Market Newsdesk

April 16, 2025 6:03 am

Commerce Bancshares, Inc. Reports First Quarter Earnings Per Share of $.98

Commerce Bancshares, Inc. Reports First Quarter Earnings Per Share of $.98

KANSAS CITY, Mo.–(BUSINESS WIRE)–
Commerce Bancshares, Inc. announced earnings of $.98 per share for the three months ended March 31, 2025, compared to $.82 per share in the same quarter last year and $1.01 per share in the fourth quarter of 2024. Net income for the first quarter of 2025 amounted to $131.6 million, compared to $112.7 million in the first quarter of 2024 and $136.1 million in the prior quarter.

In making this announcement, John Kemper, Chief Executive Officer, said, “These results are the product of strong execution against the backdrop of a relatively stable economy during the first quarter of 2025.”

Mr. Kemper continued, “Given recent news related to tariffs and trade restrictions, and in light of ongoing adjustment in capital markets, the outlook for the future is increasingly uncertain. Nonetheless, our franchise is well-positioned to weather any economic disruption, execute our long-term strategies, serve our customers and deliver value to our shareholders. Our credit profile remains strong, and capital and liquidity levels remain robust, supporting our ability to meet our customers’ borrowing, depository and service needs while ensuring the safety and soundness of the bank.”

On first quarter earnings, Mr. Kemper said, “Net interest income of $269 million was a record quarter for Commerce and reflects the continued benefits of fixed-rate asset repricing, balance sheet growth, and our strong deposit franchise. Non-interest income was $159 million and made up 37.1% of total revenue, led by trust fees in our wealth management business of $57 million. Our strength in wealth management is exemplified by its continued growth, with trust fees up 10.7% over the same period last year. Credit quality of the loan portfolio remains excellent with non-accrual loans at .13% of total loans.”

First Quarter 2025 Financial Highlights:

Net interest income was $269.1 million, a $2.5 million increase over the prior quarter. The net yield on interest earning assets increased seven basis points to 3.56%.
Non-interest income totaled $158.9 million, an increase of $10.1 million, or 6.8%, over the same quarter last year.
Trust fees grew $5.5 million, or 10.7%, compared to the same period last year, mostly due to higher private client fees.
Non-interest expense totaled $238.4 million, a decrease of $7.3 million, or 3.0%, compared to the same quarter last year.
Average loan balances totaled $17.2 billion, an increase of 1.0% compared to the prior quarter.
Total average available for sale debt securities increased $66.1 million over the prior quarter to $9.2 billion, at fair value.
Total average deposits decreased $83.7 million, or .3%, compared to the prior quarter. The average rate paid on interest bearing deposits declined 15 basis points to 1.72%, compared to the prior quarter.
The ratio of annualized net loan charge-offs to average loans was .25% in the current and prior quarters.
The allowance for credit losses on loans increased $4.3 million during the first quarter of 2025 to $167.0 million, and the ratio of the allowance for credit losses on loans to total loans was .96%, at March 31, 2025, compared to .95% at December 31, 2024.
Total assets at March 31, 2025 were $32.4 billion, an increase of $368.3 million, or 1.2%, over the prior quarter.
For the quarter, the return on average assets was 1.69%, the return on average equity was 15.82%, and the efficiency ratio was 55.6%.

Commerce Bancshares, Inc. is a regional bank holding company offering a full line of banking services through its subsidiaries, including payment solutions, investment management and securities brokerage. One of its subsidiaries, Commerce Bank, leverages 160 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full-service banking facilities across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. Beyond the Midwest, Commerce also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids and wealth offices in Dallas, Houston, and Naples. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial and wealth offices, ATMs, online, mobile and through a 24/7 customer service line.

This financial news release and the supplementary Earnings Highlights presentation are available on the Company’s website at https://investor.commercebank.com/news-info/financial-news-releases/default.aspx.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES FINANCIAL HIGHLIGHTS

	For the Three Months Ended
(Unaudited) (Dollars in thousands, except per share data)	Mar. 31, 2025		Dec. 31, 2024		Mar. 31, 2024
FINANCIAL SUMMARY
Net interest income	$269,102		$266,647		$248,999
Non-interest income	158,949		155,436		148,848
Total revenue	428,051		422,083		397,847
Investment securities gains (losses)	(7,591	)	977		(259	)
Provision for credit losses	14,487		13,508		4,787
Non-interest expense	238,376		235,718		245,697
Income before taxes	167,597		173,834		147,104
Income taxes	36,964		36,590		31,652
Non-controlling interest expense (income)	(959	)	1,136		2,789
Net income attributable to Commerce Bancshares, Inc.	$131,592		$136,108		$112,663
Earnings per common share:
Net income — basic	$0.98		$1.01		$0.82
Net income — diluted	$0.98		$1.01		$0.82
Effective tax rate	21.93	%	21.19	%	21.93	%
Fully-taxable equivalent net interest income	$271,416		$268,935		$251,312
Average total interest earning assets ⁽¹⁾	$30,901,110		$30,628,722		$30,365,774
Diluted wtd. average shares outstanding	133,071,719		133,686,588		135,645,198

RATIOS
Average loans to deposits ⁽²⁾	69.38	%	68.45	%	69.87	%
Return on total average assets	1.69		1.73		1.48
Return on average equity⁽³⁾	15.82		15.97		15.39
Non-interest income to total revenue	37.13		36.83		37.41
Efficiency ratio ⁽⁴⁾	55.61		55.77		61.67
Net yield on interest earning assets	3.56		3.49		3.33

EQUITY SUMMARY
Cash dividends per share	$.275		$.257		$.257
Cash dividends on common stock	$36,866		$34,609		$35,140
Book value per share ⁽⁵⁾	$26.19		$24.84		$21.62
Market value per share ⁽⁵⁾	$62.23		$62.31		$50.67
High market value per share	$68.87		$72.75		$52.99
Low market value per share	$58.80		$54.01		$47.09
Common shares outstanding ⁽⁵⁾	133,597,405		134,152,172		136,179,336
Tangible common equity to tangible assets ⁽⁶⁾	10.33	%	9.92	%	9.24	%
Tier I leverage ratio	12.29	%	12.26	%	11.75	%

OTHER QTD INFORMATION
Number of bank/ATM locations	242		243		254
Full-time equivalent employees	4,662		4,693		4,721
(1) Excludes allowance for credit losses on loans and unrealized gains/(losses) on available for sale debt securities.
(2) Includes loans held for sale.
(3) Annualized net income attributable to Commerce Bancshares, Inc. divided by average total equity.
(4) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of total revenue.
(5) As of period end.
(6) The tangible common equity ratio is a non-gaap ratio and is calculated as stockholders’ equity reduced by goodwill and other intangible assets (excluding mortgage servicing rights) divided by total assets reduced by goodwill and other intangible assets (excluding mortgage servicing rights).
All share and per share amounts have been restated to reflect the 5% stock dividend distributed in December 2024.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME

(Unaudited) (In thousands, except per share data)	For the Three Months Ended
(Unaudited) (In thousands, except per share data)	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024
Interest income	$364,365		$369,405		$372,068		$369,363		$358,721
Interest expense	95,263		102,758		109,717		107,114		109,722
Net interest income	269,102		266,647		262,351		262,249		248,999
Provision for credit losses	14,487		13,508		9,140		5,468		4,787
Net interest income after credit losses	254,615		253,139		253,211		256,781		244,212
NON-INTEREST INCOME
Trust fees	56,592		56,345		54,689		52,291		51,105
Bank card transaction fees	45,593		47,807		47,570		47,477		46,930
Deposit account charges and other fees	26,622		25,480		25,380		25,325		24,151
Capital market fees	5,112		5,129		5,995		4,760		3,892
Consumer brokerage services	4,785		4,636		4,619		4,478		4,408
Loan fees and sales	3,404		2,874		3,444		3,431		3,141
Other	16,841		13,165		17,328		14,482		15,221
Total non-interest income	158,949		155,436		159,025		152,244		148,848
INVESTMENT SECURITIES GAINS (LOSSES), NET	(7,591	)	977		3,872		3,233		(259	)
NON-INTEREST EXPENSE
Salaries and employee benefits	153,078		153,819		153,122		149,120		151,801
Data processing and software	32,238		32,514		32,194		31,529		31,153
Net occupancy	14,020		13,694		13,411		12,544		13,574
Professional and other services	10,026		8,982		8,830		8,617		8,648
Marketing	5,843		5,683		7,278		5,356		4,036
Equipment	5,248		5,232		5,286		5,091		5,010
Supplies and communication	5,046		4,948		4,963		4,636		4,744
Deposit Insurance	3,744		3,181		2,930		2,354		8,017
Other	9,133		7,665		9,586		12,967		18,714
Total non-interest expense	238,376		235,718		237,600		232,214		245,697
Income before income taxes	167,597		173,834		178,508		180,044		147,104
Less income taxes	36,964		36,590		38,245		38,602		31,652
Net income	130,633		137,244		140,263		141,442		115,452
Less non-controlling interest expense (income)	(959	)	1,136		2,256		1,889		2,789
Net income attributable to Commerce Bancshares, Inc.	$131,592		$136,108		$138,007		$139,553		$112,663
Net income per common share — basic	$0.98		$1.01		$1.02		$1.03		$0.82
Net income per common share — diluted	$0.98		$1.01		$1.01		$1.03		$0.82

OTHER INFORMATION
Return on total average assets	1.69	%	1.73	%	1.80	%	1.86	%	1.48	%
Return on average equity ⁽¹⁾	15.82		15.97		16.81		18.52		15.39
Efficiency ratio ⁽²⁾	55.61		55.77		56.31		55.95		61.67
Effective tax rate	21.93		21.19		21.70		21.67		21.93
Net yield on interest earning assets	3.56		3.49		3.50		3.55		3.33
Fully-taxable equivalent net interest income	$271,416		$268,935		$264,638		$264,578		$251,312
(1) Annualized net income attributable to Commerce Bancshares, Inc. divided by average total equity.
(2) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of total revenue.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS – PERIOD END

