Market Newsdesk

ServiceNow, Providers Focused on Europe-Specific Needs

Enterprises turn to ServiceNow partners for help with regulatory compliance, industry-specific solutions and AI innovation

LONDON–(BUSINESS WIRE)–
ServiceNow is meeting Europe’s need for robust data security and privacy through EU-centric service delivery models and regional data centers, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.

The 2025 ISG Provider Lens™ ServiceNow Ecosystem Partners report for Europe finds high demand among enterprises for ServiceNow solutions that can address region-specific needs, including a focus on ESG and sustainability and making sure workflows are compliant with stringent regulations such as the GDPR and Digital Operational Resilience Act (DORA).

“The dynamics for European enterprises are vastly different from those in the U.S., Asia Pacific or Japan,” said Dr. Matthias Paletta, ISG technology modernization solution lead, EMEA. “European service providers are well-equipped to utilize the ServiceNow platform effectively, leading to high adoption rates, smooth transitions and improved productivity.”

ServiceNow is making significant investments in Europe-centric service delivery, to ensure data compliance and to support highly regulated industries, such as financial services. ServiceNow’s DORA Accelerator, for instance, is designed to help financial services organizations in Europe comply with the regulation.

Providers are also utilizing ServiceNow’s Integration Hub to connect with third-party tools and services relevant to DORA compliance, including integrating with security and ITSM tools and essential systems to automate data exchange and synchronization.

The report notes that ServiceNow last year announced a $1.5 billion investment in its U.K. business, to expand its AI capabilities and presence in the county. The software company is upgrading data centers with Nvidia GPUs for processing LLM data and, through ServiceNow Ventures, is investing in pure-play ServiceNow providers to fuel innovations in AI, ML, hyper-automation, distributed cloud and data intelligence. The report says ServiceNow is emerging as an agentic development platform to drive total experience.

“ServiceNow Ventures provides guidance to companies at all growth stages, from product strategy validation to scaling go-to-market initiatives,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “This unique investment strategy is a major catalyst for ServiceNow’s growth in Europe and the rest of the world.”

The report also explores other trends, including the growing demand for industry-specific workflows in such industries as manufacturing, energy, retail and the public sector, and the growing number of providers offering training and change management services to ensure successful ServiceNow adoption.

For more insights into the gains being made by ServiceNow ecosystem partners, see the ISG Provider Lens™ Focal Points briefing here.

The 2025 ISG Provider Lens™ ServiceNow Ecosystem Partners report for Europe evaluates the capabilities of 38 providers across three quadrants: ServiceNow Consulting and Implementation Services, ServiceNow Managed Services, and Innovation on ServiceNow.

The report names Accenture, Capgemini, Cognizant, Deloitte, DXC Technology, Fujitsu, HCLTech, Infosys, TCS, T-Systems and Wipro as Leaders in three quadrants each. Agineo, Atos, LTIMindtree, Plat4mation and Tech Mahindra are named Leaders in two quadrants each. Kyndryl and Tietoevry are named Leaders in one quadrant each.

In addition, Agineo, Devoteam, Inetum and Plat4mation are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.

In the area of customer experience, HCLTech is named the global ISG CX Star Performer for 2025 among ServiceNow ecosystem providers. HCLTech earned the highest customer satisfaction scores in ISG’s Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.

Customized versions of the report are available from Atos, Inetum and T-Systems.

The 2025 ISG Provider Lens™ ServiceNow Ecosystem Partners report for Europe is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens™ Research

The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

About ISG

ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.

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Press Contacts:

Will Thoretz, ISG

+1 203 517 3119

[email protected]

Philipp Jaensch, ISG

+49 151 730 365 76

[email protected]

KEYWORDS: Germany Europe United Kingdom France

INDUSTRY KEYWORDS: Software Data Analytics Consulting Artificial Intelligence Data Management Professional Services Technology Security

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Faraday Future Announces First Quarter 2025 Earnings Release Date and Conference Call Details

• Reporting first quarter 2025 financial results one week ahead of the Form 10-Q filing deadline reflects improvements in the Company’s financial management system and operational capabilities.
• Founder and Co-CEO YT Jia, along with other executives, will share key updates during the earnings call.

LOS ANGELES–(BUSINESS WIRE)–
Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“FF”, “Faraday Future”, or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced that it is scheduled to report its first quarter financial results for 2025 after market close on Thursday, May 8, 2025, and will hold an earnings call at 5:00 p.m. Pacific Time (8:00 p.m. Eastern Time) that same day.

To uphold our “Stockholders First” philosophy, enhance engagement with our stockholder base and foster transparent communication with investors, Faraday Future (FF) invites retail and institutional stockholders to submit questions in advance of the upcoming earnings call.

Stockholders may email their questions directly to: [email protected]. A selection of these questions will be addressed by FF’s management team during the call. We welcome your participation and appreciate your continued support.

Interested investors and other parties can listen to a webcast of the conference call by logging onto the Investor Relations section of the Company’s website at https://investors.ff.com/. A replay of the webcast along with the presentation will be available on the Company’s website shortly thereafter.

ABOUT FARADAY FUTURE

Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company’s mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future’s flagship model, the FF 91, exemplifies its vision for luxury, innovation, and performance. The new FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. For more information, please visit https://www.ff.com/us/

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506096768/en/

Investors (English):[email protected]

Investors (Chinese):[email protected]

Media:[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Vehicle Technology Automotive Automotive Manufacturing EV/Electric Vehicles Manufacturing Autonomous Driving/Vehicles Alternative Vehicles/Fuels

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Posted on May 6, 2025 3:03 am

Power Integrations’ 1700 V Switcher IC Delivers Reliability and Space-Saving Benefits in 800 V BEVs

Power Integrations’ 1700 V Switcher IC Delivers Reliability and Space-Saving Benefits in 800 V BEVs

Performance of InnoSwitch™3-AQ flyback IC demonstrated in new reference designs featuring wide-creepage package

NUREMBERG, Germany–(BUSINESS WIRE)–PCIM 2025 – Power Integrations (NASDAQ: POWI), the leader in high-voltage integrated circuits for energy-efficient power conversion, today announced five new reference designs targeting 800 V automotive applications based on the company’s 1700 V InnoSwitch™3-AQ flyback switcher ICs. Spanning power levels from 16 W to 120 W, the designs leverage both wound and low-profile planar transformers and target automotive applications such as DC-DC bus conversion, inverter emergency power, battery management and power supplies for auxiliary systems. The designs feature Power Integrations’ new wide-creepage InSOP™-28G package, which supports 1000 VDC on the primary side while providing appropriate creepage and clearance between pins in pollution degree 2 environments.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250506722542/en/

The InnoSwitch3-AQ IC, featuring a 1700 V silicon-carbide (SiC) switch, is an ideal solution for 800 V vehicles, simplifying manufacturing while enhancing overall system performance and reliability.

