Market Newsdesk

All amounts are in United States dollars, unless otherwise stated.

TORONTO, Feb. 17, 2026 (GLOBE NEWSWIRE) — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its updated Mineral Reserves and Resources as of December 31, 2025. For a detailed summary by asset, refer to the tables below.

Highlights

• Global Proven and Probable Mineral Reserves increased 32% to 15.9 million ounces of gold (265 million tonnes (“mt”)) with grades also increasing 5% to 1.87 grams per tonne of gold (“g/t Au”). This was driven by the successful conversion of a large portion of the Island Gold District’s Mineral Resource base into Mineral Reserves
  • Island Gold’s Mineral Reserves morethan doubled, increasing 125% to 5.1 million ounces (15.1 mt grading 10.61 g/t Au), reflecting the conversion of existing and newly defined Mineral Resources to Mineral Reserves
  • Magino’s Mineral Reserves increased 56% to 3.1 million ounces (113 mt grading 0.86 g/t Au), primarily reflecting the successful conversion of Mineral Resources to Mineral Reserves
• Global Measured and Indicated Mineral Resources increased 6% to 5.5 million ounces of gold (119 mt grading 1.44 g/t Au), driven by additions at Young-Davidson, Lynn Lake and Mulatos, more than offsetting Mineral Resource conversion at Magino
• Global Inferred Mineral Resources decreased 63% to 2.0 million ounces of gold (35.0 mt grading 1.82 g/t Au), reflecting the successful conversion of Inferred Mineral Resources at both Island Gold and Magino to Mineral Reserves
• Gold price assumption of $1,800 per ounce used for estimating Mineral Reserves and $2,000 per ounce for estimating Mineral Resources, up from $1,600 and $1,800 per ounce, respectively, in 2024, reflecting the significantly higher gold price environment. Both remain conservative relative to the three-year trailing average gold price of approximately $2,592 per ounce
• Record global exploration budget of $97 million in 2026, up 37% from the $71 million spent in 2025 with expanded programs at the Island Gold District, Young-Davidson and Lynn Lake. The expanded exploration budget is underpinned by broad-based success across the Company’s asset base in 2025

“Our long-term investment in exploration continues to create value with another substantial increase in Mineral Reserves to 16 million ounces, and at higher grades. The majority of this growth was within the Island Gold District, with the larger Mineral Reserve serving as the foundation for the Island Gold District Expansion announced earlier this month. This marks the seventh consecutive year of growth, with grades increasing 24% over that time frame as our Reserves continue to grow in both size and quality. We also demonstrated significant exploration success across our asset base over the past year. We expect this ongoing success will serve as the foundation for further Mineral Reserve and Resource growth in the years ahead with a record exploration budget of nearly $100 million planned for 2026,” said John A. McCluskey, President and Chief Executive Officer.   

Proven and Probable Gold Mineral Reserves 1
	2025				2024			% Change
	Tonnes	Grade		Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(000’s)	(g/t Au)		(000’s)	(000’s)	(g/t Au)	(000’s)	(000’s)	(g/t Au)	(000’s)
Island Gold	15,072		10.61	5,141	6,232	11.40	2,285	142%	-7%	125%
Magino	113,141		0.86	3,141	68,400	0.91	2,008	65%	-5%	56%
Total Island Gold District	128,212		2.01	8,282	74,632	1.79	4,293	72%	12%	93%
Young-Davidson	42,184		2.20	2,983	41,756	2.26	3,030	1%	-3%	-2%
La Yaqui Grande	3,293		1.35	143	7,710	1.34	331	-57%	1%	-57%
Puerto Del Aire	6,050		5.45	1,060	6,050	5.45	1,060	–	–	–
Total Mulatos	9,343		4.00	1,203	13,760	3.14	1,391	-32%	27%	-14%
MacLellan	41,158		1.31	1,732	39,379	1.35	1,711	5%	-3%	1%
Gordon	10,440		2.02	679	10,006	2.09	671	4%	-3%	1%
Burnt Timber	13,934		1.00	449	14,352	1.02	469	-3%	-1%	-4%
Linkwood	19,906		0.90	576	16,318	0.90	472	22%	0%	22%
Total Lynn Lake	85,438		1.25	3,436	80,056	1.29	3,322	7%	-3%	3%
Alamos – Total	265,176		1.87	15,903	210,203	1.78	12,036	26%	5%	32%
Measured and Indicated Gold Mineral Resources (exclusive of Mineral Reserves) 1
Island Gold	2,093	8.77		590	2,133	8.76	601	-2%	0%	-2%
Magino	56,798	0.79		1,439	62,689	0.94	1,905	-9%	-17%	-24%
Total Island Gold District	58,891	1.07		2,029	64,823	1.20	2,506	-9%	-11%	-19%
Young-Davidson – Surface	1,739	1.24		69	1,739	1.24	69	–	–	–
Young-Davidson – Underground	12,970	3.40		1,420	11,114	3.13	1,117	17%	9%	27%
Total Young-Davidson	14,708	3.15		1,489	12,852	2.87	1,186	14%	10%	26%
Golden Arrow	6,442	1.19		246	6,442	1.19	246	–	–	–
Mulatos Mine	8,190	0.96		252	6,772	0.98	214	21%	-3%	18%
La Yaqui Grande	1,462	0.81		38	1,523	0.78	38	-4%	4%	0%
Puerto Del Aire	2,403	3.49		269	2,403	3.49	269	–	–	–
Cerro Pelon	1,391	4.28		192	720	4.49	104	93%	-5%	84%
Carricito	3,356	0.74		80	1,355	0.83	36	148%	-10%	122%
Total Mulatos	16,802	1.54		831	12,772	1.61	661	32%	-4%	26%
Lynn Lake	21,735	1.27		885	16,189	1.13	587	34%	12%	51%
Alamos – Total	118,578	1.44		5,480	113,077	1.43	5,186	5%	1%	6%
Inferred Gold Mineral Resources 1
Island Gold	2,867	11.51		1,061	7,106	16.52	3,774	-60%	-30%	-72%
Magino	14,045	0.75		338	40,383	0.91	1,177	-65%	-18%	-71%
Total Island Gold District	16,912	2.57		1,398	47,488	3.24	4,950	-64%	-21%	-72%
Young-Davidson – Surface	31	0.99		1	31	0.99	1	–	–	–
Young-Davidson – Underground	1,382	3.73		166	1,880	3.25	197	-26%	15%	-16%
Total Young-Davidson	1,413	3.67		167	1,911	3.22	198	-26%	14%	-16%
Golden Arrow	2,028	1.07		70	2,028	1.07	70	–	–	–
Mulatos Mine	761	0.91		22	641	0.91	19	19%	-1%	16%
La Yaqui Grande	41	2.17		3	74	1.74	4	-45%	25%	-25%
Puerto Del Aire	281	4.07		37	281	4.07	37	–	–	–
Cerro Pelon	83	3.99		11	–	–	–	–	–	–
Carricito	1,499	0.60		29	900	0.74	22	67%	-18%	32%
Total Mulatos	2,665	1.18		101	1,896	1.34	82	41%	-12%	24%
Lynn Lake	11,939	0.80		308	5,682	0.94	171	110%	-14%	80%
Alamos – Total	34,958	1.82		2,044	59,005	2.88	5,471	-41%	-37%	-63%

^{1. The Türkiye assets and Quartz Mountain were sold in 2025 and have been excluded from the 2024 year-end Mineral Reserves and Mineral Resources for comparative reporting purposes.}

Mineral Reserves
Global Proven and Probable Mineral Reserves totalled 15.9 million ounces of gold as of December 31, 2025, a 32% increase from 12.0 million ounces at the end of 2024. The increase reflects the conversion of Mineral Resources into Mineral Reserves at both Island Gold and Magino. Grades also increased 5% to 1.87 g/t Au reflecting the significant increase and higher proportion of high-grade underground Mineral Reserves from the Island Gold District.

The strong growth in Mineral Reserves more than outpaced mining depletion of 594,000 ounces in 2025. This marked the seventh consecutive year Mineral Reserves have increased for a cumulative increase of 64%, with grades also increasing 24% over that time frame.

Island Gold was the largest driver of the increase with underground Mineral Reserves increasing 125% to 5.1 million ounces, net of depletion, with grades averaging 10.61 g/t Au. This marked the 13^th consecutive year of growth at the operation. The key driver of the increase was the conversion of high-grade Mineral Resources in the lower portion of Island East. Mineral Reserves in this high-grade block have grown to now total 1.6 million ounces grading 15.31 g/t Au (3.3 mt). With the main structure open laterally and at depth, and a growing number of high-grade zones being defined in the hanging wall and footwall, there is excellent potential for this long-term pace of growth to continue.

Magino’s open pit Mineral Reserves also increased 56% to 3.1 million ounces, with grades averaging 0.86 g/t Au. As with at Island Gold, the majority of the increase was through the successful conversion of Mineral Resources to Mineral Reserves.

Young-Davidson’s Mineral Reserves were largely unchanged at 3.0 million ounces grading 2.20 g/t Au, with additions to Mineral Reserves offsetting the majority of depletion. Mulatos Mineral Reserves decreased to 1.2 million ounces grading 4.00 g/t Au reflecting depletion at La Yaqui Grande. With limited drilling completed at PDA, Mineral Reserves at the higher-grade underground project were unchanged. Combined Mineral Reserves at the Lynn Lake project increased slightly to 3.4 million ounces grading 1.25 g/t Au, driven by additions at the Linkwood satellite deposit.

A detailed summary of Proven and Probable Mineral Reserves as of December 31, 2025, is presented in Table 1 at the end of this press release.

Mineral Resources
Global Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) increased 6% to 5.5 million ounces, at slightly higher grades of 1.44 g/t Au, as of December 31, 2025. Global Inferred Mineral Resources decreased 63% to 2.0 million ounces with grades decreasing 37% to 1.82 g/t Au, as of December 31, 2025. The decrease in Inferred Mineral Resources and grades reflects the successful conversion of higher-grade underground Mineral Resources at the Island Gold District to Mineral Reserves.

Detailed summaries of the Company’s Measured and Indicated Mineral Resources and Inferred Mineral Resources as of December 31, 2025, are presented in Tables 3 and 4, respectively, at the end of this press release.

Island Gold District

Island Gold underground
Island Gold’s long-term track record of growth continued in 2025 with total Mineral Reserves and Resources increasing 2% across all categories to 6.8 million ounces, net of depletion. This represents the 10^th consecutive year total Mineral Reserves and Resources have increased, a significant achievement given the limited exploration drilling completed over the past year, with the focus on Mineral Resource conversion. Inclusive of mining depletion, over eight million ounces have been discovered to date at Island Gold as it continues to demonstrate itself as one of the highest-grade and fastest growing deposits in the world.

The primary focus of the 2025 exploration program at Island Gold was on delineation drilling to convert the large Inferred Mineral Resource base to Mineral Reserves. The program was highly successful with Mineral Reserves increasing 125% to 5.1 million ounces, net of mining depletion, marking the 13^th consecutive year of growth. This significantly outpaced mining depletion, which totaled 166,000 ounces grading 11.35 g/t Au in 2025.

Grades decreased 7% to 10.61 g/t Au reflecting a mix of high-grade and relatively lower grade additions across the main structure, and within multiple hanging wall and footwall zones. One of the largest drivers of the increase in Mineral Reserves was the lower portion of Island East, an area that now contains 1.6 million ounces grading 15.31 g/t Au (3.3 mt; see Figure 2). This represents one of the highest-grade portions of the deposit, contains some of the deepest and highest-grade intercepts drilled to date, and remains open laterally and at depth, highlighting the significant potential for further growth.

Measured and Indicated Mineral Resources decreased 11,000 ounces to 590,000 ounces with grades unchanged at 8.77 g/t Au. Inferred Mineral Resources decreased 72% to 1.1 million ounces, with grades decreasing to 11.51 g/t Au, reflecting the conversion of significantly higher grade Mineral Resources in Island East to Mineral Reserves. Through further drilling, the majority of these Mineral Resources are expected to convert to Mineral Reserves. This is supported by a conversion rate of Inferred Mineral Resource to Mineral Reserves which has averaged more than 90% since the acquisition of Island Gold in 2017.

Magino open pit
Magino’s Mineral Reserves increased 56% to 3.1 million ounces, with the average grade declining slightly to 0.86 g/t Au. The main driver of the increase was the successful conversion of Mineral Resources to Mineral Reserves. A small portion of the increase was attributable to the higher gold price assumption of $1,800 per ounce.

Measured and Indicated Mineral Resources decreased 24% to 1.4 million ounces with the average grade declining 17% to 0.79 g/t Au. Inferred Mineral Resources decreased 71% to 338,000 ounces with the average grade declining 18% to 0.75 g/t Au. The decline in Mineral Resources reflects the successful conversion to Mineral Reserves.

