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Key Takeaways Expand Energy to report Q2 results on July 28, with earnings seen rising while revenues edges lower.EXE faces higher CapEx, weather disruptions and softer gas prices, but production guidance remains intact.Expand Energy may benefit from marketing gains, LNG access, hedging and efficiency improvements. Expand Energy Corporation (EXE - Free Report) is set to release second-quarter 2026 earnings on July 28. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a profit of $1.16 per share on revenues of $2.01 billion.

Let us delve into the factors that might have influenced EXE’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter.

Highlights of EXE’s Q1 Earnings & Surprise HistoryIn the first quarter, the U.S.-based natural gas producer’s adjusted earnings of $3.83 per share beat the Zacks Consensus Estimate of $3.69, driven by strong production and higher natural gas price realization. Moreover, revenues of $3.3 billion beat the Zacks Consensus Estimate of $3.1 billion.

Expand Energy’s earnings beat the consensus estimate in three of the trailing four quarters and missed in one, delivering an average surprise of 4.1%.

This is depicted in the graph below.

Trend in Estimate Revision for EXEThe Zacks Consensus Estimate for the second-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 5.5% year-over-year surge. However, the top-line estimate implies a 0.4% decrease from the year-ago period’s level.

Factors to Consider Ahead of EXE’s Q2 ReleaseExpand Energy's second-quarter results could face pressure from higher capital spending, as management indicated that this quarter would represent the year's peak CapEx due to increased drilling and completion activity, leasehold acquisitions and seasonal workovers, while production is expected to remain flat sequentially. The Gulf Coast also experienced weather-related disruptions that shifted spending into the quarter to be reported, potentially weighing on free cash flow. Additionally, management acknowledged exposure to softer natural gas prices, noting it could defer activity if markets weaken, while diesel inflation tied to geopolitical tensions may modestly increase operating costs.

However, on a positive note, Expand Energy could outperform expectations, supported by resilient operations, strong marketing gains and improved commercial execution. The company generated nearly $90 million from market volatility in the first quarter, expanded access to premium LNG markets through the Delfin agreement and maintained full-year production guidance. Strong hedging, stable operating costs and continued efficiency improvements could further support earnings in the quarter to be reported.

What Does Our Model Say About EXE?The proven Zacks model does not predict an earnings beat for Expand Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. However, this is not the case here.

EXE’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -1.82%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

EXE’s Zacks Rank: Expand Energy currently carries a Zacks Rank #4 (Sell).

Stocks to ConsiderHere are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.

ProPetro Holding Corp. (PUMP - Free Report) has an Earnings ESP of +52.38% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

ProPetro is scheduled to release earnings on July 29. The Zacks Consensus Estimate for current quarter earnings indicates year-over-year growth of about 85.7%. Valued at around $1.6 billion, PUMP’s shares have surged 122.4% in a year.

Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +7.04% and a Zacks Rank #2 at present. It is scheduled to release earnings on July 29.

The Zacks Consensus Estimate for WHD’s 2026 earnings indicates year-over-year growth of about 8.6%. Valued at around $4.4 billion, WHD’s shares rose 21% in a year.

Oil States International, Inc. (OIS - Free Report) currently has an Earnings ESP of +27.27% and a Zacks Rank #3. It is scheduled to release earnings on July 30.

Notably, the Zacks Consensus Estimate for OIS’ 2026 earnings indicates year-over-year growth of about 43.2%. Valued at around $517.1 million, OIS’ shares have gained 55.3% in a year.

Howard Marks hunts dislocation. His latest Oaktree 13F reveals five common-stock equity positions that look nothing like a bull-market portfolio: a leveraged turbo maker, the largest US gas producer bleeding YTD, a gold miner that just gave back a fifth of its price in three months, a tanker riding a geopolitical spike, and a specialty pharma with negative book value. Every one of these has moved sharply since the filing date. That’s the setup. Below, whether each is still a buy at today’s prices.

1. Garrett Motion (The Surprise Pick) Garrett Motion (NASDAQ:GTX) is the position hiding in plain sight. Turbochargers sound like a fading auto-parts story until you read the Q1 filing: commercial vehicle and industrial sales climbed, aftermarket demand is accelerating, and management is buying back stock at a scale that dwarfs the dividend. Marks is betting on the internal combustion engine having a longer, more profitable tail than the market prices in, not on electrification playing out on the Street’s timeline.

The Q1 2026 report made the case. EPS of $0.49 beat the $0.428 estimate by 14.49%, revenue of $985M beat by 6.59% and grew 12.2% year over year, and net income jumped 53.2% to $95M. Management raised the FY26 guide to net sales of $3.6B to $3.9B and adjusted free cash flow of $355M to $475M, and authorized a $250M buyback program for 2026 on top of $87M already repurchased in Q1.

The stock has already responded. GTX is up 82.26% year to date and 171.99% over one year, and trades at roughly 18 times trailing earnings against an analyst price target of $35.67. That’s a low-single-digit percent of upside to consensus after a monster run. The buyback backstop supports the stock at current prices, with a more compelling risk/reward on any pullback into the high $20s. Marks got there first. Whether you follow is now a question of entry, not thesis.

2. Expand Energy (The Gas Heavyweight) Expand Energy (NASDAQ:EXE | EXE Price Prediction) is the largest common-stock position in Marks’ book and the most bruised. The post-Southwestern merger left EXE as the largest US natural gas producer, which sounds like a category winner until you look at the stock. YTD, this stock has done the opposite of what the fundamentals suggest it should.

Q1 2026 was a blowout. Revenue of $4.40B crushed the $3.05B estimate by 43.96% and doubled year over year, net income surged 565% to $1.16B, and free cash flow hit $1.70B, up 218%. The company redeemed roughly $1.3B of gross debt year to date, ran $150M in buybacks, and locked in a 20-year LNG supply agreement with Delfin FLNG for about 1.15M tonnes per year targeting 2031. And yet shares are down 19.19% YTD and down 19.20% since Marks’ filing snapshot of March 31, 2026.

The disconnect is the trade. EXE trades at 7 times trailing earnings versus an analyst target of $125.32, with 3 strong-buy, 17 buy, and 6 hold ratings. Sentiment reads bullish at 63.79 with medium confidence. This screens as the cleanest setup on the list at current prices. Marks accumulated. The market handed him a lower entry after the fact. That’s a gift, not a warning.

3. AngloGold Ashanti (The Gold Heavyweight) AngloGold Ashanti (NYSE:AU) is the macro trade inside a value portfolio. Gold has run. AU has run harder. And now it’s giving some back.

The fundamentals remain unmistakable. Gold price received per ounce climbed 69% year over year, the Sukari mine acquired via Centamin in November 2024 is fully integrated, and management declared a record interim dividend of $585M, or 116 cents per share, under a 50% of free cash flow policy. The Arthur Gold discovery in Nevada added substantial new reserves. One year of stock performance: up 71.21%. Three months of stock performance since Marks’ filing snapshot: down 20.64%.

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At 11 times trailing earnings, a 5.81% dividend yield, and an analyst target of $114 against a current $76.55, the setup looks like a buy. The catch: news sentiment scores neutral at 56.30 with low confidence, and one analyst carries a sell rating against three strong-buys and four buys. AU screens attractively on this drawdown, with volatility argued for smaller sizing. The pullback is the entry Marks didn’t get.

4. TORM plc (The Rate Spike Trade) TORM (NASDAQ:TRMD) is the position where the catalyst is on the front page. The Strait of Hormuz closure tied to the US/Israel-Iran conflict constrained roughly 14% of global clean petroleum product flows, and TORM’s fleet sits directly in the rerouting. Product tanker rates went vertical.

Fleet-wide time charter equivalent rates rose 30% year over year to $34,937 per day, LR2 spot rates jumped 73% to $50,811 per day, and 57% of Q2 earning days were already covered at an average $71,494 per day. Management raised the FY26 guide to TCE earnings of $1.15B to $1.45B and EBITDA of $800M to $1.10B. A $0.70 interim dividend equal to 58% of net profit went out the door.

The trade is where the trap lives. TRMD is up 58.04% YTD and 84.95% over one year, trading at 9 times trailing earnings and 5 times forward earnings with a 9.45% dividend yield. Analyst target: $34.50, roughly where the 52-week high sits, against one buy and one hold rating. The forward multiple screams cheap; the ratings tell you the Street thinks rates normalize. The yield anchors the thesis; position sizing should assume rates fade. If Hormuz reopens, the cushion is that dividend.

5. Indivior (The Payoff) Indivior (NASDAQ:INDV) is what happens when the market gives up on a stock right before the operating leverage kicks in. Marks bought when the stock was ugly. The price has since caught up.

