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Aurinia Pharmaceuticals Reports Financial Results for the Three Months Ended March 31, 2026 and Provides Update on Recent Business Progress

ROCKVILLE, Maryland & EDMONTON, Alberta–(BUSINESS WIRE)–
Aurinia Pharmaceuticals Inc. (NASDAQ: AUPH) today announced financial results for the three months ended March 31, 2026 and provided an update on recent business progress.

Financial Results

• Total Revenue: For the three months ended March 31, 2026, total revenue was $77.7 million, up 24% from $62.5 million in the same period of 2025.
  • Net Product Sales: For the three months ended March 31, 2026, net product sales of LUPKYNIS, the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis, were $73.6 million, up 23% from $60.0 million in the same period of 2025.
  • License, Collaboration and Royalty Revenue: For the three months ended March 31, 2026, license, collaboration and royalty revenue from Aurinia’s collaboration partner, Otsuka, was $4.1 million, up 64% from $2.5 million in the same period of 2025.
• Net Income: For the three months ended March 31, 2026, net income was $34.4 million, up 48% from $23.3 million in the same period of 2025.
• Diluted Earnings per Share: For the three months ended March 31, 2026, diluted earnings per share was $0.25, up 56% from $0.16 in the same period of 2025.
• Cash Flows from Operating Activities: For the three months ended March 31, 2026, cash flows from operating activities were $32.6 million, up 2408% from $1.3 million in the same period of 2025.

Cash Position

As of March 31, 2026, Aurinia had cash, cash equivalents, restricted cash and investments of $378.8 million, compared to $398.0 million at December 31, 2025. For the three months ended March 31, 2026, cash outflows from financing activities were $53.7 million, which included the repurchase of 2.5 million of the Company’s common shares for $36.2 million and tax withholding payments related to net settlements of equity awards of $14.6 million.

2026 Total Revenue and Net Product Sales Guidance

Aurinia reiterates its guidance for 2026 total revenue of $315 million to $325 million, up 11% to 15% compared to 2025, and 2026 net product sales of $305 million to $315 million, up 12% to 16% compared to 2025.

“Aurinia remains steadfast in its mission to become a leading company that benefits patients suffering from autoimmune diseases,” stated Kevin Tang, Chief Executive Officer. “LUPKYNIS is emerging as a standard-of-care treatment for lupus nephritis, and aritinercept, now in clinical development for three potential indications, has therapeutic potential across a wide range of autoimmune disorders.”

About Aurinia

Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs. In January 2021, the Company introduced LUPKYNIS® (voclosporin), the first FDA-approved oral therapy for the treatment of adult patients with active lupus nephritis. Aurinia is also developing aritinercept, a dual inhibitor of B cell-activating factor (BAFF) and a proliferation-inducing ligand (APRIL) for the potential treatment of autoimmune diseases.

Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable Canadian securities law and forward-looking statements within the meaning of applicable U.S. securities law. We caution investors that forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and involve substantial risks and uncertainties that could cause the actual outcomes to differ materially from what we currently expect. These risks and uncertainties include, but are not limited to, those associated with: LUPKYNIS net product sales, the timing of clinical study results and other risks and uncertainties identified in our filings with the U.S. Securities and Exchange Commission. Forward-looking statements in this press release apply only as of the date made, and we undertake no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. Additional information related to Aurinia, including a detailed list of the risks and uncertainties affecting Aurinia and its business, can be found in Aurinia’s most recent Annual Report on Form 10-K and its other public available filings available by accessing the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedarplus.ca or the U.S. Securities and Exchange Commission’s Electronic Document Gathering and Retrieval System (EDGAR) website at www.sec.gov/edgar, and on Aurinia’s website at www.auriniapharma.com.

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Fresh Del Monte Names Pittsburgh as New Hub for Foods Division

Del Monte Foods, recently acquired by Fresh Del Monte, has a long history in the Steel City and will continue operating there

PITTSBURGH–(BUSINESS WIRE)–Del Monte Foods, Inc., a division of Fresh Del Monte Produce Inc., one of the world’s leading vertically integrated producers, distributors and marketers of fresh and shelf-stable produce, today reaffirmed its long-standing connection to Pittsburgh by making the city its central hub.

