Market Newsdesk

April 22, 2025 7:07 am

Kimberly-Clark Announces First Quarter 2025 Results and Updates 2025 Outlook

PR Newswire

Results driven by strong in-market execution and effective cost management in dynamic operating environment

Full year outlook adjusted to reflect potential incremental costs from a more uncertain geopolitical landscape

DALLAS
, April 22, 2025 /PRNewswire/ — Kimberly-Clark Corporation (NYSE: KMB) today reported first quarter 2025 results driven by resilient consumer demand, the introduction of pioneering innovative new products, and leveraging sustained productivity momentum.

“Building on the strong foundation we established in 2024, we made further progress across the three pillars of our Powering Care strategy in the first quarter of 2025,” said Kimberly-Clark Chairman and CEO, Mike Hsu. “Despite the evolving external landscape, our first quarter was consistent with our full-year plan.”

Hsu continued, “At the same time, the current environment will now mean greater costs across our global supply chain versus our expectations at the beginning of the year. However, we remain confident in our ability to offset these costs over time and unlock our long-term potential. Our strong productivity momentum is fueling investments to advance our competitive advantage and driving profitability. Our innovation across the good-better-best value spectrum is winning with consumers and enabling us to gain share. I am proud of the effort of our teams around the world. Their commitment has positioned Kimberly-Clark to usher in our next chapter of growth and continue to deliver Better Care for a Better World.”

Quarter Highlights

Net sales of $4.8 billion were down 6.0 percent, driven primarily by impacts of currency and divestitures and business exits, with an organic sales decline of 1.6 percent versus the prior year.
Reported gross margin was 35.8 percent; adjusted gross margin was 36.9 percent, down 20 basis points versus the prior year.
Diluted earnings per share were $1.70; adjusted earnings per share were $1.93, down 4.0 percent versus prior year.

First Quarter 2025 Results

Net sales of $4.8 billion were 6.0 percent lower than the prior year, including negative impacts of approximately 2.4 percent from foreign currency translation and approximately 2.0 percent from a combination of the PPE divestiture and the exit of the company’s private label diaper business in the US. Organic sales decreased 1.6 percent driven by a 1.5 percent decrease in price while volume and mix were in line with a year ago.

Gross margin was 35.8 percent in the quarter, inclusive of $53 million, or approximately 110 basis points, of charges related to the 2024 Transformation Initiative. Excluding these charges, adjusted gross margin was 36.9 percent, down 20 basis points versus the prior year.

First quarter operating profit was $769 million compared to $853 million in the prior year. Operating profit in each period was inclusive of 2024 Transformation Initiative charges totaling $75 million and $45 million, respectively. Excluding these items, adjusted operating profit was $844 million, down 6.0 percent versus the prior year and inclusive of an unfavorable impact from currency translation of 2.2 percent.

Net interest expense was $57 million and in line with the prior year.

The first quarter effective tax rate was 23.8 percent, in line with the prior year. On an adjusted basis, the effective rate was 21.4 percent compared to 23.6 percent in the prior year. The first quarter of 2025 benefited from the resolution of certain tax matters.

Net income of equity companies was $44 million compared to $61 million in the prior year driven primarily by unfavorable currency impacts.

Diluted EPS in the quarter were $1.70 on a reported basis, down from $1.91 in the prior year. Reported amounts are inclusive of charges related to the company’s 2024 Transformation Initiative of $0.23 and $0.10, respectively. On an adjusted basis, EPS decreased 4.0 percent to $1.93 as the benefits from a lower adjusted effective tax rate were partially offset by lower adjusted operating profit and lower net income of equity companies.

Business Segment Results

(Unaudited)

Q1 change vs year ago (%)	Volume	Mix/Other	Net Price	Divestitures and Business Exits^(c)	Currency Translation	Total^(a)	Organic^(b)
Consolidated	(0.2)	0.1	(1.5)	(2.0)	(2.4)	(6.0)	(1.6)
NA	(0.1)	0.1	(0.6)	(2.9)	(0.4)	(3.9)	(0.6)
IPC	(0.6)	0.3	(2.5)	—	(6.0)	(8.9)	(2.8)
IFP	0.5	(0.1)	(2.6)	(2.9)	(2.6)	(7.7)	(2.3)


(a)	Total may not sum across due to rounding.
(b)	Represents the change in net sales excluding the impacts of currency translation and divestitures and business exits. Organic Sales Growth is a non-GAAP financial measure. See “Summary of Non-GAAP Financial Measures” below for reconciliations of our GAAP to non-GAAP measures.
(c)	Impact of the sale of the PPE business, the exit of the Company’s private label diaper business in the United States, and other exited businesses and markets in conjunction with the 2024 Transformation Initiative.

North America (NA)

North America net sales of $2.7 billion decreased 3.9 percent in the quarter, driven by a combination of the PPE divestiture and the exit of the company’s private label diaper business in the US. Organic sales declined 0.6 percent primarily driven by unfavorable price impacts of 0.6 percent reflecting targeted investments in the price pack architecture of the Baby and Child Care portfolio and enhancing value propositions in Professional.

Operating profit of $676 million increased 1.3 percent driven by strong productivity savings and optimization in marketing, selling, research and general expenses, partially offset by the impacts of divestiture and business exits and planned investments in the price-value tiers of the portfolio.

International Personal Care (IPC)

IPC net sales of $1.4 billion decreased 8.9 percent while organic sales decreased 2.8 percent, primarily driven by price investments across markets as we continually improve our value propositions across the portfolio.

Operating profit of $194 million decreased 19.8 percent, including an unfavorable currency translation impact of 5.0%. Operating profit decline was driven by planned investments in price-value tiers resulting in negative pricing net of cost inflation partially offset by productivity savings.

International Family Care & Professional (IFP)

IFP sales of $791 million decreased 7.7 percent primarily due to divestitures and business exits and unfavorable currency impacts. Organic sales decreased 2.3 percent driven by unfavorable price impacts of 2.6 percent reflecting price investments to remain competitive across International Family Care markets.

Operating profit of $106 million decreased 3.6 percent primarily driven by unfavorable currency translation impacts as favorable costs and strong productivity savings were offset by investments in price-value propositions.

Cash Flow and Balance Sheet

Cash provided by operations was $327 million compared to $438 million driven mainly by the decline in operating profit. Capital spending was $204 million compared to $194 million last year, and the company returned $466 million to shareholders through dividends and repurchases of common stock. Total debt was $7.2 billion as of March 31, 2025, down from $7.4 billion as of December 31, 2024.

2025 Outlook

Consistent with the Company’s long term growth algorithm, 2025 Organic Sales Growth is expected to outpace the weighted average growth in the categories and countries it competes, which are currently growing in the range of one and a half to two percent, compared to approximately two percent at the start of the year. Reported Net Sales are forecast to reflect a negative impact of approximately 200 basis points from currency translation, compared to approximately 300 basis points previously, as well as a negative 240 basis point impact from a combination of the PPE divestiture and the exit of the company’s private label diaper business in the US.

To reflect a reassessment of its cost base, including potential impacts from changes in the global geopolitical landscape, the company now expects its 2025 Adjusted Operating Profit to be flat to positive on a constant-currency basis versus the prior year, compared to a previous expectation of high single-digit growth on a constant currency basis. This outlook continues to include a negative 320 basis point impact from a combination of its PPE divestiture and the exit of the company’s private label diaper business in the US. Operating Profit growth is also expected to be negatively impacted by approximately 200 basis points from currency translation, compared to a previous expectation for a negative 300 basis point impact.

For the same reasons, Adjusted Earnings Per share are now expected to be flat to positive on a constant-currency basis including a negative 320 basis point impact from a combination of its PPE divestiture and the exit of the company’s private label diaper business in the US as well as a negative 100 basis point impact from items below operating profit including an impact from higher net interest expense, a higher effective adjusted tax rate and lower shares outstanding, among others. Earnings Per Share are also currently expected to be negatively impacted by approximately 300 basis points from currency translation, including the impact on income from equity interests, compared to a previous expectation for a negative 350 to 400 basis point impact.

Finally, related to the incremental profit pressures the Company expects to experience, Adjusted Free Cash Flow is now expected to be approximately $2 billion in 2025 compared to a previous expectation of more than $2 billion.

This outlook reflects assumptions subject to change given the macro environment.

Supplemental Materials and Live Webcast

Supplemental materials will be available at approximately 7:05 a.m. Eastern Daylight Time in the Investor Relations section of the Kimberly-Clark website. The company will host a live Q&A session with investors and analysts on April 22, 2025, at 8:30 a.m. Eastern Daylight Time. The supplemental materials and Kimberly-Clark’s Q&A session can be accessed at the Kimberly-Clark website. A replay of the webcast will be available following the event through the same website.

About Kimberly-Clark

Kimberly-Clark (NYSE: KMB) and its trusted brands are an indispensable part of life for people in more than 175 countries and territories. Fueled by ingenuity, creativity, and an understanding of people’s most essential needs, we create products that help individuals experience more of what’s important to them. Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold No. 1 or No. 2 share positions in approximately 70 countries. We use sustainable practices that support a healthy planet, build strong communities, and ensure our business thrives for decades to come. We are proud to be recognized as one of the World’s Most Ethical Companies^(R) by Ethisphere for the seventh year in a row and one of Fortune’s Most Innovative Companies in America in 2024. To keep up with the latest news and to learn more about the company’s more than 150-year history of innovation, visit the Kimberly –Clark website .

Copies of Kimberly-Clark’s Annual Report to Stockholders and its proxy statements and other SEC filings, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, are made available free of charge on the company’s website on the same day they are filed with the SEC. To view these filings, visit the Investors section of the company’s website.

Forward Looking Statements

Certain matters contained in this news release concerning the business outlook, including raw material, energy and other input costs, the anticipated charges and savings from the 2024 Transformation Initiative, cash flow and uses of cash, growth initiatives, innovations, marketing and other spending, net sales, anticipated currency rates and exchange risks, including the impact in Argentina and Türkiye, effective tax rate, contingencies and anticipated transactions of Kimberly-Clark, including dividends, share repurchases and pension contributions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon management’s expectations and beliefs concerning future events impacting Kimberly-Clark. There can be no assurance that these future events will occur as anticipated or that our results will be as estimated. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update them.

The assumptions used as a basis for the forward-looking statements include many estimates that, among other things, depend on the achievement of future cost savings and projected volume increases. In addition, many factors outside our control, including the risk that we are not able to realize the anticipated benefits of the 2024 Transformation Initiative (including risks related to disruptions to our business or operations or related to any delays in implementation), war in Ukraine (including the related responses of consumers, customers, and suppliers and sanctions issued by the U.S., the European Union, Russia or other countries), government trade or similar regulatory actions (including current and potential trade and tariff actions affecting the countries where we operate and the resulting negative impacts on our supply chain, commodity costs, and consumer spending), pandemics, epidemics, fluctuations in foreign currency exchange rates, the prices and availability of our raw materials, supply chain disruptions, disruptions in the capital and credit markets, counterparty defaults (including customers, suppliers and financial institutions with which we do business), failure to realize the expected benefits or synergies from our acquisition and disposition activity, impairment of goodwill and intangible assets and our projections of operating results and other factors that may affect our impairment testing, changes in customer preferences, severe weather conditions, regional instabilities and hostilities (including the war in Israel), potential competitive pressures on selling prices for our products, energy costs, general economic and political conditions globally and in the markets in which we do business, as well as our ability to maintain key customer relationships, could affect the realization of these estimates.

