Market Signal Briefing

October 31, 2025 07:00 ET

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Upstream Bio

WALTHAM, Mass., Oct. 31, 2025 (GLOBE NEWSWIRE) -- Upstream Bio, Inc. (Nasdaq: UPB), a clinical-stage company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders, today announced that Rand Sutherland, MD, Chief Executive Officer of Upstream Bio, will be participating in the following upcoming investor conferences in November:

2025 Truist Securities BioPharma Symposium, New York, NY
Thursday, November 6, 2025, Panel - 8:10 a.m. ETStifel 2025 Healthcare Conference, New York, NY
Tuesday, November 11, 2025, Presentation - 9:20 a.m. ET TD Cowen Immunology and Inflammation Summit, Virtual
Wednesday, November 12, 2025, Fireside Chat - 10:30 a.m. ET Live webcasts of the Stifel and Cowen presentations will be available under the Events tab on the Investors section of Upstream Bio’s website on the day of the event. A replay of the webcasts will be posted on the Company's website following the presentations.

About Upstream Bio
Upstream Bio is a clinical-stage biotechnology company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders. Upstream Bio is developing verekitug, the only known antagonist currently in clinical development that targets the receptor for thymic stromal lymphopoietin (TSLP), a cytokine which is a clinically validated driver of inflammatory response positioned upstream of multiple signaling cascades that affect a variety of immune mediated diseases. Upstream Bio has advanced this highly potent monoclonal antibody into separate Phase 2 trials for the treatment of chronic rhinosinusitis with nasal polyps (CRSwNP), severe asthma and chronic obstructive pulmonary disease (COPD). Upstream Bio’s team is committed to maximizing verekitug’s unique attributes to address the substantial unmet needs for patients underserved by today’s standard of care. To learn more, please visit www.upstreambio.com.

Investor and Media Contact:
Meggan Buckwell
Director, Corporate Communications and Investor Relations
[email protected]

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DURHAM, N.C.--(BUSINESS WIRE)--Precision BioSciences, Inc. (Nasdaq: DTIL), a clinical stage gene editing company utilizing its novel proprietary ARCUS® platform to develop in vivo gene editing therapies for high unmet need diseases, today announced that it will publish financial results for the third quarter 2025 and provide a business update on November 3, 2025.

About Precision BioSciences, Inc.

Precision BioSciences, Inc. is a clinical stage gene editing company dedicated to improving life (DTIL) with its novel and proprietary ARCUS® genome editing platform that differs from other technologies in the way it cuts, its smaller size, and its simpler structure. Key capabilities and differentiating characteristics may enable ARCUS nucleases to drive more intended, defined therapeutic outcomes. Using ARCUS, the Company’s pipeline is comprised of in vivo gene editing candidates designed to deliver lasting cures for the broadest range of genetic and infectious diseases where no adequate treatments exist. For more information about Precision BioSciences, please visit www.precisionbiosciences.com.

The ARCUS® platform is being used to develop in vivo gene editing therapies for sophisticated gene edits, including gene insertion (inserting DNA into gene to cause expression/add function), elimination (removing a genome e.g. viral DNA such as in the Company’s PBGENE-HBV program), and excision (removing a large portion of a defective gene by delivering two ARCUS nucleases in a single AAV such as in the Company’s DMD program).

More News From Precision BioSciences, Inc.

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Marks and Spencer Group PLC (LSE:MKS) reports half-year results are scheduled for November 5, but UBS is not expecting fireworks.

The Swiss bank reckons the figures will be messy after the summer cyber incident, but should mark a turning point rather than a setback for the retailer’s longer-term story.

The attack disrupted online clothing operations for about three months and dented food availability for around one, yet UBS believes the damage is limited.

“We think around one month of lower availability in food and around three months of disruption in Clothing Online may have caused a minor dent in customer perception or loyalty but not structural damage,” it said.

All operations were back to normal by mid-August, and UBS expects the market to look through the noise in the results to recent trading trends.

Before the cyberattack, Marks & Spencer was leading the UK market in both food and fashion share gains. The latest data from UBS’s consumer survey shows the retailer still ranking best in class on quality perception and customer satisfaction alongside Tesco.

UBS expects profit before tax of about £612 million for the year to March, below the £654 million consensus estimate, reflecting the one-off cyber costs.

Even so, it kept its buy rating and 435p price target, arguing that Marks & Spencer offers “one of the best risk/reward” profiles in UK retail at 10 times expected 2027 earnings.

The broker does not expect upgrades from these results but believes investors will start to focus on the next phase of the turnaround.

With low expectations, improving food sales and a strong store rotation strategy, UBS sees the shares as well placed once the short-term disruption fades.

Key Takeaways

Superior healing with BioRetain® (BR-AC) — In the randomized trial, the probability of complete, lasting closure was 53% with BR-AC vs 31% with standard care, demonstrating a clear clinical benefit.
Rigorous design focused on hard-to-heal DFUs — Multicenter RCT (11 U.S. sites) used a 2-week run-in; patients improving >30% on standard care were excluded. Closure had to remain sealed for 4 weeks to count as “lasting.”
Clinical momentum and market need — BioStem is also enrolling a venous leg ulcer study; DFUs affect millions and drive $9–$13B in annual U.S. costs, underscoring adoption potential.

Randomized controlled trial results published in the International Journal of Tissue Repair demonstrate BioRetain® allografts significantly improve probability of achieving lasting wound closure versus standard of care

POMPANO BEACH, Fla., October 31, 2025 – PRISM MediaWire (Press Release Service – Press Release Distribution) – BioStem Technologies, Inc. (“BioStem” or the “Company”) (OTC: BSEM), a leading MedTech company focused on the development, manufacturing, and commercialization of placental-derived products for advanced wound care, today announced top-line results of the Company’s clinical trial evaluating BioRetain® – Processed Amnion Chorion (BR-AC) versus standard of care for patients with non-healing diabetic foot ulcers (DFUs), as published in the International Journal of Tissue Repair.

Top-Line Results   

 BR-AC achieved superior clinical outcomes in this patient population.
The probability of healing in the BR-AC arm was 53% while the probability of healing in the standard of care arm was 31%, utilizing complete closure instead of initial incidence of closure as the endpoint.

“This trial was conducted with a degree of rigor not typically seen in the published literature,” explained Dr. Bert Slade, Chairman of BioStem’s Medical Advisory Board. “The patient selection criteria ensured that only those patients with the hardest-to-heal wounds were enrolled, and the definition of closure followed the 2006 FDA guidance for cutaneous ulcers, the most rigorous standards established. Importantly, utilizing complete closure instead of initial closure, the BR-AC arm was almost twice as likely to achieve lasting wound closure as patients treated with standard of care alone, providing strong evidence of treatment benefit.”

BR-AC allografts are used as a protective covering to optimize the wound treatment environment.  The BR-AC-DFU-101 study is a multicenter, randomized, controlled trial that was initiated in Q4 2024 at 11 sites across the U.S. to evaluate at least 60 patients with non-healing DFUs. The primary objective was to determine whether DFUs treated with standard of care plus BR-AC achieved a higher probability of complete wound closure over a 12-week period when compared to standard of care alone. BioStem completed enrollment of 71 patients with Wagner 1 or 2 DFUs. 

The BR-AC-DFU trial included a 2-week run-in period to evaluate how a patient responded to standard of care alone. Significantly, any patient who experienced a greater than 30% reduction in wound size after this time was not permitted to randomize into the study. This ensured that only patients with “hard-to-heal wounds” were enrolled in the trial, reflecting a patient population with a DFU requiring treatment beyond the standard of care. Following initial closure, wounds were required to remain closed for 4 weeks to qualify as achieving lasting closure.

“We are very pleased that this study has demonstrated the effectiveness of BioRetain-processed placental allografts in achieving wound closure in patients with hard-to-heal wounds. Previously reported comparisons of BioRetain versus competitive technologies have demonstrated its superiority in retaining the natural structural and molecular composition of the native tissue.  This study reinforces the clinical performance of our technology.  We continue to enroll patients in a study targeting venous leg ulcers using BR-AC and look forward to reporting those results. We believe the results of these studies will further substantiate the BioRetain allograft platform and drive expanded physician adoption and commercial traction.”

Jason Matuszewski, CEO and Chairman of the Board of BioStem Technologies
Future Publications:
The primary outcome of the study reported in this paper was to determine whether DFUs treated with standard care plus BR-AC had a higher probability of achieving complete wound closure than those treated with standard care alone over a 12-week period.

Future publications will address secondary outcome measures, including, but not limited to:

Comparing treatment group differences in proportions of wounds achieving complete wound closure based on time in days.
Comparing treatment group differences in wound area and volume.
Assessing the total number of applications of BR-AC required to achieve complete wound closure.

Diabetic Foot Ulcers:
Diabetic foot ulcers are a serious and chronic condition affecting millions of individuals within the diabetic population. According to the American Podiatric Medical Association (APMA), a leading authority on foot and ankle health, approximately 15% of people with diabetes will develop foot ulcers. Alarmingly, 6% of these individuals may require hospitalization due to infections or other complications related to their ulcers. The risks for diabetic patients are substantial, as DFUs are the leading cause of lower extremity amputations in the U.S. Studies indicate that between 14% and 24% of individuals with diabetes who develop foot ulcers will ultimately need an amputation.

