AND INVESTABLE CASH FLOW
	2nd			3rd			4th			1st			Total of the Four Quarters
	Quarter			Quarter			Quarter			Quarter
(Dollars in millions)		2024			2024			2024			2025
Net cash provided (used) by operating activities	$	474		$	265		$	208		$	(374	)	$	573
Net cash used in investing activities		(630	)		(509	)		(492	)		(358	)		(1,989	)
Free cash flow		(156	)		(244	)		(284	)		(732	)		(1,416	)
Strategic capital expenditures		468			346			312			166			1,292
Investable free cash flow	$	312		$	102		$	28		$	(566	)	$	(124	)

We present adjusted net earnings, adjusted net earnings per diluted share, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP measures, as additional measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings, is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies.

Adjusted net earnings and adjusted net earnings per diluted share are non-GAAP measures that exclude the effects of items that include: restructuring and other charges, stock-based compensation expense, asset impairment charges, VEBA asset surplus adjustment, environmental remediation charges, strategic alternatives review process costs, tax impact of adjusted items and other charges, net (Adjustment Items). Adjusted EBITDA and adjusted EBITDA margins are also non-GAAP measures that exclude the effects of certain Adjustment Items. We present adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA and adjusted EBITDA margin to enhance the understanding of our ongoing operating performance and established trends affecting our core operations by excluding the effects of events that can obscure underlying trends. U. S. Steel’s management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin as alternative measures of operating performance and not alternative measures of the Company’s liquidity. U. S. Steel’s management considers adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin useful to investors by facilitating a comparison of our operating performance to the operating performance of our competitors. Additionally, the presentation of adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin provides insight into management’s view and assessment of the Company’s ongoing operating performance because management does not consider the Adjustment Items when evaluating the Company’s financial performance. Adjusted net earnings, adjusted net earnings per diluted share, adjusted EBITDA, and adjusted EBITDA margin should not be considered a substitute for net earnings, earnings per diluted share or other financial measures as computed in accordance with U.S. GAAP and are not necessarily comparable to similarly titled measures used by other companies.

We also present free cash flow, a non-GAAP measure of cash generated from operations after any investing activity and investable free cash flow, a non-GAAP measure of cash generated from operations after any investing activity adjusted for strategic capital expenditures. We believe that free cash flow and investable free cash flow provide further insight into the Company’s overall utilization of cash. A condensed consolidated statement of operations (unaudited), condensed consolidated cash flow statement (unaudited), condensed consolidated balance sheet (unaudited) and preliminary supplemental statistics (unaudited) for U. S. Steel are attached.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release contains information regarding the Company that may constitute “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 and other securities laws, that are subject to risks and uncertainties. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “plan,” “goal,” “future,” “will,” “may” and similar expressions or by using future dates in connection with any discussion of, among other things, statements expressing general views about future operating or financial results, operating or financial performance, trends, events or developments that we expect or anticipate will occur in the future, anticipated cost savings, potential capital and operational cash improvements and changes in the global economic environment, anticipated capital expenditures, the construction or operation of new or existing facilities or capabilities and the costs associated with such matters, statements regarding our greenhouse gas emissions reduction goals, as well as statements regarding the proposed transaction between the Company and Nippon Steel Corporation, including the timing of the completion of the transaction. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements include all statements that are not historical facts, but instead represent only the Company’s beliefs regarding future goals, plans and expectations about our prospects for the future and other events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management of the Company believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. Risks and uncertainties include without limitation: the ability of the parties to consummate the proposed transaction on a timely basis or at all; the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement and plan of merger relating to the proposed transaction (the “Merger Agreement”); risks arising from transaction-related litigation, either brought by or against the parties; the risk that the parties to the Merger Agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction and related litigation; certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with customers, suppliers, employees, stockholders and other business relationships and on its operating results and business generally; and the risk the pending proposed transaction could distract management of the Company. The Company directs readers to the Company’s Annual Report on Form 10-K for the year ending December 31, 2024, and the other documents it files with the SEC for other risks associated with the Company’s future performance. These documents contain and identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements. All information in this report is as of the date above. The Company does not undertake any duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations whether as a result of new information, future events or otherwise, except as required by law.

References in this release to (i) “U. S. Steel,” “the Company,” “we,” “us,” and “our” refer to United States Steel Corporation and its consolidated subsidiaries unless otherwise indicated by the context and (ii) “Big River Steel” refers to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context.

About U. S. Steel

Founded in 1901, U. S. Steel delivers profitable and sustainable steel solutions. Propelled by its talented employees and an unwavering focus on safety, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products. Steel production begins with our competitively advantaged iron ore production capabilities which fuel our integrated steelmaking facilities and investments in electric arc furnaces. To help our customers create the best products with the fewest emissions, we are committed to reaching net-zero greenhouse gas emissions by 2050. U. S. Steel is at the forefront of creating steels that are stronger, lighter, and better for the environment. This includes our proprietary XG3^® advanced high-strength steel, verdeX^® steel produced with 70-80% lower CO₂ emissions with a recycled content of up to 90%, and ultra-thin lightweight InduX™ steel for electric vehicles, generators, and transformers. U. S. Steel maintains operations across the United States and in Central Europe and is headquartered in Pittsburgh, Pennsylvania. For more information, please visit www.ussteel.com and follow U. S. Steel on LinkedIn, Instagram, Facebook, and X.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250501011044/en/

Corporate Communications

T – (412) 433-1300

E – [email protected]

Emily Chieng

Investor Relations Officer

T – (412) 618-9554

E – [email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Construction & Property Natural Resources Steel Machine Tools, Metalworking & Metallurgy Automotive Manufacturing Other Construction & Property Mining/Minerals Manufacturing

MEDIA:

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May 1, 2025 4:52 pm

PROS Holdings, Inc. Names Jeff Cotten as President & Chief Executive Officer

PROS Holdings, Inc. Names Jeff Cotten as President & Chief Executive Officer

Cotten, an experienced CEO with a track record of driving growth at scale, to succeed Andres Reiner

HOUSTON–(BUSINESS WIRE)–
PROS Holdings, Inc. (NYSE: PRO) a leading provider of AI-powered SaaS pricing and selling solutions, today announced that its Board of Directors has named Jeff Cotten as President and CEO effective June 2, 2025. Following a search assisted by a nationally recognized executive search firm, Cotten succeeds Andres Reiner, who previously announced his intention to retire. Reiner will serve in a senior advisory role for one year following Cotten’s appointment to ensure a successful transition.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250501364282/en/

Jeff Cotten named as President and CEO of PROS, effective June 2, 2025.

