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Casella Chairman and CEO John Casella to become Executive Chairman; President Ned Coletta Appointed Casella’s Next CEO

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Investors:
Brian J. Butler, CFA
Vice President of Investor Relations
(802) 855-4070

Media:
Jeff Weld
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http://www.casella.com

Tutor Perini Reports Strong Second Quarter 2025 Results; Raises 2025 EPS Guidance

• Revenue of $1.37 billion, up 22% Y/Y
• Income from construction operations of $76.4 million, up 89% Y/Y, reflecting strong operating performance and contributions from higher-margin projects
• Diluted earnings per share (“EPS”) of $0.38, up substantially compared to $0.02 in Q2 2024
• Adjusted EPS of $1.41, up 315% compared to $0.34 in Q2 2024
• Record second-quarter operating cash flow of $262.4 million for Q2 2025 and record $285.3 million operating cash flow for the first six months of 2025
• Record backlog of $21.1 billion at the end of Q2 2025, up 102% Y/Y and reflecting $3.1 billion of new awards and contract adjustments in Q2 2025
• Company increases 2025 EPS guidance: 2025 GAAP EPS guidance now expected in the range of $1.70 to $2.00 (up from previous guidance of $1.60 to $1.95), with corresponding 2025 Adjusted EPS expected in the range of $3.65 to $3.95 (up from $2.45 to $2.80)
• Company expects both GAAP EPS and Adjusted EPS for 2026 and 2027 to be higher than the upper end of its increased 2025 guidance

LOS ANGELES–(BUSINESS WIRE)–
Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading civil, building and specialty construction company, today reported strong results for the second quarter of 2025 (see attached tables).

Revenue for the second quarter of 2025 was $1.37 billion, up 22% compared to $1.13 billion for the same period in 2024. The Company experienced solid year-over-year growth across all three segments, primarily driven by increased project execution activities on certain newer, higher-margin projects, all of which have significant scope of work remaining. Civil and Building segment revenues for the second quarter of 2025 were up 34% and 11%, respectively, compared to the same quarter last year. The Civil segment’s revenue for both the second quarter and first six months of 2025 were the segment’s highest ever for the respective periods.

Income from construction operations for the second quarter of 2025 was $76.4 million, up 89% compared to $40.5 million for the second quarter of 2024. The increase was principally due to higher-margin contributions related to the increased project execution activities discussed above. The Company’s income from construction operations for the second quarter of 2025 was negatively impacted by a $38.5 million ($0.71 per diluted share) increase in share-based compensation expense compared to the second quarter of 2024, primarily due to the doubling of the Company’s stock price during the second quarter of 2025, which affected the fair value of certain liability-classified awards. Net income attributable to the Company for the second quarter of 2025 was $20.0 million, or EPS of $0.38, up substantially compared to $0.8 million, or EPS of $0.02, for the second quarter of 2024. Adjusted net income attributable to the Company, which excludes the impact of share-based compensation expense, net of associated tax benefit, for the second quarter of 2025 was $75.1 million, or $1.41 of Adjusted EPS, compared to $17.5 million, or $0.34 of Adjusted EPS, for the second quarter of 2024. Please refer to the Non-GAAP Financial Measures section below for further information and a reconciliation of the Company’s financial results reported under generally accepted accounting principles in the United States (“GAAP”) to the reported adjusted results.

The Company generated $262.4 million of cash from operating activities in the second quarter of 2025 and $285.3 million in the first six months of 2025, both of which set new records for each respective period, and both up significantly compared to $53.1 million and $151.4 million for the same periods last year. The Company’s operating cash flow result for the second quarter of 2025 was the second-highest result of any quarter. The record operating cash flow for the first half of 2025 was driven largely by collections from newer and ongoing projects and, to a much lesser extent, from collections related to recent dispute resolutions. The Company expects continued strong operating cash flow for the remainder of 2025.

Record Backlog

The Company booked $3.1 billion of new awards and contract adjustments in the second quarter of 2025, reflecting its continued success in capturing significant new project opportunities resulting from a combination of its strategic bidding approach and favorable market dynamics, including limited competition in select markets for some of the larger projects. This environment, which is supported by strong public funding and demand, has allowed the Company to differentiate itself and deliver compelling proposals that align with the customer’s goals and expectations. As a result of the strong new awards activity, the Company’s backlog grew to a new record of $21.1 billion as of June 30, 2025, up 102% compared to the backlog at the end of the second quarter of 2024 and up 9% compared to the previous record backlog at the end of the first quarter of 2025. Backlog for the Civil and Specialty Contractors segments as of June 30, 2025 also set new records. The most significant new awards and contract adjustments in the second quarter of 2025 included:

• The $1.87 billion Midtown Bus Terminal Replacement – Phase 1 project in New York;

• A $538 million healthcare project in California;

• Two civil works projects in the Midwest collectively valued at $127 million;

• $90 million of additional funding for a mass-transit project in California; and

• $54 million of additional funding for another healthcare project in California.

The Company expects its backlog will remain strong in 2025 due in part to several Building segment projects currently in the preconstruction phase that are anticipated to advance to the construction phase later this year. In addition, Tutor Perini expects to continue bidding selectively on various project opportunities this year that will drive long-term shareholder value. The Company continues to have numerous major project bidding opportunities, particularly on the West Coast, in the Midwest, and in the Indo-Pacific region, and is well positioned to continue winning its share of new projects this year and over the next several years.

