Track market-moving stories before they get noisy

For the quarter ended March 2026, First Interstate BancSystem (FIBK - Free Report) reported revenue of $243.1 million, down 1.6% over the same period last year. EPS came in at $0.61, compared to $0.49 in the year-ago quarter.

The reported revenue represents a surprise of -0.87% over the Zacks Consensus Estimate of $245.24 million. With the consensus EPS estimate being $0.60, the EPS surprise was +2.52%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how First Interstate BancSystem performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency Ratio: 63.8% compared to the 65.1% average estimate based on three analysts.Net FTE interest margin ratio: 3.4% versus the three-analyst average estimate of 3.4%.Average Balance - Total interest earning assets: $23.87 billion versus the two-analyst average estimate of $24.06 billion.Total non-performing assets: $162.5 million compared to the $126.46 million average estimate based on two analysts.Net charge-offs to average loans: 0.1% versus the two-analyst average estimate of 0.3%.Total noninterest Income: $41.1 million versus the three-analyst average estimate of $42.95 million.Mortgage banking revenues: $1.3 million compared to the $1.53 million average estimate based on two analysts.Service charges on deposit accounts: $6.5 million versus the two-analyst average estimate of $6.59 million.Net interest income on a fully-taxable equivalent basis: $202 million versus the two-analyst average estimate of $201.97 million.Net Interest Income: $200.7 million compared to the $202.24 million average estimate based on two analysts.View all Key Company Metrics for First Interstate BancSystem here>>>

Shares of First Interstate BancSystem have returned +6.8% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Posted by Defense World Staff on Apr 21st, 2026

Farther Finance Advisors LLC increased its stake in National Fuel Gas Company (NYSE:NFG – Free Report) by 84.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,329 shares of the oil and gas producer’s stock after buying an additional 8,377 shares during the quarter. Farther Finance Advisors LLC’s holdings in National Fuel Gas were worth $1,467,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NFG. Root Financial Partners LLC acquired a new position in shares of National Fuel Gas in the third quarter worth about $29,000. Richardson Financial Services Inc. raised its position in shares of National Fuel Gas by 88.5% in the 3rd quarter. Richardson Financial Services Inc. now owns 360 shares of the oil and gas producer’s stock valued at $33,000 after purchasing an additional 169 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of National Fuel Gas by 105.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 423 shares of the oil and gas producer’s stock valued at $39,000 after purchasing an additional 217 shares in the last quarter. Eastern Bank purchased a new position in shares of National Fuel Gas during the 4th quarter valued at approximately $42,000. Finally, True Wealth Design LLC grew its position in shares of National Fuel Gas by 3,883.3% during the third quarter. True Wealth Design LLC now owns 478 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 466 shares in the last quarter. 73.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets NFG has been the topic of several recent analyst reports. Zacks Research raised shares of National Fuel Gas from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Scotiabank set a $101.00 target price on shares of National Fuel Gas in a research report on Wednesday, January 21st. KeyCorp began coverage on shares of National Fuel Gas in a research note on Tuesday, April 7th. They issued an “overweight” rating and a $110.00 target price on the stock. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of National Fuel Gas in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, National Fuel Gas has an average rating of “Moderate Buy” and a consensus target price of $106.00.

View Our Latest Report on National Fuel Gas

National Fuel Gas Price Performance NFG opened at $86.67 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.65 and a debt-to-equity ratio of 0.58. The company’s 50-day moving average price is $91.50 and its 200 day moving average price is $85.34. National Fuel Gas Company has a fifty-two week low of $75.73 and a fifty-two week high of $97.06. The firm has a market cap of $8.24 billion, a price-to-earnings ratio of 12.09, a price-to-earnings-growth ratio of 1.14 and a beta of 0.52.

National Fuel Gas (NYSE:NFG – Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The oil and gas producer reported $2.06 EPS for the quarter, topping the consensus estimate of $1.91 by $0.15. National Fuel Gas had a net margin of 27.65% and a return on equity of 21.45%. The business had revenue of $651.51 million during the quarter, compared to analyst estimates of $650.70 million. During the same quarter in the prior year, the firm earned $1.66 earnings per share. The company’s quarterly revenue was up 18.6% on a year-over-year basis. As a group, sell-side analysts expect that National Fuel Gas Company will post 7.81 earnings per share for the current year.

National Fuel Gas Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.535 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $2.14 annualized dividend and a yield of 2.5%. National Fuel Gas’s dividend payout ratio is presently 29.85%.

National Fuel Gas Company Profile (Free Report)

National Fuel Gas Company (NYSE: NFG) is a diversified energy company engaged primarily in the production, gathering, transmission, distribution and marketing of natural gas. The company operates through four principal segments: Exploration & Production, Pipeline & Storage, Utilities, and Energy Marketing. Its integrated asset base spans upstream development in the Appalachian Basin, regional pipeline networks, underground storage facilities, and regulated utility distribution systems.

In its Exploration & Production segment, National Fuel Gas focuses on developing natural gas reserves in the Marcellus and Utica shales, leveraging modern drilling and completion techniques.

Further Reading Five stocks we like better than National Fuel Gas Want to see what other hedge funds are holding NFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for National Fuel Gas Company (NYSE:NFG – Free Report).

Receive News & Ratings for National Fuel Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for National Fuel Gas and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEFinivi Inc. Makes New Investment in JPMorgan Nasdaq Equity Premium Income ETF $JEPQ

NEXT HEADLINE »iShares 1-3 Year Treasury Bond ETF $SHY Shares Sold by DSG Capital Advisors LLC

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

The earnings report, which is expected to be released on April 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

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

Zacks Consensus EstimateThis energy company is expected to post quarterly earnings of $2.74 per share in its upcoming report, which represents a year-over-year change of +14.6%.

Revenues are expected to be $823.87 million, up 12.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 3.55% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

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

Price, Consensus and EPS Surprise

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

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

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

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

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

How Have the Numbers Shaped Up for National Fuel Gas?For National Fuel Gas, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +5.20%.

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

So, this combination indicates that National Fuel Gas will most likely beat the consensus EPS estimate.

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

For the last reported quarter, it was expected that National Fuel Gas would post earnings of $1.91 per share when it actually produced earnings of $2.06, delivering a surprise of +7.85%.

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

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

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

National Fuel Gas appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

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

All amounts in Canadian dollars unless otherwise noted

Vancouver, British Columbia--(Newsfile Corp. - April 27, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce that it has closed its previously announced "bought deal" public offering of 38,870,000 common shares of the Company (the "Common Shares") at a price of $2.96 per Common Share (the "Offering Price"), including the exercise, in full, of the Underwriters' (as defined below) over-allotment option (the "Over-Allotment Option") of 5,070,000 Common Shares at the Offering Price per Common Share, for aggregate gross proceeds of $115,055,200 (the "Offering").

The Offering was completed pursuant to an underwriting agreement, dated April 22, 2026, entered into among the Company and a syndicate of underwriters led by BMO Capital Markets and SCP Resource Finance LP and including Canaccord Genuity Corp., National Bank Financial Inc., Paradigm Capital Inc., Roth Canada, Inc., ATB Cormark Capital Markets, Beacon Securities Limited, CIBC Capital Markets, Desjardins Capital Markets and Stifel Canada (collectively, the "Underwriters").

Both EdgePoint Investment Group Inc. and Mr. Eric Sprott participated in the Offering with co-lead orders. Mr. Sprott has maintained his approximate 19% shareholdings.

In connection with the closing of the Offering, the Company paid to the Underwriters a cash fee in the aggregate amount of $5,160,441, representing (i) 5.25% of the gross proceeds of the Offering, other than the gross proceeds raised from certain sales pursuant to a president's list (the "President's List Sales"); and (ii) 1.0% of the gross proceeds raised from President's List Sales. BMO Capital Markets, SCP Resource Finance LP, Canaccord Genuity Corp., National Bank Financial Inc., Paradigm Capital Inc., Roth Canada, Inc., ATB Cormark Capital Markets, Beacon Securities Limited, CIBC Capital Markets, Desjardins Capital Markets and Stifel Canada each received $1,967,418, $1,722,297, $245,121, $245,121, $245,121, $245,121, $98,048, $98,048, $98,048, $98,048 and $98,048, respectively.

The net proceeds from the Offering will be used by the Company to advance its 100% owned Queensway Gold Project ("Queensway") and for general corporate and working capital purposes.

The Common Shares were offered in all of the provinces and territories of Canada, excluding Quebec and Nunavut, by way of a prospectus supplement (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated May 23, 2025 (the "Base Shelf Prospectus"). The Common Shares were also offered by way of a U.S. prospectus supplement to the Company's base shelf prospectus (the "U.S. Prospectus") forming part of the Company's registration statement on Form F-10 in the United States. Copies of the Prospectus Supplement, Base Shelf Prospectus, U.S. Prospectus and documents incorporated by reference therein are available electronically on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov under New Found Gold's issuer profile, as applicable.

The Offering remains subject to the final approval of the TSX Venture Exchange (the "TSXV").

Certain directors and officers of the Company participated, directly or indirectly, in the Offering, along with the Company's cornerstone investor, Mr. Eric Sprott, who is considered a "related party" of New Found Gold due to his shareholdings (collectively, the "Insiders"). The Insiders' participation in the Offering constitutes "a related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on the exemptions from valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such related party participation.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About New Found Gold

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and the Hammerdown Gold Project, which includes the Hammerdown deposit and Pine Cove milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

Throughout 2025, New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Keith Boyle, P.Eng., CEO, and a Qualified Person as defined under NI 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains certain "forward-looking statements" within the meaning of Canadian and United States securities legislation, including statements regarding the Offering, the use of proceeds of the Offering; the approval by the TSXV of the Offering; the Company's focus on advancing Queensway to production and bringing the Hammerdown deposit into commercial gold production; and the Company's focus on growth and value creation. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV and NYSE American LLC , the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca and on the website of the United States Securities and Exchange Commission at www.sec.gov for a more complete discussion of such risk factors and their potential effects.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294314

Source: New Found Gold Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

WILLIAMSVILLE, N.Y., April 29, 2026 (GLOBE NEWSWIRE) -- National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2026 fiscal year.

SECOND QUARTER FISCAL 2026 SUMMARY

GAAP earnings of $247.7 million, or earnings per share (EPS) of $2.59, compared to GAAP earnings of $216.4 million, or $2.37 per share, in the prior year.Adjusted EPS of $2.71, an increase of 13% from the prior year. See non-GAAP reconciliation on page 2.Net cash provided by operating activities of $657 million, with free cash flow of $160 million (as defined on page 22) through the second quarter year-to-date, a $111 million increase from the prior year.Integrated Upstream and Gathering segment adjusted EPS of $1.67, an increase of 21% compared to the prior year, driven by a 17% increase in natural gas price realizations.Utility segment net income of $65 million, an increase of 3% compared to the prior year, as continued investments in system modernization programs in New York and Pennsylvania supported an increase in revenue.Supply Corporation entered into a precedent agreement to provide 94,000 dekatherms per day of incremental capacity in connection with its new Line N System Upgrade Project in southwest Pennsylvania, targeted for completion in late 2028.Commenced construction on both the Tioga Pathway and Shippingport Lateral expansion projects, which remain on track for a late calendar year 2026 in-service date.The Company is revising its fiscal 2026 adjusted EPS guidance range of $7.45 to $7.75 per share, or $7.60 per share at the midpoint. MANAGEMENT COMMENTS

David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “National Fuel had a solid second quarter, with adjusted EPS increasing 13% over the prior year. Operationally, our resilient natural gas system and dedicated workforce performed extremely well during the severe weather of Winter Storm Fern, delivering the safe and reliable production, transmission, storage, and distribution services that customers across our businesses expect.

“Looking forward, we’ve taken meaningful steps to position National Fuel for the next phase of our long-term growth strategy. In our regulated Pipeline and Storage business, our two major expansion projects are expected to be in-service late this calendar year, and we’ve signed an agreement for another expansion on our Line N system. At the Utility, our Ohio acquisition is on track to close in the calendar fourth quarter. Lastly, in our Integrated Upstream and Gathering business, we have decades of high-quality Appalachian inventory and a great track record of improving capital efficiency. With our ongoing testing to optimize well designs across our development footprint and our focus on continuously improving our integrated development plans, we expect to see further benefits in the future.

“With these positive catalysts across our operations, including line of sight to earnings growth at our regulated businesses and increasing free cash flow generation at our non-regulated businesses, National Fuel is well positioned to deliver long-term value to shareholders.”

RECONCILIATION OF GAAP EARNINGS TO ADJUSTED EARNINGS

           Three Months Ended March 31,  (Thousands) (Per Share)   2026   2025  2026   2025Reported GAAP Earnings $247,668  $216,358 $2.59  $2.37Items impacting comparability:        Costs related to the pending Ohio gas utility acquisition  2,499   —  0.03   —Tax impact of costs related to the pending Ohio acquisition  (579)  —  (0.01)  —Impact of equity issuance related to pending Ohio acquisition, net of interest benefits  (3,422)  —  0.09   —Tax impact of net interest benefit from equity issuance  793   —  0.01   —Other/rounding (refer to Segment results for details)  274   1,975  —   0.02Adjusted Earnings $247,233  $218,333 $2.71  $2.39
FISCAL 2026 GUIDANCE UPDATE

National Fuel is revising its adjusted EPS guidance for fiscal 2026, which is now expected to be within a range of $7.45 to $7.75, or $7.60 at the midpoint. This updated range incorporates second quarter results as well as modest changes to certain assumptions for the remainder of the fiscal year, primarily related to natural gas prices. The Company is now assuming the NYMEX natural gas price will average $3.00 per MMBtu for the remaining six months of fiscal 2026 (a decrease of $0.75 from previous guidance), which approximates the current NYMEX forward curve at this time.

Integrated Upstream and Gathering fiscal 2026 production is now expected to be 425 to 440 Bcf, a moderate decrease from our prior guidance. This decrease reflects the weather impacts during the period around Winter Storm Ferm, which primarily delayed flowback and completion timing. In addition, there were modest production impacts from a six-well pad in Tioga County where tests of a new Gen 4 Lower Utica well design and a new Upper Utica performed as expected, however, older generation Lower Utica wells underperformed projections. While these factors are expected to impact the fiscal year, they do not change the long-term production growth outlook, which we still expect will be in the mid-single digits over the next few years. This guidance range also does not incorporate any price-related curtailments over the remainder of the fiscal year. Capital expenditure guidance remains unchanged; however, higher oil and diesel prices related to the Iranian conflict and increased land activity represent potential headwinds that could result in capital trending toward the higher end of the range.

The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs.

The Company’s other fiscal 2026 guidance assumptions remain largely unchanged and are detailed in the table on page 6.

DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

The following earnings discussion of each operating segment for the quarter ended March 31, 2026 is summarized in a tabular form on pages 7 and 8 of this report (earnings drivers for the six months ended March 31, 2026 are summarized on pages 9 and 10).

Note that management defines adjusted earnings as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

Integrated Upstream and Gathering Segment

The Integrated Upstream and Gathering segment's exploration and production operations are carried out by Seneca Resources Company, LLC (“Seneca”) and its gathering operations are carried out by the operating subsidiaries of National Fuel Gas Midstream Company, LLC ("Gathering"). Seneca explores for, develops, and produces primarily natural gas reserves in Pennsylvania. Gathering constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which primarily delivers Seneca's production and, to a lesser extent, third-party Appalachian production to various interstate pipelines.

 Three Months Ended March 31,(in thousands) 2026  2025  VarianceGAAP Earnings$152,030 $124,170  $27,860 Premiums paid on early redemption of debt —  2,385   (2,385)Tax impact of premiums paid on early redemption of debt —  (642)  642 Unrealized (gain) loss on derivative asset (2022 CA asset sale) —  335   (335)Tax impact of unrealized (gain) loss on derivative asset —  (90)  90 Adjusted Earnings$152,030 $126,158  $25,872       Adjusted EBITDA$302,439 $267,098  $35,341 
The Integrated Upstream and Gathering segment's second quarter GAAP earnings increased $27.9 million versus the prior year. Excluding items impacting comparability, adjusted earnings increased $25.9 million from the prior year, primarily due to higher realized natural gas prices, partially offset by modestly lower production volumes and additional third-party gathering expenses.

Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $3.45 per Mcf, an increase of $0.51 per Mcf, or 17%, from the prior year due to higher NYMEX prices.

During the second quarter, Seneca produced 102.0 Bcf of natural gas, a decrease of 3.5 Bcf, or 3%, from the prior year. During the quarter, production was lower than the prior year due to weather-driven completion delays and typical natural gas production declines on producing wells.

 Three Months Ended March 31,(Cost per Mcf) 2026  2025 VarianceUpstream General and Administrative Expense (“G&A”)$0.18 $0.18 $—Lease Operating Expense (“LOE”)$0.17 $0.12 $0.05Adjusted Gathering Operation and Maintenance Expense ("O&M")$0.14 $0.12(1) $0.02Taxes and Other$0.07 $0.07 $—Adjusted Total Cash Operating Costs$0.56 $0.49(1) $0.07Depreciation, Depletion and Amortization Expense (“DD&A”)$0.79 $0.72 $0.07Adjusted Total Operating Costs$1.35 $1.21(1) $0.14 (1)Adjusted Gathering O&M Expense of $0.12 per Mcf for the quarter ended March 31, 2025 excludes a $0.03 per Mcf reduction to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.
On a per unit basis, second quarter adjusted total operating costs were $0.14 higher compared to the prior year, primarily due to higher per unit LOE and DD&A expense. The increase in per unit LOE compared to the prior year was largely driven by additional third-party gathering expenses due to new production brought online during the quarter, as well as modestly higher costs related to winter weather conditions. The increase in DD&A expense was largely driven by the impact of ceiling test impairments Seneca recorded in fiscal 2025 that artificially lowered the per unit DD&A rate in the prior year.

Pipeline and Storage Segment

The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

 Three Months Ended March 31,(in thousands) 2026  2025 VarianceGAAP Earnings$31,606 $31,707 $(101)      Adjusted EBITDA$71,963 $70,169 $1,794 
The Pipeline and Storage segment’s second quarter GAAP earnings were in line with the prior year as an increase in operating revenues was offset by higher expenses, the majority of which was higher DD&A as a result of a higher average depreciable plant in service compared to the prior year.

Utility Segment

The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

 Three Months Ended March 31,(in thousands) 2026  2025 VarianceGAAP Earnings$65,349 $63,544 $1,805      Adjusted EBITDA$99,763 $95,270 $4,493
The Utility segment’s second quarter GAAP earnings increased $1.8 million, or 3%, primarily as a result of higher customer margin (operating revenue less purchased gas sold) of $9.1 million. The biggest contributors to increased customer margin were the implementation of year two of the Utility’s three-year rate agreement in New York and revenue from the Utility’s Distribution System Improvement Charge in Pennsylvania. Partially offsetting this was an increase in O&M expense driven by higher employee-related costs (which were largely the result of new collective bargaining agreements) and an increase in uncollectible expense, as well as higher DD&A expense due to a larger average depreciable plant in service compared to the prior year.

Corporate and All Other

The Company’s operations that are included in Corporate and All Other generated a combined net loss of $1.3 million in the second quarter, largely due to transaction and financing costs related to the pending Ohio gas utility acquisition.

EARNINGS TELECONFERENCE

A conference call to discuss the results will be held on Thursday, April 30, 2026, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call is provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com, and a replay of the webcast will be available on the website following the call.

National Fuel is an integrated energy company reporting financial results for three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

Analyst Contact:Natalie M. Fischer716-857-7315Media Contact:Karen L. Merkel716-857-7654 Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to complete strategic transactions, such as the pending transaction with CenterPoint Energy Resources Corp., including receipt of required regulatory clearances and satisfaction of other conditions to closing, and to recognize the anticipated benefits of such transactions; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; changes in the price of natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures, other investments, and acquisitions, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES

GUIDANCE SUMMARY

As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2026. Additional details on the Company's forecast assumptions and business segment guidance are outlined in the table below. The acquisition of CenterPoint Energy's Ohio natural gas utility business still is expected to close in the fourth quarter of calendar 2026, as previously planned. As a result, this is not expected to impact fiscal 2026 guidance, which also excludes any financing or acquisition-related costs. Fiscal 2026 adjusted earnings per share guidance also excludes after-tax financing and acquisition related costs during the six months ended March 31, 2026, which reduced earnings by $0.18 per share, and expected financing and acquisition related costs during the six months ending September 30, 2026.

The revised adjusted earnings per share guidance range also excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2026, including after-tax unrealized losses on other investments, which reduced earnings by $0.01 per share. While the Company expects to record certain adjustments to unrealized gain or loss on investments during the remaining six months ending September 30, 2026, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

 Previous FY 2026 Guidance Updated FY 2026 Guidance    Consolidated Adjusted Earnings per Share$7.60 - $8.10 $7.45 - $7.75Consolidated Effective Tax Rate~ 25.5% ~ 25.5%    Capital Expenditures (Millions)   Integrated Upstream and Gathering$560 - $610 $560 - $610Pipeline and Storage$210 - $250 $210 - $250Utility$185 - $205 $185 - $205 Consolidated Capital Expenditures$955 - $1,065 $955 - $1,065    Integrated Upstream & Gathering Segment Guidance        Commodity Price Assumptions(price for remaining nine months) (price for remaining six months)NYMEX natural gas price (per MMBtu)$3.75 $3.00Appalachian basin spot price (per MMBtu)$2.85 $2.20     Production (Bcf)440 to 455 425 to 440     Integrated Operating Costs ($/Mcf)   Upstream General and Administrative Expense~$0.18 ~$0.18Lease Operating Expense$0.17 - $0.18 $0.16 - $0.17Gathering Operation and Maintenance Expense~$0.11 ~$0.12Depreciation, Depletion and Amortization$0.76 - $0.81 $0.76 - $0.81    Pipeline and Storage Segment Revenues (Millions)$415 - $430 $420 - $435    Utility Segment Guidance (Millions)   Customer Margin(1)$470 - $490 $470 - $490O&M Expense$250 – $260 $250 – $260Non-Service Pension & OPEB Income$23 - $27 $23 - $27 (1) Customer Margin is defined as Operating Revenues less Purchased Gas Expense.

 NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSQUARTER ENDED MARCH 31, 2026(Unaudited)           Integrated         Upstream Pipeline &   Corporate /  (Thousands of Dollars)& Gathering Storage Utility All Other Consolidated(1)          Second quarter 2025 GAAP earnings$124,170  $31,707  $63,544  $(3,063) $216,358 Items impacting comparability:         Premiums paid on early redemption of debt 2,385         2,385 Tax impact of premiums paid on early redemption of debt (642)        (642)Unrealized (gain) loss on derivative asset 335         335 Tax impact of unrealized (gain) loss on derivative asset (90)        (90)Unrealized (gain) loss on other investments       (17)  (17)Tax impact of unrealized (gain) loss on other investments       4   4 Second quarter 2025 adjusted earnings 126,158   31,707   63,544   (3,076)  218,333 Drivers of adjusted earnings(2)         Integrated Upstream and Gathering Revenues         Higher (lower) natural gas production (8,162)        (8,162)Higher (lower) realized natural gas prices, after hedging 40,515         40,515 Higher (lower) other operating revenues 2,560         2,560 Pipeline and Storage Revenues         Higher (lower) operating revenues   1,493       1,493 Utility Margins(3)         Impact of usage and weather     (1,172)    (1,172)Impact of new rates in New York     3,128     3,128 Regulatory revenue adjustments     3,562     3,562 Higher (lower) other operating revenues     891     891 Operating Expenses         Lower (higher) lease operating expenses (3,846)        (3,846)Lower (higher) operating expenses (3,210)  (419)  (2,911)  (1,014)  (7,554)Lower (higher) depreciation / depletion (4,023)  (1,117)  (1,158)    (6,298)Other Income (Expense)         Higher (lower) other income   (525)    1,599   1,074 (Higher) lower interest expense 4,209       564   4,773 Income Taxes         Lower (higher) income tax expense / effective tax rate (2,023)  187   (665)  168   (2,333)          All other / rounding (148)  280   130   7   269 Second quarter 2026 adjusted earnings 152,030   31,606   65,349   (1,752)  247,233 Items impacting comparability:         Costs related to the pending Ohio gas utility acquisition       (2,499)  (2,499)Tax impact of costs related to the pending Ohio gas utility acquisition       579   579 Net interest benefit from equity issuance       3,422   3,422 Tax impact of net interest benefit from equity issuance       (793)  (793)Unrealized gain (loss) on other investments       (347)  (347)Tax impact of unrealized gain (loss) on other investments       73   73 Second quarter 2026 GAAP earnings$152,030  $31,606  $65,349  $(1,317) $247,668           (1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.(3)Downstream margin defined as operating revenues less purchased gas expense.  NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHAREQUARTER ENDED MARCH 31, 2026(Unaudited)           Integrated         Upstream Pipeline &   Corporate /   & Gathering Storage Utility All Other Consolidated(1)          Second quarter 2025 GAAP earnings per share$1.36  $0.35  $0.70  $(0.04) $2.37 Items impacting comparability:         Premiums paid on early redemption of debt, net of tax 0.02         0.02 Unrealized (gain) loss on derivative asset, net of tax —         — Unrealized (gain) loss on other investments, net of tax       —   — Second quarter 2025 adjusted earnings per share 1.38   0.35   0.70   (0.04)  2.39 Drivers of adjusted earnings(2)(4)         Integrated Upstream and Gathering Revenues         Higher (lower) natural gas production (0.09)        (0.09)Higher (lower) realized natural gas prices, after hedging 0.44         0.44 Higher (lower) other operating revenues 0.03         0.03 Pipeline and Storage Revenues         Higher (lower) operating revenues   0.02       0.02 Utility Margins(3)         Impact of usage and weather     (0.01)    (0.01)Impact of new rates in New York     0.03     0.03 Regulatory revenue adjustments     0.04     0.04 Higher (lower) other operating revenues     0.01     0.01 Operating Expenses         Lower (higher) lease operating expenses (0.04)        (0.04)Lower (higher) operating expenses (0.04)  —   (0.03)  (0.01)  (0.08)Lower (higher) depreciation / depletion (0.04)  (0.01)  (0.01)    (0.06)Other Income (Expense)         Higher (lower) other income   (0.01)    0.02   0.01 (Higher) lower interest expense 0.05       0.01   0.06 Income Taxes         Lower (higher) income tax expense / effective tax rate (0.02)  —   (0.01)  —   (0.03)          All other / rounding —   —   (0.01)  —   (0.01)Second quarter 2026 adjusted earnings per share(4) 1.67   0.35   0.71   (0.02)  2.71 Items impacting comparability(4):         Costs related to the pending Ohio gas utility acquisition, net of tax       (0.02)  (0.02)Impact of equity issuance related to pending acquisition, net of interest benefits (0.08)  (0.02)  (0.03)  0.03   (0.10)Unrealized gain (loss) on other investments, net of tax       —   — Second quarter 2026 GAAP earnings per share$1.59  $0.33  $0.68  $(0.01) $2.59           (1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.(3)Downstream margin defined as operating revenues less purchased gas expense.(4)As a result of the equity issuance, drivers of adjusted earnings, second quarter 2026 adjusted earnings per share, and items impacting comparability for the second quarter 2026 have been calculated using adjusted diluted shares of 91,289,437.             NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGSSIX MONTHS ENDED MARCH 31, 2026(Unaudited)           Integrated         Upstream Pipeline &   Corporate /  (Thousands of Dollars)& Gathering Storage Utility All Other Consolidated(1)Six months ended March 31, 2025 GAAP earnings$104,538  $64,162  $96,043  $(3,399) $261,344 Items impacting comparability:         Impairment of assets 141,802         141,802 Tax impact of impairment of assets (37,169)        (37,169)Premiums paid on early redemption of debt 2,385         2,385 Tax impact of premiums paid on early redemption of debt (642)        (642)Unrealized (gain) loss on derivative asset 684         684 Tax impact of unrealized (gain) loss on derivative asset (184)        (184)Unrealized (gain) loss on other investments       2,600   2,600 Tax impact of unrealized (gain) loss on other investments       (546)  (546)Six months ended March 31, 2025 adjusted earnings 211,414   64,162   96,043   (1,345)  370,274 Drivers of adjusted earnings(2)         Integrated Upstream and Gathering Revenues         Higher (lower) natural gas production 17,244         17,244 Higher (lower) realized natural gas prices, after hedging 69,357         69,357 Higher (lower) gathering revenues (1,020)        (1,020)Higher (lower) other operating revenues 5,050         5,050 Pipeline and Storage Revenues         Higher (lower) operating revenues   1,721       1,721 Utility Margins(3)         Impact of usage and weather     1,646     1,646 Impact of new rates in New York     6,077     6,077 Regulatory revenue adjustments     4,552     4,552 Higher (lower) other operating revenues     1,285     1,285 Operating Expenses         Lower (higher) lease operating expenses (8,723)        (8,723)Lower (higher) operating expenses (5,772)  (599)  (6,653)  (1,953)  (14,977)Lower (higher) property, franchise and other taxes (787)        (787)Lower (higher) depreciation / depletion (12,273)  (1,525)  (2,464)    (16,262)Other Income (Expense)         Higher (lower) other income (688)  (1,715)    1,163   (1,240)(Higher) lower interest expense 6,798     (870)  (1,313)  4,615 Income Taxes         Lower (higher) income tax expense / effective tax rate (4,382)  575   (579)  (29)  (4,415)          All other / rounding (141)  206   402   50   517 Six months ended March 31, 2026 adjusted earnings 276,077   62,825   99,439   (3,427)  434,914 Items impacting comparability:         Costs related to the pending Ohio gas utility acquisition       (10,186)  (10,186)Tax impact of costs related to the pending Ohio gas utility acquisition       2,361   2,361 Net interest benefit from equity issuance       3,931   3,931 Tax impact of net interest benefit from equity issuance       (911)  (911)Unrealized gain (loss) on other investments       (1,008)  (1,008)Tax impact of unrealized gain (loss) on other investments       212   212 Six months ended March 31, 2026 GAAP earnings$276,077  $62,825  $99,439  $(9,028) $429,313           (1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.(3)Downstream margin defined as operating revenues less purchased gas expense.  NATIONAL FUEL GAS COMPANYRECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARESIX MONTHS ENDED MARCH 31, 2026(Unaudited)           Integrated         Upstream Pipeline &   Corporate /   & Gathering Storage Utility All Other Consolidated(1)Six months ended March 31, 2025 GAAP earnings per share$1.15  $0.70  $1.05  $(0.04) $2.86 Items impacting comparability:         Impairment of assets, net of tax 1.14         1.14 Premiums paid on early redemption of debt, net of tax 0.02         0.02 Unrealized (gain) loss on derivative asset, net of tax 0.01         0.01 Unrealized (gain) loss on other investments, net of tax       0.02   0.02 Rounding       0.01   0.01 Six months ended March 31, 2025 adjusted earnings per share 2.32   0.70   1.05   (0.01)  4.06 Drivers of adjusted earnings(2)(4)         Integrated Upstream and Gathering Revenues         Higher (lower) natural gas production 0.19         0.19 Higher (lower) realized natural gas prices, after hedging 0.76         0.76 Higher (lower) gathering revenues (0.01)        (0.01)Higher (lower) other operating revenues 0.06         0.06 Pipeline and Storage Revenues         Higher (lower) operating revenues   0.02       0.02 Utility Margins(3)         Impact of usage and weather     0.02     0.02 Impact of new rates in New York     0.07     0.07 Regulatory revenue adjustments     0.05     0.05 Higher (lower) other operating revenues     0.01     0.01 Operating Expenses         Lower (higher) lease operating expenses (0.10)        (0.10)Lower (higher) operating expenses (0.06)  (0.01)  (0.07)  (0.02)  (0.16)Lower (higher) property, franchise and other taxes (0.01)        (0.01)Lower (higher) depreciation / depletion (0.13)  (0.02)  (0.03)    (0.18)Other Income (Expense)         Higher (lower) other income (0.01)  (0.02)    0.01   (0.02)(Higher) lower interest expense 0.07     (0.01)  (0.01)  0.05 Income Taxes         Lower (higher) income tax expense / effective tax rate (0.05)  0.01   (0.01)  —   (0.05)          All other / rounding (0.01)  0.01   0.01   —   0.01 Six months ended March 31, 2026 adjusted earnings per share(4) 3.02   0.69   1.09   (0.03)  4.77 Items impacting comparability(4):         Costs related to the pending Ohio gas utility acquisition, net of tax       (0.09)  (0.09)Impact of equity issuance related to pending acquisition, net of interest benefits (0.08)  (0.02)  (0.03)  0.04   (0.09)Unrealized gain (loss) on other investments, net of tax       (0.01)  (0.01)Six months ended March 31, 2026 GAAP earnings per share$2.94  $0.67  $1.06  $(0.09) $4.58           (1)Amounts do not reflect intercompany eliminations.
(2)Drivers of adjusted earnings have been calculated using the 21% federal statutory rate.(3)Downstream margin defined as operating revenues less purchased gas expense.(4)As a result of the equity issuance, drivers of adjusted earnings, six months ended March 31, 2026 adjusted earnings per share, and items impacting comparability for the six months ended March 31, 2026 have been calculated using adjusted diluted shares of 91,265,508.         NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES        (Thousands of Dollars, except per share amounts)        Three Months Ended Six Months Ended March 31, March 31, (Unaudited) (Unaudited)SUMMARY OF OPERATIONS 2026   2025   2026   2025 Operating Revenues:       Utility Revenues$425,788  $343,574  $684,837  $571,998 Integrated Upstream and Gathering Revenues 358,823   315,191   682,045   567,499 Pipeline and Storage Revenues 73,762   71,185   142,999   139,935   858,373   729,950   1,509,881   1,279,432 Operating Expenses:       Purchased Gas 207,851   135,338   293,457   200,675 Operation and Maintenance:       Utility 67,060   63,447   126,957   118,691 Integrated Upstream and Gathering and Other 61,064   47,269   117,370   90,174 Pipeline and Storage 30,660   30,153   57,446   56,730 Property, Franchise and Other Taxes 25,274   25,214   50,037   47,270 Depreciation, Depletion and Amortization 119,329   111,277   241,354   220,647 Impairment of Assets —   —   —   141,802   511,238   412,698   886,621   875,989         Operating Income 347,135   317,252   623,260   403,443         Other Income (Expense):       Other Income 17,002   15,232   25,235   22,952 Interest Expense on Long-Term Debt (30,083)  (39,662)  (63,596)  (73,024)Other Interest Expense (3,651)  (5,095)  (13,514)  (9,476)        Income Before Income Taxes 330,403   287,727   571,385   343,895         Income Tax Expense 82,735   71,369   142,072   82,551         Net Income Available for Common Stock$247,668  $216,358  $429,313  $261,344         Earnings Per Common Share       Basic$2.61  $2.39  $4.61  $2.88 Diluted$2.59  $2.37  $4.58  $2.86         Weighted Average Common Shares:       Used in Basic Calculation 95,026,278   90,500,162   93,077,818   90,640,333 Used in Diluted Calculation 95,691,950   91,176,327   93,805,419   91,312,334   NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited)   March 31, September 30,(Thousands of Dollars) 2026  2025 ASSETS   Property, Plant and Equipment$15,832,704 $15,406,329 Less - Accumulated Depreciation, Depletion and Amortization 7,902,521  7,693,687 Net Property, Plant and Equipment 7,930,183  7,712,642 Current Assets:   Cash and Temporary Cash Investments 26,596  43,166 Receivables - Net 292,548  180,801 Unbilled Revenue 52,963  16,219 Gas Stored Underground 4,768  33,468 Materials and Supplies - at average cost 53,773  50,545 Unrecovered Purchased Gas Costs 13,005  5,769 Other Current Assets 63,943  80,759 Total Current Assets 507,596  410,727 Other Assets:   Recoverable Future Taxes 96,226  89,247 Unamortized Debt Expense 5,307  6,236 Other Regulatory Assets 127,061  135,486 Deferred Charges 81,332  73,941 Other Investments 65,870  68,346 Goodwill 5,476  5,476 Prepaid Pension and Post-Retirement Benefit Costs 182,682  169,228 Fair Value of Derivative Financial Instruments 116,014  39,388 Other 9,857  8,387 Total Other Assets 689,825  595,735 Total Assets$9,127,604 $8,719,104 CAPITALIZATION AND LIABILITIES   Capitalization:   Comprehensive Shareholders' Equity   Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and   Outstanding - 95,027,447 Shares and 90,379,095 Shares, Respectively$95,027 $90,379 Paid in Capital 1,388,193  1,050,918 Earnings Reinvested in the Business 2,340,168  2,012,529 Accumulated Other Comprehensive Income (Loss) 1,111  (59,222)Total Comprehensive Shareholders' Equity 3,824,499  3,094,604 Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs 2,084,882  2,382,861 Total Capitalization 5,909,381  5,477,465 Current and Accrued Liabilities:   Notes Payable to Banks and Commercial Paper 41,300  150,200 Current Portion of Long-Term Debt 300,000  300,000 Accounts Payable 143,180  184,046 Amounts Payable to Customers 288  968 Dividends Payable 50,840  48,353 Interest Payable on Long-Term Debt 13,738  14,393 Customer Advances —  17,188 Customer Security Deposits 27,805  29,853 Other Accruals and Current Liabilities 242,760  174,689 Fair Value of Derivative Financial Instruments 236  6,074 Total Current and Accrued Liabilities 820,147  925,764 Other Liabilities:   Deferred Income Taxes 1,325,733  1,225,262 Taxes Refundable to Customers 303,199  306,335 Cost of Removal Regulatory Liability 314,865  307,659 Other Regulatory Liabilities 116,509  121,944 Pension and Other Post-Retirement Liabilities 3,741  5,252 Asset Retirement Obligations 228,105  236,787 Other Liabilities 105,924  112,636 Total Other Liabilities 2,398,076  2,315,875 Commitments and Contingencies —  — Total Capitalization and Liabilities$9,127,604 $8,719,104       NATIONAL FUEL GAS COMPANYAND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)  Six Months Ended  March 31,(Thousands of Dollars)  2026   2025      Operating Activities:    Net Income Available for Common Stock $429,313  $261,344 Adjustments to Reconcile Net Income to Net Cash    Provided by Operating Activities:    Impairment of Assets  —   141,802 Depreciation, Depletion and Amortization  241,354   220,647 Deferred Income Taxes  68,296   25,787 Premium Paid on Early Redemption of Debt  —   2,385 Stock-Based Compensation  9,941   10,487 Other  14,319   14,317 Change in:    Receivables and Unbilled Revenue  (146,459)  (197,553)Gas Stored Underground and Materials and Supplies  25,472   27,861 Unrecovered Purchased Gas Costs  (7,236)  (3,562)Other Current Assets  16,726   13,737 Accounts Payable  13,469   17,322 Amounts Payable to Customers  (680)  (8,327)Customer Advances  (17,188)  (19,373)Customer Security Deposits  (2,048)  (5,907)Other Accruals and Current Liabilities  56,167   21,528 Other Assets  (18,864)  (20,282)Other Liabilities  (25,303)  (28,343)Net Cash Provided by Operating Activities $657,279  $473,870      Investing Activities:    Capital Expenditures $(498,267) $(434,260)Other  523   8,881 Net Cash Used in Investing Activities $(497,744) $(425,379)     Financing Activities:    Changes in Notes Payable to Banks and Commercial Paper $(108,900) $117,700 Shares Repurchased Under Repurchase Plan  —   (50,471)Reduction of Long-Term Debt  (300,000)  (954,086)Net Proceeds From Issuance of Long-Term Debt  —   989,019 Dividends Paid on Common Stock  (99,187)  (93,543)Net Proceeds from Common Stock Sale  338,403   — Net Repurchases of Common Stock Under Stock and Benefit Plans  (6,421)  (4,026)Net Cash Provided by (Used in) Financing Activities $(176,105) $4,593      Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash  (16,570)  53,084 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period  43,166   38,222 Cash, Cash Equivalents, and Restricted Cash at March 31 $26,596  $91,306            NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)          INTEGRATED UPSTREAM AND GATHERING SEGMENT           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,  2026   2025  Variance  2026  2025 VarianceTotal Operating Revenues$358,823  $315,191  $43,632  $682,045 $567,499 $114,546 Operating Expenses:         Operation and Maintenance:         Upstream General and Administrative Expense 18,472   18,847   (375)  37,878  38,173  (295)Lease Operating Expense 17,362   12,494   4,868   34,187  23,145  11,042 Gathering Operation and Maintenance Expense 13,805   9,160   4,645   24,193  15,894  8,299 All Other Operation and Maintenance Expense 3,102   3,310   (208)  6,481  7,178  (697)Property, Franchise and Other Taxes 3,643   4,282   (639)  8,426  7,430  996 Depreciation, Depletion and Amortization 80,548   75,456   5,092   164,810  149,274  15,536 Impairment of Assets —   —   —   —  141,802  (141,802)  136,932   123,549   13,383   275,975  382,896  (106,921)          Operating Income 221,891   191,642   30,249   406,070  184,603  221,467           Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Credit (Cost) (81)  37   (118)  (162) 73  (235)Interest and Other Income 380   194   186   573  525  48 Interest Expense on Long-Term Debt —   (3,283)  3,283   —  (3,283) 3,283 Interest Expense (15,111)  (19,541)  4,430   (31,245) (38,952) 7,707 Income Before Income Taxes 207,079   169,049   38,030   375,236  142,966  232,270 Income Tax Expense 55,049   44,879   10,170   99,159  38,428  60,731 Net Income$152,030  $124,170  $27,860  $276,077 $104,538 $171,539 Net Income Per Share (Diluted)$1.59  $1.36  $0.23  $2.94 $1.15 $1.79            NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)          PIPELINE AND STORAGE SEGMENT           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,  2026   2025  Variance  2026  2025 VarianceRevenues from External Customers$73,762  $71,185  $2,577  $142,999 $139,935 $3,064 Intersegment Revenues 37,701   38,388   (687)  75,365  76,251  (886)Total Operating Revenues 111,463   109,573   1,890   218,364  216,186  2,178 Operating Expenses:         Purchased Gas (7)  162   (169)  (7) 121  (128)Operation and Maintenance 31,172   30,642   530   58,435  57,677  758 Property, Franchise and Other Taxes 8,335   8,600   (265)  16,981  17,266  (285)Depreciation, Depletion and Amortization 19,961   18,547   1,414   39,063  37,132  1,931   59,461   57,951   1,510   114,472  112,196  2,276           Operating Income 52,002   51,622   380   103,892  103,990  (98)          Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Credit 536   952   (416)  1,073  1,905  (832)Interest and Other Income 1,405   1,794   (389)  2,365  3,833  (1,468)Interest Expense (11,779)  (11,700)  (79)  (23,580) (23,428) (152)Income Before Income Taxes 42,164   42,668   (504)  83,750  86,300  (2,550)Income Tax Expense 10,558   10,961   (403)  20,925  22,138  (1,213)Net Income$31,606  $31,707  $(101) $62,825 $64,162 $(1,337)Net Income Per Share (Diluted)$0.33  $0.35  $(0.02) $0.67 $0.70 $(0.03)           NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)          UTILITY SEGMENT           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,  2026   2025  Variance  2026  2025 VarianceRevenues from External Customers$425,788  $343,574  $82,214  $684,837 $571,998 $112,839 Intersegment Revenues 126   119   7   215  203  12 Total Operating Revenues 425,914   343,693   82,221   685,052  572,201  112,851 Operating Expenses:         Purchased Gas 244,860   171,777   73,083   367,145  273,249  93,896 Operation and Maintenance 68,129   64,444   3,685   129,126  120,704  8,422 Property, Franchise and Other Taxes 13,162   12,202   960   24,365  22,313  2,052 Depreciation, Depletion and Amortization 18,601   17,135   1,466   37,081  33,962  3,119   344,752   265,558   79,194   557,717  450,228  107,489           Operating Income 81,162   78,135   3,027   127,335  121,973  5,362           Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Credit 12,059   12,299   (240)  17,813  18,170  (357)Interest and Other Income 1,265   714   551   2,370  1,242  1,128 Interest Expense (11,138)  (10,927)  (211)  (22,744) (21,643) (1,101)Income Before Income Taxes 83,348   80,221   3,127   124,774  119,742  5,032 Income Tax Expense 17,999   16,677   1,322   25,335  23,699  1,636 Net Income$65,349  $63,544  $1,805  $99,439 $96,043 $3,396 Net Income Per Share (Diluted)$0.68  $0.70  $(0.02) $1.06 $1.05 $0.01            NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES          SEGMENT OPERATING RESULTS AND STATISTICS(UNAUDITED)           Three Months Ended Six Months Ended(Thousands of Dollars, except per share amounts)March 31, March 31,ALL OTHER 2026   2025  Variance  2026  2025 VarianceTotal Operating Revenues$—  $—  $—  $— $— $— Operating Expenses:         Operation and Maintenance —   —   —   —  —  —   —   —   —   —  —  —           Operating Loss —   —   —   —  —  — Other Income (Expense):         Interest and Other Income (Deductions) 1,248   (222)  1,470   1,225  (358) 1,583 Interest Expense (118)  (131)  13   (254) (248) (6)Income (Loss) before Income Taxes 1,130   (353)  1,483   971  (606) 1,577 Income Tax Expense (Benefit) 262   (82)  344   225  (141) 366 Net Income (Loss)$868  $(271) $1,139  $746 $(465)$1,211 Net Income (Loss) Per Share (Diluted)$0.01  $—  $0.01  $0.01 $(0.01)$0.02        Three Months Ended Six Months Ended March 31, March 31,CORPORATE 2026   2025  Variance  2026  2025 VarianceRevenues from External Customers$—  $—  $—  $— $— $— Intersegment Revenues 1,435   1,341   94   2,872  2,683  189 Total Operating Revenues 1,435   1,341   94   2,872  2,683  189 Operating Expenses:         Operation and Maintenance 9,002   5,219   3,783   16,244  9,266  6,978 Property, Franchise and Other Taxes 134   130   4   265  261  4 Depreciation, Depletion and Amortization 219   139   80   400  279  121   9,355   5,488   3,867   16,909  9,806  7,103           Operating Loss (7,920)  (4,147)  (3,773)  (14,037) (7,123) (6,914)Other Income (Expense):         Non-Service Pension and Post-Retirement Benefit Costs (217)  (212)  (5)  (435) (423) (12)Interest and Other Income 37,810   41,785   (3,975)  77,164  82,846  (5,682)Interest Expense on Long-Term Debt (30,083)  (36,379)  6,296   (63,596) (69,741) 6,145 Other Interest Expense (2,908)  (4,905)  1,997   (12,442) (10,066) (2,376)Loss before Income Taxes (3,318)  (3,858)  540   (13,346) (4,507) (8,839)Income Tax Benefit (1,133)  (1,066)  (67)  (3,572) (1,573) (1,999)Net Loss$(2,185) $(2,792) $607  $(9,774)$(2,934)$(6,840)Net Loss Per Share (Diluted)$(0.02) $(0.04) $0.02  $(0.10)$(0.03)$(0.07)                     Three Months Ended Six Months Ended March 31, March 31,INTERSEGMENT ELIMINATIONS 2026   2025  Variance  2026  2025 VarianceIntersegment Revenues$(39,262) $(39,848) $586  $(78,452)$(79,137)$685 Operating Expenses:         Purchased Gas (37,002)  (36,601)  (401)  (73,681) (72,695) (986)Operation and Maintenance (2,260)  (3,247)  987   (4,771) (6,442) 1,671   (39,262)  (39,848)  586   (78,452) (79,137) 685 Operating Income —   —   —   —  —  — Other Income (Expense):         Interest and Other Deductions (37,403)  (42,109)  4,706   (76,751) (84,861) 8,110 Interest Expense 37,403   42,109   (4,706)  76,751  84,861  (8,110)Net Income$—  $—  $—  $— $— $— Net Income Per Share (Diluted)$—  $—  $—  $— $— $—              NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES            SEGMENT INFORMATION (Continued)(Thousands of Dollars)             Three Months Ended Six Months Ended March 31, March 31, (Unaudited) (Unaudited)     Increase     Increase  2026   2025 (Decrease)  2026   2025 (Decrease)            Capital Expenditures:           Integrated Upstream and Gathering(1)$165,727 (1)$123,363(3)$42,364  $307,576 (1)(2)$258,992(3)(4)$48,584 Pipeline and Storage 37,026 (1) 15,626(3) 21,400   74,628 (1)(2) 35,417(3)(4) 39,211 Utility 30,500 (1) 41,867(3) (11,367)  73,594 (1)(2) 78,298(3)(4) (4,704)Total Reportable Segments 233,253   180,856  52,397   455,798   372,707  83,091 All Other —   —  —   —   —  — Corporate 249   174  75   425   378  47 Eliminations (546)  —  (546)  (546)  —  (546)Total Capital Expenditures$232,956  $181,030 $51,926  $455,677  $373,085 $82,592  (1)Capital expenditures for the quarter and six months ended March 31, 2026, include accounts payable and accrued liabilities related to capital expenditures of $71.6 million, $5.1 million and $6.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2026, since they represent non-cash investing activities at that date.(2)Capital expenditures for the six months ended March 31, 2026, exclude capital expenditures of $87.9 million, $19.4 million and $18.0 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2025 and paid during the six months ended March 31, 2026. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2025, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2026.(3)Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $51.6 million, $2.4 million and $4.8 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represented non-cash investing activities at that date.(4)Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $85.0 million, $14.4 million and $20.6 million in the Integrated Upstream and Gathering segment, Pipeline and Storage segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the six months ended March 31, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2025.           DEGREE DAYS                Percent Colder       (Warmer) Than:Three Months Ended March 31,Normal 2026 2025 Normal(1) Last Year(1)Buffalo, NY3,226 3,282 3,116 1.7 5.3Erie, PA3,023 3,079 3,017 1.9 2.1          Six Months Ended March 31,         Buffalo, NY5,352 5,563 5,000 3.9 11.3Erie, PA4,917 5,200 4,714 5.8 10.3           (1)Percents compare actual 2026 degree days to normal degree days and actual 2026 degree days to actual 2025 degree days.  NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES             INTEGRATED UPSTREAM AND GATHERING INFORMATION               Three Months Ended Six Months Ended  March 31, March 31,      Increase     Increase   2026  2025 (Decrease)  2026  2025 (Decrease)             Gas Production/Prices:            Production (MMcf)            Appalachia  102,004  105,514  (3,510)  211,185  203,232  7,953              Average Prices (Per Mcf)            Weighted Average $3.92 $3.02 $0.90  $3.33 $2.64 $0.69 Weighted Average after Hedging  3.45  2.94  0.51   3.16  2.74  0.42                           Selected Operating Performance Statistics:            Upstream General and Administrative Expense per Mcf(1) $0.18 $0.18 $—  $0.18 $0.19 $(0.01)Lease Operating Expense per Mcf(1) $0.17 $0.12 $0.05  $0.16 $0.11 $0.05 Adjusted Gathering Operation and Maintenance Expense per Mcf(1)(2) $0.14 $0.12 $0.02  $0.11 $0.11 $— Depreciation, Depletion and Amortization per Mcf(1) $0.79 $0.72 $0.07  $0.78 $0.73 $0.05               (1)Refer to page 14 for the Upstream General and Administrative Expense, Lease Operating Expense, Gathering Operation and Maintenance Expense, and Depreciation, Depletion, and Amortization Expense for the Integrated Upstream and Gathering segment.(2)Adjusted Gathering O&M Expense of $0.12 per Mcf and $0.11 per Mcf for the three and six months ended March 31, 2025, respectively, each exclude a $0.03 per Mcf reduction to Gathering O&M Expense attributed to a change in segment reporting, which is fully offset in operating revenue.              NATIONAL FUEL GAS COMPANYAND SUBSIDIARIES             Pipeline and Storage Throughput - (millions of cubic feet - MMcf)                   Three Months Ended Six Months Ended  March 31, March 31,      Increase     Increase  2026 2025 (Decrease) 2026 2025 (Decrease)Firm Transportation - Affiliated 45,486 49,240 (3,754) 80,018 81,110 (1,092)Firm Transportation - Non-Affiliated 201,460 185,490 15,970  381,001 356,502 24,499 Interruptible Transportation 583 454 129  608 515 93   247,529 235,184 12,345  461,627 438,127 23,500                           Utility Throughput - (MMcf)              Three Months Ended Six Months Ended  March 31, March 31,      Increase     Increase  2026 2025 (Decrease) 2026 2025 (Decrease)Retail Sales:            Residential Sales 32,934 32,111 823  54,775 50,587 4,188 Commercial Sales 5,581 5,420 161  9,130 8,339 791 Industrial Sales 305 302 3  495 501 (6)  38,820 37,833 987  64,400 59,427 4,973 Transportation 25,502 25,086 416  45,171 42,028 3,143   64,322 62,919 1,403  109,571 101,455 8,116               NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES

In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted earnings, adjusted EBITDA, and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company's ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company's management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

Management defines adjusted earnings as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel's reported GAAP earnings to adjusted earnings for the three and six months ended March 31, 2026 and 2025:

  Three Months Ended Six Months Ended  March 31, March 31,(in thousands except per share amounts)  2026   2025   2026   2025 Reported GAAP Earnings $247,668  $216,358  $429,313  $261,344 Items impacting comparability:        Impairment of assets  —   —   —   141,802 Tax impact of impairment of assets  —   —   —   (37,169)Premiums paid on early redemption of debt  —   2,385   —   2,385 Tax impact of premiums paid on early redemption of debt  —   (642)  —   (642)Unrealized (gain) loss on derivative asset  —   335   —   684 Tax impact of unrealized (gain) loss on derivative asset  —   (90)  —   (184)Costs related to the pending Ohio gas utility acquisition  2,499   —   10,186   — Tax impact of costs related to the pending Ohio gas utility acquisition  (579)  —   (2,361)  — Net interest benefit from equity issuance  (3,422)  —   (3,931)  — Tax impact of net interest benefit from equity issuance  793   —   911   — Unrealized (gain) loss on other investments  347   (17)  1,008   2,600 Tax impact of unrealized (gain) loss on other investments  (73)  4   (212)  (546)Adjusted Earnings $247,233  $218,333  $434,914  $370,274          Reported GAAP Earnings Per Share $2.59  $2.37  $4.58  $2.86 Items impacting comparability:        Impairment of assets, net of tax  —   —   —   1.14 Premiums paid on early redemption of debt, net of tax  —   0.02   —   0.02 Unrealized (gain) loss on derivative asset, net of tax  —   —   —   0.01 Costs related to the pending Ohio gas utility acquisition, net of tax  0.02   —   0.09   — Impact of equity issuance related to pending acquisition, net of interest benefits  0.10   —   0.09   — Unrealized (gain) loss on other investments, net of tax  —   —   0.01   0.02 Rounding  —   —   —   0.01 Adjusted Earnings Per Share $2.71  $2.39  $4.77  $4.06  Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel's reported GAAP earnings to adjusted EBITDA for the three and six months ended March 31, 2026 and 2025:

  Three Months Ended Six Months Ended  March 31, March 31,(in thousands)  2026   2025   2026   2025 Reported GAAP Earnings $247,668  $216,358  $429,313  $261,344 Depreciation, Depletion and Amortization  119,329   111,277   241,354   220,647 Other (Income) Deductions  (17,002)  (15,232)  (25,235)  (22,952)Interest Expense  33,734   44,757   77,110   82,500 Income Taxes  82,735   71,369   142,072   82,551 Impairment of Assets  —   —   —   141,802 Costs related to the pending Ohio gas utility acquisition(1)  2,499   —   4,506   — Adjusted EBITDA $468,963  $428,529  $869,120  $765,892          Adjusted EBITDA by Segment        Integrated Upstream and Gathering Adjusted EBITDA $302,439  $267,098  $570,880  $475,679 Pipeline and Storage Adjusted EBITDA  71,963   70,169   142,955   141,122 Utility Adjusted EBITDA  99,763   95,270   164,416   155,935 Corporate and All Other Adjusted EBITDA  (5,202)  (4,008)  (9,131)  (6,844)Total Adjusted EBITDA $468,963  $428,529  $869,120  $765,892  (1)For the six months ended March 31, 2026, costs represent a portion of acquisition costs recognized in O&M expense for the pending Ohio gas utility acquisition. The remaining $5.7 million of acquisition costs for the six months ended March 31, 2026 are recognized in interest expense.     NATIONAL FUEL GAS COMPANY
AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
SEGMENT ADJUSTED EBITDA     Three Months Ended Six Months Ended March 31, March 31,(in thousands) 2026   2025   2026   2025 Integrated Upstream and Gathering Segment       Reported GAAP Earnings$152,030  $124,170  $276,077  $104,538 Depreciation, Depletion and Amortization 80,548   75,456   164,810   149,274 Other (Income) Deductions (299)  (231)  (411)  (598)Interest Expense 15,111   22,824   31,245   42,235 Income Taxes 55,049   44,879   99,159   38,428 Impairment of Assets —   —   —   141,802 Adjusted EBITDA$302,439  $267,098  $570,880  $475,679         Pipeline and Storage Segment       Reported GAAP Earnings$31,606  $31,707  $62,825  $64,162 Depreciation, Depletion and Amortization 19,961   18,547   39,063   37,132 Other (Income) Deductions (1,941)  (2,746)  (3,438)  (5,738)Interest Expense 11,779   11,700   23,580   23,428 Income Taxes 10,558   10,961   20,925   22,138 Adjusted EBITDA$71,963  $70,169  $142,955  $141,122         Utility Segment       Reported GAAP Earnings$65,349  $63,544  $99,439  $96,043 Depreciation, Depletion and Amortization 18,601   17,135   37,081   33,962 Other (Income) Deductions (13,324)  (13,013)  (20,183)  (19,412)Interest Expense 11,138   10,927   22,744   21,643 Income Taxes 17,999   16,677   25,335   23,699 Adjusted EBITDA$99,763  $95,270  $164,416  $155,935         Corporate and All Other       Reported GAAP Earnings$(1,317) $(3,063) $(9,028) $(3,399)Depreciation, Depletion and Amortization 219   139   400   279 Other (Income) Deductions (1,438)  758   (1,203)  2,796 Interest Expense (4,294)  (694)  (459)  (4,806)Income Taxes (871)  (1,148)  (3,347)  (1,714)Costs related to the pending Ohio gas utility acquisition 2,499   —   4,506   — Adjusted EBITDA$(5,202) $(4,008) $(9,131) $(6,844) Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. For the six months ended March 31, 2026, net cash provided by operating activities was $661 million; net cash used in investing activities was $501 million; there were no adjustments for acquisitions or divestitures; and free cash flow was $160 million. For the six months ended March 31, 2025, net cash provided by operating activities was $474 million; net cash used in investing activities was $425 million; there were no adjustments for acquisitions or divestitures; and free cash flow was $49 million. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

  Natalie M. Fischer
Investor Relations
716-857-7315Timothy J. Silverstein
Chief Financial Officer
716-857-6987

National Fuel Gas Company (NFG) Q2 2026 Earnings Call Transcript

Vancouver, British Columbia--(Newsfile Corp. - May 4, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce further results confirming the continuity of gold mineralization in the AFZ Core from 2025 infill drilling on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.

Keats West zone (“Keats West”) highlights include:

9.51 g/t Au over 19.85 m from 64.15 m (NFGC-25-2618) 3.50 g/t Au over 20.45 m from 14.00 m (NFGC-25-2616)2.56 g/t Au over 20.40 m from 8.00 m (NFGC-25-2607)3.35 g/t Au over 14.15 m from 8.35 m (NFGC-25-2619)2.68 g/t Au over 16.40 m from 19.60 m (NFGC-25-2586)Iceberg zone (“Iceberg”) highlights include:

8.40 g/t Au over 12.45 m from 35.55 m (NFGC-25-2391)5.59 g/t Au over 12.00 m from 114.85 m (NFGC-25-2367)14.1 g/t Au over 2.40 m from 187.60 m (NFGC-25-2378)Keats zone, including Keats South zone (“Keats”) highlights include:

36.1 g/t Au over 2.00 m from 32.40 m (NFGC-25-2483)9.15 g/t Au over 7.15 m from 153.50 m (NFGC-25-2492)12.5 g/t Au over 2.95 m from 36.00 m (NFGC-25-2525)Melissa Render, President of New Found Gold stated: "These final Queensway Phase 1 Keats West, Iceberg and Keats open pit infill results continue to demonstrate the continuity of gold mineralization in the block model and mine plan. In addition, step-out drilling below the Phase 2 Iceberg and Keats open pits returned high gold grades over broad widths, demonstrating the potential to add to the resource base proximal to the AFZ Core. These new mineralized intercepts will be followed up as part of our 2026 program."

Work Summary and Results
The results presented in this press release include the final results from infill drilling of Phase 1 open pits at Keats West, Iceberg and Keats, step-out drilling below Keats and Iceberg Phase 2 open pits, and pre-development drilling for proposed site infrastructure, geotechnical drilling and hydrogeological drilling completed in 2025 (Figure 1). The total meterage reported in this press release is 22,796 m of drilling in 201 diamond drill holes ("DDH"). Further results from other portions of the 2025 drill program, representing approximately 6% of the 74,377 m 2025 drill program, remain outstanding.

Figure 1: Plan view map of the AFZ Core with location of Keats West, Iceberg, Keats and Keats South.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_001full.jpg

Infill Drilling

Infill drilling of the Phase 1 open pits was a priority in the 2025 program and the results reported comprise all remaining Phase 1 open pit infill DDH from Keats West (2,380 m in 29 DDH), Iceberg (1,371 m in 12 DDH) and Keats (3,226 m in 29 DDH; Figures 1 - 3). Infill drilling at Keats West, Iceberg and Keats was designed to upgrade mineral resources from the inferred to the indicated category within the Phase 1 open pits as outlined in the Preliminary Economic Assessment ("PEA"; see the New Found Gold press release dated July 21, 2025), with some DDH also testing portions of the Phase 2 open pits. The infill drill results align well with the initial mineral resource estimate ("MRE"; see the New Found Gold press release dated March 24, 2025) block model and will be incorporated into the next mineral resource update.

Keats West infill highlights include:

9.51 g/t Au over 19.85 m from 64.15 m (NFGC-25-2618)3.50 g/t Au over 20.45 m from 14.00 m (NFGC-25-2616)2.56 g/t Au over 20.40 m from 8.00 m (NFGC-25-2607)3.35 g/t Au over 14.15 m from 8.35 m (NFGC-25-2619)2.68 g/t Au over 16.40 m from 19.60 m (NFGC-25-2586)2.86 g/t Au over 14.35 m from 34.00 m (NFGC-25-2619)1.68 g/t Au over 18.05 m from 55.10 m (NFGC-25-2619)2.16 g/t Au over 11.10 m from 43.95 (NFGC-25-2622)1.92 g/t Au over 11.45 m from 22.00 m (NFGC-25-2618)1.28 g/t Au over 15.15 m from 44.30 m (NFGC-25-2602)1.37 g/t Au over 13.95 m from 38.40 m (NFGC-25-2607)1.33 g/t Au over 10.25 m from 43.65 (NFGC-25-2586)Iceberg infill highlights include:

8.40 g/t Au over 12.45 m from 35.55 m (NFGC-25-2391)5.59 g/t Au over 12.00 m from 114.85 m (NFGC-25-2367)Keats infill highlights include:

36.1 g/t Au over 2.00 m from 32.40 m (NFGC-25-2483)12.5 g/t Au over 2.95 m from 36.00 m (NFGC-25-2525) Below-Pit Drilling

The 2025 program also targeted proposed crown pillars directly below planned Phase 2 Keats and Iceberg open pits (2,640 m in 12 DDH), with two areas of significant mineralization identified (Figures 2 and 3):

9.15 g/t Au over 7.15 m (NFGC-25-2492) below the northern extent of the Keats pit in proximity to a Phase 3 underground panel, and14.1 g/t Au over 2.40 m (NFGC-25-2378) below the central portion of the Iceberg pitThese two areas are currently being evaluated for follow-up testing as part of the 2026 drill program.

Figure 2: Inclined view map of Keats West, Iceberg and Keats.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_002full.jpg

Figure 3: Long section of the Keats and Iceberg PEA Phase 2 open pits (looking west, +/- 50m).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_003full.jpg

Pre-development Data Collection

In addition, this press release includes results from pre-development work comprising condemnation drilling for proposed site infrastructure (9,435 m in 87 DDH), geotechnical drilling (2,610 m in 20 DDH) and hydrogeological drilling (1,134 m in 12 DDH; Figure 4). This work provided critical information to support ongoing engineering studies for site development in advance of mining. Condemnation drilling was successful in confirming the absence of mineralization beneath key sites planned for infrastructure, while the geotechnical and hydrogeological drilling programs provided feasibility level data to support Phase 1 open pit design.

Figure 4: Plan view map of the AFZ Core highlighting the condemnation drilling program beneath proposed site infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_004full.jpg

Looking Ahead

The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine plan as outlined in the Company's PEA and 25% focused on exploration targets such as the Dropkick zone ("Dropkick"). To date, approximately 6% of the results from 2025 drilling remain outstanding, as well as channel sampling results from the Lotto excavation. These results will be reported once available.

The 2026 Queensway drill program is underway, with four drill rigs currently active (see the New Found Gold press release dated January 21, 2026). Initial 2026 infill drilling is targeting PEA Phase 2 open pit resource conversion and will transition later in the year to PEA Phase 3 underground resource conversion.

The Company plans to expand its grade control drilling beginning later in Q2/26. The next phase of work will leverage results from the 2025 program to optimize drill hole spacing and program scope (see the New Found Gold press releases dated March 1, 2026, February 2, 2026 and December 1, 2025). This will include completing the grade-control drilling started in 2025 at the Iceberg excavation, commencing grade-control drilling at the Lotto excavation and potentially expanding the grade-control drilling at the Keats and Iceberg excavations. The objective of this work is to improve confidence in the distribution of gold mineralization and support mine planning as outlined for the PEA Phase 1 open pits.

Exploration drilling will focus on AFZ Core resource expansion, including an initial grid-based program targeting the prospective corridor adjacent to the Appleton Fault Zone ("AFZ") at the Bullseye prospect, located immediately northeast of the AFZ Core, continued step-out drilling at Dropkick, located 11 km north of the AFZ Core, and targeted segments of the AFZ at AFZ Peripheral. A regional drilling program testing advanced targets at Queensway South is in the planning phase and expected to commence in H2/26.

The Company plans to file an updated Technical Report for Queensway, which will include an updated mineral resource, in H2/26.

Table 1: Drill Result Highlights.

KEATS MAINHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-248332.4034.402.0036.0570-95KeatsIncluding32.4032.850.45154.1370-95NFGC-25-2492153.50160.657.159.1530-60KeatsIncluding154.25155.000.7569.4830-60KeatsKEATS SOUTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-252536.0038.952.9512.5025-55Keats SouthIncluding37.1037.500.4081.9725-55KEATS WESTHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-258619.6036.0016.402.6855-85Keats WestAnd43.6553.9010.251.3370-95NFGC-25-260244.3059.4515.151.2860-90Keats WestNFGC-25-26078.0028.4020.402.5670-95Keats WestAnd38.4052.3513.951.3765-95NFGC-25-261614.0034.4520.453.5070-95Keats WestIncluding14.4515.000.5516.3870-95Including18.5519.050.5055.5370-95NFGC-25-261822.0033.4511.451.9270-95Keats WestAnd64.1584.0019.859.5170-95Including68.0069.551.5528.3670-95Including76.9078.601.7028.0370-95Including80.7581.200.4577.4070-95Including82.1582.500.3542.8370-95NFGC-25-26198.3522.5014.153.3570-95Keats WestAnd34.0048.3514.352.8670-95And55.1073.1518.051.6870-95NFGC-25-262243.9555.0511.102.1670-95Keats WestICEBERGHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2367114.85126.8512.005.5970-95Iceberg EastIncluding125.20125.600.40114.0870-95Including126.55126.850.3014.2770-95NFGC-25-237699.90109.9510.051.0115-45Iceberg EastNFGC-25-2378187.60190.002.4014.14UnknownIceberg EastIncluding187.60189.101.5022.19UnknownNFGC-25-239135.5548.0012.458.4045-75IcebergIncluding38.2539.200.9579.4545-75Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. Details of all drill holes reported in this release are included in Table 2 and Table 3 below.

Table 2: Summary of composite drill hole results reported in this press release.

