Track market-moving stories before they get noisy

– Novel Investigational Combination Pairs Merck’s Islatravir, a Next-Generation Nucleoside Analog with Distinct Mechanisms of Action, Including Reverse Transcriptase Translocation Inhibition, with Gilead’s Lenacapavir, a First-in-Class Capsid Inhibitor that Disrupts HIV at Multiple Stages of its Lifecycle –

– Islatravir/Lenacapavir has the Potential to be the First Approved Long-Acting Oral HIV Treatment Taken Once-Weekly –

FOSTER CITY, Calif., & RAHWAY, N.J.--(BUSINESS WIRE)--Gilead Sciences, Inc. (Nasdaq: GILD) and Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced that the primary efficacy endpoint at Week 48 was met in both the Phase 3 ISLEND-1 and ISLEND-2 trials with the investigational oral once-weekly single-tablet HIV treatment regimen of islatravir/lenacapavir. The ISLEND trials are evaluating the efficacy and safety of islatravir 2 mg/lenacapavir 300 mg (ISL/LEN) in people with HIV who are virologically suppressed and switched from BIKTARVY® (bictegravir 50 mg/emtricitabine 200 mg/tenofovir alafenamide 25 mg tablets, B/F/TAF) (ISLEND-1) or standard of care antiretroviral regimens (ISLEND-2). The safety profile of ISL/LEN was generally comparable to the comparator regimens studied in the ISLEND trials, and no new safety concerns were identified. Gilead and Merck plan to file the Phase 3 data from the ISLEND trials with regulatory authorities globally and submit the detailed findings for presentation at a future scientific congress.

“Long-acting oral therapies represent a new wave of transformational innovation in HIV drug development, with the potential to reshape the landscape of care,” said Jared Baeten, MD, PhD, Senior Vice President, Clinical Development, Virology Therapeutic Area Head, Gilead Sciences. “Innovative oral HIV treatment options that allow for less frequent dosing may make a meaningful difference in the lives of people living with the virus, potentially offering more flexibility and discretion.”

The primary efficacy endpoint of ISLEND-1 and ISLEND-2 was the percentage of participants with HIV-1 RNA levels ≥ 50 copies/mL at Week 48, defined by the FDA snapshot algorithm. In the double-blind ISLEND-1 trial, the once-weekly, single-tablet regimen of ISL/LEN was found to be statistically non-inferior to BIKTARVY. In the open-label ISLEND-2 trial, ISL/LEN was found to be statistically non-inferior to standard of care daily oral antiretroviral therapy regimens. The safety profile of ISL/LEN was generally comparable to BIKTARVY in ISLEND-1 and to standard of care antiretroviral regimens in ISLEND-2.

“These results underscore the shared focus and commitment that we and our collaborators at Gilead have on continuing research to help people living with HIV. By advancing this investigational novel once-weekly oral regimen of islatravir and lenacapavir, we aim to bring forward a new long-acting oral option that, if approved, would represent the first of its kind with less frequent dosing and further expand options for people living with HIV,” said Dr. Eliav Barr, Senior Vice President, Head of Global Clinical Development and Chief Medical Officer, Merck Research Laboratories.

The combination of islatravir and lenacapavir targets multiple stages of HIV-1 replication, potentially offering people with HIV who are virologically suppressed a novel, long-acting oral single-tablet regimen. The potency and pharmacokinetic profiles of islatravir and lenacapavir enable long-acting dosing as a once-weekly tablet for HIV treatment, if approved.

Islatravir and lenacapavir in combination are investigational and not approved for use.

There is currently no cure for HIV or AIDS.

About ISLEND-1

ISLEND-1 (NCT06630286) is a Gilead-sponsored, multicenter Phase 3 randomized, double-blind, active-controlled trialdesigned to evaluate the safety and efficacy of switching to a once-weekly tablet of islatravir/lenacapavir (ISL/LEN) versus continuing treatment with BIKTARVY (bictegravir/emtricitabine/tenofovir alafenamide) in people with virologically suppressed HIV (HIV-1 RNA levels < 50 copies/mL) on BIKTARVY for ≥ 6 months prior to screening. Participants were randomized 1:1 to receive initial doses of ISL/LEN on Day 1 and Day 2 followed by once-weekly ISL/LEN from Day 8 to Week 96 plus placebo-to-match BIKTARVY daily, or BIKTARVY daily plus placebo-to-match initial doses of ISL/LEN on Day 1 and Day 2 and placebo-to-match once-weekly ISL/LEN from Day 8 to Week 96. The primary endpoint was the proportion of participants with HIV-1 RNA ≥ 50 copies/mL at Week 48, as determined by the US FDA-defined snapshot algorithm. Key secondary endpoints included the proportion of participants with HIV-1 RNA ≥ 50 copies/mL at Week 96, as determined by the US FDA-defined snapshot algorithm; the proportion of participants with virologic suppression (HIV viral load < 50 copies/mL per US FDA Snapshot) at Week 48 and Week 96; change from baseline in CD4 cell count at Week 48 and Week 96; and the proportion of participants treated with ISL/LEN who discontinued treatment due to treatment-emergent adverse events.

About ISLEND-2

ISLEND-2 (NCT06630299) is a Gilead-sponsored, multicenter Phase 3 randomized, open-label, active-controlled trialevaluating the safety and efficacy of switching to a once-weekly tablet of ISL/LEN versus continuation of standard of care treatment in people with virologically suppressed HIV (HIV-1 RNA levels < 50 copies/mL) on a stable standard of care antiretroviral regimen for ≥ 6 months prior to screening. A standard of care regimen included two or three antiretroviral medicines, including integrase strand transfer inhibitors (INSTI), nucleoside reverse transcriptase inhibitors (NRTIs), boosted protease inhibitors (PI) and non-nucleoside reverse transcriptase inhibitors (NNRTI). Participants either received an initial dose of ISL/LEN followed by once-weekly ISL/LEN from Day 8 to Week 96, or continued their standard of care treatment with two/three antiretroviral medicines up to Week 96. The primary endpoint is the proportion of participants with HIV-1 RNA ≥ 50 copies/mL at Week 48 by FDA-defined Snapshot Algorithm. Key secondary endpoints included the proportion of participants with HIV-1 RNA ≥ 50 copies/mL at Week 96, as determined by the US FDA-defined snapshot algorithm; the proportion of participants with virologic suppression (HIV viral load < 50 copies/mL per US FDA Snapshot) at Week 48 and Week 96; change from baseline in CD4 cell count at Week 48 and Week 96; and the proportion of participants treated with ISL/LEN who discontinued treatment due to treatment-emergent adverse events.

About Lenacapavir

The multi-stage mechanism of action of lenacapavir is distinguishable from other approved classes of antiretroviral agents. While most antiretrovirals act on one stage of viral replication, lenacapavir is designed to inhibit HIV at multiple stages of its lifecycle and has no known exhibited cross-resistance in vitro to other existing drug classes.

Lenacapavir is being evaluated as a long-acting option in multiple ongoing and planned early and late-stage clinical studies in Gilead’s HIV treatment and prevention research program. Lenacapavir is being developed as a foundation for potential future HIV therapies to offer both long-acting oral and injectable options with several dosing frequencies, in combination or as a mono-agent, that help address the individual needs and preferences of people and communities affected by HIV.

For an overview of Gilead’s HIV treatment and prevention clinical development program, please click here.

About Islatravir (MK-8591)

Islatravir (MK-8591) is Merck’s potent, next-generation nucleoside analog that blocks HIV-1 replication by multiple mechanisms including inhibition of reverse transcriptase translocation, resulting in immediate chain termination, and induction of structural changes in the viral DNA (delayed chain termination).

Islatravir is anchoring multiple ongoing early and late-stage clinical trials of two-drug regimens in combination with other Merck antiretrovirals for potential treatments for HIV-1. Islatravir is being studied in Phase 3 in combination with Merck’s doravirine (DOR/ISL) as a once-daily pill for treatment of HIV-1 infection in adults with no prior antiviral treatment history and in Phase 2b in combination with Merck’s investigational non-nucleoside reverse transcriptase inhibitor (NNRTI) ulonivirine (MK-8507) as an oral once-weekly treatment for HIV-1.

For an overview of Merck’s HIV treatment and prevention clinical development program, please click here.

About Gilead HIV

For almost 40 years, Gilead has been a leading innovator in the field of HIV, driving advances in treatment, prevention and cure research. Gilead researchers have developed 13 HIV medications, including the first single-tablet regimen to treat HIV, the first antiretroviral for pre-exposure prophylaxis (PrEP) to help reduce new HIV infections, and the first long-acting injectable HIV prevention medication administered twice-yearly. Our advances in medical research have helped to transform HIV into a treatable, preventable, chronic condition for millions of people.

Gilead is committed to continued scientific innovation to provide solutions for the evolving needs of people affected by HIV around the world. Through partnerships, collaborations and charitable giving, the company also aims to improve education, expand access and address barriers to care, with the goal of ending the HIV epidemic worldwide. Gilead has been repeatedly recognized as one of the top two leading philanthropic funders of HIV-related programs in a report released by Funders Concerned About AIDS.

Discover more about Gilead’s unique collaborations worldwide and the work to help end the HIV epidemic.

About Gilead Sciences

Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation. In 2025, Gilead announced a planned $32 billion investment to further strengthen its U.S. footprint to power the next era of discovery, job creation and public health preparedness – while continuing to invest globally to ensure patients everywhere benefit from its scientific innovation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, Calif.

Merck’s Commitment to HIV

For 40 years, Merck has been committed to scientific research and discovery in HIV leading to scientific breakthroughs that have helped change HIV treatment. Our work has helped pioneer the development of new options across multiple drug classes to help those impacted by HIV. Today, we are developing a series of antiviral options designed to help people manage HIV and protect people from HIV. We are researching for real life and want to ensure people are not defined by HIV. Our work focuses on transformational innovations, collaborations with others in the global HIV community, and access initiatives aimed at helping to end the HIV epidemic for everyone.

About Merck

At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

Gilead Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including Gilead’s ability to initiate, progress or complete clinical trials or studies within currently anticipated timelines or at all, and the possibility of unfavorable results from ongoing and additional clinical trials or studies, including those involving lenacapavir (such as ISLEND-1 and ISLEND-2); uncertainties relating to regulatory applications and related filing and approval timelines, including potential applications for programs and/or indications currently under evaluation, such as oral once-weekly single-tablet HIV treatment regimen of islatravir/lenacapavir, and the risk that any regulatory approvals, if granted, may be subject to significant limitations on use or subject to withdrawal or other adverse actions by the applicable regulatory authority; the possibility that Gilead may make a strategic decision to discontinue development of these programs and, as a result, these programs may never be successfully commercialized for the indications currently under evaluation; and any assumptions underlying any of the foregoing. These and other risks, uncertainties and factors are described in detail in Gilead’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as filed with the U.S. Securities and Exchange Commission. These risks, uncertainties and other factors could cause actual results to differ materially from those referred to in the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The reader is cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation and disclaims any intent to update any such forward-looking statements.

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA

This news release of Merck & Co., Inc., Rahway, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

BIKTARVY, Gilead and the Gilead logo are trademarks of Gilead Sciences, Inc., or its related companies.

For more information about Gilead, please visit the company’s website at www.gilead.com, follow Gilead on X (@Gilead Sciences) and LinkedIn, or contact Gilead Public Affairs.

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Key Takeaways GILD and Merck's phase III ISLEND studies met primary endpoints at week 48 in HIV.The once-weekly islatravir/lenacapavir regimen showed non-inferior efficacy and comparable safety.GILD and Merck discontinued a phase III NSCLC study after missing statistical significance on PFS. Gilead Sciences, Inc. (GILD - Free Report) and partner Merck (MRK - Free Report) announced positive data from two late-stage studies, ISLEND-1 and ISLEND-2, evaluating investigational oral once-weekly single-tablet HIV treatment regimen of islatravir/lenacapavir.

The investigational regimen combines Merck's islatravir, a next-generation nucleoside analog that inhibits HIV replication through multiple mechanisms, including reverse transcriptase translocation inhibition, with Gilead's lenacapavir, a first-in-class capsid inhibitor designed to disrupt the virus at several stages of its lifecycle.

Both studies met the primary efficacy endpoint at week 48.

Gilead’s shares have gained 2.2% year to date against the industry's decline of 3.1%.

Image Source: Zacks Investment Research

More on GILD and MRK’s HIV StudiesThe ISLEND studies are evaluating the efficacy and safety of islatravir 2 mg/lenacapavir 300 mg (ISL/LEN) in people with HIV who are virologically suppressed and switched from Biktarvy (bictegravir 50 mg/emtricitabine 200 mg/tenofovir alafenamide 25 mg tablets, B/F/TAF) (ISLEND-1) or standard of care antiretroviral regimens (ISLEND-2).

The primary efficacy endpoint in both ISLEND-1 and ISLEND-2 was the proportion of participants with HIV-1 RNA levels ≥ 50 copies/mL at week 48, as measured by the FDA snapshot algorithm. In ISLEND-1, a double-blind study, the once-weekly oral regimen of islatravir/lenacapavir (ISL/LEN) demonstrated non-inferior efficacy compared with Biktarvy. Similarly, in the open-label ISLEND-2 trial, ISL/LEN achieved non-inferior results versus standard daily oral antiretroviral therapies.

The regimen also showed a safety profile comparable to the respective comparator treatments in both studies, with no new safety concerns identified.

Following the positive phase III results, Gilead and Merck intend to submit the ISLEND trial data to regulatory authorities worldwide and present detailed study findings at an upcoming scientific conference.

The investigational once-weekly oral combination of islatravir and lenacapavir could become the first long-acting oral HIV treatment with weekly dosing, potentially offering people living with HIV a new and more convenient treatment option if approved.

Gilead is a dominant player in the HIV market.

Gilead’s Biktarvy is a once-daily, single-tablet HIV treatment that combines three antiretroviral medicines, including bictegravir, a potent integrase strand transfer inhibitor (INSTI) with the Descovy backbone of emtricitabine and tenofovir alafenamide. The regimen offers convenient dosing with or without food, has a low potential for drug interactions, and provides a high barrier to resistance.

In 2025, the FDA approved lenacapavir for the prevention of HIV under the brand name Yeztugo for pre-exposure prophylaxis to reduce the risk of sexually acquired HIV in adults and adolescents weighing at least 35 kg.

The approval has significantly boosted Gilead’s HIV franchise, as lenacapavir needs to be taken twice yearly, unlike daily oral pills.  

Following Yeztugo’s strong first-quarter performance and improving market trends, Gilead raised its 2026 sales guidance to $1 billion, positioning the drug to achieve blockbuster status in its first full year on the market.

Approval of additional better treatments should bolster GILD’s HIV franchise in the wake of increasing competition from the likes of GSK plc (GSK - Free Report) .

GSK continues to grow its HIV business, driven by strong patient demand for long-acting injectable medicines (Cabenuva and Apretude) and Dovato.

GILD, MRK Update on Lung Cancer StudyConcurrently, Merck and Gilead Sciences announced the discontinuation of the phase III KEYNOTE-D46/EVOKE-03 study evaluating Trodelvy (sacituzumab govitecan-hziy) in combination with Keytruda as a first-line treatment for patients with metastatic non-small cell lung cancer (NSCLC) whose tumors express high levels of PD-L1 (TPS ≥50%).

The open-label phase III study sponsored by Merck evaluated Trodelvy in combination with Keytruda versus Keytruda alone in this NSCLC patient population. The trial enrolled approximately 620 patients.

The decision follows a recommendation from the external Data Monitoring Committee after reviewing the pre-specified final progression-free survival (PFS) analysis and an interim overall survival (OS) analysis. While the combination demonstrated a numerical improvement in PFS compared with Keytruda alone, the result did not achieve statistical significance. Additionally, the committee concluded that the likelihood of demonstrating a statistically significant OS benefit at the final analysis was low.

The companies plan to present the detailed study results at a future medical conference.

Gilead’s Trodelvy is a first-in-class Trop-2-directed antibody-drug conjugate.

Trodelvy is currently approved in various countries for patients with metastatic triple-negative breast cancer who have received at least one prior therapy and for certain patients with previously treated HR-positive/HER2-negative metastatic breast cancer. 
Trodelvy continues to gain market share in the second-line setting. GILD has submitted two supplemental biologics license applications seeking approval of the drug for use in first-line metastatic triple-negative breast cancer patients.

MRK’s blockbuster immuno-oncology drug Keytruda is approved for several types of cancer and alone accounts for around 50% of sales.

GILD’s Zacks Rank

Key Takeaways Gilead's HIV business is growing on strong Biktarvy and Descovy demand and Yeztugo contributions.Gilead raised 2026 Yeztugo sales guidance to $1 billion and now expects HIV sales growth of 8%.Gilead's BIC/LEN filing won priority review, while ISLEND studies met week-48 efficacy goals. Gilead Sciences, Inc. (GILD - Free Report) has a market-leading HIV franchise, led by flagship HIV therapies — Biktarvy for treatment and Descovy for prevention.