Significant Balance Sheet Improvements

The Company has continued to make significant strides in improving its balance sheet. Total debt as of June 30, 2025 was $419 million, down 21% compared to $534 million at the end of 2024. As a result of the very strong cash collections in the second quarter of 2025, the Company’s cash exceeded its total debt by $107 million as of June 30, 2025, and it was the first time since 2010 that cash was greater than total debt. In addition, the Company’s balance of costs and estimated earnings in excess of billings (“CIE”) was $856 million as of June 30, 2025, down $91 million (or 10%) compared to the balance at the end of the first quarter of 2025 and at the lowest level it has been since the second quarter of 2017. This reduction in CIE was primarily driven by the resolution and billing of various previously disputed matters.

Management Remarks

Gary Smalley, Tutor Perini’s Chief Executive Officer and President, remarked, “Our second-quarter results were exceptional across all key metrics and reflect our continued outstanding operating performance and significant business momentum. Our strong revenue growth and profitability is being driven by our record backlog, which has continued to grow and includes various larger long-duration and higher-margin projects, most of which are in the early stages. We are confident that our record backlog will continue to drive higher revenue and strong profitability over the rest of 2025 and even more so in 2026 and 2027, as our newer projects advance to construction. Our operating cash flow for the first six months of 2025 was our highest first-half result ever, and we expect strong earnings and cash flow to continue through the rest of this year and beyond. Our earnings to date are considerably higher than expected, raising our confidence in Tutor Perini’s outlook, as demonstrated by a second consecutive quarter of increased earnings guidance. We believe that our growth and earnings momentum remains poised to continue over the next several years.”

Outlook and Guidance

Tutor Perini’s business has performed extremely well through the first half of 2025, and the Company anticipates continued strong operating performance and financial results over the rest of this year, with significantly higher revenue and earnings still expected in 2026 and 2027 as various newer large projects advance to the construction phase.

Based on the Company’s outstanding year-to-date results in 2025 and management’s increased confidence in its performance trajectory for the remainder of the year, the Company is now providing 2025 GAAP EPS guidance in the range of $1.70 to $2.00, up from $1.60 to $1.95, with corresponding 2025 Adjusted EPS expected in the range of $3.65 to $3.95, a significant increase compared to what would have been the prior Adjusted EPS guidance range of $2.45 to $2.80 had the Company provided Adjusted EPS guidance previously. The Company’s increased guidance continues to factor in a significant amount of contingency for various unknown or unexpected outcomes and developments in 2025. Based on its current projections, the Company expects that both GAAP EPS and Adjusted EPS for 2026 and 2027 will be higher than the upper end of its increased 2025 guidance.

The Company continues to see strong demand for its services, driven by well-funded state, local and federal customers that have numerous large-scale, high-priority infrastructure projects planned over the next several years, as well as by certain commercial customers that continue to advance projects for new or renovated buildings in end markets such as healthcare, education, and hospitality and gaming.

Although share-based compensation expense increased substantially in the second quarter of 2025 due to the dramatic increase in the Company’s share price, as discussed above, and it is expected to be higher than previously anticipated for the full year of 2025, the Company expects that share-based compensation expense will decrease considerably in 2026 and further in 2027 once certain liability-classified awards have vested. Because of the substantial increase in share-based compensation expense this year and the significant impact that it has had and will continue to have through the end of 2026 on the Company’s reported GAAP financial results, the Company is also reporting certain financial results on an adjusted basis, as described below.

Tutor Perini still does not currently anticipate any significant impact from recently imposed tariffs or the curtailment of federal funding programs but continues to closely monitor these issues.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements presented under GAAP, we are presenting certain non-GAAP financial measures. These non-GAAP financial measures are intended to provide additional insights that facilitate the comparison of our past and present performance, and they are among the indicators management uses to assess the Company’s financial performance and to forecast future performance. By including these non-GAAP financial measures, we aim to provide investors and stakeholders a clearer understanding of our operating results and enhance transparency with respect to the key financial metrics used by our management in its financial and operational decision-making.

These non-GAAP financial measures, which exclude share-based compensation expense for the three and six months ended June 30, 2025 and 2024 (as well as the tax benefit associated with the expense), include adjusted net income attributable to the Company and adjusted earnings per share. We exclude share-based compensation expense because this expense could result in significant volatility in our reported earnings, driven primarily by fluctuations in the expense recognized for certain long-term incentive compensation awards with payouts that are indexed to the Company’s common stock. By adjusting for share-based compensation, our non-GAAP measures present a supplemental depiction of our operational performance and financial health. This approach allows stakeholders to focus on our core operational efficiency and profitability without the variable impact to earnings caused by significant changes in our stock price. Our non-GAAP measures are intended to offer a consistent basis for evaluating the Company’s performance, which management believes is meaningful to stakeholders.

The non-GAAP financial measures included in this earnings release as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis.

Reconciliations of these non-GAAP financial measures and guidance are found in the tables below:

Second Quarter 2025 Conference Call

The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, August 6, 2025, to discuss the second quarter 2025 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.

The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini’s website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay on the website shortly after the call.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.

