Market Signal Briefing

The recent crash, which saw SHIB follow BTC's downturn, belies a key bullish metric. The headline-grabbing outflow of 81,004,189,771 SHIB tokens is not a sell-off but a movement off exchanges into private wallets. This significant reduction in immediate selling pressure locks up supply, creating a foundation for price appreciation once demand returns, as any surge in buying will encounter a scarcer asset.

XRP turns around againFollowing a brief period of recovery earlier this week, XRP has once again changed course, this time from bullish optimism to fresh bearish momentum. The token reversed sharply over the past day, dropping by about 1.7%, and failed to hold above the $2.50 resistance, indicating that sellers are once again in control.

The price movement of XRP presents a concerning image on the daily chart. Since late August, the token has been trading inside a descending channel for weeks, with lower highs consistently forming. Strong overhead resistance around $2.70 was confirmed when the most recent attempt to break out of this pattern was rejected close to the 50-day moving average.

HOT Stories

XRP/USDT Chart by TradingViewSince then, XRP has fallen below the 200-day moving average, which is represented by the black line, and is a significant bearish indicator that usually precedes long-term declines. The Relative Strength Index (RSI) is still below 40, indicating that there is not enough buying momentum to sustain any significant rebound, while volume indicators show a consistent increase in sell-side activity.

With the psychological level of $1.00 looming as a possible longer-term target, XRP runs the risk of further declining toward the $2.20 and $2.00 support zones if current conditions continue. Even though there is still pressure on the cryptocurrency market as a whole, XRP’s structure is now especially vulnerable.

In the absence of a clear recovery above $2.70-$2.80, the range that would nullify the current downtrend, the inability to hold above important moving averages suggests that the bearish trend will continue. How the market feels, and how liquidity moves, will probably determine XRP’s future soon.

The token currently seems to be trapped in a downward momentum cycle, with sellers holding a firm lead. Should the situation not change quickly, XRP may be on the verge of a more severe decline, perhaps reaching $1, where a more robust demand base may eventually take hold.

Shiba Inu's momentum flipsShiba Inu appeared to be gaining momentum and regaining ground when the market turned on the meme coin once more. Following the encouraging recovery from yesterday, SHIB’s momentum vanished almost immediately, causing the asset to plummet below the critical psychological support level of $0.0000099 and bringing the dreaded zero back into its price.

SHIB/USDT Chart by TradingViewCurrently trading at around $0.0000090, SHIB has dropped by almost 2% over the past day. The bears are still in complete control, as evidenced by the loss of this crucial threshold, which effectively disproves the short-term bullish structure that had been developing. For retail traders who were betting on a recovery toward $0.000011 or even higher, this abrupt reversal has dashed their hopes.

A tightening wedge pattern that had been forming since early summer is clearly broken down in the chart structure. The next possible floor for SHIB is currently around $0.0000085, and it is currently having difficulty staying above its local support levels. A prolonged decline below that might pave the way for a return to $0.0000075, a level not seen in months.

The technical indicators have a strong bearish slant. The asset continues to trade below all three major moving averages (50-, 100- and 200-day), and the Relative Strength Index (RSI) remains below 40, indicating weak buying momentum. The market’s lack of bullish conviction is further supported by the fact that volume has also decreased.

In the upcoming sessions, SHIB runs the risk of going into a more severe correction phase unless it is able to recover $0.0000100 and stabilize above it. All indications currently point to additional downward pressure, and sentiment is quickly turning from optimism to caution.

The evil zero has returned, and unless the larger cryptocurrency market experiences a dramatic rebound shortly, it might remain in place longer than SHIB holders would like.

Bitcoin gains wiped outBitcoin has once again fallen into the red, wiping out its brief gains and eroding market confidence after momentarily regaining the $110,000 mark earlier this week. With increasing pressure on the 200-day moving average, which is currently serving as a brittle support near $107,000, the asset’s most recent decline, which was about 1.8% over the previous day, forced Bitcoin back toward the $108,000 range.

The reversal occurs as selling volume on major exchanges has increased and market momentum is waning. Although the decline of Bitcoin cannot be attributed to a single factor, it is evident that short-term traders have profited from the recent recovery, which has increased volatility on the downside. Institutional inflows have also decreased, and data on derivatives indicates an increase in short positions, both of which suggest a resurgence of bearish sentiment.

Investors should pay particular attention to a few critical levels in the future. About $106,000 is the immediate support level, which corresponds to the local low that was observed earlier this month. Bitcoin might move toward $102,000 if it breaks below that, where it might encounter stronger historical demand.

With the 50-day and 100-day moving averages grouped in that region, which has consistently turned down bullish attempts since early October, Bitcoin faces strong resistance on the upside between $112,000 and $114,000. Technically speaking, the Relative Strength Index (RSI), which is neutral and lies between 40 and 45, indicates that Bitcoin may consolidate for some time before deciding on a course.

Cardano (ADA), the 10th largest cryptocurrency by market capitalization, is showing renewed bullish momentum, prompting analysts to suggest it may be one of the best buying opportunities in the crypto market over the next decade. Over the past 24 hours, ADA has gained roughly 5%, trading at $0.6657, following a period of consolidation and volatility that saw the token retrace more than 24% over the last two weeks.

XRP is entering a breakout phase as institutional investors ramp up exposure, led by a $200 million move from SBI Holdings aimed at building one of the largest XRP treasuries ever—signaling massive confidence in its future as a core financial asset.

Bitcoin has once again turned bearish after briefly reclaiming the $110,000 mark earlier this week, erasing short-lived gains and shaking investor confidence. The world’s leading cryptocurrency has slipped by around 1.8% in the past 24 hours, pulling back toward the $108,000 range. The correction comes amid growing selling pressure and weakening momentum, with the 200-day moving average acting as fragile support near $107,000.

The recent decline appears to be driven by a mix of profit-taking among short-term traders and fading institutional inflows. Data from major exchanges show an uptick in sell orders, while derivatives markets reveal a rise in short positions—signs that bearish sentiment is regaining strength. Traders who capitalized on Bitcoin’s brief recovery have contributed to the current wave of downside volatility.

Technically, Bitcoin’s immediate support lies near $106,000, a level that coincides with the local low recorded earlier this month. A break below this threshold could open the door to a deeper decline toward $102,000, where historical buying interest has previously stabilized prices. On the upside, Bitcoin faces heavy resistance between $112,000 and $114,000, a range reinforced by the 50-day and 100-day moving averages that have consistently capped bullish advances since early October.

Market indicators such as the Relative Strength Index (RSI) remain neutral, hovering between 40 and 45, suggesting that Bitcoin may continue to consolidate in the short term before choosing a decisive direction. As traders monitor key technical levels and sentiment shifts, Bitcoin’s next move could determine whether the broader crypto market regains confidence or faces another round of correction.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

1 hour ago

Tether has notched its 500 millionth user of its USDT stablecoin, an achievement its CEO Paolo Ardoino said is “likely the biggest financial inclusion achievement in history.”

531

US dollar-pegged stablecoin Tether hit its 500 millionth user on Tuesday, offering a means to transact and save for those who have been excluded by the traditional banking system.

“Likely the biggest financial inclusion achievement in history,” Tetherj CEO Paolo Ardoino wrote in a post on X.

Source: Paolo ArdoinoTether said the figure represents 500 million “real people,” not simply Tether (USDT) wallets, suggesting its stablecoin has now been used by around 6.25% of the world’s population.

The World Bank Group estimates there are 1.4 billion adults who don’t have access to a bank account globally. Crypto is one potential solution to the problem, as anyone with a phone can download a crypto wallet to receive money and store funds securely.

Crypto can also be beneficial for those who live in high-inflation countries or nations where the risk of having one’s funds seized is real.

USDT is helping people and small businesses in KenyaTo celebrate the milestone, Tether shared a 10-minute documentary showcasing USDT adoption in Kenya, where people turn to stablecoins “not for speculation, but for survival.”

Ardoino noted that 37% of USDT users hold the stablecoin as a store of value.

It also highlighted how small businesses have been forced to turn to USDT to pay for imports as an alternative to the weakening Kenyan shilling, providing a lifeline to keep those companies afloat.

USDT is by far the largest stablecoin, with a market cap of $182.4 billion, representing a 58.4% market share, according to CoinGecko. Circle’s USDC (USDC) comes in next at 76.8 billion.

Tether could be worth half a trillion dollarsLast month, Tether was said to be in talks with investors to raise up to $20 billion at around a $500 billion valuation, which would make Tether one of the most valuable private companies in the world.

Financial services firm Cantor Fitzgerald is acting as a lead adviser in the potential deal.

Magazine: Review: The Devil Takes Bitcoin, a wild history of Mt. Gox and Silk Road

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The crypto market’s October slump just worsened, dropping by around 3%. Bitcoin slipped under $110,000 intraday and Ethereum fell below $3,900, dragging most altcoins into the red as a risk-off wave rippled across digital assets.

The drawdown follows one of the harshest months of the year. The market has erased roughly $370 billion in value, with as much as $19 billion in leveraged positions liquidated and $65 billion wiped from futures open interest, resetting activity to early-2025 levels.

Related Reading: Winklevoss-Led Gemini Exchange Unveils New Credit Card Featuring Solana Rewards

Institutional support thinned as spot Bitcoin ETFs posted about $1.23B in weekly net outflows, including $366M on Friday alone, removing a key buyer during sell pressure.

At the same time, a major AWS outage disrupted access on leading venues, including Coinbase and several DeFi front ends, widening spreads and accelerating forced unwinds. Within 24 hours, over $240M in long positions, mostly BTC and ETH, were liquidated, briefly pushing Bitcoin toward $107,500.

BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview
Musk/SpaceX Wallet Move Fuels Fear As Macro Tensions Simmer
Nerves frayed further after trackers flagged SpaceX transfers totaling 2,395 BTC ($268M). While on-chain analysts suggest the flows look like internal custody reshuffles, with receiving wallets still inactive, the timing sparked “Is Musk selling?” headlines and added to headline risk.

The backdrop was already fragile as renewed U.S.–China trade tensions, a stronger dollar, and U.S. fiscal uncertainty have pushed investors toward cash and safe havens.

Micro catalysts didn’t help confidence. A Paxos operational error that minted an astronomical number of PYUSD units (quickly reversed) reminded traders of infrastructure risk just as liquidity thinned.

Meanwhile, altcoins bled more than majors (averaging 4% drop) as SOL, BNB, ADA and DOGE posted deeper single-day declines, while XRP showed relative resilience on fresh institutional headlines. The rotation underscores a classic flight to quality: when BTC wobbles, smaller caps usually underperform.

What To Watch Next
Technically, Bitcoin faces layered resistance near $112,000–$115,500, with supports at $108,000, $105,000–$102,000, and the psychological $100,000 zone.

A decisive daily close back above the 50-day region ($113,000) would help stabilize momentum; lose $101,700 and the market risks a deeper bearish phase as stop-losses and auto-deleveraging re-ignite.

Related Reading: Is The Bitcoin Supercycle Still In Play? Wave 3 Tells A Story Of A Surge

For Ethereum, bulls want to reclaim $4,000 and the $4,050–$4,150 supply area; failure keeps pressure on toward $3,700–$3,600.

Near-term catalysts remain firmly macro, with the upcoming U.S. CPI print and any Federal Reserve hints on rate cuts or quantitative tightening (QT) likely to shift liquidity dynamics quickly. On the micro side, investors should monitor ETF flows to see if outflows ease, as well as exchange uptime and whale behavior.

Cover image from ChatGPT, BTCUSD chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Fetch.ai CEO Humayun Sheikh has announced a $250,000 bounty for information identifying the signers of OceanDAO’s multisignature wallet, intensifying the ongoing dispute between Fetch.ai and Ocean Protocol. The conflict stems from alleged token mismanagement before the Artificial Superintelligence (ASI) Alliance merger in 2024—a partnership meant to unite Fetch.ai, Ocean Protocol, and SingularityNet under a shared decentralized AI vision.

According to blockchain analytics firm Bubblemaps, Ocean Protocol allegedly converted 661 million OCEAN tokens into 286 million FET before the merger took effect. Of these, around 270 million FET were later transferred to exchanges, including 160 million to Binance and 109 million to GSR Markets. Sheikh claimed these transactions breached the alliance’s principles, asserting that “funds intended for the community were diverted.” He called on Binance and GSR to investigate the matter and has pledged to fund class-action lawsuits across multiple jurisdictions to hold Ocean Protocol accountable.