Q1 2026 obliterated estimates. EPS of $0.96 crushed the $0.66 estimate by 45.45%, revenue of $317M beat by 16.19% and grew 19.2%, net income jumped 89% to $89M, and adjusted EBITDA margin expanded to 52% from 29% year over year. The single asset driving it: SUBLOCADE net revenue of $232M, up 32% year over year, with US dispense units up 20% and a record 31,800 new patient starts. Management raised FY26 revenue guidance to $1.215B to $1.285B and adjusted EBITDA to $620M to $660M, roughly 50% higher year over year at the midpoint.

The TAM math is what makes this the payoff slot. 7.8M Americans misuse opioids, 4.8M are diagnosed with OUD, only 2.0M receive BMAT, and long-acting injectable penetration of about 8.5% is expected to grow to 20% to 30%. INDV trades at 13 times forward earnings against an analyst target of $50.83, with one strong-buy and five buy ratings and zero holds or sells. Shares are up 33.17% since the filing snapshot and 160.19% over one year. This screens as compelling at current prices with a runway measured in years.

The Bottom Line Marks’ top-five equity book is a study in mispricing. EXE screens as the clearest setup, priced below where Marks accumulated. AU is the volatility trade, on sale after a sharp pullback. INDV is the compounder the market kept mistaking for a lawsuit. TRMD and GTX have already run, and now demand discipline on entry. The window on the first three is the one closing fastest.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Expand Energy didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Posted by Defense World Staff on Jul 21st, 2026

D.A. Davidson & CO. increased its holdings in Expand Energy Corporation (NASDAQ:EXE – Free Report) by 177.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,535 shares of the company’s stock after purchasing an additional 13,772 shares during the quarter. D.A. Davidson & CO.’s holdings in Expand Energy were worth $2,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Capital Research Global Investors grew its position in shares of Expand Energy by 33.2% in the 4th quarter. Capital Research Global Investors now owns 21,251,283 shares of the company’s stock worth $2,345,303,000 after buying an additional 5,291,948 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Expand Energy by 36,574.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,420,912 shares of the company’s stock valued at $267,172,000 after acquiring an additional 2,414,311 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Expand Energy by 94.7% during the first quarter. Bank of New York Mellon Corp now owns 4,498,905 shares of the company’s stock valued at $493,890,000 after acquiring an additional 2,188,422 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Expand Energy by 192.0% in the fourth quarter. Victory Capital Management Inc. now owns 3,286,361 shares of the company’s stock worth $362,683,000 after acquiring an additional 2,160,979 shares during the period. Finally, Dragoneer Investment Group LLC purchased a new stake in Expand Energy in the fourth quarter worth $145,633,000. Hedge funds and other institutional investors own 97.93% of the company’s stock.

Insider Buying and Selling In related news, CFO Marcel Teunissen purchased 2,000 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were purchased at an average cost of $96.43 per share, with a total value of $192,860.00. Following the transaction, the chief financial officer directly owned 9,144 shares in the company, valued at $881,755.92. This trade represents a 28.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Wichterich purchased 1,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was bought at an average price of $88.90 per share, for a total transaction of $88,900.00. Following the purchase, the chief executive officer directly owned 85,498 shares in the company, valued at $7,600,772.20. The trade was a 1.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 4,000 shares of company stock worth $375,120. Insiders own 0.22% of the company’s stock.

Expand Energy Trading Down 1.3% EXE opened at $86.95 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.21. Expand Energy Corporation has a 52 week low of $84.99 and a 52 week high of $126.62. The stock has a market cap of $20.80 billion, a PE ratio of 6.48 and a beta of 0.34. The business has a 50 day moving average of $91.11 and a 200-day moving average of $99.69.

Expand Energy (NASDAQ:EXE – Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $3.61 by $0.22. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $3.53 billion. Expand Energy had a return on equity of 10.26% and a net margin of 22.53%. Equities research analysts predict that Expand Energy Corporation will post 8.4 earnings per share for the current fiscal year.

Expand Energy Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.575 per share. This represents a $2.30 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Thursday, May 14th. Expand Energy’s dividend payout ratio (DPR) is presently 17.15%.

Wall Street Analysts Forecast Growth Several research firms recently weighed in on EXE. Morgan Stanley cut their price target on shares of Expand Energy from $139.00 to $131.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. KeyCorp reaffirmed a “sector weight” rating on shares of Expand Energy in a research report on Thursday, April 2nd. William Blair cut shares of Expand Energy from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 30th. Barclays lowered shares of Expand Energy from an “overweight” rating to a “reduce” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings cut shares of Expand Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $130.19.

Get Our Latest Report on EXE

Expand Energy Company Profile (Free Report)

Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.

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Key Takeaways WMB handles a third of U.S. natural gas and has major expansion projects positioned for demand growth.AR pairs low-cost Appalachian assets with export exposure, midstream access and a low debt profile.EXE is the largest U.S. gas producer, with Haynesville and Marcellus assets tied to rising demand. Natural gas prices have fallen even though electricity demand remains strong during the summer. This has created a mixed picture for investors, making it important to distinguish between short-term price weakness and the long-term importance of natural gas for electricity generation and liquefied natural gas (“LNG”) exports.

In this environment, investors may want to keep an eye on The Williams Companies (WMB - Free Report) , Antero Resources (AR - Free Report) and Expand Energy (EXE - Free Report) , as each is exposed to a different part of the natural gas industry. The recent decline in gas prices should not be viewed as a negative signal on its own. Instead, it highlights the need to understand the temporary factors weighing on prices today and the conditions that could support a recovery over time.

Freeport Maintenance Weighs on Gas PricesPlanned maintenance at the Freeport LNG export terminal in Texas has lowered demand for natural gas used to produce and ship LNG overseas.

When a major export facility uses less gas, more supply remains in the U.S. market. This can put pressure on Henry Hub prices because domestic buyers must absorb gas that would otherwise have been exported.

The pressure is also evident in futures trading. Nymex natural gas settled at roughly $3 per million British thermal units on Friday and has declined about 10% so far in July.

This decline can hurt investor sentiment toward natural gas stocks. Although the maintenance is temporary, investors often react negatively when export demand falls at a time when domestic supplies are already sufficient.

High Storage Levels Keep Gas Market Sentiment UncertainNatural gas inventories remain a concern for the market. The U.S. Energy Information Administration reported that storage increased by 61 billion cubic feet (Bcf) for the week ended July 3, 2026, exceeding the five-year average build of 51 Bcf.

Total working gas in storage reached 2,983 Bcf. This was 185 Bcf, or 7%, above the five-year average, showing that supplies remain comfortable despite strong summer demand.

High inventory levels can continue to weigh on natural gas prices and investor sentiment toward producers. Traders may stay cautious until the storage surplus declines or stronger demand absorbs more of the available supply.

Here is a clearer and easier-to-understand version:

Power Demand and LNG Exports Could Improve the OutlookThe outlook is not entirely negative. Hot weather usually increases electricity use, which supports demand for natural gas from power plants. The EIA expects gas consumption in the power sector to rise 2% in 2026 and another 4% in 2027, reaching 38.1 Bcf per day.

This steady demand suggests that the current weakness in natural gas prices may be temporary rather than long-lasting. Once maintenance at the Freeport LNG terminal is completed, investors may again focus on LNG exports, weather conditions and storage levels.

Weak Henry Hub prices can pressure market sentiment in the near term. However, strong power demand and a recovery in export activity could quickly improve the outlook.

Although near-term pricing pressure may keep the sector volatile, the longer-term demand outlook remains encouraging. Against this mixed backdrop, investors may consider companies that are positioned to benefit from expanding power consumption and LNG exports.

3 Stocks to Focus OnThe Williams Companies: U.S. natural gas demand is projected to grow significantly in the long term, and The Williams Companies seems to be well-positioned to capitalize on the same, owing to its impressive portfolio of large-scale value-creating projects. With its extensive network handling a third of the U.S. natural gas and significant expansion projects in the pipeline, Zacks Rank #3 (Hold), Williams is set to benefit from favorable industry dynamics and growth prospects. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for the company’s 2026 earnings per share indicates 12.4% year-over-year growth. Williams Companies’ expected EPS growth rate for three to five years is 16.8%, which compares favorably with the industry's growth rate of 11.1%.

Antero Resources: This is an independent energy producer focused on natural gas and liquids in the Appalachian Basin. Headquartered in Denver, this company, with a Zacks Rank of 3, develops low-cost assets in the Marcellus and Utica shales, holding about 515,000 net acres. Antero Resources’ production mix is weighted toward natural gas and NGLs, with minimal oil exposure. AR is also one of the largest U.S. suppliers of natural gas and LPG to export markets.