Recent data analysis from Global Data Plc., a prominent global data provider, revealed that 2.2 million patients received treatment for DFUs in 2023, with numbers projected to rise in the coming years. This growth is closely linked to the aging population, as advancing age is associated with a higher prevalence of diabetes, peripheral vascular disease, and impaired wound healing; all key risk factors for DFUs. The economic burden of these ulcers on healthcare systems is significant, with annual treatment costs estimated between $9 billion and $13 billion in the U.S. alone. As the population continues to age, this financial strain is expected to intensify, underscoring the need for more effective and accessible treatment options. 

About BioRetain®:
BioStem’s allografts are processed utilizing the Company’s proprietary BioRetain method, which maintains the tissue’s native components, including the structure and matrix found in fresh perinatal tissue. The patented six-step BioRetain process is gentle, minimally invasive, and preserves the natural integrity of the amniotic tissue components. For a complete overview of BioRetain®, please visit: HERE.

Join BioStem’s Distribution List & Social Media:

To stay informed on the latest developments, sign up for the Company’s email distribution list HERE, and follow us on X and LinkedIn.

About BioStem Technologies, Inc. (OTC: BSEM):
BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for advanced wound care. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioRetain® processing method. BioRetain® has been developed by applying the latest research in advanced wound care, focused on maintaining growth factors and preserving tissue structure.

BioStem’s quality management systems are accredited by the American Association of Tissue Banks (“AATB”) and adhere to current Good Tissue Practices (cGTP) . Our portfolio of quality brands includes AmnioWrap2™, VENDAJE®, VENDAJE AC®, VENDAJE OPTIC®, American Amnion and American Amnion AC™. Each BioStem Technologies placental allograft is processed at the Company’s FDA registered and AATB accredited site in Pompano Beach, Florida.

For more information visit biostemtechnologies.com and follow us on X and LinkedIn.

Phone: 954-380-8342

Investor Relations:
Philip Trip Taylor, Gilmartin Group
E-Mail: [email protected]

Note Regarding Forward-Looking Statements: 

Except for statements of historical fact, this press release also contains forward-looking statements. These forward-looking statements relate to expectations or forecasts of future events, including with respect to the operations of the Company, strategies, prospects and other aspects of the business of the Company. Forward-looking statements may be identified using words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate”, “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this press release include, among other things, statements regarding: the Company’s expectations regarding clinical trial results, including the timing of enrollment and publication of data from such trials; the anticipated commercial benefits from such clinical trials; and the estimated addressable market growth for the Company’s products. Forward-looking statements are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from the expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: the risk that clinical trials are not completed as planned or that the results are not as favorable as the Company expects; changes in the highly competitive market in which the Company operates; the risk of rapid technological change, which could cause the Company’s products to become obsolete, among other things; the risk that the Company may be unable to successfully market its products to the end users of such products; the risk that the Company may be unable to raise capital on terms acceptable to it, or at all, which could have a material adverse impact on the Company’s business, financial condition, and prospects; the impact of any changes to the accounting treatment of the Company’s revenue and expenses; the impact of any changes in applicable laws or regulations; and the possibility that the Company may be adversely affected by other general economic, business, and/or competitive factors. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Source: BioStem Technologies, Inc

Analyst’s Disclosure:I/we have a beneficial long position in the shares of PEP either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

A drone view shows oil tankers loading crude oil at the Basra Oil Terminal in Iraqi territorial waters, off the coast of Basra, Iraq, August 5, 2025. REUTERS/Mohammed Aty Purchase Licensing Rights, opens new tab

SummaryBrent projected to average $67.99 per barrel in 2025WTI to average $64.83 per barrel in 2025For table of crude price forecasts, clickOct 31 (Reuters) - Analysts are holding their oil price forecasts largely unchanged as rising OPEC+ output targets and lacklustre demand offset geopolitical risks to supply, a Reuters poll showed on Friday.

A survey of 36 economists and analysts conducted in October forecasts Brent crude will average $67.99 per barrel in 2025, about 38 cents above last month's estimate. West Texas Intermediate is expected to average $64.83 in 2025, slightly above September's estimate of $64.39.

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Brent and WTI prices have averaged $69.27 and $65.92 so far this year.

Analysts' 2025 Brent and WTI forescasts"Oil prices in 2025 are being shaped by a delicate balance of supply growth, modest demand, and geopolitical uncertainty," said UniCredit analyst Tobias Keller.

"On the supply side, rising output from OPEC+ and non-OPEC producers has kept the market well-supplied, while demand growth, though positive, is slowing, particularly in OECD economies."

Analysts expect that the oil market will see a surplus in 2026, with estimates ranging anywhere from 0.19 to 3 million barrels per day (bpd). Fears of a supply glut, along with economic concerns tied to U.S.-China trade relations, sent oil prices to a five-month low on Oct 20.

Opec demand forecastOPEC+ since April has raised output targets by more than 2.7 million bpd, around 2.5% of global supply and just under half the 5.85 million bpd in cuts the group had previously agreed to.

The group is leaning towards making another modest increase in oil output for December, Reuters has reported, following a 137,000 bpd hike for November.

"While the OPEC+ supply response continues to remain flexible depending on market conditions, the current course of action seems to be driven by a desire to gain market share rather than support oil prices at any specific level," DBS analyst Suvro Sarkar said.

On the geopolitical front, the U.S. this month hit two of Russia's largest oil companies with sanctions, while markets are also monitoring a fragile ceasefire in Gaza.

"The Gaza ceasefire has eased regional risk premiums, while new sanctions on Russian oil and infrastructure attacks have introduced fresh supply concerns," said Keller.

Analysts expect global oil demand growth to range between 0.65 to 2 million bpd this year, driven largely by growth in China.

Reporting by Sarah Qureshi and Kavya Balaraman in Bengaluru
Editing by Tomasz Janowski

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

Nvidia was rising after Amazon added to the chorus of large cloud-computing companies saying demand for AI capacity outstrips supply

SAN DIEGO, Oct. 31, 2025 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP announces that the Avantor class action lawsuit – captioned Building Trades Pension Fund of Western Pennsylvania v. Avantor, Inc., No. 25-cv-06187 (E.D. Pa.) – seeks to represent purchasers or acquirers of Avantor, Inc. (NYSE: AVTR) common stock and charges Avantor and certain of Avantor’s top current and former executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Avantor class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-avantor-inc-class-action-lawsuit-avtr.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Avantor class action lawsuit must be filed with the court no later than December 29, 2025.

CASE ALLEGATIONS: Avantor engages in the provision of mission-critical products and services to customers in the biopharma, healthcare, education and government, advanced technologies, and applied materials industries.

The Avantor class action lawsuit alleges that defendants throughout the class period failed to disclose that Avantor’s competitive positioning was weaker than defendants had publicly represented and that Avantor was experiencing negative effects from increased competition.

The Avantor class action lawsuit further alleges that on April 25, 2025, Avantor announced its first quarter 2025 financial results, reporting weak organic sales in Laboratory Solutions and cut its guidance for 2025. Specifically, the company’s CFO, defendant R. Brent Jones, admitted that Avantor had “felt the impact of increased competitive intensity,” resulting in “reduced volumes at a handful of customers,” the complaint alleges. Avantor further announced, allegedly, that defendant Michael Stubblefield would be stepping down from his roles as President and Chief Executive Officer upon the appointment of a successor. On this news, the price of Avantor shares fell by more than 16%, the complaint alleges.

The Avantor investor class action further alleges that August 1, 2025, Avantor reported disappointing second quarter 2025 financial results and reduced the company’s full-year guidance, including its guidance for growth in Laboratory Solutions. CFO Jones attributed the weakening outlook for Avantor’s Laboratory Solutions business to “increased competitive intensity,” admitted that Avantor did not expect the competitive environment to “chang[e] materially” in the remainder of 2025, and projected that the weak Laboratory Solutions performance would persist, the complaint alleges. On this news, the price of Avantor shares fell by more than 15%, the complaint alleges.

Finally, the Avantor shareholder lawsuit alleges that on October 29, 2025, Avantor reported weak financial results for the third quarter of 2025, including 5% decreases in organic revenue growth both overall and in Avantor’s Laboratory Solutions business – revealing that defendants’ recent assurances of “careful” third quarter projections of -4% to -2% growth were false. On this news, the price of Avantor shares fell by more than 23%, the complaint alleges.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Avantor common stock during the class period to seek appointment as lead plaintiff in the Avantor class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Avantor class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Avantor class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Avantor class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes. 
Services may be performed by attorneys in any of our offices. 

Contact:
        Robbins Geller Rudman & Dowd LLP
        J.C. Sanchez, Jennifer N. Caringal
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        800-449-4900
        [email protected]

ATLANTA--(BUSINESS WIRE)--Newell Brands (NASDAQ: NWL) today announced its third quarter 2025 financial results.