The factors described under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, or in our other SEC filings, among others, could cause our future results to differ from those expressed in any forward-looking statements made by us or on our behalf. Other factors not presently known to us or that we presently consider immaterial could also affect our business operations and financial results.

KIMBERLY-CLARK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Millions, except per share amounts) (Unaudited)

	Three Months Ended March 31
	2025	2024	Change
Net Sales	$ 4,840	$ 5,149	(6.0 %)
Cost of products sold	3,107	3,238	(4.0 %)
Gross Profit	1,733	1,911	(9.3 %)
Marketing, research and general expenses	941	1,039	(9.4 %)
Other (income) and expense, net	23	19	21.1 %
Operating Profit	769	853	(9.8 %)
Nonoperating expense	(18)	(15)	20.0 %
Interest income	7	10	(30.0 %)
Interest expense	(64)	(67)	(4.5 %)
Income Before Income Taxes and Equity Interests	694	781	(11.1 %)
Provision for income taxes	(165)	(184)	(10.3 %)
Income Before Equity Interests	529	597	(11.4 %)
Share of net income of equity companies	44	61	(27.9 %)
Net Income	573	658	(12.9 %)
Net income attributable to noncontrolling interests	(6)	(11)	(45.5 %)
Net Income Attributable to Kimberly-Clark Corporation	$ 567	$ 647	(12.4 %)

Per Share Basis
Net Income Attributable to Kimberly-Clark Corporation
Basic	$ 1.71	$ 1.92	(10.9 %)
Diluted	$ 1.70	$ 1.91	(11.0 %)

Cash Dividends Declared	$ 1.26	$ 1.22	3.3 %


Common Shares Outstanding	March 31
	2025	2024
Outstanding shares as of	331.9	336.8
Average diluted shares for three months ended	333.3	338.3

KIMBERLY-CLARK CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Millions) (Unaudited)

	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$ 563	$ 1,021
Accounts receivable, net	2,176	2,009
Inventories	1,909	1,822
Other current assets	633	728
Total Current Assets	5,281	5,580
Property, Plant and Equipment, Net	7,507	7,513
Investments in Equity Companies	354	314
Goodwill	1,971	1,964
Other Intangible Assets, Net	85	87
Other Assets	1,107	1,088
TOTAL ASSETS	$ 16,305	$ 16,546

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Debt payable within one year	$ 766	$ 568
Trade accounts payable	3,601	3,715
Accrued expenses and other current liabilities	2,139	2,319
Dividends payable	415	402
Total Current Liabilities	6,921	7,004
Long-Term Debt	6,481	6,875
Noncurrent Employee Benefits	640	643
Deferred Income Taxes	319	326
Other Liabilities	683	686
Redeemable Preferred Securities of Subsidiaries	37	37
Stockholders’ Equity
Kimberly-Clark Corporation	1,101	840
Noncontrolling Interests	123	135
Total Stockholders’ Equity	1,224	975
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 16,305	$ 16,546

KIMBERLY-CLARK CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions) (Unaudited)

	Three Months Ended March 31
	2025	2024
Operating Activities
Net income	$ 573	$ 658
Depreciation and amortization	218	185
Stock-based compensation	32	32
Deferred income taxes	7	(11)
Net (gains) losses on asset and business dispositions	10	5
Equity companies’ earnings (in excess of) less than dividends paid	(39)	(61)
Operating working capital	(476)	(367)
Postretirement benefits	3	2
Other	(1)	(5)
Cash Provided by Operations	327	438
Investing Activities
Capital spending	(204)	(194)
Investments in time deposits	(99)	(97)
Maturities of time deposits	186	119
Other	(2)	(9)
Cash Used for Investing	(119)	(181)
Financing Activities
Cash dividends paid	(405)	(398)
Change in short-term debt	45	4
Debt repayments	(250)	—
Proceeds from exercise of stock options	30	3
Repurchases of common stock	(61)	(54)
Cash dividends paid to noncontrolling interests	(18)	(19)
Other	(24)	(21)
Cash Used for Financing	(683)	(485)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	17	(12)
Change in Cash and Cash Equivalents	(458)	(240)
Cash and Cash Equivalents – Beginning of Period	1,021	1,093
Cash and Cash Equivalents – End of Period	$ 563	$ 853

KIMBERLY-CLARK CORPORATION BUSINESS SEGMENT RESULTS (Millions) (Unaudited)

	Three Months Ended March 31
	2025	2024	Change
Net Sales
NA	$ 2,666	$ 2,774	(3.9 %)
IPC	1,383	1,518	(8.9 %)
IFP	791	857	(7.7 %)
Total Net Sales	$ 4,840	$ 5,149	(6.0 %)

Operating Profit
NA	$ 676	$ 667	1.3 %
IPC	194	242	(19.8 %)
IFP	106	110	(3.6 %)
Segment Operating Profit^(a)	976	1,019	(4.2 %)
Corporate & Other	(207)	(166)	24.7 %
Total Operating Profit	$ 769	$ 853	(9.8 %)

(a)

Total Segment Operating Profit is a non-GAAP financial measure as it excludes certain unallocated general corporate expenses and income and expense not associated with the ongoing operations of the segments. Refer to “Summary of Non-GAAP Financial Measures” below for further discussion of how we utilize non-GAAP financial measures. As shown above, we have included a reconciliation to Total Operating Profit, as determined in accordance with GAAP.

SUMMARY OF NON-GAAP FINANCIAL MEASURES

The following provides the reconciliation of the non-GAAP financial measures provided in this news release to the most closely related GAAP measure. These measures include: Organic Sales Growth, Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Earnings per Share, and Adjusted Effective Tax Rate.

Organic Sales Growth is defined as the change in consolidated Net Sales, as determined in accordance with U.S. GAAP, excluding the impacts of currency translation and divestitures and business exits.
Adjusted Gross and Operating Profit, Adjusted Earnings per Share, and Adjusted Effective Tax Rate are defined as consolidated Gross Profit, Operating Profit, Diluted Earnings per Share, and Effective Tax Rate, respectively, as determined in accordance with U.S. GAAP, excluding the impacts of certain items that management believes do not reflect our underlying operations, and which are discussed in further detail below.

The income tax effect of these non-GAAP items on the Company’s Adjusted Earnings per Share is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. The impact of these non-GAAP items on the Company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income Before Income Taxes and Equity Interests and Provision for income taxes.

We use these non-GAAP financial measures to assist in comparing our performance on a consistent basis for purposes of business decision making by removing the impact of certain items that we do not believe reflect our underlying and ongoing operations. We believe that presenting these non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items, (ii) permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating our results. We believe that the presentation of these non-GAAP financial measures, when considered together with the corresponding U.S. GAAP financial measures and the reconciliation to those measures, provides investors with additional understanding of the factors and trends affecting our business than could be obtained absent these disclosures.

These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP measures, and they should be read only in conjunction with our unaudited interim condensed consolidated financial statements prepared in accordance with GAAP. There are limitations to these non-GAAP financial measures because they are not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies due to potential differences in methods of calculation and items being excluded. We compensate for these limitations by using these non-GAAP financial measures as a supplement to the GAAP measures and by providing reconciliations of the non-GAAP and comparable GAAP financial measures. Certain non-GAAP financial measures referenced in this news release are presented on a forward-looking basis. Kimberly-Clark does not provide a reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain adjustment items without unreasonable effort. Please note that these items could be material to Kimberly-Clark’s results calculated in accordance with GAAP.

The non-GAAP financial measures exclude the following items for the relevant time periods:

2024 Transformation Initiative – We initiated this transformation to create a more agile and focused operating structure that will accelerate our proprietary pipeline of innovation in right-to-win spaces and improve our growth trajectory, profitability, and returns on investment.

The following table provides a reconciliation of Organic Sales Growth:

	Three Months Ended March 31, 2025
	Percent change vs. the prior year period
	NA	IPC	IFP	Consolidated
Net Sales Growth	(3.9)	(8.9)	(7.7)	(6.0)
Currency Translation	0.4	6.0	2.6	2.4
Divestitures and Business Exits	2.9	—	2.9	2.0
Organic Sales Growth^(a)	(0.6)	(2.8)	(2.3)	(1.6)

(a) Table may not foot due to rounding.

The following table provides a reconciliation of Adjusted Gross Profit:

	Three Months Ended March 31
	2025	2024
Gross Profit	$ 1,733	$ 1,911
2024 Transformation Initiative	53	—
Adjusted Gross Profit	$ 1,786	$ 1,911

The following table provides a reconciliation of Adjusted Operating Profit:

	Three Months Ended March 31
	2025	2024
Operating Profit	$ 769	$ 853
2024 Transformation Initiative	75	45
Adjusted Operating Profit	$ 844	$ 898

The following table provides a reconciliation of Adjusted Earnings per Share:

	Three Months Ended March 31
	2025	2024
Diluted Earnings per Share	$ 1.70	$ 1.91
2024 Transformation Initiative	0.23	0.10
Adjusted Earnings per Share^(a)	$ 1.93	$ 2.01

(a)

The non-GAAP adjustments included above are presented net of tax. The income tax effect of these non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. Refer to the Adjusted Effective Tax Rate reconciliation below for the tax effect of these adjustments on the Company’s reported Provision for income taxes.

The following table provides a reconciliation of the Adjusted Effective Tax Rate:

	Three Months Ended March 31
	2025		2024
	Income Before Income Taxes and Equity Interests	Provision for Income Taxes	Income Before Income Taxes and Equity Interests	Provision for Income Taxes
As Reported	$ 694	$ (165)	$ 781	$ (184)
2024 Transformation Initiative	77	—	45	(11)
As Adjusted	$ 771	$ (165)	$ 826	$ (195)

Effective Tax Rate
As Reported		23.8 %		23.6 %
As Adjusted		21.4 %		23.6 %

[KMB-F]

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SOURCE Kimberly-Clark Corporation

April 22, 2025 7:07 am

Ceva Neural Processing Unit IP for Edge AI Selected by Nextchip for Next-Generation ADAS Solutions

PR Newswire

Nextchip license NeuPro-M NPU to bring powerful and highly efficient AI capabilities to boost performance and capabilities of automotive safety systems

ROCKVILLE, Md.
, April 22, 2025 /PRNewswire/ — Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, today announced that Nextchip has licensed the NeuPro-M Edge AI Neural Processing Unit (NPU) IP for its next-generation advanced driver assistance systems (ADAS) solutions. Nextchip develops ADAS and Image Signal Processors (ISP) solutions for automotive Tier 1s and OEMs to create high-quality viewing cameras that deliver exceptional performance in any lighting condition and weather scenario.