Cotten is a dynamic, customer-focused executive with over two decades of experience in enterprise technology companies. He has a proven track record of driving growth and leading complex transformations across both Fortune 2000 organizations and VC-backed companies. Cotten currently serves as Chairman and previously served as CEO of Alvaria. Prior to that he served as CEO of Tenfold and held multiple senior leadership roles at Rackspace, including President and CRO, where he led global operations for an over $2 billion business. Cotten is known for building strong, values-driven cultures that deliver customer and business impact.

“The board is thrilled to welcome Jeff as our next CEO,” said PROS Non-Executive Chairman of the Board Bill Russell. “Jeff has a strong track record of consistently delivering results and driving enterprise-wide operational excellence across high tech companies. We are confident that Jeff is the right leader to build upon the strong foundation laid by Andres.”

“On behalf of the board and our entire PROS team, I want to thank Andres for his exceptional leadership and commitment to making PROS a leader in responsible AI,” Russell continued. “Indeed, his vision transformed PROS into the market-leading, AI-powered SaaS company it is today—expanding into new industry verticals, completing a successful SaaS transition, driving significant revenue growth, and fostering a culture of innovation. We appreciate his willingness to serve as an advisor to ensure a seamless transition.”

“I’ve had the opportunity to get to know Jeff, and I am confident in the future of PROS under his leadership,” said Reiner. “His people-first mindset, passion for innovation and focus on customer value align perfectly with our strategy and culture. We have the best people and technology, our value proposition has never been more relevant, and the team is well-positioned to capitalize on our market opportunity. I look forward to supporting Jeff on a successful transition.”

“I’m thrilled to join PROS at such a pivotal time,” said Cotten. “As companies accelerate their adoption of AI, PROS is uniquely positioned with its decades of domain expertise and a bold focus on agentic and prescriptive AI. This is a company with a clear market leadership position, a culture rooted in innovation and a deep commitment to delivering customer value, with a strong, passionate team. I look forward to building on this foundation to help scale the business, unlock new opportunities, and drive continued growth for our customers, employees, and shareholders.”

About PROS

PROS Holdings, Inc. (NYSE: PRO) helps the world’s leading companies outperform across the top and bottom line. Leveraging leadership in revenue and pricing science, the PROS Platform combines predictive AI, real-time analytics and powerful automation to dynamically match offer to buyer and price to product, accelerating revenue growth and maximizing profit. With solutions spanning pricing, revenue management, offer marketing and CPQ, PROS helps businesses optimize transactions across every channel. Learn more at pros.com.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our management; business outlook; expectations; ability to achieve future growth and profitability goals; and management’s confidence and optimism. The forward-looking statements contained in this press release are based upon our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ materially from those described herein include, among others, risks related to: (a) cyberattacks, data breaches and breaches of security measures within our products, systems and infrastructure or products, systems and infrastructure of third parties upon whom we rely, (b) the macroeconomic environment and geopolitical uncertainty and events, (c) increasing business from customers, maintaining subscription renewal rates and capturing customer IT spend, (d) managing our growth and profit objectives effectively, (e) disruptions from our third party data center, software, data, and other unrelated service providers, (f) implementing our solutions, (g) cloud operations, (h) intellectual property and third-party software, (i) acquiring and integrating businesses and/or technologies, (j) catastrophic events, (k) operating globally, including economic and commercial disruptions, (l) potential downturns in sales and lengthy sales cycles, (m) software innovation, (n) competition, (o) market acceptance of our software innovations, (p) maintaining our corporate culture, (q) personnel risks including loss of any key employees and competition for talent, (r) expanding and training our direct and indirect sales force, (s) evolving data privacy, cyber security, data localization and AI laws, (t) our debt repayment obligations, (u) the timing of revenue recognition and cash flow from operations, (v) returning to profitability, and (w) the timing and uncertainty related to executive search. Additional information relating to the risks and uncertainties affecting our business is contained in our filings with the SEC. These forward-looking statements represent our expectations as of the date hereof. Subsequent events may cause these expectations to change, and PROS disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250501364282/en/

PROS Media Contact:

Amy Williams

+1 713-335-5916

[email protected]

PROS Investor Relations Contact:

Belinda Overdeput

713-335-5879

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Professional Services Business Technology Other Technology Software Artificial Intelligence

MEDIA:

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Jeff Cotten named as President and CEO of PROS, effective June 2, 2025.

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May 1, 2025 4:51 pm

AIG Reports Excellent First Quarter 2025 Results

AIG Reports Excellent First Quarter 2025 Results

Strong top-line growth, with net premiums written (NPW) of $4.5 billion, flat year-over-year on a reported basis, but an increase of 8% on a comparable basis*^†
Global Commercial NPW of $3.2 billion, an increase of 8% year-over-year, or 10% on a comparable basis^†, driven by outstanding 14%^† growth in North America Commercial and 8%^† in International Commercial, supported by continued optimization of our reinsurance structure
Global Commercial new business written of $1.1 billion, growing 12% year-over-year
General Insurance combined ratio of 95.8%; Accident year combined ratio, as adjusted* (AYCR) of 87.8%, the best first quarter results since the financial crisis
Net income per diluted share of $1.16; Adjusted after-tax income* (AATI) per diluted share of $1.17
Returned approximately $2.5 billion of capital to shareholders, including $2.2 billion of share repurchases and $234 million of dividends in the first quarter
Quarterly common stock dividend increase of 12.5% declared by the Board of Directors

NEW YORK–(BUSINESS WIRE)–
American International Group, Inc. (NYSE: AIG) today reported financial results for the first quarter ended March 31, 2025.

