Market Newsdesk

August 7, 2025 8:03 am

RAPT Therapeutics Reports Second Quarter 2025 Financial Results

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

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

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

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

Second Quarter Ended June 30, 2025

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

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

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

Six Months Ended June 30, 2025

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

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

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

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

About RAPT Therapeutics, Inc.

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

Forward-Looking Statements

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

RAPT Media Contact:

Aljanae Reynolds
[email protected]

RAPT Investor Contact:

Sylvia Wheeler
[email protected]

RAPT THERAPEUTICS INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share per share data) (Unaudited)

	Three Months Ended June 30,			Three Months Ended June 30,			Six Months Ended June 30,			Six Months Ended June 30,
	2025			2024			2025			2024
Operating expenses:
Research and development	$	12,340		$	22,640		$	24,382		$	47,421
General and administrative		7,195			6,690			14,418			14,427
Total operating expenses		19,535			29,330			38,800			61,848
Loss from operations		(19,535	)		(29,330	)		(38,800	)		(61,848	)
Other income, net		1,892			1,667			3,992			3,664
Net loss	$	(17,643	)	$	(27,663	)	$	(34,808	)	$	(58,184	)
Other comprehensive loss:
Unrealized loss on marketable securities		(19	)		(37	)		(34	)		(150	)
Total comprehensive loss	$	(17,662	)	$	(27,700	)	$	(34,842	)	$	(58,334	)
Net loss per share, basic and diluted	$	(0.65	)	$	(5.69	)	$	(1.29	)	$	(12.01	)
Weighted average number of shares used in computing net loss per share, basic and diluted		26,949,752			4,858,345			26,938,008			4,843,527

RAPT THERAPEUTICS, INC. BALANCE SHEETS (In thousands)

	June 30, 2025			December 31, 2024
Assets	(Unaudited)			(1)
Current assets:
Cash and cash equivalents	$	41,886		$	169,735
Marketable securities		127,061			61,320
Prepaid expenses and other current assets		3,912			4,181
Total current assets		172,859			235,236
Property and equipment, net		970			1,367
Operating lease right-of-use assets		2,308			3,333
Other assets		2,273			389
Total assets	$	178,410		$	240,325
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	4,189		$	1,275
Accrued expenses		6,583			9,597
License fees payable		—			35,000
Operating lease liabilities, current		2,205			2,422
Other current liabilities		66			57
Total current liabilities		13,043			48,351
Operating lease liabilities, non-current		959			2,070
Total liabilities		14,002			50,421
Commitments
Stockholders’ equity:
Preferred stock		—			—
Common stock		13			13
Additional paid-in capital		813,734			804,388
Accumulated other comprehensive income		16			50
Accumulated deficit		(649,355	)		(614,547	)
Total stockholders’ equity		164,408			189,904
Total liabilities and stockholders’ equity	$	178,410		$	240,325

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

August 7, 2025 8:03 am

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

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

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

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

HIGHLIGHTS

Net income and Adjusted Corporate EBITDA both improved ~$0.5 billion year-over-year, marking the Company’s first quarter of positive Adjusted Corporate EBITDA in nearly two years, a result of its disciplined fleet management, operational efficiency, and rigorous cost management
The Company’s “Buy Right, Hold Right, Sell Right” strategy continued to deliver results:
- Hertz achieved depreciation per unit per month (DPU) of $251, exceeding its North Star target of sub $300 by 16% and building on the momentum from the first quarter of 2025. The Company has secured all of its Model Year 2025 fleet at pre-tariff pricing
- Vehicle Utilization reached 83%, a year-over-year increase of 300 basis points, as the Company executed on fleet optimization with greater precision and agility. Nearly 80% of the core U.S. rental fleet is less than a year old
- Hertz achieved its highest second-quarter retail vehicle sales volume in five years, including through its direct-to-consumer Hertz Car sales, highlighting strong demand
Direct operating expenses (DOE) declined 3% year-over-year. DOE per transaction day improved both sequentially and year-over-year, reflecting disciplined cost control and operational agility
The Company’s global Net Promoter Score improved by 11 points year-over-year, underscoring its commitment to service excellence and digital innovation
The Company ended the quarter with over $1.45 billion in liquidity

EARNINGS WEBCAST INFORMATION

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

ABOUT HERTZ

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

SUMMARY RESULTS

	Three Months Ended June 30,						Percent Inc/(Dec) 2025 vs 2024
($ in millions, except earnings per share or where noted)		2025			2024		Percent Inc/(Dec) 2025 vs 2024
Hertz Global – Consolidated
Total revenues	$	2,185		$	2,353		(7	)%
Net income (loss)	$	(294	)	$	(865	)	(66	)%
Diluted earnings (loss) per share	$	(0.95	)	$	(2.82	)	(66	)%
Net income (loss) margin		(13	)%		(37	)%
Adjusted net income (loss)^(a)	$	(104	)	$	(440	)	(76	)%
Adjusted diluted earnings (loss) per share^(a)	$	(0.34	)	$	(1.44	)	(76	)%
Adjusted Corporate EBITDA^(a)	$	1		$	(460	)	NM
Adjusted Corporate EBITDA Margin^(a)		—	%		(20	)%

Average Vehicles (in whole units)		542,532			577,224		(6	)%
Average Rentable Vehicles (in whole units)		512,854			546,187		(6	)%
Vehicle Utilization		83	%		80	%
Transaction Days (in thousands)		38,695			39,721		(3	)%
Total RPD (in dollars)^(b)	$	55.65		$	58.80		(5	)%
Total RPU Per Month (in whole dollars)^(b)	$	1,400		$	1,425		(2	)%
Depreciation Per Unit Per Month (in whole dollars)^(b)	$	251		$	595		(58	)%

Americas RAC Segment
Total revenues	$	1,738		$	1,928		(10	)%
Adjusted EBITDA	$	42		$	(403	)	NM
Adjusted EBITDA Margin		2	%		(21	)%

Average Vehicles (in whole units)		435,737			467,863		(7	)%
Average Rentable Vehicles (in whole units)		407,336			439,284		(7	)%
Vehicle Utilization		83	%		81	%
Transaction Days (in thousands)		30,935			32,216		(4	)%
Total RPD (in dollars)^(b)	$	56.08		$	59.73		(6	)%
Total RPU Per Month (in whole dollars)^(b)	$	1,420		$	1,460		(3	)%
Depreciation Per Unit Per Month (in whole dollars)^(b)	$	248		$	644		(61	)%

International RAC Segment
Total revenues	$	447		$	425		5	%
Adjusted EBITDA	$	42		$	(6	)	NM
Adjusted EBITDA Margin		9	%		(1	)%

Average Vehicles (in whole units)		106,795			109,361		(2	)%
Average Rentable Vehicles (in whole units)		105,518			106,903		(1	)%
Vehicle Utilization		81	%		77	%
Transaction Days (in thousands)		7,760			7,505		3	%
Total RPD (in dollars)^(b)	$	53.93		$	54.78		(2	)%
Total RPU Per Month (in whole dollars)^(b)	$	1,322		$	1,282		3	%
Depreciation Per Unit Per Month (in whole dollars)^(b)	$	261		$	384		(32	)%

NM = Not meaningful (a) Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2025 and 2024. (b) Based on December 31, 2024 foreign exchange rates.

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

mix of program and non-program vehicles in the Company’s fleet, which can lead to increased exposure to residual value risk upon disposition;
the potential for residual values associated with non-program vehicles in the Company’s fleet to decline, including suddenly or unexpectedly, or fail to follow historical seasonal patterns;
the Company’s ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including upon any disruptions in the global supply chain;
the Company’s ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company’s returns;
the age of the Company’s fleet, and its impact on vehicle carrying costs, customer service scores, as well as on the Company’s ability to sell vehicles at acceptable prices and times;
disruptions in the supply chain, including in connection with any increases in tariffs or changes in tariff policies or trade agreements;
whether a manufacturer of the Company’s program vehicle fulfills its repurchase obligations;
the frequency or extent of manufacturer safety recalls;
levels of travel demand, particularly business and leisure travel in the U.S. and in global markets;
seasonality and other occurrences that disrupt rental activity during the Company’s peak periods, including in critical geographies;
the Company’s ability to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in the Company’s rental operations accordingly;
the Company’s ability to implement its business strategy or strategic transactions, including the Company’s ability to implement plans to support a modern mobility ecosystem;
the Company’s ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from its profitability initiatives and other operational programs;
the Company’s ability to adequately respond to changes in technology impacting the mobility industry;
significant changes in the competitive environment and the effect of competition in the Company’s markets on rental volume and pricing;
the Company’s reliance on third-party distribution channels and related prices, commission structures and transaction volumes;
the Company’s ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share;
the Company’s ability to maintain its network of leases and vehicle rental concessions at airports and other key locations in the U.S. and internationally;
the Company’s ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy;
the Company’s ability to attract and retain effective front-line employees, senior management and other key employees;
the Company’s ability to effectively manage its union relations and labor agreement negotiations;
the Company’s ability to manage and respond to cybersecurity threats and cyber attacks on the Company’s information technology systems or those of the Company’s third-party providers;
the Company’s ability, and that of the Company’s key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber attacks and other security threats;
the Company’s ability to evaluate, maintain, upgrade and consolidate its information technology systems;
the Company’s ability to comply with current and future laws and regulations in the U.S. and internationally regarding data protection, data security and privacy risks;
risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anti-corruption or anti-bribery laws and the Company’s ability to repatriate cash from non-U.S. affiliates without adverse tax consequences;
risks relating to tax laws, including the elimination of tax credits for EVs purchased after September 30, 2025 and those tax laws that affect the Company’s ability to recapture accelerated tax depreciation and expensing, as well as any adverse determinations or rulings by tax authorities;
the Company’s ability to utilize its net operating loss carryforwards;
the Company’s exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation;
the potential for adverse changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to environmental matters, optional insurance products or policies, franchising and licensing matters, the ability to pass-through rental car related expenses or taxes, among others, that affect the Company’s operations, the Company’s costs or applicable tax rates;
the risk of an impairment of the Company’s long-lived assets, which risk could be impacted by, among other things, the timing of our fleet rotation;
the Company’s ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis;
the potential for changes in management’s best estimates and assessments;
the Company’s ability to maintain an effective compliance program;
the availability of earnings and funds from the Company’s subsidiaries;
the Company’s ability to comply, and the cost and burden of complying, with corporate and social responsibility regulations or expectations of stakeholders, and otherwise advance the Company’s corporate responsibility priorities;
the availability of additional, or continued sources, of financing at acceptable rates for the Company’s revenue earning vehicles and to refinance the Company’s existing indebtedness, and the Company’s ability to comply with the covenants in the agreements governing its indebtedness;
the extent to which the Company’s consolidated assets secure its outstanding indebtedness;
volatility in the Company’s share price, the Company’s ownership structure and certain provisions of the Company’s charter documents, which could, among other things, negatively affect the market price of the Company’s common stock;
the Company’s ability to implement an effective business continuity plan to protect the business in exigent circumstances;
the Company’s ability to effectively maintain effective internal control over financial reporting; and
the Company’s ability to execute strategic transactions.