Chris Peterson, Newell Brands President and Chief Executive Officer, said, "Our turnaround continues to advance, even as Newell and the broader industry navigated significant trade disruptions in the third quarter. Our team responded swiftly with strategic measures including sourcing changes, pricing actions, and productivity initiatives to mitigate the impact. Sales were affected by reduced retail inventory levels, softness in international markets—particularly in Brazil—and moderated demand following tariff driven pricing actions. We believe the retailer inventory adjustment was a one-time event, as tariff-related inventory values were absorbed and retailer delivery preferences shifted away from direct import. Looking ahead, we expect our international business to return to growth in the fourth quarter. Competitive pricing actions are gaining traction, especially in key categories like Writing, where our strong domestic manufacturing base gives us a distinct advantage. We are confident that our decisive actions are paving the way for the company to return to sustainable top-line growth in the future."

Mark Erceg, Newell Brands Chief Financial Officer, said, "Newell Brands' third quarter results included a number of positives despite a challenging top line. First, gross margin would have expanded by 55 basis points in the third quarter if not for the temporary impact of one-time China tariffs. Second, we continued to invest behind innovation and brand building with advertising and promotion at the highest rate, as a percentage of sales, in nearly 10 years. Third, normalized overheads as a percentage of sales declined for the first time in three years, dropping by approximately 120 basis points and, looking forward, we expect this trend to continue as we continue to focus on improving the efficiency of our operating model and deploy leading edge AI tools across the organization."

Third Quarter 2025 Highlights

Net sales were $1.8 billion, a decline of 7.2% compared with the prior year period. Core sales declined 7.4% compared with the prior year period.

Gross margin decreased to 34.1% compared with 34.9% in the prior year period. Normalized gross margin decreased to 34.5% compared with 35.4% in the prior year period.

Operating margin improved to 6.6% compared with negative 6.2% in the prior year period. Normalized operating margin decreased to 8.9% compared with 9.5% in the prior year period.

Net income was $21 million compared with net loss of $198 million in the prior year period. Normalized net income was $70 million compared with $69 million in the prior year period.

Diluted EPS was $0.05 compared with diluted loss per share of $0.48 in the prior year period. Normalized diluted EPS was $0.17 compared with $0.16 in the prior year period.

Normalized EBITDA was $225 million compared with $250 million in the prior year period.

Updated full year 2025 outlook.

Third Quarter 2025 Operating Results

Net sales were $1.8 billion, a decline of 7.2% compared with the prior year period, reflecting a core sales decline of 7.4% and favorable foreign exchange.

Gross margin was 34.1% compared with 34.9% in the prior year period, with the positive impact from gross productivity and pricing more than offset by headwinds from tariff costs, volume declines and inflation. Gross margin would have expanded by 55 basis points in the third quarter if not for the temporary $24 million impact of one-time China tariffs. Normalized gross margin was 34.5% compared with 35.4% in the prior year period.

Operating income was $119 million compared with operating loss of $121 million in the prior year period. Operating margin was 6.6% compared with negative 6.2% in the prior year period. The prior year period included a non-cash impairment charge of $260 million related to acquired intangible assets. The improvement in the current period also reflects savings from restructuring actions and lower restructuring and restructuring-related charges in the current quarter, partially offset by higher advertising and promotion spend. Normalized operating income was $162 million, or 8.9% of sales, compared with $185 million, or 9.5% of sales, in the prior year period.

Net interest expense was $83 million compared with $75 million in the prior year period.

Income tax provision was $21 million compared with benefit of $7 million in the prior year period. The normalized income tax provision was $6 million compared with $34 million in the prior year period.

Net income was $21 million compared with a net loss of $198 million in the prior year period. Normalized net income was $70 million compared with $69 million in the prior year period. Normalized EBITDA was $225 million compared with $250 million in the prior year period.

Diluted EPS was $0.05 compared with diluted loss per share of $0.48 from the prior year period. Normalized diluted EPS was $0.17 compared with $0.16 in the prior year period.

An explanation of non-GAAP measures disclosed in this release and a reconciliation of these non-GAAP results to comparable GAAP measures, if available, are included in the tables attached to this release.

Balance Sheet and Cash Flow

Year-to-date operating cash flow was $103 million compared with $346 million in the prior year period. The current year operating cash flow was impacted by a use of working capital due to lapping of significant prior year reductions and cash tariff costs, as well as a lower cash bonus payout in the prior year.

At the end of the third quarter, Newell Brands had debt outstanding of $4.8 billion and cash and cash equivalents of $229 million, compared with $5.0 billion and $494 million, respectively, at the end of the third quarter of 2024.

Third Quarter 2025 Operating Segment Results

The Home & Commercial Solutions segment generated net sales of $942 million compared with $1.0 billion in the prior year period, reflecting a core sales decline of 9.8%, as well as the impact of favorable foreign exchange. Operating income was $40 million, or 4.2% of sales, compared with operating loss of $94 million, or negative 9.0% of sales, in the prior year period. Normalized operating income was $64 million, or 6.8% of sales, compared with $122 million, or 11.7% of sales, in the prior year period.

The Learning & Development segment generated net sales of $681 million compared with $717 million in the prior year period, reflecting a core sales decline of 5.6%, as well as the impact of favorable foreign exchange. Operating income was $124 million, or 18.2% of sales, compared with $75 million, or 10.5% of sales, in the prior period. Normalized operating income was $130 million, or 19.1% of sales, compared with $154 million, or 21.5% of sales, in the prior year period.

The Outdoor & Recreation segment generated net sales of $183 million in both the current and prior year period, reflecting a core sales decline of 0.9%, which was equal to the impact of favorable foreign exchange. Operating loss was $8 million, or negative 4.4% of sales, compared with $23 million, or negative 12.6% of sales, in the prior year period. Normalized operating loss was $1 million, or negative 0.5% of sales, compared with $15 million, or negative 8.2% of sales, in the prior year period.

Outlook

The Company initiated its outlook for the fourth quarter and updated its outlook for the full year 2025. Included in the full year 2025 updated outlook, the Company is estimating an incremental cash tariff cost, compared to 2024, of approximately $180 million. Of this, the gross profit impact, prior to mitigating actions in 2025, is estimated to be approximately $115 million, or $0.23 per share after tax, compared to 2024.

Q4 2025 Outlook

Updated Full Year 2025 Outlook

Net Sales

(4.0%) to (1.0%)

(5.0%) to (4.5%)

Core Sales

(5.0%) to (3.0%)

(5.0%) to (4.0%)

Normalized Operating Margin

9.0% to 9.5%

8.4% to 8.6%

Normalized EPS

$0.16 to $0.20

$0.56 to $0.60

The Company updated its outlook for full year 2025 operating cash flow to a range of $250 million to $300 million.

The Company has presented forward-looking statements regarding core sales, normalized operating margin and normalized EPS. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgement and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period in reliance on the exception provided by item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable to present a quantitative reconciliation of forward-looking normalized operating margin or normalized EPS to the most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, the Company believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company's future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the Company's actual results and preliminary financial data set forth above may be material.

Conference Call

Newell Brands’ third quarter 2025 earnings conference call will be held today, October 31, at 7:30 a.m. ET. A link to the webcast is provided under Events & Presentations in the Investors section of the Company’s website at www.newellbrands.com. A webcast replay will be made available in the Quarterly Earnings section of the Company’s website.

Non-GAAP Financial Measures

This release and the accompanying remarks contain non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (the "SEC") and includes a reconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

The Company uses certain non-GAAP financial measures that are included in this press release, the additional financial information and accompanying remarks both to explain its results to stockholders and the investment community and in the internal evaluation and management of its businesses. The Company’s management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the Company’s performance and liquidity using the same tools that management uses to evaluate the Company’s past performance, reportable segments, prospects for future performance and liquidity, and (b) determine certain elements of management incentive compensation.

The Company’s management believes that core sales provides a more complete understanding of underlying sales trends by providing sales on a consistent basis as it excludes the impacts of acquisitions, divestitures, retail store openings and closings, certain market and category exits, changes in foreign exchange and customer returns due to a product recall from year-over-year comparisons. The effect of changes in foreign exchange on reported sales is calculated by applying the prior year average monthly exchange rates to the current year local currency sales amounts (excluding acquisitions and divestitures), with the difference between the current year reported sales and constant currency sales presented as the foreign exchange impact increase or decrease in core sales. The Company’s management believes that “normalized” gross margin, "normalized" overheads, “normalized” operating income, “normalized” operating margin, "normalized EBITDA", “normalized” net income, “normalized” diluted earnings per share and “normalized” income tax benefit or expense, which exclude restructuring and restructuring-related expenses; impairment charges; amortization of acquisition-related intangible assets; divestiture costs; costs related to the acquisition, integration and financing of acquired businesses; inflationary adjustments and one-time and other events such as expenses related to certain legal proceedings, costs related to the extinguishment of debt; certain tax benefits and charges; pension settlement charges; costs related to a product recall; certain facility fire related costs; and certain other items, are useful because they provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations and liquidity. “Normalized EBITDA” is an ongoing liquidity measure (that excludes non-cash items) and is calculated as normalized earnings before interest, tax, depreciation, amortization and stock-based compensation expense.

The Company uses a "with" and "without" approach to calculate normalized income tax expense or benefit. At an interim period, the Company determines the year to date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated normalized tax expense or benefit.

The Company defines "net debt" as short-term debt, current portion of long-term debt and long-term debt less cash and cash equivalents.