“The new InSOP™-28G package, with its wide 5.1 mm drain-to-source pin creepage distance, addresses the critical need for enhanced safety and reliability in high-voltage applications,” said Mike Stroka, product marketing engineer at Power Integrations. “It provides sufficient isolation that conformal coating can be eliminated, saving a manufacturing process step and associated qualification effort. The InnoSwitch3-AQ IC, featuring a 1700 V silicon-carbide (SiC) switch, is an ideal solution for 800 V vehicles, simplifying manufacturing while enhancing overall system performance and reliability.”

Available from www.power.com, the following reference designs are all isolated flyback converters based on the 1700 V-rated CV/CC InnoSwitch3-AQ switcher ICs. The three reference designs kits (RDKs) and two design example reports (DERs) are:

• RDK-994Q — 35 W ultra-low-profile traction inverter gate-drive or emergency power supply with 40-1000 VDC input and 24 V output;
• RDK-1039Q — 18 W power supply with planar transformer for traction inverter gate driver or emergency power supply;
• RDK-1054Q — 120 W power supply with planar transformer, designed to shrink or eliminate heavy, bulky 12 V batteries;
• DER-1030Q — 20 W four-output power supply—one emergency power supply (EPS) with 24.75 V output and three gate-drive power supplies with 25.5 V output;
• DER-1045Q — 16 W four-output power supply—one 14 V EPS output and three gate-drive outputs with split +18 V / -5 V rails.

Power Integrations’ 1700 V-rated SiC-based CV/CC InnoSwitch3-AQ switching power supply ICs deliver up to 120 watts of output power. The highly integrated ICs reduce power supply bill of materials (BOM) count by as much as 50 percent, saving space, enhancing system reliability and easing component sourcing challenges. Devices start up with as little as 30 volts on the drain pin without external circuitry, which is often a critical requirement for functional safety. Additional protection features include input under-voltage, output over-voltage and over-current limiting. Power consumption is less than 15 mW at no-load. The ICs also incorporate synchronous rectification and a valley switching, discontinuous/continuous conduction mode (DCM/CCM) flyback controller capable of delivering greater than 91 percent efficiency.

Availability & Resources

Pricing for the new 1700 V-rated InnoSwitch3-AQ switching power supply ICs starts at $6 per unit for 10,000-unit quantities. The reference design kits range from $50 to $100 per kit. Design engineers can enter a drawing to win one of the reference design kits at pages.power.com/rev-up. For further information, contact a Power Integrations sales representative or one of the company’s authorized worldwide distributors – DigiKey, Newark, Mouser and RS Components, or visit power.com.

About Power Integrations

Power Integrations, Inc., is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.

Power Integrations, the Power Integrations logo, InnoSwitch, PowiGaN, and FluxLink are trademarks, service marks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owner.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506722542/en/

Media Contact

Linda Williams

Power Integrations

(408)-414-9837

[email protected]

Press Agency Contact

Nick Foot

BWW Communications

+44-1491-636 393

[email protected]

KEYWORDS: Europe Germany Asia Pacific

INDUSTRY KEYWORDS: Semiconductor Other Energy Technology Batteries Energy Hardware

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The InnoSwitch3-AQ IC, featuring a 1700 V silicon-carbide (SiC) switch, is an ideal solution for 800 V vehicles, simplifying manufacturing while enhancing overall system performance and reliability.

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DoorDash Announces Agreement to Acquire Deliveroo

The Combination with Deliveroo will strengthen DoorDash’s position as a leading global platform in local commerce, enabling the combined entity to better serve businesses, consumers and couriers

SAN FRANCISCO–(BUSINESS WIRE)–
DoorDash, Inc. (NASDAQ: DASH), a leading local commerce platform globally, makes reference to the announcement that the board of directors of DoorDash, Inc. and the board of directors of Deliveroo plc have reached agreement on the terms of a recommended final¹ cash acquisition of the entire issued and to be issued share capital of Deliveroo (the “Acquisition”).

Under the terms of the Acquisition, Deliveroo Shareholders will be entitled to receive 180 pence in cash per Deliveroo Share. The terms of the Acquisition value the entire issued and to be issued ordinary share capital of Deliveroo at approximately £2.9 billion, and represent a premium of approximately 44 per cent to the Closing Price of 125 pence per Deliveroo Share on 4 April 2025 (being the last Business Day prior to DoorDash’s offer letter to Deliveroo in respect of the Acquisition), approximately 29 per cent to the Closing Price of 140 pence per Deliveroo Share on 24 April 2025 (being the last Business Day prior to the commencement of the Offer Period and approximately 40 per cent to Deliveroo’s three month volume weighted average price of 129 pence per Deliveroo Share to 24 April 2025. The terms of the Acquisition imply an enterprise value of Deliveroo of approximately £2.4 billion.

Unless otherwise defined in this press release, capitalised terms used in this press release shall have the same meanings given to them in the Rule 2.7 Announcement.

For more information, please visit the 2.7 Announcement here: Recommended offer for Deliveroo

Commenting on the Acquisition, Tony Xu, CEO and Co-founder of DoorDash, said:

“Our mission at DoorDash is to grow and empower local economies. We started the company in 2013 to help people like my mom – people running local businesses and creating the vast majority of jobs and economic activity in our communities. Our focus ever since has been on building the best products and services to enable these merchants to grow, connecting them with consumers in their neighbourhoods, and creating a local commerce platform that offers uniquely flexible earnings opportunities.

“Coming together with teams that have similar visions and values accelerates our work to achieve that mission. Deliveroo is just such a team and one that I have long admired. Like DoorDash, Deliveroo is obsessively focused on their customers – consumers, merchants, and riders. They work day in and day out to improve their consumer value proposition, bring new services to local businesses, and offer flexibility and support to riders. These efforts and attention to detail from Will and the team have had a tremendous positive impact in the communities where Deliveroo operates.

“I could not be more excited by the prospect of what DoorDash and Deliveroo will be able to accomplish together. We’ll cover more than 40 countries with a combined population of more than 1 billion people, enabling us to provide more local businesses with the tools and technology they need to thrive. The Enlarged Group will bring together DoorDash’s strong operating playbook with Deliveroo’s local expertise to invest in innovation and execution at an even higher level. Together, we will work to deliver the best experience for all of our stakeholders, to grow the GDP of cities around the world, and to build the leading global platform for local commerce.”

Commenting on the Acquisition:

Will Shu, CEO and Co-founder of Deliveroo, said:

“When Greg and I founded this business in 2013, we made it our mission to bring the best of our consumers’ neighbourhoods to their door. We’ve stayed relentlessly focused on this mission for the past twelve years, keeping our consumers at the heart of everything we do and aiming to deliver them flawless experiences, new innovations and real value. I’m very proud of everything we have achieved as a standalone business.

“We are now at the beginning of a transformative new chapter. DoorDash and Deliveroo are like-minded organisations with a shared strategic vision and aligned values. Together, we will be even better positioned to serve consumers, merchants, riders and local communities. The Enlarged Group will have the scale to invest in product, technology and the overall consumer value proposition.

