1. "DowDuPont Announces $3.3B Restructuring Plan to Cut Costs" - The Motley Fool, 2020 2. "Restructuring: What it is and How It's Used" - Investopedia, 2019 3. "The Basics of Corporate Restructuring" - The Balance, 2020 4. "The Impact of Corporate Restructuring on Employees" - Forbes, 2020 5. "Restructuring: What it Means for Investors" - Investopedia, 2020 6. "Restructuring: What it Means for Companies" - Investopedia, 2020 7. "Restructuring: What it Means for Shareholders" - Investopedia, 2020 8. "Restructuring: What it Means for Creditors" - Investopedia, 2020 9. "Restructuring: A Guide for Investors" - The Street, 2020 10. "Restructuring: What to Expect" - Investing Answers, 2020 11. "A Guide to Corporate Restructuring" - The Wall Street Journal, 2019 12. "Video:

PYMNTS

06.05.2025

OpenAI's Scaled-Back Restructuring Keeps Nonprofit in Charge

OpenAI said its revised corporate plan leaves its nonprofit parent firmly in control of the for-profit arm behind ChatGPT.

BusinessMole

07.05.2025

Vissi Capital Initiates Strategic Push into Blockchain and Cryptocurrency Sectors - BusinessMole

Vissi Capital, a top-tier advisory firm renowned for its work in mergers, acquisitions, and financial restructuring, has unveiled its latest initiative: a…

ForexTV

07.05.2025

Magnera Reports Second Quarter Results – Provides Updated Outlook - ForexTV

Second Quarter Highlights GAAP: Net sales of $824 million, Operating income of $4 millionNon-GAAP: Adjusted EBITDA of $89 million, Post-merger adjusted free cash flow $42 millionReaffirming post-merger adjusted free cash flow range & lowering full year comparable Adjusted EBITDA range CHARLOTTE, N.C., May 07, 2025 (GLOBE NEWSWIRE) -- Magnera (NYSE: MAGN), a global leader in specialty materials for the consumer products and personal care markets, today reported financial results for its fiscal 2025 second quarter ended March 29, 2025. Curt Begle, Magnera’s CEO, commented: "This quarter underscores the resilience of our business as we navigate ongoing global economic uncertainty. Our team has transitioned from stabilizing the business through a disciplined integration plan to actively executing on identified optimization opportunities. As anticipated, our distinctive value proposition—anchored by our global market presence, broad product portfolio, and innovation capabilities—continues to drive organic growth in attractive end markets as we support our customers' evolving product requirements. In the face of uncertainties related to tariff driven demand concerns, we remain laser focused on executing our strategic priorities of integration, synergy realization, and profitable long-term growth. Our portfolio is primarily made up of products that people use every day, however we are prepared to take the appropriate operational and cost measures that align with short-term market realities. Our commitment to earnings and free cash flow stability will ultimately increase long-term shareholder value.” Key Financials March QuarterMarch YTDGAAP results2025202420252024Net sales$824$558$1,526$1,077Operating income421(18)9 March QuarterReportedComparable(1)March YTDReportedComparable(1)Adjusted non-GAAP results 2025 2024Δ%Δ% 2025 2024Δ%Δ%Net sales$824$55848%(4%)$1,526$1,07742%(3%)Adjusted EBITDA(1) 89 7617%(8%) 173 14222%(2%) (1) Adjusted non-GAAP results exclude items not considered to be ongoing operations. In addition, comparable change % normalizes the impacts of foreign currency and the recent merger with GLT. Further details related to non-GAAP measures and reconciliations can be found under our “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release. Dollars in millions Consolidated Overview The net sales increase of 48% included revenue from the Glatfelter merger of $311 million partially offset by a $26 million unfavorable impact from foreign currency changes, decreased selling prices of $14 million and a 1% decline in volume. The adjusted EBITDA increase of 17% included a contribution from the Glatfelter merger of $18 million partially offset by a $3 million unfavorable impact from foreign currency changes and unfavorable impact from price/cost spread of $3 million. The contributed Glatfelter EBITDA represents a $6 million decline compared to prior year primarily as the result of higher energy costs in Europe. Americas The net sales increase in the Americas segment included revenue from the Glatfelter merger of $124 million partially offset by a $15 million unfavorable impact from foreign currency changes and decreased selling prices of $12 million. The adjusted EBITDA increase included a contribution from the Glatfelter merger of $10 million partially offset by unfavorable impact from price cost spread of $3 million and a $2 million unfavorable impact from foreign currency changes in our South America businesses. Rest of World The net sales increase in the Rest of World segment included revenue from the Glatfelter merger of $187 million partially offset by a $11 million unfavorable impact from foreign currency changes and a 3% volume decline. The adjusted EBITDA increase included a contribution from the Glatfelter merger of $8 million which was down $6 million compared to prior year primarily as the result of higher energy costs in Europe. Free Cash Flow and Net Debt Magnera is committed to strengthening our credit metrics by paying down debt in the near term. (in millions)March QuarterMarch YTDCash flow from operating activities$65 $7 Pre-merger cash flow from operating activities - 90 Additions to property, plant and equipment, net (23) (39) Post-merger adjusted free cash flow(1)$42 $58 (1) Further details related to non-GAAP measures and reconciliations can be found under our “Reconciliation of Non-GAAP Financial Measures and Estimates” section or in reconciliation tables in this release. (in millions)March 29, 2025 Term Loan$783 4.75% First Priority Senior Secured Notes 500 7.25% First Priority Senior Secured Notes 800 Debt discount, deferred fees and other (net) (85) Total debt$1,998 Cash and cash equivalents 282 Total net debt$1,716 Leverage3.9x Fiscal Year 2025 Guidance Full year comparable adjusted EBITDA of $360 - $380 million Post-merger adjusted free cash flow of $75 - $95 million Investor Conference Call The Company will host a conference call today, May 7, 2025, at 10:00 a.m. U.S. Eastern Time to discuss our March 2025 quarter results. The webcast can be accessed here. A replay of the webcast will be available via the same link on our website after the completion of the call. By TelephoneParticipants may register for the call here now or any time up to and during the time of the call and will immediately receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 15 minutes prior to the start of the event. About Magnera Magnera Corporation (NYSE: MAGN) serves 1,000+ customers worldwide, offering a wide range of material solutions, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry. Operating across 46 global facilities, Magnera is supported by over 9,000 employees. Magnera’s purpose is to better the world with new possibilities made real. For more than 160 years, the company has delivered the material solutions their partners need to thrive. Through economic upheaval, global pandemics and changing end-user needs, we have consistently found ways to solve problems and exceed expectations. The distinct scale and comprehensive portfolio of products brings customers more materials and choices. Magnera builds personal partnerships that withstand an ever-changing world. Visit magnera.com for more information and follow @MagneraCorporation on social platforms. Non-GAAP Financial Measures and EstimatesThis press release includes non-GAAP financial measures including, but not limited to, Adjusted EBITDA, free cash flow, and comparable basis net sales and adjusted EBITDA. A reconciliation of these non-GAAP financial measures to comparable measures determined in accordance with accounting principles generally accepted in the United States of America (GAAP) is set forth at the end of this press release. Information reconciling forward-looking adjusted EBITDA and adjusted free cash flow are not provided because such information is not available without unreasonable effort due to high variability, complexity, and low visibility with respect to certain items, including debt refinancing activity or other non-comparable items. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with U.S. GAAP. Forward Looking Statements Information included or incorporated by reference in Magnera Corporation’s filings with the U.S. Securities and Exchange Commission (the “SEC”) and press releases or other public statements contains or may contain “forward-looking” statements within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such “forward-looking” statements include, but are not limited to, statements with respect to our financial condition, results of operations and business, our expectations or beliefs concerning future events, statements about the benefits of the transaction between Glatfelter Corporation and Berry Global Group, Inc., including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “outlook,” “anticipates” or “looking forward” or similar expressions that relate to our strategy, plans, intentions, or expectations. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are based upon the current beliefs and expectations of the management of Magnera and are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. These risks and other risk factors are detailed from time to time in Magnera’s reports filed with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, including our Form 8-K/A filed on January 31, 2025, and other documents filed with the SEC. These risk factors may not contain all of the material factors that are important to you. New factors may emerge from time to time, and it is not possible to either predict new factors or assess the potential effect of any such new factors. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available as of the date hereof. All forward-looking statements are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Consolidated and Combined Statements of Income (Unaudited) Quarterly Period Ended Two Quarterly Periods Ended(in millions, except per share amounts)March 29, 2025March 30, 2024 March 29, 2025March 30, 2024 Net sales$824 $558 $1,526 $1,077 Cost of goods sold 736 488 1,367 965 Selling, general and administrative 47 28 91 56 Amortization of intangibles 14 12 28 24 Transaction and other activities 23 4 55 14 Corporate expense allocation - 5 3 9 Operating income (loss) 4 21 (18) 9 Other expense (income) 5 1 26 (1) Interest expense 39 2 65 2 Income (loss) before income taxes (40) 18 (109) 8 Income tax (benefit) expense 1 4 (8) 2 Net income (loss)$(41) $14 $(101) $6 Basic and diluted net income per share$(1.15) $0.44 $(2.85) $0.19 Outstanding weighted average shares Basic and diluted 35.6 31.8 35.5 31.8 Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) Two Quarterly Periods Ended(in millions)March 29, 2025 March 30, 2024Net cash from (used in) operating activities$7 $(7) Cash flows from investing activities: Additions to property, plant, and equipment, net (39) (41) Cash acquired from GLT acquisition 37 - Other investing activities 22 28 Net cash from (used in) investing activities 20 (13) Cash flows from financing activities: Repayments on long-term borrowings 1,556 - Proceeds from long-term borrowings (432) (1) Transfers from Berry, net 34 8 Cash distribution to Berry (1,111) - Debt fees and other, net (15) - Net cash from financing activities 32 7 Effect of currency translation on cash (7) 2 Net change in cash and cash equivalents 52 (11) Cash and cash equivalents at beginning of period 230 185 Cash and cash equivalents at end of period$282 $174 Condensed Consolidated Balance Sheets (Unaudited) (in millions of USD)March 29, 2025 September 28, 2024Cash and cash equivalents$ 282 $ 230Accounts receivable 492 359Inventories 508 259Other current assets 146 38Property, plant, and equipment 1,519 949Goodwill, intangible assets, and other long-term assets 1,114 972Total assets$ 4,061 $2,807Current liabilities, excluding current debt 588 457Current and long-term debt 1,998 -Other long-term liabilities 382 211Stockholders’ equity 1,093 2,139Total liabilities and stockholders' equity$ 4,061 $2,807 Reconciliation of Non-GAAP Measures and Estimates(in millions of dollars) Reconciliation of Net sales and Adjusted EBITDA on a supplemental comparable basis by segment Quarterly Period ended March 29, 2025Quarterly Period ended March 30, 2024 AmericasRest of WorldTotalAmericasRest of WorldTotal Net sales$ 473$ 351$ 824$375$183$558 Constant FX rates (15)(11) (26) GLT prior year 126201 327 Comparable net sales (1)(6)$ 473$ 351$ 824$486$373$859 Operating Income$ 8$ (4)$ 4$20$1$21 Depreciation and amortization 39 19 58 311344 Transaction, business consolidation and other activities (2) 14 5 19314 GAAP carve-out allocation (3) - - - 5 -5 Other non-cash charges (5) 3 5 8 -2 2 Adjusted EBITDA (1)$ 64$ 25$ 89$59$17$76 Constant FX rates (2)(1) (3) GLT prior year 10 14 24 Comparable Adjusted EBITDA (1)(6)$ 64$ 25$ 89$67$30$97 % vs. prior year comparable (4%) (17%) (8%) Two Quarterly Periods ended March 29, 2025Two Quarterly Periods ended March 30, 2024 AmericasRest of World TotalAmericasRest of WorldTotalLTMNet sales$ 893$ 633$ 1,526$723$354$1,077 Constant FX rates (28)(12)(40) GLT prior year 202 336 538 Comparable net sales (1)(6)$ 893$ 633$ 1,526$897$678$1,575 Operating Income$ 1$ (19)$ (18)$17$(8)$9$(168)Depreciation and amortization 72 39 111 61 27 88197Transaction, business consolidation and other activities (2) 34 17 51 68 1468Impact from hyperinflation - - -15 -15-Goodwill impairment - - ----172GAAP carve-out allocation (3) 2 1 3 81 9 15Other non-cash charges (4)(5) 11 15 26 347 30Adjusted EBITDA (1)$ 120$ 53$ 173$110$32$142$312Constant FX rates (6) (1)(7) GLT prior year 1527 41 Comparable Adjusted EBITDA (1)(6)$ 120$ 53$ 173$119$58$177 % vs. prior year comparable 0% (9%) (2%) PF GLT Adjusted EBITDA 8 859Synergies and cost reductions 65PF Adjusted EBITDA $436 Guidance Fiscal 2025 Adjusted EBITDAFiscal 2025 Midpoint Cash flow from operating activities$60-$80 Adjusted EBITDA$362 Pre-merger cash flow from operating activities (7)90 GLT Pro forma8 Additions to PPE (net)(75) Full Year Comparable Adjusted EBITDA$370 Post-merger adjusted free cash flow(1)$75 - $95 (1) Supplemental financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures should not be considered as alternatives to operating or net income or cash flows from operating activities, in each case determined in accordance with GAAP. Comparable basis measures exclude the impact of currency translation effects and acquisitions. These non-GAAP financial measures may be calculated differently by other companies, including other companies in our industry, limiting their usefulness as comparative measures. Management believes that Adjusted EBITDA and other non-GAAP financial measures are useful to our investors because they allow for a better period-over-period comparison of operating results by removing the impact of items that, in management’s view, do not reflect our core operating performance. We define “Post-merger free cash flow” as cash flow from operating activities, less pre-merger free cash flow, less net additions to property, plant, and equipment. We believe free cash flow is useful to an investor in evaluating our liquidity because free cash flow and similar measures are widely used by investors, securities analysts, and other interested parties in our industry to measure a company’s liquidity. We believe post-merger free cash flow is also useful to an investor in evaluating our liquidity as it can assist in assessing a company’s ability to fund its growth through its generation of cash and as pre-merger cash flow is not indicative of our current structure and operations. We also use Adjusted EBITDA and comparable basis measures, among other measures, to evaluate management performance and in determining performance-based compensation. Adjusted EBITDA is a measure widely used by investors, securities analysts, and other interested parties in our industry to measure a company’s performance. We also believe these measures are useful to an investor in evaluating our performance without regard to revenue and expense recognition, which can vary depending upon accounting methods. (2) Includes restructuring, business optimization and other charges and YTD balance also includes $19 million of transaction compensation(3) Consists of estimated parent-allocated charges for the period prior to merger which is required by GAAP as part of the carve-out financial statement process.(4) Includes a $12 million inventory step-up charge related to GLT merger YTD and other non-cash charges.(5) Includes stock compensation expense and equipment disposals(6) The prior year comparable basis change excludes the impacts of foreign currency and acquisition/mergers.(7) Pre-merger cash flow includes cash from operations prior to the merger and cash payments burdened by the transaction. IR Contact Information Robert WeilminsterEVP, Investor Relations IR@magnera.com

