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Bringing Simulus in-house expands capabilities for Lifezone Metals’ growth strategy

Natasha Liddell
Chief Sustainability & Communications Officer, Lifezone Metals
[email protected]

Ingo Hofmaier
Chief Financial Officer, Lifezone Metals
[email protected]

ICR, Inc.
Investor Relations, ICR, Inc.
646-200-8879
[email protected]

Bronwyn Wallace
US Media Enquiries, H+K Strategies
+1 (713) 724 3627
[email protected]

Ermenegildo Zegna Group’s Robust Growth Continues in the First Half of 2023

• First half 2023 Revenues¹ reach €903 million, up 23.9% year-over-year.

• Organic growth² was 21.5% in the first half of 2023, with double-digit organic growth for both the Zegna and Thom Browne segments.

• Acceleration in the second quarter with year-over-year growth of 35.1% and organic growth of 24.5%, led by solid double-digit organic performance in all major geographies and notable strength in the US.

• Direct-to-consumer year-over-year growth (36.3% for the first half and 48.1% for the second quarter of 2023) continues to be dynamic across all regions for Zegna and Thom Browne, with both posting organic growth of around 30% for the first half of 2023 and of 36.2% and 33.7% in the second quarter of 2023, respectively.

• Robust first half supports the Group’s FY 2023 and mid-term outlook.

MILAN–(BUSINESS WIRE)–
Ermenegildo Zegna N.V. (NYSE:ZGN) (“Zegna Group,” the “Group,” “Zegna,” or the “Company”), owner of the ZEGNA and Thom Browne brands and exclusive licensee for the TOM FORD fashion business (“TOM FORD FASHION”), today announced preliminary unaudited revenues of €903 million for the first half of 2023, an increase of 23.9% year-over-year. Revenues at constant currency³ were up 24.7%, and organic growth was 21.5%. Revenues for the first half of 2023 reflect the consolidation of Tom Ford International LLC starting from April 29, 2023, as well as the consolidation of Pelletteria Tizeta S.r.l., (which was previously accounted for using the equity method), as of the same date.

Unaudited revenues for the second quarter of 2023 were €475 million, an increase of 35.1% year-over-year. For the same period, revenues at constant currency were up 37.4%, and organic growth was 24.5%, representing an acceleration compared to the 18.9% organic growth recorded in the first quarter of 2023.

Ermenegildo “Gildo” Zegna, Chairman and CEO of the Zegna Group, said: “The second quarter of 2023 has built on the Group’s excellent performance since the beginning of the year. Our brands continue to resonate strongly with customers worldwide, with a positive rebound in China in the first half of the year, our persistent strength in EMEA, and our outstanding performance in the U.S. market.”

“I am particularly pleased that we are gaining market share, and I am confident about the strong opportunities ahead as the menswear segment grows globally with both existing and new audiences. Our ZEGNA, Thom Browne, and TOM FORD FASHION brands all offer distinctive styles that cater to a wide range of shoppers and occasions, allowing us to be leaders across the luxury market. The strong execution of the One Brand strategy has made ZEGNA a global favorite, with successful collections which include staple Luxury Leisurewear items and our signature Triple Stitch™ sneaker. At Thom Browne, the work being done to strengthen womenswear continues to show great progress and the category is now outpacing the growth of menswear. Meanwhile, we have started our journey to make TOM FORD FASHION among the top ten luxury fashion names in the world. The Group’s financial progress underpins our confidence that we are comfortably on track to meet our previously announced 2025 financial ambitions.”

“I would also like to welcome Lelio Gavazza to the Zegna Group as Chief Executive Officer of TOM FORD FASHION. As we continue the integration of TOM FORD FASHION into the Group, I look forward to working with Lelio once he starts his new role in September. In partnership with the Estée Lauder Companies, we will build upon Tom’s legacy to grow this iconic, one-of-a-kind luxury brand globally.”

“Finally, our family’s commitment to social responsibility over 113 years was once again highlighted last week when we celebrated the 10th anniversary of the Ermenegildo Zegna Founder’s Scholarship, which enables Italian graduates to pursue their postgraduate studies abroad and return home. This program is a particular point of pride for me as it brings back Italian talents to contribute to the future of Italy.”