(Unaudited) (In thousands)	Mar. 31, 2025		Dec. 31, 2024		Mar. 31, 2024
ASSETS
Loans
Business	$ 6,239,276		$ 6,053,820		$ 5,994,974
Real estate — construction and land	1,419,572		1,409,901		1,497,647
Real estate — business	3,628,635		3,661,218		3,711,602
Real estate — personal	3,047,809		3,058,195		3,039,885
Consumer	2,116,160		2,073,123		2,119,308
Revolving home equity	356,675		356,650		322,523
Consumer credit card	568,163		595,930		564,388
Overdrafts	3,131		11,266		48,513
Total loans	17,379,421		17,220,103		17,298,840
Allowance for credit losses on loans	(167,031	)	(162,742	)	(160,465	)
Net loans	17,212,390		17,057,361		17,138,375
Loans held for sale	2,890		3,242		2,328
Investment securities:
Available for sale debt securities	9,264,947		9,136,853		9,141,695
Trading debt securities	56,569		38,034		56,716
Equity securities	58,182		57,442		12,852
Other securities	221,370		230,051		229,146
Total investment securities	9,601,068		9,462,380		9,440,409
Federal funds sold	—		3,000		—
Securities purchased under agreements to resell	850,000		625,000		225,000
Interest earning deposits with banks	2,756,521		2,624,553		1,609,614
Cash and due from banks	517,332		748,357		291,040
Premises and equipment — net	476,921		475,275		467,377
Goodwill	146,539		146,539		146,539
Other intangible assets — net	13,441		13,632		13,918
Other assets	787,862		837,288		1,037,508
Total assets	$ 32,364,964		$ 31,996,627		$ 30,372,108
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing	$ 7,518,243		$ 8,150,669		$ 7,513,464
Savings, interest checking and money market	15,975,283		14,754,571		14,463,211
Certificates of deposit of less than $100,000	985,878		996,721		997,979
Certificates of deposit of $100,000 and over	1,362,393		1,391,683		1,465,541
Total deposits	25,841,797		25,293,644		24,440,195
Federal funds purchased and securities sold under agreements to repurchase	2,400,036		2,926,758		2,505,576
Other borrowings	17,743		56		2,359
Other liabilities	606,986		443,694		460,089
Total liabilities	28,866,562		28,664,152		27,408,219
Stockholders’ equity:
Common stock	676,054		676,054		655,322
Capital surplus	3,381,960		3,395,645		3,148,649
Retained earnings	140,220		45,494		130,706
Treasury stock	(85,871	)	(48,401	)	(59,674	)
Accumulated other comprehensive income (loss)	(634,576	)	(758,911	)	(931,027	)
Total stockholders’ equity	3,477,787		3,309,881		2,943,976
Non-controlling interest	20,615		22,594		19,913
Total equity	3,498,402		3,332,475		2,963,889
Total liabilities and equity	$ 32,364,964		$ 31,996,627		$ 30,372,108

COMMERCE BANCSHARES, INC. and SUBSIDIARIES AVERAGE BALANCE SHEETS

(Unaudited) (In thousands)	For the Three Months Ended
(Unaudited) (In thousands)	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024
ASSETS:
Loans:
Business	$ 6,106,185		$ 5,963,217		$ 5,966,797		$ 5,980,364		$ 5,873,525
Real estate — construction and land	1,415,349		1,411,437		1,400,563		1,471,504		1,472,554
Real estate — business	3,667,833		3,636,026		3,580,772		3,666,057		3,727,643
Real estate — personal	3,045,876		3,047,494		3,047,563		3,044,943		3,031,193
Consumer	2,082,360		2,087,237		2,129,483		2,127,650		2,082,490
Revolving home equity	358,684		350,541		335,817		326,204		322,074
Consumer credit card	560,534		568,138		559,410		552,896		562,892
Overdrafts	5,860		5,628		5,460		4,856		7,696
Total loans	17,242,681		17,069,718		17,025,865		17,174,474		17,080,067
Allowance for credit losses on loans	(162,186	)	(160,286	)	(158,003	)	(159,791	)	(161,891	)
Net loans	17,080,495		16,909,432		16,867,862		17,014,683		16,918,176
Loans held for sale	1,584		2,080		2,448		2,455		2,149
Investment securities:
U.S. government and federal agency obligations	2,586,944		2,459,485		1,888,985		1,201,954		851,656
Government-sponsored enterprise obligations	55,330		55,428		55,583		55,634		55,652
State and municipal obligations	804,363		831,695		856,620		1,069,934		1,330,808
Mortgage-backed securities	4,788,102		4,905,187		5,082,091		5,553,656		5,902,328
Asset-backed securities	1,655,701		1,570,878		1,525,593		1,785,598		2,085,050
Other debt securities	258,136		221,076		224,528		364,828		503,204
Unrealized gain (loss) on debt securities	(935,054	)	(896,346	)	(961,695	)	(1,272,127	)	(1,274,125	)
Total available for sale debt securities	9,213,522		9,147,403		8,671,705		8,759,477		9,454,573
Trading debt securities	38,298		56,440		47,440		46,565		40,483
Equity securities	57,028		56,758		85,118		127,584		12,768
Other securities	233,461		222,529		217,377		228,403		221,695
Total investment securities	9,542,309		9,483,130		9,021,640		9,162,029		9,729,519
Federal funds sold	2,089		826		12		1,612		599
Securities purchased under agreements to resell	788,889		566,307		474,997		303,586		340,934
Interest earning deposits with banks	2,388,504		2,610,315		2,565,188		2,099,777		1,938,381
Other assets	1,698,296		1,701,822		1,648,321		1,651,808		1,715,716
Total assets	$ 31,502,166		$ 31,273,912		$ 30,580,468		$ 30,235,950		$ 30,645,474

LIABILITIES AND EQUITY:
Non-interest bearing deposits	$ 7,298,686		$ 7,464,255		$ 7,284,834		$ 7,297,955		$ 7,328,603
Savings	1,294,174		1,281,291		1,303,675		1,328,989		1,333,983
Interest checking and money market	13,906,827		13,679,666		13,242,398		13,162,118		13,215,270
Certificates of deposit of less than $100,000	991,826		1,061,783		1,055,683		1,003,798		976,804
Certificates of deposit of $100,000 and over	1,363,655		1,451,851		1,464,143		1,492,592		1,595,310
Total deposits	24,855,168		24,938,846		24,350,733		24,285,452		24,449,970
Borrowings:
Federal funds purchased	128,340		121,781		206,644		265,042		328,216
Securities sold under agreements to repurchase	2,723,227		2,445,956		2,351,870		2,254,849		2,511,959
Other borrowings	616		1,067		496		838		76
Total borrowings	2,852,183		2,568,804		2,559,010		2,520,729		2,840,251
Other liabilities	421,370		375,463		405,490		399,080		410,310
Total liabilities	28,128,721		27,883,113		27,315,233		27,205,261		27,700,531
Equity	3,373,445		3,390,799		3,265,235		3,030,689		2,944,943
Total liabilities and equity	$ 31,502,166		$ 31,273,912		$ 30,580,468		$ 30,235,950		$ 30,645,474

COMMERCE BANCSHARES, INC. and SUBSIDIARIES AVERAGE RATES

(Unaudited)	For the Three Months Ended
(Unaudited)	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024
ASSETS:
Loans:
Business⁽¹⁾	5.75	%	5.86	%	6.17	%	6.11	%	6.07	%
Real estate — construction and land	7.30		7.75		8.44		8.36		8.40
Real estate — business	5.88		6.01		6.28		6.26		6.26
Real estate — personal	4.28		4.17		4.10		4.04		3.95
Consumer	6.52		6.52		6.64		6.56		6.40
Revolving home equity	7.26		7.28		7.69		7.68		7.70
Consumer credit card	13.49		13.60		14.01		13.96		14.11
Overdrafts	—		—		—		—		—
Total loans	6.02		6.11		6.35		6.30		6.27
Loans held for sale	5.89		7.65		6.34		7.54		7.49
Investment securities:
U.S. government and federal agency obligations	4.09		3.86		3.68		5.04		2.08
Government-sponsored enterprise obligations	2.40		2.36		2.37		2.39		2.39
State and municipal obligations⁽¹⁾	2.05		2.01		2.00		2.00		1.97
Mortgage-backed securities	2.08		2.17		1.95		2.09		2.19
Asset-backed securities	3.46		2.99		2.66		2.50		2.39
Other debt securities	2.69		2.11		2.07		2.01		1.93
Total available for sale debt securities	2.83		2.70		2.41		2.50		2.18
Trading debt securities⁽¹⁾	4.97		4.26		4.52		4.95		5.30
Equity securities ⁽¹⁾	8.02		6.58		4.44		2.82		25.64
Other securities ⁽¹⁾	7.85		5.75		6.09		13.20		13.04
Total investment securities	2.98		2.80		2.52		2.75		2.44
Federal funds sold	5.63		5.78		—		6.74		6.71
Securities purchased under agreements to resell	3.81		3.57		3.53		3.21		1.93
Interest earning deposits with banks	4.46		4.78		5.43		5.48		5.48
Total interest earning assets	4.81		4.83		4.96		4.98		4.78

LIABILITIES AND EQUITY:
Interest bearing deposits:
Savings	.05		.05		.07		.06		.06
Interest checking and money market	1.52		1.63		1.74		1.73		1.69
Certificates of deposit of less than $100,000	3.65		3.91		4.17		4.22		4.20
Certificates of deposit of $100,000 and over	3.96		4.24		4.51		4.55		4.56
Total interest bearing deposits	1.72		1.87		2.00		1.99		1.97
Borrowings:
Federal funds purchased	4.37		4.71		5.38		5.42		5.42
Securities sold under agreements to repurchase	2.86		3.11		3.56		3.44		3.43
Other borrowings	.66		3.36		4.81		3.84		—
Total borrowings	2.93		3.18		3.71		3.65		3.66
Total interest bearing liabilities	1.89	%	2.04	%	2.22	%	2.21	%	2.21	%

Net yield on interest earning assets	3.56	%	3.49	%	3.50	%	3.55	%	3.33	%
(1) Stated on a fully taxable-equivalent basis using a federal income tax rate of 21%.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES CREDIT QUALITY

	For the Three Months Ended
(Unaudited) (In thousands, except ratios)	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$162,742		$160,839		$158,557		$160,465		$162,395
Provision for credit losses on loans	15,095		12,557		11,861		7,849		6,947
Net charge-offs (recoveries):
Commercial portfolio:
Business	46		335		114		622		23
Real estate — construction and land	—		—		—		—		—
Real estate — business	377		50		(7	)	(8	)	(141	)
	423		385		107		614		(118	)
Personal banking portfolio:
Consumer credit card	6,967		6,557		6,273		6,746		6,435
Consumer	2,852		3,237		2,759		1,804		1,983
Overdraft	495		470		464		521		557
Real estate — personal	72		8		128		79		24
Revolving home equity	(3	)	(3	)	(152	)	(7	)	(4	)
	10,383		10,269		9,472		9,143		8,995
Total net loan charge-offs	10,806		10,654		9,579		9,757		8,877
Balance at end of period	$167,031		$162,742		$160,839		$158,557		$160,465
LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$18,327		$18,935		$17,984		$20,705		$23,086