According to data from Grand View Research, the global ADAS market is expected to reach $122.8 billion by 2030, growing at a CAGR of 19.4% from 2023 to 2030, driven by increasing demand for safety features in vehicles and autonomous driving. To further enhance its next-generation ADAS solutions, Nextchip has selected the Ceva NeuPro-M NPU IP, to leverage its advanced AI and vision capabilities to unlock unparalleled levels of performance, efficiency and accuracy. In particular, the NeuPro-M’s robust support for Vision Transformers (ViTs) brings superior performance for ADAS vision systems, including object recognition, segmentation and Free Space detection in complex scenes, such as in cluttered environments (e.g., a pedestrian partially occluded by a parked car). Furthermore, with multiple processing engines, Ceva NeuPro-M enables the processing of multiple video streams and AI models in parallel for higher efficiency and precision.

Ewoo Chon, CTO of Nextchip, commented: “The ADAS market is constantly evolving, with new innovations in AI like vision transformers helping to deliver major improvements in performance and safety. By integrating Ceva’s NeuPro-M Edge AI NPU into our automotive safety solutions, we can leverage these new innovations to enhance the accuracy and efficiency of our ADAS systems, ultimately enabling safer and more reliable vehicles on the road.”

Ran Snir, General Manager and Vice President of the Vision Business Unit at Ceva, added: “Our NeuPro-M Edge AI NPU enables ADAS system designers to push the boundaries of AI performance in the most advanced vision-related ADAS applications. Nextchip’s next generation ADAS solutions featuring the NeuPro-M will help automakers and Tier-1s add more robust ADAS capabilities, enhance system reliability, and contribute to a safer driving experience for consumers.”

The Ceva-NeuPro-M is a high-performance, low-power Edge AI NPU (Neural Processing Unit) architecture designed to accelerate deep learning and machine learning workloads in a wide range of applications. With its scalable architecture and advanced processing capabilities, the NeuPro-M enables efficient processing of complex neural networks, including convolutional neural networks (CNNs), recurrent neural networks (RNNs), and vision transformers (ViT). With a scalable processing range of 4 to 400 TOPs per core and leading area efficiency, the Ceva-NeuPro-M optimizes key AI models seamlessly. Its support for various fixed-point and floating-point data types and formats ensures highest efficiency of neural networks realization, and with its built-in DSP (Digital Signal Processing) capabilities it makes an ideal solution for applications requiring high-performance AI processing, such as advanced driver assistance systems (ADAS), computer vision, and more. A robust AI SDK complements the NPU by streamlining hardware implementation, model quantization and optimization, and runtime module composition. For more information, visit https://www.ceva-ip.com/product/ceva-neupro-m.

About Nextchip
Nextchip is a leading provider of automotive semiconductor and vision technologies, specializing in Advanced Driver Assistance Systems (ADAS) and Image Signal Processor (ISP). Nextchip’s high-performance ISP and SoC solutions enable precise processing of vehicle camera and sensor data, ensuring superior image quality across various lighting and weather conditions. With advanced AI-driven technologies, including lane detection, pedestrian recognition, and object detection, Nextchip enhances the development of safer and more efficient ADAS solutions for the automotive industry. Expanding beyond camera sensors, Nextchip is drawing attention for its application of proprietary technology in emerging sensor markets. The company is actively advancing next-generation sensor solutions for robotics, smart cities, and industrial IoT, reinforcing its global presence through continuous innovation. To learn more, visit https://www.nextchip.com/en/.

About Ceva, Inc.
At Ceva, we are passionate about bringing new levels of innovation to the smart edge. Our wireless communications, sensing and Edge AI technologies are at the heart of some of today’s most advanced smart edge products. From Bluetooth, Wi-Fi, UWB and 5G platform IP for ubiquitous, robust communications, to scalable Edge AI NPU IPs, sensor fusion processors and embedded application software that make devices smarter, we have the broadest portfolio of IP to connect, sense and infer data more reliably and efficiently. We deliver differentiated solutions that combine outstanding performance at ultra-low power within a very small silicon footprint. Our goal is simple – to deliver the silicon and software IP to enable a smarter, safer, and more interconnected world. This philosophy is in practice today, with Ceva powering more than 19 billion of the world’s most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles and 5G mobile networks.

Our headquarters are in Rockville, Maryland with a global customer base supported by operations worldwide. Our employees are among the leading experts in their areas of specialty, consistently solving the most complex design challenges, enabling our customers to bring innovative smart edge products to market.

Ceva: Powering the Smart Edge™

Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube,Facebook, and Instagram.

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SOURCE Ceva, Inc.

April 22, 2025 7:07 am

StoneX Precious Metals Vault in New York is granted CME Registered Depository status for Gold, Silver, Platinum, and Palladium

NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) has received approval from CME Group for its New York vault, authorizing it to store and deliver gold (including enhanced delivery), silver, platinum, and palladium under COMEX and NYMEX contracts. The designation enables clients to make and take delivery of CME-eligible metals directly through StoneX—enhancing the firm’s vertically integrated offering in precious metals.

This approval allows StoneX clients to access the COMEX and NYMEX delivery network via the firm’s New York vault, streamlining the process for institutional traders, banks, refiners, and bullion dealers seeking secure, regulated storage and direct access to the exchange. This development comes amid a record influx of physical metal into New York, with COMEX inventories surpassing 43 million ounces of gold in Q1 2025. As global demand for U.S.-based storage grows, StoneX’s new depository enhances market infrastructure, expands client delivery options, and reinforces the firm’s global capabilities in physical metals logistics.

Notably, the StoneX New York vault is now one of only 11 depositories in the United States approved to facilitate COMEX and NYMEX deliveries, positioning it as a critical logistical hub for the movement and settlement of exchange-traded metals across the world. It is also the only non-bank futures commission merchant (FCM) to operate such a facility—underscoring StoneX’s distinctive role in bridging exchange access, financial services, and physical delivery. The new facility strengthens the company’s position in North America while complementing existing global vault operations in London and Frankfurt.

“Our approval as a CME-Approved Depository is a natural extension of our long-term strategy to build a fully integrated global metals platform,” said Philip Smith, Chief Executive Officer of StoneX Group Inc. “We have made significant investments to serve our clients end-to-end—from trade execution and inventory hedging to physical settlement—and this move enhances our ability to meet that need at scale. As markets evolve, we are positioning StoneX to be not just a participant but a builder of infrastructure that supports transparency, access, and resiliency across the commodities space.”

Highlighting the significance of the certification, Michael Skinner, Global Head of Metals at StoneX, emphasized the firm’s expanded capabilities: “This milestone further deepens our ability to deliver seamless, end-to-end solutions for our precious metals clients,” said Skinner. “Whether clients are seeking to trade futures, manage physical inventories, or make and take delivery through the exchange, we’re uniquely positioned to support their needs across the full trade lifecycle—with the reliability and credibility that comes from being both a regulated FCM and an exchange-approved depository.”

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner for its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its more than 4,600 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

For more information, contact Alex DeMarzi, [email protected]

For press inquiries, contact [email protected]

SNEX-G

April 22, 2025 7:07 am

Old National Bancorp Reports First Quarter 2025 Results

EVANSVILLE, Ind., April 22, 2025 (GLOBE NEWSWIRE) —

Old National Bancorp (NASDAQ: ONB) reports 1Q25 net income applicable to common shares of $140.6 million, diluted EPS of $0.44; $145.5 million and $0.45 on an adjusted
¹
basis, respectively.

CEO COMMENTARY:

“Old National reported better-than-expected first-quarter results driven by our peer-leading deposit franchise, solid loan growth and disciplined expense management,” said Chairman and CEO Jim Ryan. “These results demonstrate our ability to navigate a challenging and uncertain economic environment, setting us up favorably as we move into the second quarter and, importantly, as we prepare for our partnership with Bremer Bank which we anticipate closing on May 1, 2025.”

FIRST
QUARTER HIGHLIGHTS
²:

Net Income	Net income applicable to common shares of $140.6 million; adjusted net income applicable to common shares¹ of $145.5 million
Net Income	Earnings per diluted common share (“EPS”) of $0.44; adjusted EPS¹ of $0.45

Net Interest Income/NIM	Net interest income on a fully taxable equivalent basis¹ of $393.0 million
Net Interest Income/NIM	Net interest margin on a fully taxable equivalent basis¹ (“NIM”) of 3.27%, down 3 basis points (“bps”)

Operating Performance	Pre-provision net revenue¹ (“PPNR”) of $218.3 million; adjusted PPNR¹ of $224.3 million
	Noninterest expense of $268.5 million; adjusted noninterest expense¹ of $262.6 million
	Efficiency ratio¹ of 53.7%; adjusted efficiency ratio¹of 51.8%

Deposits and Funding	Period-end total deposits of $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized
Deposits and Funding	Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps

Loans and Credit Quality	End-of-period total loans³ of $36.5 billion, up 1.5% annualized
	Provision for credit losses⁴ (“provision”) of $31.4 million
	Net charge-offs of $21.6 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
	30+ day delinquencies of 0.22% and nonaccrual loans of 1.29% of total loans

Return Profile & Capital	Return on average tangible common equity¹ (“ROATCE”) of 15.0%; adjusted ROATCE¹ of 15.5% Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.62%, up 24 bps

Notable Items	$5.9 million of pre-tax merger-related charges

¹
Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release
²
Comparisons are on a linked-quarter basis, unless otherwise noted
³
Includes loans held-for-sale
⁴
Includes the provision for unfunded commitments

RESULTS OF OPERATIONS
²

Old National Bancorp (“Old National”) reported first quarter 2025 net income applicable to common shares of $140.6 million, or $0.44 per diluted common share.

Included in first quarter results were pre-tax charges of $5.9 million for merger-related expenses. Excluding these charges and realized debt securities losses from the current quarter, adjusted net income¹ was $145.5 million, or $0.45 per diluted common share.

DEPOSITS AND FUNDING

Growth in core deposits driven by normal seasonal patterns in business checking and public funds, along with growth in community deposits.

Period-end total deposits were $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized.
On average, total deposits for the first quarter were $40.5 billion, down 6.2% annualized.
Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps.
A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

LOANS

Balanced commercial loan production, growth and pipeline.

Period-end total loans³ were $36.5 billion, up 1.5% annualized; up 2.3% annualized excluding $71 million of commercial real estate loan sales.
Total commercial loan production in the first quarter was $1.5 billion; period-end commercial pipeline totaled $3.4 billion.
Average total loans in the first quarter were $36.3 billion, a decrease of $128.2 million, or down 1.4% annualized.

CREDIT QUALITY

Resilient credit quality continues to be a hallmark of Old National.

