Market Signal Briefing

Journalist

Posted: November 12, 2025

Key takeaways
Why is Bitcoin’s risk-return profile weakening?
Metrics like the Sharpe Ratio and NRM have fallen as institutional demand cools.

What are Bitcoin whales doing during this phase?
While new whales face over $1 billion in losses, long-term holders have doubled their holdings.

Bitcoin’s [BTC] risk-reward tradeoff is changing.

Institutional appetite is cooling, and key performance metrics are slipping. New whale cohorts are deep in the red, too. And yet… long-time holders (LTHs) are buying, with no intent of slowing down.

Here’s the rundown.

Is BTC cooling off?

Source: Alphractal

The risk-return profile of Bitcoin is weakening. Both its annualized Sharpe Ratio and Normalized Risk Metric (NRM) have been trending lower.

This highlights a year of underwhelming performance and fading investor enthusiasm.

Source: Alphactal

According to Joao Wedson, CEO of Alphractal, this cautious phase among institutions could make way for a reset, or even a surprise move.

In a post on X (formerly Twitter), he said,

“When these metrics drop, it usually means investors aren’t very excited or confident… and that’s exactly when the market loves to catch everyone off-guard.”

Even if Bitcoin tests new highs, the most explosive part of this cycle may already be behind us.

The struggle of new money
According to CryptoQuant, newer whale cohorts are feeling the pressure. Since late October, Bitcoin has stayed below the Average Cost Basis of around $110.8K, pushing many into deep losses.

Source: CryptoQuant

Data shows this group has realized more than $1 billion in losses within days, including $515 million on the 7th of November alone. The dip is testing whale confidence, creating tension between old and new money in the market.

Whether these whales hold or capitulate could decide how BTC swings next.

LTHs are locked in

Source:X

Between the 24th of October and the 7th of November, whales holding more than 10,000 BTC more than doubled their holdings. They’ve added over 36,000 BTC in the process.

Source: X

This accumulation phase is similar to patterns seen before major market recoveries, such as in 2020. While the broader market remains cautious, these investors appear to be preparing for the long game.

Beyond all the visible volatility, Bitcoin’s strongest hands are ready for what’s next.

ZCash shielded pool climbs to 23% of supply as network usage surgesSecurity
• November 11, 2025, 5:06PM EST

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Quick Take
The increase in shielding coincides with significant price appreciation as ZEC surged from approximately $400 on Nov. 1 to as high as $750.
The following is excerpted from The Block’s Data and Insights newsletter.
ZCash's shielded pool has reached 23% of total supply, up from 18% in October, marking a steady progression in network privacy adoption.

The shielded pool functions by obscuring transaction details, making the entire network more difficult to trace as more ZEC enters this private state.

As covered in previous issues of The Block's Data and Insights newsletter, shielding requires direct interaction with the chain, making it a useful indicator of genuine network usage rather than pure speculative positioning.

The growth in shielded supply offers an interesting parallel to Ethereum's staking dynamics. Approximately 30% of ETH is currently staked to secure the network, and it will be worth monitoring whether ZEC experiences similar behavior or resistance as it approaches this threshold. 

Both metrics reflect active participation in network operations rather than passive holding.

The increase in shielding coincides with significant price appreciation as ZEC surged from approximately $400 on Nov. 1 to as high as $750 last Friday, accompanied by substantial trading volume across exchanges.

At the time of writing, ZEC ranks second among Coinbase's most traded assets by 24-hour volume, surpassing Ethereum with $345 million and $288 million, respectively.

The alignment between price performance and fundamental network activity represents a positive development. Rising shielded supply during a price rally suggests that increased attention is translating into actual protocol usage, not just speculative trading.

This contrasts with many other tokens, where traders have largely taken positions through derivatives rather than buying spot.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AUTHOR Brandon joined crypto research in 2021 and specializes in DeFi and emergent, up-and-coming projects and technologies in the space. See More

AUTHOR Ivan joined The Block in 2024 as a researcher. He was previously a consultant at KPMG Canada in the Crypto and Blockchain Center of Execellence where he advised financial institutions on blockchains and tokenization. He graduated from the University of Toronto. See More

WHO WE ARE The Block is a news provider that strives to be the first and final word on digital assets news, research, and data. +
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More by Brandon Kae

China just accused the United States of pulling off a cyber hit worth nearly $13 billion.

On Sunday, the Chinese National Computer Virus Emergency Response Center (CVERC) claimed that 127,272 Bitcoins stolen from the LuBian mining pool back in 2020 ended up under U.S. government control after a four-year-long silent operation.

The coins were held by Chen Zhi, head of Prince Group in Cambodia, who tried everything from blockchain messages to ransom offers to get them back, but got nothing but silence.

The Chinese agency said the coins were moved in bulk, stayed untouched for years, and were then quietly taken over by the U.S. Department of Justice last year, before the DOJ indicted Chen on October 14 this year and seized the entire stash.

CVERC’s report claims this entire chain of events points to a state-level hack designed to look like law enforcement.

But actually, the real issue started with LuBian’s key-generation system, because instead of using proper 256-bit random numbers, they cut corners.

According to the CVERC, the wallets were created using a 32-bit pseudo-random seed, relying on the Mersenne Twister MT19937-32 algorithm, which reportedly gave hackers only 4.29 billion combinations to brute-force instead of the trillions required for a proper key.

This is nearly identical to the MilkSad flaw disclosed in August 2023, which was later assigned CVE-2023-39910. The MilkSad team even listed LuBian’s compromised wallets, matching the 25 wallets in the DOJ’s case. Once the attacker figured out the vulnerability, the CVERC’s report said it took less than two hours to break in.

Over 5,000 addresses were generated with the same weak system, and they all had no multisig, no hardware wallets, no HD wallets, nothing.

Stolen coins stayed dormant before U.S. moved them
The LuBian mining pool, based mainly in China and Iran, was rising fast in 2020. It wasn’t using exchanges but stored Bitcoin in non-custodial wallets, the kind only you can unlock with your private key.

On December 29, 2020, LuBian’s wallets were hit in a bulk attack that drained 127,272.06953176 BTC, worth about $3.5 billion at the time. Less than 200 BTC were left behind.

All signs point to a brute-force script attacking over 5,000 wallets, all generated with a broken private key algorithm. The coins were swept out fast, then sat untouched in attacker-controlled wallets for four years. At least that’s what Arkham confirmed when it marked the final wallets as government-controlled.

During the dormancy period, Chen and his team tried to reach whoever stole the funds. In early 2021 and again in July 2022, they embedded over 1,500 messages into the Bitcoin blockchain using the OP_RETURN function. One allegedly said, “Please return our funds, we’ll pay a reward.”

Another pleaded, “To the whitehat who is saving our asset, contact us through [email protected] to discuss the return of asset and your reward.”

None of those got a reply.

Then, between June 22 and July 23, 2024, the CVERC said all the stolen Bitcoin suddenly moved to a new address, which according to Arkham’s on-chain tracking, belongs to Uncle.

China claims U.S. seizure and calls it a double-cross
By the time the DOJ made its move earlier this year, the stolen coins had already sat idle for nearly four years, with only less less than one ten-thousandth moved.

China says this doesn’t line up with typical hacker behavior, because we all know that hackers sell or mix coins, they don’t babysit them for years.

The indictment listed 127,271 BTC across 25 wallet addresses, all tracked back to LuBian’s December 2020 hack, with the funds coming from the three sources below:-

~17,800 BTC from independent mining
~2,300 BTC from mining pool wages
~107,100 BTC from exchanges and other inflows

But the DOJ claimed the coins were illicitly obtained. The numbers don’t match up. The impact, though, is that LuBian never recovered. More than 90% of its assets were wiped.

The pool went down. The Chinese report ends with a warning to the rest of the crypto community: fix your wallet code, use real random number generators, adopt multisig, cold storage, and real-time on-chain monitoring. Or next time, it might be you.

Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.

In brief
Pro-XRP lawyer John Deaton announced a new U.S. Senate bid, this time challenging Democratic Sen. Ed Markey in Massachusetts’ 2026 election.
Deaton, a Republican, previously lost to Sen. Elizabeth Warren by nearly 20 points, but gained national attention as a pro-crypto candidate.
His new campaign does not appear to focus on crypto as a policy issue, though it accepts crypto donations.
Pro-XRP attorney and Crypto Twitter mainstay John Deaton formally announced another U.S. Senate bid late Monday, after failing to unseat noted industry critic Elizabeth Warren last fall. 

Deaton will run in next year’s midterm election against Sen. Ed Markey, Massachusetts' other Democratic senator. The crypto-focused attorney is running as a Republican, and the party’s state leadership will soon vote on whether to endorse him—a move that would likely clinch his spot on the Republican ballot line in the general election.

Deaton told Decrypt earlier this year that he was likely to enter the race, given the name recognition he said he accumulated in his unsuccessful 2024 run against Warren.

I’m John Deaton. I grew up with nothing, served in the Marines, and built a life and business here in Massachusetts through hard work.

Families are struggling while career politicians like Ed Markey are absent and out of touch.

It’s time for leaders who know how to fight and… pic.twitter.com/KQ4gKtvoSZ

— John Deaton (@DeatonforSenate) November 11, 2025

Deaton’s odds of victory against Warren in that race were a longshot, given that Massachusetts is one of the most reliably blue-voting states in the country. They could be even slimmer in a matchup against Markey. 

Why? Because last year, Deaton was able to gain national attention running as a pro-crypto candidate against Warren, perhaps the industry’s most prominent foil in Congress, at a crucial juncture for digital asset regulation. While those conditions were not nearly enough to push Deaton over the edge—he ultimately lost to Warren by nearly 20 points—they did send plenty of financial support from the crypto industry flowing to his campaign.

This time around, things may look a bit different. While many in the crypto industry view Markey as an enemy, Massachusetts’ junior senator is a far less prominent perceived threat than Warren. And whereas the industry viewed itself as waging an existential fight for survival last November, the second Trump administration’s aggressively pro-crypto moves have calmed much of that worry.