NET CHARGE-OFF RATIOS ⁽¹⁾
Commercial portfolio:
Business	—	%	.02	%	.01	%	.04	%	—	%
Real estate — construction and land	—		—		—		—		—
Real estate — business	.04		.01		—		—		(.02	)
	.02		.01		—		.02		—
Personal banking portfolio:
Consumer credit card	5.04		4.59		4.46		4.91		4.60
Consumer	.56		.62		.52		.34		.38
Overdraft	34.26		33.22		33.81		43.15		29.11
Real estate — personal	.01		—		.02		.01		—
Revolving home equity	—		—		(.18	)	(.01	)	—
	.70		.67		.62		.61		.60
Total	.25	%	.25	%	.22	%	.23	%	.21	%

CREDIT QUALITY RATIOS
Non-accrual loans to total loans	.13	%	.11	%	.11	%	.11	%	.03	%
Allowance for credit losses on loans to total loans	.96		.95		.94		.92		.93

NON-ACCRUAL AND PAST DUE LOANS
Non-accrual loans:
Business	$1,112		$101		$354		$504		$1,038
Real estate — construction and land	220		220		—		—		—
Real estate — business	18,305		14,954		14,944		15,050		1,246
Real estate — personal	989		1,026		1,144		1,772		1,523
Revolving home equity	1,977		1,977		1,977		1,977		1,977
Total	22,603		18,278		18,419		19,303		5,784
Loans past due 90 days and still accruing interest	$19,417		$24,516		$21,986		$18,566		$20,281
(1) Net charge-offs are annualized and calculated as a percentage of average loans (excluding loans held for sale).

COMMERCE BANCSHARES, INC.

Management Discussion of First Quarter Results

March 31, 2025

For the quarter ended March 31, 2025, net income amounted to $131.6 million, compared to $136.1 million in the previous quarter and $112.7 million in the same quarter last year. The decrease in net income compared to the previous quarter was primarily the result of investment securities losses and higher non-interest expense, partly offset by higher net interest income and non-interest income. The net yield on interest earning assets increased seven basis points over the previous quarter to 3.56%. Average available for sale debt securities, at fair value, and average loans increased $66.1 million and $173.0 million, respectively, while average deposits decreased $83.7 million compared to the prior quarter. For the quarter, the return on average assets was 1.69%, the return on average equity was 15.82%, and the efficiency ratio was 55.6%.

Balance Sheet Review

During the 1st quarter of 2025, average loans totaled $17.2 billion, an increase of $173.0 million over the prior quarter, and an increase of $162.6 million over the same quarter last year. Compared to the previous quarter, average balances of business loans and business real estate loans grew $143.0 million and $31.8 million, respectively. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $14.9 million, compared to $21.9 million in the prior quarter.

Total average available for sale debt securities increased $66.1 million over the previous quarter to $9.2 billion, at fair value. The increase in available for sale debt securities was mainly the result of higher average balances of U.S. government and federal agency obligations and other asset-backed securities, partly offset by lower average balances of mortgage-backed securities. During the 1st quarter of 2025, the unrealized loss on available for sale debt securities decreased $157.7 million to $832.9 million, at period end. Also, during the 1st quarter of 2025, purchases of available for sale debt securities totaled $507.7 million with a weighted average yield of approximately 4.74%, and maturities and pay downs of available for sale debt securities were $542.3 million. At March 31, 2025, the duration of the available for sale investment portfolio was 4.1 years, and maturities and pay downs of approximately $1.4 billion are expected to occur during the next 12 months.

Total average deposits decreased $83.7 million this quarter compared to the previous quarter. The decrease in deposits mostly resulted from declines of $165.6 million and $158.2 million in average balances of demand deposits and certificates of deposit, respectively, partly offset by higher interest checking and money market deposit average balances of $227.2 million. Compared to the previous quarter, total average commercial deposits declined $264.7 million, while wealth and consumer average deposits grew $145.7 million and $82.2 million, respectively. The average loans to deposits ratio was 69.4% in the current quarter and 68.5% in the prior quarter. The Company’s average borrowings, which included average customer repurchase agreements of $2.7 billion, increased $283.4 million to $2.9 billion in the 1st quarter of 2025.

Net Interest Income

Net interest income in the 1st quarter of 2025 amounted to $269.1 million, an increase of $2.5 million over the previous quarter. On a fully taxable-equivalent (FTE) basis, net interest income for the current quarter increased $2.5 million over the previous quarter to $271.4 million. The increase in net interest income was mostly due to higher interest income on investment securities and lower interest expense on deposits, partly offset by lower interest income on loans and deposits with banks. The net yield (FTE) on earning assets increased to 3.56%, from 3.49% in the prior quarter.

Compared to the previous quarter, interest income on loans (FTE) decreased $6.3 million, mostly due to lower average rates earned on commercial banking loans, partly offset by higher average business loan balances. The average yield (FTE) on the loan portfolio decreased nine basis points to 6.02% this quarter.

Interest income on investment securities (FTE) increased $4.1 million over the prior quarter, mostly due to higher average balances and rates earned on U.S. government and federal agency securities and other asset-backed securities, partially offset by lower rates and average balances of mortgage-backed securities. Interest income earned on U.S. government and federal agency securities included the impact of $1.1 million in higher inflation income from Treasury inflation-protected securities compared to previous quarter. Additionally, the Company recorded a $539 thousand adjustment to premium amortization at March 31, 2025, which increased interest income to reflect slower forward prepayment speed estimates on mortgage-backed securities. This increase was lower than the $2.3 million adjustment that increased interest income in the prior quarter. The average yield (FTE) on total investment securities was 2.98% in the current quarter, compared to 2.80% in the previous quarter.

Compared to the previous quarter, interest income on deposits with banks decreased $5.1 million, due to lower average balances and rates. Additionally, interest earned on securities purchased under agreements to resell increased $2.3 million mostly due to higher average balances.

Interest expense decreased $7.5 million compared to the previous quarter, mainly due to lower average rates paid on deposits and borrowings, partly offset by higher average balances of borrowings. Interest expense on borrowings increased $49 thousand due to higher average balances, mostly offset by lower average rates. Interest expense on deposits decreased $7.5 million mostly due to lower average rates. The average rate paid on interest bearing deposits totaled 1.72% in the current quarter compared to 1.87% in the prior quarter. The overall rate paid on interest bearing liabilities was 1.89% in the current quarter and 2.04% in the prior quarter.

Non-Interest Income

In the 1st quarter of 2025, total non-interest income amounted to $158.9 million, an increase of $10.1 million, or 6.8%, over the same period last year and an increase of $3.5 million over the prior quarter. The increase in non-interest income compared to the same period last year was mainly due to higher trust fees and deposit account fees and gains on sales of assets. The increase in non-interest income compared to the prior quarter was mainly due to higher gains on sales of assets.

Total net bank card fees in the current quarter decreased $1.3 million, or 2.8%, compared to the same period last year, and decreased $2.2 million compared to the prior quarter. Net corporate card fees decreased $1.6 million, or 5.7%, compared to the same quarter of last year mainly due to lower interchange fees, partly offset by lower rewards expense. Net merchant fees increased $520 thousand, or 9.9%, mainly due to higher fees and lower network expense. Net debit card fees decreased $117 thousand, or 1.1%, while net credit card fees decreased $164 thousand, or 4.3%, mostly due to lower interchange fees. Total net bank card fees this quarter were comprised of fees on corporate card ($25.9 million), debit card ($10.3 million), merchant ($5.8 million) and credit card ($3.6 million) transactions.

In the current quarter, trust fees increased $5.5 million, or 10.7%, over the same period last year, mostly resulting from higher private client fees. Compared to the same period last year, deposit account fees increased $2.5 million, or 10.2%, mostly due to higher corporate cash management fees, while capital market fees increased $1.2 million, or 31.3%, mostly due to higher underwriting and trading securities income.

Other non-interest income increased over the same period last year primarily due to higher gains on sales of assets of $2.4 million. For the 1st quarter of 2025, non-interest income comprised 37.1% of the Company’s total revenue.

Investment Securities Gains and Losses

The Company recorded net securities losses of $7.6 million in the current quarter, compared to gains of $977 thousand in the prior quarter and losses of $259 thousand in the 1st quarter of 2024. Net securities losses in the current quarter mostly resulted from net fair value adjustments of $8.5 million and a $1.0 million gain on the sale of an investment in the Company’s portfolio of private equity investments.

Non-Interest Expense

Non-interest expense for the current quarter amounted to $238.4 million, compared to $245.7 million in the same period last year and $235.7 million in the prior quarter. The decrease in non-interest expense compared to the same period last year was mainly due to litigation settlement expense and an FDIC special assessment accrual adjustment, both occurring in 2024 and not recurring in 2025, partly offset by higher marketing expense, salaries expense, professional and other services expense, and data processing and software expense. The increase in non-interest expense compared to the prior quarter was mainly due to higher employee benefits expense and professional and other services expense, partly offset by lower salaries expense.

Compared to the 1st quarter of 2024, salaries and employee benefits expense increased $1.3 million, or .8%, mostly due to higher full-time salaries expense of $577 thousand and incentive compensation of $811 thousand, partly offset by lower medical expense of $970 thousand. Full-time equivalent employees totaled 4,662 and 4,721 at March 31, 2025 and 2024, respectively.

Compared to the same period last year, deposit insurance expense decreased $4.3 million, mostly due to a $4.0 million accrual adjustment in the prior year of a one-time special assessment by the FDIC to replenish the Deposit Insurance Fund. Data processing and software expense increased $1.1 million due to higher costs for service providers and software. Professional and other services increased $1.4 million and marketing expense increased $1.8 million. Additionally, other non-interest expense decreased mainly due to $10.0 million of litigation settlement costs in 2024 that did not reoccur.

Income Taxes

The effective tax rate for the Company was 21.9% in the current quarter, 21.2% in the prior quarter, and 21.9% in the 1st quarter of 2024.

Credit Quality

Net loan charge-offs in the 1st quarter of 2025 amounted to $10.8 million, compared to $10.7 million in the prior quarter, and $8.9 million in the same period last year. The ratio of annualized net loan charge-offs to total average loans was .25% in the current and previous quarters, and .21% in the same quarter of last year. Compared to the prior quarter, net loan charge-offs on consumer loans decreased $385 thousand, while net loan charge-offs on consumer credit card loans increased $410 thousand.