Antero Resources is supported by its midstream affiliate, Antero Midstream, in which it owns roughly 29%. This integrated setup secures transportation and market access from Appalachia to the Gulf Coast. A low debt profile and steady drilling results provide flexibility and support long-term growth. The Zacks Consensus Estimate for Antero Resources’ 2026 earnings per share indicates a 153.8% year-over-year surge.

Expand Energy: Expand Energy has emerged as the largest natural gas producer in the United States after completing the Chesapeake-Southwestern merger. With a strong footprint in the Haynesville and Marcellus basins, the company is well-positioned to benefit from rising natural gas demand fueled by LNG exports, growing AI and data-center power needs, EV adoption and broader electrification trends.

The Zacks Consensus Estimate for Expand Energy’s 2026 earnings per share indicates a 39.7% year-over-year improvement. The firm, currently a #3 Ranked stock, has a trailing four-quarter earnings surprise of roughly 4.1%, on average.

Expand Energy is rated a Strong Buy, with a $132 price target vs. sub-$90 current levels, driven by resilient free cash flow at low gas prices. EXE's dual-basin Marcellus-Haynesville footprint enables flexibility: Low-cost Marcellus supports cash flow in weak markets, while Haynesville offers upside as prices rise. Despite bearish speculative sentiment and near-term headwinds, intermediate-term catalysts include LNG export growth, industrial demand, and power sector expansion.

Markham, Ontario--(Newsfile Corp. - June 15, 2026) - Extendicare Inc. (TSX: EXE) ("Extendicare" or the "Company") announced that it has declared a cash dividend of C$0.0441 per common share of the Company for the month of June 2026, which is payable on July 15, 2026 to shareholders of record at the close of business on June 30, 2026. This dividend is designated as an "eligible dividend" within the meaning of the Income Tax Act (Canada).

About Extendicare

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of the growing seniors' population, inspired by our mission to provide people with the care they need, wherever they call home. We operate a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 24.5 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 157,100 beds across Canada. Extendicare proudly employs approximately 31,500 individuals and manages an additional 5,000 joint venture employees, all of whom are highly qualified, trained and dedicated team members and passionate about providing high-quality care and services to help people live better.

Forward-looking Statements

Information provided by Extendicare from time to time, including this release, contains or may contain forward-looking statements concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation: statements regarding its dividend levels, business operations, business strategy, growth strategy, results of operations and financial condition. Forward-looking statements can often be identified by the expressions "anticipate", "believe", "estimate", "expect", "intend", "objective", "plan", "project", "will", "may", "should" or other similar expressions or the negative thereof. These forward-looking statements reflect the Company's current expectations regarding future results, performance or achievements and are based upon information currently available to the Company and on assumptions that the Company believes are reasonable. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare's forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare with the securities regulatory authorities, available at www.sedarplus.ca and on Extendicare's website at www.extendicare.com. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301480

Source: Extendicare Inc.

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Wall Street expects a year-over-year increase in earnings on higher revenues when Expand Energy (EXE - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 28. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis oil and gas company is expected to post quarterly earnings of $3.71 per share in its upcoming report, which represents a year-over-year change of +83.7%.

Revenues are expected to be $2.92 billion, up 27.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.32% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Expand Energy?For Expand Energy, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.69%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Expand Energy will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Expand Energy would post earnings of $1.89 per share when it actually produced earnings of $2.00, delivering a surprise of +5.82%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Expand Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Posted by Defense World Staff on Apr 27th, 2026

Siemens Energy (OTCMKTS:SMNEY – Get Free Report) and Expand Energy (NASDAQ:EXE – Get Free Report) are both large-cap energy companies, but which is the superior business? We will compare the two companies based on the strength of their dividends, analyst recommendations, earnings, risk, profitability, valuation and institutional ownership.

Institutional & Insider Ownership 97.9% of Expand Energy shares are held by institutional investors. 0.2% of Expand Energy shares are held by company insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a company will outperform the market over the long term.

Risk and Volatility Siemens Energy has a beta of 2.06, indicating that its stock price is 106% more volatile than the S&P 500. Comparatively, Expand Energy has a beta of 0.47, indicating that its stock price is 53% less volatile than the S&P 500.

Earnings & Valuation This table compares Siemens Energy and Expand Energy”s top-line revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Siemens Energy $43.21 billion 3.48 $1.56 billion $1.77 99.23 Expand Energy $12.12 billion 1.91 $1.82 billion $7.54 12.79 Expand Energy has lower revenue, but higher earnings than Siemens Energy. Expand Energy is trading at a lower price-to-earnings ratio than Siemens Energy, indicating that it is currently the more affordable of the two stocks.

Profitability This table compares Siemens Energy and Expand Energy’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Siemens Energy 4.75% 18.48% 3.50% Expand Energy 15.00% 8.17% 5.26% Dividends Siemens Energy pays an annual dividend of $0.53 per share and has a dividend yield of 0.3%. Expand Energy pays an annual dividend of $2.30 per share and has a dividend yield of 2.4%. Siemens Energy pays out 29.9% of its earnings in the form of a dividend. Expand Energy pays out 30.5% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years.

Analyst Recommendations This is a breakdown of recent ratings and price targets for Siemens Energy and Expand Energy, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Siemens Energy 0 3 7 2 2.92 Expand Energy 0 3 14 2 2.95 Expand Energy has a consensus target price of $131.95, suggesting a potential upside of 36.83%. Given Expand Energy’s stronger consensus rating and higher probable upside, analysts plainly believe Expand Energy is more favorable than Siemens Energy.

Summary Expand Energy beats Siemens Energy on 10 of the 16 factors compared between the two stocks.

About Siemens Energy (Get Free Report)

Siemens Energy AG operates as an energy technology company worldwide. It operates through Gas Services, Grid Technologies, Transformation of Industry, and Siemens Gamesa segments. The company provides gas and steam turbines, generators, and heat pumps, as well as performance enhancement, maintenance, customer training, and professional consulting services for central and distributed power generation; and high voltage direct current transmission systems, offshore windfarm grid connections, transformers, flexible alternating current transmission systems, high voltage substations, air and gas-insulated switchgears, digital grid solutions and components, and storage solutions. It also offers electrolyzers, industrial steam turbines, industrial generators, turbo and reciprocating compressors, compressor trains, and other systems and solutions; onshore and onshore wind turbines; design, engineering, manufacturing, and installation solutions for onshore markets; offshore wind turbine equipment design, manufacturing, and installation solutions; and operation and maintenance services for wind farms. The company serves utilities, independent power producers, project developers, oil and gas, transmission and distribution system operators, and industrial and infrastructure customers. Siemens Energy AG was founded in 1866 and is based in Munich, Germany.

About Expand Energy (Get Free Report)

Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY.

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SPRING, Texas, April 28, 2026 (GLOBE NEWSWIRE) -- Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “Company”) today reported first quarter 2026 financial and operating results.

Net cash provided by operating activities of $2,402 million, reflecting continued strong cash generation from operationsNet income of $1,159 million, or $4.81 per fully diluted share; adjusted net income (1) of $923 million, or $3.83 per diluted shareAdjusted EBITDAX(1) of $1,968 millionNet production of ~7.44 Bcfe/d (93% natural gas), reaffirming full-year 2026 guidance of ~7.5 Bcfe/dTotal debt of $5.0 billion as of quarter-end reduced by ~$1.3 billion from senior note redemption during April 2026Reported quarter-end net debt (1) of $2.8 billion, down $1.6 billion from year-end 2025Repurchased $150 million of common stock through April 24, 2026, complementing debt reduction with meaningful shareholder returnsSigned 20-year Sales and Purchase Agreement (SPA) with Delfin FLNG Vessel 1 for ~1.15 million tonnes of LNG offtake per year, further extending market reach to growing global demand centers (1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this release.

“The world critically needs natural gas supply to meet rapidly rising power demand, growing industrial activity, and global LNG expansion to address a global reset in energy security,” said Mike Wichterich, Interim President and Chief Executive Officer of Expand Energy. “We’re built for this future as the largest, low-cost, market-connected natural gas producer in America, with differentiated opportunity to grow free cash flow and enhance returns for shareholders. Our scale, direct access to rapidly expanding global markets, and operational discipline aren’t aspirations, they’re the foundation we’re building upon.”

Operations Update

Expand Energy operated an average of 13 rigs during the first quarter, drilling 60 wells and turning 49 wells in line, resulting in net production of approximately 7.44 Bcfe/d (93% natural gas). A detailed breakdown of first quarter production, capital expenditures and activity can be found in the supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

2026 Capital and Operating Outlook

In 2026, Expand Energy expects to run 11 to 12 rigs and invest approximately $2.85 billion yielding an estimated daily production of approximately 7.5 Bcfe/d.

A detailed breakdown of 2026 annual capital and operating outlook can be found in the supplemental slides.