As one sign of the changing times, Deaton’s new campaign site’s “Issues” page makes no mention of crypto policy—though a biography of the attorney does mention his interest in crypto and advocacy for XRP holders. The site also allows visitors to donate to Deaton’s campaign in numerous cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, and meme coins BONK, Dogecoin, Dogwifhat, and Peanut the Squirrel.

In March, Deaton told Decrypt that he saw a path to victory against Markey in 2026—so long as the crypto industry’s mighty political spending PACs, particularly Fairshake, backed him up.

Even in last year’s race against Warren, Fairshake did not back Deaton, opting to instead focus on closer, swing-state races. A Fairshake representative did not respond when asked by Decrypt whether the PAC will back Deaton this time around.

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Harvey Hunter is a Content Writer at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

November 11, 2025

Bonk continues to show short-term strength with a volume-backed surge, a potential indication of bigger moves at work for BONK price predictions.

The meme coin reclaimed key October support at $0.000013 in a 4.5% move during Monday trading, another key step towards a recovery, though the level faces pressure again today.

Volume provided a strong technical confirmation of a bullish move, with 850.8 billion tokens traded, an 82% increase above the daily average of 467 billion.

This comes as broader FUD tied to the U.S. government shutdown clears, with the Senate passing a continuing resolution during late Monday trading.

BREAKING: U.S. Senate has officially passed the continuing resolution to end the shutdown, sending it to the House of Representatives for a final vote to re-open the government. pic.twitter.com/3oqHrBdiiN

— America (@america) November 11, 2025
Intraday data highlights its importance, with a 14.2 billion-token spike late in the trading session.

BONK Price Prediction: What do Traders Know?The surge in trading volume comes as Bonk once again confirmed the lower boundary of its 4-month descending triangle as a launchpad, refocusing attention on a potential breakout.

With $0.000013 now being retested as support, a sustained upward move could be forming, particularly as momentum indicators show fresh bullishness.

BONK / USDT 1-day chart, descending channel bounce. Source: TradingView.The RSI continues to build strength with higher highs and higher lows toward the neutral line, while the MACD histogram’s growing lead above the signal line hints at mounting buy pressure beneath the surface.

The key breakout threshold sits at a major October distribution zone around $0.000016, which could open the door to a 120% move toward $0.000028.

Should broader catalysts such as U.S. interest rate easing gain traction into 2026, BONK could even extend gains toward mid-year highs near $0.000042, a potential 220% rally.

That said, a near-term shakeout could see the launchpad level at $0.000011 retested. However, underlying strength sets the stage for an even stronger double-bottom reversal.

Maxi Doge: A Bigger Breakout Play?If past cycles prove anything, it’s that Doge-branded tokens carry the strongest social momentum.

Shiba Inu carried the torch from Dogecoin in 2021, then Floki, Bonk, Dogwifhat, and most recently Neiro. Every bull run eventually delivers its own parabolic Doge-themed runner.

For 2025, imminent spot DOGE ETFs and Elon Musk’s DOGE-1 lunar mission create the perfect social catalyst for a new frontrunner, and speculators are eyeing Maxi Doge ($MAXI) as the next moonshot.

The hype is already translating into numbers. The $MAXI presale has raised almost $4 million, with early backers currently earning a high 77% APY on staking rewards.

For those who missed out on the Doge wave before, Maxi Doge could be the next opportunity to catch a meme coin breakout before it runs.

Visit the Official Maxi Doge Website Here

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The three-year engagement will empower Globe to optimize its mobile network, drive efficiency through automation, and deliver superior customer experiences

JERSEY CITY, NJ / ACCESS Newswire / November 11, 2025 / Amdocs (NASDAQ:DOX), a leading provider of software and services to communications and media companies, today announced the expansion of its managed services agreement and long-term engagement with Globe, a leading digital solutions provider in the Philippines, to include the network domain. The strategic extension will enable Globe to boost service quality, enhance operational agility and deliver enhanced experience to its customers.

Under the three-year managed services engagement, Amdocs will deliver network strategy and planning, mobile access engineering, and optimization of macro and in-building network solutions to support and optimize Globe's mobile network infrastructure. Amdocs will monitor Globe's mobile network performance parameters and identify improvement areas through automated dashboard reporting on network health, manage network performance during special events and support any network related issue for VIP customers.

Building on the success of the earlier collaboration to transform Globe's IT operations, the new agreement will empower the Filipino service provider to achieve greater cost savings, operational efficiency and automation while adopting global best practices in network operations delivering a more seamless customer experience for Globe's customers.

"Reliable network solutions that are faster, more secure and more resilient are crucial to thrive in this digital age," said Joel Agustin, SVP for Network Planning and Engineering at Globe Telecom. "We're excited to extend our relationship with Amdocs from the IT domain into the network domain to monitor and manage our mobile network infrastructure. This will help us build the right foundations to transform how we serve our customers-delivering more responsive, efficient, and meaningful experiences."

"We're honored to be a long-standing trusted partner to Globe in its digital transformation journey, empowering them to deliver best-in-class connectivity and exceptional digital experiences," said Anthony Goonetilleke, Amdocs Group President of Technology and Head of Strategy. "By combining our expertise in network operations, automation, and analytics, we look forward to empowering Globe further strengthen its network performance and advance its transformation goals."

Supporting Resources

Keep up with Amdocs news by visiting the company's website

Follow us on X, Facebook, LinkedIn, and YouTube

About Amdocs

Amdocs empowers the world's leading communications and media companies to accelerate innovation and deliver exceptional customer experiences at scale. Our comprehensive portfolio of software products and services enable service providers to harness the transformative power of artificial intelligence, driving digital modernization, cloud adoption, intelligent network automation, and new revenue opportunities. With our talented people across the globe, we partner with our customers to turn advanced technology into measurable business outcomes, enriching lives and advancing a more connected society. Together, we help those who shape the future to make it amazing. Listed on the NASDAQ Global Select Market, Amdocs reported revenue of $4.53 billion in fiscal 2025.

Amdocs' Forward-Looking Statement

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company's customers' businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company's customers. Amdocs' ability to grow in the business markets that it serves, Amdocs' ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, security incidents, including breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company's offerings and operations, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs' filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2024, filed on December 17, 2024, and our Form 6-K furnished for the first quarter of fiscal 2025 on February 18, 2025, for the second quarter of fiscal 2025 on May 19, 2025, and for the third quarter of fiscal 2025 on August 18, 2025.

Media Contact:

Swati Sharma
Amdocs Public Relations
E-mail: [email protected]

SOURCE: Amdocs Management Limited

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, /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), a leader in diagnostic information services, today announced that its Board of Directors declared a quarterly cash dividend of $0.80 per share, payable on January 28, 2026 to shareholders of record of Quest Diagnostics common stock on January 13, 2026.

About Quest Diagnostics
Quest Diagnostics works across the healthcare ecosystem to create a healthier world, one life at a time. We provide diagnostic insights from the results of our laboratory testing to empower people, physicians and organizations to take action to improve health outcomes. Derived from one of the world's largest databases of de-identifiable clinical lab results, Quest's diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our more than 55,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives and create a healthier world. www.QuestDiagnostics.com.

SOURCE Quest Diagnostics

Also from this source

Oklo (NYSE:OKLO) continued to invest in its pre-commercial nuclear technology during Q3, achieving several operational and regulatory milestones.

Oklo completed Phase 1 of its Nuclear Regulatory Commission (NRC) readiness assessment with no significant gaps and expects to file its Aurora combined license application in early Q4 2025.

The company reaffirmed its target for commercial operations of the first Aurora powerhouse in late 2027 to early 2028.

Oklo recorded no revenue during the Q3 period, consistent with its ongoing development stage. 

Its loss per share was $0.20, up from a loss per share of $0.08 in the year-ago period and more than the $0.14 loss per share expected by Wall Street analysts.

Year-to-date cash used in operating activities was $48.7 million, below the company’s full-year forecast of $65 million to $80 million.

Shares of Oklo traded down 1.7% at $102.50 post-earnings. The stock has surged 390% so far in 2025.

Multi-year agreement includes OSS modernization, extended support for existing platforms, and professional services aimed at strengthening Vivo's operational efficiency and service agility

JERSEY CITY, NJ / ACCESS Newswire / November 11, 2025 / Amdocs (NASDAQ:DOX), a leading provider of software and services for communications and media companies, today announced that Vivo, a member of Telefónica group, has signed an agreement with Amdocs to modernize its operations support systems (OSS).

The modernization program will ensure that the Brazilian service provider operates on the latest version of Amdocs' OSS products, incorporating the most recent software enhancements, security updates, and architectural improvements. This will provide a stable, standardized, and future-ready foundation for ongoing operations and future evolutions of Vivo's network systems.

Under the new agreement, Amdocs will deliver an OSS project modernization aimed to deploy the latest cloud-native, microservices-based release of Service Orchestration and Service Activation.

These initiatives will strengthen Vivo's OSS environment by introducing updated technologies, improved system maintainability, and enhanced integration with existing operational processes. The modernization will support long-term platform stability and compliance with evolving technology standards.

"We are delighted to expand our collaboration with Vivo at such a pivotal moment in their growth journey," said Anthony Goonetilleke, Group President of Technology and Head of Strategy at Amdocs. "By modernizing their OSS with our latest cloud-native platforms and supporting them with our end-to-end services, we are empowering Vivo to deliver seamless customer experiences and drive business agility at scale."

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Keep up with Amdocs news by visiting the company's website

Follow us on X, Facebook, LinkedIn, and YouTube

About Amdocs

Amdocs empowers the world's leading communications and media companies to accelerate innovation and deliver exceptional customer experiences at scale. Our comprehensive portfolio of software products and services enable service providers to harness the transformative power of artificial intelligence, driving digital modernization, cloud adoption, intelligent network automation, and new revenue opportunities. With our talented people across the globe, we partner with our customers to turn advanced technology into measurable business outcomes, enriching lives and advancing a more connected society. Together, we help those who shape the future to make it amazing. Listed on the NASDAQ Global Select Market, Amdocs reported revenue of $4.53 billion in fiscal 2025.