Ocean Protocol has strongly denied the accusations, labeling them as “unfounded,” and said it would issue an official response. Notably, Binance halted OCEAN deposits on October 15, just days before Sheikh’s public statement, fueling speculation despite the exchange not citing the feud as the cause.

Analysts warn the conflict could erode investor confidence in AI token alliances, which were once valued at over $7 billion. The controversy has also reignited debate about transparency in multisignature governance and token custody among blockchain projects. Ocean Protocol officially exited the ASI Alliance on October 9, offering no explanation for the disputed transfers.

As of October 21, Fetch.ai’s FET traded at $0.25, down 9% in 24 hours, while Ocean Protocol’s OCEAN stood at $0.25, both reflecting significant declines from their all-time highs. The dispute underscores the growing challenges of trust and transparency in decentralized AI collaborations.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

A viral YouTube video this week revealed how a U.S. investor lost 1.2 million XRP, worth about $3.05 million, from their Ellipal wallet. The story quickly spread across the crypto community for both its scale and the way it exposed a serious problem within the digital asset world: confusion between wallet types and product designs.

Blockchain investigator ZachXBT traced the movements of the stolen XRP and uncovered how efficiently the funds were moved across networks before vanishing into global laundering channels.

How the Theft UnfoldedOn October 12, 2025, the attacker carried out more than 120 Ripple-to-Tron swaps using a service called Bridgers, previously known as SWFT. On blockchain explorers, the transactions appeared as Binance-linked because Bridgers uses the exchange’s liquidity.

By October 15, the money had been fully laundered through over-the-counter networks associated with Huione, an illicit online marketplace based in Southeast Asia. Huione has been involved in laundering billions from online scams, human trafficking, and large-scale crypto frauds.

Recently, U.S. authorities imposed additional restrictions on Huione in connection with the $15 billion Prince Group seizure, tightening efforts to curb illegal financial activity in the region.

The Wallet Confusion That Cost MillionsWhat makes this case particularly alarming is that it was not a sophisticated hack but a mistake. The victim believed they were using the Ellipal cold wallet, which stores crypto assets offline. In reality, they were using a hot wallet connected to the internet, leaving it vulnerable to compromise.

This kind of mix-up is common. Many crypto companies offer both custodial and non-custodial wallets under the same brand, which often causes users to misunderstand how their funds are stored.

There have also been many cases of impersonation scams where victims are tricked into moving their coins into fake security wallets or support accounts after being contacted by people pretending to represent official crypto platforms.

Law Enforcement GapsAfter realizing the loss, the victim struggled to reach U.S. law enforcement for help. Despite the size of the theft, it was difficult to find an agency with the right expertise to investigate. Many departments are overwhelmed by the growing number of crypto-related crimes.

Countries such as the United States, Netherlands, Singapore, and France tend to be more responsive, but outcomes depend heavily on the individual officers handling the case. Pursuing civil recovery, especially across borders, often becomes very costly and time-consuming.

The case also reveals a lack of victim support within the XRP community. While networks like Bitcoin, Ethereum, and Solana have strong public channels for theft reporting, Ripple’s ecosystem remains more fragmented.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Orrstown Financial Services (ORRF - Free Report) reported $64.37 million in revenue for the quarter ended September 2025, representing a year-over-year increase of 0.5%. EPS of $1.13 for the same period compares to $1.11 a year ago.

The reported revenue represents a surprise of +2.01% over the Zacks Consensus Estimate of $63.1 million. With the consensus EPS estimate being $1.06, the EPS surprise was +6.6%.

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 Orrstown performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Efficiency ratio: 56.4% versus the three-analyst average estimate of 56.6%.Average Interest-Earning Assets: $4.99 billion compared to the $4.97 billion average estimate based on three analysts.Net Interest Margin: 4.1% versus the three-analyst average estimate of 4.1%.Total Non Interest Income: $13.38 million versus the three-analyst average estimate of $12.15 million.Other income: $2.1 million compared to the $2.02 million average estimate based on two analysts.Interchange Income: $1.62 million compared to the $1.22 million average estimate based on two analysts.Service charges on deposit accounts: $3 million versus the two-analyst average estimate of $2.75 million.Wealth management income: $5.28 million compared to the $5.07 million average estimate based on two analysts.Net Interest Income: $50.99 million versus $51.28 million estimated by two analysts on average.View all Key Company Metrics for Orrstown here>>>

Shares of Orrstown have returned -5% over the past month versus the Zacks S&P 500 composite's +1.2% 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.

Netflix is scheduled to provide an investor update that could have huge implications for shareholders.

Netflix (NFLX +0.23%) is the pioneer of the streaming industry, and its performance exceeds investor expectations.

*Stock prices used were the afternoon prices of Oct. 17, 2025. The video was published on Oct. 19, 2025.

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Netflix. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.

Turning an initial $10,000 investment into $12 million is actually easier than it sounds.

Turning a $10,000 investment into $12.5 million with little effort may sound impossible, but it's not. You're just going to need time, some strong growth exchange-traded funds (ETFs), and the ability to dollar-cost average into these funds.

However, if you make a $10,000 initial investment into an ETF and consistently add $2,000 each month thereafter for the next 30 years, you will have more than $12.5 million with just a 15.3% average annual return. Why use 15.3%? Because that's the average yearly return of the S&P 500 over the past decade. This doesn't mean the S&P 500 will return 15.3% annually over the next 10 years, but it's safe to say that over the next few decades, the return profile of the broad market index isn't going to change much, barring a sea change in the American economy.

ETFs aim for specific risk and reward profiles. Consequently, their average returns don't fluctuate much over time. With that, let's look at three ETFs focused on growth stocks that have easily surpassed the S&P 500's returns over the past decade and that could push that number even higher.

Image source: Getty Images.

The Invesco QQQ Trust
While an S&P 500-focused ETF is a solid choice and could potentially get you to a $12 million nest egg, the simple fact is that the Invesco QQQ Trust (QQQ 0.03%) has consistently outperformed the benchmark index over the past decade and beyond. Over the past 10 years, the ETF has generated a 536.4% cumulative return, or 20.3% on an annual basis, compared to a 315.3% cumulative return, or 15.3% from the S&P. That's a big difference that adds up.

What's even more striking is that the Invesco QQQ Trust has outperformed the S&P 500 more than 87% of the time on a rolling-12-month basis during this stretch. That shows that the ETF hasn't outperformed just because of one or two big years, but that it's done it on a consistent basis.

The Invesco QQQ Trust includes the top companies leading the artificial intelligence (AI) charge. And with AI still in its early innings, it looks poised to continue to outperform over the long term.

The Vanguard Growth ETF
Another strong growth ETF to invest in is the Vanguard Growth ETF (VUG 0.04%). Like the Invesco QQQ Trust, its performance has also decidedly outpaced that of the S&P 500. The reason is simple. Growth stocks have outperformed value stocks for much of the past decade, and the Vanguard Growth ETF essentially tracks the growth side of the S&P 500.

The performance of the ETF compared to its value counterpart, the Vanguard Value ETF (VTV +0.11%), is striking. The growth ETF has generated an 18% annual return over the past 10 years, while the value ETF has given investors only a 12.1% yearly gain.

By focusing on growth sectors, such as tech and consumer discretionary, and deemphasizing sectors like financials and industrial, the Vanguard Growth ETF is well positioned to outperform the S&P over the coming decade.

The Vanguard Information Technology ETF
For investors who really want to shoot for the moon, the Vanguard Information Technology ETF (VGT 0.10%) could be your ticket to immense gains. The fund invests only in technology stocks, and it is heavily concentrated in its three stock holdings of Nvidia (NVDA 0.81%), Apple (AAPL +0.20%), and Microsoft (MSFT +0.17%). Combined, these three stocks account for nearly 44% of the ETF's holdings, with Nvidia alone accounting for more than 17%. Apple and Microsoft, meanwhile, are both more than 13% positions.

While that type of concentration adds more risk, it also increases the potential reward. This is evident from the ETF's performance. Over the past 10 years, it has had an average annual return of 23.4%, easily the best of any Vanguard ETF.

If we go back to our original equation and plug in a 23.4% yearly return on a $10,000 investment with $2,000 added monthly, your return at the end of 30 years would be a massive $67.5 million. Now, getting that type of return over such a long stretch is probably unlikely, but it still shows the immense power of dollar-cost averaging and long-term compounding.

With technology continuing to reshape the world we live in, investing in growth-oriented ETFs with heavy tech exposure continues to be a solid strategy. The best thing about ETFs like the ones above is that you can just set your investments on autopilot and not worry about picking individual stocks.

Geoffrey Seiler has positions in Invesco QQQ Trust. The Motley Fool has positions in and recommends Apple, Microsoft, Nvidia, Vanguard Index Funds-Vanguard Growth ETF, and Vanguard Index Funds-Vanguard Value ETF. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

You may not duplicate its recent returns, but it still has high-growth potential.

Nvidia (NVDA 0.81%) has been one of the largest beneficiaries of the recent artificial intelligence (AI) boom that has happened over the past few years. Its stock is up over 1,400% in three years, far outperforming the S&P 500 index, up 79% in that span.

Nvidia's run has obviously been good for existing shareholders, but that doesn't mean there is no opportunity for those now looking to get into the stock. The reason it could keep climbing long term comes down to the expected growth of AI infrastructure and Nvidia's role in that.

Image source: Nvidia.

Many notable companies are building new data centers because of how valuable they are to AI training and scaling. Nvidia is the backbone of these facilities, so it gets a natural boost from these new build-outs. Inside them are Nvidia's GPUs, networking hardware, and software platforms. It's the go-to for lots of hardware used in AI development.

CEO Jensen Huang claimed during the most recent earnings call that Nvidia is winning a $35 billion revenue share of every gigawatt AI data center, which costs $50 billion to $60 billion.

Today's Change

(

-0.81

%) $

-1.48

Current Price

$

181.16

That explains Nvidia's data center revenue was up 56% year over year to $41.1 billion in its latest fiscal quarter, composing over 88% of total revenue. As tech companies continue to spend on AI infrastructure, Nvidia's earnings growth will continue. It's reasonable to expect year-over-year growth to slow down, but that doesn't take away from its future as a key player in the field.

Nvidia stock is priced at a premium, so if you're worried about any sudden pullbacks or corrections, try dollar-cost averaging your way into a stake instead of investing a lump sum.

Stefon Walters has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.

, /PRNewswire/ -- Grupo Comercial Chedraui, S.A.B. de C.V. reports its 2025 third-quarter results. All figures are shown in nominal terms and reported under International Financial Reporting Standards (IFRS).

3Q'25 Highlights:  

Same Store Sales (SSS) grew 2.8% in Mexico in the quarter, surpassing ANTAD's by 183 basis points. This is the twenty-first consecutive quarter surpassing ANTAD.
Consolidated EBITDA grew 3.2% compared to the previous year.
Consolidated EBITDA margin of 8.5% increased 28 basis points (bps).

Chedraui Mexico's EBITDA margin increased by 6 basis points to 9.9%.
Chedraui USA's EBITDA margin grew 34 basis points to 7.3%

Consolidated Net Income grew 13.3% compared to the 3Q'24.
Net debt to EBITDA ratio of -0.03x at the end of 3Q'25.
Organic growth plan: Opening of 32 stores in Mexico during the 3Q'25.
Opening of our 1,000th store in Mexico and the United States reflects our ongoing commitment to invest and generate job opportunities in the countries where we operate.

Antonio Chedraui, Grupo Comercial Chedraui's CEO, remarked:

Our three strategic pillars: Lowest Price, Best Assortment per Store, and Best Shopping Experience, were the key factors behind our ability to retain and attract new customers, particularly in a consumer environment weaker than we had anticipated.

It is important to note that in Mexico, our SSS grew 2.8%, which exceeded ANTAD's Self Service growth by 183 bps. This is the twenty-first consecutive quarter of beating ANTAD

In our U.S. operations, stricter immigration enforcement affected customer traffic at El Super and Fiesta, which negatively impacted Chedraui USA's SSS in the quarter. It is worth noting that the loss of operating leverage was offset by the elimination of transition duplicate costs and increased supply chain efficiencies at our distribution center in Rancho Cucamonga, California (RCDC).

We maintain our commitment to continued investment, as reflected by our acceleration in organic growth. In Mexico, we opened 32 stores in 3Q'25 - 31 Supercitos and one Chedraui store- bringing the total to 77 stores in Mexico and one in the United States during the first nine months of the year. We are also proud to announce that Grupo Comercial Chedraui reached an important milestone with the opening of its 1,000th store in the third quarter, a remarkable achievement for our employees and shareholders.