Highlights from the Second Quarter of 2023 and Recent Events

• ZEGNA: Oasi di Lino, New Store Openings and Agreement with GBB
  • On June 19, during Milan men’s fashion week, ZEGNA brought Oasi Zegna to Piazza San Fedele in the heart of Milan. The brand’s collection showcased and was inspired by L’Oasi di Lino, a fabric made in Italy from flax plants grown in Normandy, France. Zegna commits to certifying Oasi Lino fibers as 100% traceable by 2024.

  • In the first half of the year, ZEGNA opened seven net new direct-to-consumer stores, bringing the total to 246. Store productivity also increased meaningfully over that period, driven by several factors including higher traffic, an increase in the number of transactions and in the average ticket, and store right-sizing.

  • On July 26, 2023, Zegna granted Give Back Beauty International SA exclusivity for the manufacture and sale of “Zegna” branded fragrances and cosmetics.

• Thom Browne: Paris Couture Debut and New Store Openings
  • On July 3, Thom Browne presented a unique, highly anticipated Haute Couture collection in Paris, celebrating the brand’s 20th anniversary. The collection, which reflected the brand’s vision and Thom’s singular style, has received praise from critics, the media, celebrities and couture clients.

  • In the first half of the year, Thom Browne opened three net new direct-to-consumer stores, bringing the total to 66, up from 53 a year ago and 63 as of December 31, 2022. The three new stores in the APAC region – two in China and one in Japan – highlight the importance of the region to the brand and Thom Browne’s continued success and desirability.

  • As of July 1, Thom Browne began directly operating its Korean business and its network of 17 stores. The business is now wholly owned through Thom Browne Korea, a newly formed and wholly owned company, and will be operated in the region with external support from Samsung, previously its franchise partner.

• TOM FORD FASHION: Acquisition Completed, License Begins and New CEO Appointed
  • On April 28, Zegna Group completed the acquisition of Tom Ford International LLC, the company that owns and operates TOM FORD FASHION. Upon closing, Zegna became a long-term licensee of The Estée Lauder Companies, the sole owner of TOM FORD brand, trademarks and other intellectual property rights, for all TOM FORD men’s and women’s fashion as well as accessories and underwear, fine jewelry, childrenswear, textile, and home design products.

  • On July 18, the appointment of Lelio Gavazza as the new CEO of TOM FORD FASHION was announced and he will be starting his role on September 18, 2023.

  • The addition of TOM FORD FASHION brings 51 direct-to-consumer and 70 monobrand wholesale locations to the Group’s network across the U.S., Europe, and APAC.

  • Peter Hawkings’ debut Womenswear fashion collection for Spring/Summer 2024 will take place in Milan during Fashion Week in September 2023.

• Our Road to Sustainability: SBTi Targets Approval and Animal Welfare Policy
  • In August 2022, Zegna Group submitted its greenhouse gas emissions reduction targets to the Science-Based Targets initiative (SBTi), which approved the targets in May 2023. The Group is targeting net-zero greenhouse gas emissions (GHG) across its value chain by 2050 from a 2021 base year. In the near term, the Group has committed to reducing absolute scope 3 GHG emissions from purchased goods and services, fuel and energy-related activities, employee commuting, and investments by 50.4% by 2032.

  • On May 17, Zegna Group adopted its new animal welfare policy as part of its commitment to creating the best products from the highest-quality materials while ensuring the well-being and longevity of the natural environment and its inhabitants.

• Made in Italy Luxury Textile Laboratory Platform: Acquisition of Minority Stake in Luigi Fedeli e Figlio
  • On June 6, Zegna Group and Prada Group announced the acquisition of 30% of Luigi Fedeli e Figlio, the world-renowned maker of fine Italian knitwear and yarns, with each group acquiring 15% of the company. The historic Italian company’s focus on quality and sustainability aligns perfectly with Zegna Group’s values and commitment to preserving and enhancing the craftsmanship of Made in Italy. This transaction is subject to customary closing conditions, including antitrust approvals.

Review of Revenues for the First Half 2023 and the Second Quarter 2023

In the second quarter of 2023, Zegna Group generated revenues of €475 million, an increase of 35.1% year-over-year. At constant currency, revenues grew 37.4%. Organic growth for the period was 24.5%.

Revenues by Segment

Zegna Segment: For the second quarter of 2023, revenues for the Zegna segment amounted to €332 million, growing by 23.4% year-over-year and 25.2% at constant currency. Organic growth was 28.2%. This brought revenues for the first half of the year to €652 million, up 17.9% from the first half of last year, and up 18.4% at constant currency. Organic growth for the first half of 2023 was 23.8%. The segment’s growth was driven by the very strong performance of Zegna-branded products in the quarter, particularly in direct-to-consumer, as well as a positive contribution from the Textile product line.