In the 1st quarter of 2025, annualized net loan charge-offs on average consumer credit card loans were 5.04%, compared to 4.59% in the previous quarter and 4.60% in the same quarter last year. Consumer loan net charge-offs were .56% of average consumer loans in the current quarter, .62% in the prior quarter, and .38% in the same quarter last year.

At March 31, 2025, the allowance for credit losses on loans totaled $167.0 million, or .96% of total loans, and increased $4.3 million compared to the prior quarter. Additionally, the liability for unfunded lending commitments at March 31, 2025 was $18.3 million, a decrease of $608 thousand compared to the liability at December 31, 2024.

At March 31, 2025, total non-accrual loans amounted to $22.6 million, an increase of $4.3 million over the previous quarter. At March 31, 2025, the balance of non-accrual loans, which represented .13% of loans outstanding, included business loans of $1.1 million, revolving home equity loans of $2.0 million, personal real estate loans of $989 thousand, construction loans of $220 thousand, and business real estate loans of $18.3 million. Loans more than 90 days past due and still accruing interest totaled $19.4 million at March 31, 2025.

Other

During the 1st quarter of 2025, the Company paid a cash dividend of $.275 per common share, representing a 7.0% increase over the same period last year. The Company purchased 854,806 shares of treasury stock during the current quarter at an average price of $64.56.

Forward Looking Information

This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions, and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. Additional information about risks and uncertainties is included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections within the Company’s Annual Report on Form 10-K.

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Matt Burkemper, Investor Relations

(314) 746-7485

www.commercebank.com

[email protected]

KEYWORDS: United States North America Missouri

INDUSTRY KEYWORDS: Banking Professional Services Finance

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April 16, 2025 6:03 am

New Abacus Data Poll Reveals that Most Canadians See Cannabis as a Key Pillar of Canada’s Economic Future

New Abacus Data Poll Reveals that Most Canadians See Cannabis as a Key Pillar of Canada’s Economic Future

Clear majority believes Canada’s $7.4 billion legal cannabis industry should be empowered to grow amid rising global trade tensions

TORONTO–(BUSINESS WIRE)–
Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI), (the “Company” or “Organigram”), Canada’s #1 cannabis company by market share, today released new public opinion data showing strong national support for growing Canada’s economy through homegrown industries, including the legal cannabis sector.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250416457263/en/

The national survey, commissioned by Organigram Global and conducted by Abacus Data between April 3–8, 2025¹, arrives at a pivotal moment for Canada’s economic and political future. With U.S. trade threats escalating under President Donald Trump and federal election day in Canada imminent, Canadians are calling for bold, homegrown strategies that build resilience and secure prosperity. Increasingly, they see the legal cannabis sector as part of the solution.

“Canadians want their country to thrive through innovative, homegrown industries – and cannabis is firmly on that list,” said Beena Goldenberg, CEO of Organigram. “The message from Canadians is clear: Canada’s next Prime Minister must remove barriers and support sectors that deliver jobs, growth, and economic resilience.”

The survey reveals a national appetite for economic renewal rooted in Canadian innovation. Nearly nine in ten Canadians say it’s time to find new ways to grow the economy, and a similar majority believe the country must seize emerging opportunities before they pass us by. Support for eliminating interprovincial trade barriers and creating better paying jobs at home also scored near-universal agreement.

Within that broader economic vision, cannabis is gaining recognition as a serious contributor. 57 percent of Canadians surveyed already see cannabis as important to today’s economy, while 62 percent believe it could play an even more significant role in the future. The highest levels of support are found in regions with deep cannabis industry ties, including Atlantic Canada (65 percent), the Prairies (64 percent), Ontario (62 percent), and British Columbia (61 percent). In Alberta and Quebec, majority support also holds firm.

Perhaps most telling is the forward-looking optimism around the cannabis industry’s potential. Nearly two-thirds of Canadians surveyed (64 percent) say they are open to the federal government doing more to help the legal cannabis sector grow. This position is backed by clear majorities in every age group. Support is strongest among younger Canadians aged 18 to 29 (73 percent), but even among those aged 60 and over, 57 percent favour a more supportive environment for the sector.

Ten years after Canadians elected a government that legalized cannabis, public opinion has shifted from cautious acceptance to strategic endorsement. Amid global uncertainty and a potential trade showdown with the United States, Canadians are embracing the idea of domestic sectors that can fuel resilience, employment, and innovation. The data sends a powerful message to all political parties: Canadians expect economic leadership, and they see cannabis as a proven and under-leveraged advantage.

Economic Contribution of Legal Cannabis to GDP

Since legalization, the Canadian cannabis industry has contributed more than $43 billion to GDP² and supports over 80,000 jobs across the country. In 2024 alone, it added $7.4 billion to Canada’s GDP³ – a number that is expected to grow in 2025. By contrast, breweries contribute $2.6 billion annually⁴; forestry and logging contribute $3.3 billion annually⁵; and, wineries and distilleries $1.2B to GDP⁶.

About Organigram

Organigram Global Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly owned subsidiaries include Organigram Inc., a licensed cultivator and processor of cannabis and manufacturer of cannabis-derived goods in Canada.

Organigram is focused on producing high-quality cannabis for adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint. Organigram has also developed and acquired a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Tremblant Cannabis, Trailblazer, BOXHOT and DEBUNK. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated edibles manufacturing facility in Winnipeg, Manitoba. The Company also operates two additional cannabis processing facilities in Southwestern Ontario; one in Aylmer and the other in London. The facility in Aylmer houses best-in-class CO2 and Hydrocarbon extraction capabilities, and is optimized for formulation refinement, post-processing of minor cannabinoids, and pre-roll production. The facility in London will be optimized for labelling, packaging, and national fulfillment. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).

Forward-Looking Information

This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, events, performance or achievements of Organigram to differ materially from current expectations or future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information include market regulatory changes, consumer demand and preferences and factors and risks disclosed in the Company’s most recent annual information form, management’s discussion and analysis and other Company documents filed from time to time on SEDAR+ (see www.sedarplus.ca) and filed or furnished to the Securities and Exchange Commission on EDGAR (see www.sec.gov). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information included in this news release is made as of the date of this news release and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.


¹ The Abacus Data survey was conducted with 1,915 adults living in Canada over the age of 18 from April 3 to 8, 2025. A random sample of panelists were invited to complete the survey from a set of partner panels based on the Lucid exchange platform. These partners are typically double opt-in survey panels, blended to manage out potential skews in the data from a single source. The margin of error for a comparable probability-based random sample of the same size is +/ – 2.239%, 19 times out of 20.
² Deloitte. (2021). An Industry makes its mark: The economic and social impact of Canada’s cannabis sector.https://www2.deloitte.com/content/dam/Deloitte/ca/Documents/consumer-business/ca_cannabis_annual_report-en-aoda.pdf
³ Statistics Canada. Table 36-10-0434-06 Gross domestic product (GDP) at basic prices, by industry, annual average, industry detail (x 1,000,000)
⁴ Ibid.
⁵ Ibid.
⁶ Ibid.

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For Media enquiries:

Megan McCrae, Senior Vice President – Global Brands and Corporate Affairs

m[email protected]

Max Schwartz – Director of Investor Relations

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KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Cannabis Natural Resources

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April 16, 2025 5:50 am

AerCap Holdings N.V. Annual General Meeting Approves Appointment of New Non-Executive Board Member and Re-appointment of Five Non-Executive Directors Including the Chairman and Chief Executive Officer

PR Newswire

DUBLIN
, April 16, 2025 /PRNewswire/ — AerCap Holdings N.V. (“AerCap”) (NYSE: AER) today announced that its Annual General Meeting of Shareholders (AGM) held on April 16, 2025, appointed Victoria (Vicky) Jarman as Non-Executive Director to the Board of Directors (the “Board”), the re-appointment of the Chairman of the Board, Paul T. Dacier and the Company’s Chief Executive Officer, Aengus Kelly, together with the re-appointment of Non-Executive Directors James Lawrence, Jennifer VanBelle and Michael Walsh. All appointments are with effect from the close of the Company’s annual general meeting of shareholders in 2025 (the “2025 AGM”) and are for a period of four years.

Richard (Michael) Gradon has retired from the Board with effect from the close of the Company’s 2025 AGM.

Aengus Kelly, Chief Executive Officer of AerCap, said, “I am delighted to welcome Vicky Jarman to the Board. Vicky brings extensive financial management and governance experience with large publicly listed entities and financial institutions, which the Board of Directors of AerCap believe will greatly benefit the Company. I would also like to congratulate Paul Dacier on his re-appointment as Chairman of the Board for a further four years. Paul’s extensive experience and valuable contributions as Chairman have been of tremendous value to AerCap.”

“I would also like to thank Michael Gradon for his excellent counsel and guidance during his 15 years of service to the Board of AerCap. Michael joined us in connection with the Genesis acquisition and has played a key role in AerCap’s journey to become the number one lessor in the world,” added Mr. Kelly.

About AerCap

AerCap is the global leader in aviation leasing with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is based in Dublin with offices in Shannon, Miami, Singapore, Memphis, Amsterdam, Shanghai, Dubai and other locations.

Forward-Looking Statements

This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are “forward-looking statements”. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “should,” “expect,” “plan,” “intend,” “will,” “aim,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue” or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements, including but not limited to the availability of capital to us and to our customers and changes in interest rates; the ability of our lessees and potential lessees to make lease payments to us; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses; changes in the overall demand for commercial aviation leasing and aviation asset management services; the continued impacts of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows; the effects of terrorist attacks on the aviation industry and on our operations; the economic condition of the global airline and cargo industry and economic and political conditions; the impact of hostilities in the Middle East, or any escalation thereof, on the aviation industry or our business; development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers; a downgrade in any of our credit ratings; competitive pressures within the industry; regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes; and disruptions and security breaches affecting our information systems or the information systems of our third-party providers.

As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. These and other important factors and risks are discussed in AerCap’s annual report on Form 20-F and other filings with the SEC. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE AerCap Holdings N.V.

April 16, 2025 5:33 am

Weibo Publishes 2024 Environmental, Social and Governance Report

PR Newswire

BEIJING
, April 16, 2025 /PRNewswire/ — Weibo Corporation (“Weibo” or the “Company”) (NASDAQ: WB and HKEX: 9898), a leading social media in China, today announced that it has published its 2024 Environmental, Social and Governance (“ESG”) Report. The ESG report comprehensively showcases the Company’s value creation across various topics, such as social responsibility, technological innovation, information security, employee development, content ecosystem, and green operations, demonstrating Weibo’s long-term commitment to sustainable development.