While the Company believes these non-GAAP financial measures are useful in evaluating the Company’s performance and liquidity, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

About Newell Brands

Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands, including Rubbermaid, Sharpie, Graco, Coleman, Rubbermaid Commercial Products, Yankee Candle, Paper Mate, FoodSaver, Dymo, EXPO, Elmer’s, Oster, NUK, Spontex and Campingaz. Newell Brands is focused on delighting consumers by lighting up everyday moments.

This press release and additional information about Newell Brands are available on the Company’s website, www.newellbrands.com.

Forward-Looking Statements

Some of the statements in this press release and its exhibits, particularly those anticipating future financial performance, business prospects, growth, operating strategies, the benefits and savings associated with the Realignment Plan announced in January 2024, future macroeconomic conditions and similar matters, are forward-looking statements within the meaning of the federal securities laws. These statements generally can be identified by the use of words or phrases, including, but not limited to, "guidance," "outlook," “intend,” “anticipate,” “believe,” “estimate,” “project,” “target,” “plan,” “expect,” “setting up,” "beginning to,” “will,” “should,” “would,” "could," “resume,” “remain confident,” "remain optimistic," "seek to," or similar statements. We caution that forward-looking statements are not guarantees because there are inherent difficulties in predicting future results. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to:

the Company’s ability to optimize costs and cash flow and mitigate the impact of soft global demand and retailers' inventory rebalancing through discretionary and overhead spend management, advertising and promotion expense optimization, demand forecast and supply plan adjustments and actions to improve working capital;

the Company’s dependence on the strength of retail and consumer demand and commercial and industrial sectors of the economy in various countries around the world;

the Company’s ability to improve productivity, reduce complexity and streamline operations;

risks related to the Company’s substantial indebtedness, potential increases in interest rates or changes in the Company’s credit ratings including the failure to maintain financial covenants which if breached could subject us to cross-default and acceleration provisions in our debt documents;

the impact on the Company’s operations and financial condition resulting from the current global macroeconomic environment, including the impact of tariffs imposed by the U.S. and retaliatory tariffs imposed by foreign countries, and the Company’s ability to effectively execute its mitigation plans;

competition with other manufacturers and distributors of consumer products;

major retailers’ strong bargaining power and consolidation of the Company’s customers;

supply chain and operational disruptions in the markets in which we operate, including as a result of geopolitical and macroeconomic conditions and any global military conflicts including those between Russia and Ukraine and in the Middle East;

changes in the prices and availability of labor, transportation, raw materials and sourced products, including significant inflation, and the Company’s ability to offset cost increases through pricing and productivity in a timely manner;

the Company’s ability to effectively execute its turnaround plan, including the Realignment Plan and other restructuring and cost saving initiatives;

the Company’s ability to develop innovative new products, to develop, maintain and strengthen end-user brands and to realize the benefits of increased advertising and promotion spend;

the risks inherent to the Company’s foreign operations, including currency fluctuations, exchange controls and pricing restrictions;

future events that could adversely affect the value of the Company’s assets and/or stock price and require additional impairment charges;

unexpected costs or expenses associated with dispositions;

the cost and outcomes of governmental investigations, inspections, lawsuits, legislative requests or other actions by third parties, the potential outcomes of which could exceed policy limits, to the extent insured;

the Company’s ability to maintain effective internal control over financial reporting;

risk associated with the use of artificial intelligence in the Company’s operations and the Company’s ability to properly manage such use;

a failure or breach of one of the Company’s key information technology systems, networks, processes or related controls or those of the Company’s service providers;

the impact of United States and foreign regulations on the Company’s operations, including environmental remediation costs and legislation and regulatory actions related to product safety, data privacy and climate change;

the potential inability to attract, retain and motivate key employees;

changes in tax laws and the resolution of tax contingencies resulting in additional tax liabilities;

product liability, product recalls or related regulatory actions;

the Company’s ability to protect its intellectual property rights;

the impact of climate change and the increased focus of governmental and non-governmental organizations and customers on sustainability issues, as well as external expectations related to environmental, social and governance considerations;

significant increases in the funding obligations related to the Company’s pension plans; and

other factors listed from time to time in our SEC filings, including but not limited to our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other filings.

The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Management’s application of U.S. GAAP requires the pervasive use of estimates and assumptions in preparing the condensed consolidated financial statements. The company continues to be impacted by inflationary pressures, soft global demand, major retailers' focus on tight control over inventory levels, elevated interest rates and indirect macroeconomic impacts from geopolitical conflicts, which has required greater use of estimates and assumptions in the preparation of our condensed consolidated financial statements. Although we believe we have made our best estimates based upon current information, actual results could differ materially and may require future changes to such estimates and assumptions, including reserves, which may result in future expense or impairment charges.

The information contained in this press release and the tables is as of the date indicated. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments. In addition, there can be no assurance that the Company has correctly identified and assessed all of the factors affecting the Company or that the publicly available and other information the Company receives with respect to these factors is complete or correct.

NEWELL BRANDS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Amounts in millions, except per share amounts)

 

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

Change

2025

2024

Change

Net sales

$

1,806

$

1,947

(7.2)%

$

5,307

$

5,633

(5.8)%

Cost of products sold

1,190

1,268

3,503

3,751

Gross profit

616

679

(9.3)%

1,804

1,882

(4.1)%

Selling, general and administrative expenses

492

536

(8.2)%

1,471

1,518

(3.1)%

Restructuring costs, net

5

4

22

40

Impairment of goodwill, intangibles and other assets

—

260

—

266

Operating income (loss)

119

(121

)

NM

311

58

NM

Non-operating expenses:

Interest expense, net

83

75

237

223

Loss on extinguishment and modification of debt

—

—

13

1

Other (income) expense, net

(6

)

9

3

15

Income (loss) before income taxes

42

(205

)

NM

58

(181

)

NM

Income tax provision (benefit)

21

(7

)

28

(19

)

Net income (loss)

$

21

$

(198

)

NM

$

30

$

(162

)

NM

Weighted average common shares outstanding:

Basic

419.1

416.0

417.9

415.3

Diluted

423.5

416.0

422.4

415.3

Earnings (loss) per share:

Basic

$

0.05

$

(0.48

)

$

0.07

$

(0.39

)

Diluted

$

0.05

$

(0.48

)

$

0.07

$

(0.39

)

Dividends per share

$

0.07

$

0.07

$

0.21

$

0.21

NM - NOT MEANINGFUL

NEWELL BRANDS INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in millions)

 

September 30, 2025

December 31, 2024

Assets

Current assets

Cash and cash equivalents

$

229

$

198

Accounts receivable, net

943

878

Inventories

1,456

1,400

Prepaid expenses and other current assets

312

299

Total current assets

2,940

2,775

Property, plant and equipment, net

1,211

1,157

Operating lease assets

460

466

Goodwill

3,100

3,038

Other intangible assets, net

1,999

2,008

Deferred income taxes

807

806

Other assets

770

754

Total assets

$

11,287

$

11,004

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable

$

902

$

891

Other accrued liabilities

1,449

1,459

Short-term debt and current portion of long-term debt

237

87

Total current liabilities

2,588

2,437

Long-term debt

4,540

4,508

Deferred income taxes

102

178

Operating lease liabilities

436

418

Other noncurrent liabilities

924

712

Total liabilities

8,590

8,253

Total stockholders' equity

2,697

2,751

Total liabilities and stockholders' equity

$

11,287

$

11,004

NEWELL BRANDS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in millions)

 

Nine Months Ended September 30,

2025

2024

Cash flows from operating activities:

Net income (loss)

$

30

$

(162

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

231

245

Impairment of goodwill, intangibles and other assets

—

266

(Gain) loss from sale of businesses and investments

(12

)

2

Deferred income taxes

16

(9

)

Stock based compensation expense

46

49

Loss on extinguishment and modification of debt

13

1

Other, net

(14

)

(10

)

Changes in operating accounts:

Accounts receivable

(13

)

238

Inventories

(2

)

(138

)

Accounts payable

(14

)

41

Accrued liabilities and other, net

(178

)

(177

)

Net cash provided by operating activities

103

346

Cash flows from investing activities:

Capital expenditures

(177

)

(163

)

Proceeds from sale of divested businesses and investments

22

14

Proceeds from settlement of swaps

25

25

Other investing activities, net

15

17

Net cash used in investing activities

(115

)

(107

)

Cash flows from financing activities:

Proceeds from short-term debt, net

150

39

Proceeds from short-term debt with original maturities greater than 90 days

—

431

Payments on short-term debt with original maturities greater than 90 days

—

(431

)

Payments on current portion of long-term debt

(1,235

)

—

Net proceeds from issuance of long-term debt

1,235

—

Debt extinguishment and modification costs

(9

)

(6

)

Cash dividends

(90

)

(89

)

Equity compensation activity and other, net

8

(8

)

Net cash provided by (used in) financing activities

59

(64

)

Exchange rate effect on cash, cash equivalents and restricted cash

3

(15

)

Increase in cash, cash equivalents and restricted cash

50

160

Cash, cash equivalents and restricted cash at beginning of period

219

361

Cash, cash equivalents and restricted cash at end of period

$

269

$

521

Supplemental disclosures:

Restricted cash at beginning of period

$

21

$

29

Restricted cash at end of period

40

27

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

The following tables present a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures in accordance with GAAP for the three and nine months ended September 30, 2025 and a comparison to prior year. The Company has chosen to present the following non-GAAP measures to investors to enable additional analyses of past, present and future operating performance and as a supplemental means of evaluating the Company’s performance and operating results absent the effect of certain items that are deemed to be stand-alone items apart from the Company’s core operations (“Normalized Adjustments”). While these costs or gains are not expected to continue for any individual transaction on an ongoing basis, similar types of costs, expenses and charges or gains have occurred in prior periods.