“Pittsburgh has been an important part of our story for more than two decades,” said Mohammad Abu-Ghazaleh, Fresh Del Monte Chairman and Chief Executive Officer. “As we look ahead, we are proud to deepen our presence here while continuing to invest in the people, partnerships and community that have supported us over the years.”

Del Monte Food’s history in Pittsburgh dates back to 2002, when the company acquired several iconic brands—including StarKist, 9Lives, and Nature’s Goodness—from Heinz. In 2021, Del Monte Foods relocated its Pittsburgh offices from the North Shore to Penn Center West in Robinson Township, marking a new chapter in its regional footprint while maintaining strong ties to the local community.

More than two decades later, the company’s Foods division is proud to call Pittsburgh its operational hub. In the near term, core functions for the Foods division—including supply chain, finance, commercial operations and research and development—will be anchored in the city. Notably, the presence of senior leadership in Pittsburgh marks a meaningful evolution, reinforcing the city’s role at the center of the division’s next chapter.

About Fresh Del Monte Produce Inc.

Fresh Del Monte Produce Inc. is a leading global producer, marketer, and distributor of high-quality fresh, fresh-cut, and prepared fruit and vegetables, with products sold in more than 90 countries worldwide. The company also operates a growing global platform across fresh, refrigerated, and shelf-stable food categories. Fresh Del Monte markets its products worldwide under the DEL MONTE® brand and other recognized brands, a symbol of quality, innovation, freshness, and reliability for more than 140 years. The company owns global rights to the Del Monte® brand, subject to certain existing licensing arrangements. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Asia Pte. Ltd. Fresh Del Monte is the first global marketer of fruits and vegetables to commit to the Science Based Targets initiative. The company has been recognized as one of America’s Most Trusted Companies by Newsweek and named a Humankind 100 Company by Humankind Investments. Fresh Del Monte Produce Inc. is traded on the New York Stock Exchange under the symbol FDP.

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APi Group Announces Launch of $500 Million Senior Notes Offering and Intent to Amend and Extend Existing Credit Agreement

NEW BRIGHTON, Minn.–(BUSINESS WIRE)–
APi Group Corporation (NYSE: APG) (“APi” or the “Company”) today announced the launch of a $500 million senior unsecured notes offering (the “Notes”), subject to market and other customary conditions. The Notes will be senior unsecured obligations of APi Group DE, Inc. (“APi DE”), a wholly owned subsidiary of the Company, and will be fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain of the Company’s existing and future foreign and domestic subsidiaries. Concurrently, APi intends to amend the Company’s existing credit agreement (the “Amendment”) to extend the maturity of the Company’s Term Loan B facility to 2033, upsize and extend the Company’s revolving credit facility to $1.0 billion, maturing in 2031, and amend other key terms and covenants. APi intends to use the net proceeds from these financings for funding of the recently signed and announced Onyx-Fire Protection Services Inc. and Wtech Fire Group acquisitions, as well as for general corporate purposes.

The Notes are being offered in a private offering solely to parties reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in accordance with Regulation S under the Securities Act. No assurance can be given that the offering of the Notes or the Amendment will be completed, or, if completed, as to the terms on which it will be completed. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements:

This press release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements.

About APi:

APi is a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. APi provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries. APi has a winning leadership culture driven by entrepreneurial business leaders delivering innovative solutions for customers. More information can be found at www.apigroupinc.com.

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LegalZoom Reinvents Virtual Mail with AI to Help Small Businesses Save Time and Protect Privacy

LegalZoom Virtual Mail service has helped businesses process nearly 18 million pieces of mail, including 1.7 million checks representing $9.5 billion in deposits

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
LegalZoom (Nasdaq: LZ), America’s #1 online legal services company, today announced a major reinvention of LegalZoom Virtual Mail service for business customers. The updated and enhanced offering combines LegalZoom’s trusted legal and compliance solutions with a best-in-class AI-powered digital mailroom, giving business customers a cleaner, faster way to protect their privacy, manage postal mail from any device, and reclaim lost time. Most of the largest AI companies use LegalZoom Virtual Mail.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260507872226/en/

LegalZoom Virtual Mail enhanced with AI.