Finally, I would like to highlight the 13.3% growth in consolidated net income, as well as the improvement in net cash position by $1,305 million pesos, achieved despite the challenging environment we are experiencing.

To access the full document, please click here. 

Conference Call Information

Date

Wednesday, October 22nd, 2025
     11:00 am (EST)
     9:00 am (Mexico City CT)

Conference Call
Operator-assisted US toll-free dial-in number: +1 877 407 3982
Operator-assisted Mexico toll-free dial-in number: 01 800 522 0034
Operator-assisted international toll free: +1 201 493 6780
https://callme.viavid.com/viavid/?callme=true&passcode=13731734&h=true&info=company&r=true&B=6 

Webcast

https://viavid.webcasts.com/starthere.jsp?ei=1738827&tp_key=ed601a89fd

SOURCE GRUPO COMERCIAL CHEDRAUI

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+

Newsrooms &

Influencers

9k+

Digital Media

Outlets

270k+

Journalists

Opted In

PennyMac Mortgage Investment Trust (NYSE:PMT) Q3 2025 Earnings Call October 21, 2025 6:00 PM EDT

Company Participants

David Spector - Chairman of the Board & CEO
Daniel Perotti - Senior MD & CFO

Conference Call Participants

Douglas Harter - UBS Investment Bank, Research Division
Bose George - Keefe, Bruyette, & Woods, Inc., Research Division
Trevor Cranston - Citizens JMP Securities, LLC, Research Division
Crispin Love - Piper Sandler & Co., Research Division

Presentation

Operator

Good afternoon and welcome to PennyMac Mortgage Investment Trust's Third Quarter 2025 Earnings Call. Additional earnings materials, including the presentation slides that will be referred to in the call, are available on PennyMac Mortgage Investment Trust's website at pmt.pennymac.com.

Before we begin, let me remind you that this call may contain forward-looking statements that are subject to certain risks identified on Slide 2 of the earnings presentation that could cause the company's actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent and the earnings materials.

Now I'd like to introduce David Spector, PennyMac Mortgage Investment Trust's Chairman and Chief Executive Officer; and Dan Perotti, PennyMac Mortgage Investment Trust's Chief Financial Officer.

David Spector
Chairman of the Board & CEO

Thank you, operator. In the third quarter, PMT produced outstanding results and growth in book value per share with a 14% annualized return on common equity. Net income to common shareholders was $48 million, and earnings per share was $0.55, with strong performance across all investment strategies. PMT declared a third quarter common dividend of $0.40 per share, and book value per share on September 30 was $15.16, up from $15 at June 30. Dan will talk about PMT's third quarter financial results in more detail later on in the presentation.

On Slide 5, I want to start by reminding everyone

Recommended For You

The collaboration combines Innovent's proven immuno-oncology ("IO") and antibody-drug conjugate ("ADC") R&D capability and Takeda's experience in global oncology drug development to accelerate Innovent's two late-stage investigational medicines worldwide, and Takeda receives an option for an early-stage program.
Innovent and Takeda will co-develop the IO backbone therapy IBI363 (PD-1/IL-2α-bias) globally and co-commercialize it in the U.S., where Takeda will lead the co-development and co-commercialization efforts under joint governance and aligned development plan; Takeda will receive exclusive commercialization rights outside Greater China and the U.S.
Innovent will grant Takeda exclusive rights for IBI343 (CLDN18.2 ADC) outside Greater China.
Innovent will grant Takeda an exclusive option for the rights for IBI3001 (EGFR/B7H3 ADC) outside Greater China.
Innovent will receive a US$1.2 billion upfront payment including a strategic equity investment of US$100 million at premium, and potential milestones for a total deal value of up to US$11.4 billion, and royalties.
Innovent to host conference calls and webcasts at 9:00 a.m. HKT (Chinese session) and 9:00 p.m. HKT (English session) on Wednesday, October 22, 2025.

, /PRNewswire/ -- Innovent Biologics (HKEX: 01801) announced a strategic global collaboration with Takeda (TSE:4502, NYSE:TAK) to advance next-generation IO and ADC cancer therapies, with the goal of developing potentially transformative cancer treatments to benefit patients worldwide.

This partnership aims to leverage key synergies and accelerate the global development of several investigational medicines within Innovent's IO+ADC pipeline, including: IBI363, a first-in-class PD-1/IL-2α-bias bispecific antibody fusion protein demonstrating robust anti-tumor activity and potential to be a foundational next-generation IO therapy that is currently in Phase 3 clinical stage; IBI343, a potentially best-in-class CLDN18.2 ADC currently in Phase 3 clinical stage; and IBI3001, a first-in-class EGFR/B7H3 bispecific ADC currently in Phase 1 clinical stage.

Dr. Hui Zhou, Chief R&D Officer for Oncology Pipeline at Innovent Biologics, stated, 

"We believe that developing innovative IO and ADC will be a key direction for redefining cancer treatment worldwide. This landmark collaboration with Takeda brings together our three next-generation assets. With clear, aligned development plans, Innovent's deep understanding of these assets, combined with Takeda's extensive experience and strong development and commercialization capabilities, we are committed to delivering these promising medicines to patients worldwide as quickly as possible. This collaboration is also a crucial step in fulfilling Innovent's strategic roadmap as we expand our global footprint, with the goal of becoming a leading global biopharmaceutical company."

"We are excited to partner with Innovent, an accomplished team with deep expertise in next-generation immuno-oncology and ADC biology," said Teresa Bitetti, President of the Global Oncology Business Unit at Takeda.  "IBI363 and IBI343, two next-generation investigational medicines, have the potential to address critical treatment gaps for patients with a range of solid tumors. We are energized by the progress made by Innovent  to date and look forward to collaborating to unlock the potential of these programs. Our global research and development expertise  and commercialization capabilities will enable us to accelerate the delivery of these investigational medicines to patients. These two programs have the potential to be transformative for our oncology portfolio and significantly enhance Takeda's growth potential post-2030."

IBI363 (PD-1/IL-2α-bias): Global Joint Development and Commercialization Collaboration

IBI363, developed by Innovent Biologics, is a potentially first-in-class PD-1/IL-2α-biased bispecific antibody fusion protein that simultaneously blocks the PD-1/PD-L1 pathway and activates the IL-2 pathway. Innovent has shown that IBI363, with an IL-2 receptor alpha focused approach, selectively expands tumor-specific CD8+ T cells that increase tumor cell killing efficiency without activating or expanding the toxicity related to peripheral T cells, which results in a better safety profile than what is seen with traditional IL-2s. Phase 1b/2 results presented at ASCO 2025 have demonstrated outstanding tumor responses and preliminary survival benefits of IBI363 across immunotherapy-resistant lung cancer, "cold tumors" such as acral and mucosal melanoma, and MSS colorectal cancer. IBI363 is now in registrational clinical development, including a global Phase 3 study in second line sqNSCLC that is expected to begin in the coming months; the China NMPA has granted Breakthrough Designation (BTD) and U.S. FDA has granted Fast Track Designation (FTD) for this indication.

According to the agreement, Innovent and Takeda will co-develop IBI363 globally, sharing development costs 40/60 (Innovent/Takeda). In the U.S., Innovent and Takeda will co-commercialize IBI363, sharing the U.S. profit or loss 40/60. Takeda will lead the co-development and co-commercialization efforts under joint governance and aligned development plan. In addition, Innovent will grant Takeda commercialization rights outside Greater China and the U.S. Takeda will have global manufacturing rights to supply IBI363 outside of Greater China, with such rights being co-exclusive with Innovent for commercial supply in the U.S. Takeda will pay Innovent potential development and sales milestones outside Greater China, and tiered royalties up to high-teens on net sales outside Greater China and the U.S.

This collaboration aims to explore and maximize IBI363's potential as a new IO backbone therapy through aligned co-development plans. Building on its already robust clinical data of over 1,200 treated patients, IBI363 will be initially developed globally in non-small cell lung cancer ("NSCLC") and colorectal cancer ("CRC"), including in the first-line settings. Additionally, Takeda and Innovent plan to expand IBI363's clinical development to additional indications.

IBI343 (CLDN18.2 ADC): Global License for Development and Commercialization

IBI343, developed by Innovent Biologics, is an innovative TOPO1 inhibitor ADC targeting CLDN18.2. Clinical data show a favorable safety profile and encouraging efficacy signals. It is currently being evaluated in a Phase 3 clinical trial in gastric/gastroesophageal cancers (G-HOPE-001) in China and Japan, and was granted Breakthrough Designation in China. IBI343 also completed a global Phase 1/2 trial in previously treated pancreatic ductal adenocarcinoma (PDAC) and has received Breakthrough Designation in China for this indication. It has also received Fast Track Designation from the U.S. FDA for the treatment of advanced unresectable or metastatic pancreatic ductal adenocarcinoma (PDAC) that has relapsed and/or is refractory to one prior line of therapy.

Innovent will grant Takeda exclusive global rights to develop, manufacture and commercialize IBI343 outside of Greater China. Takeda plans to advance the development of IBI343 and expand into first-line gastric and pancreatic cancer settings.

Takeda will make potential milestone payments, and tiered royalties on net sales up to high-teens for the license of IBI343.

IBI3001 (EGFR/B7H3 ADC): Option to Global License for Development and Commercialization

IBI3001, currently in a Phase 1 clinical trial, is a first-in-class bispecific ADC targeting B7-H3 and EGFR. It combines multiple anti-tumor mechanisms, including enhanced EGFR blockade, receptor-mediated internalization, and strong ADC-mediated cytotoxicity, with a high safety margin demonstrated in preclinical models.

Innovent will grant Takeda an exclusive option to license global development, manufacturing, and commercialization rights for IBI3001 outside of Greater China. If exercised, Takeda will pay Innovent an exercise fee, potential milestone payments, and tiered royalties on net sales up to mid-teens.

Financial Highlights: Total Deal Value up to $11.4Billion

Takeda will pay Innovent an upfront payment of US$1.2 billion, including a US$100 million equity investment in Innovent through new share issuance, at HK$112.56 per share, a 20% premium to the Innovent 30-trading-day weighted average share price.

Furthermore, Innovent is eligible for development and sales milestone payments for IBI363, IBI343, and IBI3001 (if option exercised) totaling up to approximately $10.2 billion, for a total deal value of up to $11.4 billion. Innovent will also receive potential royalty payments for each molecule outside Greater China, except with respect to IBI363 in the U.S., where the parties will share profits or losses.

Innovent will host conference calls and webcasts at 9:00 a.m. HKT (Chinese session) and 9:00 p.m. HKT (English session) on Wednesday, October 22, 2025.Details of the conference call dial-in and the webcast link will be provided on the company website at https://investor.innoventbio.com/en/investors/webcasts-and-presentations/. A replay will also be available on the website shortly after the event.

Morgan Stanley Asia Limited serves as the exclusive financial advisor to Innovent Biologics in relation to this transaction.

About Innovent Biologics

Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 16 products in the market. It has 2 new drug applications under regulatory review, 4 assets in Phase 3 or pivotal clinical trials and 15 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Eli Lilly, Sanofi, Incyte, LG Chem and MD Anderson Cancer Center.

Guided by the motto, "Start with Integrity, Succeed through Action" Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

Statement:  Innovent does not recommend the use of any unapproved drug (s)/indication (s).

Forward-looking statement of Innovent Biologics

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent's competitive environment and political, economic, legal and social conditions.

Innovent, the Directors and the employees of Innovent assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turn out to be incorrect.

SOURCE Innovent Biologics

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+

Newsrooms &

Influencers

9k+

Digital Media

Outlets

270k+

Journalists

Opted In

The only company from pharmaceutical industry selected for inclusion in the Index
Also included in HSI ESG Index and Hang Seng ESG 50 Index
Green CRDMO solution provider with outstanding sustainability performance

, /PRNewswire/ -- WuXi Biologics (2269.HK), a leading global Contract Research, Development, and Manufacturing Organization (CRDMO), today announced its inclusion in the 2025 Hang Seng Corporate Sustainability Benchmark Index. It stands out as the only company from the pharmaceutical industry selected for this prestigious recognition. The company has also been previously honored for its inclusion in both the HSI ESG Index and the Hang Seng ESG 50 Index.

The Hang Seng Corporate Sustainability Benchmark Index recognizes publicly listed companies that demonstrate outstanding ESG performance, providing benchmarks for sustainability investments. Constituent selection follows a comprehensive process based on the results from a sustainability assessment undertaken annually by the Hong Kong Quality Assurance Agency (HKQAA), an independent and professional assessment body, using its proprietary sustainability assessment and rating framework.