“We are off to an excellent start in 2025. Despite a challenging catastrophe quarter that produced elevated losses for the industry, AIG delivered very strong results. This outcome underscores the effectiveness of our technical underwriting expertise and strategic use of reinsurance, positioning us within our expectations for the remainder of the year. In addition, we reported AIG’s best first quarter accident year combined ratio, as adjusted, since the financial crisis, reflecting the exceptional quality of our underlying portfolio,” said Peter Zaffino, AIG Chairman & Chief Executive Officer.

“We produced impressive top-line growth with net premiums written increasing 8% year-over-year on a comparable basis^†. Global Commercial grew 10%^†, maintaining high retention of 88% and very strong and balanced new business of $1.1 billion. North America Commercial grew 14%^† and International Commercial grew 8%^†.

“We continued to deliver against our disciplined capital management strategy and in many ways accelerated progress in the first quarter, returning $2.5 billion of capital to shareholders, including $2.2 billion of share repurchases and $234 million of dividends. We ended the quarter with a debt to total capital ratio of 17.1% and parent liquidity of $4.9 billion.

“As we had signaled at our Investor Day, the AIG Board of Directors has approved a 12.5% increase in our quarterly dividend to $0.45 per share starting in the second quarter of 2025, the third consecutive year of double-digit percentage increases, reflecting confidence in the future earnings power of AIG.

“While the broader macroeconomic and geopolitical environment remains uncertain, AIG is navigating these challenges from a position of strength given our global diversified portfolio, disciplined underwriting, and resilient balance sheet. Our dedicated colleagues around the world remain committed to delivering on our objectives with the highest quality.

“At our Investor Day on March 31, we set out to demonstrate that, by every measure, we have executed an unprecedented turnaround and today AIG is a different company with unparalleled opportunities. As we look ahead, we have significant strategic and financial flexibility, exceptional momentum, and we continue to expect to achieve 10%+ Core Operating ROE for full year 2025 along with the three-year financial targets we provided at our Investor Day.”

* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this news release under the heading Comment on Regulation G and Non-GAAP Financial Measures.

^† NPW on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of global personal travel and assistance business (AIG’s Travel business) in 2024. Refer to page 20 for more detail.

FINANCIAL SUMMARY

	Three Months Ended March 31,
($ and shares in millions, except per share amounts)		2024			2025
Income attributable to AIG common shareholders from continuing operations	$	775		$	698
Net income per diluted share attributable to AIG common shareholders from continuing operations	$	1.13		$	1.16

Net income attributable to AIG common shareholders	$	1,194		$	698
Net income per diluted share attributable to AIG common shareholders	$	1.74		$	1.16

Net investment income	$	979		$	1,105
Net investment income, APTI basis		841			845

Adjusted pre-tax income (loss)	$	1,153		$	909
General Insurance		1,358			979
Other Operations		(205	)		(70	)

Adjusted after-tax income attributable to AIG common shareholders	$	862		$	702
Adjusted after-tax income per diluted share attributable to AIG common shareholders	$	1.25		$	1.17

Weighted average common shares outstanding – diluted		688.0			599.2

Return on equity		10.8	%		6.7	%
Adjusted return on equity		6.4	%		6.4	%
Core operating return on equity		9.6	%		7.7	%

Book value per share	$	64.66		$	71.38
Adjusted book value per share	$	79.36		$	74.45
Adjusted tangible book value per share	$	73.69		$	67.96
Core operating book value per share	$	52.59		$	61.72

Common shares outstanding (in millions)		671.0			580.4

For the first quarter of 2025, net income attributable to AIG common shareholders was $698 million, or $1.16 per diluted common share, compared to $1.2 billion, or $1.74 per diluted common share, in the prior year quarter. The year-over-year decrease was largely attributable to net income of $0.61 per diluted common share from Corebridge Financial, Inc.’s (Corebridge), recognized in the prior year quarter, prior to Corebridge’s deconsolidation.

AATI was $702 million, or $1.17 per diluted common share, for the first quarter of 2025, compared to $862 million, or $1.25 per diluted common share, in the prior year quarter, reflecting lower underwriting income in General Insurance driven by higher catastrophe losses, partially offset by more favorable prior year development and lower expense ratio as well as improved results in Other Operations.

Total net investment income for the first quarter of 2025 was $1.1 billion, an increase of 13% from $979 million in the prior year quarter, primarily due to change in fair value and dividend income from AIG’s equity in Corebridge, higher income on available for sale fixed maturity securities and lower investment expenses, partially offset by lower income from short-term investments, mortgage loans and other invested assets. Total net investment income on an APTI basis* was $845 million, flat compared to the prior year quarter. Net investment income attributed to General Insurance was down 3% from the prior year quarter, mainly due to lower income from alternatives and other invested assets, partially offset by higher income on available for sale fixed maturity securities and lower investment expenses.

In the first quarter of 2025, AIG returned approximately $2.5 billion to shareholders through$2.2 billion of common stock repurchases representing approximately 29 million shares, and $234 million of common stock dividends. AIG Parent liquidity was $4.9 billion as of March 31, 2025.

Return on Equity (ROE) and Core Operating ROE* were 6.7% and 7.7%, respectively, in the first quarter of 2025. Book value per share was $71.38 as of March 31, 2025, an increase of 2% from December 31, 2024. Adjusted tangible book value per share* was $67.96, flat from December 31, 2024. Total debt to total capital ratio at March 31, 2025 was 17.1% and total debt to total adjusted capital* ratio was 16.6%.

On May 1, 2025, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.45 per share. The dividend is payable on June 27, 2025 to stockholders of record at the close of business on June 13, 2025.

Realignment of Reportable Segments: In the fourth quarter 2024, AIG realigned its organizational structure and the composition of its reportable segments to reflect changes in how AIG manages its operations, specifically the level at which its chief operating decision makers regularly review operating results and allocate resources. AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. General Insurance consists of our three reportable segments and the net investment income related to our insurance operations. Prior years’ presentations have been revised to conform to the new reportable segments.