Hole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2431No Significant IntervalsKeatsNFGC-25-2433No Significant IntervalsKeatsNFGC-25-2435No Significant IntervalsKeatsNFGC-25-2438No Significant IntervalsKeatsNFGC-25-244020.9024.904.001.2170-95KeatsNFGC-25-244410.3014.003.701.3155-85KeatsAnd 35.8038.552.751.7965-95NFGC-25-244626.0033.457.452.0070-95KeatsIncluding28.0028.800.8010.0670-95And40.0042.452.451.0670-95And47.0049.002.001.4270-95NFGC-25-2449No Significant IntervalsKeatsNFGC-25-24548.6010.602.001.0465-95KeatsAnd13.9016.002.101.0765-95And33.3035.302.002.2855-85NFGC-25-24566.008.002.001.1560-90KeatsAnd9.6512.002.351.1560-90And13.8516.002.151.4960-90NFGC-25-245813.7516.502.751.0845-75KeatsAnd24.1026.302.201.1645-75NFGC-25-2460No Significant ValuesKeatsNFGC-25-246366.0069.453.451.0660-90KeatsNFGC-25-2467No Significant ValuesKeatsNFGC-25-2468109.95112.452.502.2860-90KeatsIncluding111.25111.750.5010.5960-90NFGC-25-247243.2546.002.754.7160-90KeatsIncluding43.2543.800.5510.4860-90And72.8075.102.301.2010-40And95.2597.602.351.3335-65NFGC-25-2474105.95108.002.054.48UnknownKeatsIncluding105.95106.700.7512.08UnknownAnd136.65139.002.351.4265-95NFGC-25-247516.3018.602.303.4155-85KeatsIncluding17.0017.350.3518.7955-85NFGC-25-247711.2013.502.301.2270-95KeatsNFGC-25-2478No Significant ValuesKeatsNFGC-25-2479No Significant ValuesKeatsNFGC-25-248326.3029.002.701.1460-90KeatsAnd32.4034.402.0036.0570-95Including32.4032.850.45154.1370-95NFGC-25-248465.7070.905.202.1670-95KeatsAnd65.7066.300.6015.9770-95NFGC-25-248861.0064.903.901.2170-95KeatsNFGC-25-248948.7050.902.201.5670-95KeatsNFGC-25-2492153.50160.657.159.1530-60KeatsIncluding154.25155.000.7569.4830-60KeatsNFGC-25-2495No Significant ValuesKeatsNFGC-25-2499No Significant ValuesKeatsNFGC-25-250042.0544.202.151.8970-95KeatsNFGC-25-2507No Significant ValuesKeatsNFGC-25-2510No Significant ValuesKeatsNFGC-25-2514No Significant ValuesKeatsNFGC-25-2530No Significant ValuesKeatsNFGC-25-2537No Significant ValuesKeatsNFGC-25-2545No Significant ValuesKeatsKEATS NORTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-255121.8528.006.151.7370-95Keats NorthAnd36.2043.757.551.4070-95Including36.2036.550.3516.0470-95And49.5552.152.601.0770-95NFGC-25-2554No Significant ValuesKeats NorthKEATS SOUTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-251926.0028.252.251.02UnknownKeats SouthAnd41.5543.652.102.8060-90Including42.3042.700.4010.5360-90And55.1557.752.602.5420-50And92.9095.302.401.0470-95NFGC-25-252536.0038.952.9512.5025-55Keats SouthIncluding37.1037.500.4081.9725-55And52.0054.252.253.0970-95And85.9588.602.651.6545-75And101.40110.008.601.42UnknownAnd127.55129.702.151.0540-70KEATS WESTHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2307135.50138.603.101.2270-95Keats West NFGC-25-2311No Significant Values Keats West NFGC-25-2321118.00122.004.003.5670-95Keats West NFGC-25-2325136.60141.354.753.1070-95Keats West NFGC-25-255726.0028.452.451.8265-95Keats WestNFGC-25-255828.0030.002.001.1945-75Keats WestNFGC-25-256232.6036.253.652.7670-95Keats WestNFGC-25-256517.2020.002.801.2970-95Keats WestNFGC-25-256726.9029.002.101.2370-95Keats WestNFGC-25-256911.7516.154.401.8470-95Keats WestNFGC-25-25704.808.353.551.2270-95Keats WestNFGC-25-257110.6512.802.152.5270-95Keats WestAnd32.0037.755.751.5370-95NFGC-25-25747.059.752.701.0270-95Keats WestAnd14.0016.552.555.2070-95NFGC-25-2577No Significant ValuesKeats WestNFGC-25-2581No Significant ValuesKeats WestNFGC-25-2583No Significant ValuesKeats WestNFGC-25-25866.8015.508.702.2570-95Keats WestAnd19.6036.0016.402.6855-85And43.6553.9010.251.3370-95NFGC-25-259125.9028.252.352.5970-95Keats WestNFGC-25-259218.0021.903.901.6870-95Keats WestAnd32.4535.152.701.4670-95NFGC-25-2593No Significant ValuesKeats WestNFGC-25-2597No Significant ValuesKeats WestNFGC-25-2599No Significant ValuesKeats WestNFGC-25-2600100.90106.355.451.05UnknownKeats WestNFGC-25-260237.5039.652.151.7970-95Keats WestAnd44.3059.4515.151.2860-90NFGC-25-260340.9543.002.052.8065-95Keats WestNFGC-25-260519.5521.602.051.1570-95Keats WestNFGC-25-26063.005.002.003.5770-95Keats WestAnd50.1052.302.201.0670-95NFGC-25-26078.0028.4020.402.5670-95Keats WestAnd38.4052.3513.951.3765-95NFGC-25-260923.7526.202.451.6370-95Keats WestNFGC-25-261012.0019.457.451.1570-95Keats WestAnd22.4524.552.101.2870-95And32.2537.655.401.8070-95And50.2553.002.751.0170-95NFGC-25-26125.3512.106.751.2570-95Keats WestAnd16.3522.255.901.3570-95And54.9557.152.201.0570-95NFGC-25-261330.4533.402.951.5545-75Keats West And93.7597.754.003.8570-95Including93.7594.400.6518.0770-95NFGC-25-261614.0034.4520.453.5070-95Keats WestIncluding14.4515.000.5516.3870-95Including18.5519.050.5055.5370-95NFGC-25-261822.0033.4511.451.9270-95Keats WestAnd51.5054.002.501.1350-80And64.1584.0019.859.5170-95Including68.0069.551.5528.3670-95Including76.9078.601.7028.0370-95Including80.7581.200.4577.4070-95Including82.1582.500.3542.8370-95NFGC-25-26198.3522.5014.153.3570-95Keats WestAnd34.0048.3514.352.8670-95And55.1073.1518.051.6870-95NFGC-25-262235.6039.153.551.4070-95Keats WestAnd43.9555.0511.102.1670-95NFGC-25-262340.9043.252.351.7970-95Keats WestAnd112.20114.752.551.63UnknownICEBERGHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2345No Significant ValuesIceberg EastNFGC-25-234832.5534.652.102.2270-95Iceberg EastNFGC-25-2349138.10140.402.301.3975-95Iceberg EastAnd159.45161.502.051.0115-45NFGC-25-2356137.80143.055.251.8360-90Iceberg EastAnd146.40149.002.601.4260-90NFGC-25-2361No Significant ValuesIceberg EastNFGC-25-2364118.15121.553.402.0770-95Iceberg EastNFGC-25-2366No Significant ValuesIceberg EastNFGC-25-2367114.85126.8512.005.5970-95Iceberg EastIncluding125.20125.600.40114.0870-95Including126.55126.850.3014.2770-95NFGC-25-2370No Significant ValuesIceberg EastNFGC-25-2374No Significant ValuesIceberg EastNFGC-25-237699.90109.9510.051.0115-45Iceberg EastNFGC-25-2378115.65118.002.351.2815-45Iceberg EastAnd187.60190.002.4014.14UnknownIncluding187.60189.101.5022.19UnknownNFGC-25-2382No Significant ValuesIceberg EastNFGC-25-2384No Significant ValuesIceberg EastNFGC-25-2387No Significant ValuesIceberg EastNFGC-25-239135.5548.0012.458.4045-75IcebergIncluding38.2539.200.9579.4545-75NFGC-25-2393No Significant ValuesIcebergNFGC-25-2395No Significant ValuesIcebergNFGC-25-2398No Significant ValuesIcebergNFGC-25-240259.6062.002.401.27UnknownIcebergAnd134.90138.153.254.9670-95Including137.55138.150.6013.5870-95NFGC-25-2406No Significant ValuesIcebergNFGC-25-2410No Significant ValuesIcebergNFGC-25-2415No Significant ValuesIcebergNFGC-25-2420No Significant ValuesIceberg EastNFGC-25-2421No Significant ValuesIcebergNFGC-25-2425151.10157.256.151.6270-95IcebergCONDEMNATIONHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2342No Significant ValuesCondemnationNFGC-25-2502No Significant ValuesCondemnationNFGC-25-2512No Significant ValuesCondemnationNFGC-25-2517No Significant ValuesCondemnationNFGC-25-2522No Significant ValuesCondemnationNFGC-25-2527No Significant ValuesCondemnationNFGC-25-2532No Significant ValuesCondemnationNFGC-25-2536No Significant ValuesCondemnationNFGC-25-2542No Significant ValuesCondemnationNFGC-25-2548No Significant ValuesCondemnationNFGC-25-2553No Significant ValuesCondemnationNFGC-25-2559No Significant ValuesCondemnationNFGC-25-2563No Significant ValuesCondemnationNFGC-25-2568No Significant ValuesCondemnationNFGC-25-2573No Significant ValuesCondemnationNFGC-25-2578No Significant ValuesCondemnationNFGC-25-2585No Significant ValuesCondemnationNFGC-25-2589No Significant ValuesCondemnationNFGC-25-2595No Significant ValuesCondemnationNFGC-25-2598No Significant ValuesCondemnationNFGC-25-2604No Significant ValuesCondemnationNFGC-25-2614No Significant ValuesCondemnationNFGC-25-2617No Significant ValuesCondemnationNFGC-25-2621No Significant ValuesCondemnationNFGC-25-2625No Significant ValuesCondemnationNFGC-25-2630No Significant ValuesCondemnationNFGC-25-2634No Significant ValuesCondemnationNFGC-25-2638No Significant ValuesCondemnationNFGC-25-2642No Significant ValuesCondemnationNFGC-25-2645No Significant ValuesCondemnationNFGC-25-2649No Significant ValuesCondemnationNFGC-25-2654No Significant ValuesCondemnationNFGC-25-2657No Significant ValuesCondemnationNFGC-25-2660No Significant ValuesCondemnationNFGC-25-2662No Significant ValuesCondemnationNFGC-25-2664No Significant ValuesCondemnationNFGC-25-2667No Significant ValuesCondemnationNFGC-25-2668No Significant ValuesCondemnationNFGC-25-2670No Significant ValuesCondemnationNFGC-25-2671No Significant ValuesCondemnationNFGC-25-2674No Significant ValuesCondemnationNFGC-25-2676No Significant ValuesCondemnationNFGC-25-2677No Significant ValuesCondemnationNFGC-25-2678No Significant ValuesCondemnationNFGC-25-2679No Significant ValuesCondemnationNFGC-25-2682No Significant ValuesCondemnationNFGC-25-2681No Significant ValuesCondemnationNFGC-25-2683No Significant ValuesCondemnationNFGC-25-2684No Significant ValuesCondemnationNFGC-25-2685No Significant ValuesCondemnationNFGC-25-2687No Significant ValuesCondemnationNFGC-25-2688No Significant ValuesCondemnationNFGC-25-2689No Significant ValuesCondemnationNFGC-25-2691No Significant ValuesCondemnationNFGC-25-2692No Significant ValuesCondemnationNFGC-25-2693No Significant ValuesCondemnationNFGC-25-2694No Significant ValuesCondemnationNFGC-25-2695No Significant ValuesCondemnationNFGC-25-2696No Significant ValuesCondemnationNFGC-25-2698No Significant ValuesCondemnationNFGC-25-2700No Significant ValuesCondemnationNFGC-25-2701No Significant ValuesCondemnationNFGC-25-2702No Significant ValuesCondemnationNFGC-25-2703No Significant ValuesCondemnationNFGC-25-2704No Significant ValuesCondemnationNFGC-25-2705No Significant ValuesCondemnationNFGC-25-2706No Significant ValuesCondemnationNFGC-25-2707No Significant ValuesCondemnationNFGC-25-2708No Significant ValuesCondemnationNFGC-25-2709No Significant ValuesCondemnationNFGC-25-2710No Significant ValuesCondemnationNFGC-25-2711No Significant ValuesCondemnationNFGC-25-2712No Significant ValuesCondemnationNFGC-25-2713No Significant ValuesCondemnationNFGC-26-2715No Significant ValuesCondemnationNFGC-26-2718No Significant ValuesCondemnationNFGC-26-2721No Significant ValuesCondemnationNFGC-26-2723No Significant ValuesCondemnationNFGC-26-2729No Significant ValuesCondemnationNFGC-26-2733No Significant ValuesCondemnationNFGC-26-2736No Significant ValuesCondemnationNFGC-26-2738No Significant ValuesCondemnationNFGC-26-2743No Significant ValuesCondemnationNFGC-26-2747No Significant ValuesCondemnationNFGC-26-2751No Significant ValuesCondemnationNFGC-26-2753No Significant ValuesCondemnationNFGC-26-2756No Significant ValuesCondemnationHYDROGEOLOGICALHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-HY-00115.2520.605.353.0910-40Iceberg EastNFGC-25-HY-002No Significant ValuesCokesNFGC-25-HY-00352.8064.6011.802.6140-70Keats WestNFGC-25-HY-004No Significant ValuesPowerlineNFGC-25-HY-005No Significant ValuesMonte CarloNFGC-25-HY-006No Significant ValuesJackpotMONITORING WELLHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-MW-01DNo Significant ValuesMonitoring WellNFGC-25-MW-01SNo Significant ValuesMonitoring WellNFGC-25-MW-02DNo Significant ValuesMonitoring WellNFGC-25-MW-02SNo Significant ValuesMonitoring WellNFGC-25-MW-03DNo Significant ValuesMonitoring WellNFGC-25-MW-08DNo Significant ValuesMonitoring WellKEATS MAINHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2431No Significant IntervalsKeatsNFGC-25-2433No Significant IntervalsKeatsNFGC-25-2435No Significant IntervalsKeatsNFGC-25-2438No Significant IntervalsKeatsNFGC-25-244020.924.941.2170-95KeatsNFGC-25-244410.3143.71.3155-85KeatsAnd 35.838.552.751.7965-95NFGC-25-24462633.457.45270-95KeatsIncluding2828.80.810.0670-95And4042.452.451.0670-95And474921.4270-95NFGC-25-2449No Significant IntervalsKeatsNFGC-25-24548.610.621.0465-95KeatsAnd13.9162.11.0765-95And33.335.322.2855-85NFGC-25-24566821.1560-90KeatsAnd9.65122.351.1560-90And13.85162.151.4960-90NFGC-25-245813.7516.52.751.0845-75KeatsAnd24.126.32.21.1645-75NFGC-25-2460No Significant ValuesKeatsNFGC-25-24636669.453.451.0660-90KeatsNFGC-25-2467No Significant ValuesKeatsNFGC-25-2468109.95112.452.52.2860-90KeatsIncluding111.25111.750.510.5960-90NFGC-25-247243.25462.754.7160-90KeatsIncluding43.2543.80.5510.4860-90And72.875.12.31.210-40And95.2597.62.351.3335-65NFGC-25-2474105.951082.054.48UnknownKeatsIncluding105.95106.70.7512.08UnknownAnd136.651392.351.4265-95NFGC-25-247516.318.62.33.4155-85KeatsIncluding1717.350.3518.7955-85NFGC-25-247711.213.52.31.2270-95KeatsNFGC-25-2478No Significant ValuesKeatsNFGC-25-2479No Significant ValuesKeatsNFGC-25-248326.3292.71.1460-90KeatsAnd32.434.4236.0570-95Including32.432.850.45154.1370-95NFGC-25-248465.770.95.22.1670-95KeatsAnd65.766.30.615.9770-95NFGC-25-24886164.93.91.2170-95KeatsNFGC-25-248948.750.92.21.5670-95KeatsNFGC-25-2492153.5160.657.159.1530-60KeatsIncluding154.251550.7569.4830-60KeatsNFGC-25-2495No Significant ValuesKeatsNFGC-25-2499No Significant ValuesKeatsNFGC-25-250042.0544.22.151.8970-95 KeatsNFGC-25-2507No Significant ValuesKeatsNFGC-25-2510No Significant ValuesKeatsNFGC-25-2514No Significant ValuesKeatsNFGC-25-2530No Significant ValuesKeatsNFGC-25-2537No Significant ValuesKeatsNFGC-25-2545No Significant ValuesKeatsKEATS NORTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-255121.85286.151.7370-95Keats NorthAnd36.243.757.551.470-95Including36.236.550.3516.0470-95And49.5552.152.61.0770-95NFGC-25-2554No Significant ValuesKeats NorthKEATS SOUTHHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%) ZoneNFGC-25-25192628.252.251.02UnknownKeats SouthAnd41.5543.652.12.860-90Including42.342.70.410.5360-90And55.1557.752.62.5420-50And92.995.32.41.0470-95NFGC-25-25253638.952.9512.525-55Keats SouthIncluding37.137.50.481.9725-55And5254.252.253.0970-95And85.9588.62.651.6545-75And101.41108.61.42UnknownAnd127.55129.72.151.0540-70KEATS WESTHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%) ZoneNFGC-25-2307135.5138.63.11.2270-95Keats West NFGC-25-2311No Significant Values Keats West NFGC-25-232111812243.5670-95Keats West NFGC-25-2325136.6141.354.753.170-95Keats West NFGC-25-25572628.452.451.8265-95Keats WestNFGC-25-2558283021.1945-75Keats WestNFGC-25-256232.636.253.652.7670-95Keats WestNFGC-25-256517.2202.81.2970-95Keats WestNFGC-25-256726.9292.11.2370-95Keats WestNFGC-25-256911.7516.154.41.8470-95Keats WestNFGC-25-25704.88.353.551.2270-95Keats WestNFGC-25-257110.6512.82.152.5270-95Keats WestAnd3237.755.751.5370-95NFGC-25-25747.059.752.71.0270-95Keats WestAnd1416.552.555.270-95NFGC-25-2577No Significant ValuesKeats WestNFGC-25-2581No Significant ValuesKeats WestNFGC-25-2583No Significant ValuesKeats WestNFGC-25-25866.815.58.72.2570-95Keats WestAnd19.63616.42.6855-85And43.6553.910.251.3370-95NFGC-25-259125.928.252.352.5970-95Keats WestNFGC-25-25921821.93.91.6870-95Keats WestAnd32.4535.152.71.4670-95NFGC-25-2593No Significant ValuesKeats WestNFGC-25-2597No Significant ValuesKeats WestNFGC-25-2599No Significant ValuesKeats WestNFGC-25-2600100.9106.355.451.05UnknownKeats WestNFGC-25-260237.539.652.151.7970-95Keats WestAnd44.359.4515.151.2860-90NFGC-25-260340.95432.052.865-95Keats WestNFGC-25-260519.5521.62.051.1570-95Keats WestNFGC-25-26063523.57UnknownKeats WestAnd50.152.32.21.0670-95NFGC-25-2607828.420.42.5670-95Keats WestAnd38.452.3513.951.3765-95NFGC-25-260923.7526.22.451.6370-95Keats WestNFGC-25-26101219.457.451.1570-95Keats WestAnd22.4524.552.11.2870-95And32.2537.655.41.870-95And50.25532.751.0170-95NFGC-25-26125.3512.16.751.2570-95Keats WestAnd16.3522.255.91.3570-95And54.9557.152.21.0570-95NFGC-25-261330.4533.42.951.5545-75Keats West And93.7597.7543.8570-95Including93.7594.40.6518.0770-95NFGC-25-26161434.4520.453.570-95Keats WestIncluding14.45150.5516.3870-95Including18.5519.050.555.5370-95NFGC-25-26182233.4511.451.9270-95Keats WestAnd51.5542.51.1350-80And64.158419.859.5170-95Including6869.551.5528.3670-95Including76.978.61.728.0370-95Including80.7581.20.4577.470-95Including82.1582.50.3542.8370-95NFGC-25-26198.3522.514.153.3570-95Keats WestAnd3448.3514.352.8670-95And55.173.1518.051.6870-95NFGC-25-262235.639.153.551.470-95Keats WestAnd43.9555.0511.12.1670-95NFGC-25-262340.943.252.351.7970-95Keats WestAnd112.2114.752.551.63UnknownICEBERGHole No.From (m)To (m)Interval (m)Au (g/t) True Width (%)ZoneNFGC-25-2345No Significant ValuesIceberg EastNFGC-25-234832.5534.652.12.2270-95Iceberg EastNFGC-25-2349138.1140.42.31.3975-95Iceberg EastAnd159.45161.52.051.0115-45NFGC-25-2356137.8143.055.251.8360-90Iceberg EastAnd146.41492.61.4260-90NFGC-25-2361No Significant ValuesIceberg EastNFGC-25-2364118.15121.553.42.0770-95Iceberg EastNFGC-25-2366No Significant ValuesIceberg EastNFGC-25-2367114.85126.85125.5970-95Iceberg EastIncluding125.2125.60.4114.0870-95Including126.55126.850.314.2770-95NFGC-25-2370No Significant ValuesIceberg EastNFGC-25-2374No Significant ValuesIceberg EastNFGC-25-237699.9109.9510.051.0115-45Iceberg EastNFGC-25-2378115.651182.351.2815-45Iceberg EastAnd187.61902.414.14UnknownIncluding187.6189.11.522.19UnknownNFGC-25-2382No Significant ValuesIceberg EastNFGC-25-2384No Significant ValuesIceberg EastNFGC-25-2387No Significant ValuesIceberg EastNFGC-25-239135.554812.458.445-75IcebergIncluding38.2539.20.9579.4545-75NFGC-25-2393No Significant ValuesIcebergNFGC-25-2395No Significant ValuesIcebergNFGC-25-2398No Significant ValuesIcebergNFGC-25-240259.6622.41.27UnknownIcebergAnd134.9138.153.254.9670-95Including137.55138.150.613.5870-95NFGC-25-2406No Significant ValuesIcebergNFGC-25-2410No Significant ValuesIcebergNFGC-25-2415No Significant ValuesIcebergNFGC-25-2420No Significant ValuesIceberg EastNFGC-25-2421No Significant ValuesIcebergNFGC-25-2425151.1157.256.151.6270-95IcebergCONDEMNATIONHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-2342No Significant ValuesCondemnationNFGC-25-2502No Significant ValuesCondemnationNFGC-25-2512No Significant ValuesCondemnationNFGC-25-2517No Significant ValuesCondemnationNFGC-25-2522No Significant ValuesCondemnationNFGC-25-2527No Significant ValuesCondemnationNFGC-25-2532No Significant ValuesCondemnationNFGC-25-2536No Significant ValuesCondemnationNFGC-25-2542No Significant ValuesCondemnationNFGC-25-2548No Significant ValuesCondemnationNFGC-25-2553No Significant ValuesCondemnationNFGC-25-2559No Significant ValuesCondemnationNFGC-25-2563No Significant ValuesCondemnationNFGC-25-2568No Significant ValuesCondemnationNFGC-25-2573No Significant ValuesCondemnationNFGC-25-2578No Significant ValuesCondemnationNFGC-25-2585No Significant ValuesCondemnationNFGC-25-2589No Significant ValuesCondemnationNFGC-25-2595No Significant ValuesCondemnationNFGC-25-2598No Significant ValuesCondemnationNFGC-25-2604No Significant ValuesCondemnationNFGC-25-2614No Significant ValuesCondemnationNFGC-25-2617No Significant ValuesCondemnationNFGC-25-2621No Significant ValuesCondemnationNFGC-25-2625No Significant ValuesCondemnationNFGC-25-2630No Significant ValuesCondemnationNFGC-25-2634No Significant ValuesCondemnationNFGC-25-2638No Significant ValuesCondemnationNFGC-25-2642No Significant ValuesCondemnationNFGC-25-2645No Significant ValuesCondemnationNFGC-25-2649No Significant ValuesCondemnationNFGC-25-2654No Significant ValuesCondemnationNFGC-25-2657No Significant ValuesCondemnationNFGC-25-2660No Significant ValuesCondemnationNFGC-25-2662No Significant ValuesCondemnationNFGC-25-2664No Significant ValuesCondemnationNFGC-25-2667No Significant ValuesCondemnationNFGC-25-2668No Significant ValuesCondemnationNFGC-25-2670No Significant ValuesCondemnationNFGC-25-2671No Significant ValuesCondemnationNFGC-25-2674No Significant ValuesCondemnationNFGC-25-2676No Significant ValuesCondemnationNFGC-25-2677No Significant ValuesCondemnationNFGC-25-2678No Significant ValuesCondemnationNFGC-25-2679No Significant ValuesCondemnationNFGC-25-2682No Significant ValuesCondemnationNFGC-25-2681No Significant ValuesCondemnationNFGC-25-2683No Significant ValuesCondemnationNFGC-25-2684No Significant ValuesCondemnationNFGC-25-2685No Significant ValuesCondemnationNFGC-25-2687No Significant ValuesCondemnationNFGC-25-2688No Significant ValuesCondemnationNFGC-25-2689No Significant ValuesCondemnationNFGC-25-2691No Significant ValuesCondemnationNFGC-25-2692No Significant ValuesCondemnationNFGC-25-2693No Significant ValuesCondemnationNFGC-25-2694No Significant ValuesCondemnationNFGC-25-2695No Significant ValuesCondemnationNFGC-25-2696No Significant ValuesCondemnationNFGC-25-2698No Significant ValuesCondemnationNFGC-25-2700No Significant ValuesCondemnationNFGC-25-2701No Significant ValuesCondemnationNFGC-25-2702No Significant ValuesCondemnationNFGC-25-2703No Significant ValuesCondemnationNFGC-25-2704No Significant ValuesCondemnationNFGC-25-2705No Significant ValuesCondemnationNFGC-25-2706No Significant ValuesCondemnationNFGC-25-2707No Significant ValuesCondemnationNFGC-25-2708No Significant ValuesCondemnationNFGC-25-2709No Significant ValuesCondemnationNFGC-25-2710No Significant ValuesCondemnationNFGC-25-2711No Significant ValuesCondemnationNFGC-25-2712No Significant ValuesCondemnationNFGC-25-2713No Significant ValuesCondemnationNFGC-26-2715No Significant ValuesCondemnationNFGC-26-2718No Significant ValuesCondemnationNFGC-26-2721No Significant ValuesCondemnationNFGC-26-2723No Significant ValuesCondemnationNFGC-26-2729No Significant ValuesCondemnationNFGC-26-2733No Significant ValuesCondemnationNFGC-26-2736No Significant ValuesCondemnationNFGC-26-2738No Significant ValuesCondemnationNFGC-26-2743No Significant ValuesCondemnationNFGC-26-2747No Significant ValuesCondemnationNFGC-26-2751No Significant ValuesCondemnationNFGC-26-2753No Significant ValuesCondemnationNFGC-26-2756No Significant ValuesCondemnationHYDROGEOLOGICALHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-HY-00115.2520.65.353.0910-40Iceberg EastNFGC-25-HY-002No Significant ValuesCokesNFGC-25-HY-00352.864.611.82.6140-70Keats WestNFGC-25-HY-004No Significant ValuesPowerlineNFGC-25-HY-005No Significant ValuesMonte CarloNFGC-25-HY-006No Significant ValuesJackpotMONITORING WELLHole No.From (m)To (m)Interval (m)Au (g/t)True Width (%)ZoneNFGC-25-MW-01DNo Significant ValuesMonitoring WellNFGC-25-MW-01SNo Significant ValuesMonitoring WellNFGC-25-MW-02DNo Significant ValuesMonitoring WellNFGC-25-MW-02SNo Significant ValuesMonitoring WellNFGC-25-MW-03DNo Significant ValuesMonitoring WellNFGC-25-MW-08DNo Significant ValuesMonitoring WellNote that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Table 3: Details of drill holes reported in this press release.

Hole NumberAzimuth (°)Dip (°)Length (m)UTM EUTM NProspectNFGC-25-2307110-561916579485427793Keats WestNFGC-25-2311109-612006579485427764Keats WestNFGC-25-2321106-431616579475427764Keats WestNFGC-25-2325109-45.51736579485427793Keats WestNFGC-25-2342300-451526592745428877Iceberg AlleyNFGC-25-2345300-45476589035428155Iceberg EastNFGC-25-2348300-45446588705428144Iceberg EastNFGC-25-2349289-45.51796588805428062Iceberg EastNFGC-25-2356282-44.51886587945427998Iceberg EastNFGC-25-2361296-461826587945427997Iceberg EastNFGC-25-2364315-43.51526587945427999Iceberg EastNFGC-25-2366163-551286586155427986Iceberg EastNFGC-25-2367320-451466586625427908Iceberg EastNFGC-25-2370180-601346586135427937Iceberg EastNFGC-25-2374179-45.51256585865427963Iceberg EastNFGC-25-2376163-591316585865427963Iceberg EastNFGC-25-2378321-50.52066586555427864Iceberg EastNFGC-25-2382280-451496586535428017Iceberg EastNFGC-25-2384110-651196586545428016Iceberg EastNFGC-25-238785-501136587055428135Iceberg EastNFGC-25-2391119-461436585025427922IcebergNFGC-25-2393120-55.51046585355427897IcebergNFGC-25-2395170-651016585355427895IcebergNFGC-25-2398330-46.52426585685427789IcebergNFGC-25-2402345-452366585685427790IcebergNFGC-25-2406300-562756585655427718IcebergNFGC-25-2410328-572516585605427716IcebergNFGC-25-2415288-45.53506586235427652IcebergNFGC-25-2420280-53.52006588895428057Iceberg EastNFGC-25-2421300-451796583795427718IcebergNFGC-25-2425155-452036583255427916IcebergNFGC-25-2431300-45296581585427579KeatsNFGC-25-2433260-55716581205427556KeatsNFGC-25-2435309-47686581215427558KeatsNFGC-25-243899-45596580955427540KeatsNFGC-25-244099-551196581075427557KeatsNFGC-25-2444111-65746581055427556KeatsNFGC-25-2446110-45866580745427522KeatsNFGC-25-244974-641046580745427522KeatsNFGC-25-2454315-45716580285427430KeatsNFGC-25-2456338-57716580285427429KeatsNFGC-25-2458342-66956580285427429KeatsNFGC-25-2460300-45596580085427412KeatsNFGC-25-2463300-451106579965427387KeatsNFGC-25-2467325-421046579975427388KeatsNFGC-25-246895-621586580705427404KeatsNFGC-25-2472300-451136579765427366KeatsNFGC-25-2474117-661676580705427404KeatsNFGC-25-24750-55296579775427343KeatsNFGC-25-247789-60746579535427310KeatsNFGC-25-2478119-551166579715427290KeatsNFGC-25-2479135-661826580695427404KeatsNFGC-25-248334-54656579395427253KeatsNFGC-25-248444-481076579275427222KeatsNFGC-25-2488300-45.51516580455427377KeatsNFGC-25-2489299-42926579015427216KeatsNFGC-25-2492302-53.52156582545427461KeatsNFGC-25-2495120-45.51646580465427376KeatsNFGC-25-2499118-60.51016582275427450KeatsNFGC-25-2500301-48.51706580495427345KeatsNFGC-25-2502300-451526590895427914Mineralized StockpileNFGC-25-25070-651136580305427285KeatsNFGC-25-2510318-441646581265427262KeatsNFGC-25-2512298-45.51016591915427943Mineralized StockpileNFGC-25-2514311-541226580265427230KeatsNFGC-25-2517299-461016592205427839Mineralized StockpileNFGC-25-2519290-421766577595427021Keats SouthNFGC-25-2522300-451046592475427736Mineralized StockpileNFGC-25-2525290-551676577605427021Keats SouthNFGC-25-2527300-451106592725427631Mineralized StockpileNFGC-25-2530294-492246582495427357KeatsNFGC-25-2532300-451106593025427530Mineralized StockpileNFGC-25-2536300-451016593315427430Mineralized StockpileNFGC-25-2537306-45.52306582505427358KeatsNFGC-25-2542300-451106591525427272Mineralized StockpileNFGC-25-2545300-451706582495427292KeatsNFGC-25-2548300-451106591265427374Mineralized StockpileNFGC-25-2551300-421016582235427790Keats NorthNFGC-25-2553300-451046590955427476Mineralized StockpileNFGC-25-2554120-45356582225427778Keats NorthNFGC-25-255745-70596578815428196Keats WestNFGC-25-255845-80476579235428156Keats WestNFGC-25-2559300-451016590665427578Mineralized StockpileNFGC-25-256245-65626578955428142Keats WestNFGC-25-2563300-451016590435427682Mineralized StockpileNFGC-25-256545-65536579205428129Keats WestNFGC-25-256745-65446579475428117Keats WestNFGC-25-2568300-451226589885427888Mineralized StockpileNFGC-25-256945-65476579745428107Keats WestNFGC-25-257045-65506579815428079Keats WestNFGC-25-257145-65776579505428088Keats WestNFGC-25-2573300-451106588105427729Mineralized StockpileNFGC-25-257445-70656579255428077Keats WestNFGC-25-257745-65536579225428098Keats WestNFGC-25-2578300-451016588385427627Mineralized StockpileNFGC-25-258136-47.5806578875428097Keats WestNFGC-25-258345-70536578615428111Keats WestNFGC-25-2585300-451016585085427356Industrial TerraceNFGC-25-2586290-551106579055428067Keats WestNFGC-25-2589300-451106586375427281Industrial TerraceNFGC-25-259145-70686579305428055Keats WestNFGC-25-259245-65806579355428031Keats WestNFGC-25-2593160-45476579715427842Keats WestNFGC-25-2595300-451016587655427204Industrial TerraceNFGC-25-259745-90776579355428009Keats WestNFGC-25-2598300-451046585635427151Industrial TerraceNFGC-25-2599240-55926579695427854Keats WestNFGC-25-26000-701136579625428016Keats WestNFGC-25-260245-65776579295427889Keats WestNFGC-25-260345-45656579295427889Keats WestNFGC-25-2604300-451496606005427496Waste Rock Storage FacilityNFGC-25-260545-65806579395427920Keats WestNFGC-25-260645-65626579455427969Keats WestNFGC-25-26070-70686579675427890Keats WestNFGC-25-260945-65716579225427951Keats WestNFGC-25-26100-70866579755427917Keats WestNFGC-25-261245-65836579495427940Keats WestNFGC-25-2613105-501526580275427807Keats WestNFGC-25-2614300-451016604235427577Waste Rock Storage FacilityNFGC-25-261620-55806581085428056Keats WestNFGC-25-2617300-451106602545427674Waste Rock Storage FacilityNFGC-25-2618240-651706580255427862Keats WestNFGC-25-261930-551106580685427978Keats WestNFGC-25-2621300-451046600795427777Waste Rock Storage FacilityNFGC-25-2622110-521226581225427970Keats WestNFGC-25-2623110-521466580795427881Keats WestNFGC-25-2625300-45986601795427950Waste Rock Storage FacilityNFGC-25-2630300-451016603515427851Waste Rock Storage FacilityNFGC-25-2634300-451076604545428022Waste Rock Storage FacilityNFGC-25-2638300-451016602795428123Waste Rock Storage FacilityNFGC-25-2642300-451076599065427875Waste Rock Storage FacilityNFGC-25-2645300-451106597335427977Waste Rock Storage FacilityNFGC-25-2649297-491016598335428150Waste Rock Storage FacilityNFGC-25-2654300-451196600105428048Waste Rock Storage FacilityNFGC-25-2657300-451106601065428223Waste Rock Storage FacilityNFGC-25-2660300-451196599325428323Waste Rock Storage FacilityNFGC-25-2662300-451646604055428743Waste Rock Storage FacilityNFGC-25-2664299-45.51016597595428423Waste Rock Storage FacilityNFGC-25-2667300-451046598595428593Waste Rock Storage FacilityNFGC-25-2668300-451076602335428843Waste Rock Storage FacilityNFGC-25-2670300-451136600585428944Waste Rock Storage FacilityNFGC-25-2671300-451046600315428495Waste Rock Storage FacilityNFGC-25-2674300-45986602065428397Waste Rock Storage FacilityNFGC-25-2676300-451016598855429045Waste Rock Storage FacilityNFGC-25-2677300-451016597875428870Waste Rock Storage FacilityNFGC-25-2678300-451016584855427027Industrial TerraceNFGC-25-2679300-451046603785428298Waste Rock Storage FacilityNFGC-25-2681300-451046604805428468Waste Rock Storage FacilityNFGC-25-2682300-451046588935427133Industrial TerraceNFGC-25-2683300-451076601605429116Waste Rock Storage FacilityNFGC-25-2684301-451046603065428570Waste Rock Storage FacilityNFGC-25-2685300-451016586835427083Industrial TerraceNFGC-25-2687300-451016603335429016Waste Rock Storage FacilityNFGC-25-2688300-451076601335428670Waste Rock Storage FacilityNFGC-25-2689300-451046586185426946Industrial TerraceNFGC-25-2691300-451016607745429214Overburden Storage FacilityNFGC-25-2692300-451076587655426859Industrial TerraceNFGC-25-2693300-45926604285429413Overburden Storage FacilityNFGC-25-2694300-451616594505428569Waste Rock AuxiliaryNFGC-25-2695300-451016607365429351Overburden Storage FacilityNFGC-25-2696300-451046604645429276Overburden Storage FacilityNFGC-25-2698300-451046607005429486Overburden Storage FacilityNFGC-25-2700300-451016605005429140Overburden Storage FacilityNFGC-25-2701300-451016595005428450Waste Rock AuxiliaryNFGC-25-2702300-451106606645429623Overburden Storage FacilityNFGC-25-2703300-451196593915428425Waste Rock AuxiliaryNFGC-25-2704300-451046605375429003Overburden Storage FacilityNFGC-25-2705300-451136593805428760Waste Rock AuxiliaryNFGC-25-2706300-451016610105429423Overburden Storage FacilityNFGC-25-2707300-451046594055428331Waste Rock AuxiliaryNFGC-25-2708300-451016608615429051Overburden Storage FacilityNFGC-25-2709300-451346594125428828Waste Rock AuxiliaryNFGC-25-2710300-451076609745429559Overburden Storage FacilityNFGC-25-2711300-451166593175428296Waste Rock AuxiliaryNFGC-25-2712300-451016609295429700Overburden Storage FacilityNFGC-25-2713300-451016595425428753Waste Rock AuxiliaryNFGC-25-HY-0010-90446587805428112Iceberg EastNFGC-25-HY-002130-452316577435427453CokesNFGC-25-HY-003125-461466581225427968Keats WestNFGC-25-HY-004160-452276583085428508PowerlineNFGC-25-HY-005139-461736586755429215Monte CarloNFGC-25-HY-006300-451816591575429800JackpotNFGC-25-MW-01D0-90306592975427634Mineralized StockpileNFGC-25-MW-01S0-9096592975427636Mineralized StockpileNFGC-25-MW-02D0-90316587365428900LottoNFGC-25-MW-02S0-9066587355428902LottoNFGC-25-MW-03D0-90296592605429986JackpotNFGC-25-MW-08D0-90276582915427910Keats NorthNFGC-26-2715299-45.51016596155428884Waste Rock AuxiliaryNFGC-26-2718300-451076595895428986Waste Rock AuxiliaryNFGC-26-2721300-451196595945429069Waste Rock AuxiliaryNFGC-26-2723300-451046595145428855Waste Rock AuxiliaryNFGC-26-2729300-451016594865428959Waste Rock AuxiliaryNFGC-26-2733300-451016593845428930Waste Rock AuxiliaryNFGC-26-2736300-451016594515429065Waste Rock AuxiliaryNFGC-26-2738300-451076595225428351Waste Rock AuxiliaryNFGC-26-2743300-451046595495428249Waste Rock AuxiliaryNFGC-26-2747300-451046594475428220Waste Rock AuxiliaryNFGC-26-2751300-451016593445428194Waste Rock AuxiliaryNFGC-26-2753300-451226592425428167Waste Rock AuxiliaryNFGC-26-2756299-461076595295428606Waste Rock AuxiliarySampling, Sub-sampling, and Laboratory