Last month, the company reported better-than-expected first-quarter results, driven by strong HIV breast cancer drug Trodelvy and liver disease drug Livdelzi sales.

HIV business continues to maintain momentum, driven by solid performance of Biktarvy and Descovy, and incremental contributions from Yeztugo.

Biktarvy continues to be a dominant player in the HIV treatment market, holding more than 52% market share and retaining its position as the most prescribed therapy for both treatment-naïve and switch patients across major markets.

Gilead’s HIV pre-exposure prophylaxis (PrEP) portfolio comprises daily oral Descovy and the first and only twice-yearly injectable Yeztugo.

Descovy’s performance continues to be strong, primarily driven by higher demand and average realized price.

The FDA approval of injectable lenacapavir, a first-in-class capsid inhibitor (under the brand name Yeztugo), solidifies GILD’s HIV portfolio. With a twice-yearly dosing schedule, the therapy offers meaningful adherence advantages over daily oral regimens and targets a broad patient population.

Following better-than-expected first-quarter results and improving market trends, Gilead raised its 2026 sales guidance for Yeztugo to $1 billion, signaling the product’s potential to achieve blockbuster status in its first full year on the market.

Driven by increased Yeztugo sales expectations and strong first-quarter HIV performance, Gilead now projects total 2026 HIV sales growth of approximately 8% year over year, up from its prior guidance of 6% issued in February. The updated outlook includes an estimated 2% headwind related to the U.S. government’s Medicaid drug pricing agreement and proposed Affordable Care Act changes.

The FDA accepted Gilead’s new drug application for bictegravir/lenacapavir (BIC/LEN) for virologically suppressed people living with HIV under priority review, setting a target action date of Aug. 27, 2026.  A potential approval of BIC/LEN will further bolster its HIV portfolio.

Looking ahead, with no significant loss-of-exclusivity (LOE) events expected until 2036, Gilead’s HIV franchise is well positioned for sustained long-term growth, supported by the potential launch of up to seven new HIV therapies by 2033.

GILD has also collaborated with Merck (MRK - Free Report) to advance its HIV pipeline further.

Gilead and Merck recently announced positive data from two late-stage studies, ISLEND-1 and ISLEND-2, evaluating investigational oral once-weekly single-tablet HIV treatment regimen of islatravir/lenacapavir.

The investigational regimen combines Merck's islatravir, a next-generation nucleoside analog that inhibits HIV replication through multiple mechanisms, including reverse transcriptase translocation inhibition, with Gilead's lenacapavir.

Both studies met the primary efficacy endpoint at week 48. Following the positive phase III results, Gilead and Merck intend to submit the ISLEND trial data to regulatory authorities worldwide and present detailed study findings at an upcoming scientific conference.

Gilead presented encouraging phase I data for the long-acting integrase inhibitor GS-3242 in February. Additional data expected later this year could support the development of a twice-yearly injectable regimen combining GS-3242 with lenacapavir.

Approval of additional treatments should strengthen its dominant HIV franchise.  

Competition for GILD’s HIV BusinessThe HIV treatment landscape is dominated by many bigwigs, such as GSK plc (GSK - Free Report) and Merck, apart from GILD.

HIV sales account for a major chunk of GSK’s Specialty Medicines portfolio. GSK continues to grow its HIV business, driven by strong patient demand for long-acting injectable medicines (Cabenuva and Apretude) and Dovato. The solid growth from these drugs has helped GSK combat the decline in Triumeq sales.

MRK markets doravirine for treating adults with HIV-1 in the United States, either as a monotherapy under the brand name Pifeltro or as part of the single-tablet combination regimen under the brand name Delstrigo (doravirine/lamivudine/tenofovir disoproxil fumarate).

MRK recently won FDA approval of Idvynso, a once-daily, two-drug single-tablet regimen containing doravirine (100 mg) and islatravir (0.25 mg), for adults living with HIV-1 who are virologically suppressed on a stable antiretroviral regimen. The approval covers patients with no history of treatment failure and no known resistance-associated mutations to doravirine, allowing them to switch from their current HIV therapy.

Merck is also evaluating a once-daily, oral, two-drug, single-tablet regimen of doravirine/islatravir [DOR/ISL (100 mg/0.25 mg)] in treatment-naïve adults with HIV-1 infection.

GILD’s Price Performance, Valuation and EstimatesShares of GILD have gained 2.3% year to date against the industry’s decline of 3.1%.

Image Source: Zacks Investment Research

Going by the price/earnings ratio, GILD’s shares currently trade at 33.39X forward earnings, higher than its mean of 11.87X and the large-cap pharma industry’s 17.59X.

Image Source: Zacks Investment Research

The consensus estimate for 2026 has deteriorated sharply over the past 30 days, shifting to a loss of 79 cents per share from projected earnings of $4.32 per share. The estimate for 2027 has also edged lower to $9.53 per share from $9.57 during the same period.

Image Source: Zacks Investment Research

While Gilead’s recent aggressive dealmaking strategy strengthens its long-term pipeline and growth potential, the sizable upfront payments and integration-related costs are pressuring near-term profitability.

FOSTER CITY, Calif.--(BUSINESS WIRE)--Gilead Sciences today announced a donation of more than 2,000 vials of its intravenous antiviral therapy, remdesivir, to the Republic of Uganda to support response efforts to the current outbreak of Ebola Bundibugyo virus disease (BVD). This donation, along with the additional supply being readied, continues the company’s long-standing work to address emerging infectious diseases.

“At Gilead, we recognize the urgency and human toll of global health emergencies – and the responsibility to act quickly,” said Anu Osinusi, MD, Vice President of Clinical Research for Hepatitis, Respiratory and Emerging Viruses at Gilead Sciences.

Share“At Gilead, we recognize the urgency and human toll of global health emergencies – and the responsibility to act quickly,” said Anu Osinusi, MD, Vice President, Clinical Development, Virology at Gilead Sciences. “Building on decades of experience responding to serious infectious diseases, our teams are working alongside partners with focus and purpose to support the response to this outbreak.”

Remdesivir is being provided to support the Ugandan Ebola outbreak under both compassionate use and Monitored Emergency Use of Unregistered and Investigational Interventions (MEURI) frameworks for the treatment of BVD. In parallel, Gilead is preparing to support requests from the Democratic Republic of the Congo, World Health Organization (WHO) and other regional and global partners for both remdesivir and obeldesivir, an oral investigational antiviral agent, as part of the broader regional response to Ebola BVD, including the support of several planned clinical trials.

Over the past decade, Gilead has aided responses to multiple filovirus outbreaks in Sub-Saharan Africa through donation of remdesivir for emergency and compassionate use, as well as for investigational use in clinical trials – reflecting a sustained commitment to rapid response in times of urgent need.

Remdesivir has demonstrated promising preclinical activity across multiple filoviruses but has not been approved for the treatment of filovirus disease in any country. The safety and efficacy of remdesivir for the Bundibugyo strain have not yet been established; ongoing studies are working to generate this evidence.

About Remdesivir

Remdesivir is a nucleotide analog prodrug invented and developed by Gilead, building on more than a decade of the company’s antiviral research. Remdesivir has broad-spectrum antiviral activity both in vitro and in animal models against multiple viral pathogens, including Marburg, Ebola, SARS, MERS and SARS-CoV-2, the virus that causes COVID-19.

Remdesivir has been approved as a COVID-19 treatment in approximately 50 countries worldwide. To date, remdesivir has been made available to more than 14.5 million patients around the world, including more than 8.1 million people in middle- and low-income countries through Gilead’s voluntary licensing program.

The clinical efficacy of remdesivir for BVD remains to be established. Remdesivir is currently not approved in any country for the treatment of BVD. This emergency use donation is based on the preclinical data for Ebola virus together with extensive clinical safety data from the use of remdesivir for the treatment of COVID-19.

For more information about Gilead’s commitment to global health, visit Gilead.com.

About Gilead Sciences

Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation. In 2025, Gilead announced a planned $32 billion investment to further strengthen its U.S. footprint to power the next era of discovery, job creation and public health preparedness – while continuing to invest globally to ensure patients everywhere benefit from its scientific innovation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, Calif.

Gilead and the Gilead logo are registered trademarks of Gilead Sciences, Inc., or its related companies.

For more information about Gilead, please visit the company’s website at www.gilead.com, follow Gilead on X/Twitter (@Gilead Sciences) and LinkedIn (@Gilead-Sciences).

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, /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) and its wholly owned subsidiary Enbridge Pipelines Inc. (EPI) today announced that they are seeking the approval of the holders (EPI Noteholders) of all outstanding series of EPI's medium term note debentures listed below (EPI Notes) to exchange all outstanding EPI Notes for an equal principal amount of newly issued medium term notes of Enbridge (Enbridge Notes), having financial terms that are the same as the financial terms of the EPI Notes (the Note Exchange Transaction). The Enbridge Notes will be governed by Enbridge's existing medium term note trust indenture dated as of October 20, 1997, as amended and supplemented, which governs Enbridge's other senior Canadian dollar unsecured debt securities.

The Note Exchange Transaction is being proposed to give EPI flexibility to operate its business , while also delivering a range of operational, structural and capital markets benefits to EPI, Enbridge and the EPI Noteholders. Please see EPI's management information circular and consent solicitation statement dated May 25, 2026 (the Circular) for additional information regarding the Note Exchange Transaction, including the rationale for the Note Exchange Transaction.

EPI is soliciting consents and proxies from EPI Noteholders, as a single class, to pass an extraordinary resolution to approve the Note Exchange Transaction (the Note Exchange Resolution).

The deadline for the submission of written consents is 5:00 p.m. (Toronto time) on June 10, 2026, unless extended by EPI in its sole discretion (the Consent Deadline).

The deadline for deposit of proxies for the Meeting (as defined below), if held, is 12:00 p.m. (Toronto time) on June 23, 2026, unless the Meeting is adjourned or postponed (the Proxy Deadline).

If EPI Noteholders holding not less than 75% of the aggregate principal amount of the EPI Notes deliver valid written consents in favor of the Note Exchange Resolution by the Consent Deadline, the Note Exchange Resolution will be passed by written consent and the meeting of EPI Noteholders scheduled for 10:00 a.m. (Calgary time) / 12:00 p.m. (Toronto time) on June 25, 2026, to be held in Calgary, Alberta, to approve the Note Exchange Resolution (the Meeting) will be cancelled.

The following EPI Notes will be eligible to participate in the Note Exchange Transaction:

Coupon

Maturity Date

CUSIP

Amendment Review Fee
(per $1,000 principal amount of EPI Notes)

6.55 %

NOVEMBER 17, 2027

46065ZAE7

$1.50

6.05 %

FEBRUARY 12, 2029

29250ZAC2

$1.50

3.52 %

FEBRUARY 22, 2029

29250ZAX6

$1.50

6.50 %

JUNE 11, 2029

29250ZAD0

$1.50

2.82 %

MAY 12, 2031

29250ZAZ1

$3.50

5.08 %

DECEMBER 19, 2036

29250ZAG3

$3.50

5.35 %

NOVEMBER 10, 2039

29250ZAJ7

$3.50

5.33 %

APRIL 6, 2040

29250ZAM0

$3.50

4.55 %

AUGUST 17, 2043

29250ZAR9

$5.00

4.55 %

SEPTEMBER 29, 2045

29250ZAU2

$5.00

4.13 %

AUGUST 9, 2046

29250ZAW8

$5.00

4.33 %

FEBRUARY 22, 2049

29250ZAY4

$5.00

4.20 %

MAY 12, 2051

29250ZBA5

$5.00

5.82 %

AUGUST 17, 2053

29250ZBB3

$5.00

The record date for determining the EPI Noteholders entitled to vote on the Note Exchange Transaction has been set as the close of business (Toronto time) on May 20, 2026.

If the Note Exchange Resolution is approved via written consent or at the Meeting, EPI Noteholders that have validly provided their written consent and proxy by the applicable deadline will receive the applicable amendment review fees (Amendment Review Fees) as noted in the table above and described in the Circular. No amendment review fee will be payable to EPI Noteholders unless the Note Exchange Resolution is approved.

EPI reserves the right to extend or modify the Consent Deadline at any time in its sole discretion. In the event that the Consent Deadline is extended and the required 75% approval threshold for the Note Exchange Resolution is achieved prior to the Proxy Deadline, EPI will cancel the Meeting. In such circumstances, EPI Noteholders may have minimal notice that the Meeting has been cancelled. Accordingly, EPI Noteholders should submit elections with respect to the Note Exchange Resolution as soon as possible, and prior to the Consent Deadline of 5:00 p.m. (Toronto time) on June 10, 2026, to be assured of their entitlement to Amendment Review Fees.

BMO Nesbitt Burns Inc. (BMO Capital Markets) is the Solicitation Agent for the Note Exchange Transaction, Computershare Investor Services Inc. is retained as the Tabulation Agent and Sodali & Co. is retained as the Information Agent.

Copies of the Circular and any other proxy and consent solicitation materials may be obtained free of charge upon request made to the Information Agent by calling toll free in North America at 1-833-830-9927 (1-289-695-3075 by collect call) or by email at [email protected]. They may also be accessed electronically on EPI's profile on SEDAR+ at www.sedarplus.com and by written request to 200, 425 – 1st Street S.W., Calgary, Alberta, T2P 3L8, Attn: Investor Relations, or by sending an email to [email protected].

Questions concerning the Meeting and the Note Exchange Transaction should be directed to BMO Capital Markets by telephone at 1-416-359-6359 or toll-free at 1-833-418-0762 or by email at [email protected].

NOTICE TO EPI NOTEHOLDERS IN THE UNITED STATES
The Enbridge Notes to be issued in connection with the Note Exchange Transaction have not been registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act) and are being issued pursuant to an exemption from the registration requirements of the U.S. Securities Act provided by Rule 802 thereunder.

The Note Exchange Transaction described in this press release is made for the securities of a Canadian corporation. The Note Exchange Transaction is subject to the disclosure requirements of Canada, and EPI Noteholders in the United States (U.S. EPI Noteholders) should be aware that the foregoing disclosure requirements are different from those of the United States.

It may be difficult for U.S. EPI Noteholders to enforce their rights and any claims U.S. EPI Noteholders may have arising under U.S. federal securities laws, since EPI and Enbridge are located in Canada, and many of their officers and directors are residents of Canada. U.S. EPI Noteholders may not be able to sue a Canadian corporation or its officers or directors in a Canadian court for violations of U.S. securities laws. It may be difficult to compel a Canadian corporation and its affiliates to subject themselves to a U.S. court's judgment.

U.S. EPI Noteholders should be aware that, prior to the consummation of the Note Exchange Transaction, EPI, Enbridge or their respective affiliates, directly or indirectly, may bid for or make purchases of EPI Notes or certain related securities, as permitted by applicable laws and regulations of the United States or Canada or its provinces or territories.

FORWARD-LOOKING STATEMENTS
Forward-looking information, or forward-looking statements, has been included in this news release to provide information about Enbridge and EPI, including statements with respect to: the date and timing of the Meeting, the approval by EPI Noteholders of the Note Exchange Resolution, the completion of the Note Exchange Transaction, the terms of the Enbridge Notes to be issued to EPI Noteholders in exchange for their EPI Notes, the amendment review fees to be paid to EPI Noteholders if the Note Exchange Resolution is approved and the Note Exchange Transaction is completed, and the pursuit or implementation of any transactions or other activities by EPI. This information may not be appropriate for other purposes. Although Enbridge and EPI believe that these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual result, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the approval of the Note Exchange Resolution, the completion of the Note Exchange Transaction and the business and financial strength of Enbridge and EPI.

The forward-looking statements contained herein are subject to risks and uncertainties pertaining to the approval of the Note Exchange Resolution and the completion of the Note Exchange Transaction. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's and EPI's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge and EPI assume no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge, EPI or persons acting on their behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

None of the information contained in, or connected to, Enbridge's website is incorporated in or otherwise forms part of this news release.

About Enbridge Pipelines Inc.
EPI is primarily a transporter of western Canadian and United States crude oil, refined petroleum products and natural gas liquids. Its Canadian Mainline System transports crude oil from western Canada to the Midwest region of the United States and eastern Canada and serves all of the major refining centers in Ontario. EPI also operates the Southern Lights Canada Pipeline, which transports diluent from the Canada/United States border to western Canada, and holds investments in renewable and alternative power generation assets.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media                  

Investment Community

Toll Free: (888) 992-0997     

Toll Free: (800) 481-2804

Email: [email protected]              

Email: [email protected]

SOURCE Enbridge Inc.

The data center and artificial intelligence (AI) boom has profoundly shifted the growth trajectory for midstream energy companies. AI data centers require immense, uninterrupted power, and tech hyperscalers are increasingly turning to natural gas to guarantee 24/7 reliability where the electrical grid is constrained.