Island Gold District Expansion – significant exploration upside
On February 3, 2026, the results of the Island Gold District Expansion Study (“IGD Expansion”) were announced. The study incorporated the significant growth in underground and open pit Mineral Reserves defined within the Island Gold District over the past year, supporting an expansion of the operation to 20,000 tonnes per day (“tpd”). The expansion is expected to create one of the largest, longest life, and most profitable gold operations in Canada. Following the completion of the expansion in 2028, average annual production is expected to increase to 534,000 ounces over the first 10 years at mine-site all-in sustaining costs (“AISC”) of $1,025 per ounce.

Given ongoing exploration success and with significant exploration potential across the Island Gold District, there are excellent opportunities for further growth and upside. This includes within the main Island Gold deposit, which remains open laterally and at depth, as well as within multiple higher-grade regional targets in proximity to the Magino mill. The North Shear and past producing Cline-Pick mines represent opportunities for further production upside as potential sources of additional higher-grade mill feed within the expanded mill. Each will be an exploration focus in 2026.

A total of $43 million is budgeted for exploration at the Island Gold District in 2026, up from $24 million spent in 2025. The exploration program will continue to build on the success from 2025 with high-grade gold mineralization extended across the Island Gold deposit, as well as within multiple structures within the hanging wall and footwall.

The 2026 budget includes 50,000 metres (“m”) of underground exploration drilling focused on defining new Mineral Reserves and Mineral Resources in proximity to existing production horizons and infrastructure. This includes drilling across the strike extent of the main Island Gold deposit (E1E and C-Zones), as well as within a growing number of newly defined hanging wall and footwall zones. To support the underground exploration program, 1,090 m of underground exploration drift development is planned to extend drill platforms on multiple levels.

Additionally, 48,000 m of surface exploration drilling has been budgeted targeting the area between the Island Gold and Magino deposits, as well as the down-plunge extension of the Island Gold deposit, below a depth of 1,500 m.

Included within sustaining capital at Island Gold is 27,000 m of underground delineation drilling. The focus of the delineation drilling at Island Gold is the ongoing conversion of Mineral Resources to Mineral Reserves.

The regional exploration program at the Island Gold District includes 16,000 m of surface drilling. The focus of the regional program will be following up on high-grade mineralization intersected in the 2025 drill program at Cline-Pick, located approximately seven kilometres (“km”) northeast of the Island Gold mine. Drilling will also be completed at the historic Edwards Mine, located in proximity to the Cline-Pick mines with the objective of extending mineralization beyond historically mined areas. Drilling will also be undertaken at the Island Gold North Shear target, and to the east and along strike from the Island Gold mine to test the extension of the E1E-zone.

Young-Davidson
Mineral Reserves at Young-Davidson decreased 47,000 ounces to 3.0 million ounces at slightly lower grades of 2.20 g/t Au, with Mineral Reserve additions offsetting the majority of mining depletion over the past year.

Measured and Indicated Mineral Resources increased 26% to 1.5 million ounces, with the average grade increasing 10% to 3.15 g/t Au primarily reflecting growth within multiple hanging wall zones. Inferred Mineral Resources are largely unchanged at 0.2 million ounces grading 3.67 g/t Au.

A total of $17 million has been budgeted for exploration at Young-Davidson in 2026, up from $13 million spent in 2025. This includes 48,000 m of underground exploration drilling focused on two primary areas. The first is to continue to extend mineralization within the Young-Davidson syenite, which hosts the majority of Mineral Reserves and Mineral Resources.

The second is to test and expand on higher grade gold mineralization that has been intersected within two areas of focus in the hanging wall of the deposit as outlined in a press release issued on January 30, 2026. This new style of higher-grade mineralization is located in close proximity to the existing mid-mine infrastructure, with grades intersected well above the current Mineral Reserve grade.

To support the underground exploration program, 200 m of underground exploration development is planned which includes further extension of the 9620-level hanging wall exploration drift that was completed in 2025. The regional program includes 10,000 m of drilling focused on evaluating several targets including the Otisse NE and Biralger targets, located approximately 3 km and 17 km northeast of Young-Davidson, respectively.

Based on underground mining rates of 8,000 tonnes per day, the Mineral Reserve life of the Young-Davidson mine remains at 14 years as of December 31, 2025. Young-Davidson has sustained at least a 13‑year Mineral Reserve life since 2011, reflecting a strong track record of Mineral Resource conversion. With the deposit open at depth and to the west, and new hanging‑wall zones continuing to be defined, there is excellent potential for this track record to continue.

Mulatos District
Total Mulatos District Mineral Reserves decreased 14% (188,000 oz) to 1.2 million ounces reflecting depletion at La Yaqui Grande. Grades increased 27% to 4.0 g/t Au, with higher-grade Mineral Reserves at PDA representing a larger portion of total Mineral Reserves.

Mineral Reserves at PDA were not updated from a year ago (1.1 million ounces grading 5.45 g/t Au) as limited exploration drilling was completed with the focus shifting to development of the project. Exploration and Mineral Resource expansion drilling will recommence at PDA once underground drill platforms have been established to allow for more efficient exploration drill testing below unmineralized cover rock. With the deposit open in multiple directions, there is excellent potential for PDA to continue to grow. Based on current Mineral Reserves, PDA has a nine year mine life with significant exploration upside potential.

A bigger focus of the exploration program in 2025 was on extending and defining higher-grade sulphide mineralization as sources of additional mill feed for the PDA project. The program was successful in defining additional Mineral Resources at Cerro Pelon and a new discovery at Halcon.

Total Measured and Indicated Mineral Resources increased 26% to 0.8 million ounces, with grades decreasing 4% to 1.54 g/t Au. The majority of the increase was attributable to Cerro Pelon, which nearly doubled in size to contain 192,000 ounces grading 4.28 g/t Au. Inferred Mineral Resources also increased 20,000 ounces to 101,000 ounces grading 1.18 g/t Au.

The PDA project will include the construction of a 2,000 tpd mill to process higher-grade sulphide ore from PDA, opening up new opportunities to define and incorporate additional sulphide ore from across the District. PDA remains on track for initial production mid-2027. Cerro Pelon, Halcon and other targets across the District, including La Yaqui Grande, represent upside to the PDA project as potential sources of additional higher-grade sulphide ore.

A total of $21 million is budgeted at Mulatos for exploration in 2026, consistent with the $20 million spent in 2025. The regional drilling program is expected to total 44,500 m and includes 20,000 m of surface exploration drilling at the Cerro Pelon sulphide target, 9,000 m at the Halcon target (discovered in 2025), and an additional 15,500 m planned across several early to advanced staged targets within the Mulatos District.

Lynn Lake District
Total Mineral Reserves for the Lynn Lake District increased 3% to 3.4 million ounces, with grades decreasing slightly to 1.25 g/t Au. The driver of this growth was Mineral Reserve additions within the Linkwood deposit, one of four deposits that comprise the Lynn Lake Project.

Measured and Indicated Mineral Resources increased by 0.3 million ounces to 0.9 million ounces, reflecting growth across all four deposits. Inferred Mineral Resources increased by 0.1 million ounces to 0.3 million ounces.

A total of $6 million has been budgeted for exploration at the Lynn Lake project in 2026. This is up from $3 million spent in 2025. The exploration budget includes 13,500 m to test the potential for underground mining opportunities below the Gordon and MacLellan open pits.

Qualified Persons
Chris Bostwick, FAusIMM, Alamos Gold’s Senior Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101 (“NI 43-101”). The Qualified Persons for the National Instrument 43-101 compliant Mineral Reserve and Resource estimates are detailed in the following table.

Mineral Resources QP		Company		Project
Jeffrey Volk, CPG, FAusIMM		Director – Reserves and Resources, Alamos Gold Inc.		Young-Davidson, Lynn Lake, Golden Arrow, Magino
Tyler Poulin, P.Geo		Geology Superintendent – Island Gold, Alamos Gold Inc.		Island Gold
Marc Jutras, P.Eng		Principal, Ginto Consulting Inc.		Mulatos Pits, PDA, La Yaqui Grande, Cerro Pelon, Carricito
Mineral Reserves QP		Company		Project
Chris Bostwick, FAusIMM		SVP Technical Services, Alamos Gold Inc.		Young-Davidson, PDA
Francis McCann, P.Eng		Director – Technical Services, Alamos Gold Inc.		Magino, Lynn Lake
Nathan Bourgeault, P.Eng		Technical Services Superintendent – Island Gold, Alamos Gold Inc.		Island Gold
Herb Welhener, SME-QP		VP, Independent Mining Consultants Inc.		La Yaqui Grande

With the exception of Mr. Volk, Mr. Bostwick, Mr. McCann, Mr. Poulin, and Mr. Bourgeault, each of the foregoing individuals are independent of Alamos Gold.

About Alamos
Alamos is a Canadian-based intermediate gold producer with diversified production from three operations in North America. This includes the Island Gold District and Young-Davidson mine in northern Ontario, Canada, and the Mulatos District in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects including the IGD Expansion, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 2,400 people and is committed to the highest standards of sustainable development. The Company’s shares are traded on the TSX and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:

Scott K. Parsons
Senior Vice President, Corporate Development & Investor Relations
(416) 368-9932 x 5439
Khalid Elhaj
Vice President, Business Development & Investor Relations
(416) 368-9932 x 5427
[email protected]

The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note regarding Forward-Looking Statements

This news release contains or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian and U.S. securities laws. All statements in this news release other than statements of historical fact, which address events, results, outcomes or developments that Alamos expects to occur are, or may be deemed to be, forward-looking statements. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as “expect”, “anticipate”, assume”, “plan”, “continue”, “ongoing”, “trend”, “estimate”, “target”, “budget”, “prospective”, “opportunity”, or “potential” or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved or the negative connotation of such terms. Forward-looking statements contained in this news release are based on expectations, estimates and projections as at the date of this news release.

Forward-looking statements in this news release include, without limitation, information, expectations and guidance as to strategy, plans, future financial and operating performance, such as statements, expectations and guidance regarding: planned exploration programs, focuses, targets and budgets; exploration potential; potential drilling results and related expectations; expected underground mining rates; gold production, production rates and production potential, including expected increases in gold production from Island Gold over the longer term; sustaining capital, costs and expenditures (including mine-site AISC); project economics; value of operations; gold price assumptions; ongoing construction of the Phase 3+ Expansion Project at Island Gold; the Island Gold District Expansion; construction of the Lynn Lake Project; Construction of the Puerto Del Aire Project and timing of initial production; Mineral Resources at Cerro Pelon and the discovery at Halcon; potential for underground mining opportunities below the Gordon and MacLellan open pits at the Lynn Lake project; projected ore grades; Mineral Reserve and Resource growth; Mineral Resource conversion rates; mine life; Mineral Reserve life; and other information that is based on forecasts and projections of future operational, geological or financial results, estimates of amounts not yet determinable and assumptions of management.

Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of Mineral Resource. A Mineral Resource that is classified as “Inferred” or “Indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “Indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category of Mineral Resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into Proven and Probable Mineral Reserves.

Alamos cautions that forward-looking statements are necessarily based upon several factors and assumptions that, while considered reasonable by management at the time of making such statements, are inherently subject to significant business, economic, technical, legal, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information.

Such factors and assumptions include (without limitation): the actual results of current exploration activities; changes to current estimates of mineral reserves and mineral resources; conclusions of economic and geological evaluations; changes in project parameters as plans continue to be refined; operations may be exposed to illness, disease, epidemic or pandemic which may impact, among other things, the broader market; state and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for the Company’s operations) in Canada, Mexico and other jurisdictions in which the Company does or may conduct business; the duration of regulatory responses to any illness, disease, epidemic or pandemic; changes in national and local government legislation, controls or regulations; failure to comply with environmental and health and safety laws and regulations; labour and contractor availability (and being able to secure the same on favourable terms); ability to sell or deliver gold doré bars; disruptions in the maintenance or provision of required infrastructure and information technology systems; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates and may be impacted by unscheduled maintenance); changes in foreign exchange rates (particularly the Canadian dollar, U.S. dollar, and Mexican peso); the impact of inflation; the potential impact of any tariffs, trade barriers and/or regulatory costs; employee and community relations; litigation and administrative proceedings; disruptions affecting operations; risks associated with the startup of new mines; availability of and increased costs associated with mining inputs and labour; delays in the development or updating of mine plans; delays in implementing improvement initiatives; delays in construction, including the Phase 3+ expansion project, the Island Gold District Expansion, the PDA project, and the Lynn Lake project; inherent risks and hazards associated with mining and mineral processing including industrial accidents; environmental hazards including, without limitation, fires, floods, seismic activity, unusual or unexpected formations, pressures and cave-ins; the risk that the Company’s mines may not perform as planned; uncertainty with the Company’s ability to secure additional capital to execute its business plans; the speculative nature of mineral exploration and development, risks in obtaining and maintaining necessary licenses, permits and authorizations, contests over title to properties; expropriation or nationalization of property; political or economic developments in Canada or Mexico and other jurisdictions in which the Company does or may carry on business in the future; increased costs and risks related to the potential impact of climate change; the costs and timing of exploration, construction and development of new deposits; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; and business opportunities that may be pursued by the Company.