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

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

UNAUDITED FINANCIAL INFORMATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions, except per share data)

2025

2024

2025

2024

Revenues

$

2,185

$

2,353

$

3,998

$

4,433

Expenses:

Direct vehicle and operating

1,394

1,440

2,668

2,806

Depreciation of revenue earning vehicles and lease charges, net

415

1,035

950

2,004

Depreciation and amortization of non-vehicle assets

29

41

59

73

Selling, general and administrative

246

243

465

405

Interest expense, net:

Vehicle

152

149

292

290

Non-vehicle

232

88

359

163

Total interest expense, net

384

237

651

453

Other (income) expense, net

7

(5

)

11

(3

)

(Gain) on sale of non-vehicle capital assets

(89

)

—

(89

)

—

Change in fair value of Public Warrants

115

(165

)

124

(251

)

Total expenses

2,501

2,826

4,839

5,487

Income (loss) before income taxes

(316

)

(473

)

(841

)

(1,054

)

Income tax (provision) benefit

22

(392

)

104

3

Net income (loss)

$

(294

)

$

(865

)

$

(737

)

$

(1,051

)

Weighted average number of shares outstanding:

Basic

309

306

308

306

Diluted

309

306

308

306

Earnings (loss) per share:

Basic

$

(0.95

)

$

(2.82

)

$

(2.39

)

$

(3.44

)

Diluted

$

(0.95

)

$

(2.82

)

$

(2.39

)

$

(3.44

)

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In millions, except par value and share data)

June 30, 2025

December 31, 2024

ASSETS

Cash and cash equivalents

$

503

$

592

Restricted cash and cash equivalents:

Vehicle

341

258

Non-vehicle

285

283

Total restricted cash and cash equivalents

626

541

Total cash and cash equivalents and restricted cash and cash equivalents

1,129

1,133

Receivables:

Vehicle

276

389

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

874

816

Total receivables, net

1,150

1,205

Prepaid expenses and other assets

739

894

Revenue earning vehicles:

Vehicles

14,468

12,714

Less: accumulated depreciation

(1,173

)

(751

)

Total revenue earning vehicles, net

13,295

11,963

Property and equipment, net

586

623

Operating lease right-of-use assets

2,286

2,088

Intangible assets, net

2,853

2,852

Goodwill

1,045

1,044

Total assets

$

23,083

$

21,802

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable:

Vehicle

$

367

$

161

Non-vehicle

531

481

Total accounts payable

898

642

Accrued liabilities

1,336

1,174

Accrued taxes, net

168

158

Debt:

Vehicle

12,202

11,231

Non-vehicle

5,434

5,104

Total debt

17,636

16,335

Public Warrants

302

178

Operating lease liabilities

2,280

2,073

Self-insured liabilities

640

617

Deferred income taxes, net

327

472

Total liabilities

23,587

21,649

Commitments and contingencies

Stockholders’ equity:

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

—

—

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

5

5

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

(3,430

)

(3,430

)

Additional paid-in capital

6,421

6,396

Retained earnings (Accumulated deficit)

(3,239

)

(2,502

)

Accumulated other comprehensive income (loss)

(261

)

(316

)

Total stockholders’ equity (deficit)

(504

)

153

Total liabilities and stockholders’ equity (deficit)

$

23,083

$

21,802

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions)

2025

2024

2025

2024

Cash flows from operating activities:

Net income (loss)

$

(294

)

$

(865

)

$

(737

)

$

(1,051

)

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

Depreciation and reserves for revenue earning vehicles, net

458

1,124

1,082

2,194

Depreciation and amortization, non-vehicle

29

41

59

73

Amortization of deferred financing costs and debt discount (premium)

20

15

40

33

PIK Interest on Exchangeable Notes

—

—

11

—

Stock-based compensation charges

16

16

32

32

Stock-based compensation forfeitures

—

—

—

(68

)

Provision for receivables allowance

28

32

53

63

Deferred income taxes, net

(24

)

349

(148

)

(65

)

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

(89

)

—

(89

)

—

Change in fair value of Public Warrants

115

(165

)

124

(251

)

Changes in financial instruments

104

2

104

8

Other

8

8

9

(1

)

Changes in assets and liabilities:

Non-vehicle receivables

(127

)

(165

)

(84

)

(201

)

Prepaid expenses and other assets

(19

)

(3

)

(53

)

(59

)

Operating lease right-of-use assets

105

90

218

190

Non-vehicle accounts payable

21

67

28

63

Accrued liabilities

117

40

138

71

Accrued taxes, net

(34

)

31

4

52

Operating lease liabilities

(95

)

(100

)

(208

)

(200

)

Self-insured liabilities

7

29

14

33

Net cash provided by (used in) operating activities

346

546

597

916

Cash flows from investing activities:

Revenue earning vehicles expenditures

(3,049

)

(3,723

)

(5,896

)

(5,627

)

Proceeds from disposal of revenue earning vehicles

2,126

1,669

4,250

2,902

Non-vehicle capital asset expenditures

(22

)

(26

)

(44

)

(59

)

Proceeds from non-vehicle capital assets disposed of

99

4

126

7

Return of (investment in) equity investments

—

(1

)

—

(3

)

Net cash provided by (used in) investing activities

(846

)

(2,077

)

(1,564

)

(2,780

)

Cash flows from financing activities:

Proceeds from issuance of vehicle debt

2,648

1,149

3,774

1,683

Repayments of vehicle debt

(1,606

)

(229

)

(2,990

)

(1,121

)

Proceeds from issuance of non-vehicle debt

156

1,950

1,056

2,885

Repayments of non-vehicle debt

(579

)

(1,245

)

(859

)

(1,735

)

Payment of financing costs

(28

)

(42

)

(41

)

(42

)

Other

(4

)

(1

)

(7

)

(3

)

Net cash provided by (used in) financing activities

587

1,582

933

1,667

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

21

(2

)

30

(15

)

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

108

49

(4

)

(212

)

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

1,021

945

1,133

1,206

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

$

1,129

$

994

$

1,129

$

994

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

(In millions)

Americas RAC

International

RAC

Corporate

Hertz Global

Americas RAC

International

RAC

Corporate

Hertz Global

Revenues

$

1,738

$

447

$

—

$

2,185

$

1,928

$

425

$

—

$

2,353

Expenses:

Direct vehicle and operating

1,132

263

(1

)

1,394

1,199

244

(3

)

1,440

Depreciation of revenue earning vehicles and lease charges, net

325

90

—

415

905

130

—

1,035

Depreciation and amortization of non-vehicle assets

23

4

2

29

28

3

10

41

Selling, general and administrative

132

57

57

246

137

46

60

243

Interest expense, net:

Vehicle

129

23

—

152

123

26

—

149

Non-vehicle

1

(4

)

235

232

—

(6

)

94

88

Total interest expense, net

130

19

235

384

123

20

94

237

Other (income) expense, net

1

1

5

7

1

—

(6

)

(5

)

(Gain) on sale of non-vehicle capital assets

(89

)

—

—

(89

)

—

—

—

—

Change in fair value of Public Warrants

—

—

115

115

—

—

(165

)

(165

)

Total expenses

1,654

434

413

2,501

2,393

443

(10

)

2,826

Income (loss) before income taxes

$

84

$

13

$

(413

)

(316

)

$

(465

)

$

(18

)

$

10

(473

)

Income tax (provision) benefit

22

(392

)

Net income (loss)

$

(294

)

$

(865

)

Supplemental Schedule I (continued)

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

(In millions)

Americas RAC

International

RAC

Corporate

Hertz Global

Americas RAC

International

RAC

Corporate

Hertz Global

Revenues

$

3,228

$

770

$

—

$

3,998

$

3,667

$

766

$

—

$

4,433

Expenses:

Direct vehicle and operating

2,198

470

—

2,668

2,351

460

(5

)

2,806

Depreciation of revenue earning vehicles and lease charges, net

787

163

—

950

1,781

223

—

2,004

Depreciation and amortization of non-vehicle assets

49

7

3

59

53

7

13

73

Selling, general and administrative

246

104

115

465

261

103

41

405

Interest expense, net:

Vehicle

246

46

—

292

239

51

—

290

Non-vehicle

—

(8

)

367

359

(2

)

(10

)

175

163

Total interest expense, net

246

38

367

651

237

41

175

453

Other (income) expense, net

1

(2

)

12

11

—

1

(4

)

(3

)

(Gain) on sale of non-vehicle capital assets

(89

)

—

—

(89

)

—

—

—

—

Change in fair value of Public Warrants

—

—

124

124

—

—

(251

)

(251

)

Total expenses

3,438

780

621

4,839

4,683

835

(31

)

5,487

Income (loss) before income taxes

$

(210

)

$

(10

)

$

(621

)

(841

)

$

(1,016

)

$

(69

)

$

31

(1,054

)

Income tax (provision) benefit

104

3

Net income (loss)

$

(737

)

$

(1,051

)

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

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

Unaudited

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions, except per share data)

2025

2024

2025

2024

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

Net income (loss)^(a)

$

(294

)

$

(865

)

$

(737

)

$

(1,051

)

Adjustments:

Income tax provision (benefit)

(22

)

392

(104

)

(3

)

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

26

16

51

34

Restructuring and restructuring related charges^(c)

4

12

7

44

Acquisition accounting-related depreciation and amortization^(d)

1

1

1

1

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

104

2

104

8

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

(89

)

—

(89

)

—

Change in fair value of Public Warrants

115

(165

)

124

(251

)

Other items^(g)(k)

17

20

44

28

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

(138

)

(587

)

(599

)

(1,190

)

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

34

147

150

298

Adjusted Net Income (Loss)