“We firmly believe that ESG is evolving from a value-driven philosophy into a core competitive advantage for corporate sustainability,” said Mr. Charles Chao, Chairman of the Board of Weibo. “Looking ahead, Weibo remains dedicated to its vision of ‘making the world a better place with the power of Weibo’. We will continue to refine our ESG management framework, improve our governance, and collaborate with all stakeholders to advance global ESG initiatives and build a sustainable and prosperous future for humanity. With unwavering dedication, Weibo is confident in making steady and ongoing progress on its ESG journey, beefing up our efforts into creating a brighter future.”

Weibo 2024 ESG Highlights:

1. Advocating Social Welfare and Leveraging Social Media Value: Over 24,000 Public Welfare Projects Launched on the Weibo Charity Platform

Leveraging the value proposition of social media platform, Weibo actively fulfills social responsibilities together with its user community. The platform actively champions social causes, such as emergency disaster relief, rural revitalization, traditional Chinese culture promotion, and care for underprivileged communities. By the end of 2024, the Weibo Charity Platform had launched over 24,000 public welfare projects, attracting over 51 million individual donations, with total contribution exceeding RMB 760 million. Weibo has established a widely connected social-collaborative network that facilitates real-time information exchange. In response to emergencies such as pandemics, floods, and earthquakes, Weibo has quickly mobilized resources, creating a comprehensive emergency response mechanism that integrates publicity, action, and resource mobilization.

Additionally, leveraging its diverse content ecosystem and matrix of professional accounts, Weibo continues to promote rural revitalization and traditional Chinese culture. In 2024, Weibo initiated over 1,000 topics related to rural revitalization, generating over 20 billion views and over 5 million discussions. Weibo has also collaborated with the Ministry of Culture and Tourism, intangible cultural heritage inheritors, celebrities, top content generators, public welfare organization and business enterprises, etc. to launch the #Revitalize Intangible Cultural Heritage Plan#, enhancing the influence of intangible cultural heritage.

2. Creating Community Value through Diverse Content Ecosystem and Empowering Product Experience with Technological Innovation: Content in Comprehensive Media Formats Covering 39 Verticals and Self-Developed “Zhiwei” Large Language Model

Weibo actively enriches its vertical content ecosystem and beefs up support for quality content creators, striving to provide users with rich, diverse, and high-quality multimedia content.

As of 2024, Weibo has fostered a comprehensive content ecosystem covering 39 verticals, including entertainment, sports, game, digital, and automobiles, etc., which forms multiple interest circles and social ecosystem to fulfill the diversified content consumption needs of our user community. In 2024, Weibo officially launched its audio feature and support the growth and development of audio content creators.

With a vibrant vertical content ecosystem, Weibo also embraces the trend of artificial intelligence (AI) and explores the application of AI technology across various business scenarios. In 2024, Weibo’s proprietary “Zhiwei” large language model successfully completed registration. We also rolled out AI-powered features, such as Weibo Intelligent Search, content summary, and AI interaction accounts, to optimize user experience, facilitate content generation and enhance interaction efficiency.

3. Building an Equal and Diverse Workplace and Empowering Employee Development: Female Employees Account for 53% of Total

Weibo champions equality and diversity in daily operations and is committed to creating an equal, inclusive, and healthy work environment through management policies, clear organizational structures, and training activities.

During the recruitment process, Weibo ensures that female candidates have equal opportunities. By the end of 2024, female employees accounted for 53% of total employees, with women occupying 47% of STEM¹-related positions. Women hold various leadership roles within the company, including senior management positions and board members.

Weibo has established a comprehensive talent training system, achieving a 100% employee training coverage rate, with an average training duration of approximately 28 hours per employee in 2024. We provide employees with ample development opportunities, competitive package, and care programs, enhancing their sense of belonging and recognition. In 2024, our employee dedication rate was 84%, according to our annual employee satisfaction survey. Weibo has also won several outstanding employer awards.

4. Practicing Low-Carbon Development and Building Sustainable Data Centers: 39% Reduction in Scope 3 Greenhouse Gas Emissions Over Three Years

Weibo is firmly committed to low-carbon development, integrating green operations into its core business strategies. We endeavor to save energy and reduce carbon footprint across our data centers, daily operations, as well as supply chain. In 2024, Scope 3 greenhouse gas emissions were reduced by 39% compared with 2021, when we published our first ESG report.

Weibo is dedicated to building sustainable data centers, with the two main data centers in the Beijing–Tianjin–Hebei region designed with a Power Usage Effectiveness (PUE) of 1.2, with 50% green power usage. In 2024, Sina Plaza, the headquarter of Weibo, further gained LEED Platinum certification for operations by refining green management, on top of the LEED Platinum-level green building certification obtained in construction phase.

Weibo also leverages its platform influence to hold diverse environmental protection-themed activities and educational initiatives. Connecting celebrities, e-sports KOLs, experts, and well-known enterprises, we help amplify the voices of environmental organizations.

5. Enhancing Corporate Governance and Strengthening Responsible Platform: Participation in Multiple Industry Standard Formulations

Weibo continuously optimizes its information security management system and safeguards user privacy, fostering a trustworthy and responsible platform. Additionally, Weibo actively engages in industry communication and co-construction and takes an active role in shaping industry standards. In 2024, Weibo participated in the formulation of 11 industry standards and 17 group standards in the areas of information security and privacy protection. Weibo also contributed to the formulation of Self-Regulatory Initiative for AI Generated Content, which aims to call on the industry to reach a consensus and jointly advance the healthy development of the generative AI sector, with focus on data security, privacy protection and content ecosystem.

Weibo’s 2024 ESG report is available in both Chinese and English. For more information on our ESG reports and policies, please visit http://ir.weibo.com.

Note: STEM refers to Science, Technology, Engineering and Mathematic.

About Weibo

Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.

Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. The Company generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Designed with a “mobile first” philosophy, Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. To support the mobile format, we have developed and continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

Contacts
Investors Relations
Weibo Corporation
Tel: +86-10-5898-3336
Email: [email protected]

View original content:https://www.prnewswire.com/news-releases/weibo-publishes-2024-environmental-social-and-governance-report-302430151.html

SOURCE Weibo Corporation

April 16, 2025 5:29 am

FERRARI ANNOUNCES VOTING RESULTS FROM ITS ANNUAL GENERAL MEETING

Maranello (Italy), 16 April 2025 – Ferrari N.V. (“Ferrari” or the “Company”) (NYSE/EXM: RACE) announced today that all resolutions proposed to Shareholders at the Ferrari’s Annual General Meeting of Shareholders (the “AGM”) held today in Amsterdam, the Netherlands, were passed.

The Shareholders approved the 2024 Annual Accounts, expressed a positive advice with respect to the Remuneration Report 2024 and approved a dividend in cash¹ of Euro 2.986 per outstanding common share, totalling approximately Euro 534 million. The outstanding common shares will be quoted ex-dividend from April 22, 2025 on EXM and from April 23, 2025 on NYSE. The record date for the dividend will be April 23, 2025 on both EXM and NYSE and the dividend on the outstanding common shares will be paid on May 6, 2025. Shareholders holding the Company’s common shares on the record date that are traded on the NYSE will receive the dividend in U.S. dollars at the official European Central Bank EUR/USD exchange rate of April 17, 2025.

The AGM appointed all Ferrari directors standing for election. John Elkann and Benedetto Vigna were elected as executive directors of Ferrari. Piero Ferrari, Delphine Arnault, Francesca Bellettini, Eduardo H. Cue, Sergio Duca, John Galantic, Maria Patrizia Grieco, Adam Keswick, Michelangelo Volpi and Tommaso Ghidini were elected as non-executive directors of Ferrari.

The AGM renewed the existing delegations to the Board of Directors of the Company of the authority to issue common shares (for a period of 18 months from the date of the AGM), to grant rights to subscribe for common shares and to limit or exclude pre-emptive rights for common shares (for a period of 18 months from the date of the AGM), subject to certain maximum amount thresholds.

Furthermore, the AGM renewed, for a period of 18 months from the date of the AGM, the existing authorization of the Board of Directors to repurchase up to a maximum of 10% of the Company’s common shares issued as of the date of the AGM. Pursuant to the authorization, which does not entail any obligation for the Company but is designed to provide additional flexibility, the Board of Directors may repurchase common shares in compliance with applicable regulations, subject to certain maximum and minimum price thresholds.
________________________________________
[1] The coupon number of the dividend is 10 (ten).
The Shareholders also re-appointed Deloitte Accountants B.V. as the Company’s independent auditor for the financial year 2025.

The Shareholders further approved the awards of (rights to subscribe for) common shares in the capital of the Company to the executive directors.

Details of the resolutions submitted to the AGM are available on the Company’s corporate website at https://www.ferrari.com/en-EN/corporate.

This press release contains forward-looking statements. These statements are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in such statements as a result of a variety of factors, including: volatility and deterioration of capital and financial markets, including possibility of new Eurozone sovereign debt crisis, changes in commodity prices, changes in general economic conditions, economic growth and other changes in business conditions, weather, floods, earthquakes or other natural disasters, changes in government regulation, production difficulties, including capacity and supply constraints and many other risks and uncertainties, including global economic conditions, macro events, pandemics and conflicts, including the ongoing conflict between Russia and Ukraine and the more recent hostilities between Israel and Hamas, most of which are outside of the Group’s control.

Attachment

FNV AGM PR 16.4.2025 ENG

April 16, 2025 5:03 am

CURRENC Group Inc. Announces Full Year 2024 Financial Results

SINGAPORE, April 16, 2025 (GLOBE NEWSWIRE) — CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the full year ended December 31, 2024.

Recent Business Highlights

CURRENC launched its strategic business transformation featuring several AI-driven initiatives. These projects position the Company at the forefront of AI innovation, create significant cross-selling opportunities and reinforce the Company’s commitment to delivering cutting-edge financial solutions globally.

Launched SEAMLESS AI Call Centre Solutions (“Text AI,” “Voice AI,” and “Avatar AI”) to provide 24/7, multilingual virtual support;
Unveiled “AI Staff for Hire,” a suite of customizable AI Agents for tasks such as compliance, KYC, and HR;
Announced plans to develop a 500MW hyperscale AI data center in Malaysia;
Partnered with ARC Group to establish a $100 million AI-Focused Infrastructure & Investment Fund;
Secured a landmark contract with Coin Cove to deploy comprehensive AI-powered electronic banking services.