For a more detailed discussion of such risks and other factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this news release, see the Company’s latest 40-F/Annual Information Form and Management’s Discussion and Analysis, each under the heading “Risk Factors”, available on the SEDAR+ website at www.sedarplus.ca or on EDGAR at www.sec.gov. The foregoing should be reviewed in conjunction with the information and risk factors and assumptions found in this news release.

The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether written or oral, or whether as a result of new information, future events or otherwise, except as required by applicable law.

Note to U.S. Investors – Mineral Reserve and Resource Estimates

Unless otherwise indicated, all Mineral Resource and Mineral Reserve estimates included in this news release have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1934, as amended. The U.S. Securities and Exchange Commission (the “SEC”) has adopted final rules, to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act (“Regulation S-K 1300”) which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards.

Investors are cautioned that while the above terms are “substantially similar” to CIM Definitions, there are differences in the definitions under Regulation S-K 1300 and the CIM Standards. Accordingly, there is no assurance any Mineral Reserves or Mineral Resources that the Company may report as “Proven Mineral Reserves”, “Probable Mineral Reserves”, “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the Mineral Reserve or mineral resource estimates under the standards adopted under Regulation S-K 1300. U.S. investors are also cautioned that while the SEC recognizes “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under Regulation S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Mineralization described using these terms has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as Reserves. Accordingly, investors are cautioned not to assume that any Measured Mineral Resources, Indicated Mineral Resources, or Inferred Mineral Resources that the Company reports are or will be economically or legally mineable.

Cautionary non-GAAP Measures and Additional GAAP Measures

Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. “Sustaining capital” are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects. “Total cash costs per ounce”, “all-in sustaining costs per ounce”, “mine-site all-in sustaining costs”, and “all-in costs per ounce” as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, “total cash costs” reflects mining and processing costs allocated from in-process and doré inventory and associated royalties with ounces of gold sold in the period. Total cash costs per ounce are exclusive of exploration costs. “All-in sustaining costs per ounce” include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. “Mine-site all-in sustaining costs” include total cash costs, exploration, and sustaining capital costs for the mine-site, but exclude an allocation of corporate and administrative and share based compensation.

Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS but rather should be evaluated in conjunction with such IFRS measures. This includes “Earnings from operations”, which is intended to provide an indication of the Company’s operating performance and represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, and income tax expense. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies. A reconciliation of historical non-GAAP and additional GAAP measures are detailed in the Company’s Management’s Discussion and Analysis available at www.alamosgold.com.

Table 1: Total Proven and Probable Mineral Reserves as of December 31, 2025

PROVEN AND PROBABLE GOLD RESERVES (as at December 31, 2025)
	Proven Reserves			Probable Reserves			Total Proven and Probable
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(000’s)	(g/t Au)	(000’s)	(000’s)	(g/t Au)	(000’s)	(000’s)	(g/t Au)	(000’s)
Island Gold	1,123	11.50	415	13,949	10.54	4,726	15,072	10.61	5,141
Magino	42,437	0.80	1,097	70,704	0.90	2,044	113,141	0.86	3,141
Total Island Gold District	43,559	1.08	1,512	84,653	2.49	6,769	128,212	2.01	8,282
Young-Davidson	12,457	2.18	873	29,727	2.21	2,109	42,184	2.20	2,983
La Yaqui Grande	127	0.90	4	3,166	1.37	139	3,293	1.35	143
Puerto Del Aire	946	4.78	145	5,104	5.57	914	6,050	5.45	1,060
Total Mulatos	1,073	4.32	149	8,270	3.96	1,054	9,343	4.00	1,203
MacLellan	16,840	1.64	886	24,318	1.08	846	41,158	1.31	1,732
Gordon	4,347	2.29	320	6,093	1.83	359	10,440	2.02	679
Burnt Timber	4,201	1.26	170	9,733	0.89	278	13,934	1.00	449
Linkwood	1,779	0.90	51	18,127	0.90	525	19,906	0.90	576
Total Lynn Lake	27,167	1.64	1,428	58,271	1.07	2,008	85,438	1.25	3,436
Alamos – Total	84,256	1.46	3,963	180,920	2.05	11,940	265,176	1.87	15,903

PROVEN AND PROBABLE SILVER MINERAL RESERVES (as at December 31, 2025)
	Proven Reserves			Probable Reserves			Total Proven and Probable
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(000’s)	(g/t Ag)	(000’s)	(000’s)	(g/t Ag)	(000’s)	(000’s)	(g/t Ag)	(000’s)
La Yaqui Grande	–	–	–	3,166	14.77	1,503	3,166	14.77	1,503
Puerto Del Aire	946	13.31	405	5,104	6.60	1,083	6,050	7.65	1,487
MacLellan	16,840	5.25	2,840	24,318	3.48	2,719	41,158	4.20	5,559
Alamos – Total	17,786	5.67	3,245	32,587	5.06	5,304	50,373	5.28	8,549

.

Table 2: Project Life-of-Mine Mineral Reserve Waste-to-Ore Ratios as of December 31, 2025
Project	Waste-to-Ore Ratio
Magino	3.6
La Yaqui Grande Pit	5.2
Lynn Lake Pits	4.8

Table 3: Total Measured and Indicated Mineral Resources as of December 31, 2025
MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2025)
	Measured Resources			Indicated Resources			Total Measured and Indicated
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(000’s)	(g/t Au)	(000’s)	(000’s)	(g/t Au)	(000’s)	(000’s)	(g/t Au)	(000’s)
Island Gold	329	11.19	118	1,764	8.32	472	2,093	8.77	590
Magino	6,714	0.70	151	50,084	0.80	1,288	56,798	0.79	1,439
Total Island Gold District	7,042	1.19	270	51,848	1.06	1,760	58,891	1.07	2,029
Young-Davidson – Surface	496	1.13	18	1,242	1.28	51	1,739	1.24	69
Young-Davidson – Underground	5,417	2.65	461	7,553	3.95	959	12,970	3.40	1,420
Total Young-Davidson	5,913	2.52	479	8,795	3.57	1,010	14,708	3.15	1,489
Golden Arrow	3,626	1.26	147	2,816	1.09	99	6,442	1.19	246
Mulatos	864	0.97	27	7,326	0.96	225	8,190	0.96	252
La Yaqui Grande	–	–	–	1,462	0.80	38	1,462	0.81	38
Puerto Del Aire	364	3.32	39	2,039	3.52	230	2,403	3.49	269
Cerro Pelon	238	4.91	38	1,153	0.00	154	1,391	4.28	192
Carricito	–	–	–	3,356	0.75	80	3,356	0.74	80
Total Mulatos	1,466	2.20	103	15,336	1.48	727	16,802	1.54	831
MacLellan	892	2.87	82	7,331	1.43	337	8,223	1.59	419
Gordon	104	5.55	19	1,148	2.36	87	1,252	2.63	106
Burnt Timber	531	1.62	28	6,497	0.87	181	7,028	0.92	208
Linkwood	208	1.00	7	5,024	0.90	145	5,232	0.90	152
Total Lynn Lake	1,735	2.42	135	20,000	1.17	750	21,735	1.27	885
Alamos – Total	19,782	1.78	1,135	98,795	1.37	4,346	118,578	1.44	5,480

MEASURED AND INDICATED SILVER MINERAL RESOURCES (as at December 31, 2025)
	Measured Resources			Indicated Resources			Total Measured and Indicated
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
	(000’s)	(g/t Ag)	(000’s)	(000’s)	(g/t Ag)	(000’s)	(000’s)	(g/t Ag)	(000’s)
La Yaqui Grande	–	–	–	1,462	9.93	467	1,462	9.93	467
Puerto Del Aire	364	14.69	172	2,039	9.16	601	2,403	10.00	772
Cerro Pelon	238	75.25	577	1,153	43.93	1,628	1,391	49.29	2,205
Carricito	–	–	–	3,356	0.61	66	3,356	0.61	66
MacLellan	892	10.53	302	7,331	4.00	942	8,223	4.71	1,244
Alamos – Total	1,494	21.87	1,050	15,340	7.51	3,704	16,834	8.78	4,754

Table 4: Total Inferred Mineral Resources as of December 31, 2025
INFERRED GOLD MINERAL RESOURCES (as at December 31, 2025)
	Tonnes	Grade	Ounces
	(000’s)	(g/t Au)	(000’s)
Island Gold	2,867	11.51	1,061
Magino	14,045	0.75	338
Total Island Gold District	16,912	2.57	1,398
Young-Davidson – Surface	31	0.99	1
Young-Davidson – Underground	1,382	3.73	166
Total Young-Davidson	1,413	3.67	167
Golden Arrow	2,028	1.07	70
Mulatos	761	0.91	22
La Yaqui Grande	41	2.17	3
Puerto Del Aire	281	4.07	37
Cerro Pelon	83	3.99	11
Carricito	1,499	0.60	29
Total Mulatos	2,665	1.18	101
MacLellan	9,085	0.77	225
Gordon	222	1.23	9
Burnt Timber	1,379	0.81	36
Linkwood	1,253	0.93	37
Total Lynn Lake	11,939	0.80	308
Alamos – Total	34,958	1.82	2,044

INFERRED SILVER MINERAL RESOURCES (as at December 31, 2025)
	Tonnes	Grade	Ounces
	(000’s)	(g/t Ag)	(000’s)
La Yaqui Grande	41	3.69	5
Puerto Del Aire	281	11.30	102
Cerro Pelon	83	20.86	55
Carricito	1,499	0.53	26
MacLellan	9,085	1.60	466
Alamos – Total	10,989	1.85	655

Notes to Mineral Reserve and Resource Tables:

• The Company’s Mineral Reserves and Mineral Resources as at December 31, 2025 are classified in accordance with the Canadian Institute of Mining Metallurgy and Petroleum’s “CIM Standards on Mineral Resources and Reserves, Definition and Guidelines” as per Canadian Securities Administrator’s NI 43-101 requirements.
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
• Mineral Resources are exclusive of Mineral Reserves.
• Mineral Reserve cut-off grade for the La Yaqui Pit is determined as a net of process value of $0.10 per tonne for each model block.
• All Measured, Indicated and Inferred open pit Mineral Resources are pit constrained.
• With the exceptions noted below, Mineral Reserve estimates assumed a gold price of $1,800 per ounce and Mineral Resource estimates assumed a gold price of $2,000 per ounce.
• Metal prices, cut-off grades and metallurgical recoveries are set out in the table below.

	Mineral Resources		Mineral Reserves
	Gold Price	Cut-off	Gold Price	Cut-off	Met Recovery
Island Gold	$2,000	3.75	$1,800	3.78	97%
Magino	$2,000	0.28	$1,800	0.30	90-93%
Young-Davidson – Surface	$1,400	0.5	n/a	n/a	n/a
Young-Davidson – Underground	$2,000	1.39	$1,800	1.57	92%
Golden Arrow	$1,600	0.64	n/a	n/a	91%
Mulatos:
Mulatos Main Open Pit	$2,000	0.5	n/a	n/a	n/a
PDA Underground	$1,800	2.5	$1,600	3.0	85%
La Yaqui Grande	$2,000	0.3	$1,800	see notes	75%
Cerro Pelon	$2,000	2.5	n/a	n/a	n/a
Carricito	$2,000	0.3	n/a	n/a	n/a
Lynn Lake – MacLellan	$2,000	0.30	$1,800	0.33	91-92%
Lynn Lake – Gordon	$2,000	0.41	$1,800	0.45	92.4%
Lynn Lake – Burnt Timber	$2,000	0.36	$1,800	0.40	91-92%
Lynn Lake – Linkwood	$2,000	0.36	$1,800	0.40	91-92%

Figure 1: Island Gold Mine Main Structure (C/E1E Zone) & Magino Longitudinal – 2025 Mineral Reserves & Resources 

Figure 2: Island Gold Mine Main Structure (C/E1E Zone) Longitudinal – Higher-Grade Mineral Reserves in Island East Driving Growth

Figures accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/4a6acba7-929f-4d3a-8d4a-687bddad2f58

https://www.globenewswire.com/NewsRoom/AttachmentNg/fb3386e2-50a0-4760-a417-302a776a8d8a

https://www.globenewswire.com/NewsRoom/AttachmentNg/b2651154-7227-4bce-afc7-380909c544f4

https://www.globenewswire.com/NewsRoom/AttachmentNg/73734493-4a89-4754-b342-7184ec3ee0cd

https://www.globenewswire.com/NewsRoom/AttachmentNg/a2c2dbd0-d8a4-4c46-b0b9-6a4e0916076d

DALLAS, Feb. 17, 2026 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets, today reported its financial results for the fiscal 2026 third quarter, which ended December 31, 2025.