$

(104

)

$

(440

)

$

(449

)

$

(892

)

Weighted-average number of diluted shares outstanding

309

306

308

306

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

$

(0.34

)

$

(1.44

)

$

(1.46

)

$

(2.92

)

Supplemental Schedule II (continued)

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions, except per share data)

2025

2024

2025

2024

Adjusted Corporate EBITDA:

Net income (loss)

$

(294

)

$

(865

)

$

(737

)

$

(1,051

)

Adjustments:

Income tax provision (benefit)

(22

)

392

(104

)

(3

)

Non-vehicle depreciation and amortization

29

41

59

73

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

127

88

248

163

Vehicle debt-related charges^(b)

12

10

23

22

Restructuring and restructuring related charges^(c)

4

12

7

44

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

104

2

104

8

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

(89

)

—

(89

)

—

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

—

—

—

(64

)

Change in fair value of Public Warrants

115

(165

)

124

(251

)

Other items^(g)

15

25

41

32

Adjusted Corporate EBITDA⁽ⁿ⁾

$

1

$

(460

)

$

(324

)

$

(1,027

)

Adjusted Corporate EBITDA margin

—

%

(20

)%

(8

)%

(23

)%

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

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

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

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

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

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

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

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

(in millions)

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Expenses:

As Reported

Adjustment

As Adjusted

As Reported

Adjustment

As Adjusted

Direct vehicle and operating

$

1,394

$

(6

)

$

1,388

$

1,440

$

(10

)

$

1,430

Depreciation of revenue earning vehicles and lease charges, net

415

—

415

1,035

—

1,035

Depreciation and amortization of non-vehicle assets

29

—

29

41

—

41

Selling, general and administrative

246

(4

)

242

243

(16

)

227

Interest expense, net:

Vehicle

152

(12

)

140

149

(13

)

136

Non-vehicle

232

(124

)

108

88

(10

)

78

Total interest expense, net

384

(136

)

248

237

(23

)

214

Other (income) expense, net

7

(6

)

1

(5

)

(2

)

(7

)

(Gain) on sale of non-vehicle capital assets

(89

)

89

—

—

—

—

Change in fair value of Public Warrants

115

(115

)

—

(165

)

165

—

Total

$

2,501

$

(178

)

$

2,323

$

2,826

$

114

$

2,940

(in millions)

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Expenses:

As Reported

Adjustment

As Adjusted

As Reported

Adjustment

As Adjusted

Direct vehicle and operating

$

2,668

$

(22

)

$

2,646

$

2,806

$

(16

)

$

2,790

Depreciation of revenue earning vehicles and lease charges, net

950

—

950

2,004

5

2,009

Depreciation and amortization of non-vehicle assets

59

—

59

73

—

73

Selling, general and administrative

465

(7

)

458

405

(55

)

350

Interest expense, net:

Vehicle

292

(23

)

269

290

(26

)

264

Non-vehicle

359

(148

)

211

163

(20

)

143

Total interest expense, net

651

(171

)

480

453

(46

)

407

Other (income) expense, net

11

(7

)

4

(3

)

(3

)

(6

)

(Gain) on sale of non-vehicle capital assets

(89

)

89

—

—

—

—

Change in fair value of Public Warrants

124

(124

)

—

(251

)

251

—

Total

$

4,839

$

(242

)

$

4,597

$

5,487

$

136

$

5,623

(i)

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

(j)

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

(k)

Also includes letter of credit fees.

(l)

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

(m)

Represents former CEO awards forfeited in March 2024.

(n)

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

(in millions)

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Expenses:

As Reported

Adjustment

As Adjusted

As Reported

Adjustment

As Adjusted

Direct vehicle and operating

$

1,394

$

(6

)

$

1,388

$

1,440

$

(10

)

$

1,430

Depreciation of revenue earning vehicles and lease charges, net

415

—

415

1,035

—

1,035

Depreciation and amortization of non-vehicle assets

29

(29

)

—

41

(41

)

—

Selling, general and administrative

246

(4

)

242

243

(17

)

226

Interest expense, net:

Vehicle

152

(12

)

140

149

(13

)

136

Non-vehicle

232

(232

)

—

88

(88

)

—

Total interest expense, net

384

(244

)

140

237

(101

)

136

Other (income) expense, net

7

(8

)

(1

)

(5

)

(9

)

(14

)

(Gain) on sale of non-vehicle capital assets

(89

)

89

—

—

—

—

Change in fair value of Public Warrants

115

(115

)

—

(165

)

165

—

Total expenses

$

2,501

$

(317

)

$

2,184

$

2,826

$

(13

)

$

2,813

(in millions)

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Expenses:

As Reported

Adjustment

As Adjusted

As Reported

Adjustment

As Adjusted

Direct vehicle and operating

$

2,668

$

(22

)

$

2,646

$

2,806

$

(16

)

$

2,790

Depreciation of revenue earning vehicles and lease charges, net

950

—

950

2,004

5

2,009

Depreciation and amortization of non-vehicle assets

59

(59

)

—

73

(73

)

—

Selling, general and administrative

465

(7

)

458

405

8

413

Interest expense, net:

Vehicle

292

(23

)

269

290

(26

)

264

Non-vehicle

359

(359

)

—

163

(163

)

—

Total interest expense, net

651

(382

)

269

453

(189

)

264

Other (income) expense, net

11

(12

)

(1

)

(3

)

(13

)

(16

)

(Gain) on sale of non-vehicle capital assets

(89

)

89

—

—

—

—

Change in fair value of Public Warrants

124

(124

)

—

(251

)

251

—

Total

$

4,839

$

(517

)

$

4,322

$

5,487

$

(27

)

$

5,460

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

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

AND ADJUSTED FREE CASH FLOW

Unaudited

Three Months Ended

June 30,

Six Months Ended

June 30,

(In millions)

2025

2024

2025

2024

ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:

Net cash provided by (used in) operating activities

$

346

$

546

$

597

$

916

Depreciation and reserves for revenue earning vehicles, net

(458

)

(1,124

)

(1,082

)

(2,194

)

Bankruptcy related payments (post emergence) and other payments

12

2

12

5

Adjusted operating cash flow

(100

)

(576

)

(473

)

(1,273

)

Non-vehicle capital asset proceeds (expenditures), net

77

(22

)

82

(52

)

Adjusted operating cash flow before vehicle investment

(23

)

(598

)

(391

)

(1,325

)

Net fleet growth after financing

350

45

140

43

Adjusted free cash flow

$

327

$

(553

)

$

(251

)

$

(1,282

)

CALCULATION OF NET FLEET GROWTH AFTER FINANCING:

Revenue earning vehicles expenditures

$

(3,049

)

$

(3,723

)

$

(5,896

)

$

(5,627

)

Proceeds from disposal of revenue earning vehicles

2,126

1,669

4,250

2,902

Revenue earning vehicles capital expenditures, net

(923

)

(2,054

)

(1,646

)

(2,725

)

Depreciation and reserves for revenue earning vehicles, net

458

1,124

1,082

2,194

Financing activity related to vehicles:

Borrowings

2,648

1,149

3,774

1,683

Payments

(1,606

)

(229

)

(2,990

)

(1,121

)

Restricted cash changes, vehicle

(227

)

55

(80

)

12

Net financing activity related to vehicles

815

975

704

574

Net fleet growth after financing

$

350

$

45

$

140

$

43

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

NET DEBT CALCULATION

Unaudited

As of June 30, 2025

As of December 31, 2024

(In millions)

Vehicle

Non-Vehicle

Total

Vehicle

Non-Vehicle

Total

First Lien RCF

$

—

$

375

$

375

$

—

$

175

$

175

Term loans

—

1,986

1,986

—

1,995

1,995

First lien senior notes

—

1,250

1,250

—

1,250

1,250

Exchangeable notes

—

261

261

—

250

250

Senior unsecured notes

—

1,500

1,500

—

1,500

1,500

U.S. vehicle financing (HVF III)

10,089

—

10,089

9,431

—

9,431

International vehicle financing (Various)

2,022

—

2,022

1,752

—

1,752

Other debt

145

6

151

97

—

97

Fair Value of the Exchange Features

—

175

175

—

61

61

Debt issue costs, discounts and premiums

(54

)

(119

)

(173

)

(49

)

(127

)

(176

)

Debt as reported in the balance sheet

12,202

5,434

17,636

11,231

5,104

16,335

Add:

Debt issue costs, discounts and premiums

54

119

173

49

127

176

Less:

Cash and cash equivalents

—

503

503

—

592

592

Restricted cash

341

—

341

258

—

258

Restricted cash and restricted cash equivalents associated with Term C Loan

—

245

245

—

245

245

Net Debt

$

11,915

$

4,805

$

16,720

$

11,022

$

4,394

$

15,416

LTM Adjusted Corporate EBITDA^(a)

(838

)

(1,541

)

Net Corporate Leverage

(5.7)x

(2.9)x

(a)

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

(In millions)

Six Months Ended

June 30, 2025

Twelve Months Ended

December 31, 2024

Net income (loss) three months ended:

September 30, 2024

$

(1,332

)

n/a

December 31, 2024

(479

)

n/a

March 31, 2025

(443

)

n/a

June 30, 2025

(294

)

n/a

LTM net income (loss)

(2,548

)

$

(2,862

)

Adjustments:

Income tax provision (benefit)

(476

)

(375

)

Non-vehicle depreciation and amortization

125

139

Non-vehicle debt interest, net of interest income

460

375

Vehicle debt-related charges

46

45

Restructuring and restructuring related charge

29

66

Unrealized (gains) losses on financial instruments

103

7

(Gain) on sale of non-vehicle capital assets

(89

)

—

Non-cash stock-based compensation forfeitures

—

(64

)

Bankruptcy-related litigation reserve

292

292

Long-Lived Assets impairment

1,048

1,048

Change in fair value of Public Warrants

100

(275

)

Other items

72

63

LTM Adjusted Corporate EBITDA

$

(838

)

$

(1,541

)

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS CALCULATIONS

REVENUE, UTILIZATION AND DEPRECIATION

Unaudited

Global RAC

Three Months Ended

June 30,

Percent

Inc/(Dec)

Six Months Ended

June 30,

Percent

Inc/(Dec)

($ in millions, except where noted)

2025

2024

2025

2024

Total RPD

Revenues

$

2,185

$

2,353

$

3,998

$

4,433

Foreign currency adjustment^(a)

