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NEW YORK, June 10, 2026 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds POET Technologies Inc. (“POET” or the “Company”) (NASDAQ: POET) investors of the June 29, 2026 deadline involving a securities fraud class action lawsuit commenced against the Company.

Should You Join The POET Class Action Lawsuit:

Do you, or did you, own shares of POET Technologies Inc. (NASDAQ: POET)?
Did you purchase your shares between April 1, 2026 and 08:57 AM ET on April 27, 2026, inclusive?
Did you lose money in your investment in POET Technologies Inc.?
If you purchased or acquired POET securities, and/or would like to discuss your legal rights and options please visit POET Technologies Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

If you wish to serve as lead plaintiff for the Class, you must file papers by June 29, 2026. A lead plaintiff is a representative party acting on other class members’ behalf in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About The Lawsuit:

A lawsuit was filed on behalf of investors (the “Class”) who purchased or acquired the securities of POET between April 1, 2026 and 08:57 AM ET on April 27, 2026, inclusive, alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its senior officers.

The lawsuit alleges that defendants made materially false and misleading statements and omissions regarding the Company’s business operations, growth prospects, and financial stability. As a result of these alleged misrepresentations, POET securities traded at artificially inflated prices during the Class Period. When the truth was disclosed, investors allegedly suffered significant losses.

About Bernstein Liebhard:

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2026 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]

NEW YORK, June 10, 2026 (GLOBE NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized investor-rights law firm, announces that a class action lawsuit has been filed against POET Technologies Inc. (NASDAQ: POET) and certain of its officers.

This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired POET Technologies Inc. securities between April 1, 2026 and April 27, 2026, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/POET.

POET Technologies Inc. Case Details

The Complaint alleges that the Defendants made false and/or misleading statements and/or failed to disclose that:

 POET misrepresented its tax status due to it likely being deemed a passive foreign investment company (or “PFIC”) under U.S. tax laws which, if not properly reported by each U.S. stockholder, would have negative tax implications for those U.S. stockholders;  the foregoing tax issue would, if discovered, make POET a less attractive investment than it would otherwise be, thus threatening POET’s valuation;  Defendant Thomas Mika, despite affirming that he was not violating a non-disclosure agreement, in fact violated a business agreement by speaking about POET’s business agreements in a public interview, thus endangering POET's business prospects, and  as a result, Defendants’ statements about POET's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. What's Next for POET Technologies Inc. Investors?

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/POET. or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 917-590-0911. If you suffered a loss in POET Technologies Inc. you have until June 29, 2026, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.

No Cost to POET Technologies Inc. Investors

We, Bronstein, Gewirtz & Grossman LLC, represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.

Why Bronstein, Gewirtz & Grossman, LLC for POET Technologies Inc. Securities Class Action?

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. More at www.bgandg.com

"Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace," said Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC.

Follow us for updates on LinkedIn, X, Facebook, or Instagram.

Contact Info

Peretz Bronstein, Esq. or Nathan Miller
Bronstein, Gewirtz & Grossman, LLC
917-590-0911 | [email protected]

Attorney advertising.
Prior results do not guarantee similar outcomes.

New York, New York--(Newsfile Corp. - June 10, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of POET Technologies Inc. (NASDAQ: POET) between April 1, 2026 and 08:57 AM ET on April 27, 2026, inclusive (the "Class Period"), of the important June 29, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased POET Technologies securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the POET Technologies class action, go to https://rosenlegal.com/submit-form/?case_id=62524 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 29, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

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, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. 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. 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.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) POET Technologies misrepresented its tax status due to it likely being deemed a passive foreign investment company (or "PFIC") under U.S. tax laws which, if not properly reported by each U.S. stockholder, would have negative tax implications for those U.S. stockholders; (2) the foregoing tax issue would, if discovered, make POET Technologies a less attractive investment than it would otherwise be, thus threatening POET Technologies' valuation; (3) Defendant Thomas Mika, despite affirming that he was not violating a non-disclosure agreement, in fact violated a business agreement by speaking about POET Technologies' business agreements in a public interview, thus endangering POET Technologies' business prospects, and (4) as a result, defendants' statements about POET Technologies' business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the POET Technologies class action, go to https://rosenlegal.com/submit-form/?case_id=62524 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or 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.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300936

Source: The Rosen Law Firm PA

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

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, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against POET Technologies Inc. ("POET" or "the Company") (NASDAQ: POET) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between April 1, 2026, and April 27, 2026, inclusive (the "Class Period"), are encouraged to contact the firm before June 29, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. POET misrepresented its tax status due to the likelihood it would be deemed a passive foreign investment company ("PFIC"), which would have negative tax implications for individual investors. The Company's business prospects were endangered by CFO Thomas Mika violating a business agreement in a public interview. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about POET, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.             

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE The Schall Law Firm

POET Investors Have Opportunity to Lead POET Technologies Inc. Securities Fraud Lawsuit with the Schall Law Firm PR Newswire

LOS ANGELES, June 11, 2026

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against POET Technologies Inc. ("POET" or "the Company") (NASDAQ: POET) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between April 1, 2026, and April 27, 2026, inclusive (the "Class Period"), are encouraged to contact the firm before June 29, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. POET misrepresented its tax status due to the likelihood it would be deemed a passive foreign investment company ("PFIC"), which would have negative tax implications for individual investors. The Company's business prospects were endangered by CFO Thomas Mika violating a business agreement in a public interview. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about POET, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/poet-investors-have-opportunity-to-lead-poet-technologies-inc-securities-fraud-lawsuit-with-the-schall-law-firm-302797484.html

SOURCE The Schall Law Firm

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

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On the other hand, if they miss, the stock may move lower.

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

Zacks Consensus EstimateThis company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of -240%.

Revenues are expected to be $659.38 million, up 64.9% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 19.38% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

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

Price, Consensus and EPS Surprise

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

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

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

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

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

How Have the Numbers Shaped Up for Liberty Media Corporation - Liberty Formula One Series C?For Liberty Media Corporation - Liberty Formula One Series C, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +30.56%.

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

So, this combination indicates that Liberty Media Corporation - Liberty Formula One Series C will most likely beat the consensus EPS estimate.

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

For the last reported quarter, it was expected that Liberty Media Corporation - Liberty Formula One Series C would post earnings of $0.44 per share when it actually produced earnings of $0.39, delivering a surprise of -11.36%.

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

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

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

Liberty Media Corporation - Liberty Formula One Series C appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

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

Liberty Media Corporation - Liberty Formula One Series C (FWONK - Free Report) came out with quarterly earnings of $0.03 per share, beating the Zacks Consensus Estimate of a loss of $0.06 per share. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +148.39%. A quarter ago, it was expected that this company would post earnings of $0.44 per share when it actually produced earnings of $0.39, delivering a surprise of -11.36%.

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

Liberty Media Corporation - Liberty Formula One Series C, which belongs to the Zacks Media Conglomerates industry, posted revenues of $711 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 6.93%. This compares to year-ago revenues of $400 million. The company has topped consensus revenue estimates three times over the last four quarters.

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

Liberty Media Corporation - Liberty Formula One Series C shares have lost about 10% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Liberty Media Corporation - Liberty Formula One Series C?While Liberty Media Corporation - Liberty Formula One Series C has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.19 on $1.04 billion in revenues for the coming quarter and $1.69 on $4.74 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Media Conglomerates is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Lionsgate Studios Corp. (LION - Free Report) , is yet to report results for the quarter ended March 2026.

This company is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +14.3%. The consensus EPS estimate for the quarter has been revised 5% lower over the last 30 days to the current level.

Lionsgate Studios Corp.'s revenues are expected to be $809 million, down 24.4% from the year-ago quarter.

Bamco Inc. NY lessened its holdings in shares of Liberty Media Corporation - Liberty Formula One Series A (NASDAQ: FWONA) by 4.7% during the undefined quarter, according to its most recent disclosure with the SEC. The fund owned 317,764 shares of the company's stock after selling 15,553 shares during the period. Bamco Inc.

Formula One F1 - Qatar Grand Prix - Lusail International Circuit, Lusail, Qatar - November 30, 2025 Alpine's Pierre Gasly in action during the race REUTERS/Jakub Porzycki/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesShares of F1 owner Liberty Media down nearly 12%Post-war prospects still rosy, say analystsBahrain and Saudi Arabian Grand Prix cancelledLONDON, March 23 (Reuters) - The Middle East conflict has cut Formula One’s race calendar and battered the share price of its owner Liberty Media(FWONA.O), opens new tab, but market analysts believe ​both will ride out the crisis with long-term prospects intact.

Since U.S.-Israeli strikes against Iran began on February 28, the ‌U.S. firm's shares have slid 11.7% - about double the overall global drop - and lost $2.46 billion in market capitalisation while the Bahrain and Saudi Arabia Grands Prix have been cancelled.

The Reuters Inside Track newsletter is your essential guide during the World Cup. Sign up here.

However, with F1 media revenue seemingly intact, the war hoped to be only short-term, and Middle Eastern nations likely to offer extra incentives to keep races in ​the region, both the sport and Liberty Media need not panic, analysts said.

"I think it’s a big overreaction ... the stock is ​discounting a loss of these events seemingly for many years," said Lance Vitanza, a managing director and senior ⁠analyst for U.S.-based investment bank and financial services TD Cowen who tracks Liberty.

The media, sports and entertainment company, led by new Chairman Robert ​Bennett, bought F1 in 2016 for $4.4 billion.

Liberty's portfolio also includes MotoGP, which rescheduled its Qatar Grand Prix from April to November due to the war.

F1's ​now reduced, 22-race calendar will mean no revenue hike from last year where income jumped 14% to $3.9 billion, according to Liberty's fourth quarter and year-end 2025 results.

The cancelled Saudi Arabia and Bahrain Grands Prix had been estimated to contribute $118.5 million in race promotion fees and $93.7 million in allocated sponsorships, according to the research and ​brokerage unit Bernstein.