Forward-Looking Statements

The statements contained in this release, including those set forth in the section “Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statementsregarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential impacts on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; revisions of estimates of contract risks, revenue or costs; economic factors such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; an inability to obtain bonding could have a negative impact on our operations and results; a significant slowdown or decline in economic conditions, such as those presented during a recession; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; decreases in the level of federal, state and local government spending for infrastructure and other public projects; possible systems and information technology interruptions and breaches in data security and/or privacy; the impact of inclement weather conditions, disasters and other catastrophic events outside of our control on projects; risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions, and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings; client cancellations of, delays in, or reductions in scope under contracts reported in our backlog, as well as prospective project opportunities, including as a result of potential impacts from recently implemented tariffs or other government-related mandates; increased competition and failure to secure new contracts; risks related to government contracts and related procurement regulations; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws; significant fluctuations in the market price of our common stock, which could result in substantial losses for stockholders and potentially subject us to securities litigation; failure to meet our obligations under our debt agreements (especially in a high interest rate environment); downgrades in our credit ratings; public health crises, such as COVID-19, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections; physical and regulatory risks related to climate change; impairment of our goodwill or other indefinite-lived intangible assets; the exertion of influence over the Company by our executive chairman due to his position and significant ownership interests; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 27, 2025 and in other reports that we file with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806384714/en/

Tutor Perini Corporation

Jorge Casado, 818-362-8391

Senior Vice President, Investor Relations & Corporate Communications

www.tutorperini.com

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Architecture Other Construction & Property Residential Building & Real Estate HVAC Commercial Building & Real Estate Construction & Property Engineering Urban Planning Building Systems REIT Landscape Interior Design Manufacturing

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MetLife CFO John McCallion Provides Second Quarter 2025 Financial Update Video

NEW YORK–(BUSINESS WIRE)–
MetLife, Inc. (NYSE: MET) today announced that John McCallion, executive vice president and chief financial officer, and head of MetLife Investment Management, has provided a second quarter 2025 financial update video.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250806874930/en/

The video can be viewed on the company’s website at https://www.metlife.com/about-us/newsroom/#video.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit www.metlife.com.

Forward-Looking Statements

This news release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events and do not relate strictly to historical or current facts. They use words and terms such as “consistent,” “continue,” “growth,” “long-term,” “maintains,” “momentum,” “remain,” “sustainable,” and “target,” and other words and terms of similar meaning, or that are otherwise tied to future periods or future performance, in each case in all derivative forms. They include statements relating to strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. By their nature, forward-looking statements: speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

Many factors determine the results of MetLife, Inc., its subsidiaries and affiliates, and they involve unpredictable risks and uncertainties. Our forward-looking statements depend on our assumptions, our expectations, and our understanding of the economic environment, but they may be inaccurate and may change. MetLife, Inc. does not guarantee any future performance. Our results could differ materially from those MetLife, Inc. expresses or implies in forward-looking statements. The risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission, and others, may cause such differences. These factors include:

1. economic condition difficulties, including risks relating to interest rates, the effects of announced or future tariff increases on the global economy, credit spreads, declining equity or debt markets, real estate, obligors and counterparties, government default, currency exchange rates, derivatives, climate change, public health and terrorism and security;

2. global capital and credit market adversity;

3. credit facility inaccessibility;

4. financial strength or credit ratings downgrades;

5. unavailability, unaffordability, or inadequate reinsurance, including reinsurance risks that arise from reinsurers’ credit risk, and the potential shortfall or failure of risk mitigants to protect against such risks;

6. statutory life insurance reserve financing costs or limited market capacity;

7. legal, regulatory, and supervisory and enforcement policy changes;

8. changes in tax rates, tax laws or interpretations;

9. litigation and regulatory investigations;

10. unsuccessful efforts to meet all environmental, social, and governance standards or to enhance our sustainability;

11. MetLife, Inc.’s inability to pay dividends and repurchase common stock;

12. MetLife, Inc.’s subsidiaries’ inability to pay dividends to MetLife, Inc.;

13. investment defaults, downgrades, or volatility;

14. investment sales or lending difficulties;

15. collateral or derivative-related payments;

16. investment valuations, allowances or impairments changes;

17. claims or other results that differ from our estimates, assumptions, or models;

18. global political, legal, or operational risks;

19. business competition;

20. technological changes;

21. catastrophes;

22. climate changes or responses to it;

23. deficiencies in our closed block;

24. goodwill or other asset impairment, or deferred income tax asset allowance;

25. impairment of value of business acquired, value of distribution agreements acquired or value of customer relationships acquired;

26. product guarantee volatility, costs, and counterparty risks;

27. risk management failures;

28. insufficient protection from operational risks;

29. failure to protect confidentiality, integrity or availability of systems or data or other cybersecurity or disaster recovery failures;

30. accounting standards changes;

31. excessive risk-taking;

32. marketing and distribution difficulties;

33. pension and other postretirement benefit assumption changes;

34. inability to protect our intellectual property or avoid infringement claims;

35. acquisition, integration, growth, disposition, or reorganization difficulties;

36. Brighthouse Financial, Inc. separation risks;

37. MetLife, Inc.’s Board of Directors influence over the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; and

38. legal- and corporate governance-related effects on business combinations.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in subsequent reports to the U.S. Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806874930/en/

For Media:

Jane Slusark

347-989-5477

[email protected]

For Investors:

John Hall

212-578-7888

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Finance Banking Professional Services Asset Management Insurance

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BBVA Argentina Announces Second Quarter 2025 Financial Results Schedule

BUENOS AIRES, Argentina–(BUSINESS WIRE)–
Banco BBVA Argentina S.A. (NYSE, BYMA, MAE: BBAR; LATIBEX: XBBAR) today announced that it will report its Second Quarter 2025 results.

Earnings Release

Wednesday, August 20, 2025

Time: After market close

Conference Call

Thursday, August 21, 2025

Time: 12:00 p.m. Buenos Aires time – (11:00 a.m. EST)

Quiet Period

From Wednesday, August 6, through Wednesday, August 20, 2025

Executives

Ms. Carmen Morillo Arroyo, Chief Financial Officer

Mr. Diego Cesarini, Head of ALM & Investor Relations

Ms. Belén Fourcade, Investor Relations Manager

To participate, please click here to register

About BBVA Argentina

Banco BBVA Argentina (NYSE, BYMA, MAE: BBAR; LATIBEX: XBBAR) is a subsidiary of the BBVA Group, the principal shareholder since 1996. In Argentina, it is one of the leading private financial institutions since 1886. Nationwide, Banco BBVA Argentina offers retail and corporate banking to a broad customer base, including: individuals, SME’s, and large-sized companies.