Highlights of the quarter include:

• Resolved GWG Holdings, Inc. litigation and regained Nasdaq compliance
• Generated $50 million in gross proceeds from asset sales
• Fully paid off HH-BDH Credit Agreement principal balance (excluding $1.7 million for deferred interest and fees)
• Strengthened balance sheet and collateral base

Commenting on the fiscal 2026 third quarter results, interim Chief Executive Officer James Silk said: “Our third-quarter results demonstrate that we have stabilized, focused and strengthened our business. We are especially pleased to have reached a final, court-approved settlement related to the GWG Holdings litigation, regained full compliance with Nasdaq’s listing requirements, and appointed Peter T. Cangany, Jr. as our new Chairman. These and other milestones represent a turning point which we believe will allow Ben to focus more fully on driving growth and enhancing the value of our liquidity solutions.

“Throughout this process, we have remained disciplined in capital management and operational efficiency. Continued asset sales and equity redemptions generated $50 million in gross proceeds this year, allowing us to systematically reduce debt, including the HH-BDH Credit Agreement loans. With a stronger collateral base and reduced leverage, we are well positioned to serve customers and deliver long-term shareholder value.”

Third
Quarter Fiscal 2026 and Recent Highlights (for the quarter ended December 31, 2025 or as noted):

• Reported investments with a fair value of $205.8 million, a decrease from $291.4 million at the end of our prior fiscal year, which served as collateral for Ben Liquidity’s net loan portfolio of $187.5 million and $244.1 million, respectively.
• Operating expenses increased 5.7% to $14.7 million in the third quarter of fiscal 2026, which included interest associated with a recognized loss contingency accrual of $1.7 million, as compared to $13.9 million in the third quarter of fiscal 2025. On a year-to-date basis, operating expenses for fiscal 2026 were $109.9 million, which included the accrual of a loss contingency of $62.8 million and additional interest expense on the loss contingency accrual of $3.4 million, as compared to $1.9 million in the same period of fiscal 2025, which included the release of a loss contingency accrual of $55.0 million and a non-cash goodwill impairment of $3.7 million.
• Excluding the non-cash goodwill impairment and the loss contingency accrual (release) along with associated interest expense on the loss contingency in each period, as applicable, operating expenses declined 6.5% to $13.0 million in the third quarter of fiscal 2026 as compared to $13.9 million in the same period of fiscal 2025. On a year-to-date basis, excluding the non-cash goodwill impairment, the loss contingency accrual (release), and associated interest expense on the loss contingency accrual in each period, as applicable, operating expenses were $43.7 million for the first three quarters of fiscal 2026 as compared to $53.2 million for the first three quarters of fiscal 2025.
• Further completed asset sales or equity redemptions of certain investments held by the Customer ExAlt Trusts, resulting in an aggregate of $50.2 million in gross proceeds on a year-to-date basis, which have been used to pay down certain debt, including the pay-off of the outstanding principal balance on the HH-BDH Credit Agreement in January 2026, and provide working capital. The Company still owes $1.7 million for interest and fees under the HH-BDH Credit Agreement, which the parties have agreed to defer.
• Effective December 15, 2025, the Company appointed Peter T. Cangany, Jr. as Chairman of the Board.
• Entered into an additional primary capital transaction with a fund managed by a general partner on December 31, 2025, which will increase the collateral for the Company’s ExAlt loan portfolio by more than $3 million of interests in alternative assets.
• Announced on January 5, 2026, that we were notified by Nasdaq that the Company had regained compliance with the minimum bid price requirement and the continued listing requirements for warrants. As a result, the Company was in full compliance with the Nasdaq Capital Market’s listing requirements.
• Subsequent to December 31, 2025, the United States District Court for the Northern District of Texas approved the previously disclosed agreement to settle all claims pending in that jurisdiction under the previously disclosed lawsuits relating to GWG Holdings, Inc. against the Company, its subsidiaries, and each of their current and former directors and officers. With this approval, the settlement is final in accordance with the terms of the settlement agreement.

Loan Portfolio

As a result of executing on our business plan of providing financing for liquidity, or early investment exits, for alternative asset marketplace participants, Ben’s balance sheet is primarily comprised of loans collateralized by a well- diversified alternative asset portfolio that is expected to grow as Ben successfully executes on its core business.

Ben’s balance sheet strategy for ExAlt Loan origination is based on an endowment-style portfolio model for the fiduciary financings we make by utilizing our patent-pending computer implemented technologies branded as OptimumAlt. Our OptimumAlt endowment model balance sheet approach guides diversification of our fiduciary financings across seven asset classes of alternative assets, over 11 industry sectors in which alternative asset managers invest, and at least six countrywide exposures and multiple vintages of dates of investment into the private funds and companies.

As of December 31, 2025, Ben’s loan portfolio was supported by a highly diversified alternative asset collateral portfolio providing diversification across approximately 150 private market funds and approximately 430 investments across various asset classes, industry sectors and geographies. This portfolio includes exposure to some of the most exciting, sought after private company names worldwide, including:

• A leading Latin American pharmacy, health, and beauty retailer with an integrated physical and digital store network.
• A technology-enabled reforestation company using drones, seed science, and services to restore forests at scale following wildfires and other disturbances.
• A mobile banking services provider.
• A privately owned express intercity passenger rail system operator and owner of associated real estate.
• A developer of an integrated e-commerce and fulfillment platform to sell wine direct-to-consumers.

Figure 1: Portfolio Diversification

Diversification Using Principal Loan Balance, Net of Allowance for Credit Losses

As of December 31, 2025, the charts below present the ExAlt Loan portfolio’s relative exposure by certain characteristics (percentages determined by aggregate fiduciary ExAlt Loan portfolio principal balance net of allowance for credit losses, which includes the exposure to interests in certain of our former affiliates composing part of the Fiduciary Loan Portfolio).

As of December 31, 2025. The chart represents the characteristics of professionally managed funds and investments in the Collateral portfolio, which is comprised of a diverse portfolio of direct and indirect interests (through various investment vehicles, including, limited partnership interests and private and public equity and debt securities, which include our and our affiliates’ or our former affiliates’ securities), primarily in third-party, professionally managed private funds and investments. Loan balances used to calculate the percentages reported in the pie charts are loan balances, net of any allowance for credit losses, and as of December 31, 2025, the total allowance for credit losses was $391 million, for a total gross loan balance of $578 million and a loan balance net of allowance for credit losses of $187 million.

Business Segments: Third Quarter Fiscal 2026

Ben Liquidity

Ben Liquidity offers simple, rapid and cost-effective liquidity products through the use of our proprietary financing and trust structure, or the “Customer ExAlt Trusts,” which facilitate the exchange of a customer’s alternative assets for consideration.

• Ben Liquidity recognized $8.2 million of interest income for the fiscal third quarter, a decrease of 3.6% from the quarter ended September 30, 2025, primarily due to a higher percentage loans being placed on nonaccrual status and loan repayments primarily through asset sales proceeds, partially offset by the effects of compounding interest on the remaining loans.
• Operating loss for the fiscal third quarter was $29.2 million, a decline from an operating loss of $0.8 million for the quarter ended September 30, 2025. The decrease in operating performance was due to higher intersegment credit losses in the current fiscal period as compared to the quarter ended September 30, 2025 due to larger declines in NAV arising from adjustments to the relative share of the respective fund’s NAV based on updated financial information received from the funds’ investment manager or sponsor during the period and asset sales transacting generally at lower prices as a percentage of NAV during the quarter than in prior quarters, which resulted in lower relative loan paydowns.

Ben Custody

Ben Custody provides full-service trust and custody administration services to the trustees of certain of the Customer ExAlt Trusts, which own the exchanged alternative assets following liquidity transactions in exchange for fees payable quarterly calculated as a percentage of assets in custody.

• NAV of alternative assets and other securities held in custody by Ben Custody during the fiscal third quarter was $230.2 million as of December 31, 2025, compared to $338.2 million as of March 31, 2025. The decrease was driven by dispositions of certain alternative assets, distributions and unrealized losses on existing assets, principally related to adjustments to the relative share held in custody of the respective fund’s NAV based on updated financial information received from the funds’ investment manager or sponsor during the period or the fair value for investments deemed probable to be sold at an amount that differs from NAV, offset by $14.8 million of new originations.
• Revenues applicable to Ben Custody were $2.9 million for the fiscal third quarter, compared to $3.1 million for the quarter ended September 30, 2025. The decrease was a result of lower NAV of alternative assets and other securities held in custody at the beginning of the period when such fees are calculated along with certain upfront intersegment fees that are amortized into revenues over time being fully recognized in a prior period.
• Operating income for the fiscal third quarter decreased to $2.0 million from $2.3 million for the quarter ended September 30, 2025. The decrease was largely attributable to the decline in revenues applicable to this operating segment as described above and slightly higher employee compensation and benefits expense.

Business Segments: Through Nine Months Ended Fiscal 2026

Ben Liquidity

• Ben Liquidity recognized $25.5 million of interest income for the nine months ended December 31, 2025, down 25.2% compared to the prior year period, primarily driven by lower loans, net of the allowance for credit losses, resulting from higher levels of non-accrual loans and loan prepayments, partially offset by new loans originated.
• Operating loss was $36.0 million for the nine months ended December 31, 2025, declining from operating loss of $0.5 million in the prior year period. The increase in the operating loss is partially a result of the lower revenues period over period plus an increase in intersegment credit losses in the current fiscal year as compared to the same period in the prior year.

Ben Custody

• Ben Custody revenues were $10.2 million for the nine months ended December 31, 2025, down 36.9%, compared to the prior year period, largely the result of lower NAV of alternative assets and other securities held in custody along with certain upfront intersegment fees that are amortized into revenues over time being fully recognized in a prior period.
• Operating income was $7.4 million for the nine months ended December 31, 2025 compared to operating income of $9.1 million in the prior year period. While revenues declined in the current year period as compared to the same period in the prior year, operating expenses declined by $4.3 million reflecting non-cash goodwill impairment in the prior year period of $3.4 million and intersegment provision for credit loss of $1.3 million. No such impairment or credit losses were recorded in the current year period.
• Adjusted operating income⁽¹⁾ for the nine months ended December 31, 2025 was $7.4 million, compared to adjusted operating income⁽¹⁾ of $13.9 million in the prior year period with the decrease in adjusted operating income⁽¹⁾ driven by lower revenue related to lower NAV of alternative assets and other securities held in custody partially offset by slightly higher operating expenses during the current fiscal year period.

Capital and Liquidity

• As of December 31, 2025, the Company had cash and cash equivalents of $7.9 million and total debt of $100.3 million.
• Distributions received from alternative assets and other securities held in custody totaled $11.3 million for the nine months ended December 31, 2025, compared to $19.3 million for the same period of fiscal 2025. Additionally, during nine months ended December 31, 2025, we received proceeds of $50.2 million from the disposition of certain investments in alternative assets.
• Total investments (at fair value) of $205.8 million at December 31, 2025 supported Ben Liquidity’s loan portfolio.

⁽¹⁾ Represents a non-GAAP financial measure. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

Consolidated Fiscal Third Quarter Results

Table 1 below presents a summary of selected unaudited consolidated operating financial information.

Consolidated Fiscal Third Quarter Results ($ in thousands, except share and per share amounts)	Fiscal 3Q26 December 31, 2025			Fiscal 2Q26 September 30, 2025			Fiscal 3Q25 December 31, 2024			Change % vs. Prior Quarter			YTD Fiscal 2026			YTD Fiscal 2025			Change % vs. Prior YTD
GAAP Revenues	$	18,670		$	(2,763	)	$	4,419		NM			$	3,284		$	23,026		(85.7	)%
Adjusted Revenues(1)		(25,393	)		(2,759	)		4,427		NM				(40,774	)		23,572		NM
GAAP Operating Income (Loss)		3,944			(17,864	)		(9,513	)	NM				(106,568	)		21,110		NM
Adjusted Operating Income (Loss)(1)		(36,764	)		(12,588	)		(7,301	)	NM				(74,533	)		(18,638	)	NM
Basic Class A EPS(3)	$	1.19		$	(2.96	)	$	(10.60	)	NM			$	(10.30	)	$	82.41		NM
Diluted Class A EPS(3)	$	0.04		$	(2.96	)	$	(10.60	)	NM			$	(10.30	)	$	0.94		NM
Segment Revenues attributable to Ben’s Equity Holders(2)		55,084			11,420			16,621		NM				79,562			49,482		60.8	%
Adjusted Segment Revenues attributable to Ben’s Equity Holders(1)(2)		11,021			11,420			16,621		(3.5	)%			35,499			49,489		(28.3	)%
Segment Operating Income (Loss) attributable to Ben’s Equity Holders		8,656			(8,084	)		(8,281	)	NM				(75,864	)		27,391		NM
Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders(1)(2)	$	(32,052	)	$	(2,812	)	$	(4,737	)	NM			$	(43,834	)	$	(11,551	)	NM

NM – Not meaningful.