The reimagined Virtual Mail service significantly enhances efficiency and productivity. Advanced AI-powered features automatically filter unwanted mail, categorize important documents, and generate instant summaries, allowing business owners to save time and focus on higher-value work. These innovations are particularly valuable for businesses seeking to operate more effectively without increasing administrative overhead.

“With our improved Virtual Mail experience, we’re making it easier than ever for business owners to safeguard their privacy while leveraging powerful digital tools, including AI, to manage their physical mail and streamline critical business communications,” said Aaron Stibel, LegalZoom Chief Business & Customer Officer. “This is the kind of innovation that makes a real difference for entrepreneurs who are trying to do more with less.”

The enhanced experience reinforces LegalZoom’s commitment to helping customers keep their personal home addresses more private, thereby protecting their identity and their professional image. This focus on privacy is paired with the company’s long-standing reputation for trust and convenience. Users can access their mail from anywhere while LegalZoom handles sorting, scanning, and digital delivery in its secure facilities, freeing them from physical mail management.

A standout addition to the LegalZoom Virtual Mail service is a new automated Check Separation feature, which allows customers to split multiple checks from a single mail item and deposit into separate accounts. The Check Separation feature offers smart detection, self-service via the app, unified processing in one tool, and instant customer notifications. It also eliminates the need for middlemen and provides real-time speed, thereby streamlining a previously labor-intensive and complicated process for businesses of all sizes.

Since its inception, LegalZoom’s Virtual Mail service has helped business customers process 17.8 million pieces of mail. Notably, the platform has processed 1.7 million checks to date, representing a total of $9.5 billion in check deposits, underscoring the scale and trust businesses place in LegalZoom’s mailroom solution.

LegalZoom Virtual Mail serves businesses at every stage. New founders and solopreneurs can use it to keep their home address more private and project a professional image from day one. Small business owners can use it to conveniently access and manage mail online so they don’t waste time or miss anything critical. Mid-market companies can use it to process, organize, and distribute mail digitally so their teams can operate efficiently and securely.

To learn more, visit LegalZoom.com/VirtualMail.

About LegalZoom

LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system. By combining intuitive technology with access to experienced attorneys—whether through our vast independent attorney network or our own law firm—we offer the tools and guidance people need to confidently manage everything from business formation and compliance to intellectual property protection and ongoing business management and legal support.

As AI reshapes how legal work gets done, LegalZoom is at the forefront of the human-in-the-loop approach, ensuring that the speed and efficiency of AI is always backed by the judgment and accountability of qualified professionals. With over two decades of experience and millions of customers served, LegalZoom helps individuals and small businesses navigate legal needs with confidence. For more information, please visit www.legalzoom.com.

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LegalZoom Virtual Mail enhanced with AI.

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Marcus & Millichap, Inc. Reports Preliminary Results for First Quarter 2026

Revenue growth of 18.2% in the First Quarter 2026 compared to First Quarter 2025.

CALABASAS, Calif.–(BUSINESS WIRE)–
Marcus & Millichap, Inc. (the “Company”, “Marcus & Millichap”, or “MMI”) (NYSE: MMI), a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services, reported its first quarter financial results today.

First Quarter 2026 Highlights Compared to First Quarter 2025

• Total revenue of $171.5 million, an increase of 18.2% compared to $145.0 million
  • Brokerage commissions of $138.1 million, an increase of 11.7% compared to $123.6 million

  • Private Client Market brokerage revenue of $88.1 million, an increase of 13.4% compared to $77.7 million

  • Middle Market and Larger Transaction Market brokerage revenue of $44.6 million, an increase of 9.2% compared to $40.9 million

  • Financing fees of $26.8 million, an increase of 48.1% compared to $18.1 million

• Pre-tax loss of $2.2 million compared to $13.9 million, an improvement of 84.4%

• Net loss of $3.1 million, or $0.08 per common share, diluted, compared to a net loss of $4.4 million, or $0.11 per common share, diluted

• Adjusted EBITDA¹ of $2.9 million compared to $(8.7) million, an improvement of 133.7%.