Provision⁴ expense was $31.4 million compared to $27.0 million.
Net charge-offs were $21.6 million, or 24 bps of average loans compared to 21 bps.
- Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps compared to 17 bps.
30+ day delinquencies as a percentage of loans were 0.22% compared to 0.27%.
Nonaccrual loans as a percentage of total loans were 1.29% compared to 1.23%.
Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $119.2 million.
The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $424.0 million, or 1.16% of total loans, compared to $414.2 million, or 1.14% of total loans.

NET INTEREST INCOME AND MARGIN

Lower reflective of lower accretion and number of days.

Net interest income on a fully taxable equivalent basis¹ decreased to $393.0 million compared to $400.0 million, driven by lower accretion, fewer days in the quarter and earning asset mix, partly offset by lower funding costs.
Net interest margin on a fully taxable equivalent basis¹decreased 3 bps to 3.27%.
Accretion income on loans and borrowings was $12.3 million, or 10 bps of net interest margin¹, compared to $18.5 million, or 15 bps of net interest margin¹.
Cost of total deposits was 1.91%, decreasing 17 bps and the cost of total interest-bearing deposits decreased 25 bps to 2.46%.

NONINTEREST INCOME

Impacted by seasonally lower bank fees and lower company-owned life insurance.

Total noninterest income was $93.8 million compared to $95.8 million.
Noninterest income decreased 2.1% driven by seasonally lower bank fees and lower company-owned life insurance.
- Other income was impacted by $4.8 million of gains on the sale of $71 million of commercial real estate loans in the first quarter of 2025 and $8 million of equity investments recoveries in the fourth quarter of 2024.

NONINTEREST EXPENSE

Disciplined expense management.

Noninterest expense was $268.5 million and included $5.9 million of merger-related charges.
- Excluding merger-related charges, adjusted noninterest expense¹ was $262.6 million, compared to $268.7 million; decrease driven by lower FDIC assessment expense and tax credit amortization.
The efficiency ratio¹ was 53.7%, while the adjusted efficiency ratio¹ was 51.8% compared to 54.4% and 51.8%, respectively.

INCOME TAXES

Income tax expense was $36.9 million, resulting in an effective tax rate of 20.3% compared to 17.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 22.6% compared to 19.8%.
- The effective tax rate for the first quarter of 2025 was impacted by $1.2 million for the vesting of employee stock compensation and the fourth quarter of 2024 was impacted by $5.9 million for the resolution of tax matters.
Income tax expense included $5.3 million of tax credit benefit compared to $5.2 million.

CAPITAL

Capital ratios remain strong.

Preliminary total risk-based capital up 31 bps to 13.68% and preliminary regulatory Tier 1 capital up 25 bps to 12.23%, as strong retained earnings drive capital.
Tangible common equity to tangible assets was 7.76%, up 4.7%.

CONFERENCE CALL AND WEBCAST

Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, April 22, 2025, to review first quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 5176690. A replay of the call will also be available from approximately noon Central Time on April 22, 2025 through May 6, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 5176690.

ABOUT OLD NATIONAL

Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $29 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

USE OF NON-GAAP FINANCIAL MEASURES

The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, debt securities gains/losses, separation expense, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

FORWARD-LOOKING STATEMENTS

This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the possibility that the merger (the “Merger”) between Old National and Bremer Financial Corporation (“Bremer”) does not close when expected; the expected cost savings, synergies and other financial benefits from the Merger not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; risks relating to the potential dilutive effect of shares of Old National’s common stock to be issued in the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.

CONTACTS:
Media: Rick Vach		Investors: Lynell Durchholz
(904) 535-9489		(812) 464-1366
[email protected]		[email protected]


Financial Highlights (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Income Statement
Net interest income	$	387,643		$	394,180		$	391,724		$	388,421		$	356,458
FTE adjustment^1,3		5,360			5,777			6,144			6,340			6,253
Net interest income – tax equivalent basis³		393,003			399,957			397,868			394,761			362,711
Provision for credit losses		31,403			27,017			28,497			36,214			18,891
Noninterest income		93,794			95,766			94,138			87,271			77,522
Noninterest expense		268,471			276,824			272,283			282,999			262,317
Net income available to common shareholders	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250
Per Common Share Data
Weighted average diluted shares		321,016			318,803			317,331			316,461			292,207
EPS, diluted	$	0.44		$	0.47		$	0.44		$	0.37		$	0.40
Cash dividends		0.14			0.14			0.14			0.14			0.14
Dividend payout ratio²		32	%		30	%		32	%		38	%		35	%
Book value	$	19.71		$	19.11		$	19.20		$	18.28		$	18.24
Stock price		21.19			21.71			18.66			17.19			17.41
Tangible book value³		12.54			11.91			11.97			11.05			11.10
Performance Ratios
ROAA		1.08	%		1.14	%		1.08	%		0.92	%		0.98	%
ROAE		9.1	%		9.8	%		9.4	%		8.2	%		8.7	%
ROATCE³		15.0	%		16.4	%		16.0	%		14.1	%		14.9	%
NIM (FTE)³		3.27	%		3.30	%		3.32	%		3.33	%		3.28	%
Efficiency ratio³		53.7	%		54.4	%		53.8	%		57.2	%		58.3	%
NCOs to average loans		0.24	%		0.21	%		0.19	%		0.16	%		0.14	%
ACL on loans to EOP loans		1.10	%		1.08	%		1.05	%		1.01	%		0.95	%
ACL⁴ to EOP loans		1.16	%		1.14	%		1.12	%		1.08	%		1.03	%
NPLs to EOP loans		1.29	%		1.23	%		1.22	%		0.94	%		0.98	%
Balance Sheet (EOP)
Total loans	$	36,413,944		$	36,285,887		$	36,400,643		$	36,150,513		$	33,623,319
Total assets		53,877,944			53,552,272			53,602,293			53,119,645			49,534,918
Total deposits		41,034,572			40,823,560			40,845,746			39,999,228			37,699,418
Total borrowed funds		5,447,054			5,411,537			5,449,096			6,085,204			5,331,161
Total shareholders’ equity		6,534,654			6,340,350			6,367,298			6,075,072			5,595,408
Capital Ratios ³
Risk-based capital ratios (EOP):
Tier 1 common equity		11.62	%		11.38	%		11.00	%		10.73	%		10.76	%
Tier 1 capital		12.23	%		11.98	%		11.60	%		11.33	%		11.40	%
Total capital		13.68	%		13.37	%		12.94	%		12.71	%		12.74	%
Leverage ratio (average assets)		9.44	%		9.21	%		9.05	%		8.90	%		8.96	%
Equity to assets (averages)		12.01	%		11.78	%		11.60	%		11.31	%		11.32	%
TCE to TA		7.76	%		7.41	%		7.44	%		6.94	%		6.86	%
Nonfinancial Data
Full-time equivalent employees		4,028			4,066			4,105			4,267			3,955
Banking centers		280			280			280			280			258
¹ Calculated using the federal statutory tax rate in effect of 21% for all periods.
² Cash dividends per common share divided by net income per common share (basic).
³Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures. March 31, 2025 capital ratios are preliminary.
⁴ Includes the allowance for credit losses on loans and unfunded loan commitments.

FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets


Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Interest income	$	630,399		$	662,082		$	679,925		$	663,663		$	595,981
Less: interest expense		242,756			267,902			288,201			275,242			239,523
Net interest income		387,643			394,180			391,724			388,421			356,458
Provision for credit losses		31,403			27,017			28,497			36,214			18,891
Net interest income after provision for credit losses		356,240			367,163			363,227			352,207			337,567
Wealth and investment services fees		29,648			30,012			29,117			29,358			28,304
Service charges on deposit accounts		21,156			20,577			20,350			19,350			17,898
Debit card and ATM fees		9,991			10,991			11,362			10,993			10,054
Mortgage banking revenue		6,879			7,026			7,669			7,064			4,478
Capital markets income		4,506			5,244			7,426			4,729			2,900
Company-owned life insurance		5,381			6,499			5,315			5,739			3,434
Other income		16,309			15,539			12,975			10,036			10,470
Debt securities gains (losses), net		(76	)		(122	)		(76	)		2			(16	)
Total noninterest income		93,794			95,766			94,138			87,271			77,522
Salaries and employee benefits		148,305			146,605			147,494			159,193			149,803
Occupancy		29,053			29,733			27,130			26,547			27,019
Equipment		8,901			9,325			9,888			8,704			8,671
Marketing		11,940			12,653			11,036			11,284			10,634
Technology		22,020			21,429			23,343			24,002			20,023
Communication		4,134			4,176			4,681			4,480			4,000
Professional fees		7,919			11,055			7,278			10,552			6,406
FDIC assessment		9,700			11,970			11,722			9,676			11,313
Amortization of intangibles		6,830			7,237			7,411			7,425			5,455
Amortization of tax credit investments		3,424			4,556			3,277			2,747			2,749
Other expense		16,245			18,085			19,023			18,389			16,244
Total noninterest expense		268,471			276,824			272,283			282,999			262,317
Income before income taxes		181,563			186,105			185,082			156,479			152,772
Income tax expense		36,904			32,232			41,280			35,250			32,488
Net income	$	144,659		$	153,873		$	143,802		$	121,229		$	120,284
Preferred dividends		(4,034	)		(4,034	)		(4,034	)		(4,033	)		(4,034	)
Net income applicable to common shares	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250

EPS, diluted	$	0.44		$	0.47		$	0.44		$	0.37		$	0.40
Weighted Average Common Shares Outstanding
Basic		315,925			315,673			315,622			315,585			290,980
Diluted		321,016			318,803			317,331			316,461			292,207
Common shares outstanding (EOP)		319,236			318,980			318,955			318,969			293,330


End of Period Balance Sheet (unaudited)
($ in thousands)
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	486,061		$	394,450		$	498,120		$	428,665		$	350,990
Money market and other interest-earning investments		753,719			833,518			693,450			804,381			588,509
Investments:
Treasury and government-sponsored agencies		2,364,170			2,289,903			2,335,716			2,207,004			2,243,754
Mortgage-backed securities		6,458,023			6,175,103			6,085,826			5,890,371			5,566,881
States and political subdivisions		1,589,555			1,637,379			1,665,128			1,678,597			1,672,061
Other securities		755,348			781,656			783,079			775,623			760,847
Total investments		11,167,096			10,884,041			10,869,749			10,551,595			10,243,543
Loans held-for-sale, at fair value		40,424			34,483			62,376			66,126			19,418
Loans:
Commercial		10,650,615			10,288,560			10,408,095			10,332,631			9,648,269
Commercial and agriculture real estate		16,135,327			16,307,486			16,356,216			16,016,958			14,653,958
Residential real estate		6,771,694			6,797,586			6,757,896			6,894,957			6,661,379
Consumer		2,856,308			2,892,255			2,878,436			2,905,967			2,659,713
Total loans		36,413,944			36,285,887			36,400,643			36,150,513			33,623,319
Allowance for credit losses on loans		(401,932	)		(392,522	)		(380,840	)		(366,335	)		(319,713	)
Premises and equipment, net		584,664			588,970			599,528			601,945			564,007
Goodwill and other intangible assets		2,289,268			2,296,098			2,305,084			2,306,204			2,095,511
Company-owned life insurance		859,211			859,851			863,723			862,032			767,423
Accrued interest receivable and other assets		1,685,489			1,767,496			1,690,460			1,714,519			1,601,911
Total assets	$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645		$	49,534,918