Enterprise Products Partners (EPD 0.08%), Enbridge (ENB +0.05%), and Energy Transfer (ET +1.65%) are benefiting from this trend and all three of these energy stocks are up at least 19% so far this year.

Image source: Getty Images.

Great dividend yields All three have high-yield dividends that yield more than four times that of the average S&P 500 dividend. Enterprise Products Partners has increased its dividend for 28 consecutive years, including a 2.8% raise this year to $0.55 per quarterly share. The yield, at its current share price, is around 5.58%. It is covered 1.8x by its distributable cash flow (DCF), leaving room for continued increases.

In December, Enbridge raised its quarterly dividend by 3% to 0.97 Canadian dollars per share, the 31st consecutive year of increases. The yield, at its current share price, is 4.87%. The company is forecasting yearly DCF of $5.30 to $6.10, meaning that the DCF payout ratio will be between 60% and 70%.

Energy Transfer has the highest-yielding dividend of the trio, at around 6.6% at its current share price. It has raised its dividend for 18 consecutive quarters since a difficult 50% distribution cut in late 2020. In April, it raised its quarterly distribution by more than 3% to $0.3375.

Today's Change

(

-0.08

%) $

-0.03

Current Price

$

37.25

Steady growth in DCF and volumes Over the past decade, all three stocks have seen triple-digit increases in revenue and earnings per share (EPS). While that growth wasn't consistent across all three companies in the first quarter of 2026, they all posted positive earnings reports.

In the first quarter, Enterprise Products Partners reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2.7 billion, up 10% year over year, led by record natural gas liquids (NGL) volumes. DCF was $2.7 billion, up 34.5% over the same quarter a year ago.

Enbridge saw DCF rise by 1% year over year in the first quarter to CA$3.9 billion, even though its adjusted EBITDA fell .003% to CA$5.81 billion.

In the first quarter, Energy Transfer reported revenue of $27.7 billion, up 32% year over year, and DCF of $2.7 billion, up 16.8% over the first quarter of 2025. That was mainly due to record NGL and refined products terminal volumes, which increased by 19%.

Today's Change

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0.05

%) $

0.03

Current Price

$

56.49

Solid protection from commodity price swings The defining feature of all three operators is their toll-road financial model. They do not make money based on oil or natural gas prices, but rather on the volume passing through their pipes. Between 85% and 98% of their combined cash flows are derived from long-term, fee-based, or cost-of-service contracts.

Their contracts are heavily insulated against inflation with long-term agreements that feature built-in escalation provisions linked to inflation indexes. This structure generates a highly predictable DCF.

Enterprise Products Partners and Energy Transfer had distribution coverage ratios of roughly 1.7 to 1.8, meaning they generate nearly double the cash required to pay out their hefty dividends, leaving billions in free cash flow to fund new growth projects (such as powering AI data centers) without taking on dangerous debt. Enbridge has even more leeway. It maintains a 60% to 70% DCF payout ratio target rather than reporting a traditional coverage multiple. Inverting this target yields a structural coverage ratio equivalent of roughly 1.43 to 1.67.

Today's Change

(

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0.31

Current Price

$

19.07

One risk: Falling oil prices If oil prices were to plummet, midstream operators would be adversely affected because upstream operators (the companies that produce oil by drilling) would slow production, which in turn would hurt pipeline volumes. However, the longer the Strait of Hormuz sees slowed traffic, the higher oil prices are expected to remain.

When crude oil prices are high, upstream producers generate massive profits. This incentivizes them to maximize production, drill their top-tier inventory, and greenlight new projects. Because midstream operators make their money on throughput (the physical volume of oil, gas, and natural gas liquids moving through their pipes), more drilling directly translates to higher utilization rates and rising revenue.

One stock stands out Of the three, Energy Transfer stands out as the best buy right now. By several valuation measures, it is the best-priced of the three. On top of that, it has the best dividend yield and double-digit revenue and DCF growth as of the last quarter.

While Enterprise Partners and Enbridge are focused on wrapping up existing capital cycles and maintaining steady, conservative growth, Energy Transfer is leaning more heavily into an aggressive expansion phase designed to capture the AI data center boom. While that presents risks, it appears to be at the beginning of a growth cycle that makes it a good buy right now.

Company celebrates a quarter century of sustainability reporting

, /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today released its 2025 Sustainability Report, marking 25 years of sustainability reporting. 

"For the past 25 years, Enbridge has consistently provided updates to our stakeholders on operational and personal safety, efforts to mitigate and avoid environmental impacts, support for our people and communities, and overall corporate governance," said Pete Sheffield, Enbridge's Chief Sustainability Officer. "This year's report reflects both our continued progress and the work that remains." 

The 2025 report provides enhanced disclosure on key sustainability topics including energy access, reliability and affordability, greenhouse gas (GHG) emissions reduction, safety performance and community and Indigenous engagement. It reflects Enbridge's "all-of-the-above" approach to the energy evolution, balancing the reliable delivery of conventional energy with investments in lower-carbon technologies. 

In a companion podcast released alongside the report, Susan Cunningham, Chair of the Board's Sustainability Committee, highlights the role of consistent reporting in building transparency and trust. "A commitment to long-term, consistent reporting across a broad range of sustain-ability topics supports the Company's long-term resilience," says Cunningham. "Sustainability reporting has to be integral to how we strategize, accomplish our goals and adapt through time so that transparency strengthens trust."

Highlights from the 2025 Sustainability Report include: 

40% reduction in GHG emissions intensity from the Company's operations and an 18% reduction in absolute GHG emissions from operations (both as compared to a 2018 baseline) 1,2,3,4  9% reduction in total recordable injury frequency compared with our three-year average  Updated climate-related financial disclosures, including revised scenario analysis and clearer articulation of physical risks and transition risks and opportunities  Progress on Indigenous Reconciliation Action Plan (IRAP) , including the following:  Advancing Indigenous equity partnerships, including an equity investment in Enbridge's Westcoast Energy pipeline system;  Indigenous procurement reached $1.3 billion in cumulative spend since 2023; Invested over $105 million to support Indigenous community well-being and capacity building  Streamlined reporting that prioritizes key sustainability topics, introduces enhanced disclosure on energy access, reliability and affordability, and maintains broader reporting on additional topics online  Continued focus on people, including investments in employees and the communities where we operate  The Sustainability Report and Datasheet were developed with reference to leading reporting frameworks, including the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) standards, and are aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). 

In 2026, Enbridge was included in the Dow Jones Best‑in‑Class North America Index and the Dow Jones Best‑in‑Class World Index, which recognize top-performing companies based on S&P Global Corporate Sustainability Assessment, representing the top 20% of eligible North American companies and the top 10% globally. Enbridge was also recognized by S&P Global for 25 years of participation in the Corporate Sustainability Assessment.  

Click here to read the 2025 Sustainability Report and Datasheet.

1 Our target covers 100% of our reported Scope 1 and Scope 2 emissions.

2 GHG emissions are from assets over which Enbridge has operational control (Scope 1 and Scope 2 emissions). Projected reductions of GHG emissions intensity and absolute emissions is relative to the 2018 baseline year. 

3 This metric aggregates emissions and throughput for each business unit on the basis of tonnes of carbon dioxide equivalent per energy delivered in petajoules (PJ). 

4 Absolute emissions; our net-zero ambition is forward-looking and depends on evolving technology, public policy and economic developments.

About Enbridge Inc.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com. 

Forward-looking Statements
Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate", "believe", "estimate", "expect", "forecast", "intend", "likely", "plan", "project", "target" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this news release include, but are not limited to, statements with respect to our corporate vision and strategy; our approach to the energy transition, evolution, and investments in lower-carbon energy and technologies; our sustainability goals, practices and performance, including with respect to emissions reduction, safety, Indigenous engagement, and community investment; expected resiliency of our businesses and assets; commitments under our Indigenous Reconciliation Action Plan; and our continued focus on investing in our employees, communities, and workplace safety.  

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: energy transition and energy evolution, including the drivers and pace thereof; the expected supply of, demand for, and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), renewable natural gas (RNG) and renewable energy; anticipated utilization of our assets; exchange rates; inflation; interest rates; tax laws and tax rates; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions, or other trade measures; availability and price of labour and construction materials; the stability of our supply chain; operational reliability and performance; maintenance of support and regulatory approvals for our projects and transactions; anticipated in-service dates and final investment decisions; weather; the timing, terms and closing of announced an potential acquisitions, dispositions and other transactions and projects and the anticipated benefits thereof; governmental legislation; litigation; credit ratings; capital project funding; hedging program; financial strength and flexibility; debt and equity market conditions; and general economic and competitive conditions. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG, RNG and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and tariffs impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs and are therefore inherent in all forward-looking statements. 

Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements. 

FOR FURTHER INFORMATION PLEASE CONTACT: 

Media
Toll Free: (888) 992-0997
Email: [email protected]

Investment Community
Toll Free: (800) 481-2804
Email: [email protected]

SOURCE Enbridge Inc.

ENB Financial Corp is a profitable, small-cap regional bank trading at a significant discount to peers, despite a 60% stock gain in the past year. ENBP's valuation remains attractive, with a GAAP PE of 6.92 and a price-to-tangible-book value ratio of 0.96, both well below sector averages. Strong operational metrics include 40.2% EPS growth in FY 2025, robust non-interest income, and a healthy deposit base with 33.5% in non-interest-bearing accounts.

, /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) and its wholly owned subsidiary Enbridge Pipelines Inc. (EPI) today announced that EPI has successfully obtained approval for the previously announced transaction to exchange all outstanding series of EPI's medium term notes debentures (EPI Notes) for an equal principal amount of newly issued medium term notes of Enbridge (Enbridge Notes), having financial terms that are the same as the financial terms of the EPI Notes (the Note Exchange Transaction).

By the consent deadline of June 10, 2026 (Consent Deadline), EPI received sufficient valid written consents from the holders (EPI Noteholders) of EPI Notes to pass an extraordinary resolution approving the Note Exchange Transaction (Note Exchange Resolution). With more than 75% of the total principal amount of outstanding EPI Notes consented in favour, the meeting of EPI Noteholders scheduled for June 25, 2026 is no longer required and has been cancelled.

It is anticipated that the Note Exchange Transaction will be completed on or about June 16, 2026. Following completion of the Note Exchange Transaction, the applicable amendment review fees, as disclosed in the management information circular and consent solicitation statement of EPI dated May 25,2026, will be paid to EPI Noteholders that delivered valid written consent and proxy forms consenting to / voting for or withholding consent / voting against the Note Exchange Resolution by the Consent Deadline.

Enbridge and EPI thank EPI Noteholders for their participation in this process.

For any questions concerning the Consent and Proxy Solicitation Process and the Note Exchange Transaction, EPI Noteholders may continue to contact BMO Capital Markets as solicitation agent by telephone at 1-416-359-6359 or toll-free at 1-833-418-0762 or by email at [email protected].

NOTICE TO EPI NOTEHOLDERS IN THE UNITED STATES
The Enbridge Notes to be issued in connection with the Note Exchange Transaction have not been registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act) and are being issued pursuant to an exemption from the registration requirements of the U.S. Securities Act provided by Rule 802 thereunder.

The Note Exchange Transaction described in this press release is made for the securities of a Canadian corporation. The Note Exchange Transaction is subject to the disclosure requirements of Canada, and EPI Noteholders in the United States (U.S. EPI Noteholders) should be aware that the foregoing disclosure requirements are different from those of the United States.

It may be difficult for U.S. EPI Noteholders to enforce their rights and any claims U.S. EPI Noteholders may have arising under U.S. federal securities laws, since EPI and Enbridge are located in Canada, and many of their officers and directors are residents of Canada. U.S. EPI Noteholders may not be able to sue a Canadian corporation or its officers or directors in a Canadian court for violations of U.S. securities laws. It may be difficult to compel a Canadian corporation and its affiliates to subject themselves to a U.S. court's judgment.

FORWARD-LOOKING STATEMENTS
Forward-looking information, or forward-looking statements, has been included in this news release to provide information about Enbridge and EPI, including statements with respect to: the completion of the Note Exchange Transaction, including the expected timing thereof, the terms of the Enbridge Notes to be issued to EPI Noteholders in exchange for their EPI Notes, and the amendment review fees to be paid to EPI Noteholders. This information may not be appropriate for other purposes. Although Enbridge and EPI believe that these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual result, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the completion of the Note Exchange Transaction and the business and financial strength of Enbridge and EPI.

The forward-looking statements contained herein are subject to risks and uncertainties pertaining to the completion of the Note Exchange Transaction. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's and EPI's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge and EPI assume no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge, EPI or persons acting on their behalf, are expressly qualified in their entirety by these cautionary statements.

About Enbridge Inc.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

None of the information contained in, or connected to, Enbridge's website is incorporated in or otherwise forms part of this news release.

About Enbridge Pipelines Inc. 
EPI is primarily a transporter of western Canadian and United States crude oil, refined petroleum products and natural gas liquids. Its Canadian Mainline System transports crude oil from western Canada to the Midwest region of the United States and eastern Canada and serves all of the major refining centers in Ontario. EPI also operates the Southern Lights Canada Pipeline, which transports diluent from the Canada/United States border to western Canada, and holds investments in renewable and alternative power generation assets.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media

Investment Community

Toll Free: (888) 992-0997  

Toll Free: (800) 481-2804

Email: [email protected]   

Email: [email protected]

SOURCE Enbridge Inc.

Enbridge (ENB - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this oil and natural gas transportation and power transmission company have returned +2.3%, compared to the Zacks S&P 500 composite's -1.6% change. During this period, the Zacks Oil and Gas - Production and Pipelines industry, which Enbridge falls in, has gained 3%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Enbridge is expected to post earnings of $0.44 per share, indicating a change of -6.4% from the year-ago quarter. The Zacks Consensus Estimate has changed -3.1% over the last 30 days.

The consensus earnings estimate of $2.17 for the current fiscal year indicates a year-over-year change of +0.5%. This estimate has changed -0.1% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $2.39 indicates a change of +10.1% from what Enbridge is expected to report a year ago. Over the past month, the estimate has changed +1.1%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Enbridge.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For Enbridge, the consensus sales estimate for the current quarter of $10.62 billion indicates a year-over-year change of -1.2%. For the current and next fiscal years, $52.51 billion and $48.32 billion estimates indicate +12.7% and -8% changes, respectively.

Last Reported Results and Surprise HistoryEnbridge reported revenues of $16.3 billion in the last reported quarter, representing a year-over-year change of +26.5%. EPS of $0.71 for the same period compares with $0.72 a year ago.

Compared to the Zacks Consensus Estimate of $12.82 billion, the reported revenues represent a surprise of +27.09%. The EPS surprise was +2.9%.

Over the last four quarters, Enbridge surpassed consensus EPS estimates three times. The company topped consensus revenue estimates three times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Enbridge is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Enbridge. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Against a backdrop of soaring growth stocks in an environment still dominated by chatter of SpaceX's initial public offering (IPO), it seems a little out of place to be discussing potential dividend stocks to buy. That's even more so the case given that the persistent bull market has pared dividend yields back by quite a bit lately; the S&P 500's average trailing dividend yield currently stands at a multidecade low of just above 1%.

If income is your primary investment goal, there's still every reason to look for such names. And fortunately, there are plenty of compelling ones with strong yields to consider. The S&P 500's overall average dividend yield is unusually low simply because the index's very biggest constituents like Nvidia and Apple pay very little in dividends, if they pay them at all.

To this end, here's a closer look at three dividend stocks you can comfortably buy right now with plans of holding onto them forever.

PepsiCo There's no denying beverage behemoth Coca-Cola (KO +0.11%) outmatches smaller rival PepsiCo (PEP +0.35%) in several ways, including sales, name recognition, and yes, even popularity among income investors; the market appreciates Coca-Cola's 64-year streak of per-share payment growth. (That makes KO a Dividend King, a company that has increased its annual dividend for at least 50 consecutive years.)

There's an important detail that investors picking one of these companies over the other should consider. That is, while KO's forward-looking dividend yield is a solid 2.6%, PepsiCo's is considerably better at 4.1%.

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But are Coca-Cola's pedigree and stature worth the trade-off? For that matter, isn't PepsiCo's yield so high right now precisely because the stock has underperformed since 2023 amid inflationary headwinds?

These are legitimate points to be sure. PepsiCo isn't exactly a slouch on the pedigree front. It's now upped its per-share payout for a similarly impressive 54 consecutive years often times at a pace faster than Coca-Cola. As for the stock's recent subpar performance, the underpinnings of that headwind are largely in the rearview mirror. Last quarter's organic revenue was up 2.6% year over year, reflecting a combination of product innovation and smarter pricing strategies. For instance, the company is more prominently featuring its Lay's potato chips made using healthier oils and now offers lower-sugar versions of its Gatorade sports drink.