Normalized Adjustments in 2025 and 2024 include the following:

Restructuring and restructuring-related costs

The company incurs restructuring and restructuring-related costs in connection with various discrete initiatives, including previously disclosed initiatives such as our 2024 Realignment Plan as well as other discrete actions. Restructuring charges primarily relate to severance and other employee termination costs as well as contract termination and other costs. Restructuring-related costs are costs that are directly attributable to a restructuring action or exit activity and would not have been incurred absent the action. Restructuring-related costs primarily relate to duplicative costs pending facility closure, asset valuation adjustments and disposal gains and consulting costs. Restructuring-related costs primarily related to manufacturing and distribution personnel, facilities and assets are generally recorded in cost of products sold, while restructuring-related costs primarily related to office facilities and assets and professional or clerical personnel are generally recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. Restructuring charges primarily related to the Realignment Plan for the three and nine months ended September 30, 2025 and 2024.

Amortization expense and impairments of acquired intangible assets

Represents the amortization expense and impairment charges associated with acquired intangible assets.

Argentina hyperinflationary currency movements

Represents the favorable or unfavorable movement in Argentine pesos related to our subsidiary operating in Argentina, which is considered a hyperinflationary economy.

(Gain) loss on divestitures and transaction costs

Represents the gain or loss on disposal of business or investment, which represents the difference between the fair value (less costs to sell) and carrying value of the business or investment being disposed, as well as transaction costs associated with acquisitions and divestitures.

Other adjustments

Primarily includes loss on extinguishment and modification of debt, recall costs for certain French Door Countertop Ovens, fire-related costs, net of insurance recoveries and expenses related to that legal proceeding in U.S. Tax Court which is disclosed in Footnote 10 (Income Taxes) to our condensed consolidated financial statements contained in our most recent quarterly report on form 10-Q.

Normalized income tax adjustments

The Company uses a “with” and “without” approach to calculate normalized income tax expense or benefit. At an interim period, the Company determines the year-to-date tax effect of the pretax items excluded from normalized results by allocating the difference between the calculated GAAP and calculated normalized tax expense or benefit. In addition, normalized income tax adjustments includes the income tax expense ($30 million and $11 million for the three months ended September 30, 2025 and 2024, respectively, $52 million and $33 million for the nine months ended September 30, 2025 and 2024, respectively) that results from the amortization of a prior year normalized tax benefit. The three and nine months ended September 30, 2025 also includes a net charge of $5 million and $9 million, respectively, related to certain discrete items including (1) an incremental tax charge relating to the Company’s transition tax associated with the implementation of the Tax Cuts and Jobs Act in 2017 and (2) remeasurement of deferred taxes resulting from a change in a U.S. state income tax rate and surrender of insurance policies previously accounted for as a permanent difference.

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CERTAIN LINE ITEMS

(Amounts in millions, except per share amounts)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Gross profit, as reported under GAAP

$

616

$

679

$

1,804

$

1,882

As a % of net sales

34.1

%

34.9

%

34.0

%

33.4

%

Normalized Adjustments:

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

—

6

1

15

Duplicative costs pending facility closure or exit of business activity

—

2

3

3

Argentina hyperinflationary charge

2

3

6

9

Other, net

7

—

7

—

Normalized gross profit

$

625

$

690

$

1,821

$

1,909

As a % of net sales [1]

34.5

%

35.4

%

34.3

%

33.9

%

Operating income (loss), as reported under GAAP

$

119

$

(121

)

$

311

$

58

As a % of net sales

6.6

%

(6.2

)%

5.9

%

1.0

%

Normalized Adjustments:

Restructuring:

Severance and other employee termination costs

4

4

21

36

Contract termination and other costs

1

—

1

4

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

3

9

15

24

Duplicative costs pending facility closure or exit of business activity

1

3

9

6

Consulting costs

(1

)

1

(1

)

7

Amortization of acquired intangible assets

24

25

70

75

Impairment of acquired intangible assets

—

260

—

260

(Gain) loss on divestitures and transaction costs

1

2

1

1

Argentina hyperinflationary charge

2

3

6

9

Other, net

8

(1

)

8

(1

)

Total normalized adjustments to operating income (loss), as reported under GAAP

43

306

130

421

Normalized operating income

$

162

$

185

$

441

$

479

As a % of net sales [1]

8.9

%

9.5

%

8.3

%

8.5

%

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CERTAIN LINE ITEMS

(Amounts in millions, except per share amounts)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Income (loss) before income taxes, as reported under GAAP

$

42

$

(205

)

$

58

$

(181

)

Normalized Adjustments:

Restructuring:

Severance and other employee termination costs

4

4

21

36

Contract termination and other costs

1

—

1

4

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

3

9

15

24

Duplicative costs pending facility closure or exit of business activity

1

3

9

6

Consulting costs

(1

)

1

(1

)

7

Amortization of acquired intangible assets

24

25

70

75

Impairment of acquired intangible assets

—

260

—

260

(Gain) loss on divestitures and transaction costs

(11

)

3

(12

)

(1

)

Argentina hyperinflationary charge

6

5

14

13

Other, net

7

(2

)

22

(1

)

Normalized income before income taxes

$

76

$

103

$

197

$

242

Income tax provision (benefit), as reported under GAAP

$

21

$

(7

)

$

28

$

(19

)

Effective income tax rates, as reported under GAAP

50.0

%

(3.4

)%

48.3

%

(10.5

)%

Normalized income tax adjustments

(15

)

41

4

44

Normalized income tax provision

$

6

$

34

$

32

$

25

Effective income tax rates, as adjusted

7.9

%

33.0

%

16.2

%

10.3

%

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CERTAIN LINE ITEMS

(Amounts in millions, except per share amounts)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net income (loss), as reported under GAAP

$

21

$

(198

)

$

30

$

(162

)

Normalized Adjustments:

Restructuring:

Severance and other employee termination costs

4

4

21

36

Contract termination and other costs

1

—

1

4

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

3

9

15

24

Duplicative costs pending facility closure or exit of business activity

1

3

9

6

Consulting costs

(1

)

1

(1

)

7

Amortization of acquired intangible assets

24

25

70

75

Impairment of acquired intangible assets

—

260

—

260

(Gain) loss on divestitures and transaction costs

(11

)

3

(12

)

(1

)

Argentina hyperinflationary charge

6

5

14

13

Other, net

7

(2

)

22

(1

)

Normalized income tax adjustments

15

(41

)

(4

)

(44

)

Total normalized adjustments, net of tax

49

267

135

379

Normalized net income

$

70

$

69

$

165

$

217

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CERTAIN LINE ITEMS

(Amounts in millions, except per share amounts)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Weighted average common shares outstanding:

Basic

419.1

416.0

417.9

415.3

Diluted

423.5

418.5

422.4

418.1

Diluted earnings (loss) per share, as reported under GAAP

$

0.05

$

(0.48

)

$

0.07

$

(0.39

)

Normalized Adjustments:

Restructuring:

Severance and other employee termination costs

0.01

0.01

0.05

0.09

Contract termination and other costs

—

—

—

0.01

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

0.01

0.02

0.04

0.06

Duplicative costs pending facility closure or exit of business activity

—

0.01

0.02

0.01

Consulting costs

—

—

—

0.02

Amortization of acquired intangible assets

0.06

0.06

0.17

0.18

Impairment of acquired intangible assets

—

0.62

—

0.62

(Gain) loss on divestitures and transaction costs

(0.03

)

0.01

(0.03

)

—

Argentina hyperinflationary charge

0.01

0.01

0.03

0.03

Other, net

0.02

—

0.05

—

Normalized income tax adjustments

0.04

(0.10

)

(0.01

)

(0.11

)

Normalized diluted earnings per share *

$

0.17

$

0.16

$

0.39

$

0.52

*Totals may not add due to rounding

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

SEGMENT REPORTING

(Amounts in millions)

 

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Change

Net

Sales

Reported Operating Income (Loss)

Reported Operating Margin

Normalized

Items *

Normalized

Operating Income (Loss) [1]

Normalized Operating Margin [2]

Net

Sales

Reported Operating Income (Loss)

Reported Operating Margin

Normalized

Items *

Normalized Operating Income (Loss) [1]

Normalized Operating Margin

Net Sales

Normalized Operating Income (Loss)

$

%

$

%

Home and Commercial Solutions

$

942

$

40

4.2

%

$

24

$

64

6.8

%

$

1,047

$

(94

)

(9.0

)%

$

216

$

122

11.7

%

$

(105

)

(10.0

)%

$

(58

)

(47.5

)%

Learning and Development

681

124

18.2

%

6

130

19.1

%

717

75

10.5

%

79

154

21.5

%

(36

)

(5.0

)%

(24

)

(15.6

)%

Outdoor and Recreation

183

(8

)

(4.4

)%

7

(1

)

(0.5

)%

183

(23

)

(12.6

)%

8

(15

)

(8.2

)%

—

—

%

14

93.3

%

Corporate

—

(37

)