Amdocs' Forward-Looking Statement

This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company's customers' businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company's customers. Amdocs' ability to grow in the business markets that it serves, Amdocs' ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, security incidents, including breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company's offerings and operations, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs' filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2024, filed on December 17, 2024, and our Form 6-K furnished for the first quarter of fiscal 2025 on February 18, 2025, and for the second quarter of fiscal 2025 on May 19, 2025, and for the third quarter of fiscal 2025 on August 18, 2025.

Media Contacts:

Mario Hajiloizi
Amdocs Public Relations
E-mail: [email protected]

Katie Owen
Babel PR for Amdocs
Tel: +44 (0) 7490 131475
E-mail: [email protected] / [email protected]

SOURCE: Amdocs Management Limited

The Dow Jones Industrial Average closed at a fresh record high Tuesday as investors piled into stocks beyond the hot AI plays

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

Alcon (SIX/NYSE:ALC), the global leader in eye care, reported its financial results for the three and nine month periods ending September 30, 2025. For the third quarter of 2025, sales were $2.6 billion, up 6% on a reported basis and up 5% on a constant currency basis1, as compared to the same quarter of the previous year. Alcon reported diluted earnings per share of $0.48 and core diluted earnings per share2 of $0.79 in the third quarter of 2025.

"As expected, we saw encouraging topline growth in the third quarter, driven by strong acceleration in equipment," said David J. Endicott, Alcon's Chief Executive Officer. "Unity VCS is gaining traction across key markets and our orderbook remains strong. With PanOptix Pro resonating well with surgeons and early uptake of Tryptyr showing promise, we're laying the groundwork for a solid 2026."

Third-quarter and first nine months of 2025 key figures

Three months ended

September 30

Nine months ended

September 30

2025

2024

2025

2024

Net sales ($ millions)

2,589

2,433

7,617

7,359

Operating margin (%)

12.8%

13.6%

13.7%

13.8%

Diluted earnings per share ($)

0.48

0.53

1.53

1.48

Core results (non-IFRS measure)2

Core operating margin (%)

20.2%

20.6%

20.0%

20.8%

Core diluted earnings per share ($)

0.79

0.81

2.29

2.33

Cash flows ($ millions)

Net cash flows from operating activities

1,613

1,618

Free cash flow (non-IFRS measure)3

1,244

1,296

Third-quarter and first nine months of 2025 results

Reported net sales for the third quarter of 2025 were $2.6 billion, up 6% versus the third quarter of 2024. Excluding favorable currency impacts of 1%, sales were up 5% on a constant currency basis. Reported net sales for the first nine months of 2025 were $7.6 billion, up 4% versus the first nine months of 2024. Excluding favorable currency impacts of 1%, sales were up 3% on a constant currency basis.

The following table highlights net sales by segment for the third quarter and first nine months of 2025:

Three months ended

September 30

Change %

Nine months ended

September 30

Change %

($ millions unless indicated otherwise)

2025

2024

$

cc1

(non-IFRS

measure)

2025

2024

$

cc1

(non-IFRS

measure)

Surgical

Implantables

432

422

2

2

1,308

1,319

(1

)

—

Consumables

745

701

6

5

2,234

2,123

5

5

Equipment/other

243

215

13

13

664

657

1

1

Total Surgical

1,420

1,338

6

5

4,206

4,099

3

3

Vision Care

Contact lenses

707

664

6

5

2,087

1,971

6

5

Ocular health

462

431

7

6

1,324

1,289

3

3

Total Vision Care

1,169

1,095

7

5

3,411

3,260

5

4

Net sales

2,589

2,433

6

5

7,617

7,359

4

3

Net sales by segment

Third quarter

Surgical

Surgical net sales, which include implantables, consumables and equipment/other, were $1.4 billion, an increase of 6% on a reported basis and 5% on a constant currency basis versus the third quarter of 2024.

Implantables net sales were $432 million, an increase of 2% on a reported and constant currency basis, reflecting the launch of PanOptix Pro, as well as continued competitive pressures.

Consumables net sales were $745 million, an increase of 6%. Excluding favorable currency impacts of 1%, Consumables net sales increased 5% constant currency, reflecting improving market conditions and price increases.

Equipment/other net sales were $243 million, an increase of 13% on a reported and constant currency basis. This growth was led by recent equipment launches, including Unity VCS.

Vision Care

Vision Care net sales, which include contact lenses and ocular health, were $1.2 billion, an increase of 7% on a reported basis and 5% on a constant currency basis versus the third quarter of 2024.

Contact lenses net sales were $707 million, an increase of 6%. Excluding favorable currency impacts of 1%, Contact lenses net sales increased 5% constant currency. Growth was driven by product innovation and price increases, partially offset by declines in legacy products.

Ocular health net sales were $462 million, an increase of 7%. Excluding favorable currency impacts of 1%, Ocular health net sales increased 6% constant currency. Growth was led by products for dry eye and glaucoma, including Systane, Tryptyr and Rocklatan, partially offset by declines in contact lens care. The prior year period included sales of certain eye drops in China which were divested and out-licensed in late 2024.

Nine months

Surgical

Surgical net sales were $4.2 billion, an increase of 3% on a reported and constant currency basis versus the first nine months of 2024.

Implantables net sales were $1.3 billion, a decrease of 1%. Excluding unfavorable currency impacts of 1%, Implantables net sales were in line with the prior year period in constant currency, reflecting soft market conditions and competitive pressures.

Consumables net sales were $2.2 billion, an increase of 5% on a reported and constant currency basis. Growth was led by vitreoretinal and cataract consumables, particularly in international markets, and price increases.

Equipment/other net sales were $664 million, an increase of 1% on a reported and constant currency basis, as sales of recently launched equipment, including Unity VCS, were partially offset by declines in legacy equipment.

Vision Care

Vision Care net sales were $3.4 billion, an increase of 5% on a reported basis and 4% on a constant currency basis versus the first nine months of 2024.

Contact lenses net sales were $2.1 billion, an increase of 6%. Excluding favorable currency impacts of 1%, Contact lenses net sales increased 5% constant currency, primarily driven by product innovation and price increases, partially offset by declines in legacy products.

Ocular health net sales were $1.3 billion, an increase of 3% on a reported and constant currency basis. Growth was led by products for dry eye and glaucoma, including Systane and Rocklatan, partially offset by declines in contact lens care. The prior year period included sales of certain eye drops in China which were divested and out-licensed in late 2024.

Operating income

Third quarter

Operating income was $332 million (0%, -3% cc), in line with the prior year period on a reported basis. Operating margin decreased 0.8 percentage points. The current year period included incremental tariffs, sales and marketing investments behind new product launches and increased investment in research and development ("R&D"), including from recent acquisitions, partially offset by manufacturing efficiencies and price increases. Excluding a positive 0.3 percentage point impact from currency, operating margin decreased 1.1 percentage points on a constant currency basis.

Adjustments to arrive at core operating income in the current year period were $191 million, mainly due to $176 million of amortization and $13 million of acquisition and integration related items. Adjustments to arrive at core operating income in the prior year period were $169 million, mainly due to $167 million of amortization.

Core operating income was $523 million (+4%, +2% cc), compared to $501 million in the prior year period. Core operating margin decreased 0.4 percentage points as the current year period included incremental tariffs, sales and marketing investments behind new product launches and increased investment in R&D, including from recent acquisitions, partially offset by manufacturing efficiencies and price increases. Excluding a positive 0.2 percentage point impact from currency, core operating margin decreased 0.6 percentage points on a constant currency basis.

Nine months

Operating income was $1.0 billion (+3%, +3% cc) in both current and prior year periods. Operating margin decreased 0.1 percentage points. The current year period included incremental tariffs, increased investment in R&D, including from recent acquisitions, $44 million of product discontinuation charges in Vision Care, $36 million of acquisition and integration related items and a negative 0.1 percentage point impact from currency. The decline in operating margin was partially offset by $142 million on fair value remeasurements of investments in associated companies and price increases. Operating margin was in line with the prior year period on a constant currency basis.

Adjustments to arrive at core operating income in the current year period were $478 million, mainly due to $521 million of amortization, $44 million of product discontinuation charges and $36 million of acquisition and integration related items, partially offset by $142 million on fair value remeasurements of investments in associated companies. Adjustments to arrive at core operating income in the prior year period were $511 million, mainly due to $498 million of amortization.

Core operating income was $1.5 billion (0%, 0% cc) in both the current and prior year periods. Core operating margin decreased 0.8 percentage points. The current year period included incremental tariffs, increased investment in R&D, including from recent acquisitions and a negative 0.1 percentage point impact from currency, partially offset by price increases. Core operating margin decreased 0.7 percentage points on a constant currency basis.

Taxes

Third quarter

Reported tax expense was $46 million, compared to $29 million in the prior year period, and the average reported tax rate was 16.3%, compared to 9.9% in the prior year period. Core tax expense was $80 million, compared to $59 million in the prior year period, and the average core tax rate was 16.9%, compared to 12.8% in the prior year period. Both the average reported and core tax rates were higher in the current year period due to a less favorable mix of pre-tax income/(loss) across geographical tax jurisdictions and higher discrete tax benefits in the prior year period.

Nine months

Reported tax expense was $133 million, compared to $173 million in the prior year period, and the average reported tax rate was 14.8%, compared to 19.1% in the prior year period. Core tax expense was $240 million, compared to $262 million in the prior year period, and the average core tax rate was 17.4%, compared to 18.5% in the prior year period. The average reported tax rate was lower in the current year period due to a non-taxable gain. In addition, both the average reported and core tax rates benefited from higher discrete tax benefits in the current year period.