None of these initiatives will produce earth-shattering results. All of them will -- and are -- yielding incremental improvements in its business and should continue doing so.

There's been little to no apparent impact on the stock yet, although it's arguable that much of PEP's weakness since early March just reflects greater interest in more aggressive growth stocks. As that interest cools, look for PEP to start performing again.

Enbridge You undoubtedly know the military conflict in the Middle East has disrupted oil and gas supply chains, inflating prices of both. Although it's a superficial and instant profit boon for integrated explorers, drillers, and refiners like Chevron and Exxon-Mobil, in the long run it's also arguably damaging just because it incentivizes the use of less-volatile alternatives. It also sets the stage for a big profit dip once crude prices normalize again.

There's one aspect of the energy business that's largely unimpacted by soaring and tumbling prices of oil and gas -- the companies that simply deliver them from point A to point B, charging for their services like a tollbooth regardless of the price of the gas or oil transported through its distribution network.

Enbridge (ENB +0.05%) is one of these companies. It owns and operates over 18,000 miles of crude oil pipeline across North America and over 19,000 miles of natural gas pipelines. If you use gasoline or natural gas, there's a good chance you rely on Enbridge without even realizing it.

Image source: Getty Images.

Sure, there will come a time when the world finally weans itself from fossil fuels like crude oil, winding down Enbridge's pipeline business. That time is many, many years down the road though. The International Energy Administration doesn't expect the "peak oil" pivot to happen until 2050, with demand and consumption likely to keep rising until then.

To the extent the headwinds of alternative and renewable energy start blowing before then, Enbridge is developing wind farms, solar power facilities, geothermal assets, and battery-storage solutions. In the meantime, its gas and oil tollbooth business remains ideally suited to support dividend payments. You can plug into them while the stock's forward-looking dividend yield stands at just under 5%.

Brookfield Asset Management Finally, add Brookfield Asset Management (BAM +1.09%) to your list of dividend stocks to buy and hold forever while you can step in at a solid yield of 4.4%.

As you might guess, Brookfield is an investment manager. You may even own some of the funds it manages, like Brookfield Infrastructure Partners, Brookfield Renewable Partners, or Brookfield Business Corporation. These instruments trade like stocks or exchange-traded funds (ETFs), but they actually have privately held stakes in several high-demand businesses, such as mobile phone towers, utility companies, solar power farms, and data centers. Brookfield Asset Management manages the managers of these focused investment pools, collecting a recurring quarterly fee for doing so.

At first blush, it looks a lot like any other asset manager (mutual funds and ETFs), and in many regards, it is. But it's also a standout in a couple of important ways.

One of those ways is selecting the areas where it decides to focus its time and resources. As noted, Brookfield is focusing on reliable growth opportunities rather than businesses with little to no meaningful upside.

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The other way this prospect differs is that it bypasses the stock market and its occasionally steep valuations, which often lead to poor performance. Brookfield's divisions are built from the ground up on privately held stakes in cash cows that don't have such valuations to create volatility. This allows its managers to focus on developing quality businesses for the long haul without misguided, short-term interference even as they produce reliable cash flow.

The model works too and will likely continue working. The company doesn't mind setting high expectations from shareholders either; it's targeting average annual growth of between 15% and 20%, most of which will come in the form of dividends. To this end, BAM's quarterly dividend has grown 57% just since it started paying dividends in 2023.

Delivered record free cash flow for the 4th consecutive quarter, margins continued to outpace gold price
Returned approximately $350 million to shareholders to date in 2026, $1 billion since Q1 2025
Significant progress across pipeline of development projects

TORONTO, April 29, 2026 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX: K, NYSE: KGC) (“Kinross” or the “Company”) today announced its results for the first quarter ended March 31, 2026.
This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on pages 24 and 25 of this release. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

2026 first-quarter highlights:

Production1 of 492,563 gold equivalent ounces (Au eq. oz.).Production cost of sales2 of $1,397 per Au eq. oz. sold and attributable production cost of sales1 of $1,380 per Au eq. oz. sold.Attributable all-in sustaining cost1 of $1,732 per Au eq. oz. sold.Operating cash flow3 of $1,139.5 million.Record attributable free cash flow1 of $837.5 million.Margins4 increased by 92% compared with Q1 2025 to a record $3,476 per Au eq. oz. sold, and increased by 22% quarter-over-quarter, outpacing the rise in the average realized gold price in both comparable periods.Reported earnings5 of $843 million, or $0.70 per share, with adjusted net earnings6 of $854.1 million, or $0.71 per share.On track to meet annual guidance: On an attributable basis1, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz. sold1 of $1,360 (+/- 5%) and all-in sustaining cost1 of $1,730 (+/- 5%) per ounce sold for 2026. Total attributable capital expenditures1 are forecast to be $1,500 million (+/- 5%).Cash and cash equivalents increased to $2.2 billion, and the Company has total liquidity7 of approximately $3.9 billion at March 31, 2026.
Return of capital to shareholders:

Kinross is on track to return 40% of its free cash flow to shareholders in 2026. During the first quarter, the Company repurchased approximately $250 million in shares, and an additional $50 million in April.Including its quarterly dividend, Kinross has returned approximately $350 million in capital to shareholders to date as of April 29, 2026.Between April 2025 and March 31, 2026, Kinross returned over $1 billion of capital to shareholders and reduced its share count by more than 3%.Kinross’ Board of Directors declared a quarterly dividend of $0.04 per common share payable on June 4, 2026, to shareholders of record at the close of business on May 21, 2026. Operations:

Paracatu was the strongest contributor in the portfolio and achieved record recoveries reflecting the results of a sustained, multi-front optimization program across the processing plant including further optimisation of the gravity gold recovery circuit within the grinding circuit.Tasiast continued to perform well, with higher production supported by higher grades and lower cost of sales per ounce sold compared with the previous quarter. Development projects:

Great Bear’s Advanced Exploration (“AEX”) program is well advanced with surface construction approximately 90% complete and all permits received. At the Main Project, detailed engineering is 45% complete, and the third and final phase of the Impact Statement was submitted during the quarter, as planned.Lobo-Marte’s Environmental Impact Assessment was submitted in April 2026 and is under review by the regulators, formally initiating the permitting process.Round Mountain Phase X underground development is progressing well and is slightly ahead of schedule. The project received its final permit, marking the completion of all major operational permitting.At Kettle River-Curlew (“Curlew”), early works were completed, underground development is ahead of schedule, and key site infrastructure continues to advance.At Bald Mountain Redbird, project execution continued to advance. Mining is ongoing, the vertical carbon-in-column plant is nearing completion, earthworks for the heap leach pad extension are well ahead of schedule, and procurement and engineering for the SART plant are progressing on plan.
Sustainability:

Consistent with Kinross’ commitment to responsible mining, its 2025 Sustainability Report is expected to be published during the second quarter, marking its 18th edition. The report will provide a comprehensive summary of Company performance over the past year and outline Sustainability priorities.
CEO commentary:
J. Paul Rollinson, CEO, made the following comments in relation to 2026 first-quarter results:

“Kinross delivered another excellent quarter. We generated record free cash flow of approximately $840 million, representing our fourth consecutive quarterly record. Strong operational performance and disciplined cost management drove record margins that continue to outpace the rise in the gold price, which highlights our ability to continue to hold the line on costs.

“We have returned approximately $350 million to shareholders to date in 2026 through dividends and share repurchases, reinforcing our commitment to disciplined capital allocation and delivering meaningful returns. Over the past 12 months, we have returned over $1 billion to shareholders, and through our share buyback program, have reduced our outstanding float by over 3%.

“In the current situation of global uncertainty, we continue to benefit from an attractive relative cost position, supported by our longstanding approach to mitigate cost pressures. This includes the hedging of fuel and currency exposures as well as the continued execution of our grade enhancement strategy. Both are proving effective in the current environment of elevated oil prices and differentiate Kinross.

“In Q1, our pipeline of high-quality development projects advanced on plan. At Great Bear, we continued to make strong progress across both Advanced Exploration and the Main Project. Engineering and procurement are advancing as planned, and new exploration results further reinforce the scale and long-term potential of the deposit.

“At Lobo-Marte, the submission of the Environmental Impact Assessment in April marked an important milestone, formally initiating the permitting process for this long-life, large-scale growth project. Our new U.S. projects – Round Mountain Phase X, Curlew and Redbird – made steady progress and remain firmly on track. Also, we are continuing our studies on our significant resource inventory as we target additional potential mine life extensions across our portfolio.”

Summary of financial and operating results

  Three months ended
  March 31,
(in millions of U.S. dollars, except ounces, per share amounts, and per ounce amounts)2026
2025
Operating Highlights(a)   Total gold equivalent ounces(b)   Produced 500,941 529,861 Sold 494,128 524,089 Attributable gold equivalent ounces(b)   Produced 492,563 512,088 Sold 485,855 506,564 Gold ounces - sold 482,472 516,268 Silver ounces - sold (000's) 674 701      Earnings(a)   Metal sales$2,407.7$1,497.5 Production cost of sales$690.5$546.7 Depreciation, depletion and amortization$275.7$288.4 Operating earnings$1,338.1$570.4 Net earnings attributable to common shareholders$843.0$368.0 Net earnings per share attributable to common shareholders (basic and diluted)$0.70$0.30 Adjusted net earnings(c)$854.1$364.0 Adjusted net earnings per share(c)$0.71$0.30      Cash Flow(a)   Net cash flow provided from operating activities$1,139.5$607.1 Attributable adjusted operating cash flow(c)$1,129.3$620.3 Capital expenditures(d)$283.2$207.7 Attributable capital expenditures(c)$278.9$204.1 Attributable free cash flow(c)$837.5$380.8      Per Ounce Metrics(a)   Average realized gold price per ounce(e)$4,873$2,857 Attributable average realized gold price per ounce(c)$4,873$2,856 Production cost of sales per equivalent ounce sold(b)(f)$1,397$1,043 Attributable production cost of sales per equivalent ounce sold(b)(c)$1,380$1,038 Attributable production cost of sales per ounce sold on a by-product basis(c)$1,296$1,010 Attributable all-in sustaining cost per equivalent ounce sold(b)(c)$1,732$1,355 Attributable all-in sustaining cost per ounce sold on a by-product basis(c)$1,657$1,331 Attributable all-in cost per equivalent ounce sold(b)(c)$2,199$1,678 Attributable all-in cost per ounce sold on a by-product basis(c)$2,135$1,660  (a)All measures and ratios include 100% of the results from Manh Choh, except measures and ratios denoted as “attributable.” “Attributable” measures and ratios include Kinross’ 70% share of Manh Choh production, sales, cash flow, capital expenditures and costs, as applicable.(b)“Gold equivalent ounces” include silver ounces produced and sold converted to a gold equivalent based on a ratio of the average spot market prices for the commodities for each period. The ratio for the first quarter of 2026 was 57.79:1 (first quarter of 2025 – 89.69:1).(c)The definition and reconciliation of these non-GAAP financial measures and ratios is included on pages 17 to 23 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under IFRS and therefore, may not be comparable to similar measures presented by other issuers.(d)“Capital expenditures” is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows.(e)“Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.(f)“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.   The following operating and financial results are based on first-quarter gold equivalent production:

Production: Kinross produced 492,563 Au eq. oz. in Q1 2026, compared with 512,088 Au eq. oz. in Q1 2025, a decrease of 4%, as planned. Higher production from Paracatu was offset by lower production from Bald Mountain, Fort Knox, Round Mountain, and Tasiast.

Average realized gold price8: During the quarter, the average realized gold price was $4,873 per ounce, compared with $2,857 per ounce in Q1 2025.

Revenue: Revenue increased to $2,407.7 million in Q1 2026, compared with $1,497.5 million during Q1 2025. The 61% year-over-year increase was due to the increase in the average realized gold price.

Production cost of sales: Production cost of sales per Au eq. oz. sold2 increased to $1,397 for the quarter, compared with $1,043 in Q1 2025. Attributable production cost of sales per Au eq. oz. sold1 increased to $1,380 for the quarter, compared with $1,038 in Q1 2025. The increase is primarily due to higher royalty costs as a result of the higher average realized gold price, and timing of inventory movements.

Attributable production cost of sales per Au oz. sold on a by-product basis1 was $1,296 in Q1 2026, compared with $1,010 in Q1 2025, based on attributable gold sales of 474,459 ounces and silver sales of 658,544 ounces.

Margins4: Kinross’ margin per Au eq. oz. sold increased by 92% to a record $3,476 for the first quarter, compared with the Q1 2025 margin of $1,814, outpacing the rise in average realized gold price by over 20% year-over-year.

Attributable all-in sustaining cost1: Attributable all-in sustaining cost per Au eq. oz. sold was $1,732 in Q1 2026, compared with $1,355 in Q1 2025.

In the first quarter, attributable all-in sustaining cost per Au oz. sold on a by-product basis was $1,657, compared with $1,331 in Q1 2025.

Operating cash flow3: Operating cash flow was $1,139.5 million for Q1 2026, compared with $607.1 million for Q1 2025.

Attributable adjusted operating cash flow1 for Q1 2026 was $1,129.3 million, compared with $620.3 million for Q1 2025.

Attributable free cash flow1: Attributable free cash flow more than doubled to $837.5 million in the quarter, compared with $380.8 million in Q1 2025.

Reported net earnings5: Reported net earnings more than doubled to $843.0 million for Q1 2026, or $0.70 per share, compared with reported net earnings of $368.0 million, or $0.30 per share, for Q1 2025.

Adjusted net earnings6 more than doubled to $854.1 million, or $0.71 per share, for Q1 2026, compared with $364.0 million, or $0.30 per share, for Q1 2025.

Reported net earnings and adjusted net earnings in Q1 2026 included $91 million of withholding tax expense, of which $65 million relates to taxes payable in future quarters as a result of the repatriation of strong cash flow generation largely in Mauritania.

Capital expenditures9: Capital expenditures increased to $283.2 million for Q1 2026, compared with $207.7 in Q1 2025, driven by the ramp-up of development activities at Great Bear, Curlew, Round Mountain Phase X, and Bald Mountain Redbird Phases 1 and 2. These increases were partially offset by lower spending on capital development due to planned mine sequencing at Tasiast.

Attributable capital expenditures1 were $278.9 million for Q1 2026, compared with $204.1 million for Q1 2025.

Balance sheet

Kinross added approximately $440 million in cash to the balance sheet after returning capital to shareholders and funding its capital expenditures. As of March 31, 2026, Kinross had cash and cash equivalents of $2.2 billion, compared with $1.7 billion at December 31, 2025.

The Company had additional available credit10 of $1.7 billion and total liquidity7 of approximately $3.9 billion as of March 31, 2026.

Return of capital to shareholders

Kinross’ 2026 buyback strategy is on track. The Company plans to allocate 40% of free cash flow to shareholders through both share buybacks and dividends, assuming no significant changes to gold prices or Kinross’ operations.

Kinross repurchased approximately $250 million in shares during the quarter, and approximately $300 million year-to-date (representing 9.2 million shares). Including its quarterly dividend, Kinross has returned approximately $350 million in capital to shareholders to date in 2026. Since April 2025, Kinross has repurchased approximately $900 million in shares, reducing our share count by more than 3%, and returned approximately $1 billion in capital to shareholders.

As part of its quarterly dividend program, the Company also declared a dividend of $0.04 per common share payable on June 4, 2026, to shareholders of record as of May 21, 2026.

Outlook
The following section of the news release represents forward-looking information and users are cautioned that actual results may vary. We refer to the risks and assumptions contained in the Cautionary Statement on Forward-Looking Information on pages 24 and 25 of this news release. 

Kinross remains on track to deliver its 2026 annual guidance for production, cost of sales per ounce, all-in sustaining cost and capital expenditures. Kinross also remains on track to achieve its Effective Tax Rate (ETR) guidance with a lower expected ETR from Q2 2026 to Q4 2026, and on track to meet its full-year taxes paid guidance. Due in part to Kinross’ ongoing hedging programs, cost impacts of rising crude oil prices beginning in March 2026 have been minimal and are not expected to affect the Company’s ability to achieve its full-year cost guidance.

To better reflect global market conditions and the potential impacts of elevated oil prices, Kinross is providing more detail on its oil price sensitivity11 for its full-year guidance in the table below.

 Impact on cost of sales per ounce per $10 per barrel change in oil priceSummaryImpact on full-year guidance of a $100 per barrel oil price from April 1 forward2026 oil sensitivity12$3/oz.Direct impacts of crude oil on refined fuel products 2026 sensitivity related to refining, distribution and taxes$7/oz.Includes refining, distribution and taxes Total fuel cost sensitivity$10/oz. $20/oz.
(~1% of AISC13)    Potential additional secondary cost sensitivity+ ~$4/oz.Considers potential secondary impacts related to freight and other consumables+ ~$10/oz.
(~0.5% of AISC13)     Operating results

Mine-by-mine summaries for 2026 first-quarter operating results may be found on pages 11 and 15 of this news release. Highlights include the following:

At Tasiast, quarter-over-quarter production increased, driven by strong grades, and cost of sales per ounce sold decreased. Year-over-year, production was lower primarily due to the timing of ounces processed through the mill, partially offset by higher grades due to planned mine sequencing. Compared with Q1 2025, cost of sales per ounce sold increased primarily due to higher royalties as a result of higher gold prices.

