Market Newsdesk

May 7, 2026 7:19 am

Fluke Survey Finds Predictive Maintenance Adoption Doubles as Manufacturers Boost Digital Investment

Organizations are investing heavily in AI and new technology, but skills shortages—not funding—are now the biggest obstacle to digital maturity

Everett, Washington, May 07, 2026 (GLOBE NEWSWIRE) — Fluke Corporation today released survey findings revealing a significant acceleration in digital maturity across manufacturing, propelled by a YoY increase in predictive maintenance adoption. Rising investment in Generative AI (36 percent) and Industrial AI (35 percent) underscores this transition, as organizations move beyond pilot programs toward production-scale impact.

The research, conducted by Censuswide, surveyed over 600 senior decision-makers and maintenance professionals in the U.S., the UK, and Germany. The findings show that within one-year, reactive maintenance remained flat at 36 percent. Proactive maintenance fell from 55 percent to 45 percent while predictive maintenance adoption doubled from 9 percent 18 percent, signalling a shift from traditional preventive models to data-driven execution.

The findings indicate this transition is being reinforced by increased capital allocation. Over the next 12 months, manufacturers are prioritizing technologies that deliver measurable operational impact quickly. The data shows a clear shift toward pragmatic investment: nearly eight in ten (72 percent) organizations now allocate 16–30% of their maintenance budgets to new technologies, with investment moving away from exploratory AI (44 percent in 2024) toward operational priorities including cybersecurity (37 percent), data management (36 percent), Generative AI (36 percent), and Industrial AI (35 percent).

However, the data shows a growing disconnect between technology adoption and workforce readiness. The results point to a deeper issue, with skills-related challenges accounting for approximately 78 percent of all reported obstacles, including lack of expertise (23 percent), knowledge shortages (18 percent), skilled labor gaps (19 percent), and broader workforce skills shortages (17 percent).

As manufacturers move from experimentation to execution, respondents show that expectations around Industry 5.0 are resetting accordingly. Confidence in near-term achievement has declined: the share expecting completion within six months fell from 33 percent to 22 percent, while 40 percent now anticipate a one- to four-year timeline.

Instead, the data suggests manufacturers are concentrating on what is achievable now. Nearly half of respondents (49 percent) plan to advance connected reliability initiatives within the next 12 months; signalling reliability as the practical bridge between near-term operational needs and longer-term Industry 5.0 ambitions.

Parker Burke, President of Fluke Corporation, said: “Manufacturers are continuing to invest in digital technologies, but progress depends on how effectively those technologies are applied. Our findings show that reliability and workforce skills are now the critical factors in converting technology spend into measurable operational improvement. We need a solution to the skills shortage to supplement technology investment for the best results.”

Vineet Thuvara, Chief Product Officer, Fluke Corporation, added: “The progress is encouraging, but it’s not enough yet. Predictive maintenance is no longer a future ambition: it is the baseline. Manufacturer’s next challenge is scaling adoption and integrating it across the organization, ensuring these capabilities work in harmony across the organization, not in isolation.”

The survey, conducted by Censuswide on behalf of Fluke, surveyed 600 respondents representing manufacturing firms across the Food & Beverage, Oil & Gas, Life Sciences, and Automotive industries operating in Germany, the UK, and the US.

About Fluke

Founded in 1948, Fluke Corporation is the world leader in compact, professional electronic test tools and software for measuring and condition monitoring. Fluke customers are technicians, engineers, electricians, maintenance managers, and metrologists who install, troubleshoot, and maintain industrial, electrical, and electronic equipment and calibration processes. FLUKE is a registered trademark of Fluke Corporation. For more information, visit the Fluke website.

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FLUKE is a registered trademark of Fluke Corporation. For more information, visit the Fluke website.

Attachment

Fluke Survey Finds Predictive Maintenance Adoption Doubles as Manufacturers Boost Digital Investment

Dave Smith
Fluke Corporation
[email protected]

May 7, 2026 7:19 am

Vital Farms Reports First Quarter 2026 Financial Results

Vital Farms Reports First Quarter 2026 Financial Results

First Quarter Net Revenue Grows 15.4% Versus Prior-Year Period to $187.2 Million

Announces Plan to Wind Down Butter Business

Adjusts Fiscal Year 2026 Net Revenue Outlook to $775 Million to $800 Million and Adjusted EBITDA Outlook to $0 Million to $10 Million

AUSTIN, Texas–(BUSINESS WIRE)–
Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, today reported financial results for its first quarter ended March 29, 2026.

Financial highlights for the first quarter ended March 29, 2026, compared to the first quarter ended March 30, 2025, include:

Net Revenue increased 15.4% to $187.2 million, compared to $162.2 million
Gross Margin of 28.3%, compared to 38.5%
Net Loss of $1.5 million, compared to Net Income of $16.9 million
Net Loss per Diluted Share of $0.03, compared to Net Income per Diluted Share of $0.37
Adjusted EBITDA of $5.0 million,^{compared to $27.5 million¹}

“Our first quarter performance fell short of expectations, as the anticipated changes in industry pricing and promotional dynamics in the outdoor access egg subcategory had a much greater impact on our velocities than we expected,” said Russell Diez-Canseco, Vital Farms’ Executive Chairperson, President and CEO. “We are acting with urgency to restore volume growth by narrowing price gaps versus other outdoor access eggs, which we believe will help reaccelerate our velocities. We are streamlining our cost structure and reducing our CapEx this year to better align our operating model with the current environment. To be clear: this is a reset of the year, not a reset of ambition. While the near-term environment requires greater discipline, we believe the core fundamentals of the Vital Farms business remain intact, as evidenced by the distribution gains we have already secured for this year.

Additionally, following a comprehensive review process, we have made the strategic decision to wind down the butter business. This decision was driven by increased complexity in our international supply chain and more volatile economics. Exiting butter will allow us to focus on our core egg categories, where we have the greatest competitive advantages and see the strongest path to long-term value creation at this time,” concluded Diez-Canseco.

¹Adjusted EBITDA is a non-GAAP financial measure defined in the section titled “Non-GAAP Financial Measures” below and is reconciled to net income, its closest comparable GAAP measure, at the end of this release.

For the 13 Weeks Ended March 29, 2026

Net revenue increased 15.4% to $187.2 million in the first quarter of 2026, compared to $162.2 million in the first quarter of 2025. Net revenue growth in the first quarter of 2026 was driven by volume-related revenue growth of $34.7 million and partially offset by a price/mix decline of $9.7 million. Volume growth was driven by accelerated demand for existing products, expanded item offerings and store distribution at existing customers. The price/mix decline was driven by an oversupply of egg inventory, which resulted in increased sales to breaker and wholesale channels at lower prices.

Gross profit was $53.0 million, or 28.3% of net revenue, in the first quarter of 2026, compared to $62.5 million, or 38.5% of net revenue, in the first quarter of 2025. Gross profit and margin decreased compared to the prior-year period reflecting higher input and production costs and unfavorable sales mix, which were partially offset by higher net revenue from volume growth and pricing actions taken last year. The unfavorable sales mix was driven by an oversupply of egg inventory, which resulted in increased sales to breaker and wholesale channels at lower prices, reducing gross profit by an estimated $4.9 million.

Loss from operations was $2.3 million in the first quarter of 2026, compared to income from operations of $21.8 million in the first quarter of 2025. The decrease was driven by higher input and production costs, higher SG&A to support the growth of the business as well as an unfavorable sales mix, which were only partially offset by higher net revenue from volume growth and pricing actions taken last year.

Net loss was $1.5 million in the first quarter of 2026, compared to net income of $16.9 million in the prior-year quarter. The decrease was driven by higher input and production costs and unfavorable sales mix, which were partially offset by higher net revenue from volume growth and pricing actions taken last year.

Net loss per diluted share was ($0.03) for the first quarter of 2026, compared to net income per diluted share of $0.37 in the prior-year quarter.

Adjusted EBITDA was $5.0 million, or 2.7% of net revenue, in the first quarter of 2026, compared to $27.5 million, or 16.9% of net revenue, in the first quarter of 2025. The decrease was driven by higher input and production costs, higher SG&A to support the growth of the business as well as an unfavorable sales mix, which were only partially offset by higher net revenue from volume growth and pricing actions taken last year.

Adjusted EBITDA excludes certain non-cash items. Adjusted EBITDA is a non-GAAP financial measure defined in the section titled “Non-GAAP Financial Measures” below and is reconciled to net income, its closest comparable GAAP measure, at the end of this release.

Balance Sheet and Cash Flow Highlights

Cash, cash equivalents and marketable securities were $51.4 million as of March 29, 2026, and we had no outstanding debt. The sequential decrease in cash, cash equivalents and marketable securities of $61.9 million was primarily due to investments in Vital Crossroads (VXR), the company’s planned second egg washing and packing facility in Seymour, Indiana, and development of accelerator farms, as well as repurchases of the company’s common stock. Net cash used in operating activities was $18.6 million for the first quarter of 2026, compared to net cash provided by operating activities of $5.3 million for the prior-year quarter.

Capital expenditures totaled $20.8 million in the 13-week period ended March 29, 2026, compared to $3.1 million in the prior-year quarter. The increase was primarily due to investments in VXR.

Stock repurchased under the company’s previously announced stock repurchase program totaled 1,001,747 shares of common stock at an average price per share of $19.97, for an aggregate cost of $20.0 million, in the first quarter of 2026. As of March 29, 2026, $80.0 million remained authorized for repurchases of additional shares of the company’s common stock.

Strategic Business Update

Vital Farms announced the strategic decision to wind down its butter business by the end of fiscal 2026 to sharpen its focus on its core egg product categories where the company believes it maintains distinct competitive advantages.

This portfolio optimization is expected to be margin accretive upon cessation of operations, while freeing management bandwidth to accelerate distribution in the company’s core egg categories.

Fiscal 2026 Outlook

Thilo Wrede, Vital Farms’ Chief Financial Officer, commented: “Our updated outlook for fiscal year 2026 reflects a prudent response to the current pricing environment in the egg category. We are proactively tightening our cost structure and aligning our capital allocation to prioritize operational discipline and margin protection. This is designed to ensure we navigate near-term headwinds effectively while maintaining a strong balance sheet and positioning us for strong future growth based on our trusted brand.”

For fiscal year 2026, we expect:

Net revenue of $775 million to $800 million, which represents at least 5% growth versus fiscal year 2025. This assumes that our investments in price and our distribution gains lead to a return to positive shell egg volume growth by the third quarter of 2026 with acceleration in the fourth quarter. It also assumes that competitive activity does not intensify further.
Adjusted EBITDA of $0 to $10 million, reflecting higher than previously anticipated promotional spending and price investments and the negative impact of approximately $32 million from costs to manage the current oversupply of eggs.
Capital expenditures in the range of $70 million to $75 million, compared to our previous range of $140 million to $150 million. The lower capital expenditures outlook reflects our decision to slow the pace of capital spending, particularly at VXR and new accelerator farms, to better align the timing of capacity additions with demand realization.

Vital Farms’ guidance assumes that there are no significant disruptions to the supply chain or its customers or consumers, including any issues from adverse macroeconomic factors. Vital Farms cannot provide a reconciliation between its forecasted Adjusted EBITDA and net (loss) income, its most directly comparable GAAP measure, without unreasonable effort due to the unavailability of reliable estimates for income taxes and stock-based compensation, among other items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call and Webcast Details

Vital Farms will host a conference call and webcast at 8:30 a.m. ET today to discuss the results. To participate in the conference call via phone, participants may register for the call here to receive dial-in details and a unique pin. Alternatively, participants may access the live webcast on the Vital Farms Investor Relations website at https://investors.vitalfarms.com under “Events & Presentations.” The webcast will be archived for 30 days.

In addition, Vital Farms will publish its May 2026 Corporate Presentation as supporting materials to the webcast on the Vital Farms Investor Relations website at https://investors.vitalfarms.com under “Events & Presentations.”

About Vital Farms

Vital Farms (Nasdaq: VITL) is a Certified B Corporation that offers a range of ethically produced foods nationwide. Started on a single farm in Austin, Texas, in 2007, Vital Farms is now a national consumer brand that works with 625 small farms and is the leading U.S. brand of pasture-raised eggs by retail dollar sales. Vital Farms’ ethics are exemplified by its focus on the humane treatment of farm animals and sustainable farming practices. In addition, as a Delaware public benefit corporation, Vital Farms prioritizes the long-term benefits of each of its stakeholders, including farmers and suppliers, customers and consumers, communities and the environment, and crew members and stockholders. Vital Farms’ products, including shell eggs, hard-boiled eggs, and liquid whole eggs, are sold in more than 23,500 stores nationwide. Vital Farms pasture-raised eggs can also be found on menus at hundreds of foodservice operators across the country. For more information, visit https://vitalfarms.com/.

Forward-Looking Statements

This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Vital Farms’ market opportunity, brand strength, anticipated growth, corporate and commercial strategy, expectations regarding tailwinds and headwinds facing Vital Farms’ industry, the impact of Vital Farms’ decision to wind down its butter business on its future operations and financial performance, including with respect to Vital Farms’ financial margins and management’s ability to accelerate distribution in the company’s core categories, the effect of prior or future expansions of Vital Farms’ processing facilities on its future revenue, the impact and expected benefits of anticipated changes in Vital Farms’ cost structure and capital expenditures, and future financial performance, including management’s outlook for fiscal year 2026 and management’s long-term outlook. These forward-looking statements are based on Vital Farms’ current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause Vital Farms’ actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement.

The risks and uncertainties referred to above include, but are not limited to: Vital Farms’ expectations regarding its revenue, expenses, and other operating results; Vital Farms’ ability to attract new consumers and customers, to successfully retain existing consumers and customers, to attract and retain its suppliers, distributors, and co-manufacturers, and to maintain its relationships with the farmers in its network and further expand its farm network, and plans for operation of accelerator farms and the impact of its decision to pause development of future accelerator farms; Vital Farms’ ability to sustain or increase its profitability; Vital Farms’ expectations regarding its future growth in the foodservice channel; Vital Farms’ ability to procure sufficient high-quality eggs and other raw materials; Vital Farms’ ability to effectively manage its supply of eggs and the impact of its current and planned supply control initiatives; real or perceived quality or food safety issues with Vital Farms’ products or other issues that adversely affect Vital Farms’ brand and reputation; Vital Farms ability to manage changes in the tastes and preferences of consumers; the financial condition of, and Vital Farms’ relationships with, its farmers, suppliers, co-manufacturers, distributors, retailers, and foodservice customers, as well as the health of the foodservice industry generally; the effects of outbreaks of agricultural diseases, including avian influenza and egg drop syndrome, the perception that outbreaks may occur or regulatory or market responses to such outbreaks generally; the ability of Vital Farms, its farmers, suppliers, and its co-manufacturers to comply with food safety, environmental or other laws or regulations; specifications and timing regarding VXR in Seymour, including the impact of Vital Farms’ decision to slow construction on VXR, Indiana, and the impacts of prior or future expansions of such facilities on Vital Farms’ future revenue and farm network; future investments in its business, anticipated capital expenditures and estimates regarding capital requirements; anticipated changes in Vital Farms’ product offerings, including specifications, timing and financial impacts of the planned discontinuation of its butter products, and Vital Farms’ ability to innovate to offer new products or enter into new product categories; the costs and success of marketing efforts and ability to promote its brand; Vital Farms’ reliance on key personnel and its ability to identify, recruit and retain personnel; Vital Farms’ ability to effectively manage its growth; the potential influence of Vital Farms’ focus on a specific public benefit purpose and producing a positive effect for society; Vital Farms’ stated impact goals, opportunities and initiatives, as well as the standards and expectations of third parties regarding these matters; Vital Farms’ ability to maintain effective internal controls over financial reporting and to remediate and prevent material weaknesses in its internal controls; Vital Farms’ ability to compete effectively with existing competitors and new market entrants; the impact of adverse economic conditions, including as a result of unfavorable global economic and political conditions, elevated interest rates, and inflation; the impact of previous or future shutdowns of the U.S. federal government on Vital Farms and its contracted family farmers’ businesses; Vital Farms’ estimates of future capital expenditures and the sufficiency of Vital Farms’ cash, cash equivalents, marketable securities and availability of credit under its credit facility to meet liquidity needs; seasonality; and the growth rates of the markets in which Vital Farms competes.

These risks and uncertainties are more fully described in Vital Farms’ filings with the Securities and Exchange Commission (SEC), including in the sections entitled “Risk Factors” in its Quarterly Report on Form 10-Q for the fiscal quarter ended March 29, 2026, which Vital Farms anticipates filing on May 7, 2026, and other filings and reports that Vital Farms may file from time to time with the SEC. Moreover, Vital Farms operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can Vital Farms assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Vital Farms may make. In light of these risks, uncertainties, and assumptions, Vital Farms cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release. Vital Farms disclaims any obligation to update forward-looking statements except as required by law.

VITAL FARMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except share amounts)
(Unaudited)

	13-Weeks Ended
	March 29, 2026			March 30, 2025
Net revenue	$	187,155		$	162,189
Cost of goods sold		134,146			99,676
Gross profit		53,009			62,513
Operating expenses:
Selling, general and administrative		44,364			31,909
Shipping and distribution		10,977			8,835
Total operating expenses		55,341			40,744
(Loss) income from operations		(2,332	)		21,769
Other income (expense), net:
Interest expense		(190	)		(234	)
Interest income		772			1,211
Other expense, net		(109	)		(404	)
Total other income, net		473			573
Net (loss) income before income taxes		(1,859	)		22,342
Income tax (benefit) provision		(337	)		5,441
Net (loss) income	$	(1,522	)	$	16,901
Net (loss) income per share:
Basic:	$	(0.03	)	$	0.38
Diluted:	$	(0.03	)	$	0.37
Weighted average common shares outstanding:
Basic:		44,587,704			44,250,685
Diluted:		44,587,704			45,804,924

VITAL FARMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share amounts)

	March 29, 2026		December 28, 2025
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	36,625	$	48,831
Investment securities, available-for-sale		14,807		64,520
Accounts receivable, net of allowance for credit losses of $737 and $685 as of March 29, 2026 and December 28, 2025, respectively		51,427		67,849
Inventories		90,216		66,495
Prepaid expenses and other current assets, net of allowance for credit losses of $23 and $34 as of March 29, 2026 and December 28, 2025, respectively		12,423		11,304
Income taxes receivable		1,537		1,410
Assets held for sale		2,141		2,141
Total current assets		209,176		262,550
Property, plant and equipment, net		177,914		160,601
Operating lease right-of-use assets		90,086		80,390
Goodwill and other assets		15,468		15,197
Total assets	$	492,644	$	518,738
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	54,595	$	55,141
Accrued liabilities		49,140		54,826
Operating lease liabilities, current		7,703		4,673
Finance lease liabilities, current		5,780		5,670
Income taxes payable		1,202		1,268
Total current liabilities		118,420		121,578
Operating lease liabilities, non-current		37,146		38,050
Finance lease liabilities, non-current		3,607		5,098
Other liabilities		2,563		2,752
Total liabilities	$	161,736	$	167,478
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized as of March 29, 2026 and December 28, 2025; no shares issued and outstanding as of March 29, 2026 and December 28, 2025		—		—
Common stock, $0.0001 par value per share, 310,000,000 shares authorized as of March 29, 2026 and December 28, 2025; 43,977,558 and 44,797,125 shares issued and outstanding as of March 29, 2026 and December 28, 2025, respectively		4		4
Additional paid-in capital		183,029		201,820
Retained earnings		147,873		149,395
Accumulated other comprehensive income		2		41
Total stockholders’ equity	$	330,908	$	351,260
Total liabilities and stockholders’ equity	$	492,644	$	518,738

VITAL FARMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)

	13-Weeks Ended
	March 29, 2026			March 30, 2025
Cash flows from operating activities:
Net (loss) income	$	(1,522	)	$	16,901
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		3,959			3,259
Reduction in the carrying amount of right-of-use assets		3,381			1,687
Stock-based compensation expense		2,756			2,853
Increase (decrease) in inventory provision		709			(15	)
Amortization of capitalized cloud computing arrangement costs		744			—
Amortization and accretion of available-for-sale securities		(490	)		12
Amortization of debt issuance costs		21			22
Uncertain tax positions		(188	)		—
Deferred taxes		7			240
Net realized losses on derivative instruments		118			432
Other		761			(196	)
Net change in operating assets and liabilities		(28,811	)		(19,921	)
Net cash (used in) provided by operating activities	$	(18,555	)	$	5,274
Cash flows from investing activities:
Purchases of property, plant and equipment		(20,756	)		(3,127	)
Proceeds from the sale of available-for-sale securities		28,157			404
Maturities of available-for-sale securities		22,000			4,275
Purchases of derivative instruments		(261	)		—
Proceeds from the settlement of derivative instruments		137			—
Proceeds from the sale of property, plant and equipment		—			48
Net cash provided by investing activities	$	29,277		$	1,600
Cash flows from financing activities:
Proceeds from exercise of stock options		—			2,715
Repurchases of common stock		(20,000	)		—
Payment of tax withholding obligation on vested restricted stock unit shares		(1,547	)		(2,882	)
Principal payments under finance lease obligations		(1,381	)		(1,003	)
Net cash used in financing activities	$	(22,928	)	$	(1,170	)
Net (decrease) increase in cash and cash equivalents		(12,206	)		5,704
Cash and cash equivalents at beginning of the period		48,831			150,601
Cash and cash equivalents at end of the period	$	36,625		$	156,305
Supplemental disclosure of cash flow information:
Cash paid for interest	$	169		$	212
Cash paid for income taxes, net of amounts refunded		39			3
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable and accrued liabilities	$	10,657		$	522

Non-GAAP Financial Measures

We report our financial results in accordance with GAAP. However, management believes that Adjusted EBITDA and Adjusted EBITDA Margin, non-GAAP financial measures, provide investors with additional useful information in evaluating our performance.