Full Year 2024 Financial Highlights

Total Processing Value (TPV) through Tranglo was US$5.14 billion for full year 2024, increasing by 13.2% year-over-year. Total number of transactions increased to 11.4 million for full year 2024 from 11.0 million for full year 2023.
Total revenues excluding TNG Asia and GEA¹ were US$42.0 million for full year 2024, representing a year-over-year decrease of 3.4%. The decrease was mainly due to the 23.8% decline in global airtime revenue. As TNG Asia and GEA were divested during the third quarter, going forward, the Company’s total revenues will be comprised mainly of revenues contributed by Tranglo’s remittance and global airtime businesses and WalletKu’s Indonesian airtime business.

	For the full-year period ended December 31,
	2024		2023
	$		$
	(dollars in thousands)
Remittance revenue excluding TNG Asia & GEA		18,174		17,116

Global Airtime Revenue		9,336		12,188
Indonesian Airtime Revenue		14,505		14,211
Total Revenue excluding TNG Asia & GEA		42,015		43,515

Total remittance revenues excluding TNG Asia and GEA, i.e. remittance revenue contributed by Tranglo, were US$18.2 million for full year 2024, up 6.4% year-over-year. While Tranglo’s overall take rate declined to 0.37% in 2024 from 0.43% in 2023 due to intense market competition, its TPV increased by 13.2% to $5.14 billion, driving the increase in revenue. For full year 2024, ODL flows represented only 4.5% of Tranglo’s TPV.
CURRENC’s global airtime transfer revenues were US$9.3 million for full year 2024, representing a year-over-year decrease of 23.8%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in Tranglo’s global airtime business in 2024. As CURRENC expects this trend to continue in South East Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand the remittance business.
Total direct costs of revenue excluding TNG Asia and GEA were US$28.9 million for full year 2024, representing a year-over-year decrease of 8%.

	For the full-year period ended December 31,
	2024		2023
	$		$
	(dollars in thousands)
Remittance direct costs excluding TNG Asia & GEA		6,878		7,168

Global Airtime Direct Costs		8,089		10,744
Indonesian Airtime Direct Costs		13,910		13,463
Total Direct Costs excluding TNG Asia & GEA		28,877		31,375

The direct payout rate for Tranglo’s remittance business improved to 0.12% for 2024 from 0.15% for 2023. Therefore, although Tranglo’s TPV increased by 13.2%, its direct remittance costs declined by 4.2%.
Gross profit margin for the remittance business excluding TNG Asia and GEA was 62%, compared to 58% for 2023. CURRENC’s overall gross profit margin ratio for full year 2024 was 31%, compared to 28% for 2023.
Total operating expenses increased to $42.0 million for full year 2024 from $24.0 million for full year 2023. The substantial increase was mainly due to expenses of $20.9 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger, and $1 million in recognition of shares granted to Roth for their services as Capital Market Advisor.

As CURRENC divested TNG Asia and GEA in August and July 2024, respectively, its operating costs going forward will reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, as CURRENC rolls out its new AI initiatives, operating costs in relation to these new businesses will be incurred from year 2025 onwards. The new AI businesses are also expected to bring in new revenues in the year 2025 onwards.
- Tranglo’s operating costs for full year 2024 were $12.9 million, representing an increase of 4.9% from $12.3 million for full year 2023, in line with TPV growth.
- WalletKu’s operating costs were $1.2 million for full year 2024, as compared to $1.5 million for full year 2023.
- Legal and professional fees decreased to $1.7 million for the full year of 2024, from $4.7 million in 2023, due to the completion of the INFINT SPAC merger and the cessation of related legal expenses.

Other Loss totaled $2.2 million for full year 2024, mainly contributed by:
- $20.5 million in recognized gain upon the divestiture of GEA;
- A goodwill impairment loss of $5.4 million attributable to WalletKu;
- A goodwill impairment loss of $9.5 million attributable to Tranglo;
- Impairment of Intangible assets for TNG Asia and GEA of $5.6 million; and
- An impairment loss of $3.2 million for the impairment of the intercompany balance.
EBITDA analysis

For the full-year period ended December 31, 2024	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,215		(1,137	)		(3,740	)		(36,165	)		(38,827	)

Add:
Income tax expenses		535		413			–			(370	)		578
Interest expense, net				27			1,762			6,726			8,515
EBIT		2,750		(697	)		(1,978	)		(29,809	)		(29,734	)
Depreciation and amortization		–		–			–			–			3,280
EBITDA		2,750		(697	)		(1,978	)		(29,809	)		(26,454	)

- The Company’s total EBITDA for full year 2024 including TNG Asia and GEA was a loss of $26.5 million.
- Tranglo and WalletKu’s combined EBITDA for 2024 was a profit of $2.05 million.
- TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.
- Headquarters expenses and adjustments recorded an EBIT loss of $29.8 million, mainly contributed by:
  - $20.9 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger;
  - $1 million in “Operating Expenses” in recognition of the shares granted to Roth for their services as Capital Market Advisor;
  - A loss of $3.2 million recognized as “Other Income/Loss” incurred by headquarters;
  - Headquarters’ legal expenses of $1.4 million, mostly related to the de-SPAC merger;
  - Intangible Asset amortization of $1.5 million attributable to Tranglo; and
  - Rental and general administrative expenses of around $1.8 million.

For the full-year period ended December 31, 2023	Tranglo		WalletKu			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,659		(837	)		(4,835	)		(11,405	)		(14,418	)

Add:
Income tax expenses		843		50			–			(370	)		523
Interest expense, net		–		–			3,057			4,946			8,003
EBIT		3,502		(787	)		(1,778	)		(6,829	)		(5,892	)
Depreciation and amortization		–		–			–			–			3,817
EBITDA		3,502		(787	)		(1,778	)		(6,829	)		(2,075	)

Net loss was US$38.8 million for the full year of 2024, mainly contributed by the net loss of $36.2 million incurred by headquarters and adjustments, as well as a combined net loss of $3.7 million contributed by TNG Asia and GEA.

______________________________
^{1 CURRENC divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.}

Management Comments

“2024 was a year of evolution and transformation for CURRENC,” said Alex Kong, Founder and Executive Chairman of CURRENC. “In our first months as a publicly listed company, we took decisive steps to streamline our organization and focus on core strengths while also moving into the AI space. Through our cutting-edge AI initiatives such as SEAMLESS AI Call Centre Solutions and AI Staff for Hire, we now offer comprehensive AI solutions for financial institutions to revolutionize their operational platforms and efficiently transform their businesses. As these products broaden our market reach, we expect to seize rising cross-selling opportunities and realize substantial synergies with our remittance business, propelling the Company’s holistic growth. Moreover, our planned 500MW hyperscale AI Data Center in Malaysia and the $100 million CURR-ARC AI Fund will accelerate our AI business’s development while driving industry-wide progress. We are confident these strategic efforts will cement our leadership in AI-powered fintech and create lasting value for our shareholders, partners, and end-users worldwide.”

Ronnie Hui, Chief Executive Officer of CURRENC, added, “Our mainstream digital remittance business remained resilient in 2024, demonstrated by consistent TPV growth. This growth resulted in a 6.4% increase in total remittance revenues despite the ongoing decline in overall take rate due to intense market competition. Going forward, we aim to maintain the overall take rate and drive further increases in TPV, boosting remittance revenue growth. Meanwhile, as we sign new clients for our AI services, we will build on these partnerships to expand our remittance business into new geographical markets and sectors, further accelerating its development. On a Group level, while we recorded an EBIDTA loss for full year 2024, this was largely due to non-cash headquarters expenses such as incentive share expenses and goodwill impairment losses, as well as de-SPAC merger expenses. Our fundamentals remain strong and we do not expect to incur such expenses in future years. Looking ahead to 2025 and beyond, we are excited to unlock the Company’s growth potential as we advance our transformation from a leading regional remittance hub to a global AI pioneer.”

Recent Developments

1. CURRENC Debuts SEAMLESS AI Call Centre Solutions (January 8, 2025)
CURRENC introduced “Text AI,” “Voice AI,” and “Avatar AI” to enable 24/7, cost-effective virtual support for financial institutions, government agencies, and telecom providers. These tools handle everything from routine inquiries to advanced KYC processes, increasing efficiency and enhancing customer satisfaction. The suite is available in over ten languages and easily integrates into mobile apps, delivering real-time conversation and multilingual support. SEAMLESS AI also offers an avenue to expand into debt collection, marketing, and other enterprise-driven use cases.

2. CURRENC to Develop 500MW Hyperscale AI Data Center in Malaysia (March 18, 2025)
The Company plans to acquire 100 acres of land in Johor, Malaysia, to build one of Southeast Asia’s largest AI data centers, with Phase 1 (100MW) slated for completion by the end of 2026. The campus will offer co-location and wholesale leasing to hyperscalers, enterprise clients, and other data center users, supporting financial institutions as they adopt AI at scale. Construction will begin once long-term anchor tenants commit to a significant portion of planned capacity. Management expects this AIDC to bolster the Company’s AI offerings and reduce barriers to AI deployment worldwide.

3. CURRENC Group and ARC Group Jointly Launch $100 Million AI-Focused Infrastructure & Investment Fund (March 18, 2025)
CURR-ARC AI Fund 1 aims to invest in AI data centers (AIDC), green energy, and computing power development globally. Eighty percent of the Fund’s capital will go toward AI computing power and infrastructure projects, including CURRENC’s planned 500MW AIDC in Malaysia. The remaining 20% will focus on emerging enterprises in AI ecosystems, fintech, and AI-driven solutions. This partnership supports CURRENC’s broader strategy to create a sustainable ecosystem that drives global AI and fintech innovation.

4. CURRENC’s SEAMLESS AI Lab Unveils “AI Staff for Hire” Platform (March 27, 2025)
“AI Staff for Hire” is a new AI-powered solution featuring pre-built Agents tailored to key finance industry tasks, including customer support, KYC, compliance, and HR management. These Agents allow businesses to scale their operations without expanding headcount, providing 24/7 multilingual service and real-time analytics for improved engagement. This launch marks a major step in CURRENC’s strategy to revolutionize global financial services through AI, building on the success of SEAMLESS AI Call Centre Solutions. CURRENC also expects to onboard new clients in emerging markets, creating synergy by cross-selling digital remittance and airtime transfer services.