⁽¹⁾ Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

⁽²⁾ Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH, which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2025, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

⁽¹⁾ Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025.

Table 2 below presents a summary of selected unaudited consolidated balance sheet information.

Consolidated Fiscal Third Quarter Results ($ in thousands)	Fiscal 3Q26 As of December 31, 2025			Fiscal 4Q25 As of March 31, 2025			Change %
Investments, at Fair Value	$	205,776		$	291,371		(29.4	)%
All Other Assets		119,070			50,490		135.8	%
Goodwill and Intangible Assets, Net		13,014			13,014		—	%
Total Assets	$	337,860		$	354,875		(4.8	)%

Business Segment Information Attributable to Ben’s Equity Holders⁽¹⁾

Table 3 below presents unaudited segment revenues and segment operating income (loss) for business segments attributable to Ben’s equity holders.

Segment Revenues Attributable to Ben’s Equity Holders(1) ($ in thousands)	Fiscal 3Q26 December 31, 2025		Fiscal 2Q26 September 30, 2025			Fiscal 3Q25 December 31, 2024			Change % vs. Prior Quarter			YTD Fiscal 2026		YTD Fiscal 2025			Change % vs. Prior YTD
Ben Liquidity	$	8,189	$	8,497		$	11,297		(3.6	)%		$	25,521	$	34,124		(25.2	)%
Ben Custody		2,944		3,081			5,410		(4.4	)%			10,208		16,178		(36.9	)%
Corporate & Other		43,951		(158	)		(86	)	NM				43,833		(820	)	NM
Total Segment Revenues Attributable to Ben’s Equity Holders(1)	$	55,084	$	11,420		$	16,621		NM			$	79,562	$	49,482		60.8	%

Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1) ($ in thousands)	Fiscal 3Q26 December 31, 2025			Fiscal 2Q26 September 30, 2025			Fiscal 3Q25 December 31, 2024			Change % vs. Prior Quarter			YTD Fiscal 2026			YTD Fiscal 2025			Change % vs. Prior YTD
Ben Liquidity	$	(29,167	)	$	(821	)	$	(2,853	)	NM			$	(36,005	)	$	(462	)	NM
Ben Custody		1,989			2,292			3,507		(13.2	)%			7,409			9,123		(18.8	)%
Corporate & Other		35,834			(9,555	)		(8,935	)	NM				(47,268	)		18,730		NM
Total Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)	$	8,656		$	(8,084	)	$	(8,281	)	NM			$	(75,864	)	$	27,391		NM

NM – Not meaningful.

⁽¹⁾ Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH, which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2025, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

Adjusted Business Segment Information Attributable to Ben’s Equity Holders⁽²⁾

Table 4 below presents unaudited adjusted segment revenue and adjusted segment operating income (loss) for business segments attributable to Ben’s equity holders.

Adjusted Segment Revenues Attributable to Ben’s Equity Holders (1)(2) ($ in thousands)	Fiscal 3Q26 December 31, 2025			Fiscal 2Q26 September 30, 2025			Fiscal 3Q25 December 31, 2024			Change % vs. Prior Quarter			YTD Fiscal 2026			YTD Fiscal 2025			Change % vs. Prior YTD
Ben Liquidity	$	8,189		$	8,497		$	11,297		(3.6	)%		$	25,521		$	34,124		(25.2	)%
Ben Custody		2,944			3,081			5,410		(4.4	)%			10,208			16,178		(36.9	)%
Corporate & Other		(112	)		(158	)		(86	)	29.1	%			(230	)		(813	)	71.7	%
Total Adjusted Segment Revenues Attributable to Ben’s Equity Holders(1)(2)	$	11,021		$	11,420		$	16,621		(3.5	)%		$	35,499		$	49,489		(28.3	)%

Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)(2) ($ in thousands)	Fiscal 3Q26 December 31, 2025			Fiscal 2Q26 September 30, 2025			Fiscal 3Q25 December 31, 2024			Change % vs. Prior Quarter			YTD Fiscal 2026			YTD Fiscal 2025			Change % vs. Prior YTD
Ben Liquidity	$	(29,167	)	$	(821	)	$	(2,853	)	NM			$	(36,005	)	$	(457	)	NM
Ben Custody		1,989			2,292			4,847		(13.2	)%			7,409			13,890		(46.7	)%
Corporate & Other		(4,874	)		(4,283	)		(6,731	)	(13.8	)%			(15,238	)		(24,984	)	39.0	%
Total Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)(2)	$	(32,052	)	$	(2,812	)	$	(4,737	)	NM			$	(43,834	)	$	(11,551	)	NM

NM – Not meaningful.

⁽¹⁾ Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.
⁽²⁾ Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH, which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2025, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income (Loss) Attributable to Ben Common Shareholders

Table 5 below presents reconciliation of operating income (loss) by business segment attributable to Ben’s Equity Holders to net income (loss) attributable to Ben common shareholders.

Reconciliation of Business Segments to Net Income (Loss) to Ben Common Shareholders ($ in thousands)	Fiscal 3Q26 December 31, 2025			Fiscal 2Q26 September 30, 2025			Fiscal 3Q25 December 31, 2024				YTD Fiscal 2026			YTD Fiscal 2025
Ben Liquidity	$	(29,167	)	$	(821	)	$	(2,853	)		$	(36,005	)	$	(462	)
Ben Custody		1,989			2,292			3,507				7,409			9,123
Corporate & Other		35,834			(9,555	)		(8,935	)			(47,268	)		18,730
Gain on liability resolution		1,996			—			—				1,996			23,462
Income tax expense (allocable to Ben and BCH equity holders)		—			(43	)		(713	)			(43	)		(741	)
Net loss attributable to noncontrolling interests – Ben		14,026			9,191			4,844				39,201			15,098
Noncontrolling interest guaranteed payment		(4,765	)		(4,693	)		(4,489	)			(14,082	)		(13,268	)
Net income (loss) attributable to Ben’s common shareholders	$	19,913		$	(3,629	)	$	(8,639	)		$	(48,792	)	$	51,942

Investor Webcast

Beneficient will host a webcast and conference call to review its third quarter financial results on February 17, 2026, at 5:30 p.m. Eastern Standard Time. The webcast will be available via live webcast from the Investor Relations section of the Company’s website at https://shareholders.trustben.com under Events.

Replay

The webcast will be archived on the Company’s website in the investor relations section for replay for at least one year.

About Beneficient

Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets.

Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

For more information, visit www.trustben.com or follow us on LinkedIn.

Contacts

Investors:
Matt Kreps/214-597-8200/[email protected]
Michael Wetherington/214-284-1199/[email protected]
[email protected]

Not an Offer of Securities

The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the Transactions have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to, among other things, demand for our solutions in the alternative asset industry, opportunities for market growth, our ability to identify and negotiate transactions, diversification and size of our loan portfolio and our ability to scale operations and provide shareholder value. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, our ability to consummate liquidity transactions on terms desirable for the Company, or at all, our ability to maintain compliance with the Nasdaq continued listing requirements, our ability to cure any future deficiencies in compliance with any of the Nasdaq Listing Rules, risks related to the market price of our Class A common stock following the recent reverse stock split, risks related to the substantial costs and diversion of management’s attention and resources due to these matters, and the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Table 6: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended December 31,								Nine Months Ended December 31,
(Dollars in thousands, except per share amounts)		2025				2024				2025				2024
Revenues
Investment income (loss), net	$	(25,373	)		$	4,742			$	(41,311	)		$	24,311
Gain (loss) on financial instruments, net (related party of nil, $(8), $(5) and $(546), respectively)		43,845				(523	)			44,011				(1,885	)
Interest and dividend income		10				10				30				34
Trust services and administration revenues (related party of $8, $8, $23 and $23, respectively)		188				188				554				564
Other income		—				2				—				2
Total revenues		18,670				4,419				3,284				23,026
Operating expenses
Employee compensation and benefits		3,010				2,929				8,770				13,914
Interest expense (related party of $4,016, $3,140, $10,473 and $9,330, respectively)		5,810				3,240				14,123				11,848
Professional services		3,953				5,083				17,241				17,884
Provision for credit losses		—				—				—				1,000
Loss on impairment of goodwill		—				—				—				3,692
Accrual (release) of loss contingency related to arbitration award		—				—				62,831				(54,973	)
Other expenses (related party of $714, $723, $2,142 and $2,111, respectively)		1,953				2,680				6,887				8,551
Total operating expenses		14,726				13,932				109,852				1,916
Operating income (loss)		3,944				(9,513	)			(106,568	)			21,110
(Gain) loss on liability resolution		(1,996	)			—				(1,996	)			(23,462	)
Net income (loss) before income taxes		5,940				(9,513	)			(104,572	)			44,572
Income tax expense		—				713				43				741
Net income (loss)		5,940				(10,226	)			(104,615	)			43,831
Plus: Net loss attributable to noncontrolling interests – Customer ExAlt Trusts		4,712				1,232				30,704				6,281
Plus: Net loss attributable to noncontrolling interests – Ben		14,026				4,844				39,201				15,098
Less: Noncontrolling interest guaranteed payment		(4,765	)			(4,489	)			(14,082	)			(13,268	)
Net income (loss) attributable to Beneficient common shareholders	$	19,913			$	(8,639	)		$	(48,792	)		$	51,942
Other comprehensive income (loss):
Unrealized (loss) gain on investments in available-for-sale debt securities		(38	)			(120	)			54				(115	)
Total comprehensive income (loss)		19,875				(8,759	)			(48,738	)			51,827
Less: comprehensive (loss) gain attributable to noncontrolling interests		(38	)			(120	)			54				(115	)
Total comprehensive income (loss) attributable to Beneficient	$	19,913			$	(8,639	)		$	(48,792	)		$	51,942
Net income (loss) per common share(1)
Class A – basic	$	1.19			$	(10.60	)		$	(10.30	)		$	82.41
Class B – basic	$	1.19			$	(8.16	)		$	(10.30	)		$	110.24
Net income (loss) per common share(1)
Class A – diluted	$	0.04			$	(10.60	)		$	(10.30	)		$	0.94
Class B – diluted	$	0.04			$	(8.16	)		$	(10.30	)		$	0.94

⁽¹⁾ Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025.

Table 7: CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

	December 31, 2025				March 31, 2025(1)
(Dollars and shares in thousands)	(unaudited)
ASSETS
Cash and cash equivalents	$	7,867			$	1,346
Investments, at fair value:
Investments held by Customer ExAlt Trusts (related party of nil and $5)		205,776				291,371
Derivative asset		56,218				—
Other assets, net (related party of $502 and $404)		54,985				49,144
Intangible assets		3,100				3,100
Goodwill		9,914				9,914
Total assets	$	337,860			$	354,875
LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)
Accounts payable and accrued expenses (related party of $16,857 and $14,733)	$	241,795			$	156,770
Other liabilities (related party of $28,360 and $19,360)		33,282				24,381
Warrants liability		487				227
Debt due to related parties		100,337				117,896
Total liabilities		375,901				299,274
Redeemable noncontrolling interests
Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized		90,526				90,526
Total temporary equity		90,526				90,526
Shareholders’ equity (deficit)(1):
Preferred stock, par value $0.001 per share, 250,000 shares authorized
Series A preferred stock, 0 and 0 shares issued and outstanding as of December 31, 2025 and March 31, 2025, respectively		—				—
Series B preferred stock, 1,543 and 363 shares issued and outstanding as of December 31, 2025 and March 31, 2025, respectively		2				—
Class A common stock, par value $0.001 per share, 625,000 and 625,000 shares authorized as of December 31, 2025 and March 31, 2025, respectively, 14,094 and 1,060 shares issued as of December 31, 2025 and March 31, 2025, respectively, and 14,093 and 1,059 shares outstanding as of December 31, 2025 and March 31, 2025, respectively		14				1
Class B convertible common stock, par value $0.001 per share, 31 shares authorized, 30 and 30 shares issued and outstanding as of December 31, 2025 and March 31, 2025, respectively		—				—
Additional paid-in capital		1,880,489				1,844,496
Accumulated deficit		(2,056,844	)			(2,008,052	)
Treasury stock, at cost (1 shares as of December 31, 2025 and March 31, 2025)		(3,444	)			(3,444	)
Accumulated other comprehensive income (loss)		52				(2	)
Noncontrolling interests		51,164				132,076
Total equity (deficit)		(128,567	)			(34,925	)
Total liabilities, temporary equity, and equity (deficit)	$	337,860			$	354,875

⁽¹⁾ Periods presented have been adjusted to reflect the 1-for-8 reverse stock split on December 15, 2025.