GENERAL INSURANCE

Three Months Ended

March 31,

($ in millions)

2024

2025

Change

Gross premiums written

$

9,156

$

9,011

(2

)

%

Net premiums written

$

4,512

$

4,526

—

%

Underwriting income (loss)

$

596

$

243

(59

)

%

Net investment income

$

762

$

736

(3

)

%

Adjusted pre-tax income

$

1,358

$

979

(28

)

%

Underwriting ratios:

General Insurance (GI) CR

89.8

95.8

6.0

pts

GI Loss ratio

58.0

65.3

7.3

Less: impact on loss ratio

Catastrophe losses and reinstatement premiums

(1.9

)

(9.1

)

(7.2

)

Prior year development, net of reinsurance and prior year premiums

0.5

1.1

0.6

GI Accident year loss ratio, as adjusted

56.6

57.3

0.7

GI Expense ratio

31.8

30.5

(1.3

)

GI Accident year combined ratio, as adjusted

88.4

87.8

(0.6

)

pts

Comparable Basis^†:

Net premiums written

$

4,191

$

4,526

8

%

First quarter NPW of $4.5 billion was flat from the prior year quarter on a reported basis, but increased 8% on a comparable basis^†, driven by 10%^† growth in Global Commercial.

Underwriting income was $243 million, a 59% decrease from the prior year quarter, due principally to higher catastrophe charges.

Total catastrophe-related charges were $525 million, representing 9.1 loss ratio points, compared to $106 million, representing 1.9 loss ratio points, in the prior year quarter. First quarter 2025 included $460 million of losses, before reinstatement premiums, from the January California wildfires.

First quarter 2025 included favorable prior year development (PYD), net of reinsurance and prior year premiums, of $64 million, compared to $22 million in the prior year quarter, primarily driven by favorable development on U.S. Property and Global Specialty along with the amortization benefit related to adverse development cover.

The combined ratio was 95.8%, compared to 89.8% in the prior year quarter. The increase was largely driven by higher catastrophe charges, partially offset by lower expense ratio, which improved 130 basis points. The AYCR was 87.8%, compared to 88.4% in the prior year quarter.

General Insurance APTI* of $979 million decreased 28% from the prior year quarter, primarily driven by lower underwriting income.

GENERAL INSURANCE – NORTH AMERICA COMMERCIAL

Three Months Ended

March 31,

($ in millions)

2024

2025

Change

Net premiums written

$

1,033

$

1,174

14

%

Underwriting income (loss)

$

236

$

129

(45

)

%

Underwriting ratios:

CR

88.1

93.9

5.8

pts

AYCR, as adjusted

85.9

84.3

(1.6

)

pts

Comparable Basis^†:

Net premiums written

$

1,032

$

1,174

14

%

First quarter NPW of $1.2 billion increased 14% from the prior year quarter, primarily driven by Lexington Insurance, benefiting from new business production and strong retention, as well as Glatfelter and Retail Property.

The combined ratio was 93.9%, compared to 88.1% in the prior year quarter. The increase was mainly driven by higher catastrophe charges predominantly from the January California wildfires, partially offset by lower expense ratio and more favorable PYD, net of reinsurance. The AYCR was 84.3%, compared to 85.9% in the prior year quarter.

GENERAL INSURANCE – INTERNATIONAL COMMERCIAL

Three Months Ended

March 31,

($ in millions)

2024

2025

Change

Net premiums written

$

1,939

$

2,027

5

%

Underwriting income (loss)

$

330

$

240

(27

)

%

Underwriting ratios:

CR

83.6

88.2

4.6

pts

AYCR, as adjusted

83.0

85.4

2.4

pts

Comparable Basis^†:

Net premiums written

$

1,874

$

2,027

8

%

First quarter NPW of $2.0 billion increased 5% from the prior year quarter, or 8% on a comparable basis^†, driven by the growth in Property and Global Specialty.

First quarter combined ratio was 88.2%, compared to 83.6% in the prior year quarter. The increase was primarily due to higher loss ratio, predominantly driven by catastrophe charges, and increased general operating expense ratio, partially offset by more favorable PYD, net of reinsurance. The AYCR was 85.4%, compared to 83.0% in the prior year quarter, driven by an increase in both the accident year loss ratio, as adjusted, and the general operating expense ratio.

GENERAL INSURANCE – GLOBAL PERSONAL

Three Months Ended

March 31,

($ in millions)

2024

2025

Change

Net premiums written

$

1,540

$

1,325

(14

)

%

Underwriting income (loss)

$

30

$

(126

)

NM

%

Underwriting ratios:

CR

98.3

107.9

9.6

pts

AYCR, as adjusted

97.0

95.6

(1.4

)

pts

Comparable Basis^†:

Net premiums written

$

1,285

$

1,325

3

%

First quarter NPW of $1.3 billion declined 14% from the prior year quarter, but grew 3% on a comparable basis^†, driven by growth in Personal Auto, resulting from positive rate change and new business production.

First quarter combined ratio was 107.9%, compared to 98.3% in the prior year quarter. The increase was primarily driven by the impact from the January California wildfires, partially offset by improved expense ratio. The AYCR was 95.6%, improved from 97.0% in the prior year quarter.

OTHER OPERATIONS

Three Months Ended

March 31,

($ in millions)

2024

2025

Change

Net investment income and other

$

73

$

110

51

%

Corporate and other general operating expenses

(158

)

(85

)

46

Amortization of intangible assets

(4

)

(4

)

—

Interest expense

(115

)

(91

)

21

Adjusted pre-tax loss before consolidation and eliminations

$

(204

)

$

(70

)

66

Total consolidation and eliminations

(1

)

—

NM

Adjusted pre-tax loss

$

(205

)

$

(70

)

66

%

Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses (GOE), and Interest expense.

Net investment income and other in the first quarter increased $37 million from the prior year quarter due to dividend income received from Corebridge in the first quarter of 2025.

Corporate and other GOE improved $73 million from the prior year quarter, reflecting portions of the benefits from the savings of AIG Next and incremental GOE expenses being transferred into General Insurance. We achieved run-rate Other Operations GOE target at $85 million in the first quarter of 2025 and are on track to achieving the target operating structure of $350 million of annual expenses in 2025.