“I want to thank all of our incredibly skilled people, dedicated riders and merchants and our loyal consumers for helping us to build the successful business we have today. I hope they share our excitement about what the future holds. I know that DoorDash will be a great long-term partner for our business.”

Claudia Arney, Chair of Deliveroo, said:

“Following careful consideration, the Deliveroo Independent Committee has unanimously decided to recommend this offer, considering it to be in the interests of all our shareholders and wider stakeholders.

“Deliveroo changed the face of food delivery in the UK and around the world. Thanks to Will and the dedication and innovation of the team, consumers have new food experiences, merchants new opportunities for growth and riders a new type of work. I’m immensely proud to have worked alongside the team and thank them for their hard work.

“Looking ahead, this offer will enable Deliveroo to build on its significant strategic and operational progress, to strengthen its competitive advantage, to invest further in innovation and further enhance our proposition to stakeholders. We are pleased that DoorDash is excited to invest into the business and team and shares our commitments to supporting the interests of riders, merchants and consumers.

“Both companies are highly complementary, whether in their geographic footprints or their missions, and I am confident that being part of the Enlarged Group will accelerate the realisation of Deliveroo’s full potential.”

Compelling strategic opportunity

The combination with Deliveroo will strengthen DoorDash’s position as a leading global platform in local commerce, enabling the combined entity to better serve businesses, consumers and couriers

DoorDash is a leading global technology company that connects local businesses to their communities and consumers. It operates in over 30 countries, partners with over 500,000 local businesses on its marketplaces, serves over 42 million monthly active users, and creates uniquely flexible earnings opportunities for millions of people annually.

DoorDash has consistently improved its offering for local businesses, consumers and couriers. Its strong execution has allowed it to build a leadership position in the United States. DoorDash’s execution and product focus has helped drive step-change growth in European geographies. DoorDash takes a multi-decade view to its growth strategy and plans to continue investing in the opportunity to power local commerce globally.

Deliveroo has built one of the leading local commerce platforms across its key geographies. Deliveroo has built its business through relentless daily improvement of its highly-compelling consumer value proposition. By partnering with approximately 176,000 local businesses, innovating in new categories such as grocery and retail, in addition to its core restaurant proposition and investing in operational excellence, Deliveroo provides a leading selection and high-quality experience for its approximately 7 million monthly active consumers.

DoorDash and Deliveroo have complementary geographic operations and the Enlarged Group will have a global presence in over 40 countries, serving approximately 50 million monthly active users. In 2024, the two companies together generated a total Gross Order Value of approximately $90 billion.

DoorDash and Deliveroo share a strategic vision, complementary geographic footprints, and an obsession to continually improve their offerings for local businesses, consumers and couriers

DoorDash and Deliveroo are driven by a common mission to empower local commerce, offer a differentiated consumer experience, and build multi-category platforms that serve local economies across the globe.

DoorDash and Deliveroo operate in complementary geographic regions; Deliveroo operates in nine countries, all of which are new for DoorDash. Bringing together both companies’ existing footprints will enable the Enlarged Group to operate in countries with a combined population exceeding 1 billion people. Deliveroo has been particularly successful operating in cities and large urban centres, while DoorDash has demonstrated success across urban, suburban and rural areas.

DoorDash and Deliveroo are both deeply committed to continuously improving the consumer experience. Deliveroo’s focus on improving its consumer value proposition closely aligns with DoorDash’s focus on improving the combination of selection, quality and affordability provided to consumers.

Similarly, DoorDash and Deliveroo are aligned in their dedication to serving merchants across multiple categories in local commerce, enabling local businesses to connect with consumers in their communities, solving mission-critical challenges such as consumer acquisition and demand generation and an exceptional logistics experience. These shared principles drive more orders and more revenue for merchants, resulting in greater earnings opportunities for couriers. DoorDash and Deliveroo both have a strong record of protecting and strengthening independent work, including by combining attractive flexible work with greater security for couriers.

This shared vision provides a strong foundation upon which the Enlarged Group intends to build further improvements in consumer retention, order frequency and the consumer experience overall.

DoorDash’s best-in-class capabilities applied to Deliveroo’s attractive geographies and growth initiatives can create significant value for Deliveroo’s broader stakeholders

DoorDash has a proven operating playbook and best-in-class product suite, which it has successfully applied to Wolt’s operations to accelerate product innovation and resulting business performance. Similarly, DoorDash is confident it can build on Deliveroo’s existing strengths to create leading experiences for consumers, local businesses, and couriers in each of the countries in which Deliveroo operates.

DoorDash is excited to invest in growing local commerce globally, including investing in Deliveroo’s business in the UK and other Deliveroo geographies and to continue to drive growth.

Opportunity to allocate resources more effectively to strengthen competitive advantage

The Enlarged Group’s expanded geographic footprint, enhanced local and regional institutional knowledge and stronger operational capabilities will help strengthen Deliveroo’s positioning in its key geographies in which DoorDash does not operate. Combining Deliveroo’s local leadership and teams with DoorDash’s global operating experience and substantial financial and talent capital, positions the Enlarged Group to operate more efficiently and continue to execute its strategy. Deliveroo operates on a consistent technology and management structure across its countries, allowing the Enlarged Group to swiftly implement best practices and drive operational efficiencies. DoorDash has consistently used its scale and operating discipline to reinvest in innovation, affordability for consumers, services for merchants, and growth for local communities, and will bring the same approach to the Enlarged Group.

Information on Deliveroo

Deliveroo is an award-winning delivery service founded in 2013 by Will Shu and Greg Orlowski. Deliveroo works with approximately 176,000 best-loved restaurants, grocers and retail partners, as well as over 130,000 riders with a goal to provide the best on-demand delivery experience in the world. Deliveroo served approximately 7 million monthly active consumers in 2024.

Deliveroo is headquartered in London, with offices around the globe. Deliveroo operates across 9 countries: Belgium, France, Italy, Ireland, Kuwait, Qatar, Singapore, United Arab Emirates and the United Kingdom.

For the fiscal year ended 31 December 2024, Deliveroo generated £7.1 billion GTV (+8% vs 2023 in constant currency), revenue of approximately £2.0 billion and adjusted EBITDA of approximately £140 million. Free cash flow (including Hong Kong) was £85.5 million (vs £(38.4) million in 2023).

As at 24 April 2025, being the last Business Day prior to the commencement of the Offer Period, Deliveroo’s market capitalisation was £2.2 billion. Deliveroo’s shares are publicly listed on the London Stock Exchange under the symbol ROO.

Information on DoorDash

DoorDash is a local commerce platform that connects consumers to the best of their neighbourhoods, helps local businesses of all kinds grow and innovate, and gives people fast, flexible ways to earn. Founded in 2013 and now in over 30 countries around the world, DoorDash is a global platform dedicated to keeping commerce thriving in the communities where it operates.

Since its launch in 2013, DoorDash has expanded organically and inorganically to serve over 42 million monthly active users in over 30 countries, including over 22 million DashPass and Wolt+ members.