Table 8: Non-GAAP Reconciliations

(in thousands)		Three Months Ended December 31, 2025
		Ben Liquidity			Ben Custody		Customer ExAlt Trusts			Corporate/Other			Consolidating Eliminations			Consolidated
Total revenues		$	8,189		$	2,944	$	(25,469	)	$	43,951		$	(10,945	)	$	18,670
Mark to market adjustment on interests in the GWG Wind Down Trust			—			—		—			—			—			—
Mark to market adjustment on derivative asset			—			—		—			(44,063	)		—			(44,063	)
Adjusted revenues		$	8,189		$	2,944	$	(25,469	)	$	(112	)	$	(10,945	)	$	(25,393	)
Operating income (loss)		$	(29,167	)	$	1,989	$	(66,958	)	$	35,834		$	62,246		$	3,944
Mark to market adjustment on interests in the GWG Wind Down Trust			—			—		—			—			—			—
Mark to market adjustment on derivative asset			—			—		—			(44,063	)		—			(44,063	)
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust			—			—		—			—			—			—
Goodwill impairment			—			—		—			—			—			—
Accrual (release) of loss contingency related to arbitration award, including post-judgment interest			—			—		—			1,700			—			1,700
Share-based compensation expense			—			—		—			367			—			367
Legal and professional fees(1)			—			—		—			1,288			—			1,288
Adjusted operating income (loss)		$	(29,167	)	$	1,989	$	(66,958	)	$	(4,874	)	$	62,246		$	(36,764	)

⁽¹⁾ Includes legal and professional fees related lawsuits.

(in thousands)		Three Months Ended September 30, 2025
		Ben Liquidity			Ben Custody		Customer ExAlt Trusts			Corporate/Other			Consolidating Eliminations			Consolidated
Total revenues		$	8,497		$	3,081	$	(2,783	)	$	(158	)	$	(11,400	)	$	(2,763	)
Mark to market adjustment on interests in the GWG Wind Down Trust			—			—		4			—			—			4
Mark to market adjustment on derivative asset			—			—		—			—			—			—
Adjusted revenues		$	8,497		$	3,081	$	(2,779	)	$	(158	)	$	(11,400	)	$	(2,759	)
Operating income (loss)		$	(821	)	$	2,292	$	(44,632	)	$	(9,555	)	$	34,852		$	(17,864	)
Mark to market adjustment on interests in the GWG Wind Down Trust			—			—		4			—			—			4
Mark to market adjustment on derivative asset			—			—		—			—			—			—
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust			—			—		—			—			—			—
Goodwill impairment			—			—		—			—			—			—
Accrual (release) of loss contingency related to arbitration award, including post-judgment interest			—			—		—			1,656			—			1,656
Share-based compensation expense			—			—		—			462			—			462
Legal and professional fees(1)			—			—		—			3,154			—			3,154
Adjusted operating income (loss)		$	(821	)	$	2,292	$	(44,628	)	$	(4,283	)	$	34,852		$	(12,588	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

(in thousands)		Three Months Ended December 31, 2024
		Ben Liquidity			Ben Custody		Customer ExAlt Trusts			Corporate/Other			Consolidating Eliminations			Consolidated
Total revenues		$	11,297		$	5,410	$	4,317		$	(86	)	$	(16,519	)	$	4,419
Mark to market adjustment on interests in the GWG Wind Down Trust			—			—		8			—			—			8
Mark to market adjustment on derivative asset			—			—		—			—			—			—
Adjusted revenues		$	11,297		$	5,410	$	4,325		$	(86	)	$	(16,519	)	$	4,427
Operating income (loss)		$	(2,853	)	$	3,507	$	(35,544	)	$	(8,935	)	$	34,312		$	(9,513	)
Mark to market adjustment on interests in the GWG Wind Down Trust			—			—		8			—			—			8
Mark to market adjustment on derivative asset			—			—		—			—			—			—
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust			—			1,340		—			—			(1,340	)		—
Goodwill impairment			—			—		—			—			—			—
Accrual (release) of loss contingency related to arbitration award			—			—		—			—			—			—
Share-based compensation expense			—			—		—			804			—			804
Legal and professional fees(1)			—			—		—			1,400			—			1,400
Adjusted operating income (loss)		$	(2,853	)	$	4,847	$	(35,536	)	$	(6,731	)	$	32,972		$	(7,301	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

(in thousands)		Nine Months Ended December 31, 2025
		Ben Liquidity				Ben Custody			Customer ExAlt Trusts				Corporate/Other				Consolidating Eliminations				Consolidated
Total revenues		$	25,521			$	10,208		$	(41,103	)		$	43,833			$	(35,175	)		$	3,284
Mark to market adjustment on interests in the GWG Wind Down Trust			—				—			5				—				—				5
Mark to market adjustment on derivative asset			—				—			—				(44,063	)			—				(44,063	)
Adjusted revenues		$	25,521			$	10,208		$	(41,098	)		$	(230	)		$	(35,175	)		$	(40,774	)
Operating income (loss)		$	(36,005	)		$	7,409		$	(165,566	)		$	(47,268	)		$	134,862			$	(106,568	)
Mark to market adjustment on interests in the GWG Wind Down Trust			—				—			5				—				—				5
Mark to market adjustment on derivative asset			—				—			—				(44,063	)			—				(44,063	)
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust			—				—			—				—				—				—
Goodwill impairment			—				—			—				—				—				—
Accrual (release) of loss contingency related to arbitration award, including post-judgment interest			—				—			—				66,187				—				66,187
Share-based compensation expense			—				—			—				1,290				—				1,290
Legal and professional fees(1)			—				—			—				8,616				—				8,616
Adjusted operating income (loss)		$	(36,005	)		$	7,409		$	(165,561	)		$	(15,238	)		$	134,862			$	(74,533	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

(in thousands)		Nine Months Ended December 31, 2024
		Ben Liquidity				Ben Custody			Customer ExAlt Trusts				Corporate/Other				Consolidating Eliminations				Consolidated
Total revenues		$	34,124			$	16,178		$	23,282			$	(820	)		$	(49,738	)		$	23,026
Mark to market adjustment on interests in the GWG Wind Down Trust			—				—			539				7				—				546
Mark to market adjustment on derivative asset			—				—			—				—				—				—
Adjusted revenues		$	34,124			$	16,178		$	23,821			$	(813	)		$	(49,738	)		$	23,572
Operating income (loss)		$	(462	)		$	9,123		$	(96,722	)		$	18,730			$	90,441			$	21,110
Mark to market adjustment on interests in the GWG Wind Down Trust			—				—			539				7				—				546
Mark to market adjustment on derivative asset			—				—			—				—				—				—
Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust			5				1,340			—				—				(1,345	)			—
Goodwill impairment			—				3,427			—				265				—				3,692
Accrual (release) of loss contingency related to arbitration award, including post-judgment interest			—				—			—				(54,973	)			—				(54,973	)
Share-based compensation expense			—				—			—				5,162				—				5,162
Legal and professional fees(1)			—				—			—				5,825				—				5,825
Adjusted operating income (loss)		$	(457	)		$	13,890		$	(96,183	)		$	(24,984	)		$	89,096			$	(18,638	)

⁽¹⁾ Includes legal and professional fees related to lawsuits.

	Three Months Ended December 31,								Nine Months Ended December 31,
(in thousands)		2025				2024				2025				2024
Operating Expenses Non GAAP Reconciliation
Operating expenses	$	14,726			$	13,932			$	109,852			$	1,916
Plus (less): Accrual (release) of loss contingency related to arbitration award, including post-judgment interest		(1,700	)			—				(66,187	)			54,973
Less: Goodwill impairment		—				—				—				(3,692	)
Operating expenses, excluding goodwill impairment and release of loss contingency related to arbitration award, including post-judgment interest	$	13,026			$	13,932			$	43,665			$	53,197

Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, and Adjusted Operating Expenses are non-GAAP financial measures. We present these non-GAAP financial measures because we believe it helps investors understand underlying trends in our business and facilitates an understanding of our operating performance from period to period because it facilitates a comparison of our recurring core business operating results. The non-GAAP financial measures are intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, U.S. GAAP. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these non-GAAP financial measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate such items in the same way.

We define adjusted revenue as revenue adjusted to exclude the effect of mark-to-market adjustments on related party equity securities that were acquired both prior to and during the Collateral Swap, which on August 1, 2023, became interests in the GWG Wind Down Trust and mark-to-market adjustments on derivative asset related to appreciation forfeiture for shares issued in the limited conversion of BCH Preferred A-1 to Class A common stock. Adjusted Segment Revenues attributable to Ben’s Equity Holders is the same as “adjusted revenues” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

Adjusted operating income (loss) represents GAAP operating income (loss), adjusted to exclude the effect of the adjustments to revenue as described above, credit losses on related party available-for-sale debt securities that were acquired in the Collateral Swap which on August 1, 2023, became interests in the GWG Wind Down Trust, and receivables from a related party that filed for bankruptcy and certain notes receivables originated during our formative transactions, non-cash asset impairment, share-based compensation expense, and legal, professional services, and public relations costs related to the GWG Holdings bankruptcy, lawsuits, and certain employee matters, including fees & loss contingency accruals (releases), including post judgment interest incurred in arbitration with a former director. Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders is the same as “adjusted operating income (loss)” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

Adjusted operating expenses represent GAAP operating expenses, adjusted to exclude loss contingency accruals (releases), including post judgment interest incurred in arbitration with a former director, and non-cash asset impairment.

These non-GAAP financial measures are not a measure of performance or liquidity calculated in accordance with U.S. GAAP. They are unaudited and should not be considered an alternative to, or more meaningful than, GAAP revenues, GAAP operating expenses, or GAAP operating income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in adjusted operating income (loss) or adjusted segment operating income (loss) attributable to Ben’s Equity Holders include capital expenditures, interest payments, debt principal repayments, and other expenses, which can be significant. As a result, adjusted operating income (loss) and/or adjusted segment operating income (loss) attributable to Ben’s Equity Holders should not be considered as a measure of our liquidity.

Because of these limitations, Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, and Adjusted Operating Expenses should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, and Adjusted Operating Expenses on a supplemental basis. You should review the reconciliation of these non-GAAP financial measures set forth above and not rely on any single financial measure to evaluate our business.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ec78a16b-dd63-458e-af96-9a346be6daff

Fourth Quarter and Full Year Highlights        

• EU ferroalloy safeguard measures implemented in November are reducing import pressure and supporting improving market conditions in Europe
• Positive momentum in U.S. silicon metal trade case, with encouraging preliminary antidumping and countervailing duty determinations
• Reporting fourth quarter adjusted EBITDA of $14.6 million
• New 10-year French energy contract reduces cost volatility and increases flexibility
• Ended the year with total cash of $123.0 million and net debt of $29.8 million, reflecting a strong balance sheet to support growth
• Announcing a 7% increase in the quarterly dividend to $0.015 per share, payable on March 30

LONDON, Feb. 17, 2026 (GLOBE NEWSWIRE) — Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the fourth quarter and full year 2025.

Financial Highlights

										%								%											%
($ in millions, except EPS)		Q4 2025				Q3 2025				Q/Q				Q4 2024				Y/Y				YTD 2025				YTD 2024			Y/Y
Sales		$	329.4			$	311.7				5.7	%		$	367.5				(10.4	)%		$	1,335.1			$	1,643.9			(18.8	)%
Net (loss) income attributable to the parent		$	(81.0	)		$	(12.8	)			(531.9	)%		$	(28.1	)			(187.7	)%		$	(170.7	)		$	23.5			(825.2	)%
Adj. EBITDA		$	14.6			$	18.3				(20.1	)%		$	9.8				48.2	%		$	27.6			$	153.8			(82.0	)%
Adjusted diluted EPS		$	(0.06	)		$	(0.02	)			(163.6	)%		$	0.03				(344.5	)%		$	(0.39	)		$	0.28			(237.9	)%
Operating cash flow		$	(4.3	)		$	20.8				(120.6	)%		$	32.1				(113.4	)%		$	51.5			$	243.3			(78.8	)%
Capital expenditures1		$	14.2			$	19.1				(25.7	)%		$	17.9				(20.7	)%		$	63.3			$	79.2			(20.1	)%
Free cash flow2		$	(18.5	)		$	1.6				(1234.7	)%		$	14.1				(230.8	)%		$	(11.8	)		$	164.1			(107.2	)%

(1)   Cash outflows for capital expenditures
(2)   Free cash flow is calculated as operating cash flow less capital expenditures

Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “While market conditions remained challenging in the fourth quarter, we are encouraged by the clear progress on trade enforcement that is reshaping the competitive landscape. The strong preliminary decision in the U.S. silicon metal antidumping and countervailing duty case, together with the finalization of EU trade measures, meaningfully strengthen the outlook for 2026. These actions should enable domestic producers to regain market share and support healthier market conditions.