At Paracatu, production increased quarter-over-quarter with record recoveries as a result of a multi-front optimization program across the processing plant, and increased year-over-year due to the improved recoveries as well as the timing of ounces processed through the mill. Cost of sales per ounce sold increased slightly quarter-over-quarter due to higher royalty costs, and increased year-over-year as a result of higher royalty and drilling contractor costs, and strengthening of the Brazilian real.

At La Coipa, production decreased quarter-over-quarter mainly due to lower tonnes processed as a result of a planned mill maintenance shutdown in March and lower grades due to planned mine sequencing. Year-over-year, production increased primarily due to the timing of ounces processed through the mill, partially offset by the decrease in grades, and cost of sales per ounce sold was higher due to increased labour and reagent costs, strengthening of the Chilean peso, and higher royalties.

At Fort Knox, production was higher quarter-over-quarter, with increased cost of sales per ounce sold due to the timing of ounces processed through the mill and heap leach pads. Year-over-year, production decreased primarily due to lower mill grades and recoveries, partially offset by the timing of ounces processed through the mill. Compared with Q1 2025, cost of sales per ounce sold increased primarily due to processing more tonnes at lower grade through the mill as well as timing of ounces recovered.

At Round Mountain, production decreased quarter-over-quarter and year-over-year primarily due to lower-grade, lower-recovery stockpile feed as mining transitions from Phase W to Phase S. Higher-grade, higher-recovery ore from Phase S is expected in the second half of the year. Cost of sales per ounce sold increased in both comparable periods due to the lower production.

At Bald Mountain, production decreased quarter-over-quarter due to the timing of ounces recovered from heap leach pads, and decreased year-over-year due to fewer tonnes placed on the heap leach pads and lower grades. Cost of sales per ounce sold increased quarter-over-quarter due to fewer ounces produced, and increased year-over-year as a result of the lower production and higher royalties. 

Development projects

Great Bear

At Great Bear, Kinross continues to progress its AEX program alongside permitting, detailed engineering and procurement of major equipment for the Main Project.

For AEX, construction of the water treatment plant, including mechanical, piping, and electrical work, was substantially complete, with surface construction approximately 90% complete. In April 2026, the Company received its remaining AEX permits from the Ontario Ministry of Environment, Conservation and Parks. Remaining surface work includes ponds and pads construction, which must be completed before first blast of the underground decline. Underground development at AEX is expected to provide access for infill drilling of the resource and exploration drilling to further delineate extensions of mineralization.

Regarding the Main Project, detailed engineering is advanced and is approximately 45% complete. Procurement of major equipment continues. Open pit and underground mobile equipment Request for Proposal (“RFP”) evaluations are ongoing. RFPs for paste plant equipment, building, and tank packages have been issued.

Main Project permitting continues to advance. Federally, Great Bear submitted the third and final phase of its Impact Statement to the Impact Assessment Agency of Canada in March 2026 as planned. Relevant submissions have also been submitted to Fisheries and Oceans Canada.

Provincially, Great Bear continues to work with the Ontario authorities to advance provincial permitting under the One Project, One Process (“1P1P”) permitting process. The next 1P1P steps are approval of the Project Definition and issuance of an Integrated Authorization and Permitting Plan.

In relation to Lac Seul and Wabauskang First Nations, on whose traditional territory the Great Bear Project resides, we are pleased to report that negotiations on the Impact and Benefits Agreement continue to advance based on a recently signed and confidential Memorandum of Understanding that captures the key economic compensatory and procurement elements.

Recent drilling in the new Strider zone has returned mineralized intercepts on trend with the main LP zone, over 2.4 kilometres away from the existing resource. Drilling is ongoing to further test and delineate the structure along strike and at depth.

Highlights include:

2.1m @ 215.4 g/t Au1.0m @ 12.4 g/t Au2.7m @ 17.0 g/t Au Great Bear Plan View:

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dd58fa8b-ba33-4c3c-82d7-c5786facd287

Lobo-Marte

Lobo-Marte’s Environmental Impact Assessment was submitted in April 2026 and is under review by the regulators, formally initiating the permitting process and marking a milestone for this growth project.

Lobo-Marte is expected to support long-life, large-scale production with the potential to produce approximately 4.7 million gold equivalent ounces over a 16-year mine life14. The project is designed to leverage Kinross’ existing operating experience and infrastructure in Chile.

The Company looks forward to providing a project update in the second half of the year.

Round Mountain Phase X

Underground development at Round Mountain Phase X is progressing well and is slightly ahead of schedule, with over 7,200 metres developed to date. Engineering work is progressing well, site planning for surface and underground infrastructure are well advanced. During the quarter, Kinross marked the completion of all major operational permitting for the Phase X project. Procurement of long lead items including mining equipment is progressing as planned.

Curlew

At Curlew, Kinross progressed key site infrastructure as well as detailed engineering and procurement for the mill refurbishment. The Company has selected a contractor for the mill refurbishment, with mobilization activities beginning. Underground mine development also advanced in Q1 2026 ahead of schedule to de-risk the path to first production in 2028.

Exploration continued to demonstrate the potential for additional high-grade mineralization with successful drilling at North Stealth and Roadrunner. At North Stealth, recent drilling intersected strong grades and widths, confirming continuity and supporting the extension of mineralization to the east and west. At Roadrunner, drilling continues to return high-grade intercepts, reinforcing the prospectivity of the target area.

Highlights include:

N. Stealth - 12.5m @ 7.0 g/t AuN. Stealth - 4.5m @ 8.5 g/t AuRR - 2.4m @ 9.2 g/t Au
Curlew Cross Section:

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a407cab2-ac71-4075-a17c-68c6984a7785

Bald Mountain Redbird

At Redbird, Kinross continued to advance project execution across several key areas. Mining is ongoing, the construction of processing infrastructure is progressing well, and earthworks for the heap leach pad extension are ahead of schedule, supported by favourable winter conditions. Significant progress was made on the ordering and initial receipt of major mining equipment, and the design and engineering for the SART plant progressed on plan.

Sustainability

Kinross advanced its research partnership with Lakehead University with a five-year funding commitment to support the Northern Ontario Heritage Fund Industrial Research Chair in Mineral Exploration, established with grant funding from the Northern Ontario Heritage Fund Corporation. In addition to supporting exploration efforts at Great Bear, the partnership is expected to play an important role in training and developing the future workforce through graduate students and field assistants, helping build the skilled talent base in the region and create opportunities for local communities.

In Chile, Kinross advanced its commitment to community well-being by partnering with public and private stakeholders to finance the development of a new angiography unit at the Copiapó Regional Hospital. The investment addresses a critical healthcare gap in the Atacama region, which previously lacked access to advanced cardiovascular diagnostic and treatment capabilities, and is expected to improve timely care and health outcomes for thousands of residents.

Kinross plans to publish its 2025 Sustainability Report in the second quarter, providing a transparent account of its Sustainability performance and outlining priorities in the year ahead and beyond.

Conference call details

In connection with this news release, Kinross will hold a conference call and audio webcast on April 30, 2026, at 8:00 a.m. EDT to discuss the results, followed by a question-and-answer session. To access the call, please dial:

Canada & US toll-free – (888) 596-4144; Conference ID: 9425112
Outside of Canada & US – +1 (646) 968-2525; Conference ID: 9425112

Replay (available up to 14 days after the call):

Canada & US toll-free – +1 (800) 770-2030; Conference ID: 9425112 #
Outside of Canada & US – +1 (609) 800-9909; Conference ID: 9425112 #

You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.

Annual Meeting of Shareholders

Kinross’ Annual Meeting of Shareholders will be held on Thursday, April 30, 2026, at 10:00 a.m. EDT.

The meeting will be accessible online at: https://meetings.lumiconnect.com/400-541-772-335. The link to the meeting will also be accessible at www.kinross.com and will be archived for later use.

Voting and participation instructions for eligible shareholders are provided in the Company’s Notice of Annual Meeting of Shareholders and Management Information Circular.

This release should be read in conjunction with Kinross’ 2026 first-quarter unaudited Financial Statements and Management’s Discussion and Analysis report at www.kinross.com. Kinross’ 2026 first-quarter Financial Statements and Management’s Discussion and Analysis have been filed with Canadian securities regulators (available at www.sedarplus.ca) and furnished with the U.S. Securities and Exchange Commission (available at www.sec.gov). Kinross shareholders may obtain a copy of the financial statements free of charge upon request to the Company.

About Kinross Gold Corporation

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).

Media Contact
Samantha Sheffield
Director, Corporate Communications
phone: 416-365-3034
[email protected]

Investor Relations Contact
David Shaver
Executive Vice-President, Investor Relations & Communications
phone: 416-365-2854
[email protected]

Review of operations

             Three months ended March 31,Gold equivalent ounces
        Produced Sold Production cost of sales ($millions) Production cost of sales/equivalent ounce sold
 2026
2025
 2026
2025
 2026
2025
 20262025
             Tasiast130,014 137,629  131,679 129,493  130.3 105.0  990811 Paracatu160,583 146,639  158,849 146,855  177.7 139.6  1,119951 La Coipa54,211 52,315  53,737 55,870  82.0 64.1  1,5261,147              Fort Knox102,372 112,054  96,218 112,110  174.8 131.8  1,8171,176 Round Mountain26,200 35,686  26,084 35,960  72.4 57.0  2,7761,585 Bald Mountain27,561 45,538  27,561 43,801  53.3 49.2  1,9341,123 United States Total156,133 193,278  149,863 191,871  300.5 238.0  2,0051,240 Less: Manh Choh non-controlling interest (30%)(8,378)(17,773) (8,273)(17,525) (19.9)(20.7)    United States Attributable Total147,755 175,505  141,590 174,346  280.6 217.3  1,9821,246              Operations Total500,941 529,861  494,128 524,089  690.5 546.7  1,3971,043              Attributable Total492,563 512,088  485,855 506,564  670.6 526.0  1,3801,038                            Consolidated balance sheets

(expressed in millions of U.S. dollars, except share amounts)             As at   March 31, December 31,    2026   2025        Assets     Current assets     Cash and cash equivalents $2,185.0  $1,742.3  Restricted cash  15.3   13.5  Accounts receivable and prepaid assets  129.0   145.8  Inventories  1,315.2   1,370.3  Other current assets  30.5   16.6     3,675.0   3,288.5  Non-current assets     Property, plant and equipment  8,310.0   8,289.4  Long-term investments  115.7   99.3  Other long-term assets  769.6   708.9  Deferred tax assets  13.5   25.0  Total assets $12,883.8  $12,411.1        Liabilities     Current liabilities     Accounts payable and accrued liabilities $665.2  $716.4  Current income tax payable  543.1   595.7  Current portion of provisions  75.2   74.2  Other current liabilities  9.5   13.3     1,293.0   1,399.6  Non-current liabilities     Long-term debt  738.5   738.2  Provisions  977.7   976.6  Other long-term liabilities  51.5   64.8  Deferred tax liabilities  602.2   537.8  Total liabilities $3,662.9  $3,717.0        Equity     Common shareholders' equity     Common share capital $4,363.8  $4,382.0  Contributed surplus  9,851.3   10,137.6  Accumulated deficit  (5,148.2)  (5,943.3) Accumulated other comprehensive income (loss)  31.4   (0.3) Total common shareholders' equity  9,098.3   8,576.0  Non-controlling interests  122.6   118.1  Total equity $9,220.9  $8,694.1  Total liabilities and equity $12,883.8  $12,411.1        Common shares     Authorized Unlimited Unlimited Issued and outstanding  1,194,109,463   1,199,843,037               Consolidated statements of operations

(expressed in millions of U.S. dollars, except per share amounts)       Three months ended   March 31, March 31,    2026   2025  Revenue     Metal sales $2,407.7  $1,497.5        Cost of sales     Production cost of sales  690.5   546.7  Depreciation, depletion and amortization  275.7   288.4  Total cost of sales  966.2   835.1  Gross profit  1,441.5   662.4  Other operating expense  20.3   14.0  Exploration and business development  38.2   42.3  General and administrative  44.9   35.7  Operating earnings  1,338.1   570.4  Other expense - net  (13.3)  (13.2) Finance income  15.4   4.2  Finance expense  (19.0)  (35.2) Earnings before tax  1,321.2   526.2  Income tax expense  (465.2)  (136.8) Net earnings $856.0  $389.4  Net earnings attributable to:     Non-controlling interests $13.0  $21.4  Common shareholders $843.0  $368.0  Earnings per share attributable to common shareholders     Basic $0.70  $0.30  Diluted $0.70  $0.30         Consolidated statements of cash flows