Adjusted EBITDA and Adjusted EBITDA Margin are financial measures that are not required by or presented in accordance with GAAP. We believe that Adjusted EBITDA and Adjusted EBITDA Margin, when taken together with our financial results presented in accordance with GAAP, provide meaningful supplemental information regarding our operating performance and facilitate internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA and Adjusted EBITDA Margin are helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes. We calculate Adjusted EBITDA as net (loss) income, adjusted to exclude: (1) depreciation and amortization; (2) stock-based compensation expense; (3) (benefit) or provision for income taxes as applicable; (4) interest expense; (5) interest income; and (6) amortization of cloud computing arrangements. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by net revenue.

Adjusted EBITDA and Adjusted EBITDA Margin are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of Adjusted EBITDA and Adjusted EBITDA Margin include that (1) they do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) they do not consider the impact of stock-based compensation expense, (4) they do not reflect other non-operating expenses, including interest expense; and (5) they do not reflect tax payments that may represent a reduction in cash available to us. In addition, our use of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA and Adjusted EBITDA Margin in the same manner, limiting the usefulness as comparative measures. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial measures, including our net (loss) income, net (loss) income margin and other results stated in accordance with GAAP.

VITAL FARMS, INC.
ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
(Unaudited)

	13-Weeks Ended
	March 29, 2026			March 30, 2025
	(in thousands)
Net (loss) income	$	(1,522	)	$	16,901
Depreciation and amortization¹		3,959			3,259
Stock-based compensation expense		2,756			2,853
Income tax (benefit) provision		(337	)		5,441
Interest expense		190			234
Interest income		(772	)		(1,211	)
Amortization of cloud computing arrangements		744			—
Adjusted EBITDA	$	5,018		$	27,477

Net revenue	$	187,155		$	162,189
Net (loss) income margin²		(0.8	%)		10.4	%
Adjusted EBITDA Margin³		2.7	%		16.9	%

(1) Amount also includes finance lease amortization.
(2) Net income margin is calculated by dividing net income by net revenue.
(3) Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by net revenue.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507425592/en/

Media:

Rob Discher

[email protected]

Investors:

Brian S. Shipman, CFA

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Retail Agriculture Natural Resources Food/Beverage

MEDIA:

May 7, 2026 7:19 am

Korro Reports First Quarter 2026 Financial Results and Provides Corporate Update

Hosted virtual Analyst Day showcasing lead program KRRO-121’s potential to be a first-in-class transformational treatment for hyperammonemia in patients with urea cycle disorders (UCDs) and hepatic encephalopathy (HE); regulatory filing for KRRO-121 expected in the second half of 2026
Advanced early-stage research and development programs highlighted by a GalNac-conjugated oligonucleotide for alpha-1 antitrypsin deficiency (AATD); on track to announce development candidate in second quarter of 2026
Executed oversubscribed $85 million private placement to support the achievement of value inflection points for multiple RNA editing clinical programs and extend cash runway into the second half of 2028

CAMBRIDGE, Mass., May 07, 2026 (GLOBE NEWSWIRE) — Korro Bio, Inc. (Korro) (Nasdaq: KRRO), a biopharmaceutical company leveraging a novel oligonucleotide promoted editing of RNA (OPERA^®) platform to develop a new class of genetic medicines for rare and highly prevalent diseases, today reported results for the first quarter ended March 31, 2026, and provided a corporate update.

“The first quarter marked significant scientific progress for Korro as we continued to advance our OPERA platform and build a pipeline of differentiated RNA editing medicines,” commented Ram Aiyar, Ph.D., Chief Executive Officer and President of Korro Bio. “Our lead program, KRRO-121, remains on track for its regulatory filing in the second half of 2026, bringing us closer to delivering a potential first-in-class treatment for patients suffering from hyperammonemia in urea cycle disorders and hepatic encephalopathy. At the same time, our GalNAc-conjugated program for alpha-1 antitrypsin deficiency achieved greater than 90% in vivo RNA editing, a result that reinforces the broad therapeutic potential of the OPERA platform and the first demonstration that close to 100% of RNA can be edited with an oligonucleotide. We are well capitalized following our oversubscribed private placement, which provides us with the resources to reach meaningful clinical milestones across multiple programs. On behalf of the entire Korro team, I wish to extend gratitude to all Korro stakeholders for their belief in the potential of our novel RNA editing platform to transform the treatment of debilitating diseases.”

First Quarter 2026 Highlights and Recent Developments

Hosted Analyst Day showcasing KRRO-121’s potential to treat hyperammonemia in patients with UCDs and HE
- Forum featured Bruce Scharschmidt, MD, hepatologist and former Chief Medical Officer of Hyperion Therapeutics, and Michelle Dinon, parent of a child impacted by a UCD and UCD patient advocate.
- Focused on profiling the unmet need in serving both patient populations afflicted with hyperammonemia, and KRRO-121’s potential to become a first-in-class transformational treatment.
Advanced a GalNac-conjugated oligonucleotide for AATD
- Achieved >90% in vivo RNA editing, demonstrating the high therapeutic potential of RNA editing oligonucleotides and highlighting the possibility of repeat dose therapy to achieve the functional equivalent of a DNA modification without altering the genome. Preliminary preclinical data from Korro’s AATD GalNac program to be presented at the American Society of Gene and Cell Therapy 29th Annual Meeting (ASGCT) taking place on May 11-15, 2026.
Executed oversubscribed $85 million private placement led by Venrock Healthcare Capital Partners with strong participation from new and existing investors
- Expected to extend cash runway into the second half of 2028 and provide sufficient capital to report clinical data for KRRO-121 and AATD programs.
Continued to refine the potency of Korro’s RNA editors by making improvements to its oligonucleotide chemistry that boost the efficiency of its proprietary OPERA platform. Data to be presented at ASGCT 2026.
Advanced pre-clinical R&D for AMPKγ1 as “longevity” medicine to circumvent age-related metabolic diseases and TDP-43 for amyotrophic lateral sclerosis (ALS).
Participated in leading healthcare dedicated investor conferences and scientific forums
- 44th Annual JP Morgan Healthcare Conference, TD Cowen 46th Annual Healthcare Conference.
- 3rd International Conference on Ureagenesis Defects and Allied Conditions.

Upcoming Milestones

Announce development candidate for GalNAc AATD Program in the second quarter of 2026
Regulatory filing for KRRO-121 in the second half of 2026
Nominate development candidate for a third GalNAc-conjugated program in the second half of 2026

Upcoming Scientific and Investor Conferences

American Society of Gene and Cell Therapy 29th Annual Meeting (ASGCT), May 11th– 15th
Tides USA 2026: Oligonucleotide and Peptide Therapeutic Conference, May 11th-14th
EASL Congress 2026, May 27th-30th
HCW 4th Annual BioConnect Nasdaq Investor Conference, May 19th
2026 RBC Capital Markets Global Healthcare Conference, May 20th

First Quarter 2026 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $157.1 million as of March 31, 2026, compared to $85.2 million as of December 31, 2025. Korro expects its cash, cash equivalents and marketable securities as of March 31, 2026 will fund operating expenses and capital expenditure requirements into the second half of 2028.

Collaboration Revenue: There was no collaboration revenue for the three months ended March 31, 2026, as compared to $2.6 million of collaboration revenue for the three months ended March 31, 2025. The decrease was due to the agreed 12-month pause of the collaboration agreement with Novo Nordisk in November 2025.

Research and Development (R&D) Expenses: R&D expenses were $12.9 million for the three months ended March 31, 2026, as compared to $19.7 million for the three months ended March 31, 2025. The decrease was driven primarily by decreases in KRRO-110 external expenses, personnel expenses and other research and pre-development candidate expenses, partially offset by an increase in KRRO-121 external expenses.

General and Administration (G&A) Expenses: G&A expenses were $7.5 million for the three months ended March 31, 2026, as compared to $7.8 million for the three months ended March 31, 2025. The decrease was primarily due to a decrease in facilities expenses and information technology expenses, partially offset by an increase in personnel expenses mainly due to increased stock-based compensation costs.

Net Loss: Korro’s net loss was $19.6 million for the three months ended March 31, 2026, as compared to $23.4 million for the three months ended March 31, 2025.

About Korro

Korro is a biopharmaceutical company leveraging a novel oligonucleotide promoted editing of RNA (OPERA®) platform to develop a new class of genetic medicines for rare and highly prevalent diseases. OPERA provides precise, tissue-directed delivery of oligonucleotides that modify the targeted native mRNA transcript to repair or form a de-novo protein with enhanced functionality. The platform combines a suite of capabilities consisting of sophisticated knowledge of transcription biology through ADAR proteins (Adenosine Deaminases Acting on RNA), machine learning optimization of oligonucleotides, linker chemistry expertise, along with use of a highly targeted tissue-specific delivery methodology. As such, the OPERA platform has enabled Korro to generate and advance a portfolio of differentiated programs that are designed to harness the body’s natural RNA editing process, providing precise yet transient single base edits to produce therapeutic proteins with augmented activity versus its endogenous counterpart. By editing RNA instead of DNA, Korro is expanding the reach of genetic medicines by delivering additional precision and tunability, which has the potential for increased specificity and improved long-term tolerability. Using an oligonucleotide-based approach, Korro expects to bring its medicines to patients by leveraging its proprietary OPERA platform with precedented delivery modalities, including N-acetylgalactosamine (GalNAc) conjugated for delivery for subcutaneous administration, manufacturing know-how, and established regulatory pathways of approved oligonucleotide medicines. Korro is based in Cambridge, Massachusetts. For more information, visit korrobio.com.

Korro intends to use its Investor Relations website, LinkedIn, and X (Twitter) as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor Korro’s Investor Relations website and follow @KorroBio on LinkedIn, and X (Twitter), in addition to following Korro’s press releases, SEC filings, public conference calls, presentations, and webcasts.

About Hyperammonemia

Hyperammonemia, the dangerous accumulation of ammonia in the blood, manifests across multiple indications, including urea cycle disorders (UCDs) and hepatic encephalopathy (HE). UCDs are rare inborn errors of metabolism involving deficiencies of enzymes required for ureagenesis, the process of converting ammonia to urea for excretion. The absence or deficiency of any of the urea cycle enzymes can result in hyperammonemia and an increased risk of hyperammonemic crises (HACs), which can result in severe and permanent neurological symptoms, coma, and death. HE is a neuropsychiatric complication of liver disease characterized by cognitive dysfunction and altered consciousness. HE is primarily caused by the liver’s inability to adequately detoxify ammonia, typically occurring in patients with liver cirrhosis. This leads to ammonia accumulating in the bloodstream and crossing the blood-brain barrier, causing brain dysfunction that ranges from subtle cognitive impairment to severe confusion and coma.

About KRRO-121

KRRO-121 is a GalNAc-conjugated RNA editing oligonucleotide for the potential treatment of hyperammonemia in patients with UCDs of any mutational background as well as patients with HE. Utilizing Korro’s proprietary OPERA^® platform, KRRO-121 is designed to generate a stabilized, de novo glutamine synthetase (GS) protein, a critical enzyme involved in ammonia clearance. This synthetic rescue approach is designed to augment ammonia clearance in hyperammonemia-driven diseases such as UCDs and HE. Korro’s preclinical data support the potential for KRRO-121 to be a pan-UCD treatment that may control ammonia levels, along with the potential to enable diet liberalization, reduce dependence on nitrogen scavengers, and lower the risk of HACs. KRRO-121 also has the potential to enhance ammonia control in HE patients, which may reduce the risk of recurrent HE episodes. KRRO-121 may offer infrequent subcutaneous dosing, which, if confirmed in clinical studies, could offer significant improvement over current treatments that require multiple daily doses. KRRO-121 has the potential to be a differentiated, first-in-class, disease-modifying therapy for both UCD and HE.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include, but are not limited to, express or implied statements regarding expectations, hopes, beliefs, intentions or strategies of Korro regarding the future including, without limitation, express or implied statements regarding: the timing of the regulatory filing for KRRO-121; the first-in-class potential of, and market opportunity for, KRRO-121 as a treatment for hyperammonemia for patients with UCDs and HE; timing of announcing a development candidate for Korro’s GalNAc-conjugated program for AATD and third GalNAc-conjugated program; Korro’s cash runway and financial resources; the therapeutic potential of the OPERA platform; reaching clinical milestones across multiple programs; and the possibility of achieving functional equivalent of DNA modification; among others. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “aim,” “target,” “commit,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking. Forward-looking statements are based on current expectations and assumptions that, while considered reasonable are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control including risks associated with pre-clinical studies and conducting clinical trials; risks associated with validating in clinical trials observations from pre-clinical studies; risks associated with collaborating with third parties; other risks associated with protecting intellectual property; as well as risks associated with general economic conditions; and other risks and uncertainties indicated from time to time in Korro’s filings with the Securities and Exchange Commission (SEC), including Part II Item 1A. “Risk Factors” in Korro’s Quarterly Report on Form 10-Q filed with the SEC on the date hereof, as such may be amended or supplemented by its other filings with the SEC. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, Korro does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or in the events, conditions or circumstances on which any such statement is based. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Korro.

Korro Bio Contact Information 

Investor & Media Contact

Malini Chatterjee, Ph.D
Blueprint Life Science Group
[email protected] or [email protected]
917.330.4269

Korro Bio, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited)

	Three Months Ended March 31,
	2026			2025
Revenue:
Collaboration revenue	$	—		$	2,550
Operating expenses:
Research and development		12,951			19,739
General and administrative		7,485			7,831
Total operating expenses		20,436			27,570
Loss from operations		(20,436	)		(25,020	)
Other income:
Other income, net		906			1,633
Total other income, net		906			1,633
Loss before provision for income taxes		(19,530	)		(23,387	)
Provision for income taxes		(95	)		—
Net loss	$	(19,625	)	$	(23,387	)
Other comprehensive income:
Unrealized loss on available-for-sale marketable securities	$	(224	)	$	(3	)
Foreign currency translation adjustments, net	$	17		$	(1	)
Comprehensive loss	$	(19,832	)	$	(23,391	)
Net loss per share, basic and diluted	$	(1.69	)	$	(2.49	)
Weighted-average shares used in computing net loss per share, basic and diluted		11,598,717			9,384,266

Korro Bio, Inc. Selected Condensed Consolidated Balance Sheet Data (in thousands) (unaudited)

	March 31, 2026		December 31, 2025
Cash, cash equivalents and marketable securities	$	157,053	$	85,187
Working capital⁽¹⁾		105,376		70,435
Total assets		183,622		113,506
Total liabilities		63,989		62,067
Total stockholders’ equity		119,633		51,439

(1) Working capital is defined as current assets less current liabilities.

May 7, 2026 7:18 am

Ouster and DXOMARK Announce Strategic Collaboration on the World’s First Native Color Lidar with REV8

Ouster and DXOMARK Announce Strategic Collaboration on the World’s First Native Color Lidar with REV8

Leverages image quality expertise to support the development and optimization of next-generation lidar

SAN FRANCISCO–(BUSINESS WIRE)–Ouster, Inc. (Nasdaq: OUST) (“Ouster” or the “Company”), a leader in sensing and perception for Physical AI, announced today its strategic collaboration with DXOMARK, a global leader in image quality evaluation and developer of advanced testing solutions. This partnership aims to test and optimize the next generation of sensing technologies, starting with the new Ouster Rev8 OS family, the world’s first native color lidar.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260507729786/en/

DXOMARK tests image quality and color accuracy on Ouster’s Rev8 OS digital lidar.

As sensing technologies evolve toward more complex, multi-modal systems, the need for accurate, reliable, and standardized performance evaluation becomes critical. This collaboration brings DXOMARK’s 20 years of expertise in image quality testing and sensor benchmarking to Ouster’s cutting-edge digital lidar technology to support the development and optimization of next-generation sensing products. Through rigorous independent testing, DXOMARK enables Ouster to maximize system performance and image quality for the most demanding real-world environments.

During the development of Ouster Rev8, DXOMARK provided a comprehensive analysis of Image Sensor Processing and conducted a series of advanced tests to assess and optimize system performance in real-world scenarios. These included computation and evaluations of color fidelity, environmental robustness, and perception accuracy under varying lighting and weather conditions, ensuring Rev8 meets the requirements of next generation use cases.

“DXOMARK is a leader in image quality testing across multiple industries. Their rigorous and trusted benchmarking methodologies make them an ideal partner as we continue to push the boundaries of sensing performance and perception systems,” said Ouster CEO Angus Pacala.

Where traditional cameras struggle in adverse weather and lidar has historically been limited to near-infrared light, Ouster’s Rev8 native color lidar bridges the gap. By expanding the sensor’s vision to the full range of human-visible color, Rev8 captures a massive increase in environmental data with intuitive visual information. Critically, even when objects exceed the lidar’s detection range, integrated color data continues to provide a rich stream of information, maintaining visual awareness where depth data cannot reach. With structural and color data fused through physics at the silicon level, the system requires no complex calibration, allowing the industry to instantly pair lidar precision with computer vision to power the next era of Physical AI.

“We are proud to collaborate with Ouster, a company that shares our commitment to innovation, on its new Rev8 sensors. This partnership represents an important step in extending our image quality expertise to new 3D depth sensing domains and supporting the development of next-generation perception systems,” said Frédéric Guichard, CEO of DXOMARK.

For more information on Rev8 with native color, visit ouster.com/rev8 or view the product video here.