Thom Browne Segment: For the second quarter of 2023, revenues for the Thom Browne segment amounted to €95 million, growing by 8.1% year-over-year and with constant currency and organic growth of 10.8%. This brought Thom Browne segment revenues for the first half of the year to €208 million, up 11.9% from the first half of last year, and 13.6% constant currency and organic growth.

The growth of the Thom Browne segment in the second quarter of 2023 was driven by robust direct-to-consumer performance, which offset the slight decline in wholesale. On top of comparable stores growth, direct-to-consumer performance was also supported by the expansion of the brand’s store network, which added 13 net new stores since June 30, 2022.

Tom Ford Fashion Segment: Effective April 29, 2023, concurrently with the consolidation of Tom Ford International LLC in the Group’s financial statements, Tom Ford Fashion represents as a new operating and reporting segment of the Group. The Tom Ford Fashion segment includes all activities related to TOM FORD FASHION, from collection creation and development to merchandising, through to production, as well as retail and wholesale distribution. From April 29, 2023 to June 30, 2023, the segment reported revenues of €64 million.

Revenues by Product Line

Zegna-branded Products: Revenues for Zegna-branded products were at €269 million for the second quarter, up 33.9% year-over-year, with constant currency and organic growth of 37%. This brought first-half revenues for Zegna-branded products to €541 million, up 27.3% year-over-year, and with constant currency and organic growth of 28.4%.

The Made-to-Measure business continued to perform well, and together with sneakers and luxury leisurewear, have all shown consistent growth.

Thom Browne: Revenues for Thom Browne were at €94 million for the quarter, up 8.2% year-over-year, and with 11% constant currency and organic growth. This brought first half revenues for Thom Browne to €207 million, up 11.8% year-over-year, and 13.4% constant currency and organic growth.

The growth in Thom Browne revenues came from all product categories, with womenswear outperforming men’s and kid’s products also being a dynamic performer.

Textile: Textile revenues were flat at €39 million during the second quarter of 2023 compared to the prior year. This brought first half revenues to €73 million, up 6% year-over-year, 5.2% in constant currency. Organic growth for the first half was 5.3%.

Third-Party Brands: The performance in the second quarter of the Third-Party Brands product line reflects the end of the Tom Ford International distribution license. Revenues for the second quarter of 2023 were €6.6 million, down 71.4% year-over-year, -71.8% in constant currency, and -30.7% organic growth impacted by Tom Ford Products⁴, which starting from April 29, 2023, are reported as intercompany revenues, as a result of the acquisition of Tom Ford International LLC on April 28, 2023.

Revenues by Channel

The direct-to-consumer channel’s momentum was robust across both Zegna and Thom Browne, which reported in the second quarter of 2023, year-over-year growth of 32.7% and 25.3% respectively, and 36.2% and 33.7% year-over-year constant currency and organic growth, respectively. The strong global direct-to-consumer performance of Zegna branded products was driven by double-digit growth across all regions, and it was met by a remarkable improvement in retail productivity at the brands’ boutiques. Thom Browne benefitted from the expansion of its store network, as well as double-digit comparable store growth.

In the second quarter of 2023, Zegna’s branded products wholesale channel showed robust growth of 42.8% year-over-year and 43.0% constant currency and organic growth. Meanwhile, the Thom Browne segment wholesale activity was down 1.7% year-over-year for the quarter and with constant currency and organic growth down 1.5%, including the effects of lower deliveries during the quarter to the South Korean market, which, as previously announced, is directly operated as of July 1, 2023.

Revenues by Geography

The Group saw robust global growth across all regions during the second quarter of 2023, driven by all geographies.

Early signs of strong activity from Chinese consumers drove growth in the Greater China Region. Revenues from the region were exceptionally strong at €142 million, up 35.3% year-over-year for the quarter, or 42.0% at constant currency and 40.0% organic growth. The growth is especially strong in comparison to last year, which was adversely impacted by Covid-19-related restrictions. Sales in Hong Kong and Macau were particularly strong thanks to the healthy recovery in direct-to-consumer activity. The resumption of Chinese tourism, particularly to other Asian countries, is starting to show results, with strong year-over-year reported growth in Southeast Asia and 30.1% year-over-year reported growth (36.8% constant currency and 23.9% organic growth) in Japan.