Diluted earnings per share

Third quarter

Diluted earnings per share of $0.48 decreased 9%, or 14% on a constant currency basis, versus the prior year period, primarily due to higher tax expense. Core diluted earnings per share of $0.79 decreased 2%, or 4% on a constant currency basis, versus the prior year period.

Nine months

Diluted earnings per share of $1.53 increased 3%, or 4% on a constant currency basis, primarily due to higher operating income, including gains of $142 million on fair value remeasurements of investments in associated companies, partially offset by $44 million of product discontinuation charges, and lower tax expense. Core diluted earnings per share of $2.29 decreased 2%, or 1% on a constant currency basis, versus the prior year period.

Cash flow highlights

Net cash flows from operating activities amounted to $1.6 billion in the first nine months of 2025, in line with the prior year period. Free cash flow was $1.2 billion in the first nine months of 2025, compared to $1.3 billion in the prior year period, primarily due to increased capital expenditures.

During the first nine months of 2025, the company returned $550 million to shareholders. Capital returns include the repurchase of approximately 4.6 million shares4 for $384 million and dividend payments of $166 million.

2025 outlook

The Company maintained its previously communicated full-year 2025 outlook.

2025 outlook5,6

as of August

as of November

Comments

Net sales (USD)

$10.3 to $10.4 billion

$10.3 to $10.4 billion

Maintained

Change vs. prior year (cc)1

(non-IFRS measure)

+4% to +5%

+4% to +5%

Maintained

Core operating margin2

(non-IFRS measure)

19.5% to 20.5%

19.5% to 20.5%

Maintained

Non-operating income & expense7

$185 to $205 million

$185 to $205 million

Maintained

Core effective tax rate8

(non-IFRS measure)

~18%

~18%

Maintained

Core diluted EPS2

(non-IFRS measure)

$3.05 to $3.15

$3.05 to $3.15

Maintained

Change vs. prior year (cc)1

(non-IFRS measure)

0% to +2%

0% to +2%

Maintained

This outlook assumes the following:

Aggregated markets grow approximately low-single digits;

Tariff rates and exemptions announced as of November 10, 2025 persist through the end of the year. The Company expects a full-year gross tariff impact of approximately $100 million, which is expected to pressure cost of net sales. The Company anticipates fully offsetting this impact through foreign exchange as well as operational actions;

Exchange rates as of the end of October prevail through year-end;

Approximately 497 million weighted-averaged diluted shares.6

Webcast and Conference Call Instructions

The Company will host a conference call on November 12, 2025 at 8:00 a.m. Eastern Time / 2:00 p.m. Central European Time to discuss its third-quarter 2025 earnings results. The webcast can be accessed online through Alcon's Investor Relations website, i.e. investor.alcon.com. Listeners should log on approximately 10 minutes in advance. A replay will be available online within 24 hours after the event. To listen the Company's conference call, click on the link:

https://investor.alcon.com/news-and-events/events-and-presentations/event-details/2025/Alcons-Third-Quarter-2025-Earnings-Conference-Call-2025-8ylj38YvL1/default.aspx

The Company's third-quarter 2025 press release, interim financial report and supplemental presentation materials can be found online through Alcon's Investor Relations website, or by clicking on the link:

https://investor.alcon.com/news-and-events/events-and-presentations/event-details/2025/Alcons-Third-Quarter-2025-Earnings-Conference-Call-2025-8ylj38YvL1/default.aspx

Cautionary Note Regarding Forward-Looking Statements

This document contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “commitment,” “look forward,” “maintain,” “plan,” “goal,” “seek,” “target,” “assume,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our 2025 outlook, liquidity, revenue, gross margin, operating margin, effective tax rate, foreign currency exchange movements, earnings per share, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, our social impact and sustainability plans, targets, goals and expectations, and generally, our expectations concerning our future performance.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict such as: cybersecurity breaches or other disruptions of our information technology systems; our ability to effectively manage the risks associated with the ethical use of disruptive technologies; compliance with data privacy, identity protection and information security laws, particularly with the increased use of artificial intelligence; the impact of a disruption in our global supply chain, including the effect of tariffs, or important facilities, particularly when we single-source or rely on limited sources of supply; our ability to manage social impact and sustainability matters; our reliance on outsourcing key business functions; global and regional economic, financial, monetary, legal, tax, political and social change; the increasingly challenging economic, political and legal environment in China; terrorism, war and other resulting events such as economic sanctions and trade restrictions; our ability to manage the risks associated with operating as a third party contract manufacturer; our ability to forecast sales demand and manage our inventory levels and the changing buying patterns of our customers; our success in completing and integrating strategic acquisitions, including equity investments in early-stage companies; the success of our research and development efforts, including our ability to innovate to compete effectively; our ability to comply with the US Foreign Corrupt Practices Act of 1977 and other applicable anti-corruption laws; pricing pressure from changes in third party payor coverage and reimbursement methodologies; our ability to properly educate and train healthcare providers on our products; our ability to protect our intellectual property; our ability to comply with all laws to which we may be subject; the ability to obtain regulatory clearance and approval of our products as well as compliance with any post-approval obligations, including quality control of our manufacturing; the effect of product recalls or voluntary market withdrawals; the accuracy of our accounting estimates and assumptions, including pension and other post-employment benefit plan obligations and the carrying value of intangible assets; the impact of unauthorized importation of our products from countries with lower prices to countries with higher prices; our ability to service our debt obligations; the need for additional financing through the issuance of debt or equity; the effects of litigation, including product liability lawsuits and governmental investigations; supply constraints and increases in the cost of energy; our ability to attract and retain qualified personnel; legislative, tax and regulatory reform; the impact of being listed on two stock exchanges; the ability to declare and pay dividends; the different rights afforded to our shareholders as a Swiss corporation compared to a US corporation; the effect of maintaining or losing our foreign private issuer status under US securities laws; and the ability to enforce US judgments against Swiss corporations.

Additional factors are discussed in our filings with the United States Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this document speak only as of the date of its filing, and we assume no obligation to update forward-looking statements as a result of new information, future events or otherwise. We also undertake no obligation to update the 2025 outlook as circumstances evolve.

Intellectual Property

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

Non-IFRS measures as defined by the Company

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

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

Core results

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

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

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

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

Constant currency

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

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

the impact of translating the income statements of consolidated entities from their non-US dollar functional currencies to the US dollar; and

the impact of exchange rate movements on the major transactions of consolidated entities performed in currencies other than their functional currency.

Alcon calculates constant currency measures by translating the current year's foreign currency values for sales and other income statement items into US dollars, using the average exchange rates from the historical comparative period and comparing them to the values from the historical comparative period in US dollars.

EBITDA

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

Free cash flow

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

Net (debt)/liquidity

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

Growth rate and margin calculations

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

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

Reconciliation of guidance for forward-looking non-IFRS measures

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

Financial tables

Net sales by region

Three months ended

September 30

Nine months ended

September 30

($ millions unless indicated otherwise)

2025

2024

2025

2024

United States

1,167

45

%

1,112

46

%

3,464

45

%

3,402

46

%

International

1,422

55

%

1,321

54

%

4,153

55

%

3,957

54

%

Net sales

2,589

100

%

2,433

100

%

7,617

100

%

7,359

100

%

Consolidated Income Statement (unaudited)

Three months ended

September 30

Nine months ended

September 30

($ millions except earnings per share)

2025

2024

2025

2024

Net sales

2,589

2,433

7,617

7,359

Other revenues

25

21

66

50

Net sales and other revenues

2,614

2,454

7,683

7,409

Cost of net sales

(1,136

)

(1,064

)

(3,403

)

(3,235

)

Cost of other revenues

(20

)

(19

)

(51

)

(47

)

Gross profit

1,458

1,371

4,229

4,127

Selling, general & administration

(865

)

(809

)

(2,548

)

(2,448

)

Research & development

(250

)

(225

)

(717

)

(644

)

Other income

10

5

164

16

Other expense

(21

)

(10

)

(81

)

(33

)

Operating income

332

332

1,047

1,018

Interest expense

(51

)

(49

)

(151

)

(144

)

Other financial income & expense

3

10

16

34

Share of (loss) from associated companies

(1

)

(1

)

(16

)

(1

)

Income before taxes

283

292

896

907

Taxes

(46

)

(29

)

(133

)

(173

)

Net income

237

263

763

734

Net income attributable to:

Shareholders of Alcon Inc.

237

263

763

734

Non-controlling interests

—

—

—

—

Earnings per share ($)(1)

Basic

0.48

0.53

1.54

1.48

Diluted

0.48

0.53

1.53

1.48

Weighted average number of shares outstanding (millions)

Basic

493.2

494.6

494.5

494.3

Diluted

495.9

497.7

497.3

497.2

Segment contribution

Three months ended September 30

Nine months ended September 30

Change %

Change %

($ millions unless indicated otherwise)

2025

2024

$

cc(1)

(non-IFRS

measure)

2025

2024

$

cc(1)

(non-IFRS

measure)

Surgical segment contribution

357

331

8

6

1,071

1,120

(4

)

(4

)

As % of net sales

25.1

24.7

25.5

27.3

Vision Care segment contribution

257

264

(3

)

(5

)

746

702

6

6

As % of net sales

22.0

24.1

21.9

21.5

Not allocated to segments

(282

)

(263

)

(7

)

(7

)

(770

)

(804

)

4

5

Operating income

332

332

—

(3

)

1,047

1,018

3

3

Core adjustments (non-IFRS measure)(1)

191

169

478

511

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

523

501

4

2

1,525

1,529

—

—

Operating income

Three months ended September 30

Nine months ended September 30

Change %

Change %

($ millions unless indicated otherwise)

2025

2024

$

cc(1)

(non-IFRS

measure)

2025

2024

$

cc(1)

(non-IFRS

measure)

Cost of net sales

(1,136

)

(1,064

)

(7

)

(6

)

(3,403

)

(3,235

)

(5

)

(5

)

Gross profit

1,458

1,371

6

5

4,229

4,127

2

2

Gross margin (%)

56.3

56.4

55.5

56.1

Selling, general & administration

(865

)