—

%

6

(31

)

—

%

—

(79

)

—

%

3

(76

)

—

%

—

—

%

45

59.2

%

$

1,806

$

119

6.6

%

$

43

$

162

8.9

%

$

1,947

$

(121

)

(6.2

)%

$

306

$

185

9.5

%

$

(141

)

(7.2

)%

$

(23

)

(12.4

)%

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Change

Net

Sales

Reported Operating Income (Loss)

Reported Operating Margin

Normalized

Items *

Normalized

Operating Income (Loss) [1]

Normalized Operating Margin [2]

Net

Sales

Reported Operating Income (Loss)

Reported Operating Margin

Normalized

Items *

Normalized Operating Income (Loss) [1]

Normalized Operating Margin

Net Sales

Normalized Operating Income (Loss)

$

%

$

%

Home and Commercial Solutions

$

2,646

$

62

2.3

%

$

66

$

128

4.8

%

$

2,902

$

(30

)

(1.0

)%

$

267

$

237

8.2

%

$

(256

)

(8.8

)%

$

(109

)

(46.0

)%

Learning and Development

2,062

424

20.6

%

16

440

21.3

%

2,089

374

17.9

%

96

470

22.5

%

(27

)

(1.3

)%

(30

)

(6.4

)%

Outdoor and Recreation

599

(5

)

(0.8

)%

17

12

2.0

%

642

(52

)

(8.1

)%

27

(25

)

(3.9

)%

(43

)

(6.7

)%

37

NM

Corporate

—

(170

)

—

%

31

(139

)

—

%

—

(234

)

—

%

31

(203

)

—

%

—

—

%

64

31.5

%

$

5,307

$

311

5.9

%

$

130

$

441

8.3

%

$

5,633

$

58

1.0

%

$

421

$

479

8.5

%

$

(326

)

(5.8

)%

$

(38

)

(7.9

)%

NM - NOT MEANINGFUL

 

[1]

Refer to Total normalized adjustments to operating income (loss), as reported under GAAP in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2025 and 2024 in this release for further information.

[2]

For the three and nine months ended September 30, 2025 consolidated normalized operating margin is calculated using net sales that excludes the $5 million impact of returns related to certain French Door Countertop Ovens recall for purposes of comparability.

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CORE SALES GROWTH BY SEGMENT

 

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

Net Sales Growth

(Reported)

Divestitures and Other,

Net [2]

Currency

Impact [3]

Core

Sales

Growth [1] [4]

Net Sales Growth

(Reported)

Divestitures and Other,

Net [2]

Currency

Impact [3]

Core

Sales

Growth [1] [4]

Home and Commercial Solutions

(10.0

)%

0.7

%

(0.5

)%

(9.8

)%

(8.8

)%

0.6

%

1.1

%

(7.1

)%

Learning and Development

(5.0

)%

—

%

(0.6

)%

(5.6

)%

(1.3

)%

—

%

0.3

%

(1.0

)%

Outdoor and Recreation

—

%

—

%

(0.9

)%

(0.9

)%

(6.7

)%

—

%

(0.2

)%

(6.9

)%

Total Company

(7.2

)%

0.3

%

(0.5

)%

(7.4

)%

(5.8

)%

0.3

%

0.7

%

(4.8

)%

CORE SALES GROWTH BY GEOGRAPHY

 

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

Net Sales Growth

(Reported)

Divestitures and Other,

Net [2]

Currency

Impact [3]

Core

Sales

Growth [1] [4]

Net Sales Growth

(Reported)

Divestitures and Other,

Net [2]

Currency

Impact [3]

Core

Sales

Growth [1] [4]

North America

(8.3

)%

0.4

%

0.1

%

(7.8

)%

(7.2

)%

0.5

%

0.1

%

(6.6

)%

International

(4.8

)%

—

%

(1.8

)%

(6.6

)%

(2.9

)%

—

%

1.7

%

(1.2

)%

Total Company

(7.2

)%

0.3

%

(0.5

)%

(7.4

)%

(5.8

)%

0.3

%

0.7

%

(4.8

)%

[1]

“Core Sales” provides a consistent basis for year-over-year comparisons in sales as it excludes the impacts of acquisitions and divestitures, retail store openings and closings, certain market and category exits, as well as changes in foreign currency.

[2]

"Divestitures and other, net" includes certain product line exits, returns related to the French Door Countertop Ovens recall (within the Home and Commercial Solutions segment) and current and prior period net sales from retail store closures (consistent with standard retail practice).

[3]

“Currency Impact” represents the effect of foreign currency on 2025 reported sales and is calculated by applying the 2024 average monthly exchange rates to the current year local currency sales amounts (excluding acquisitions and divestitures) and comparing to 2025 reported sales.

[4]

Totals may not add due to rounding.

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

(Amounts in millions)

NORMALIZED EBITDA RECONCILIATION

 

Three Months Ended

September 30,

Change

Nine Months Ended

September 30,

Change

2025

2024

$

%

2025

2024

$

%

Net income (loss), as reported under GAAP [1]

$

21

$

(198

)

$

219

NM

$

30

$

(162

)

$

192

NM

Total normalized adjustments, net of tax [2]

49

267

135

379

Normalized net income (loss) [2]

70

69

165

217

Normalized income tax [3]

6

34

32

25

Interest expense, net [1]

83

75

237

223

Normalized depreciation and amortization [2] [4] [5]

53

56

161

170

Stock-based compensation [4]

13

16

46

49

Normalized EBITDA [6]

$

225

$

250

$

(25

)

(10.0)%

$

641

$

684

$

(43

)

(6.3)%

NM - NOT MEANINGFUL

[1]

Refer to “Condensed Consolidated Statements of Operations (Unaudited)” for the three and nine months ended September 30, 2025 and 2024 in this release.

[2]

Refer to Total normalized adjustments, net of tax in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2025 and 2024 in this release.

[3]

Refer to Normalized income tax provision in the "Reconciliation of GAAP and Non-GAAP Information (Unaudited) - Certain Line Items" for the three and nine months ended September 30, 2025 and 2024 in this release.

[4]

Refer to "Consolidated Statement of Cash Flows (Unaudited)" for the nine months ended September 30, 2025 and 2024 in this release.

[5]

Normalized depreciation and amortization exclude the amortization of acquired intangibles. For the three months ended September 30, 2025 and 2024 excludes $24 million and $25 million, respectively and $70 million and $75 million for the nine months ended September 30, 2025 and 2024, respectively.

[6]

The Company defines Normalized EBITDA as earnings before interest, taxes, depreciation and amortization, adjusted for certain items and non-cash stock-based compensation expense.

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

NET DEBT AND TRAILING 12-MONTHS NORMALIZED EBITDA RECONCILIATION

(Amounts in millions)

 

Trailing-twelve months ended

September 30, 2025

Twelve months ended

December 31, 2024

Trailing-twelve months ended

September 30, 2024

Net debt reconciliation:

Short-term debt and current portion of long-term debt

$

237

$

87

$

869

Long-term debt

4,540

4,508

4,092

Gross debt

4,777

4,595

4,961

Less: Cash and cash equivalents

229

198

494

Net debt [1]

$

4,548

$

4,397

$

4,467

Net loss, as reported under GAAP

$

(24

)

$

(216

)

$

(248

)

Normalized adjustments:

Restructuring:

Severance and other employee termination costs

25

40

54

Contract termination and other costs

2

5

5

Restructuring-related costs:

Asset valuation adjustments and disposal gains or losses

20

29

37

Duplicative costs pending facility closure or exit of business activity

12

9

9

Consulting costs

—

8

9

Amortization of acquired intangible assets

94

99

94

Impairment of acquired intangible assets

85

345

328

(Gain) loss on divestitures and transaction costs

(5

)

6

9

(Gain) loss on pension settlement

(1

)

(1

)

60

Argentina hyperinflationary charge

17

16

27

Other, net

34

11

11

Normalized income tax adjustments

(25

)

(65

)

(105

)

Total normalized adjustments, net of tax

258

502

538

Normalized net income

234

286

290

Normalized income tax

28

21

8

Interest expense, net

309

295

293

Normalized depreciation and amortization [2]

215

224

245

Stock based compensation expense

71

74

67

Normalized EBITDA

$

857

$

900

$

903

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

NORMALIZED OVERHEADS

(Amounts in millions)

 

Three Months Ended September 30,

2025

2024

Selling, general and administrative expenses, as reported under GAAP

$

492

$

536

Normalized Adjustments:

Amortization of acquired intangible assets

24

25

Restructuring-related costs

3

5

Transactions costs and other

2

1

Normalized selling, general and administrative expenses

463

505

Advertising and promotion costs

124

118

Normalized overheads [1]

$

339

$

387

As a % of net sales [2]

18.7

%

19.9

%

NEWELL BRANDS INC.

RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (UNAUDITED)

CORE SALES OUTLOOK

 

Three Months Ending

December 31, 2025

Twelve Months Ending

December 31, 2025

Estimated net sales change (GAAP)

(4.0

)%

to

(1.0

)%

(5.0

)%

to

(4.5

)%

Estimated currency impact [1] and divestitures and other [2], net

(1.0

)%

to

(2.0

)%

—

%

to

0.5

%

Core sales change (Non-GAAP) [3]

(5.0

)%

to

(3.0

)%

(5.0

)%

to

(4.0

)%

CALGARY, Alberta, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its third-quarter 2025 financial and operating results. The company generated approximately $2.1 billion in cash from operating activities, $2.5 billion of adjusted funds flow and $1.3 billion of free funds flow. Operating results in the quarter included record Upstream production of 832,900 barrels of oil equivalent per day (BOE/d)1 and record Downstream crude throughput of 710,700 barrels per day (bbls/d), representing an overall utilization rate of 99%.

Highlights

Highest recorded Upstream production of 832,900 BOE/d in the third quarter, including record production of approximately 642,800 BOE/d from the Oil Sands segment.Highest recorded U.S. Refining crude throughput of 605,300 bbls/d, representing a utilization rate of 99%, with per unit operating expenses, excluding turnarounds costs, of $9.67 per barrel, a decrease of 8% relative to the prior quarter and 24% from the third quarter of 2024.Substantially completed the Foster Creek optimization project, with four new steam generators brought online in the quarter, contributing to increased production rates. Commissioning of remaining facilities is underway and new well pads will be brought online in early 2026.The commissioning of the West White Rose project is nearing completion, with drilling expected to commence in the fourth quarter of 2025 and first oil expected in the second quarter of 2026.Closed the sale of Cenovus’s 50% interest in WRB Refining LP (WRB) on September 30 and received cash proceeds of $1.8 billion, net of preliminary closing adjustments, on October 1.Returned $1.3 billion to common shareholders, including $918 million through common share purchases, and $356 million through common share dividends.Subsequent to the quarter, announced an amended agreement to acquire MEG Energy Corp. (“MEG”). MEG’s shareholder vote is scheduled for November 6, 2025, and the transaction is anticipated to close in mid-November subject to shareholder and court approvals.
“We delivered record volumes in both our Upstream and Downstream businesses this quarter, while maintaining our commitment to safe, reliable and cost-effective operations,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Our major growth projects are all approaching completion and our Downstream business is reaching its potential with consistently strong operating performance this quarter.”

Financial summary

($ millions, except per share amounts)2025 Q32025 Q22024 Q3Cash from (used in) operating activities2,1312,3742,474Adjusted funds flow22,4661,5191,960Per share (diluted)21.380.841.05Capital investment1,1541,1641,346Free funds flow21,312355614Excess free funds flow2745(306)146Net earnings (loss)1,286851820Per share (diluted)0.720.450.42Long-term debt, including current portion7,1567,2417,199Net debt5,2554,9344,196 Production and throughput 

(before royalties, net to Cenovus)2025 Q32025 Q22024 Q3Oil and NGLs (bbls/d)1684,700624,000630,500Conventional natural gas (MMcf/d)1889.5851.4844.6Total upstream production (BOE/d)1832,900765,900771,300Total downstream crude throughput (bbls/d)1710,700665,800642,900 1 See Advisory for production by product type and by operating segment.
2 Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

Third-quarter results

Operating1

Cenovus’s total revenues were $13.2 billion in the third quarter, up from $12.3 billion in the second quarter of 2025. Upstream revenues were $6.7 billion, a slight decrease from $6.8 billion in the previous quarter, while Downstream revenues were $8.4 billion, an increase from $7.7 billion in the second quarter.

Total operating margin3 was $3.0 billion, compared with $2.1 billion in the previous quarter. Upstream operating margin4 was $2.6 billion, an increase from $2.1 billion in the second quarter due to higher production and sales volumes, an increase in benchmark oil prices, and lower per unit operating costs. Downstream operating margin4 was $364 million, exceeding a shortfall of $71 million in the previous quarter, with favourable U.S. market crack spreads, lower per unit operating costs, and higher crude throughput following the completion of major turnaround activity in the prior quarter. Operating margin in the U.S. Refining segment was $253 million, which included a $67 million benefit from the receipt of Small Refinery Exemption (SRE) waivers related to the Superior Refinery, an $80 million inventory holding loss and $38 million of turnaround expenses.

Total Upstream production was 832,900 BOE/d in the third quarter, up from 765,900 BOE/d in the second quarter. Christina Lake production was 251,700 bbls/d compared with 217,900 bbls/d in the prior quarter, as Narrows Lake volumes began contributing and the facility benefited from flush production following a wildfire-related shutdown in the second quarter. Foster Creek production was 215,400 bbls/d, up from 186,100 bbls/d in the second quarter, as additional steam capacity from the Foster Creek optimization project supported higher production rates and a turnaround was completed in the prior quarter. Sunrise production was 52,400 bbls/d compared with 50,300 bbls/d in the second quarter, with both periods impacted by turnaround activities.

Production from the Lloydminster thermal assets was 95,700 bbls/d compared with 97,800 bbls/d in the prior quarter. The Rush Lake facilities in west-central Saskatchewan remain temporarily shut-in following a steam release from a casing failure in an injection well which took place in the second quarter of 2025. Plans are being progressed to begin a phased restart of production by the end of the year. Lloydminster conventional heavy oil output was 25,400 bbls/d, a slight increase from 25,000 bbls/d in the second quarter.

Production in the Conventional segment was 126,900 BOE/d, an increase from 119,800 BOE/d in the previous quarter due to strong performance from base and new development wells.

In the Offshore segment, production was 63,200 BOE/d compared with 66,300 BOE/d in the second quarter. In Asia Pacific, production volumes were 51,900 BOE/d, lower than the 53,800 BOE/d in the previous quarter, primarily due to maintenance activity in China. In the Atlantic region, production was 11,300 bbls/d, down from 12,500 bbls/d in the prior quarter, as production at the White Rose field was temporarily offline to complete subsea tie-ins between the West White Rose platform and the SeaRose floating production, storage and offloading (FPSO) vessel.

Total Downstream crude throughput in the third quarter was 710,700 bbls/d, up from 665,800 bbls/d in the second quarter. Crude throughput in Canadian Refining was 105,400 bbls/d, representing a utilization rate of 98%, compared with 112,400 bbls/d in the previous quarter.

In U.S. Refining, crude throughput was 605,300 bbls/d, representing a utilization rate of 99%, compared with 553,400 bbls/d in the second quarter. U.S. Refining revenues were $7.1 billion, up from $6.5 billion in the prior quarter. Adjusted market capture5 in U.S. Refining was 65%, compared with 58% in the second quarter, driven by stronger performance at Cenovus’s operated refineries and the impact of SRE waivers received in the quarter. Excluding the impact of SRE waivers, adjusted market capture in the third quarter would have been approximately 5% lower.

3 Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
4 Specified financial measure. See Advisory.
5 Adjusted market capture excludes the impact of inventory holding gains or losses. Contains a non-GAAP financial measure. See Advisory.

Financial

Cash from operating activities in the third quarter decreased to approximately $2.1 billion from $2.4 billion in the second quarter. Adjusted funds flow was $2.5 billion, compared with $1.5 billion in the prior quarter, and excess free funds flow (EFFF) was $745 million, compared with a shortfall of $306 million in the prior quarter. Net earnings in the third quarter increased to $1.3 billion from $851 million in the previous quarter. Third-quarter financial results reflected higher Upstream production and sales, increased Downstream utilization, stronger oil prices and market crack spreads, and lower turnaround costs relative to the second quarter.

Long-term debt, including the current portion, was $7.2 billion as at September 30, 2025. Net debt was $5.3 billion as at September 30, 2025, slightly increased from the previous quarter, as common share repurchases of $918 million exceeded EFFF of $745 million. As noted, on October 1, the company received $1.8 billion of cash proceeds from the sale of its 50% interest in WRB. The company continues to steward toward a long-term net debt target of $4.0 billion.

Growth projects

In the Oil Sands segment, Narrows Lake achieved first oil in mid-July. Three well pads were brought online in the quarter as the project continues to ramp up towards full rates. The optimization project at Foster Creek is approximately 98% complete and four steam generators brought online in July have supported higher production from the asset ahead of schedule. Commissioning of the water treating and de-oiling infrastructure is now underway and new well pads will be operating in early 2026. At Sunrise, one new well pad is being prepared for steaming in the fourth quarter, which will support continued production growth from the asset.

At West White Rose, the project’s topsides were safely lifted and set in place atop the concrete gravity structure in mid-July, and subsea tie-ins from the West White Rose platform to the SeaRose FPSO were completed in the quarter. Hookup and commissioning activities are underway, and the project is approximately 98% complete. Drilling is expected to begin by the end of the year and the project remains on schedule to produce first oil in the second quarter of 2026.

2025 guidance update

Cenovus has revised its 2025 corporate guidance to reflect the disposition of the company’s 50% interest in WRB effective September 30.  A copy of the updated guidance is available on cenovus.com under Investors.

Changes to the company’s 2025 guidance include:

U.S. Downstream throughput of 510,000 bbls/d to 515,000 bbls/d, a decrease of 52,500 bbls/d at the midpoint.Downstream turnaround expenses of $360 million to $380 million have been reduced by $65 million at the midpoint.
MEG transaction update

Subsequent to the quarter, on October 27, 2025, Cenovus announced an amended agreement to acquire MEG, for a combination of cash and Cenovus common shares valued at approximately $30.00 per MEG share. On Thursday, October 30, MEG adjourned its scheduled special meeting of shareholders related to the transaction, with Cenovus’s consent, to Thursday, November 6, 2025. The adjournment will allow MEG time to respond to a regulatory inquiry related to MEG’s consideration of the amended terms of the transaction and related matters. Subject to the approval of the Court, the approval of the MEG shareholders and the satisfaction or waiver of other customary closing conditions, Cenovus expects the transaction to close in mid-November.