(expressed in millions of U.S. dollars)       Three months ended   March 31, March 31,    2026   2025  Net inflow (outflow) of cash related to the following activities:     Operating:     Net earnings $856.0  $389.4  Adjustments to reconcile net earnings to net cash provided from operating activities:     Depreciation, depletion and amortization  275.7   288.4  Share-based compensation expense  6.6   4.6  Finance expense - net  3.6   31.0  Income tax expense  465.2   136.8  Foreign exchange losses  7.5   5.5  Other  (7.3)  (21.0) Reclamation payments, net of reclamation (recovery) expense  (10.1)  (6.2) Changes in working capital:     Accounts receivable and other assets  6.9   11.4  Inventories  35.8   (38.4) Accounts payable and accrued liabilities  (51.8)  (16.1) Cash flow provided from operating activities  1,588.1   785.4  Income taxes paid  (448.6)  (178.3) Net cash flow provided from operating activities  1,139.5   607.1  Investing:     Additions to property, plant and equipment  (283.2)  (207.7) Interest paid capitalized to property, plant and equipment  (7.1)  (13.5) Additions to long-term investments and other assets  (25.3)  (9.1) Increase in restricted cash - net  (1.8)  (1.7) Interest received and other - net  15.1   4.2  Net cash flow used in investing activities  (302.3)  (227.8) Financing:     Repayment of debt  -   (200.0) Interest paid  (17.2)  (24.0) Payment of lease liabilities  (2.2)  (1.5) Distributions paid to non-controlling interest  (9.0)  (24.0) Dividends paid to common shareholders  (47.9)  (36.9) Payments for employee taxes withheld from restricted share unit releases  (55.3)  (10.0) Repurchase and cancellation of shares  (250.1)  -  Taxes paid on repurchase of shares  (12.1)  -  Net cash flow used in financing activities  (393.8)  (296.4) Effect of exchange rate changes on cash and cash equivalents  (0.7)  0.2  Increase in cash and cash equivalents  442.7   83.1  Cash and cash equivalents, beginning of period  1,742.3   611.5  Cash and cash equivalents, end of period $2,185.0  $694.6           Operating Summary
      MinePeriodTonnes Ore MinedOre Processed (Milled)Ore Processed (Heap Leach)Grade (Mill)Grade (Heap Leach)Recovery (a)(b)Gold Eq Production(c)Gold Eq Sales(c)Production cost of salesProduction cost of sales/oz(d)Cap Ex - sustaining(e)Total Cap Ex (e)   ('000 tonnes)('000 tonnes)('000 tonnes)(g/t)(g/t)(%)(ounces)(ounces)($ millions)($/ounce)($ millions)($ millions)West AfricaTasiastQ1 20263,4952,092-2.30-94%130,014131,679$ 130.3$ 990$ 10.8$ 60.0Q4 20253,1202,252-1.87-94%125,625118,912$119.2$1,002$28.6$80.5Q3 20251,6852,181-1.78-94%120,934116,251$103.4$889$47.6$102.0Q2 20251,9211,730-2.11-95%119,241121,745$102.6$843$23.1$89.7Q1 20251,8121,932-2.15-95%137,629129,493$105.0$811$13.7$80.1AmericasParacatuQ1 202610,27212,507-0.41-85%160,583158,849$ 177.7$ 1,119$ 22.2$ 25.8Q4 202510,92912,395-0.45-83%155,048154,565$165.0$1,068$67.6$67.6Q3 202512,95813,214-0.44-82%150,367149,903$139.9$933$58.2$58.2Q2 202513,49714,527-0.39-82%149,264148,787$142.6$958$38.4$38.4Q1 202513,31812,507-0.43-83%146,639146,855$139.6$951$24.4$24.4La Coipa(f)Q1 2026580972-1.64-74%54,21153,737$ 82.0$ 1,526$ 19.9$ 21.7Q4 20251,2191,203-2.42-74%67,31971,419$80.7$1,130$31.7$31.7Q3 20251,006932-2.36-76%57,99757,544$69.0$1,199$18.5$18.5Q2 2025580911-1.77-78%54,13950,400$70.4$1,397$25.0$25.0Q1 20251,265971-2.19-80%52,31555,870$64.1$1,147$15.6$15.6Fort Knox (100%)(g)Q1 20269,5231,1547,3141.450.2886%102,37296,218$ 174.8$ 1,817$ 24.1$ 24.1Q4 202511,0561,6458,8051.020.2388%71,52374,294$125.8$1,693$38.0$38.0Q3 20258,1401,5116,5381.860.2390%112,181117,500$159.7$1,359$45.0$45.0Q2 20257,6391,6365,5291.720.2388%115,064113,200$141.3$1,248$43.0$43.0Q1 20256,5301,0714,7902.770.1991%112,054112,110$131.8$1,176$28.2$28.2Fort Knox (attributable)(g)Q1 20269,4631,1037,3141.310.2885%93,99487,945$ 154.9$ 1,761$ 19.8$ 19.8Q4 202511,0011,5978,8050.930.2387%65,43467,882$113.6$1,673$31.5$31.5Q3 20258,0561,4256,5381.550.2389%95,742100,878$138.4$1,372$40.4$40.4Q2 20257,5351,5675,5291.470.2387%97,56195,277$118.8$1,247$38.7$38.7Q1 20256,4459824,7902.350.1990%94,28194,585$111.1$1,175$24.6$24.6Round MountainQ1 20267909535130.370.2152%26,20026,084$ 72.4$ 2,776$ 4.9$ 53.9Q4 20257379661,1100.490.2967%31,75431,641$86.6$2,737$8.6$41.5Q3 20251,6599141,1130.660.3272%37,29737,274$78.1$2,095$4.5$33.0Q2 20252,8818561,6820.720.3080%38,66537,864$52.1$1,376$5.7$32.8Q1 20251,9278562,1630.660.2777%35,68635,960$57.0$1,585$2.8$29.6Bald MountainQ1 20263,985-3,985-0.30nm27,56127,561$ 53.3$ 1,934$ 6.9$ 39.7Q4 20253,165-3,165-0.30nm38,40237,141$55.4$1,492$13.1$51.6Q3 20252,182-2,182-0.31nm41,52542,261$48.5$1,148$5.3$27.9Q2 20251,578-1,578-1.07nm53,70454,227$59.4$1,095$12.7$40.4Q1 20255,803-5,803-0.35nm45,53843,801$49.2$1,123$6.9$17.8 (a)Due to the nature of heap leach operations, recovery rates at Bald Mountain cannot be accurately measured on a quarterly basis. Recovery rates at Fort Knox and Round Mountain represent mill recovery only.(b)"nm" means not meaningful.(c)Gold equivalent ounces include silver ounces produced and sold converted to a gold equivalent based on the ratio of the average spot market prices for the commodities for each period. The ratios for the quarters presented are as follows: Q1 2026: 57.79:1; Q4 2025: 76.34:1; Q3 2025: 87.73:1; Q2 2025: 97.41:1; Q1 2025: 89.69:1.(d)“Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.(e)"Total Cap Ex" is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows. "Cap Ex - sustaining" is a non-GAAP financial measure. The definition and reconciliation of this non-GAAP financial measure is included on pages 22 and 23 of this news release.(f)La Coipa silver grade and recovery were as follows: Q1 2026: 35.03 g/t, 39%; Q4 2025: 33.21 g/t, 41%; Q3 2025: 41.34 g/t, 49%; Q2 2025: 28.89 g/t, 50%; Q1 2025: 31.97 g/t, 60%.(g)The Fort Knox segment is composed of Fort Knox and Manh Choh. Manh Choh tonnes of ore processed and grade were as follows: Q1 2026: 170,077 tonnes, 4.51 g/t; Q4 2025: 158,016 tonnes, 4.08 g/t; Q3 2025: 286,496 tonnes, 7.05 g/t; Q2 2025: 231,451 tonnes, 7.39 g/t; Q1 2025: 294,238 tonnes, 7.39 g/t. The attributable results for Fort Knox include 100% of Fort Knox and 70% of Manh Choh.   Reconciliation of non-GAAP financial measures and ratios

The Company has included certain non-GAAP financial measures and ratios in this document. These financial measures and ratios are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures and ratios, together with financial measures and ratios determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures and ratios is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures and ratios are not necessarily standard and therefore may not be comparable to other issuers.

Adjusted Net Earnings and Adjusted Net Earnings per Share

Adjusted net earnings and adjusted net earnings per share are non-GAAP financial measures and ratios which determine the performance of the Company, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period, such as the impact of foreign exchange gains and losses, reassessment of prior year taxes and/or taxes otherwise not related to the current period, impairment charges (reversals), gains and losses and other one-time costs related to acquisitions, dispositions and other transactions, and non-hedge derivative gains and losses. Although some of the items are recurring, the Company believes that they are not reflective of the underlying operating performance of its current business and are not necessarily indicative of future operating results. Management believes that these measures and ratios, which are used internally to assess performance and in planning and forecasting future operating results, provide investors with the ability to better evaluate underlying performance, particularly since the excluded items are typically not included in public guidance. However, adjusted net earnings and adjusted net earnings per share measures and ratios are not necessarily indicative of net earnings and earnings per share measures and ratios as determined under IFRS.

The following table provides a reconciliation of net earnings to adjusted net earnings for the periods presented:

    (expressed in millions of U.S. dollars, except per share amounts)Three months endedMarch 31,   2026  2025     Net earnings attributable to common shareholders - as reported$843.0 $368.0 Adjusting items:   Foreign exchange losses 6.0  7.7  Foreign exchange gains on translation of tax basis and foreign exchange on deferred income taxes within income tax expense (4.5) (5.9) Taxes in respect of prior periods 2.2  (7.9) Costs in connection with conveyor belt repairs 11.1  -  Other(a) (1.6) 1.7  Tax effects of the above adjustments (2.1) 0.4    11.1  (4.0)Adjusted net earnings$854.1 $364.0 Weighted average number of common shares outstanding - Basic 1,199.5  1,229.6 Adjusted net earnings per share$0.71 $0.30 Basic earnings per share attributable to common shareholders - as reported$0.70 $0.30      (a)Other includes various impacts, such as one-time costs and credits at sites, and gains and losses on hedges, which the Company believes are not reflective of the Company’s underlying performance for the reporting period.   Attributable Free Cash Flow

Attributable free cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities less attributable capital expenditures and non-controlling interest included in net cash flows provided from operating activities. The Company believes that this measure, which is used internally to evaluate the Company’s underlying cash generation performance and the ability to repay creditors and return cash to shareholders, provides investors with the ability to better evaluate the Company’s underlying performance. However, this measure is not necessarily indicative of operating earnings or net cash flow provided from operating activities as determined under IFRS.

The following table provides a reconciliation of attributable free cash flow for the periods presented:

    (expressed in millions of U.S. dollars)Three months endedMarch 31,   2026  2025     Net cash flow provided from operating activities - as reported$1,139.5 $607.1 Adjusting items:  Attributable(a) capital expenditures (278.9) (204.1)Non-controlling interest(b) cash flow from operating activities (23.1) (22.2)Attributable(a) free cash flow$837.5 $380.8          See pages 23 and 24 for details of the footnotes referenced within the table above.

Attributable Adjusted Operating Cash Flow

Attributable adjusted operating cash flow is a non-GAAP financial measure and is defined as net cash flow provided from operating activities excluding changes in working capital, certain impacts which the Company believes are not reflective of the Company’s regular operating cash flow, and net cash flows provided from operating activities, net of working capital changes, relating to non-controlling interests. Working capital is excluded given that numerous factors can result in it being volatile. The Company uses attributable adjusted operating cash flow internally as a measure of the underlying operating cash flow performance and future operating cash flow-generating capability of the Company. However, the attributable adjusted operating cash flow measure is not necessarily indicative of net cash flow provided from operating activities as determined under IFRS.

The following table provides a reconciliation of attributable adjusted operating cash flow for the periods presented:

    (expressed in millions of U.S. dollars)Three months endedMarch 31,   2026 2025(m)    Net cash flow provided from operating activities - as reported$1,139.5 $607.1     Adjusting items:   Working capital changes:   Accounts receivable and other assets (6.9) (11.4) Inventories (35.8) 38.4  Accounts payable and accrued liabilities 51.8  16.1    1,148.6  650.2 Non-controlling interest(b) cash flow from operating activities, net of working capital changes (19.3) (29.9)Attributable(a) adjusted operating cash flow$1,129.3 $620.3          See pages 23 and 24 for details of the footnotes referenced within the table above.

Attributable Average Realized Gold Price per Ounce

Attributable average realized gold price per ounce is a non-GAAP ratio which calculates the average price realized from gold sales attributable to the Company. The Company believes that this measure provides a more accurate measure with which to compare the Company's gold sales performance to market gold prices. The following table provides a reconciliation of attributable average realized gold price per ounce for the periods presented:

    (expressed in millions of U.S. dollars, except ounces and average realized gold price per ounce)Three months endedMarch 31,   2026  2025     Metal sales - as reported$2,407.7 $1,497.5 Less: silver revenue(c) (56.7) (22.5)Less: non-controlling interest(b) gold revenue (38.9) (50.1)Attributable(a) gold revenue$2,312.1 $1,424.9     Gold ounces sold 482,472  516,268 Less: non-controlling interest(b) gold ounces sold (8,013) (17,383)Attributable(a) gold ounces sold 474,459  498,885 Attributable(a) average realized gold price per ounce$4,873 $2,856 Average realized gold price per ounce(d)$4,873 $2,857          See pages 23 and 24 for details of the footnotes referenced within the table above.

Attributable Production Cost of Sales per Equivalent Ounce Sold

Production cost of sales per equivalent ounce sold is defined as production cost of sales, as reported on the consolidated statement of operations, divided by the total number of gold equivalent ounces sold. This measure converts the Company’s non-gold production into gold equivalent ounces and credits it to total production.

Attributable production cost of sales per equivalent ounce sold is a non-GAAP ratio and is defined as attributable production cost of sales divided by the attributable number of gold equivalent ounces sold. This measure converts the Company’s attributable non-gold production into gold equivalent ounces and credits it to total attributable production. Management uses this measure to monitor and evaluate the performance of its operating properties that are attributable to its shareholders.

The following table provides a reconciliation of production cost of sales and attributable production cost of sales per equivalent ounce sold for the periods presented:

      (expressed in millions of U.S. dollars, except ounces and production cost of sales per equivalent ounce)Three months endedMarch 31,   2026  2025     Production cost of sales - as reported$690.5 $546.7 Less: non-controlling interest(b) production cost of sales (19.9) (20.7)Attributable(a) production cost of sales$670.6 $526.0     Gold equivalent ounces sold 494,128  524,089 Less: non-controlling interest(b) gold equivalent ounces sold (8,273) (17,525)Attributable(a) gold equivalent ounces sold 485,855  506,564 Attributable(a) production cost of sales per equivalent ounce sold$1,380 $1,038 Production cost of sales per equivalent ounce sold(e)$1,397 $1,043          See pages 23 and 24 for details of the footnotes referenced within the table above.

Attributable Production Cost of Sales per Ounce Sold on a By-Product Basis

Attributable production cost of sales per ounce sold on a by-product basis is a non-GAAP ratio which calculates the Company’s non-gold production as a credit against its per ounce production costs, rather than converting its non-gold production into gold equivalent ounces and crediting it to total production, as is the case in co-product accounting. Management believes that this ratio provides investors with the ability to better evaluate Kinross’ production cost of sales per ounce on a comparable basis with other major gold producers who routinely calculate their cost of sales per ounce using by-product accounting rather than co-product accounting.

The following table provides a reconciliation of attributable production cost of sales per ounce sold on a by-product basis for the periods presented:

    (expressed in millions of U.S. dollars, except ounces and production cost of sales per ounce)Three months endedMarch 31,   2026  2025     Production cost of sales - as reported$690.5 $546.7 Less: non-controlling interest(b) production cost of sales (19.9) (20.7)Less: attributable(a) impact of silver by-product(n) (55.5) (22.1)Attributable(a) production cost of sales on a by-product basis$615.1 $503.9     Gold ounces sold 482,472  516,268 Less: non-controlling interest(b) gold ounces sold (8,013) (17,383)Attributable(a) gold ounces sold 474,459  498,885 Attributable(a) production cost of sales per ounce sold on a by-product basis$1,296 $1,010 Production cost of sales per equivalent ounce sold(e)$1,397 $1,043          See pages 23 and 24 for details of the footnotes referenced within the table above.

Attributable All-In Sustaining Cost and All-In Cost per Ounce Sold on a By-Product Basis

Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are non-GAAP financial measures and ratios, as applicable, calculated based on guidance published by the World Gold Council (“WGC”). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies including Kinross. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost and all-in cost metrics is voluntary and not necessarily standard, and therefore, these measures and ratios presented by the Company may not be comparable to similar measures and ratios presented by other issuers. The Company believes that the all-in sustaining cost and all-in cost measures complement existing measures and ratios reported by Kinross.

All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. The value of silver sold is deducted from the total production cost of sales as it is considered residual production, i.e. a by-product. Sustaining operating costs represent expenditures incurred at current operations that are considered necessary to maintain current production. Sustaining capital represents capital expenditures at existing operations comprising mine development costs, including capitalized development, and ongoing replacement of mine equipment and other capital facilities, and does not include capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.

All-in cost is comprised of all-in sustaining cost as well as operating expenditures incurred at locations with no current operation, or costs related to other non-sustaining activities, and capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements at existing operations.

Attributable all-in sustaining cost and all-in cost per ounce sold on a by-product basis are calculated by adjusting production cost of sales, as reported on the consolidated statements of operations, as follows:

    (expressed in millions of U.S. dollars, except ounces and costs per ounce)Three months endedMarch 31,   2026  2025     Production cost of sales - as reported$690.5 $546.7 Less: non-controlling interest(b) production cost of sales (19.9) (20.7)Less: attributable(a) impact of silver by-product(n) (55.5) (22.1)Attributable(a) production cost of sales on a by-product basis$615.1 $503.9 Adjusting items on an attributable(a) basis:   General and administrative(f) 44.9  35.7  Other operating expense - sustaining(g) 0.2  0.2  Reclamation and remediation - sustaining(h) 23.1  22.3  Exploration and business development - sustaining(i) 16.1  12.5  Additions to property, plant and equipment - sustaining(j) 84.6  88.2  Lease payments - sustaining(k) 2.0  1.3 All-in Sustaining Cost on a by-product basis - attributable(a)$786.0 $664.1 Adjusting items on an attributable(a) basis:   Other operating expense - non-sustaining(g) 8.5  16.2  Reclamation and remediation - non-sustaining(h) 2.1  2.3  Exploration and business development - non-sustaining(i) 21.7  29.4  Additions to property, plant and equipment - non-sustaining(j) 194.3  115.9  Lease payments - non-sustaining(k) 0.2  0.2 All-in Cost on a by-product basis - attributable(a)$1,012.8 $828.1 Gold ounces sold 482,472  516,268 Less: non-controlling interest(b) gold ounces sold (8,013) (17,383)Attributable(a) gold ounces sold 474,459  498,885 Attributable(a) all-in sustaining cost per ounce sold on a by-product basis$1,657 $1,331 Attributable(a) all-in cost per ounce sold on a by-product basis$2,135 $1,660 Production cost of sales per equivalent ounce sold(e)$1,397 $1,043          See pages 23 and 24 for details of the footnotes referenced within the table above.

Attributable All-In Sustaining Cost and All-In Cost per Equivalent Ounce Sold

The Company also assesses its attributable all-in sustaining cost and all-in cost on a gold equivalent ounce basis. Under these non-GAAP financial measures and ratios, the Company’s production of silver is converted into gold equivalent ounces and credited to total production.

Attributable all-in sustaining cost and all-in cost per equivalent ounce sold are calculated by adjusting production cost of sales, as reported on the consolidated statements of operations, as follows:

    (expressed in millions of U.S. dollars, except ounces and costs per ounce)Three months endedMarch 31,   2026  2025     Production cost of sales - as reported$690.5 $546.7 Less: non-controlling interest(b) production cost of sales (19.9) (20.7)Attributable(a) production cost of sales$670.6 $526.0 Adjusting items on an attributable(a) basis:   General and administrative(f) 44.9  35.7  Other operating expense - sustaining(g) 0.2  0.2  Reclamation and remediation - sustaining(h) 23.1  22.3  Exploration and business development - sustaining(i) 16.1  12.5  Additions to property, plant and equipment - sustaining(j) 84.6  88.2  Lease payments - sustaining(k) 2.0  1.3 All-in Sustaining Cost - attributable(a)$841.5 $686.2 Adjusting items on an attributable(a) basis:   Other operating expense - non-sustaining(g) 8.5  16.2  Reclamation and remediation - non-sustaining(h) 2.1  2.3  Exploration and business development - non-sustaining(i) 21.7  29.4  Additions to property, plant and equipment - non-sustaining(j) 194.3  115.9  Lease payments - non-sustaining(k) 0.2  0.2 All-in Cost - attributable(a)$1,068.3 $850.2 Gold equivalent ounces sold 494,128  524,089 Less: non-controlling interest(b) gold equivalent ounces sold (8,273) (17,525)Attributable(a) gold equivalent ounces sold 485,855  506,564 Attributable(a) all-in sustaining cost per equivalent ounce sold$1,732 $1,355 Attributable(a) all-in cost per equivalent ounce sold$2,199 $1,678 Production cost of sales per equivalent ounce sold(e)$1,397 $1,043          See pages 23 and 24 for details of the footnotes referenced within the table above.