(32

)

(17

)

(35

)

(36

)

Total Revenues – adjusted for foreign currency

$

2,153

$

2,336

$

3,963

$

4,397

Transaction Days (in thousands)

38,695

39,721

72,597

76,575

Total RPD (in dollars)

$

55.65

$

58.80

(5

)%

$

54.59

$

57.42

(5

)%

Total Revenue Per Unit Per Month

Total Revenues – adjusted for foreign currency

$

2,153

$

2,336

$

3,963

$

4,397

Average Rentable Vehicles (in whole units)

512,854

546,187

495,064

537,710

Total revenue per unit (in whole dollars)

$

4,199

$

4,276

$

8,005

$

8,178

Number of months in period (in whole units)

3

3

6

6

Total RPU Per Month (in whole dollars)

$

1,400

$

1,425

(2

)%

$

1,334

$

1,363

(2

)%

Vehicle Utilization

Transaction Days (in thousands)

38,695

39,721

72,597

76,575

Average Rentable Vehicles (in whole units)

512,854

546,187

495,064

537,710

Number of days in period (in whole units)

91

91

181

182

Available Car Days (in thousands)

46,670

49,701

89,607

97,882

Vehicle Utilization^(b)

83

%

80

%

81

%

78

%

Depreciation Per Unit Per Month

Depreciation of revenue earning vehicles and lease charges, net

$

415

$

1,035

$

950

$

2,004

Foreign currency adjustment^(a)

(7

)

(5

)

(8

)

(9

)

Adjusted depreciation of revenue earning vehicles and lease charges

$

408

$

1,030

$

942

$

1,995

Average Vehicles (in whole units)

542,532

577,224

523,628

562,358

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

$

752

$

1,784

$

1,800

$

3,548

Number of months in period (in whole units)

3

3

6

6

Depreciation Per Unit Per Month (in whole dollars)

$

251

$

595

(58

)%

$

300

$

591

(49

)%

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

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

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

Supplemental Schedule V (continued)

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS CALCULATIONS

REVENUE, UTILIZATION AND DEPRECIATION

Unaudited

Americas RAC

Three Months Ended

June 30,

Percent

Inc/(Dec)

Six Months Ended

June 30,

Percent

Inc/(Dec)

($ in millions, except where noted)

2025

2024

2025

2024

Total RPD

Revenues

$

1,738

$

1,928

$

3,228

$

3,667

Foreign currency adjustment^(a)

(3

)

(4

)

(3

)

(7

)

Total Revenues – adjusted for foreign currency

$

1,735

$

1,924

$

3,225

$

3,660

Transaction Days (in thousands)

30,935

32,216

58,693

62,776

Total RPD (in dollars)

$

56.08

$

59.73

(6

)%

$

54.94

$

58.30

(6

)%

Total Revenue Per Unit Per Month

Total Revenues – adjusted for foreign currency

$

1,735

$

1,924

$

3,225

$

3,660

Average Rentable Vehicles (in whole units)

407,336

439,284

397,047

436,553

Total revenue per unit (in whole dollars)

$

4,259

$

4,381

$

8,122

$

8,383

Number of months in period (in whole units)

3

3

6

6

Total RPU Per Month (in whole dollars)

$

1,420

$

1,460

(3

)%

$

1,354

$

1,397

(3

)%

Vehicle Utilization

Transaction Days (in thousands)

30,935

32,216

58,693

62,776

Average Rentable Vehicles (in whole units)

407,336

439,284

397,047

436,553

Number of days in period (in whole units)

91

91

181

182

Available Car Days (in thousands)

37,068

39,974

71,865

79,470

Vehicle Utilization^(b)

83

%

81

%

82

%

79

%

Depreciation Per Unit Per Month

Depreciation of revenue earning vehicles and lease charges, net

$

325

$

905

$

787

$

1,781

Foreign currency adjustment^(a)

(1

)

(1

)

(1

)

(1

)

Adjusted depreciation of revenue earning vehicles and lease charges

$

324

$

904

$

786

$

1,780

Average Vehicles (in whole units)

435,737

467,863

424,559

459,224

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

$

744

$

1,932

$

1,852

$

3,875

Number of months in period (in whole units)

3

3

6

6

Depreciation Per Unit Per Month (in whole dollars)

$

248

$

644

(61

)%

$

309

$

646

(52

)%

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

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

Supplemental Schedule V (continued)

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS CALCULATIONS

REVENUE, UTILIZATION AND DEPRECIATION

Unaudited

International RAC

Three Months Ended

June 30,

Percent

Inc/(Dec)

Six Months Ended

June 30,

Percent

Inc/(Dec)

($ in millions, except where noted)

2025

2024

2025

2024

Total RPD

Revenues

$

447

$

425

$

770

$

766

Foreign currency adjustment^(a)

(28

)

(14

)

(32

)

(28

)

Total Revenues – adjusted for foreign currency

$

419

$

411

$

738

$

738

Transaction Days (in thousands)

7,760

7,505

13,904

13,799

Total RPD (in dollars)

$

53.93

$

54.78

(2

)%

$

53.11

$

53.46

(1

)%

Total Revenue Per Unit Per Month

Total Revenues – adjusted for foreign currency

$

419

$

411

$

738

$

738

Average Rentable Vehicles (in whole units)

105,518

106,903

98,017

101,156

Total revenue per unit (in whole dollars)

$

3,967

$

3,846

$

7,534

$

7,293

Number of months in period (in whole units)

3

3

6

6

Total RPU Per Month (in whole dollars)

$

1,322

$

1,282

3

%

$

1,256

$

1,216

3

%

Vehicle Utilization

Transaction Days (in thousands)

7,760

7,505

13,904

13,799

Average Rentable Vehicles (in whole units)

105,518

106,903

98,017

101,156

Number of days in period (in whole units)

91

91

181

182

Available Car Days (in thousands)

9,601

9,727

17,752

18,413

Vehicle Utilization^(b)

81

%

77

%

78

%

75

%

Depreciation Per Unit Per Month

Depreciation of revenue earning vehicles and lease charges, net

$

90

$

130

$

163

$

223

Foreign currency adjustment^(a)

(6

)

(4

)

(7

)

(7

)

Adjusted depreciation of revenue earning vehicles and lease charges

$

84

$

126

$

156

$

216

Average Vehicles (in whole units)

106,795

109,361

99,069

103,134

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

$

782

$

1,153

$

1,575

$

2,090

Number of months in period (in whole units)

3

3

6

6

Depreciation Per Unit Per Month (in whole dollars)

$

261

$

384

(32

)%

$

262

$

348

(25

)%

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

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

NON-GAAP MEASURES AND KEY METRICS

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

NON-GAAP MEASURES

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

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

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

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

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

Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin

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

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

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

Adjusted operating cash flow and adjusted free cash flow

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

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

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

Net Fleet Growth After Financing

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

Net Non-vehicle Debt

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

Net Vehicle Debt

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

Total Net Debt

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

Net Corporate Leverage

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

KEY METRICS

Available Car Days

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

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

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

Average Rentable Vehicles

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

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

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

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

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

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

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

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

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

Vehicle Utilization (“Utilization”)

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

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Hertz Investor Relations:

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Hertz Media Relations:

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KEYWORDS: United States North America Florida

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

MEDIA:

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

Rallybio Reports Second Quarter 2025 Financial Results and Provides Business Updates

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

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

– Cash Runway into Mid-2027 –

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

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

Recent Business Highlights and Upcoming Milestones:

Corporate Updates

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

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

RLYB116 Program

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

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

RLYB332 Program

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

RLYB212 Program

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

Second Quarter 2025 Financial Results

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

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

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

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

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

About Rallybio

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

Forward-Looking Statements

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

Financial Tables

RALLYBIO CORPORATION

SELECTED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

FOR THE THREE MONTHS ENDED

JUNE 30,

FOR THE SIX MONTHS ENDED

JUNE 30,

(in thousands, except share and per share amounts)

2025

2024

2025

2024

Revenue:

Collaboration and license revenue

$

212

$

299

$

424

$

299

Total revenue

212

299

424

299

Operating expenses:

Research and development

6,074

12,946

$

11,799

25,882

General and administrative

4,195

4,388

$

8,352

11,239

Total operating expenses

10,269

17,334

20,151

37,121

Loss from operations

(10,057

)

(17,035

)

(19,727

)

(36,822

)

Other income:

Interest income

523

1,143

$

1,167

2,419

Other income

118

143

$

292

310

Total other income, net

641

1,286

1,459

2,729

Loss before equity in losses of joint venture

(9,416

)

(15,749

)

(18,268

)

(34,093

)

Loss on investment in joint venture

287

487

$

874

1,172

Net loss

$

(9,703

)

$

(16,236

)

$

(19,142

)

$

(35,265

)

Net loss per common share, basic and diluted

$

(0.22

)

$

(0.37

)

$

(0.43

)

$

(0.83

)

Weighted-average common shares outstanding, basic and diluted

44,841,140

44,128,059

44,808,055

42,450,837

Other comprehensive loss:

Net unrealized loss on marketable securities

(30

)

—

$

(51

)

(86

)

Other comprehensive loss

(30

)

—

(51

)

(86

)

Comprehensive loss

$

(9,733

)

$

(16,236

)

$

(19,193

)

$

(35,351

)

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)

JUNE 30,

2025

DECEMBER 31,

2024

Cash, cash equivalents and marketable securities

$

45,749

$

65,511

Total assets

51,003

68,108

Total liabilities

5,039

6,454

Total stockholders’ equity

45,964

61,654

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

Atlanta Braves Holdings Reports Second Quarter 2025 Financial Results

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

Highlights include:

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

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

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

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

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

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

Discussion of Results

Three months ended

Six months ended

June 30,

June 30,

2025

2024

% Change

2025

2024

% Change

amounts in thousands

amounts in thousands

Baseball revenue

$

287,319

$

266,001

8

%

$

315,940

$

287,971

10

%

Mixed-use development revenue

25,121

16,875

49

%

43,711

31,985

37

%

Total revenue

312,440

282,876

10

%

359,651

319,956

12

%

Operating costs and expenses:

Baseball operating costs

(210,809

)

(205,070

)

3

%

(259,572

)

(250,277

)

4

%

Mixed-use development costs

(3,633

)

(2,410

)

51

%

(6,041

)

(4,663

)

30

%

Selling, general and administrative, excluding stock-based compensation

(32,294

)