Group revenues from the EMEA region for the second quarter were at €173 million, up 36.8% year-over-year, 37.9% in constant currency. Organic growth for the quarter was at 24.5%. Both the UAE and Europe performed exceptionally well, especially in Zegna direct-to-consumer, benefitting from both domestic and tourist customers. Growth in the region was underpinned by the strong performance in the UAE, where revenues grew by 49.4% year-over-year, 53.1% at constant currency and 50.8% organic growth. EMEA revenues for the first half of the year were at €323 million, up 23.8% year-over-year, 24.2% at constant currency, and 21.4% organic growth.

In the U.S., revenues were at €99 million for the quarter, up 46.5% year-over-year, and 45.3% in constant currency. Organic growth for the quarter was at 13.9%. This brought first-half revenues in the U.S. to €157 million, up 26.1% year-over-year, 22.9% in constant currency, and 12.5% organic growth. In the first half, the U.S. benefited from the contribution of the Tom Ford Fashion segment’s 11 directly operated stores, as well as solid double-digit performance in the Zegna and Thom Browne direct-to-consumer channels.

In Latin America, the Group’s revenues reached €9 million for the quarter, up 30.7% year-over-year, and with 23.9% constant currency and organic growth, driven by revenues from Zegna’s direct-to-consumer business in Mexico.

Outlook

On May 17, 2022, at its first Capital Markets Day, the Group announced its financial goals for the medium term, which management defines as the end of fiscal year 2025. Within this time frame, the Group is aiming for annual revenues to exceed €2 billion and for Adjusted EBIT Margin to reach at least 15%, excluding the Tom Ford Fashion segment. The Group’s 1H 2023 revenues show that the Group is on this trajectory, and the forthcoming first half 2023 and full-year 2023 results should comfortably confirm this. The Group’s medium-term targets assume no further future escalation of the war in Ukraine, no significant macroeconomic or financial markets deterioration, no further disruption linked to the COVID-19 pandemic in the GCR or elsewhere, and no other unforeseen events.

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Next Scheduled Announcement

The next scheduled announcement will be on September 13, 2023, in connection with the release of the Group’s semi-annual condensed consolidated financial statements at and for the six months ended June 30, 2023. To receive email alerts of the timing of future financial news releases, as well as future announcements, please register at https://ir.zegnagroup.com.

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About Ermenegildo Zegna Group

Founded in 1910 in Trivero, Italy, the Ermenegildo Zegna Group (NYSE: ZGN) is a leading global luxury group. The Group is the owner of the world-renowned ZEGNA and Thom Browne brands, and operates TOM FORD FASHION through an exclusive long-term license agreement with The Estée Lauder Companies Inc. The Group also manufactures and distributes the highest quality fabrics and textiles through its Luxury Textile Laboratory Platform. At the Group’s core is a uniquely vertically integrated supply chain that brings together the best of Italian fine craftsmanship. Responsibility towards people, community and the natural world has been at the heart of the Ermenegildo Zegna Group’s belief since its founding. At the end of 2022, Ermenegildo Zegna Group had more than 6,000 employees and for the year ended December 31, 2022 had revenues of approximately €1.5 billion.

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Forward Looking Statements

This communication, including the section “Outlook”, contains forward-looking statements that are based on beliefs and assumptions and on information currently available to the Company. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this communication, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, risks and uncertainties are described in the Company’s filings with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company and its directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this communication represent the views of Zegna as of the date of this communication. Subsequent events and developments may cause that view to change. However, while Zegna may elect to update these forward-looking statements at some point in the future, the Company disclaims any obligation to update or revise publicly forward-looking statements. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this communication.

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Second Quarter 2023 and First Half 2023 – Preliminary Unaudited Group Revenues

Group Revenues by Segment (Preliminary and Unaudited)

The tables below show a reconciliation of revenue growth for the six months ended June 30, 2023 and for the three months ended June 30 and March 31, 2023 to organic growth for the same periods by segment and at the Group level.

Group Revenues by Product Line (Preliminary and Unaudited)

The tables below show a reconciliation of revenue growth for the six months ended June 30, 2023 and for the three months ended June 30, 2023 to organic growth for the same periods by product line and at the Group level.

Group Revenues by Sales Channel (Preliminary and Unaudited)

The tables below show a reconciliation of revenue growth for the six months ended June 30, 2023 and for the three months ended June 30, 2023 to organic growth for the same periods by sales channel and at the Group level.