Delfin Sales and Purchase Agreement

On April 22, 2026, we executed a Sales and Purchase Agreement (“SPA”) for long-term liquefaction offtake with Delfin FLNG 1 LLC, subject to final investment decision. Under the SPA, we will purchase approximately 1.15 million tonnes of LNG per annum from Delfin FLNG 1 LLC at a Henry Hub price with a contract targeted start date in 2031. The previously announced SPAs with Delfin and Gunvor Group Ltd have been terminated.

Shareholder Returns Update

Expand Energy expects to utilize free cash flow generated during 2026 to further strengthen its balance sheet in order to create more capacity at cycle lows while also returning cash to shareholders through the base dividend and share repurchases. Year-to-date through April 24, 2026, the Company has redeemed approximately $1.3 billion of gross debt and executed $150 million of share repurchases. The Company plans to pay its quarterly base dividend of $0.575 per share on June 4, 2026 to shareholders of record at the close of business on May 14, 2026.

Conference Call Information

A conference call to discuss Expand Energy's first quarter 2026 financial and operating results and 2026 outlook has been scheduled for 9 a.m. EDT on April 29, 2026. Participants can access the live webcast at https://edge.media-server.com/mmc/p/adko8s9u/. Participants who would like to ask a question, can register at https://register-conf.media-server.com/register/BIcd20025e35ec46838c4e137bd3a96deb, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.

Financial Statements, Non-GAAP Financial Measures and 2026 Guidance and Outlook Projections

This news release contains the non-GAAP financial measures described below in the section titled “Non-GAAP Financial Measures.” Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the Company’s 2026 first quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the Company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2026 can be found on the Company’s website at www.expandenergy.com/.

Expand Energy Corporation (NASDAQ: EXE) is North America’s largest natural gas producer, powered by dedicated and innovative employees focused on expanding the value of natural gas by connecting global scale to growing markets. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its advantaged portfolio, financial strength and operational excellence. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict between Russia and Ukraine, instability the Middle East and Venezuela and changes in China-Taiwan relations, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our sustainability initiatives. Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange Commission ("SEC"). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "aim", "predict", "should", "expect," “could,” “may,” "anticipate," "intend," "plan," “ability,” "believe," "seek," "see," "will," "would," “estimate,” “forecast,” "target," “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

Reduced demand for natural gas, oil, and natural gas liquids (“NGLs”);negative public perceptions of our industry;competition in the natural gas and oil exploration and production industry;the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;write-downs of our natural gas and oil asset carrying values due to low commodity prices;significant capital expenditures are required to replace our reserves and conduct our business;our ability to replace reserves and sustain production;uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;drilling and operating risks and resulting liabilities;our ability to generate profits or achieve targeted results in drilling and well operations;leasehold terms expiring before production can be established;risks from our commodity price risk management activities;uncertainties, risks and costs associated with natural gas and oil operations;our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;pipeline and gathering system capacity constraints and transportation interruptions;risks related to our plans to participate in the global LNG value chain;terrorist activities and/or cyber-attacks adversely impacting our operations;risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;disruption of our business by natural or human causes beyond our control;a deterioration in general economic, business or industry conditions;the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela, and changes in China-Taiwan relations, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;our inability to access the capital markets on favorable terms;the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;challenges with employee recruitment and retention and an increasingly competitive labor market;risks related to acquisitions or dispositions, or potential acquisitions or dispositions;security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;our ability to achieve and maintain sustainability certifications, goals and commitments;environmental and sustainability legislation and regulatory initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, greenhouse gas emissions, flaring or water disposal;federal and state tax proposals affecting our industry;risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of our merger with Southwestern Energy Company, as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; andother factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC. We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

 CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
 ($ in millions, except per share data)March 31, 2026 December 31, 2025Assets   Current assets:   Cash and cash equivalents$2,220  $616 Restricted cash 85   80 Accounts receivable, net 1,290   1,599 Derivative assets 429   264 Other current assets 363   357 Total current assets 4,387   2,916 Property and equipment:   Natural gas and oil properties, successful efforts method   Proved natural gas and oil properties 27,336   26,606 Unproved properties 5,429   5,478 Other property and equipment 528   509 Total property and equipment 33,293   32,593 Less: accumulated depreciation, depletion and amortization (8,978)  (8,278)Property and equipment held for sale, net —   40 Total property and equipment, net 24,315   24,355 Long-term derivative assets 127   47 Deferred income tax assets —   168 Other long-term assets 692   801 Total assets$29,521  $28,287     Liabilities and stockholders' equity   Current liabilities:   Accounts payable$881  $753 Current maturities of long-term debt, net 875   — Accrued interest 59   100 Derivative liabilities —   3 Other current liabilities 2,135   2,045 Total current liabilities 3,950   2,901 Long-term debt, net 4,133   5,009 Long-term derivative liabilities —   1 Asset retirement obligations, net of current portion 703   688 Long-term contract liabilities 911   975 Other long-term liabilities 278   135 Total liabilities 9,975   9,709 Contingencies and commitments   Stockholders' equity:   Common stock, $0.01 par value, 450,000,000 shares authorized: 240,085,572 and 239,249,874 shares issued 2   2 Additional paid-in capital 13,759   13,746 Retained earnings 5,785   4,830 Total stockholders' equity 19,546   18,578 Total liabilities and stockholders' equity$29,521  $28,287   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
  Three Months Ended March 31,($ in millions, except per share data) 2026   2025 Revenues and other:   Natural gas, oil and NGL$3,315  $2,300 Marketing 1,212   910 Losses on derivatives (129)  (1,014)Losses on sales of assets (1)  — Total revenues and other 4,397   2,196 Operating expenses:   Production 185   147 Gathering, processing and transportation 690   563 Severance and ad valorem taxes 60   48 Exploration 14   7 Marketing 1,121   919 General and administrative 63   47 Separation and other termination costs 9   — Depreciation, depletion and amortization 711   711 Other operating expense, net 13   22 Total operating expenses 2,866   2,464 Income (loss) from operations 1,531   (268)Other income (expense):   Interest expense (59)  (59)Other income, net 17   8 Total other income (expense) (42)  (51)Income (loss) before income taxes 1,489   (319)Income tax expense (benefit) 330   (70)Net income (loss)$1,159  $(249)Earnings (loss) per common share:   Basic$4.83  $(1.06)Diluted$4.81  $(1.06)Weighted average common shares outstanding (in thousands):   Basic 239,900   234,434 Diluted 240,759   234,434   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
  Three Months Ended March 31,($ in millions) 2026   2025 Cash flows from operating activities:   Net income (loss)$1,159  $(249)Adjustments to reconcile net income (loss) to net cash provided by operating activities:   Depreciation, depletion and amortization 711   711 Deferred income tax expense (benefit) 319   (37)Derivative losses, net 129   1,014 Cash payments on derivative settlements, net (386)  (45)Share-based compensation 10   9 Losses on sales of assets 1   — Contract amortization (30)  (52)Other 35   (4)Changes in assets and liabilities 454   (251)Net cash provided by operating activities 2,402   1,096 Cash flows from investing activities:   Capital expenditures (707)  (563)Property acquisitions (4)  — Receipts of deferred consideration 60   60 Contributions to investments (1)  (4)Distributions from investments 10   — Proceeds from divestitures of property and equipment 41   — Net cash used in investing activities (601)  (507)Cash flows from financing activities:   Proceeds from credit facility —   725 Payments on credit facility —   (725)Proceeds from warrant exercise 15   21 Cash paid to repurchase and retire common stock (66)  — Cash paid to purchase debt —   (436)Cash paid for common stock dividends (141)  (142)Net cash used in financing activities (192)  (557)Net increase in cash, cash equivalents and restricted cash 1,609   32 Cash, cash equivalents and restricted cash, beginning of period 696   395 Cash, cash equivalents and restricted cash, end of period$2,305  $427     Cash and cash equivalents$2,220  $349 Restricted cash 85   78 Total cash, cash equivalents and restricted cash$2,305  $427   NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)
  Three Months Ended March 31, 2026 Natural Gas Oil NGL Total MMcf
per day $/Mcf MBbl
per day $/Bbl MBbl
per day $/Bbl MMcfe
per day $/McfeHaynesville3,148 4.40 — — — — 3,148 4.40Northeast Appalachia2,785 5.70 — — — — 2,785 5.70Southwest Appalachia981 4.42 15 64.37 72 25.49 1,503 4.74Total6,914 4.92 15 64.37 72 25.49 7,436 4.95                Average NYMEX Price  5.04   71.93        Average Realized Price (including realized derivatives)  4.28   64.77   25.49   4.35  Three Months Ended March 31, 2025 Natural Gas Oil NGL Total MMcf
per day $/Mcf MBbl
per day $/Bbl MBbl
per day $/Bbl MMcfe
per day $/McfeHaynesville2,617 3.48 — — — — 2,617 3.48Northeast Appalachia2,668 3.75 — — — — 2,668 3.75Southwest Appalachia969 3.38 14 63.40 75 30.54 1,503 4.28Total6,254 3.58 14 63.40 75 30.54 6,788 3.76                Average NYMEX Price  3.65   71.42        Average Realized Price (including realized derivatives)  3.51   63.76   29.35   3.69  CAPITAL EXPENDITURES ACCRUED (unaudited)
  Three Months Ended March 31,($ in millions)2026
 2025
Drilling and completion capital expenditures:   Haynesville$296 $286Northeast Appalachia 116  103Southwest Appalachia 156  165Total drilling and completion capital expenditures 568  554Non-drilling and completion - field 106  56Non-drilling and completion - corporate 42  52Total capital expenditures$716 $662 NON-GAAP FINANCIAL MEASURES

As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the Company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the Company generally excludes information regarding these types of items.