Liabilities and Equity
Noninterest-bearing demand deposits	$	9,186,314		$	9,399,019		$	9,429,285		$	9,336,042		$	9,257,709
Interest-bearing:
Checking and NOW accounts		7,736,014			7,538,987			7,314,245			7,680,865			7,236,667
Savings accounts		4,715,329			4,753,279			4,781,447			4,983,811			5,020,095
Money market accounts		11,638,653			11,807,228			11,601,461			10,485,491			10,234,113
Other time deposits		6,212,898			5,819,970			6,010,070			5,688,432			4,760,659
Total core deposits		39,489,208			39,318,483			39,136,508			38,174,641			36,509,243
Brokered deposits		1,545,364			1,505,077			1,709,238			1,824,587			1,190,175
Total deposits		41,034,572			40,823,560			40,845,746			39,999,228			37,699,418

Federal funds purchased and interbank borrowings		170			385			135,263			250,154			50,416
Securities sold under agreements to repurchase		290,256			268,975			244,626			240,713			274,493
Federal Home Loan Bank advances		4,514,354			4,452,559			4,471,153			4,744,560			4,193,039
Other borrowings		642,274			689,618			598,054			849,777			813,213
Total borrowed funds		5,447,054			5,411,537			5,449,096			6,085,204			5,331,161
Accrued expenses and other liabilities		861,664			976,825			940,153			960,141			908,931
Total liabilities		47,343,290			47,211,922			47,234,995			47,044,573			43,939,510
Preferred stock, common stock, surplus, and retained earnings		7,183,163			7,086,393			6,971,054			6,866,480			6,375,036
Accumulated other comprehensive income (loss), net of tax		(648,509	)		(746,043	)		(603,756	)		(791,408	)		(779,628	)
Total shareholders’ equity		6,534,654			6,340,350			6,367,298			6,075,072			5,595,408
Total liabilities and shareholders’ equity	$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645		$	49,534,918


Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)


	Three Months Ended							Three Months Ended							Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average			Income¹/		Yield/		Average			Income¹/		Yield/		Average			Income¹/		Yield/
Earning Assets:	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
Money market and other interest-earning investments	$	791,067		$	8,815	4.52	%	$	1,072,509		$	12,843	4.76	%	$	757,244		$	9,985	5.30	%
Investments:
Treasury and government-sponsored agencies		2,318,869			20,019	3.45	%		2,325,120			20,841	3.59	%		2,362,477			23,266	3.94	%
Mortgage-backed securities		6,287,825			54,523	3.47	%		6,149,775			50,416	3.28	%		5,357,085			38,888	2.90	%
States and political subdivisions		1,610,819			13,242	3.29	%		1,654,591			13,698	3.31	%		1,680,175			13,976	3.33	%
Other securities		770,839			10,512	5.45	%		783,708			10,518	5.37	%		770,438			12,173	6.32	%
Total investments		10,988,352			98,296	3.58	%		10,913,194			95,473	3.50	%		10,170,175			88,303	3.47	%
Loans:²
Commercial		10,397,991			165,595	6.37	%		10,401,056			176,996	6.81	%		9,540,385			167,263	7.01	%
Commercial and agriculture real estate		16,213,606			245,935	6.07	%		16,326,802			263,062	6.44	%		14,368,370			230,086	6.41	%
Residential real estate loans		6,815,091			67,648	3.97	%		6,814,829			68,346	4.01	%		6,693,814			63,003	3.76	%
Consumer		2,871,213			49,470	6.99	%		2,883,413			51,139	7.06	%		2,645,091			43,594	6.63	%
Total loans		36,297,901			528,648	5.83	%		36,426,100			559,543	6.14	%		33,247,660			503,946	6.07	%

Total earning assets	$	48,077,320		$	635,759	5.30	%	$	48,411,803		$	667,859	5.52	%	$	44,175,079		$	602,234	5.46	%

Less: Allowance for credit losses on loans		(398,765	)						(382,799	)						(313,470	)

Non-earning Assets:
Cash and due from banks	$	372,428						$	370,932						$	362,676
Other assets		5,394,600							5,402,359							4,961,595

Total assets	$	53,445,583						$	53,802,295						$	49,185,880

Interest-Bearing Liabilities:
Checking and NOW accounts	$	7,526,294		$	23,850	1.29	%	$	7,338,532		$	23,747	1.29	%	$	7,141,201		$	25,252	1.42	%
Savings accounts		4,692,239			3,608	0.31	%		4,750,387			4,467	0.37	%		5,025,400			5,017	0.40	%
Money market accounts		11,664,650			88,381	3.07	%		11,900,305			103,818	3.47	%		9,917,572			94,213	3.82	%
Other time deposits		5,996,108			56,485	3.82	%		5,985,911			61,679	4.10	%		4,689,136			47,432	4.07	%
Total interest-bearing core deposits		29,879,291			172,324	2.34	%		29,975,135			193,711	2.57	%		26,773,309			171,914	2.58	%
Brokered deposits		1,546,756			18,171	4.76	%		1,662,698			21,579	5.16	%		1,047,140			13,525	5.19	%
Total interest-bearing deposits		31,426,047			190,495	2.46	%		31,637,833			215,290	2.71	%		27,820,449			185,439	2.68	%

Federal funds purchased and interbank borrowings		148,130			1,625	4.45	%		433			23	21.13	%		69,090			961	5.59	%
Securities sold under agreements to repurchase		272,961			551	0.82	%		249,133			584	0.93	%		296,236			917	1.25	%
Federal Home Loan Bank advances		4,464,590			41,896	3.81	%		4,461,733			43,788	3.90	%		4,386,492			41,167	3.77	%
Other borrowings		675,759			8,189	4.91	%		669,580			8,217	4.88	%		825,846			11,039	5.38	%
Total borrowed funds		5,561,440			52,261	3.81	%		5,380,879			52,612	3.89	%		5,577,664			54,084	3.90	%

Total interest-bearing liabilities	$	36,987,487		$	242,756	2.66	%	$	37,018,712		$	267,902	2.88	%	$	33,398,113		$	239,523	2.88	%

Noninterest-Bearing Liabilities and Shareholders’ Equity
Demand deposits	$	9,096,676						$	9,509,446						$	9,258,136
Other liabilities		944,935							935,184							964,089
Shareholders’ equity		6,416,485							6,338,953							5,565,542

Total liabilities and shareholders’ equity	$	53,445,583						$	53,802,295						$	49,185,880

Net interest rate spread						2.64	%						2.64	%						2.58	%

Net interest margin (GAAP)						3.23	%						3.26	%						3.23	%

Net interest margin (FTE)³						3.27	%						3.30	%						3.28	%

FTE adjustment				$	5,360						$	5,777						$	6,253

¹ Interest income is reflected on a FTE basis.
² Includes loans held-for-sale.
³Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.


Asset Quality (EOP) (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Allowance for credit losses:
Beginning allowance for credit losses on loans	$	392,522		$	380,840		$	366,335		$	319,713		$	307,610
Allowance established for acquired PCD loans		—			—			2,803			23,922			—
Provision for credit losses on loans		31,026			30,417			29,176			36,745			23,853
Gross charge-offs		(24,540	)		(21,278	)		(18,965	)		(17,041	)		(14,020	)
Gross recoveries		2,924			2,543			1,491			2,996			2,270
NCOs		(21,616	)		(18,735	)		(17,474	)		(14,045	)		(11,750	)
Ending allowance for credit losses on loans	$	401,932		$	392,522		$	380,840		$	366,335		$	319,713
Beginning allowance for credit losses on unfunded commitments	$	21,654		$	25,054		$	25,733		$	26,264		$	31,226
Provision (release) for credit losses on unfunded commitments		377			(3,400	)		(679	)		(531	)		(4,962	)
Ending allowance for credit losses on unfunded commitments	$	22,031		$	21,654		$	25,054		$	25,733		$	26,264
Allowance for credit losses	$	423,963		$	414,176		$	405,894		$	392,068		$	345,977
Provision for credit losses on loans	$	31,026		$	30,417		$	29,176		$	36,745		$	23,853
Provision (release) for credit losses on unfunded commitments		377			(3,400	)		(679	)		(531	)		(4,962	)
Provision for credit losses	$	31,403		$	27,017		$	28,497		$	36,214		$	18,891
NCOs / average loans¹		0.24	%		0.21	%		0.19	%		0.16	%		0.14	%
Average loans¹	$	36,284,059		$	36,410,414		$	36,299,544		$	36,053,845		$	33,242,739
EOP loans¹		36,413,944			36,285,887			36,400,643			36,150,513			33,623,319
ACL on loans / EOP loans¹		1.10	%		1.08	%		1.05	%		1.01	%		0.95	%
ACL / EOP loans¹		1.16	%		1.14	%		1.12	%		1.08	%		1.03	%
Underperforming Assets:
Loans 90 days and over (still accruing)	$	6,757		$	4,060		$	1,177		$	5,251		$	2,172
Nonaccrual loans		469,211			447,979			443,597			340,181			328,645
Foreclosed assets		6,301			4,294			4,077			8,290			9,344
Total underperforming assets	$	482,269		$	456,333		$	448,851		$	353,722		$	340,161
Classified and Criticized Assets:
Nonaccrual loans	$	469,211		$	447,979		$	443,597		$	340,181		$	328,645
Substandard loans (still accruing)		1,479,630			1,073,413			1,074,243			841,087			626,157
Loans 90 days and over (still accruing)		6,757			4,060			1,177			5,251			2,172
Total classified loans – “problem loans”		1,955,598			1,525,452			1,519,017			1,186,519			956,974
Other classified assets		53,239			58,954			59,485			60,772			54,392
Special Mention		828,314			908,630			837,543			967,655			827,419
Total classified and criticized assets	$	2,837,151		$	2,493,036		$	2,416,045		$	2,214,946		$	1,838,785
Loans 30-89 days past due (still accruing)	$	72,517		$	93,141		$	91,750		$	51,712		$	53,112
Nonaccrual loans / EOP loans¹		1.29	%		1.23	%		1.22	%		0.94	%		0.98	%
ACL / nonaccrual loans		90	%		92	%		92	%		115	%		105	%
Under-performing assets/EOP loans¹		1.32	%		1.26	%		1.23	%		0.98	%		1.01	%
Under-performing assets/EOP assets		0.90	%		0.85	%		0.84	%		0.67	%		0.69	%
30+ day delinquencies/EOP loans¹		0.22	%		0.27	%		0.26	%		0.16	%		0.16	%

¹ Excludes loans held-for-sale.


Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Earnings Per Share:
Net income applicable to common shares	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250
Adjustments:
Merger-related charges		5,856			8,117			6,860			19,440			2,908
Tax effect¹		(1,089	)		(2,058	)		(1,528	)		(4,413	)		(710	)
Merger-related charges, net		4,767			6,059			5,332			15,027			2,198
Debt securities (gains) losses		76			122			76			(2	)		16
Tax effect¹		(14	)		(31	)		(17	)		1			(4	)
Debt securities (gains) losses, net		62			91			59			(1	)		12
Separation expense		—			—			2,646			—			—
Tax effect¹		—			—			(589	)		—			—
Separation expense, net		—			—			2,057			—			—
CECL Day 1 non-PCD provision expense		—			—			—			15,312			—
Tax effect¹		—			—			—			(3,476	)		—
CECL Day 1 non-PCD provision expense, net		—			—			—			11,836			—
Distribution of excess pension assets		—			—			—			—			13,318
Tax effect¹		—			—			—			—			(3,250	)
Distribution excess pension assets, net		—			—			—			—			10,068
FDIC special assessment		—			—			—			—			2,994
Tax effect¹		—			—			—			—			(731	)
FDIC special assessment, net		—			—			—			—			2,263
Total adjustments, net		4,829			6,150			7,448			26,862			14,541
Net income applicable to common shares, adjusted	$	145,454		$	155,989		$	147,216		$	144,058		$	130,791
Weighted average diluted common shares outstanding		321,016			318,803			317,331			316,461			292,207
EPS, diluted	$	0.44		$	0.47		$	0.44		$	0.37		$	0.40
Adjusted EPS, diluted	$	0.45		$	0.49		$	0.46		$	0.46		$	0.45
NIM:
Net interest income	$	387,643		$	394,180		$	391,724		$	388,421		$	356,458
Add: FTE adjustment²		5,360			5,777			6,144			6,340			6,253
Net interest income (FTE)	$	393,003		$	399,957		$	397,868		$	394,761		$	362,711
Average earning assets	$	48,077,320		$	48,411,803		$	47,905,463		$	47,406,849		$	44,175,079
NIM (GAAP)		3.23	%		3.26	%		3.27	%		3.28	%		3.23	%
NIM (FTE)		3.27	%		3.30	%		3.32	%		3.33	%		3.28	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
PPNR:
Net interest income (FTE)²	$	393,003		$	399,957		$	397,868		$	394,761		$	362,711
Add: Noninterest income		93,794			95,766			94,138			87,271			77,522
Total revenue (FTE)		486,797			495,723			492,006			482,032			440,233
Less: Noninterest expense		(268,471	)		(276,824	)		(272,283	)		(282,999	)		(262,317	)
PPNR	$	218,326		$	218,899		$	219,723		$	199,033		$	177,916
Adjustments:
Debt securities (gains) losses	$	76		$	122		$	76		$	(2	)	$	16
Noninterest income adjustments		76			122			76			(2	)		16
Adjusted noninterest income		93,870			95,888			94,214			87,269			77,538
Adjusted revenue	$	486,873		$	495,845		$	492,082		$	482,030		$	440,249
Adjustments:
Merger-related charges	$	5,856		$	8,117		$	6,860		$	19,440		$	2,908
Separation expense		—			—			2,646			—			—
Distribution of excess pension assets		—			—			—			—			13,318
FDIC Special Assessment		—			—			—			—			2,994
Noninterest expense adjustments		5,856			8,117			9,506			19,440			19,220
Adjusted total noninterest expense		(262,615	)		(268,707	)		(262,777	)		(263,559	)		(243,097	)
Adjusted PPNR	$	224,258		$	227,138		$	229,305		$	218,471		$	197,152
Efficiency Ratio:
Noninterest expense	$	268,471		$	276,824		$	272,283		$	282,999		$	262,317
Less: Amortization of intangibles		(6,830	)		(7,237	)		(7,411	)		(7,425	)		(5,455	)
Noninterest expense, excl. amortization of intangibles		261,641			269,587			264,872			275,574			256,862
Less: Amortization of tax credit investments		(3,424	)		(4,556	)		(3,277	)		(2,747	)		(2,749	)
Less: Noninterest expense adjustments		(5,856	)		(8,117	)		(9,506	)		(19,440	)		(19,220	)
Adjusted noninterest expense, excluding amortization	$	252,361		$	256,914		$	252,089		$	253,387		$	234,893
Total revenue (FTE)²	$	486,797		$	495,723		$	492,006		$	482,032		$	440,233
Less: Debt securities (gains) losses		76			122			76			(2	)		16
Total adjusted revenue	$	486,873		$	495,845		$	492,082		$	482,030		$	440,249
Efficiency Ratio		53.7	%		54.4	%		53.8	%		57.2	%		58.3	%
Adjusted Efficiency Ratio		51.8	%		51.8	%		51.2	%		52.6	%		53.4	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
ROAE and ROATCE:
Net income applicable to common shares	$	140,625		$	149,839		$	139,768		$	117,196		$	116,250
Amortization of intangibles		6,830			7,237			7,411			7,425			5,455
Tax effect¹		(1,708	)		(1,809	)		(1,853	)		(1,856	)		(1,364	)
Amortization of intangibles, net		5,122			5,428			5,558			5,569			4,091
Net income applicable to common shares, excluding intangibles amortization		145,747			155,267			145,326			122,765			120,341
Total adjustments, net (see pg.12)		4,829			6,150			7,448			26,862			14,541
Adjusted net income applicable to common shares, excluding intangibles amortization	$	150,576		$	161,417		$	152,774		$	149,627		$	134,882
Average shareholders’ equity	$	6,416,485		$	6,338,953		$	6,190,071		$	5,978,976		$	5,565,542
Less: Average preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Average shareholders’ common equity	$	6,172,766		$	6,095,234		$	5,946,352		$	5,735,257		$	5,321,823
Average goodwill and other intangible assets		(2,292,526	)		(2,301,177	)		(2,304,597	)		(2,245,405	)		(2,098,338	)
Average tangible shareholder’s common equity	$	3,880,240		$	3,794,057		$	3,641,755		$	3,489,852		$	3,223,485
ROAE		9.1	%		9.8	%		9.4	%		8.2	%		8.7	%
ROAE, adjusted		9.4	%		10.2	%		9.9	%		10.0	%		9.8	%
ROATCE		15.0	%		16.4	%		16.0	%		14.1	%		14.9	%
ROATCE, adjusted		15.5	%		17.0	%		16.8	%		17.1	%		16.7	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024
Tangible Common Equity:
Shareholders’ equity	$	6,534,654		$	6,340,350		$	6,367,298		$	6,075,072		$	5,595,408
Less: Preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Shareholders’ common equity	$	6,290,935		$	6,096,631		$	6,123,579		$	5,831,353		$	5,351,689
Less: Goodwill and other intangible assets		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)		(2,095,511	)
Tangible shareholders’ common equity	$	4,001,667		$	3,800,533		$	3,818,495		$	3,525,149		$	3,256,178

Total assets	$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645		$	49,534,918
Less: Goodwill and other intangible assets		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)		(2,095,511	)
Tangible assets	$	51,588,676		$	51,256,174		$	51,297,209		$	50,813,441		$	47,439,407

Risk-weighted assets³	$	40,266,670		$	40,314,805		$	40,584,608		$	40,627,117		$	37,845,139

Tangible common equity to tangible assets		7.76	%		7.41	%		7.44	%		6.94	%		6.86	%
Tangible common equity to risk-weighted assets³		9.94	%		9.43	%		9.41	%		8.68	%		8.60	%
Tangible Common Book Value:
Common shares outstanding		319,236			318,980			318,955			318,969			293,330
Tangible common book value	$	12.54		$	11.91		$	11.97		$	11.05		$	11.10

¹Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
²Calculated using the federal statutory tax rate in effect of 21% for all periods.
³March 31, 2025 figures are preliminary.

April 22, 2025 7:07 am

AAON Announces First Quarter 2025 Conference Call And Webcast

PR Newswire

TULSA, Okla.
, April 22, 2025 /PRNewswire/ — AAON, Inc. (NASDAQ: AAON) (“AAON” or the “Company”), a leader in high-performing, energy-efficient HVAC solutions that brings long-term value to customers and owners, announces that it has scheduled its quarterly conference call and webcast for Thursday, May 1, 2025, at 9:00 a.m. EDT to discuss first quarter 2025 financial results. The results will be released earlier that morning.

The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast. The dial-in is accessible at 1-800-836-8184. To access the listen-only webcast, please register at AAON First Quarter 2025 Conference Call.

On the next business day following the call, a replay of the call will be available on the Company’s website at https://investors.aaon.com.

About AAON

Founded in 1988, AAON is a global leader in HVAC solutions for commercial, industrial and data center indoor environments. The Company’s industry-leading approach to designing and manufacturing highly configurable and custom-made equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. Its highly engineered equipment is sold under the AAON and BASX brands. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.AAON.com.

Contact Information

Joseph Mondillo

Director of Investor Relations & Corporate Strategy
Phone: (617) 877-6346
Email: [email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/aaon-announces-first-quarter-2025-conference-call-and-webcast-302434050.html

SOURCE AAON

April 22, 2025 7:07 am

EDAP Announces Significant Presence of Focal One® at the Upcoming 120th American Urological Association (AUA) Annual Meeting

Activities to include expert-led demonstrations, semi-live Focal One procedures and hands-on simulations
Final results of randomized clinical trial (FARP Study) comparing ultrasound-based focal ablation versus radical prostatectomy as a first-line treatment for prostate cancer
Presentation on the first ever remote transatlantic Focal One Robotic HIFU procedure will be given by Ruben Olivares, MD, Urologic Surgeon at the Cleveland Clinic, at the AUA session of the Engineering & Urology Society
Notable increase in the number of scientific presentations on focal therapy and ablation in the management of prostate cancer
Focal One Robotic HIFU Masterclass will be held at the Keck School of Medicine of the University of Southern California on April 24-25^th, prior to AUA Annual Meeting

AUSTIN, Texas, April 22, 2025 – EDAP TMS SA (Nasdaq: EDAP), the global leader in robotic energy-based therapies, today announced that Focal One will have its largest presence ever at the upcoming 120^th American Urological Association (AUA) Annual Meeting.

“This year’s AUA meeting promises to be the most significant scientific meeting to date highlighting the growing acceptance and utilization of the Focal One Robotic HIFU platform by the global urology community,” said Ryan Rhodes, Chief Executive Officer of EDAP TMS. “We will have our largest presence ever at this year’s meeting, enabling us to offer numerous hands-on Focal One simulations, live demonstrations by some of the leading experts in focal therapy, as well as featuring multiple semi-live procedures. Leading into the AUA, the first ever Focal One Robotic HIFU Masterclass will be held at the Keck School of Medicine of USC in Los Angeles, which will be led by world-renown expert faculty and will feature several live Focal One procedures, along with offering hands-on Focal One simulations for attendees.