Banco BBVA Argentina’s purpose is to bring the age of opportunities to everyone, based on our customers’ real needs, providing the best solutions, and helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: “Customer comes first, we think big and we are one team.” At the same time, its responsible banking model aspires to achieve a more inclusive and sustainable society.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806043589/en/

BBVA Argentina Investor Relations

[email protected]

ir.bbva.com.ar

KEYWORDS: Latin America North America United States South America Argentina New York

INDUSTRY KEYWORDS: Banking Professional Services Finance

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TriplePoint Venture Growth BDC Corp. Announces Second Quarter 2025 Financial Results

Highest Level of Closed Commitments and Fundings Since Fiscal Year 2022

Net Increase in Net Assets Resulting from Operations of $0.33 per Share for the Second Quarter

Declares Third Quarter 2025 Distribution of $0.23 per Share

MENLO PARK, Calif.–(BUSINESS WIRE)–
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the “Company,” “TPVG,” “we,” “us,” or “our”), a leading financing provider to venture growth stage companies backed by a select group of venture capital firms in technology and other high growth industries, today announced its financial results for the second quarter ended June 30, 2025 and the declaration by its Board of Directors of its third quarter 2025 distribution of $0.23 per share.

Second Quarter 2025 Highlights

• Signed $241.5 million of term sheets with venture growth stage companies at TriplePoint Capital LLC (“TPC”), and TPVG closed $160.1 million of new debt commitments, representing a 109% increase from the prior quarter and the highest amount in three years;

• Funded $78.5 million in debt investments, representing a 188% increase from the prior quarter and the highest level of funding activity in the last 10 quarters, to nine portfolio companies with a 12.3% weighted average annualized yield at origination;

• Grew the debt investment portfolio to $663.8 million at cost, up from $632.4 million in the prior quarter;

• Achieved a 14.5% weighted average annualized portfolio yield on debt investments for the quarter¹;

• Earned net investment income of $11.3 million, or $0.28 per share;

• Net increase in net assets resulting from operations of $13.2 million, or $0.33 per share;

• Realized a 13.0% return on average equity, based on net investment income during the quarter;

• Five debt portfolio companies raised an aggregate $216.0 million of capital in private financings during the quarter;

• Weighted average investment ranking of 2.17 on the debt investment portfolio as of quarter’s end;

• Net asset value of $348.7 million, or $8.65 per share, as of June 30, 2025 compared to $347.0 million, or $8.62 per share, as of March 31, 2025;

• Total liquidity of $312.5 million and total unfunded commitments of $184.7 million;

• Ended the quarter with a 1.22x gross leverage ratio and a 1.04x net leverage ratio;

• Declared a third quarter distribution of $0.23 per share, payable on September 30, 2025; bringing total declared distributions to $16.88 per share since the Company’s initial public offering;

• Subsequent to quarter-end, our investment adviser, TriplePoint Advisers LLC (the “Adviser”,) amended its existing income incentive fee waiver to waive, in full, its quarterly income incentive fee for the remainder of fiscal year 2025; and

• Our sponsor, TPC, announced a discretionary share purchase program to acquire up to $14 million of the Company’s outstanding common stock in the open market.

Year to Date 2025 Highlights

• Signed $556.9 million of term sheets with venture growth stage companies at TPC and TPVG closed $236.6 million of new debt commitments;

• Funded $106.2 million in debt investments to 12 portfolio companies with a 12.6% weighted average annualized portfolio yield at origination, and funded $1.1 million in direct equity investments in private rounds of financing to five portfolio companies;

• Earned net investment income of $22.0 million, or $0.55 per share;

• Net increase in net assets resulting from operations of $25.9 million, or $0.64 per share;

• Paid distributions of $0.60 per share;

• Nine debt portfolio companies raised an aggregate $352.5 million of capital in private financings;

• Achieved a 14.5% weighted average annualized portfolio yield on debt investments^[1];

• In April 2025, DBRS, Inc. confirmed TPVG’s investment grade rating, with a BBB (low) Long-Term Issuer rating, with a stable trend
  
  outlook; and

• Estimated undistributed taxable earnings from net investment income (or “spillover income”) of $42.0 million, or $1.04 per share, as of June 30, 2025.

“Our debt investment portfolio grew in the second quarter driven by robust commitments and fundings,” said Jim Labe, chairman and chief executive officer of TPVG. “The pipeline at TPC remains strong and we continue on the path of increased scale, diversification and sector rotation to capitalize on the strong demand from venture-growth stage companies in favorable sectors.”

“We have implemented several steps that further strengthen our alignment with shareholders and demonstrate the continued support from our Sponsor, TriplePoint Capital,” said Sajal Srivastava, president and chief investment officer of the Company. “Going forward, our focus remains on continuing to position TPVG well for the future, as we seek to build long term shareholder value.”

PORTFOLIO AND INVESTMENT ACTIVITY

During the three months ended June 30, 2025, the Company entered into $160.1 million of new debt commitments with eight portfolio companies, funded debt investments totaling $78.5 million to nine portfolio companies, acquired warrants in nine portfolio companies with a cost basis of $1.0 million, and made direct equity investments of $1.1 million in five portfolio companies. Debt investments funded during the quarter carried a weighted average annualized portfolio yield of 12.3% at origination. During the quarter, the Company received $43.7 million of principal prepayments, $1.3 million of early repayments and $11.3 million of scheduled principal amortization. The weighted average annualized portfolio yield on debt investments for the second quarter was 14.5%. The Company calculates weighted average portfolio yield as the annualized rate of the interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The return on average equity for the second quarter was 13.0% based on net investment income. The Company calculates return on average equity as the annualized rate of net investment income recognized during the period divided by the Company’s average net asset value during the period.