Yahoo News Finance

08.05.2025

Strategic Value's Khosla Expects Higher Rate of Restructurings

Strategic Value Partners founder Victor Khosla says markets are facing a "sea change." Khosla also discusses his firm's distressed investment pipeline and the private equity industry. He speaks with Carol Massar and Romaine Bostick at the Milken Institute Global Conference in Beverly Hills, California.

ForexTV

08.05.2025

Enovis Announces First Quarter 2025 Results - ForexTV

Continued commercial momentum with first-quarter sales growth of 8% on a reported basis and strong adjusted EBITDA margin expansion First-quarter Reconstructive sales grew 11% year-over-year on a reported basis Appointed Damien McDonald as CEO, effective May 12th, 2025 Wilmington, DE, May 08, 2025 (GLOBE NEWSWIRE) -- Enovis™ Corporation (“Enovis” or “the Company”) (NYSE: ENOV), an innovation-driven medical technology growth company, today announced its financial results for the first quarter ended April 4, 2025. The Company will host an investor conference call and live webcast to discuss these results today at 8:30 am ET. First Quarter 2025 Financial Results Enovis’ first-quarter net sales of $559 million grew 8% on a reported basis and 9% (+10% xFX) on a comparable basis from the same quarter in 2024. First quarter results reflect continued execution in P&R, a rebound in growth in Recon, and accelerating momentum in new product introductions. Compared to the same quarter in 2024, net sales in Recon grew 11% on a reported and comparable basis (+13% xFX), and P&R grew 5% on a reported basis and 7% (+8% xFX) on a comparable growth basis. Enovis also reported first-quarter net loss from continuing operations of $56 million, or a loss of 10.0% of sales, and adjusted EBITDA of $99 million, or 17.7% of sales, an increase of 160 basis points versus the comparable prior-year quarter. The Company reported first-quarter 2025 net loss from continuing operations of $0.98 per share and adjusted net earnings per diluted share of $0.81. “We delivered a strong start to 2025, with first-quarter revenues and margins exceeding expectations,” said Matt Trerotola, Chief Executive Officer of Enovis. “This performance reflects the strength of our business system and the discipline of our teams as we navigate a complex global environment. As we move forward, we remain focused on driving above-market growth through disciplined execution, strategic investment, and a multi-year cadence of high-impact product launches across our portfolio.” 2025 Financial Outlook Enovis updated financial expectations for 2025. Revenue is expected to be in the range of $2.22-2.25 billion, versus prior expectations of $2.19-2.22 billion. Adjusted EBITDA is forecasted to be $385-395 million, as compared to the prior outlook of $405-415 million, and now includes $20mm of tariff related impact. Full-year adjusted earnings per share was updated from $3.10-$3.25 to $2.95-$3.10. Conference call and Webcast Investors can access the webcast via a link on the Enovis website, www.enovis.com. For those planning to participate on the call, please dial (833) 335-0887 and use access code 482081. A link to a replay of the call will also be available on the Enovis website later in the day. About Enovis Enovis Corporation (NYSE: ENOV) is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Powered by a culture of continuous improvement, global talent and innovation, the Company’s extensive range of products, services and integrated technologies fuels active lifestyles in orthopedics and beyond. The Company’s shares of common stock are listed in the United States on the New York Stock Exchange under the symbol ENOV. For more information about Enovis, please visit www.enovis.com. Availability of Information on the Enovis Website Investors and others should note that Enovis routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Enovis Investor Relations website. While not all of the information that the Company posts to the Enovis Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Enovis to review the information that it shares on ir.enovis.com. Forward-Looking Statements This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Enovis’ plans, goals, objectives, outlook, expectations and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on Enovis’ current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Enovis’ results to differ materially from current expectations include, but are not limited to, risks related to Enovis’ acquisition of Lima; the impact of public health emergencies and global pandemics; disruptions in the global economy caused by escalating geopolitical tensions including in connection with Russia’s invasion of Ukraine; macroeconomic conditions, including the impact of inflationary pressures; changes in government trade policies, including the implementation of tariffs; supply chain disruptions; increasing energy costs and availability concerns, particularly in the European market; other impacts on Enovis’ business and ability to execute business continuity plans; and the other factors detailed in Enovis’ reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K under the caption “Risk Factors,” as well as the other risks discussed in Enovis’ filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. Enovis disclaims any duty to update the information herein. Non-GAAP Financial Measures Enovis has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”). These non-GAAP financial measures may include one or more of the following: adjusted net income from continuing operations (“Adjusted net income”), Adjusted net income per diluted share, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted gross profit, Adjusted gross profit margin, Comparable sales, Comparable sales growth, and Comparable sales growth on constant currency basis. Adjusted net income and Adjusted net income per diluted share exclude restructuring and other charges, Medical Device Regulation (“MDR”) fees and other costs, strategic transaction costs, stock-based compensation, acquisition-related intangible asset amortization, strategic purchase of economic interest on future royalty payments, insurance settlement loss (gain), goodwill impairment charges, property plant and equipment step-up depreciation, and fair value charges on acquired inventory, Other (income) expense, net, and include the tax effect of adjusted pre-tax income at applicable tax rates and other tax adjustments. Enovis also presents Adjusted net income margin, which is subject to the same adjustments as Adjusted net income. Adjusted EBITDA represents Adjusted net income excluding interest, taxes, and depreciation and amortization. Enovis presents Adjusted EBITDA margin, which is subject to the same adjustments as Adjusted EBITDA. Adjusted gross profit represents gross profit excluding the fair value charges of acquired inventory, depreciation step-up of acquired fixed assets, and the impact of restructuring and other charges. Adjusted gross profit margin is subject to the same adjustments as Adjusted gross profit. Comparable sales adjusts net sales for prior periods to include the sales of acquired businesses prior to our ownership from acquisitions that closed in the periods presented and to exclude the net sales of certain non-core product lines that were divested or discontinued, as applicable, during the periods presented. Comparable sales growth represents the change in Comparable sales for the current period from Comparable sales for the prior year period. Comparable sales growth on constant currency basis represents Comparable sales growth excluding the impact of foreign exchange rate fluctuations based on prior year sales valued at the current period foreign currency rates. Comparable sales, comparable sales growth and comparative sales growth on a constant currency basis are presented for illustrative purposes only and do not and are not intended to comply with Article 11 of Regulation S-X promulgated by the SEC in respect of proforma financial information, and may differ, including materially, from proforma financial statements presented in accordance therewith. These non-GAAP financial measures assist Enovis management in comparing its operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete restructuring plans that are fundamentally different from the ongoing productivity improvements of the Company. Enovis management also believes that presenting these measures allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of non-GAAP financial measures presented above to GAAP results has been provided in the financial tables included in this press release. Enovis does not provide reconciliations of adjusted EBITDA or adjusted earnings per share on a forward-looking basis to the closest GAAP financial measures, as such information is not available without unreasonable efforts on a forward-looking basis due to uncertainties regarding, and the potential variability of, reconciling items excluded from these measures. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. Kyle RoseVice President, Investor RelationsEnovis Corporation+1-917-734-7450investorrelations@enovis.com Enovis CorporationCondensed Consolidated Statements of OperationsDollars in thousands, except per share data(Unaudited) Three Months Ended April 4, 2025 March 29, 2024Net sales $ 558,834 $ 516,266 Cost of sales 226,605 218,370 Gross profit 332,229 297,896 Gross profit margin 59.5 % 57.7 %Selling, general and administrative expense 269,019 255,691 Research and development expense 28,528 23,377 Amortization of acquired intangibles 41,812 40,931 Purchase of royalty interest 35,777 — Restructuring and other charges 3,862 12,911 Operating loss (46,769) (35,014) Operating loss margin (8.4) % (6.8) %Interest expense, net 9,188 19,996 Other expense, net 1,392 24,235 Loss from continuing operations before income taxes (57,349) (79,245) Income tax benefit (1,769) (7,404) Net loss from continuing operations (55,580) (71,841) Loss from discontinued operations, net of taxes (125) — Net loss (55,705) (71,841) Net loss margin (10.0) % (13.9) %Less: net income attributable to noncontrolling interest from continuing operations - net of taxes 261 157 Net loss attributable to Enovis Corporation $ (55,966) $ (71,998) Net income (loss) per share - basic and diluted Continuing operations $ (0.98) $ (1.32) Discontinued operations $ — $ — Consolidated operations $ (0.98) $ (1.32) Enovis CorporationReconciliation of GAAP to Non-GAAP Financial MeasuresDollars in millions, except per share data(Unaudited) Three Months Ended April 4, 2025 March 29, 2024Adjusted Net Income and Adjusted Net Income Per Share Net loss from continuing operations attributable to Enovis Corporation(1) (GAAP)$ (55.8) $ (72.0) Restructuring and other charges - pretax(2) 3.9 12.9 MDR and other costs - pretax(3) 3.2 4.9 Amortization of acquired intangibles - pretax 41.8 40.9 Inventory step-up and PPE step-up depreciation - pretax(4) 12.7 5.1 Strategic transaction costs - pretax(5) 12.1 20.8 Purchase of royalty interest(6) 35.8 — Stock-based compensation 7.4 6.4 Other (income) expense, net(7) 1.4 24.2 Tax adjustment(8) (16.0) (15.6) Adjusted net income from continuing operations (non-GAAP)$ 46.5 $ 27.7 Adjusted net income margin from continuing operations 8.3 % 5.4 % Weighted-average shares outstanding - diluted (GAAP) 56,792 54,687 Net loss per share - diluted from continuing operations (GAAP)$ (0.98) $ (1.32) Adjusted weighted-average shares outstanding - diluted (non-GAAP) 57,374 55,273 Adjusted net income per share - diluted from continuing operations (non-GAAP)$ 0.81 $ 0.50 __________(1) Net loss from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net loss from continuing operations less the continuing operations component of the income attributable to noncontrolling interest, net of taxes.(2) Restructuring and other charges includes an immaterial expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the three months ended April 4, 2025.(3) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union MDR. These costs are classified as Selling, general and administrative expense on our Condensed Consolidated Statements of Operations.(4) Includes $12.1 million in inventory step-up charges and $0.6 million in PPE step-up depreciation in connection with acquired businesses for the three months ended April 4, 2025. Includes $5.1 million in inventory step-up charges in connection with acquired businesses for the three months ended March 29, 2024.(5) Strategic transaction costs includes integration costs related to recent acquisitions and Separation-related costs.(6) In the first quarter of 2025, we completed strategic purchases of economic interest on future royalty payments in our intellectual property (“royalty interest”) for a fixed price of $43.8 million, which will be paid over seven years. We accrued a liability and recognized a $35.8 million charge for the net present value of the purchases.(7) Other (income) expense, net primarily includes the fair value gain on Contingent Acquisition shares, partially offset by the first quarter of 2024 loss on the non-designated forward currency hedge for managing exchange rate risk related to the Euro-denominated purchase price of the Lima Acquisition.(8) The effective tax rates used to calculate adjusted net income and adjusted net income per share were 23.4% for the three months ended April 4, 2025, respectively, and 22.7% for the three months ended March 29, 2024, respectively. Enovis CorporationReconciliation of GAAP to Non-GAAP Financial MeasuresDollars in millions(Unaudited) Three Months Ended April 4, 2025 March 29, 2024 (Dollars in millions)Net loss from continuing operations (GAAP)$ (55.6) $ (71.8) Income tax benefit (1.8) (7.4) Other (income) expense, net 1.4 24.2 Interest expense, net 9.2 20.0 Operating loss (GAAP) (46.8) (35.0) Adjusted to add: Restructuring and other charges(1) 3.9 12.9 MDR and other costs(2) 3.2 4.9 Strategic transaction costs(3) 12.1 20.8 Stock-based compensation 7.4 6.4 Depreciation and other amortization 29.6 27.2 Amortization of acquired intangibles 41.8 40.9 Purchase of royalty interest(4) 35.8 — Inventory step-up 12.1 5.1 Adjusted EBITDA (non-GAAP)$ 99.2 $ 83.2 Adjusted EBITDA margin (non-GAAP) 17.7 % 16.1 % __________(1) Restructuring and other charges includes an immaterial expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the three months ended April 4, 2025.(2) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union MDR. These costs are classified as Selling, general and administrative expense on our Condensed Consolidated Statements of Operations.(3) Strategic transaction costs includes integration costs related to recent acquisitions and Separation-related costs.(4) In the first quarter of 2025, we completed strategic purchases of economic interest on future royalty payments in our intellectual property (“royalty interest”) for a fixed price of $43.8 million, which will be paid over seven years. We accrued a liability and recognized a $35.8 million charge for the net present value of the purchases. Enovis CorporationReconciliation of Gross Margin (GAAP) to Adjusted Gross Margin (non-GAAP)Dollars in millions(Unaudited) Three Months Ended April 4, 2025 March 29, 2024Net sales$ 558.8 $ 516.3 Gross profit$ 332.2 $ 297.9 Gross profit margin (GAAP) 59.4 % 57.7 % Gross profit (GAAP)$ 332.2 $ 297.9 Inventory step-up and PPE step-up depreciation 12.7 5.1 Adjusted gross profit (Non-GAAP)$ 344.9 $ 303.0 Adjusted gross profit margin (Non-GAAP) 61.7 % 58.7 % Enovis CorporationCondensed Consolidated Balance SheetsDollars in thousands, except share amounts(Unaudited) April 4, 2025 December 31, 2024ASSETS CURRENT ASSETS: Cash and cash equivalents$ 38,460 $ 48,167 Trade receivables, less allowance for credit losses of $26,846 and $24,466 435,618 407,031 Inventories, net 585,911 547,120 Prepaid expenses 42,494 36,246 Other current assets 115,698 107,882 Total current assets 1,218,181 1,146,446 Property, plant and equipment, net 426,288 404,500 Goodwill 1,733,334 1,692,709 Intangible assets, net 1,344,547 1,317,429 Lease asset - right of use 65,949 68,915 Other assets 86,735 88,778 Total assets$ 4,875,034 $ 4,718,777 LIABILITIES AND EQUITY CURRENT LIABILITIES: Current portion of long-term debt$ 20,028 $ 20,027 Accounts payable 188,149 179,098 Accrued liabilities 269,246 329,873 Total current liabilities 477,423 528,998 Long-term debt, less current portion 1,367,537 1,309,473 Non-current lease liability 49,161 52,461 Other liabilities 360,695 263,516 Total liabilities 2,254,816 2,154,448 Equity: Common stock, $0.001 par value; 133,333,333 shares authorized; 57,118,641 and 55,876,517 shares issued and outstanding as of April 4, 2025 and December 31, 2024, respectively 57 56 Additional paid-in capital 3,021,690 2,973,121 Accumulated deficit (338,989) (283,023)Accumulated other comprehensive loss (64,990) (127,892)Total Enovis Corporation equity 2,617,768 2,562,262 Noncontrolling interest 2,450 2,067 Total equity 2,620,218 2,564,329 Total liabilities and equity$ 4,875,034 $ 4,718,777 Enovis CorporationCondensed Consolidated Statements of Cash FlowsDollars in thousands(Unaudited) Three Months Ended April 4, 2025 March 29, 2024 Cash flows from operating activities: Net loss$ (55,705) $ (71,841)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 71,435 73,404 Stock-based compensation expense 7,407 6,431 Non-cash interest expense 1,348 1,245 Fair value loss on contingent acquisition shares 1,787 13,443 Loss on currency hedges — 11,123 Deferred income tax benefit (1,769) (9,966)(Gain) loss on sale of property, plant and equipment (527) 265 Changes in operating assets and liabilities: Trade receivables, net (15,977) (12,009)Inventories, net (23,295) (11,051)Accounts payable 4,189 (11,752)Other operating assets and liabilities 9,511 (25,448)Net cash used in operating activities (1,596) (36,156)Cash flows from investing activities: Purchases of property, plant and equipment and intangibles (43,262) (36,928)Payments for acquisitions, net of cash received, and investments (18,858) (760,914)Cash received upon settlement of derivatives 1,601 — Net cash used in investing activities (60,519) (797,842)Cash flows from financing activities: Proceeds from borrowings on term credit facility — 400,000 Repayments of borrowings under term credit facility (5,000) (5,000)Proceeds from borrowings on revolving credit facilities and other 72,000 480,000 Repayments of borrowings on revolving credit facilities and other (10,438) (1,956)Payment of debt issuance costs — (703)Payments of tax withholding for stock-based awards (3,447) (4,772)Proceeds from issuance of common stock, net 341 871 Deferred consideration payments and other (2,265) (3,900)Net cash provided by financing activities 51,191 864,540 Effect of foreign exchange rates on Cash and cash equivalents 1,217 (828)Increase (decrease) in Cash and cash equivalents (9,707) 29,714 Cash and cash equivalents, beginning of period 48,167 44,832 Cash and cash equivalents, end of period$ 38,460 $ 74,546 Supplemental disclosures: Fair value of contingently issuable shares in business acquisition$ — $ 107,877 Enovis CorporationGAAP and Comparable Net SalesChange in SalesDollars in millions(Unaudited) Three Months Ended April 4, 2025 March 29, 2024 Growth Rate GAAP (In millions)Prevention & Recovery: U.S. Bracing & Support$ 115.1 $ 104.6 10.1 %U.S. Other P&R 66.6 66.4 0.4 %International P&R 90.9 88.1 3.2 %Total Prevention & Recovery 272.6 259.0 5.2 % Reconstructive: U.S. Reconstructive 137.9 123.7 11.4 %International Reconstructive 148.4 133.5 11.1 %Total Reconstructive 286.3 257.3 11.3 % Total$ 558.8 $ 516.3 8.2 % Three Months Ended April 4, 2025 March 29, 2024 Growth Rate Constant Currency Growth Rate (2) Comparable Sales (1) (In millions)Prevention & Recovery: U.S. Bracing & Support$ 115.1 $ 104.6 10.1 % 10.1 %U.S. Other P&R 66.6 63.6 4.7 % 4.7 %International P&R 90.9 86.5 5.1 % 7.6 %Total Prevention & Recovery 272.6 254.7 7.0 % 7.9 % Reconstructive: U.S. Reconstructive 137.9 123.7 11.4 % 11.4 %International Reconstructive 148.4 133.0 11.5 % 14.4 %Total Reconstructive 286.3 256.8 11.5 % 13.0 % Total$ 558.8 $ 511.4 9.3 % 10.4 % (1) Comparable sales adjusts net sales for prior periods to include the sales of acquired businesses prior to our ownership from acquisitions that closed after March 31, 2024 and to exclude the sales of certain non-core product lines that were divested or discontinued, as applicable, during the periods presented. There were no acquired business adjustments in the periods presented. (2) Comparable sales growth on a constant currency basis represents Comparable sales growth excluding the impact of foreign exchange rate fluctuations based on prior year sales valued at the current period foreign currency rates.