“We delivered a strong first quarter, with broad-based growth across the business, reflecting investments in talent, business development and platform expansion as well as improving market conditions,” said Hessam Nadji, President and Chief Executive Officer of Marcus & Millichap. “Our Private Client business continued to build momentum while our institutional segment also posted gains as bid/ask spreads narrowed due to gradual price adjustments and improvements in the lending environment. Our financing business had an exceptional quarter as capital availability grew and we leveraged our market leading lender network to achieve revenue growth of 48%.”

Mr. Nadji continued, “We are encouraged by the improvement we are seeing and the fundamentals supporting continued recovery – driven by more realistic pricing and an increasingly liquid credit environment. Geopolitical developments and energy price volatility have introduced near-term uncertainty, which we are navigating with the same discipline that has served us well through the extended market disruption. Our strong balance sheet and broad capital deployment plan enabled us to accelerate share buybacks while continuing our dividend policy and having ample capital for strategic acquisitions and platform investments.”

First Quarter 2026 Results Compared to First Quarter 2025

Total revenue for the first quarter 2026 was $171.5 million, an increase of 18.2% compared to $145.0 million for the first quarter 2025.

For real estate brokerage commissions, revenue was $138.1 million, an increase of 11.7% compared to the same period in the prior year. The increase was primarily attributed to an 18.5% increase in total sales volume, partially offset by an 11 basis point decrease in the average commission rate earned compared to the first quarter 2025. The decrease in the average commission rate was due to revenue shifting from the Private Client Market to the Larger Transaction Market, which generally earns lower commission rates. The Larger Transaction Market revenue increased by 24.9%, while the Private Client Market revenue increased by 13.4%.

For financing fees, revenue was $26.8 million, an increase of 48.1% compared to the same period in the prior year. The increase was primarily attributed to a 60.1% increase in total financing volume, partially offset by a four basis point decrease in the average fee rate earned, compared to the first quarter 2025.

Total operating expenses for the first quarter 2026 were $177.2 million compared to $162.7 million for the same period in the prior year. The change was primarily due to an increase of $15.3 million in cost of services. Cost of services as a percentage of total revenue decreased by 40 basis points to 60.5% compared to the same period during the prior year, primarily due to our senior investment sales and financing professionals earning higher commissions in 2025.

Selling, general and administrative expenses remained relatively consistent at $71.2 million for the first quarter 2026 compared to $71.6 million for the same period in 2025.

Net loss for the first quarter 2026 was $3.1 million, or $0.08 per common share, diluted, compared to a net loss of $4.4 million, or $0.11 per common share, diluted, for the same period in 2025. Adjusted EBITDA for the first quarter 2026 was $2.9 million, compared to $(8.7) million for the same period in the prior year, primarily as a result of the decrease in operating losses.

Capital Allocation

On February 10, 2026, the Board of Directors declared a semi-annual regular dividend of $0.25 per share, which was paid on April 3, 2026, to stockholders of record at the close of business on March 13, 2026.

During the three months ended March 31, 2026, the Company repurchased 895,532 shares of common stock at an average price of $26.22 for a total purchase price of $23.5 million. Since August 2022, the Company has repurchased and retired 3,970,069 shares of common stock at an average price of $30.08 per share for a total price of $119.4 million.

On April 30, 2026, the Company’s Board of Directors approved an additional $70 million to repurchase common stock under its stock repurchase program. After accounting for shares repurchased through May 4, 2026 and the increased authorization, the Company has approximately $90 million available to repurchase shares under its program. No time limit has been established for the completion of the program, and the repurchases are expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.

Business Outlook

Despite ongoing price discovery and wider than normal bid/ask spreads, the Company believes the commercial real estate transaction market is poised to overcome the near-term challenges which are currently expected to extend through 2026. Accordingly, the Company believes it remains well-positioned to return to long-term growth.