But despite those losses, the single-seater franchise should still pocket its revenue from media rights.

“The way the contracts work, they (F1) likely ​won’t receive a (race) promotion fee for these two events. They can mitigate a bit of that because the media rights portion of the race economics is ‌separate, but ⁠it’s going to be hard to fully recoup sponsorship as well,” Ian Moore, an equity research analyst from Bernstein, told Reuters.

As long as F1 delivers over 16 races, they will still receive media rights payment given the multi-year agreements in place with broadcasters, he said.

VOLATILITY TO END?Liberty Media did not respond to a request for comment.

In markets, there is also optimism the conflict, albeit in its fourth week, will be a ​one-off anomaly for F1 and its ​owner.

"There is a solid argument ⁠that this entire Iran conflict is potentially a clearing event that removes geopolitical volatility from the region on a more permanent basis, meaning you're potentially not going to have disruptions like this recur longer term," ​said Moore.

And once security is restored, the Middle Eastern countries with an F1 circuit should be looking ​to rebuild tourism ⁠and restore their image with potentially higher promotion fees and other incentives for motor sports events in the region.

TD Cowen's Vitanza said that lower revenues in 2026 than last year could be a springboard for "dramatic growth" in 2027.

"I think years from now, Formula One will almost certainly be unaffected by ⁠the fact ​that maybe a race or two was cancelled this year," added Peter Supino, a ​managing director and senior analyst of New York-based Wolfe Research.

"Investors in general agree that Formula One is a really good business with a bright future, and that Formula One's ​cash flows and revenues are going to grow."

Reporting by Streisand Neto; Editing by Andrew Cawthorne

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Streisand joined Breakingviews in 2022 as a research assistant. He previously worked at the Financial Times as an editorial assistant and, before that, as an intern. He also holds newsroom experience from CNN International and The Economist. He graduated from SOAS University of London with a degree in International Politics. He enjoys working out, going on long walks and playing football.

Posted by Defense World Staff on Apr 14th, 2026

Shares of Liberty Media Corporation – Liberty Formula One Series A (NASDAQ:FWONA – Get Free Report) have been assigned an average recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $104.50.

A number of equities research analysts have recently weighed in on the company. Citigroup dropped their price target on Liberty Media Corporation – Liberty Formula One Series A from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Liberty Media Corporation – Liberty Formula One Series A in a report on Friday, March 27th. Sanford C. Bernstein raised Liberty Media Corporation – Liberty Formula One Series A from a “hold” rating to a “strong-buy” rating in a report on Monday, January 12th. Zacks Research downgraded Liberty Media Corporation – Liberty Formula One Series A from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 2nd. Finally, Citizens Jmp began coverage on Liberty Media Corporation – Liberty Formula One Series A in a report on Monday, March 30th. They set a “market outperform” rating and a $100.00 target price for the company.

View Our Latest Report on FWONA

Institutional Investors Weigh In On Liberty Media Corporation – Liberty Formula One Series A A number of institutional investors and hedge funds have recently modified their holdings of FWONA. American Century Companies Inc. lifted its holdings in shares of Liberty Media Corporation – Liberty Formula One Series A by 33.6% during the second quarter. American Century Companies Inc. now owns 3,845 shares of the company’s stock worth $365,000 after purchasing an additional 968 shares during the period. M&T Bank Corp lifted its holdings in shares of Liberty Media Corporation – Liberty Formula One Series A by 25.7% during the second quarter. M&T Bank Corp now owns 3,277 shares of the company’s stock worth $311,000 after purchasing an additional 670 shares during the period. Amundi lifted its holdings in shares of Liberty Media Corporation – Liberty Formula One Series A by 29.2% during the second quarter. Amundi now owns 14,450 shares of the company’s stock worth $1,336,000 after purchasing an additional 3,264 shares during the period. Daiwa Securities Group Inc. lifted its holdings in shares of Liberty Media Corporation – Liberty Formula One Series A by 54.2% during the second quarter. Daiwa Securities Group Inc. now owns 2,642 shares of the company’s stock worth $251,000 after purchasing an additional 929 shares during the period. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of Liberty Media Corporation – Liberty Formula One Series A by 2.9% during the second quarter. Qube Research & Technologies Ltd now owns 159,138 shares of the company’s stock worth $15,112,000 after purchasing an additional 4,459 shares during the period. Institutional investors and hedge funds own 8.38% of the company’s stock.

Liberty Media Corporation – Liberty Formula One Series A Stock Performance Shares of FWONA stock opened at $83.40 on Tuesday. Liberty Media Corporation – Liberty Formula One Series A has a fifty-two week low of $70.54 and a fifty-two week high of $99.52. The firm has a market capitalization of $20.89 billion, a price-to-earnings ratio of 37.91 and a beta of 0.59. The stock’s 50-day simple moving average is $78.91 and its 200-day simple moving average is $84.93.

About Liberty Media Corporation – Liberty Formula One Series A (Get Free Report)

Liberty Media Corporation – Liberty Formula One Series A (NASDAQ: FWONA) is a tracking stock that represents Liberty Media’s economic interest in its Liberty Formula One Group business. The tracking stock is designed to give investors direct exposure to the performance of Formula One-related activities within the broader Liberty Media structure while Liberty Media remains the corporate parent. FWONA is a class A equity security tied specifically to the Formula One operations rather than to Liberty Media’s other media and entertainment holdings.

The Liberty Formula One Group owns and manages the commercial rights to the FIA Formula One World Championship and derives revenue from global media and broadcasting rights, sponsorship and advertising, race promotion and hospitality, licensing and merchandising, and digital content and distribution.

See Also Five stocks we like better than Liberty Media Corporation – Liberty Formula One Series A

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ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Media Corporation to Present at J.P. Morgan Global Technology, Media and Communications Conference.

The Collection Blends Motorsport Energy with Bold Color, Technical Details, and Race-Ready Style

, /PRNewswire/ -- Pacsun, the purpose-driven specialty fashion retailer rooted in youth culture, is bringing race weekend energy to Miami with its official collection created in partnership with Formula 1®. Building on the longstanding collaboration between the two brands, the all-new FORMULA 1 MIAMI GRAND PRIX 2026 Collection launches in time for the race weekend and taps into the speed, color, and spectacle surrounding one of the most high-energy moments in sport and culture.

Pacsun is bringing race weekend energy to Miami with its official collection created in partnership with Formula 1. The assortment spans men's and women's styles, including graphic tees, lightweight layers, and statement pieces. Drawing from the world of motorsport, bold graphics, dynamic striping, and technical details are balanced with relaxed, streetwear-driven silhouettes. A palette of saturated color, crisp neutrals, and high-contrast finishes reflects Miami's signature intensity, with pieces designed to move seamlessly from trackside to the rest of the weekend and everywhere in between.

"At Pacsun, our longstanding collaboration with Formula 1 continues to be a natural extension of our sport and fashion pillars," said Richard Cox, Chief Merchandising Officer at Pacsun. "There's a strong alignment in the way both brands show up at the intersection of performance and style, and that perspective shapes each collection. This drop reflects that balance, sport-driven in its foundation with a clear fashion point of view, resulting in product that feels current, expressive, and built to carry beyond the race moment."

The 30-piece assortment is priced from $16 to $100 and marks Pacsun's fourth collection with Formula 1 for the Miami race.

The new FORMULA 1 MIAMI GRAND PRIX 2026 Collection is available now exclusively in Pacsun stores and online.

About Pacsun
Pacsun is a purpose-driven, leading specialty retailer offering a cross section of emerging brands and trending fashion through the lens of youth culture. Delivering the latest contemporary, streetwear, and activewear, Pacsun partners with the best brands at the intersection of fashion, music, art, and sport to offer curated collections, rare and exclusive products, and creative collaborations on every level to inspire the next generation. Founded in 1980 in Newport, CA, Pacsun is now co-created in Los Angeles. Follow @pacsun on TikTok, Instagram, X, Facebook, and YouTube.

About Formula 1®
Formula 1® racing began in 1950 and is the world's most prestigious motor racing competition, as well as the world's most popular annual sporting series. Formula One World Championship Limited is part of Formula 1® and holds the exclusive commercial rights to the FIA Formula One World Championship™. Formula 1® is a subsidiary of Liberty Media Corporation (NASDAQ: FWONA, FWONK, LLYVA, LLVYK) attributed to the Formula One Group tracking stock. The F1 logo, F1 FORMULA 1 logo, FORMULA 1, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX, PADDOCK CLUB and related marks are trademarks of Formula One Licensing BV, a Formula 1 company. All rights reserved.

Press Contact:
Kate Fosha George
[email protected]

SOURCE Pacsun

Liberty Media Corporation - Liberty Formula One Series A (FWONA - Free Report) came out with quarterly earnings of $0.03 per share, beating the Zacks Consensus Estimate of a loss of $0.28 per share. This compares to earnings of $0.05 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +110.71%. A quarter ago, it was expected that this company would post earnings of $0.44 per share when it actually produced earnings of $0.39, delivering a surprise of -11.36%.

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

Liberty Media Corporation - Liberty Formula One Series A, which belongs to the Zacks Media Conglomerates industry, posted revenues of $711 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 5.57%. This compares to year-ago revenues of $400 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

Liberty Media Corporation - Liberty Formula One Series A shares have lost about 8.6% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Liberty Media Corporation - Liberty Formula One Series A?While Liberty Media Corporation - Liberty Formula One Series A has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

Ahead of this earnings release, the estimate revisions trend for Liberty Media Corporation - Liberty Formula One Series A was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.44 on $1.01 billion in revenues for the coming quarter and $1.47 on $4.82 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Media Conglomerates is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, AMC Global Media (AMCX - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 8.

This owner of cable channels including AMC and IFC is expected to post quarterly earnings of $0.22 per share in its upcoming report, which represents a year-over-year change of -57.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

AMC Global Media's revenues are expected to be $543.01 million, down 2.2% from the year-ago quarter.