(809

)

(7

)

(5

)

(2,548

)

(2,448

)

(4

)

(4

)

Research & development

(250

)

(225

)

(11

)

(10

)

(717

)

(644

)

(11

)

(11

)

Other income

10

5

100

125

164

16

nm

nm

Other expense

(21

)

(10

)

(110

)

(120

)

(81

)

(33

)

(145

)

(146

)

Operating income

332

332

—

(3

)

1,047

1,018

3

3

Operating margin (%)

12.8

13.6

13.7

13.8

Core results (non-IFRS measure)(1)

Core gross profit

1,629

1,537

6

4

4,783

4,625

3

3

Core gross margin (%)

62.9

63.2

62.8

62.8

Core operating income

523

501

4

2

1,525

1,529

—

—

Core operating margin (%)

20.2

20.6

20.0

20.8

Non-operating income & expense

Three months ended September 30

Nine months ended September 30

Change %

Change %

($ millions unless indicated otherwise)

2025

2024

$

cc(1)

(non-IFRS

measure)

2025

2024

$

cc(1)

(non-IFRS

measure)

Operating income

332

332

—

(3

)

1,047

1,018

3

3

Interest expense

(51

)

(49

)

(4

)

(5

)

(151

)

(144

)

(5

)

(5

)

Other financial income & expense

3

10

(70

)

(69

)

16

34

(53

)

(53

)

Share of (loss) from associated companies

(1

)

(1

)

—

nm

(16

)

(1

)

nm

nm

Income before taxes

283

292

(3

)

(7

)

896

907

(1

)

(1

)

Taxes

(46

)

(29

)

(59

)

(54

)

(133

)

(173

)

23

23

Net income

237

263

(10

)

(14

)

763

734

4

4

Net income attributable to:

Shareholders of Alcon Inc.

237

263

(10

)

(14

)

763

734

4

4

Non-controlling interests

—

—

—

—

—

—

—

—

Basic earnings per share ($)(2)

0.48

0.53

(9

)

(14

)

1.54

1.48

4

4

Diluted earnings per share ($)(2)

0.48

0.53

(9

)

(14

)

1.53

1.48

3

4

Core results (non-IFRS measure)(1)

Core taxes

(80

)

(59

)

(36

)

(34

)

(240

)

(262

)

8

8

Core net income

394

402

(2

)

(5

)

1,139

1,156

(1

)

(1

)

Core net income attributable to:

Shareholders of Alcon Inc.

394

402

(2

)

(5

)

1,139

1,156

(1

)

(1

)

Non-controlling interests

—

—

—

—

—

—

—

—

Core basic earnings per share ($)(2)

0.80

0.81

(1

)

(4

)

2.30

2.34

(2

)

(1

)

Core diluted earnings per share ($)(2)

0.79

0.81

(2

)

(4

)

2.29

2.33

(2

)

(1

)

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

Three months ended September 30, 2025

($ millions except earnings per share)

IFRS

results

Amortization of

certain intangible

assets(1)

Impairments(2)

Acquisition and

integration

related items(4)

Other

items(7)

Core results

(non-IFRS

measure)

Gross profit

1,458

171

—

—

—

1,629

Operating income

332

176

2

13

—

523

Income before taxes

283

176

2

13

—

474

Taxes(8)

(46

)

(31

)

—

(3

)

—

(80

)

Net income

237

145

2

10

—

394

Net income attributable to:

Shareholders of Alcon Inc.

237

145

2

10

—

394

Non-controlling interests

—

—

—

—

—

—

Basic earnings per share ($)(9)

0.48

0.80

Diluted earnings per share ($)(9)

0.48

0.79

Basic - weighted average shares outstanding (millions)(9)

493.2

493.2

Diluted - weighted average shares outstanding (millions)(9)

495.9

495.9

Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.

Three months ended September 30, 2024

($ millions except earnings per share)

IFRS

results

Amortization of

certain intangible

assets(1)

Other items(7)

Core results

(non-IFRS

measure)

Gross profit

1,371

166

—

1,537

Operating income

332

167

2

501

Income before taxes

292

167

2

461

Taxes(8)

(29

)

(30

)

—

(59

)

Net income

263

137

2

402

Net income attributable to:

Shareholders of Alcon Inc.

263

137

2

402

Non-controlling interests

—

—

—

—

Basic earnings per share ($)(9)

0.53

0.81

Diluted earnings per share ($)(9)

0.53

0.81

Basic - weighted average shares outstanding (millions)(9)

494.6

494.6

Diluted - weighted average shares outstanding (millions)(9)

497.7

497.7

Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.

Nine months ended September 30, 2025

($ millions except earnings per share)

IFRS

results

Amortization

of certain

intangible

assets(1)

Impairments(2)

Gains on

investments

in associated

companies(3)

Acquisition

and

integration

related

items(4)

Legal

items(5)

Product

discontinuation(6)

Other

items(7)

Core

results

(non-IFRS

measure)

Gross profit

4,229

510

—

—

—

—

44

—

4,783

Operating income

1,047

521

2

(142

)

36

17

44

—

1,525

Income before taxes

896

521

2

(142

)

36

17

44

5

1,379

Taxes(8)

(133

)

(93

)

—

—

(8

)

(4

)

(10

)

8

(240

)

Net income

763

428

2

(142

)

28

13

34

13

1,139

Net income attributable to:

Shareholders of Alcon Inc.

763

428

2

(142

)

28

13

34

13

1,139

Non-controlling interests

—

—

—

—

—

—

—

—

—

Basic earnings per share ($)(9)

1.54

2.30

Diluted earnings per share ($)(9)

1.53

2.29

Basic - weighted average shares outstanding (millions)(9)

494.5

494.5

Diluted - weighted average shares outstanding (millions)(9)

497.3

497.3

Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.

Nine months ended September 30, 2024

($ millions except earnings per share)

IFRS

results

Amortization of

certain intangible

assets(1)

Impairments(2)

Acquisition and

integration

related items(4)

Other

items(7)

Core

results

(non-IFRS

measure)

Gross profit

4,127

495

—

3

—

4,625

Operating income

1,018

498

9

3

1

1,529

Income before taxes

907

498

9

3

1

1,418

Taxes(8)

(173

)

(89

)

—

(1

)

1

(262

)

Net income

734

409

9

2

2

1,156

Net income attributable to:

Shareholders of Alcon Inc.

734

409

9

2

2

1,156

Non-controlling interests

—

—

—

—

—

—

Basic earnings per share ($)(9)

1.48

2.34

Diluted earnings per share ($)(9)

1.48

2.33

Basic - weighted average shares outstanding (millions)(9)

494.3

494.3

Diluted - weighted average shares outstanding (millions)(9)

497.2

497.2

Refer to the associated explanatory footnotes at the end of the 'Reconciliation of IFRS results to core results (non-IFRS measure)' tables.

Explanatory footnotes to IFRS to core reconciliation tables

(1)

Includes amortization for all intangible assets other than software.

(2)

Includes impairment charges related to intangible assets.

(3)

For the nine months ended September 30, 2025, includes gains on fair value remeasurements of investments in associated companies.

(4)

For the three months ended September 30, 2025, Operating income includes $12 million of direct acquisition costs and $1 million of integration related costs related to acquisitions. Acquisition costs primarily include third party professional services for legal, banker and due diligence fees. Integration related costs include third party professional services.

For the nine months ended September 30, 2025, Operating income includes $28 million of direct acquisition costs and $8 million of integration related costs related to acquisitions. Acquisition costs primarily include third party professional services for legal, banker, due diligence and accounting fees. Integration related costs include severance of $3 million, accelerated equity-based compensation expense of $3 million and third party professional services of $2 million.

For the nine months ended September 30, 2024, Gross profit includes the amortization of inventory fair value adjustments related to an acquisition.

(5)

For the nine months ended September 30, 2025, includes provisions for legal matters.

(6)

For the nine months ended September 30, 2025, includes charges related to the discontinued commercialization of a product in the Vision Care reportable segment, including $43 million for the full impairment of the intangible asset and $1 million in related costs, primarily related to inventory provisions.

(7)

For the three months ended September 30, 2024, Operating income primarily includes the amortization of option rights, partially offset by fair value adjustments of financial assets.

For the nine months ended September 30, 2025, Income before taxes includes core adjustments recognized for Aurion in Share of (loss) from associated companies. The expenses were incurred upon change in control from Alcon's acquisition of a majority interest in Aurion and include accelerated equity-based compensation expense of $2 million, third party professional services of $2 million for legal and accounting fees and third party bank fees of $1 million.

For the nine months ended September 30, 2024, Operating income includes the amortization of option rights and fair value adjustments of financial assets.

(8)

For the three months ended September 30, 2025, tax associated with operating income core adjustments of $191 million totaled $34 million with an average tax rate of 17.8%.

For the three months ended September 30, 2024, tax associated with operating income core adjustments of $169 million totaled $30 million with an average tax rate of 17.8%.

For the nine months ended September 30, 2025, total tax adjustments of $107 million include tax associated with operating income core adjustments, partially offset by discrete tax items. Operating income core adjustments totaled $478 million. Excluding the non-taxable gain of $136 million on fair value remeasurement of Alcon's investment in Aurion, core adjustments to operating income totaled $614 million. The associated tax effect amounted to $115 million with an average tax rate of 18.7%. Core tax adjustments for discrete tax items totaled $8 million.

For the nine months ended September 30, 2024, tax associated with operating income core adjustments of $511 million totaled $89 million with an average tax rate of 17.4%.