Interest expense decreased $24 million from the prior year quarter, primarily driven by debt reduction.

CONFERENCE CALL

AIG will host a conference call tomorrow, Friday, May 2, 2025 at 8:30 a.m. ET to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of www.aig.com. A replay will be available after the call at the same location.

# # #

Additional supplementary financial data is available in the Investors section at www.aig.com.

Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results

Certain statements in this press release and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “confident,” “focused on achieving,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.

All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:

the impact of adverse developments affecting economic conditions in the markets in which we operate in the U.S. and globally, including financial market conditions, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and geopolitical events or conflicts;

the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change;

disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities;

our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors’ AI and other technology initiatives;

the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate;

concentrations in our investment portfolios, including our continuing equity market exposure to Corebridge Financial, Inc. (Corebridge);

changes in the valuation of our investments;

our reliance on third-party investment managers;

nonperformance or defaults by counterparties;

our reliance on third parties to provide certain business and administrative services;

our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures;

changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;

concentrations of our insurance, reinsurance and other risk exposures;

availability of adequate reinsurance or access to reinsurance on acceptable terms;

changes to tax laws in the U.S. and other countries in which we operate;

the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;

the effects of sanctions and the failure to comply with those sanctions;

difficulty in marketing and distributing products through current and future distribution channels;

actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries;

changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;

our ability to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;

our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters;

our ability to effectively implement restructuring initiatives and potential cost-savings opportunities;

changes to sources of or access to liquidity;

changes in accounting principles and financial reporting requirements or their applicability to us;

the outcome of significant legal, regulatory or governmental proceedings;

our ability to effectively execute on sustainability targets and standards;

the impact of epidemics, pandemics and other public health crises and responses thereto; and

such other factors discussed in:

Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (which will be filed with the Securities and Exchange Commission (SEC));

Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A in our Annual Report on Form 10-K for the year ended December 31, 2024; and

our other filings with the SEC.

Forward-looking statements speak only as of the date of this press release, or in the case of any document incorporated by reference, the date of that document. AIG is not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in our filings with the SEC.

# # #

COMMENT ON REGULATION G AND NON-GAAP FINANCIAL MEASURES

Throughout this press release, including the financial highlights, AIG presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements AIG uses are “Non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for generally accepted accounting principles in the United States. The non-GAAP financial measures AIG presents are listed below and may not be comparable to similarly-named measures reported by other companies. The reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this news release or in the First Quarter 2025 Financial Supplement available in the Investors section of AIG’s website, www.aig.com.

Unless otherwise mentioned or unless the context indicates otherwise, we use the terms “AIG,” “we,” “us” and “our” to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries.

AIG uses the following operating performance measures because AIG believes they enhance the understanding of the underlying profitability of continuing operations and trends of AIG’s segments. AIG believes they also allow for more meaningful comparisons with AIG’s insurance competitors. When AIG uses these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis.

Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders’ equity) by total common shares outstanding.

Book Value per share, excluding Investments AOCI, Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Adjusted tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions and Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted tangible book value per share is derived by dividing AIG adjusted common equity, excluding intangible assets, (AIG adjusted tangible common shareholders’ equity) by total common shares outstanding.

Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.

Total debt and preferred stock to total adjusted capital ratio is used to show the AIG’s debt leverage adjusted for Investments AOCI and is derived by dividing total debt and preferred stock by total capital excluding Investments AOCI (Total adjusted capital). We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.

Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric will provide investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.

Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax:

changes in the fair values of equity securities, AIG’s investment in Corebridge and gain on sale of shares;

net investment income on Fortitude Re funds withheld assets;

net realized gains and losses on Fortitude Re funds withheld assets;

loss (gain) on extinguishment of debt;

all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income);

income or loss from discontinued operations;

net loss reserve discount benefit (charge);

net results of businesses in run-off;

non-operating pension expense;

net gain or loss on divestitures and other;

non-operating litigation reserves and settlements;

restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain;

integration and transaction costs associated with acquiring or divesting businesses;

losses from the impairment of goodwill;

non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; and

income from elimination of the international reporting lag.

Adjusted After-tax Income attributable to AIG common shareholders (AATI) is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:

deferred income tax valuation allowance releases and charges;

changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and

net tax charge related to the enactment of the Tax Cuts and Jobs Act.

See page 15 for the reconciliation of Net income attributable to AIG to Adjusted After-tax Income Attributable to AIG.

Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.

Accident year loss and Accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses (CATs) and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. Natural catastrophelossesare generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results.

Underwriting ratios are computed as follows:

a.

Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE)

b.

Acquisition ratio = Total acquisition expenses ÷ NPE

c.

General operating expense ratio = General operating expenses ÷ NPE

d.

Expense ratio = Acquisition ratio + General operating expense ratio

e.

Combined ratio = Loss ratio + Expense ratio

f.

CATs and reinstatement premiums ratio = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes] – Loss ratio

g.

Accident year loss ratio, as adjusted (AYLR ex-CAT) = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums + Adjustment for ceded premium under reinsurance contracts related to prior accident years]

h.

Accident year combined ratio, as adjusted (AYCR ex-CAT) = AYLR ex-CAT + Expense ratio

i.

Prior year development net of reinsurance and prior year premiums ratio = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] – Loss ratio – CATs and reinstatement premiums ratio.

Results from discontinued operations, including Corebridge, are excluded from all of these measures.

# # #

American International Group, Inc. (NYSE: AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners.