Capital Expenditures and Attributable Capital Expenditures

Capital expenditures are classified as either sustaining capital expenditures or non-sustaining capital expenditures, depending on the nature of the expenditure. Sustaining capital expenditures typically represent capital expenditures at existing operations including capitalized exploration costs and capitalized development unless related to major projects, ongoing replacement of mine equipment and other capital facilities and other capital expenditures and is calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non-sustaining capital expenditures. Non-sustaining capital expenditures represent capital expenditures for major projects, including major capital development projects at existing operations that are expected to materially benefit the operation, as well as enhancement capital for significant infrastructure improvements at existing operations. Management believes the distinction between sustaining capital expenditures and non-sustaining expenditures is a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of attributable all-in sustaining costs per ounce and attributable all-in costs per ounce. The categorization of sustaining capital expenditures and non-sustaining capital expenditures is consistent with the definitions under the WGC all-in cost standard. Sustaining capital expenditures and non-sustaining capital expenditures are not defined under IFRS, however, the sum of these two measures total to additions to property, plant and equipment as disclosed under IFRS on the consolidated statements of cash flows.

Additions to property, plant and equipment per the consolidated statements of cash flows includes 100% of capital expenditures for Manh Choh. Attributable capital expenditures is a non-GAAP financial measure and includes Kinross' 70% share of capital expenditures for Manh Choh. Management believes this to be a useful indicator of Kinross’ cash resources utilized for capital expenditures.

The following table provides a reconciliation of the classification of capital expenditures for the periods presented:

(expressed in millions of U.S. dollars)         Three months ended March 31, 2026Tasiast (Mauritania)Paracatu (Brazil)La Coipa (Chile)Fort Knox(l)(USA)Round Mountain (USA)Bald Mountain (USA)Total USAOtherTotalSustaining capital expenditures$10.8$22.2$19.9$24.1 $4.9$6.9$35.9 $0.1$88.9 Non-sustaining capital expenditures 49.2 3.6 1.8 -  49.0 32.8 81.8  57.9 194.3 Additions to property, plant and equipment - per cash flow$60.0$25.8$21.7$24.1 $53.9$39.7$117.7 $58.0$283.2 Less: Non-controlling interest(b)$-$-$-$(4.3)$-$-$(4.3)$-$(4.3)Attributable(a) capital expenditures$60.0$25.8$21.7$19.8 $53.9$39.7$113.4 $58.0$278.9           Three months ended March 31, 2025         Sustaining capital expenditures$13.7$24.4$15.6$28.2 $2.8$6.9$37.9 $0.2$91.8 Non-sustaining capital expenditures 66.4 - - -  26.8 10.9 37.7  11.8 115.9 Additions to property, plant and equipment - per cash flow$80.1$24.4$15.6$28.2 $29.6$17.8$75.6 $12.0$207.7 Less: Non-controlling interest(b)$-$-$-$(3.6)$-$-$(3.6)$-$(3.6)Attributable(a)capital expenditures$80.1$24.4$15.6$24.6 $29.6$17.8$72.0 $12.0$204.1                        See pages 23 and 24 for details of the footnotes referenced within the tables above. 

Endnotes

(a)“Attributable” measures and ratios include Kinross’ share of Manh Choh (70%) sales, costs, cash flows and capital expenditures.(b)“Non-controlling interest” represents the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100% for cash flow from operating activities, costs, sales and capital expenditures, as appropriate.(c)“Silver revenue” represents the portion of metal sales realized from the production of secondary or by-product metal (i.e. silver), which is produced as a by-product of the process used to produce gold and effectively reduces the cost of gold production.(d)“Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.(e) “Production cost of sales per equivalent ounce sold” is defined as production cost of sales divided by total gold equivalent ounces sold.(f)“General and administrative” expenses are as reported on the consolidated statements of operations, excluding certain impacts which the Company believes are not reflective of the Company’s underlying performance for the reporting period. General and administrative expenses are considered sustaining costs as they are required to be absorbed on a continuing basis for the effective operation and governance of the Company.(g)“Other operating expense – sustaining” is calculated as “Other operating expense” as reported on the consolidated statements of operations, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100% and other operating and reclamation and remediation expenses related to non-sustaining activities as well as other items not reflective of the underlying operating performance of the Company. Other operating expenses are classified as either sustaining or non-sustaining based on the type and location of the expenditure incurred. The majority of other operating expenses that are incurred at existing operations are considered costs necessary to sustain operations, and are therefore, classified as sustaining. Other operating expenses incurred at locations where there is no current operation or related to other non-sustaining activities are classified as non-sustaining.(h)“Reclamation and remediation – sustaining” is calculated as current period accretion related to reclamation and remediation obligations plus current period amortization of the corresponding reclamation and remediation assets, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100%, and is intended to reflect the periodic cost of reclamation and remediation for currently operating mines. Reclamation and remediation costs for development projects or closed mines are excluded from this amount and classified as non-sustaining.(i)“Exploration and business development – sustaining” is calculated as “Exploration and business development” expenses as reported on the consolidated statements of operations, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100% and non-sustaining exploration and business development expenses. Exploration expenses are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footprint of operating mines are considered costs required to sustain current operations and are therefore included in sustaining costs. Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non-sustaining. Business development expenses are classified as either sustaining or non-sustaining based on a determination of the type of expense and requirement for general or growth-related operations.(j)“Additions to property, plant and equipment – sustaining” and “non-sustaining” are as presented on pages 22 and 23 of this news release and include Kinross’ share of Manh Choh’s (70%) sustaining and non-sustaining capital expenditures.(k)“Lease payments – sustaining” represents the majority of lease payments as reported on the consolidated statements of cash flows and is made up of the principal and financing components of such cash payments, less the non-controlling interest portion in Manh Choh (30%) and other subsidiaries for which the Company’s interest is less than 100%, and non-sustaining lease payments. Lease payments for development projects or closed mines are classified as non-sustaining.
(l)The Fort Knox segment is composed of Fort Knox and Manh Choh for all periods presented.
(m)Attributable adjusted operating cash flow for the three months ended March 31, 2025 has been presented in accordance with the current period’s presentation.
(n)“Impact of silver by-product” represents the costs allocated to the production of secondary or by-product metal (i.e. silver), which is produced as a by-product of the process used to produce gold.
   Cautionary statement on forward-looking information 

All statements, other than statements of historical fact, contained or incorporated by reference in this news release including, but not limited to, any information as to the future financial or operating performance of Kinross, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, including the provisions of the Securities Act (Ontario) and the provisions for “safe harbor” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements contained in this news release, include, but are not limited to, those under the headings (or headings that include) “2026 first-quarter highlights”, “Return of capital to shareholders”, “CEO commentary”, “Outlook”, and “Development projects”, as well as statements with respect to our guidance for production, cost guidance, including production costs of sales, all-in sustaining cost of sales, and capital expenditures; anticipated returns of capital to shareholders, including the declaration, payment, increase and sustainability of the Company’s dividends; the size, scope and execution of the proposed share buybacks and the anticipated timing thereof, including the Company’s statement targeting dividends and share buybacks for 2026 of 40% of free cash flow; identification of additional resources and reserves or the conversion of resources to reserves; the Company’s liquidity; the Company’s debt levels; the schedules, budgets, and forecast economics for the Company’s development projects; budgets for and future plans for exploration, development and operation at the Company’s operations and projects, including the Great Bear project; planned timing for the submission of permits; potential mine life extensions at the Company’s operations; the Company’s balance sheet and liquidity outlook, as well as references to other possible events including, the future price of gold and silver, costs of production, operating costs; price inflation; capital expenditures, costs and timing of the development of projects and new deposits, estimates and the realization of such estimates (such as mineral or gold reserves and resources or mine life), success of exploration, development and mining, currency fluctuations, capital requirements, project studies, government regulation, permit applications, environmental risks and proceedings, and resolution of pending litigation. The words “advance”, “believe”, “continue”, “expects”, “focus”, “forecast”, “goal”, “guidance”, “on plan”, “on track”, “opportunity”, “plan”, “potential”, “priority”, “progress”, “prospective”, “target”, “upside”, or variations of or similar such words and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result and similar such expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates, models and assumptions of Kinross referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the various assumptions set forth herein and in our Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2025, and the Annual Information Form dated March 26, 2026 as well as: (1) there being no significant disruptions affecting the operations of the Company, whether due to extreme weather events and other or related natural disasters, labour disruptions (including but not limited to strikes or workforce reductions), supply disruptions, power disruptions, damage to equipment, pit wall slides or otherwise; (2) permitting, development, operations and production from the Company’s operations and development projects being consistent with Kinross’ current expectations including, without limitation: the maintenance of existing permits and approvals and the timely receipt of all permits and authorizations necessary for construction and operations; water and power supply and continued operation of the tailings reprocessing facility at Paracatu; permitting of the Great Bear project (including the consultation process with Indigenous groups), permitting and development of the Lobo-Marte project; in each case in a manner consistent with the Company’s expectations; and the successful completion of exploration consistent with the Company’s expectations at the Company’s projects; (3) political, regulatory and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, restrictions or penalties imposed, or actions taken, by any government, including but not limited to amendments to the mining laws and tailings facility regulations in Brazil, potential amendments to water laws and/or other water use restrictions and regulatory actions in Chile, dam safety regulations, potential amendments to minerals and mining laws and energy levies laws, new regulations relating to work permits, potential amendments to customs and mining laws (including but not limited to amendments to the VAT) and the potential application of the tax code in Mauritania, potential amendments to and enforcement of tax laws in Mauritania (including, but not limited to, the interpretation, implementation, application and enforcement of any such laws and amendments thereto), substantial changes to the federal and/or provincial regulatory and permitting regimes in Canada, potential third party legal challenges to existing permits, and the impact of any trade tariffs being consistent with Kinross’ current expectations; (4) the completion of studies and the results of those studies being consistent with Kinross’ current expectations; (5) the exchange rate between the Canadian dollar, Brazilian real, Chilean peso, Mauritanian ouguiya and the U.S. dollar being approximately consistent with current levels; (6) certain price assumptions for gold and silver which includes, as it relates to share repurchases, assumptions that prices for gold and silver remain approximately consistent with current levels; (7) prices for diesel, natural gas, fuel oil, electricity and other key supplies being approximately consistent with the Company’s expectations; (8) attributable production and cost of sales forecasts for the Company meeting expectations; (9) the accuracy of the current mineral reserve and mineral resource estimates of the Company and Kinross’ analysis thereof being consistent with expectations (including but not limited to ore tonnage and ore grade estimates), future mineral resource and mineral reserve estimates being consistent with preliminary work undertaken by the Company, mine plans for the Company’s current and future mining operations, and the Company’s internal models; (10) labour and materials costs increasing on a basis consistent with Kinross’ current expectations; (11) the terms and conditions of the legal and fiscal stability agreements for Tasiast being interpreted and applied in a manner consistent with their intent and Kinross’ expectations and without material amendment or formal dispute (including without limitation the application of tax, customs and duties exemptions and royalties); (12) asset impairment potential; (13) the regulatory and legislative regime regarding mining, electricity production and transmission (including rules related to power tariffs) in Brazil being consistent with Kinross’ current expectations; (14) access to capital markets, including but not limited to maintaining our current credit ratings consistent with the Company’s current expectations; (15) potential direct or indirect operational impacts resulting from infectious diseases or pandemics; (16) changes in national and local government legislation or other government actions, including Ontario environmental regulations and the Canadian federal impact assessment regime; (17) litigation, regulatory proceedings and audits, and the potential ramifications thereof, being concluded in a manner consistent with the Company’s expectations (including without limitation litigation in Chile relating to the wetlands remediation plan or other environmental obligations arising therefrom); (18) the Company’s financial results, cash flows and future prospects being consistent with Company expectations in amounts sufficient to permit sustained dividend payments; (19) the impacts of potential geotechnical instability being consistent with the Company’s expectations; and (20) the impacts of groundwater inflows at the La Coipa pit being consistent with the Company’s expectations. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the inaccuracy of any of the foregoing assumptions; fluctuations in the currency markets; fluctuations in the spot and forward price of gold or certain other commodities (such as fuel and electricity); price inflation of goods and services; changes in the discount rates applied to calculate the present value of net future cash flows based on country-specific real weighted average cost of capital; changes in the market valuations of peer group gold producers and the Company, and the resulting impact on market price to net asset value multiples; changes in various market variables, such as interest rates, foreign exchange rates, gold or silver prices and lease rates, or global fuel prices, that could impact the mark-to-market value of outstanding derivative instruments and ongoing payments/receipts under any financial obligations; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); changes in national and local government legislation, taxation (including but not limited to income tax, advance income tax, stamp tax, withholding tax, capital tax, tariffs, value-added or sales tax, capital outflow tax, capital gains tax, windfall or windfall profits tax, production royalties, excise tax, customs/import or export taxes/duties, asset taxes, asset transfer tax, property use or other real estate tax, together with any related fine, penalty, surcharge, or interest imposed in connection with such taxes), controls, tariffs, policies and regulations; the security of personnel and assets; political or economic developments in Canada, the United States, Chile, Brazil, Mauritania or other countries in which Kinross does business or may carry on business; business opportunities that may be presented to, or pursued by, us; our ability to successfully integrate acquisitions and complete divestitures; operating or technical difficulties in connection with mining, development or refining activities; employee relations; litigation or other claims against, or regulatory investigations and/or any enforcement actions, administrative orders or sanctions in respect of the Company (and/or its directors, officers, or employees) including, but not limited to, securities class action litigation in Canada and/or the United States, environmental litigation or regulatory proceedings or any investigations, enforcement actions and/or sanctions under any applicable anti-corruption, international sanctions and/or anti-money laundering laws and regulations in Canada, the United States or any other applicable jurisdiction; the speculative nature of gold exploration and development including, but not limited to, the risks of obtaining and maintaining necessary licenses and permits; diminishing quantities or grades of reserves; adverse changes in our credit ratings; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, Kinross’ actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross, including but not limited to resulting in an impairment charge on goodwill and/or assets. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this news release are qualified by this cautionary statement and those made in our other filings with the securities regulators of Canada and the United States including, but not limited to, the cautionary statements made in the “Risk Analysis” section of our MD&A for the year ended December 31, 2025, and the “Risk Factors” set forth in the Company’s Annual Information Form dated March 26, 2026. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Key Sensitivities

Approximately 70%-80% of the Company's costs are denominated in U.S. dollars.

A 10% change in foreign currency exchange rates would be expected to result in an approximate $30 impact on attributable production cost of sales per equivalent ounce sold1,15.

Specific to the Brazilian real, a 10% change in the exchange rate would be expected to result in an approximate $50 impact on Brazilian attributable production cost of sales per equivalent ounce sold1.

Specific to the Chilean peso, a 10% change in the exchange rate would be expected to result in an approximate $50 impact on Chilean attributable production cost of sales per equivalent ounce sold1.

A $10 per barrel change in the price of oil would be expected to result in an approximate $10 impact on attributable production cost of sales per equivalent ounce sold1.

A $100 change in the price of gold would be expected to result in an approximate $5 impact on attributable production cost of sales per equivalent ounce sold1 as a result of a change in royalties.

Other information

Where we say "we", "us", "our", the "Company", or "Kinross" in this news release, we mean Kinross Gold Corporation and/or one or more or all of its subsidiaries, as may be applicable.

The technical information about the Company’s mineral properties contained in this news release has been prepared under the supervision of Mr. Nicos Pfeiffer, an officer of the Company who is a “qualified person” within the meaning of National Instrument 43-101.