The Company benefits from its experienced management team, infrastructure investments, industry-leading market research and proprietary technology. The size and fragmentation of the Private Client Market continue to offer long-term growth opportunities through consolidation. This highly fragmented market segment consistently accounts for over 80% of all U.S. commercial property transactions and over 60% of the commission pool. The top 10 brokerage firms led by MMI had an estimated 18% share of this segment by transaction count in 2025.

Key factors that may influence the Company’s business during the remainder of 2026 include:

• Volatility in transactional activity and investor sentiment driven by:
  • potentially volatile cost of debt capital;

  • interest rate uncertainty, the potential for rising inflation and the heightened bid-ask spread between buyers and sellers;

  • risks of a potential recession and its unfavorable impact on commercial real estate space demand;

  • possible impact of the U.S. administration’s tariff, immigration, geopolitics and other policy changes on market sentiment, which may influence transaction velocity and/or future fluctuations in interest rates, sales and financing activity; and

  • increases in operating expenses driven by labor costs, insurance, taxes and cost of construction materials.

• The implementation of new tax laws, many of which are beneficial to commercial real estate investors;

• Volatility in the markets in which the Company operates;

• Increases in costs related to in-person events, client meetings, and conferences;

• Global geopolitical uncertainty, which may cause investors to refrain from transacting; and

• The potential for acquisition activity and subsequent integration.

Webcast and Call Information

Marcus & Millichap will host a live webcast today to discuss the financial results at 7:30 a.m. Pacific Time/10:30 a.m. Eastern Time. The webcast will be accessible through the Investor Relations section of Marcus & Millichap’s website at ir.marcusmillichap.com and will be archived upon completion of the call. The Company encourages the use of the webcast due to potential extended wait times to access the conference call via dial-in.

For those unable to access the webcast, callers from the United States and Canada should dial 1-877-407-9208 ten minutes prior to the scheduled call time. International callers should dial 1-201-493-6784.

ReplayInformation

For those unable to participate during the live broadcast, a telephonic replay of the call will also be available from 1:30 p.m. Eastern Time on Thursday, May 7, 2026 through 11:59 p.m. Eastern Time on Thursday, May 21, 2026 by dialing 1-844-512-2921 in the United States and Canada or 1-412-317-6671 internationally and entering passcode 13759354.

About Marcus & Millichap, Inc.

Marcus & Millichap, Inc. is a leading national real estate services firm specializing in commercial real estate investment sales, financing services, research and advisory services. As of December 31, 2025, the Company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory, and leasing services to its clients. Marcus & Millichap, Inc. closed 8,818 transactions in 2025, with a sales volume of $50.8 billion. For additional information, please visit www.MarcusMillichap.com.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements, including our expectations regarding the long-term outlook of the commercial real estate transaction market, and our positioning within it, our belief relating to the Company’s long-term growth, our assessment of the key factors influencing the Company’s business outlook, including the expectation for future interest rate cuts or rising inflation and likely impact of such cuts or inflation on commercial real estate demand, and the execution of our capital return program, including a semi-annual dividend and stock repurchase program. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:

• general uncertainty in the capital markets, a worsening of economic conditions, and the rate and pace of economic recovery following an economic downturn;

• changes in our business operations;

• market trends in the commercial real estate market or the general economy, including the impact of inflation and changes to interest rates;

• our ability to attract and retain qualified senior executives, managers, and investment sales and financing professionals;

• the impact of forgivable loans and related expense resulting from the recruitment and retention of agents;

• the impact of litigation and our success in appealing any judgments entered against us;

• the effects of increased competition on our business;

• our ability to successfully enter new markets or increase our market share;

• our ability to successfully expand our services and businesses and to manage any such expansions;

• our ability to retain existing clients and develop new clients;

• our ability to keep pace with changes in technology;

• any business interruption or technology failure, including cybersecurity risks and ransomware attacks, and any related impact on our brand reputation or clients;

• changes in interest rates, availability of capital, tax laws, tariffs and trade regulations, executive orders, employment laws, or other government regulation affecting our business;

• our ability to successfully identify, negotiate, execute, and integrate accretive acquisitions; and

• other risk factors included under “Risk Factors” in our most recent Annual Report on Form 10-K or in any subsequent SEC report.