About DXOMARK

DXOMARK is a global leader in imaging quality evaluation, helping industries to design, validate and optimize products to deliver outstanding visual experiences. Combining scientific testing with real-world analysis, DXOMARK provides objective, reliable elements that translate directly into product performance improvements. Independent and privately owned, DXOMARK supports the imaging ecosystem across the entire product lifecycle, from development to benchmarking, through advanced testing services, proprietary lab solutions, and in-depth performance analysis. Headquartered in Boulogne-Billancourt (France), DXOMARK brings together around 100 experts in imaging technologies and operates a global network of state-of-the-art laboratories. For over 20 years, the company has conducted thousands of evaluations annually and deployed more than 200 turnkey lab solutions within customers’ R&D centers worldwide.

DXOMARK’s offerings include:

Testing services to support product development and optimization
Benchmarking reports & performance analysis for commercial devices
Turnkey lab solutions (DXOMARK Analyzer) for in-house testing at scale
DXOMARK Insights, bridging user expectations with engineering decisions
DXOMARK also publishes scores, reviews and related contents on dxomark.com, helping consumers understand better product performance and user experience.

Learn more about DXOMARK’s professional solutions at corp.dxomark.com. Stay up to date with the latest DXOMARK news on LinkedIn.

About Ouster

Ouster (Nasdaq: OUST) is a leader in sensing and perception for Physical AI across industrial, robotics, automotive, and smart infrastructure. With a unified platform of high-performance digital lidar, cameras, AI compute, sensor fusion and perception software, and AI models, Ouster delivers solutions that improve quality of life in the physical world. Headquartered in San Francisco, CA, Ouster has a global presence serving thousands of customers with offices in the Americas, Europe, and Asia-Pacific. For more information about our products, visit www.ouster.com, contact our sales team, or connect with us on X or LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current plans, estimates and expectations of management that are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Words such as “expect,” “will”, “may,” “anticipate,” “intend,” “reflect,” “should,” “plan,” “can,” “could,” “offer,” “estimate,” “possible,” “potential,” “pursue,” “demonstrate,” and the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. All statements, other than historical facts, including statements regarding the capabilities and benefits of Ouster’s digital lidar, the demand for Ouster’s product offerings, Ouster’s strategy and its competitive position constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, but not limited to, Ouster’s ability to anticipate market demand for its products and offerings; the possibility of cancellation or postponement of contracts or unsuccessful implementations; risks related to the adoption of Ouster’s products, inaccurate forecasts of market growth and customer demand; Ouster’s ability to respond to evolving regulations and standards; product quality and liability risks; and other important risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and as may be further updated from time to time in the Company’s Quarterly Reports on Form 10-Q and other filings with the SEC. Readers are urged to consider these factors carefully and in the totality of the circumstances when evaluating these forward-looking statements, and not to place undue reliance on any of them. Any such forward-looking statements represent management’s reasonable estimates and beliefs as of the date of this press release. While Ouster may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, other than as may be required by law, even if subsequent events cause its views to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507729786/en/

For Investors

[email protected]

For Media

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Data Management Technology Audio/Video Software Artificial Intelligence Hardware

MEDIA:

Photo

DXOMARK tests image quality and color accuracy on Ouster’s Rev8 OS digital lidar.

Photo

DXOMARK tests LED flickering on Ouster’s Rev8 OS digital lidar.

Photo

DXOMARK tests rolling shutter and timing precision on Ouster’s Rev8 OS digital lidar.

Photo

DXOMARK tests color fidelity on Ouster’s Rev8 OS digital lidar.

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May 7, 2026 7:18 am

Codere Online Reports Financial Results for the First Quarter 2026

The Company delivered record quarterly net gaming revenue of €64.4 million and
Adj. EBITDA of €6.0 million

Total revenue was €60.3 mm in Q1 2026, while net gaming revenue¹ was €64.4 mm, 13% above Q1 2025.
Spain revenue and net gaming revenue were €25.5 mm in Q1 2026, 16% above Q1 2025.
Mexico revenue was €30.4 mm in Q1 2026, while net gaming revenue was €34.6 mm, 13% above Q1 2025.
Adj. EBITDA reached €6.0 mm in Q1 2026, €4.2 mm above Q1 2025.
Net income was €7.0 mm in Q1 2026 versus a net loss of €0.7 mm in Q1 2025.
Total cash position of €56.2 mm and no financial debt as of March 31, 2026.
Unchanged outlook for FY 2026: Net gaming revenue of €235-245 mm and Adj. EBITDA² of €15-20 mm.

Madrid, Spain and Tel Aviv, Israel, May 7, 2026 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited³ financial results for the quarter ended March 31, 2026.

Below are the main financial and operating metrics of the period.

	Quarter ended March 31
	2025	2026	Chg. %

Net Gaming Revenue (EUR mm)
Spain	21.9	25.5	16%
Mexico	30.5	34.6	13%
Other	4.5	4.4	(2%)
Total	57.0	64.4	13%

Avg. Monthly Active Players (000s)
Spain	52.0	59.0	13%
Mexico	82.0	98.2	20%
Other	27.2	26.3	(3%)
Total	161.3	183.5	14%

Aviv Sher, Chief Executive Officer of Codere Online, commented, “We delivered a very strong start to 2026, achieving record quarterly net gaming revenue of €64.4 million, up 13% year‑on‑year. In Spain, performance accelerated meaningfully, with net gaming revenue growing 16%, reflecting a clear continuation and acceleration of the positive trends we began to see in the second half of 2025, particularly in the fourth quarter. Mexico also continued to deliver double‑digit growth on the back of a 20% increase in the number of active customers”.

Marcus Arildsson, CFO of Codere Online, commented, “Q1 2026 marked a clear step forward in profitability, with Adjusted EBITDA reaching €6.0 million, €4.2 million above the same period last year and a net profit of €7.0 million. We closed the quarter with a solid total cash position of €56.2 million and no financial debt, providing a strong balance sheet. Based on this performance, we reiterate our outlook for full year 2026, with expected net gaming revenue of €235–245 million and Adjusted EBITDA of €15–20 million”.

Recent Events

Filings with the U.S. Securities and Exchange Commission

On April 28, 2026, the Company filed its 2025 annual report on Form 20-F;
On May 5, 2026, the Company filed its forms S-8 relating to the Company’s long term incentive plans.

Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, May 7, 2026. Access links to the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

	Quarter ended March 31
Figures in EUR mm	2025	2026	Chg. %

Total

Revenue	54.3	60.3	11%
(+) Accounting Adjustments⁴	2.6	4.2	62%
Net Gaming Revenue	57.0	64.4	13%

Spain

Revenue	21.9	25.5	16%
(+) Accounting Adjustments⁴	–	–	n.m.
Net Gaming Revenue	21.9	25.5	16%

Mexico

Revenue	27.6	30.4	10%
(+) Accounting Adjustments⁴	2.9	4.2	45%
Net Gaming Revenue	30.5	34.6	13%

Other

Revenue	4.8	4.4	(8%)
(+) Accounting Adjustments⁴	(0.3)	0.0	100%
Net Gaming Revenue	4.5	4.4	(2%)

Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)

⁵

	Quarter ended March 31
Figures in EUR mm	2025	2026	Chg.

Net Income (Loss)	(0.7)	7.0	7.7
(+) Provision for Corporate Income Tax	0.2	0.3	0.0
(+/-) Interest Expense / (Income)	1.1	(3.0)	(4.1)
(+/-) Var. In Fair Value of Public Warrants	0.5	(0.6)	(1.2)
(+) D&A	0.2	0.2	0.0
EBITDA	1.3	3.8	2.5
(+) Employee LTIP Expense	0.5	2.3	1.8
(+/-) Other Accounting Adjustments	0.0	(0.1)	(0.1)
Adj. EBITDA (Pre Non-Recurring Items)	1.8	6.0	4.2
(+) Non-Recurring Items	0.0	0.0	0.0
Adj. EBITDA	1.8	6.0	4.2

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

About Codere Group

Codere Group is a multinational group dedicated to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

Forward-Looking Statements

Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Financial Information and Non-GAAP Financial Measures

Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

Use of Projections

This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

Preliminary Information

This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

No Offer or Solicitation

This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Trademarks

This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

Industry and Market Data

In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

Contacts:

Investors and Media

Guillermo Lancha
Director, Investor Relations and Communications
[email protected]
(+34) 628.928.152

1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.
3 See “Preliminary Information” below.

4 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
5 Please refer to page 24 of our Q1 2026 Earnings Presentation for further details regarding this reconciliation.

May 7, 2026 7:18 am

Acacia Research Corporation Reports First Quarter 2026 Financial Results

Acacia Research Corporation Reports First Quarter 2026 Financial Results

Total Revenue of $54.2 million, up 8% from the Prior Quarter

GAAP Net Loss of ($15.7) million and GAAP Diluted EPS of ($0.16) for the Quarter

Adjusted Net Loss¹ of ($6.6) million and Adjusted Diluted EPS¹ of ($0.07) for the Quarter

Total Company Adjusted EBITDA¹ of $1.6 million and Operated Segment Adjusted EBITDA¹ of $6.8 million for the Quarter

Total Cash, Cash Equivalents, Equity Securities Measured at Fair Value and Loans Receivable of $329.9 million, or $3.41 per share

NEW YORK–(BUSINESS WIRE)–
Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”), which acquires and operates businesses across the industrial, energy and technology sectors, today reported financial results for the three months ended March 31, 2026. The Company also posted its first quarter 2026 earnings presentation on its website at www.acaciaresearch.com under Quarterly Results.

Martin (“MJ”) D. McNulty, Jr., Chief Executive Officer, stated, “Acacia delivered strong financial and operating results for the first quarter, generating total revenue of $54.2 million, Operated Segment Adjusted EBITDA of $6.8 million and Total Company Adjusted EBITDA of $1.6 million. Operationally, our companies continued to execute on our strategic objectives, including targeted pricing strategies, cost savings initiatives and continued tariff countermeasures. We are pleased to announce that our Energy Operations subsidiary, Benchmark Energy, delivered its strongest revenue quarter under Acacia ownership driven by favorable oil prices and continued investments in new well development. Given the constructive commodity price environment and the early success with Benchmark’s recently completed Cherokee well, drilling in both our Cherokee and Cleveland acreage has become more attractive and we are in advanced stages of evaluating additional projects. Our Deflecto subsidiary completed its facility consolidation, which we expect to drive meaningful cost synergies on an annualized basis.

As we look ahead to the remainder of 2026, our strategic focus is centered on leveraging our significant capital base and experienced management team to drive long-term growth across our operating businesses. As of the end of the first quarter, cash, cash equivalents, equity securities and loans receivable was approximately $329.9 million, or $3.41 per share. Our acquisition pipeline remains very active, and our strong cash position and balance sheet provide us with the flexibility to execute on accretive organic and inorganic growth opportunities, driving differentiated value for our shareholders.”

_____________________________________

¹ Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (EPS), Total Company Adjusted EBITDA and Operated Segment Adjusted EBITDA are non-GAAP financial measures. See below for reconciliations of Adjusted Net Income (Loss), Adjusted Diluted EPS, and Total Company Adjusted EBITDA to their most directly comparable GAAP financial measure. For the definition of these measures and a reconciliation of the components of Operated Segment Adjusted EBITDA to their most directly comparable GAAP financial measures, see the accompanying supplemental information section.

First Quarter 2026 Highlights:

Total revenue of $54.2 million, compared to $124.4 million for the prior-year quarter, primarily driven by lower paid-up license revenue from our Intellectual Property Operations segment.
Benchmark Energy recorded revenue of $18.7 million, the strongest revenue quarter for the business under Acacia ownership following the Revolution Acquisition in April 2024.
GAAP Net Loss of ($15.7) million, or ($0.16) GAAP Diluted EPS.
Adjusted Net Loss of ($6.6) million, or ($0.07) Adjusted Diluted EPS.
Operated Segment Adjusted EBITDA of $6.8 million.
Total Company Adjusted EBITDA of $1.6 million.
At quarter end, cash, cash equivalents, equity securities measured at fair value and loans receivable totaled approximately $329.9 million, or $3.41 per share.
Deflecto completed its consolidation of two manufacturing facilities into a single facility, which is expected to drive cost savings in the second half of 2026 and position Deflecto well when volumes return to incrementally add to EBITDA and cash flow.
Benchmark Energy successfully drilled and completed its first Cherokee well in-line with budget, with anticipated wellhead returns in excess of 60%.

Revenue

The following table provides a breakdown of the Company’s total revenue for the three months ended March 31, 2026 and March 31, 2025. For the purposes of financial reporting, Acacia’s operations are broken out as follows: Energy Operations (Benchmark), Industrial Operations (Printronix), Manufacturing Operations (Deflecto) and Intellectual Property Operations (Acacia Research Group).

	Three Months Ended March 31,
		2026		2025
	(In thousands, unaudited)
Energy Operations	$	18,669	$	18,306
Industrial Operations		7,182		7,676
Manufacturing Operations		27,666		28,535
Intellectual Property Operations		722		69,905
Total Revenues	$	54,239	$	124,422

Adjusted EBITDA

The following table provides a reconciliation of consolidated Net Income (Loss), the most directly comparable GAAP measure, to Total Company Adjusted EBITDA for the three months ended March 31, 2026 and March 31, 2025.

	Three Months Ended March 31,
		2026			2025
	(In thousands, unaudited)
GAAP Net Income (Loss)	$	(15,741	)	$	24,287
Net (Income) Loss Attributable to Noncontrolling Interests		(1,860	)		(759	)
Income Tax Expense (Benefit)		(2,564	)		6,081
Interest Expense		1,886			2,451
Interest Income		(2,815	)		(2,510	)
(Gain) Loss on Foreign Currency Exchange		59			(155	)
Net Realized and Unrealized (Gain) Loss on Derivatives		10,699			5,021
Net Realized and Unrealized (Gain) Loss on Investments		2,164			3,172
Other (Income) Expense, net		(185	)		717
GAAP Operating Income (Loss)	$	(8,357	)	$	38,305
Depreciation, Depletion & Amortization		8,487			10,610
Stock-Based Compensation		1,000			922
Realized Hedge Gain		(973	)		(43	)
Transaction-Related Costs		792			554
Legacy Matter Costs		—			8
Severance Costs		153			343
Restructuring Expense		462			—
Total Company Adjusted EBITDA	$	1,564		$	50,699

The following table provides the Adjusted EBITDA for each of the Company’s operating segments for the three months ended March 31, 2026 and March 31, 2025.

	Three Months Ended March 31,
		2026			2025
	(In thousands, unaudited)
Energy Operations Adjusted EBITDA²	$	7,710		$	7,936
Industrial Operations Adjusted EBITDA²		1,392			1,021
Manufacturing Operations Adjusted EBITDA²		1,164			2,439
Operated Segment Adjusted EBITDA (excluding Intellectual Property Operations)		10,266			11,396
Intellectual Property Operations Adjusted EBITDA²		(3,509	)		43,265
Operated Segment Adjusted EBITDA		6,757			54,661
Parent Costs²		(5,193	)		(3,962	)
Total Company Adjusted EBITDA	$	1,564		$	50,699

_____________________________________

² Energy Operations Adjusted EBITDA, Industrial Operations Adjusted EBITDA, Manufacturing Operations Adjusted EBITDA, Intellectual Property Operations Adjusted EBITDA, and Parent Costs are non-GAAP financial measures. For the definitions of these measures and reconciliations of these measures to the most directly comparable GAAP financial measures, see the accompanying supplemental information section.

Adjusted Net Income (Loss) and Adjusted Diluted EPS

The following table provides a reconciliation of Net Income (Loss), the most directly comparable GAAP measure, to Adjusted Net Income (Loss) and Adjusted Diluted EPS for the three months ended March 31, 2026 and March 31, 2025.

	Three Months Ended March 31,
		2026			2025
	(In thousands, except share and per share data, unaudited)
GAAP Net Income (Loss)	$	(15,741	)	$	24,287
Legacy Matter Costs³		—			258
Stock-Based Compensation		1,000			922
Severance Costs		153			343
Transaction-Related Costs		792			554
Restructuring Expense		462			—
Amortization of Acquired Intangibles		875			907
Unrealized Loss (Gain) on Securities		1,559			4,777
Unrealized Loss (Gain) on Hedges		7,149			3,661
Tax Effect of Adjustments		(2,812	)		(2,629	)
Adjusted Net Income (Loss)	$	(6,563	)	$	33,080

GAAP Diluted EPS	$	(0.16	)	$	0.25
GAAP diluted weighted average shares		96,487,121			96,981,413
Adjusted Diluted EPS	$	(0.07	)	$	0.34
Adjusted diluted weighted average shares		96,487,121			96,981,413

_____________________________________

³ Legacy Matter Costs for the three months ended March 31, 2025 includes $250,000 related to a one-time legacy tax matter at Printronix that has been settled, which amount is included within Other Expense, Net in Acacia’s condensed consolidated statement of operations.

⁴ Free Cash Flow (FCF) is a non-GAAP financial measure. For a definition of this measure, see the accompanying supplemental information section.

Free Cash Flow⁴

The following table provides a reconciliation of Free Cash Flow (“FCF”) for the three months ended March 31, 2026.

	Three Months Ended March 31, 2026
	Energy Operations			Industrial Operations			Manufacturing Operations			Intellectual Property Operations			Parent Costs			Consolidated Total
	(In thousands, unaudited)
Net Cash from (used in) Operating Activities (GAAP)	$	6,596		$	3,146		$	439		$	(2,920	)	$	(3,856	)	$	3,405
Less: Capital Expenditures		(8,502	)		(14	)		(679	)		(1,750	)		—			(10,945	)
Free Cash Flow (Non-GAAP)	$	(1,906	)	$	3,132		$	(240	)	$	(4,670	)	$	(3,856	)	$	(7,540	)

	Three Months Ended March 31, 2025
	Energy Operations			Industrial Operations			Manufacturing Operations			Intellectual Property Operations			Parent Costs			Consolidated Total
	(In thousands, unaudited)
Net Cash from (used in) Operating Activities (GAAP)	$	5,452		$	2,530		$	1,016		$	(2,266	)	$	(4,307	)	$	2,425
Less: Capital Expenditures		(1,872	)		(5	)		(213	)		—			—			(2,090	)
Free Cash Flow (Non-GAAP)	$	3,580		$	2,525		$	803		$	(2,266	)	$	(4,307	)	$	335

Balance Sheet and Capital Structure

Cash, cash equivalents, equity securities measured at fair value and loans receivable totaled $329.9 million at March 31, 2026 compared to $339.6 million at December 31, 2025, a decrease of $9.7 million. This change in cash was primarily due to an increase in cash generated from operating activities across all Operated Segments of $7.3 million and proceeds from the sale of an unoccupied portion of Deflecto’s manufacturing facility in the U.K. of $1.6 million. Cash was reduced by Parent Costs of $3.9 million and further by $8.5 million and $0.7 million of capital expenditures at Benchmark and Deflecto, respectively, as well as $1.8 million incurred by our Intellectual Property Operations for the purchase of additional interests in the Wi-Fi 7 portfolio. Cash used in financing activities reduced cash by $1.9 million, primarily from $1.6 million of debt repayment on the Deflecto facility and $0.3 million of taxes paid related to net share settlement of share-based awards. Additionally, the change in the fair market value of equity securities reduced cash, cash equivalents, equity securities at fair value and loans receivable by $2.2 million.
Equity securities without readily determinable fair value totaled $5.8 million at March 31, 2026, unchanged from December 31, 2025.
Investment securities representing equity method investments totaled $19.9 million at March 31, 2026 (net of noncontrolling interests), unchanged from December 31, 2025. Acacia owns 64% of MalinJ1, which results in a 26% indirect ownership stake in Viamet Pharmaceuticals, Inc. for Acacia.
Loans receivable totaled $8.1 million at March 31, 2026, which represents the commercial loans collateralized by Bitcoin that Acacia has purchased through its partnership with Unchained Capital.
The Parent company’s total indebtedness was zero at March 31, 2026. On a consolidated basis, Acacia’s total indebtedness was $90.5 million, consisting of $59.5 million in non-recourse debt at Benchmark and $31.0 million in non-recourse debt at Deflecto, net of debt discount and issuance costs, as of March 31, 2026.