ForexTV

08.05.2025

Dentsply Sirona Reports First Quarter 2025 Results - ForexTV

Net sales of $879 million decreased (7.7%), organic sales decreased (4.4%) including a (4.0%) Byte sales impactGAAP gross margin of 53.0%, GAAP net income of $20 million or $0.10 per shareAdjusted gross margin of 56.3%, adjusted EBITDA margin of 19.0%, adjusted EPS of $0.43Maintaining FY25 outlook for organic sales and adjusted EPS; increasing reported sales due to F/X changes CHARLOTTE, N.C., May 08, 2025 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. ("Dentsply Sirona" or the "Company") (Nasdaq: XRAY) today announced its financial results for the first quarter of 2025. First quarter net sales of $879 million decreased (7.7%) (organic sales decreased (4.4%)) compared to the first quarter of 2024. Foreign currency changes negatively impacted first quarter 2025 net sales by approximately ($30) million. Net income was $20 million, or $0.10 per share, compared to a net income of $18 million, or $0.09 per share in the first quarter of 2024. Adjusted earnings per diluted share were $0.43, compared to $0.42 in the first quarter of 2024. A reconciliation of Non-GAAP measures (including organic sales, adjusted EBITDA and margin, adjusted EPS, adjusted free cash flow conversion, and segment adjusted operating income) to GAAP measures is provided below. "In the first quarter, organic sales were roughly flat excluding the Byte sales impact, with growth in two of our three regions. Adjusted EBITDA margin expanded which primarily reflects the benefits from our transformational initiatives and internal financial discipline. We are delivering progress through customer-centric innovation, customer experience improvements, and operational efficiency, while operating in an increasingly uncertain macroeconomic environment," said Simon Campion, President and Chief Executive Officer. "Looking forward, we are maintaining our outlook for organic sales and adjusted EPS and will continue to focus on improving what is within our control to deliver sustainable long-term performance." Q1 25 Summary Results (GAAP) (in millions, except per share amount and percentages) Q1 25Q1 24YoY Net Sales $879$953(7.7%)Gross Profit $466$506(7.9%)Gross Margin 53.0%53.1% Net Income Attributable to Dentsply Sirona $20$18NMDiluted Earnings Per Share $0.10$0.09NM Q1 25 Summary Results (Non-GAAP)[1] (in millions, except per share amount and percentages) Q1 25Q1 24YoY Net Sales $879$953(7.7%)Organic Sales Growth % (4.4%)Adjusted Gross Profit $495$540(8.3%)Adjusted Gross Margin 56.3%56.6% Adjusted EBITDA $168$1604.2%Adjusted EBITDA Margin 19.0%16.8% Adjusted EPS $0.43$0.423.7% NM - not meaningfulPercentages are based on actual values and may not reconcile due to rounding.[1] Organic sales growth, adjusted gross profit, adjusted EBITDA, and adjusted EPS are Non-GAAP financial measures which exclude certain items. Please refer to "Non-GAAP Financial Measures" below for a description of these measures and to the tables at the end of this release for a reconciliation between GAAP and Non-GAAP measures. Q1 25 Segment Results Net Sales Growth % Organic Sales Growth % Connected Technology Solutions (4.7%) (0.5%)Essential Dental Solutions (2.7%) 0.4%Orthodontic and Implant Solutions (20.0%) (17.7%)Wellspect Healthcare 3.4% 8.0%Total (7.7%) (4.4%) Q1 25 Geographic Results Net Sales Growth % Organic Sales Growth % United States (15.2%) (14.9%)Europe (3.4%) 1.1%Rest of World (2.8%) 3.1%Total (7.7%) (4.4%) Cash Flow and Liquidity Operating cash flow in the first quarter of 2025 was $7 million, compared to $25 million in the first quarter of 2024, primarily due to the unfavorable timing of collections on accounts receivable and a build of inventory during the quarter. In the first quarter of 2025, the Company paid $32 million in dividends. The Company had $398 million of cash and cash equivalents as of March 31, 2025. 2025 Outlook The Company is maintaining its 2025 outlook for organic sales in the range of down (4.0%) to (2.0%), and adjusted EPS in the range of $1.80 to $2.00. The Company is increasing its expected reported sales to a new range of $3.60 billion to $3.70 billion due to changes in foreign exchange rates. This outlook reflects the current state of tariffs and trade policy. Other 2025 outlook assumptions are included in the first quarter 2025 earnings presentation posted on the Investors section of the Dentsply Sirona website at https://investor.dentsplysirona.com. The Company does not provide forward-looking estimates on a GAAP basis as certain information, which may include, but is not limited to, restructuring charges, transformation-related costs, impairment charges, certain tax adjustments, and other significant items, is not available without unreasonable effort and cannot be reasonably estimated. The exact amounts of these charges or credits are not currently determinable but may be significant. Conference Call/Webcast InformationDentsply Sirona’s management team will host an investor conference call and live webcast on May 8th, 2025, at 8:30 am ET. A live webcast of the investor conference call and a presentation related to the call will be available on the Investors section of the Company’s website at https://investor.dentsplysirona.com. For those planning to participate on the call, please register at https://register-conf.media-server.com/register/BIb73584ce1e6f4d81b57af1bfbeec6816. A webcast replay of the conference call will be available on the Investors section of the Company’s website following the call. About Dentsply SironaDentsply Sirona is the world’s largest diversified manufacturer of professional dental products and technologies, with over a century of innovation and service to the dental industry and patients worldwide. Dentsply Sirona develops, manufactures, and markets a comprehensive solutions offering including dental and oral health products as well as other consumable medical devices under a strong portfolio of world-class brands. Dentsply Sirona’s innovative products provide, high-quality, effective and connected solutions to advance patient care and deliver better and safer dental care. Dentsply Sirona’s headquarters is located in Charlotte, North Carolina. The Company’s shares are listed in the United States on Nasdaq under the symbol XRAY. Visit www.dentsplysirona.com for more information about Dentsply Sirona and its products. Contact Information:Investors:Andrea DaleyVice President, Investor Relations+1-704-591-8631InvestorRelations@dentsplysirona.com Press:Marion Par-WeixlbergerVice President, Public Relations & Corporate Communications+43 676 848414588marion.par-weixlberger@dentsplysirona.com Forward-Looking Statements and Associated Risks All statements in this Press Release that do not directly and exclusively relate to historical facts constitute "forward-looking statements." Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control, including those described in Part I, Item 1A, "Risk Factors" of the Company's most recent Annual Report on Form 10-K, and any updating information or other factors which may be described in the Company’s other filings with the Securities and Exchange Commission (the "SEC"). No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this Press Release or to reflect the occurrence of unanticipated events. Investors should understand it is not possible to predict or identify all such factors or risks. As such, you should not consider the risks identified in the Company’s SEC filings to be a complete discussion of all potential risks or uncertainties associated with an investment in the Company. DENTSPLY SIRONA INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per share amounts)(unaudited) Three Months Ended March 31, 2025 2024 Net sales$879 $953 Cost of products sold 413 447 Gross profit 466 506 Selling, general, and administrative expenses 358 415 Research and development expenses 36 42 Intangible asset impairments — 6 Restructuring and other costs 9 1 Operating income 63 42 Other income and expenses: Interest expense, net 19 18 Other (income) expense, net — (7) Income before income taxes 44 31 Provision for income taxes 25 14 Net income 19 17 Less: Net loss attributable to noncontrolling interest (1) (1) Net income attributable to Dentsply Sirona$20 $18 Earnings per common share attributable to Dentsply Sirona: Basic$0.10 $0.09 Diluted$0.10 $0.09 Weighted average common shares outstanding: Basic 199.1 207.4 Diluted 199.8 208.5 DENTSPLY SIRONA INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in millions, except share and per share amounts)(unaudited) March 31, 2025 December 31, 2024 Assets Current Assets: Cash and cash equivalents$398 $272Accounts and notes receivable-trade, net 604 556Inventories, net 612 564Prepaid expenses and other current assets 364 354Total Current Assets 1,978 1,746 Property, plant, and equipment, net 791 766Operating lease right-of-use assets, net 133 136Identifiable intangible assets, net 1,212 1,207Goodwill 1,632 1,597Other noncurrent assets 304 301Total Assets$6,050 $5,753 Liabilities and Equity Current Liabilities: Accounts payable$276 $241Accrued liabilities 738 754Income taxes payable 37 45Notes payable and current portion of long-term debt 742 549Total Current Liabilities 1,793 1,589 Long-term debt 1,593 1,586Operating lease liabilities 88 91Deferred income taxes 134 129Other noncurrent liabilities 432 415Total Liabilities 4,040 3,810 Total Equity 2,010 1,943 Total Liabilities and Equity$6,050 $5,753 DENTSPLY SIRONA INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)(unaudited) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net income$19 $17 Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 34 32 Amortization of intangible assets 45 54 Indefinite-lived intangible asset impairment — 6 Deferred income taxes 1 (9)Stock-based compensation expense 10 11 Other non-cash expense 9 19 Changes in operating assets and liabilities: Accounts and notes receivable-trade, net (31) 27 Inventories, net (26) (5)Prepaid expenses and other current assets (1) (28)Other noncurrent assets 4 (6)Accounts payable 14 (28)Accrued liabilities (44) (50)Income taxes (12) (2)Other noncurrent liabilities (15) (13)Net cash provided by operating activities 7 25 Cash flows from investing activities: Capital expenditures (19) (34)Cash received on derivative contracts 1 — Cash paid on derivative contracts — (9)Proceeds from sale of property, plant, and equipment 1 — Net cash used in investing activities (17) (43) Cash flows from financing activities: (Repayments) proceeds on short-term borrowings, net (272) 23 Proceeds from 364-day bridge loan 435 — Cash dividends paid (32) (29)Repayments on long-term borrowings (2) (3)Cash paid for deferred financing costs (3) — Other financing activities, net (3) (5)Net cash provided by (used in) financing activities 123 (14)Effect of exchange rate changes on cash and cash equivalents 13 (11)Net increase (decrease) in cash and cash equivalents 126 (43)Cash and cash equivalents at beginning of period 272 334 Cash and cash equivalents at end of period$398 $291 Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized$13 $15 Non-cash investing activities: Property, plant and equipment in accounts payable at end of period$22 $24 Exchange of inventory for naming and other rights$14 $— Non-GAAP Financial Measures In addition to results determined in accordance with U.S. generally accepted accounting principles ("US GAAP"), the Company provides certain measures in this press release, described below, which are not calculated in accordance with US GAAP and therefore represent Non-GAAP measures. These Non-GAAP measures are used by the Company to measure its performance and may differ from those used by other companies. These Non-GAAP measures should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP. Management believes that these Non-GAAP measures are helpful as they provide a measure of the results of operations, and are frequently used by investors and analysts to evaluate the Company’s performance exclusive of certain items that impact the comparability of results from period to period, and which may not be indicative of past or future performance of the Company. Organic Sales The Company defines "organic sales" as the reported net sales adjusted for: (1) net sales from acquired