Source: Kinross Gold Corporation

________________________ 

1 Unless otherwise stated, production figures in this news release are on an attributable basis. “Attributable” includes Kinross’ 70% share of Manh Choh production, costs, cash flows and capital expenditures. Financial figures include 100% of Manh Choh results except when denoted as attributable. Attributable figures are non-GAAP financial measures and ratios. Refer to footnote 6.
2 “Production cost of sales per equivalent ounce sold” is defined as production cost of sales, as reported on the interim condensed consolidated statements of operations, divided by total gold equivalent ounces sold.
3 Operating cash flow figures in this release represent “Net cash flow provided from operating activities,” as reported on the interim condensed consolidated statements of cash flows.
4 “Margins” per equivalent ounce sold is defined as average realized gold price per ounce less production cost of sales per equivalent ounce sold.
5 Earnings, net earnings, and reported net earnings figures in this news release represent “Net earnings attributable to common shareholders,” as reported on the interim condensed consolidated statements of operations.
6 These figures are non-GAAP financial measures and ratios, as applicable, and are defined and reconciled on pages 17 to 23 of this news release. Non-GAAP financial measures and ratios have no standardized meaning under International Financial Reporting Standards (“IFRS”) and therefore, may not be comparable to similar measures presented by other issuers.
7 “Total liquidity” is defined as the sum of cash and cash equivalents, as reported on the interim condensed consolidated balance sheets, and available credit under the Company’s credit facilities (as calculated in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three months ended March 31, 2026).
8 “Average realized gold price per ounce” is defined as gold revenue divided by total gold ounces sold.
9 “Capital expenditures” is “Additions to property, plant and equipment” on the interim condensed consolidated statements of cash flows.
10 “Available credit” is defined as available credit under the Company’s credit facilities and is calculated in Section 6 Liquidity and Capital Resources of Kinross’ MD&A for the three months ended March 31, 2026.
11 Based on $4,500 gold price and a $70 per barrel oil price.
12 Taking into account existing oil hedges.
13 “AISC” represents attributable all-in sustaining cost per equivalent ounce sold. Refer to footnote 1.
14 Refer to 2021 press release “Kinross issues results of Udinsk and Lobo-Marte project studies”.
15 Refers to all of the currencies in the countries where the Company has mining operations, fluctuating simultaneously by 10% in the same direction, either appreciating or depreciating, taking into consideration the impact of hedging and the weighting of each currency within our consolidated cost structure.

CALABASAS, Calif.--(BUSINESS WIRE)--Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today that commercial real estate executive Michael Puline has joined the firm as senior managing director and national director of its retail division. Puline will guide the strategic growth of Marcus & Millichap's and Institutional Property Advisors’ (IPA) retail divisions and lead the company’s retail advisory teams, helping to ensure seamless execution and client service delivery.

"Expanding the Marcus & Millichap and IPA retail platform and working closely with the firm's advisors across North America is a tremendous opportunity," said Puline.

Share “Michael is a strategic thinker and dynamic leader whose expertise in navigating complex private equity and institutional investment environments, operational leadership, and relationships with premier national retailers make him exceptionally well suited to lead the strategic growth of our retail divisions,” said Gregory A. LaBerge, Marcus & Millichap’s chief client officer. “His experience and relationships will be instrumental in helping our teams expand their business, deepen industry connections, and enhance the value we deliver across the platform.”

Over the course of his 25-plus-year career, Puline has executed more than 2,500 leasing and sale transactions totaling $8.5 billion and developed deep relationships with institutional investors, REIT executives, and major retailers. Prior to joining Marcus & Millichap, he held a senior leadership role with a Blackstone portfolio company, where he led national retailer strategy and research for a $9 billion, 19-million-square-foot retail portfolio.

“Expanding the Marcus & Millichap and IPA retail platform and working closely with the firm’s advisors across North America is a tremendous opportunity,” said Puline. “The strength of the company’s platform, market intelligence, and advisor network creates a powerful foundation for continued growth and client success in the retail sector.”

Marcus & Millichap’s retail division provides investment sales, advisory, and transaction services for all types of retail real estate, including net lease properties, ground-leased assets, sale-leaseback financing, and open-air shopping centers of all sizes. In 2025, the firm closed more than 3,400 retail transactions, approximately as many retail transactions as its next three closest competitors combined.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visit www.MarcusMillichap.com.

More News From Marcus & Millichap, Inc.

Realty Income (NYSE: O), a real estate investment trust and one of the top dividend stocks in its sector, is scheduled to continue its three-decade-long payment history with its sixth 2026 payout on June 15.

Earned income has a ceiling. Hours in a day, headcount budgets, layoff cycles, and corporate restructurings all cap how much a paycheck can deliver.

While the SpaceX initial public offering (IPO) is firing up the market, I'll be sitting this one out. I like a top growth stock with a great story as much as anyone else, but the math here doesn't add up for me. The stock is astronomically expensive, the financials aren't compelling, and IPO stocks as a class aren't usually a great investment.

If I were looking for a great stock to buy right now, I'd be looking at sturdy dividend stocks that offer safety in an increasingly expensive market rather than hype.

Three I'd start with are Realty Income (O +1.23%), Home Depot (HD +0.73%), and American Express (AXP +2.18%).

Image source: Home Depot.

1. Realty Income Realty Income is a real estate investment trust (REIT). It owns about 15,500 properties globally, and it's one of the largest in the world.

It has a solid growth strategy that involves buying new properties or acquiring smaller REITs, and it has access to plenty of funds to keep the model going. It also has a long pipeline of new properties to consider, with $31 billion in sourced volume in the first quarter and a 9% selectivity rate.

It's reliable for strong performance because it predominantly leases its properties to large essentials companies like Walmart, Home Depot, and 7-Eleven. These are companies that consistently have high demand and generally perform well under pressure. Almost 80% of its properties are in retail, but it has also expanded into other industries to expand its reach and reduce risk.

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Realty Income has a 98.9% occupancy rate and rarely dips below that, even during times of economic pressure. It's a model that works.

As a REIT, it pays out 90% of its earnings as dividends, and its dividend is very attractive for a number of reasons. One is the yield. At the current price, Realty Income's dividend yields 5.3%. The growth and reliability are just as compelling. It's one of the few companies that pays a monthly dividend, and it has paid it for more than 55 years without fail, an unmatched track record. It has raised the dividend for the past 115 quarters, or close to 30 years.

Realty is a top dividend stock that can provide security and passive income to any investor.

2. Home Depot Home Depot stock continues to struggle amid the high mortgage rate environment, which has been putting home sales on hold. But considering the pressured operating climate, it's reporting sales and comparable sales (comps) increases, which is an impressive feat.

In the fiscal 2026 first quarter (ended May 3), sales increased 4.8% year over year, with comps up 0.6%. Earnings per share (EPS) were down from $3.45 to $3.30.

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Everything was in line with management's expectations, and the company continues to expand and lay the groundwork for more success when the macroeconomy is more favorable. It plans to open 15 new stores this year, and recently completed the acquisition of Mingledorff's, a heating, ventilation, and air conditioning equipment distributor in five Southeast U.S. states. This gives it greater access specifically to HVAC parts, and embedding this business in its enterprise leverages its powerful distribution system to create more value for its professional customers.

It's already doing that with SRS Distribution, a pro supplies company it acquired in 2024. SRS has 1,300 branches, and together with Home Depot's core 2,360 stores and 325 warehouses, it has 16,000 delivery assets.

While the stock is down, Home Depot continues to raise the dividend, and the yield is at 2.9% today.

3. American Express American Express continues to demonstrate resilience and momentum despite stubbornly high inflation. It has a carefully crafted and maintained model that targets an affluent clientele through a fee-based rewards program, and this clientele has more spending power in any type of economy.

The fee-based model also creates loyalty and a recurring revenue stream, as well as high profitability. In the 2026 first quarter, revenue increased 11% year over year to $18.9 billion, while EPS increased 18% to $4.28. Spend growth is accelerating, up six percentage points from last year, while retention rates remain close to 100%.

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The company's emphasis on travel and entertainment is a key part of its success. While U.S. consumer services spending increased 5% over last year in the first quarter, fine hotels and resorts spending increased 50%. The focus on younger consumers is also a major growth driver, with 66% of global consumer new accounts coming from millennial and Gen-Z age groups, and 73% of global new accounts on fee-based products.

With growing net income, it has ample funds to pay and raise its dividend, which yields 1.1% at the current price.

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Wages get taxed before they hit your account, raises rarely keep pace with shelter and grocery inflation, and a single layoff cycle can erase years of careful budgeting. Passive income from dividends sidesteps all of that. The cash arrives whether the market is green or red, whether you are at your desk or asleep, and it does not require selling the underlying asset to spend it.

For investors who want a paycheck that shows up monthly rather than quarterly, the math has always pointed in one direction: a high-quality net lease REIT with a long history of monthly distributions. Unlike rental real estate, the position is liquid, requires no tenants of your own, and can be sized in any dollar amount you choose.

We screened our 24/7 Wall St. dividend equity research database, looking for stocks that pay massive dividends, and we found a company that can generate over $12,000 a year in passive annual income if you invest roughly $221,000 at the time of this writing.

Realty Income Yield: 5.41% (based on $3.246 annualized dividend at $60.01) Shares for $221,857: 3,697 Annual Passive Income: $12,000 Realty Income (NYSE:O | O Price Prediction) is a net lease REIT that owns 15,542+ free-standing, single-tenant commercial properties across the U.S., the U.K., eight other European countries, and Mexico. Tenants pay taxes, insurance, and maintenance under triple-net structures, so rental income flows to the REIT with minimal operating drag.

The Monthly Dividend Income  The company brands itself “The Monthly Dividend Company” and has declared 670 consecutive monthly dividends with 114 consecutive quarterly increases.

The yield is structurally elevated for the same reason every REIT yield is elevated: the tax code requires distribution of at least 90% of taxable income to shareholders, which pushes payout ratios well above what a typical C-corp would tolerate.

In Realty Income’s case, that mandate is backed by Q1 2026 AFFO per share of $1.13, up 6.6% year over year, and a forward coverage ratio of roughly 1.36x against the current $3.246 annualized payout. The latest monthly check, declared May 14, 2026, is $0.2705 per share, payable June 15, 2026.

Portfolio quality supports the math. Occupancy stood at 98.9% in Q1 2026, and re-leased properties recaptured 103.4% of prior rent. Annualized base rent splits across $4.13 billion in retail, $808 million in industrial, $165 million in gaming, and $126 million in other.

Strong Expansion Moves and Growth Potential  CEO Sumit Roy raised 2026 investment guidance to $9.5 billion from $8.0 billion and 2026 AFFO guidance to $4.41 to $4.44 per share, helped by a $1 billion Apollo partnership covering 492 retail properties and a $1.7 billion cornerstone raise for the U.S. Core Plus Fund.

Institutions own 79.38% of the float, with Truist Financial recently increasing its stake. In May 2026, ten directors each received 3,214 shares in a coordinated equity grant, reinforcing alignment. Management also repurchased roughly 1.8 million shares for $101.9 million in January 2026 and trimmed net debt to annualized pro forma adjusted EBITDAre to 5.2x from 5.4x.

At the current quote of $60.01, owning 3,697 shares costs about $221,857 and produces $12,000.46 in annual dividend income, a blended yield of 5.41%. Realty Income contributes every dollar of that total, paid in twelve monthly installments rather than four quarterly lumps.

Monthly cadence is the quiet advantage here. A rental property locks capital into a single roof in a single ZIP code; Realty Income spreads the same dollars across more than fifteen thousand buildings, four asset classes, and ten countries, and the income arrives every thirty days.

For investors reinvesting through a DRIP, that twelve-times-per-year compounding compresses the timeline to a self-funding position more quickly than any quarterly payer can.

Income investors have a reason to revisit Realty Income (NYSE:O | O Price Prediction).

CF Industries Holdings, Inc. (CF) Q1 2026 Earnings Call Transcript

On May 11, 2026, CF Industries Holdings Inc (CF) shares rose 8.2% today, bringing the current price to $124.48. The stock has experienced a 52-week range betwee

CF Industries Holdings, Inc. (CF) Presents at 21st Annual Global Farm to Market Conference Transcript

Volatility has a way of creeping up when we least expect it.

The market has been humming along to the earnings and AI narrative over the past month, with stocks hovering near all-time highs. But the latest set of inflation reports could act as a thorn in the rally’s side.

Rate-cut hopes in 2026 dwindled following hotter-than-expected inflation data, with many stocks experiencing heavy selling pressure as a result. Inflation is the biggest risk in this environment amid the Strait of Hormuz blockade, which continues to pressure global energy prices.

The Fed remains stuck as it simply can’t justify lowering interest rates with prices on the rise. In fact, markets are pricing in that the central bank will hold rates steady for most of 2026. There’s even a nearly 30% chance of a rate hike by December.

The volatility (VIX) index appears to be turning back up in mid-May. Bulls would like to avoid a breakout in the VIX index, as a rise in volatility tends to coincide with lower stock prices. Early in Thursday’s trading, small-caps (as evidenced by the Russell 2000 index) were lagging on inflation worries.

CPI Shows Inflation Jumps to 3-Year HighTuesday’s release of the consumer price index (CPI) showed prices rose 0.6% in April over the previous month and 3.8% year-over-year. The annual figure was a big jump from the 3.3% pace we saw in March and marked the highest level in nearly 3 years.

On a “core” basis, which strips out volatile food and energy components, the CPI rose 0.4% on the month and 2.8% over the last year, the latter of which was also above estimates.

Earlier this week, Chicago Fed president Austan Goolsbee said that not only is inflation unable to make substantial progress, but it’s also going in the opposite direction. “It’s going the wrong way, not just in oil-related things and not just in tariff-related things,” Goolsbee said. “Now you’ve seen drifting upward of services inflation, and for me, that’s the part that I’m nervous about.”

Yesterday’s release of the producer price report only added to concerns. US producer prices increased much more than expected last month, according to the Bureau of Labor Statistics. Wholesale prices rose 1.4% over the prior month, far above the anticipated increase of 0.5%. On an annual basis, producer prices shot up 6% in April, well above projections of 4.8%.

Stocks to Watch Amid Inflation Revival Fertilizer stocks have been quietly showing strength this year as inflation rises. The Zacks Fertilizers industry currently ranks in the top 11% out of approximately 250 Zacks Ranked Industries. It’s no secret that investing in stocks that are part of leading industry groups can give us a leg up relative to the market.

Quantitative research studies have shown that roughly half of a stock's price movement can be attributed to its industry group. In fact, the top 50% of Zacks Ranked Industries outperforms the bottom 50% by a factor of more than 2 to 1.

Companies in this group are relatively undervalued and are expected to experience above-average earnings growth, signifying a powerful combination that should lead to higher prices ahead:

Image Source: Zacks Investment Research

CF Industries (CF - Free Report) is a component of this group and a Zacks Rank #1 (Strong Buy). The company is the world's largest producer of ammonia, specializing in manufacturing hydrogen and nitrogen products for fertilizer, clean energy, and emissions control. Shares have steadily outperformed this year, advancing more than 63%:

Image Source: StockCharts

Another leading stock in this industry is Intrepid Potash (IPI - Free Report) , a Zacks Rank #2 (Buy). The company is the largest U.S. producer of potassium chloride, acting as a key supplier for agricultural fertilizer, animal feed, and industrial applications.

IPI stock continues to trend upward, climbing more than 63% year-to-date:

Image Source: StockCharts

Fertilizer stocks often rise during periods of high inflation because they are closely tied to agricultural commodity prices and energy costs, which typically surge during inflationary environments. Both companies recently beat their respective first-quarter earnings estimates and are witnessing positive revisions in the quarters ahead.

Bottom LineThe month of April will go down as the 62nd consecutive month inflation came in above the Fed's 2% target. At some point, the word "transitory" stops being an appropriate description to use. In a nutshell, the Fed has a real problem.

Still, that hasn’t stopped stocks from forging higher amid an AI spending boom and earnings acceleration. But we may be near a critical turning point as inflation continues to rise. Make sure to take advantage of all that Zacks has to offer to uncover leading stocks like CF and IPI.

Disclosure: The author may a hold a related interest in the aforementioned securities.

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at CF Industries (CF - Free Report) , a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. CF Industries currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if CF is a promising momentum pick, let's examine some Momentum Style elements to see if this fertilizer maker holds up.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For CF, shares are up 8.89% over the past week while the Zacks Fertilizers industry is up 4.73% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 8% compares favorably with the industry's 2.88% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Shares of CF Industries have increased 31.19% over the past quarter, and have gained 42.96% in the last year. On the other hand, the S&P 500 has only moved 7.88% and 25.61%, respectively.

Investors should also take note of CF's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now CF is averaging 3,098,102 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with CF.

Over the past two months, 4 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost CF's consensus estimate, increasing from $8.99 to $15.67 in the past 60 days. Looking at the next fiscal year, 4 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that CF is a #1 (Strong Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep CF Industries on your short list.

CF Industries benefits from a structurally tight nitrogen fertilizer market, driven by geopolitical disruptions and limited new capacity until 2030. CF's North American asset base and low-cost position provide a competitive advantage as global supply remains constrained, supporting elevated pricing. With natural gas feedstock costs down 11% y/y and robust production, Q2 is poised for strong results, with EPS projected at $5.83 versus street at $5.61.

Here is how CF Industries (CF) and Dow Inc. (DOW) have performed compared to their sector so far this year.