Liberty Media Corporation - Liberty Formula One Series A (FWONA - Free Report) closed the last trading session at $83.87, gaining 1.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $108.44 indicates a 29.3% upside potential.

The average comprises nine short-term price targets ranging from a low of $100.00 to a high of $115.00, with a standard deviation of $5.34. While the lowest estimate indicates an increase of 19.2% from the current price level, the most optimistic estimate points to a 37.1% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.

But, for FWONA, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Why FWONA Could Witness a Solid UpsideAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Over the last 30 days, the Zacks Consensus Estimate for the current year has increased 24.7%, as one estimate has moved higher compared to no negative revision.

Moreover, FWONA currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much FWONA could gain, the direction of price movement it implies does appear to be a good guide.

Shares of Liberty Media Corporation - Liberty Formula One Series A (FWONA - Free Report) have gained 3.3% over the past four weeks to close the last trading session at $83.98, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $108.44 indicates a potential upside of 29.1%.

The mean estimate comprises nine short-term price targets with a standard deviation of $5.34. While the lowest estimate of $100.00 indicates a 19.1% increase from the current price level, the most optimistic analyst expects the stock to surge 36.9% to reach $115.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.

But, for FWONA, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You May Not Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Why FWONA Could Witness a Solid UpsideThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current year, one estimate has moved higher over the last 30 days compared to no negative revision. As a result, the Zacks Consensus Estimate has increased 34%.

Moreover, FWONA currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much FWONA could gain, the direction of price movement it implies does appear to be a good guide.

(Note: All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited interim consolidated financial statements for the three months ended March 31, 2026 prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") applicable to the preparation of interim financial statements, including International Accounting Standard 34 Interim Financial Reporting. This news release contains certain non-GAAP and other financial measures, including underwriting profit (loss), adjusted operating income (loss), gross premiums written, net premiums written, combined ratio (both discounted and undiscounted), book value per basic share, total debt to total capital ratio excluding non-insurance companies and excess (deficiency) of fair value over carrying value, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See "Glossary of non-GAAP and other financial measures" at the end of this news release and in the company's Interim Report for the three months ended March 31, 2026 for further details.)

TORONTO, April 30, 2026 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) announces net earnings of $695.7 million ($31.11 net earnings per diluted share) in the first quarter of 2026 compared to net earnings of $945.7 million ($42.70 net earnings per diluted share) in the first quarter of 2025. Book value per basic share at March 31, 2026 was $1,250.14 compared to $1,260.19 at December 31, 2025 (an increase of 0.5% adjusted for the $15 per common share dividend paid in the first quarter of 2026).

"In the first quarter of 2026 our property and casualty insurance and reinsurance operations produced adjusted operating income of $1,213.4 million, up significantly from $685.5 million in the first quarter of 2025, reflecting improved underwriting performance, increased share of profit of associates and increased interest and dividend income. Our underwriting performance in the first quarter of 2026 was strong, reflecting disciplined underwriting across our businesses that resulted in our property and casualty insurance and reinsurance companies reporting a consolidated combined ratio of 94.1% and consolidated underwriting profit of $381.6 million, on an undiscounted basis. Gross premiums written increased by 4.1% and net premiums written by 4.2%, both reflecting growth in our International insurance and reinsurance companies.

"Net losses on investments of $385.9 million in the first quarter of 2026 principally comprised mark‑to‑market losses on bonds of $363.9 million due to increased interest rates. This compared to net gains on investments of $1,056.1 million in the first quarter of 2025. As we have said in the past, we expect our investments to perform well over the long term, but our net gains will fluctuate from quarter to quarter.

"During the quarter we purchased 374,883 subordinate voting shares for cancellation for cash consideration of $631.3 million, or $1,684 per share.

"We expect to close two significant transactions in the second quarter of 2026 – the sale of 23.1% of Poseidon for approximately $1.9 billion for a pre-tax gain of approximately $837 million and the proposed sale of the Eurolife Life Operations to Eurobank for approximately $935 million for a pre-tax gain of approximately $350 million. We will retain ownership of 22.2% of Poseidon", said Prem Watsa, Chairman and Chief Executive Officer.

The table below presents the sources of the company's net earnings in a segment reporting format which the company has consistently used as it believes it assists in understanding Fairfax:

  First quarter  2026  2025  ($ millions)Gross premiums written 8,809.3  8,474.0 Net premiums written 7,119.2  6,843.1 Net insurance revenue 6,454.9  6,153.0      Sources of net earnings    Operating income - Property and Casualty Insurance and Reinsurance:    Insurance service result:    North American Insurers 293.2  269.7 Global Insurers and Reinsurers 665.7  225.2 International Insurers and Reinsurers 141.3  114.2 Insurance service result 1,100.2  609.1 Other insurance operating expenses (266.2) (252.2)Interest and dividends 561.2  516.2 Share of profit of associates 270.6  72.4 Operating income - Property and Casualty Insurance and Reinsurance 1,665.8  945.5 Operating income - Life insurance and Run-off 50.7  21.1 Operating income (loss) - Non-insurance companies 36.9  (41.1)Net finance expense from insurance contracts and reinsurance contract assets held (137.7) (604.6)Net gains (losses) on investments (385.9) 1,056.1 Interest expense (211.6) (190.4)Corporate overhead and other 23.5  (20.9)Earnings before income taxes 1,041.7  1,165.7 Provision for income taxes (304.5) (212.7)Net earnings 737.2  953.0      Attributable to:    Shareholders of Fairfax 695.7  945.7 Non-controlling interests 41.5  7.3   737.2  953.0 
The table below presents the insurance service result for the property and casualty insurance and reinsurance operations reconciled to underwriting profit, a key performance measure used by the company and the property and casualty industry in which it operates. The reconciling adjustments are principally (i) other insurance operating expenses, as presented in the consolidated statement of earnings, (ii) the effects of discounting losses and ceded losses on claims recorded in the period and (iii) the effects of changes in the risk adjustment, the latter two of which are included in insurance service expenses and recoveries of insurance service expenses in the consolidated statement of earnings.

  First quarterProperty and Casualty Insurance and Reinsurance 2026  2025  ($ millions)Insurance service result 1,100.2  609.1 Other insurance operating expenses (266.2) (252.2)Discounting of losses and ceded losses on claims recorded in the period (437.3) (465.4)Changes in the risk adjustment and other (15.1) 205.4 Underwriting profit 381.6  96.9 Interest and dividends 561.2  516.2 Share of profit of associates 270.6  72.4 Adjusted operating income 1,213.4  685.5 
Net Earnings

Highlights for the first quarter of 2026 (with comparisons to the first quarter of 2025 except as otherwise noted) include the following:

Net premiums written by the property and casualty insurance and reinsurance operations increased by 4.2% to $7,058.0 million from $6,774.6 million, primarily reflecting strong growth in the International Insurers and Reinsurers reporting segment, driven mainly by growth in medical and motor lines at Gulf Insurance from new business and rate increases, and growth in the Global Insurers and Reinsurers reporting segment, principally reflecting growth in key segments at Allied World and Brit.Underwriting profit of the company's property and casualty insurance and reinsurance operations increased to $381.6 million from $96.9 million in 2025, and the undiscounted combined ratio improved to 94.1% from 98.5% in 2025, primarily reflecting lower current period catastrophe losses of $119.3 million (2025 - $781.3 million, primarily related to the California wildfires) and growth in business volumes, partially offset by lower net favourable prior year reserve development of $86.1 million (2025 - $219.1 million).The consolidated statement of earnings included a net loss of $184.4 million (2025 – a net benefit of $120.1 million) from the effects of changes in discount rates, which reflected net losses on bonds of $363.9 million (2025 - net gains of $388.4 million), partially offset by net gains on insurance contracts and reinsurance contract assets held of $179.5 million (2025 - net losses of $268.3 million), recorded in net finance expense from insurance contracts and reinsurance contracts held.Consolidated interest and dividends increased from $606.5 million in 2025 to $662.1 million of which $561.2 million (2025 - $516.2 million) was earned by the investment portfolios of the property and casualty insurance and reinsurance operations. At March 31, 2026 the company's insurance and reinsurance companies held portfolio investments of $70.7 billion (excluding Fairfax India's portfolio of $1.9 billion), of which $7.0 billion was in cash and short term investments and $36.7 billion was in government and high quality corporate bonds, representing 10.0% and 52.0%, respectively, of those portfolio investments.Consolidated share of profit of associates of $371.5 million (2025 - $128.6 million) principally reflected share of profit of $128.6 million from Eurobank, $116.6 million from Waterous Energy Fund III and $76.8 million from Poseidon.Net losses on investments of $385.9 million consisted of the following:  First quarter of 2026 ($ millions) Realized
gains Unrealized
gains
(losses) Net gains
(losses)Net gains (losses) on:     Equity exposures21.5 (103.3) (81.8)Bonds63.1 (427.0) (363.9)Other19.5 40.3  59.8  104.1 (490.0) (385.9)
Net losses on equity exposures of $81.8 million included net losses of $341.8 million on the company's continued holdings of equity total return swaps on 1,760,355 Fairfax subordinate voting shares with an original notional amount of $664.0 million (Cdn$846.1 million) or $377.19 (Cdn$480.62) per share, partially offset by net gains on common stocks of $132.9 million.

Net losses on bonds of $363.9 million principally reflected net losses on U.S. treasuries and on certain other government bonds as a result of modest increases in interest rates during the quarter. The company's fixed income portfolio has an average term to maturity of 3 years and continues to be conservatively positioned with 76% of the fixed income portfolio invested in U.S. treasury and other government bonds, 13% in high quality corporate bonds, primarily short-dated, and 11% in first mortgage loans.

Net gains on other of $59.8 million principally reflected net gains of $136.2 million on foreign currency, partially offset by unrealized losses of $69.6 million on the company's holdings of Digit compulsory convertible preferred shares.