“As a leading domestic producer in both Europe and the U.S., and with a strong balance sheet, disciplined cost control, and a competitive long-term French energy agreement in place, we are optimistic that 2026 will mark a substantial improvement in market conditions and financial performance for Ferroglobe,” concluded Dr. Levi.

Consolidated Sales

In the fourth quarter of 2025, Ferroglobe reported sales of $329.4 million, a 5.7% increase from the prior quarter and a 10.4% decrease from the comparable prior-year period. The sequential improvement was mainly driven by higher sales volumes of silicon-based alloys and manganese-based alloys, partially offset by lower silicon metal volumes and lower pricing of silicon-based alloys and manganese-based alloys. Silicon metal prices remained stable during the quarter. Sales of silicon metal decreased by $2.5 million, while silicon-based alloys and manganese-based alloys increased by $11.2 million and $8.2 million, respectively, compared with the prior quarter.        

For the full year 2025, sales were $1,335 million versus $1,644 million in the prior year, a decrease of 18.8%. This decrease was mainly driven by a 40.8% and 1.4% decrease in silicon metal and silicon-based alloys revenue, respectively, partially offset by a 7.5% increase in manganese-based alloys revenues.

Product Category Highlights

Silicon Metal

($,000)		Q4 2025				Q3 2025				% Q/Q			Q4 2024				% Y/Y			YTD 2025				YTD 2024				% Y/Y
Shipments in metric tons:			32,634				33,561			(2.8	)%			49,797			(34.5	)%			147,112				222,762			(34.0	)%
Average selling price ($/MT):			2,957				2,950			0.2	%			3,240			(8.7	)%			2,924				3,262			(10.4	)%
Silicon Metal Revenue			96,499				99,005			(2.5	)%			161,342			(40.2	)%			430,155				726,650			(40.8	)%
Silicon Metal Adj.EBITDA			885				11,614			(92.4	)%			16,849			(94.7	)%			3,573				108,058			(96.7	)%
Silicon Metal Adj.EBITDA Margin			0.9	%			11.7	%						10.4	%						0.8	%			14.9	%

Silicon metal revenue in the fourth quarter was $96.5 million, a decrease of 2.5% from the prior quarter. The average selling price increased 0.2%, driven by higher pricing in the U.S. and South Africa, partially offset by softer pricing in Europe, where demand remained subdued, particularly in the chemical sector. Shipments decreased 2.8% mainly reflecting lower volumes in the U.S., partially offset by higher volumes in EMEA. Adjusted EBITDA decreased to $0.9 million in the fourth quarter, compared with $11.6 million in the prior quarter, primarily due to lower volumes and reduced fixed cost absorption, mainly related to furnace shutdowns in France.                        

Silicon-Based Alloys

($,000)		Q4 2025				Q3 2025				% Q/Q			Q4 2024				% Y/Y			YTD 2025				YTD 2024				% Y/Y
Shipments in metric tons:			51,279				42,968			19.3	%			39,417			30.1	%			190,159				183,030			3.9	%
Average selling price ($/MT):			2,020				2,149			(6.0	)%			2,159			(6.4	)%			2,095				2,208			(5.1	)%
Silicon-based Alloys Revenue			103,584				92,338			12.2	%			85,101			21.7	%			398,383				404,130			(1.4	)%
Silicon-based Alloys Adj.EBITDA			15,503				12,391			25.1	%			3,093			401.2	%			37,466				30,060			24.6	%
Silicon-based Alloys Adj.EBITDA Margin			15.0	%			13.4	%						3.6	%						9.4	%			7.4	%

Silicon-based alloy revenue in the fourth quarter was $103.6 million, an increase of 12.2% from the prior quarter. The average selling price decreased by 6.0%, primarily due to lower pricing in the U.S. and Europe, partially offset by higher pricing in South Africa. Shipments increased by 19.3% reflecting a broad-based volume improvement across regions, with the strongest increase in EMEA. In Europe, safeguard measures implemented on certain ferroalloy imports began to reduce import pressure and supported order activity late in the quarter. Adjusted EBITDA increased to $15.5 million in the fourth quarter of 2025, up 25.1% compared with $12.4 million in the prior quarter, driven by higher volumes. Adjusted EBITDA margin improved to 15.0% in the fourth quarter, compared with 13.4% in the prior quarter, highlighting the benefits of stronger volume leverage and continued cost discipline.

Manganese-Based Alloys

($,000)		Q4 2025				Q3 2025				% Q/Q			Q4 2024				% Y/Y			YTD 2025				YTD 2024				% Y/Y
Shipments in metric tons:			80,778				69,552			16.1	%			67,712			19.3	%			305,747				275,991			10.8	%
Average selling price ($/MT):			1,147				1,214			(5.5	)%			1,159			(1.0	)%			1,170				1,206			(3.0	)%
Manganese-based Alloys Revenue			92,652				84,436			9.7	%			78,478			18.1	%			357,724				332,845			7.5	%
Manganese-based Alloys Adj.EBITDA			8,681				4,391			97.7	%			7,091			22.4	%			24,292				54,297			(55.3	)%
Manganese-based Alloys Adj.EBITDA Margin			9.4	%			5.2	%						9.0	%						6.8	%			16.3	%

Manganese-based alloy revenue in the fourth quarter was $92.7 million, an increase of 9.7% from the prior quarter. The average selling price decreased by 5.5%, reflecting broadly lower pricing in the U.S. and EMEA. Shipments increased by 16.1% compared to the prior quarter driven by a significant volume increase in Europe. In EMEA, safeguard measures for certain ferroalloy imports began to ease import pressure and supported improved order flows during the quarter. Adjusted EBITDA for the manganese-based alloys portfolio increased to $8.7 million for the fourth quarter, compared with $4.4 million in the prior quarter, driven by higher volumes and improved fixed cost absorption. Adjusted EBITDA margin improved to 9.4% in the fourth quarter, compared with 5.2% in the prior quarter, highlighting stronger operating leverage.

Raw materials and energy consumption for production

Raw materials and energy consumption for production totaled $261.6 million in the fourth quarter of 2025, compared with $180.4 million in the third quarter, representing an increase of 45.0%. As a percentage of sales, these costs rose to 79.4% in the fourth quarter of 2025, up from 57.9% in the prior quarter. The increase in costs as a percentage of sales was primarily driven by temporary production curtailments in France, which reduced fixed-cost absorption and increased unit costs, as well as a $40.2 million fair-value loss related to changes in the valuation of our long-term energy contracts, principally in France. Excluding the impact of power purchase agreements, raw materials and energy consumption for production represented 67.2% of revenue.

For the full year 2025, raw materials and energy consumption for production totaled $933.5 million, representing 69.9% of sales, compared with $1,027.0 million, or 62.5% of sales, in 2024. The increase in costs as a percentage of sales was primarily driven by lower realized pricing, a higher energy cost environment throughout the year, and a $41.9 million fair-value loss related to changes in the valuation of our long-term energy contracts, principally in France. In addition, lower production levels in France reduced fixed-cost absorption, further increasing unit costs.

Net (Loss) Attributable to the Parent

In the fourth quarter of 2025, net loss attributable to the parent was $81.0 million, or $(0.43) per diluted share, compared to a net loss attributable to the parent of $12.8 million, or $(0.07) per diluted share in the prior quarter. The quarterly results reflect lower realized pricing, a $40.2 million fair-value loss related to our long-term French energy contracts, higher underlying energy costs, and the impact of temporary production curtailments in France, which reduced fixed cost absorption, offset by higher shipment volumes in our alloy portfolio, ongoing cost efficiencies and a favorable product mix. The Company reported adjusted diluted earnings per share of $(0.06) for the fourth quarter, compared with adjusted earnings per share of $(0.02) in the prior quarter.                

For the full year 2025, net loss attributable to the parent was $170.7 million, or $(0.91) per diluted share, compared to a net profit attributable to the parent of $23.5 million, or $0.12 per diluted share for the full year 2024.

Adjusted EBITDA

Adjusted EBITDA was $14.6 million for the fourth quarter of 2025 compared to $18.3 million for the prior quarter. Adjusted EBITDA was slightly down versus the previous quarter, primarily by higher energy-related costs and lower fixed cost absorption associated with temporary production curtailments, partially offset by stronger volumes and continued cost efficiency initiatives.

For the full year 2025, adjusted EBITDA was $27.6 million, or 2.1% of sales, compared to adjusted EBITDA of $153.8 million, or 9.4% of sales, for the full year 2024. The reduction is largely related to lower realized pricing across the portfolio and a weaker performance in silicon metal, driven by a significant decline in volumes. These impacts were partially offset by higher shipment volumes in manganese-based alloys and silicon-based alloys, supported by improved demand and customer restocking in key steel related end markets.

Total Cash, Adjusted Gross Debt and Working Capital

																								%
($ in millions)		Q4 2025				Q3 2025				$				%				Q4 2024			$			Y/Y
Total Cash1		$	123.0			$	121.5				1.5				1.2	%		$	133.3			(10.3	)		(7.7	)%
Adjusted Gross Debt2		$	152.8			$	126.7				26.1				20.6	%		$	94.4			58.4			61.9	%
Net (Debt) Cash		$	(29.8	)		$	(5.2	)			(24.6	)			(473.1	)%		$	38.9			(68.7	)		(176.6	)%
Total Working Capital3		$	427.5			$	421.6				5.9				1.4	%		$	460.8			(33.3	)		(7.2	)%

(1) Total cash is comprised of restricted cash and cash and cash equivalents
(2) Adjusted gross debt excludes bank borrowings on our factoring program and the impact of leasing standard IFRS16 
(3) Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables        

Total cash was $123.0 million as of December 31, 2025, up $1.5 million from $121.5 million as of September 30, 2025. Adjusted gross debt increased by $26.1 million to $152.8 million, resulting in net debt of $29.8 million as of December 31, 2025, an increase of $24.6 million from the prior quarter.

During the fourth quarter, cash flows used in operating activities were $4.3 million, and net cash used in investing activities was $13.1 million. Cash provided in financing activities was $18.6 million as a result of principal proceeds from financing facilities in South Africa, France and Spain totaling $28.2 million, net cash proceeds from the sale of short-term commercial paper totaling $3.1 million, partially offset by lease payments of $6.5 million, dividend payments of $2.6 million, interest payments of $2.9 million, and the principal repayments of other financing liabilities of $0.7 million.

For the full year 2025, the Company generated $51.5 million of operating cash flow, used $73.1 million of cash in investing activities and generated $3.4 million in financing activities.

Total working capital was $427.5 million as of December 31, 2025, an increase of $5.9 million from $421.6 million at the end of the prior quarter. The increase in our working capital balance during the quarter was due to a decrease of $79.9 million in trade and other payables and an increase of $7.8 million in trade receivables, partially offset by $63.2 million and $18.5 decrease in inventories and other receivables, respectively.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “Our performance reflects a strong emphasis on financial discipline and balance sheet strength. We generated positive adjusted EBITDA in the fourth quarter, while ending the period with $123 million in total cash and modest net debt. This solid financial position provides the flexibility to manage near-term volatility, invest selectively in growth opportunities, and support our increased dividend as we enter 2026.”

Capital Returns

During the fourth quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $ 0.014 per share on December 29, 2025. Our next cash dividend of $0.015 per share will be paid on March 30, 2026, to shareholders of record as of March 23, 2026.

Conference Call

Ferroglobe invites all interested persons to participate on our conference call at 8:30 AM, Eastern Time on February 18, 2026. The call may also be accessed via an audio webcast.

To join via phone:              
Conference call participants should pre-register using this link https://register-conf.media-server.com/register/BI51f61f62f70847a4a3a2654906d1f419

Once registered, you will receive the dial-in numbers and a personal PIN required to access the conference call.