Group Revenues by Geographical Area (Preliminary and Unaudited)

The tables below show a reconciliation of revenue growth for the six months ended June 30, 2023 and for the three months ended June 30, 2023 to organic growth for the same periods by geographical area and at the Group level.

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Monobrand⁽¹⁾ Store Network at June 30, 2023

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Non-IFRS Financial Measures

Zegna’s management monitors and evaluates operating and financial performance using several non-IFRS financial measures including: adjusted earnings before interest and taxes (“Adjusted EBIT”), Adjusted EBIT Margin, revenues on a constant currency basis and revenues on an organic growth basis. Zegna’s management believes that these non-IFRS financial measures provide useful and relevant information regarding Zegna’s financial performance and financial condition, and improve the ability of management and investors to assess and compare the financial performance and financial position of Zegna with those of other companies. They also provide comparable measures that facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other strategic and operational decisions. While similar measures are widely used in the industry in which Zegna operates, the financial measures that Zegna uses may not be comparable to other similarly named measures used by other companies nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.

Adjusted EBIT and Adjusted EBIT Margin

Adjusted EBIT is defined as profit or loss before income taxes plus financial income, financial expenses, foreign exchange losses/(gains) and the result from investments accounted for using the equity method, adjusted for income and costs which are significant in nature and that management considers not reflective of underlying operating activities.

Adjusted EBIT Margin is defined as Adjusted EBIT divided by revenues of the applicable period.

Zegna’s management uses Adjusted EBIT and Adjusted EBIT Margin for internal reporting to assess performance and as part of the forecasting, budgeting and decision-making processes as they provide additional transparency regarding Zegna’s underlying operating performance. Zegna’s management believes these non-IFRS financial measures are useful because they exclude items that management believes are not indicative of Zegna’s underlying operating performance and allow management to view operating trends, perform analytical comparisons and benchmark performance between periods and among segments. Zegna’s management also believes that Adjusted EBIT and Adjusted EBIT Margin are useful for investors and analysts to better understand how management assesses Zegna’s underlying operating performance on a consistent basis and to compare Zegna’s performance with that of other companies. Accordingly, management believes that Adjusted EBIT and Adjusted EBIT Margin provide useful information to third party stakeholders in understanding and evaluating Zegna’s operating results.

Constant Currency Revenues

In addition to presenting our revenues on a current currency basis, we also present certain revenue information on a constant currency basis (Constant Currency), which excludes the effects of foreign currency translation from our subsidiaries with functional currencies different from the Euro.

We calculate Constant Currency revenues by applying the current period average foreign currency exchange rates to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro.

We use revenues on a Constant Currency basis to analyze how our underlying revenues have changed between periods independent of the effects of foreign currency translation.

Revenues on a Constant Currency basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the impact of foreign currency translation provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.

Organic Growth Revenues

In addition to presenting our revenues on a current currency basis, we also present certain revenue information on an organic growth basis (Organic Growth). Organic Growth is calculated as the change in revenues from period to period, excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) structural changes in license agreements where Zegna operates as a licensee.

In calculating Organic Growth, the following adjustments are made to revenues:

(a) foreign exchange: current period average foreign currency exchange rates are used to translate prior period revenues of foreign subsidiaries expressed in local functional currencies different than the Euro;

(b) acquisitions and disposals: revenues generated by entities, businesses or revenue-generating assets acquired or disposed of in the current year or prior year are excluded from both periods (acquisitions and disposals refer to share or asset deals or other changes in control of subsidiaries, associates or joint ventures);

(c) structural changes in license agreements where Zegna operates as a licensee: revenues generated from license agreements, where Zegna operates as a licensee, that experienced a structural change in the scope or perimeter in the current year or prior year are excluded from both periods, including changes to product categories, sales channels or geographies of the underlying license agreements.

We believe the presentation of Organic Growth is useful to better understand and analyze the underlying change in the Group’s revenues from period to period on a consistent perimeter and constant currency basis.