(29,646

)

9

%

(56,883

)

(53,020

)

7

%

Adjusted OIBDA⁽¹⁾

$

65,704

$

45,750

44

%

$

37,155

$

11,996

210

%

Operating income (loss)

$

41,787

$

24,936

68

%

$

(2,665

)

$

(27,419

)

90

%

Regular season home games in period

40

40

40

40

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

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

The following table disaggregates revenue by segment and by source:

Three months ended

Six months ended

June 30,

June 30,

2025

2024

% Change

2025

2024

% Change

amounts in thousands

amounts in thousands

Baseball:

Baseball event

$

180,349

$

171,350

5

%

$

181,232

$

172,518

5

%

Broadcasting

81,068

70,950

14

%

85,359

73,051

17

%

Retail and licensing

18,566

19,624

(5

)

%

24,646

25,277

(2

)

%

Other

7,336

4,077

80

%

24,703

17,125

44

%

Baseball revenue

287,319

266,001

8

%

315,940

287,971

10

%

Mixed-use development

25,121

16,875

49

%

43,711

31,985

37

%

Total revenue

$

312,440

$

282,876

10

%

$

359,651

$

319,956

12

%

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

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

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

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

FOOTNOTES

1)

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

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

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

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

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

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

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

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

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

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

Three months ended

Six months ended

June 30,

June 30,

(amounts in thousands)

2025

2024

2025

2024

Operating income (loss)

$

41,787

$

24,936

$

(2,665

)

$

(27,419

)

Stock-based compensation

2,646

3,705

5,292

7,424

Depreciation and amortization

21,271

17,109

34,528

31,991

Adjusted OIBDA

$

65,704

$

45,750

$

37,155

$

11,996

Baseball

$

52,047

$

37,391

$

12,447

$

(4,325

)

Mixed-Use Development

17,566

11,509

30,453

21,442

Corporate and other

(3,909

)

(3,150

)

(5,745

)

(5,121

)

SCHEDULE 2: Cash and Debt

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

(amounts in thousands)

June 30, 2025

March 31, 2025

ABH Cash (GAAP)^(a)

$

96,196

$

244,679

Debt:

Baseball

League wide credit facility

$

—

$

—

MLB facility fund – term

30,000

30,000

MLB facility fund – revolver

37,950

38,525

TeamCo revolver

—

—

Term debt

155,431

155,431

Mixed-Use Development

482,651

478,583

Total ABH Debt

$

706,032

$

702,539

Deferred financing costs

(2,931

)

(3,073

)

Total ABH Debt (GAAP)

$

703,101

$

699,466

a)

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

ATLANTA BRAVES HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited)

June 30,

December 31,

2025

2024

amounts in thousands

Assets

Current assets:

Cash and cash equivalents

$

96,196

$

110,144

Restricted cash

57,425

2,455

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

60,662

49,991

Other current assets

22,250

16,556

Total current assets

236,533

179,146

Property and equipment, at cost

1,259,862

1,161,803

Accumulated depreciation

(378,795

)

(354,318

)

881,067

807,485

Investments in affiliates, accounted for using the equity method

114,606

108,786

Intangible assets not subject to amortization:

Goodwill

175,764

175,764

Franchise rights

123,703

123,703

299,467

299,467

Other assets, net

152,188

128,962

Total assets

$

1,683,861

$

1,523,846

ATLANTA BRAVES HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEET (continued)

(unaudited)

June 30,

December 31,

2025

2024

amounts in thousands

except share amounts

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$

111,043

$

63,711

Deferred revenue and refundable tickets

144,442

111,851

Current portion of debt

104,445

104,193

Other current liabilities

11,232

6,905

Total current liabilities

371,162

286,660

Long-term debt

598,656

512,927

Finance lease liabilities

100,839

103,845

Deferred income tax liabilities

37,755

43,516

Pension liability

4,393

6,558

Other noncurrent liabilities

36,183

34,116

Total liabilities

1,148,988

987,622

Equity:

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

—

—

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

103

103

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

10

10

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

513

511

Additional paid-in capital

1,123,091

1,112,551

Accumulated other comprehensive earnings (loss), net of taxes

(3,348

)

(3,352

)

Retained earnings (deficit)

(597,541

)

(585,644

)

Total stockholders’ equity

522,828

524,179

Noncontrolling interests in equity of subsidiaries

12,045

12,045

Total equity

534,873

536,224

Commitments and contingencies

Total liabilities and equity

$

1,683,861

$

1,523,846

ATLANTA BRAVES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

Three months ended

Six months ended

June 30,

June 30,

2025

2024

2025

2024

amounts in thousands,

except per share amounts

Revenue:

Baseball revenue

$

287,319

266,001

$

315,940

287,971

Mixed-Use Development revenue

25,121

16,875

43,711

31,985

Total revenue

312,440

282,876

359,651

319,956

Operating costs and expenses:

Baseball operating costs

210,809

205,070

259,572

250,277

Mixed-Use Development costs

3,633

2,410

6,041

4,663

Selling, general and administrative, including stock-based compensation

34,940

33,351

62,175

60,444

Depreciation and amortization

21,271

17,109

34,528

31,991

270,653

257,940

362,316

347,375

Operating income (loss)

41,787

24,936

(2,665

)

(27,419

)

Other income (expense):

Interest expense

(11,652

)

(9,713

)

(21,996

)

(19,156

)

Share of earnings (losses) of affiliates, net

10,613

11,622

10,935

13,249

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

(640

)

931

(1,277

)

3,905

Other, net

1,673

2,217

2,886

3,986

Earnings (loss) before income taxes

41,781

29,993

(12,117

)

(25,435

)

Income tax benefit (expense)

(12,287

)

(884

)

220

3,272

Net earnings (loss)

$

29,494

29,109

$

(11,897

)

(22,163

)

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

$

0.47

0.47

$

(0.19

)

(0.36

)

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

$

0.46

0.46

$

(0.19

)

(0.36

)

ATLANTA BRAVES HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

Six months ended

June 30,

2025

2024

amounts in thousands

Cash flows from operating activities:

Net earnings (loss)

$

(11,897

)

(22,163

)

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

Depreciation and amortization

34,528

31,991

Stock-based compensation

5,292

7,424

Share of (earnings) losses of affiliates, net

(10,935

)

(13,249

)

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

1,277

(3,905

)

Deferred income tax expense (benefit)

(5,761

)

(2,801

)

Cash receipts from returns on equity method investments

5,095

5,838

Net cash received (paid) for interest rate swaps

1,632

3,036

Other charges (credits), net

4,071

(1,480

)

Net change in operating assets and liabilities:

Current and other assets

(30,545

)

(8,574

)

Payables and other liabilities

94,883

60,635

Net cash provided by (used in) operating activities

87,640

56,752

Cash flows from investing activities:

Capital expended for property and equipment

(36,400

)

(57,432

)

Acquisition of real estate assets

(93,709

)

—

Investments in equity method affiliates and equity securities

—

(714

)

Other investing activities, net

4

41

Net cash provided by (used in) investing activities

(130,105

)

(58,105

)

Cash flows from financing activities:

Borrowings of debt

88,509

33,405

Repayments of debt

(5,702

)

(4,787

)

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

5,250

(1,027

)

Other financing activities, net

(4,570

)

(2,599

)

Net cash provided by (used in) financing activities

83,487

24,992

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

41,022

23,639

Cash, cash equivalents and restricted cash at beginning of period

112,599

137,717

Cash, cash equivalents and restricted cash at end of period

$

153,621

161,356

Supplemental disclosure to the condensed consolidated statements of cash flows:

Property and equipment expenditures incurred but not yet paid

$

5,081

23,103

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

Cameron Rudd – Investor Relations

(404) 614-2300 or [email protected]

KEYWORDS: Georgia United States North America

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

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

PR Newswire

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

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

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

‌

(Dollars and shares in millions, except EPS)

Three months ended June 30,

Six months ended June 30,

2025

2024

2025

2024

‌

GAAP Earnings

$             461

$             713

$          1,367

$          1,514

Impact from regulatory disallowances

25

—

25

—

Impact from foreign currency and inflation on monetary positions in
Mexico

97

(152)

89

(111)

Net unrealized (gains) losses on derivatives

(25)

6

10

18

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

(1)

—

8

—

Tax items related to assets held for sale

26

—

26

—

Adjusted Earnings⁽¹⁾

$             583

$             567

$          1,525

$          1,421

‌

Diluted Weighted-Average Common Shares Outstanding

653

636

653

636

GAAP EPS

$            0.71

$            1.12

$            2.09

$            2.38

Adjusted EPS⁽¹⁾

$            0.89

$            0.89

$            2.34

$            2.24

‌

¹⁾

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

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

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

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

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

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

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

Sempra Infrastructure

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

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

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

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

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

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

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

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

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

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

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

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

SEMPRA

Table A

‌

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

Three months ended June 30,

Six months ended June 30,

2025

2024

2025

2024

‌

REVENUES

Utilities:

Natural gas

$          1,470

$          1,494

$          3,832

$          3,603

Electric

1,031

1,144

2,090

2,200

Energy-related businesses

499

373

880

848

Total revenues

3,000

3,011

6,802

6,651

‌

EXPENSES AND OTHER INCOME

Utilities:

Cost of natural gas

(183)

(137)

(676)

(691)

Cost of electric fuel and purchased power

(91)

(156)

(143)

(245)

Energy-related businesses cost of sales

(85)

(54)

(204)

(163)

Operation and maintenance

(1,239)

(1,333)

(2,582)

(2,545)

Depreciation and amortization

(653)

(603)

(1,293)

(1,197)

Franchise fees and other taxes

(165)

(156)

(361)

(340)

Other income, net

59

30

150

129

Interest income

14

17

48

30

Interest expense

(359)

(311)

(792)

(616)

Income before income taxes and equity earnings

298

308

949

1,013

Income tax (expense) benefit

(172)

130

(229)

(42)

Equity earnings

393

433

718

781

Net income

519

871

1,438

1,752

Earnings attributable to noncontrolling interests

(46)

(146)

(48)

(215)

Preferred dividends

(11)

(11)

(22)

(22)

Preferred dividends of subsidiary

(1)

(1)

(1)

(1)

Earnings attributable to common shares

$             461

$             713

$          1,367

$          1,514

‌

Basic earnings per common share (EPS):