(9)

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

EBITDA (non-IFRS measure)

Three months ended

September 30

Nine months ended

September 30

($ millions)

2025

2024

2025

2024

Net income

237

263

763

734

Taxes

46

29

133

173

Depreciation of property, plant & equipment

106

101

307

292

Depreciation of right-of-use assets

24

22

67

62

Amortization of intangible assets

199

188

584

555

Impairments of property, plant & equipment and intangible assets

2

—

45

9

Interest expense

51

49

151

144

Other financial income & expense

(3

)

(10

)

(16

)

(34

)

EBITDA

662

642

2,034

1,935

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

Nine months ended September 30

($ millions)

2025

2024

Net cash flows from operating activities

1,613

1,618

Net cash flows used in investing activities

(1,044

)

(834

)

Net cash flows used in financing activities

(789

)

(318

)

Effect of exchange rate changes on cash and cash equivalents

42

6

Net change in cash and cash equivalents

(178

)

472

Change in derivative financial instrument assets

(6

)

—

Change in time deposits with original maturity greater than three months

(153

)

151

Change in current and non-current financial debts

(90

)

49

Change in net (debt)

(427

)

672

Net (debt) at January 1

(2,802

)

(3,643

)

Net (debt) at September 30

(3,229

)

(2,971

)

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

($ millions)

At September 30, 2025

At December 31, 2024

Current financial debt

(570

)

(105

)

Non-current financial debt

(4,163

)

(4,538

)

Total financial debt

(4,733

)

(4,643

)

Less liquidity:

Cash and cash equivalents

1,498

1,676

Time deposits with original maturity greater than three months

—

153

Derivative financial instruments

6

12

Total liquidity

1,504

1,841

Net (debt)

(3,229

)

(2,802

)

Free cash flow (non-IFRS measure)

The following is a summary of free cash flow for the nine months ended September 30, 2025 and 2024, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure:

Nine months ended September 30

($ millions)

2025

2024

Net cash flows from operating activities

1,613

1,618

Purchase of property, plant & equipment

(374

)

(322

)

Proceeds from sale of property, plant & equipment

5

—

Free cash flow

1,244

1,296

About Alcon

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

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November 11, 2025 4:30 PM EST | Source: Bitcoin Treasury Corporation
Toronto, Ontario--(Newsfile Corp. - November 11, 2025) - Bitcoin Treasury Corporation (TSXV: BTCT) (OTCQX: BTCFF) ("Bitcoin Treasury" or the "Company"), a Bitcoin-native company building shareholder value in Bitcoin, today announced that it has entered into its first Bitcoin loan (the "Loan") with an institutional trading firm. This Loan marks a key step in advancing the Company's strategy to build shareholder value through the strategic accumulation and active deployment of Bitcoin, with the ultimate goal of maximizing Bitcoin per share over the long term.

Bitcoin Treasury has begun developing its institutional Bitcoin services platform. Bitcoin Treasury's lending is one of two pillars it will employ to maximize Bitcoin per share, with the other being capital markets operations. Bitcoin Treasury has been actively developing rigorous underwriting standards for its Bitcoin lending activities and expects to continue expanding its lending operations.

"As Bitcoin evolves from a niche asset to a foundational element of global finance, the opportunity set for institutional Bitcoin services continues to expand," said Elliot Johnson, Chief Executive Officer of Bitcoin Treasury Corporation. "Following our recent MSB registration and partnership with FRNT, this inaugural Loan marks an important milestone in our Bitcoin lending program. It's a practical example of our strategy in action - not just holding Bitcoin but using it to unlock new revenue streams and reinforce its role in the global financial system."

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Bitcoin Treasury

Bitcoin Treasury Corporation is a Canadian-based company focused on institutional-grade Bitcoin services, initially offering Bitcoin-denominated loans. Bitcoin Treasury's core strategy is to build shareholder value through the strategic accumulation and active deployment of Bitcoin, while growing Bitcoin per Share (BPS). Recognizing Bitcoin's finite supply and long-term potential, the Corporation intends to maintain a robust treasury position while building a scalable platform for Bitcoin-based financial services.

To learn more visit www.btctcorp.com and join us on social media: X | LinkedIn

For further information, please contact:

Bitcoin Treasury Corporation
Elliot Johnson, Chief Executive Officer
Phone: 416-619-3403
Email: [email protected]

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

Cautionary Note Regarding Forward-Looking Statements 

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects" or "does not expect", "is expect", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", or variations of such words and phrases) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: business integration risks; the Corporation's operating results will experience significant fluctuations due to the highly volatile nature of Bitcoin; the Corporation operates in a heavily regulated environment and any material changes or actions could lead to negative adverse effects to the business model, operational results, and financial condition of the Corporation; evolving cryptocurrency regulatory requirements and the impact on the Corporation's business plan; Bitcoin value risk; reliance on key personnel; implementation of the Corporation's business plan; lack of operating history; competitive conditions; de banking and financial services risk; anti money laundering and corrupt business practices; additional capital; financing risks; global financial conditions; insurance and uninsured risks; cybersecurity risks; changes to bank fees or practices, or payment card networks; audit of tax filings; market for the common shares of Bitcoin Treasury; market price of the common shares of Bitcoin Treasury; conflicts of interest; internal controls; tariffs and the imposition of other restrictions on trade could adversely affect the Corporation's business; risk of litigation; pandemics or other health crisis; acquisitions and integration; risk of dilution of Bitcoin Treasury securities; dividend policy; Bitcoin price volatility; custodial risks; technological vulnerabilities; Bitcoin transactions are irreversible and may result in significant losses; short history risk; limited history of the Bitcoin market; potential decrease in the global demand for Bitcoin; economic and political factors; top Bitcoin holders control a significant percentage of the outstanding Bitcoin; availability of exchange traded products liquidity; security breaches; the requirements that accompany being a publicly traded company may put a strain on the Corporation's resources, divert attention from management, and adversely affect its ability to maintain and attract management and qualified board members; liquidity risk; leverage risk; and share price fluctuations.

Although management of the Corporation believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date of this news release, and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward -looking statements or information, whether as a result of new information, change in management's estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law.

The TSXV has neither approved nor disapproved the contents of this news release.

Not for distribution to United States news wire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273875

NEW YORK, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Today at its Financial Analyst Day, AMD (NASDAQ: AMD) showcased its long-term strategy, leadership products and technology IP, underscoring the company’s momentum in driving accelerated growth and delivering long-term shareholder value.

“AMD is entering a new era of growth fueled by our leadership technology roadmaps and accelerating AI momentum,” said Dr. Lisa Su, AMD chair and CEO. “With the broadest portfolio of products and our deepening strategic partnerships, AMD is uniquely positioned to lead the next generation of high-performance and AI computing. We see a tremendous opportunity ahead to deliver sustainable, industry-leading growth. We have never been better positioned.”

Product Leadership and Momentum

AMD highlighted its leadership across a broad portfolio of hardware, software and solutions to power the full spectrum of high-performance and AI compute.

Data Center

The AMD Instinct™ MI350 Series GPUs represent the fastest ramping product in company history, already deployed at scale by leading cloud providers including Oracle Cloud Infrastructure. The upcoming “Helios” systems with AMD Instinct MI450 Series GPUs are expected to deliver rack-scale performance leadership with industry leading memory capacity and scale-out bandwidth1 beginning in the third quarter of 2026, followed by the MI500 Series, further extending AMD’s AI performance roadmap with a planned launch in 2027.AMD is accelerating server CPU revenue share gains across cloud and enterprise, on a path to market segment leadership, with the proven performance, scalability and efficiency of AMD EPYC™ processors. As AI adoption creates new demand for CPUs, next-generation “Venice” CPUs are designed to deliver the performance, density and energy efficiency to power AI and general-purpose infrastructure.AMD networking solutions power AI at scale, with Pensando™ Pollara and next-generation “Vulcano” AI NICs. Both deliver industry-leading bandwidth for scale-up and scale-out networking with true platform flexibility based on industry standards.
Open Software

AMD ROCm™ open software continues to gain developer momentum. AMD is delivering significant performance and feature enhancements with every release, and the number of ROCm software downloads has increased 10x year-over-year2.
Client and Gaming

AMD has expanded its AI PC portfolio 2.5x since 2024, with AMD Ryzen™ now powering more than 250 platforms across notebooks and desktops. Adopted by over half of the Fortune® 100, AMD Ryzen continues to drive commercial momentum3. AMD shared new details about its client processor roadmap, highlighting that AI PCs are expected to reach an AI performance inflection point with next-generation “Gorgon” and “Medusa” processors, delivering up to 10x gains since 20244.
Embedded

AMD offers the industry’s broadest adaptive and embedded portfolio, spanning FPGAs, embedded x86 processors and semi-custom solutions. Since 2022, AMD has secured over $50 billion in design wins and is well positioned to accelerate AI-driven growth from cloud to edge. Semi-custom solutions and physical AI opportunities will expand long-term growth over the coming years.
Technology Leadership

AMD detailed how it will extend its chiplet, packaging, interconnect and open ecosystem innovation to drive accelerated AI performance and efficiency and introduced its 5th Gen AMD Infinity Fabric technology, delivering scale-in, scale-up and scale-out leadership.AMD shared extended roadmaps across x86 CPUs, data center and gaming GPUs and NPUs. Long-Term Growth Targets
AMD detailed a transformative long-term financial model based on its strategic financial priorities: accelerating revenue growth, delivering compelling profitability expansion and allocating capital to drive AI leadership. The company outlined the following growth targets for the next three to five years:

At the company level, AMD expects to drive a greater than 35% revenue compound annual growth rate (CAGR), a non-GAAP operating margin greater than 35%, and non-GAAP earnings per share exceeding $20.Based on its leadership product portfolio, AMD expects to deliver a greater than 60% revenue CAGR for its data center business and greater than 10% revenue CAGR across its Embedded and Client and Gaming businesses.As AMD extends its multi-generational AMD EPYC CPU portfolio, it is positioned to lead the server market and expects to achieve more than 50% server CPU revenue market share. In data center AI, AMD aims to drive revenue CAGR of more than 80%, powered by strong customer momentum and next-generation AMD Instinct products and systems.Across Client and Gaming, AMD continues to strengthen its leadership with expanding enterprise adoption and a growing portfolio of AMD Ryzen processors. The company expects to exceed 40% client revenue market share while building on a base of more than one billion AMD-based gaming devices5 and three generations of leadership consoles.AMD is also extending its leadership in adaptive computing, expects to exceed 70% revenue market share and plans to expand its Embedded segment opportunities to include growth from embedded x86 and semi-custom silicon markets.
Supporting Resources

Watch the Financial Analyst Day replay and access executive presentations hereRead more about AMD data center leadership hereRead more about AMD embedded business transformation hereRead more about client and gaming momentum hereRead more about AMD technology innovation here
About AMD
For more than 55 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn, Facebook and X pages.