DoorDash’s shares are publicly listed on NASDAQ under the symbol DASH. As at 2 May 2025, being the last practicable date before the date of this press release, its market capitalisation was $93.1 billion. For the fiscal year ended 31 December 2024, DoorDash reported revenue of approximately $10.7 billion.

Enquiries:

DoorDash Elizabeth Jarvis-Shean (Chief Corporate Affairs Officer) Ali Musa (Director, Corporate Communications) Andy Hargreaves (Vice President, Investor Relations)	[email protected] [email protected]
J.P. Morgan (Financial Adviser to DoorDash) Dwayne Lysaght Matthew Gehl Neil Dalal Jonty Edwards Valentina Proverbio	Tel: +44 (0) 203 493 8000
FGS Global (PR Adviser to DoorDash) Faeth Birch Dorothy Burwell Harry Worthington	Tel: +44 (0) 207 251 3801 [email protected]
Deliveroo Joe Carberry, VP Policy & Communications Rohan Chitale / Tim Warrington, Investor Relations	[email protected] [email protected]
Goldman Sachs (Lead Financial Adviser and Corporate Broker to Deliveroo) Anthony Gutman Jane Dunlevie Owain Evans Bertie Whitehead Cara Pazdon	Tel: +44 (0) 207 774 1000
Allen & Company LLC (Financial Adviser to Deliveroo) Nancy Peretsman Omar Isani	Tel: +1 212 832 8000
Barclays (Financial Adviser and Corporate Broker to Deliveroo) Nicola Tennent Rob Mayhew	Tel: +44 (0)20 7623 2323
Brunswick (Communications Adviser to Deliveroo) Susan Gilchrist Rosie Oddy	Tel: +44 (0) 207 404 5959 [email protected]

Latham & Watkins (London) LLP is acting as legal adviser to DoorDash.

White & Case LLP is acting as legal adviser to Deliveroo.

Disclaimers

J.P. Morgan Securities LLC, together with its affiliate J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove and which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Prudential Regulation Authority and the Financial Conduct Authority). J.P. Morgan is acting as financial adviser exclusively for DoorDash and no one else in connection with the Acquisition and will not regard any other person as its client in relation to the Acquisition and will not be responsible to anyone other than DoorDash for providing the protections afforded to clients of J.P. Morgan or its affiliates, nor for providing advice in relation to the Acquisition or any other matter or arrangement referred to herein.

Goldman Sachs International (“Goldman Sachs”), which is authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for Deliveroo and no one else in connection with the matters referred to in this press release and will not be responsible to anyone other than Deliveroo for providing the protections afforded to clients of Goldman Sachs, or for providing advice in relation to the matters referred to in this press release.

Allen & Company LLC, which is registered with and licensed as a broker-dealer by the United States Securities and Exchange Commission and incorporated in the state of New York, is acting as financial adviser to Deliveroo and no one else in connection with the matters described in this press release and will not be responsible to anyone other than Deliveroo for providing the protections afforded to clients of Allen & Company LLC nor for providing advice in relation to the matters described or referred to in this press release. Neither Allen & Company LLC nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Allen & Company LLC in connection with this press release, any statement contained herein or the matters described or referred to in this press release or otherwise.

Barclays, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for Deliveroo and no one else in connection with the Acquisition and will not be responsible to anyone other than Deliveroo for providing the protections afforded to clients of Barclays nor for providing advice in relation to the Acquisition or any other matter referred to in this press release.

In accordance with the Code, normal United Kingdom market practice and Rule 14e-5(b) of the US Exchange Act, Barclays and its affiliates will continue to act as exempt principal trader in Deliveroo securities on the London Stock Exchange. These purchases and activities by exempt principal traders which are required to be made public in the United Kingdom pursuant to the Code will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com. This information will also be publicly disclosed in the United States to the extent that such information is made public in the United Kingdom.

Further Information

This press release is for information purposes only and is not intended to and does not constitute, or form any part of, an offer to sell or subscribe for or any invitation or the solicitation of an offer to purchase or subscribe for or otherwise acquire, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or otherwise. The Acquisition will be implemented solely through and on the terms set out in the Scheme Document and the accompanying Forms of Proxy (or, in the event that the Acquisition is to be implemented by means of a Takeover Offer, the Offer Document and accompanying form of acceptance), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of, or to accept, the Acquisition. Any approval, decision, vote or other response to the Acquisition should be made only on the basis of the information in the Scheme Document (or if the Acquisition is implemented by way of a Takeover Offer, the Offer Document). Deliveroo Shareholders are strongly advised to read the formal documentation in relation to the Acquisition once it has been despatched.

This press release does not constitute a prospectus or prospectus exempted document.

The statements contained in this press release are made as at the date of this press release, unless some other time is specified in relation to them, and the publication of this press release shall not give rise to any implication that there has been no change in the facts set forth in this press release since such date.

Overseas shareholders

This press release has been prepared for the purpose of complying with English law, the Listing Rules and the Code and the information disclosed may not be the same as that which would have been disclosed if this press release had been prepared in accordance with the laws of jurisdictions outside England.

The release, publication or distribution of this press release in jurisdictions other than the United Kingdom may be restricted by law and/or regulation and such law and/or regulation may affect the availability of the Acquisition to persons who are not resident in the United Kingdom. Persons who are not resident in the United Kingdom, or who are subject to laws of any jurisdiction other than the United Kingdom, should inform themselves about, and observe any applicable legal or regulatory requirements. Any person (including, without limitation, nominees, trustees and custodians) who would, or otherwise intends to, forward this press release, the Scheme Document or any accompanying document to any jurisdiction outside the United Kingdom should refrain from doing so and seek appropriate professional advice before taking any action. In particular, the ability of persons who are not resident in the United Kingdom to vote their Deliveroo Shares at the Court Meeting or the General Meeting, or to execute and deliver Forms of Proxy appointing another to vote their Deliveroo Shares in respect of the Court Meeting or the General Meeting on their behalf, may be affected by the laws of the relevant jurisdiction in which they are located.

Any failure to comply with the applicable legal or regulatory requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility and liability for the violation of such restrictions by any person.

Unless otherwise determined by DoorDash and Deliveroo or required by the Code, and permitted by applicable law and regulation, the Acquisition will not be made, directly or indirectly, in or into or by use of the mails or any other means or instrumentality (including, without limitation, telephonic or electronic) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of, a Restricted Jurisdiction, and the Acquisition will not be capable of acceptance by any such use, means, instrumentality or facility or from within a Restricted Jurisdiction. Accordingly, copies of this press release and formal documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded or distributed in, into or from a Restricted Jurisdiction and persons receiving this press release (including custodians, nominees and trustees) must not distribute or send it into or from a Restricted Jurisdiction. In the event that the Acquisition is implemented by way of a Takeover Offer and extended into the US, DoorDash will do so in satisfaction of the procedural and filing requirements of the US securities laws at that time, to the extent applicable thereto. Further details in relation to overseas shareholders will be contained in the Scheme Document.