Revenues on an Organic Growth basis are not a substitute for revenues on a current currency basis or any IFRS-related measures, however we believe that revenues excluding the effects of (a) foreign exchange, (b) acquisitions and disposals and (c) structural changes in license agreements where Zegna operates as a licensee provide additional useful information to management and to investors in analyzing and evaluating our revenues and operating performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230727251537/en/

Investor Relations / Group Communications / Media

Francesca Di Pasquantonio / Clementina Tito

[email protected] / [email protected]

KEYWORDS: Italy Europe

INDUSTRY KEYWORDS: Retail Footwear Luxury Fashion

MEDIA:

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Li-Cycle’s CEO and Co-founder Ajay Kochhar Provides Expert Insights on Electronic Waste & Battery Recycling Solutions Before the U.S. Senate Committee on Environment and Public Works

TORONTO–(BUSINESS WIRE)–Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, is pleased to announce that its CEO and co-founder, Ajay Kochhar, provided expert insights yesterday before the United States Senate Committee on Environment and Public Works for a hearing called, “Improving Capacity for Critical Mineral Recovery through Electronic Waste Recycling and Reuse.”

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230727531947/en/

Li-Cycle’s CEO and co-founder Ajay Kochhar was invited to provide expert testimony on electronic waste and battery recycling solutions before the U.S. Senate Committee on Environment and Public Works on July 26, 2023. (Photo: Business Wire)

Mr. Kochhar was invited to provide expert insights at the hearing as key industry leaders and government officials discussed the important topic of electronic waste, or e-waste, and solutions to solve for challenges presented by the transition to clean energy in North America.

“Li-Cycle was proud to have the opportunity to share our perspective on e-waste and battery recycling at the Senate Committee hearing, which is indicative of the progress the U.S. has made to solve for the substantial quantities of e-waste that both end-of-life batteries and battery manufacturers will produce in the coming years,” said Ajay Kochhar, Li-Cycle’s CEO and co-founder. “I would like to extend our gratitude and thanks to Chairman Tom Carper, Ranking Member Shelley Moore Capito and the other members of the committee and commend them for holding a hearing to exchange views on lithium-ion battery recycling and how we can mitigate challenges associated with e-waste. Li-Cycle was founded to create localized, closed-loop supply chains for battery materials to support the sustainable transition to electrification. Increasing awareness of recycling solutions is key to help address e-waste to support this transition, in addition to establishing policies and incentives to support environmentally friendly recyclers.”

At the hearing Mr. Kochhar discussed the following topics:

• How Li-Cycle’s safe, sustainable, and scalable Spoke & Hub Technologies™ return critical materials from lithium-ion batteries and battery manufacturing scrap back to the supply chain with up to an overall 95% recycling efficiency rate to support a circular economy.

• Battery manufacturing scrap and how it is magnified by the clean energy transition, which further enhances the need for environmentally friendly recycling solutions.

• The landscape for the broader recycling industry and how the demand for post-processing and resource recovery will outstrip capacity in North America for some time.

• The significant benefits lithium-ion battery recycling can offer to support a domestic battery supply chain, including providing a valuable alternative source of materials, as well as a long-term, environmentally friendly solution to address e-waste.

• Key policy initiatives that can be taken to support the emerging lithium-ion battery recycling industry, including exploring whether there should be minimum requirements for the amount of recycled content in every domestically produced battery, and clear and consistent regulations on the movement of batteries and black mass.

Watch the full webcast of the hearing here:

https://www.epw.senate.gov/public/index.cfm/2023/7/improving-capacity-for-critical-mineral-recovery-through-electronic-waste-recycling-and-reuse

Read Mr. Kochhar’s full written testimony at this LINK.

About Li-Cycle Holdings Corp.

Li-Cycle (NYSE: LICY) is a leading global lithium-ion battery resource recovery company and North America’s largest pure-play lithium-ion battery recycler, with a rapidly growing presence across Europe. The Company leverages its innovative, sustainable and patented Spoke & Hub Technologies™ to provide a safe, scalable, customer-centric solution to recycle all different types of lithium-ion batteries. Established in 2016, and with major customers and partners around the world, Li-Cycle recovers critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. For more information, visit https://li-cycle.com/.

Forward-Looking Statements

Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “could”, “plan”, “potential”, “future”, “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about: the expectation that increasing awareness of recycling solutions is key to help address e-waste to support the sustainable transition to electrification, in addition to establishing policies and incentives to support environmentally friendly recyclers; the expectation that the demand for post-processing/resource recovery will outstrip capacity in North America for some time; and the expectation that lithium-ion battery recycling can provide a valuable alternative source of materials, as well as long-term, environmentally friendly solution to address e-waste. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the timing, scope and cost of Li-Cycle’s projects; the processing capacity and production of Li-Cycle’s facilities; Li-Cycle’s ability to source feedstock and manage supply chain risk; Li-Cycle’s ability to increase recycling capacity and efficiency; Li-Cycle’s ability to obtain financing on acceptable terms; Li-Cycle’s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners; general economic conditions; currency exchange and interest rates; compensation costs; and inflation. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.