As of June 30, 2025, the Company held debt investments in 46 portfolio companies, warrants in 106 portfolio companies and equity investments in 52 portfolio companies. The total cost and fair value of these investments were $753.7 million and $717.9 million, respectively.

The following table shows the total portfolio investment activity for the three and six months ended June 30, 2025 and 2024:

SIGNED TERM SHEETS

During the three months ended June 30, 2025, TPC entered into $241.5 million of non-binding term sheets to venture growth stage companies. These opportunities are subject to underwriting conditions including, but not limited to, the completion of due diligence, negotiation of definitive documentation and investment committee approval, as well as compliance with the allocation policy. Accordingly, there is no assurance that any or all of these transactions will be completed or assigned to the Company.

UNFUNDED COMMITMENTS

As of June 30, 2025, the Company’s unfunded commitments totaled $184.7 million, of which $27.3 million was dependent upon portfolio companies reaching certain milestones. Of the $184.7 million of unfunded commitments, $19.6 million will expire during 2025, $88.6 million will expire during 2026, and $76.5 million will expire during 2027, if not drawn prior to expiration. Since these commitments may expire without being drawn, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.

RESULTS OF OPERATIONS

Total investment and other income was $23.3 million for the second quarter of 2025, representing a weighted average annualized portfolio yield of 14.5% on debt investments, as compared to $27.1 million and 15.8% for the second quarter of 2024. The decrease in total investment and other income was primarily due to a lower weighted average principal amount outstanding on our income-bearing debt investment portfolio, lower investment yields due in part to decreases in the Prime rate and less prepayment income. For the six months ended June 30, 2025, the Company’s total investment and other income was $45.7 million, as compared to $56.4 million for the six months ended June 30, 2024, representing a weighted average annualized portfolio yield on total debt investments of 14.5% and 15.6%, respectively.

For the second quarter of 2025, total operating expenses, inclusive of an income incentive fee waiver of $1.3 million, were $12.0 million as compared to $14.5 million for the second quarter of 2024. Total operating expenses for the second quarter of 2025 consisted of $6.7 million of interest expense and amortization of fees, $3.3 million of base management fees, $0.6 million of Administration Agreement expenses and $1.4 million of general and administrative expenses. Due to the total return requirement under the income component of our incentive fee structure, our income incentive fees were reduced by $1.0 million, and the Adviser waived the remaining $1.3 million of income incentive fees earned during the three months ended June 30, 2025. Total operating expenses for the second quarter of 2024 consisted of $8.7 million of interest expense and amortization of fees, $3.8 million of base management fees, $0.6 million of Administration Agreement expenses and $1.4 million of general and administrative expenses. Due to the total return requirement under the income component of our incentive fee structure, our income incentive fees were reduced by $2.5 million during the three months ended June 30, 2024. The Company’s total operating expenses were $23.7 million and $28.3 million for the six months ended June 30, 2025 and 2024, respectively.

For the second quarter of 2025, the Company recorded net investment income of $11.3 million, or $0.28 per share, as compared to $12.6 million, or $0.33 per share, for the second quarter of 2024. The decrease in net investment income between periods was driven primarily by lower total investment and other income. Net investment income for the six months ended June 30, 2025 was $22.0 million, or $0.55 per share, compared to $28.1 million, or $0.74 per share, for the six months ended June 30, 2024.

During the second quarter of 2025, the Company recognized net realized losses on investments of $32,000. During the second quarter of 2024, the Company recognized net realized losses on investments of $18.8 million.

Net change in unrealized gains on investments for the second quarter of 2025 was $1.9 million, consisting of $6.8 million of net unrealized gains on the existing warrant and equity portfolio resulting from fair value adjustments and $5.8 million of net unrealized gains from foreign currency adjustments, partially offset by $10.7 million of net unrealized losses on the debt investment portfolio resulting from fair value adjustments. Net change in unrealized gains on investments for the second quarter of 2024 was $14.9 million. The Company’s net realized and unrealized gains were $3.9 million for the six months ended June 30, 2025, compared to net realized and unrealized losses of $11.5 million for the six months ended June 30, 2024.

The Company’s net increase in net assets resulting from operations for the second quarter of 2025 was $13.2 million, or $0.33 per share, as compared to a net increase in net assets resulting from operations of $8.6 million, or $0.22 per share, for the second quarter of 2024. For the six months ended June 30, 2025, the Company’s net increase in net assets resulting from operations was $25.9 million, or $0.64 per share, as compared to a net increase in net assets resulting from operations of $16.6 million, or $0.43 per share, for the six months ended June 30, 2024.

CREDIT QUALITY

The Adviser maintains a credit watch list with portfolio companies placed into one of five credit risk categories, with Clear, or 1, being the best rating and Red, or 5, being the lowest. Generally, all new loans receive an initial grade of White, or 2, unless the portfolio company’s credit quality meets the characteristics of another credit category.

As of June 30, 2025, the weighted average investment ranking of the Company’s debt investment portfolio was 2.17, as compared to 2.12 at the end of the prior quarter. During the quarter ended June 30, 2025, portfolio company credit category changes, excluding fundings and repayments, consisted of the following: one portfolio company with a principal balance of $2.1 million was downgraded from White (2) to Yellow (3), and one portfolio company with a principal balance of $11.1 million was downgraded from White (2) to Orange (4).