The Acquisition relates to the shares of a company incorporated in England and it is proposed to be made by means of a scheme of arrangement provided for under English law. A transaction effected by means of a scheme of arrangement is not subject to the shareholder vote, proxy solicitation and tender offer rules under the US Exchange Act. Accordingly, the Scheme is subject to the disclosure requirements and practices applicable in the United Kingdom to schemes of arrangement, which differ from the disclosure requirements and practices of US shareholder vote, proxy solicitation and tender offer rules.

If DoorDash were to elect to implement the Acquisition by means of a Takeover Offer, such Takeover Offer shall be made in compliance with all applicable laws and regulations, including, if the Takeover Offer is extended into the US, section 14(e) of the US Exchange Act and Regulation 14E thereunder. Such Takeover Offer would be made in the US by DoorDash and no one else. In addition to any such Takeover Offer, DoorDash, certain affiliated companies and the nominees or brokers (acting as agents) of DoorDash and/or such affiliated companies may make certain purchases of, or arrangements to purchase, Deliveroo Shares outside such Takeover Offer during the period in which such Takeover Offer would remain open for acceptance. If such purchases or arrangements to purchase are made, they would be made outside the United States in compliance with applicable law, including the US Exchange Act.

The receipt of cash consideration by a Deliveroo Shareholder for the transfer of their Deliveroo Shares pursuant to the Scheme will be a taxable transaction for United States federal income tax purposes and under applicable US state and local, as well as overseas and other, tax laws. In certain circumstances, Deliveroo Shareholders that are not US persons and that receive cash consideration pursuant to the Scheme may be subject to US withholding tax. Each Deliveroo Shareholder is urged to consult an independent professional adviser regarding the applicable tax consequences of the Acquisition, including under applicable United States, state and local, as well as overseas and other tax laws.

Financial information relating to Deliveroo included in this press release and to be included in the Scheme Document has been or will have been prepared in accordance with International Financial Reporting Standards and may not be comparable to the financial statements of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”). US GAAP differs in certain significant respects from accounting standards applicable in the United Kingdom.

It may be difficult for a US-based investor to enforce their rights and any claim he or she may have arising under US securities laws, since the Scheme relates to the shares of a company incorporated under the laws of, and located in, the United Kingdom, and some or all of its officers and directors may be residents of non-US jurisdictions. A US-based investor may not be able to sue a company located in the United Kingdom, or its officers or directors, in a foreign court for alleged violations of US securities laws, and it may be difficult to compel a foreign company and its affiliates to subject themselves to a US court’s judgment.

Forward-looking statements

This press release (including information incorporated by reference in this press release), oral statements made regarding the Acquisition, and other information published by DoorDash or Deliveroo may contain certain “forward-looking statements” with respect to Deliveroo and DoorDash. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as “anticipate”, “target”, “forecast”, “aim”, “expect”, “estimate”, “intend”, “plan”, “goal”, “believe”, “will”, “may”, “should”, “would”, “could” or other words or terms of similar meaning or the negative thereof. Forward-looking statements include, but are not limited to, statements relating to the following: (a) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (b) business and management strategies of DoorDash and the expansion and growth of Deliveroo and potential synergies resulting from the Acquisition; and (c) the effects of global economic conditions and governmental regulation on DoorDash or Deliveroo’s business.

These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or developments to differ materially from those expressed in or implied by such forward-looking statements. These factors include, but are not limited to: the ability to complete the Acquisition; the ability to obtain requisite regulatory and shareholder approvals, changes in the global political, economic, business and competitive environments and in market and regulatory forces, changes in future exchange and interest rates, changes in tax rates, future business combinations or disposals, changes in general economic and market conditions in the countries in which DoorDash and Deliveroo operate, weak, volatile or illiquid capital and/or credit markets, interest rate and currency value fluctuations, the degree of competition in the geographic and business areas in which DoorDash and Deliveroo operate and changes in laws or in other supervisory expectations or requirements. Other unknown or unpredictable factors could cause actual results to differ materially from those expected, estimated or projected in the forward-looking statements. These forward-looking statements are based on numerous assumptions regarding present and future strategies and environments. None of DoorDash or Deliveroo , nor any of their respective associates, directors, officers, employees or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this press release will actually occur. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. All subsequent oral or written forward-looking statements attributable to DoorDash or Deliveroo or any person acting on their behalf are expressly qualified in their entirety by the cautionary statement above. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release.

DoorDash and Deliveroo assume no obligation to update publicly or revise forward-looking or other statements contained in this press release, whether as a result of new information, future events or otherwise, except to the extent legally required.

No profit forecasts or estimates

No statement in this press release is intended as a profit forecast or estimate for DoorDash or Deliveroo in respect of any period and no statement in this press release should be interpreted to mean that earnings or earnings per Deliveroo Share for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per Deliveroo Share.

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this press release and the documents required to be published under Rule 26 of the Code will be made available (subject to certain restrictions relating to persons resident in Restricted Jurisdictions), free of charge, on Deliveroo’s website at https://corporate.deliveroo.co.uk/ and on DoorDash’s website at https://ir.doordash.com/resources/ by no later than 12 noon on the Business Day following the date of this press release. Neither the contents of these websites nor the content of any other website accessible from hyperlinks on such websites is incorporated into, or forms part of, this press release.

Requesting hard copies

In accordance with Rule 30.3 of the Code, a person so entitled may request a hard copy of this press release, free of charge, by contacting Deliveroo’s registrars, Equiniti Limited, on +44 (0) 371 384 2030 between 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (except UK public holidays) or by submitting a request in writing to Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA. For persons who receive a copy of this press release in electronic form or via a website notification, a hard copy of this press release will not be sent unless so requested. In accordance with Rule 30.3 of the Code, a person so entitled may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be in hard copy form.

Rounding

Certain figures included in this press release have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different paragraphs and/or tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the Offer Period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of: (a) the offeree company; and (b) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm on the 10th Business Day (as defined in the Code) following the commencement of the Offer Period and, if appropriate, by no later than 3.30 pm on the 10th Business Day (as defined in the Code) following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of: (a) the offeree company; and (b) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm on the Business Day (as defined in the Code) following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror, and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel’s website atwww.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. You should contact the Takeover Panel’s Market Surveillance Unit on +44 (0) 20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

General

If you are in any doubt about the contents of this press release or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.

¹ DoorDash confirms that the financial terms of the Acquisition are final and will not be increased, except that DoorDash reserves the right to increase the consideration payable under the Acquisition and/or otherwise improve the terms of the Acquisition if there is an announcement on or after the date of this Announcement of a possible offer or a firm intention to make an offer for Deliveroo by any third party. DoorDash reserves the right (with the consent of the Takeover Panel, if required), and while the Co-operation Agreement is continuing, subject to the terms of the Co-operation Agreement, to implement the Acquisition by way of a Takeover Offer.