Book Value as of March 31, 2026

At March 31, 2026, Acacia’s book value (which includes noncontrolling interests) was $567.2 million and there were 96.6 million shares of common stock outstanding, for a book value per share of $5.87. This value is impacted by one-time expenses and other adjustments detailed in the above reconciliation from GAAP Net Income (Loss) to Adjusted Net Income (Loss). In the first quarter, book value per share was primarily impacted by an unrealized loss at our Energy Operations subsidiary of ($0.10) per share caused by the mark-to-market of our multi-year hedge book.

Investor Conference Call

The Company will host a conference call today, May 7, 2026 at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time).

To access the live call, please dial 888-506-0062 (U.S. and Canada) or 973-528-0011 (international) and if requested, reference the access code 130499. The conference call will also be simultaneously webcasted at https://www.webcaster5.com/Webcast/Page/2371/53915 and on the investor relations section of the Company’s website at www.acaciaresearch.com under Events. Following the conclusion of the live call, a replay of the webcast will be available on the Company’s website for at least 30 days.

About the Company

Acacia (Nasdaq: ACTG) is a value-oriented acquirer and operator of businesses across public and private markets and industries including the industrial, energy and technology sectors where it believes it can leverage its expertise, significant capital base, and deep industry relationships to drive value. Acacia evaluates opportunities based on the attractiveness of the underlying cash flows, without regard to a specific investment horizon. Acacia operates its businesses based on three key principles of people, process and performance and has built a management team with demonstrated expertise in research, transactions and execution, and operations and management. Additional information about Acacia and its subsidiaries is available at www.acaciaresearch.com.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon the Company’s current expectations and speak only as of the date hereof. All statements other than statements of historical fact are forward-looking statements and include statements related to estimates and projections with respect to, among other things, the Company’s anticipated financial condition, operating performance, the value of the Company’s assets, general economic and market conditions and other future circumstances and events. This news release attempts to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “focus,” “future,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target” and “will,” and similar words and expressions; however, the absence of these words does not mean that the statements are not forward-looking. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially and adversely from those expressed or implied in any forward-looking statements, including, but not limited to: the Company’s ability to successfully identify, diligence, complete, and integrate strategic acquisitions of businesses, divisions, and/or assets, the performance of the Company’s businesses, divisions, and/or assets, disruptions or uncertainty caused by an ability to retain or changes to the employees or management teams of the Company’s businesses, changes to the Company’s relationship and arrangements with Starboard Value LP, any inability of the Company’s operating businesses to execute on their business and, risks to the Company’s operating businesses related to acts of war or terrorist acts and the government or military response thereto, price and other fluctuations in the oil and gas market, inflationary pressures, supply chain disruptions or labor shortages, the impact of tariffs and trade policy, non-performance by third parties of contractual or legal obligations, changes in the Company’s credit ratings or the credit ratings of the Company’s businesses, security threats, including cybersecurity threats and disruptions to the Company’s business and operations from breaches of information technology systems, or breaches of information technology systems and, with respect to Benchmark, risks related to its hedging strategy, development plan, facilities and infrastructure of third parties with which the Company transacts business, oil or natural gas production becoming uneconomic, causing write downs or adversely affecting Benchmark’s ability to borrow, Benchmark’s ability to replace reserves and efficiently develop current reserves, risks, operational hazards, unforeseen interruptions and other difficulties involved in the production of oil and natural gas, the impact of any seismic events, environmental liability risk, regulatory changes related to the oil and gas industry, the ability to successfully develop licensing programs and attract new business, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property in general, the decrease in demand for Printronix’ products, changes in safety, health, environmental, tax and other regulations, requirements or initiatives, hazards such as weather conditions, pandemics, general economic conditions, and the success of the Company’s investments. For further discussions of risks and uncertainties, you should refer to the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. In addition, actual results may differ materially as a result of additional risks and uncertainties of which the Company is currently unaware or which the Company does not currently view as material. Except as otherwise required by applicable law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.


ACACIA RESEARCH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)

	March 31, 2026			December 31, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	307,507		$	306,719
Equity securities		14,206			17,551
Equity securities without readily determinable fair value		5,816			5,816
Equity method investments		30,934			30,934
Loans receivable		8,137			15,299
Accounts receivable, net		28,694			26,165
Inventories		23,417			26,559
Prepaid expenses and other current assets		12,394			21,050
Total current assets		431,105			450,093

Property, plant and equipment, net		20,231			21,291
Oil and natural gas properties, net		195,879			190,705
Goodwill		25,735			25,790
Other intangible assets, net		45,294			48,148
Operating lease, right-of-use assets		11,657			11,500
Deferred income tax assets, net		18,290			14,836
Other non-current assets		7,680			8,593
Total assets	$	755,871		$	770,956

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	11,431		$	13,358
Accrued expenses and other current liabilities		23,480			19,661
Accrued compensation		5,955			6,727
Current asset retirement obligation		1,608			1,589
Royalties and contingent legal fees payable		6,630			6,761
Deferred revenue		1,260			945
Total current liabilities		50,364			49,041

Asset retirement obligation		33,027			32,586
Long-term lease liabilities		8,867			8,424
Deferred income tax liabilities, net		2,182			2,152
Benchmark revolving credit facility		59,500			59,500
Deflecto facility		31,021			32,566
Other long-term liabilities		3,685			2,655
Total liabilities		188,646			186,924

Commitments and contingencies


Stockholders’ equity:
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized; no shares issued or outstanding		—			—
Common stock, par value $0.001 per share; 300,000,000 shares authorized; 96,589,132 and 96,475,469 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively		96			96
Treasury stock, at cost, 20,542,064 shares as of March 31, 2026 and December 31, 2025		(118,542	)		(118,542	)
Accumulated other comprehensive income		784			670
Additional paid-in capital		916,010			915,330
Accumulated deficit		(269,845	)		(254,104	)
Total Acacia Research Corporation stockholders’ equity		528,503			543,450

Noncontrolling interests		38,722			40,582

Total stockholders’ equity		567,225			584,032

Total liabilities and stockholders’ equity	$	755,871		$	770,956


ACACIA RESEARCH CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per share data)

	Three Months Ended March 31,
		2026			2025

Revenues:
Intellectual property operations	$	722		$	69,905
Industrial operations		7,182			7,676
Energy operations		18,669			18,306
Manufacturing operations		27,666			28,535
Total revenues		54,239			124,422

Costs and expenses:
Cost of revenues – intellectual property operations		4,833			27,912
Cost of revenues – industrial operations		3,279			4,064
Cost of production – energy operations		11,689			12,698
Cost of revenues – manufacturing operations		22,383			20,811
Sales and marketing expenses – industrial and manufacturing operations		3,119			3,312
General and administrative expenses		17,293			17,320
Total costs and expenses		62,596			86,117
Operating (loss) income		(8,357	)		38,305

Other income (expense):
Equity securities investments:
Change in fair value of equity securities		(1,559	)		(4,777	)
(Loss) gain on sale of equity securities		(605	)		1,605
Net realized and unrealized loss		(2,164	)		(3,172	)
Loss on derivatives – energy operations		(10,699	)		(5,021	)
(Loss) gain on foreign currency exchange		(59	)		155
Interest expense		(1,886	)		(2,451	)
Interest income		2,815			2,510
Other income (expense), net		185			(717	)
Total other expense		(11,808	)		(8,696	)

(Loss) income before income taxes		(20,165	)		29,609

Income tax benefit (expense)		2,564			(6,081	)

Net (loss) income including noncontrolling interests in subsidiaries		(17,601	)		23,528

Net loss (income) attributable to noncontrolling interests in subsidiaries		1,860			759

Net (loss) income attributable to Acacia Research Corporation	$	(15,741	)	$	24,287

(Loss) income per share:
Net (loss) income attributable to common stockholders – Basic	$	(15,741	)	$	24,287
Weighted average number of shares outstanding – Basic		96,487,121			96,018,047
Basic net (loss) income per common share	$	(0.16	)	$	0.25
Net (loss) income attributable to common stockholders – Diluted	$	(15,741	)	$	24,287
Weighted average number of shares outstanding – Diluted		96,487,121			96,981,413
Diluted net (loss) income per common share	$	(0.16	)	$	0.25

Other comprehensive income (loss):
Foreign currency translation	$	114		$	662
Total other comprehensive income, net		114			662
Total comprehensive (loss) income		(17,487	)		24,190
Comprehensive loss (income) attributable to noncontrolling interests		1,860			759
Comprehensive (loss) income attributable to Acacia Research Corporation	$	(15,627	)	$	24,949

ACACIA RESEARCH CORPORATION – SUPPLEMENTAL INFORMATION

NON-GAAP FINANCIAL MEASURE

This earnings release includes Adjusted EBITDA on a consolidated basis and for each of the Company’s segments. Total Company Adjusted EBITDA, Operated Segment Adjusted EBITDA and Adjusted EBITDA and Free Cash Flow (FCF) for each of the Company’s segments are supplemental non-GAAP financial measures used by management and external users of the Company’s consolidated financial statements. This earnings release also includes the Company’s Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share (EPS), which are non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flow that includes or excludes amounts that are excluded or included, respectively, in the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s financial statements.

Total Company Adjusted EBITDA is defined as net income / (loss) before net income / (loss) attributable to noncontrolling interests, income tax (benefit) / expense, interest expense, interest income, and other expense, net and loss / (gain) on foreign currency exchange, net realized and unrealized (gain) / loss on derivatives, net realized and unrealized loss / (gain) on investments, non-recurring legacy legal expenses, depreciation, depletion and amortization, stock-based compensation, transaction-related costs, severance costs, restructuring expense, and costs related to the legacy items, and includes realized hedge gain / (loss) and service provider settlement income. Operated Segment Adjusted EBITDA is the aggregate of Energy Operations Adjusted EBITDA, Manufacturing Operations Adjusted EBITDA, Industrial Operations Adjusted EBITDA, and Intellectual Property Operations Adjusted EBITDA. See below for the definition of each of those measures. The Company is providing Total Company Adjusted EBITDA and Operated Segment Adjusted EBITDA, non-GAAP financial measures, because management believes these metrics provide investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance. These measures are not intended to replace the presentation of financial results in accordance with GAAP and may be different from or otherwise inconsistent with similar non-GAAP financial measures used by other companies. The presentation of these non-GAAP financial measures supplements other metrics the Company uses to internally evaluate its subsidiary businesses and facilitate the comparison of past and present operating performance. These measures should not be considered in isolation or as a substitute for measures calculated and presented in accordance with GAAP.

Energy Operations

Energy Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Energy Operations before depreciation, depletion and amortization expense and transaction-related costs, and including realized hedge gain / (loss). The Company is providing its Energy Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Industrial Operations

Industrial Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Industrial Operations before amortization of acquired intangibles, depreciation and amortization expense, and severance costs. The Company is providing its Industrial Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Intellectual Property Operations

Intellectual Property Operations Adjusted EBITDA is defined as operating income / (loss) for Acacia’s Intellectual Property Operations before patent amortization, depreciation expense and stock-based compensation, and including service provider settlement income. The Company is providing Intellectual Property Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Manufacturing Operations

Manufacturing Operations Adjusted EBITDA is defined as operating income / loss for Acacia’s Manufacturing Operations before amortization of acquired intangibles, depreciation and amortization expense, severance costs, restructuring expense, and transaction-related costs. The Company is providing its Manufacturing Operations Adjusted EBITDA, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Parent Costs are defined as operating income / (loss) attributable to Parent before depreciation and amortization expense, stock-based compensation, transaction-related costs, and costs related to certain legacy matters attributable to the Parent organization. The Company is providing Parent Costs, a non-GAAP financial measure, because it believes it gives investors a clear picture of normalized Parent-level expenses.

Free Cash Flow is defined as net cash provided by (used in) operating activities, less net purchases of property and equipment, and patent acquisitions (“Capital Expenditures”). The Company is providing Free Cash Flow, a non-GAAP financial measure, because it believes free cash flow gives investors a good sense of how much cash flows are available to be used for de-levering, making acquisitions, repurchasing shares or similar uses of cash.

Adjusted Net Income (Loss)

Adjusted Net Income (Loss) is defined as Acacia’s GAAP Net Income (Loss) excluding costs related to certain legacy matters, stock-based compensation, transaction-related costs, amortization of acquired intangibles, severance costs, restructuring expense, any unrealized (gain) / loss on securities, any unrealized (gain) / loss on hedges, and any (gain) / loss on non-cash derivatives and taking into account the tax effect(s) of those adjustments. The Company is providing Adjusted Net Income (Loss), a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

Adjusted Diluted Earnings Per Share (EPS)

Adjusted Diluted EPS is defined as Adjusted Net Income (Loss) divided by the Company’s weighted average diluted share count as of the relative period end date. The Company is providing its Adjusted Diluted EPS, a non-GAAP financial measure, because the metric provides investors with useful supplemental information in comparing the operating results across reporting periods by excluding items that are not considered indicative of core operating performance.

The following tables reconcile Operating Income (Loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA for each of the Company’s operating segments and for Parent Costs for the three months ended March 31, 2026 and March 31, 2025.

	Three Months Ended March 31, 2026
Adjusted EBITDA	Energy Operations			Industrial Operations		Manufacturing Operations			Intellectual Property Operations			Parent Costs			Consolidated Total
	(In thousands, unaudited)
GAAP Operating Income (Loss)	$	5,317		$	876	$	(456	)	$	(7,368	)	$	(6,726	)	$	(8,357	)
Depreciation, Depletion & Amortization		3,366			516		833			3,761			11			8,487
Stock-Based Compensation		—			—		—			98			902			1,000
Realized Hedge Gain (Loss)		(973	)		—		—			—			—			(973	)
Transaction-Related Costs		—			—		172			—			620			792
Severance Costs		—			—		153			—			—			153
Restructuring Expense		—			—		462			—			—			462
Adjusted EBITDA	$	7,710		$	1,392	$	1,164		$	(3,509	)	$	(5,193	)	$	1,564
Parent Interest Income												$	2,713

	Three Months Ended March 31, 2025
Adjusted EBITDA	Energy Operations			Industrial Operations		Manufacturing Operations		Intellectual Property Operations		Parent Costs			Consolidated Total
	(In thousands, unaudited)
GAAP Operating Income (Loss)	$	4,001		$	302	$	271	$	38,508	$	(4,777	)	$	38,305
Depreciation, Depletion & Amortization		3,978			552		1,545		4,520		15			10,610
Stock-Based Compensation		—			—		—		237		685			922
Realized Hedge Gain (Loss)		(43	)		—		—		—		—			(43	)
Transaction-Related Costs		—			—		447		—		107			554
Legacy Matter Costs		—			—		—		—		8			8
Severance Costs		—			167		176		—		—			343
Restructuring Expense		—			—		—		—		—			—
Adjusted EBITDA	$	7,936		$	1,021	$	2,439	$	43,265	$	(3,962	)	$	50,699
Parent Interest Income										$	2,422

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507804327/en/

Investor:

Gagnier Communications

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Software Technology Hardware

MEDIA:

May 7, 2026 7:18 am

Liberty Latin America Reports Q1 2026 Results

Liberty Latin America Reports Q1 2026 Results

Solid postpaid net adds across all segments

Improved cash flow from operations and Adjusted FCF

Jamaica recovery ahead of expectations

Intention to distribute preferred stock; active stock repurchases

DENVER, Colorado–(BUSINESS WIRE)–
Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months (“Q1”) ended March 31, 2026.

President and CEO Balan Nair commented, “The first quarter represented a strong start to 2026 for Liberty Latin America, adding 50,000 postpaid net additions with all segments contributing positively, including Puerto Rico for a second consecutive quarter, as we maintain a razor-sharp focus on our commercial positioning across the group.”

“Key metrics such as Adjusted OIBDA and Adjusted FCF came in ahead of our own expectations, which had reflected the tougher year-over-year comparables due to the impact of Hurricane Melissa and from the timing of B2B projects, notably in C&W Panama and Liberty Networks. We anticipate that year-over-year headwinds will ease through the remainder of the year and be supported by revenue growth and ongoing cost reduction initiatives.”

“Our recovery in Jamaica, meanwhile, is proceeding ahead of prior expectations and we are accelerating our ambition for fixed home reconnections this year, all within our anticipated capex envelope. Our Jamaican mobile operation continues to scale at pace, successfully leveraging off our satellite initiatives both during and following Hurricane Melissa. We are also thrilled to have announced our agreement to launch Central America’s first direct-to-cell service, Liberty-Starlink, in Costa Rica.”

“With bolstered confidence in our business, liquidity and cash flow trajectory, and with a focus on unlocking value for shareholders, we are announcing the intent in Q2 to distribute to our shareholders $500 million in preferred stock with a 9% dividend rate. We believe this capital allocation strategy provides our shareholders with a compelling cash return preferred stock, combined with an even more attractively geared common equity.”

“Notwithstanding this significant development, for the first time since H1 2024, we conducted stock repurchases in March 2026. We will be opportunistic with respect to further repurchases, as we have approximately $185 million remaining under our current repurchase authorization. As we look out through the rest of the year, we continue to be highly focused on organic growth, cash flow expansion, as well as our ongoing strategic initiatives.”

Intent to distribute Preferred Stock to LLA shareholders

Today we are announcing the intention to distribute to LLA shareholders a new series of preferred stock, with an aggregate notional amount of $500 million and a dividend rate of 9%. We are working to complete this distribution before the end of Q2 and will keep shareholders apprised of key dates, including the final distribution ratio and other terms.

This structure demonstrates our confidence in the future cash profile of LLA, providing our shareholders with a high cash return security as well as regearing our common equity. Beyond the expected $45 million annual cash dividend, we expect to have ample cash for other purposes, including stock buybacks, investments and/or deleveraging.

LLA’s Director Emeritus Dr. John Malone, Executive Chairman Mike Fries, and President and CEO Balan Nair have each indicated their intention to be long-term holders of the preferred shares both directly and indirectly.

Business Highlights

Liberty Caribbean: Full quarter of hurricane impact
- Hurricane impacting YoY trends, though Jamaica recovery ahead of expectations
- Plans to accelerate fixed reconnections in Jamaica
C&W Panama: Solid residential performance
- Momentum on residential fixed; falling churn on mobile
- Normalized B2B trends in Q1 after very strong Q4 2025 contribution
Liberty Networks: Robust underlying growth
- Continued healthy demand for subsea capacity driving Wholesale revenue
- Adjusted OIBDA in Q1 negatively impacted by timing of project costs
Liberty Puerto Rico: Turning the corner on volumes
- A second quarter of positive postpaid net adds
- Diminishing broadband subscriber losses through Q1
Liberty Costa Rica: Healthy postpaid net adds
- Maintained fixed volumes in a competitive market
- Cost initiatives in focus for 2026

Financial and Operating Highlights

Financial Highlights	Q1 2026			Q1 2025			YoY Increase / (Decline)		YoY Rebased Decline

(USD in millions)
Revenue	$	1,083		$	1,084		—	%	(1	%)
Operating income	$	145		$	128		13	%
Adjusted OIBDA	$	405		$	407		—	%	(1	%)
Property & equipment additions	$	111		$	120		(8	%)
As a percentage of revenue		10	%		11	%

Adjusted FCF before distributions to noncontrolling interest owners	$	(64	)	$	(103	)
Distributions to noncontrolling interest owners		—			(29	)
Adjusted FCF	$	(64	)	$	(133	)

Cash provided by operating activities	$	42		$	25
Cash used by investing activities	$	(108	)	$	(95	)
Cash provided (used) by financing activities	$	(39	)	$	3
Amounts may not recalculate due to rounding.
Note: rebased growth rates, consolidated Adjusted OIBDA and Adjusted FCF are non-GAAP measures. Rebased growth rates reflect the estimated impacts of FX. See Non-GAAP Reconciliations section.