As a global provider of biologics Green CRDMO solutions, WuXi Biologics has consistently embraced sustainability principles as integral to its robust business growth — advancing sustainable practices in biologics green research, development, manufacturing, and operations; optimizing energy and resource efficiency; enhancing governance transparency; and demonstrating unwavering dedication to employee welfare and societal improvement.

Dr. Chris Chen, WuXi Biologics CEO and Chairman of the ESG Committee, commented, "Being included in the Hang Seng Indexes is a significant recognition of our continuous efforts in pursuing sustainability. As a global leader in Green CRDMO, we will remain committed to creating long-term value for stakeholders while contributing to society and the environment."

In line with the United Nations Sustainable Development Goals, WuXi Biologics has been actively engaged with the United Nations Global Compact (UNGC) and the Pharmaceutical Supply Chain Initiative (PSCI). The company's new near-term and net-zero greenhouse gas emissions-reduction target matrix has been approved by the Science Based Targets initiative (SBTi) in August.

Over the past few years, WuXi Biologics has earned widespread recognition for its dedicated efforts in sustainability. The company was granted MSCI AAA ESG Rating; awarded an EcoVadis Platinum Medal; listed in the Dow Jones Sustainability Indices (DJSI); named to CDP Water Security "A List" and Supplier Engagement Assessment "A List", and awarded a CDP Climate Change leadership-level "A-" score; given the highest negligible-risk rating by Sustainalytics, and recognized as a Sustainalytics industry and regional ESG top-rated company; selected as a Constituent of the FTSE4Good Index Series; listed in the Hang Seng ESG 50 Index; and rated as Prime by ISS ESG Corporate Rating.

About WuXi Biologics

WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide.

With over 12,000 skilled employees in China, the United States, Ireland, Germany and Singapore, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of June 30, 2025, WuXi Biologics is supporting 864 integrated client projects, including 24 in commercial manufacturing.

WuXi Biologics regards sustainability as the cornerstone of long-term business growth. The company continuously drives green technology innovations to offer advanced end-to-end Green CRDMO solutions for its global partners while consistently achieving excellence in Environment, Social and Governance (ESG). Committed to creating shared value, it collaborates with all stakeholders to foster positive social and environmental impacts and promote responsible practices that empower the entire value chain.

For more information about WuXi Biologics, please visit: www.wuxibiologics.com.

Contacts

ESG
[email protected]

Media
[email protected]

SOURCE WuXi Biologics

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+

Newsrooms &

Influencers

9k+

Digital Media

Outlets

270k+

Journalists

Opted In

Netflix, Inc. (NASDAQ:NFLX) Q3 2025 Earnings Call October 21, 2025 4:45 PM EDT

Company Participants

Spencer Wang - Vice President of Finance, Corporate Development & Investor Relations
Gregory Peters - Co-CEO, President & Director
Theodore Sarandos - Co-CEO, President & Director
Spencer Neumann - Chief Financial Officer

Presentation

Spencer Wang
Vice President of Finance, Corporate Development & Investor Relations

Good afternoon, and welcome to the Netflix Q3 2025 Earnings Interview. I'm Spencer Wang, VP of Finance, IR and Corporate Development.

Joining me today are Co-CEOs, Ted Sarandos; and Greg Peters; and CFO, Spence Neumann. As a reminder, we will be making forward-looking statements, and actual results may vary. We'll now take questions submitted by the analyst community, and we will start with our results and outlook.

Question-and-Answer Session

Spencer Wang
Vice President of Finance, Corporate Development & Investor Relations

Our first question comes from Ben Swinburne of Morgan Stanley who ask, as you begin to wrap up 2025 and look to 2026, can you talk broadly about the health of the business and how you would frame the opportunity ahead?

Gregory Peters
Co-CEO, President & Director

Yes. We think the business is very healthy. We feel good about our progress on our key initiatives. We've got also a lot of opportunity ahead of us, but we've got a lot of work we need to accomplish and fully realize those opportunities. So what's working, we had a good Q3. We had revenue in line with expectations. Our operating income would have exceeded our forecast absent the Brazilian tax matter.

We're also seeing good progress against our key priorities. So engagement remains healthy. We achieved record share of TV time in Q3 in both the U.S. and the U.K. We recorded our best ad sales quarter ever. We are now on track to more than double ad revenue this year. We're

Recommended For You

PERTH, Australia--(BUSINESS WIRE)--Woodside Energy Group (ASX: WDS) (NYSE: WDS):

2025 full-year guidance

Prior

Current

Comments

Production

MMboe

188 - 195

192 - 197

Continued strong performance across assets

Unit production cost

$/boe

8.0 - 8.5

7.6 - 8.1

Continued strong performance from Sangomar and US assets

Property, plant and equipment depreciation and amortisation

$ million

4,700 - 5,000

4,800 - 5,100

Exploration expenditure

$ million

200

No change

Payments for restoration

$ million

700 - 1,000

No change

Gas hub exposure3

% of produced LNG

28 - 35

27 - 31

Capital expenditure (excluding Louisiana LNG)45

$ million

4,000 - 4,500

3,700 - 4,000

Timing of sustaining capital expenditure and Scarborough; no impact to total cost or start-up schedule.

Louisiana LNG expenditure5,6

$ million

1,000 -1,200

No change

Woodside CEO Meg O’Neill said the company maintained excellent operational performance over the quarter, while efficiently executing a global portfolio of growth projects to drive long-term shareholder value.

“Woodside delivered increased quarterly production of 51 million barrels of oil equivalent. Sangomar maintained its exceptional performance, producing 99 thousand barrels of oil per day at 98.2% reliability. Our Australian assets also demonstrated outstanding reliability of 100% at Pluto LNG and 99.9% at the North West Shelf Project.

“We received final Australian Government approval during the quarter for the North West Shelf Project Extension, providing certainty for ongoing operations and reliable energy supply from this high-quality asset.

“Our agreement to assume operatorship of the Bass Strait assets further strengthens Woodside’s Australian operations portfolio and unlocks potential development of additional gas resources.

“We continued safe delivery of Woodside’s major growth projects to schedule and budget.

“Strong momentum on delivery of the Scarborough Energy Project continues, which is now 91% complete and on track for first LNG in the second half of 2026. During the quarter, three more development wells were drilled with reservoir quality and well deliverability expectations in line with pre-drill estimates, and pre-commissioning of the subsea infrastructure was completed.

“Our Beaumont New Ammonia Project is 97% complete, with key systems now operational and commissioning activities underway. We continue to target first ammonia production in late 2025.

“Our Louisiana LNG Project, comprising three trains, has ramped up with more than 1,000 personnel now on site and construction is 19% complete. Strong support for the project from state and federal governments and the Louisiana community was in evidence at our groundbreaking ceremony in September.

“Customer demand for Woodside’s LNG remains robust. Our fully termed sales and purchase agreement with PETRONAS will see Woodside supply one million tonnes per annum of LNG to Malaysia from 2028 for a 15-year period. Under our heads of agreement with BOTAŞ, Woodside will supply the Turkish company with approximately 0.5 million tonnes per annum of LNG over nine years from 2030, subject to entering a binding sales and purchase agreement.

“Woodside continues to support our customers’ decarbonisation efforts. During the quarter, we signed a memorandum of understanding with Japan Suiso Energy and The Kansai Electric Power Co. to collaborate on the proposed development of a liquid hydrogen supply chain between Western Australia and Japan, centred on our proposed H2Perth Project. The Premier of Western Australia attended the signing event, highlighting the significance of this opportunity.”

Q3

2025

Q2

2025

Change

%

Q3

2024

Change

%

YTD

2025

YTD

2024

Change

%

Revenue7

$ million

3,359

3,275

3%

3,707

(9%)

9,949

9,695

3%

Production8

MMboe

50.8

50.1

1%

53.1

(4%)

149.9

142.4

5%

Gas

MMscf/d

1,827

1,825

—

2,001

(9%)

1,831

1,939

(6%)

Liquids

Mbbl/d

231

230

—

226

2%

228

180

27%

Total

Mboe/d

552

550

—%

577

(4%)

549

520

6%

Sales9

MMboe

55.0

54.4

1%

56.1

(2%)

159.6

149.9

6%

Gas

MMscf/d

2,116

2,050

3%

2,172

(3%)

2,043

2,079

(2%)

Liquids

Mbbl/d

226

238

(5%)

228

(1%)

226

182

24%

Total

Mboe/d

598

598

—%

609

(2%)

585

547

7%

Average realised price

$/boe

60

59

2%

65

(8%)

61

63

(3%)

Capital expenditure

$ million

1,323

752

76%

3,033

(56%)

3,881

5,423

(28%)

Capex excluding Louisiana LNG10

$ million

1,047

868

21%

1,133

(8%)

2,820

3,523

(20%)

Louisiana LNG11

$ million

276

(116)

338%

—

—

1,061

—

—

Acquisitions

$ million

—

–

—

1,900

(100%)

—

1,900

(100%)

Pluto LNG

Achieved quarterly LNG reliability of 100%.

The XNA-03 infill well is progressing toward RFSU, targeted in H1 2026.

North West Shelf (NWS) Project

Achieved strong quarterly LNG reliability of 99.9%.

Completed planned maintenance offshore at North Rankin and onshore at Karratha Gas Plant (KGP), with production recommencing as planned.

Successfully started the Lambert West development well, tied back to the Angel platform.

Received the final environmental approval from the Australian Government on the NWS Project Extension, enabling processing of remaining infill and near-field opportunities from existing NWS reserves beyond 2030 and gas from other resource owners. Woodside has assessed the work required to meet the federal conditions; there is no material increase expected to forecast capital expenditure to maintain ongoing North West Shelf production. The federal conditions provide clarity on the modifications required at KGP that will support processing of other resource owners’ gas.

Subsequent to the quarter, two separate legal proceedings were commenced in the Federal Court of Australia challenging the Australian Government's decision to approve the NWS Project Extension.

Wheatstone and Julimar-Brunello

Progressed the Julimar Phase 3 Project, a four-well tieback to the existing Julimar field production system. Drilling activities commenced in the quarter, with project startup targeted in 2026.

Completion of the asset swap with Chevron remains targeted for 2026.12

Bass Strait

Agreed to assume operatorship of the Bass Strait assets from ExxonMobil Australia, with completion targeted for 2026.13 Four potential development wells have been identified that could deliver up to 200 PJ of sales gas to the market, subject to further technical maturation and a final investment decision. This potential production has been identified from within the existing contingent resource opportunity set.14

Delivered reliability of 90.5% during the peak winter period, the first winter post completion of the Gippsland Asset Streamlining Project.

Progressed the Kipper 1B Project with drilling activities completed subsequent to the end of the period.

Sangomar

Achieved average daily production rate of 99 Mbbl/d (100% basis, 82 Mbbl/d Woodside share) at 98.2% reliability.

Strong field performance in the S500 reservoirs resulted in an additional 18.4 million barrels of proved (1P) reserves being added in July.15

Production from the Sangomar field remained on plateau through the quarter, with the field expected to come off plateau during Q4 2025.

Recognised as International Local Content Champion of the Year by African Energy Week 2025 for commitment to building local capacity and fostering skills transfer.

United States of America

Achieved strong quarterly production at Shenzi, supported by reliability of 97.1%.

Commenced drilling activities on the Atlantis Drill Center 1 Expansion Project.

Achieved first production from the Argos Southwest Extension Project in August, 25 months after finishing the appraisal well.

Greater Angostura

On 11 July 2025, completed the divestment of the Greater Angostura assets to Perenco which includes Woodside’s interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities, and onshore terminal, receiving cash of $259 million.16

Signed a fully termed sales and purchase agreement with PETRONAS LNG Ltd, a subsidiary of Petroliam Nasional Berhad (PETRONAS), for the supply of 1 Mtpa of LNG to Malaysia from 2028 for a period of 15 years.

Signed a heads of agreement with Boru Hatlarıile Petrol Taşıma A.Ş. (BOTAŞ), for the supply of approximately 0.5 Mtpa of LNG from 2030, for a period of up to nine years. Supply will primarily be from the Louisiana LNG Project. The supply arrangement is subject to the parties entering a binding sales and purchase agreement.

Woodside held a naming ceremony for two new LNG charter vessels, the Woodside Jirrubakura and the Woodside Barrumbara. The Woodside Jirrubakura was delivered during the quarter and will support the start-up of the Scarborough Energy Project.