It is intended that the Acquisition will be implemented by way of a court-sanctioned scheme of arrangement under the UK Companies Act. The transaction is expected to close during Q4 2025, subject to satisfaction of certain conditions as set out in the Rule 2.7 announcement released by DoorDash and Deliveroo on 6 May 2025 (the “Rule 2.7 Announcement”).

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505418218/en/

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INDUSTRY KEYWORDS: Delivery Services Retail Restaurant/Bar Apps/Applications Technology Supermarket Software

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Kosmos Energy Announces First Quarter 2025 Results

DALLAS–(BUSINESS WIRE)–
Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE/LSE: KOS) announced today its financial and operating results for the first quarter of 2025. For the quarter, the Company generated a net loss of $111 million, or $0.23 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss⁽¹⁾ of $105 million, or $0.22 per diluted share for the first quarter of 2025.

FIRST QUARTER 2025 HIGHLIGHTS

• Net Production(2): ~60,500 barrels of oil equivalent per day (boepd), with sales of ~49,600 boepd, underlifted by approximately 1.0 million barrels of oil equivalent (mmboe)

• Revenues: $290 million, or $65.27 per boe (excluding the impact of derivative cash settlements)

• Production expense: $167 million ($24.99 per boe excluding $58.1 million of production expenses associated with the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project)

• Capital expenditures: $86 million

• Post quarter end, commenced export from the GTA project offshore Mauritania & Senegal in April 2025; Currently lifting a second cargo

• Completed the 4D seismic survey over Jubilee and TEN that will be used to high grade the 2026+ drilling campaign

• Successfully completed the Spring reserve-based lending facility (RBL) redetermination maintaining the $1.35 billion facility size

Commenting on the Company’s first quarter 2025 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: “While the macro backdrop continues to be volatile, Kosmos’ priorities announced with our full year 2024 results in February remain unchanged – the delivery of free cash flow from increasing production and a rigorous focus on costs. We are seeing evidence of this with a material reduction in year-on-year capex in the first quarter and production starting to rise in the second quarter after heavy scheduled 1Q maintenance.

Operationally, the GTA partnership achieved a major milestone in April exporting the first cargo from the project, with a second currently loading. Production is ramping up to the contracted sales volume, with potential to push higher towards, or beyond, the nameplate capacity of the floating LNG (FLNG) vessel of 2.7 mtpa. In Ghana, the partnership completed the 4D seismic survey. This new seismic data, combined with the latest processing techniques, will support the high grading of the future infill drilling program.

Financially, the actions taken in 2024 to improve the resilience of the company enable Kosmos to better withstand the current market volatility. We concluded the spring RBL redetermination with a strong reserve base supporting the $1.35 billion facility capacity, with ample liquidity. In addition, we continue to focus on reducing the company’s capex and overhead costs and are delivering the targeted reductions.

The long-term outlook for our portfolio of high-quality assets remains positive. A 2P reserves-to-production ratio of over 20 years supports the long-term potential of Kosmos as we focus in the near term on cash generation, cost control and debt paydown.”

FINANCIAL UPDATE

Net capital expenditure for the first quarter of 2025 was $86 million, below guidance primarily due to the Ghana 4D seismic campaign coming in under budget and a one-month delay in drilling Winterfell-4. We are working to reduce full year 2025 capex below the $400 million guidance given with the full year 2024 results. In addition, we have made significant progress on the $25 million overhead reduction target.

Operating costs per barrel of oil equivalent were in line with guidance, but higher year on year, reflecting the lower production and higher maintenance in the first quarter of 2025, including a construction support vessel at Jubilee prior to and during the scheduled shutdown and the Winterfell-3 workover.

In March, Kosmos successfully concluded the RBL redetermination, maintaining a facility size of $1.35 billion which is supported by a borrowing base that is materially higher, at a long-term price deck below the current forward curve.

The Company generated net cash provided by operating activities of approximately $(1) million and free cash flow⁽¹⁾ of approximately $(91) million. As previously signaled, the first quarter free cash flow was impacted by the timing of liftings, heavy scheduled maintenance across the portfolio, and no cash flow contribution from GTA sales in the first quarter.

Kosmos exited the first quarter of 2025 with approximately $2.85 billion of net debt⁽¹⁾ and available liquidity of approximately $400 million. Post quarter end, Kosmos continued its rolling hedging program adding an additional two million barrels of oil. The company now has approximately 40% of remaining 2025 oil production hedged with a floor of approximately $65/boe and a ceiling of approximately $80/boe.

OPERATIONAL UPDATE

Production

Total net production⁽²⁾ in the first quarter of 2025 averaged approximately 60,500 boepd, impacted by planned shutdowns at Jubilee in Ghana and at the Kodiak host facility in the Gulf of America. Both shutdowns have been completed, with no major scheduled shutdowns for the remainder of the year. Production was slightly below guidance primarily due to the delayed ramp-up at GTA. Full year 2025 production guidance for GTA remains at 20-25 gross cargos as production ramps up towards the annual contracted level. Full year 2025 company production guidance is unchanged at 70,000 – 80,000 boepd.

The Company exited the quarter in a net underlift position of approximately 1.2 mmboe.

Mauritania and Senegal

The GTA project successfully exported its first LNG cargo in early April, a major milestone for the project. Production has continued to ramp-up with a second cargo currently lifting. Production in the first quarter averaged approximately 1,300 boepd net (7.8 mmcfd). All four FLNG trains are now operational and are being tested at ~10% above the nameplate capacity. Additionally, the subsurface is performing ahead of expectations, with higher connected volumes potentially reducing the number of future wells required.

Near-term, the partnership is continuing to work to reduce operating costs on GTA phase 1, eliminating duplicate costs related to the handover from commissioning to operations. We are also actively progressing the FPSO refinancing which is expected to be completed in the second half of the year. The operator is also investigating alternative operating models that could further materially reduce costs.

The partnership has commenced work on Phase 1+, a low-cost brownfield expansion of the development that is expected to double gas sales through increased LNG production and domestic gas. The expansion would leverage existing infrastructure put in place for the initial phase of GTA with low-cost upgrades to existing facilities that should drive materially lower unit costs and enhance overall project returns.

Ghana

Production in Ghana averaged approximately 33,000 boepd net in the first quarter of 2025. Kosmos lifted two cargos from Ghana during the quarter, in line with guidance.

At Jubilee (38.6% working interest), oil production in the first quarter averaged approximately 66,600 bopd gross, reflecting the scheduled FPSO shutdown that ran from March 25, 2025 to April 8, 2025. The shutdown was completed safely and on budget.

The Noble Venturer rig is due to arrive later this month to drill two Jubilee wells in 2025. The rig is scheduled to undertake a four-well drilling campaign on Jubilee in 2026, which will benefit from the 4D seismic data that is currently being processed with state-of-the-art algorithms.

In the first quarter of 2025, gas production net to Kosmos was approximately 5,300 boepd in line with expectations.