5. CURRENC Empowers Coin Cove with AI-Powered Electronic Banking Services Platform (March 27, 2025)
CURRENC has secured a groundbreaking contract to provide Coin Cove with a comprehensive, AI-driven solution set, encompassing a multi-asset trading platform, SEAMLESS AI Call Centre technology, training, compliance, and MasterCard issuance. Coin Cove’s platform will leverage “AI Staff for Hire,” allowing for 24/7 personalized customer support and automated staff training. By integrating advanced risk management and real-time market insights, this initiative enhances user experience and strengthens compliance. This partnership marks CURRENC’s continued expansion into global electronic banking, with plans to cross-sell its remittance services and further shape the future of AI-driven financial solutions.

Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. CURRENC believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that CURRENC does not consider indicative of the performance of its business. While CURRENC believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

About CURRENC Group Inc.

CURRENC Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

For additional information, please refer to the CURRENC website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Investor & Media Contact

CURRENC Group Investor Relations
Email: [email protected]

SOURCE: CURRENC Group Inc.

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Full year ended December 31,
	2024			2023
	US$			US$
Revenue		46,435,412			53,255,361

Cost of revenue		(31,843,467	)		(35,899,057	)
Gross profit		14,591,945			17,356,304
Selling expenses		(13,408	)		(25,880	)

General and administrative expenses		(41,954,296	)		(23,976,209	)

Loss from operations		(27,375,759	)		(6,645,785	)
Finance costs, net		(8,515,214	)		(8,002,552	)
Other income		(2,193,865	)		839,606
Other expenses		(163,621	)		(85,574	)

Loss before income tax		(38,248,459	)		(13,894,305	)
Income tax expense		(578,303	)		(523,481	)

Net loss		(38,826,762	)		(14,417,786	)
Net income attributable to non-controlling interests		(648,559	)		(888,764	)

Net loss attributable to CURRENC Group Inc.		(39,475,321	)		(15,306,550	)

Net loss per share, basic and diluted (1)	$	(1.03	)	$	(0.45	)

Shares used in net loss per share computation, basic and diluted (1)		38,163,168			33,980,753

Other comprehensive loss:
Foreign currency translation adjustments		(209,531	)		10,608

Total comprehensive loss		(39,036,293	)		(14,407,178	)
Total comprehensive loss (income) attributable to non-controlling interests		(649,980	)		(871,614	)
Total comprehensive loss attributable to CURRENC Group Inc.		(39,686,273	)		(15,278,792	)

(1)

Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2024			December 31, 2023
	US$			US$
ASSETS
Current assets:
Cash and cash equivalents		63,821,397			48,516,765
Short-term investments		–			300,000
Restricted cash		40,742			5,428,790
Accounts receivable, net		2,115,681			2,450,871
Prepayments to remittance agents		–			137,854
Escrow money receivable		–			5,014,829
Amounts due from related parties		560,823			7,287,376
Prepayments, receivables and other assets		24,738,392			34,225,239
Total current assets		91,277,035			103,361,724
Non-current assets:
Investment in an equity security		–			100,000
Equipment and software, net		1,055,520			1,016,490
Right-of-use asset		349,240			154,234
Intangible assets		3,386,117			9,191,713
Goodwill		12,059,428			27,001,383
Deferred tax assets		342,822			664,888
Total non-current assets:		17,193,127			38,128,708
Total assets		108,470,162			141,490,432
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Borrowings		20,150,058			17,804,093
Receivable factoring		258,415			423,483
Escrow money payable		–			360,207
Client money payable		–			4,645,290
Accounts payable, accruals and other payables		59,119,916			53,988,231
Amounts due to related parties		67,697,074			86,488,519
Convertible bonds and notes		1,750,000			10,000,000
Lease liabilities		171,909			152,325
Total current liabilities		149,147,372			173,862,148
Non-current liabilities:
Borrowings		–			2,506,974
Deferred tax liabilities		876,912			1,246,760
Employee benefit obligation		45,289			59,849
Lease liabilities		156,647			–
Total non-current liabilities:		1,078,848			3,813,583
Total liabilities		150,226,220			177,675,731

Commitments and contingencies

Mezzanine equity		–			2,957,948
Shareholders’ deficit:
Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized; 46,527,999 and 33,980,753 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively) (1)		4,653			3,398
Additional paid-in capital (1)		65,638,838			29,227,005
Accumulated deficit		(131,522,902	)		(92,075,379	)
Accumulated other Comprehensive (Loss)/Income		(108,122	)		88,366
Total shareholders’ deficit attributable to CURRENC Group Inc.		(65,987,533	)		(62,756,610	)
Non-controlling interests		24,231,475			23,613,363
Total deficit		(41,756,058	)		(39,143,247	)
Total liabilities, mezzanine equity and shareholders’ deficit		108,470,162			141,490,432

(1)

Retrospectively restated to reflect Reverse Recapitalization

CURRENC GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Years ended December 31,
	2024			2023
	US$			US$
Cash flows from operating activities:
Net loss		(38,826,762	)		(14,417,786	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash expense for share-based compensation		20,869,721			—
Non-cash expense for share issued for service providers		1,000,000			—
Non-cash offering costs for convertible note		2,512,000			—
Non-cash finance cost for debt conversion		340,159			—
Amortization of discount on convertible bonds		—			807,860
Depreciation of equipment		525,295			607,138
Depreciation of right-of-use assets		185,107			183,198
Amortization of intangible assets		2,186,175			3,200,843
Reversal of provision for doubtful debts		143,748			—
Impairment loss on receivables		3,158,042			—
Gain on disposal of subsidiaries		(21,738,102	)		—
Goodwill impairment		14,941,955			—
Deferred income taxes		127,660			494,737
Gain on disposal of fixed assets		—			(36,519	)
Unrealized foreign exchange loss/(gain)		(659,467	)		(65,981	)
Changes in operating assets and liabilities:
Accounts receivable		140,559			605,202
Prepayments to remittance agents		98,603			(45,631	)
Amounts due to immediate holding company		(393,227	)		(391,432	)
Amounts due from related parties		4,183,438			(5,348,525	)
Prepayments, receivables and other assets		7,980,401			2,502,972
Escrow money payable		10,386			80,006
Client money payable		(416,711	)		(1,593,194	)
Accounts payable, accruals and other payables		14,220,717			(4,827,110	)
Amounts due to related parties		(6,925,748	)		3,149,825
Lease liabilities		(213,709	)		(192,097	)
Net cash provided by/(used in) operating activities		3,450,240			(15,286,494	)

Cash flows from investing activities:
Purchases of property, plant and equipment		(576,674	)		(291,856	)
Proceed received from disposal of property, plant and equipment		—			36,679
Decrease in short-term investments		—			1,700,000
Cash acquired from business combination		43,508			—
Acquisition of a subsidiary		(31,868	)		—
Net cash (used in)/provided by investing activities		(565,034	)		1,444,823

Cash flows from financing activities:
Proceeds from borrowings		640,935			1,251,752
Repayment of borrowings		(221,258	)		(2,212,067	)
Proceeds from receivable factoring		2,030,659			2,210,415
Repayment of receivable factoring		(2,183,787	)		(2,447,748	)
Proceeds from convertible bonds		1,750,000			—
Net cash provided by/(used in) financing activities		2,016,549			(1,197,648	)

Net increase/(decrease) in cash and cash equivalents		4,901,755			(15,039,319	)
Cash and cash equivalents, restricted cash and escrow money receivable at beginning of year		58,960,384			73,999,703
Cash and cash equivalents, restricted cash and escrow money receivable at end of year		63,862,139			58,960,384

Supplemental disclosure of cash flow information:
Income taxes received/(paid)		(445,530	)		761,333
Interest paid		(1,073,407	)		(1,819,174	)

CURRENC GROUP INC. AND SUBSIDIARIES

EBITDA Analysis for the Full Year of 2024 and 2023

For the full year period ended December 31, 2024	Tranglo ²		WalletKu ³			TNG Asia and GEA ¹			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,215		(1,137	)		(3,740	)		(36,165	)		(38,827	)

Add:
Income tax expenses		535		413			–			(370	)		578
Interest expense, net				27			1,762			6,726			8,515
EBIT		2,750		(697	)		(1,978	)		(29,809	)		(29,734	)
Depreciation and amortization		–		–			–			–			3,280
EBITDA		2,750		(697	)		(1,978	)		(29,809	)		(26,454	)

For the full year period ended December 31, 2023	Tranglo ²		WalletKu ³			TNG Asia and GEA			Headquarters and adjustments			Group Total
	(dollars in thousands)
Net income (loss)		2,659		(837	)		(4,835	)		(11,405	)		(14,418	)

Add:
Income tax expenses		843		50			–			(370	)		523
Interest expense, net		–		–			3,057			4,946			8,003
EBIT		3,502		(787	)		(1,778	)		(6,829	)		(5,892	)
Depreciation and amortization		–		–			–			–			3,817
EBITDA		3,502		(787	)		(1,778	)		(6,829	)		(2,075	)

¹ TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
² Tranglo maintained a positive EBITDA for the full year of 2024 and 2023.
³ Tranglo and WalletKu maintained a combined positive EBITDA for the full year of 2024 and 2023.

April 16, 2025 5:03 am

Aurora Mobile Launches Hong Kong Edition of JVerification to Streamline and Innovate Cross-Border Login and Verification

SHENZHEN, China, April 16, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced the official launch of the Hong Kong edition of its verification service, JVerification (“JVerification (HK)”). As digital transformation continues to accelerate globally, the demand for seamless and secure cross-border services has become a top priority for developers. With this latest release, Aurora Mobile provides developers with a more efficient and secure verification solution to help businesses expand into the Hong Kong market.

JVerification (HK)
: A Next-Level Cross-Border Login and Verification Solution

Based on Aurora Mobile’s proven verification services, JVerification (HK) is specifically tailored for the Hong Kong market. With an upgraded SDK, it now fully supports two major scenarios:

By streamlining the user verification process, JVerification (HK) enables fast and secure one-click login and verification, providing a seamless user experience with no complicated steps.

Technical Strength and Reliability: Aurora Mobile’s Core Advantages

JVerification (HK) leverages China Mobile’s SDK to provide robust technical support in Hong Kong. China Mobile’s well-established network infrastructure and expert local team offer a rock-solid foundation for service reliability and performance.

Quick Response: Even during peak traffic periods, login requests are processed quickly, ensuring a smooth login experience.
Security and Reliability: JVerification (HK) upholds strict technical standards and employs robust data protection mechanisms to ensure user privacy and data integrity.