AIG is the marketing name for the worldwide operations of American International Group, Inc. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation

($ in millions, except per common share data)

Reconciliations of Adjusted Pre-tax and After-tax Income

Three Months Ended March 31,

2024

2025

Pre-tax

Total Tax

(Benefits)

Charge

Non

controlling

Interests^(a)

After

Tax

Pre-tax

Total Tax

(Benefits)

Charge

Non-

controlling

Interests^(a)

After

Tax

Pre-tax income/net income, including noncontrolling interests

$

1,058

$

261

$

—

$

1,600

$

960

$

262

$

—

$

698

Noncontrolling interests^(a)

—

—

(384

)

(384

)

—

—

—

—

Pre-tax income/net income attributable to AIG

1,058

261

(384

)

1,216

960

262

—

698

Dividends on preferred stock and preferred stock redemption premiums

22

—

Net income attributable to AIG common shareholders

1,194

698

Adjustments:

Changes in uncertain tax positions and other tax adjustments

—

3

—

(3

)

—

6

—

(6

)

Deferred income tax valuation allowance releases

—

5

—

(5

)

—

2

—

(2

)

Changes in the fair values of equity securities, AIG’s investment in Corebridge and gain on sale of shares

(88

)

(19

)

—

(69

)

(217

)

(46

)

—

(171

)

Loss on extinguishment of debt and preferred stock redemption premiums

—

—

—

15

—

—

—

—

Net investment income on Fortitude Re funds withheld assets

(39

)

(8

)

—

(31

)

(40

)

(8

)

—

(32

)

Net realized losses on Fortitude Re funds withheld assets

19

4

—

15

2

—

—

2

Net realized (gains) losses on Fortitude Re funds withheld embedded derivative

9

2

—

7

41

9

—

32

Net realized losses^(b)

55

7

—

48

66

(38

)

—

104

Income from discontinued operations

(803

)

—

Net gain on divestitures and other

—

—

—

—

(3

)

(1

)

—

(2

)

Non-operating litigation reserves and settlements

—

—

—

—

(11

)

(2

)

—

(9

)

Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements

2

—

—

2

9

2

—

7

Net loss reserve discount charge

76

16

—

60

17

3

—

14

Net results of businesses in run-off^(c)

(7

)

(1

)

—

(6

)

(5

)

(1

)

—

(4

)

Non-operating pension expense

—

—

—

—

5

1

—

4

Integration and transaction costs associated with acquiring or divesting businesses

(3

)

(1

)

—

(2

)

5

1

—

4

Restructuring and other costs

67

14

—

53

76

16

—

60

Non-recurring costs related to regulatory or accounting changes

4

1

—

3

4

1

—

3

Noncontrolling interests^(a)

384

384

—

—

Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders

$

1,153

$

284

$

—

$

862

$

909

$

207

$

—

$

702

(a)

Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own. Corebridge is consolidated until June 9, 2024. The historical results of Corebridge owned by AIG are reflected in the Income (loss) from discontinued operations, net of income taxes.

(b)

Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets.

(c)

In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes.

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

Reconciliations of General Insurance and Other Operations Net Investment Income and Other and Adjusted Pre-tax Income

Three Months Ended March 31,

2024

2025

General Insurance

Other Operations

General Insurance

Other Operations

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net

Investment

Income

and Other

Pre-tax

Income

(Loss)

Net investment income and other/Pre-tax income (loss)

$

814

$

1,191

$

165

$

(133

)

$

756

$

853

$

360

$

107

Consolidation and Eliminations

—

—

(3

)

—

—

—

(1

)

—

Other income (expense) – net

(12

)

—

8

—

—

—

(9

)

—

Changes in the fair values of equity securities, AIG’s investment in Corebridge and gain on sale of shares

(35

)

(35

)

(53

)

(53

)

(20

)

(20

)

(197

)

(197

)

Net investment income on Fortitude Re funds withheld assets

—

—

(39

)

(39

)

1

1

(41

)

(41

)

Net realized losses on Fortitude Re funds withheld assets

—

—

—

19

—

2

—

—

Net realized (gains) losses on Fortitude Re funds withheld embedded derivative

—

—

—

9

—

—

—

41

Net realized (gains) losses

(5

)

88

(2

)

(33

)

(1

)

53

3

13

Net loss (gain) on divestitures and other

—

—

—

—

—

6

—

(9

)

Non-operating litigation reserves and settlements

—

—

—

—

—

—

—

(11

)

Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements

—

7

—

(5

)

—

14

—

(5

)

Net loss reserve discount (benefit) charge

—

76

—

—

—

17

—

—

Net results of businesses in run-off

—

—

(3

)

(7

)

—

—

(5

)

(5

)

Non-operating pension expense

—

—

—

—

—

4

—

1

Integration and transaction costs associated with acquiring or divesting businesses

—

—

—

(3

)

—

—

—

5

Restructuring and other costs

—

27

—

40

—

45

—

31

Non-recurring costs related to regulatory or accounting changes

—

4

—

—

—

4

—

—

Net investment income and other, APTI basis/Adjusted pre-tax income (loss)

$

762

$

1,358

$

73

$

(205

)

$

736

$

979

$

110

$

(70

)

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

Summary of Key Financial Metrics

Three Months Ended March 31,

Earnings per common share:

2024

2025

% Inc. (Dec.)

Basic

Income from continuing operations

$

1.14

$

1.18

3.5

%

Income from discontinued operations

0.61

—

NM

Net income attributable to AIG common shareholders

$

1.75

$

1.18

(32.6

)

Diluted

Income from continuing operations

$

1.13

$

1.16

2.7

Income from discontinued operations

0.61

—

NM

Net income attributable to AIG common shareholders

$

1.74

$

1.16

(33.3

)

Adjusted after-tax income attributable to AIG common shareholders per diluted share

$

1.25

$

1.17

(6.4

)

%

Weighted average shares outstanding:

Basic

682.6

593.8

Diluted

688.0

599.2

Reconciliation of Net Investment Income

Three Months Ended

March 31,

2024

2025

Net Investment Income per Consolidated Statements of Operations

$

979

$

1,105

Changes in the fair values of equity securities and AIG’s investment in Corebridge

(88

)

(217

)

Net investment income on Fortitude Re funds withheld assets

(39

)

(40

)

Net realized gains (losses) related to economic hedges and other

(8

)

2

Net investment income of businesses in run-off

(3

)

(5

)

Total Net Investment Income – APTI Basis

$

841

$

845

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

Reconciliation of Book Value per Share

As of period end:

March 31,

2024

December 31,

2024

March 31,

2025

Total AIG common shareholders’ equity (a)