“We also anticipate a growing number of presentations focused exclusively on robotic HIFU technology at this year’s AUA Annual Meeting, including the much-anticipated final results from the FARP study, which is the first randomized, controlled clinical trial designed to generate level-1 evidence evaluating focal therapy using ultrasound ablative energy versus robotic prostatectomy as a first-line treatment for early-stage prostate cancer. I am also pleased to note that Dr. Ruben Olivares will be making a presentation highlighting the first ever remote transatlantic Focal One Robotic HIFU procedure at the upcoming AUA Annual meeting. We are obviously excited about this event which underscores Focal One’s highly advanced technology and remote capabilities.”

Focal One Highlights at AUA2025

Presentation of the final results from the first randomized control trial (“FARP Study”) ever completed that compares focal therapy to the standard of care treatment (robotic prostatectomy). The presentation is titled “Final, three-year oncological results of a randomized clinical trial FARP comparing focal ablation and radical prostatectomy in patients with unilateral clinically significant prostate cancer” and is scheduled to be presented in person by the lead investigator, Eduard Baco from Oslo University Hospital in Norway as part of a podium presentation session titled “Prostate Cancer: Localized: Ablative Therapy II” on Sunday, April 27, 2025, at 3:30 PM PT. This first much-anticipated level-1 evidence trial will be instrumental in providing the scientific argument in support of focal ablation with Focal One shortly after the publication of the HIFI Study, the largest prospective comparative study already providing strong support in favor of Focal One’s ability to provide comparable cancer control and superior urinary and erectile function preservation as compared to surgery.
Ruben Olivares, MD, Urologic Surgeon at the Cleveland Clinic, will be presenting the successful experience of the very first remote transatlantic Focal One Robotic HIFU procedure in a presentation titled “Telesurgery for Focal Therapy: The First Transcontinental Clinical Application” on Monday, April 28, 2025, at 9:16 AM PT as part of the session of the Engineering & Urology Society (EUS). A link first announcing this procedure can be found here, as well as a link to the video of the procedure.
EDAP to host the first ever Robotic Focal HIFU Masterclass at USC in Los Angeles on April 24-25^th, two days ahead of the AUA Annual Meeting. In addition to the 10+ renowned faculty from some of the highest-ranked institutions in the United States and Europe, more than 80 urologists from the U.S. and around the world have registered for this unique and exciting event. The program will include lectures, hands-on Focal One simulations, and three live Focal One procedures. Sebastien Crouzet, MD, PhD, Professor and Associate Chief of Urology of Lyon University Hospital will be giving a Keynote Lecture titled “Lessons Learned from 3,000 Focal One Procedures”.
Focal One activities at AUA are expected to be the largest in the company’s history with hands-on simulations, expert-led demonstrations, semi-live Focal One procedures, and breakout meetings with key scientific thought leaders.
This year’s scientific program features a significant number of scientific presentations on focal therapy and ablation in this year’s official program, including multiple plenary sessions and podium presentations, pointing towards the growing utilization of robotic HIFU technology in the management of prostate cancer.

About EDAP TMS SA

A recognized leader in robotic energy-based therapies, EDAP TMS develops, manufactures, promotes and distributes worldwide minimally invasive medical devices for various conditions using ultrasound technology. By combining the latest technologies in imaging, robotics and precise non-invasive energy delivery, EDAP TMS introduced the Focal One® in Europe and in the U.S. as the leading prostate focal therapy controlled by urologists with the potential to expand to multiple indications beyond prostate cancer. For more information on the Company, please visit https://focalone.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements within the meaning of applicable federal securities laws, including Section 27A of the U.S. Securities Act of 1933 (the “Securities Act”) or Section 21E of the U.S. Securities Exchange Act of 1934, which may be identified by words such as “believe,” “can,” “contemplate,” “could,” “plan,” “intend,” “is designed to,” “may,” “might,” “potential,” “objective,” “target,” “project,” “predict,” “forecast,” “ambition,” “guideline,” “should,” “will,” “estimate,” “expect” and “anticipate,” or the negative of these and similar expressions, which reflect our views about future events and financial performance. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, the clinical status and market acceptance of our HIFU devices and the continued market potential for our lithotripsy and distribution divisions, as well as risks associated with the current worldwide inflationary environment, the uncertain worldwide economic, political and financial environment, geopolitical instability, climate change and pandemics like the COVID 19 pandemic, or other public health crises, and their related impact on our business operations, including their impacts across our businesses or demand for our devices and services.

Company Contact

Blandine Confort
Investor Relations / Legal Affairs
EDAP TMS SA
+33 4 72 15 31 50
[email protected]

Investor Contact

John Fraunces
LifeSci Advisors, LLC
(917) 355-2395
[email protected]

April 22, 2025 7:07 am

ECARX Partners with HERE Technologies to Launch Next-Gen In-Vehicle Navigation System

SHANGHAI, April 22, 2025 (GLOBE NEWSWIRE) — ECARX Holdings Inc. (Nasdaq: ECX) (“ECARX” or the “Company”), a global mobility tech provider, today announced a strategic partnership with HERE Technologies (“HERE”), the leading location data and technology platform, to co-develop a next-generation, AI-powered in-vehicle navigation system for global automakers. The new system will make its production-ready debut, alongside a live demonstration, at Auto Shanghai 2025.

This collaboration leverages HERE’s advanced navigation platform and ECARX’s full-stack solutions to deliver an industry-leading navigation system designed for the evolving needs of global automakers. By integrating the HERE SDK and compliant global location data, the solution enables global automakers to significantly shorten development cycles and time-to-market for their vehicles while ensuring seamless compliance with international data regulations.

The jointly developed navigation system stands out for its multi-scenario adaptability, high data accuracy, broad coverage, robust technical performance, and developer-friendly features. It is optimized for high-precision mapping, real-time navigation, and cross-platform support, empowering automakers—including Lotus, Lynk & Co, smart, and Hongqi—to deliver dynamic, reliable, and personalized navigation experiences for drivers worldwide.

Mr. Ziyu Shen, Chairman, and CEO of ECARX, commented: “This deep technical collaboration fuses HERE’s world-class mapping expertise with ECARX’s full-stack software and hardware co-development platform. By standardizing HERE’s SDK—supporting compliant map data for over 200 countries and multidimensional parameter interfaces—we significantly shorten the development cycle for automaker navigation systems. This allows vehicle models around the world to meet data regulations across major markets and provides a plug-and-play global navigation development framework for global automakers.”

Mike Nefkens, CEO of HERE Technologies, added, “Together with ECARX, we’re combining cutting-edge AI-powered mapping and location services with next-generation intelligent vehicle platforms, making it easier than ever for leading automakers to deliver connected, intuitive and globally scalable navigation experiences. Our partnership is focused on increasing the speed at which automakers bring the latest in-car navigation solutions to market.”

About ECARX

ECARX (Nasdaq: ECX) is a global automotive technology provider with capabilities to deliver turnkey solutions for next-generation smart vehicles, from the system on a chip (SoC), to central computing platforms, and software. As automakers develop new electric vehicle architectures from the ground up, ECARX is developing full-stack solutions to enhance the user experience, while reducing complexity and cost.

Founded in 2017 and listed on the Nasdaq in 2022, ECARX now has over 1,900 employees based in 12 major locations in China, UK, USA, Sweden and Germany. The co-founders are two automotive entrepreneurs, Chairman and CEO Ziyu Shen, and Eric Li (Li Shufu), who is also the founder and chairman of Zhejiang Geely Holding Group — with ownership interests in global brands including Lotus, Lynk & Co, Geely Galaxy, Polestar, smart, and Volvo Cars. ECARX also works with other well-known automakers, including Volkswagen Group, FAW and Dongfeng Peugeot-Citroën. To date, ECARX products can be found in over 8.1 million vehicles worldwide.

About HERE Technologies

HERE has been a pioneer in mapping and location technology for 40 years. Today, HERE’s location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. From autonomous driving and seamless logistics to new mobility experiences, HERE allows its partners and customers to innovate while retaining control over their data and safeguarding privacy. Find out how HERE is moving the world forward at here.com.

Forward-Looking Statements

This release contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which we operate. The use of words “expects,” “intends,” “anticipates,” “estimates,” “predicts,” “believes,” “should,” “potential,” “may,” “preliminary,” “forecast,” “objective,” “plan,” or “target,” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs, or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate.

For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see ECARX’s filings with the U.S. Securities and Exchange Commission. ECARX undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law.

ECARX

Investor Contacts:
[email protected]

Media Contacts:

[email protected]

HERE Technologies

Media contacts:
Jordan Stark
+1 312 316 4537
[email protected]

Dr. Sebastian Kurme
+49 173 515 3549
[email protected]

April 22, 2025 7:07 am

F5 Strengthens Security Capabilities in the F5 Application Delivery and Security Platform

F5 Strengthens Security Capabilities in the F5 Application Delivery and Security Platform

Enhancements include cloud-native protection, web application scanning for LLM vulnerabilities, expanded API discovery tools, and enhanced client-side detection
F5’s Application Delivery and Security Platform named to 2025 Vendor Vision Report from analyst firm EMA; singled out for robust AI-driven security architecture and API protection capabilities
F5’s 2025 State of Application Strategy Report reveals expanded AI and API sprawl significantly impacts enterprise cybersecurity strategies

SEATTLE–(BUSINESS WIRE)–
F5 (NASDAQ: FFIV), the global leader in delivering and securing every app and API, today unveiled broad cybersecurity enhancements to the F5 Application Delivery and Security Platform (ADSP) that significantly improve organizations’ ability to identify and remediate vulnerabilities and threats to AI and other modern applications. These new enhancements enable enterprises to strengthen security for business-critical applications in an increasingly risky threat landscape. The F5 ADSP is the industry’s only platform that fully converges high-performance load balancing and traffic management with advanced app and API security capabilities.

The F5 ADSP is the most complete application security offering for enterprises looking to address the increasingly complex cybersecurity challenges inherent in today’s AI-driven hybrid multicloud world. Similar to Endpoint Protection Platforms (EPP) built to secure endpoints and Secure Access Service Edge (SASE) platforms built to secure network access, F5’s ADSP is built to consolidate disparate tools for securing apps and APIs into a single comprehensive platform, enabling organizations to simplify their security footprint while offering broader protection against enhanced threats.