CAUTIONARY STATEMENT

This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as, AMD’s position to drive accelerated growth and deliver long-term value to its shareholders; AMD’s expected leadership in high-performance and AI computing; expectations of its financial plans and long-term financial model including compound annual growth rate, revenue market share, non-GAAP operating margin and non-GAAP earnings per share; AMD’s ability to achieve its strategic priorities; AMD’s expected growth and total addressable market; expected customer and market share opportunities; and the features, functionality, performance, availability, timing and expected benefits of future AMD products, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "expects," "believes," "plans," "intends," "projects" and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and are generally beyond AMD's control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD’s ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD's ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD's products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD's ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD's reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD's reliance on Microsoft and other software vendors' support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD's supply chain; AMD's ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, import tariffs, trade protection measures and licensing requirements; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses, including ZT Systems; impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain key employees; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

NON-GAAP FINANCIAL MEASURES
This press release contains forward-looking non-GAAP measures concerning AMD’s long-term financial model such as operating margin and earnings per share. These forward-looking non-GAAP measures are based on current expectations, assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP financial outlook and long-term financial model typically include stock-based compensation, amortization of acquired intangible assets, income tax provision, and other non-recurring items such as impairment charges and acquisition-related costs. A reconciliation to equivalent GAAP measures is not practicable at this time as the timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD's control. Such events may include unanticipated changes in AMD’s effective tax rate, unanticipated one-time charges related to asset impairments, unanticipated acquisition-related expenses, unanticipated gains, losses, and impairments, and other unanticipated non-recurring items not reflective of ongoing operations. All statements made in this press release are based on current expectations as of November 11, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. AMD undertakes no intent or obligation to publicly update or revise its forward-looking statements made in this press release except as may be required by law.

DISCLAIMER: The information contained herein is for informational purposes only and is subject to change without notice. While every precaution has been taken in the preparation of this document, it may contain technical inaccuracies, omissions and typographical errors, and AMD is under no obligation to update or otherwise correct this information. Advanced Micro Devices, Inc. makes no representations or warranties with respect to the accuracy or completeness of the contents of this document, and assumes no liability of any kind, including the implied warranties of noninfringement, merchantability or fitness for particular purposes, with respect to the operation or use of AMD hardware, software or other products described herein. No license, including implied or arising by estoppel, to any intellectual property rights is granted by this document. Terms and limitations applicable to the purchase or use of AMD products are as set forth in a signed agreement between the parties or in AMD's Standard Terms and Conditions of Sale. GD-18u.

© 2025 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, AMD Instinct, EPYC, Pensando, Radeon, ROCm, Ryzen, Versal, Xilinx, and combinations thereof are trademarks of Advanced Micro Devices, Inc. CXL is a registered trademark of Compute Express Link Consortium, Inc. OpenAI is a trademark of OpenAI, Inc. PCIe® is a registered trademark of PCI-SIG Corporation. UCIE is a trademark of Universal Chiplet Interconnect Express, Inc. Ultra Accelerator Link and UALink are trademarks of the UALink Consortium. Other product names used in this publication are for identification purposes only and may be trademarks of their respective owners. Certain AMD technologies may require third-party enablement or activation. Supported features may vary by operating system. Please confirm with the system manufacturer for specific features. No technology or product can be completely secure.
Fortune content is From Fortune Magazine. © 2025 Fortune Media IP Limited. All rights reserved. Used under license. Fortune is a registered trademark of Fortune Media IP Limited and is used under license.

_______________________

1 Calculations by AMD Performance Labs in June 2025, based on the projected memory capacity/ bandwidth and scale up/out bandwidth specifications of AMD Instinct™ MI455X 72xGPU “Helios” AI Rack vs. the publicly announced NVIDIA “Vera Rubin” 72xGPU “Oberon” Rack. Server manufacturers may vary configurations, yielding different results. MI350-045A
2 Based on AMD internal data as of November 2025
3 Fortune Magazine and Fortune Media (USA) Corporation are not affiliated with, and do not endorse products or services of Advanced Micro Devices, Inc. o From Fortune Magazine. © 2025 Fortune Media IP Limited. All rights reserved. Used under license.
3 Projection based on AMD internal analysis and data as of Nov. 2025. Roadmap subject to change.
5 Based on AMD chip shipment figures, AMD has powered over 1 billion gaming devices with processors and graphics for desktop PCs, notebook PCs, and gaming consoles from 2008 to 2025. GD-250.

Contact: 
Brandi Martina 
AMD Communications 
(512) 705-1720 
[email protected] 

Liz Stine
AMD Investor Relations 
+1 720-652-3965
[email protected] 

SLA 825 Dual, the Company’s most advanced large-frame Stereolithography printer, delivers next-level productivity and 20% larger build volume for key markets such as Motorsports, Foundries & Service BureausArrayCast™ allows foundries to create customized casting trees 10x more efficiently with 20x reduction in manual laborAntimony-free Accura® SbF delivers fast draining, stable QuickCast® patterns with high modulus, low ash, excellent burnoutAccura Xtreme Black delivers low shrinkage, large, functional SLA prototype parts with sharp detailNext generation technologies and materials complement industry-leading portfolio of polymer and metal additive manufacturing solutions ROCK HILL, S.C., Nov. 11, 2025 (GLOBE NEWSWIRE) -- Today, 3D Systems (NYSE: DDD) announced several new products in its Stereolithography (SLA) portfolio it will showcase at Formnext 2025 designed to help customers meet a variety of application needs and accelerate innovation. The Company is introducing the SLA 825 Dual, its newest high-throughput SLA solution with a larger build volume and productivity enhancements for automotive, Formula 1, aerospace, space, and service bureau applications. Additionally, 3D Systems is showcasing ArrayCast™, its latest solution for investment casting that eliminates the need for tooling, giving engineers complete design freedom to develop patterns and higher-performance parts without the burden of upfront tooling costs. Finally, the Company enhanced its SLA materials portfolio with Accura® SbF and Accura Xtreme Black to address casting and prototyping applications with improved efficiency and performance. The introduction of these new technologies underscores the Company’s commitment to innovation that enables customers to transform their product and service delivery methods.

SLA 825 Dual – The new gold standard in large-frame stereolithography
3D Systems’ new SLA 825 Dual is the Company’s most advanced large-frame SLA printer to date. For customers depending on SLA technology for unmatched surface finish, accuracy, and reliability, the SLA 825 Dual extends that legacy while creating a pathway for continuous performance and throughput improvements. With a new, 20% larger build volume of 830 x 830 x 550 mm, dual-laser architecture, and simplified user workflow, the SLA 825 Dual will continue 3D Systems’ nearly 40-year leadership in high-throughput SLA manufacturing for high performance industries such as transportation and motorsports, and aerospace and defense, as well as service bureaus.

The SLA 825 Dual is engineered for long-term value and scalability—designed to be upgradeable for future technology innovations. 3D Systems will present case studies and technology demonstrations in its booth at Formnext.

The SLA 825 Dual is available for immediate ordering, with the first shipments planned to begin in December 2025.

ArrayCast Optimizes Foundry Workflows, Improves Efficiencies
3D Systems continues to innovate solutions for investment casting that span 3D printers, software tools and build styles to fundamentally shift the pattern production economics to where the overall cost is competitive with wax tooling. For over a quarter-century, the Company’s QuickCast® software tool has empowered foundries to create high-precision, lightweight patterns straight from CAD. This eliminates the need for tooling, giving engineers complete design freedom to develop higher-performance parts without the burden of upfront tooling costs. Today, 3D Systems introduces ArrayCast™, a new software that allows users to effortlessly create customized casting trees, complete with configurable runners, sprues, and end effectors tailored to their workflow. Key benefits include:

Up to 10x faster production cycles by digitally assembling casting trees before printing begins, eliminating bottlenecks caused by manual processes Up to 20x reduction in manual labor hours through the use of fully assembled, 3D-printed casting trees—no hand gluing or wax welding required Unmatched consistency and repeatability with a digital workflow that minimizes human error and ensures every tree meets exact specifications  ArrayCast is immediately available to 3D Systems’ customers as an add-on through its 3D Sprint® software which is integral to the Company’s polymer printing platforms. 

Accura SbF Delivers Excellent Dimensional Stability for Casting High-performance Metals
3D Systems is introducing another enhancement to its Investment Casting portfolio, Accura SbF. The Company’s latest SLA casting resin has no detectable Antimony, making it the perfect material for printing QuickCast patterns suitable for casting a variety of ferrous and non-ferrous high-performance metals, such as Nickel-based superalloys and Titanium. QuickCast® investment casting patterns printed with Accura SbF lead to an efficient investment casting workflow with fast print speed, high dimensional stability of the pattern and a high burnout success rate with low residual ash. Accura SbF patterns also have high modulus giving them the ideal rigidity during post processing, pattern assembly and shelling.

The stability of both the low viscosity, fast draining liquid resin and cured patterns is a significant benefit to a cost effective, predictable workflow and casting results. Combined with 3D Systems’ advanced SLA printing technology, including the SLA 825 Dual, and the Company’s 3D Sprint software, Accura SbF quickly creates large, light weight, and easy to handle casting patterns through its industry leading and fully documented QuickCast process.

Accura SbF is available for immediate ordering.