Earnings

$            0.71

$            1.13

$            2.10

$            2.39

Weighted-average common shares outstanding

652,664

633,450

652,330

633,135

‌

Diluted EPS:

Earnings

$            0.71

$            1.12

$            2.09

$            2.38

Weighted-average common shares outstanding

653,224

636,279

653,123

635,817

SEMPRA

Table A (Continued)

RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGS

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

Three months ended June 30, 2025:

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

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

$25 million net unrealized gains on commodity derivatives

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

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

Three months ended June 30, 2024:

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

$(6) million net unrealized losses on commodity derivatives

Six months ended June 30, 2025:

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

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

$(10) million net unrealized losses on commodity derivatives

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

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

Six months ended June 30, 2024:

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

$(18) million net unrealized losses on commodity derivatives

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

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

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

Pretax
amount

Income
tax
(benefit)
expense⁽¹⁾

Non-
controlling
interests

Earnings

Diluted
EPS

Pretax
amount

Income
tax
benefit⁽¹⁾

Non-
controlling
interests

Earnings

Diluted
EPS

Three months ended June 30, 2025

Three months ended June 30, 2024

‌

Sempra GAAP Earnings and GAAP EPS

$        461

$       0.71

$        713

$       1.12

Excluded items:

Impact from regulatory disallowances

$         36

$        (11)

$          —

25

0.04

$          —

$          —

$          —

—

—

Impact from foreign currency and inflation
on monetary positions in Mexico

24

122

(49)

97

0.14

(37)

(186)

71

(152)

(0.24)

Net unrealized (gains) losses on
commodity derivatives

(46)

6

15

(25)

(0.04)

12

(2)

(4)

6

0.01

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

(9)

1

7

(1)

—

—

—

—

—

—

Tax items related to assets held for sale

—

38

(12)

26

0.04

—

—

—

—

—

Sempra Adjusted Earnings and Adjusted EPS

$        583

$       0.89

$        567

$       0.89

Weighted-average common shares
outstanding, diluted

653,224

636,279

‌

Six months ended June 30, 2025

Six months ended June 30, 2024

‌

Sempra GAAP Earnings and GAAP EPS

$     1,367

$       2.09

$     1,514

$       2.38

Excluded items:

Impact from regulatory disallowances

$         36

$        (11)

$          —

25

0.04

$          —

$          —

$          —

—

—

Impact from foreign currency and inflation
on monetary positions in Mexico

22

112

(45)

89

0.14

(30)

(133)

52

(111)

(0.17)

Net unrealized losses on commodity
derivatives

23

(9)

(4)

10

0.02

35

(5)

(12)

18

0.03

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

56

(3)

(45)

8

0.01

—

—

—

—

—

Tax items related to assets held for sale

—

38

(12)

26

0.04

—

—

—

—

—

Sempra Adjusted Earnings and Adjusted EPS

$     1,525

$       2.34

$     1,421

$       2.24

‌

Weighted-average common shares
outstanding, diluted

653,123

635,817

⁽¹⁾

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

SEMPRA

Table A (Continued)

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

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

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

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

$(10) million net unrealized losses on commodity derivatives

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

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

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

RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE

‌

Full-Year 2025

Sempra GAAP EPS Guidance Range

$        4.05

to

$        4.45

Excluded items:

Impact from regulatory disallowances

0.04

0.04

Impact from foreign currency and inflation on monetary positions in Mexico

0.14

0.14

Net unrealized losses on commodity derivatives

0.02

0.02

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

0.01

0.01

Tax items related to assets held for sale

0.04

0.04

Sempra Adjusted EPS Guidance Range

$        4.30

to

$        4.70

Weighted-average common shares outstanding, diluted (millions)

654

SEMPRA

Table B

‌

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

June 30,

December 31,

2025

2024⁽¹⁾

‌

ASSETS

Current assets:

Cash and cash equivalents

$               155

$            1,565

Restricted cash

25

21

Accounts receivable – trade, net

1,612

1,983

Accounts receivable – other, net

433

397

Due from unconsolidated affiliates

3

13

Income taxes receivable

148

90

Inventories

625

559

Prepaid expenses

157

255

Regulatory assets

343

60

Fixed-price contracts and other derivatives

142

91

Greenhouse gas allowances

217

217

Assets held for sale

273

—

Other current assets

36

34

Total current assets

4,169

5,285

‌

Other assets:

Restricted cash

3

3

Regulatory assets

4,196

3,937

Greenhouse gas allowances

1,229

845

Nuclear decommissioning trusts

878

875

Dedicated assets in support of certain benefit plans

591

585

Deferred income taxes

159

172

Right-of-use assets – operating leases

1,152

1,177

Investment in Oncor Holdings

16,402

15,400

Other investments

2,586

2,534

Goodwill

1,602

1,602

Other intangible assets

279

292

Wildfire fund

255

262

Other long-term assets

1,604

1,749

Total other assets

30,936

29,433

Property, plant and equipment, net

64,802

61,437

Total assets

$          99,907

$          96,155

⁽¹⁾

Derived from audited financial statements.

SEMPRA

Table B (Continued)

‌

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

June 30,

December 31,

2025

2024⁽¹⁾

‌

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt

$            2,282

$            2,016

Accounts payable – trade

2,026

2,238

Accounts payable – other

265

208

Due to unconsolidated affiliates

8

—

Dividends and interest payable

818

773

Accrued compensation and benefits

402

558

Regulatory liabilities

54

141

Current portion of long-term debt and finance leases

1,372

2,274

Greenhouse gas obligations

217

217

Other current liabilities

1,163

1,251

Total current liabilities

8,607

9,676

‌

Long-term debt and finance leases

34,936

31,558

‌

Deferred credits and other liabilities:

Due to unconsolidated affiliates

359

352

Regulatory liabilities

3,906

3,817

Greenhouse gas obligations

879

506

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

163

168

Deferred income taxes

6,161

5,845

Asset retirement obligations

3,848

3,737

Deferred credits and other

2,752

2,708

Total deferred credits and other liabilities

18,068

17,133

Equity:

Sempra shareholders’ equity

31,697

31,222

Preferred stock of subsidiary

20

20

Other noncontrolling interests

6,579

6,546

Total equity

38,296

37,788

Total liabilities and equity

$          99,907

$          96,155

⁽¹⁾

Derived from audited financial statements.

SEMPRA

Table C

‌

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)

Six months ended June 30,

2025

2024

‌

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$             1,438

$             1,752

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

797

540

Net change in working capital components

(498)

(99)

Distributions from investments

516

405

Changes in other noncurrent assets and liabilities, net

13

(78)

Net cash provided by operating activities

2,266

2,520

‌

CASH FLOWS FROM INVESTING ACTIVITIES

Expenditures for property, plant and equipment

(4,640)

(3,830)

Expenditures for investments

(972)

(387)

Purchases of nuclear decommissioning and other trust assets

(531)

(401)

Proceeds from sales of nuclear decommissioning and other trust assets

580

442

Other

—

8

Net cash used in investing activities

(5,563)

(4,168)

‌

CASH FLOWS FROM FINANCING ACTIVITIES

Common dividends paid

(787)

(741)

Preferred dividends paid

(22)

(22)

Issuances of common stock

19

18

Repurchases of common stock

(58)

(40)

Issuances of debt (maturities greater than 90 days)

5,458

3,812

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

(3,411)

(1,197)

Increase (decrease) in short-term debt, net

682

(817)

Advances from unconsolidated affiliates

44

45

Contributions from noncontrolling interests

83

786

Distributions to noncontrolling interests

(91)

(203)

Other

(26)

(23)

Net cash provided by financing activities

1,891

1,618

‌

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

1

(8)

‌

Less: Increase in cash held for sale

(1)

—

‌

Decrease in cash, cash equivalents and restricted cash

(1,406)

(38)

Cash, cash equivalents and restricted cash, January 1

1,589

389

Cash, cash equivalents and restricted cash, June 30

$                183

$                351

SEMPRA

Table D

‌

SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES

(Dollars in millions)

Three months ended June 30,

Six months ended June 30,

2025

2024

2025

2024

EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES

Sempra California

$             259

$             316

$             983

$             898

Sempra Texas Utilities

208

202

354

385

Sempra Infrastructure

72

291

218

422

Segment earnings attributable to common shares

539

809

1,555

1,705

Parent and other

(78)

(96)

(188)

(191)

Sempra earnings attributable to common shares

$             461

$             713

$ 1,367

$ 1,514

CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT

Sempra California

$ 1,221

$ 1,069

$ 2,315

$ 2,212

Sempra Infrastructure

1,081

827

2,322

1,617

Segment totals

2,302

1,896

4,637

3,829

Parent and other

2

1

3

1

Total Sempra

$ 2,304

$ 1,897

$ 4,640

$ 3,830

CAPITAL EXPENDITURES FOR INVESTMENTS

Sempra Texas Utilities

$             485

$             192

$             971

$             385

Sempra Infrastructure

1

2

1

2

Total Sempra

$             486

$             194

$             972

$             387

SEMPRA

Table E

‌

OTHER OPERATING STATISTICS

‌

Three months ended
June 30,

Six months ended or at
June 30,

2025

2024

2025

2024

‌

UTILITIES

Sempra California

Gas sales (Bcf)⁽¹⁾

75

78

191

200

Transportation (Bcf)⁽¹⁾

114

120

245

262

Total deliveries (Bcf)⁽¹⁾

189

198

436

462

‌

Total gas customer meters (thousands)

7,135

7,098

‌

Electric sales (millions of kWhs)⁽¹⁾

610

661

1,325

1,596

Community Choice Aggregation and Direct Access (millions of kWhs)

3,104

2,892

6,536

6,061

Total deliveries (millions of kWhs)⁽¹⁾

3,714

3,553

7,861

7,657

‌

Total electric customer meters (thousands)

1,540

1,525

Oncor Electric Delivery Company LLC (Oncor)⁽²⁾

Total deliveries (millions of kWhs)

42,226

40,343

81,232

77,656

Total electric customer meters (thousands)

4,084

4,008

‌

Ecogas

Natural gas sales (Bcf)

1

1

2

2

Natural gas customer meters (thousands)

166

160

‌

ENERGY-RELATED BUSINESSES

Sempra Infrastructure

Termoeléctrica de Mexicali (millions of kWhs)

776

650

1,478

1,630

Wind and solar (millions of kWhs)⁽¹⁾

842

888

1,588

1,607

⁽¹⁾

Includes intercompany sales.