Operating Highlights¹	Q1 2026		Q4 2025

Total customers	1,831,600		1,834,900
Organic customer losses	(3,300	)	(66,600	)
Fixed RGUs	3,848,500		3,836,600
Organic RGU addition (losses)²	11,900		(142,200	)
Organic internet additions (losses)	1,800		(61,400	)
Mobile subscribers	6,809,100		6,794,000
Organic mobile additions	15,100		111,300
Organic postpaid additions	50,200		62,400

1.		See Glossary for the definition of RGUs and mobile subscribers. All subscriber / RGU additions or losses refer to net organic changes, unless otherwise noted.

2.		In late October 2025, Hurricane Melissa impacted portions of Jamaica, causing significant damage to homes and network infrastructure. As a result, at year-end 2025 we reduced our RGUs by approximately 136,000, comprised of 65,000 fixed-line telephony, 57,000 broadband internet and 14,000 video subscribers, and reduced our homes passed and customer relationships by 133,000 and 57,000, respectively. These adjustments related to RGUs where, at the time, we did not expect to restore fixed services in the near term. Our December 31, 2025 RGU count included approximately 86,000 RGUs that were not receiving service as of the end of the year, but were expected to be restored in the near term, and for which we did not recognize any revenue following Hurricane Melissa. As of March 31, 2026, we still include in the count approximately 50,000 RGUs, which is comprised of 25,000 broadband internet, 19,000 fixed-line telephony, and 6,000 video subscribers, that continue to be offline and are expected to be back online in the near term. This is an improvement of approximately 36,000 RGUs as compared to December 31, 2025.

Revenue Highlights

The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:

	Three months ended						Increase/(decrease)
	March 31,						Increase/(decrease)
	2026			2025			%		Rebased %
	in millions, except % amounts
Liberty Caribbean	$	354.5		$	363.9		(3	)	(3	)
C&W Panama		175.5			177.0		(1	)	(1	)
Liberty Networks		121.2			110.4		10		7
Liberty Puerto Rico		296.2			298.4		(1	)	(1	)
Liberty Costa Rica		158.1			158.2		—		(4	)
Corporate		3.5			3.9		(10	)	(10	)
Eliminations		(26.2	)		(28.3	)	N.M.		N.M.
Total	$	1,082.8		$	1,083.5		—		(1	)

N.M. – Not Meaningful.

Reported and rebased revenue for the three months ended March 31, 2026 was flat and 1% lower as compared to the corresponding prior-year periods, respectively.
- Strong growth at Liberty Networks was offset by declines in Liberty Caribbean and Liberty Costa Rica.

Q1 2026 Revenue Growth – Segment Highlights

(All growth rates are year-over-year unless otherwise specified)

Liberty Caribbean: revenue decreased 3% on both a reported and rebased basis, driven by a full quarter impact of Hurricane Melissa. For the first quarter we estimate that Hurricane Melissa negatively impacted revenue by $12 million on an underlying basis, which was partly offset by $6 million of revenue for services rendered to customers immediately following the hurricane that was believed to be uncertain of collection in 2025.
- We have seen continued solid momentum in mobile, excepting only for a seasonally lighter Q1 sequentially on prepaid. Postpaid volumes and prepaid pricing continue to be supportive in Jamaica and across Liberty Caribbean more broadly. This contributed positively to residential mobile service revenue for the segment, with the overall decline of 1% for total residential mobile revenue reflecting lower inbound roaming revenue and lower handset sales.
- Residential fixed revenue declined by 8% mainly due to the headwind from offline and lost subscribers from Hurricane Melissa.
- B2B revenue increased by 1% driven by the aforementioned revenue recovery.
C&W Panama: revenue decreased by 1% in Q1. Total residential revenue grew 1% and in-line with the prior quarter. Mobile postpaid revenue, in particular, remains supportive on the back of 10% subscriber growth. While we had a very strong performance in the prior quarter in B2B, in the seasonally quieter Q1 we reported a 47% sequential decline.
Liberty Networks: revenue increased by 10% and 7% on a reported and rebased basis, respectively. This was driven principally by our Wholesale business and strong underlying demand for subsea capacity. Following a strong contribution in the prior quarter, project revenue was more limited in Q1, reflecting the timing of project milestones.
Liberty Puerto Rico: revenue was 1% lower in Q1. This reflected a 1% increase in residential mobile revenue, supported by handset sales and inbound roaming, offset by a 2% decrease in residential fixed revenue. The residential fixed revenue decline reflected the lower subscriber base, notwithstanding the better RGU momentum this quarter, partly offset by higher ARPU following last year’s price increase.
Liberty Costa Rica: revenue was flat on a reported basis and fell 4% on a rebased basis. We continued to grow residential mobile revenue, up 2% on a rebased basis, on the back of strong postpaid subscriber momentum. This was, however, more than offset by the residential fixed business which saw revenue fall 18% on a rebased basis. While we continue to see competitive pressure on residential fixed ARPU, we note that the primary driver of this decline resulted from lower sales on our buy-to-own (“BTO”) model for equipment.

Operating Income

We reported operating incomeof$145 millionand$128 million for the three months ended March 31, 2026 and 2025, respectively.

The improvement for the three month comparison is primarily due to a decrease in (i) depreciation and amortization, and (ii) impairment, restructuring and other operating items.

Adjusted OIBDA Highlights

The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:

Three months ended

Increase (decrease)

March 31,

2026

2025

%

Rebased %

in millions, except % amounts

Liberty Caribbean

$

163.4

$

173.3

(6

)

(6

)

C&W Panama

63.7

64.6

(1

)

(1

)

Liberty Networks

55.2

57.9

(5

)

(5

)

Liberty Puerto Rico

91.1

81.5

12

12

Liberty Costa Rica

56.5

58.9

(4

)

(8

)

Corporate

(24.8

)

(29.6

)

16

16

Total

$

405.1

$

406.6

—

(1

)

Operatingincome margin

13.4

%

11.8

%

Adjusted OIBDA margin

37.4

%

37.5

%

Adjusted OIBDA for the three months ended March 31, 2026 was flat on a reported basis and declined by 1% on a rebased basis as compared to the corresponding prior-year period.

We saw strong expansion in Adjusted OIBDA from Puerto Rico, with declines mainly at Liberty Caribbean, Liberty Networks and Liberty Costa Rica. The headwinds from Hurricane Melissa were $13 million at the Adjusted OIBDA level in the first quarter. On a net basis, reflecting the $6 million revenue recovery, the headwind was $8 million.

In addition to the impact of the hurricane, phasing on certain B2B projects presented headwinds to Adjusted OIBDA in Q1 on a year-over-year basis. Across the group, we continue to execute on a number of cost initiatives which should bear fruit during 2026.

Q1 2026 Adjusted OIBDA Growth – Segment Highlights

(All growth rates are year-over-year unless otherwise specified)

Liberty Caribbean: Adjusted OIBDA fell by 6% resulting from the drag of Hurricane Melissa.

C&W Panama: Adjusted OIBDA fell by 1% in Q1, tracking the revenue performance over the period.

Liberty Networks: Adjusted OIBDA decreased by 5% reflecting the timing of project-related costs booked this quarter.

Liberty Puerto Rico: Adjusted OIBDA increased by 12%. The improvement reflects a return to more normalized bad debt expense levels this quarter, as well as the aggressive cost-out program run through 2025, and the streamlining of various operating structures and processes, which together more than offset the small revenue decline.

Liberty Costa Rica: Adjusted OIBDA declined by 4% and 8% on a reported and rebased basis, respectively, primarily reflecting the revenue decline in the period. We continue to focus on cost reduction initiatives in Costa Rica, which will yield benefits in 2026.

Property & Equipment Additions and Capital Expenditures

The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net.

Three months ended

March 31,

2026

2025

USD in millions

Customer Premises Equipment

$

39.9

$

42.9

New Build & Upgrade

21.4

19.0

Capacity

9.3

20.2

Baseline

35.7

32.9

Product & Enablers

4.4

5.3

Property & equipment additions

110.7

120.3

Assets acquired under capital-related vendor financing arrangements

(41.3

)

(37.6

)

Changes in current liabilities related to capital expenditures and other

29.9

14.0

Capital expenditures, net

$

99.3

$

96.7

Property & equipment additions as % of revenue

10.2

%

11.1

%

Property & Equipment Additions:

Liberty Caribbean

$

37.5

$

37.5

C&W Panama

15.4

14.7

Liberty Networks

15.2

18.4

Liberty Puerto Rico

19.4

28.6

Liberty Costa Rica

17.0

15.2

Corporate

6.2

5.9

Property & equipment additions

$

110.7

$

120.3

Property & Equipment Additions as a Percentage of Revenue by Reportable Segment:

Liberty Caribbean

10.6

%

10.3

%

C&W Panama

8.8

%

8.3

%

Liberty Networks

12.5

%

16.7

%

Liberty Puerto Rico

6.5

%

9.6

%

Liberty Costa Rica

10.8

%

9.6

%

New Build and Homes Upgraded by Reportable Segment¹:

Liberty Caribbean

44,100

22,200

C&W Panama

6,600

22,300

Liberty Puerto Rico

3,700

800

Liberty Costa Rica

1,900

30,000

Total

56,300

75,300

1.

Table excludes Liberty Networks as that reportable segment only provides B2B-related services.

Operating Income less Property & Equipment Additions

Operating income less property and equipment additions was $35 millionand $8 million for the three months ended March 31, 2026 and 2025, respectively.

Adjusted OIBDA less Property & Equipment Additions

The following table presents (i) Adjusted OIBDA less property and equipment additions for each of our reportable segments and Liberty Latin America for the periods indicated and (ii) the percentage change from period-to-period.

Three months ended

Increase/(decrease)

March 31,

2026

2025

%

in millions, except % amounts

Liberty Caribbean

$

125.9

$

135.8

(7

)

C&W Panama

48.3

49.9

(3

)

Liberty Networks

40.0

39.5

1

Liberty Puerto Rico

71.7

52.9

36

Liberty Costa Rica

39.5

43.7

(10

)

Liberty Latin America¹

294.4

286.3

3

1.

Adjusted OIBDA less property and equipment additions for Liberty Latin America on a consolidated basis is a non-GAAP measure. Note that the sum of the reportable segments will not agree to the total for Liberty Latin America as we do not disclose amounts associated with our Corporate operations or intersegment eliminations. For the definition of Adjusted OIBDA less property and equipment additions and required reconciliations, see Non-GAAP Reconciliations section.

Summary of Debt, Finance Lease Obligations and Cash & Cash Equivalents

The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at March 31, 2026:

Debt

Finance lease obligations

Debt and

finance lease obligations

Cash, cash equivalents and restricted cash related to debt

in millions

Liberty Latin America¹

$

1.7

$

—

$

1.7

$

117.1

C&W²

4,951.8

—

4,951.8

457.7

Liberty Puerto Rico³

2,967.8

6.8

2,974.6

99.7

Liberty Costa Rica

510.0

—

510.0

19.9

Total

$

8,431.3

$

6.8

$

8,438.1

$

694.4

Consolidated Leverage and Liquidity Information:

March 31,

2026

December 31,

2025

Consolidated debt and finance lease obligations to operating income ratio

15.6x

13.3x

Consolidated net debt and finance lease obligations to operating income ratio

14.3x

12.1x

Consolidated gross leverage ratio⁴

4.9x

4.7x

Consolidated net leverage ratio⁴

4.5x

4.3x

Weighted average debt tenor⁵

4.2 years

4.5 years

Fully-swapped borrowing costs

6.7%

6.8%

Unused borrowing capacity (in millions)⁶

$790.3

$913.5

1.

Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.

2.

Represents the C&W borrowing group, including the Liberty Caribbean, Liberty Networks and C&W Panama reportable segments.

3.

Cash amount includes restricted cash that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico.

4.

Consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Non-GAAP Reconciliations section.

5.

For purposes of calculating our weighted average tenor, total debt excludes vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations.

6.

At March 31, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the March 31, 2026 compliance reporting requirements.

Residential Fixed ARPU per Customer Relationship

The following table provides residential fixed ARPU per customer relationship for the indicated periods:

Three months ended

March 31,

FX-Neutral¹

2026

2025

% Change

% Change

Reportable Segment:

Liberty Caribbean

$

51.46

$

50.71

1

%

1

%

C&W Panama

$

36.08

$

37.92

(5

%)

(5

%)

Liberty Puerto Rico

$

78.93

$

77.02

2

%

2

%

Liberty Costa Rica²

$

36.90

$

40.96

(10

%)

(14

%)

Cable & Wireless Borrowing Group

$

47.22

$

47.58

(1

%)

(1

%)

Residential Mobile ARPU

The following table provides residential ARPU per mobile subscriber for the indicated periods:

Three months ended

March 31,

FX-Neutral¹

2026

2025

% Change

% Change

Reportable Segment:

Liberty Caribbean

$

16.04

$

15.19

6

%

5

%

C&W Panama

$

11.97

$

12.13

(1

%)

(1

%)

Liberty Puerto Rico

$

35.12

$

36.22

(3

%)

(3

%)

Liberty Costa Rica³

$

12.00

$

11.39

5

%

1

%

Cable & Wireless Borrowing Group

$

13.95

$

13.66

2

%

2

%

1.

The FX-Neutral change represents the percentage change adjusted for FX impacts and is calculated by adjusting the current-period figures to reflect translation at the foreign currency rates used to translate the prior-quarter amounts.

2.

The ARPU per customer relationship amounts in Costa Rican colones for the three months ended March 31, 2026 and 2025 wereCRC 17,813and CRC 20,684, respectively.

3.

The mobile ARPU amounts in Costa Rican colones for the three months ended March 31, 2026 and 2025 were CRC 5,792 and CRC 5,750, respectively.

Forward-Looking Statements and Disclaimer

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance; cost reduction and efficiency initiatives; growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; the recovery by our Puerto Rico and Jamaica operations; the impact of Hurricane Melissa on our business and operations; the strength of our balance sheet and tenor of our debt; capital intensity expectations; our anticipated preferred share distribution, including the declaration and timing thereof and the terms of the preferred shares; future share repurchases; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies’ future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

About Liberty Latin America

Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects over 30 markets in the region.

Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B).

For more information, please visit www.lla.com.

Additional Information | Cable & Wireless Borrowing Group

The following table reflects preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP.

Three months ended

March 31,

Change

Rebased change¹

2026

2025

in millions, except % amounts

Revenue

$

631.1

$

628.8

—

%

—

%

Operating income

$

125.4

$

123.5

2

%

Adjusted OIBDA

$

281.8

$

295.9

(5

%)

(5

%)

Property & equipment additions

$

68.1

$

70.6

(4

%)

Operating income as a percentage of revenue

19.9

%

19.6

%

Adjusted OIBDA as a percentage of revenue

44.7

%

47.1

%

Proportionate Adjusted OIBDA

$

238.7

$

246.7

1.

Indicated growth rates are rebased for the estimated impacts of FX.

The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W’s third-party debt and cash and cash equivalents:

March 31,

December 31,

Facility Amount

2026

2025

in millions

Credit Facilities:

Revolving Credit Facility (Adjusted Term SOFR + 3.25%)

$

156.0

$

—

$

—

Revolving Credit Facility (Term SOFR + 3.25%)

$

460.0

—

—

Term Loan Facility B-6 due 2029 (Adjusted Term SOFR + 3.0%)

$

590.0

590.0

590.0

Term Loan Facility B-7 due 2032 (Term SOFR + 3.25%)

$

1,530.0

1,530.0

1,530.0

Total Senior Secured Credit Facilities

2,120.0

2,120.0

CWP Term Loan due 2028 (4.25%)

$

435.0

435.0

435.0

Regional and other debt

91.3

91.2

Total Credit Facilities

2,646.3

2,646.2

Notes:

7.125% Senior Secured Notes due 2032

$

1,000.0

1,000.0

1,000.0

9.0% Senior Notes due 2033

$

755.0

755.0

755.0

Total Notes

1,755.0

1,755.0

Vendor financing and Tower Transactions

550.5

504.5

Total debt

4,951.8

4,905.7

Less: discounts and deferred financing costs

(41.4

)

(43.2

)

Total carrying amount of debt

4,910.4

4,862.5

Less: cash and cash equivalents

(457.7

)

(507.5

)

Net carrying amount of debt

$

4,452.7

$

4,355.0

At March 31, 2026, our total and proportionate net debt was $4.5 billion and $4.2 billion, respectively, our Fully-swapped Borrowing Cost was 6.3%, and the average tenor of our debt obligations (excluding vendor financing and debt related to the Tower Transactions) was approximately 5.4 years.

Our portion of Adjusted OIBDA, after deducting the noncontrolling interests’ share (“Proportionate Adjusted OIBDA”), was $239 million for Q1 2026.

C&W’s Covenant Proportionate Net Leverage Ratiowas3.7x,which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with C&W’s Credit Agreement.

At March 31, 2026, we had maximum undrawn commitments of $654 million, including $80 million under our regional facilities.At March 31, 2026, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the March 31, 2026 compliance reporting requirements.

Liberty Puerto Rico (LPR) Borrowing Group

Liberty Puerto Rico Borrowing Group includes Liberty Communications PR Holding LP, which consolidates the respective restricted parent and its subsidiaries. The following table reflects preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP:

Three months ended

March 31,

Change

2026

2025

in millions, except % amounts

Revenue

$

296.2

$

298.4

(1

)%

Operating income

$

16.9

$

3.8

345

%

Adjusted OIBDA

$

91.1

$

81.5

12

%

Property & equipment additions

$

19.4

$

28.6

(32

)%

Operating income as a percentage of revenue

5.7

%

1.3

%

Adjusted OIBDA as a percentage of revenue

30.8

%

27.3

%

The following table details the nominal amount outstanding of Liberty Puerto Rico’s third-party debt, finance lease obligations and cash and cash equivalents:

March 31,

December 31,

Facility amount

2026

2025

in millions

Credit Facilities:

Revolving Credit Facility (Adjusted Term SOFR + 3.50%)

$

172.5

$

56.5

$

56.5

Term Loan Facility due 2028 (Adjusted Term SOFR + 3.75%)

$

620.0

620.0

620.0

Term Loan Facility due 2030 (9.75%)¹

$

260.0

260.0

208.0

Total Senior Secured Credit Facilities

936.5

884.5

Notes:

6.75% Senior Secured Notes due 2027

$

1,161.0

1,161.0

1,161.0

5.125% Senior Secured Notes due 2029

$

820.0

820.0

820.0

Total Notes

1,981.0

1,981.0

Tower Transactions, Handset financing and other

50.3

61.6

Finance lease obligations

6.8

8.7

Total debt and finance lease obligations

2,974.6

2,935.8

Less: premiums, discounts and deferred financing costs, net

(23.9

)

(23.8

)

Total carrying amount of debt

2,950.7

2,912.0

Less: cash, cash equivalents and restricted cash related to debt²

(99.7

)

(98.5

)

Net carrying amount of debt

$

2,851.0

$

2,813.5

1.

The debt under the Term Loan Facility due 2030 is incurred by entities within the Liberty Puerto Rico Borrowing Group that have been designated as “Unrestricted Subsidiaries” under, and in accordance with, terms governing the 6.75% Senior Secured Notes due 2027, the 5.125% Senior Secured Notes due 2029, the Term Loan Facility due 2028 and the Revolving Credit Facility. A more detailed presentation of this construct will be included in the reporting at the Liberty Puerto Rico Borrowing Group level.

2.