Executed incremental pipeline gas sales of:

4.9 PJ in Western Australia for delivery in 2025. Woodside continues to engage with the Western Australian domestic market on additional spot supply and requirements for 2026 and 2027.

29.2 PJ in Eastern Australia for delivery in 2026 and 2027.

Supplied 29.8% of produced LNG at prices linked to gas hub indices in the quarter, realising a $2.4/MMBtu premium compared to oil-linked pricing. This represents 10.9% of Woodside’s total equity production.

Signed a non-binding memorandum of understanding with Hyundai Engineering and Hyundai Glovis, establishing a strategic framework to collaborate on LNG project development, engineering services and shipping logistics.

Scarborough Energy Project

The Scarborough and Pluto Train 2 Projects were 91% complete at the end of the quarter (excluding Pluto Train 1 modifications).

Continued integration and commissioning activities for the floating production unit ahead of China departure in November.

Continued drilling of the development wells with the fourth, fifth and sixth wells drilled and completed. Subsequent to the period, the seventh development well was drilled. Reservoir quality and well deliverability expectations continue to be in line with pre-drill estimates.

Completed the installation, testing and pre-commissioning of the subsea infrastructure.

Pluto Train 2 workforce numbers remain at peak levels. Key activities include piping and electrical installation, system testing and commissioning.

Completed installation of structural decks on the Pluto Train 1 modifications modules. Key activities include piping, electrical and equipment installation.

The Federal Court of Australia confirmed the validity of the National Offshore Petroleum and Safety and Environmental Management Authority’s acceptance of the Scarborough Offshore Facility and Trunkline (Operations) Environment Plan.

First LNG cargo is on track for the second half of 2026.

Beaumont New Ammonia

The Beaumont New Ammonia Project was 97% complete at the end of the quarter.

Pre-commissioning and commissioning activities for Train 1 remain underway. Key systems are now operational.

Catalyst loading in the ammonia converter has begun and commissioning of critical equipment is scheduled to begin in October.

First ammonia production is targeted for late 2025, subject to satisfying the commissioning and startup requirements for the facility.

Project completion and associated payment of the remaining 20% of the acquisition consideration is expected in 2026.

Trion

The Trion Project was 43% complete at the end of the quarter.

Progressed fabrication of the floating production unit hull and topside.

Commenced fabrication and progressed detailed engineering of the floating storage and offloading unit.

Progressed manufacturing of subsea equipment, with the first manifold completed.

Received regulatory approval for the Environmental Impact Assessment.

First oil is targeted for 2028.

Louisiana LNG

The Louisiana LNG Project, comprising three trains, was 19% complete and first LNG is targeted for 2029.

Train 1 was 25% complete at the end of the quarter. First deliveries of structural steel and process piping were received for Train 1 construction.

Train 2 and 3 were 14% and 12% complete respectively at the end of the quarter. Foundation work for both are underway.

Commenced LNG tank vertical construction.

Continued focus on progressing the marine offloading facility, marine dry excavation, and civil works.

Progressed securing rights of way for new build pipeline (Line 200) to terminal, currently secured 55% by length.

Received approval of the Quality Jobs incentive application from the Louisiana Board of Commerce and Industry. The incentive is estimated to provide $132 million in rebates for the Project.

Hydrogen Refueller @H2Perth

The Hydrogen Refueller @H2Perth is a self-contained hydrogen production, storage and refuelling station located in Perth, Western Australia.

Commissioning activities have commenced on site in preparation, ready for startup in Q4 2025.

First hydrogen production is targeting the first half of 2026.17

Recommenced offshore decommissioning execution activities on Stybarrow and Griffin in accordance with revised General Direction requirements.

Completed removal of xmas trees from the ten Stybarrow wells and commenced removal of associated wellheads with four wellheads removed in Q3.

Completed removal of Griffin mid-depth buoy chains.

Commenced preparations for planned removal of the Echo Yodel umbilical in Q4 2025.

In Bass Strait, 11 wells were plugged in the quarter. Received funding approval for the offshore platform removal campaign 1 project and progressed environmental approvals.

Browse

In August, the Western Australian Environmental Protection Authority accepted an amendment to the Browse to North West Shelf Project proposal, which reflects changes to the development footprint and new environmental measures.

In September, the Department of Climate Change, Energy, the Environment and Water (DCCEEW) accepted the corresponding amendment to the Commonwealth Browse to North West Shelf Project proposal.

Following the referral of the Browse CCS Project in October 2024, awaiting a decision by DCCEEW on the assessment approach and corresponding level of assessment for the Browse CCS Project environmental proposal under the Environment Protection and Biodiversity Conservation Act.

Engaged contractors to progress pre-FEED engineering scopes for floating production, storage and offtake facilities.

Sunrise

Woodside remains engaged with both the Timor-Leste and Australian Governments, as well as the Sunrise Joint Venture participants, to evaluate and address technical and commercial factors that support the intended development of the fields.

Following Woodside’s visit to Timor-Leste’s south coast as a potential location for processing Sunrise gas, a reciprocal visit was hosted in Karratha and Perth for the Timor-Leste Minister of Petroleum and Mineral Resources and a senior Timorese delegation to demonstrate Woodside’s LNG project execution skills and capabilities.

Calypso

The Calypso Joint Venture continues to review development options. Concept select engineering studies to mature the technical and commercial definition were completed in Q3.

Exploration

Acquired 17.5% working interest across five blocks in the Green Canyon (United States) offshore area.

The Bandit-1 well (non-operated) was spud in September 2025 in permit area GC 680.

H2 Perth

Woodside Energy, Japan Suiso Energy, Ltd. and The Kansai Electric Power Co., Inc. have signed a memorandum of understanding to collaborate on the development of a liquid hydrogen supply chain between Australia and Japan, centered on Woodside's proposed H2Perth Project.

Carbon capture and storage (CCS) opportunities

The Bonaparte CCS Assessment Joint Venture continued with pre-front end engineering design.

Woodside continues to assess the South East Australia CCS opportunity.

Climate and sustainability

On track to meet Woodside’s target of reducing net equity Scope 1 and 2 greenhouse gas emissions by 15% by 2025.18,19

Released Woodside’s 2024 Reconciliation Action Plan Report. The report outlines progress against four pillars: Respect for Culture and Heritage, Capability and Capacity, Economic Participation and Stronger Communities.

Hedging

As at 30 September 2025, delivered approximately 83% of the 30 MMboe of 2025 oil production that was previously hedged at an average price of $78.7 per barrel.

The realised value of all hedged positions for the period ended 30 September 2025 is an estimated pre-tax profit of $139 million, with a $135 million profit related to oil price hedges offset by a $16 million loss related to Corpus Christi hedges, and a $20 million profit related to other hedge positions. Hedging profits will be included in ‘other income’ except hedging profits related to interest rate swaps which will be included in ‘finance income’ in the financial statements.

Funding and liquidity

As at 30 September 2025, Woodside had liquidity of approximately $8,300 million.

Embedded commodity derivative

In 2023, Woodside entered into a revised long-term gas sale and purchase contract with Perdaman. A component of the selling price is linked to the price of urea, creating an embedded commodity derivative in the contract. The fair value of the embedded derivative is estimated using a Monte Carlo simulation model.

As there is no long-term urea forward curve, Title Transfer Facilities (TTF) continues to be used as a proxy to simulate the value of the derivative over the life of the contract.

For the quarter ended 30 September 2025, an unrealised loss of approximately $15 million is expected to be recognised through other income.

Capital Markets Day

Woodside’s Capital Markets Day 2025 will be held on Wednesday, 5 November 2025, commencing at 9:30 AEDT / 6:30 AWST / 16:30 CST (Tuesday, 4 November 2025).

A live webcast of the event will be available at https://meetings.lumiconnect.com/300-031-281-118.