⁽²⁾

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

SEMPRA

Table F

‌

STATEMENTS OF OPERATIONS DATA BY SEGMENT

(Dollars in millions)

Sempra California

Sempra Texas
Utilities⁽¹⁾

Sempra
Infrastructure

Consolidating
Adjustments,
Parent & Other

Total

Three months ended June 30, 2025

‌

Revenues

$                   2,490

$                      530

$                      (20)

$                   3,000

Depreciation and amortization

(574)

(78)

(1)

(653)

Interest income

3

5

6

14

Interest expense⁽²⁾

(228)

6

(137)

(359)

Income tax (expense) benefit

(13)

(231)

72

(172)

Equity earnings

—

$                      210

183

—

393

Earnings attributable to noncontrolling interests

—

—

(46)

—

(46)

Other segment items⁽³⁾

(1,419)

(2)

(297)

2

(1,716)

Earnings (losses) attributable to common shares

$                      259

$                      208

$                        72

$                      (78)

$                      461

‌

Three months ended June 30, 2024

‌

Revenues

$                   2,625

$                      409

$                      (23)

$                   3,011

Depreciation and amortization

(528)

(73)

(2)

(603)

Interest income

5

7

5

17

Interest expense

(209)

—

(102)

(311)

Income tax (expense) benefit

(44)

133

41

130

Equity earnings

—

$                      204

229

—

433

Earnings attributable to noncontrolling interests

—

—

(146)

—

(146)

Other segment items⁽³⁾

(1,533)

(2)

(268)

(15)

(1,818)

Earnings (losses) attributable to common shares

$                      316

$                      202

$                      291

$                      (96)

$                      713

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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

SEMPRA

Table F (Continued)

‌

STATEMENTS OF OPERATIONS DATA BY SEGMENT

(Dollars in millions)

Sempra California

Sempra Texas
Utilities⁽¹⁾

Sempra
Infrastructure

Consolidating
Adjustments,
Parent & Other

Total

Six months ended June 30, 2025

‌

Revenues

$                   5,891

$                      956

$                      (45)

$                   6,802

Depreciation and amortization

(1,136)

(154)

(3)

(1,293)

Interest income

5

24

19

48

Interest expense⁽²⁾

(453)

(71)

(268)

(792)

Income tax (expense) benefit

(65)

(253)

89

(229)

Equity earnings

—

$                      358

360

—

718

Earnings attributable to noncontrolling interests

—

—

(48)

—

(48)

Other segment items⁽³⁾

(3,259)

(4)

(596)

20

(3,839)

Earnings (losses) attributable to common shares

$                      983

$                      354

$                      218

$                    (188)

$                   1,367

‌

Six months ended June 30, 2024

‌

Revenues

$                   5,766

$                      928

$                      (43)

$                   6,651

Depreciation and amortization

(1,049)

(145)

(3)

(1,197)

Interest income

8

12

10

30

Interest expense

(414)

—

(202)

(616)

Income tax (expense) benefit

(127)

24

61

(42)

Equity earnings

—

$                      389

392

—

781

Earnings attributable to noncontrolling interests

—

—

(215)

—

(215)

Other segment items⁽³⁾

(3,286)

(4)

(574)

(14)

(3,878)

Earnings (losses) attributable to common shares

$                      898

$                      385

$                      422

$                    (191)

$                   1,514

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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

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SOURCE Sempra

Posted on August 7, 2025 7:58 am
Sabre’s second quarter 2025 earnings materials available on its Investor Relations website

PR Newswire

SOUTHLAKE, Texas
, Aug. 7, 2025 /PRNewswire/ — Sabre Corporation (“Sabre”) (NASDAQ: SABR) today announced financial results for the quarter ended June 30, 2025. Sabre has posted its second quarter 2025 earnings release and earnings presentation to its Investor Relations webpage at investors.sabre.com/financial-information/quarterly results. The earnings release is also available on the Securities and Exchange Commission’s website at www.sec.gov.

As previously announced, Sabre will host a live webcast of its first quarter 2025 earnings conference call today at 9:00 a.m. ET. Management will discuss the financial results, as well as comment on the forward outlook. The webcast is expected to last approximately one hour and will be accessible by visiting the Investor Relations section of Sabre’s website at investors.sabre.com.

A replay of the event will be available on the website for at least 90 days following the event.

About Sabre
Sabre Corporation is a leading technology company that takes on the biggest opportunities and solves the most complex challenges in travel. Sabre harnesses speed, scale and insights to build tomorrow’s technology today – empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, USA, with employees across the world, Sabre serves customers in more than 160 countries globally. For more information visit www.sabre.com.

Website Information
We routinely post important information for investors on the Investor Relations section of our website, investors.sabre.com, on our LinkedIn account, and on our X account, @Sabre_Corp. We intend to use the Investor Relations section of our website, our LinkedIn account, and our X account as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, our LinkedIn account, and our X account, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website, our LinkedIn account, or our X account is not incorporated by reference into, and is not a part of, this document.

SABR-F

Contacts

Media

Cassidy Smith-Broyles

[email protected]

[email protected]

Investors

Jim Mathias

[email protected]

[email protected]

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SOURCE Sabre Corporation

Posted on August 7, 2025 7:58 am
Daxor Corporation Receives FDA Clearance for New Rapid, Lightweight, Blood Volume Analysis System

Management Expects High Demand Driven by Speed, Simplicity, and Clinical Precision

Oak Ridge, TN, Aug. 07, 2025 (GLOBE NEWSWIRE) —

Daxor Corporation
(NASDAQ: DXR), the global leader in blood volume measurement technology, today announces FDA 510(k) clearance (K251087) for its patent-pending next-generation rapid, compact, hand-held, lab-based Blood Volume Analyzer (BVA). The new Daxor BVA^™ device quantifies a patient’s blood volume against patient-specific norms, enabling precise fluid management across a broad spectrum of clinical conditions affecting millions of patients each year.

“For decades, clinicians without access to BVA have been forced to estimate a patient’s blood volume status using indirect, often invasive, or imprecise methods,” said Michael Feldschuh, Daxor’s President and CEO. “This critical knowledge gap has impacted treatment decisions across numerous medical specialties. Daxor’s next generation BVA device changes the game by delivering even faster, precise blood volume data anywhere there is access to a laboratory—from the hospital to the outpatient clinic.”

Volume derangement is a silent crisis driving a multi-billion annual healthcare burden. Conditions such as heart failure (over seven million patients and one million hospitalizations annually), critical care and sepsis (7.4 million admissions), dialysis, surgical blood loss, traumatic injury, and syncope all depend on accurate fluid management.

“Our diagnostic innovation is a game-changer for fluid management,” said John L. Jefferies, MD, MPH, MBA, Daxor’s Chief Medical Officer. “By using the gold standard indicator tracer dilution technique, we can overcome the inaccuracies of traditional clinical assessments, especially in patients with multiple and complex conditions. BVA provides precise, objective data, empowering value-based care through better outcomes and fewer hospitalizations.”

In peer-reviewed studies, blood volume analysis guided care was associated with reduced heart failure one-year mortality by 86%, (p<0.001). It also demonstrated shorter hospital stays, 56% fewer readmissions, and significantly lower healthcare costs. Data from a randomized control trial in the ICU also showed significant benefit with BVA-guided care, lowering mortality by66% in a cohort of predominantly septic/ARDS patients (p<0.03).

Building upon the success of its predecessor, the Daxor BVA-100^™ , this next generation analyzer redefines efficiency enabling far broader use in clinical settings where resources are limited:

3x Faster: Provides critical results in one-third the time

Lightweight: Moves easily between laboratory settings, weighs just 7 lbs.

Highly Accurate: Delivers laboratory-grade diagnostic precision

The newly FDA-cleared rapid, hand-held, modular, lab-based diagnostic enables physicians in cardiology, nephrology, critical care, hematology, emergency medicine, and primary care to tailor treatment with confidence. By accurately measuring volume status, clinicians can avoid the risks of hypovolemia—including tissue hypoperfusion, acute kidney injury, hypotension, syncope, and organ damage—as well as hypervolemia, which can lead to heart failure decompensation, accelerated disease progression, and further organ damage. This new system was developed under contract with the U.S. Department of Defense, specifically the U.S. Army and the Defense Health Agency.

Research from leading institutions—including Duke University Medical Center, the Cleveland Clinic, the Mayo Clinic, and the U.S. Department of Veterans Affairs—has proven the utility of BVA-guided care. This approach has been shown to reduce mortality, readmissions, and hospital length of stay. With over 75,000 tests shipped and more than 50 years of groundbreaking research, including collaborations with some of leading experts in cardiology care, Daxor is redefining precision diagnostics.

About Daxor Corporation

Daxor Corporation (NASDAQ: DXR) is tackling healthcare’s “multi-billion-dollar silent crisis”, the inability to precisely measure blood volume. This often results in suboptimal care, prolonged hospital stays, and increased readmissions for many high-cost medical conditions like heart failure and those requiring ICU care. With 50 years of experience and innovation, Daxor’s patented, FDA-cleared Blood Volume Analysis (BVA) diagnostic offers unmatched, real-time, precise data via its rapid, hand-held lab-based system. This empowers clinicians to make individualized treatment decisions that significantly improve patient outcomes and deliver substantial efficiencies in value-based healthcare. Daxor is ISO certified and operates a U.S.-based, 20,000-square-foot state-of-the-art manufacturing facility, positioning the company for accelerated market expansion.

For more information, visit www.daxor.com.

Sign up to receive news on Daxor’s innovative technologyHERE.

Forward-Looking Statements

Certain statements in this release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the impact of hiring sales staff and expansion of our distribution channels. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risk associated with our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, FDA regulatory actions, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and additional other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Daxor does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:

Bret Shapiro
COO – Head of Capital Markets
COREIR
(561)-479-8566-Cell
[email protected]|www.coreir.com

Posted on August 7, 2025 7:51 am
PGE Energizes 475 MW of Battery Energy Storage to Boost Grid Reliability and Keep Costs Low for Oregonians

PR Newswire

PORTLAND, Ore.
, Aug. 7, 2025 /PRNewswire/ — Portland General Electric (PGE) today announces the completion of three new utility-scale battery energy storage systems, adding 475 megawatts (MW) and more than 1.9 gigawatt hours (GWh) of dispatchable capacity to serve the Portland metro area.