All drilling recovers HQ core. For deep and condemnation holes, the core size may be reduced to NQ. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold.

Drill core samples are shipped to ALS for sample preparation and gold analysis in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA.

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols.

New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and the Hammerdown Gold Project, which includes the Hammerdown deposit and fully permitted milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

Through 2025, New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp and https://x.com/newfoundgold.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to the Company's 2025 and 2026 drill programs on its Queensway Gold Project in Newfoundland and Labrador, Canada, and the timing, results, interpretation and use of the results; planned reporting of the remaining results from 2025 drilling and channel sampling from the Lotto excavation; the excavation programs and the timing and results thereof; future drill and excavation programs and the timing and focus thereof; exploration, drilling and mineralization at Queensway; the extent of mineralization and the continuity of high-grade gold mineralization; the planned conversion of mineral resources; the potential resource expansions; planned filing of an updated Technical Report for Queensway, including an updated mineral resource estimate, and the timing thereof; focus on growth and value creation; and the merits of Queensway. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

[1] g/t Au = grams of gold per tonne, m = metres

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295440

Source: New Found Gold Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.

Here's the latest list of major oversold players in this sector, having an RSI near or below 30.

Consolidated Water Co Ltd (NASDAQ:CWCO)Hawaiian Electric Industries Inc (NYSE:HE)     National Fuel Gas Co (NYSE:NFG)Learn more about BZ Edge Rankings—click to see scores for other stocks in the sector and see how they compare.

Photo via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

Vancouver, British Columbia--(Newsfile Corp. - June 2, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC)  ("New Found Gold" or the "Company") is pleased to announce the expansion of a fully funded $44M work program (the "Program") on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.

Melissa Render, President of New Found Gold, stated "We are excited to announce the expanded scope of the Program at Queensway outlining a larger exploration program with an increased focus on discovery and resource growth. Two additional drill rigs are being mobilized to add to the four rigs active since January, marking the start of several targeted exploration drill campaigns."

"At the AFZ Core, previous deep drilling has confirmed the system is open below the current mineral resource to more than 1,000 metres. The Program will build on this success with the objective of further expanding the deposit at depth. In addition, we are looking forward to returning to the Dropkick Zone, where aggressive step-out drilling will test strike extensions and explore this zone where it is open east of the Appleton Fault Zone. Concurrently, our regional exploration team is looking to find the next deposit with the launch of an expansive trenching and drill campaign across multiple highly prospective targets throughout our extensive land package at Queensway. Since commencing in January, the Program has primarily focused on project-related drilling within the AFZ Core to support our development objectives as we advance Queensway toward first ore processed in late 2027 and now, we're focusing on discovery and resource growth", continued Ms. Render.

Program Overview

The Program will include 90,000 metres ("m") of diamond drilling, along with surface exploration in key areas across the Company's 100% owned 220,000 hectare Project (Figure 1). As announced in the January 21, 2026 New Found Gold press release, the Program commenced in January with four drills focused on resource conversion drilling at AFZ Core. In mid-June, the Program will expand to a total of six drills, with the 90,000 m of planned 2026 drilling allocated as follows:

45% Discovery and Growth Focus: Targeting expansion of the initial mineral resource estimate[1] ("MRE") and new discoveries, including:AFZ Core: Building on high-grade intercepts at depth below the initial MRE, drilling will target potential extensions to the Golden Dome and Dome zones, as well as the mineralized corridor below and between the Keats, Iceberg and Keats West zones, with the objective of further delineating and expanding the mineralized system in the AFZ Core,

AFZ Peripheral: Continue testing extensions of the Dropkick Zone ("Dropkick"), which is open along strike and to depth. Drilling in 2025 expanded this target from surface to a vertical depth of 300 metres ("m") and for 1.4 kilometres ("km") along strike, with a high-grade domain west of the Appleton Fault Zone ("AFZ") that demonstrates excellent continuity (see the New Found Gold new release dated April 22, 2026). Drilling at Dropkick east of the AFZ in 2025 returned encouraging results, highlighting the potential for new discoveries in this emerging target. Extensions immediately north, south and east of Dropkick will be tested, along with additional new targets northward along the AFZ, and

Regional Targets: Initial and follow-up exploration is planned at Pauls Pond, Greenwood, Gazeebow South, and other newly identified prospects across the Project (Figure 1). The Pauls Pond, Greenwood, and Gazeebow South priority target areas, which are defined by large-scale gold-in-soil, gold-in-till, and bedrock geochemical anomalies, represent compelling opportunities for additional discovery and highlight the potential scale of the mineralized systems being advanced on the Project outside of the initial MRE. Collectively, these target areas are situated along the projected trend of the AFZ, reinforcing the significance of this regional-scale structural corridor as a key control on gold mineralization and supports the broader exploration potential across the Project

Pauls Pond: In Queensway South, approximately 65 km south of the AFZ Core, trenching and drilling is planned at Paul's Pond to expand upon the success of earlier campaigns and test recently generated targets within the broader mineralized corridor.

Greenwood: South of Pauls Pond, past trenching at Greenwood has exposed gold-in-bedrock in multiple locations and outlined a robust mineralized footprint that extends over a 4.7 km x 2.0 km area. Across the Pauls Pond-Greenwood region, previous drill programs intersected visible gold in 32 diamond drill holes (See the New Found Gold Press Release dated May 25, 2023).

Gazeebow South: In Queensway North, 7 km north of Dropkick and on strike along the AFZ, this prospect is characterized by an expansive gold-in-till anomaly that follows the interpreted eastern side of the AFZ. This prospect, with a 2.4 km x 0.8 km footprint, represents a high-priority target for follow-up trenching.

55% Project Focus:Resource Conversion: Conversion of inferred to indicated mineral resources in Phase 2 open pits and Phase 3 underground as outlined in the Queensway Preliminary Economic Assessment[2] ("PEA"),

Grade Control: Leveraging results from the highly successful 2025 grade control program, drilling in the Program will optimize drill hole spacing and broaden the scope to continue to increase confidence in the distribution of gold mineralization and support mine planning as outlined for the PEA Phase 1 open pits, and

Geotechnical and Hydrogeological Drilling: Continued work to support mine planning.

The Program will also include an extensive surface exploration program throughout several areas of both Queensway North and Queensway South. This work will include regional-scale prospecting, regional and prospect-scale soil sampling, geological mapping, ground-based geophysics and an expansive trenching program to test geochemical targets across the Paul's Pond-Greenwood, Dog Bay Line North (Duder Lake) and Gazeebow South areas.

Looking Ahead

To date a total of 32,000 m of drilling has been completed in the 90,000 m Program. This primarily focused on project-related drilling, mostly infill drilling of inferred resources, within the AFZ Core to support the Company's development objectives for Queensway.

The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine plan, as outlined in the Company's PEA, and 25% focused on exploration targets such as Dropkick. To date, approximately 8% of the results from 2025 drilling remain outstanding, as well as channel sampling results from the Lotto excavation. These results will be reported once available.

Figure 1: Queensway plan view map.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/299741_8c340fdb64ca4942_001full.jpg

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and the Hammerdown Gold Project, which includes the Hammerdown deposit and fully permitted milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

Through 2025, New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp and https://x.com/newfoundgold.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to the Company's 2025 and 2026 drill programs on its Queensway Gold Project in Newfoundland and Labrador, Canada, and the timing, results, interpretation and use of the results; planned expansion of the Program to a total of six drills in mid-June, including expansion of the initial MRE, advanced exploration targeting conversion of inferred to indicated category mineralization in Phase 2 open pits and Phase 3 underground, drilling to support mine planning, and detailed drilling in the Keats, Iceberg and Lotto excavations; planned reporting of the remaining results from 2025 drilling and channel sampling from the Lotto excavation; the planned conversion of mineral resources; the planned resource expansions; planned filing of an updated Technical Report for Queensway, including an updated MRE, and the timing thereof; focus on growth and value creation; and the merits of Queensway. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

[1] See New Found Gold's Press Release dated March 24, 2025 and Technical Report titled "NI 43-101 Technical Report, Queensway Gold Project, Newfoundland and Labrador, Canada", dated Sept. 2, 2025 prepared by SLR Consulting (Canada) Ltd.

[2] See New Found Gold's Technical Report titled "NI 43-101 Technical Report, Queensway Gold Project, Newfoundland and Labrador, Canada", dated Sept. 2, 2025 prepared by SLR Consulting (Canada) Ltd.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299741

Source: New Found Gold Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Delivery to the Mill nearing steady-state requirements, with gold reconciling from the block model to the Mill Fully staffed with 40 new jobs created to date and over 90% of new hires from the province Project remains on schedule for commercial production in H2/26 Vancouver, British Columbia--(Newsfile Corp. - June 11, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to provide an update on New Found Gold's 100% owned Hammerdown Gold Project ("Hammerdown" or the "Project"), currently advancing towards commercial production in Newfoundland and Labrador, Canada. Hammerdown, which includes the Hammerdown deposit and the Pine Cove Mill ("Pine Cove" or the "Mill") was acquired by the Company as a strategic acquisition of the permitted Mill to fast-track production at its 100% owned flagship Queensway Gold Project ("Queensway"; see the New Found Gold press release dated November 13, 2025).

Key Takeaways National Fuel Gas raised its quarterly dividend 4% to 55.5 cents, payable July 15, 2026. NFG's annualized dividend rises to $2.22, with 56 straight years of annual dividend increases. NFG expects its CenterPoint Ohio deal to support 5-7% regulated adjusted EPS growth. National Fuel Gas Company (NFG - Free Report) announced that its board of directors has approved a 4% hike in the quarterly dividend payment, lifting the payout to 55.5 cents per share. The dividend is payable on July 15, 2026, and will be distributed to shareholders of record as of June 30, 2026.

The company’s new annualized dividend is $2.22 per share compared with the previous annual dividend of $2.14. Its current dividend yield is 2.79%, higher than the Zacks S&P 500 composite's average of 1.44%.

The company has paid dividends for 124 consecutive years and has increased its annual dividend for 56 straight years. NFG’s long history of dividend distribution reflects its strong operational performance and resilient cash-flow generation.

NFG's Dividend Sustainability OutlookAlthough dividend payments are never guaranteed from one quarter to the next, a company’s strategic efforts to improve earnings and operational performance can help assess the sustainability of its dividend policy.

National Fuel Gas benefits from rising natural gas demand driven by data center growth, extensive shale assets, enhanced well designs, strategic acquisitions and disciplined capital investments that support long-term production, earnings and dividend growth.

NFG in October 2025 announced that it has agreed to acquire CenterPoint’s Ohio natural gas utility business for $2.62 billion, expected to close in the fourth quarter of calendar 2026. The transaction is expected to enhance long-term regulated adjusted EPS growth of 5-7% and strengthen dividend prospects by increasing regulated earnings.

The company generated nearly $160 million in free cash flow in the second quarter of fiscal 2026. NFG plans to increase free cash flow through strategic investments and operational improvements in its production and gathering businesses, supporting future dividend increases and stronger shareholder returns.

The company plans capital investment of $0.96-$1.07 billion in fiscal 2026. Its systematic capital spending to strengthen its natural gas and oil operations is positively impacting total production.

Consistent Dividend-Paying HistoryNFG is not the only company with a long history of dividend distribution. Chevron Corporation (CVX - Free Report) , Exxon Mobil (XOM - Free Report) and Occidental Petroleum (OXY - Free Report) are the other players from the same sector that have a long history of dividend payment.

Chevron has been increasing shareholder value through consistent annual dividend hikes for 39 consecutive years. Currently, the company’s quarterly dividend is $1.78 per share, resulting in an annualized dividend of $7.12.

CVX's dividend yield is 3.83%. The Zacks Consensus Estimate for Chevron's 2026 earnings is pegged at $15.88 per share, suggesting year-over-year growth of 117.83%.

Exxon Mobil’s dividends per share have grown at an average annual rate of 5.8% over the last 43 years. The company’s board has approved a quarterly dividend of $1.03 per share, resulting in an annualized dividend of $4.12.

XOM's dividend yield is 2.81%. The Zacks Consensus Estimate for Exxon Mobil's 2026 earnings is pegged at $11.80 per share, suggesting year-over-year growth of 66.81%.

Occidental Petroleum also has a long history of paying dividends. On Feb. 18, 2026, the board approved an 8% increase in the quarterly dividend to 26 cents per share, raising the annualized payout to $1.04 per share.

OXY's dividend yield is 1.87%. The Zacks Consensus Estimate for Occidental Petroleum's 2026 earnings is pegged at $5.79 per share, suggesting year-over-year growth of 161.99%.

NFG's Stock Price PerformanceIn the past month, the company’s shares have plunged 3.7% compared with the industry’s 1.8% fall.

Image Source: Zacks Investment Research

NFG’s Zacks RankNFG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Independent Bank raised its dividend to 64 cents per share, marking six increases in five years.Micron Technology, Elbit Systems and Applied Materials also announced recent dividend hikes.Dividend-paying stocks gain appeal as inflation, rates and geopolitical tensions drive volatility. The U.S. economy is navigating a period of heightened volatility, as economic and geopolitical uncertainties intensify. February’s nonfarm payrolls report delivered a surprise, showing a loss of 92,000 jobs instead of the expected growth. Unemployment edged up to 4.4% from 4.3% in January. Although wage growth slightly beat expectations, other labor indicators, such as the participation rate and workweek hours, softened.

Inflation remains sticky, with the Consumer Price Index relatively stable at around 2.4% annually. But the upward trend in the Producer Price Index (0.7% monthly and 3.4% annually), alongside rising oil prices, suggests that inflation is intensifying once again. As a result, the Federal Reserve has kept interest rates at 3.50-3.75%, with little indication of near-term cuts until inflation cools significantly.  A sluggish labor market and high borrowing costs are weighing on investors' sentiment.

Geopolitical tensions are also adding to economic pressure. The conflict involving Iran and the closure of the Strait of Hormuz have pushed oil prices above $100 per barrel. This raises concerns about further inflation and supply chain risk. Though some companies continue to perform well, the overall sentiment remains fragile.

Amid such market conditions, investors who wish to diversify their portfolios can pick dividend-paying stocks. Some of the prominent names are: Independent Bank (INDB - Free Report) , Micron Technology, Inc. (MU - Free Report) , Elbit Systems (ESLT - Free Report) , Applied Materials (AMAT - Free Report) and Wheaton Precious Metals (WPM - Free Report) . Companies that pay out dividends consistently indicate a healthy business model. Stocks that have raised dividends recently exhibit a sound financial structure and can counter market upheavals. Moreover, stocks that tend to reward investors with a high dividend payout outperform non-dividend-paying entities in a highly volatile market.

Independent Bank

Independent Bank is a community-oriented commercial bank, providing products and services to individuals and small-to-medium sized businesses in the United States. This Rockland, MA-based company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.

On March 19, INDB declared that its shareholders would receive a dividend of 64 cents a share on April 9, 2026. INDB has a dividend yield of 3.2%.

Over the past five years, INDB has increased its dividend six times, and its payout ratio presently sits at 42% of earnings. Check Independent Bank’s dividend history here.

Micron Technology

Micron Technology is headquartered in Boise, ID. This Zacks Rank #3 (Hold) company has established itself as one of the leading worldwide providers of semiconductor memory solutions.

On March 18, MU declared that its shareholders would receive a dividend of 15 cents a share on April 15, 2026. MU has a dividend yield of 0.1%.

In the past five years, MU has increased its dividend three times. Its payout ratio is currently 2% of earnings. Check Micron Technology’s dividend history here.

Elbit Systems

Elbit Systems is a worldwide leader in Night Vision Goggles Head-Up Displays (NVG-HUD). This Haifa, Israel-based company currently carries a Zacks Rank #2.

On March 16, ESLT announced that its shareholders would receive a dividend of 83 cents a share on April 27, 2026. ESLT has a dividend yield of 0.2%.

Over the past five years, ESLT has increased its dividend six times. Its payout ratio now sits at 18% of earnings. Check Elbit Systems' dividend history here.

Applied Materials

Applied Materials is one of the world’s largest suppliers of equipment for the fabrication of semiconductor, flat panel liquid crystal displays, and solar photovoltaic cells and modules. The Zacks Rank #1 (Strong Buy) company operates from Santa Clara, CA.

On March 12, AMAT declared that its shareholders would receive a dividend of 53 cents a share on June 11, 2026. AMAT has a dividend yield of 0.5%.

Over the past five years, AMAT has increased its dividend six times, and its payout ratio presently sits at 20% of earnings. Check Applied Materials' dividend history here.

Wheaton Precious Metals

Wheaton Precious Metals is headquartered in Vancouver, Canada. This Zacks Rank #3 company is one of the largest precious metal streaming companies in the world that generates its revenues from the sale of precious metals and cobalt.

On March 12, WPM declared that its shareholders would receive a dividend of 20 cents a share on April 10, 2026. WPM has a dividend yield of 0.6%.

In the past five years, WPM has increased its dividend six times. Its payout ratio is currently 22% of earnings. Check Wheaton Precious Metals’ dividend history here.

-

ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, announced the following details for its first quarter 2026 earnings release and conference call:

Earnings Release: Thursday, April 16, 2026, after the market close

Conference Call (held via Webcast): Friday, April 17, 2026, at 10:00 AM Eastern Time

How to Join Webcast: Participants may join the webcast by registering prior to the call via this link: https://events.q4inc.com/attendee/279877279. A replay of the webcast will be made available on the Company’s website at https://indb.rocklandtrust.com by selecting First Quarter 2026 Earnings Call. The webcast replay will be available until April 17, 2027.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

Category: All Releases

More News From Independent Bank Corp.

Back to Newsroom

Analysts on Wall Street project that Independent Bank Corp. (INDB - Free Report) will announce quarterly earnings of $1.70 per share in its forthcoming report, representing an increase of 60.4% year over year. Revenues are projected to reach $253.92 million, increasing 42.6% from the same quarter last year.

The current level reflects a downward revision of 0.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

With that in mind, let's delve into the average projections of some Independent Bank Corp. metrics that are commonly tracked and projected by analysts on Wall Street.

The collective assessment of analysts points to an estimated 'Efficiency Ratio' of 55.0%. The estimate is in contrast to the year-ago figure of 59.5%.

Analysts forecast 'Net interest margin (FTE)' to reach 3.8%. Compared to the present estimate, the company reported 3.4% in the same quarter last year.

The combined assessment of analysts suggests that 'Average Balance - Total interest-earning assets' will likely reach $22.58 billion. The estimate compares to the year-ago value of $17.38 billion.

The average prediction of analysts places 'Total Non-Interest Income' at $41.00 million. The estimate is in contrast to the year-ago figure of $32.54 million.

According to the collective judgment of analysts, 'Net Interest Income' should come in at $212.47 million. The estimate is in contrast to the year-ago figure of $145.51 million.

Based on the collective assessment of analysts, 'Interchange and ATM fees' should arrive at $5.22 million. The estimate is in contrast to the year-ago figure of $4.62 million.

Analysts predict that the 'Deposit account fees' will reach $9.22 million. Compared to the current estimate, the company reported $7.05 million in the same quarter of the previous year.

Analysts' assessment points toward 'Other noninterest income' reaching $7.36 million. The estimate compares to the year-ago value of $5.80 million.

The consensus estimate for 'Investment management and advisory' stands at $14.00 million. Compared to the current estimate, the company reported $11.22 million in the same quarter of the previous year.

View all Key Company Metrics for Independent Bank Corp. here>>>

Shares of Independent Bank Corp. have experienced a change of +6.5% in the past month compared to the +0.6% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), INDB is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2026 first quarter net income of $79.9 million, or $1.63 per diluted share, as compared to 2025 fourth quarter net income of $75.3 million, or $1.52 per diluted share. Excluding merger-related costs associated with the Company’s third quarter 2025 acquisition of Enterprise Bancorp, Inc. (“Enterprise”) and its subsidiary, Enterprise Bank, and their related tax effects, operating net income was $82.1 million, or $1.68 per diluted share for the first quarter of 2026, compared to operating net income of $84.4 million, or $1.70 per diluted share for the fourth quarter of 2025(1).

CEO STATEMENT

“Our first quarter results represent another step forward in driving improved profitability while remaining disciplined in our strategies during these uncertain times,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “We are prioritizing our long-term relationship banking model while prudently investing in our future and returning capital to our shareholders.”