businesses recorded prior to the first anniversary of the acquisition; (2) net sales attributable to disposed businesses in both the current and prior year periods; and (3) the impact of foreign currency changes, which is calculated by translating current period net sales using the comparable prior period's foreign currency exchange rates. Adjusted Operating Income and Margin Adjusted operating income is computed by excluding the following items from operating income (loss) as reported in accordance with US GAAP: (1) Business combination-related costs and fair value adjustments. These adjustments include costs related to consummating and integrating acquired businesses, as well as net gains and losses related to disposed businesses. In addition, this category includes the post-acquisition roll-off of fair value adjustments recorded related to business combinations, except for amortization expense of purchased intangible assets noted below. Although the Company is regularly engaged in activities to find and act on opportunities for strategic growth and enhancement of product offerings, the costs associated with these activities may vary significantly between periods based on the timing, size and complexity of acquisitions and as such may not be indicative of past and future performance of the Company. (2) Restructuring-related charges and other costs. These adjustments include costs related to the implementation of restructuring initiatives, including but not limited to, severance costs, facility closure costs, and lease and contract termination costs, as well as related professional service costs associated with these restructuring initiatives and global transformation activity. The Company is continually seeking to take actions that could enhance its efficiency; consequently, restructuring charges may recur but are subject to significant fluctuations from period to period due to the varying levels of restructuring activity, and as such may not be indicative of past and future performance of the Company. Other costs include gains and losses on the sale of property, legal settlements, executive separation costs, write-offs of inventory as a result of product rationalization, and changes in accounting principles recorded within the period. This category also includes costs related to investigations and associated legal cases and remediation activities, which primarily include legal, accounting and other professional service fees, as well as turnover and other employee-related costs. (3) Goodwill and intangible asset impairments. These adjustments include charges related to goodwill and intangible asset impairments. (4) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets, which are recorded at fair value. Although these costs contribute to revenue generation and will recur in future periods, their amounts are significantly impacted by the timing and size of acquisitions, and as such may not be indicative of the future performance of the Company. (5) Fair value and credit risk adjustments. These adjustments include the non-cash mark-to-market changes in fair value associated with pension assets and obligations, the credit risk component of hedging instruments, and equity-method investments. Although these adjustments are recurring in nature, they are subject to significant fluctuations from period to period due to changes in the underlying assumptions and market conditions. The non-service component of pension expense is a recurring item, however it is subject to significant fluctuations from period to period due to changes in actuarial assumptions, interest rates, plan changes, settlements, curtailments, and other changes in facts and circumstances. As such, these items may not be indicative of past and future performance of the Company. Adjusted operating margin is calculated by dividing adjusted operating income by net sales. Adjusted Gross Profit and Margin Adjusted gross profit is computed by excluding from gross profit the impact of any of the above adjustments that affect either sales or cost of sales. Adjusted gross margin is calculated by dividing adjusted gross profit by net sales. Adjusted Net Income (Loss) Adjusted net income (loss) consists of net income (loss) as reported in accordance with US GAAP, adjusted to exclude the items identified above, as well as the related income tax impacts of those items. The income tax effect of each pre-tax adjustment was determined based on the tax rate of the jurisdiction in which the related pre-tax adjustment was recorded. Additionally, net income is adjusted for other tax-related adjustments such as discrete or significant adjustments to valuation allowances and other uncertain tax positions, final settlement of income tax audits, discrete tax items resulting from the implementation of restructuring initiatives, the windfall or shortfall relating to exercise of employee stock-based compensation, any difference between the interim and annual effective tax rate, and adjustments relating to prior periods. Management believes that these adjustments for certain tax-related matters are helpful to normalize the tax effects of certain discrete or significant items that are irregular or infrequent in timing and may not be indicative of past or future performance of the Company. Adjusted EBITDA and Margin In addition to the adjustments described above in arriving at adjusted net income, adjusted EBITDA is computed by further excluding any remaining interest expense, net, income tax expense, depreciation and amortization. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales. Adjusted Earnings (Loss) Per Diluted Share Adjusted earnings (loss) per diluted share (adjusted EPS) is computed by dividing adjusted earnings (loss) attributable to Dentsply Sirona stockholders by the diluted weighted average number of common shares outstanding. Adjusted Free Cash Flow and Conversion The Company defines adjusted free cash flow as net cash provided by operating activities minus capital expenditures during the same period, and adjusted free cash flow conversion is defined as adjusted free cash flow divided by adjusted net income (loss). Management believes this Non-GAAP measure is important for use in evaluating the Company’s financial performance as it measures our ability to efficiently generate cash from our business operations relative to earnings. It should be considered in addition to, rather than as a substitute for, net income (loss) as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) A reconciliation of reported net sales to organic sales by geographic region is as follows: Three Months Ended March 31, 2025 Q1 2025 Change Three Months Ended March 31, 2024(in millions, except percentages) U.S.EuropeROWTotal U.S.EuropeROWTotal U.S.EuropeROWTotal Net sales $302$362$215$879 (15.2%)(3.4%)(2.8%)(7.7%) $356$376$221$953Foreign exchange impact (0.3%)(4.5%)(5.9%)(3.3%) Organic sales (14.9%)1.1%3.1%(4.4%) Percentages are based on actual values and may not reconcile due to rounding. A reconciliation of reported net sales to organic sales by segment is as follows: Three Months Ended March 31, 2025 Q1 2025 Change Three Months Ended March 31, 2024(in millions, except percentages) Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal Connected Technology SolutionsEssential Dental SolutionsOrthodontic and Implant SolutionsWellspect HealthcareTotal Net sales $235$353$217$74$879 (4.7%)(2.7%)(20.0%)3.4%(7.7%) $247$364$271$71$953Foreign exchange impact (4.2%)(3.1%)(2.3%)(4.6%)(3.3%) Organic sales (0.5%)0.4%(17.7%)8.0%(4.4%) Percentages are based on actual values and may not reconcile due to rounding. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) The Company’s segment adjusted operating income for the three months ended March 31, 2025 and 2024 was as follows: Three Months Ended March 31,(in millions) 2025 2024 Connected Technology Solutions $7 $2 Essential Dental Solutions 135 115 Orthodontic and Implant Solutions 37 42 Wellspect Healthcare 26 23 Segment adjusted operating income 205 182 Reconciling items expense (income): All other (a) 87 79 Intangible asset impairments — 6 Restructuring and other costs 9 1 Interest expense, net 19 18 Other (income) expense, net — (7)Amortization of intangible assets 45 54 Depreciation resulting from the fair value step-up of property, plant, and equipment from business combinations 1 — Income before income taxes $44 $31 (a) Includes unassigned corporate headquarters costs. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) For the three months ended March 31, 2025, a reconciliation of selected items as reported in the Condensed Consolidated Statements of Operations to adjusted Non-GAAP items is as follows: (in millions, except percentages and per share data) Gross Profit Operatingincome Net IncomeAttributable toDentsply Sirona(a) Diluted EPSGAAP $466 $63 $20 $0.10Non-GAAP Adjustments: Amortization of Purchased Intangible Assets 28 45 33 0.16Restructuring-Related Charges and Other Costs — 25 19 0.10Business Combination-Related Costs and Fair Value Adjustments 1 1 1 —Income Tax-Related Adjustments — — 14 0.07Adjusted Non-GAAP $495 $134 $87 $0.43GAAP Margin 53.0% 7.1% Adjusted Non-GAAP Margin 56.3% 15.1% Weighted average common shares outstanding used in calculating diluted GAAP net loss per common share 199.8Weighted average common shares outstanding used in calculating diluted Non-GAAP net income per common share 199.8(a) The tax expense on the Non-GAAP adjustments totals $4 million which is inclusive of the $14 million income tax-related adjustment above. Percentages are based on actual values and may not reconcile due to rounding. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) For the three months ended March 31, 2024, a reconciliation of selected items as reported in the Condensed Consolidated Statements of Operations to adjusted Non-GAAP items is as follows: (in millions, except percentages and per share data) Gross Profit Operatingincome Net IncomeAttributable toDentsply Sirona(a) Diluted EPSGAAP $506 $42 $18 $0.09Non-GAAP Adjustments: Amortization of Purchased Intangible Assets 31 54 40 0.19Restructuring-Related Charges and Other Costs 3 17 13 0.06Goodwill and Intangible Asset Impairments — 6 4 0.02Business Combination-Related Costs and Fair Value Adjustments — 1 1 —Income Tax-Related Adjustments — — 11 0.06Adjusted Non-GAAP $540 $120 $87 $0.42GAAP Margin 53.1% 4.4% Adjusted Non-GAAP Margin 56.6% 12.6% Weighted average common shares outstanding used in calculating diluted GAAP net loss per common share 208.5Weighted average common shares outstanding used in calculating diluted Non-GAAP net income per common share 208.5(a) The tax expense on the Non-GAAP adjustments totals $9 million, which is inclusive of the $11 million income tax-related adjustment above. Percentages are based on actual values and may not reconcile due to rounding. DENTSPLY SIRONA INC. AND SUBSIDIARIES(In millions, except percentages)(unaudited) A reconciliation of reported net income attributable to Dentsply Sirona to adjusted EBITDA and margin for the three months ended March 31, 2025 and 2024 is as follows: Three Months Ended March 31,(in millions, except percentages) 2025 2024 Net income attributable to Dentsply Sirona $20 $18 Interest expense, net 19 18 Income tax expense 25 14 Depreciation(1) 33 32 Amortization of purchased intangible assets 45 54 Restructuring-related charges and other costs 25 17 Goodwill and intangible asset impairments — 6 Business combination-related costs and fair value adjustments 1 1 Adjusted EBITDA $168 $160 Net sales $879 $953 Adjusted EBITDA margin 19.0% 16.8% (1) Excludes those depreciation-related amounts which were included as part of the business combination-related adjustments and Restructuring-related charges and other costs.Percentages are based on actual values and may not reconcile due to rounding. A reconciliation of adjusted free cash flow conversion for the three months ended March 31, 2025 and 2024 is as follows: Three Months Ended March 31,(in millions, except percentages) 2025 2024 Net cash provided by operating activities $7 $25 Capital expenditures (19) (34)Adjusted free cash flow $(12) $(9) Adjusted net income $87 $87 Adjusted free cash flow conversion (14%) (10%) Percentages are based on actual values and may not reconcile due to rounding.