The non-insurance companies reported improved operating income of $36.9 million primarily reflecting strong share of profit of associates at Fairfax India, partially offset by non-recurring expenses at AGT in connection with its initial public offering.
Other Key Financial Highlights

At March 31, 2026 the holding company held $2.5 billion of cash and marketable securities and an additional $2.1 billion, at fair value, of investments in associates and consolidated non-insurance companies.At March 31, 2026 the excess of fair value over carrying value of investments in non-insurance associates and market traded consolidated non-insurance subsidiaries, which is not reflected in the company's book value per basic share, increased to $3.9 billion from $3.1 billion at December 31, 2025, primarily as a result of an increase in the market value of the company's investment in Poseidon, reflecting the fair value of the announced sales transaction.On March 10, 2026 the company announced that it entered into agreements to sell an aggregate equity interest of approximately 23.1% of Poseidon Corp. (“Poseidon”), for aggregate proceeds of approximately $1.9 billion. The pre-tax gain on closing is approximately $837 million, with closing expected to be in the second quarter of 2026. Following the sales, Fairfax will retain an equity ownership of approximately 22.2% of Poseidon and will continue to apply the equity method of accounting to its retained investment.On March 9, 2026 AGT completed a Cdn$450 million offering of its common shares at Cdn$23 per share. Immediately prior to closing of the offering the company exercised its AGT equity warrants at Cdn$22.50 per common share for aggregate consideration of Cdn$340.0 million in exchange for settlement of a Cdn$340.0 million loan receivable from AGT. Concurrent with closing, the company also subscribed for Cdn$200 million of AGT common shares in a private placement at Cdn$23 per share. The company continues to control AGT, with an equity interest of 55.8%.The company’s previously announced proposed sale of its Eurolife Life Operations to Eurobank is expected to close in the second quarter of 2026 and the company has classified assets of $3.3 billion and liabilities of $3.5 billion related to the Eurolife Life Operations as held for sale at March 31, 2026 in its consolidated balance sheet. The pre-tax gain on closing is currently estimated at approximately $350 million.At March 31, 2026 the company had drawn $300.0 million on its revolving credit facility.The company's total debt to total capital ratio, excluding non-insurance companies increased to 27.8% at March 31, 2026 from 26.2% at December 31, 2025, primarily reflecting issuances of unsecured senior notes of $476.6 million (Cdn$650.0 million) and decreased common shareholders' equity (principally purchases of 374,883 subordinate voting shares for cancellation at an aggregate cost of $631.3 million ($1,683.97 per share), payment of common share dividends of $329.1 million and foreign currency translation losses of $238.7 million, partially offset by net earnings attributable to shareholders of Fairfax of $695.7 million). Subsequent to March 31, 2026, the company redeemed at maturity its $91.8 million principal amount of 8.30% unsecured senior notes due April 15, 2026, and announced its intention to redeem, on May 29, 2026, all of its outstanding Cdn$450.0 million principal amount of 4.70% unsecured senior notes due December 16, 2026.At March 31, 2026 there were 20,624,032 common shares effectively outstanding, representing a decrease of 1.1% from the 20,856,086 common shares effectively outstanding at December 31, 2025.
Consolidated balance sheet, earnings and comprehensive income information, together with segmented premium and combined ratio information, follow and form part of this news release.

As previously announced, Fairfax will hold a conference call to discuss its first quarter 2026 results at 8:30 a.m. Eastern time on Friday May 1, 2026. The call, consisting of a presentation by the company followed by a question period, may be accessed at 1 (800) 369-2143 (Canada or U.S.) or 1 (312) 470-0063 (International) with the passcode "FAIRFAX". A replay of the call will be available from shortly after the termination of the call until 5:00 p.m. Eastern time on Friday, May 29, 2026. The replay may be accessed at 1 (800) 391-9851 (Canada or U.S.) or 1 (203) 369-3268 (International).

Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

For further information, contact:John Varnell Vice President, Corporate Development (416) 367-4941 CONSOLIDATED BALANCE SHEETS
as at March 31, 2026 and December 31, 2025
(US$ millions except per share amounts)   March 31, 2026 December 31, 2025Assets       Holding company cash and investments (including assets pledged for derivative obligations – $214.2; December 31, 2025 – $207.8)  2,452.7    2,724.9 Insurance contract receivables  961.7    1,006.2         Portfolio investments       Subsidiary cash and short term investments (including restricted cash and cash equivalents – $679.3; December 31, 2025 – $640.4)  7,039.5    8,979.2 Bonds (cost $42,061.4; December 31, 2025 – $39,655.2)  42,091.0    39,988.8 Preferred stocks (cost $951.0; December 31, 2025 – $957.4)  2,123.4    2,307.4 Common stocks (cost $7,760.0; December 31, 2025 – $7,926.0)  9,232.5    9,204.0 Investments in associates (fair value $10,015.3; December 31, 2025 – $11,057.7)  7,430.3    8,362.3 Investment in associate held for sale (fair value $1,907.0; December 31, 2025 – nil)  1,070.5    — Derivatives and other invested assets (cost $1,570.0; December 31, 2025 – $1,312.7)  1,974.2    1,764.3 Assets pledged for derivative obligations (cost $164.7; December 31, 2025 – $187.2)  166.5    190.8 Fairfax India cash, portfolio investments and associates (fair value $3,167.5; December 31, 2025 – $3,685.1)  1,868.7    2,125.0    72,996.6    72,921.8         Assets held for sale  3,299.9    3,445.9 Reinsurance contract assets held  11,240.7    11,251.0 Deferred income tax assets  416.4    367.1 Goodwill and intangible assets  8,223.2    8,339.4 Other assets  7,798.6    7,731.4 Total assets  107,389.8    107,787.7         Liabilities       Accounts payable and accrued liabilities  5,988.7    6,119.7 Derivative obligations  456.2    786.9 Liabilities associated with assets held for sale  3,482.4    3,638.1 Deferred income tax liabilities  1,999.6    1,946.7 Insurance contract payables  376.1    338.3 Insurance contract liabilities  50,379.7    50,441.0 Borrowings – holding company and insurance and reinsurance companies  11,202.3    10,455.7 Borrowings – non-insurance companies  2,846.5    3,187.2 Total liabilities  76,731.5    76,913.6         Equity       Common shareholders’ equity  25,782.9    26,282.6 Preferred stock  231.7    231.7 Shareholders’ equity attributable to shareholders of Fairfax  26,014.6    26,514.3 Non-controlling interests  4,643.7    4,359.8 Total equity  30,658.3    30,874.1    107,389.8    107,787.7                 Book value per basic share $1,250.14   $1,260.19  CONSOLIDATED STATEMENTS OF EARNINGS
for the three months ended March 31, 2026 and 2025
(US$ millions except per share amounts)
   First quarter   2026   2025 Insurance    Insurance revenue  7,820.9   7,482.7 Insurance service expenses  (6,331.4)  (6,602.0)Net insurance result  1,489.5   880.7 Cost of reinsurance  (1,366.0)  (1,329.7)Recoveries of insurance service expenses  1,005.6   1,054.7 Net reinsurance result  (360.4)  (275.0)Insurance service result  1,129.1   605.7 Other insurance operating expenses  (280.9)  (269.6)Net finance expense from insurance contracts  (187.3)  (813.4)Net finance income from reinsurance contract assets held  49.6   208.8    710.5   (268.5)Investment income    Interest and dividends  662.1   606.5 Share of profit of associates  371.5   128.6 Net gains (losses) on investments  (385.9)  1,056.1    647.7   1,791.2 Other revenue and expenses    Non-insurance revenue  1,724.8   2,089.4 Non-insurance expenses  (1,721.5)  (2,147.7)Interest expense  (211.6)  (190.4)Corporate and other expenses  (108.2)  (108.3)   (316.5)  (357.0)Earnings before income taxes  1,041.7   1,165.7 Provision for income taxes  (304.5)  (212.7)Net earnings  737.2   953.0      Attributable to:    Shareholders of Fairfax  695.7   945.7 Non-controlling interests  41.5   7.3    737.2   953.0      Net earnings per share $33.38  $46.10 Net earnings per diluted share $31.11  $42.70 Cash dividends paid per share $15.00  $15.00 Shares outstanding (000)(weighted average)  20,778   21,651  CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
for the three months ended March 31, 2026 and 2025
(US$ millions)
   First quarter  2026  2025      Net earnings 737.2  953.0      Other comprehensive income (loss),net of income taxes         Items that may be subsequently reclassified to net earnings    Net unrealized foreign currency translation gains (losses) on foreign subsidiaries (289.8) 50.1 Gains on hedge of net investment in Canadian subsidiaries 60.5  1.6 Gains (losses) on hedge of net investment in European operations 16.6  (33.3)Share of other comprehensive income (loss) of associates, excluding net gains (losses) on defined benefit plans (105.6) 92.7 Other (0.7) 0.6   (319.0) 111.7 Net unrealized foreign currency translation (gains) losses on associates reclassified to net earnings (24.5) 0.9   (343.5) 112.6 Items that will not be subsequently reclassified to net earnings    Net gains (losses) on defined benefit plans 14.3  (0.6)Share of net gains (losses) on defined benefit plans of associates 0.7  (1.0)Other 12.4  —   27.4  (1.6)     Other comprehensive income (loss),net of income taxes (316.1) 111.0 Comprehensive income 421.1  1,064.0      Attributable to:    Shareholders of Fairfax 468.4  1,056.4 Non-controlling interests (47.3) 7.6   421.1  1,064.0 
SEGMENTED INFORMATION
(US$ millions)

Third party gross premiums written, net premiums written and combined ratios (on an undiscounted and discounted basis) for the property and casualty insurance and reinsurance operations (which excludes Life insurance and Run-off) in the first quarters ended March 31, 2026 and 2025 were as follows:

Gross Premiums Written First quarter % change
year-over-
year  2026 2025 Northbridge 505.4 507.5 (0.4)        %Crum & Forster 1,415.1 1,455.1 (2.7)        %Zenith National 270.4 246.2 9.8%North American Insurers 2,190.9 2,208.8 (0.8)        %        Allied World 2,240.5 2,160.5 3.7%Odyssey Group 1,524.1 1,542.1 (1.2)        %Brit 810.5 781.0 3.8%Ki 227.6 203.8 11.7%Global Insurers and Reinsurers 4,802.7 4,687.4 2.5%        International Insurers and Reinsurers 1,745.8 1,499.3 16.4%        Property and casualty insurance and reinsurance 8,739.4 8,395.5 4.1% Net Premiums Written First quarter % change
year-over-
year
  2026 2025 Northbridge 450.2 438.0 2.8%Crum & Forster 1,064.2 1,122.1 (5.2)%Zenith National 278.9 253.3 10.1%North American Insurers 1,793.3 1,813.4 (1.1)%       Allied World 1,740.5 1,714.3 1.5%Odyssey Group 1,465.4 1,492.4 (1.8)%Brit 627.8 588.7 6.6%Ki 181.2 173.7 4.3%Global Insurers and Reinsurers 4,014.9 3,969.1 1.2%       International Insurers and Reinsurers 1,249.8 992.1 26.0%       Property and casualty insurance and reinsurance 7,058.0 6,774.6 4.2% Combined Ratios Undiscounted Discounted  First quarter First quarter  2026
 2025
 2026
 2025
Northbridge 94.1% 92.1% 84.5% 84.3%Crum & Forster 95.5% 95.4% 83.9% 84.9%Zenith National 103.7% 106.3% 94.0% 92.6%North American Insurers 96.0% 95.5% 85.1% 85.5%         Allied World 93.4% 95.7% 80.3% 84.3%Odyssey Group 91.1% 105.8% 77.8% 102.2%Brit 93.0% 97.6% 83.7% 97.0%Ki 94.7% 98.3% 78.5% 84.0%Global Insurers and Reinsurers 92.5% 100.4% 79.9% 93.1%         International Insurers and Reinsurers 95.8% 96.7% 87.3% 88.3%         Property and casualty insurance and reinsurance 94.1% 98.5% 82.8% 90.0%          Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities regulations. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fairfax to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: our ability to complete acquisitions and other strategic transactions on the terms and timeframes contemplated, and to achieve the anticipated benefits therefrom; a reduction in net earnings if our loss reserves are insufficient; underwriting losses on the risks we insure that are higher than expected; the occurrence of catastrophic events with a frequency or severity exceeding our estimates; changes in market variables, including unfavourable changes in interest rates, foreign exchange rates, equity prices and credit spreads, which could negatively affect our operating results and investment portfolio; the cycles of the insurance market and general economic conditions, which can substantially influence our and our competitors’ premium rates and capacity to write new business; insufficient reserves for asbestos, environmental and other latent claims; exposure to credit risk in the event our reinsurers fail to make payments to us under our reinsurance arrangements; exposure to credit risk in the event our insureds, insurance producers or reinsurance intermediaries fail to remit premiums that are owed to us or failure by our insureds to reimburse us for deductibles that are paid by us on their behalf; our inability to maintain our long term debt ratings, the inability of our subsidiaries to maintain financial or claims paying ability ratings and the impact of a downgrade of such ratings on derivative transactions that we or our subsidiaries have entered into; risks associated with implementing our business strategies; the timing of claims payments being sooner or the receipt of reinsurance recoverables being later than anticipated by us; risks associated with any use we may make of derivative instruments; the failure of any hedging methods we may employ to achieve their desired risk management objective; a decrease in the level of demand for insurance or reinsurance products, or increased competition in the insurance industry; the impact of emerging claim and coverage issues or the failure of any of the loss limitation methods we employ; our inability to access cash of our subsidiaries; an increase in the amount of capital that we and our subsidiaries are required to maintain and our inability to obtain required levels of capital on favourable terms, if at all; the loss of key employees; our inability to obtain reinsurance coverage in sufficient amounts, at reasonable prices or on terms that adequately protect us; the passage of legislation subjecting our businesses to additional adverse requirements, supervision or regulation, including additional tax regulation, in the United States, Bermuda, Canada or other jurisdictions in which we operate; risks associated with applicable laws and regulations relating to sanctions, anti-money laundering and corrupt practices in Canada and in foreign jurisdictions in which we operate; risks associated with government investigations of, and litigation and negative publicity related to, insurance industry practice or any other conduct; risks associated with political and other developments in foreign jurisdictions in which we operate; risks associated with legal or regulatory proceedings or significant litigation; failures or security breaches of our computer and data processing systems; the influence exercisable by our significant shareholder; adverse fluctuations in foreign currency exchange rates; our dependence on independent brokers over whom we exercise little control; financial reporting risks relating to deferred taxes associated with amendments to IAS 12 – Income Taxes; impairment of the carrying value of our goodwill, indefinite-lived intangible assets or investments in associates; our failure to realize deferred income tax assets; risks associated with Canadian or foreign tax laws, or the interpretation thereof; technological or other change that adversely impacts demand, or the premiums payable, for the insurance coverages we offer; disruptions of our information technology systems; assessments and shared market mechanisms that may adversely affect our insurance subsidiaries; risks associated with economic disruptions from global conflicts and the development of other geopolitical events worldwide; and risks associated with tariffs, trade restrictions, or other regulatory measures imposed by domestic or foreign governments that may, directly or indirectly, affect our business. Additional risks and uncertainties are described in our most recently issued Annual Report, which is available at www.fairfax.ca and on SEDAR+ at www.sedarplus.ca, and in our Base Shelf Prospectus (under "Risk Factors") filed with the securities regulatory authorities in Canada, which is available on SEDAR+ at www.sedarplus.ca. Fairfax disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.

GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES

Management analyzes and assesses the underlying insurance and reinsurance operations, and the financial position of the consolidated company, through various measures and ratios. Certain of the measures and ratios provided in this news release, which have been used consistently and disclosed regularly in the company's Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures and ratios are described below.

Underwriting profit (loss) – A measure of underwriting activity calculated as insurance service result with the effects of discounting for net claims recorded in the current period and changes in the risk adjustment and other excluded, and other insurance operating expenses deducted, as shown in the table on page 2 of this news release.

Operating income (loss) – This measure is used by the company as a pre-tax performance measure of operations that excludes net finance income (expense) from insurance contracts and reinsurance contract assets held, net gains (losses) on investments, interest expense and corporate overhead and other, and that includes interest and dividends and share of profit (loss) of associates, which the company consider to be more predictable sources of investment income. Operating income (loss) includes the insurance service result and other insurance operating expenses of the insurance and reinsurance operations and the revenue and expenses of the non-insurance companies. A reconciliation of operating income (loss) to earnings before income taxes, the most directly comparable IFRS measure, is presented in the table on page 2 of this news release.

Adjusted operating income (loss) – Calculated as the sum of underwriting profit (loss), interest and dividends and share of profit of associates, this measure is used in a similar manner to operating income (loss).

Gross premiums written – An indicator of the volume of new business generated, it represents the total premiums on policies issued by the company during a specified period, irrespective of the portion ceded or earned.

Net premiums written – A measure of the new business volume and insurance risk that the company has chosen to retain from new business generated, it represents gross premiums written less amounts ceded to reinsurers.

Undiscounted combined ratio – A traditional performance measure of underwriting results of property and casualty companies, it is calculated by the company as underwriting expense (comprised of losses on claims, commissions and other underwriting expenses) expressed as a percentage of net premiums earned. Net premiums earned is calculated as insurance revenue less cost of reinsurance, adjusted for net commission expense on assumed business and other. Underwriting expense is calculated as insurance service expenses less recoveries of insurance service expenses and other insurance operating expenses, adjusted for the effects of discounting, risk adjustment and other. The combined ratio is used by the company for comparisons to historical underwriting results, to the underwriting results of competitors and to the broader property and casualty industry, as well as for evaluating the performance of individual operating companies. The company may also refer to combined ratio points, which expresses, on an undiscounted basis, a loss that is a component of losses on claims, net, such as a catastrophe loss or prior year reserve development, as a percentage of net premiums earned during the same period.

Discounted combined ratio – A performance measure of underwriting results under IFRS 17, it is calculated by the company as net insurance service expenses expressed as a percentage of net insurance revenue. Net insurance service expenses is calculated as insurance service expenses less recoveries of insurance service expenses, and net insurance revenue is calculated as insurance revenue less cost of reinsurance, each as presented in the company's consolidated statements of earnings.

Book value per basic share – The company considers book value per basic share a key performance measure as one of the company’s stated objectives is to build long term shareholder value by compounding book value per basic share by 15% annually over the long term. This measure is calculated by the company as common shareholders' equity divided by the number of common shares effectively outstanding. Increase or decrease in book value per basic share adjusted for the $15.00 per common share dividend is calculated in the same manner except that it assumes the annual $15.00 per common share dividend paid in the first quarter of 2026 was not paid and book value per basic share at the end of the current reporting period would be higher as a result.

Total debt to total capital ratio, excluding non-insurance companies – The company uses this ratio to assess the amount of leverage employed in its operations. As the borrowings of the non-insurance companies are non-recourse to the Fairfax holding company, this ratio excludes the borrowings and non-controlling interests of the non-insurance companies in calculating total debt and total capital, respectively.

 March 31, 2026 December 31, 2025 As presented in the consolidated balance sheet Adjust for consolidated
non-insurance companies Excluding consolidated
non-insurance companies As presented in the consolidated balance sheet Adjust for consolidated
non-insurance companies Excluding consolidated
non-insurance companiesTotal debt14,048.8  2,846.5 11,202.3  13,642.9  3,187.2 10,455.7 Total equity30,658.3  1,512.1 29,146.2  30,874.1  1,354.4 29,519.7 Total capital44,707.1    40,348.5  44,517.0    39,975.4             Total debt to total capital ratio31.4%   27.8% 30.6%   26.2%
Excess (deficiency) of fair value over carrying value – These pre-tax amounts, while not included in the calculation of book value per basic share, are regularly reviewed by management as an indicator of investment performance for the company's non-insurance associates and market traded consolidated non-insurance subsidiaries that are considered to be portfolio investments, which are Fairfax India, Thomas Cook India and Dexterra Group, and also AGT at March 31, 2026.