The First Step in Expanding Cross-Border Verification

The launch of JVerification (HK) marks Aurora Mobile’s first major step into cross-border verification services. Looking ahead, the Company plans to expand service scenarios to enable “Mainland China mobile number logins in Hong Kong,” with the aim of refining its cross-border verification services and meeting the diverse business needs of developers.

This expansion will support:

Mainland Chinese developers going global: Helping mainland Chinese developers tap into the Hong Kong market as a gateway for overseas expansion and to enhance their global competitiveness.
Hong Kong and overseas developers: Providing Hong Kong and global developers with a more efficient verification tool to make local apps more competitive.

Full-Spectrum Technical Support for Developers

Aurora Mobile is committed to a developer-first approach and provides a professional technical support team that is available to assist developers with any issues during the integration process. From consulting to implementation, Aurora Mobile offers developers comprehensive support to ensure a smooth service launch.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

Aurora Mobile Limited
E-mail: [email protected]

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: [email protected]

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

April 16, 2025 5:02 am

EXPANDED CLASS PERIOD: Fluence Energy, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit – FLNC

PR Newswire

SAN DIEGO
, April 16, 2025 /PRNewswire/ — The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of Fluence Energy, Inc. (NASDAQ: FLNC) Class A common stock between October 28, 2021 and February 10, 2025, inclusive (the “Class Period”), have until May 12, 2025 to seek appointment as lead plaintiff of the Fluence Energy class action lawsuit. Captioned Kramer v. Fluence Energy, Inc., No. 25-cv-00634 (E.D. Va.), the Fluence Energy class action lawsuit charges Fluence Energy and certain of Fluence Energy’s top current and former executives with violations of the Securities Exchange Act of 1934. A previously filed complaint is captioned Abramov v. Fluence Energy, Inc., No. 25-cv-00444 (E.D. Va.).

If you suffered substantial losses and wish to serve as lead plaintiff of the Fluence Energy class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-fluence-energy-inc-class-action-lawsuit-flnc.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].

CASE ALLEGATIONS: Fluence Energy is a global provider of energy storage products and services and digital applications for renewable energy and storage.

The Fluence Energy class action lawsuit alleges that defendants throughout the class period made false and/or misleading statements and/or failed to disclose that: (i) a material portion of Fluence Energy’s energy storage products suffered from defective design, installation, operational, and/or maintenance issues; (ii) Fluence Energy had repeatedly failed to adequately address known product defects and installation errors, and/or failed to honor outstanding warranty obligations Fluence Energy owed to its customers; (iii) the efficacy and safety of Fluence Energy’s energy storage products and Fluence Energy’s ability to timely deliver projects to its customers’ satisfaction had been materially overstated; (iv) as a result, Fluence Energy’s adjusted EBITDA, adjusted gross profit, and adjusted gross profit margins were artificially inflated throughout the Class Period; and (v) consequently, Fluence Energy was exposed to material undisclosed risks of reputational and financial harm, including through loss of business from current and/or prospective clients.

On December 20, 2023Energy Storage News published an article revealing that Fluence Energy’s work on its Diablo project had suffered from a “litany of ‘defects, deficiencies, and failures.'” The article detailed several alleged defects and chronic failures that plagued the Diablo project, including, inter alia, that: (i) Fluence Energy’s project control system responded slowly or inaccurately, causing California’s system operator to temporarily remove the project from the service markets; (ii) Fluence Energy’s proprietary systems failed to function properly, requiring project owners to resort to alternative technologies not designed for that purpose, resulting in costly inefficiencies; (iii) Fluence Energy’s inverters failed 27 times within a short 1-month period, just 2 months after project delivery; and (iv) the occurrence of 2 arc flashes created the risk of serious harm and injury. Beyond these significant defects, the article revealed that Fluence Energy had delivered the Diablo project approximately eight months after it was contractually due and repeatedly failed to timely address and resolve related warranty claims. On this news, the price of Fluence Energy Class A common stock fell more than 15%.

Then, on February 22, 2024, Blue Orca Capital published a research report revealing that Fluence Energy had prematurely sold its sixth-generation technology before the design of the technology had been completed. The report disclosed that this failure had contributed to the operational mishaps that had occurred at Fluence Energy’s installed projects, including the Diablo project. In addition, the research report revealed that a Siemens’ affiliate, Siemens Energy Inc., had filed a lawsuit against Fluence Energy for fraud, misrepresentation, and a host of engineering and design failures with respect to a project located in Antioch, California. On this news, the price of Fluence Energy Class A common stock fell more than 13%.

Thereafter, on November 25, 2024, Fluence Energy reported financial results for its fourth fiscal quarter and full year 2024 (“4Q24 Release”). The 4Q24 Release issued annual revenue guidance for fiscal 2025 of approximately $3.6 billion to $4.4 billion, representing year-over-year growth of approximately 48% at the midpoint of the range. The 4Q24 Release revealed that only 65% of Fluence Energy’s fiscal 2025 revenue guidance (at the midpoint) was “covered by the Company’s current backlog,” indicating that Fluence Energy did not have sufficient work contracted and would need to secure additional new orders to meet its revenue targets. On this news, the price of Fluence Energy Class A common stock fell approximately 22% over a two-day trading period.

Finally, on February 10, 2025, Fluence Energy reported financial results for its first fiscal quarter of 2025 (“1Q25 Release”). The 1Q25 Release revealed that Fluence Energy was reducing its fiscal 2025 revenue guidance from a range of $3.6 billion to $4.4 billion to a range of $3.1 billion to $3.7 billion, representing a reduction of approximately $600 million at the midpoint. The 1Q25 Release further revealed that the guidance revision was the result of “‘customer driven delays'” in executing outstanding contracts and “‘competitive pressures.'” The 1Q25 Release further revealed that quarterly revenue of $187 million significantly missed consensus estimates of $363 million by nearly 48%, representing a significant departure from the already muted expectations set by Fluence Energy’s “back-end loaded” revenue cadence disclosed during the prior quarter. On this news, the price of Fluence Energy Class A common stock fell more than 52% over a three-day trading period.

The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Fluence Energy Class A common stock during the class period to seek appointment as lead plaintiff in the Fluence Energy class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Fluence Energy class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fluence Energy class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Fluence Energy class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes.

Services may be performed by attorneys in any of our offices.

Contact:

Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/expanded-class-period-fluence-energy-inc-investors-with-substantial-losses-have-opportunity-to-lead-class-action-lawsuit—flnc-302429985.html

SOURCE Robbins Geller Rudman & Dowd LLP

April 16, 2025 4:33 am

Yum China Announces Disclosure under Hong Kong Stock Exchange Rules in Relation to a Possible Quarterly Dividend

PR Newswire

SHANGHAI
, April 16, 2025 /PRNewswire/ — Yum China Holdings, Inc. (NYSE: YUMC and HKEX: 9987, “Yum China” or the “Company”) today announced, in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “HKEX”) which require advance notice of board meetings at which a dividend is expected to be declared, that its board of directors (the “Board”) will consider the declaration and payment of a quarterly dividend (the “Dividend”). If the Board decides to proceed, the declaration will be adopted by Board resolution on or around April 30, 2025 (Beijing/Hong Kong Time) and will be promptly disclosed by the Company.

The Company makes available through the Investor Relations section of its internet website at http://ir.yumchina.com its filings with the HKEX as soon as reasonably practicable after electronically filing such materials with the HKEX. These filings may also be obtained by visiting the HKEX’s website at http://www.hkex.com.hk.

As no Board resolution in relation to the Dividend has been adopted as of the date of this press release, there is no assurance that the Dividend will be declared.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.

About Yum China Holdings, Inc.

Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company operates over 16,000 restaurants under six brands across around 2,200 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. In addition, Yum China has also partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply chain which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world’s most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.

Investor Relations Contact
Tel: +86 21 2407 7556
E-mail: [email protected]

Media Contact
Tel: +86 21 2407 8288 / +852 2267 5807
E-mail: [email protected]

View original content:https://www.prnewswire.com/news-releases/yum-china-announces-disclosure-under-hong-kong-stock-exchange-rules-in-relation-to-a-possible-quarterly-dividend-302430111.html

SOURCE Yum China Holdings, Inc.

April 16, 2025 4:03 am

Coty Announces ESG Rating Upgrades from MSCI and Sustainalytics

Coty Announces ESG Rating Upgrades from MSCI and Sustainalytics

MSCI ESG Rating has been upgraded to A from BB

Sustainalytics ESG rating now at low risk and 3^rd among Household Product companies

NEW YORK–(BUSINESS WIRE)–Coty Inc. (NYSE: COTY) (Paris: COTY) (“Coty” or “the Company”) one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care, is proud to announce improvements in its Environmental, Social, and Governance (ESG) ratings from both MSCI and Sustainalytics.

This achievement underscores Coty’s dedication to advancing sustainability across all aspects of its business.

Coty’s MSCI ESG Rating has been upgraded to A from BB. This improvement reflects enhanced performance across several key ESG areas, including:

Packaging Material & Waste
Raw Material Sourcing
Chemical Safety
Corporate Governance

Coty’s MSCI Carbon Footprint score remains at the maximum level, demonstrating the Company’s ongoing commitment to minimizing its environmental impact.

Coty improved its Sustainalytics ESG Risk Rating, moving from 23.9 (medium risk) to 18.1 (low risk). This progress places Coty as the lead amongst global beauty companies and 3rd out of 104 in Household Products companies as rated by Sustainalytics.

The Company’s Sustainalytics improvement is attributed to advancements in seven key areas:

Environmental & Social Impact of Products and Services
Land Use and Biodiversity
Water Use
Human Capital
Product Governance
Data Privacy and Security
Corporate Governance

The upgrades follow Coty’s strong progress in the 2024 CDP Climate Change disclosure, with the company scoring A-, an increase from B in 2023. Coty’s FY24 Sustainability Report highlighted key achievements including surpassing 2030 Scope 1 and 2 emissions targets with an 82% reduction since 2019, cutting air freight emissions by 65%, and using 100% renewable electricity in its owned factories and distribution centers.

About Coty Inc.

Founded in Paris in 1904, Coty is one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care. Coty serves consumers around the world, selling prestige and mass market products in over 120 countries and territories. Coty and our brands empower people to express themselves freely, creating their own visions of beauty; and we are committed to protecting the planet. Learn more at coty.com or on LinkedIn and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416641386/en/

Investor Relations

Olga Levinzon

+1 212 389-7733

[email protected]

Media

Antonia Werther

+31 621 394495

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Sustainability Environment Environmental, Social and Governance (ESG) Climate Change Professional Services Luxury Cosmetics Retail

MEDIA:

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