ForexTV

09.05.2025

Solar A/S: No. 5 2025 Revenue returns to growth - ForexTV

Q1 revenue and EBITDA are in line with our expectations. We confirm our EBITDA guidance of between DKK 530m and DKK 600m for 2025. CEO Jens Andersen says:"All markets and main segments have rebounded, resulting in a positive organic growth of 6.5% - a significant improvement from the -15.4% in Q1 2024. This pick-up strengthened our underlying financial performance. We have initiated measures to optimise our operating model, including cost containment, process improvements and staff reductions. Consequently, costs in Q1 include restructuring costs of approx. DKK 40m, which will result in similar savings in the rest of 2025, and full-year savings of approx. DKK 60m going forward. As part of our investment in a new logistics centre in Kumla, we have chosen to fast-track the closing of our warehouse in Halmstad to optimise our costs and the customer experience during the transition. Consequently, this means DKK 12m in transition costs in Q1 2025, which were initially expected in 2026. We continue to anticipate a recovery in 2025, although the timing and strength of this recovery have become more unpredictable. Thus, we confirm our EBITDA guidance of between DKK 530m and DKK 600m for 2025.” Financial highlights (DKK million)Q1 2025Q1 2024Revenue3,2233,030EBITDA7488Cash flow from operating activities-887Financial ratios (%) Organic growth adj. for number of working days6.5-15.4EBITDA margin2.32.9Net working capital, end of period/revenue (LTM)15.015.1Gearing (NIBD/EBITDA), no. of times2.42.1Return on invested capital (ROIC)7.78.5 Our new Kumla logistics centre is ahead of schedule, which enables an early closing of Halmstad, resulting in DKK 12m transition costs in Q1 2025. Fast-tracking this step towards Kumla reduces risks and frees up cash by reducing net working capital. GuidanceWe confirm our guidance ranges of revenue between DKK 12.3bn and DKK 12.8bn and EBITDA between DKK 530m and DKK 600m. Key risks and mitigationThe commercial and financial risks in respect of our activities are detailed in Solar’s 2024 Annual Report. No additional material risks have been identified. Solar is not directly exposed to the tariffs imposed by the US or on the US market, but the resulting macroeconomic consequences may affect Solar's markets. We continue to monitor market developments closely. However, on a macroeconomic level, we continue to expect a recovery in 2025, although the timing and strength of the recovery have become more unpredictable. Audio webcast and teleconference todayThe presentation of Quarterly Report Q1 2025 will be made in English on 9 May 2025 at 11:00 CET. The presentation will be transmitted as an audio webcast and will be available at www.solar.eu. Participation will be possible via teleconference. Access to the webcast:https://edge.media-server.com/mmc/p/39dyc5jz To participate by telephone, and thus have the possibility to ask questions:Register in advance of the teleconference using the link below. Upon registering, each participant will be provided with a Dial In Number, and a unique Personal PIN:https://register-conf.media-server.com/register/BI6538708bf9ed442a9357b5c15444691a ContactsCEO Jens Andersen - tel. +45 79 30 02 01CFO Michael H. Jeppesen - tel. +45 79 30 02 62IR Director Dennis Callesen - tel. +45 29 92 18 11 Facts about Solar Solar is a leading European sourcing and services company mainly within electrical, heating and plumbing, ventilation and climate and energy solutions. Our core business centres on product sourcing, value-adding services and optimisation of our customers’ businesses. We facilitate efficiency improvement and provide digital tools that turn our customers into winners. We drive the green transition and provide best in class solutions to ensure sustainable use of resources. Solar Group is headquartered in Denmark, generated revenue of approx. DKK 12.2bn in 2024 and has approx. 2,900 employees. Solar is listed on Nasdaq Copenhagen and operates under the short designation SOLAR B. For more information, please visit www.solar.eu. DisclaimerThis announcement was published in Danish and English today via Nasdaq Copenhagen. In the event of any inconsistency between the two versions, the Danish version shall prevail. Attachments No. 5 2025 Quarterly Q1 2025 Solar Q1 2025 SOLA-2025-03-31-0-en

Benzinga

09.05.2025

Tinder Parent Match Group Cuts 13% Of Workforce After Earnings Miss, Taps Gen Z Features Like 'Double Date' To Spark Growth - Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), Match Group (NASDAQ:MTCH) - Benzinga

Dating app giant Match Group missed estimates but announced restructuring plans spearheaded by new CEO during its Q1 earnings call.

ForexTV

14.05.2025

FLSmidth & Co. A/S: Better-than-expected Q1 2025, with a strong financial performance in Mining driving an upgraded full-year guidance - ForexTV

COMPANY ANNOUNCEMENT NO. 8-2025FLSmidth & Co. A/S 14 May 2025Copenhagen, DenmarkToday, the Board of Directors of FLSmidth have approved the Q1 2025 Interim Financial Report.Highlights in Q1 2025:14% increase in Mining Service revenue driven by effective backlog management and order executionMining Adjusted EBITA margin of 15.1% reflecting continued profitability improvementsNegative growth in Cement order intake and revenue continue to reflect de-risking and impact from divestmentsCement Adjusted EBITA margin of 9.5% reflecting good strategic execution, with reduced SG&A costs and effective de-riskingFLSmidth has entered exclusive negotiations for the potential divestment of the Cement businessThe financial guidance for the full year 2025 was raised on 14 May 2025 (ref. Company Announcement no. 7-2025)Continued progression on all our science-based sustainability targetsFLSmidth Group CEO, Mikko Keto, comments: “The year has started better than anticipated, with strong financial results and a solid commercial performance driving an upgraded financial guidance. This robust performance was achieved in a quarter with increased uncertainty and turbulence from US tariff measures. Amid this market backdrop, it was encouraging to see growth in orders within our consumables and pumps, cyclones and valves businesses. Further, effective backlog management and order execution resulted in a 14% growth in Mining Service revenue. Combined with the continued implementation of our corporate model, this was the primary driver behind the realisation of an Adjusted EBITA margin of 15.1% for the quarter. In Cement, we continue to see improvements in financial performance with an Adjusted EBITA margin of 9.5% in the first quarter of the year. We have made further progress towards the potential sale of the Cement business and have entered exclusive negotiations with Pacific Avenue Capital Partners. All in all, we are very pleased with the results delivered in the first quarter, and we are well positioned to deliver our updated targets for the full year.Implications from US tariff measuresThe US accounted for approximately 20% of our sales in 2024, with approximately half of our sales to the US being imports. Our flexible supply chains and proactive tariff mitigation measures – reducing China-US supply flows, potentially passing on tariff costs to customers and optimising our supply chain efficiency – will help mitigate the associated risks, and we currently see limited direct impacts on our operations.However, we recognise that continued tariff-related uncertainty may further delay larger investment decisions and impact the overall market sentiment if prolonged.Results in Q1 2025Commercial performanceMining order intake decreased by 10% compared to Q1 2024 (currencies had no impact on Mining order intake in Q1 2025). Service order intake decreased by 2% driven by the exit from basic labour contracts, partly offset by higher order intake within consumables. Products order intake decreased by 25% compared to Q1 2024. No large Products orders were announced in Q1 2025, whereas two large Products orders with a combined value of DKK 680m were announced in Q1 2024. Service and Products comprised 72% and 28% of the total Mining order intake in the quarter, respectively (67% and 33% in Q1 2024, respectively).Cement order intake decreased by 18% compared to Q1 2024 (decrease of 12% if excluding currency effects and effects from divestments). Service order intake decreased by 14% primarily reflecting the divestment of the MAAG business in Q1 2024. Products order intake decreased by 27% driven in part by the divestment of the MAAG business as well as continued portfolio pruning. Service and Products comprised 73% and 27% of the total Cement order intake in the quarter, respectively (69% and 31% in Q1 2024, respectively).Group order intake decreased by 12% compared to Q1 2024 (decrease of 11% if excluding currency effects and effects from divestments). Service order intake decreased by 4% driven by relatively lower order intake in both the Mining and Cement businesses. Products order intake decreased by 27% driven by lower Products orders in both the Mining and Cement businesses. Service and Products comprised 72% and 28% of the total order intake in Q1 2025, respectively (67% and 33% in Q1 2024, respectively).Financial performanceMining revenue increased by 4% compared to Q1 2024 (currencies had no impact on Mining order intake in Q1 2025). Service revenue increased by 14% as a result of higher revenue from consumables, spare parts and upgrades & retrofits, driven by effective backlog management and enhanced order execution. Products revenue decreased by 18% primarily reflecting the de-risking of our products portfolio and the timing of the execution of certain large-scale Products orders. Gross profit increased by 13% to DKK 1,304m (DKK 1,153m in Q1 2024) corresponding to a gross margin of 35.2% (32.2% in Q1 2024). Excluding transformation and separation costs of DKK 51m, the Adjusted EBITA margin was 15.1% in Q1 2025. Including these items, the EBITA margin was 13.7% compared to 10.3% in Q1 2024.Cement revenue decreased by 15% compared to Q1 2024 (decrease of 11% if excluding currency effects and effects from divestments). Service revenue decreased by 1% due to the divestment of the MAAG business in Q1 2024. Products revenue decreased by 37% driven by continued portfolio pruning and the divestment of the MAAG business. Gross profit increased by 20% to DKK 325m (DKK 271m in Q1 2024) corresponding to a gross margin of 31.8% (22.4% in Q1 2024). Excluding transformation and separation costs of DKK 9m, the Adjusted EBITA margin was 9.5% in Q1 2025. Including these items, the EBITA margin was 8.6% compared to 4.7% in Q1 2024.Group revenue decreased by 2% compared to Q1 2024 (decrease of 1% if excluding currency effects and effects from divestments). Service revenue increased by 11% driven by higher Service revenue in the Mining business. Products revenue decreased by 26% driven by lower Products revenue in both the Mining and the Cement businesses. Gross profit increased by 18% to DKK 1,629m (DKK 1,384m in Q1 2024) corresponding to a gross margin of 34.4% (28.6% in Q1 2024). Excluding transformation and separation costs of DKK 60m, the Adjusted EBITA margin was 13.9% in Q1 2025. Including these items, the EBITA margin was 12.6% compared to 7.5% in Q1 2024.Other businessUpdates on new Mining business line Presidents With reference to the press release issued on 18 February 2025, Julian Soles formally joined FLSmidth on 1 May 2025 as President, Mining Products Business Line. Further, Toni Laaksonen, who has been appointed as new President, Mining Service Business Line, is expected to join FLSmidth soon.Update on potential divestment of the Cement business In the first quarter of 2025, FLSmidth has made further progress towards the potential divestment of the Cement business. To this end, we have entered into exclusive negotiations with Pacific Avenue Capital Partners, a global investment fund specialised in industrial carve-outs. There is no certainty that any transaction will transpire. Any further announcements will be made as and when appropriate.Financial guidance for the full year 2025The financial guidance for the full year 2025, that was upgraded on 14 May 2025 (ref. Company Announcement no. 7-2025), is maintained. The financial guidance reflects the ongoing business simplification and transformation efforts, continued improvement in the core Mining business and the effects from the strategic initiatives implemented in the Cement business.MiningCementConsolidated Group Revenue (DKKbn)~15.0(DKK 3.7bn)Revenue (DKKbn)~4.0(DKK 1.0bn) Revenue (DKKbn)~19.0(DKK 4.7bn)Adj. EBITA margin14.0-14.5%(15.1%)Adj. EBITA margin9.0-9.5%(9.5%) Adj. EBITA margin13.0-13.5%(13.9%) EBITA margin11.5-12.0%(12.6%)Note: Numbers in brackets represent actual year-to-date financial results as of Q1 2025.MiningCompared to 2024, we expect market demand in the Mining Service business to remain stable and active, whereas market demand in the Mining Products business is expected to remain soft.The guidance for the Adjusted EBITA margin excludes transformation and separation costs of around DKK 200m for the full year 2025. Further, the Adjusted EBITA margin is expected to be positively impacted by additional business simplification initiatives, organisational restructuring and enhanced commercial execution.CementWe expect the short-term outlook for the cement industry to remain impacted by macroeconomic uncertainty. The guidance for revenue reflects the divestment of the MAAG business completed in 2024.The guidance for the Adjusted EBITA margin excludes transformation and separation costs of around DKK 50m for the full year 2025.GroupThe Consolidated Group guidance reflects the sum of the guidance for the two business segments. The guidance for 2025 is subject to uncertainty from macroeconomic and geopolitical turmoil.Earnings call detailsA presentation of the Q1 2025 Interim Financial Report is scheduled for Wednesday 14 May 2025 at 11:00 a.m. CEST. During the presentation, Group CEO, Mikko Keto, and Group CFO, Roland M. Andersen, will comment on the report and developments in the Group. The presentation will be followed by a Q&A session.Live audio-webcastThe presentation can be followed live or as a replay via the internet here.If you wish to ask questions during the Q&A session, please sign up here. After registration, you will receive phone numbers, pin codes and a calendar invite. Please note that you will receive two codes (a pass code and a PIN code), both of which are needed when dialling into the webcast.Presentation slidesThe presentation slides will be made available shortly before the scheduled start of the webcast at https://fls.com/en/investors/financial-downloads.Consolidated key figures for Q1 2025DKK million, unless otherwise statedQ1 2025Q1 2024Change (%)2024Order intake4,6295,248-12%19,133- Hereof service order intake3,3513,505-4%13,933- Hereof products order intake1,2781,743-27%5,200Order backlog14,76217,482-16%15,214Revenue4,7294,839-2%20,187- Hereof service revenue3,4643,13011%12,997- Hereof products revenue1,2651,709-26%7,190Gross profit1,6291,38418%6,465Gross margin34.4%28.6%5.8%p32.0%Adjusted EBITA65644348%2,230Adjusted EBITA margin13.9%9.2%4.7%p11.0%EBITA59636563%1,969EBITA margin12.6%7.5%5.1%p9.8%Profit for the period35119481%1,030CFFO-12-352n.m.640Free cash flow-122-306n.m.132Net working capital2,4151,93525%2,107Net interest-bearing debt (NIBD)1,04383026%847NIBD/EBITDA ratio0.4x0.5xn.m.0.4xContacts:Investor RelationsAndreas Holkjær, +45 24 85 03 84, andh@flsmidth.comJannick Denholt, +45 21 69 66 57, jli@flsmidth.comMediaJannick Denholt, +45 21 69 66 57, jli@flsmidth.comAbout FLSmidthFLSmidth is a full flowsheet technology and service supplier to the global mining and cement industries. We enable our customers to improve performance, lower operating costs and reduce environmental impact. MissionZero is our sustainability ambition towards zero emissions in mining and cement by 2030. We work within fully validated Science-Based Targets, have a clear commitment to improving the sustainability performance of the global mining and cement industries and aim to become carbon neutral in our own operations by 2030. www.fls.com Attachments FLSmidth Company Announcement no. 8-2025 FLSmidth_Q1-2025 213800MXXDGQ3ITPXI41-2025-03-31-en