Upcoming events 2025-2026

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

Gas

MMscf/d

1,827

1,825

2,001

1,831

1,939

Liquids

Mbbl/d

231

230

226

228

180

Total

Mboe/d

552

550

577

549

520

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

AUSTRALIA

LNG

North West Shelf

Mboe

5,895

5,375

7,029

17,665

22,309

Pluto20

Mboe

12,328

11,097

12,007

33,855

35,487

Wheatstone

Mboe

2,677

2,424

2,565

7,523

6,881

Total

Mboe

20,900

18,896

21,601

59,043

64,677

Pipeline gas

Bass Strait

Mboe

3,929

3,653

4,069

10,774

9,838

Other21

Mboe

3,921

3,975

4,016

11,703

11,142

Total

Mboe

7,850

7,628

8,085

22,477

20,980

Crude oil and condensate

North West Shelf

Mbbl

1,093

912

1,265

3,111

3,937

Pluto20

Mbbl

989

899

966

2,745

2,830

Wheatstone

Mbbl

471

419

474

1,331

1,316

Bass Strait

Mbbl

505

457

701

1,364

1,696

Macedon & Pyrenees

Mbbl

347

558

633

1,274

849

Ngujima-Yin

Mbbl

960

1,084

1,231

2,769

3,091

Okha

Mbbl

575

587

615

1,474

1,572

Total

Mboe

4,940

4,916

5,885

14,068

15,291

NGL

North West Shelf

Mbbl

258

207

288

695

857

Pluto20

Mbbl

65

52

55

169

168

Bass Strait

Mbbl

842

753

1,152

2,263

2,925

Total

Mboe

1,165

1,012

1,495

3,127

3,950

Total Australia22

Mboe

34,855

32,452

37,066

98,715

104,898

Mboe/d

379

357

403

362

383

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

INTERNATIONAL

Pipeline gas

USA

Mboe

491

409

327

1,278

1,011

Trinidad & Tobago

Mboe

242

2,205

2,289

4,863

6,528

Other23

Mboe

6

5

-

34

-

Total

Mboe

739

2,619

2,616

6,175

7,539

Crude oil and condensate

Atlantis

Mbbl

2,783

2,604

2,351

7,859

6,811

Mad Dog

Mbbl

2,310

2,470

2,363

7,357

8,072

Shenzi

Mbbl

2,088

2,021

2,047

6,431

6,785

Trinidad & Tobago

Mbbl

13

93

143

205

363

Sangomar

Mbbl

7,516

7,396

5,902

21,922

6,442

Other23

Mbbl

5

-

81

5

243

Total

Mboe

14,715

14,584

12,887

43,779

28,716

NGL

USA

Mbbl

442

398

515

1,238

1,263

Other23

Mbbl

3

3

-

18

-

Total

Mboe

445

401

515

1,256

1,263

Total International

Mboe

15,899

17,604

16,018

51,210

37,518

Mboe/d

173

193

174

188

137

Total Production

Mboe

50,754

50,056

53,084

149,925

142,416

Mboe/d

552

550

577

549

520

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

Gas

MMscf/d

2,116

2,050

2,172

2,043

2,079

Liquids

Mbbl/d

226

238

228

226

182

Total

Mboe/d

598

598

609

585

547

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

AUSTRALIA

LNG

North West Shelf

Mboe

4,743

5,059

7,353

16,689

22,442

Pluto

Mboe

13,609

11,969

12,014

35,254

35,276

Wheatstone24

Mboe

1,623

3,346

3,345

7,186

8,104

Total

Mboe

19,975

20,374

22,712

59,129

65,822

Pipeline gas

Bass Strait

Mboe

4,070

3,620

4,163

10,989

10,241

Other25

Mboe

4,028

3,833

3,816

11,445

10,145

Total

Mboe

8,098

7,453

7,979

22,434

20,386

Crude oil and condensate

North West Shelf

Mbbl

1,194

616

1,253

3,039

4,371

Pluto

Mbbl

1,338

650

858

2,693

2,781

Wheatstone

Mbbl

417

651

360

1,402

1,355

Bass Strait

Mbbl

531

599

662

1,664

1,530

Ngujima-Yin

Mbbl

1,171

1,151

1,082

2,985

3,099

Okha

Mbbl

-

1,256

618

1,256

1,808

Macedon & Pyrenees

Mbbl

496

498

498

1,493

994

Total

Mboe

5,147

5,421

5,331

14,532

15,938

NGL

North West Shelf

Mbbl

430

-

249

907

770

Pluto

Mbbl

105

-

52

215

156

Bass Strait

Mbbl

374

1,010

1,142

1,610

2,288

Total

Mboe

909

1,010

1,443

2,732

3,214

Total Australia

Mboe

34,129

34,258

37,465

98,827

105,360

Mboe/d

371

376

407

362

385

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

INTERNATIONAL

Pipeline gas

USA

Mboe

344

324

286

962

908

Trinidad & Tobago

Mboe

243

2,233

2,004

4,750

6,067

Other26

Mboe

4

4

2

12

13

Total

Mboe

591

2,561

2,292

5,724

6,988

Crude oil and condensate

Atlantis

Mbbl

2,801

2,606

2,436

7,901

6,875

Mad Dog

Mbbl

2,310

2,485

2,489

7,415

8,158

Shenzi

Mbbl

2,094

2,030

2,032

6,326

6,814

Trinidad & Tobago

Mbbl

5

133

221

181

292

Sangomar

Mbbl

6,833

7,505

6,070

20,859

6,070

Other26

Mbbl

47

47

45

151

164

Total

Mboe

14,090

14,806

13,293

42,833

28,373

NGL

USA

Mbbl

440

385

388

1,196

1,255

Other26

Mbbl

2

2

1

6

7

Total

Mboe

442

387

389

1,202

1,262

Total International

Mboe

15,123

17,754

15,974

49,759

36,623

Mboe/d

164

195

174

182

134

MARKETING27

LNG

Mboe

5,492

2,337

2,077

10,579

6,756

Liquids

Mboe

249

64

555

417

1,163

Total

Mboe

5,741

2,401

2,632

10,996

7,919

Total Marketing

Mboe

5,741

2,401

2,632

10,996

7,919

Total sales

Mboe

54,993

54,413

56,071

159,582

149,902

Mboe/d

598

598

609

585

547

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

AUSTRALIA

North West Shelf

323

295

520

1,153

1,636

Pluto

1,000

827

920

2,539

2,556

Wheatstone28

135

255

265

589

676

Bass Strait

265

283

344

776

814

Macedon

44

52

48

148

147

Ngujima-Yin

88

86

94

231

277

Okha

-

90

51

90

147

Pyrenees

37

39

44

120

88

Total Australia

1,892

1,927

2,286

5,646

6,341

INTERNATIONAL

Atlantis

196

181

194

568

558

Mad Dog

150

161

192

501

645

Shenzi

142

138

160

447

555

Trinidad & Tobago29

6

78

63

150

162

Sangomar

477

510

464

1,468

464

Other30

2

4

3

9

13

Total International

973

1,072

1,076

3,143

2,397

Marketing revenue31

452

232

285

996

777

Total sales revenue32

3,317

3,231

3,647

9,785

9,515

Processing revenue

39

35

54

148

167

Shipping and other revenue

3

9

6

16

13

Total revenue

3,359

3,275

3,707

9,949

9,695

Units

Q3

2025

Q2

2025

Q3

2024

Units

Q3

2025

Q2

2025

Q3

2024

LNG produced

$/MMBtu

9.5

9.8

10.8

$/boe

60

62

68

LNG traded33

$/MMBtu

11.2

11.4

11.2

$/boe

71

72

71

Pipeline gas

$/boe

38

36

38

Oil and condensate

$/bbl

68

68

78

$/boe

68

68

78

NGL

$/bbl

41

43

48

$/boe

41

43

48

Liquids traded33

$/bbl

60

68

60

$/boe

60

68

60

Average realised price for pipeline gas:

Western Australia

A$/GJ

6.8

6.8

6.5

East Coast Australia

A$/GJ

12.9

13.4

14.2

International

$/Mcf

4.2

4.7

4.3

Average realised price

$/boe

60

59

65

Dated Brent

$/bbl

69

68

80

JCC (lagged three months)

$/bbl

75

79

88

WTI

$/bbl

65

64

75

JKM

$/MMBtu

12.5

12.5

12.4

TTF

$/MMBtu

11.7

12.2

11.2

Average realised price increased 2% from the prior quarter reflecting higher Dated Brent and West Texas Intermediate (WTI).

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

Evaluation capitalised34

8

17

6

37

60

Property plant & equipment

1,032

828

1,076

2,749

3,301

Other 35

7

23

51

34

162

Capital expenditure excluding Louisiana LNG

1,047

868

1,133

2,820

3,523

Louisiana LNG36

498

1,754

-

3,153

-

Cash contribution from Stonepeak37

(222)

(1,870)

-

(2,092)

-

Total Louisiana LNG

276

(116)

-

1,061

-

Total capital expenditure

1,323

752

1,133

3,881

3,523

Acquisitions38

-

-

1,900

-

1,900

Total

1,323

752

3,033

3,881

5,423

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

Scarborough

361

333

438

1,016

1,575

Trion

291

92

225

698

459

Sangomar

-

10

73

17

489

Other

395

433

397

1,089

1,000

Capital expenditure excluding Louisiana LNG

1,047

868

1,133

2,820

3,523

Q3

2025

Q2

2025

Q3

2024

YTD

2025

YTD

2024

Exploration capitalised34,39

17

-

-

22

22

Exploration and evaluation expensed40

46

46

90

127

190

Permit amortisation

2

-

2

5

8

Total

65

46

92

154

220

Trading costs

445

178

132

855

405

Region

Permit

area

Well

Target

Interest (%)

Spud date

Water

depth

(m)

Planned well

depth (m)41

Remarks

United States

GC 680

Bandit-1

Oil

17.5% Non-operator

2 September 2025

1,555

10,811

Drilling

Key changes to permit and licence holdings during the quarter ended 30 September 2025 are noted below.

Region

Permits or licence areas

Change in

interest (%)

Current

interest (%)

Remarks

United States

GC 679, GC 768

(14.4%)

17.5%

Licence assignment42

GC 680, GC 723, GC 724

17.5%

17.5%

Licence assignment42

MC 411, MC 412

(25%)

—

Licence expired

GC 80, GC 123

(75%)

—

Licence expired

GB 678, GC 663, GC 664, GB 630, GB 676, GB 677, GB 762, GB 805, GB 806, GB 851, GB 852, GB 895, GB 672, GB 716, GB 760

(100%)

—

Licence relinquished

EB 566, EB 567, EB 610, EB 611

(70%)

—

Licence relinquished

Average daily production rates (100% project) for the quarter ended 30 September 2025:

Woodside

share43

Production rate

(100% project,

Mboe/d)

Remarks

Sep

2025

Jun

2025

AUSTRALIA

NWS Project

LNG

29.33%

218

202

Production was higher due to planned maintenance in prior quarter.

Crude oil and condensate

29.53%

40

34

NGL

29.58%

9

8

Pluto LNG

LNG

90.00%

123

115

Production was higher due to increased reliability.

Crude oil and condensate

90.00%

11

10

Pluto-KGP Interconnector

LNG

100.00%

23

19

Production was higher due to greater processing capacity at the Karratha Gas Plant.

Crude oil and condensate

100.00%

1

1

NGL

100.00%

1

1

Wheatstone44

LNG

12.40%

235

231

Production was higher due to increased seasonal plant capacity.

Crude oil and condensate

16.31%

31

31

Bass Strait

Pipeline gas

45.48%

94

84

Production was higher due to increased seasonal demand.

Crude oil and condensate

45.29%

12

11

NGL

46.47%

20

18

Australia Oil

Ngujima-Yin

60.00%

17

20

Production was lower due to reliability.

Okha

50.00%

13

13

Pyrenees

63.34%

6

9

Other

Pipeline gas45

43

44

Woodside

share46

Production rate

(100% project,

Mboe/d)

Remarks

Sep

2025

Jun

2025

INTERNATIONAL

Atlantis

Crude oil and condensate

38.50%

79

74

Production was higher with new well online.

NGL

38.50%

7

6

Pipeline gas

38.50%

11

8

Mad Dog

Crude oil and condensate

20.86%

120

130

Production was lower due to planned Southwest Extension tie in works.

NGL

20.86%

4

4

Pipeline gas

20.86%

2

2

Shenzi

Crude oil and condensate

64.57%

35

34

NGL

64.63%

2

2

Pipeline gas

64.60%

1

1

Trinidad & Tobago

Crude oil and condensate

79.14%47

–

1

Greater Angostura divestment completed in July.

Pipeline gas

47.05%47

6

51

Sangomar

Crude oil

82.52%47

99

101

Forward looking statements

This report contains forward-looking statements with respect to Woodside’s business and operations, market conditions, results of operations and financial condition, including for example, but not limited to, outcomes of transactions, statements regarding long-term demand for Woodside’s products, potential investment decisions, development, completion and execution of Woodside’s projects, expectations regarding future capital expenditures, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for renewables production capacity and investments in, and development of, renewables projects, expectations and guidance with respect to production, income, expenses, costs, losses, capital and exploration expenditure, gas hub exposure and expectations regarding the achievement of Woodside’s net equity Scope 1 and 2 greenhouse gas emissions reduction and other climate and sustainability goals. All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as ‘guidance’, ‘foresee’, ‘likely’, ‘potential’, ‘anticipate’, ‘believe’, ‘aim’, ‘aspire’, ‘estimate’, ‘expect’, intend’, ‘may’, ‘target’, ‘plan’, ‘strategy’, ‘forecast’, ‘outlook’, ‘project’, ‘schedule’, ‘will’, ‘should’, ‘seek’, and other similar words or expressions. Similarly, statements that describe the objectives, plans, goals or expectations of Woodside are forward-looking statements.

Forward-looking statements in this report are not guarantees or predictions of future events or performance, but are in the nature of future expectations that are based on management’s current expectations and assumptions. Those statements and any assumptions on which they are based are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives. Important factors that could cause actual results to differ materially from those in the forward-looking statements and assumptions on which they are based include, but are not limited to, fluctuations in commodity prices, actual demand for Woodside’s products, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve and resource estimates, loss of market, industry competition, sustainability and environmental risks, climate related transition and physical risks, changes in accounting, standards, economic and financial markets conditions in various countries and regions, political risks, the actions of third parties, project delay or advancement, regulatory approvals, the impact of armed conflict and political instability (such as the ongoing conflicts in Ukraine and in the Middle East) on economic activity and oil and gas supply and demand, cost estimates, legislative, fiscal and regulatory developments, including but not limited to those related to the imposition of tariffs and other trade restrictions, and the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, and the impact of general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets and risks associated with acquisitions, mergers, divestitures and joint ventures, including difficulties integrating or separating businesses, uncertainty associated with financial projections, restructuring, increased costs and adverse tax consequences, and uncertainties and liabilities associated with acquired and divested properties and businesses.

A more detailed summary of the key risks relating to Woodside and its business can be found in the “Risk” section of Woodside’s most recent Annual Report released to the Australian Securities Exchange and in Woodside’s most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this report.

If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this report.

All forward-looking statements contained in this report reflect Woodside’s views held as at the date of this report and, except as required by applicable law, Woodside does not intend to, undertake to, or assume any obligation to, provide any additional information or update or revise any of these statements after the date of this report, either to make them conform to actual results or as a result of new information, future events, changes in Woodside’s expectations or otherwise.

Investors are strongly cautioned not to place undue reliance on any forward-looking statements. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. None of Woodside nor any of its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives, nor any person named in this report or involved in the preparation of the information in this report, makes any representation, assurance, guarantee or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any outcomes, events or results expressed or implied in any forward-looking statement in this report. Past performance (including historical financial and operational information) is given for illustrative purposes only. It should not be relied on as, and is not necessarily, a reliable indicator of future performance, including future security prices.

Other important information

All figures are Woodside share for the quarter ending 30 September 2025, unless otherwise stated.

All references to dollars, cents or $ in this report are to US currency, unless otherwise stated.

References to “Woodside” may be references to Woodside Energy Group Ltd and/or its applicable subsidiaries (as the context requires).

Notes to petroleum reserves and resources

The petroleum resource estimates are quoted as at the effective date of 30 September 2025, net Woodside share. For details of Woodside’s year end 2024 reserves position, see the Reserves and Resources Statement included in the 2024 Annual Report. US Investors should refer to “Additional information for US investors concerning reserves and resources estimates” below.

All numbers are internal estimates produced by Woodside. Estimates of reserves and contingent resources should be regarded only as estimates that may change over time as additional information becomes available.

The reference point is defined as the outlet of the floating production storage and offloading facility (FPSO).