The following table shows the credit categories for the Company’s debt investments at fair value as of June 30, 2025 and December 31, 2024:

NET ASSET VALUE

As of June 30, 2025, the Company’s net assets were $348.7 million, or $8.65 per share, as compared to $345.7 million, or $8.61 per share, as of December 31, 2024.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2025, the Company had total liquidity of $312.5 million, consisting of cash, cash equivalents and restricted cash of $62.5 million and available capacity under its Revolving Credit Facility of $250.0 million. As of June 30, 2025, the Company held $0.6 million of stock and warrant positions in publicly traded companies. The Company ended the quarter with a 1.22x gross leverage ratio, a 1.04x net leverage ratio and a 1940 Act asset coverage ratio of 182%.

DISTRIBUTION

On August 5, 2025, the Company’s board of directors declared a regular quarterly distribution of $0.23 per share for the third quarter, payable on September 30, 2025 to stockholders of record as of September 16, 2025. As of June 30, 2025, the Company had estimated spillover income of $42.0 million, or $1.04 per share.

TPC STOCK PURCHASE PROGRAM

Our sponsor, TriplePoint Capital LLC, announced a discretionary share purchase program to acquire up to $14 million of the Company’s outstanding shares of common stock at prices below the then-current NAV per share over the next twelve months subject to certain trading parameters and limitations. These purchases may occur through various methods, including in open market transactions and through privately negotiated transactions, and may be conducted in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934.

RECENT DEVELOPMENTS

Since June 30, 2025 and through August 5, 2025:

• TPC’s direct originations platform entered into $57.7 million of additional non-binding signed term sheets with venture growth stage companies;

• The Company closed $114.0 million of additional debt commitments; and

• The Company funded $20.5 million in new investments.

CONFERENCE CALL

The Company will host a conference call at 5:00 p.m. Eastern Time, today, August 6, 2025, to discuss its financial results for the quarter ended June 30, 2025. To listen to the call, investors and analysts should dial (844) 826-3038 (domestic) or +1 (412) 317-5184 (international) and ask to join the TriplePoint Venture Growth BDC Corp. call. Please dial in at least five minutes before the scheduled start time. A replay of the call will be available through September 6, 2025, by dialing (877) 344-7529 (domestic) or +1 (412) 317-0088 (international) and entering conference ID 4089095. The conference call also will be available via a live audio webcast in the investor relations section of the Company’s website, https://www.tpvg.com. An online archive of the webcast will be available on the Company’s website for one year after the call.

ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.

TriplePoint Venture Growth BDC Corp. is an externally-managed business development company focused on providing customized debt financing with warrants and direct equity investments primarily to venture growth stage companies in technology and other high growth industries backed by a select group of venture capital firms. The Company’s sponsor, TriplePoint Capital, is a Sand Hill Road-based global investment platform which provides customized debt financing, leasing, direct equity investments and other complementary solutions to venture capital-backed companies in technology and other high growth industries at every stage of their development with unparalleled levels of creativity, flexibility and service. For more information about TriplePoint Venture Growth BDC Corp., visit https://www.tpvg.com. For more information about TriplePoint Capital, visit https://www.triplepointcapital.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, investment activity, financial condition or results of operations and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Actual events, investment activity, performance, condition or results may differ materially from those in the forward-looking statements as a result of a number of factors, including as a result of changes in economic, market or other conditions, and the impact of such changes on the Company’s and its portfolio companies’ results of operations and financial condition, and those factors described from time to time in the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or discussed on the webcast/conference call, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. In addition, there is no assurance that the Company or any of its affiliates will purchase additional shares of the Company’s common stock at any specific discount levels or in any specific amounts. There is no assurance that the market price of the Company’s shares, either absolutely or relative to NAV, will increase as a result of any share purchase program, or that any purchase plan will enhance stockholder value over the long term. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

NON-GAAP FINANCIAL MEASURES

To provide additional information about the Company’s results, the Company’s management has discussed in this press release the Company’s net leverage ratio (calculated as (i) total debt less (ii) cash, cash equivalents and restricted cash divided by total net assets), which is not prepared in accordance with GAAP. This non-GAAP measure is included to supplement the Company’s financial information presented in accordance with GAAP and because the Company uses such measure to monitor and evaluate its leverage and financial condition and believes this presentation enhances investors’ ability to analyze trends in the Company’s business and to evaluate the Company’s leverage and ability to take on additional debt. However, this non-GAAP measure has limitations and should not be considered in isolation or as a substitute for analysis of the Company’s financial results as reported under GAAP.

This non-GAAP measure is not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, this non-GAAP measure is not based on any comprehensive set of accounting rules or principles and should only be used to evaluate the Company’s results of operations in conjunction with its corresponding GAAP measure.

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INVESTOR RELATIONS AND MEDIA CONTACT

The IGB Group

Leon Berman

212-477-8438

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Professional Services Finance

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Motorola Solutions Completes Acquisition of Silvus Technologies Holding Inc.

Adds mobile ad-hoc network leadership and extends company into a multi-billion-dollar, rapidly growing addressable market for drone and unmanned systems

CHICAGO–(BUSINESS WIRE)–
Motorola Solutions (NYSE: MSI) has completed its acquisition of Silvus Technologies Holdings Inc. (“Silvus”), a global leader in mission-critical mobile ad-hoc networks (MANET), based in Los Angeles, California.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250806210329/en/

Motorola Solutions acquires Silvus Technologies, a global leader in highly sophisticated mission-critical mobile ad-hoc networks, solving the toughest communication challenges at the tactical edge

Silvus’ MANET technology is designed to support frontline operations in the most challenging and contested environments, enabling highly secure data, video and voice communications without the need for fixed infrastructure. Their devices mesh together to establish large, scalable and self-healing networks that adapt to continuous mobility. These robust mobile networks connect people, devices and other nodes over distance and at scale, and seamlessly support bandwidth-intensive technologies like video, sensors and drones.