Expand Energy's definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.

Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the Company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the Company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.

Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the Company's ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company's ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company's ability to service or incur debt and return cash to shareholders. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.

 RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)
  Three Months Ended March 31,($ in millions) 2026   2025 Net income (loss) (GAAP)$1,159  $(249)    Adjustments:   Unrealized (gains) losses on derivatives (279)  969 Separation and other termination costs 9   — Losses on sales of assets 1   — Other operating expense, net 10   26 Contract amortization (30)  (52)Other (12)  (4)Tax effect of adjustments(a) 65   (203)Adjusted net income (Non-GAAP)$923  $487  (a)The three month periods ended March 31, 2026 and March 31, 2025 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22%.
 RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)
  Three Months Ended March 31,($/share) 2026   2025 Earnings (loss) per common share (GAAP)$4.83  $(1.06)Effect of dilutive securities (0.02)  — Diluted earnings (loss) per common share (GAAP)$4.81  $(1.06)    Adjustments:   Unrealized (gains) losses on derivatives (1.16)  4.14 Separation and other termination costs 0.04   — Losses on sales of assets —   — Other operating expense, net 0.04   0.11 Contract amortization (0.12)  (0.22)Other (0.05)  (0.02)Tax effect of adjustments(a) 0.27   (0.87)Effect of dilutive securities —   (0.06)Adjusted diluted earnings per common share (Non-GAAP)$3.83  $2.02  (a)The three month periods ended March 31, 2026 and March 31, 2025 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22%.  RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)
  Three Months Ended March 31,($ in millions) 2026   2025 Net income (loss) (GAAP)$1,159  $(249)    Adjustments:   Interest expense 59   59 Income tax expense (benefit) 330   (70)Depreciation, depletion and amortization 711   711 Exploration 14   7 Unrealized (gains) losses on derivatives (279)  969 Separation and other termination costs 9   — Losses on sales of assets 1   — Other operating expense, net 10   26 Contract amortization (30)  (52)Other (16)  (6)Adjusted EBITDAX (Non-GAAP)$1,968  $1,395   RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)
  Three Months Ended March 31,($ in millions) 2026   2025 Net cash provided by operating activities (GAAP)$2,402  $1,096 Cash capital expenditures (707)  (563)Free cash flow (Non-GAAP) 1,695   533 Cash distributions from investments 10   — Cash contributions to investments (1)  (4)Cash paid for merger expenses —   48 Adjusted free cash flow (Non-GAAP)$1,704  $577   RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)
 ($ in millions)March 31, 2026 December 31, 2025Total debt (GAAP)$5,008  $5,009 Premiums, discounts and issuance costs on debt 17   16 Principal amount of debt 5,025   5,025 Cash and cash equivalents (2,220)  (616)Net debt (Non-GAAP)$2,805  $4,409    INVESTOR CONTACT:MEDIA CONTACT:Brittany RaifordBrooke Coe(405) 935-8870(405) [email protected]@expandenergy.com

Expand Energy (EXE - Free Report) came out with quarterly earnings of $3.83 per share, beating the Zacks Consensus Estimate of $3.69 per share. This compares to earnings of $2.02 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.84%. A quarter ago, it was expected that this oil and gas company would post earnings of $1.89 per share when it actually produced earnings of $2, delivering a surprise of +5.82%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Expand Energy, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $3.32 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 6.90%. This compares to year-ago revenues of $2.3 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Expand Energy shares have lost about 12.7% since the beginning of the year versus the S&P 500's gain of 4.8%.

What's Next for Expand Energy?While Expand Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Expand Energy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.30 on $2.05 billion in revenues for the coming quarter and $8.90 on $9.98 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Ormat Technologies (ORA - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.

This geothermal company is expected to post quarterly earnings of $0.92 per share in its upcoming report, which represents a year-over-year change of +35.3%. The consensus EPS estimate for the quarter has been revised 10.8% lower over the last 30 days to the current level.

Ormat Technologies' revenues are expected to be $349.29 million, up 52% from the year-ago quarter.

Expand Energy Corporation (EXE) Q1 2026 Earnings Call Transcript

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Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

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To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Expand Energy (EXE - Free Report) Expand Energy Corporation is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. The all-stock merger, completed on Oct. 1, 2024, established a premier natural gas-focused company with leading positions in the Haynesville and Appalachian basins, premium drilling inventory and proximity to key liquefied natural gas (LNG) and domestic demand markets. The merger strengthened scale, operational efficiencies and financial resilience, supporting an investment-grade balance sheet, enhanced credit capacity and significant shareholder returns, while positioning the company to meet growing global energy demand.

EXE is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. EXE has a Growth Style Score of B, forecasting year-over-year earnings growth of 47.4% for the current fiscal year.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.98 to $8.99 per share. EXE also boasts an average earnings surprise of +4.1%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EXE should be on investors' short list.

MARKHAM, Ontario, May 07, 2026 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today reported results for the three months ended March 31, 2026.

First Quarter 2026 Highlights

Adjusted EBITDA(1), excluding out-of-period items, increased by $15.2 million or 52.2% from Q1 2025 to $44.2 million, driven primarily by continued organic growth in the home health care segment and contributions from the acquisitions of Closing the Gap and nine Class C LTC homes.Home health care average daily volume (“ADV”) increased by 10,333 or 32.7% from Q1 2025 to 41,936, driven by organic growth and the acquisition of Closing the Gap.Third-party and joint venture beds serviced by SGP reached 157,100 beds, reflecting organic growth of 6.0% from Q1 2025.5.0% increase in the monthly dividend to $0.0441 per common share.Completed the sale of the vacated West End Villa Class C property for proceeds of $12.1 million resulting in a pre-tax gain after closing costs of $10.0 million ($9.8 million after tax).
Subsequent to Q1

On April 1, 2026, completed the acquisition of CBI Home Health for $570.0 million, plus customary adjustments and the assumption of certain lease liabilities.On April 14, 2026, completed the Company’s inaugural offering of $450.0 million 4.345% senior unsecured notes due April 2031 (rated BBB stable by Morningstar DBRS), and amended and restated the existing senior secured credit facilities to a $250.0 million senior unsecured revolving credit facility ranking pari passu with the senior unsecured notes.
“Our first quarter results demonstrate the synergistic potential of the various components of our strategy in action: strong organic growth in home health care augmented by acquisitions, LTC redevelopment and organic growth in SGP and the operating leverage that comes with a technology enabled back office,” said Dr. Michael Guerriere, President and Chief Executive Officer. “Subsequent to the quarter, we closed the CBI acquisition and restructured our debt, setting the stage for further growth and value creation as we continue our mission to meet the growing care needs of the aging demographic.”

Completed the Acquisition of CBI Home Health for $570 Million

On April 1, 2026, the Company, through its wholly owned home health care subsidiary ParaMed Inc., completed its previously announced acquisition of CBI Home Health LP and CBI (GP) 3 Inc. and their respective subsidiaries (collectively, “CBI Home Health”) from CBI Health LP and CBI GP Holdco Inc. (the “CBI Acquisition”) for a cash purchase price of $570.0 million, subject to customary adjustments, plus approximately $17.3 million in estimated lease liabilities. The CBI Acquisition was funded using a combination of the net proceeds of approximately $191.5 million from the Company’s private placement of common shares that was completed on December 3, 2025, aggregate draws of approximately $308.2 million under the Company’s existing senior secured credit facility ($154.5 million delayed draw term facility and $153.7 million revolving credit facility), and cash on hand.

Completed $450 million Inaugural Offering of Investment Grade Senior Unsecured Notes

On April 14, 2026, the Company completed its offering of $450.0 million aggregate principal amount of 4.345% senior unsecured notes due April 14, 2031 (the “2031 Notes”). The 2031 Notes have been assigned a final rating of BBB, with a stable trend, by Morningstar DBRS. The Company used approximately $427.7 million of the net proceeds of the offering to repay in full the indebtedness owing under its term credit facility, and a portion of the indebtedness owing under its revolving credit facility, with the balance to be used for working capital and other general corporate purposes, including the repayment of other existing indebtedness.