Together, these three facilities can power roughly 300,000 homes for four hours during peak demand or when power is limited due to weather or unexpected interruptions. Additionally, they offer flexibility and backup capacity to ensure that PGE customers have access to electricity when they need it most.

“Batteries play an important role in helping PGE build a more flexible, reliable and diverse generation portfolio,” said Darrington Outama, PGE Senior Director of Energy Supply. “In addition to providing power during peak hours every day, batteries enhance our ability to respond to sudden changes in the grid and help keep energy supply and demand balanced. For customers, that means more stable and reliable power, all at the lowest possible cost.”

Strategically located at key substations in North Portland, Troutdale and Hillsboro, these four-hour lithium-ion battery energy storage systems are integrated into PGE’s system to better align the production and consumption of electricity, which reduces strain on the grid. Battery storage reduces PGE’s reliance on expensive short-term electricity purchases, helping stabilize energy costs, limit price volatility for customers, and support the integration of intermittent sources like wind and solar.

Two of the newly operational facilities, successfully developed and awarded to Eolian, L.P. (Eolian) through Portland General Electric’s 2021 All-Source Request for Proposals (RFP) process, include:

Seaside: A 200 MW PGE-owned facility located in North Portland and delivered to PGE by Eolian, L.P. (Eolian) under a fixed-cost Build-Transfer Agreement (BTA). The facility achieved commercial operation in July 2025.

Sundial: A 200 MW facility in Troutdale, developed by Eolian and operated by NextEra Energy Resources under a 20-year storage capacity agreement with PGE. The facility achieved commercial operation in December 2024.

Constable: A 75 MW PGE-owned facility located in Hillsboro and constructed for PGE under an engineering, procurement and construction agreement with Mortenson. The facility achieved commercial operation in December 2024.

“Battery energy storage systems sited at major substations radically improve the use of existing high voltage transmission lines, avoiding expensive or challenging new grid upgrades and providing a low-cost load growth solution through existing infrastructure,” said Aaron Zubot, CEO of Eolian.

In addition to the three new large-scale battery facilities, PGE completed its 17 MW Coffee Creek Battery Storage system near Wilsonville in 2024. The completion of Seaside, Sundial, Constable and Coffee Creek brings PGE’s large-scale battery storage capacity to 492 MW.

About Portland General Electric

Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to over 950,000 customers serving an area of 1.9 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE was ranked the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index and is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. In 2024, PGE employees, retirees and the PGE Foundation donated $5.5 million and volunteered nearly 23,000 hours to more than 480 nonprofit organizations. For more information visit www.PortlandGeneral.com/news.

About Eolian

Eolian operates a growing portfolio of battery energy storage projects and develops and invests in clean energy and co-located datacenter projects across the US. For over 20 years, Eolian’s founding management has worked together to build the assets at the core of the company, creating unique and proprietary structures that have directly funded the development of nearly 30 GW of operating or under-construction energy storage, solar, and wind generating capacity across the country. Eolian is owned by its employees and funds that are managed by Global Infrastructure Partners (GIP), a BlackRock company and leading global infrastructure investor For more information, follow Eolian on LinkedIn or visit www.eolianenergy.com.

Contact:
PGE Communications Team
503-464-2067
[email protected]

Source: Portland General Company

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SOURCE Portland General Company

Posted on August 7, 2025 7:48 am
Jacobs to Support Rail Expansion for Major LA-Area Port Facility

PR Newswire

Doubling rail capacity will position Port of Long Beach for significant productivity and economic development

DALLAS
, Aug. 7, 2025 /PRNewswire/ — Jacobs (NYSE: J) has been awarded a contract to provide construction management for the Port of Long Beach’s Pier B On-Dock Rail Support Facility program. This project is a cornerstone of the port’s $2.2 billion program to enhance cargo movement efficiency, reduce environmental impacts and support regional economic development.

The Pier B rail program will transform the existing rail yard into a state-of-the-art facility, doubling its size from 82 to 171 acres. The project will more than triple the Port’s on-dock rail capacity, enabling it to handle up to 4.7 million twenty-foot shipping containers annually. The expansion is expected to significantly reduce truck traffic, lower emissions and improve air quality in the surrounding areas.

“As one of the busiest ports in the United States and a major entry point for goods, the Port of Long Beach plays a significant role in international trade and the economy,” said Jacobs Executive Vice President Eva Wood. “Jacobs’ experience in managing large-scale infrastructure projects will deliver enhancements at the port that will expedite cargo movement, reduce shipping costs and contribute to a more resilient supply chain.”

Expected to be complete in 2032, the Pier B On-Dock Rail Support Facility is also set to provide substantial community benefits, including creating more than 1,000 local jobs and contributing to local health and environmental initiatives. By enhancing on-dock rail capacity, the project will help the port further its efforts to reduce the environmental footprint of cargo movement.

Ranked as No. 2 in Program Management by Engineering News-Record, Jacobs delivers today’s most complex, challenging infrastructure and recovery projects. Jacobs has supported efforts like the Port of San Francisco Waterfront Resilience Program, which is adapting 7.5 miles of the city’s waterfront to be resilient to earthquakes, coastal storms and sea level rise; the award-winning Amrun Chith Export Facility in Queensland; and several recent efforts at the Port of Long Beach, including designing and building the port’s multi-award winning Fireboat Station 20.

“The Pier B On-Dock Rail Support Facility embodies the core values of the Port of Long Beach, allowing more cargo to move through our marine terminals with greater efficiency and less impacts on the community,” said Port of Long Beach CEO Mario Cordero. “It is also an enormous undertaking with ten construction contracts to manage. Jacobs has demonstrated its qualifications to help us accommodate this peak workflow, and we’re pleased to work with the company to build this new gateway for the nation’s container cargo.”

At Jacobs, we’re challenging today to reinvent tomorrow – delivering outcomes and solutions for the world’s most complex challenges. With approximately $12 billion in annual revenue and a team of almost 45,000, we provide end-to-end services in advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. From advisory and consulting, feasibility, planning, design, program and lifecycle management, we’re creating a more connected and sustainable world. See how at jacobs.com and connect with us on LinkedIn, Instagram, X and Facebook.

Certain statements contained in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as “expects,” “anticipates,” “believes,” “seeks,” “estimates,” “plans,” “intends,” “future,” “will,” “would,” “could,” “can,” “may,” and similar words are intended to identify forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations, as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements including, but not limited to, uncertainties as to, the timing of the award of projects and funding and potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act and other legislation and executive orders related to governmental spending, including any directive to federal agencies to reduce federal spending or the size of the federal workforce, and changes in U.S. or foreign tax laws, statutes, rules, regulations or ordinances, including the impact of, and changes to tariffs and retaliatory tariffs or trade policies, that may adversely impact our future financial positions or results of operations, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets, the possibility of a recession or economic downturn, and increased uncertainty and risks, including policy risks and potential civil unrest, relating to the outcome of elections across our key markets and elevated geopolitical tension and conflicts, among others. For a description of these and additional factors that may occur that could cause actual results to differ from our forward-looking statements, see our filings with the U.S. Securities and Exchange Commission. The company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law.

For press/media inquiries:
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/jacobs-to-support-rail-expansion-for-major-la-area-port-facility-302520812.html

SOURCE Jacobs

Posted on August 7, 2025 7:46 am
Snap Announces Proposed Private Offering of $500 Million of Senior Notes Due 2034

Snap Announces Proposed Private Offering of $500 Million of Senior Notes Due 2034

SANTA MONICA, Calif.–(BUSINESS WIRE)–
Snap Inc. (NYSE: SNAP) announced today that it intends to offer, subject to market conditions and other factors, $500 million aggregate principal amount of senior notes due 2034, or the notes, in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended, or the Securities Act. The notes will be general and unsecured senior obligations of Snap and will be fully and unconditionally guaranteed in the future, jointly and severally, by each of Snap’s domestic subsidiaries that guarantees certain of its other indebtedness, if any, subject to certain exceptions.

Snap intends to use the net proceeds from the offering to repurchase a portion of some or all of its outstanding convertible senior notes due 2026, or the 2026 notes, its outstanding convertible senior notes due 2027, or the 2027 notes, its outstanding convertible senior notes due 2028, or the 2028 notes, and/or its outstanding convertible senior notes due 2030, or the 2030 notes, and any remaining net proceeds from the offering for general corporate purposes, including working capital, operating expenses, capital expenditures, acquisitions of complementary businesses, or other repurchases of Snap’s securities.

In addition, Snap expects that some or all of the holders of the 2026 notes, the 2027 notes, the 2028 notes, or the 2030 notes that it repurchases may purchase shares of Snap Class A common stock in open market transactions or enter into or unwind various derivatives with respect to Snap Class A common stock to unwind hedge positions that they have with respect to their investment in the 2026 notes, the 2027 notes, the 2028 notes, or the 2030 notes. These transactions, in turn, may place upward pressure on the trading price of Snap Class A common stock, causing Snap Class A common stock to trade at higher prices than would be the case in the absence of these purchases.

The notes have not been and will not be registered under the Securities Act or any state securities laws. The notes will only be offered or sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act, and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.

This press release is not an offer to sell and is not soliciting an offer to buy any securities, nor will it constitute an offer, solicitation, or sale of the securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offers of the notes will be made only by means of a private offering memorandum.

About Snap Inc.

Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, about Snap and Snap’s industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding the proposed terms of the notes, the completion, timing, and size of the proposed offering of the notes, the anticipated use of the net proceeds from the proposed offering of the notes, the expected repurchases of the 2026 notes, the 2027 notes, the 2028 notes, and/or the 2030 notes, and effects thereof, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. Snap cautions you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. Snap has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends, including its financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that it believes may continue to affect Snap’s business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: Snap’s financial performance; the ability to attain and sustain profitability; the ability to generate and sustain positive cash flow; the ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing Snap’s growth and future expenses; compliance with new laws, regulations, and executive actions; the ability to maintain, protect, and enhance Snap’s intellectual property; the ability to succeed in existing and new market segments; the ability to attract and retain qualified team members and key personnel; the ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in “Risk Factors” in Snap’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and Snap’s other filings with the SEC, which are available on the SEC’s website at www.sec.gov. In addition, any forward-looking statements contained in this press release are based on assumptions that Snap believes to be reasonable as of this date. Snap undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806240967/en/

Investors and Analysts:

[email protected]

Press:

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Communications Apps/Applications Technology Social Media Photography Software

MEDIA:

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