These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.

Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub, and other future projects including its Spoke network expansion projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on acceptable terms or at all when it needs them; Li-Cycle expects to continue to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavorable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geo-political events; failure to protect or enforce Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled “Risk Factors” and “Key Factors Affecting Li-Cycle’s Performance” in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.

Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle’s assessments as of any date subsequent to the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230727531947/en/

Investor Relations

Nahla A. Azmy

Sheldon D’souza

[email protected]

Media

Louie Diaz

[email protected]

KEYWORDS: United States North America Canada

INDUSTRY KEYWORDS: Environment Other Science Public Policy/Government Logistics/Supply Chain Management EV/Electric Vehicles Other Natural Resources Mining/Minerals Recycling Natural Resources Transport Other Technology Public Relations/Investor Relations Science Automotive Manufacturing Communications Manufacturing Other Energy Utilities Technology Alternative Energy Energy Batteries White House/Federal Government Automotive General Automotive

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Li-Cycle’s CEO and co-founder Ajay Kochhar was invited to provide expert testimony on electronic waste and battery recycling solutions before the U.S. Senate Committee on Environment and Public Works on July 26, 2023. (Photo: Business Wire)

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Dole plc Schedules Second Quarter 2023 Earnings Release

DUBLIN–(BUSINESS WIRE)–
Dole plc (NYSE: DOLE) will announce its financial results for the second quarter of 2023 on Thursday, August 17, 2023, prior to the market opening. The company’s management will host a webcast and conference call on the same day at 08:00 a.m. Eastern Time.

A presentation to accompany the discussion will be posted on the company website along with a press release and other supplemental financial information.

The live webcast and a replay after the event can be accessed at www.doleplc.com/investor-relations

The conference call can be accessed live by dialling (646) 307-1963 in the US or +353 (1) 582 2023 in Ireland and +44 20 3481 4247 for UK and other international participants. The conference ID is 4317462.

About Dole plc:

A global leader in fresh produce, Dole plc grows, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 75 countries, our goal is to make the world a healthier and a more sustainable place.

Category: Financial

View source version on businesswire.com: https://www.businesswire.com/news/home/20230727819057/en/

Investor Contact:

James O’Regan, Head of Investor Relations, Dole plc

[email protected]

+353 1 887 2794

Media Contact:

Brian Bell, Ogilvy

[email protected]

+353 87 2436 130

KEYWORDS: California Europe Ireland United States North America

INDUSTRY KEYWORDS: Retail Food/Beverage Organic Food

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Common Stock Begins Trading on Split-Adjusted Basis

Takeda Reports Strong First Quarter FY2023 Results, Driven by Growth & Launch Products

• No Change to Full-Year Forecasts or Management Guidance
• Revenue Growth of +8.9% at Actual Exchange Rate (AER); +3.7% Growth at Constant Exchange Rate (CER), Driven by Growth & Launch Products (+16.2% at CER)
• Reported Operating Profit Growth of +12.0% at AER; Core Operating Profit Decline of -2.0% at CER Reflecting Generic Impact, Lower Demand for Coronavirus Vaccines and Increased Investment in R&D and Data & Technology
• Core Operating Profit Margin of 30.8%
• Anticipated Pipeline Advances with 8 Key Regulatory Decisions Expected by End of FY2023, Furthering Commitment to Delivering Life-transforming Medicines to Patients

OSAKA, Japan & CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Takeda (TOKYO:4502/NYSE:TAK) today announced strong financial results for the first quarter of fiscal year 2023 (period ended June 30, 2023).

Takeda chief financial officer, Costa Saroukos, commented:

“Our Growth & Launch Products continued to drive revenue growth in the first quarter of FY2023, contributing to a core operating profit margin of 30.8%. While we still anticipate headwinds affecting our business this fiscal year, largely due to generic competition, we remain confident of a return to growth in the near-term.

“Our growing product portfolio and innovative pipeline demonstrate the value of our strategic investments to strengthen our long-term competitiveness and enable our vision of discovering and delivering life-transforming treatments.”

FY2023 Outlook (unchanged from May 2023)

*Free Cash Flow guidance reflects expenditures related to the acquisition of TAK-279 from Nimbus (USD 1.0 billion) and in-licensing of fruquintinib from HUTCHMED (USD 400 million). In FY2022, Takeda paid USD 3.0 billion out of USD 4.0 billion upfront payment related to the acquisition of TAK-279. For the remaining USD 1.0 billion payment, Takeda paid USD 0.9 billion in April 2023, with USD 0.1 billion to be paid in August 2023.