Cash amounts include restricted cash that serves as collateral against certain letters of credit associated with funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico.

At March 31, 2026, our Fully-swapped Borrowing Cost was 6.8% and the average tenor of our debt (excluding debt related to the Tower Transactions and handset financing) was approximately 2.5 years.

LPR’s Covenant Consolidated Net Leverage Ratio was 13.7x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LPR’s Revolving Credit Facility Agreement.

At March 31, 2026, we had maximum undrawn commitments of $116 million. At March 31, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the March 31, 2026 compliance reporting requirements.

Liberty Costa Rica Borrowing Group

The following table reflects preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP:

Three months ended

March 31,

Change

2026

2025

CRC in billions, except % amounts

Revenue

76.3

79.8

(4

%)

Operating income

14.6

15.7

(7

%)

Adjusted OIBDA

27.3

29.7

(8

%)

Property & equipment additions

8.1

7.7

5

%

Operating income as a percentage of revenue

19.1

%

19.7

%

Adjusted OIBDA as a percentage of revenue

35.8

%

37.2

%

The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica’s third-party debt and cash and cash equivalents:

March 31,

December 31,

2026

2025

Borrowing currency in millions

CRC equivalent outstanding

in billions

Revolving Credit Facility (Term SOFR + 4.25%)

$

40.0

18.6

—

Term Loan A Facility due 2031 (10.875%)¹

$

45.0

20.9

24.9

Term Loan B Facility due 2031 (10.875%)¹

$

360.0

167.5

199.0

Term Loan A Facility due 2033 (Term SOFR + 3.50%)

$

65.0

30.2

32.3

Total debt

237.2

256.2

Less: deferred financing costs

(5.0

)

(6.1

)

Total carrying amount of debt

232.2

250.1

Less: cash and cash equivalents

(9.3

)

(31.8

)

Net carrying amount of debt

222.9

218.3

Exchange rate (CRC to $)

465.1

497.5

1.

From July 15, 2028 and thereafter, the interest rate is subject to increase by 0.125% per annum for each of the two Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027.

At March 31, 2026, our Fully-swapped Borrowing Cost was 10.2% and the average tenor of our debt was approximately 4.8 years.

LCR’s Covenant Consolidated Net Leverage Ratio was2.0x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LCR’s Credit Agreement.

At March 31, 2026, we had maximum undrawn commitments of $20 million (CRC 9.3 billion). At March 31, 2026, the full amount of unused borrowing capacity under the applicable credit facilities was available to be borrowed, both before and after completion of the March 31, 2026 compliance reporting requirements.

Subscriber Table

Consolidated Operating Data — March 31, 2026

Homes

Passed

Fixed-line Customer Relationships

Video RGUs

Internet

RGUs

Telephony

RGUs

Total

RGUs

Prepaid

Postpaid

Total Mobile

Subscribers

Liberty Caribbean:

Jamaica

679,600

288,200

99,300

279,000

265,800

644,100

969,400

172,400

1,141,800

The Bahamas

125,700

26,800

6,500

22,100

25,900

54,500

137,300

22,700

160,000

Trinidad and Tobago

341,700

129,000

86,100

115,900

84,600

286,600

—

—

—

Barbados

141,000

84,800

37,000

80,200

64,400

181,600

74,400

61,700

136,100

Other

393,300

211,000

62,900

196,100

99,100

358,100

299,500

163,300

462,800

Total Liberty Caribbean

1,681,300

739,800

291,800

693,300

539,800

1,524,900

1,480,600

420,100

1,900,700

C&W Panama

1,001,700

282,300

181,900

276,800

251,800

710,500

1,557,200

470,000

2,027,200

Total C&W

2,683,000

1,022,100

473,700

970,100

791,600

2,235,400

3,037,800

890,100

3,927,900

Liberty Puerto Rico

1,203,800

510,900

214,600

488,000

288,800

991,400

149,300

523,900

673,200

Liberty Costa Rica¹

862,100

298,600

214,800

290,200

116,700

621,700

1,009,500

1,198,500

2,208,000

Total

4,748,900

1,831,600

903,100

1,748,300

1,197,100

3,848,500

4,196,600

2,612,500

6,809,100

1.

Our homes passed in Liberty Costa Rica include54,000homes on a third-party network that provides us long-term access.

Quarterly Subscriber Variance

Fixed and Mobile Subscriber Variance Table — March 31, 2026 vs December 31, 2025

Homes

Passed

Fixed-line Customer Relationships

Video RGUs

Internet

RGUs

Telephony

RGUs

Total

RGUs

Prepaid

Postpaid

Total Mobile Subscribers

Liberty Caribbean

Jamaica⁽¹⁾

44,100

4,200

(1,300

)

4,800

4,400

7,900

(48,100

)

11,300

(36,800

)

The Bahamas

—

(1,500

)

(400

)

(1,800

)

(1,400

)

(3,600

)

8,100

(700

)

7,400

Trinidad and Tobago

—

(3,400

)

(1,800

)

(2,200

)

(1,400

)

(5,400

)

—

—

—

Barbados

—

(300

)

(400

)

100

(700

)

(1,000

)

300

1,400

1,700

Other

—

(1,100

)

(3,000

)

700

(700

)

(3,000

)

(4,100

)

3,200

(900

)

Total Liberty Caribbean

44,100

(2,100

)

(6,900

)

1,600

200

(5,100

)

(43,800

)

15,200

(28,600

)

C&W Panama

6,600

1,300

3,500

1,900

(2,300

)

3,100

23,600

12,500

36,100

Total C&W

50,700

(800

)

(3,400

)

3,500

(2,100

)

(2,000

)

(20,200

)

27,700

7,500

Liberty Puerto Rico

3,700

(4,600

)

2,100

(4,200

)

5,700

3,600

(10,200

)

4,100

(6,100

)

Liberty Costa Rica

1,900

2,100

3,400

2,500

4,400

10,300

(4,700

)

18,400

13,700

Total Organic Change

56,300

(3,300

)

2,100

1,800

8,000

11,900

(35,100

)

50,200

15,100

1.

The increase in homes passed in Jamaica represents the recovery of a portion of the 133,000 homes that were removed from the count at the end of 2025 following damage relating to Hurricane Melissa.

Glossary

Adjusted OIBDA –Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.

Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period.

ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized.

Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) to annualized operating income from the most recent two consecutive fiscal quarters.

Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt outstanding (including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations) less cash, cash equivalents and restricted cash related to debt to annualized operating income from the most recent two consecutive fiscal quarters.

Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit (“EBU”) adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships.

Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs.

Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results.

Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network.

Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt outstanding, including liabilities related to vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt less cash, cash equivalents and restricted cash related to debt. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements.

Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.

Property and Equipment Addition Categories

Customer Premises Equipment: Includes capitalizable equipment and labor, materials and other costs directly associated with the installation of such CPE;

New Build & Upgrade: Includes capitalizable costs of network equipment, materials, labor and other costs directly associated with entering a new service area and upgrading our existing network;

Capacity: Includes capitalizable costs for network capacity required for growth and services expansions from both existing and new customers. This category covers Core and Access parts of the network and includes, for example, fiber node splits, upstream/downstream spectrum upgrades and optical equipment additions in our international backbone connections;

Baseline: Includes capitalizable costs of equipment, materials, labor and other costs directly associated with maintaining and supporting the business. Relates to areas such as network improvement, property and facilities, technical sites, information technology systems and fleet; and

Product & Enablers: Discretionary capitalizable costs that include investments (i) required to support, maintain, launch or innovate in new customer products, and (ii) in infrastructure, which drive operational efficiency over the long term.

Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W’s Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests’ share of the C&W group.

Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.

SOHO – Small office/home office customers.

Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers.

Tower Transactions – Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include “build to suit” sites that we are obligated to construct.

U.S. GAAP – Generally accepted accounting principles in the United States.

Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network, primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU.

Additional General Notes

Most of our operations provide telephony, broadband internet, data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers.” To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.

Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates.

While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews.

Non-GAAP Reconciliations

We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA and Adjusted OIBDA Margin, each on a consolidated basis, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, (iv) consolidated leverage ratios, and (v) Adjusted OIBDA less property and equipment additions on a consolidated basis. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures, as well as information on how and why management of the Company believes such information is useful to an investor.

Adjusted OIBDA

On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.

Adjusted OIBDA Less Property and Equipment Additions

We define Adjusted OIBDA less P&E Additions, which is a non-GAAP measure, as Adjusted OIBDA less P&E Additions on an accrual basis. Adjusted OIBDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted OIBDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted OIBDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted OIBDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not substitute for, U.S. GAAP Measure of income included in our condensed consolidated statement of operations.

A reconciliation of our operating income or loss to total Adjusted OIBDA, and Adjusted OIBDA less property and equipment additions is presented in the following table:

Three months ended

March 31,

2026

2025

in millions

Operating income

$

145.2

$

128.1

Share-based compensation and other Employee Incentive Plan-related expense¹

31.6

34.0

Depreciation and amortization

217.1

228.8

Impairment, restructuring and other operating items, net

11.2

15.7

Adjusted OIBDA

$

405.1

$

406.6

Less: Property and equipment additions

110.7

120.3

Adjusted OIBDA less property and equipment additions

$

294.4

$

286.3

Operating income margin²

13.4

%

11.8

%

Adjusted OIBDA margin³

37.4

%

37.5

%

1.

Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee.

2.

Calculated by dividing operating income or (loss) by total revenue for the applicable period.

3.

Calculated by dividing Adjusted OIBDA by total revenue for the applicable period.

Adjusted Free Cash Flow Definition and Reconciliation

We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, and (iii) proceeds received in connection with handset receivables securitization, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows.

The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period:

Three months ended

March 31,

2026

2025

in millions

Net cash provided by operating activities

$

42.2

$

24.6

Cash payments for direct acquisition and disposition costs

2.8

0.4

Expenses financed by an intermediary¹

65.6

34.6

Capital expenditures, net

(99.3

)

(96.7

)

Principal payments on amounts financed by vendors and intermediaries

(68.5

)

(59.3

)

Principal payments on finance leases

(2.1

)

(0.2

)

Repayments of handset receivables securitization, net

(4.3

)

(6.8

)

Adjusted FCF before distributions to noncontrolling interest owners

(63.6

)

(103.4

)

Distributions to noncontrolling interest owners

—

(29.1

)

Adjusted FCF

$

(63.6

)

$

(132.5

)

1.

For purposes of our consolidated statements of cash flows, expenses financed by an intermediary, including value-added taxes, are treated as operating cash outflows and financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary.

Rebase Information

Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we reflect the translation of our rebased amounts for the prior-year period at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year period.

The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates.

The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the period indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate.

In the tables set forth below:

reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and

rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure.

The following table sets forth the reconciliation from reported revenue to rebased revenue and related change calculations.

Three months ended March 31, 2025

Liberty Caribbean

C&W Panama

Liberty Networks

Liberty Puerto Rico

Liberty Costa Rica

Corporate

Intersegment eliminations

Total

In millions

Revenue – Reported

$

363.9

$

177.0

$

110.4

$

298.4

$

158.2

$

3.9

$

(28.3

)

$

1,083.5

Rebase adjustment:

Foreign currency

0.3

—

2.8

—

7.2

—

0.1

10.4

Revenue – Rebased

$

364.2

$

177.0

$

113.2

$

298.4

$

165.4

$

3.9

$

(28.2

)

$

1,093.9

Reported percentage change

(3

)%

(1

)%

10

%

(1

)%

—

%

(10

)%

N.M.

—

%

Rebased percentage change

(3

)%

(1

)%

7

%

(1

)%

(4

)%

(10

)%

N.M.

(1

)%

N.M. – Not Meaningful.

The following table sets forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations.

Three months ended March 31, 2025

Liberty Caribbean

C&W Panama

Liberty Networks

Liberty Puerto Rico

Liberty Costa Rica

Corporate

Total

In millions

Adjusted OIBDA – Reported

$

173.3

$

64.6

$

57.9

$

81.5

$

58.9

$

(29.6

)

$

406.6

Rebase adjustment:

Foreign currency

0.2

—

0.4

—

2.7

—

3.3

Adjusted OIBDA – Rebased

$

173.5

$

64.6

$

58.3

$

81.5

$

61.6

$

(29.6

)

$

409.9

Reported percentage change

(6

)%

(1

)%

(5

)%

12

%

(4

)%

16

%

—

%

Rebased percentage change

(6

)%

(1

)%

(5

)%

12

%

(8

)%

16

%

(1

)%

The following table sets forth the reconciliation from reported revenue by product on a consolidated basis to rebased revenue by product and related change calculations.

Three months ended March 31, 2025

Residential fixed revenue

Residential mobile revenue

Total residential revenue

B2B revenue

Other revenue

Total revenue

In millions

Revenue by product – Reported

$

326.5

$

422.3

$

748.8

$

328.1

$

6.6

$

1,083.5

Rebase adjustment:

Foreign currency

2.0

4.6

6.6

3.8

—

10.4

Revenue by product – Rebased

$

328.5

$

426.9

$

755.4

$

331.9

$

6.6

$

1,093.9

Reported percentage change

(6

)%

2

%

(1

)%

3

%

(14

)%

—

%

Rebased percentage change

(6

)%

1

%

(2

)%

2

%

(15

)%

(1

)%

The following tables set forth the reconciliation from reported revenue by product for our Liberty Caribbean segment to rebased revenue by product and related change calculations.

Three months ended March 31, 2025

Residential fixed revenue

Residential mobile revenue

Total residential revenue

B2B revenue

Total revenue

In millions

Revenue by product – Reported

$

128.9

$

110.3

$

239.2

$

124.7

$

363.9

Rebase adjustment:

Foreign currency

0.1

0.1

0.2

0.1

0.3

Revenue by product – Rebased

$

129.0

$

110.4

$

239.4

$

124.8

$

364.2

Reported percentage change

(8

)%

(1

)%

(4

)%

1

%

(3

)%

Rebased percentage change

(8

)%

(1

)%

(4

)%

1

%

(3

)%

The following tables set forth the reconciliation from reported revenue by product for our Liberty Costa Rica segment to rebased revenue by product and related change calculations.

Three months ended March 31, 2025

Residential fixed revenue

Residential mobile revenue

Total residential revenue

B2B revenue

Total revenue

In millions

Revenue by product – Reported

$

42.6

$

97.8

$

140.4

$

17.8

$

158.2

Rebase adjustment:

Foreign currency

1.9

4.5

6.4

0.8

7.2

Revenue by product – Rebased

$

44.5

$

102.3

$

146.8

$

18.6

$

165.4

Reported percentage change

(14

)%

7

%

1

%

(7

)%

—

%

Rebased percentage change

(18

)%

2

%

(4

)%

(11

)%

(4

)%

Non-GAAP Reconciliation for Consolidated Leverage Ratios

We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash related to debt divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage ratios as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of March 31, 2026 and December 31, 2025 are set forth below:

March 31,

2026

December 31,

2025

in millions, except leverage ratios

Total debt and finance lease obligations

$

8,362.1

$

8,279.2

Discounts, premiums and deferred financing costs, net

76.0

79.3

Adjusted total debt and finance lease obligations

8,438.1

8,358.5

Less:

Cash and cash equivalents

681.4

783.9

Restricted cash related to debt¹

13.0

13.0

Net debt and finance lease obligations

$

7,743.7

$

7,561.6

Operating income²:

Operating income for the three months ended September 30, 2025

N/A

$

187.5

Operating income for the three months ended December 31, 2025

$

125.6

125.6

Operating income for the three months ended March 31, 2026

145.2

N/A

Operating income – last two quarters

$

270.8

$

313.1

Annualized operating income – last two quarters annualized

$

541.6

$

626.2

Adjusted OIBDA³:

Adjusted OIBDA for the three months ended September 30, 2025

N/A

$

433.4

Adjusted OIBDA for the three months ended December 31, 2025

$

451.3

451.3

Adjusted OIBDA for the three months ended March 31, 2026

405.1

N/A

Adjusted OIBDA – last two quarters

$

856.4

$

884.7

Annualized Adjusted OIBDA – last two quarters annualized

$

1,712.8

$

1,769.4

Consolidated debt and finance lease obligations to operating income ratio

15.6 x

13.3 x

Consolidated net debt and finance lease obligations to operating income ratio

14.3 x

12.1 x

Consolidated leverage ratio

4.9 x

4.7 x

Consolidated net leverage ratio

4.5 x

4.3 x

N/A – Not Applicable.

1.

Amount relates to restricted cash at Liberty Puerto Rico that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico.

2.

Operating income or loss is the closest U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income and consolidated net debt and finance lease obligations to operating income as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios.

3.

Adjusted OIBDA is a non-GAAP measure. See Adjusted OIBDA above for reconciliation of Adjusted OIBDA to the nearest U.S. GAAP measure for the three months ended March 31, 2026. A reconciliation of our operating income to Adjusted OIBDA for the three months ended December 31, 2025 and September 30, 2025 is presented in the following table:

Three months ended

December 31,

2025

September 30,

2025

in millions

Operating income

$

125.6

$

187.5

Share-based compensation and other Employee Incentive Plan-related expense

12.7

15.0

Depreciation and amortization

245.0

213.6

Impairment, restructuring and other operating items, net

68.0

17.3

Adjusted OIBDA

$

451.3

$

433.4

Non-GAAP Reconciliations for Our Borrowing Groups

The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our C&W, Liberty Puerto Rico and Liberty Costa Rica borrowing groups in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; (iii) Proportionate Adjusted OIBDA; (iv) rebased revenue and (v) rebased Adjusted OIBDA.

Adjusted OIBDA for our borrowing groups is defined as operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests’ share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income.

A reconciliation of C&W’s operating income to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table:

Three months ended

March 31,

2026

2025

in millions

Operating income

$

125.4

$

123.5

Share-based compensation and other employee incentive plan-related expense

8.1

8.2

Depreciation and amortization

122.7

133.1

Related-party fees and allocations

21.5

24.8

Impairment, restructuring and other operating items, net

4.1

6.3

Adjusted OIBDA

281.8

295.9

Less: Noncontrolling interests’ share of Adjusted OIBDA

43.1

49.2

Proportionate Adjusted OIBDA

$

238.7

$

246.7

A reconciliation of Liberty Puerto Rico’s operating income to Adjusted OIBDA is presented in the following table:

Three months ended

March 31,

2026

2025

in millions

Operating income

$

16.9

$

3.8

Share-based compensation and other employee incentive plan-related expense

1.8

1.6

Depreciation and amortization

60.5

60.2

Related-party fees and allocations

10.2

12.2

Impairment, restructuring and other operating items, net

1.7

3.7

Adjusted OIBDA

$

91.1

$

81.5

A reconciliation of Liberty Costa Rica’s operating income to Adjusted OIBDA is presented in the following table:

Three months ended

March 31,

2026

2025

CRC in billions

Operating income

14.6

15.7

Share-based compensation and other employee incentive plan-related expense

0.2

0.2

Depreciation and amortization

11.9

13.3

Related-party fees and allocations

0.3

0.3

Impairment, restructuring and other operating items, net

0.3

0.2

Adjusted OIBDA

27.3

29.7

The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations:

Three months ended

March 31, 2025

in millions

Revenue – Reported

$

628.8

Rebase adjustment:

Foreign currency

3.1

Revenue – Rebased

$

631.9

Reported percentage change

—

%

Rebased percentage change

—

%

The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations:

Three months ended

March 31, 2025

in millions

Adjusted OIBDA – Reported

$

295.9

Rebase adjustment:

Foreign currency

0.6

Adjusted OIBDA – Rebased

$

296.5

Reported percentage change

(5

)%

Rebased percentage change

(5

)%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507026510/en/

Investor Relations

Soomit Datta

[email protected]

Corporate Communications

Michael Coakley

[email protected]

KEYWORDS: Colorado Latin America Caribbean United States North America

INDUSTRY KEYWORDS: Satellite Technology Telecommunications Mobile/Wireless Networks Internet Carriers and Services

MEDIA:

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Posted on May 7, 2026 7:18 am
Evergy Announces First Quarter 2026 Results, Announces New Large Customer, Declares Quarterly Dividend and Reaffirms 2026 Guidance

Evergy Announces First Quarter 2026 Results, Announces New Large Customer, Declares Quarterly Dividend and Reaffirms 2026 Guidance

First Quarter 2026 GAAP EPS of $0.64, compared to $0.54 in 2025

First Quarter 2026 Adjusted EPS (non-GAAP) of $0.69, compared to $0.55 in 2025

Declares quarterly dividend of $0.6950 per share

Announces signing of fifth large customer electric service agreement (ESA)

Reaffirms 2026 Adjusted (non-GAAP) EPS guidance of $4.14 to $4.34

KANSAS CITY, Mo.–(BUSINESS WIRE)–
Evergy, Inc. (NASDAQ: EVRG) today announced first quarter 2026 GAAP earnings of $151.5 million, or $0.64 per share, compared to GAAP earnings of $125.0 million, or $0.54 per share, for the first quarter 2025.