In the determination of this non-GAAP performance measure the fair value and carrying value of non-insurance associates at March 31, 2026 were $10,834.5 and $7,605.5 (December 31, 2025 - $9,913.7 and $7,456.9), which are the values included in the company's consolidated balance sheets as at March 31, 2026 and December 31, 2025. Excluded from this performance measure are (i) insurance and reinsurance associates and (ii) associates held by market traded consolidated non-insurance companies that are already included in the carrying values of those companies.

The fair values of market traded consolidated non-insurance companies are calculated as the company's pro rata ownership share of each subsidiary's market capitalization as determined by traded share prices at the financial statement date. The carrying value of each subsidiary represents Fairfax's share of that subsidiary's net assets, calculated as the subsidiary's total assets less total liabilities and non-controlling interests. All balances used in the calculation of carrying value are those included in the company's consolidated balance sheets as at March 31, 2026 and December 31, 2025.

AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) and affirmed the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH]. In addition, AM Best has affirmed the Long-Term ICRs of “a-” (Excellent) ofFairfax (US) Inc. (Delaware) and Zenith National Insurance Corp. (headquartered in Woodland Hills, CA), both of which are indirectly, wholly owned downstream holding companies of Fairfax. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of Long-Term IRs.)

Fairfax’s ratings reflect the group’s continued favorable earnings trend, which includes record underwriting profits in 2025, even with significant catastrophe activity impacting some of its affiliates in the year. Fairfax’s investments continue to accrue significant capital gains and earn steady and increasing interest and dividends, allowing it to repurchase its own shares while keeping its risk-adjusted capitalization at the strongest level. Fairfax’s returns have allowed the group to compound its book value per share at an 18.3% rate annually, on average, since 1985.

The following Long-Term IRs have been affirmed with stable outlooks:

Zenith National Insurance Corp.—

-- “bbb+” (Good) on USD 77.3 million 8.55% subordinated deferrable debentures, due 2028

Fairfax Financial Holdings Limited—

-- “a-” (Excellent) on CAD 650 million 4.25% senior unsecured notes, due 2027

-- “a-” (Excellent) on EUR 750 million 2.75% senior unsecured notes, due 2028

-- “a-” (Excellent) on USD 600 million 4.85% senior unsecured notes, due 2028

-- “a-” (Excellent) on CAD 500 million 4.23% senior unsecured notes, due 2029

-- “a-” (Excellent) on USD 650 million 4.625% senior unsecured notes, due 2030

-- “a-” (Excellent) on USD 600 million 3.375% senior unsecured notes, due 2031

-- “a-” (Excellent) on CAD 850 million 3.95% senior unsecured notes, due 2031

-- “a-” (Excellent) on USD 750 million 5.625% senior unsecured notes, due 2032

-- “a-” (Excellent) on USD 750 million 6% senior unsecured notes, due 2033

-- “a-” (Excellent) on CAD 450 million 4.73% senior unsecured notes, due 2034

-- “a-” (Excellent) on USD 500 million 5.75% senior unsecured notes, due 2035

-- “a-” (Excellent) on CAD 400 million 4.45% senior unsecured notes, due 2035

-- “a-” (Excellent) on CAD 400 million 4.40% senior unsecured notes, due 2036

-- “a-” (Excellent) on USD 125 million 7.75% senior unsecured notes, due 2037

-- “a-” (Excellent) on USD 1 billion 6.35% senior unsecured notes, due 2054

-- “a-” (Excellent) on CAD 250 million 5.23% senior unsecured notes, due 2054

-- “a-” (Excellent) on USD 400 million 6.50% senior unsecured notes, due 2055

-- “a-” (Excellent) on CAD 550 million 5.10% senior unsecured notes, due 2055

-- “a-” (Excellent) on USD 600 million 6.1 % senior unsecured notes, due 2055

-- “bbb” (Good) on CAD 237.5 million Series K cumulative, five-year rate reset preferred shares

The following indicative Long-Term IRs on securities available on the universal shelf registration have been affirmed with stable outlooks:

Fairfax Financial Holdings Limited—

-- “a-” (Excellent) on senior unsecured debt

-- “bbb+” (Good) on subordinated debt

-- “bbb” (Good) on preferred shares

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Financial and Operating Highlights

Net loss attributable to common stockholders of $1.20 per share for the first quarter of 2026 as compared to net loss of $0.30 per share for the same period in 2025.Funds from operations ("FFO") of $0.84 per share for the first quarter of 2026. The Company reported FFO of $1.40 per share for the same period in 2025, which included $25.0 million, or $0.33 per share, of income related to the resolution of a commercial mortgage investment.The Company reaffirms its previously announced 2026 FFO guidance range of FFO of $4.40 to $4.70 per share, with a midpoint of $4.55 per share.Signed 51 Manhattan office leases totaling 929,264 square feet in the first quarter of 2026, the highest volume ever achieved during the first quarter in the Company's 28-year history. The mark-to-market on signed Manhattan office leases was 16.1% higher for the first quarter than the previous fully escalated rents on the same spaces.Manhattan same-store cash net operating income ("NOI"), including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased 2.6% for the first quarter of 2026, excluding lease termination income, as compared to the same period in 2025.Manhattan same-store office occupancy increased to 94.4% as of March 31, 2026, inclusive of leases signed but not yet commenced, as compared to 93.0% as of December 31, 2025. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026. Investing Highlights

Entered into a contract to sell the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions.Together with our joint venture partner, closed on the sale of 690 Madison Avenue for $54.5 million. Financing Highlights

Together with our joint venture partners, completed a $1.65 billion, five-year, fixed-rate refinancing of One Madison Avenue. The single asset, single borrower (SASB) CMBS execution was priced at a spread of 181 basis points above the US treasury index, resulting in an interest rate of 5.81%. Refinanced, extended and reduced the overall cost of $2.0 billion of the Company's $2.4 billion corporate credit facility. The existing $1.25 billion revolving line of credit was extended to June 2031 while the existing $1.05 billion term loan was bifurcated, resulting in a new $750 million term loan with a maturity date of June 2031. The cost of the revolving line of credit and the new term loan were each reduced by 25 basis points. The remaining $300 million term loan that matures in May 2027 and the existing $100 million term loan that matures in November 2026 were not modified.
NEW YORK, April 15, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended March 31, 2026 of $84.4 million, or $1.20 per share, as compared to a net loss of $21.1 million, or $0.30 per share, for the same period in 2025.

The Company reported FFO for the quarter ended March 31, 2026 of $64.6 million or $0.84 per share, net of the write-off of $4.8 million, or $0.06 per share, of unamortized deferred financing costs and inclusive of $2.0 million, or $0.03 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $106.5 million, or $1.40 per share, for the same period in 2025, which included $25.0 million, or $0.33 per share, of income related to the resolution of a commercial mortgage investment.

All per share amounts are presented on a diluted basis.

Operating and Leasing Activity

Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 2.6% for the first quarter of 2026, excluding lease termination income, as compared to the same period in 2025.

During the first quarter of 2026, the Company signed 51 office leases in its Manhattan office portfolio totaling 929,264 square feet. The average rent on the Manhattan office leases signed in the first quarter of 2026 was $105.12 per rentable square foot, the highest average starting rent for leases signed in any one quarter in the Company’s history, with an average lease term of 9.8 years and average tenant concessions of 10.9 months of free rent with a tenant improvement allowance of $107.76 per rentable square foot. Thirty-four leases comprising 666,790 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $114.75 per rentable square foot, representing a 16.1% increase over the previous fully escalated rents on the same office spaces.

Occupancy in the Company's Manhattan same-store office portfolio increased to 94.4% as of March 31, 2026, inclusive of leases signed but not yet commenced, as compared to 93.0% at the end of the previous quarter. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026.

Significant leasing activity in the first quarter includes:

New lease with Clay Labs, Inc. for 163,095 square feet at 11 Madison Avenue;New lease with a large global investment firm for 150,036 square feet at 245 Park Avenue;New expansion lease with Harvey AI Corporation for 92,663 square feet at One Madison Avenue;New expansion lease with TD Securities for 51,081 square feet at 125 Park Avenue;New lease with Robinson & Cole for 48,451 square feet at 100 Park Avenue;New lease with One Main General Services Corp for 38,037 square feet at 1185 Avenue of the Americas;New expansion lease with McDermott, Will & Schulte for 29,734 square feet at One Vanderbilt Avenue.
Investment Activity

In March, the Company entered into a contract to sell the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions. The Company will retain ownership of the 26,000 square foot office condominium.

In February, together with our joint venture partner, the Company closed on the sale of 690 Madison Avenue for $54.5 million. The transaction generated cash proceeds to the Company of $48.5 million.

Financing Activity

In March, together with our joint venture partners, the Company completed a $1.65 billion, five-year, fixed-rate refinancing of One Madison Avenue. The single asset, single borrower (SASB) CMBS execution was priced at a spread of 181 basis points above the US treasury index, resulting in an interest rate of 5.81%. The new financing replaced the property’s previous $1.25 billion construction facility, which had an outstanding balance of $1.171 billion.

In March, the Company refinanced, extended and reduced the overall cost of $2.0 billion of the Company's $2.4 billion corporate credit facility.