In conjunction with the debt repayments, the existing senior secured credit facilities were amended and restated to reflect an investment grade credit rating structure, including the release of all security previously granted to the lenders, such that the Company’s remaining $250 million revolving credit facility (the “Unsecured Revolving Facility”) is senior unsecured debt that ranks pari passu with the 2031 Notes.

Q1 2026 Financial Highlights (all comparisons with Q1 2025)

Revenue increased $90.6 million to $374.7 million; excluding a reduction in out-of-period funding in both periods, revenue increased by $92.0 million or 25.3%, driven primarily by the acquisition of nine Class C LTC homes (the “LTC Acquisition”), LTC funding increases, and home health care ADV organic growth augmented by the acquisition of Closing the Gap, partially offset by the closure of a Class C LTC home that was vacated following the opening of a newly developed LTC home in Axium JV.NOI(1) increased $18.8 million to $69.0 million; excluding the impact of out-of-period items in both periods, NOI improved by $16.7 million or 38.3% to $60.3 million, reflecting revenue growth, partially offset by higher operating costs.Adjusted EBITDA(1) increased $17.3 million to $52.9 million; excluding the impact of out-of-period items, Adjusted EBITDA increased by $15.2 million or 52.2% to $44.2 million (9.7% of revenue) from $29.0 million (8.0% of revenue), reflecting the increase in NOI, partially offset by higher administrative costs of $1.5 million, largely due to higher wages, benefits and technology costs, partially offset by lower professional fees.Other income was $7.5 million compared with an expense of $3.2 million, reflecting a gain on sale of assets of $10.0 million in Q1 2026 and lower transaction-related professional fees and integration costs in Q1 2026 compared to strategic transformation costs in Q1 2025.Share of profit from joint ventures was $0.3 million compared to a loss of $0.1 million in Q1 2025, reflecting the opening of a new home in Axium JV and the favourable impact of a $0.2 million fair value adjustment on interest rate swaps.Net earnings increased $25.7 million to $40.7 million, largely driven by the increase in Adjusted EBITDA, an increase in other income and lower net finance costs, partially offset by higher depreciation and amortization costs related to the acquisitions.AFFO(1) increased to $32.7 million ($0.343 per basic share) from $19.8 million ($0.235 per basic share); excluding the impact of out-of-period items, AFFO improved by $11.4 million or 76.2% to $26.4 million ($0.276 per basic share) from $15.0 million ($0.177 per basic share), largely reflecting the improvement in Adjusted EBITDA, partially offset by increased current income taxes, and an unfavourable change in the adjustment for non-cash share-based compensation. Business Updates

The following is a summary of Extendicare’s revenue, NOI(1) and NOI margins(1) by business segment for the three months ended March 31, 2026 and 2025.

 Three months ended March 31(unaudited)2026
 2025
(millions of dollars unless otherwise noted)Revenue NOI Margin Revenue NOI MarginLong-term care243.5 32.2 13.2% 197.8 21.2 10.7%Home health care205.4 27.9 13.6% 158.3 19.1 12.0%Managed services16.2 8.9 54.6% 18.6 10.0 53.4% 465.2 69.0 14.8% 374.7 50.2 13.4%Note: Totals may not sum due to rounding.
Long-term Care

LTC average occupancy at 97.5% in Q1 2026 was unchanged from Q1 2025.

Revenue increased by $45.8 million or 23.2% to $243.5 million in Q1 2026. Excluding out-of-period funding recognized in Q1 2026 of $7.9 million, revenue increased by $37.9 million, largely driven by approximately $32.5 million from the LTC Acquisition, funding increases, timing of spend and improved preferred occupancy, partially offset by the closure of a Class C LTC home replaced by a newly opened LTC home in Axium JV.

NOI and NOI margin were $32.2 million and 13.2%, respectively, in Q1 2026, compared to $21.2 million and 10.7% in Q1 2025. Excluding the impact of out-of-period items of $5.2 million, NOI improved by $5.8 million or 31.4% to $24.3 million (10.3% of revenue) in Q1 2026 from $18.5 million (9.4% of revenue) in Q1 2025. This increase reflects approximately $3.5 million from the LTC Acquisition, funding enhancements, timing of spend, and improved preferred occupancy, partially offset by higher operating costs, and the closure of a redeveloped Class C LTC home.

Home Health Care

Home health care ADV of 41,936 in Q1 2026 increased by 32.7% from Q1 2025, driven by organic growth and the acquisition of Closing the Gap in July 2025.

Revenue increased to $205.4 million in Q1 2026, an increase of 29.8% from Q1 2025. Excluding a reduction in retroactive funding of $9.3 million, revenue increased by $56.5 million, primarily due to the 32.7% increase in ADV, driven by organic growth and the acquisition of Closing the Gap. The reduction in retroactive funding of $9.3 million ($1.7 million in Q1 2026 compared to $11.0 million in Q1 2025) largely related to changes in the recovery of increased wages, benefits and technology costs.

NOI and NOI margin were $27.9 million and 13.6%, respectively, in Q1 2026, an increase from $19.1 million and 12.0% in Q1 2025. Excluding a year-over-year decrease of $3.1 million related to out-of-period items, NOI increased by $12.0 million to $27.1 million (13.3% of revenue) in Q1 2026 from $15.2 million (10.3% of revenue) in the prior year period, reflecting revenue growth, partially offset by increased wages and benefits. The out-of-period items of $3.1 million related to retroactive funding of $0.8 million recognized in Q1 2026, offset by workers’ compensation rebates of $3.9 million recognized in Q1 2025.

Managed Services

At the end of Q1 2026, the number of third-party and joint venture beds served by SGP increased to approximately 157,100, an increase of 6.0% from the prior year period. Extendicare Assist held management contracts for 40 homes comprising 6,237 beds and provided a further 27 homes with consulting and other services.

Revenue decreased by $2.4 million or 12.9% to $16.2 million in Q1 2026 due primarily to the sale by Revera of 30 Class C LTC homes that had been operated by Extendicare Assist under management contracts, nine of which were acquired by the Company, partially offset by changes in the mix of Extendicare Assist services, management fees from a newly opened home in Axium JV and growth in SGP clients. NOI decreased by $1.1 million or 11.0% to $8.9 million (54.6% of revenue).

Financial Position

Extendicare had strong liquidity at March 31, 2026, with cash and cash equivalents on hand, excluding restricted cash, of $320.9 million, and access to a further $154.4 million under its revolving credit facility.

Following the CBI Acquisition in April 2026 for the cash purchase price of $570.0 million and the issuance of the 2031 Notes, of which approximately $427.7 million of the net proceeds were used to repay the delayed draw term loan in full and the revolving credit facility in part, the Company had access to $160.7 million under its Unsecured Revolving Facility and approximately $67.0 million in cash and cash equivalents.

Select Financial Information

The following is a summary of the Company’s consolidated financial information for the three months ended March 31, 2026 and 2025.

(unaudited)Three months ended
March 31(thousands of dollars unless otherwise noted)2026 2025 Revenue465,224 374,654 Operating expenses396,200 324,426 NOI(1)69,024 50,228 NOI margin(1)14.8%13.4%Administrative costs16,166 14,622 Adjusted EBITDA(1)52,858 35,606 Adjusted EBITDA margin(1)11.4%9.5%Other income (expense)7,472 (3,170)Share of profit (loss) from investment in joint ventures344 (126)Net earnings40,732 15,031 per basic share ($)0.427 0.178 per diluted share ($)0.422 0.176 AFFO(1)32,746 19,807 per basic share ($)0.343 0.235 per diluted share ($)0.339 0.232 Maintenance capex2,771 2,709 Cash dividends declared per share0.1281 0.1220 Payout ratio(1)37%51%Weighted average number of shares (000’s)  Basic95,371 84,345 Diluted96,600 85,468 
Extendicare’s disclosure documents, including its Management’s Discussion and Analysis (“MD&A”), may be found on SEDAR+ at www.sedarplus.ca under the Company’s issuer profile and on the Company’s website at www.extendicare.com under the “Investors/Financial Reports” section.

2025 Environmental, Social and Governance (“ESG”) Report Published

In May 2026, Extendicare published its 2025 Environmental, Social and Governance (ESG) report, which outlines how the Company’s mission — providing people with the care they need, wherever they call home — informs its approach to sustainability as it strives to increase access to care for Canadians. The report highlights priorities, including quality of care, a strong and supported workforce, the responsible stewardship of resources, effective governance and long-term operational resilience. It also describes Extendicare’s ongoing efforts to enhance the identification, management and reporting of sustainability-related risks and opportunities. The report is available at www.extendicare.com under the “ESG” section.