Evergy’s first quarter 2026 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $161.8 million and $0.69 per share, respectively, compared to $127.8 million and $0.55, respectively, in first quarter 2025. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.

Relative to the same period in 2025, first quarter 2026 adjusted earnings (non-GAAP) per share benefited from recovery of regulated investments, growth in weather-normalized demand and higher large customer and other revenues. These favorable results were partially offset by mild winter weather, higher operations and maintenance expense, and higher depreciation and amortization expense.

“We continued to advance our large customer strategy in the first quarter and are pleased to announce the signing of an electric service agreement for a large customer project in our Kansas Central service territory,” said David Campbell, chairman and chief executive officer. “Beginning in 2027, the customer will take service under our large load power service (LLPS) tariff, the framework under which new large customers will pay a premium rate that covers their fair share of existing and new system costs to drive affordability benefits for existing customers and enhance economic growth.

“Financial results were solid despite mild weather in the first quarter, and we remain on track to achieve our 2026 adjusted EPS guidance of $4.14 to $4.34. We are also reaffirming our long-term adjusted EPS annual growth target of 6% to 8%+ through 2030 off the 2026 midpoint, with the expectation that annual EPS growth will exceed 8% beginning in 2028 and through 2030.”

Earnings Guidance

The Company reaffirmed its 2026 adjusted EPS (non-GAAP) guidance range of $4.14 to $4.34. Additionally, the Company reaffirmed its long-term adjusted EPS (non-GAAP) annual growth target of 6% to 8%+ through 2030 based on the 2026 adjusted EPS (non-GAAP) guidance midpoint of $4.24. The Company expects annual adjusted EPS growth to exceed 8% beginning in 2028 and through 2030. Adjusted EPS (non-GAAP) could differ from GAAP EPS for items such as impairments, divestitures, mark-to-market impacts, the impact of regulatory orders, or changes in accounting principles. Evergy management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, Evergy is not able to provide a corresponding GAAP equivalent for 2026 or future years’ adjusted EPS (non-GAAP) guidance.

Dividend Declaration

The Board of Directors declared a dividend on the Company’s common stock of $0.6950 per share payable on June 18, 2026. The dividends are payable to shareholders of record as of May 22, 2026.

Earnings Conference Call

Evergy management will host a conference call Thursday, May 7, 2026, with the investment community at 9:00 a.m. ET (8:00 a.m. CT). To view the webcast and presentation slides, please go to investors.evergy.com. To access via phone, investors and analysts will need to register using this link where they will be provided a phone number and access code.

This earnings announcement, a package of detailed first quarter financial information, the Company’s quarterly report on Form 10-Q for the period ended March 31, 2026, and other filings the Company has made with the Securities and Exchange Commission are available on the Company’s website at http://investors.evergy.com.

Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)

Management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergy’s recurring earnings, assist in the comparability of results and are consistent with how management reviews performance.

Evergy’s adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended March 31, 2026, were $161.8 million or $0.69 per share. For the three months ended March 31, 2025, Evergy’s adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were recast to conform to the current year calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), resulting in adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) of $127.8 million or $0.55 per share.

In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy’s management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without:

losses from the repurchase of a portion of Evergy’s Convertible Notes; and

unrealized gains and losses from non-regulated investments in early-stage clean energy and energy solution companies and costs related to the disposal of these investments.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to aid an investor’s overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy’s operations across periods because it excludes certain items that management does not believe are indicative of Evergy’s ongoing performance or that can create period to period earnings volatility.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies’ presentations or more useful than the GAAP information provided elsewhere in this report.

The following table provides a reconciliation between net income attributable to Evergy, Inc. and diluted EPS as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), respectively.

Evergy, Inc

Consolidated Earnings and Diluted Earnings Per Share

(Unaudited)

Earnings

(Loss)

Earnings

(Loss)

per

Diluted

Share

Earnings

(Loss)

Earnings

(Loss)

per

Diluted

Share

Three Months Ended March 31

2026

2025

(millions, except per share amounts)

Net income attributable to Evergy, Inc.

$

151.5

$

0.64

$

125.0

$

0.54

Non-GAAP reconciling items:

Losses from the repurchase of convertible notes, pre-tax^(a)

10.3

0.05

—

—

Losses from investments in early-stage clean energy and energy solution companies, pre-tax^(b)

0.4

—

3.6

0.01

Income tax benefit^(c)

(0.4)

—

(0.8)

—

Adjusted earnings (non-GAAP)

$

161.8

$

0.69

$

127.8

$

0.55

(a)

Reflects losses and fees of $10.3 million related to Evergy’s repurchase of $244.1 million aggregate principal amount of its Convertible Notes in the first quarter 2026 that are included in interest expense on the consolidated statements of comprehensive income.

(b)

Reflects unrealized gains of $0.2 million and unrealized losses of $3.6 million for the three months ended March 31, 2026 and 2025, respectively, from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings on the consolidated statements of comprehensive income and $0.6 million for the three months ended March 31, 2026, of costs related to the disposal of these investments that are included in operating and maintenance expense on the consolidated statements of comprehensive income. Adjustments for the three months ended March 31, 2025, have been recast to conform to the current year calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) that exclude these amounts. Evergy is in the process of disposing of these investments.

(c)

Reflects an income tax effect calculated at a statutory rate of approximately 22%, with the exception of certain non-deductible items.

About Evergy

Evergy, Inc. (NASDAQ: EVRG) serves 1.7 million customers in Kansas and Missouri. Evergy’s mission is to empower a better future. We are leading the way in delivering affordable, reliable and sustainable energy that creates the foundation for thriving and growing communities. Our focus is on delivering reliable power while keeping bills as low as possible. We value innovation and adaptability to give our customers better ways to manage their energy use, to create a safe and rewarding workplace for our employees and to add value for our investors. Headquartered in Kansas City, our employees live, work and volunteer in the communities we serve.

For more information about Evergy, visit us at http://investors.evergy.com.

Forward-Looking Statements

Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy’s strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand, including demand driven by new and existing customers; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as “anticipates,” “believes,” “expects,” “estimates,” “forecasts,” “guidance,” “should,” “could,” “may,” “seeks,” “intends,” “predict,” “potential,” “opportunities,” “proposed,” “projects,” “planned,” “target,” “budget,” “outlook,” “remain confident,” “goal,” “will” or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Evergy Companies are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; significant changes in the demand for electricity, including demand from data centers and other large load customers; changes in business strategy or operations, including with respect to the Evergy Companies’ strategy to meet demand requirements of existing and future customers; uncertainties related to projected rapid growth in electricity demand driven primarily by data centers and other large load customers and the related requirement for new generation and transmission investments, creating capital access, revenue recovery and customer affordability risks; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; prolonged or recurring U.S. federal government shutdowns; changes in U.S. trade policies (including tariffs and other trade measures) and responses from other countries; the ability to build or acquire generation, battery storage and transmission facilities to meet the future demand for electricity from customers; the ability to control costs, avoid cost and schedule overruns during the development, construction and operation of generation, battery storage, transmission, distribution or other projects due to challenges, which include, but are not limited to, changes in labor costs, availability and productivity, challenges with the management of contractors or vendors, subcontractor performance, shortages, delays, increased costs or inconsistent quality of equipment, materials and labor and increased financing costs as a result of changes in interest rates or as a result of project delays; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; development, adoption and use of artificial intelligence by the Evergy Companies and its third-party vendors; the impact of climate change, including increased frequency and severity of significant weather events; risks relating to potential wildfires, including costs of litigation, potential regulatory penalties and damages in excess of insurance liability coverage; the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of future pandemic health events on, among other things, sales, results of operations, financial position, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies’ employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, disruptions in the banking industry, including volatility in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges and ability to obtain capital to finance large construction projects, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments including new large data center customers; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies’ facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; impact of geopolitical conflicts on the global energy market, including the ability to contract for non-Russian sourced uranium; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; the Evergy Companies’ ability to manage their generation, transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies’ ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy’s strategic plan, financial results or operations; the impact of changing expectations and demands of the Evergy Companies’ customers, regulators, investors and stakeholders, including differing views on environmental, social and governance concerns; the possibility that strategic initiatives, including mergers, acquisitions, joint ventures and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, contractors, regulators or suppliers; the outcome of litigation involving the Evergy Companies; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to predict all factors. You should also carefully consider the information contained in the Evergy Companies’ other filings with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Evergy Companies with the SEC. New factors emerge from time to time, and it’s not possible for the Evergy Companies to predict all such factors, nor can the Evergy Companies assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507660343/en/

Investor Contact:

Pete Flynn

Sr. Director, Investor Relations & Insurance

Phone: 816-652-1060

[email protected]

Media Contact:

Gina Penzig

Director, Corporate Communications

Phone: 785-508-2410

[email protected]

Media line: 888-613-0003

KEYWORDS: Missouri United States North America

INDUSTRY KEYWORDS: Utilities Energy

MEDIA:

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Posted on May 7, 2026 7:18 am
Allegro MicroSystems Reports Fourth Quarter and Fiscal Year 2026 Results

Fourth Quarter Sales Increased by 26% Year-over-Year to $243 Million

Fiscal Year 2026 Sales Increased by 23% Year-over-Year to $890 Million

MANCHESTER, N.H., May 07, 2026 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro” or the “Company”) (Nasdaq: ALGM), a global leader in power and sensing semiconductor solutions for motion control and energy efficient systems, today announced financial results for its fourth quarter and full fiscal year ended March 27, 2026.

“We finished fiscal year 2026 with strong momentum, delivering a fifth consecutive quarter of sales growth at $243 million. Non-GAAP EPS nearly tripled year-over-year to $0.17. For the full year, sales grew 23% to $890 million and non-GAAP EPS more than doubled to $0.54. These results reflect strength in Focus Auto sales – including xEV and ADAS – and Data Center, which reached a record 14% of total Q4 sales,” said Mike Doogue, President and CEO of Allegro MicroSystems. “As we enter fiscal 2027, we see demand trends that support continued growth, and remain confident in our ability to execute towards our target financial model.”

Fourth Quarter and Full Fiscal Year 2026 Financial Highlights:

In thousands, except per share data Three-Month Period Ended Twelve-Month Period Ended

March 27,
2026 December 26,
2025 March 28,
2025 March 27,
2026 March 28,
2025

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

Net Sales

Automotive $ 163,909 $ 164,543 $ 139,494 $ 628,561 $ 535,205

Industrial and Other 79,278 64,667 53,330 261,535 189,801

Total net sales $ 243,187 $ 229,210 $ 192,824 $ 890,096 $ 725,006

GAAP Financial Measures

Gross margin % 47.0 % 46.7 % 41.4 % 46.3 % 44.3 %

Operating margin % 2.2 % 4.2 % (6.8 )% 2.1 % (2.7 )%

Diluted EPS $ (0.09 ) $ 0.04 $ (0.08 ) $ (0.08 ) $ (0.39 )

Non-GAAP Financial Measures

Gross margin % 50.0 % 49.9 % 45.6 % 49.4 % 48.0 %

Operating margin % 15.6 % 15.4 % 9.0 % 14.1 % 9.5 %

Diluted EPS $ 0.17 $ 0.15 $ 0.06 $ 0.54 $ 0.24

Business Outlook

For the first quarter of fiscal year 2027 ending June 26, 2026, the Company expects total net sales to be in the range of
$245 million to $255 million. At the midpoint of this range, it implies growth in net sales of 23% year-over-year.

The Company also estimates the following results on a non-GAAP basis:

Gross Margin is expected to be between 50% and 51%,

Operating expenses are expected to be $80 million, plus or minus $2 million, and

Diluted Earnings per Share is expected to be between $0.19 and $0.23.

Allegro has not provided a reconciliation of its first fiscal quarter outlook for
non-GAAP Gross Margin, non-GAAP Operating Expenses, and non-GAAP Diluted Earnings per Share because estimates of all of the reconciling items cannot be provided without unreasonable efforts. It is difficult to reasonably provide a forward-looking estimate between such forward-looking non-GAAP measures and the comparable forward-looking U.S. generally accepted accounting principles (“GAAP”) measures. Certain factors that are materially significant to Allegro’s ability to estimate these items are out of its control and/or cannot be reasonably predicted.

Earnings Webcast

A webcast will be held on Thursday, May 7, 2026 at 8:30 a.m., Eastern Time. Michael C. Doogue, President and Chief Executive Officer, and Derek P. D’Antilio, Executive Vice President and Chief Financial Officer, will discuss Allegro’s business and financial results.

The webcast will be available on the Investor Relations section of the Company’s website at investors.allegromicro.com. A recording of the webcast will be posted in the same location shortly after the call concludes and will be available for at least 90 days.

About Allegro MicroSystems

Allegro MicroSystems, Inc. is leveraging more than three decades of expertise in magnetic sensing and power ICs to propel electrification, automation, AI data center, and robotics forward with solutions that enhance efficiency, performance and sustainability. Allegro’s commitment to quality drives transformation across industries, reinforcing our status as a pioneer in “automotive-grade” technology and a partner in our customers’ success. For additional information, please visit https://www.allegromicro.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release including statements regarding our future results of operations and financial position, business strategy, prospective products and the plans and objectives of management for future operations, including, among others, statements regarding the liquidity, growth and profitability strategies and factors and trends affecting our business, including the projected size and growth of markets in which we operate or may operate, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.

Forward-looking statements are based on our management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 28, 2025, as any such factors may be updated from time to time in our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; any failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix, customer mix or channel mix, which could negatively impact our gross margin; the cyclical nature of the semiconductor industry, including the analog segment in which we compete; any downturn or disruption in the automotive market or industry; our ability to successfully integrate the acquisition of other companies or technologies and products into our business; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results and meet the expectations of investors; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; events beyond our control impacting us, our key suppliers or our manufacturing partners; our ability to develop new product features or new products in a timely and cost-effective manner; our dependence on growth in the end markets that use our products and the impact that slowdowns in such growth could have on our financial results; the loss of one or more significant customers; our ability to identify, enter and expand in new markets, and to generate returns on such investments; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulations and other legal obligations, including export/trade control, privacy, data protection, information security, cybersecurity, consumer protection, environmental and occupational health and safety, antitrust, anti-corruption and anti-bribery, product safety, environmental protection, employment matters and tax; the risk of unsolicited acquisition proposals; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to retain key and highly skilled personnel; the impact of restructuring activities on our business and operating results; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or confidential information or those of our third-party service providers; any failure to maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; the risks presented by climate change; the risks related to ESG matters; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

You should read this press release and the documents that we reference completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

This press release includes certain non-GAAP financial measures as defined by the SEC rules. These non-GAAP financial measures are provided in addition to, and not as a substitute for or superior to measures of, financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their most directly comparable GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the presented non-GAAP financial measures as tools for comparison.

This press release may not be reproduced, forwarded to any person or published, in whole or in part.

ALLEGRO MICROSYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(Unaudited)

Three-Month Period Ended Twelve-Month Period Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

Net sales $ 243,187 $ 192,824 $ 890,096 $ 725,006

Cost of goods sold 128,912 112,945 478,126 403,479

Gross profit 114,275 79,879 411,970 321,527

Operating expenses:

Research and development 55,535 47,618 205,804 179,649

Selling, general and administrative 46,740 45,459 181,089 161,680

Impairment of assets held for sale 6,590 — 6,590 —

Total operating expenses 108,865 93,077 393,483 341,329

Operating income (loss) 5,410 (13,198 ) 18,487 (19,802 )

Interest and other expense (8,097 ) (5,240 ) (33,388 ) (31,142 )

Loss on change in fair value of forward repurchase contract — — — (34,752 )

Loss before income taxes (2,687 ) (18,438 ) (14,901 ) (85,696 )

Income tax provision (benefit) 13,749 (3,700 ) (248 ) (12,933 )

Net loss (16,436 ) (14,738 ) (14,653 ) (72,763 )

Net income attributable to non-controlling interests 52 62 244 247

Net loss attributable to Allegro MicroSystems, Inc. $ (16,488 ) $ (14,800 ) $ (14,897 ) $ (73,010 )

Net loss per common share attributable to Allegro MicroSystems, Inc.:

Basic $ (0.09 ) $ (0.08 ) $ (0.08 ) $ (0.39 )

Diluted $ (0.09 ) $ (0.08 ) $ (0.08 ) $ (0.39 )

Weighted average shares outstanding:

Basic 185,309,271 184,169,928 185,035,670 187,707,391

Diluted 185,309,271 184,169,928 185,035,670 187,707,391

Supplemental Schedule of Total Net Sales

The following table summarizes total net sales by market within the Company’s unaudited condensed consolidated statements of operations:

Three-Month Period Ended Change Twelve-Month Period Ended Change

March 27,
2026 March 28,
2025 Amount % March 27,
2026 March 28,
2025 Amount %

(Dollars in thousands) (Dollars in thousands)

Automotive $ 163,909 $ 139,494 $ 24,415 18 % $ 628,561 $ 535,205 $ 93,356 17 %

Industrial and Other 79,278 53,330 25,948 49 % 261,535 189,801 71,734 38 %

Total net sales $ 243,187 $ 192,824 $ 50,363 26 % $ 890,096 $ 725,006 $ 165,090 23 %

ALLEGRO MICROSYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

March 27 March 28,

2026

(Unaudited) 2025

Assets

Current assets:

Cash and cash equivalents $ 168,753 $ 121,334

Restricted cash 6,604 9,773

Trade accounts receivable, net 93,248 84,598

Inventories 181,752 183,914

Prepaid income taxes 1,179 36,662

Prepaid expenses and other current assets 52,070 30,247

Assets held for sale — 16,508

Total current assets 503,606 483,036

Property, plant and equipment, net 308,258 302,919

Deferred income tax assets 80,221 68,528

Goodwill 203,291 202,475

Intangible assets, net 238,675 262,115

Equity investment in related party 22,296 31,695

Other assets 59,828 70,193

Total assets $ 1,416,175 $ 1,420,961

Liabilities, Non-Controlling Interest and Stockholders’ Equity

Current liabilities:

Trade accounts payable $ 44,438 $ 38,733

Amounts due to related party 4,794 6,535

Accrued expenses and other current liabilities 95,163 65,570

Current portion of long-term debt 1,530 1,423

Total current liabilities 145,925 112,261

Long-term debt 285,746 344,703

Other long-term liabilities 28,059 32,897

Total liabilities 459,730 489,861

Commitments and contingencies

Stockholders’ Equity:

Preferred stock — —

Common stock 1,854 1,843

Additional paid-in capital 1,050,582 1,012,055

Accumulated deficit (68,488 ) (53,591 )