“Silvus’ advanced solutions for drone and unmanned systems are trusted in the world’s most demanding defense environments, and offer vital applications for border security and public safety,” said Greg Brown, chairman and CEO, Motorola Solutions. “Their capabilities are an excellent complement to our land mobile radio and video technologies, and we look forward to bringing them to more customers around the world.”

Autonomous technologies, including drones, vehicles and robots, are increasingly deployed to safely provide a greater distance between soldiers and potential threats. Silvus’ technology allows human operators to securely control these systems with extremely low latency, helping to save lives while informing better tactical decisions.

Silvus’ wide range of customers spans defense agencies, autonomous systems manufacturers, the intelligence community, law enforcement and enterprises globally. Motorola Solutions plans to extend Silvus’ reach through its global scale and long-standing relationships with government and public safety customers around the world.

“Working with Babak and the Silvus team, we’ve seen firsthand how their expertise has created truly disruptive communications technology,” said Erik Fagan, Partner and Head of Industrial Technology, TJC. “They’ve built an exceptional company serving a critical need, and we are excited to watch their next successful chapter unfold with Motorola Solutions as a global leader in safety and security.”

“We have always respected Motorola Solutions’ leadership,” said Babak Daneshrad, PhD, CEO, Silvus Technologies. “At our core, both our companies are driven by innovation that makes the world safer. Bringing our advanced engineering teams together amplifies our ability to build more powerful solutions to serve more customers globally. I am incredibly optimistic about the future we have with Motorola Solutions.”

More information about the acquisition will be shared during Motorola Solutions’ quarterly conference call with financial analysts at 4 p.m. Central (5 p.m. Eastern) on Aug. 7. The conference call will be webcast live and a replay will be available at www.motorolasolutions.com/investors.

Download video and images from the media kit.

Transaction Terms

Under the terms of the purchase agreement, the consideration for the Silvus acquisition includes $4.4 billion in upfront consideration, comprising approximately $4.38 billion in cash (subject to customary adjustments) and approximately $20 million in restricted stock to certain employee equity holders. The terms of the purchase agreement also include the ability to earn earnout consideration of up to $600 million in the aggregate based on business performance over consecutive twelve-month periods ending in 2027 and 2028.

About Motorola Solutions | Solving for safer

Safety and security are at the heart of everything we do at Motorola Solutions. We build and connect technologies to help protect people, property and places. Our solutions foster the collaboration that’s critical for safer communities, safer schools, safer hospitals, safer businesses, and ultimately, safer nations. Learn more about our commitment to innovating for a safer future for us all at www.motorolasolutions.com.

About TJC

TJC, formerly known as The Jordan Company, has worked for more than 40 years with CEOs, founders and entrepreneurs across a range of industries including Consumer & Healthcare, Diversified Industrials, Industrial Technology, Aerospace & Defense, Logistics & Supply Chain and Technology & Infrastructure. With $32.0 billion of assets under management as of March 31, 2025, TJC is managed by a senior leadership team that has invested together for over 23 years on over 85 investments. TJC has offices in New York, Chicago, Miami and Stamford. For more information, please visit www.tjclp.com.

Motorola Solutions Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable federal securities law. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Motorola Solutions can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent Motorola Solutions’ views only as of today and should not be relied upon as representing Motorola Solutions’ views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, expected benefits of the transaction to Motorola Solutions and the Silvus business, the ability to expand the reach of Silvus’ offerings, and our ability to integrate and combine the two companies. Motorola Solutions cautions the reader that the risks and uncertainties, including those in Part I Item 1A of Motorola Solutions’ 2024 Annual Report on Form 10-K and in its other U.S. Securities and Exchange Commission (“SEC”) filings, which are available for free on the SEC’s website at www.sec.gov and on Motorola Solutions’ website at www.motorolasolutions.com/investors, could cause actual results to differ materially from those estimated or predicted in the forward-looking statements. Many of these risks and uncertainties cannot be controlled by Motorola Solutions and factors that may impact forward-looking statements include, but are not limited to, Motorola Solutions’ ability to successfully integrate and operate Silvus and realize the anticipated benefits of the acquisition. Motorola Solutions undertakes no obligation to publicly update any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806210329/en/

Media Contact

Alexandra Reynolds

[email protected]

+1 312 965 3968

Investor Contact

Tim Yocum

Motorola Solutions

[email protected]

+1 847-576-6899

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Hardware Security Data Management Government Technology Technology Law Enforcement/Emergency Services Robotics Audio/Video Defense Public Policy/Government Drones Military Telecommunications Software Networks Mobile/Wireless

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Motorola Solutions acquires Silvus Technologies, a global leader in highly sophisticated mission-critical mobile ad-hoc networks, solving the toughest communication challenges at the tactical edge

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Civitas Resources Reinstates Capital Return Program

Board increases share repurchase authorization to $750 million; Company plans $250 million accelerated share repurchase

DENVER–(BUSINESS WIRE)–
Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”) today announced that its Board of Directors has authorized reinstating a capital allocation strategy prioritizing both peer-leading return of capital to shareholders and ongoing debt reduction. Future free cash flow, after paying the Company’s $2 per share annual base dividend, is expected to be allocated equally to share repurchases and debt reduction on an annual basis.