New cybersecurity capabilities for the F5 ADSP include:

Cloud-Native Protection with F5 NGINXaaS for Azure with NGINX App Protect: NGINX App Protect as an add-on to NGINXaaS (NGINX as a Service) is now available for Azure deployments. NGINX App Protect is a modern application security solution designed to provide robust protection against an array of threats, including sophisticated attacks, data breaches, and other malicious activities. By integrating NGINX App Protect with NGINXaaS, customers have access to advanced threat protection against modern threats such as the OWASP Top Ten vulnerabilities and zero-day attacks, real-time traffic inspection, and automated security policy management.
Scan LLMs for Vulnerabilities: TheF5 ADSP now features web app scanning functionality that has been purpose-built to scan for, identify, and assess security vulnerabilities in large language model (LLM) deployments. This new functionality enables organizations to scan LLMs and run penetration testing to uncover LLM-specific vulnerabilities that map to the OWASP Top Ten for LLM Applications.

Expanded API Discovery Tools: APIs have become the connective tissue for most of today’s digital experiences, and the explosion of API use has made it difficult for security teams to keep pace. Unmonitored and unprotected APIs lead to substantial security exposure, opening organizations to threats such as injection attacks, data exfiltration, unauthorized access, and denial-of-service (DoS) attacks. F5 has expanded its powerful API discovery tools for use across the ADSP platform to include all F5 BIG-IP deployments, enabling organizations to get full API visibility for applications that utilize BIG-IP. This allows organizations to easily identify exposed APIs for applications in production, without having to migrate them to the F5 Distributed Cloud Console.

Enhanced Client-Side Defense Capabilities for Greater Compliance: As threat actors search for new attack vectors, client-side browser-based attacks are becoming increasingly prevalent. The latest revision of the Payment Card Industry Data Security Standard (PCI DSS) v4.0 now requires businesses to have client-side protections deployed to mitigate the risks associated with data exfiltration and malicious JavaScript attacks. F5’s enhanced client-side defense capabilities bolster defense postures by delivering greater visibility into malicious scripts and the actions that they are taking—identifying risky scripts and where they send data.

“Security teams are in crisis as they deal with an expanded attack surface that is fueled by the explosion of APIs and the rise of LLMs and other generative AI tools. As applications become more data-intensive and distributed, the complexity of protecting them becomes even more daunting,” said Kunal Anand, Chief Innovation Officer at F5. “The F5 ADSP is purpose-built to tackle these challenges head-on with new security capabilities that empower CISOs and their teams with greater visibility into their threat exposure, an easier path to compliance, and a more robust defense posture that will allow them to secure every app, anywhere it’s deployed.”

F5 ADSP Featured as Visionary Cybersecurity Solution in 2025 EMA Vendor Vision Report

The F5 ADSP is featured in the 2025 Vendor Vision Report from analyst firm Enterprise Management Associates. The report identifies cybersecurity vendors that show exemplary vision in their product offerings, singling out “must see” solutions at the RSA Conference, taking place April 28–May 1 in San Francisco.

The EMA Vendor Vision Report highlights the vision behind the F5 ADSP, stating that the solution “represents a significant advancement in addressing the contemporary challenges of application security and management.”

“The platform’s robust Al-driven security architecture, particularly its comprehensive API protection, underscores F5’s commitment to proactive threat mitigation,” the report continues. “By integrating security measures throughout the application lifecycle, from development to runtime, F5 ensures a fortified defense against evolving cyber threats. This holistic approach, coupled with the platform’s sophisticated analytics, empowers organizations with actionable insights, enabling them to optimize resource allocation and enhance application performance.”

Additional details on the EMA Vendor Vision Report can be found in an F5 companion blog.

F5 2025 State of Application Strategy Report Reveals Explosion of Enterprise AI Adoption Fueling Cybersecurity Concerns, Impacting Tools and Strategies

F5 also released its 2025 State of Application Strategy (SOAS) Report. For more than a decade, the SOAS Report has compiled data from enterprises to reveal their biggest challenges for application delivery and security. The 2025 SOAS Report reveals data and trends around how enterprises are entrenched in hybrid multicloud environments; the biggest blockers and challenges inherent in enterprise AI adoption; and the impact of AI and API proliferation on application delivery and security strategies.

Key trends identified in the report include:

The AI Explosion Fuels Cybersecurity Concerns: The report reveals that 96% of organizations are currently deploying AI models. As organizations rush to realize the benefits of AI, they also recognize growing cybersecurity challenges inherent in the distributed nature of AI apps. 96% of organizations reported having concerns about their ability to secure AI models. In fact, security is the number one concern about AI models, followed by cost of compute and performance.

Enterprises are Increasingly Deploying AI Gateways: The report finds that AI gateway adoption has grown significantly, with 50% of organizations having deployed the technology in their environments.

Generative AI Solves Pressing Need of Security Policy Maintenance: According to the report, more than half of respondents (51%) prioritize using generative AI to automatically adjust security policies, workflows, and configurations to respond to threats or new vulnerabilities. Only one-third (34%) consider it more valuable to explore and analyze security data using natural language.

Supporting Resources:

Resource:2025 State of Application Strategy Report

Blog: F5 Research Shows AI Has Arrived and It’s Clashing with Manual IT Ops

Media Alert:F5 2025 State of Application Strategy Report Reveals Talk Becomes Action as AI Gets to Work

Resource:F5 Application Delivery and Security Platform

Blog: Augmenting the Power of F5 NGINXaaS for Azure with One-Click WAF Protection

Blog:F5 Distributed Cloud Web App Scanning: Safeguarding AI-Enabled Web Applications

Resource: F5 Distributed Cloud Client-Side Defense

Blog:F5 Distributed Cloud Client-Side Defense Prepares Customers for PCI DSS v4.0.1

About F5

F5, Inc. (NASDAQ: FFIV) is the global leader that delivers and secures every app. Backed by three decades of expertise, F5 has built the industry’s premier platform—F5 Application Delivery and Security Platform (ADSP)—to deliver and secure every app, every API, anywhere: on-premises, in the cloud, at the edge, and across hybrid multicloud environments. F5 is committed to innovating and partnering with the world’s largest and most advanced organizations to deliver fast, available, and secure digital experiences. Together, we help each other thrive and bring a better digital world to life.

For more information visit f5.com

Explore F5 Labs threat research at f5.com/labs

Follow to learn more about F5, our partners, and technologies: Blog | LinkedIn | X | YouTube | Instagram | Facebook

F5, NGINX, NGINXaaS, and BIG-IP are trademarks, service marks, or tradenames of F5, Inc., in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.

Source: F5, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422154658/en/

Dan Sorensen

F5

(650) 228-4842

[email protected]

Holly Lancaster

We. Communications

(415) 547-7054

[email protected]

KEYWORDS: United States North America Washington

INDUSTRY KEYWORDS: Data Management Security Technology Software Artificial Intelligence Internet

MEDIA:

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Posted on April 22, 2025 7:06 am
UL Solutions Inc. Sets Date for First Quarter 2025 Results

UL Solutions Inc. Sets Date for First Quarter 2025 Results

NORTHBROOK, Ill.–(BUSINESS WIRE)–UL Solutions Inc. (NYSE: ULS), a global leader in applied safety science, today announced it will release financial results for the first quarter 2025 before the market opens on Tuesday, May 6. Management will host a webcast and conference call that same day at 8:30 a.m. EDT (7:30 a.m. CDT) to review results.

Webcast and Conference Call

The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investors section of UL Solutions’ website at www.ul.com. For those who are unable to listen to the live broadcast, an audio replay of the conference call will be available on the UL Solutions website for 30 days.

About UL Solutions

A global leader in applied safety science, UL Solutions (NYSE: ULS) transforms safety, security and sustainability challenges into opportunities for customers in more than 110 countries. UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customers’ product innovation and business growth. The UL Mark serves as a recognized symbol of trust in our customers’ products and reflects an unwavering commitment to advancing our safety mission. We help our customers innovate, launch new products and services, navigate global markets and complex supply chains, and grow sustainably and responsibly into the future. Our science is your advantage.

Source Code: ULS-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422117703/en/

Investors:

Dan Scott / Rodny Nacier, ICR Inc.

[email protected]

Media:

Kathy Fieweger

Senior Vice President and Chief Corporate Communications Officer

[email protected]

312-852-5156

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Hardware Chemicals/Plastics Retail Sustainability Manufacturing Technology Apps/Applications Supply Chain Management Environment Transport Science Software Logistics/Supply Chain Management Other Science Research Engineering

MEDIA:

Logo

Posted on April 22, 2025 7:06 am
Balchem Corporation Releases 2024 Sustainability Report

MONTVALE, N.J., April 22, 2025 (GLOBE NEWSWIRE) — Balchem Corporation (NASDAQ: BCPC) today published its 2024 Sustainability Report.

Our Sustainability Report outlines the Company’s ongoing commitment to providing employees, customers, shareholders, and the communities in which we operate with information on Balchem’s sustainability initiatives, guided by our core values and our vision of making the world a healthier place.

“I am pleased with the progress Balchem continues to make in advancing our broad-based sustainability efforts, as detailed in our 2024 Sustainability Report.” said Ted Harris, Chairman, President, and Chief Executive Officer. “Our performance, notably on our 2030 goals to reduce both greenhouse gas emissions and water usage by 25 percent, shows our commitment to our two main objectives: providing innovative solutions for the health and nutritional needs of the world and operating with excellence as strong stewards of our people, communities, and shareholders.”

Highlights of the report include:

Balchem celebrated the fourth anniversary of our commitment to the United Nations (“UN”) Global Compact confirming our alignment with the Ten Principles on human rights, labor, the environment, and anti-corruption.

Approximately 70% of our revenue supports United Nations Sustainable Development Goals (“UN SDGs”) — SDG 2 (zero hunger), SDG 3 (good health and well-being), and SDG 12 (responsible consumption and production).

Progress updates on our energy, water, and waste management.

In 2024, Balchem exceeded our 2030 GHG emissions reduction goal of 25%, as we achieved a 32% absolute reduction from our 2020 baseline.

We remain on track to achieve our commitment to reduce water usage by 25%. In 2024, Balchem reduced its water withdrawal by 15% compared to our 2020 baseline.

Our continuous improvements and focus on employee safety and product quality.

In 2024, our TRIR improved to 0.57 and our LTIR to 0.21 due to enhanced hazard identification, employee safety training, and our injury prevention efforts.

For more information visit balchem.com/sustainability

About Balchem Corporation

Balchem Corporation develops, manufactures and markets specialty ingredients that improve and enhance the health and well-being of life on the planet, providing state-of-the-art solutions and the finest quality products for a range of industries worldwide. The company reports three business segments: Human Nutrition & Health; Animal Nutrition & Health; and Specialty Products. The Human Nutrition & Health segment delivers customized food and beverage ingredient systems, as well as key nutrients into a variety of applications across the food, supplement and pharmaceutical industries. The Animal Nutrition & Health segment manufactures and supplies products to numerous animal health markets. Through Specialty Products, Balchem provides specialty-packaged chemicals for use in healthcare and other industries, and also provides chelated minerals to the micronutrient agricultural market.

Contact: Denis Sangulin, Balchem Corporation
(845) 326-5600 / [email protected]

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