Accumulated other comprehensive loss (29,201 ) (30,752 )

Equity attributable to Allegro MicroSystems, Inc. 954,747 929,555

Non-controlling interest 1,698 1,545

Total stockholders’ equity 956,445 931,100

Total liabilities, non-controlling interest and stockholders’ equity $ 1,416,175 $ 1,420,961

ALLEGRO MICROSYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

Three-Month Period Ended Twelve-Month Period Ended

March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025

Cash flows from operating activities:

Net loss $ (16,436 ) $ (14,738 ) $ (14,653 ) $ (72,763 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 17,765 15,924 67,593 64,502

Amortization of deferred financing costs 297 732 2,245 2,513

Deferred income taxes (4,009 ) (4,755 ) (11,994 ) (16,301 )

Stock-based compensation 10,647 9,617 47,910 41,868

Loss on change in fair value of forward repurchase contract — — — 34,752

Impairment of assets held for sale 6,590 — 6,590 —

Provisions for inventory and expected credit losses 1,435 1,697 8,989 9,216

Other non-cash reconciling items 348 339 653 6,984

Changes in operating assets and liabilities:

Trade accounts receivable 6,403 (1,275 ) (9,201 ) 33,081

Inventories (4,994 ) 7,914 (6,267 ) (30,160 )

Payment to related party (15,000 ) — (15,000 ) —

Prepaid expenses and other assets 22,935 (3,200 ) 40,634 (4,601 )

Trade accounts payable (7,685 ) (1,423 ) 5,996 4,044

Due to and from related parties 46 4,551 (1,740 ) 5,115

Other changes in operating assets and liabilities, net 17,372 4,970 41,314 (16,337 )

Net cash provided by operating activities 35,714 20,353 163,069 61,913

Cash flows from investing activities:

Purchases of property, plant and equipment (17,016 ) (5,391 ) (38,176 ) (39,955 )

Purchases of intangible assets — (1,180 ) — (1,180 )

Acquisition of business, net of cash acquired — — — 319

Investment in debt security (3,541 ) — (3,541 ) —

Net cash used in investing activities (20,557 ) (6,571 ) (41,717 ) (40,816 )

Cash flows from financing activities:

Net proceeds from Refinanced Term Loan Facility 285,000 (402 ) 285,000 193,081

Repayment of term loan (285,000 ) (30,000 ) (345,000 ) (105,000 )

Finance lease payments (516 ) (498 ) (1,368 ) (1,201 )

Receipts on related party notes receivable — — — 1,875

Payments for intangible assets (1,000 ) — (5,000 ) —

Payments for taxes related to net share settlement of equity awards (2,258 ) (3,458 ) (12,612 ) (16,238 )

Proceeds from issuance of common stock under employee stock purchase plan 1,427 1,524 3,337 3,511

Repurchases of common stock — — — (853,921 )

Payments for taxes related to repurchase of common stock — — (1,713 ) —

Net proceeds from issuance of common stock — — — 665,850

Dividends paid to non-controlling interest — (19 ) (23 ) (19 )

Net cash used in financing activities (2,347 ) (32,853 ) (77,379 ) (112,062 )

Effect of exchange rate changes on cash and cash equivalents and restricted cash (852 ) 1,216 277 (89 )

Net increase (decrease) in cash and cash equivalents and restricted cash 11,958 (17,855 ) 44,250 (91,054 )

Cash and cash equivalents and restricted cash at beginning of period 163,399 148,962 131,107 222,161

Cash and cash equivalents and restricted cash at end of period $ 175,357 $ 131,107 $ 175,357 $ 131,107

Non-GAAP Financial Measures

In addition to the measures presented in our condensed consolidated financial statements, we regularly review other measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts and make strategic decisions. The key measures we consider are non-GAAP Gross Profit, non-GAAP Gross Margin, non-GAAP Operating Expenses, non-GAAP Operating Income, non-GAAP Operating Margin, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP Profit before Tax, non-GAAP Income Tax Provision (Benefit), non-GAAP Effective Tax Rate, non-GAAP Net Income Attributable to Allegro MicroSystems, Inc, non-GAAP Basic and Diluted Earnings per Share, non-GAAP Free Cash Flow, and non-GAAP Free Cash Flow as a percentage of net sales (collectively, the “Non-GAAP Financial Measures”). These Non-GAAP Financial Measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or that occur relatively infrequently and/or that management considers to be unrelated to our core operations, and in the case of non-GAAP Income Tax Provision (Benefit), management believes that this non-GAAP measure of income taxes provides it with the ability to evaluate the non-GAAP Income Tax Provision (Benefit) across different reporting periods on a consistent basis, independent of special items and discrete items, which may vary in size and frequency. These Non-GAAP Financial Measures are used by both management and our board of directors, together with the comparable GAAP information, in evaluating our current performance and planning our future business activities.

The Non-GAAP Financial Measures are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. These Non-GAAP Financial Measures should not be considered as substitutes for GAAP financial measures, such as gross profit, gross margin, net income or any other performance measures derived in accordance with GAAP. Also, in the future we may incur expenses or charges, such as those being adjusted in the calculation of these Non-GAAP Financial Measures. Our presentation of these Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. These Non-GAAP Financial Measures exclude costs related to acquisition and related integration expenses, amortization of acquired intangible assets, stock-based compensation, restructuring actions, related-party activities and other non-operational costs.

Non-GAAP Income Tax Provision (Benefit)

In calculating the non-GAAP Income Tax Provision (Benefit), we adjust for the tax effect of adjustments to GAAP results which represents the estimated income tax effect of the adjustments to non-GAAP Profit before Tax described below. We also adjust for any discrete tax items and the impact of non-recurring tax law changes to ensure the non-GAAP Income Tax Rate (“NG ETR”) reflects future operations.

Our fiscal year 2026 and 2027 NG ETR excludes the impact of the 2025 One Big Beautiful Bill Act’s one-time research and development amortization election which accelerates the amortization of previously capitalized domestic research and development over a two-year period. The NG ETR is applied to non-GAAP Profit before Tax to arrive at the tax effect of adjustments to GAAP results.

Reconciliation of Non-GAAP Gross Profit and Non-GAAP Gross Margin

Three-Month Period Ended Twelve-Month Period Ended

March 27,
2026 December 26,
2025 March 28,
2025 March 27,
2026 March 28,
2025

(Dollars in thousands) (Dollars in thousands)

GAAP Gross Profit $ 114,275 $ 107,101 $ 79,879 $ 411,970 $ 321,527

GAAP Gross Margin (% of net sales) 47.0 % 46.7 % 41.4 % 46.3 % 44.3 %

Non-GAAP adjustments

Transaction-related costs — — — — 14

Purchased intangible amortization 5,089 5,089 4,957 20,357 19,582

Restructuring costs 723 659 2,350 2,838 4,088

Stock-based compensation 1,033 1,017 697 3,955 2,877

Other costs 442 449 — 935 —

Total Non-GAAP Adjustments $ 7,287 $ 7,214 $ 8,004 $ 28,085 $ 26,561

Non-GAAP Gross Profit $ 121,562 $ 114,315 $ 87,883 $ 440,055 $ 348,088

Non-GAAP Gross Margin (% of net sales) 50.0 % 49.9 % 45.6 % 49.4 % 48.0 %

Reconciliation of Non-GAAP Operating Expenses

Three-Month Period Ended Twelve-Month Period Ended

March 27,
2026 December 26,
2025 March 28,
2025 March 27,
2026 March 28,
2025

(Dollars in thousands) (Dollars in thousands)

GAAP Operating Expenses $ 108,865 $ 97,527 $ 93,077 $ 393,483 $ 341,329

Research and Development Expenses

GAAP Research and Development Expenses 55,535 52,878 47,618 205,804 179,649

Non-GAAP adjustments

Transaction-related costs — 33 3 33 1,571

Purchased intangible amortization 6 5 — 22 —

Restructuring costs 1,674 2,663 4,429 7,107 5,426

Stock-based compensation 4,385 3,596 3,406 15,799 14,624

Other costs⁽¹⁾ 956 196 — 1,299 3

Non-GAAP Research and Development Expenses 48,514 46,385 39,780 181,544 158,025

Selling, General and Administrative Expenses

GAAP Selling, General and Administrative Expenses 46,740 44,649 45,459 181,089 161,680

Non-GAAP adjustments

Transaction-related costs 496 3 116 630 1,353

Purchased intangible amortization 558 535 535 2,163 2,140

Restructuring costs 2,630 2,032 1,656 7,004 6,011

Stock-based compensation 5,229 8,207 5,513 28,156 24,366

Other costs⁽¹⁾ 2,628 1,260 6,921 10,202 6,303

Non-GAAP Selling, General and Administrative Expenses 35,199 32,612 30,718 132,934 121,507

Impairment of assets held for sale 6,590 — — 6,590 —

Total Non-GAAP Adjustments 25,152 18,530 22,579 79,005 61,797

Non-GAAP Operating Expenses $ 83,713 $ 78,997 $ 70,498 $ 314,478 $ 279,532

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.

Reconciliation of Non-GAAP Operating Income and Non-GAAP Operating Margin

Three-Month Period Ended Twelve-Month Period Ended

March 27,
2026 December 26,
2025 March 28,
2025 March 27,
2026 March 28,
2025

(Dollars in thousands) (Dollars in thousands)

GAAP Operating Income (Loss) $ 5,410 $ 9,574 $ (13,198 ) $ 18,487 $ (19,802 )

GAAP Operating Margin (% of net sales) 2.2 % 4.2 % (6.8 )% 2.1 % (2.7 )%

Transaction-related costs 496 36 119 663 2,938

Impairment of assets held for sale 6,590 — — 6,590 —

Purchased intangible amortization 5,653 5,629 5,492 22,542 21,722

Restructuring costs 5,027 5,354 8,435 16,949 15,525

Stock-based compensation 10,647 12,820 9,616 47,910 41,867

Other costs⁽¹⁾ 4,026 1,905 6,921 12,436 6,306

Total Non-GAAP Adjustments $ 32,439 $ 25,744 $ 30,583 $ 107,090 $ 88,358

Non-GAAP Operating Income $ 37,849 $ 35,318 $ 17,385 $ 125,577 $ 68,556

Non-GAAP Operating Margin (% of net sales) 15.6 % 15.4 % 9.0 % 14.1 % 9.5 %

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions.

Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

Three-Month Period Ended Twelve-Month Period Ended

March 27,
2026 December 26,
2025 March 28,
2025 March 27,
2026 March 28,
2025

(Dollars in thousands) (Dollars in thousands)

GAAP Net (Loss) Income $ (16,436 ) $ 8,362 $ (14,738 ) $ (14,653 ) $ (72,763 )

GAAP Net (Loss) Income Margin (% of net sales) (6.8 )% 3.6 % (7.6 )% (1.6 )% (10.0 )%

Interest expense 5,136 4,910 6,874 22,135 30,366

Interest income (269 ) (114 ) (222 ) (776 ) (1,524 )

Income tax provision (benefit) 13,749 (7,868 ) (3,700 ) (248 ) (12,933 )

Depreciation & amortization 17,765 17,001 15,924 67,593 64,502

EBITDA $ 19,945 $ 22,291 $ 4,138 $ 74,051 $ 7,648

Transaction-related costs 496 36 119 663 5,742

Impairment of assets held for sale 6,590 — — 6,590 —

Restructuring costs 4,830 5,000 8,277 16,057 15,112

Stock-based compensation 10,647 12,820 9,616 47,910 41,867

Loss on change in fair value of forward repurchase contract — — — — 34,752

Other costs⁽¹⁾ 7,184 6,037 6,301 24,796 7,911

Adjusted EBITDA $ 49,692 $ 46,184 $ 28,451 $ 170,067 $ 113,032

Adjusted EBITDA Margin (% of net sales) 20.4 % 20.1 % 14.8 % 19.1 % 15.6 %

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.

Reconciliation of Non-GAAP Profit before Tax

Three-Month Period Ended Twelve-Month Period Ended

March 27,
2026 December 26,
2025 March 28,
2025 March 27,
2026 March 28,
2025

(Dollars in thousands) (Dollars in thousands)

GAAP (Loss) Income before Income Taxes $ (2,687 ) $ 494 $ (18,438 ) $ (14,901 ) $ (85,696 )

Transaction-related costs 496 36 119 663 5,742

Transaction-related interest 225 225 272 1,955 1,314

Impairment of assets held for sale 6,590 — — 6,590 —

Purchased intangible amortization 5,653 5,629 5,492 22,542 21,722

Restructuring costs 5,074 5,354 8,482 17,184 15,317

Stock-based compensation 10,647 12,820 9,616 47,910 41,867

Loss on change in fair value of forward repurchase contract — — — — 34,752

Other costs⁽¹⁾ 7,718 6,422 6,689 25,715 12,351

Total Non-GAAP Adjustments $ 36,403 $ 30,486 $ 30,670 $ 122,559 $ 133,065

Non-GAAP Profit before Tax $ 33,716 $ 30,980 $ 12,232 $ 107,658 $ 47,369

(1) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure such as project evaluation costs, which consist of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions and income (loss) in earnings of equity investments.

Reconciliation of Non-GAAP Income Tax Provision (Benefit) and Non-GAAP Effective Tax Rate

Three-Month Period Ended Twelve-Month Period Ended

March 27,
2026 December 26,
2025 March 28,
2025 March 27,
2026 March 28,
2025

(Dollars in thousands) (Dollars in thousands)

GAAP Income Tax Provision (Benefit) $ 13,749 $ (7,868 ) $ (3,700 ) $ (248 ) $ (12,933 )

GAAP effective tax rate (511.7 )% (1,592.7 )% 20.1 % 1.7 % 15.1 %

Tax effect of adjustments to GAAP results (11,642 ) 10,002 4,126 7,610 14,200

Non-GAAP Income Tax Provision $ 2,107 $ 2,134 $ 426 $ 7,362 $ 1,267

Non-GAAP effective tax rate 6.2 % 6.9 % 3.5 % 6.8 % 2.7 %

Reconciliation of Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. and Non-GAAP Earnings per Share

Three-Month Period Ended Twelve-Month Period Ended

March 27,
2026 December 26,
2025 March 28,
2025 March 27,
2026 March 28,
2025

(Dollars in thousands) (Dollars in thousands)

GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc.
⁽¹⁾ $ (16,488 ) $ 8,299 $ (14,800 ) $ (14,897 ) $ (73,010 )

GAAP Basic weighted average common shares 185,309,271 185,172,199 184,169,928 185,035,670 187,707,391

GAAP Diluted weighted average common shares 185,309,271 186,208,258 184,169,928 185,035,670 187,707,391

GAAP Basic (Loss) Income per Share $ (0.09 ) $ 0.04 $ (0.08 ) $ (0.08 ) $ (0.39 )

GAAP Diluted (Loss) Income per Share $ (0.09 ) $ 0.04 $ (0.08 ) $ (0.08 ) $ (0.39 )

Transaction-related costs 496 36 119 663 5,742

Transaction-related interest 225 225 272 1,955 1,314

Impairment of assets held for sale 6,590 — — 6,590 —

Purchased intangible amortization 5,653 5,629 5,492 22,542 21,722

Restructuring costs 5,074 5,354 8,482 17,184 15,317

Stock-based compensation 10,647 12,820 9,616 47,910 41,867

Loss on change in fair value of forward repurchase contract — — — — 34,752

Other costs⁽²⁾ 7,718 6,422 6,689 25,715 12,351

Total Non-GAAP Adjustments 36,403 30,486 30,670 122,559 133,065

Tax effect of adjustments to GAAP results⁽³⁾ 11,642 (10,002 ) (4,126 ) (7,610 ) (14,200 )

Non-GAAP Net Income Attributable to Allegro MicroSystems, Inc. $ 31,557 $ 28,783 $ 11,744 $ 100,052 $ 45,855

Basic weighted average common shares 185,309,271 185,172,199 184,169,928 185,035,670 187,707,391

Diluted weighted average common shares 187,134,641 186,208,258 185,247,919 186,318,359 188,629,402

Non-GAAP Basic Earnings per Share $ 0.17 $ 0.16 $ 0.06 $ 0.54 $ 0.24

Non-GAAP Diluted Earnings per Share $ 0.17 $ 0.15 $ 0.06 $ 0.54 $ 0.24

(1) GAAP Net (Loss) Income Attributable to Allegro MicroSystems, Inc. represents GAAP Net (Loss) Income adjusted for Net Income Attributable to non-controlling interests.

(2) Included in non-GAAP other costs are non-recurring charges that are individually immaterial for separate disclosure, such as project evaluation costs, which consists of costs and estimated costs incurred in connection with debt and equity financings or other non-recurring transactions, income (loss) in earnings of equity investments, and unrealized losses (gains) on investments.

(3) To calculate the tax effect of adjustments to GAAP results, the Company considers each Non-GAAP adjustment by tax jurisdiction, reverses all discrete items, non-recurring law changes to calculate an annual NG ETR. This NG ETR is then applied to Non-GAAP Profit Before Tax to arrive at the tax effect of adjustments to GAAP results.

Reconciliation of Non-GAAP Free Cash Flow and Non-GAAP Free Cash Flow as Percentage of Net Sales

Three-Month Period Ended Twelve-Month Period Ended

March 27,
2026 December 26,
2025 March 28,
2025 March 27,
2026 March 28,
2025

(Dollars in thousands) (Dollars in thousands)

GAAP Operating Cash Flow $ 35,714 $ 45,375 $ 20,353 $ 163,069 $ 61,913

GAAP Operating Cash Flow (% of net sales) 14.7 % 19.8 % 10.6 % 18.3 % 8.5 %

Non-GAAP adjustments

Purchases of property, plant and equipment (17,016 ) (4,116 ) (5,391 ) (38,176 ) (39,955 )

Non-GAAP Free Cash Flow $ 18,698 $ 41,259 $ 14,962 $ 124,893 $ 21,958

Non-GAAP Free Cash Flow (% of net sales) 7.7 % 18.0 % 7.8 % 14.0 % 3.0 %

Investor Contact:

Jalene Hoover
VP of Investor Relations & Corporate Communications
+1 (512) 751-6526
[email protected]

Posted on May 7, 2026 7:18 am
USA Rare Earth Announces Date for Release of First Quarter 2026 Results and Conference Call

STILLWATER, Okla., May 07, 2026 (GLOBE NEWSWIRE) — USA Rare Earth, Inc. (Nasdaq: USAR) (the Company), today announced that it will release financial results for the quarterly period ended March 31, 2026, after U.S. markets close on Wednesday, May 13, 2026. Additionally, the Company will host a conference call that afternoon to discuss the results and related matters.

EARNINGS RELEASE
Wednesday, May 13, 2026 (after market close)

LIVE CONFERENCE CALL
Wednesday, May 13, 2026, at 5 p.m. ET
US/Canada Toll-Free: +1 (833) 890-8030
International: +1 (412) 564-6268

CONFERENCE CALL REPLAY
Expiration: June 13, 2026
US/Canada Toll-Free: +1 (855) 669-9658
International Toll: +1 (412) 317-0088
Access code: 3072046

Investors may also access the live call and the replay over the internet on the “Events” page of the Company’s investor website located at www.usare.com or at https://event.choruscall.com/mediaframe/webcast.html?webcastid=c1UqC8rH.

For more information, please visit USARE.com.

About USA Rare Earth

USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its development of magnet manufacturing capacity in Stillwater, Oklahoma, the Pela Ema mine in Brazil (subject to closing the SVG transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and industrial sectors.

For more information, visit www.usare.com.

Investor Relations Contact

J.B. Lowe, CFA
VP, Head of Investor Relations
[email protected]

Media Relations Contact

Collected Strategies
Dan Moore / Scott Bisang
[email protected]

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