In addition, in this release, words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “goal,” “expect,” “predict,” “potential,” “should,” and similar expressions, as they relate to our Company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

Forward-looking statements speak only as of the date of this release. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. We have not filed our Quarterly Report on Form 10-Q (“Form 10-Q”) for the quarter ended March 31, 2026. As a result, all financial results described in this release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file our Form 10-Q.

MARCUS & MILLICHAP, INC.

KEY OPERATING METRICS SUMMARY

(Unaudited)

Total sales volume was approximately $12.1 billion for the three months ended March 31, 2026, encompassing 2,022 transactions consisting of $7.9 billion for real estate brokerage (1,348 transactions), $3.1 billion for financing (398 transactions) and $1.1 billion in other transactions, including consulting and advisory services (276 transactions). As of March 31, 2026, the Company had 1,621 investment sales professionals and 103 financing professionals. Key metrics for real estate brokerage and financing activities (excluding other transactions) are as follows:

The following table sets forth the number of transactions, sales volume and revenue by commercial real estate market for real estate brokerage:

MARCUS & MILLICHAP, INC.

OTHER INFORMATION

(Unaudited)

Adjusted EBITDA Reconciliation

Adjusted EBITDA, which the Company defines as net loss before (i) interest income and other, including interest on marketable debt securities, available-for-sale and cash, cash equivalents, and restricted cash, and net realized gains (losses) on marketable debt securities, available-for-sale, (ii) interest expense, (iii) provision (benefit) for income taxes, (iv) depreciation and amortization, and (v) stock-based compensation. The Company uses Adjusted EBITDA in its business operations to evaluate the performance of its business, develop budgets and measure its performance against those budgets, among other things. The Company also believes that analysts and investors use Adjusted EBITDA as a supplemental measure to evaluate its overall operating performance. However, Adjusted EBITDA has material limitations as a supplemental metric and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under U.S. generally accepted accounting principles (“U.S. GAAP”). The Company finds Adjusted EBITDA to be a useful management metric to assist in evaluating performance, because Adjusted EBITDA eliminates items related to capital structure, taxes and non-cash items. Considering the foregoing limitations, the Company does not rely solely on Adjusted EBITDA as a performance measure and also considers its U.S. GAAP results. Adjusted EBITDA is not a measurement of the Company’s financial performance under U.S. GAAP and should not be considered as an alternative to net loss, operating loss or any other measures calculated in accordance with U.S. GAAP. Because Adjusted EBITDA is not calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

A reconciliation of the most directly comparable U.S. GAAP financial measure, net loss, to Adjusted EBITDA is as follows (in thousands):

Glossary of Terms

• Private Client Market: transactions with values from $1 million up to but less than $10 million

• Middle Market: transactions with values from $10 million up to but less than $20 million

• Larger Transaction Market: transactions with values of $20 million and above

• Acquisitions: acquisition of businesses accounted for as a business combination in accordance with generally accepted accounting standards

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Everest Appoints Lisa Davis to Lead North America Wholesale & Specialty Business

HAMILTON, Bermuda–(BUSINESS WIRE)–
Everest Group, Ltd. (“Everest” or “the Company”) (NYSE: EG), a global underwriting leader providing world-class reinsurance and specialty insurance solutions, today announced the appointment of Lisa Davis as Head of North America, Wholesale & Specialty.

Ms. Davis will lead Everest’s North America Wholesale & Specialty business, overseeing underwriting strategy, distribution, and portfolio management across the region. She will report to Jason Keen, EVP and CEO of Global Wholesale & Specialty, and serve as a key member of his leadership team.

“Along with her extensive experience, Lisa brings a combination of underwriting discipline, operational leadership, and strong relationships that are critical in this environment,” said Jason Keen. “Her ability to build profitable specialty businesses, lead high-performing teams, and deepen broker relationships will be instrumental as we continue to strengthen our North America platform, deliver disciplined, profitable growth, and execute our long-term strategy.”