FINANCIAL HIGHLIGHTS

The Company generated a return on average assets and a return on average common equity of 1.31% and 9.02%, respectively, for the first quarter of 2026, as compared to 1.20% and 8.38%, respectively, for the prior quarter. On an operating basis, the Company generated a return on average assets and a return on average common equity of 1.35% and 9.27%, respectively, for the first quarter of 2026, as compared to 1.34% and 9.38%, respectively, for the prior quarter(1). The Company’s net interest margin of 3.90% increased 13 basis points compared to the prior quarter, while the adjusted margin increased 8 basis points to 3.72%(1). Deposit balances of $20.1 billion at March 31, 2026 decreased $29.3 million, or 0.1%, compared to the prior quarter. Loan balances of $18.4 billion at March 31, 2026 decreased $78.3 million, or 0.4%, compared to the prior quarter. The Company repurchased approximately 802,000 shares for $63.3 million during the first quarter of 2026. Tangible book value per share of $47.86 at March 31, 2026 grew by $0.31 from the prior quarter(1). The Company increased its quarterly dividend by 8.5% in the first quarter of 2026, from $0.59 to $0.64 per share. BALANCE SHEET

Total assets of $24.8 billion at March 31, 2026 decreased $129.3 million, or 0.5%, compared to the prior quarter, driven primarily by decreased loan and cash balances.

Total loans of $18.4 billion at March 31, 2026 decreased $78.3 million, or 0.4%, compared to the prior quarter:

The commercial and industrial portfolio grew $39.7 million, or 0.9% (3.5% annualized), despite runoff of $38.7 million attributable to the Company’s strategic exit from the dealer finance business. Commercial real estate and construction decreased $89.6 million, or 0.9%, due to elevated payoffs and amortization of balances, including a reduction of $55.9 million in the Company’s office portfolio. The total consumer portfolio decreased $28.3 million, or 0.7%, primarily attributable to a decline in the residential real estate portfolio of $31.3 million, or 1.1%, reflecting lower seasonal volume compared to the prior quarter. This decrease was partially offset by a modest increase in the home equity portfolio of $10.1 million, or 0.8% (3.2% annualized). Total deposits decreased by $29.3 million, or 0.1%, to $20.1 billion at March 31, 2026, as compared to the prior quarter:

Average deposits decreased $309.9 million, or 1.5%, compared to the prior quarter, driven primarily by seasonality in business operating balances. Overall core deposits comprised 83.8% of total deposits at March 31, 2026, as compared to 83.7% at December 31, 2025. Total noninterest bearing demand deposits were 28.0% and 27.8% of total deposits at March 31, 2026 and December 31, 2025, respectively. The total cost of deposits for the first quarter of 1.36% reflected a decrease of 10 basis points compared to the prior quarter. Total period end borrowings decreased by $49.6 million, or 6.0%, during the first quarter of 2026, reflecting approximately $100 million in net paydowns on Federal Home Loan Bank borrowings, partially offset by $50 million advanced on a working capital line of credit.

The Company’s total securities portfolio of $3.4 billion increased by $62.4 million, or 1.9% (7.6% annualized), from the prior quarter:

New purchases of $168.4 million in the available for sale portfolio were partially offset by maturities, calls, and paydowns in the combined available for sale and held to maturity portfolios during the quarter. Total securities represented 13.6% and 13.3% of total assets at March 31, 2026 and December 31, 2025, respectively. Stockholders’ equity at March 31, 2026 decreased $23.7 million, or 0.7%, compared to December 31, 2025, as strong earnings were offset by the impact of share repurchases, dividends, and unrealized losses on available for sale securities recognized in other comprehensive income during the quarter:

During the first quarter of 2026, the Company executed on its previously announced $150 million stock repurchase plan, buying back approximately 802,000 shares of common stock for $63.3 million at an average price per share of $78.85. The Company’s ratio of common equity to assets of 14.29% at March 31, 2026 represented a decrease of 2 basis points from December 31, 2025. The Company’s ratio of tangible common equity to tangible assets of 9.86% at March 31, 2026 represented a decrease of 2 basis points from the prior quarter and a decrease of 92 basis points from the year ago period(1). The Company’s book value per share increased by $0.51, or 0.7%, to $72.92 at March 31, 2026 as compared to the prior quarter. The Company’s tangible book value per share at March 31, 2026 grew by $0.31, or 0.7%, from the prior quarter to $47.86, and grew by 0.1% from the year ago period(1). NET INTEREST INCOME

Net interest income of $212.5 million for the first quarter of 2026 was flat compared to the prior quarter:

The net interest margin of 3.90% increased 13 basis points when compared to the prior quarter, benefitting from fixed rate asset repricing, lower deposit costs, and 17 basis points of purchase accounting accretion in the first quarter of 2026 as compared to 11 basis points in the prior quarter. Excluding purchase accounting accretion and other non-core items, the adjusted margin of 3.72%(1) increased 8 basis points. Total loan yields increased 3 basis points to 5.77% from 5.74%, driven primarily by fixed rate loan repricing and purchase accounting accretion, partially offset by the full quarter impact of Federal Reserve rate cuts made during the fourth quarter of 2025. Similarly, securities yields increased 12 basis points to 3.08% for the current quarter as compared to the prior quarter. The Company’s overall cost of funding decreased 8 basis points to 1.52% for the first quarter of 2026 as compared to 1.60% for the prior quarter, driven by a 10 basis point reduction in total cost of deposits. NONINTEREST INCOME

Noninterest income of $40.3 million for the first quarter of 2026 represented a decrease of $1.2 million, or 2.9%, as compared to the prior quarter. Significant changes in noninterest income for the first quarter of 2026 compared to the prior quarter included the following:

Interchange and ATM fees decreased by $363,000, or 6.7%, driven by seasonally lower transaction volumes. Overall investment and advisory income increased $372,000, or 2.7%, driven primarily by higher asset based fee revenue and insurance commissions compared to the prior quarter. Total assets under administration remained consistent at $9.2 billion as of March 31, 2026. Loan level derivative income decreased by $322,000, or 26.1%, reflecting volatility in customer demand. Other noninterest income decreased by $1.1 million, or 13.8%, driven primarily by a decrease in investment income on equity securities. NONINTEREST EXPENSE

Noninterest expense of $142.9 million for the first quarter of 2026 represented a decrease of $11.5 million, or 7.4%, as compared to the prior quarter. Significant changes in noninterest expense for the first quarter of 2026 compared to the prior quarter included the following:

The Company incurred merger and acquisition expenses of $3.0 million in the first quarter of 2026, compared to $12.3 million in the fourth quarter of 2025, all of which were related to the Company’s acquisition of Enterprise. The majority of the 2026 first quarter merger expenses related to final severance payments, and vendor and systems contract terminations. Salaries and employee benefits decreased by $843,000, or 1.0%, driven primarily by decreased incentive compensation, retirement benefits, and lower base salaries, partially offset by higher payroll taxes and medical plan insurance. Occupancy and equipment expenses increased by $1.7 million, or 10.9%, driven primarily by a $1.9 million increase in snow removal costs for the first quarter of 2026. FDIC assessment decreased $731,000, or 18.0%, due to quarterly timing differences. Other noninterest expense decreased by $2.4 million, or 7.8%, driven primarily by decreases in consultant fees of $790,000, legal fees of $755,000, and net valuation decreases on equity securities of $384,000. TAX RATE

The Company’s quarterly effective tax rate increased to 23.38% for the first quarter of 2026 from 20.54% for the prior quarter, due to one-time discrete adjustments combined with revised estimates based on full year results in the prior quarter.

ASSET QUALITY

During the first quarter, the Company’s key asset quality activity and metrics were as follows:

Nonperforming loans increased to $96.6 million at March 31, 2026, as compared to $83.6 million at December 31, 2025, representing 0.52% and 0.45% of total loans, respectively. Delinquencies as a percentage of total loans increased 9 basis points from the prior quarter to 0.41% at March 31, 2026. Net charge-offs decreased slightly to $4.8 million, as compared to $5.3 million for the prior quarter, representing 0.11% and 0.12%, respectively, of average loans annualized. The largest individual charge-off in the quarter was $4.2 million related to a commercial real estate loan that was partially reserved for in the prior quarter. The first quarter provision for credit losses increased to $5.5 million, as compared to $4.8 million for the prior quarter. Total criticized and classified commercial loans of $575.5 million, or 4.0% of total commercial loans, increased $102.7 million, or 21.7%, as compared to the prior quarter. The allowance for credit losses on total loans increased to $190.6 million at March 31, 2026, compared to $189.9 million at December 31, 2025 and represented 1.03% of total loans at both March 31, 2026 and December 31, 2025. CONFERENCE CALL INFORMATION

Jeffrey Tengel, Chief Executive Officer, and Mark Ruggiero, Chief Financial Officer and Executive Vice President of Consumer Lending, will host a conference call to discuss first quarter earnings at 10:00 a.m. Eastern Time on Friday, April 17, 2026.

Participants may join the webcast by registering prior to the call via this link: https://events.q4inc.com/attendee/279877279. A replay of the webcast will be made available on the Company’s website at https://indb.rocklandtrust.com by selecting First Quarter 2026 Earnings Call. The webcast replay will be available until April 17, 2027.

ABOUT INDEPENDENT BANK CORP.

Independent Bank Corp. (Nasdaq Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire, as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.

Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

adverse economic conditions in the regional and local economies within the New England region and the Company’s market area; events impacting the financial services industry, including high profile bank failures, and any resulting decreased confidence in banks among depositors, investors, and other counterparties, as well as competition for deposits and significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets; the effects to the Company of an increasingly competitive labor market, including the possibility that the Company will have to devote significant resources to attract and retain qualified personnel; political and policy uncertainties, changes in U.S. and international trade policies, such as tariffs or other factors, and the potential impact of such factors on the Company and its customers, including the potential for decreases in deposits and loan demand, unanticipated loan delinquencies, loss of collateral and decreased service revenues; the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, including international conflicts and hostilities, such as the ongoing conflict involving Israel, the U.S. and Iran; unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company’s local economies or the Company’s business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events; adverse changes or volatility in the local real estate market; changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans; risks related to the Company’s acquisition activities, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; impairment of goodwill and/or other intangibles; and the Company’s inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, and the resulting need to invest in technology to meet heightened regulatory expectations, increased costs of compliance or required adjustments to strategy; changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; higher than expected tax expense, including as a result of failure to comply with general tax laws and changes in tax laws; increased competition in the Company’s market areas, including competition that could impact deposit gathering, retention of deposits and the cost of deposits, increased competition due to the demand for innovative products and service offerings, and competition from non-depository institutions which may be subject to fewer regulatory constraints and lower cost structures; a deterioration in the conditions of the securities markets; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainties surrounding the federal budget; inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery, including any inability to effectively implement new technology-driven products, such as artificial intelligence (“AI”); electronic or other fraudulent activity within the financial services industry, especially in the commercial banking sector; adverse changes in consumer spending and savings habits; the effect of laws and regulations regarding the financial services industry, including the need to invest in technology to meet heightened regulatory expectations or the introduction of new requirements or expectations resulting in increased costs of compliance or required adjustments to strategy; changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business and the associated costs of such changes; the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions; changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; operational risks related to the Company and its customers’ reliance on information technology; cyber threats, attacks, intrusions, and fraud; and outages or other issues impacting the Company or its third party service providers which could lead to interruptions or disruptions of the Company’s operating systems, including systems that are customer facing, and adversely impact the Company’s business; risks related to the development and use of AI by the Company, its third-party vendors, clients and counterparties; and any unexpected material adverse changes in the Company’s operations or earnings. The Company cautions readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described above and in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.

This press release and the appendices attached to it contain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information may include operating net income and operating earnings per share (“EPS”), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, adjusted net interest margin (“adjusted margin”), tangible book value per share and the tangible common equity ratio.

Operating net income, operating EPS, operating return on average assets, and operating return on average common equity exclude items that management believes are unrelated to the Company’s core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its adjusted margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as significant purchase accounting adjustments or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at an adjusted margin provides additional insight into the operating environment and how management decisions impact the net interest margin.

Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders’ equity less goodwill and identifiable intangible assets, or “tangible common equity,” by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by “tangible assets,” defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.

These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, adjusted margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.

Category: Earnings Releases

INDEPENDENT BANK CORP. FINANCIAL SUMMARY

CONSOLIDATED BALANCE SHEETS

(Unaudited, dollars in thousands)

% Change

% Change

March 31
2026

December 31
2025

March 31
2025

Mar 2026 vs.

Mar 2026 vs.

Dec 2025

Mar 2025

Assets

Cash and due from banks

$

223,291

$

229,770

$

214,616

(2.82

)%

4.04

%

Interest-earning deposits with banks

505,687

542,132

502,228

(6.72

)%

0.69

%

Securities

Trading

5,525

4,720

4,816

17.06

%

14.72

%

Equities

21,518

21,581

21,250

(0.29

)%

1.26

%

Available for sale

2,088,365

2,004,247

1,283,767

4.20

%

62.67

%

Held to maturity

1,256,566

1,279,027

1,409,959

(1.76

)%

(10.88

)%

Total securities

3,371,974

3,309,575

2,719,792

1.89

%

23.98

%

Loans held for sale

16,758

35,909

8,524

(53.33

)%

96.60

%

Loans

Commercial and industrial

4,651,453

4,611,789

3,315,081

0.86

%

40.31

%

Commercial real estate

8,181,340

8,275,408

6,735,974

(1.14

)%

21.46

%

Commercial construction

1,403,613

1,399,193

796,162

0.32

%

76.30

%

Total commercial

14,236,406

14,286,390

10,847,217

(0.35

)%

31.24

%

Residential real estate

2,842,144

2,873,443

2,465,731

(1.09

)%

15.27

%

Home equity

1,307,746

1,297,662

1,143,966

0.78

%

14.32

%

Total consumer real estate

4,149,890

4,171,105

3,609,697

(0.51

)%

14.97

%

Other consumer

39,182

46,282

35,055

(15.34

)%

11.77

%

Total loans

18,425,478

18,503,777

14,491,969

(0.42

)%

27.14

%

Less: allowance for credit losses

(190,560

)

(189,877

)

(144,092

)

0.36

%

32.25

%

Net loans

18,234,918

18,313,900

14,347,877

(0.43

)%

27.09

%

Federal Home Loan Bank stock

17,752

21,835

25,804

(18.70

)%

(31.20

)%

Bank premises and equipment, net

217,695

218,190

190,007

(0.23

)%

14.57

%

Goodwill

1,090,610

1,090,610

985,072

—

%

10.71

%

Other intangible assets

126,687

133,576

10,941

(5.16

)%

1,057.91

%

Cash surrender value of life insurance policies

380,423

378,576

306,077

0.49

%

24.29

%

Other assets

597,785

638,823

577,271

(6.42

)%

3.55

%

Total assets

$

24,783,580

$

24,912,896

$

19,888,209

(0.52

)%

24.61

%

Liabilities and Stockholders’ Equity

Deposits

Noninterest-bearing demand deposits

$

5,633,079

$

5,600,955

$

4,409,878

0.57

%

27.74

%

Savings and interest checking

6,310,870

6,482,970

5,279,549

(2.65

)%

19.53

%

Money market

4,898,267

4,774,645

3,277,078

2.59

%

49.47

%

Time certificates of deposit

3,255,294

3,268,220

2,709,512

(0.40

)%

20.14

%

Total deposits

20,097,510

20,126,790

15,676,017

(0.15

)%

28.21

%

Borrowings

Federal Home Loan Bank and other borrowings

316,734

416,549

500,506

(23.96

)%

(36.72

)%

Line of credit, net

99,969

49,953

—

100.13

%

100.00

%

Junior subordinated debentures, net

62,863

62,862

62,861

—

%

—

%

Subordinated debentures, net

296,690

296,483

296,507

0.07

%

0.06

%

Total borrowings

776,256

825,847

859,874

(6.00

)%

(9.72

)%

Total deposits and borrowings

20,873,766

20,952,637

16,535,891

(0.38

)%

26.23

%

Other liabilities

367,773

394,531

318,926

(6.78

)%

15.32

%

Total liabilities

21,241,539

21,347,168

16,854,817

(0.49

)%

26.03

%

Stockholders’ equity

Common stock

483

490

424

(1.43

)%

13.92

%

Additional paid in capital

2,272,910

2,335,879

1,911,162

(2.70

)%

18.93

%

Retained earnings

1,317,946

1,269,113

1,192,008

3.85

%

10.57

%

Accumulated other comprehensive loss, net of tax

(49,298

)

(39,754

)

(70,202

)

24.01

%

(29.78

)%

Total stockholders' equity

3,542,041

3,565,728

3,033,392

(0.66

)%

16.77

%

Total liabilities and stockholders’ equity

$

24,783,580

$

24,912,896

$

19,888,209

(0.52

)%

24.61

%

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, dollars in thousands, except per share data)

Three Months Ended

% Change

% Change

March 31
2026

December 31
2025

March 31
2025

Mar 2026 vs.

Mar 2026 vs.

Dec 2025

Mar 2025

Interest income

Interest on federal funds sold and short-term investments

$

3,657

$

6,690

$

1,438

(45.34

)%

154.31

%

Interest and dividends on securities

25,374

24,924

15,297

1.81

%

65.88

%

Interest and fees on loans

260,982

265,582

195,093

(1.73

)%

33.77

%

Interest on loans held for sale

252

339

92

(25.66

)%

173.91

%

Total interest income

290,265

297,535

211,920

(2.44

)%

36.97

%

Interest expense

Interest on deposits

66,935

74,378

59,436

(10.01

)%

12.62

%

Interest on borrowings

10,871

10,671

6,979

1.87

%

55.77

%

Total interest expense

77,806

85,049

66,415

(8.52

)%

17.15

%

Net interest income

212,459

212,486

145,505

(0.01

)%

46.01

%

Provision for credit losses

5,500

4,750

15,000

15.79

%

(63.33

)%

Net interest income after provision for credit losses

206,959

207,736

130,505

(0.37

)%

58.58

%

Noninterest income

Deposit account fees

9,249

9,100

7,053

1.64

%

31.14

%

Interchange and ATM fees

5,018

5,381

4,622

(6.75

)%

8.57

%

Investment management and advisory

14,165

13,793

11,220

2.70

%

26.25

%

Mortgage banking income

1,270

1,274

741

(0.31

)%

71.39

%

Increase in cash surrender value of life insurance policies

2,712

2,702

2,065

0.37

%

31.33

%

Gain on life insurance benefits

346

315

—

9.84

%

100.00

%

Loan level derivative income

910

1,232

1,042

(26.14

)%

(12.67

)%

Other noninterest income

6,592

7,648

5,796

(13.81

)%

13.73

%

Total noninterest income

40,262

41,445

32,539

(2.85

)%

23.73

%

Noninterest expenses

Salaries and employee benefits

80,737

81,580

61,931

(1.03

)%

30.37

%

Occupancy and equipment expenses

17,306

15,604

13,859

10.91

%

24.87

%

Data processing and facilities management

3,259

2,967

2,642

9.84

%

23.35

%

FDIC assessment

3,328

4,059

2,988

(18.01

)%

11.38

%

Amortization of intangible assets

6,890

7,054

1,344

(2.32

)%

412.65

%

Merger and acquisition expense

3,024

12,348

1,155

(75.51

)%

161.82

%

Other noninterest expenses

28,374

30,758

21,959

(7.75

)%

29.21

%

Total noninterest expenses

142,918

154,370

105,878

(7.42

)%

34.98

%

Income before income taxes

104,303

94,811

57,166

10.01

%

82.46

%

Provision for income taxes

24,384

19,476

12,742

25.20

%

91.37

%

Net Income

$

79,919

$

75,335

$

44,424

6.08

%

79.90

%

Weighted average common shares (basic)

48,970,060

49,452,717

42,550,274

Common share equivalents

29,685

23,623

22,353

Weighted average common shares (diluted)

48,999,745

49,476,340

42,572,627

Basic earnings per share

$

1.63

$

1.52

$

1.04

7.24

%

56.73

%

Diluted earnings per share

$

1.63

$

1.52

$

1.04

7.24

%

56.73

%

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):

Net income

$

79,919

$

75,335

$

44,424

Noninterest expense components

Add - merger and acquisition expenses

3,024

12,348

1,155

Noncore increases to income before taxes

3,024

12,348

1,155

Net taxes associated with noncore items (1)

(830

)

(3,326

)

(325

)

Noncore increases to net income

2,194

9,022

830

Operating net income (Non-GAAP)

$

82,113

$

84,357

$

45,254

(2.66

)%

81.45

%

Diluted earnings per share, on an operating basis (Non-GAAP)

$

1.68

$

1.70

$

1.06

(1.18

)%

58.49

%

(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.

Performance ratios

Net interest margin (FTE)

3.90

%

3.77

%

3.42

%

Return on average assets (calculated by dividing annualized net income by average assets) (GAAP)

1.31

%

1.20

%

0.93

%

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)

1.35

%

1.34

%

0.94

%

Return on average common equity (calculated by dividing annualized net income by average common equity) (GAAP)

9.02

%

8.38

%

5.94

%

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)

9.27

%

9.38

%

6.05

%

Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)

13.67

%

12.77

%

8.85

%

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)

14.05

%

14.30

%

9.01

%

Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income)

15.93

%

16.32

%

18.28

%

Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)

15.93

%

16.32

%

18.28

%

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

56.55

%

60.79

%

59.47

%

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

55.36

%

55.93

%

58.82

%

ASSET QUALITY

(Unaudited, dollars in thousands)

Nonperforming Assets At

March 31
2026

December 31
2025

March 31
2025

Nonperforming loans

Commercial & industrial loans

$

8,453 $

9,160

$

9,839

Commercial real estate loans

64,851 50,515

65,840

Commercial construction loans

698

3,693

—

Residential real estate loans

15,593

15,043

10,966

Home equity

7,011

5,102

2,840

Other consumer

37

44

8

Total nonperforming loans

96,643

83,557

89,493

Other real estate owned

2,100

2,100

—

Total nonperforming assets

$

98,743

$

85,657

$

89,493

Nonperforming loans/gross loans

0.52

%

0.45

%

0.62

%

Nonperforming assets/total assets

0.40

%

0.34

%

0.45

%

Allowance for credit losses/nonperforming loans

197.18

%

227.24

%

161.01

%

Allowance for credit losses/total loans

1.03

%

1.03

%

0.99

%

Delinquent loans/total loans

0.41

%

0.32

%

0.47

%

Nonperforming Assets Reconciliation for the Three Months Ended

March 31
2026

December 31
2025

March 31
2025

Nonperforming assets beginning balance

$

85,657

$

88,697

$

101,529

New to nonperforming

24,714

29,374

41,777

Loans charged-off

(5,776

)

(5,768

)

(41,400

)

Loans paid-off

(5,272

)

(20,098

)

(10,932

)

Loans restored to performing status

(608

)

(4,350

)

(1,356

)

Other

28

(2,198

)

(125

)

Nonperforming assets ending balance

$

98,743

$

85,657

$

89,493

Net Charge-Offs (Recoveries)

Three Months Ended

March 31
2026

December 31
2025

March 31
2025

Net charge-offs (recoveries)

Commercial and industrial loans

$

311

$

4,555

$

152

Commercial real estate loans

4,034

28

39,996

Home equity

(12

)

(15

)

78

Other consumer

484

781

666

Total net charge-offs

$

4,817

$

5,349

$

40,892

Net charge-offs to average loans (annualized)

0.11

%

0.12

%

1.14

%

BALANCE SHEET AND CAPITAL RATIOS

March 31
2026

December 31
2025

March 31
2025

Gross loans/total deposits

91.68

%

91.94

%

92.45

%

Common equity tier 1 capital ratio (1)

12.87

%

12.86

%

14.52

%

Tier 1 leverage capital ratio (1)

10.23

%

10.15

%

11.43

%

Common equity to assets ratio GAAP

14.29

%

14.31

%

15.25

%

Tangible common equity to tangible assets ratio (2)

9.86

%

9.88

%

10.78

%

Book value per share GAAP

$

72.92

$

72.41

$

71.19

Tangible book value per share (2)

$

47.86

$

47.55

$

47.81

(1) Estimated number for March 31, 2026.

(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.

INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION

(Unaudited, dollars in thousands)

Three Months Ended

March 31, 2026

December 31, 2025

March 31, 2025

Interest

Interest

Interest

Average

Earned/

Yield/

Average

Earned/

Yield/

Average

Earned/

Yield/

Balance

Paid (1)

Rate

Balance

Paid (1)

Rate

Balance

Paid (1)

Rate

Interest-earning assets

Interest-earning deposits with banks, federal funds sold, and short term investments

$

415,532

$

3,657

3.57

%

$

673,878

$

6,690

3.94

%

$

141,410

$

1,438

4.12

%

Securities

Securities - trading

5,108

—

—

%

4,644

—

—

%

4,513

—

—

%

Securities - taxable investments

3,325,253

25,260

3.08

%

3,323,714

24,790

2.96

%

2,747,039

15,296

2.26

%

Securities - nontaxable investments (1)

11,634

144

5.02

%

14,047

169

4.77

%

195

1

2.08

%

Total securities

$

3,341,995

$

25,404

3.08

%

$

3,342,405

$

24,959

2.96

%

$

2,751,747

$

15,297

2.25

%

Loans held for sale

19,495

252

5.24

%

24,680

339

5.45

%

6,396

92

5.83

%

Loans

Commercial and industrial (1)

4,605,582

70,426

6.20

%

4,556,277

70,467

6.14

%

3,250,960

50,895

6.35

%

Commercial real estate (1)

8,240,241

112,466

5.54

%

8,263,339

115,746

5.56

%

6,804,605

86,086

5.13

%

Commercial construction (1)

1,404,278

23,926

6.91

%

1,397,668

24,618

6.99

%

785,312

13,167

6.80

%

Total commercial

14,250,101

206,818

5.89

%

14,217,284

210,831

5.88

%

10,840,877

150,147

5.62

%

Residential real estate

2,856,572

35,503

5.04

%

2,895,216

34,847

4.78

%

2,464,464

27,716

4.56

%

Home equity

1,300,202

19,429

6.06

%

1,288,744

20,498

6.31

%

1,140,190

17,774

6.32

%

Total consumer real estate

4,156,774

54,932

5.36

%

4,183,960

55,345

5.25

%

3,604,654

45,490

5.12

%

Other consumer

43,789

664

6.15

%

41,897

741

7.02

%

38,618

593

6.23

%

Total loans

$

18,450,664

$

262,414

5.77

%

$

18,443,141

$

266,917

5.74

%

$

14,484,149

$

196,230

5.49

%

Total interest-earning assets

$

22,227,686

$

291,727

5.32

%

$

22,484,104

$

298,905

5.27

%

$

17,383,702

$

213,057

4.97

%

Cash and due from banks

228,015

228,939

197,536

Federal Home Loan Bank stock

20,474

21,835

27,646

Other assets

2,226,216

2,230,165

1,852,073

Total assets

$

24,702,391

$

24,965,043

$

19,460,957

Interest-bearing liabilities

Deposits

Savings and interest checking accounts (4)

$

6,333,509

$

15,883

1.02

%

$

6,355,726

$

18,078

1.13

%

$

5,222,353

$

16,162

1.26

%

Money market (4)

4,862,134

24,672

2.06

%

4,829,717

26,989

2.22

%

3,178,879

17,710

2.26

%

Time deposits

3,269,232

26,380

3.27

%

3,336,280

29,311

3.49

%

2,723,975

25,564

3.81

%

Total interest-bearing deposits

$

14,464,875

$

66,935

1.88

%

$

14,521,723

$

74,378

2.03

%

$

11,125,207

$

59,436

2.17

%

Borrowings

Federal Home Loan Bank and other borrowings

380,062

3,596

3.84

%

416,368

3,973

3.79

%

547,713

5,566

4.12

%

Line of Credit

54,404

755

5.63

%

7,559

116

6.09

%

—

—

—

%

Junior subordinated debentures

62,863

874

5.64

%

62,862

936

5.91

%

62,860

974

6.28

%

Subordinated debentures

296,573

5,646

7.72

%

296,372

5,646

7.56

%

23,070

439

7.72

%

Total borrowings

$

793,902

$

10,871

5.55

%

$

783,161

$

10,671

5.41

%

$

633,643

$

6,979

4.47

%

Total interest-bearing liabilities

$

15,258,777

$

77,806

2.07

%

$

15,304,884

$

85,049

2.20

%

$

11,758,850

$

66,415

2.29

%

Noninterest-bearing demand deposits

5,498,339

5,751,348

4,345,631

Other liabilities

353,886

340,775

323,728

Total liabilities

$

21,111,002

$

21,397,007

$

16,428,209

Stockholders’ equity

3,591,389

3,568,036

3,032,748

Total liabilities and stockholders’ equity

$

24,702,391

$

24,965,043

$

19,460,957

Net interest income

$

213,921

$

213,856

$

146,642

Interest rate spread (2)

3.25

%

3.07

%

2.68

%

Net interest margin (3)

3.90

%

3.77

%

3.42

%

Supplemental Information

Total deposits, including demand deposits

$

19,963,214

$

66,935

$

20,273,071

$

74,378

$

15,470,838

$

59,436

Cost of total deposits

1.36

%

1.46

%

1.56

%

Total funding liabilities, including demand deposits

$

20,757,116

$

77,806

$

21,056,232

$

85,049

$

16,104,481

$

66,415

Cost of total funding liabilities

1.52

%

1.60

%

1.67

%

(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.5 million, $1.4 million, and $1.1 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, determined by applying the Company’s marginal tax rates in effect during each respective quarter.

(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.

(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.

(4) Interest paid amounts within the savings and interest checking and money market categories for the three months ended December 31, 2025 vary from amounts previously reported in the Company’s fourth quarter 2025 earnings release. These reported amounts reflect a reclassification of approximately $3.0 million in interest paid from the money market category to the savings and interest checking category. The corresponding yields presented above have also been revised to reflect this reclassification.

APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics
(Unaudited, dollars in thousands, except per share data)

The following table summarizes the calculation of the Company’s tangible common equity to tangible assets ratio and tangible book value per share, at the dates indicated:

March 31
2026

December 31
2025

March 31
2025

Tangible common equity

(Dollars in thousands, except per share data)

Stockholders’ equity (GAAP)

$

3,542,041

$

3,565,728

$

3,033,392

(a)

Less: Goodwill and other intangibles

1,217,297

1,224,186

996,013

Tangible common equity (Non-GAAP)

$

2,324,744

$

2,341,542

$

2,037,379

(b)

Tangible assets

Assets (GAAP)

$

24,783,580

$

24,912,896

$

19,888,209

(c)

Less: Goodwill and other intangibles

1,217,297

1,224,186

996,013

Tangible assets (Non-GAAP)

$

23,566,283

$

23,688,710

$

18,892,196

(d)

Common Shares

48,572,237

49,243,813

42,610,271

(e)

Common equity to assets ratio (GAAP)

14.29

%

14.31

%

15.25

%

(a/c)

Tangible common equity to tangible assets ratio (Non-GAAP)

9.86

%

9.88

%

10.78

%

(b/d)

Book value per share (GAAP)

$

72.92

$

72.41

$

71.19

(a/e)

Tangible book value per share (Non-GAAP)

$

47.86

$

47.55

$

47.81

(b/e)

APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics

The following table summarizes the impact of noncore items on the Company’s calculation of noninterest income and noninterest expense, the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on tangible common equity for the periods indicated, and the average assets used to calculate return on average assets and operating return on average assets:

(Unaudited, dollars in thousands)

Three Months Ended

March 31
2026

December 31
2025

March 31
2025

Net interest income (GAAP)

$

212,459

$

212,486

$

145,505

Noninterest income (GAAP)

$

40,262

$

41,445

$

32,539

Total revenue (GAAP)

$

252,721

$

253,931

$

178,044

Noninterest expense (GAAP)

$

142,918

$

154,370

$

105,878

Less:

Merger and acquisition expense

3,024

12,348

1,155

Noninterest expense on an operating basis (Non-GAAP)

$

139,894

$

142,022

$

104,723

Average assets

$

24,702,391

$

24,965,043

$

19,460,957

Average common equity (GAAP)

$

3,591,389

$

3,568,036

$

3,032,748

Less: Average goodwill and other intangibles

1,221,201

1,227,889

996,762

Average tangible common equity (Non-GAAP)

$

2,370,188

$

2,340,147

$

2,035,986

Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)

Net income (GAAP)

$

79,919

$

75,335

$

44,424

Noninterest expense components

Add - merger and acquisition expenses

3,024

12,348

1,155

Noncore increases to income before taxes

3,024

12,348

1,155

Net taxes associated with noncore items (1)

(830

)

(3,326

)

(325

)

Noncore increases to net income

2,194

9,022

830

Operating net income (Non-GAAP)

$

82,113

$

84,357

$

45,254

(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.

Ratios

Return on average assets (GAAP) (calculated by dividing annualized net income by average assets)

1.31

%

1.20

%

0.93

%

Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)

1.35

%

1.34

%

0.94

%

Return on average common equity (GAAP) (calculated by dividing annualized net income by average common equity)

9.02

%

8.38

%

5.94

%

Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)

9.27

%

9.38

%

6.05

%

Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)

13.67

%

12.77

%

8.85

%

Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)

14.05

%

14.30

%

9.01

%

Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by total revenue)

15.93

%

16.32

%

18.28

%

Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by total revenue)

15.93

%

16.32

%

18.28

%

Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)

56.55

%

60.79

%

59.47

%

Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)

55.36

%

55.93

%

58.82

%

APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Adjusted Margin

(Unaudited, dollars in thousands)

Three Months Ended

March 31, 2026

December 31, 2025

Volume

Interest

Margin Impact

Volume

Interest

Margin Impact

Reported total interest earning assets

$

22,227,686

$

213,921

3.90

%

$

22,484,104

$

213,856

3.77

%

Acquisition fair value marks:

Loan accretion

(9,186

)

(0.17

)%

(6,275

)

(0.11

)%

Nonaccrual interest, net

(54

)

—

%

(1,117

)

(0.02

)%

Other adjustments

(1,626

)

(667

)

(0.01

)%

(1,842

)

(407

)

—

%

Adjusted margin (Non-GAAP)

$

22,226,060

$

204,014

3.72

%

$

22,482,262

$

206,057

3.64

%

More News From Independent Bank Corp.

Independent Bank Corp. (INDB - Free Report) reported $252.72 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 42%. EPS of $1.68 for the same period compares to $1.06 a year ago.

The reported revenue represents a surprise of -0.47% over the Zacks Consensus Estimate of $253.92 million. With the consensus EPS estimate being $1.70, the EPS surprise was -0.98%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Independent Bank Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency Ratio: 56.6% compared to the 55% average estimate based on three analysts.Net interest margin (FTE): 3.9% versus the three-analyst average estimate of 3.8%.Average Balance - Total interest-earning assets: $22.23 billion versus the two-analyst average estimate of $22.58 billion.Total Non-Interest Income: $40.26 million versus the three-analyst average estimate of $41 million.Increase in cash surrender value of life insurance policies: $2.71 million versus the two-analyst average estimate of $2.67 million.Net Interest Income: $212.46 million versus the two-analyst average estimate of $212.47 million.Loan level derivative income: $0.91 million versus $1.12 million estimated by two analysts on average.Interchange and ATM fees: $5.02 million versus $5.22 million estimated by two analysts on average.Deposit account fees: $9.25 million compared to the $9.22 million average estimate based on two analysts.Other noninterest income: $6.59 million versus $7.36 million estimated by two analysts on average.Mortgage banking income: $1.27 million versus $1.14 million estimated by two analysts on average.Investment management and advisory: $14.17 million versus the two-analyst average estimate of $14 million.View all Key Company Metrics for Independent Bank Corp. here>>>

Shares of Independent Bank Corp. have returned +7.8% over the past month versus the Zacks S&P 500 composite's +6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Independent Bank Corp. (INDB) Q1 2026 Earnings Call Transcript

On May 13, 2026, Channing Capital Management, LLC disclosed a new position in Independent Bank (INDB +1.24%), acquiring 939,667 shares in an estimated $73.65 million trade based on the quarterly average price.

What happenedAccording to a SEC filing dated May 13, 2026, Channing Capital Management, LLC initiated a new stake in Independent Bank, purchasing 939,667 shares. The estimated transaction value was $73.65 million, based on the average first-quarter 2026 closing price. At the end of the quarter, the position was valued at $70.67 million, reflecting both the purchase and subsequent price movement.

What else to knowThis new position accounts for 1.8098% of Channing Capital’s 13F assets under management as of March 31, 2026

Top five holdings after the filing:

NASDAQ:LFUS: $99.92 million (2.6% of AUM)NYSE:MSA: $99.59 million (2.6% of AUM)NYSE:VVV: $99.10 million (2.5% of AUM)NYSE:SWX: $96.18 million (2.5% of AUM)NYSE:TKR: $93.55 million (2.4% of AUM)As of May 13, 2026, shares of Independent Bank were priced at $76.17, up 20.87% over the past year, underperforming the S&P 500 by 5.60 percentage points in that period

Company OverviewMetricValueRevenue (TTM)$1.25 billionNet Income (TTM)$240.62 millionDividend Yield3.31%Price (as of market close May 13, 2026)$76.17Company SnapshotOffers a full suite of commercial banking products and services, including checking and savings accounts, commercial and consumer loans, investment management, and trust services.Generates revenue primarily through net interest income on loans and deposits, as well as fee-based income from wealth management and transaction services.Serves individuals, small-to-medium-sized businesses, and institutional clients, with a primary focus on the Eastern Massachusetts region.Independent Bank is a leading regional bank holding company, operating through Rockland Trust Company with a significant presence in Eastern Massachusetts. The company offers a diversified range of products and services, including commercial banking, wealth management, and trust services. The company provides comprehensive financial services to clients across Eastern Massachusetts.

What this transaction means for investorsChanning Capital Management, a Chicago-based investment firm, recently bought nearly 940,000 shares of Independent Bank Corp (INDB) during the first quarter (the three months ended March 31, 2026). Here are some important takeaways for investors.

To begin, INDB, a financial stock, has advanced about 89% over the past three years, equating to a compound annual growth rate (CAGR) of 23.6%. The S&P 500, on the other hand, has generated a total return of 89% and a CAGR of 23.6%. To put it another way, INDB has generated a solid return over the last three years — right on par with the broader market.

As for recent news, the company reported better-than-expected earnings. Management also gave the green light to a new $200 million share buyback plan. Finally, the stock boasts a solid 3.4% dividend yield, making it attractive to income-seeking investors.

Finally, INDB’s price-to-earnings (P/E) ratio is 15.2x, slightly below its 10-year average of 17.2x.

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Independent Bank Corp. (INDB - Free Report) is headquartered in Hanover, and is in the Finance sector. The stock has seen a price change of 7.74% since the start of the year. Currently paying a dividend of $0.64 per share, the company has a dividend yield of 3.25%. In comparison, the Banks - Northeast industry's yield is 2.29%, while the S&P 500's yield is 1.44%.

Looking at dividend growth, the company's current annualized dividend of $2.56 is up 8.5% from last year. Over the last 5 years, Independent Bank Corp. has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.67%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Independent Bank Corp.'s current payout ratio is 41%, meaning it paid out 41% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, INDB expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $7.33 per share, which represents a year-over-year growth rate of 29.96%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, INDB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Representative Josh Gottheimer (Democratic-New Jersey) recently sold shares of Phreesia, Inc. (NYSE:PHR). In a filing disclosed on April 08th, the Representative disclosed that they had sold between $1,001 and $15,000 in Phreesia stock on March 5th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

Sold $1,001 – $15,000 in shares of ENN Energy (OTCMKTS:XNGSY) on 3/24/2026. Sold $1,001 – $15,000 in shares of Crown Castle (NYSE:CCI) on 3/24/2026. Purchased $1,001 – $15,000 in shares of Fabrinet (NYSE:FN) on 3/24/2026. Sold $1,001 – $15,000 in shares of Intapp (NASDAQ:INTA) on 3/12/2026. Sold $1,001 – $15,000 in shares of Alcon (NYSE:ALC) on 3/12/2026. Sold $1,001 – $15,000 in shares of La-Z-Boy (NYSE:LZB) on 3/12/2026. Sold $1,001 – $15,000 in shares of HDFC Bank (NYSE:HDB) on 3/12/2026. Sold $1,001 – $15,000 in shares of Infineon Technologies (OTCMKTS:IFNNY) on 3/12/2026. Purchased $1,001 – $15,000 in shares of SEA (NYSE:SE) on 3/10/2026. Purchased $1,001 – $15,000 in shares of ServiceNow (NYSE:NOW) on 3/6/2026. Phreesia Stock Down 7.7% Shares of PHR stock opened at $8.08 on Friday. The stock has a market cap of $490.94 million, a P/E ratio of 269.33 and a beta of 0.86. Phreesia, Inc. has a 52 week low of $7.77 and a 52 week high of $32.76. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.41. The company’s fifty day simple moving average is $11.43 and its two-hundred day simple moving average is $16.92.

Phreesia (NYSE:PHR – Get Free Report) last announced its quarterly earnings results on Monday, March 30th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.05). The company had revenue of $127.07 million during the quarter, compared to analysts’ expectations of $126.75 million. Phreesia had a return on equity of 3.23% and a net margin of 0.48%.The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) EPS. Analysts predict that Phreesia, Inc. will post -1.1 EPS for the current fiscal year.

Insider Buying and Selling In related news, General Counsel Allison C. Hoffman sold 6,176 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $11.97, for a total value of $73,926.72. Following the sale, the general counsel directly owned 163,485 shares of the company’s stock, valued at $1,956,915.45. This represents a 3.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Evan Roberts sold 6,268 shares of the stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $16.36, for a total transaction of $102,544.48. Following the completion of the sale, the insider directly owned 826,554 shares in the company, valued at $13,522,423.44. This trade represents a 0.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 40,367 shares of company stock worth $613,251 over the last three months. 5.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes Several analysts have commented on PHR shares. Canaccord Genuity Group decreased their price target on shares of Phreesia from $33.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, March 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Phreesia in a research note on Wednesday, January 28th. Zacks Research cut shares of Phreesia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Wells Fargo & Company decreased their target price on shares of Phreesia from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Thursday, March 26th. Finally, Needham & Company LLC decreased their target price on shares of Phreesia from $35.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, March 31st. Twelve research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Phreesia currently has an average rating of “Moderate Buy” and an average target price of $22.00.

Read Our Latest Research Report on Phreesia

Institutional Trading of Phreesia A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PHR. Royal Bank of Canada raised its position in Phreesia by 208.8% in the 1st quarter. Royal Bank of Canada now owns 24,119 shares of the company’s stock worth $617,000 after purchasing an additional 16,309 shares during the period. AQR Capital Management LLC raised its position in Phreesia by 471.2% in the 1st quarter. AQR Capital Management LLC now owns 160,032 shares of the company’s stock worth $4,090,000 after purchasing an additional 132,015 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Phreesia by 3.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,557 shares of the company’s stock worth $1,599,000 after purchasing an additional 2,158 shares during the period. NewEdge Advisors LLC raised its position in Phreesia by 262.7% in the 1st quarter. NewEdge Advisors LLC now owns 15,437 shares of the company’s stock worth $395,000 after purchasing an additional 11,181 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Phreesia by 0.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 600,012 shares of the company’s stock worth $15,336,000 after purchasing an additional 2,402 shares during the period. 92.10% of the stock is owned by hedge funds and other institutional investors.

About Representative Gottheimer Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2027.

Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2026 election.

Gottheimer is also running for election for Governor of New Jersey. He declared candidacy for the Democratic primary scheduled on June 10, 2025.

Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

Phreesia Company Profile (Get Free Report)

Phreesia, Inc (NYSE: PHR) is a provider of patient intake management solutions designed to streamline front-office workflows for healthcare organizations. The company’s cloud-based platform digitizes patient registration, appointment scheduling, insurance verification, consent documentation and payment collection through touchscreen kiosks, tablets and mobile devices. By replacing paper forms and manual processes, Phreesia enhances data accuracy, reduces administrative burden and improves the patient experience.

Founded in 2000 by Chaim Indig and headquartered in Burlington, Massachusetts, Phreesia offers a modular software suite that integrates with electronic medical record (EMR) and practice management systems.

See Also Five stocks we like better than Phreesia Receive News & Ratings for Phreesia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phreesia and related companies with MarketBeat.com's FREE daily email newsletter.

Posted by Defense World Staff on Apr 10th, 2026

Representative Josh Gottheimer (Democratic-New Jersey) recently sold shares of Infineon Technologies AG (OTCMKTS:IFNNY). In a filing disclosed on April 08th, the Representative disclosed that they had sold between $1,001 and $15,000 in Infineon Technologies stock on March 12th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

Sold $1,001 – $15,000 in shares of ENN Energy (OTCMKTS:XNGSY) on 3/24/2026. Sold $1,001 – $15,000 in shares of Crown Castle (NYSE:CCI) on 3/24/2026. Purchased $1,001 – $15,000 in shares of Fabrinet (NYSE:FN) on 3/24/2026. Sold $1,001 – $15,000 in shares of Intapp (NASDAQ:INTA) on 3/12/2026. Sold $1,001 – $15,000 in shares of Alcon (NYSE:ALC) on 3/12/2026. Sold $1,001 – $15,000 in shares of La-Z-Boy (NYSE:LZB) on 3/12/2026. Sold $1,001 – $15,000 in shares of HDFC Bank (NYSE:HDB) on 3/12/2026. Purchased $1,001 – $15,000 in shares of SEA (NYSE:SE) on 3/10/2026. Purchased $1,001 – $15,000 in shares of ServiceNow (NYSE:NOW) on 3/6/2026. Sold $1,001 – $15,000 in shares of Columbia Banking System (NASDAQ:COLB) on 3/5/2026. Infineon Technologies Price Performance Shares of OTCMKTS IFNNY opened at $50.05 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.72. The company has a market cap of $61.49 billion, a PE ratio of 53.82, a P/E/G ratio of 0.94 and a beta of 1.83. The business has a 50-day simple moving average of $48.58 and a two-hundred day simple moving average of $44.40. Infineon Technologies AG has a fifty-two week low of $28.26 and a fifty-two week high of $56.19.

Infineon Technologies (OTCMKTS:IFNNY – Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The technology company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. Infineon Technologies had a return on equity of 11.12% and a net margin of 7.51%.The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $3.65 billion. As a group, equities analysts expect that Infineon Technologies AG will post 1.61 EPS for the current fiscal year.

Analysts Set New Price Targets A number of equities research analysts recently commented on IFNNY shares. JPMorgan Chase & Co. raised Infineon Technologies from a “neutral” rating to an “overweight” rating in a report on Friday, March 20th. Zacks Research downgraded Infineon Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Wall Street Zen raised Infineon Technologies from a “hold” rating to a “buy” rating in a report on Thursday, February 12th. Finally, UBS Group downgraded Infineon Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy”.

View Our Latest Report on IFNNY

About Representative Gottheimer Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2027.

Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2026 election.

Gottheimer is also running for election for Governor of New Jersey. He declared candidacy for the Democratic primary scheduled on June 10, 2025.

Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

Infineon Technologies Company Profile (Get Free Report)

Infineon Technologies AG (OTCMKTS:IFNNY) is a global semiconductor manufacturer that develops, manufactures and markets a broad range of semiconductor and system solutions. The company’s product portfolio includes power semiconductors and modules, microcontrollers and system-on-chip (SoC) solutions, analog and mixed-signal components, sensors and security controllers. Infineon’s technologies are used to enable energy-efficient power conversion, electrification, connectivity and secure data processing across multiple end markets.

Infineon was formed as a spin-off from Siemens AG in 1999 and is headquartered near Munich in Neubiberg, Germany.

Featured Stories Five stocks we like better than Infineon Technologies Receive News & Ratings for Infineon Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Infineon Technologies and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEMorgan Stanley Increases Sportradar Group (NASDAQ:SRAD) Price Target to $25.00

NEXT HEADLINE »Rep. Gilbert Ray Cisneros, Jr. Buys Fidelity National Information Services, Inc. (NYSE:FIS) Shares

For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Alcon (ALC - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.

Alcon is one of 891 individual stocks in the Medical sector. Collectively, these companies sit at #7 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Alcon is currently sporting a Zacks Rank of #2 (Buy).

The Zacks Consensus Estimate for ALC's full-year earnings has moved 3.5% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

According to our latest data, ALC has moved about 1.2% on a year-to-date basis. Meanwhile, the Medical sector has returned an average of -5.8% on a year-to-date basis. This shows that Alcon is outperforming its peers so far this year.

Another Medical stock, which has outperformed the sector so far this year, is Brainsway Ltd. Sponsored ADR (BWAY - Free Report) . The stock has returned 51.3% year-to-date.

In Brainsway Ltd. Sponsored ADR's case, the consensus EPS estimate for the current year increased 5.7% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

To break things down more, Alcon belongs to the Medical - Instruments industry, a group that includes 77 individual companies and currently sits at #87 in the Zacks Industry Rank. This group has lost an average of 12.9% so far this year, so ALC is performing better in this area.

On the other hand, Brainsway Ltd. Sponsored ADR belongs to the Medical - Products industry. This 78-stock industry is currently ranked #157. The industry has moved -13.4% year to date.

Going forward, investors interested in Medical stocks should continue to pay close attention to Alcon and Brainsway Ltd. Sponsored ADR as they could maintain their solid performance.

GENEVA--(BUSINESS WIRE)--Regulatory News:

Alcon Inc. (SIX/NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly, today announced the approval of all proposed resolutions at its 2026 Annual General Meeting (“AGM”).

A total of 283,222,421 shares with a nominal value of CHF 0.04 each, representing an aggregate nominal value of CHF 11,328,896.84, were represented at today's AGM.

Shareholders re-elected F. Michael Ball as member and Chair of the Board of Directors, and the other members of the Board who stood for re-election, namely Lynn Bleil, Arthur Cummings, Deborah Di Sanzo, David Endicott, Thomas Glanzmann, D. Keith Grossman, Karen May, Ines Pöschel and Dieter Spälti, for a term of office of one year. Shareholders also elected R. Scott Herren to the Board.

In addition, shareholders re-elected Thomas Glanzmann, Karen May and Ines Pöschel to form the Compensation Committee for a period of one year.

Discharge was granted to the members of the Board of Directors and the members of the Executive Committee for the 2025 financial year.

In two separate binding votes, shareholders approved the maximum aggregate amount of compensation of the Board of Directors for the next term of office ending at the 2027 Annual General Meeting, and the Executive Committee for the 2027 financial year.

Shareholders also accepted the 2025 Report on Non-Financial Matters and the 2025 Compensation Report in separate, non-binding, consultative votes.

Alcon shareholders approved the operating and financial review of Alcon Inc., the annual financial statements of Alcon Inc. and the consolidated financial statements for 2025.

Shareholders also approved that a gross dividend of CHF 0.28 per dividend-bearing share be declared, and that, after appropriation of the dividend, the remaining amount of available earnings be carried forward.

PricewaterhouseCoopers SA, Geneva, was re-elected as statutory auditors for the 2026 financial year. Hartmann Dreyer Attorneys-at-Law was also re-elected as the independent representative for a term of one year extending until the 2027 AGM.

About Alcon

Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people’s lives. Our Surgical and Vision Care products touch the lives of people in over 140 countries and territories each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.

Connect with us on
Facebook
LinkedIn

More News From Alcon Inc. Swiss

GENEVA--(BUSINESS WIRE)--Regulatory News:

Alcon (SIX/NYSE:ALC), the global leader in eye care, reported its financial results for the three months ending March 31, 2026. For the first quarter of 2026, sales were $2.7 billion, up 10% on a reported basis and up 6% on a constant currency basis1, as compared to the same quarter of the previous year. Alcon reported diluted earnings per share of $0.39 and core diluted earnings per share2 of $0.85 in the first quarter of 2026.

“2026 is off to a solid start, driven by strong performance from our new product launches, including Unity VCS and CS, PanOptix Pro, Tryptyr and Precision7. Combined with the resilience of our balanced portfolio, we are well positioned to navigate market variability and maintain consistent performance,” said David J. Endicott, Alcon's Chief Executive Officer. “Our innovation remains a key growth engine, delivering differentiated technologies that reinforce our leadership in eye care and support sustained revenue growth and margin expansion.”