At TEN (20.4% working interest), oil production averaged approximately 16,900 bopd gross for the first quarter.

Gulf of America

Production in the Gulf of America averaged approximately 17,200 boepd net (~85% oil) during the first quarter reflecting the scheduled Kodiak shutdown. Remediation of the Winterfell-3 well was unsuccessful and the partnership is currently evaluating a future sidetrack to produce those reserves. Drilling of the Winterfell-4 well is currently underway and is expected online in the third quarter of 2025.

On Tiberius, Kosmos (operator, 50% working interest) continues to progress the development with our partner Oxy (50% working interest), evaluating opportunities to further enhance the project. This has resulted in a lower cost development, which will be supported by new ocean bottom node (OBN) seismic data being acquired this year.

Equatorial Guinea

Production in Equatorial Guinea averaged approximately 25,700 bopd gross and 9,000 bopd net in the first quarter. Kosmos lifted 0.5 cargos from Equatorial Guinea during the quarter, in line with guidance.

For the remainder of the year, production should be supported through a cost effective well work program.

(1) A Non-GAAP measure, see attached reconciliation of non-GAAP measure.

(2) Production means net entitlement volumes. In Ghana, Equatorial Guinea, and Mauritania and Senegal this means those volumes net to Kosmos’ working interest or participating interest and net of royalty or production sharing contract effect. In the Gulf of America, this means those volumes net to Kosmos’ working interest and net of royalty.

Conference Call and Webcast Information

Kosmos will host a conference call and webcast to discuss first quarter 2025 financial and operating results today, May 6, 2025, at 10:00 a.m. Central time (11:00 a.m. Eastern time). The live webcast of the event can be accessed on the Investors page of Kosmos’ website at http://investors.kosmosenergy.com/investor-events. The dial-in telephone number for the call is +1-877-407-0784. Callers in the United Kingdom should call 0800 756 3429. Callers outside the United States should dial +1-201-689-8560. A replay of the webcast will be available on the Investors page of Kosmos’ website for approximately 90 days following the event.

About Kosmos Energy

Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world’s growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America. Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit www.kosmosenergy.com.

Non-GAAP Financial Measures

EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt are supplemental non-GAAP financial measures used by management and external users of the Company’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines EBITDAX as Net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity based compensation expense, (iv) unrealized (gain) loss on commodity derivatives (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) debt modifications and extinguishments, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of operating results. The Company defines Adjusted net income (loss) as Net income (loss) adjusted for certain items that impact the comparability of results. The Company defines free cash flow as net cash provided by operating activities less Oil and gas assets, Other property, and certain other items that may affect the comparability of results and excludes non-recurring activity such as acquisitions, divestitures and National Oil Company (“NOC”) financing. NOC financing refers to the amounts funded by Kosmos under the Carry Advance Agreements that the Company has in place with the national oil companies of each of Mauritania and Senegal related to the financing of the respective national oil companies’ share of certain development costs at Greater Tortue Ahmeyim. The Company defines net debt as total long-term debt less cash and cash equivalents and total restricted cash.

We believe that EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, Net debt and other similar measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the oil and gas sector and will provide investors with a useful tool for assessing the comparability between periods, among securities analysts, as well as company by company. EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt as presented by us may not be comparable to similarly titled measures of other companies.

This release also contains certain forward-looking non-GAAP financial measures, including free cash flow. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant.

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. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings.Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Kosmos Energy Ltd.
Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
		Three Months Ended
		March 31,
			2025				2024
Revenues and other income:
Oil and gas revenue		$	290,135			$	419,103
Other income, net			296				36
Total revenues and other income			290,431				419,139
Costs and expenses:
Oil and gas production			167,308				93,618
Exploration expenses			9,669				12,060
General and administrative			26,255				28,265
Depletion, depreciation and amortization			120,667				100,928
Interest and other financing costs, net			51,842				16,448
Derivatives, net			6,732				23,822
Other expenses, net			1,989				2,029
Total costs and expenses			384,462				277,170
Income (loss) before income taxes			(94,031	)			141,969
Income tax expense			16,575				50,283
Net income (loss)		$	(110,606	)		$	91,686
Net income (loss) per share:
Basic		$	(0.23	)		$	0.20
Diluted		$	(0.23	)		$	0.19
Weighted average number of shares used to compute net income (loss) per share:
Basic			475,681				468,042
Diluted			475,681				482,096

Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
		March 31,			December 31,
		2025			2024
Assets
Current assets:
Cash and cash equivalents		$	49,791		$	84,972
Receivables, net			152,513			164,959
Other current assets			214,835			196,201
Total current assets			417,139			446,132
Property and equipment, net			4,413,056			4,444,221
Other non-current assets			439,219			418,635
Total assets		$	5,269,414		$	5,308,988
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	332,696		$	349,994
Accrued liabilities			214,619			244,954
Total current liabilities			547,315			594,948
Long-term liabilities:
Long-term debt, net			2,847,621			2,744,712
Deferred tax liabilities			314,607			313,433
Other non-current liabilities			461,691			455,471
Total long-term liabilities			3,623,919			3,513,616
Total stockholders’ equity			1,098,180			1,200,424
Total liabilities and stockholders’ equity		$	5,269,414		$	5,308,988

Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
		Three Months Ended
		March 31,
			2025				2024
Operating activities:
Net income (loss)		$	(110,606	)		$	91,686
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depletion, depreciation and amortization (including deferred financing costs)			122,551				103,327
Deferred income taxes			1,811				(7,316	)
Unsuccessful well costs and leasehold impairments			1,903				466
Change in fair value of derivatives			7,586				27,010
Cash settlements on derivatives, net(1)			494				(6,194	)
Equity-based compensation			8,361				7,328
Other			(5,597	)			(5,708	)
Changes in assets and liabilities:
Net changes in working capital			(27,391	)			61,964
Net cash provided by (used in) operating activities			(888	)			272,563
Investing activities
Oil and gas assets			(90,245	)			(314,822	)
Notes receivable and other investing activities			(44,048	)			(2,528	)
Net cash used in investing activities			(134,293	)			(317,350	)
Financing activities:
Borrowings under long-term debt			100,000				175,000
Payments on long-term debt			—				(300,000	)
Net proceeds from issuance of senior notes			—				390,430
Purchase of capped call transactions			—				(49,800	)
Other financing costs			—				(11,691	)
Net cash provided by financing activities			100,000				203,939
Net increase (decrease) in cash, cash equivalents and restricted cash			(35,181	)			159,152
Cash, cash equivalents and restricted cash at beginning of period			85,277				98,761
Cash, cash equivalents and restricted cash at end of period		$	50,096			$	257,913

(1)

Cash settlements on commodity hedges were $(1.8) million and $(2.9) million for the three months ended March 31, 2025 and 2024, respectively.

Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited)
	Three Months Ended								Twelve Months Ended
	March 31, 2025				March 31, 2024				March 31, 2025
Net income (loss)	$	(110,606	)		$	91,686			$	(12,441	)
Exploration expenses		9,669				12,060				117,516
Depletion, depreciation and amortization		120,667				100,928				476,513
Equity-based compensation		8,361				7,328				38,984
Derivatives, net		6,732				23,822				(4,991	)
Cash settlements on commodity derivatives		(1,751	)			(2,934	)			(11,304	)
Other expenses, net(1)		1,989				2,029				17,663
Interest and other financing costs, net		51,842				16,448				123,992
Income tax expense		16,575				50,283				126,253
EBITDAX	$	103,478			$	301,650			$	872,185

The following table presents our net debt as of March 31, 2025 and December 31, 2024:

		March 31,			December 31,
			2025			2024
Total long-term debt		$	2,900,274		$	2,800,274
Cash and cash equivalents			49,791			84,972
Total restricted cash			305			305
Net debt		$	2,850,178		$	2,714,997

Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
	Three Months Ended
	March 31,
		2025				2024
Net income (loss)	$	(110,606	)		$	91,686
Derivatives, net		6,732				23,822
Cash settlements on commodity derivatives		(1,751	)			(2,934	)
Other, net(2)		1,664				1,797
Total selected items before tax		6,645				22,685
Income tax (expense) benefit on adjustments(1)		(1,465	)			(7,311	)
Impact of valuation adjustments and other tax items		—				(7,963	)
Adjusted net income (loss)	$	(105,426	)			99,097
Net income (loss) per diluted share	$	(0.23	)		$	0.19
Derivatives, net		0.01				0.05
Cash settlements on commodity derivatives		—				(0.01	)
Total selected items before tax		0.01				0.04
Income tax (expense) benefit on adjustments(1)		—				(0.01	)
Impact of valuation adjustments and other tax items		—				(0.01	)
Adjusted net income (loss) per diluted share	$	(0.22	)		$	0.21
Weighted average number of diluted shares		475,681				482,096

(1)

Income tax expense is calculated at the statutory rate in which such item(s) reside. Statutory rates for the U.S., Equatorial Guinea and Ghana are 21%, 25% and 35%, respectively.

Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
	Three Months Ended
	March 31,
		2025				2024
Reconciliation of free cash flow:
Net cash provided by (used in) operating activities	$	(888	)		$	272,563
Net cash used for oil and gas assets – base business		(40,302	)			(156,131	)
Base business free cash flow		(41,190	)			116,432
Net cash used for oil and gas assets – Mauritania/Senegal		(49,943	)			(158,691	)
Free cash flow	$	(91,133	)		$	(42,259	)

Kosmos Energy Ltd.
Operational Summary
(In thousands, except barrel and per barrel data, unaudited)
	Three Months Ended
	March 31,
		2025				2024
Net Volume Sold
Oil (MMBbl)		3.659				4.890
Gas (MMcf)		4.172				4.336
NGL (MMBbl)		0.091				0.088
Total (MMBoe)		4.445				5.701
Total (Mboepd)		49.393				62.645
Revenue
Oil sales	$	270,405			$	402,117
Gas sales		17,629				15,138
NGL sales		2,101				1,848
Total oil and gas revenue		290,135				419,103
Cash settlements on commodity derivatives		(1,751	)			(2,934	)
Realized revenue	$	288,384			$	416,169
Oil and Gas Production Costs	$	167,308			$	93,618
Sales per Bbl/Mcf/Boe
Average oil sales price per Bbl	$	73.90			$	82.23
Average gas sales price per Mcf		4.23				3.49
Average NGL sales price per Bbl		23.09				21.00
Average total sales price per Boe		65.27				73.52
Cash settlements on commodity derivatives per Boe		(0.39	)			(0.51	)
Realized revenue per Boe		64.87				73.00
Oil and gas production costs per Boe	$	37.64			$	16.42

(1)		Cash settlements on commodity derivatives are only related to Kosmos and are calculated on a per barrel basis using Kosmos’ Net Oil Volumes Sold.
Kosmos was underlifted by approximately 1.2 million barrels as of March 31, 2025.

Kosmos Energy Ltd.
Hedging Summary
As of March 31, 2025(1)
(Unaudited)
						Weighted Average Price per Bbl
		Index		MBbl		Swap			Floor(2)			Ceiling
2025:
Two-way collars 1H25 (3)		Dated Brent		1,000		$	—		$	70.00		$	85.00
Swaps 1H25		Dated Brent		1,000			75.48			—			—
Two-way collars FY25		Dated Brent		1,500			—			70.00			85.00
Three-way collars FY25		Dated Brent		1,500			—			70.00			85.00
Two-way collars 2H25		Dated Brent		2,000			—			55.00			70.00

(1)		Please see the Company’s filed 10-Q for additional disclosure on hedging material. Includes hedging position as of March 31, 2025 and hedges put in place through filing date.
(2)		“Floor” represents floor price for collars and strike price for purchased puts.
(3)		We entered into Dated Brent call spread contracts with a purchased price of $95.00 per barrel and a sold price of $85.00 per barrel for 2.0 MMBbl, effectively reducing the ceiling on our 1H25 two-way collars to $85.00 per barrel.

2025 Guidance
	2Q 2025	FY 2025 Guidance
Production(1,2,3)	66,000 – 72,000 boe per day	70,000 – 80,000 boe per day
Opex(4)	$25.00 – $27.00 per boe	$18.00 – $20.00 per boe
DD&A	$20.00 – $22.00 per boe	$22.00 – $24.00 per boe
G&A(~66% cash)	$20 – $25 million	$80 – $100 million
Exploration Expense(5)	~$10 million	$25 – $45 million
Net Interest Expense(6)	~$50 million	$180 – $200 million
Tax	$4.00 – $6.00 per boe	$6.00 – $8.00 per boe
Capital Expenditure	$120 – $140 million	<$400 million

Note: Ghana / Equatorial Guinea / Mauritania & Senegal revenue calculated by number of cargos.
(1)		2Q 2025 net cargo forecast – Ghana: 3-4 cargos / Equatorial Guinea: 1 cargo. FY 2025 Ghana: 11-12 cargos / Equatorial Guinea 3.5 cargos. Average cargo sizes 950,000 barrels of oil.
(2)		2Q 2025 gross cargo forecast – Mauritania & Senegal: 4.5-5.5 cargos. FY 2025: 20-25 cargos. Average cargo size ~170,000 m3 with Kosmos NRI of ~24%.
(3)		Gulf of America Production: 2Q 2025 forecast 18,000-20,000 boe per day. FY 2025: 17,000-20,000 boe per day. Oil/Gas/NGL split for 2025: ~83%/~11%/~6%.
(4)		FY 2025 opex excludes operating costs associated with GTA, which are expected to total approximately $225 – $245 million net ($45 – $65 million in 2Q 2025). These values include cost associated with the FPSO lease which total approximately $60 million FY 2025 and $15 million 2Q 2025.
(5)		Excludes leasehold impairments and dry hole costs
(6)		Includes capitalized interest

 

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