Accura Xtreme Black improves efficiency, optimizes the prototyping workflow with robust, reliable parts
At Formnext 2025, 3D Systems is showcasing Accura Xtreme Black, a high-performance prototyping resin engineered for form, fit, and function applications. It offers exceptional durability for challenging assemblies such as snap-fit components, rugged enclosures, and consumer electronics. Combining Accura Xtreme Black with 3D Systems’ SLA technology can serve as a practical alternative to CNC machining of thermoplastics such as ABS. Its deep black color closely replicates the aesthetics of molded production parts, and the low-viscosity formulation enhances build quality and simplifies finishing, while its sharp detail and dimensional accuracy ensure precise results. With tough mechanical properties and resistance to modest temperatures without distortion, Accura Xtreme Black is the ideal multi-functional resin for SLA. 

Accura Xtreme Black is available for immediate ordering.

"These next-generation additions to our Stereolithography portfolio will help catalyze our customers’ innovation," said Marty Johnson, vice president of product and technical fellow, 3D Systems. "These technologies that include our new SLA printing platform and new build style for our QuickCast offering enhance our industry-leading solutions for polymer printing. With nearly four decades of leadership in SLA, we continue to push the boundaries of what’s possible with additive manufacturing. I’m proud of our comprehensive solution portfolio that includes polymer and metal solutions that continue to Transform Manufacturing for a Better Future."

3D Systems will feature these products in its booth (Hall 11.1, Booth D11) at Formnext 2025 (November 18-21 in Frankfurt, Germany) as part of its full portfolio of solutions for polymer and metal additive manufacturing. Additionally, the Company’s solutions will be showcased in the conference program:

On-Demand Spare Parts for Vertical Turbine Pumps: A Case Study in Industrial Additive Manufacturing (November 18, 11:10 - 11:30 a.m., Application Stage, Hall 11.1., Booth E69)Engineering Smiles: The Power of a Multi-material, Monolithic Jetted Denture Solution (November 19, 12:00-12:20 p.m., Application Stage, Hall 11.1., Booth E69)Novel Software Tool Optimizes Foundry Workflows, Improves Efficiencies (November 19, 2:00-2:15 p.m., Technology Stage, Hall 12.1, Booth B49)ETH Zurich’s Swissloop: Advancing Hyperloop Innovation with Additive Tooling (November 20, 10:30-10:50 a.m., Application Stage, Hall 11.1, Booth E69)Manufacturing Dental Devices on the Curve (November 20, 10:30-10:45 a.m., Technology Stage, Hall 12.1, Booth B49) For additional information, please visit the company’s website.

Forward-Looking Statements
Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward-looking statements can be identified by terms such as "believes," "belief," "expects," "may," "will," "estimates," "intends," "anticipates" or "plans" or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions, and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings "Forward-Looking Statements" and "Risk Factors" in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as of the date of the statement. 3D Systems undertakes no obligation to update or review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise.

About 3D Systems
For nearly 40 years, Chuck Hull’s curiosity and desire to improve the way products were designed and manufactured gave birth to 3D printing, 3D Systems, and the additive manufacturing industry. Since then, that same spark continues to ignite the 3D Systems team as we work side-by-side with our customers to change the way industries innovate. As a full-service solutions partner, we deliver industry-leading 3D printing technologies, materials and software to high-value markets such as medical and dental; aerospace, space and defense; transportation and motorsports; AI infrastructure; and durable goods. Each application-specific solution is powered by the expertise and passion of our employees who endeavor to achieve our shared goal of Transforming Manufacturing for a Better Future. More information on the company is available at www.3dsystems.com.

Investor Contact: [email protected]
Media Contact: [email protected]

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/d9519342-1fcf-4a17-beaa-9b2aa10dc036

https://www.globenewswire.com/NewsRoom/AttachmentNg/e5b530ec-36ec-480c-a730-2c9c2c623f2d

https://www.globenewswire.com/NewsRoom/AttachmentNg/cb30c9b8-97ce-4892-8db1-1eb5a149d0fd

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CEZ, a. s. (OTCPK:CEZYY) Q3 2025 Earnings Call November 11, 2025 10:00 AM EST

Company Participants

Barbara Seidlová - Head of Investor Relations
Martin Novák - CFO, Deputy CEO of Operations & Executive Director
Ludek Horn - Head of Front Office

Conference Call Participants

Emanuele Oggioni - Kepler Cheuvreux, Research Division
Oleg Galbur - ODDO BHF Corporate & Markets, Research Division
Anna Webb - UBS Investment Bank, Research Division
Piotr Dzieciolowski - Citigroup Inc., Research Division
Jan Raska - Fio Banka, a.s., Research Division
Bram Buring - Wood & Company Financial Services, a.s., Research Division
Arthur Sitbon - Morgan Stanley, Research Division

Presentation

Barbara Seidlová
Head of Investor Relations

Hello, everyone, and welcome at CEZ Group Financial Results Conference Call for 9 months of 2025. It's my pleasure to welcome Martin Novak, Chief Financial Officer; and Ludek Horn, the Head of Trading, who will be going through the presentation and be available for the questions. I'm now handing over to Martin to start the presentation.

Martin Novák
CFO, Deputy CEO of Operations & Executive Director

Thank you . Good afternoon, good morning. So I will quickly go through our presentation, and then we can jump to Q&A session.

So if you look at Slide 3, our total financial results, our EBITDA is about 3% higher than in the same period of last year. We achieved CZK 103.2 billion. Our net income is 7% lower, CZK 21.5 billion and adjusted net income that is a base for paying dividend is CZK 22.2 billion. Our net operating cash flow is down by 40%. This is mainly due to very strong net operating cash flow in 2024 when we were still receiving back some cash from margining from previous years. And then we had 11% higher CapEx spending that reached CZK 38.7 billion.

Important slide on Slide #4, you can actually see

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Telenor ASA (OTCQX:TELNY) Analyst/Investor Day November 11, 2025 3:00 AM EST

Company Participants

Benedicte Fasmer - President & CEO
Torbjorn Wist - Executive VP & CFO
Sigvart Eriksen - Executive VP & Head of Telenor Nordics
Jussi Tolvanen - Chief Executive Officer of DNA
Ric Brown - Head of Consumer
Jon Revhaug - Executive VP & Head of Telenor Asia
Frank Maaø

Conference Call Participants

Nicholas Lyall - Joh. Berenberg, Gossler & Co. KG, Research Division
Felix Henriksson - Nordea Markets, Research Division
Andrew Lee - Goldman Sachs Group, Inc., Research Division
Max Findlay - Rothschild & Co Redburn, Research Division
Ondrej Cabejšek - UBS Investment Bank, Research Division
Ajay Soni - JPMorgan Chase & Co, Research Division
Ulrich Rathe - Sanford C. Bernstein & Co., LLC., Research Division
Christoffer Bjørnsen - DNB Carnegie, Research Division
Jørgen Weidemann - Pareto Securities AS, Research Division

Conversation

Unknown Executive

Good morning, everyone. I'm Frank Maaø, Head of Investor Relations, and welcome to Telenor's Capital Markets Day. Today, you'll hear from a strong lineup of executives and topic matter experts as we outline our strategy and ambitions for the years ahead. And after lunch, our physical audience here at Fornebu may join our breakout sessions for deeper dives with managers and specialists.

And online participants will have access to session videos later today. Now there will be 2 Q&A sessions today. The first on strategy and transformation and our Nordic businesses. And then the second one on Asia and financials. Please save questions about the other business areas and financial ambitions for the second Q&A.

Now please welcome our Group CEO on stage, Benedicte Schilbred Fasmer.

Benedicte Fasmer
President & CEO

Thank you, Frank, and hello, everyone. Today, I'll focus on 3 things. How we will sustain and drive growth by delivering outstanding connectivity and great services to our customers, how we will build a stronger Telenor as digital infrastructure becomes ever

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

NEW YORK, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in V.F. Corporation ("V.F. Corporation" or the "Company") (NYSE: VFC) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of V.F. Corporation investors who were adversely affected by alleged securities fraud between October 30, 2023 and May 20, 2025. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/v-f-corporation-lawsuit-submission-form?prid=176466&wire=3

VFC investors may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

CASE DETAILS: According to the complaint, defendants disseminated materially false and misleading statements and/or concealed material adverse facts concerning the true state of VFC’s turnaround plans; notably, that additional significant reset actions would be necessary to return the Vans brand to growth, resulting in significant setbacks to Vans’ revenue growth trajectory. The truth emerged on May 21, 2025, when VFC reported its fourth quarter and full-year fiscal 2025 results, highlighting a significant decline in Vans’ growth trajectory, which faltered from an 8% loss the quarter before to a 20% loss in the fourth quarter, and noting such decline would continue through the next quarter. The Company attributed its results and below-expectation guidance largely as “a direct effect of deliberately reduced revenue to eliminate unprofitable or unproductive businesses” and “an additional set of deliberate actions” already in-place but previously unannounced. VFC further noted that, disregarding these deliberate actions, Vans would still have shown a “high single digit[]” revenue decline, suggesting growth slowed in comparison to the prior years’ sequential improvements irrespective of management’s new “deliberate actions.” On this news, the price of VFC’s common stock declined dramatically. From a closing market price of $14.43 per share on May 20, 2025, VFC’s stock price fell to $12.15 per share on May 21, 2025, a decline of about 15.8% in the span of just a single day.

WHAT'S NEXT? If you suffered a loss in V.F. Corporation during the relevant time frame, you have until November 12, 2025 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

November 11, 2025 3:02 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 11, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Zions Bancorporation, N.A. (NASDAQ: ZION) (NASDAQ: ZIONP) resulting from allegations that Zions Bancorporation may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Zions Bancorporation securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=46354 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On October 15, 2025, Zions Bancorporation announced that it would be taking a $50 million charge-off for a loan underwritten by its wholly-owned subsidiary, California Bank & Trust, in light of "apparent misrepresentations and contractual defaults by the Borrowers and Obligors and other irregularities with respect to the Loans and collateral." Zions Bancorporation further disclosed that it would be engaging counsel to coordinate an independent review of the matter.

On this news, Zions Bancorporation's common stock fell 13.14% on October 16, 2025.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274032