First-quarter 2026 key figures

Three months ended March 31

2026

2025

Net sales ($ millions)

2,685

2,451

Operating margin (%)

10.9%

19.1%

Diluted earnings per share ($)

0.39

0.70

Core results (non-IFRS measure)2

Core operating margin (%)

21.2%

20.8%

Core diluted earnings per share ($)

0.85

0.73

Cash flows ($ millions)

Net cash flows from operating activities

418

384

Free cash flow (non-IFRS measure)3

279

278

First-quarter 2026 results

Reported net sales for the first quarter of 2026 were $2.7 billion, up 10% versus the first quarter of 2025. Excluding favorable currency impacts of 4%, sales were up 6% on a constant currency basis.

The following table highlights net sales by segment for the first quarter of 2026:

Three months ended
March 31

Change %

($ millions unless indicated otherwise)

2026

2025

$

cc1
(non-IFRS
measure)

Surgical

Implantables

438

420

4

1

Consumables

769

712

8

4

Equipment/other

253

199

27

23

Total Surgical

1,460

1,331

10

6

Vision Care

Contact lenses

738

688

7

4

Ocular health

487

432

13

10

Total Vision Care

1,225

1,120

9

6

Net sales

2,685

2,451

10

6

Net sales by segment

Surgical

Surgical net sales, which include implantables, consumables and equipment/other, were $1.5 billion, an increase of 10% on a reported basis and 6% on a constant currency basis versus the first quarter of 2025.

Implantables net sales were $438 million, an increase of 4%. Excluding favorable currency impacts of 3%, Implantables net sales increased 1% constant currency. This growth reflects strong performance by PanOptix Pro, continued competitive pressures in international markets and lower sales in surgical glaucoma. Consumables net sales were $769 million, an increase of 8%. Excluding favorable currency impacts of 4%, Consumables net sales increased 4% constant currency, reflecting soft cataract market conditions and price increases. Equipment/other net sales were $253 million, an increase of 27%. Excluding favorable currency impacts of 4%, Equipment/other net sales increased 23% constant currency. This growth was led by recent equipment launches, including the Unity platform. Vision Care

Vision Care net sales, which include contact lenses and ocular health, were $1.2 billion, an increase of 9% on a reported basis and 6% on a constant currency basis versus the first quarter of 2025.

Contact lenses net sales were $738 million, an increase of 7%. Excluding favorable currency impacts of 3%, Contact lenses net sales increased 4% constant currency. This growth reflects product innovation and price increases, partially offset by declines in legacy products. Ocular health net sales were $487 million, an increase of 13%. Excluding favorable currency impacts of 3%, Ocular health net sales increased 10% constant currency. Growth was led by our portfolio of dry eye products, including Tryptyr and Systane. Operating income

Operating income was $292 million (-38%, -42% cc), compared to $468 million in the prior year period. Operating margin decreased 8.2 percentage points. The prior year period included gains on fair value remeasurements of investments in associated companies. The current year period included costs associated with efficiency initiatives, impairment charges related to an intangible asset, incremental tariffs, sales and marketing behind new product launches and increased research and development ("R&D"), partially offset by improved operating leverage from higher sales and manufacturing efficiencies. Excluding a positive 0.5 percentage point impact from currency, operating margin decreased 8.7 percentage points on a constant currency basis.

Adjustments to arrive at core operating income in the current year period were $277 million, mainly due to $129 million of amortization, $88 million of costs associated with efficiency initiatives, $38 million of impairment charges related to an intangible asset and $21 million of acquisition and integration related items. Adjustments to arrive at core operating income in the prior year period were $43 million, mainly due to $172 million of amortization and $13 million of acquisition and integration related items, partially offset by gains of $142 million on fair value remeasurements of investments in associated companies.

Core operating income was $569 million (+11%, +6% cc), compared to $511 million in the prior year period. Core operating margin increased 0.4 percentage points as the current year period included improved operating leverage from higher sales and manufacturing efficiencies, partially offset by incremental tariffs, sales and marketing behind new product launches and increased R&D. Excluding a positive 0.4 percentage point impact from currency, core operating margin was in line with the prior year period on a constant currency basis.

Taxes

Reported tax expense was $51 million, compared to $64 million in the prior year period, and the average reported tax rate was 21.3%, compared to 15.5% in the prior year period. The prior year period included a non-taxable gain on the fair value remeasurement of an investment in an associated company.

Core tax expense was $102 million, compared to $97 million in the prior year period, and the average core tax rate was 19.7%, compared to 21.0% in the prior year period. The decrease in average core tax rate is primarily driven by a more favorable mix of pre-tax income/(loss) across geographical tax jurisdictions and the tax effect of an increase of inventory in certain international markets, partially offset by discrete tax expenses in the current year period.

Diluted earnings per share

Diluted earnings per share of $0.39 decreased 44%, or 50% on a constant currency basis, versus the prior year period. The prior year period included gains of $142 million on fair value remeasurements of investments in associated companies. Core diluted earnings per share of $0.85 increased 16%, or 10% on a constant currency basis, versus the prior year period.

Cash flow highlights

Net cash flows from operating activities amounted to $418 million for the first three months of 2026, compared to $384 million in the prior year period. Free cash flow was $279 million for the first three months of 2026, compared to $278 million in the prior year period.

Capital allocation

Dividend

On April 30, 2026, at the Company's Annual General Meeting, shareholders approved a dividend of CHF 0.28 per share, which is expected to be paid on or around May 7, 2026. The total dividend payments will amount to a maximum of $177 million using the CHF/USD exchange rate as of April 30, 2026.

Share repurchase authorization

On May 5, 2026, the Board authorized the repurchase of up to $1.5 billion of the Company’s common shares, par value of CHF 0.04 per share, on a second trading line with the SIX Swiss Exchange. The shares to be acquired under this share buyback program will be cancelled as a return of capital to shareholders.

Alcon expects to fund the program through cash generated from operations. The program is subject to customary safe harbor conditions and authorization of the Swiss Takeover Board. The timing and total amount of share repurchases and cancellations will depend upon a variety of factors. The program is expected to be completed over a three-year period, but may be suspended or discontinued at any time.

Further information (including official publications in English, German and French) will be available as of May 6, 2026 at https://investor.alcon.com/stock-information/share-repurchase-history/default.aspx.

2026 outlook

The Company updated its 2026 outlook as per the table below.

2026 outlook4

as of February

as of May

Comments

Net sales growth vs. prior year (cc)1

(non-IFRS measure)

+5% to +7%

+5% to +7%

Maintained

Core operating margin2 change vs. prior year (cc)1

(non-IFRS measure)

+70 to +170 bps

+70 to +170 bps

Maintained

Core diluted EPS2 growth vs. prior year (cc)1

(non-IFRS measure)

+9% to +12%

+10% to +13%

Updated

This outlook assumes the following:

Aggregated markets grow approximately 3% to 4%. A full-year tariff impact, net of mitigating actions, of approximately $100 to $150 million, which is expected to pressure cost of net sales. This reduction in tariff expense versus Alcon's February outlook is expected to be reinvested in the business. This estimate excludes any potential refunds. Exchange rates as of the end of April 2026 prevail through year-end, which remain in line with the Company's February outlook. Non-operating expense5 for FY 2026 is expected to be between $200 and $220 million. The core effective tax rate6 for FY 2026 is expected to be approximately 20%. Capital expenditures are expected to be mid-single digits as a percentage of sales. Approximately 492 million weighted-averaged diluted shares.7 Webcast and Conference Call Instructions

The Company will host a conference call on May 6, 2026 at 8:00 a.m. Eastern Time / 2:00 p.m. Central European Time to discuss its first-quarter 2026 earnings results. The webcast can be accessed online through Alcon's Investor Relations website, i.e. investor.alcon.com. Listeners should log on approximately 10 minutes in advance. A replay will be available online within 24 hours after the event. To listen the Company's conference call, click on the link:

https://investor.alcon.com/news-and-events/events-and-presentations/event-details/2026/Alcons-First-Quarter-2026-Earnings-Call-2026-HSeoMI-KHy/default.aspx

The Company's first-quarter 2026 press release, interim financial report and supplemental presentation materials can be found online through Alcon's Investor Relations website, or by clicking on the link:

https://investor.alcon.com/news-and-events/events-and-presentations/event-details/2026/Alcons-First-Quarter-2026-Earnings-Call-2026-HSeoMI-KHy/default.aspx

Cautionary Note Regarding Forward-Looking Statements

This press release contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “commitment,” “look forward,” “maintain,” “plan,” “goal,” “seek,” “target,” “assume,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our 2026 outlook, liquidity, revenue, revenue growth, gross margin, operating margin, core operating margin, core operating margin growth, effective tax rate, foreign currency exchange movements, tariff impact, nonoperating expenses, earnings per share, earnings per share growth, operating cash flow, free cash flow, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, our social impact and sustainability plans, targets, goals and expectations, and generally, our expectations concerning our future performance.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict such as: cybersecurity breaches and technology failures that could disrupt operations; our ability to effectively manage the risks associated with transformational information technology changes such as the ethical use of artificial intelligence and disruptive technologies and the migration to cloud-based platforms; compliance with data privacy, identity protection and information security laws, particularly with the increased use of artificial intelligence; the impact of a disruption in our global supply chain, including the effect of tariffs, or important facilities, particularly when we single-source or rely on limited sources of supply; our reliance on outsourcing key business functions; the increasingly challenging economic, political and legal environment in China; global and regional economic, financial, monetary, legal, tax, political and social change; our ability to comply with anti-corruption, anti-bribery, export control, trade sanction, or similar laws; our ability to attract and retain qualified personnel; our ability to manage the risks associated with operating as a third party contract manufacturer; our success in completing strategic acquisitions, including equity investments in early-stage companies, on favorable terms or at all, and in integrating acquired businesses; the success of our research and development efforts, including our ability to innovate to compete effectively; our ability to manage the rapid evolution and adoption of artificial intelligence; terrorism, war and similar events; our ability to forecast sales demand and manage our inventory levels and the changing buying patterns of our customers; pricing pressure from changes in third party payor coverage and reimbursement methodologies; our ability to comply with all laws to which we may be subject; the ability to obtain regulatory clearance and approval of our products as well as compliance with any post-approval obligations, including quality control of our manufacturing; the effect of product recalls or voluntary market withdrawals; our ability to manage social impact and sustainability matters; our ability to properly educate and train healthcare providers on our products; our ability to protect our intellectual property; the accuracy of our accounting estimates and assumptions, including pension and other post-employment benefit plan obligations and the carrying value of intangible assets, and the adequacy of our financial reporting, accounting practices and internal controls; our ability to service our debt obligations; the need for additional financing through the issuance of debt or equity; the effects of litigation, including product liability lawsuits and governmental investigations; legislative, tax and regulatory reform; the impact of being listed on two stock exchanges; the ability to declare and pay dividends; the different rights afforded to our shareholders as a Swiss corporation compared to a US corporation; the effect of maintaining or losing our foreign private issuer status under US securities laws; and the ability to enforce US judgments against Swiss corporations.

Additional factors are discussed in our filings with the United States Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date of its filing, and we assume no obligation to update forward-looking statements as a result of new information, future events or otherwise. We also undertake no obligation to update the 2026 outlook as circumstances evolve.

Intellectual Property

This report may contain references to our proprietary intellectual property. All product names appearing in italics or ALL CAPS are trademarks owned by or licensed to Alcon Inc. Product names identified by a "®" or a "™" are trademarks that are not owned by or licensed to Alcon or its subsidiaries and are the property of their respective owners.

Non-IFRS measures as defined by the Company

Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currency, EBITDA, free cash flow and net (debt)/liquidity.

Because of their non-standardized definitions, the non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully understand how Alcon management assesses underlying performance. These supplemental non-IFRS measures are not, and should not be viewed as, a substitute for IFRS measures.

Core results

Alcon core results, including core operating income and core net income, exclude all amortization and impairment charges of intangible assets, excluding software, product discontinuation charges, net gains and losses on fund investments and equity securities valued at fair value through profit and loss ("FVPL"), fair value adjustments of financial assets in the form of options to acquire a company carried at FVPL, fair value remeasurements of investments in associated companies and certain acquisition related items. The following items that exceed a threshold of $10 million, are not operating expenses necessary to the operation of the business and have costs that will vary over periods are also excluded from core results: integration and divestment related income and expenses, divestment gains and losses, restructuring charges/releases and related items, legal related items, gains/losses on early extinguishment of debt or debt modifications, past service costs for post-employment benefit plans, impairments of property, plant and equipment and software, as well as income and expense items that management deems exceptional and that are or are expected to accumulate within the year to be over a $10 million threshold.

Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on other items, although this is not always the case for certain items such as legal settlements in certain jurisdictions.

Alcon believes that investor understanding of its performance is enhanced by disclosing core measures of performance because, since they exclude items that can vary significantly from period to period, the core measures enable a helpful comparison of business performance across periods. For this same reason, Alcon uses these core measures in addition to IFRS and other measures as important factors in assessing its performance.

A limitation of the core measures is that they provide a view of Alcon operations without including all events during a period, such as the effects of an acquisition, divestment, or amortization/impairments of purchased intangible assets and restructurings.

Constant currency

Changes in the relative values of non-US currencies to the US dollar can affect Alcon's financial results and financial position. To provide additional information that may be useful to investors, including changes in sales volume, we present information about changes in our net sales and various values relating to operating and net income that are adjusted for such foreign currency effects.

Constant currency calculations have the goal of eliminating two exchange rate effects so that an estimate can be made of underlying changes in the Consolidated Income Statement excluding:

the impact of translating the income statements of consolidated entities from their non-US dollar functional currencies to the US dollar; and the impact of exchange rate movements on the major transactions of consolidated entities performed in currencies other than their functional currency. Alcon calculates constant currency measures by translating the current year's foreign currency values for sales and other income statement items into US dollars, using the average exchange rates from the historical comparative period and comparing them to the values from the historical comparative period in US dollars.

EBITDA

Alcon defines earnings before interest, tax, depreciation and amortization ("EBITDA") as net income excluding income taxes, depreciation of property, plant and equipment (including any related impairment charges), depreciation of right-of-use assets, amortization of intangible assets (including any related impairment charges), interest expense and other financial income and expense. Alcon management primarily uses EBITDA together with net (debt)/liquidity to monitor leverage associated with financial debts.

Free cash flow

Alcon defines free cash flow as net cash flows from operating activities less cash flow associated with the purchase or sale of property, plant and equipment. Free cash flow is presented as additional information because Alcon management believes it is a useful supplemental indicator of Alcon's ability to operate without reliance on additional borrowing or use of existing cash. Free cash flow is not intended to be a substitute measure for net cash flows from operating activities as determined under IFRS.

Net (debt)/liquidity

Alcon defines net (debt)/liquidity as current and non-current financial debt less cash and cash equivalents, current investments, including time deposits, and derivative financial instruments. Net (debt)/liquidity is presented as additional information because management believes it is a useful supplemental indicator of Alcon's ability to pay dividends, to meet financial commitments and to invest in new strategic opportunities, including strengthening its balance sheet.

Growth rate and margin calculations

For ease of understanding, Alcon uses a sign convention for its growth rates such that a reduction in operating expenses or losses compared to the prior year is shown as a positive growth.

Gross margins, core gross margins, operating income margins and core operating income margins are calculated based upon net sales unless otherwise noted.

Reconciliation of guidance for forward-looking non-IFRS measures

The forward-looking guidance included in this press release cannot be reconciled to the comparable IFRS measures without unreasonable efforts, because we are not able to predict with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. These items are uncertain, depend on many factors and could have a material impact on our IFRS results for the guidance period.

Financial tables

Net sales by region

Three months ended March 31

($ millions unless indicated otherwise)

2026

2025

United States

1,228

46

%

1,137

46

%

International

1,457

54

%

1,314

54

%

Net sales

2,685

100

%

2,451

100

%

Consolidated Income Statement (unaudited)

Three months ended March 31

($ millions except earnings per share)

2026

2025

Net sales

2,685

2,451

Other revenues

21

22

Net sales and other revenues

2,706

2,473

Cost of net sales

(1,163

)

(1,071

)

Cost of other revenues

(18

)

(19

)

Gross profit

1,525

1,383

Selling, general & administration

(882

)

(813

)

Research & development

(245

)

(222

)

Other income

11

149

Other expense

(117

)

(29

)

Operating income

292

468

Interest expense

(52

)

(49

)

Other financial income & expense

2

9

Share of (loss) from associated companies

(2

)

(14

)

Income before taxes

240

414

Taxes

(51

)

(64

)

Net income

189

350

Net income attributable to:

Shareholders of Alcon Inc.

189

350

Non-controlling interests

—

—

Earnings per share ($)(1)

Basic

0.39

0.71

Diluted

0.39

0.70

Weighted average number of shares outstanding (millions)

Basic

487.2

495.1

Diluted

490.2

498.0

Segment contribution

Three months ended March 31

Change %

($ millions unless indicated otherwise)

2026

2025

$

cc(1)
(non-IFRS
measure)

Surgical segment contribution

367

336

9

4

As % of net sales

25.1

25.2

Vision Care segment contribution

294

281

5

2

As % of net sales

24.0

25.1

Not allocated to segments

(369

)

(149

)

(148

)

(145

)

Operating income

292

468

(38

)

(42

)

Core adjustments (non-IFRS measure)(1)

277

43

Core operating income (non-IFRS measure)(1)

569

511

11

6

Operating income

Three months ended March 31

Change %

($ millions unless indicated otherwise)

2026

2025

$

cc(1)
(non-IFRS
measure)

Cost of net sales

(1,163

)

(1,071

)

(9

)

(6

)

Gross profit

1,525

1,383

10

6

Gross margin (%)

56.8

56.4

Selling, general & administration

(882

)

(813

)

(8

)

(5

)

Research & development

(245

)

(222

)

(10

)

(8

)

Other income

11

149

(93

)

(92

)

Other expense

(117

)

(29

)

nm

nm

Operating income

292

468

(38

)

(42

)

Operating margin (%)

10.9

19.1

Core results (non-IFRS measure)(1)

Core gross profit

1,691

1,550

9

5

Core gross margin (%)

63.0

63.2

Core operating income

569

511

11

6

Core operating margin (%)

21.2

20.8

Non-operating income & expense

Three months ended March 31

Change %

($ millions unless indicated otherwise)

2026

2025

$

cc(1)
(non-IFRS
measure)

Operating income

292

468

(38

)

(42

)

Interest expense

(52

)

(49

)

(6

)

(4

)

Other financial income & expense

2

9

(78

)

(83

)

Share of (loss) from associated companies

(2

)

(14

)

86

85

Income before taxes

240

414

(42

)

(48

)

Taxes

(51

)

(64

)

20

28

Net income

189

350

(46

)

(51

)

Net income attributable to:

Shareholders of Alcon Inc.

189

350

(46

)

(51

)

Non-controlling interests

—

—

—

—

Basic earnings per share ($)(2)

0.39

0.71

(45

)

(50

)

Diluted earnings per share ($)(2)

0.39

0.70

(44

)

(50

)

Core results (non-IFRS measure)(1)

Core taxes

(102

)

(97

)

(5

)

—

Core net income

415

365

14

8

Core net income attributable to:

Shareholders of Alcon Inc.

415

365

14

8

Non-controlling interests

—

—

—

—

Core basic earnings per share ($)(2)

0.85

0.74

15

10

Core diluted earnings per share ($)(2)

0.85

0.73

16

10

Reconciliation of IFRS results to core results (non-IFRS measure)

Three months ended March 31, 2026

($ millions except earnings per share)

IFRS
results

Amortization
of certain
intangible
assets(1)

Impairments(2)

Acquisition and
integration
related items(4)

Efficiency
measures(5)

Other
items(6)

Core results
(non-IFRS
measure)

Gross profit

1,525

127

38

1

—

—

1,691

Operating income

292

129

38

21

88

1

569

Income before taxes

240

129

38

21

88

1

517

Taxes(7)

(51

)

(23

)

(6

)

(4

)

(17

)

(1

)

(102

)

Net income

189

106

32

17

71

—

415

Net income attributable to:

Shareholders of Alcon Inc.

189

106

32

17

71

—

415

Non-controlling interests

—

—

—

—

—

—

—

Basic earnings per share ($)(8)

0.39

0.85

Diluted earnings per share ($)(8)

0.39

0.85

Basic - weighted average shares outstanding (millions)(8)

487.2

487.2

Diluted - weighted average shares outstanding (millions)(8)

490.2

490.2

Three months ended March 31, 2025

($ millions except earnings per share)

IFRS
results

Amortization of
certain intangible
assets(1)

Gains on
investments in
associated
companies(3)

Acquisition and
integration
related items(4)

Other
items(6)

Core results
(non-IFRS
measure)

Gross profit

1,383

167

—

—

—

1,550

Operating income

468

172

(142

)

13

—

511

Income before taxes

414

172

(142

)

13

5

462

Taxes(7)

(64

)

(30

)

—

(3

)

—

(97

)

Net income

350

142

(142

)

10

5

365

Net income attributable to:

Shareholders of Alcon Inc.

350

142

(142

)

10

5

365

Non-controlling interests

—

—

—

—

—

—

Basic earnings per share ($)(8)

0.71

0.74

Diluted earnings per share ($)(8)

0.70

0.73

Basic - weighted average shares outstanding (millions)(8)

495.1

495.1

Diluted - weighted average shares outstanding (millions)(8)

498.0

498.0

Explanatory footnotes to IFRS to core reconciliation tables

(1)

Includes amortization for all intangible assets other than software.

(2)

Includes impairment charges related to intangible assets.

(3)

For the three months ended March 31, 2025, includes gains on fair value remeasurements of investments in associated companies.

(4)

For the three months ended March 31, 2026, Gross profit includes the amortization of inventory fair value adjustments related to an acquisition. Operating income also includes $20 million of direct acquisition costs. Acquisition costs include third party professional services for legal fees and other transaction related costs.

For the three months ended March 31, 2025, Operating income includes $7 million of direct acquisition costs and $6 million of integration related costs related to acquisitions. Acquisition costs include third party professional services for banker, legal, accounting and due diligence fees. Integration related costs include severance of $3 million, accelerated equity-based compensation expense of $2 million and third party professional services of $1 million.

(5)

For the three months ended March 31, 2026, includes restructuring costs, third party consulting fees and other direct costs related to efficiency initiatives. These efficiency measures were announced in February 2026 and implementation is expected to be completed this year.

(6)

For the three months ended March 31, 2026, Operating income primarily includes the amortization of option rights.

For the three months ended March 31, 2025, Income before taxes includes core adjustments recognized for Aurion in Share of (loss) from associated companies. The expenses were incurred upon change in control from Alcon's acquisition of a majority interest in Aurion and include accelerated equity-based compensation expense of $2 million, third party professional services of $2 million for legal and accounting fees and third party bank fees of $1 million.

(7)

For the three months ended March 31, 2026, total tax adjustments of $51 million include tax associated with operating income core adjustments and discrete tax items. Tax associated with operating income core adjustments of $277 million totaled $50 million with an average tax rate of 18.1%. Core tax adjustments for discrete tax items totaled $1 million.

For the three months ended March 31, 2025, operating income core adjustments totaled $43 million. Excluding the non-taxable gain of $136 million on fair value remeasurement of Alcon's investment in Aurion, the core adjustments totaled $179 million. The associated tax effect amounted to $33 million with an average tax rate of 18.4%.

(8)

Core basic earnings per share is calculated using core net income attributable to shareholders of Alcon Inc. and the weighted-average shares of common stock outstanding during the period. Core diluted earnings per share also contemplate dilutive shares associated with unvested equity-based awards as described in Note 5 to the Condensed Consolidated Interim Financial Statements.

EBITDA (non-IFRS measure)

Three months ended March 31

($ millions)

2026

2025

Net income

189

350

Taxes

51

64

Depreciation of property, plant & equipment

108

98

Depreciation of right-of-use assets

24

21

Amortization of intangible assets

152

191

Impairments of property, plant & equipment and intangible assets

38

—

Interest expense

52

49

Other financial income & expense

(2

)

(9

)

EBITDA

612

764

Cash flow and net (debt)/liquidity (non-IFRS measure)

Three months ended March 31

($ millions)

2026

2025

Net cash flows from operating activities

418

384

Net cash flows used in investing activities

(218

)

(578

)

Net cash flows used in financing activities

(133

)

(96

)

Effect of exchange rate changes on cash and cash equivalents

(16

)

26

Net change in cash and cash equivalents

51

(264

)

Change in derivative financial instrument assets

13

(7

)

Change in time deposits with original maturity greater than three months

1

(153

)

Change in current and non-current financial debts

3

(60

)

Change in net (debt)

68

(484

)

Net (debt) at January 1

(3,125

)

(2,802

)

Net (debt) at March 31

(3,057

)

(3,286

)

Net (debt)/liquidity (non-IFRS measure)

($ millions)

At March 31, 2026

  At December 31, 2025

  Current financial debt

(577

)

(575

)

Non-current financial debt

(4,157

)

(4,162

)

Total financial debt

(4,734

)

(4,737

)

    Less liquidity:

    Cash and cash equivalents

1,578

1,527

Time deposits with original maturity greater than three months

81

80

Derivative financial instruments

18

5

Total liquidity

1,677

1,612

Net (debt)

(3,057

)

(3,125

)

Free cash flow (non-IFRS measure)

The following is a summary of free cash flow for the three months ended March 31, 2026 and 2025, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure:

Three months ended March 31

($ millions)

2026

2025

Net cash flows from operating activities

418

384

Purchase of property, plant & equipment

(139

)

(106

)

Free cash flow

279

278

About Alcon

Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people’s lives. Our Surgical and Vision Care products touch the lives of people in over 140 countries and territories each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.

Connect with us on

Facebook

LinkedIn

More News From Alcon Inc. Swiss