$

43,385

$

42,521

$

41,431

Less: Investments AOCI

(11,768

)

(2,872

)

(2,443

)

Add: Cumulative unrealized gains and losses related to Fortitude Re Funds withheld assets

(1,904

)

(667

)

(664

)

Subtotal Investments AOCI

(9,864

)

(2,205

)

(1,779

)

Total adjusted common shareholders’ equity (b)

$

53,249

$

44,726

$

43,210

Total adjusted common shareholders’ equity (b)

$

53,249

$

44,726

$

43,210

Total intangible assets

3,800

3,743

3,764

AIG adjusted tangible common shareholders’ equity (d)

$

49,449

$

40,983

$

39,446

Total AIG common shareholders’ equity (a)

$

43,385

$

42,521

$

41,431

Less: AIG’s ownership interest in Corebridge

6,593

3,810

4,018

Less: Investments related AOCI – AIG

(3,238

)

(2,872

)

(2,443

)

Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets – AIG

(588

)

(667

)

(664

)

Subtotal Investments AOCI – AIG

(2,650

)

(2,205

)

(1,779

)

Less: Deferred tax assets

4,153

3,489

3,370

AIG core operating shareholders’ equity (e)

$

35,289

$

37,427

$

35,822

Total common shares outstanding (f)

671.0

606.1

580.4

As of period end:

March 31,

2024

% Inc.

(Dec.)

December 31,

2024

% Inc.

(Dec.)

March 31,

2025

Book value per share (a÷f)

$

64.66

10.4

%

$

70.16

1.7

%

$

71.38

Adjusted book value per share (b÷f)

79.36

(6.2

)

73.79

0.9

74.45

Adjusted tangible book value per share (d÷f)

73.69

(7.8

)

67.62

0.5

67.96

Core operating book value per share (e÷f)

52.59

17.4

61.75

—

61.72

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

Reconciliation of Return On Equity

Three Months Ended

March 31,

2024

2025

Actual or annualized net income (loss) attributable to AIG common shareholders (a)

$

4,776

$

2,792

Actual or annualized adjusted after-tax income attributable to AIG common shareholders (b)

$

3,448

$

2,808

Average AIG adjusted common shareholders’ equity

Average AIG Common Shareholders’ equity (c)

$

44,126

$

41,976

Less: Average investments AOCI

(9,534

)

(1,992

)

Average adjusted common shareholders’ equity (d)

$

53,660

$

43,968

Average AIG core operating shareholders’ equity

Average AIG common shareholders’ equity

$

44,126

$

41,976

Less: Average AIG’s ownership interest in Corebridge

6,666

3,914

Less: Average investments AOCI – AIG

(2,581

)

(1,992

)

Less: Average deferred tax assets

4,233

3,430

Average AIG core operating shareholders’ equity (f)

$

35,808

$

36,624

ROE (a÷c)

10.8

%

6.7

%

Adjusted return on equity (b÷d)

6.4

%

6.4

%

Core operating ROE (b÷f)

9.6

%

7.7

%

Reconciliation of Total Debt to Total Capital

Three Months Ended

March 31, 2025

Total financial and hybrid debt

$

8,558

Total capital

$

50,017

Less non-redeemable noncontrolling interests

28

Less Investments AOCI

(1,779

)

Total adjusted capital

$

51,768

Hybrid – debt securities / Total capital

1.2

%

Financial debt / Total capital

15.9

Total debt / Total capital

17.1

%

Total debt / Total adjusted capital

16.6

%

American International Group, Inc.

Selected Financial Data and Non-GAAP Reconciliation (continued)

($ in millions, except per common share data)

Reconciliation of Net Premiums Written – Comparable Basis

Three Months Ended March 31,

North

General

America

International

Global

Global

2025

Insurance

Commercial

Commercial

Personal

Commercial

Net premiums written as reported in U.S. dollars

$

4,526

$

1,174

$

2,027

$

1,325

$

3,201

2024

Net premiums written as reported in U.S. dollars

$

4,512

$

1,033

$

1,939

$

1,540

$

2,972

Foreign exchange effect

(112

)

(1

)

(65

)

(46

)

(66

)

AIG’s Travel business impact

(209

)

—

—

(209

)

—

Net premiums written on comparable basis

$

4,191

$

1,032

$

1,874

$

1,285

$

2,906

Increase (decrease) in Net premiums written on comparable basis

8

%

14

%

8

%

3

%

10

%

Reconciliations of Accident Year Loss and Accident Year Combined Ratios, as Adjusted

Three Months Ended

March 31,

2024

2025

North America Commercial

Combined ratio

88.1

93.9

Catastrophe losses and reinstatement premiums

(3.6

)

(12.0

)

Prior year development, net of reinsurance and prior year premiums

1.4

2.4

Accident year combined ratio, as adjusted

85.9

84.3

International Commercial

Loss ratio

54.1

57.4

Catastrophe losses and reinstatement premiums

(0.7

)

(3.4

)

Prior year development, net of reinsurance and prior year premiums

0.1

0.6

Accident year loss ratio, as adjusted

53.5

54.6

Combined ratio

83.6

88.2

Catastrophe losses and reinstatement premiums

(0.7

)

(3.4

)

Prior year development, net of reinsurance and prior year premiums

0.1

0.6

Accident year combined ratio, as adjusted

83.0

85.4

Global Personal

Combined ratio

98.3

107.9

Catastrophe losses and reinstatement premiums

(1.1

)

(12.3

)

Prior year development, net of reinsurance and prior year premiums

(0.2

)

—

Accident year combined ratio, as adjusted

97.0

95.6

View source version on businesswire.com: https://www.businesswire.com/news/home/20250501389543/en/

Quentin McMillan (Investors): [email protected]

Claire Talcott (Media): [email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Insurance Finance

MEDIA:

Logo

Posted on May 1, 2025 4:51 pm
Phathom Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

FLORHAM PARK, N.J., May 01, 2025 (GLOBE NEWSWIRE) — Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, today announced that, in connection with the appointment of Jonathan Bentley as Senior Vice President, Head of Sales, the Company’s Board of Directors has approved the grant of inducement awards.