Additional Information About Takeda’s Q1 Earnings Results

For more details on Takeda’s FY2023 Q1 results and other financial information, including key assumptions in FY2023 forecast and management guidance, please visit: https://www.takeda.com/investors/financial-results/.

For more information on Takeda’s commercial progress across the five key business areas and pipeline updates, please visit: https://takeda.info/qr2023_q1_qfr_en

About Takeda

Takeda is focused on creating better health for people and a brighter future for the world. We aim to discover and deliver life-transforming treatments in our core therapeutic and business areas, including gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology, neuroscience and vaccines. Together with our partners, we aim to improve the patient experience and advance a new frontier of treatment options through our dynamic and diverse pipeline. As a leading values-based, R&D-driven biopharmaceutical company headquartered in Japan, we are guided by our commitment to patients, our people and the planet. Our employees in approximately 80 countries and regions are driven by our purpose and are grounded in the values that have defined us for more than two centuries. For more information, visit www.takeda.com.

Important Notice

For the purposes of this notice, “press release” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Takeda Pharmaceutical Company Limited (“Takeda”) regarding this press release. This press release (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this press release. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. This press release is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

The companies in which Takeda directly and indirectly owns investments are separate entities. In this press release, “Takeda” is sometimes used for convenience where references are made to Takeda and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

The product names appearing in this document are trademarks or registered trademarks owned by Takeda, or their respective owners.

Forward-Looking Statements

This press release and any materials distributed in connection with this press release may contain forward-looking statements, beliefs or opinions regarding Takeda’s future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward-looking statements often include words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “ensures”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding Takeda’s global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations, including global health care reforms; challenges inherent in new product development, including uncertainty of clinical success and decisions of regulatory authorities and the timing thereof; uncertainty of commercial success for new and existing products; manufacturing difficulties or delays; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic, on Takeda and its customers and suppliers, including foreign governments in countries in which Takeda operates, or on other facets of its business; the timing and impact of post-merger integration efforts with acquired companies; the ability to divest assets that are not core to Takeda’s operations and the timing of any such divestment(s); the extent to which our internal energy conservation measures and future advancements in renewable energy or low carbon energy technology will enable us to reduce our greenhouse gas emissions; and other factors identified in Takeda’s most recent Annual Report on Form 20-F and Takeda’s other reports filed with the U.S. Securities and Exchange Commission, available on Takeda’s website at: https://www.takeda.com/investors/sec-filings/ or at www.sec.gov. Takeda does not undertake to update any of the forward-looking statements contained in this report or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this report may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda’s future results.

Financial information and Certain Non-IFRS Financial Measures

Takeda’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

This press release and materials distributed in connection with this press release include certain financial measures not presented in accordance with IFRS, such as Core Revenue, Core Operating Profit, Core Net Profit, Core EPS, Constant Exchange Rate (“CER”) change, Net Debt, EBITDA, Adjusted EBITDA and Free Cash Flow. Takeda’s management evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. By including these non-IFRS measures, management intends to provide investors with additional information to further analyze Takeda’s performance and core results, including when controlling for the effect of fluctuations in exchange rates. Takeda’s non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS (which we sometimes refer to as “reported” measures). Investors are encouraged to review the definitions and reconciliations of non-IFRS financial measures to their most directly comparable IFRS measures, which are in the financial appendix at the end of Takeda’s FY2023 Q1 investor presentation (available at takeda.com/investors/financial-results).

Medical information

This press release contains information about products that may not be available in all countries, or may be available under different trademarks, for different indications, in different dosages, or in different strengths. Nothing contained herein should be considered a solicitation, promotion or advertisement for any prescription drugs including the ones under development.

Please refer to slide 14 of Takeda’s FY2023 Q1 investor presentation (available at takeda.com/investors/financial-results) for the definition of Growth & Launch Products.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230726524925/en/

Investor Relations

Christopher O’Reilly

[email protected]

+81 (0) 3-3278-2543

Media Relations

Brendan Jennings

[email protected]

+81 (0) 3-3278-2111

KEYWORDS: Massachusetts United States Japan North America Asia Pacific

INDUSTRY KEYWORDS: Science Neurology Biotechnology Research Pharmaceutical Oncology Health Infectious Diseases

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