‘Reserves’ are estimated quantities of petroleum that have been demonstrated to be producible from known accumulations in which the company has a material interest from a given date forward, at commercial rates, under presently anticipated production methods, operating conditions, prices, and costs. Woodside reports reserves inclusive of all fuel consumed in operations. Woodside estimates and reports its proved reserves in accordance with SEC regulations which are also compliant with the 2018 Society of Petroleum Engineers (SPE)/World Petroleum Council (WPC)/American Association of Petroleum Geologists (AAPG)/Society of Petroleum Evaluation Engineers (SPEE) Petroleum Resources Management System (PRMS) (SPE-PRMS) guidelines. SEC-compliant proved reserves estimates use a more restrictive, rules-based approach and are generally lower than estimates prepared solely in accordance with SPE-PRMS guidelines due to, among other things, the requirement to use commodity prices based on the average of first of month prices during the 12-month period in the reporting company’s fiscal year. Woodside estimates and reports its proved plus probable reserves in accordance with SPE-PRMS guidelines which are not compliant with SEC regulations.

Assessment of the economic value in support of an SPE-PRMS (2018) reserves and resources classification, uses Woodside Portfolio Economic Assumptions (Woodside PEAs). The Woodside PEAs are reviewed on an annual basis, or more often if required. The review is based on historical data and forecast estimates for economic variables such as product prices and exchange rates. The Woodside PEAs are approved by the Woodside Board. Specific contractual arrangements for individual projects are also taken into account.

Woodside uses both deterministic and probabilistic methods for the estimation of reserves and contingent resources at the field and project levels. All proved reserves estimates have been estimated using deterministic methods and reported on a net interest basis in accordance with the SEC regulations and have been determined in accordance with SEC Rule 4-10(a) of Regulation S-X.

‘MMboe’ means millions (106) of barrels of oil equivalent. Natural gas volumes are converted to oil equivalent volumes via a constant conversion factor, which for Woodside is 5.7 Bcf of dry gas per 1 MMboe. All volumes are reported at standard oilfield conditions of 14.696 psi (101.325 kPa) and 60 degrees Fahrenheit (15.56 degrees Celsius).

‘Proved reserves’ are those quantities of crude oil, condensate, natural gas and NGLs that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward from known reservoirs and under existing economic conditions, operating methods, operating contracts, and government regulations. Proved reserves are estimated and reported on a net interest basis in accordance with the SEC regulations and have been determined in accordance with SEC Rule 4-10(a) of Regulation S-X.

‘Undeveloped reserves’ are those reserves for which wells and facilities have not been installed or executed but are expected to be recovered through future significant investments.

‘Probable reserves’ are those reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. Proved plus probable reserves represent the best estimate of recoverable quantities. Where probabilistic methods are used, there is at least a 50% probability that the actual quantities recovered will equal or exceed the sum of estimated proved plus probable reserves. Proved plus probable reserves are estimated and reported in accordance with SPE-PRMS guidelines and are not compliant with SEC regulations.

The estimates of petroleum reserves and contingent resources are based on and fairly represent information and supporting documentation prepared by, or under the supervision of, Mr Benjamin Ziker, Woodside’s Vice President Reserves and Subsurface, who is a full-time employee of the company and a member of the Society of Petroleum Engineers. The reserves and resources estimates included in this announcement are issued with the prior written consent of Mr Ziker. Mr Ziker’s qualifications include a Bachelor of Science (Chemical Engineering) from Rice University (Houston, Texas, USA) and 27 years of relevant experience.

Additional information for US investors concerning resource estimates

Woodside is an Australian company with securities listed on the Australian Securities Exchange and the New York Stock Exchange. As noted above, Woodside estimates and reports its proved reserves in accordance with SEC regulations, which are also compliant with SPE-PRMS guidelines, and estimates and reports its proved plus probable reserves and 2C contingent resources in accordance with SPE-PRMS guidelines. Woodside reports all petroleum resource estimates using definitions consistent with SPE-PRMS.

The SEC prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than ‘reserves’ (as that term is defined by the SEC). In this announcement, Woodside includes estimates of quantities of oil and gas using certain terms, such as ‘proved plus probable (2P) reserves’, ‘best estimate (2C) contingent resources’, ‘reserves and contingent resources’, ‘proved plus probable’, ‘developed and undeveloped’, ‘probable developed’, ‘probable undeveloped’, ‘contingent resources’ or other descriptions of volumes of reserves, which terms include quantities of oil and gas that may not meet the SEC’s definitions of proved, probable and possible reserves, and which the SEC’s guidelines strictly prohibit Woodside from including in filings with the SEC. These types of estimates do not represent, and are not intended to represent, any category of reserves based on SEC definitions, and may differ from and may not be comparable to the same or similarly-named measures used by other companies. These estimates are by their nature more speculative than estimates of proved reserves and would require substantial capital spending over a significant number of years to implement recovery, and accordingly are subject to substantially greater risk of not being recovered by Woodside. In addition, actual locations drilled and quantities that may be ultimately recovered from Woodside’s properties may differ substantially. Woodside has made no commitment to drill, and likely will not drill, all drilling locations that have been attributable to these quantities. The Reserves Statement presenting Woodside’s proved oil and gas reserves in accordance with the regulations of the SEC is filed with the SEC as part of Woodside’s annual report on Form 20-F. US investors are urged to consider closely the disclosures in Woodside’s most recent Annual Report on Form 20-F filed with the SEC and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings and its other filings with the SEC, which are available at www.sec.gov.

Refer to the Glossary in the Annual Report 2024 for definitions, including carbon related definitions.

Product

Unit

Conversion factor

Natural gas

5,700 scf

1 boe

Condensate

1 bbl

1 boe

Oil

1 bbl

1 boe

Natural gas liquids

1 bbl

1 boe

Facility

Unit

LNG Conversion factor

Karratha Gas Plant

1 tonne

8.08 boe

Pluto LNG Gas Plant

1 tonne

8.34 boe

Wheatstone

1 tonne

8.27 boe

The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time.

Term

Definition

bbl

barrel

bcf

billion cubic feet of gas

boe

barrel of oil equivalent

GJ

gigajoule

Mbbl

thousand barrels

Mbbl/d

thousand barrels per day

Mboe

thousand barrels of oil equivalent

Mboe/d

thousand barrels of oil equivalent per day

Mcf

thousand cubic feet of gas

MMboe

million barrels of oil equivalent

MMBtu

million British thermal units

MMscf/d

million standard cubic feet of gas per day

Mtpa

million tonnes per annum

PJ

petajoule

scf

standard cubic feet of gas

TJ

terajoule

Refer to the Glossary in the Annual Report for definitions, including carbon related definitions.

1 Includes a base purchase price of $206 million plus working capital completion adjustments, based on an effective date of 1 January 2025.

2 The BOTAŞ supply arrangement is subject to the parties entering a binding sales and purchase agreement.

3 Gas hub indices include Japan Korea Marker (JKM), TTF and National Balancing Point (NBP). It excludes Henry Hub.

4 Capital expenditure includes the following participating interests; Scarborough (74.9%), Pluto Train 2 (51%) and Trion (60%). It excludes the remaining Beaumont New Ammonia acquisition expenditure and Louisiana LNG expenditure.

5 The guidance assumes no change to participating interests in 2025.

6 Lousiana LNG (100% Louisiana LNG LLC and 60% Louisiana LNG Infrastructure LLC) capital expenditure adjusted for the cash contributions from Stonepeak.

7 Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of $28 million in Q3 2024 and $14 million in YTD 2024. These amounts will be included within other income/(expenses) in the Financial Statements. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.

8 Q3 2025 includes 0.32 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. Percent change in total production may differ from percent change in daily production due to the number of days in each quarter.

9 Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.29 MMboe in Q3 2024 and 0.20 MMboe in YTD 2024. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.

10 Includes capital additions on property plant and equipment, evaluation capitalised and other corporate spend. Exploration capitalised has been reclassified from capital expenditure to other expenditure.

11 Capital expenditure for Louisiana LNG is presented as a net figure inclusive of cash contributions received from Stonepeak representing its share of the project's capital expenditure to date. Q3 2025 includes a $222 million cash contribution.

12 Completion of the transaction is subject to conditions precedent.

13 The transaction is subject to customary conditions precedent (including obtaining regulatory approvals).

14 Refer to Woodside’s Reserves and Resources Statement dated 17 February 2025 for further information on the Bass Strait reserves and resources.

15 Refer to page 8 of Woodside’s Half-Year Report 2025 dated 19 August 2025 and to Notes to petroleum reserves and resources on page 20 for details of disclaimers.

16 Includes a base purchase price of $206 million plus working capital completion adjustments, based on an effective date of 1 January 2025.

17 The project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government’s Renewable Hydrogen Strategy.

18 Targets are for net equity Scope 1 and 2 greenhouse gas emissions relative to a starting base of 6.32 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets.

19 This means net equity Scope 1 and 2 greenhouse gas emissions for the 12-month period ending 31 December 2025 are targeted to be 15% lower than the starting base.

20 Q3 2025 includes 2.10 MMboe of LNG, 0.09 MMboe of condensate and 0.07 MMboe of NGL processed at the Karratha Gas Plant (KGP) through the Pluto-KGP Interconnector.

21 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

22 Q3 2025 includes 0.32 MMboe primarily from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector.

23 Overriding royalty interests held in the USA for several producing wells.

24 Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of 0.29 MMboe in Q3 2024 and 0.20 MMboe in YTD 2024. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.

25 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

26 Overriding royalty interests held in the USA for several producing wells.

27 Purchased volumes sourced from third parties.

28 Restated to exclude periodic adjustments reflecting the arrangements governing Wheatstone LNG sales of $28 million in Q3 2024 and $14 million in YTD 2024. These amounts will be included within other income/(expenses) in the financial statements. Restatement allows for revenue presented in this quarterly report to reconcile to operating revenue, the IFRS measure presented in Woodside Financial Statements.

29 Includes the impact of periodic adjustments related to the production sharing contract (PSC).

30 Overriding royalty interests held in the USA for several producing wells.

31 Values include revenue generated from purchased LNG and Liquids volumes, as well as the marketing margin on the sale of Woodside’s produced LNG and Liquids portfolio. Marketing revenue excludes hedging impacts and cargo swaps where a Woodside produced cargo is sold and repurchased from the same counterparty to optimise the portfolio. The margin for these cargo swaps is recognised net in other income.

32 Referred to as ‘Revenue from sale of hydrocarbons’ in Woodside financial statements. Total sales revenue excludes all hedging impacts.

33 Excludes any additional benefit attributed to produced volumes through third-party trading activities.

34 Project final investment decisions result in amounts of previously capitalised exploration and evaluation expense (from current and prior years) being transferred to property plant & equipment. This table does not reflect the impact of such transfers.

35 Other primarily incorporates corporate spend including SAP build costs, other investments and other capital expenditure.

36 Capital expenditure for Louisiana LNG is presented at 100% working interest equity.

37 Cash contributions received from Stonepeak represent its share of the project’s capital expenditure since the effective date of 1 January 2025.

38 Acquisition of OCI’s Clean Ammonia Project in Beaumont, Texas.

39 Exploration capitalised has been reclassified from capital expenditure to other expenditure. Exploration capitalised represents expenditure on successful and pending wells, plus permit acquisition costs during the period and is net of well costs reclassified to expense on finalisation of well results.

40 Includes seismic and general permit activities and other exploration costs.

41 Well depths are referenced to the rig rotary table.

42Awaiting Bureau of Ocean Energy Management approval.

43 Woodside share reflects the net realised interest for the period.

44 The Wheatstone asset processes gas from several offshore gas fields, including the Julimar and Brunello fields, for which Woodside has a 65% participating interest and is the operator.

45 Includes the aggregate Woodside equity domestic gas production from all Western Australian projects.

46 Woodside share reflects the net realised interest for the period.

47 Operations governed by production sharing contracts.

This announcement was approved and authorised for release by Woodside’s Disclosure Committee.

Omnicom Group Inc. (NYSE:OMC) Q3 2025 Earnings Call October 21, 2025 4:30 PM EDT

Company Participants

Gregory Lundberg - Senior Vice President of Investor Relations
John Wren
Philip Angelastro - Executive VP & CFO
Paolo Yuvienco - Executive VP & Chief Technology Officer

Conference Call Participants

Adam Berlin - UBS Investment Bank, Research Division
David Karnovsky - JPMorgan Chase & Co, Research Division
Steven Cahall - Wells Fargo Securities, LLC, Research Division
Cameron McVeigh - Morgan Stanley, Research Division
Adrien de Saint Hilaire - BofA Securities, Research Division
Michael Nathanson - MoffettNathanson LLC
Craig Huber - Huber Research Partners, LLC

Presentation

Operator

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Omnicom Third Quarter 2025 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn today's call over to Greg Lundberg, Investor Relations. Please go ahead.