May Dividend Declared

The Board of Directors of Extendicare today declared a cash dividend of $0.0441 per share for the month of May 2026, which is payable on June 15, 2026, to shareholders of record at the close of business on May 29, 2026. This dividend is designated as an “eligible dividend” within the meaning of the Income Tax Act (Canada).

Conference Call and Webcast

Extendicare will hold a conference call to discuss its 2026 first quarter results on May 8, 2026, at 11:30 a.m. (EDT). The call will be webcast live and archived online at www.extendicare.com under the “Investors/Events & Presentations” section. Alternatively, the call-in number is 1-833-752-3395. A replay of the call will be available approximately two hours after completion of the live call until midnight on May 22, 2026, by dialing 1-855-669-9658 followed by the passcode 1923796#.

About Extendicare

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of the growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. We operate a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 24.5 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 157,100 beds across Canada. Extendicare proudly employs approximately 31,500 individuals and manages an additional 5,000 joint venture employees, all of whom are highly qualified, trained and dedicated team members and passionate about providing high-quality care and services to help people live better.

Non-GAAP Measures

Certain measures used in this press release, such as “net operating income”, “NOI”, “NOI margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “AFFO”, and “payout ratio”, including any related per share amounts, are not measures recognized under GAAP and do not have standardized meanings prescribed by GAAP. These measures may differ from similar computations as reported by other issuers and, accordingly, may not be comparable to similarly titled measures as reported by such issuers. These measures are not intended to replace earnings (loss) from continuing operations, net earnings (loss), cash flow, or other measures of financial performance and liquidity reported in accordance with GAAP. Such items are presented in this document because management believes that they are relevant measures of Extendicare’s operating performance and ability to pay cash dividends.

Management uses these measures to exclude the impact of certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance and improves comparability of underlying financial performance between periods. The exclusion of certain items does not imply that they are non-recurring or not useful to investors.

Detailed descriptions of these measures can be found in Extendicare’s Q1 2026 MD&A (refer to “Non-GAAP Measures”), which is available on SEDAR+ at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com.

Reconciliations for certain non-GAAP measures included in this press release are outlined below.

The following table provides a reconciliation of AFFO to “net cash from operating activities”, which the Company believes is the most comparable GAAP measure to AFFO.

(unaudited) Three months ended
March 31(thousands of dollars)2026 2025 Net cash from operating activities(4,744)18,421 Add (Deduct):  Net change in operating assets and liabilities, including interest, and taxes37,368 1,226 Other expense2,551 3,170 Current income tax on items excluded from AFFO(408)(843)Depreciation for office leases(783)(732)Depreciation for FFEC (maintenance capex)(2,300)(1,888)Additional maintenance capex(233)(697)Principal portion of government capital funding417 403 AFFO for joint ventures878 747 AFFO32,746 19,807 
The following table provides a reconciliation of “earnings before income taxes” to Adjusted EBITDA and “net operating income”.

(unaudited) Three months ended
 March 31
(thousands of dollars)2026 2025 Earnings before income taxes49,370 18,919 Add (Deduct):   Depreciation and amortization10,100 8,273 Net finance costs1,204 5,118 Other (income) expense(7,472)3,170 Share of (profit) loss from investment in joint ventures(344)126 Adjusted EBITDA52,858 35,606 Administrative costs16,166 14,622 Net operating income69,024 50,228 
Forward-looking Statements

This press release contains forward-looking statements concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation: statements regarding its dividend levels, business operations, business strategy, growth strategy, results of operations and financial condition, including anticipated timelines and costs in respect of development projects. Forward-looking statements can often be identified by the expressions “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will”, “may”, “should” or other similar expressions or the negative thereof. These forward-looking statements reflect the Company’s current expectations regarding future results, performance or achievements and are based upon information currently available to the Company and on assumptions that the Company believes are reasonable. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in the statements. For further information on the risks, uncertainties and assumptions that could cause Extendicare’s actual results to differ from current expectations, refer to “Risks and Uncertainties” and “Forward-looking Statements” in Extendicare’s Q1 2026 MD&A and latest Annual Information Form filed by Extendicare with the securities regulatory authorities, available at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Extendicare contact:
David Bacon, Executive Vice President and Chief Financial Officer
T: (905) 470-4000
E: [email protected]
www.extendicare.com

Endnote(1) See the “Non-GAAP Measures” section of this press release and the Company’s Q1 2026 MD&A, which includes the reconciliation of such non-GAAP measures to the most directly comparable GAAP measures.

May 12, 2026 10:06 ET  | Source: Extendicare Inc.

MARKHAM, Ontario, May 12, 2026 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) has filed a Business Acquisition Report on Form 51-102F4 (the “BAR”) on SEDAR+ (www.sedarplus.ca) in connection with the Company’s acquisition on April 1, 2026 of CBI Home Health LP and CBI (GP) 3 Inc. and their respective subsidiaries (collectively, “CBI Home Health”).

As required under applicable securities laws, the BAR contains the following financial statements and related notes thereto:

Audited combined and carve-out financial statements of CBI Home Health as at and for the year ended December 31, 2025, together with the independent auditor’s report thereon; andUnaudited pro forma consolidated financial statements of the Company, including the unaudited pro forma consolidated statement of financial position of the Company for the year ended December 31, 2025 and the unaudited pro forma consolidated statement of earnings of the Company for the year ended December 31, 2025. Pro Forma Fiscal 2025 Financial Highlights

As reflected in the unaudited pro forma consolidated financial statements of the Company included in the BAR:

Extendicare’s pro forma consolidated revenue for the year ended December 31, 2025 is $2.164 billion, including $504.0 million of CBI Home Health’s standalone revenue. This compares to the approximately $477.9 million standalone revenue of CBI Home Health for the twelve-month period ending July 31, 2025 previously reported by the Company in its management’s discussion and analysis for the year ended December 31, 2025 (the “2025 MD&A”).Extendicare’s pro forma consolidated Adjusted EBITDA(1) for the year ended December 31, 2025 is $263.5 million, including $87.9 million of CBI Home Health’s standalone Adjusted EBITDA. Included in CBI Home Health’s standalone Adjusted EBITDA for the year ended December 31, 2025 are out-of-period items totalling approximately $15.0 million related to retroactive funding amounts and workers’ compensation rebates. These amounts relate to prior periods and are not reflective of CBI Home Health’s actual results for the year ended December 31, 2025. Additionally, as previously reported in the 2025 MD&A, the Company identified certain adjustments related to differences in estimates and timing matters identified by the Company’s Quality of Earnings (“QoE”) due diligence of $3.3 million. Excluding the out-of-period items and including the QoE adjustments, CBI Home Health’s standalone Adjusted EBITDA for the year ended December 31, 2025 was $69.6 million, as compared to the $61.9 million for the twelve-months ended July 31, 2025 previously reported in the 2025 MD&A. About Extendicare
Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of the growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. We operate a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 24.5 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 157,100 beds across Canada. Extendicare proudly employs approximately 31,500 individuals and manages an additional 5,000 joint venture employees, all of whom are highly qualified, trained and dedicated team members and passionate about providing high-quality care and services to help people live better.

Non-GAAP Measures
“Adjusted EBITDA” is not a measure recognized under GAAP and does not have a standardized meaning prescribed by GAAP. This measure may differ from similar computations as reported by other issuers and, accordingly, may not be comparable to similarly titled measures as reported by such issuers. This measure is not intended to replace earnings (loss) from continuing operations, net earnings (loss), cash flow, or other measures of financial performance and liquidity reported in accordance with GAAP. Such items are presented in this document because management believes that they are relevant measures of Extendicare’s and CBI Home Health’s operating performance and the Company’s ability to pay cash dividends.

Management uses these measures to exclude the impact of certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance and improves comparability of underlying financial performance between periods. The exclusion of certain items does not imply that they are non-recurring or not useful to investors.

Detailed descriptions of this measure can be found in Extendicare’s Q1 2026 MD&A (refer to “Non-GAAP Measures”), which is available on SEDAR+ at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com.

Extendicare contact:
David Bacon, Executive Vice President and Chief Financial Officer
T: (905) 470-4000
E: [email protected]
www.extendicare.com

Endnote(1)
See the “Non-GAAP Measures” section of this press release and the Company’s Q1 2026 MD&A, which includes the reconciliation of such non-GAAP measure to the most directly comparable GAAP measure.  