In support of the capital return program, the Board increased the Company’s share repurchase authorization to $750 million, which represents approximately 28% of the Company’s current market capitalization. As part of the 2025 capital return, the Company plans to enter into an accelerated share repurchase (“ASR”) agreement to repurchase $250 million of Civitas’ equity. Inclusive of paid and planned dividends and repurchases for the year, the Company’s capital return to shareholders in 2025 is estimated to be approximately 21% of its current market capitalization.

Board Chair Howard A. Willard III commented, “We have taken decisive steps to strengthen Civitas, and following these important actions, we are reinstating an aggressive capital return program to take advantage of the compelling value we see in our equity today. Through the ASR program, we are targeting a rapid repurchase of a significant quantity of the Company’s outstanding shares, and we are committed to returning capital to our shareholders moving forward, with an anticipated $500 million of remaining repurchase authorization following this initial ASR.”

Strategic steps taken to position Civitas for enhanced return of capital to shareholders include:

• Optimized 2025 free cash flow with a $150 million reduction in the Company’s original capital expenditure plan

• Added 17 million barrels of oil hedges through the third quarter of 2026; Company is approximately 60% hedged on oil through the end of 2025 with a weighted average floor of $67 per barrel WTI

• Extended debt maturities and reduced revolving credit facility borrowings with $750 million issuance of unsecured Senior Notes due 2033

• Implemented a $100 million cost optimization and efficiency project to sustainably lower capital and operating costs and improve margins, and

• Accelerated deleveraging with non-core DJ Basin asset divestments totaling $435 million, exceeding the Company’s full-year target of $300 million

With these accomplishments, net debt is anticipated to be $4.5 billion around year-end 2025, consistent with the Company’s previously-communicated target.

Under the ASR agreement, the Company is expected to commence repurchases promptly, with final settlement occurring within the third quarter.

The Company will discuss its capital return program in more detail on its second quarter 2025 earnings webcast and conference call at 6:00 a.m. MT (8:00 a.m. ET) on Thursday, August 7, 2025. The webcast will be available on the Investor Relations section of the Company’s website at www.civitasresources.com. The dial-in number for the call is 888-510-2535, with passcode 4872770.

About Civitas

Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development and production of crude oil and liquids-rich natural gas from its premier assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. Civitas’ proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership.

Information Regarding Forward-Looking Statements

Certain statements in this press release concerning Civitas’ future expectations, beliefs, plans, objectives, financial conditions, assumptions, or future events or performance that are not historical facts are “forward-looking” statements based on assumptions currently believed to be valid. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely,” “plan,” “positioned,” “strategy,” and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements included in this press release include statements regarding the Company’s plans and commitments with respect to its capital return program and the ASR agreement. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to: future financial condition, results of operations, strategy and plans; declines or volatility in the prices we receive for our crude oil, natural gas, and NGLs; general economic conditions, whether internationally, nationally, or in the regional and local market areas in which we do business, including any future economic downturn, the impact of continued or further inflation, disruption in the financial markets, the imposition of tariffs or trade or other economic sanctions, political instability, and the availability of credit on acceptable terms; the effects of disruption of our operations or excess supply of crude oil and natural gas and other effects of world events, and actions taken by OPEC+ as it pertains to global supply and demand of, and prices for, crude oil, natural gas, and NGLs; political conditions in or affecting other producing countries, including conflicts or hostilities in or relating to the Middle East (including the current events involving Israel and Iran), South America, and Russia (including the current events involving Russia and Ukraine), and other sustained military campaigns or acts of terrorism or sabotage and the effects therefrom; our ability to identify, select, and consummate possible additional acquisition and disposition opportunities; the ability of our customers to meet their obligations to us; our access to capital on acceptable terms; our ability to generate sufficient cash flow from operations, borrowings, or other sources to enable us to fully develop our undeveloped acreage positions and to meet our capital allocation initiatives; the presence or recoverability of estimated crude oil and natural gas reserves and the actual future sales volume rates and associated costs; uncertainties associated with estimates of proved crude oil and natural gas reserves; changes in local, state, and federal laws, regulations or policies that may affect our business or our industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); environmental, health, and safety risks; seasonal weather conditions as well as severe weather and other natural events caused by climate change; lease stipulations; drilling and operating risks, including the risks associated with the employment of horizontal drilling and completion techniques; our ability to acquire adequate supplies of water for drilling and completion operations; availability of oilfield equipment, services, and personnel; exploration and development risks; operational interruption of centralized crude oil and natural gas processing facilities; competition in the crude oil and natural gas industry; management’s ability to execute our plans to meet our goals; our ability to attract and retain key members of our senior management and key technical employees; our ability to maintain effective internal controls; access to adequate gathering systems and pipeline take-away capacity; our ability to secure adequate processing capacity for natural gas we produce, to secure adequate transportation for crude oil, natural gas, and NGL we produce, and to sell the crude oil, natural gas, and NGL at market prices; costs and other risks associated with perfecting title for mineral rights in some of our properties; pandemics and other public health epidemics; and other economic, competitive, governmental, legislative, regulatory, geopolitical, and technological factors that may negatively impact our businesses, operations, or pricing.

Additional information concerning other factors that could cause results to differ materially from those described above can be found under Item 1A. “Risk Factors” and “Management’s Discussion and Analysis” sections in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, subsequently filed Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings made with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date they are made and are based on information available at the time they were made. The Company assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250806181205/en/

Civitas Contacts

Investor Relations:

Brad Whitmarsh, 832.736.8909, [email protected]

Media:

Rich Coolidge, [email protected]

KEYWORDS: Colorado United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy

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