To join via webcast:         
A simultaneous audio webcast, and replay will be accessible here: https://edge.media-server.com/mmc/p/73qfjudk

About Ferroglobe

Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “should”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

This document may contain summarized, non-audited or non-IFRS financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, working capital, adjusted net profit, adjusted diluted EPS, adjusted gross debt and net cash/(debt), are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:

Alex Rotonen, CFA
Vice President, Investor Relations
Email: [email protected]

MEDIA CONTACT:

Cristina Feliu Roig
Vice President, Communications & Public Affairs
Email: [email protected]

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Income Statement (in thousands of U.S. dollars, except per share amounts)
			For the Three Months Ended				For the Three Months Ended				For the Three Months Ended					For the Twelve Months Ended					For the Twelve Months Ended
		December 31, 2025				September 30, 2025					December 31, 2024					December 31, 2025				December 31, 2024
Sales		$	329,382			$	311,698			$	367,505				$	1,335,121				$	1,643,939
Raw materials and energy consumption for production			(261,564	)			(180,414	)			(250,763	)				(933,531	)				(1,027,130	)
Other operating income			16,450				30,421				18,892					82,835					84,378
Staff costs			(62,542	)			(68,861	)			(70,241	)				(270,649	)				(279,864	)
Other operating expense			(59,367	)			(74,705	)			(52,289	)				(245,899	)				(265,182	)
Depreciation and amortization			(29,177	)			(19,953	)			(19,020	)				(84,951	)				(75,463	)
Impairment (loss)			(17,743	)			(12	)			(43,052	)				(17,488	)				(43,052	)
Other gain (loss)			48				(177	)			(571	)				1,105					555
Operating (loss) profit			(84,513	)			(2,003	)			(49,539	)				(133,457	)				38,181
Finance income			801				830				3,533					3,474					7,248
Finance costs			(7,365	)			(4,084	)			(3,089	)				(20,775	)				(21,942	)
Exchange differences			2,132				555				15,167					(23,886	)				13,565
(Loss) profit before tax			(88,945	)			(4,702	)			(33,928	)				(174,644	)				37,052
Income tax benefit/(expense)			2,936				(8,566	)			4,376					(2,468	)				(16,252	)
Total (loss) profit for the period			(86,009	)			(13,268	)			(29,552	)				(177,112	)				20,800
(Loss) profit attributable to the parent		$	(80,953	)		$	(12,812	)		$	(28,134	)			$	(170,700	)			$	23,538
(Loss) attributable to non-controlling interest			(5,056	)			(456	)			(1,418	)				(6,412	)				(2,738	)
EBITDA		$	(53,204	)		$	18,505			$	(15,352	)			$	(72,392	)			$	127,209
Adjusted EBITDA		$	14,590			$	18,267			$	9,845				$	27,616				$	153,800
Weighted average number of shares outstanding
Basic			188,291				188,075				188,072					188,361					188,145
Diluted			188,291				188,075				188,072					188,361					188,809
(Loss) profit per ordinary share
Basic		$	(0.43	)		$	(0.07	)		$	(0.15	)			$	(0.91	)			$	0.13
Diluted		$	(0.43	)		$	(0.07	)		$	(0.15	)			$	(0.91	)			$	0.12

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars)
		As of December 31,				As of September 30,			As of December 31,
		2025				2025			2024
ASSETS
Non-current assets
Goodwill		$		12,472		$	14,219		$	14,219
Intangible assets				132,682			128,024			103,095
Property, plant and equipment				486,678			521,219			487,196
Other financial assets				26,717			28,529			19,744
Deferred tax assets				5,469			5,716			6,580
Receivables from related parties				1,763			1,761			1,558
Other non-current assets				21,436			21,413			22,451
Total non-current assets				687,217			720,881			654,843
Current assets
Inventories				306,160			369,392			347,139
Trade receivables				191,536			183,777			188,816
Other receivables				74,665			93,180			83,103
Current income tax assets				5,564			4,943			7,692
Other financial assets				11,104			12,520			5,569
Other current assets				21,716			35,208			52,014
Restricted cash and cash equivalents				175			186			298
Cash and cash equivalents				122,812			121,290			132,973
Total current assets				733,732			820,496			817,604
Total assets		$		1,420,949		$	1,541,377		$	1,472,447
EQUITY AND LIABILITIES
Equity		$		692,257		$	786,811		$	834,245
Non-current liabilities
Deferred income				26,394			33,100			8,014
Provisions				30,487			31,020			24,384
Provision for pensions				28,903			30,827			27,618
Bank borrowings				60,136			52,412			13,911
Lease liabilities				57,429			65,593			56,585
Other financial liabilities				67,233			27,956			25,688
Other non-current liabilities				345			194			13,759
Deferred tax liabilities				16,474			18,061			19,629
Total non-current liabilities				287,401			259,163			189,588
Current liabilities
Provisions				87,308			76,384			83,132
Provision for pensions				186			174			168
Bank borrowings				79,876			58,386			43,251
Lease liabilities				12,254			13,648			12,867
Debt instruments				26,014			22,784			10,135
Other financial liabilities				11,408			9,313			48,117
Payables to related parties				2,577			1,175			2,664
Trade and other payables				144,853			224,778			158,251
Current income tax liabilities				970			1,515			10,623
Other current liabilities				75,845			87,246			79,406
Total current liabilities				441,291			495,403			448,614
Total equity and liabilities		$		1,420,949		$	1,541,377		$	1,472,447

 

Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows (in thousands of U.S. dollars)
		For the Three Months Ended				For the Three Months Ended				For the Three Months Ended					For the Twelve Months Ended					For the Twelve Months Ended
		December 31, 2025				September 30, 2025				December 31, 2024					December 31, 2025					December 31, 2024
Cash flows from operating activities:
(Loss) profit for the period		$	(86,009	)		$	(13,268	)		$	(29,552	)			$	(177,112	)			$	20,800
Adjustments to reconcile net (loss) profit to net cash (used) provided by operating activities:
Income tax (benefit)/expense			(2,936	)			8,566				(4,376	)				2,468					16,252
Depreciation and amortization			29,177				19,953				19,020					84,951					75,463
Finance income			(801	)			(830	)			(3,533	)				(3,474	)				(7,248	)
Finance costs			7,365				4,084				3,089					20,775					21,942
Exchange differences			(2,132	)			(555	)			(15,167	)				23,886					(13,565	)
Impairment loss (gain)			17,743				12				43,052					17,488					43,052
Share-based compensation			(92	)			(82	)			1,587					1,814					4,924
Other (gain) loss			(48	)			177				571					(1,105	)				(555	)
Changes in operating assets and liabilities
Decrease (increase) in inventories			59,903				(44,640	)			23,146					43,759					47
(Increase) decrease in trade receivables			(7,015	)			37,055				31,756					13,414					22,765
Decrease (increase) in other receivables			18,816				25,770				(12,885	)				19,029					770
(Increase) decrease in energy receivable			(418	)			6,734				(5,735	)				31,041					131,959
(Decrease) increase in trade payables			(79,548	)			(1,628	)			(19,039	)				(28,682	)				(17,255	)
Other changes in operating assets and liabilities			40,233				(20,415	)			4,936					13,541					(40,294	)
Income taxes refunded (paid)			1,477				(170	)			(4,776	)				(10,329	)				(15,799	)
Net cash (used in) provided by operating activities:			(4,285	)			20,763				32,094					51,464					243,258
Cash flows from investing activities:
Interest and finance income received			991				720				692					3,556					2,799
Payments due to investments:
Intangible assets			(377	)			(459	)			(855	)				(1,556	)				(3,024	)
Property, plant and equipment			(13,845	)			(18,673	)			(17,090	)				(61,703	)				(76,165	)
Other financial assets			—				—				—					(15,119	)				(3,000	)
Disposals:
Other non-current assets			131				—				—					1,690					—
Receipt of asset-related government grant			—				—				12,453					—					12,453
Net cash used in investing activities			(13,100	)			(18,412	)			(4,800	)				(73,132	)				(66,937	)
Cash flows from financing activities:
Dividends paid			(2,616	)			(2,611	)			(2,436	)				(10,451	)				(9,758	)
Payment for debt and equity issuance costs			(99	)			(7	)			(6	)				(205	)				(6	)
Repayment of debt instruments			(11,644	)			(4,585	)			—					(35,760	)				(147,624	)
Proceeds from debt issuance			14,800				15,028				10,255					50,244					10,255
Increase/(decrease) in bank borrowings:
Borrowings			154,871				103,868				122,809					522,270					509,186
Payments			(126,663	)			(121,192	)			(137,650	)				(446,041	)				(495,726	)
Payments for lease liabilities			(6,505	)			(3,408	)			(4,511	)				(16,185	)				(16,201	)
(Repayments of)/payments from other financing liabilities			(669	)			(626	)			6,054					(44,748	)				6,054
Other (payments) proceeds from financing activities			—				—				(411	)				1,581					(3,068	)
Payments to acquire own shares			—				—				(1,936	)				(4,691	)				(2,428	)
Interest paid			(2,882	)			(2,232	)			(2,029	)				(12,550	)				(26,192	)
Net cash provided by/ (used in) financing activities			18,593				(15,765	)			(9,861	)				3,464					(175,508	)
Total net increase (decrease) in cash and cash equivalents			1,208				(13,414	)			17,433					(18,204	)				813
Beginning balance of cash and cash equivalents			121,477				135,547				120,810					133,271					137,649
Foreign exchange gains (losses) on cash and cash equivalents			302				(657	)			(4,972	)				7,920					(5,191	)
Ending balance of cash and cash equivalents		$	122,987			$	121,476			$	133,271				$	122,987				$	133,271
Restricted cash and cash equivalents			175				186				298					175					298
Cash and cash equivalents			122,812				121,290				132,973					122,812					132,973
Ending balance of cash and cash equivalents		$	122,987			$	121,476			$	133,271				$	122,987				$	133,271

Adjusted EBITDA ($,000):

		Q4´25				Q3´25				Q4´24				YTD´25				YTD´24
(Loss) profit attributable to the parent		$	(80,953	)		$	(12,812	)		$	(28,134	)		$	(170,700	)		$	23,538
(Loss) attributable to non-controlling interest			(5,056	)			(456	)			(1,418	)			(6,412	)			(2,738	)
Income tax (benefit) expense			(2,936	)			8,566				(4,376	)			2,468				16,252
Finance income			(801	)			(830	)			(3,533	)			(3,474	)			(7,248	)
Finance costs			7,365				4,084				3,089				20,775				21,942
Depreciation and amortization			29,177				19,953				19,020				84,951				75,463
EBITDA			(53,204	)			18,505				(15,352	)			(72,392	)			127,209
Exchange differences			(2,132	)			(555	)			(15,167	)			23,886				(13,565	)
Impairment			29,710				12				43,052				29,455				43,052
Restructuring and termination costs			—				—				(2,693	)			(1,285	)			(7,233	)
New strategy implementation			—				—				1,629				682				5,416
Subactivity			—				—				1,457				—				3,164
PPA Energy			40,216				305				(3,081	)			41,906				(4,243	)
Fines Inventory Adjustment			—				—				—				5,364				—
Adjusted EBITDA		$	14,590			$	18,267			$	9,845			$	27,616			$	153,800

Adjusted (loss) profit attributable to Ferroglobe ($,000):

		Q4´25				Q3´25				Q4´24				YTD´25				YTD´24
(Loss) Profit attributable to the parent		$	(80,953	)		$	(12,812	)		$	(28,134	)		$	(170,700	)		$	23,538
Tax rate adjustment			21,079				9,836				6,301				49,622				4,592
Impairment			18,286				9				28,671				18,100				28,671
Restructuring and termination costs			—				—				(1,846	)			(938	)			(4,957	)
New strategy implementation			—				—				1,116				498				3,712
Subactivity			—				—				998				—				2,168
PPA Energy			29,358				223				(2,111	)			30,591				(2,908	)
Fines Inventory Adjustment			—				—				—				3,916				—
Adjusted (loss) profit attributable to the parent		$	(12,230	)		$	(2,745	)		$	4,996			$	(68,912	)		$	54,815

Adjusted diluted (loss) profit per share:

		Q4´25				Q3´25				Q4´24				YTD´25				YTD´24
Diluted (loss) profit per ordinary share		$	(0.43	)		$	(0.07	)		$	(0.15	)		$	(0.91	)		$	0.12
Tax rate adjustment			0.11				0.05				0.03				0.26				0.02
Impairment			0.10				0.00				0.15				0.10				0.15
Restructuring and termination costs			—				—				(0.01	)			(0.00	)			(0.03	)
New strategy implementation			—				—				0.01				0.00				0.02
Subactivity			—				—				0.01				—				0.01
PPA Energy			0.16				0.00				(0.01	)			0.16				(0.02	)
Adjusted diluted (loss) profit per ordinary share		$	(0.06	)		$	(0.02	)		$	0.03			$	(0.39	)		$	0.28