Ms. Davis brings more than 35 years of experience building and scaling specialty insurance businesses across wholesale markets, with deep expertise in underwriting leadership, portfolio management, and distribution strategy. Most recently, she led the build-out and expansion of Canopius’ U.S. business, delivering sustained profitable growth while significantly scaling the platform. Prior to that, she served as President and Chief Operating Officer for North America at Sompo America and held leadership roles at Zurich North America and St. Paul Companies.

About Everest

Everest Group, Ltd. (Everest) is a global underwriting leader providing best-in-class property, casualty, and specialty reinsurance and insurance solutions that address customers’ most pressing challenges. Known for a 50-year track record of disciplined underwriting, capital and risk management, Everest, through its global operating affiliates, is committed to underwriting opportunity for colleagues, customers, shareholders, and communities worldwide.

Everest common stock (NYSE: EG) is a component of the S&P 500 index.

Additional information about Everest, our people, and our products can be found on our website at www.everestglobal.com.

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Media: Dawn Lauer

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908.300.7670

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Head of Investor Relations

908.604.7343

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Following its beta release, the generally available studio enables organizations to automatically produce videos from text, slides, or other videos at a mere fraction of the time and cost while boosting effectiveness, interactivity, and outcomes.

Nohar Zmora 

SVP, Head of Marketing 

[email protected] 

Fifth Third Closes Fannie Mae DUS® Acquisition; Strengthens Multifamily Lending Capabilities

Bank is now one of 24 DUS® Lenders.

CINCINNATI–(BUSINESS WIRE)–
Fifth Third Bancorp (NASDAQ: FITB) announced closing of a transaction to acquire Mechanics Bank’s Delegated Underwriting and Servicing (DUS^®) business line, including an experienced lending team, and a $1.8 billion unpaid principal balance servicing portfolio.

Fifth Third joins a group of just 24 lenders nationwide authorized by Fannie Mae to originate, underwrite, close, and service multifamily loans. Fifth Third is currently the ninth-largest U.S. bank, with approximately $297 billion in assets. Multifamily housing is the largest component of its commercial real estate portfolio.

“This will significantly enhance the Bank’s ability to finance multifamily housing across the United States and further strengthens our leadership in commercial real estate finance,” said John Hein, head of Commercial Real Estate at Fifth Third. “This acquisition empowers us to better support our clients and the housing needs in the communities we serve across the country.”

The US continues to face a shortage of housing. According to a U.S. Chamber of Commerce report*, “a severe shortage of over 4.7 million homes has created cascading economic and social challenges, from skyrocketing prices to reduced workforce mobility.” This capability will allow the Bank to facilitate the financing of more housing and be a part of the solution for a problem that spans a wide breadth of the housing sector.

As a cornerstone of Fannie Mae’s multifamily lending platform, the DUS program is designed to provide liquidity and stability to the housing market. Fifth Third gains direct access to Fannie Mae products and a proven servicing model by joining this program and reinforces its commitment to delivering innovative solutions for clients and advancing housing affordability.

About Fifth Third

Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.

Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com.

*U.S. Chamber of Commerce, The State of Housing in America, March 15, 2025

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Adrienne Gutbier (Media Relations)

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Perpetuals Files Patent for Bias-Removal Architecture for AI Agents Solving The Reliability Problem Blocking Enterprise Agentic AI

• Patent filing for unique AI-powered algorithm for identifying top-performing AI and human decision-makers, including which LLM is most accurate for a given task
• System identifies the top 1–5% of AI models and human experts per decision type, applying patent-pending bias-removal across financial trading, clinical decision support, fraud detection, cybersecurity, and additional decision-intensive domains

SAN FRANCISCO–(BUSINESS WIRE)–
Perpetuals.com Ltd (Nasdaq: PDC), an AI-powered fintech company, has filed a U.S. patent application covering BayesShield AI, a system that identifies which AI model or human expert performs best for a specific decision, in real time. The patent addresses one of the most-cited blockers to enterprise agentic AI deployment: the gap between average benchmark performance and reliable performance on the decision in front of you.

The trailblazing and complex system is built on a simple premise: performance is not universal. Both AI models and human experts perform differently depending on the context of a decision. A model that performs well in one type of environment may underperform in another, and the same is true for human decision-makers.