ForexTV

14.05.2025

Valeura Energy Inc.: First Quarter 2025 Results - ForexTV

SINGAPORE, May 14, 2025 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) reports its unaudited financial and operating results for the three month period ended March 31, 2025. The complete quarterly reporting package for the Company, including the unaudited financial statements and associated management’s discussion and analysis (“MD&A”) are being filed on SEDAR+ at www.sedarplus.ca and posted to the Company’s website at www.valeuraenergy.com. Highlights Oil production of 23,853 bbls/d(1), an increase of 9% compared to Q1 last year;Adjusted opex(2) trending downward, to US$24.1/bbl, a decrease of 8% compared to Q1 last year;Adjusted Cashflow from Operations(2) of US$74.0 million, an increase of 55% compared to Q1 2024, demonstrating the effects of the corporate restructuring and application of tax loss carry-forwards;The Company’s balance sheet remains very strong, with US$239 million cash(3) and no debt; andAdjusted Working Capital(2) of US$254 million. (1) Working interest share production before royalties.(2) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.(3) Includes restricted cash of US$23.4 million. Dr. Sean Guest, President and CEO commented: “We have demonstrated our ability to generate increasing cash flow. Q1 2025 was the first full quarter benefitting from our corporate re-organisation, which makes it possible to optimise the use of tax loss carry-forwards. As a result, our post-tax Adjusted Cashflow from Operations(1) increased to US$74 million, up 55% compared to the same quarter of last year, on revenue that is essentially unchanged. This creates a uniquely resilient position for our Company, which makes it possible for us to weather volatile markets better than many of our competitors. Underlying this is a respectable operational performance which saw us produce at an average rate of 23,854 bbls/d, while recording Adjusted Opex per barrel(1) of US$24/bbl. The long-term downward trend in Adjusted Opex per barrel(1) is a direct reflection of our strategic priorities in action – operating our assets in a worldclass manner with the objective of driving deeper efficiency and maximising cash flow and growth from our assets. Our balance sheet echoes this sentiment too. Even after a quarter with a US$39 million out-of-round tax payment and a build in oil inventory, our financial position remained strong, with a March 31st cash balance of US$239 million and no debt. As a result, we are in a prime position to pursue both organic and inorganic growth ambitions and continue to see exiting opportunities come to the foreground.” (1) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below. Financial and Operating Results Summary Three months ended Mar 31, 2025 Three months ended Dec 31, 2024Delta (%) Three months ended Mar 31, 2024Delta (%)Oil Production(1)(‘000 bbls)2,147 2,402-11% 1,9918%Average Daily Oil Production(1)(bbls/d)23,853 26,109-9% 21,8829%Average Realised Price(US$/bbl)78.7 76.73% 84.6-7%Oil Volumes Sold(‘000 bbls)1,881 2,948-36% 1,7657%Oil Revenue(US$’000)148,081 226,148-35% 149,408-1%Net Income(US$’000)14,073 213,983-93% 19,418-28%Adjusted EBITDAX(2)(US$’000)87,216 132,402-34% 88,721-2%Adjusted Pre-Tax Cashflow from Operations(2)(US$’000)74,384 133,612-44% 72,0883%Adjusted Cashflow from Operations(2)(US$’000)73,954 107,134-31% 47,85555%Operating Expenses(US$’000)38,852 55,607-30% 41,788-7%Adjusted Opex(2)(US$’000)51,684 54,668-5% 52,264-1%Operating Expenses per bbl(US$/bbl)18.1 23.2-22% 21-14%Adjusted Opex per bbl(2)(US$/bbl)24.1 22.86% 26.2-8%Adjusted Capex(2)(US$’000)32,899 38,870-15% 29,25712%Weighted average shares outstanding – basic(‘000 shares)106,532 106,9550% 103,2293% As at Mar 31, 2025 As at Dec 31, 2024Delta (%) As at Mar 31, 2024Delta (%)Cash & Cash equivalents(3)(US$’000)238,871 259,354-8% 193,68323%Adjusted Net Working Capital(2)(US$’000)253,511 205,73523% 141,87779%Shareholder's Equity(US$’000)538,137 528,2832% 304,31877% (1) Working interest share production before royalties.(2) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.(3) Includes restricted cash of US$23.4 million. Financial Update The Company’s Q1 2025 financial performance reflects ongoing strong production operations at all four of its fields in the offshore Gulf of Thailand. Valeura’s working interest share production before royalties totalled 2.15 million bbls during Q1 2025, an increase of 8% from Q1 2024. Production was in line with the Company’s expectations considering the Nong Yao field experienced a planned maintenance shutdown. Oil sales totalled 1.88 million bbls during Q1 2025, which was less than the volume produced, and therefore contributed to an oil inventory increase to 0.89 million bbls at March 31, 2025. As all of the Company’s oil production is stored in floating offshore vessels before being sold in parcels of approximately 200,000 – 300,000 bbls, at any given time, the Company maintains some quantity of oil held in inventory. Price realisations averaged US$78.7/bbl, which was 7% lower than the same period in 2024, reflecting lower global benchmark oil prices. The Company’s oil sales continue to achieve a premium when compared to the Brent crude oil benchmark, averaging US$2.9/bbl in Q1 2025, versus US$1.6/bbl in Q1 of 2024. Valeura generated oil revenue of US$148 million in Q1 2025, essentially unchanged from the oil revenue generated Q1 2024, reflecting the increase in production being offset by reduced sales prices. Operating expenses during Q1 2025 reflect a long-term trend of improving production efficiency, influenced by ongoing strong performance of the Nong Yao field, which is both the Company’s largest source of production and also the lowest unit cost field in Valeura’s portfolio. Along with operating expenses, the Company includes the price of leases for its floating offshore infrastructure (being US$8.5 million) to derive an Adjusted Opex(1) of US$51.7 million in Q1 2025, which equates to a per-unit rate of US$24.1/bbl, an improvement of 8% when compared to Q1 2024. Valeura generated adjusted cashflow from operations(1) (pre-tax) of US$74.0 million, which was a 55% increase over Q1 2024. The increase is directly related to the more tax-efficient corporate structure as a result of the Company’s corporate re-organisation, which was completed in November 2024. Under the new structure, Valeura may apply its tax loss carry-forwards to taxable income for the Nong Yao, Manora, and Wassana fields. While cash tax payments are normally paid in May and August each year, the Company made a final tax payment of US$39.2 million in connection with its corporate restructuring. This payment effectively completed the tax obligations for its Thai III licences under their previous organisation structure, giving rise to the more optimised application of tax loss carry-forwards as noted above. In addition to this out-of-round payment, Valeura made cash outlays in respect of its operating costs and capex of US$32.9 million. As a result, Valeura’s cash position at March 31, 2025 was US$238.9 million, inclusive of restricted cash of US$23.4 million. Valeura’s net working capital surplus was US$253.5 million at March 31, 2025. (1) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below. Operations Update and Outlook During Q1 2025, Valeura had ongoing production operations at all of its Gulf of Thailand fields, including Jasmine, Manora, Nong Yao, and Wassana fields. Total working interest share production before royalties averaged 23,853 bbls/d, which was in line with management’s expectations and consistent with achieving the Company’s guidance range for the full year 2025 of 23,000 – 25,500 bbls/d. One drilling rig was under contract throughout the quarter. Jasmine/Ban Yen Oil production before royalties from the Jasmine/Ban Yen field, in Licence B5/27 (100% operated interest) averaged 8,356 bbls/d during Q1 2025. In February 2025, the Company’s contracted drilling rig began a seven-well infill drilling campaign which includes both development and appraisal targets on the Jasmine C, Jasmine D, and Ban Yen A facilities. Drilling operations are progressing safely and on time. The drilling programme is expected to be complete approximately by the end of May 2025. Also during Q1 2025, a low-BTU gas generator was delivered to the Jasmine B platform. Installation and commissioning activities in respect of the low-BTU gas generator are underway, with the new equipment planned to be fully operational and online later in Q2 2025. The low-BTU gas generator is a modernisation of the Jasmine B platform’s power generation facility, which will enable a waste gas stream to be used as feedstock for power generation, thereby reducing the Jasmine field’s reliance on diesel. As a result, Valeura anticipates immediate savings in operating expenses and a long-term reduction in its greenhouse gas emissions from the Jasmine field. Nong Yao At the Nong Yao field, in Licence G11/48 (90% operated working interest), Valeura’s working interest share production before royalties averaged 9,275 bbls/d. As a result of the Company’s development of the Nong Yao C field extension in 2024, Nong Yao has become the Company’s largest source of production, with the Company’s lowest per unit Adjusted Opex. Near the end of Q1 2025, Valeura conducted a planned seven-day annual maintenance shutdown of the Nong Yao field. All maintenance work was performed safely, under budget, and ahead of schedule. The Nong Yao field has since resumed normal operations. Wassana Oil production before royalties from the Wassana field, in Licence G10/48 (100% operated interest), averaged 3,686 bbls/d during Q1 2025. Production operations progressed without incident throughout the quarter. No wells were drilled during the quarter. During Q1 2025 Valeura completed the front end engineering and design work for the potential redevelopment of the Wasssana field and more recently has finalised detailed contracting and procurement work to validate cost assumptions for the project. As announced separately today, the Company has determined a positive final investment decision and intends to pursue the Wassana field redevelopment project, targeting the start of production from a newly built facility in Q2 2027. Manora At the Manora field, in Licence G1/48 (70% operated working interest), Valeura’s working interest share of oil production before royalties averaged 2,536 bbls/d. During Q1 2025, Valeura completed a five-well infill drilling campaign on the Manora field, comprised of both development and appraisal targets. The drilling programme achieved its objectives and successful appraisal results have identified between three and five potential future drilling targets, which are now being evaluated for inclusion in a future drilling programme. Türkiye The Company had no active operations in Türkiye during Q1 2025. Valeura continues to hold an interest in a potentially large deep gas play in the Thrace basin in the northwest part of the country. The terms of the subject leases and licences have been extended to June 27, 2026, with further extensions possible for appraisal purposes thereafter. Valeura intends to farm out a portion of its interest to a new partner in order to jointly pursue the next phase of appraisal work. The Company continues to see the Thrace basin deep gas play as a source of significant potential value in the longer-term. Webcast Valeura’s Annual General Meeting of Shareholders is scheduled for today, May 14, 2025, at 4:00 P.M. (Calgary time) in Calgary. Shareholders may attend in person, as further detailed in the Management’s Information Circular which was mailed to shareholders and is available on the Company’s website and on www.sedarplus.ca. A webcast of the live event is available with the link below. In addition to the meeting, Valeura’s management will discuss the Q1 2025 results and will host a question and answer session. Written questions may be submitted through the webcast system or by email to IR@valeuraenergy.com. Participants are advised to register for the online event in advance, using the following link: https://events.teams.microsoft.com/event/f0e30b40-c6bc-4673-bd84-b57491e1ba58@a196a1a0-4579-4a0c-b3a3-855f4db8f64b An audio only feed of the Meeting is available by phone using the Conference ID and dial-in numbers below: Conference ID: 239 311 896 799 Dial-in numbers: Canada: (833) 845-9589,,49176158# Singapore: +65 6450 6302,,49176158# Thailand: +66 2 026 9035,,49176158# Türkiye: 0800 142 034779,,49176158# United Kingdom: 0800 640 3933,,49176158# United States: (833) 846-5630,,49176158# For further information, please contact: Valeura Energy Inc. (General Corporate Enquiries)Sean Guest, President and CEO Yacine Ben-Meriem, CFOContact@valeuraenergy.com+65 6373 6940 Valeura Energy Inc. (Investor and Media Enquiries)Robin James Martin, Vice President, Communications and Investor RelationsIR@valeuraenergy.com+1 403 975 6752 / +44 7392 940495 Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/. About the Company Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility. Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca. Non-IFRS Financial Measures and Ratios This news release includes references to financial measures commonly used in the oil and gas industry such as adjusted EBITDAX, net working capital, adjusted net working capital, adjusted cashflow from operations, adjusted opex, adjusted capex, net cash and outstanding debt which are not generally accepted accounting measures under International Financial Reporting Standards (“IFRS Accounting Standards”) which are not generally accepted accounting measures under IFRS Accounting Standards as issued by International Accounting Standards Board (“IASB”) and do not have any standardised meaning prescribed by IFRS Accounting Standards and, therefore, may not be comparable with similar definitions that may be used by other public companies. Management believes that adjusted EBITDAX, net working capital, adjusted net working capital, adjusted cashflow from operations, adjusted opex, adjusted capex, net cash and outstanding debt are useful supplemental measures that may assist shareholders and investors in assessing the financial performance and position of the Company. Non-IFRS financial measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS Accounting Standards. Adjusted EBITDAX: is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS financial measure is included because management uses the information to analyse the financial performance of the Company. Adjusted EBITDAX is a non-IFRS and non-standardised variant of EBITDAX, adjusted to remove non-cash items as well as certain non-recurring costs including severance payments and other one-off items in relation to the Company’s recent acquisitions. Adjusted EBITDAX is calculated by adjusting profit for the year before other items as reported under IFRS Accounting Standards to exclude the effects of other income, exploration, SRB, finance income and expense, depletion, depreciation & amortisation (“DD&A”), other costs, and certain non-cash items (such as impairments, foreign exchange, unrealised risk management contracts, reassessment of contingent consideration and gains or losses arising from the disposal of capital assets). In addition, other unusual or non-recurring items are excluded from Adjusted EBITDAX, as they are not indicative of the underlying financial performance of the Company. Three months ended UnauditedUnaudited March 31,March 31, US$'000 2025 2024 Profit for the period before other items 37,614 27,104 Other income (2,342)(1,737) Exploration 275 2,196 SRB 23 - Finance costs 4,990 6,516 DD&A 45,462 47,596 Reversal of loss on inventory due to decline in resale value associate with the Wassana field(1) - 6,157 Other non-recurring G&A costs (1)(2) 1,194 889 Adjusted EBITDAX 87,216 88,721 (1) Items are not shown in the Interim Financial Statements. (2) Represents non-recurring costs associated with share-based compensation, actual severance incurred - See “General and Administrative ("G&A") Expenses” for more details. Adjusted opex and adjusted opex per bbl: are a non-IFRS financial measure and a non-IFRS financial ratio, respectively, which do not have standardised meanings prescribed by IFRS Accounting Standards. This non-IFRS financial measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Operating cost represents the operating cash expenses incurred by the Company during the period including the leases that are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and warehouses. Adjusted opex is calculated by effectively adjusting non-cash items from the operating cost and adding lease costs. Adjusted opex is divided by production in the period to arrive at adjusted opex per bbl. Valeura calculates adjusted opex per barrel, to provide a more consistent indication of the cost of field operations. Adjusted opex, as opposed to operating expenses, excludes the impacts of non-recurring, non-cash items such as prior period adjustments, and adds back lease costs in relation to FSOs, FPSOs, MOPU, and other facilities. Three months ended UnauditedUnaudited March 31,March 31, US$'000 20252024 Operating Costs 38,85241,788 Reversal of inventory write-down to Net Realisable Value (Wassana field)(1) -7,126 Cost of Goods Sold 38,85248,914 Reversal of accounting related to inventory capitalisation(2)4,326(5,245) Adjusted Opex (excluding Leases) 43,17843,669 Leases(3) 8,5068,595 Adjusted Opex 51,68452,264 Production Volumes during the period (mbbls) 2,1471,991 Adjusted Opex per Barrel (US$/bbl) 24.126.2 (1) Represent write down inventory to net realisable value.(2) The item is not shown in the Interim Financial Statements. The cost of crude inventory is capitalised from operating costs. As a result, the Company has excluded the effect of crude inventory capitalization.(3) In accordance with IFRS 16 - Leases, the Company recognised cost related to its operating leases – attributed to FSO and FPSO vessels, MOPU used at its Jasmine/Ban Yen, Nong Yao, Manora and Wassana fields, as well as onshore warehouse facilities costs to its balance sheet and finance cost in the profit and loss statement. In order to report a more relevant lifting cost, the Company has included costs associated with these leases in the adjusted operating cost calculation. This will be a recurring adjustment. Adjusted cashflow from operations and adjusted cashflow from operations per barrel: are a non-IFRS financial measure and a non-IFRS financial ratio, respectively, which do not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS finance measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Adjusted cashflow from operations is calculated using two methods which generate the same figures: a) by subtracting from oil revenues, adjusted opex, royalties, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA taxes and SRB expenses, and b) to enhance and facilitate to the reader a reconciliation of this non-IFRS measure, the Company also presented the adjusted cash flow from operations by calculating from cash generated from (used in) operating activities in the consolidated statement of cash flows, adjusting with non-cash items, adjusted opex, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA tax and SRB expenses. Adjusted cashflow from operations is divided by production in the period to arrive at adjusted cashflow from operations per bbl. Valeura calculates Adjusted cashflow from operations per barrel, to provide a more consistent indication of cashflow generated from operations by the Company. Three months ended UnauditedUnaudited March 31, March 31, US$'000 2025 2024 Oil revenues 148,081 149,408 Adjusted opex (51,684)(52,264) Royalties (17,062)(18,639) Recurring G&A costs (4,951)(6,417) Adjusted pre-tax cashflow from operations 74,384 72,088 Income tax / PITA tax (407)(24,233) SRB (23)- Adjusted cashflow from operations 73,954 47,855 Production during the period 2,147 1,991 Adjusted cashflow from operations per barrel (US$/bbl) 34.4 24.0 Three months ended UnauditedUnaudited March 31, March 31, US$'000 2025 2024 Cash generated from operating activities 27,175 81,143 Change in non-cash working capital 48,330 (6,033) Non-cash items 55,514 55,659 Adjusted opex (51,684)(52,264) Recurring G&A costs (4,951)(6,417) Adjusted pre-tax cashflow from operations 74,384 72,088 Income tax / PITA tax (407)(24,233) SRB (23)- Adjusted cashflow from operations 73,954 47,855 Production during the period 2,147 1,991 Adjusted cashflow from operations per barrel (US$/bbl) 34.4 24.0 Outstanding debt and net cash: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IRFS financial measures are provided because management uses the information to a) analyse financial strength and b) manage the capital structure of the Company. These non-IFRS measures are used to ensure capital is managed effectively in order to support the Company’s ongoing operations and needs. Unaudited March 31,December 31,US$'000 20252024Outstanding Debt --Cash and cash equivalents 215,467236,543Restricted cash (Current) 1,0931,093Restricted cash (Non-current) 22,31121,718Cash balance 238,871259,354Net cash 238,871259,354 Net working capital and adjusted net working capital: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IFRS financial measures are included because management uses the information to analyse liquidity and financial strength of the Company. Net working capital is calculated by deducting current liabilities from current assets. Adjusted net working capital is calculated by adding back the current leases liabilities and including non-current restricted cash in net working capital. The leases are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and warehouses which are included in the Company’s disclosed adjusted opex (and adjusted opex guidance). Management believes the adjusted net working capital provides a useful data point to the reader to ascertain the business’ next-twelve-months surplus or deficit capital requirement. It is also a data point that management uses for cash management. Unaudited March 31,December 31,US$'000 2025 2024 Current assets 343,948 340,911 Current liabilities (142,673)(185,640)Net working capital 201,275 155,271 Current lease liabilities 29,925 28,746 Restricted cash (Non-current) 22,311 21,718 Adjusted net working capital 253,511 205,735 Adjusted capex: is a non-IFRS measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. Adjusted capex is defined as the addition in capital expenditure for drilling, brownfield, and other PP&E. Management uses this non-IFRS measure to analyse the capital spending of the Company and assess investments in its assets. Three months ended UnauditedUnaudited March 31, March 31, US$'000 2025 2024 Drilling 26,624 27,612 Brownfield 6,423 3,145 Other PPE (148)(1,500) Adjusted capex(1) 32,899 29,257 Advisory and Caution Regarding Forward-Looking Information Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to, the ability to optimise use of tax loss carry-forwards; the Company’s ability to weather volatile markets better than many of its competitors; the Company being in a prime position to pursue its growth ambitions; the Company’s expectations about meeting it’s guidance range for the full year 2025; timing to complete the Jasmine field drilling programme; timing for the Jasmine low-BTU gas generator to be fully operational and online and the potential for savings in operating expenses and reduced greenhouse gas emissions thereafter; timing for the Wassana redevelopment project and start of production from a newly built facility; expectations for future drilling on the Manora field; and the potential for further extensions of the Thrace basin leases and licences. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors. Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release. This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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