Key Takeaways Gas slid under $3 as a 101 Bcf injection lifted inventories to 2,391 Bcf, 7% above 5-yr avg.AR is gas/NGL-heavy in Marcellus/Utica with ~515,000 net acres and support from its midstream tie.LNG's Corpus Christi saw near-record feedgas as trains ramped, though maintenance cut overall LNG flows. U.S. natural gas prices struggled to hold above the key $3 level last week as traders weighed rising storage levels against uneven weather-driven demand. Cooler forecasts heading into early June reduced expectations for stronger power-sector consumption, even as liquefied natural gas (“LNG”) exports remained active.

At this time, investors may want to keep a close watch on natural gas-focused companies such as Antero Resources (AR - Free Report) , Expand Energy (EXE - Free Report) and Cheniere Energy (LNG - Free Report) as the market moves into the critical summer demand season.

Storage Growth Keeps Prices in Check

The biggest pressure point for natural gas last week came from another large inventory build. The U.S. Energy Information Administration reported a 101 billion cubic feet (Bcf) storage injection for the week ending May 15. That was above market expectations and also higher than the five-year average injection for the same period.

Working gas inventories climbed to 2,391 Bcf, leaving storage levels about 7% above the five-year average. Strong supply growth has kept the market comfortably supplied, limiting bullish momentum despite periods of hotter weather.

U.S. dry gas production also stayed resilient above 103 Bcf per day. That steady output has made it difficult for prices to sustain rallies.

Natural Gas Prices Swing Through the Week

Natural gas futures experienced sharp swings throughout the week before ending under pressure. Prices began the week with strong momentum as hotter temperatures across parts of the eastern United States lifted cooling demand expectations. June futures climbed above $3 and briefly reached a seven-week high near $3.11 per million British thermal units (MMBtu).

However, sentiment weakened later in the week after cooler forecasts emerged and the larger-than-expected storage build reinforced oversupply concerns. By Thursday and Friday, futures slipped back below the important $3 level, with June gas settling near $2.91 per MMBtu. Overall, natural gas posted a weekly loss as traders focused more on rising inventories and softer near-term weather demand than on temporary heat-driven consumption gains.

LNG Exports Offer Support, But Not Enough Yet

LNG exports continued to provide some support to the market. Cheniere Energy’s Corpus Christi facility reported near-record feedgas flows during the week as new expansion trains continued ramping up operations.

Still, overall LNG feedgas demand softened because of maintenance activity at several export plants, including Golden Pass and Freeport LNG. Average flows to major U.S. LNG terminals declined from April’s record highs, reducing one of the market’s key balancing forces.

That left domestic supply levels too large for current demand conditions. Mild early June forecasts are also expected to limit near-term electricity demand for air conditioning.

Summer Heat Could Shift the Market

Despite recent weakness, the outlook for natural gas is not entirely negative. The market is entering the most weather-sensitive period of the year, and any prolonged heat wave could quickly tighten supply-demand balances. Stronger cooling demand would increase power-sector gas consumption and slow the pace of storage injections.

Hurricane risks also remain an important wildcard during the summer months. Any disruption to Gulf Coast production or LNG operations could rapidly shift sentiment and lift prices.

3 Natural Gas Stocks Worth a Closer Look

For long-term investors, this remains a market driven by timing and weather. Companies such as Antero Resources, Expand Energy and Cheniere Energy could benefit if stronger summer demand eventually helps absorb today’s oversupply conditions.

Antero Resources:It is an independent energy producer focused on natural gas and liquids in the Appalachian Basin. Headquartered in Denver, this Zacks Rank #3 (Hold) company develops low-cost assets in the Marcellus and Utica shales, holding about 515,000 net acres. Antero Resources’ production mix is weighted toward natural gas and NGLs, with minimal oil exposure. AR is also one of the largest U.S. suppliers of natural gas and LPG to export markets. You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Antero Resources is supported by its midstream affiliate, Antero Midstream, in which it owns roughly 29%. This integrated setup secures transportation and market access from Appalachia to the Gulf Coast. A low debt profile and steady drilling results provide flexibility and support long-term growth. The Zacks Consensus Estimate for Antero Resources’ 2026 earnings per share indicates a 152.1% year-over-year surge.

Expand Energy:Expand Energy has emerged as the largest natural gas producer in the United States after completing the Chesapeake-Southwestern merger. With a strong footprint in the Haynesville and Marcellus basins, the company is well-positioned to benefit from rising natural gas demand fueled by LNG exports, growing AI and data-center power needs, EV adoption and broader electrification trends.

The Zacks Consensus Estimate for Expand Energy’s 2026 earnings per share indicates a 44.3% year-over-year improvement. The firm, with a Zacks Rank of 3, has a trailing four-quarter earnings surprise of roughly 4.1%, on average.

Cheniere Energy:It is a leading U.S. LNG producer and exporter, operating large-scale facilities along the Gulf Coast. Since starting exports in 2016, it has grown into the largest LNG producer in the United States, supplying customers across more than 40 global markets with reliable and cleaner-burning energy.

Backed by firm gas supply agreements for its Sabine Pass and Corpus Christi facilities, this Zacks #3 Ranked company enjoys strong cash flow visibility and solid long-term growth prospects. The Zacks Consensus Estimate for Cheniere Energy’s 2026 earnings per share indicates 36.1% year-over-year growth.

A month has gone by since the last earnings report for Expand Energy (EXE - Free Report) . Shares have lost about 8.3% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Expand Energy due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Expand Energy Corporation before we dive into how investors and analysts have reacted as of late.

Expand Energy Q1 Earnings Beat Estimates on Strong ProductionExpand Energy reported first-quarter 2026 adjusted earnings per share of $3.83, beating the Zacks Consensus Estimate of $3.69. The company’s bottom line increased from the year-ago adjusted profit of $2.02, fueled by strong production and higher natural gas price realization.

Expand Energy’s ‘natural gas, oil and NGL’ revenues of $3.3 billion surpassed the Zacks Consensus Estimate of $3.1 billion. The top line was also higher than the year-ago figure of $2.3 billion.

During the first quarter of 2026, Expand Energy signed a 20-year Sales and Purchase Agreement (SPA) with Delfin FLNG Vessel 1 for about 1.15 million tons of LNG offtake per year, extending the company’s market reach to growing global demand centers.

Production & Price RealizationsThe company reported the average first-quarter daily production (comprising 93% natural gas) of 7,436 million cubic feet of gas equivalent (MMcfe/day), increasing 9.5% from the year-ago level of 6,788 MMcfe/day. The daily production levels surpassed the Zacks Consensus Estimate of 7,431 MMcfe/day. Natural gas volume for the period came in at 6,914 MMcfe/day, up 10.6% year over year. The consensus mark called for 6,864 MMcf/day of natural gas. EXE’s oil production was 15 thousand barrels per day (MBbl/d), while NGL output totaled 72 MBbl/d.

The average sales price for natural gas during the first quarter was $4.92 per Mcf, up 37.4% from the prior-year realization of $3.58 per Mcf, and it was also above the consensus mark of $4.75. The average realized oil price was $64.37 per barrel compared with the consensus mark of $62. Meanwhile, the average realized NGL price was $25.49 per barrel, above the Zacks Consensus Estimate of$25.36.

Costs & ExpensesTotal operating expenses in the quarter rose to $2.9 billion from the year-ago quarter’s $2.5 billion. This was mainly due to an increase in gathering, processing and transportation, exploration and marketing expenses. The company’s gathering, processing and transportation, exploration and marketing costs of $690 million, $14 million and $1.1 billion during the first quarter of 2026 rose from the year-ago levels of $563 million, $7 million and $919 million, respectively.

Dividend & Share RepurchasesIn the first quarter, the company plans to pay its quarterly base dividend of 57.5 cents per share on June 04, 2026, to its shareholders of record on May 14. Furthermore, Expand Energy plans to focus on reducing debt in 2026 to reinforce its balance sheet and enhance financial flexibility during market lows while continuing to reward shareholders through its base dividend and share buybacks.

Year-to-date through April 24, 2026, Expand Energy has redeemed approximately $1.3 billion of gross debt and executed $150 million of share repurchases.

Financial PositionCash flow from operations totaled $2.4 billion, which almost doubled from the prior-year quarter levels of $1.1 billion, while Expand Energy’s capital expenditure totaled $707 million, leading to a free cash flow of $1.7 billion. It also paid out $141 million in dividends during the period.

As of March 31, 2026, the company had $2.2 million in cash and cash equivalents. Expand Energy had a long-term debt of $4.1 billion, reflecting a debt-to-capitalization of 17.5%.

Guidance for Q2 & 2026Expand Energy is targeting an average daily production in the range of 7,400-7,500 MMcfe for the second quarter of 2026 and 7,400-7,600 MMcfe for full-year 2026. The company has budgeted its capital spending between $770 million and $845 million for the upcoming quarter, while for 2026, the figure is projected to be between $2.75 billion and $2.95 billion.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -7.12% due to these changes.

VGM ScoresAt this time, Expand Energy has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Expand Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.