Perpetuals’s new framework addresses this by continuously evaluating performance across different decision environments, or “regimes,” and learning which AI models or human experts are most effective in each. It can assess leading large language models, including ChatGPT, Claude, Gemini, and DeepSeek systems, on a task-by-task basis rather than relying on a single overall benchmark.

The patent application addresses what industry analysts have identified as the central blocker to enterprise agentic AI deployment. McKinsey’s 2026 AI Trust Maturity Survey found that security and risk concerns are now the top barrier to scaling agentic AI, with only about one-third of organizations reaching maturity in agentic AI controls. Gartner has projected that more than 40% of agentic AI projects will be canceled by 2027 due to escalating costs, unclear business value, or inadequate risk controls. Recent academic research has documented a 37% gap between lab benchmark scores and real-world production performance, the gap that BayesShield is designed to close.

Over time, the system builds a map of which models and experts are best suited to specific conditions and routes decisions to them only when those conditions are present. This enables more precise matching between problem type and decision-maker, rather than relying on averages or static rankings.

“For a decade, AI progress has been measured by which model has the best benchmark average. The agentic era has exposed that this metric doesn’t predict production performance; McKinsey, Gartner, and Deloitte are all reporting the same gap. The next edge in AI isn’t a single model that wins on average. It’s a system that knows which model, or which expert, will win in the decision in front of you,” said Patrick Gruhn, CEO of Perpetuals. “That’s what we are patenting. And it’s already running our products today.”

The approach is designed for use across a range of decision-intensive industries, including financial trading, fraud detection, cybersecurity, content moderation, health care diagnostic decision support, insurance underwriting, and legal analysis. This process is already powering many of Perpetuals’s own products, including in financial markets and the deployment of BayesShield to reduce medical diagnostic errors, with more on the way.

The patent application describes a six-step pipeline:

• Capturing predictions in a simulated, no-risk environment

• Tagging each prediction with the conditions in which it was made

• Training AI models on rare but high-value cases rather than discarding them

• Identifying the top 1–5% of performers in each situation type

• Deploying these top performers only when conditions match their proven strengths

• Continuously updating rankings with new performance data

About Perpetuals.com Ltd.

Perpetuals.com Ltd (NASDAQ: PDC) is a fintech company developing AI-powered trading products and prediction markets, with a global footprint across the United States, Europe, and Asia. Its mission is to reduce risk through empowering retail users with intuitive, secure, and efficient trading experiences across multiple asset classes.

Perpetuals’s proprietary trading platform, Kronos X, combines advanced AI and data analysis. The technology is trained on billions of trades, monitors market activity in real time, identifies patterns for trading and risk decisions, and provides multi-asset coverage with self‑clearing blockchain-based settlement. The company’s licensed European Multilateral Trading Facility (MTF) infrastructure and Kronos X multi‑asset exchange platform operate with full MiFID II, MiCA, DORA, and EMIR compliance.

Forward-Looking Statements: This press release contains forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the scope and protection afforded by the provisional patent application, the expected applicability of the disclosed methodology across industries, and the anticipated benefits to the company’s intellectual property portfolio. The filing of a provisional patent application does not guarantee that any patent will issue, that any claims will be granted as filed, or that any resulting patent will provide meaningful commercial protection. Words such as “expect,” “will,” “positions,” “advancing,” “projected,” “anticipated,” and other similar expressions indicate forward-looking statements, though not all forward-looking statements contain such words. These statements reflect the company’s current view with respect to future events, are subject to risks and uncertainties that could cause actual results to differ materially, including regulatory approvals, market conditions, the ability to realize anticipated benefits of any patent that may be issued, and risks detailed in the company’s filings with the Securities and Exchange Commission, and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company, are inherently subject to significant business, economic, competitive, regulatory, political, and social uncertainties and contingencies. In addition, there can be no assurance that any patent will issue from the company’s pending application, or that any issued patent will provide protection of sufficient scope to provide meaningful competitive advantages. Should one or more of these risks or uncertainties materialize, or should the assumptions set out by the company underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. Individuals are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. These forward-looking statements are made as of the date of this press release and the company does not undertake any obligation to update these forward-looking statements, except as required by law.

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