The existing revolving line of credit component of the facility was maintained at $1.25 billion, the maturity was extended to June 2031, inclusive of as-of-right extension options, and the borrowing cost was reduced by 25 basis points to 125 basis over SOFR based on the Company's current credit rating.The existing $1.05 billion term loan component of the facility was bifurcated, resulting in a new $750 million term loan with a maturity date of June 2031 and a borrowing cost that was reduced by 25 basis points to 145 basis points over SOFR, based on the Company’s current credit rating. The remaining $300 million of the term loan with a maturity date of May 2027 will continue to be outstanding on its current terms.The existing $100 million term loan component of the facility with a maturity date of November 2026 will also remain outstanding on its current terms.
Dividends

On March 23, 2026, the Company announced that its board of directors established an annual ordinary dividend on its common stock for 2026 of $2.47 per share. The new dividend level will allow the Company to retain incremental liquidity for investment opportunities, which may include discounted debt extinguishments, share repurchases or ongoing development projects. 

In the first quarter of 2026, the Company declared:

A quarterly ordinary dividend on its outstanding common stock of $0.6175 per share, which was paid in cash on April 15, 2026;A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period January 15, 2026 through and including April 14, 2026, which was paid in cash on April 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share.
Conference Call and Audio Webcast

The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, April 16, 2026, at 2:00 p.m. ET to discuss the financial results.

Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”

The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”

Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIfae87cfbadc74c2fbc45e803ee1d1e2f.

Company Profile

SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet, which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.

To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at [email protected].

Disclaimers

Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.

Forward-looking Statements
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

 SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
  Three Months Ended March 31,Revenues: 2026   2025    Rental revenue, net$165,995  $144,518 Escalation and reimbursement revenues 20,881   18,501 SUMMIT Operator revenue 24,142   22,534 Investment income 2,346   16,114 Interest income from real estate loans held by consolidated securitization vehicles 14,649   15,981 Fee income 20,006   12,275 Other income 5,061   9,923 Total revenues 253,080   239,846 Expenses:   Operating expenses, including related party expenses of $2 in 2026 and $3 in 2025 61,457   56,062 Real estate taxes 41,912   37,217 Operating lease rent 6,944   6,106 SUMMIT Operator expenses 24,942   21,764 Interest expense, net of interest income 50,909   45,681 Amortization of deferred financing costs 2,802   1,687 SUMMIT Operator tax expense (benefit) 585   (45)Interest expense on senior obligations of consolidated securitization vehicles 14,649   13,972 Depreciation and amortization 69,751   64,498 Loan loss and other investment reserves, net of recoveries —   (25,039)Transaction related costs 284   295 Marketing, general and administrative 22,786   21,724 Total expenses 297,021   243,922     Equity in net (loss) income from unconsolidated joint ventures (20,780)  1,170 Income from debt fund investments, net 2,478   — Equity in net loss on sale of interest in unconsolidated joint venture/real estate (814)  — Purchase price and other fair value adjustments 4,183   (9,611)Gain (loss) on sale of real estate, net 16,636   (482)Depreciable real estate reserves (35,160)  (8,546)Net loss (77,398)  (21,545)Net income (loss) attributable to noncontrolling interests:   Noncontrolling interests in the Operating Partnership 6,678   1,465 Noncontrolling interests in other partnerships (7,734)  4,897 Preferred units distributions (2,199)  (2,154)Net loss attributable to SL Green (80,653)  (17,337)Perpetual preferred stock dividends (3,738)  (3,738)Net loss attributable to SL Green common stockholders$(84,391) $(21,075)Earnings Per Share (EPS)   Basic loss per share$(1.20) $(0.30)Diluted loss per share$(1.20) $(0.30)    Funds From Operations (FFO)   Basic FFO per share$0.85  $1.43 Diluted FFO per share$0.84  $1.40     Basic ownership interest   Weighted average REIT common shares for net income per share 70,687   70,424 Weighted average partnership units held by noncontrolling interests 4,980   4,103 Basic weighted average shares and units outstanding 75,667   74,527     Diluted ownership interest   Weighted average REIT common share and common share equivalents 72,270   72,230 Weighted average partnership units held by noncontrolling interests 4,980   4,103 Diluted weighted average shares and units outstanding 77,250   76,333   SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except per share data)
  March 31, December 31, 2026
 2025
Assets   Commercial real estate properties, at cost:   Land and land interests$1,848,531  $1,699,215 Building and improvements 4,298,249   4,012,305 Building leasehold and improvements 1,465,411   1,448,112   7,612,191   7,159,632 Less: accumulated depreciation (2,321,290)  (2,306,377)  5,290,901   4,853,255 Assets held for sale 211,222   — Cash and cash equivalents 143,867   155,747 Restricted cash 194,772   180,748 Investment in marketable securities 25,330   23,666 Tenant and other receivables 56,724   45,524 Related party receivables 25,161   16,293 Deferred rents receivable 262,730   266,678 Debt and preferred equity investments, net of discounts and deferred origination fees of $5 and $14 in 2026 and 2025, respectively, and allowances of $300 and $454 in 2026 and 2025, respectively 118,083   168,358 Investments in unconsolidated joint ventures 2,500,573   2,624,755 Debt fund investments, at fair value 293,243   152,958 Deferred costs, net 129,428   129,019 Right-of-use assets - operating leases 909,377   864,430 Real estate loans held by consolidated securitization vehicles, at fair value 1,027,164   1,023,877 Other assets 570,175   577,299 Total assets$11,758,750  $11,082,607     Liabilities   Mortgages and other loans payable$2,509,135  $2,154,499 Revolving credit facility 825,000   640,000 Unsecured term loan 1,150,000   1,150,000 Deferred financing costs, net (35,673)  (13,063)Total debt, net of deferred financing costs 4,448,462   3,931,436 Accrued interest payable 19,791   15,221 Accounts payable and accrued expenses 118,912   134,621 Deferred revenue 168,980   147,419 Lease liability - financing leases 108,515   108,183 Lease liability - operating leases 851,142   805,192 Dividend and distributions payable 49,380   2,536 Security deposits 73,638   68,276 Liabilities related to assets held for sale 189,842   — Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities 100,000   100,000 Senior obligations of consolidated securitization vehicles, at fair value 1,027,164   1,023,877 Other liabilities (includes $167,423 and $244,941 at fair value as of March 31, 2026 and December 31, 2025, respectively) 241,392   392,756 Total liabilities 7,397,218   6,729,517     Commitments and contingencies   Noncontrolling interests in Operating Partnership 259,415   241,371 Preferred units and redeemable equity 204,319   199,271     Equity   SL Green stockholders' equity:   Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 and 9,200 issued and outstanding at both March 31, 2026 and December 31, 2025 221,932   221,932 Common stock, $0.01 par value 160,000 shares authorized, 71,124 and 71,159 issued and outstanding at March 31, 2026 and December 31, 2025, respectively 711   711 Additional paid-in capital 4,213,856   4,212,590 Accumulated other comprehensive loss (7,287)  (22,198)Retained deficit (892,890)  (741,880)Total SL Green Realty Corp. stockholders’ equity 3,536,322   3,671,155 Noncontrolling interests in other partnerships 361,476   241,293 Total equity 3,897,798   3,912,448 Total liabilities and equity$11,758,750  $11,082,607   SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)
  Three Months Ended March 31,Funds From Operations (FFO) Reconciliation: 2026   2025     Net loss attributable to SL Green common stockholders$(84,391) $(21,075)Add:   Depreciation and amortization 69,751   64,498 Joint venture depreciation and noncontrolling interest adjustments 62,596   53,361 Net income (loss) attributable to noncontrolling interests 1,056   (6,362)Less:   Equity in net loss on sale of interest in unconsolidated joint venture/real estate (814)  — Purchase price and other fair value adjustments 2,224   (6,544)Gain (loss) on sale of real estate, net 16,636   (482)Depreciable real estate reserves (35,160)  (8,546)Depreciable real estate reserves in unconsolidated joint venture —   (1,780)Depreciation on non-rental real estate assets 1,503   1,263 FFO attributable to SL Green common stockholders and unit holders$64,623  $106,511   SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)
  Three Months Ended March 31,Operating income and Same-store NOI Reconciliation: 2026   2025     Net loss$(77,398) $(21,545)    Depreciable real estate reserves 35,160   8,546 (Gain) loss on sale of real estate, net (16,636)  482 Purchase price and other fair value adjustments (4,183)  9,611 Equity in net loss on sale of interest in unconsolidated joint venture/real estate 814   — Depreciation and amortization 69,751   64,498 SUMMIT Operator tax expense (benefit) 585   (45)Amortization of deferred financing costs 2,802   1,687 Interest expense, net of interest income 50,909   45,681 Interest expense on senior obligations of consolidated securitization vehicles 14,649   13,972 Operating income 76,453   122,887     Equity in net loss (income) from unconsolidated joint ventures 20,780   (1,170)Income from debt fund investments, net (2,478)  — Marketing, general and administrative expense 22,786   21,724 Transaction related costs 284   295 Loan loss and other investment reserves, net of recoveries —   (25,039)SUMMIT Operator expenses 24,942   21,764 Investment income (2,346)  (16,114)Interest income from real estate loans held by consolidated securitization vehicles (14,649)  (15,981)SUMMIT Operator revenue (24,142)  (22,534)Non-building revenue (17,879)  (10,486)Net operating income (NOI) 83,751   75,346     Equity in net (loss) income from unconsolidated joint ventures (20,780)  1,170 SLG share of unconsolidated JV depreciable real estate reserves —   1,780 SLG share of unconsolidated JV depreciation and amortization 67,639   63,075 SLG share of unconsolidated JV amortization of deferred financing costs 4,456   3,191 SLG share of unconsolidated JV interest expense, net of interest income 70,132   62,965 SLG share of unconsolidated JV gain on early extinguishment of debt 4,796   — SLG share of unconsolidated JV investment income (424)  (4,918)SLG share of unconsolidated JV non-building revenue (398)  (1,291)NOI including SLG share of unconsolidated JVs 209,172   201,318     NOI from other properties/affiliates (34,623)  (34,606)Same-Store NOI 174,549   166,712     Straight-line and free rent (3,440)  1,293 Amortization of acquired above and below-market leases, net 1,147   912 Operating lease straight-line adjustment 204   204 SLG share of unconsolidated JV straight-line and free rent (9,502)  (10,269)SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (6,460)  (6,040)Same-store cash NOI$156,498  $152,812     Lease termination income 356   (4,393)SLG share of unconsolidated JV lease termination income (4,626)  — Same-store cash NOI excluding lease termination income$152,228  $148,419          SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES

Funds from Operations (FFO)

FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.