Gregory Lundberg
Senior Vice President of Investor Relations

Thank you for joining our third quarter earnings call. With me today are John Wren, Chairman and Chief Executive Officer; and Phil Angelastro, Executive Vice President and Chief Financial Officer. On our website, omc.com, you will find a press release and a presentation covering the information we'll review today. An archived webcast will be available when today's call concludes. Before we start, I would like to remind everyone to read the forward-looking statements and non-GAAP financial and other information that we've included at the end of our investor presentation.

Certain of the statements made today may constitute forward-looking statements. These represent our present expectations and relevant factors that could cause actual results to differ materially are listed in our earnings materials and in our SEC filings, including our 2024 Form 10-K. During the course of today's call, we will also discuss certain non-GAAP measures. You can find

Recommended For You

Key Takeaways Tesla is on the reporting docket this week. EPS and sales revisions have been positive.Margins will be a big focus.
Earnings season is always an exciting time to be an investor, with companies finally pulling the curtain back and unveiling what’s transpired behind closed doors.

As usual, the big banks opened the season, with things shifting into a much higher gear this week.

We’ll hear from the highly-coveted Tesla (TSLA - Free Report) on Wednesday after the market's close. We’re all highly familiar with Tesla, the undisputed leader in EVs and one of the best-performing stocks of the last decade.

But how does the company stack up heading into its quarterly release? Let’s take a closer look.

Can Shares Charge Higher?Analysts have been bullish for the quarter to be reported, with the $0.53 per share estimate being revised 13% higher over the last several months. The quarterly estimate suggests a pullback of roughly 27% from the year-ago period.

Image Source: Zacks Investment Research

In addition, our consensus revenue estimate presently stands at $26.4 billion, with the estimate up 5.8% across the same timeframe.

Of course, a key metric for Tesla is the company’s EV production/delivery numbers. The company unveiled its production and delivery numbers recently; Tesla delivered over 497k EVs and produced nearly 447k throughout the period, representing quarterly records.

But what has really driven post-earnings reactions has been the margins picture. TSLA’s margins have been squeezed hard over recent years but have shown stabilization in recent periods.

A positive read on margins will likely lead to a positive post-earnings reaction. Please note that the chart below tracks margins on a trailing twelve-month basis.

Image Source: Zacks Investment Research

Bottom Line

With earnings season ramping up, investors will have plenty of quarterly prints to sort through in the coming days.

And, as expected, many eyes will be on Tesla (TSLA - Free Report) when it reveals its quarterly results this week.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Cardano (ADA) slipped about 4% to $0.64, trading below the 20-, 50- and 200-day moving averages ($0.735, $0.804, $0.741), a setup that keeps short- and medium-term pressure tilted lower. Even so, on-chain flow shows whales accumulating roughly 200 million ADA as developers push fresh upgrades.

However, fundamentals have brightened with Cardano’s Hydra scaling and Midnight privacy tech advanced, daily transaction value topped $10B, and ADA joined the S&P Digital Markets 50, all factors often cited by institutions building longer-term positions.

Derivatives data echo the mixed tone as open interest has climbed above $600M, reflecting active speculation despite price compression, while steady exchange outflows point to broader staking/long-term holding behavior.

Can a MACD ‘Golden Cross’ Repeat June’s 60% Rally?
Momentum remains conflicted. The daily MACD is nearing a bullish crossover, a pattern that preceded June’s 60% ADA surge from the $0.53 zone to $0.93 within weeks.

Oversold oscillators (daily RSI 33, negative CCI, soft Awesome Oscillator) suggest sellers may be tiring into support, yet the ADX still favors the prevailing trend, arguing for patience until confirmation.

Technically, bulls must reclaim $0.664 and the 20-DMA to neutralize near-term downside. Above, $0.74–$0.77 (former support now resistance) and $0.80 align with a descending trendline from the Aug. 14 swing, forming a decisive ceiling.

A clean break and hold over $0.71–$0.74 (0.618 Fib confluence/EMA cluster) would strengthen the case for a trend reversal, and reopen talk of a move toward over $1.00 if momentum expands.

ADA's price trends to the downside on the daily chart. Source: ADAUSD on Tradingview
ADA Price Levels and Outlook: Support First, Then Confirmation

Near term, analysts see range-bound risk with downside skew. Models project $0.542–$0.590 over the next week if sellers press, with the Ichimoku Kijun support near $0.583 acting as a pivot.

Immediate levels to watch for Cardano (ADA) remain well-defined as the token trades within a tightening range. On the downside, support is seen at $0.639, followed by $0.602 and $0.583, with a breakdown below $0.60 likely to expose the $0.542 zone.

On the upside, resistance sits near $0.664, aligning with the 20-day moving average (20-DMA), while stronger hurdles appear around $0.74–$0.77 and the $0.80 trendline, which marks a key test for sustained bullish momentum.

Cover image from ChatGPT, ADAUSD chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sign Up for Our Newsletter!
For updates and exclusive offers enter your email.

Journalist

Posted: October 22, 2025

Key takeaways
Are Bitcoin whales selling or accumulating?
Despite recent inflows, long-term netflows turned negative, so whales are accumulating.

Is Bitcoin gaining strength again?
Not yet. Two failed rallies and weak futures flows mean bulls are losing momentum.

Bitcoin [BTC] is holding key support, but the bulls are losing steam.

Despite a spike in whale inflows to Binance last week, long-term netflows have turned negative. Two recent attempts to regain momentum failed.

With price trading below its 30-day Fair Value and futures flows weakening, buyer strength looks exhausted. The market may be rebalancing before BTC’s next major move.

Whale inflows rise as BTC cools off
Binance data shows that BTC whales have been unusually active lately. The 7-day average of whale inflows (1,000-10,000 BTC) rose sharply last week, reaching levels last seen in July.

This typically happens when big players move coins to exchanges, possibly to rebalance portfolios or take profits.

Source: CryptoQuant

Interestingly, this uptick in inflows comes as Bitcoin’s price cools from its $124K high to the $104K-$110K range. Institutions aren’t backing off just yet, but they might simply be getting ready for what comes next.

Bulls lose their grip
After two failed comeback attempts on the 13th and the 20th of October, Bitcoin’s bullish energy seems to be running out.

Market analyst Axel Adler noted in an X (formerly Twitter) post that while the first push looked promising, it lost steam quickly. The second lacked any real strength to begin with.

Source: X

The key momentum index remains stuck below 45, firmly in bearish territory, while BTC continues to trade under its 30-day Fair Value.

Buyers are tired, and the market may be pausing before deciding BTC’s next big move.

Selling pressure cools

Solana eyes breakout as price nears resistance, while DeFi growth and ecosystem usage continue rising.

6 minutes ago

The team behind the Kadena blockchain said it is no longer able to continue business operations and will cease maintenance of the network immediately.

49

The native token behind the Kadena layer 1 blockchain plummeted 60% in 90 minutes on Tuesday after its founding team announced it was winding down and ceasing all network maintenance due to “market conditions.” 

In a post to X on Tuesday, Kadena said it “is no longer able to continue business operations and will be ceasing all business activity and active maintenance of the Kadena blockchain immediately.”

“We are tremendously grateful to everybody who has participated in this journey with us. We regret that because of market conditions we are unable to continue to promote and support the adoption of this unique decentralized offering,” it said. 

Source: Kadena
The “blockchain for business” branded layer 1 was founded in 2016 by Stuart Popejoy and Will Martino.

Popejoy was previously the lead of JPMorgan’s former Blockchain Center of Excellence, while Martino, Kadena’s former CEO, had worked as a tech lead for the Securities and Exchange Commission’s cryptocurrency steering committee before focusing his efforts on Kadena full-time.

The shutdown shows how challenging it is for smaller blockchains to build a sustainable user base and turn a profit amid fierce competition from larger chains like Ethereum and Solana.

The Kadena (KDA) token once soared close to a $4 billion valuation in November 2021 but today sits at $30.9 million, CoinGecko data shows.

Change in KDA’s price over the last week. Source: CoinGecko
Kadena and KDA will remain onlineKadena said it would retain a small team to handle the wind-down period; however, independent validators will still be able to process transactions and mine blocks on Kadena’s proof-of-work blockchain, it noted.

“The Kadena blockchain is not owned or operated by the company. As a thoroughly decentralized proof-of-work smart-contract blockchain, the network is operated by independent miners, while onchain smart contracts and protocols are governed independently by their maintainers,” it explained. 

Kadena said it will soon “provide a new binary that ensures uninterrupted operation without our involvement, and will be encouraging all node operators to upgrade as soon as possible.”

Kadena still needs plan for unlocked KDA tokensThe KDA token will also continue, and the Kadena team said it will consult with the community on how it should distribute the 83.7 million KDA tokens scheduled to be released in November 2029.

There are another 566 million KDA tokens to be distributed as mining rewards until 2139, Kadena noted.

Magazine: Review: The Devil Takes Bitcoin, a wild history of Mt. Gox and Silk Road

Bitcoin prices have climbed since falling on October 17.

getty

Bitcoin prices have rallied over the last few days, climbing past $114,000 on Tuesday, October 21 as markets got their risk appetite back.

The world’s most prominent digital currency rose to as much as $114,082.29, according to Coinbase data from TradingView.

At this point, it was up roughly 10.2% from the multimonth low of approximately $103,500 it reached on Friday, October 17, additional Coinbase figures from TradingView reveal. That day, the the cryptocurrency reached its lowest point since late June.

“Bitcoin’s rebound appears driven by a combination of renewed risk appetite following expectations of a near-term Fed rate cut, easing macro concerns, and stabilization after last week’s leveraged liquidations,” Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, said via email.

Marc P. Bernegger, cofounder of crypto fund of funds AltAlpha Digital, also highlighted a shift in sentiment, although he provided a different explanation for what caused this change.

“Recent signals of easing of strained relations between the U.S. and China have sparked a risk-on rally across assets,” he stated via emailed commentary. “President Trump’s October 14 comments on tariffs (initially escalating to 100% on Chinese imports) triggered a BTC dip to $105k, but Beijing’s October 19 response—easing export curbs—reversed sentiment overnight.”

“This led to $1.5 billion in spot market inflows, lifting BTC back above $114k,” Bernegger continued. The analyst highlighted the significant outflows that gold exchange-traded funds (ETFs) suffered last week, claiming that traders rotated out of the highly visible precious metal and into bitcoin as market sentiment is strained by concerns about global debt.

Independent cryptocurrency analyst Armando Aguilar also spoke to how many investors have been rotating into bitcoin.

“Gold and silver recently experienced their largest single-day declines in over a decade, which led investors to jump into Bitcoin and other digital assets,” he clarified through emailed commentary.

“Spot gold dropped as much as 6.3%, falling from a recent record high of $4,381 to $4,082.03 per ounce, representing its largest one-day percentage decline since 2013,” Aguilar noted. “Silver saw an even steeper fall, with spot prices plunging between 7% and 8.7%, reaching $47.89 per ounce—the most significant single-day drop since February 2021.”

The analyst also emphasized the notable rebound that bitcoin has experienced since its decline late last week. “BTC-rebounded from last Friday’s massive sell off, driven by long-term holders pulling coins off exchanges,” he stated.

Bitcoin-Fiat Disentanglement

Bitcoin has been moving out of tandem with fiat assets over the last few days, according to Tim Enneking, managing partner of Psalion. This is most certainly a positive development for the world’s most prominent digital currency, he claimed.

“BTC has been going through a fascinating couple of days,” he said via email. “Regardless of the direction of the move, the extremely positive point is that there has been little correlation between BTC and fiat markets (yesterday) and gold (today), which is fabulous!”

“The more the world judges BTC and other tokens on their own merits, and doesn’t lump them in with ‘risk-on’ assets, the better for BTC," Enneking continued.

The cryptocurrency generated significant visibility in the past for being part of an asset class that frequently moved out of tandem with more traditional assets like stocks and bonds, a development that was outlined in a 2016 white paper titled “Bitcoin: Ringing the Bell for a New Asset Class.”

This situation changed over time, as the correlation between bitcoin and stocks increased notably in 2020, according to data included in an article authored by CME Group economist Mark Shore.

“Daily returns data from January 2014 to April 2025 reveal a correlation of 0.2 between bitcoin and major equity indices,” the article stated.

“In 2020, the correlation between bitcoin and the S&P 500 and Nasdaq-100 indices shifted from being non-correlated to a positive relationship, with rolling correlations jumping to about 0.5,” the piece continued.

“The positive correlation is not limited to a single index,” the article added, stating that “This suggests that bitcoin’s performance is now more closely tied to the broader economic and market conditions.”