On May 1, 2025, the Company’s Board of Directors granted inducement awards to Mr. Bentley under the Company’s 2025 Employment Inducement Incentive Award Plan (the “Inducement Plan”). Mr. Bentley was granted a non-qualified stock option to purchase 79,365 shares of Phathom common stock under the Inducement Plan, 25% of which will vest on May 1, 2026, and the remainder of which will vest in 36 equal monthly installments thereafter. The stock option has an exercise price equal to the closing price of Phathom’s common stock on the Nasdaq Global Select Market on the grant date. In addition, Mr. Bentley was granted an award of 57,143 restricted stock units, one-third of which will vest in three equal annual installments, and an award of 50,000 restricted stock units, which will vest in two equal annual installments. The vesting of all awards is subject to continued service. The awards will be subject to the terms and conditions of the Inducement Plan and the applicable award agreements. The awards are being granted as an inducement material to Mr. Bentley entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

About Phathom Pharmaceuticals, Inc.

Phathom Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases. Phathom has in-licensed the exclusive rights to vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB) that is currently marketed in the United States as VOQUEZNA® (vonoprazan) tablets for the relief of heartburn associated with Non-Erosive GERD in adults, the healing and maintenance of healing of Erosive GERD in adults and relief of associated heartburn, in addition to VOQUEZNA® TRIPLE PAK® (vonoprazan tablets, amoxicillin capsules, clarithromycin tablets) and VOQUEZNA® DUAL PAK® (vonoprazan tablets, amoxicillin capsules) for the treatment of H. pylori infection in adults. For more information about Phathom, visit the company’s website at www.phathompharma.com follow on LinkedIn and X.

MEDIA CONTACT

Nick Benedetto
1-877-742-8466
[email protected]

INVESTOR CONTACT

Eric Sciorilli
1-877-742-8466
[email protected]

© 2025 Phathom Pharmaceuticals. All rights reserved.
VOQUEZNA, VOQUEZNA DUAL PAK, VOQUEZNA TRIPLE PAK, Phathom Pharmaceuticals, and their respective logos are registered trademarks of Phathom Pharmaceuticals, Inc.

Posted on May 1, 2025 4:51 pm
Uniti Group Inc. to Present at Upcoming Conferences

LITTLE ROCK, Ark., May 01, 2025 (GLOBE NEWSWIRE) — Uniti Group Inc. (“Uniti”) (Nasdaq: UNIT) announced today that its President and Chief Executive Officer, Kenny Gunderman, is scheduled to present at the following upcoming conferences:

J.P. Morgan 53^rd Annual Global Technology, Media and Communications Conference on May 13, 2025 at 3:50 PM EDT in Boston, MA.

MoffettNathanson 2025 Media, Internet & Communications Conference on May 14, 2025 at 8:00 AM EDT in New York, NY.

You may access a live webcast of these events on Uniti’s Investor Relations website at investor.uniti.com. The webcasts will be available for replay for a limited time following the presentations.

ABOUT UNITI

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of fiber and other wireless solutions for the communications industry. As of December 31, 2024, Uniti owns approximately 145,000 fiber route miles, 8.8 million fiber strand miles, and other communications real estate throughout the United States. Additional information about Uniti can be found on its website at www.uniti.com.

INVESTOR AND MEDIA CONTACTS:

Paul Bullington, 251-662-1512
Senior Vice President, Chief Financial Officer & Treasurer
[email protected]

Bill DiTullio, 501-850-0872
Senior Vice President, Investor Relations & Treasury
[email protected]

Posted on May 1, 2025 4:50 pm
Black Hills Corp. Requests Rate Review and Rider Renewal in Nebraska

RAPID CITY, S.D., May 01, 2025 (GLOBE NEWSWIRE) — Black Hills Corp. (NYSE: BKH) today announced that its Nebraska natural gas utility has filed a rate review application with the Nebraska Public Service Commission requesting $34.9 million in new annual revenue to recover the necessary capital infrastructure and operational costs required to deliver safe, reliable natural gas service for over 304,000 Nebraska customers.

Since its last general rate filing in 2020, the company will have invested over $453 million in safety, reliability and system integrity for its natural gas pipeline infrastructure serving over 300 communities in Nebraska. These critical investments were required to meet system growth, ensure the safe and reliable delivery of natural gas to customers’ homes and businesses, and meet compliance requirements of state and federal regulations.

“We are committed to serving our customers with the safe and reliable natural gas service they depend on,” said Linn Evans, president and CEO of Black Hills Corp. “We are prudently managing our costs in an inflationary environment as we make critical infrastructure investments in operating, maintaining, and upgrading our Nebraska natural gas system.”

The application requests $34.9 million per year in new revenue and rolls in an additional $18.5 million of rider revenue for a total annual base rate revenue increase of $53.4 million. The request is based on a capital structure of 50.52% equity and 49.48% debt and a return on equity of 10.50%. The company is seeking interim rates to be effective Aug. 1, 2025, with new rates anticipated in the first quarter of 2026.

This rate application also includes a request to renew the System Safety and Integrity Rider (SSIR) to support accelerated, safety-focused pipeline replacement across the state.

Black Hills Corporation

Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.35 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.

Investor Relations

Sal Diaz
605-399-5079
[email protected]

24-Hour Media Relations Line
888-242-3969

Posted on May 1, 2025 4:50 pm
Runway Growth Finance Corp. Reschedules Release of First Quarter 2025 Financial Results and Conference Call

MENLO PARK, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced that it has rescheduled its previously announced release of first quarter 2025 financial results to after market close on Monday, May 12, 2025. Runway Growth will now host a conference call and simultaneous webcast to discuss its first quarter 2025 financial results on a conference call that day at 2:00 p.m. PT (5:00 p.m. ET).

To participate in the conference call or webcast, participants should register online at the Runway Growth Investor Relations website. Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. The earnings call can also be accessed through the following links:

Conference Call

Webcast

A replay of the webcast will be available two hours after the call and archived on the same web page for 90 days.

About Runway Growth Finance Corp.

Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

IR Contacts:

Taylor Donahue, Prosek Partners, [email protected]
Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, [email protected]

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