The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.

Funds Available for Distribution (FAD)

FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.

FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.

The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.

Net Operating Income (NOI) and Cash NOI

NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.

The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.

Coverage Ratios

The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).

SLG-EARN

For the quarter ended March 2026, SL Green (SLG - Free Report) reported revenue of $166 million, up 14.9% over the same period last year. EPS came in at $0.84, compared to -$0.30 in the year-ago quarter.

The reported revenue represents a surprise of +1.83% over the Zacks Consensus Estimate of $163.02 million. With the consensus EPS estimate being $1.06, the EPS surprise was -20.46%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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

Revenues- Rental revenue including Escalation and reimbursement revenues: $186.88 million versus the three-analyst average estimate of $181.92 million. The reported number represents a year-over-year change of +14.6%.Revenues- Investment income: $2.35 million compared to the $-0.39 million average estimate based on two analysts. The reported number represents a change of -85.4% year over year.Revenues- Other income: $5.06 million versus the two-analyst average estimate of $23.31 million. The reported number represents a year-over-year change of -77.2%.Revenues- SUMMIT Operator revenue: $24.14 million versus the two-analyst average estimate of $25.46 million. The reported number represents a year-over-year change of +7.1%.Net Earnings Per Share (Diluted): $-1.20 versus the three-analyst average estimate of $-0.68.View all Key Company Metrics for SL Green here>>>

Shares of SL Green have returned +6.6% over the past month versus the Zacks S&P 500 composite's +5.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

SL Green Realty Corp. (SLG) Q1 2026 Earnings Call Transcript

Not every REIT is a buy, even in a strong sector recovery. Some cheap-looking REITs may be traps, while others already price in too much optimism. Three popular names look far less attractive once you dig into the risks.

Assumes management and leasing of this premier Tribeca asset April 28, 2026 07:30 ET  | Source: SL Green Realty Corp

NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has secured the asset management assignment to launch the leasing of 15 Laight Street, a 109,000 square foot, newly constructed boutique office building in Tribeca owned by the Hyundai Motor Group (“HMG”). In connection with an investment made through an affiliate of SL Green’s $1.3 billion debt fund, the Company’s third-party asset management platform, Green Property Services, has been engaged by HMG to provide comprehensive leasing and asset management services for the property.

“Hyundai Motor Group is one of the world’s great institutions, and this partnership reflects the trust they have placed in SL Green to bring 15 Laight Street to its full potential,” said Harrison Sitomer, President and Chief Investment Officer of SL Green. “We are combining our credit capabilities with our leasing and operating expertise to create a seamless solution for a premier global partner and to create value in an exceptional building for prospective tenants.”

“Tribeca and Hudson Square are home to some of Manhattan’s most active creative, technology and media tenants, yet high-quality office supply remains meaningfully constrained,” said Steven Durels, Executive Vice President and Director of Leasing at SL Green. “The submarket has emerged as one of the most sought-after office destinations for leading technology and financial services firms, driven in large part by its appeal to the next generation of talent these companies compete aggressively to attract and retain. 15 Laight Street is a genuinely one-of-a-kind building with the abundant outdoor space, distinctive architectural design and best-in-class workplace quality that today’s most discerning tenants are seeking. We are bringing it to market at exactly the right moment.”

15 Laight Street offers tenants boutique office space across distinctive floor plates, featuring extensive outdoor terraces, oversized windows, healthy workplace infrastructure, and a curated amenity program. The building is available for immediate occupancy.

Doug Middleton of CBRE Group represented the ownership in the transaction. Leasing will be overseen by Steven Durels of SL Green and Ryan Alexander of CBRE.

About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet, which included ownership interests in 29.4 million square feet of Manhattan buildings and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.

About Hyundai Motor Group
Hyundai Motor Group is a global mobility and technology enterprise and one of the world’s largest automotive groups. Headquartered in Seoul, South Korea, the Group encompasses Hyundai Motor Company, Kia Corporation, and a broad portfolio of automotive, robotics, urban air mobility and smart manufacturing businesses. For more information, visit www.hyundaimotorgroup.com.

Forward Looking Statement
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

Press Contact
[email protected]

SLG - LEAS

Recognized for its integration of design, sustainability and adaptive reuse, One Madison joins One Vanderbilt in winning prestigious honor May 07, 2026 07:30 ET  | Source: SL Green Realty Corp

NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it was awarded the 2026 Urban Land Institute Award for Excellence in Development for One Madison Avenue under the “Office Development” category. Through its Awards for Excellence program, ULI New York honors outstanding development projects that exemplify leadership in shaping the built environment, delivering transformative impact in communities while showing that ambitious projects can meet tenant demand and set new marks for achievable rents.

“We are honored to again be recognized by the Urban Land Institute for One Madison Avenue, an innovative project that has raised the bar for adaptive reuse and set the standard for the modern workplace,” said Robert Schiffer, Executive Vice President of Development of SL Green. “SL Green’s unique approach to design and tenant experience has transformed the office landscape in New York, with One Madison and One Vanderbilt both now 100% leased and achieving some of the highest rents in their submarkets. We look forward to continuing this approach with 346 Madison, where we will once again shape the future of office development.”

One Madison Avenue, the reimagined office tower overlooking Madison Square Park designed by world-renowned architecture firm KPF, was recognized for its integration of design, sustainability, and adaptive reuse. Exemplifying the innovation needed to create 21st-century office spaces while preserving historical context, SL Green and KPF transformed the existing nine-story podium into a flexible Class-A office in support of a new 550,000 square foot tower above.

“One Madison Avenue was conceived as a dialogue between past and present, preserving the integrity of the existing structure while introducing a contemporary vision for the modern workplace,” said James von Klemperer, President of KPF. “We are proud to see the project recognized by ULI for its design excellence and contribution to the evolution of New York’s built environment. Our partnership with SL Green now boasts two fully-leased, award-winning towers.”

One Madison Avenue’s prominence reflects its position as the preeminent example of a future-forward workplace with elevated wellness-driven amenities. It includes state-of-the-art HVAC that circulates 100% fresh air, massive floor-to-ceiling windows offering abundant natural daylight, as well as Rockwell Group-designed amenities such as Le Jardin Sur Madison, a spectacular one-of-a-kind event space, rooftop garden designed by SMI Landscape Architecture, La Tête d’Or by Daniel, Chef Daniel Boulud’s latest upscale culinary offering, and The Commons, designed by Vocon, a 7,000 square foot tenant-only lounge. Its curated retail program features a 56,000 square foot Chelsea Piers Fitness together with a collection of high-quality, fast casual eateries.

The redevelopment retains 67% of the building’s original structure, significantly reducing embodied carbon while introducing a modern glass tower with optimized floorplates, increased ceiling heights, and more than an acre of landscaped terraces. The project is designed to achieve over a 60% reduction in energy use compared to baseline standards and complies with New York City’s 2030 building emissions targets under Local Law 97.

One Madison Avenue officially completed its redevelopment in December 2024 and is now 100% leased with a tenant roster that includes global technology, AI and financial services firms such as IBM, Franklin Templeton Companies, Palo Alto Networks, FanDuel Group, Sigma Computing and Harvey AI. The project’s success has also been reinforced by a recent $1.65 billion refinancing, underscoring strong institutional confidence and demand for the asset.

Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet, which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.

PRESS CONTACT
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SLG - GEN

SL Green Realty Corp. saw significant occupancy and leasing gains in the first quarter as FFO declined, and rising U.S. Treasury yields look set to form a headwind for REITs. SLG's Manhattan same-store occupancy rose to 94.4% in the first quarter, with guidance for this to reach 95% by the end of 2026. First quarter FFO fell to $0.84 per share, missing consensus and down from $1.43 in the year-ago comp.

Key Takeaways SL Green formed a JV with Mori Building for the 346 Madison Avenue development project.SLG will retain a 51% stake and serve as developer and lease manager for the new tower.346 Madison Avenue will feature luxury amenities and span 850,000 rentable square feet. SL Green Realty (SLG - Free Report) recently announced that it has entered into a joint venture (JV) with Mori Building Co., Ltd., Japan’s leading urban landscape developer, for the development of 346 Madison Avenue. With 51% interest, at a gross valuation of $175 million, SLG will play the role of developer and lease manager in the above arrangement. The two parties to the JV will collectively contribute their expertise and design capabilities.

Located one block from Grand Central Terminal and across from One Vanderbilt, 346 Madison Avenue is equipped with amenities like a 215-seat auditorium, a lushly landscaped terrace, a tenant lounge, a luxury wellness center and a world-class restaurant. KPF will helm the design of the new 46-floor tower stretching around 850,000 rentable square feet.

The joint venture is strategically significant for SL Green. By selling a minority stake while retaining operational control, the company can reduce its equity exposure to the Madison Avenue development, improve balance sheet flexibility and potentially redeploy proceeds into other value-accretive opportunities. The deal also strengthens the project’s profile through Mori Building’s design and development capabilities.

Given the continued tenant preference for modern, well-located and amenity-rich office properties, the JV is likely to enhance the appeal of 346 Madison Avenue and support SL Green’s long-term East Midtown growth strategy.

Over the past three months, shares of this Zacks Rank #3 (Hold) office REIT have rallied 20.2% compared with the industry’s gain of 2.4%.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are W.P. Carey  (WPC - Free Report) and Prologis Inc. (PLD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for WPC’s 2026 FFO per share is pegged at $5.26. This implies year-over-year growth of 5.8%.

The consensus estimate for PLD’s 2026 FFO per share is pinned at $6.18. This calls for a year-over-year increase of 6.4%.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.