Sustainability

In the third quarter, Cenovus announced the expansion of its Indigenous Housing Initiative, committing up to $8 million annually in ongoing funding. Launched in 2020 with a five-year, $50 million commitment, the program has supported the construction of nearly 200 homes in six First Nation and Métis communities near the company’s oil sands operations in northeast Alberta. As the initial program closes, three new communities — Saddle Lake Cree Nation, Kikino Métis Settlement and Whitefish Lake First Nation #128 — will join the initiative in 2026. The sustained funding reflects Cenovus’s long-term commitment to advancing Indigenous reconciliation and supports efforts to address housing shortages in additional communities.

Dividend declarations and share purchases

The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on December 31, 2025, to shareholders of record as of December 15, 2025.

In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1 and Series 2 – payable on December 31, 2025, to shareholders of record as of December 15, 2025, as follows:

Preferred shares dividend summary

Share seriesRate (%)Amount ($/share)Series 12.5770.16106Series 24.3910.27669
All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

In the third quarter, the company returned $1.3 billion to shareholders, composed of $918 million from its purchase of 40.4 million shares through its normal course issuer bid (NCIB) and $356 million through common and preferred share dividends. Subsequent to the quarter, the company purchased 17.0 million common shares through October 27, 2025 for $409 million. The current NCIB will expire on November 10, 2025. Cenovus has received approval from the Board to apply for another NCIB program. Cenovus will apply for approval to repurchase up to approximately 120 million of the company’s common shares, representing approximately 10% of its public float, as defined by the TSX.

2025 planned maintenance

The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

(MBOE/d or Mbbls/d)Q4Annual impactUpstreamOil Sands-6 - 8Offshore-1 - 2Conventional--DownstreamCanadian Refining--U.S. Refining8 - 1212 - 14 Potential turnaround expenses

($ millions)Q4Annual impactDownstreamCanadian Refining--U.S. Refining10 - 15360 - 380 Conference call today

Cenovus will host a conference call today, October 31, 2025, starting at 9 a.m. MT (11 a.m. ET).

For analysts wanting to join the call, please register in advance.

To participate in the conference call, complete the online registration form in advance of the call start time. Once registered, you will receive a unique PIN to access the call by phone. You can either dial into the conference call using the unique PIN or select the "Call Me" option to receive an automated call.

A live audio webcast of the conference call will also be available and will remain archived for approximately 30 days.

Advisory

Basis of Presentation

Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

Barrels of Oil Equivalent

Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

Product types

Product type by operating segmentThree months ended
September 30, 2025Oil SandsBitumen (Mbbls/d)615.2Heavy crude oil (Mbbls/d)25.4Conventional natural gas (MMcf/d)13.7Total Oil Sands segment production (MBOE/d)642.8ConventionalLight crude oil (Mbbls/d)5.0Natural gas liquids (Mbbls/d)23.0Conventional natural gas (MMcf/d)593.2Total Conventional segment production (MBOE/d)126.9OffshoreLight crude oil (Mbbls/d)11.3Natural gas liquids (Mbbls/d)4.8Conventional natural gas (MMcf/d)282.6Total Offshore segment production (MBOE/d)63.2Total Upstream production (MBOE/d)832.9 Forward‐looking Information

This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “expect”, “plan”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: acquiring all of the issued and outstanding common shares of MEG pursuant to a plan of arrangement (the “Acquisition”), and timing thereof; expectations regarding the fully pro-rated consideration for the Acquisition; the timing of the special meeting of MEG shareholders; net debt target; growth plans and projects; maximizing value; production guidance; timing of completion of the Foster Creek optimization project; ramping up production at Narrows Lake; continued production growth at Sunrise; progressing a plan to restart production at Rush Lake; timing of drilling at the West White Rose project; 2025 planned maintenance; and dividend payments.

Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the satisfaction of customary closing conditions and obtaining court and MEG shareholder approvals for the Acquisition; general economic, market and business conditions; that actions by third parties do not delay or otherwise adversely affect completion of the Acquisition; that any competing bids do not materially impact the completion of the Acquisition or Cenovus’s or MEG’s business operations, approvals or key stakeholder relationships; potential litigation relating to the Acquisition that could be instituted against Cenovus or MEG; Cenovus’s portfolio and business plan, including if the Acquisition is not completed; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the announcement or completion of the Acquisition; that there will be no material change to MEG’s operations prior to completion of the Acquisition; no material changes to laws and regulations adversely affecting Cenovus’s or MEG’s operations or the Acquisition; the interests of MEG shareholders; the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s updated 2025 corporate guidance available on cenovus.com.

The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: changes to general economic, market and business conditions; not completing the Acquisition on anticipated terms and timing, or at all, including the satisfaction of customary closing conditions and obtaining key regulatory, court and MEG shareholder approvals; a change in the current voting expectations of MEG shareholders and/or that such expectations do not prove to be accurate; a change in the interests of MEG shareholders; the accuracy of analyst predictions and calculations; failing to complete the Acquisition on the terms contemplated by the arrangement agreement between Cenovus and MEG; the impact of any competing bids or from any additional offers for MEG securities that may arise after the date hereof; potential litigation relating to the Acquisition that could be instituted against Cenovus or MEG; the consequences of not completing the Acquisition, including the volatility of the share prices of Cenovus and MEG, negative reactions from the investment community and the required payment of certain costs related to the Acquisition; the delay or inability to integrate Cenovus’s and MEG’s respective businesses and operations and realize the anticipated strategic, operational and financial benefits and synergies from the Acquisition; potential undisclosed liabilities in respect of MEG unidentified during the due diligence process; the interpretation of the Acquisition by tax authorities; the focus of management’s time and attention on the Acquisition and other disruptions arising from the Acquisition; the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and September 30, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

Specified Financial Measures

This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended September 30, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus's website at cenovus.com), which is incorporated by reference into this news release.

Upstream Operating Margin and Downstream Operating Margin

Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

Total Operating Margin

Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

 Upstream(6)Downstream(6)Total($ millions)Q3
2025Q2
2025Q3
2024Q3
2025Q2
2025Q3
2024Q3
2025Q2
2025Q3
2024RevenuesGross Sales7,562 7,394 8,259 8,435 7,743 8,798 15,997 15,137 17,057 Less: Royalties(858) (621) (929) — — — (858) (621) (929)  6,704 6,773 7,330 8,435 7,743 8,798 15,139 14,516 16,128 ExpensesPurchased Product674 1,111 1,088 7,321 6,878 8,207 7,995 7,989 9,295 Transportation and Blending2,543 2,621 2,661 — — — 2,543 2,621 2,661 Operating885 896 860 751 947 918 1,636 1,843 1,778 Realized (Gain) Loss on Risk Management12 8 (10) (1) (11) (4) 11 (3) (14) Operating Margin2,590 2,137 2,731 364 (71) (323) 2,954 2,066 2,408  6Found in Note 1 of the September 30, 2025, or the June 30, 2025, interim Consolidated Financial Statements. Revenues and purchased product for the third quarter of 2024 Downstream operations were revised. See Note 23 of our September 30, 2025, interim Consolidated Financial Statements.

Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s interim Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

 Three Months Ended($ millions)September 30, 2025June 30, 2025September 30, 2024Cash From (Used in) Operating Activities(7)2,1312,3742,474(Add) Deduct:   Settlement of Decommissioning Liabilities(94)(68)(74)Net Change in Non-Cash Working Capital(241)923588Adjusted Funds Flow2,4661,5191,960Capital Investment1,1541,1641,346Free Funds Flow1,312355614Add (Deduct):   Base Dividends Paid on Common Shares(356)(364)(329)Purchase of Common Shares under Employee Benefit Plan(21)(15)—Dividends Paid on Preferred Shares—(4)(9)Settlement of Decommissioning Liabilities(94)(68)(74)Principal Repayment of Leases(89)(94)(74)Acquisitions, Net of Cash Acquired(7)(129)(4)Proceeds From Divestitures—1322Excess Free Funds Flow745(306)146 7 Found in the September 30, 2025, or the June 30, 2025, interim Consolidated Financial Statements.

Adjusted Market Capture
Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

($ millions)Three months ended
September 30, 2025Three months ended
June 30, 2025Revenues(8)7,0826,455Purchased Product(8)6,2195,838Gross Margin863617Inventory Holding (Gain) Loss8062Adjusted Gross Margin943679Total Processed Inputs (Mbbls/d)642.8594.2Adjusted Gross Margin ($/bbl)15.9212.57Operable Capacity (Mbbls/d)612.3612.3Operable Capacity by Regional Benchmark (percent)Chicago 3-2-1 Crack Spread Weighting8181Group 3 3-2-1 Crack Spread Weighting1919Benchmark Prices and Exchange RateChicago 3-2-1 Crack Spread (US$/bbl)24.2421.64Group 3 3-2-1 Crack Spread (US$/bbl)23.7223.07RINs (US$/bbl)6.336.12US$ per C$1 - Average0.7260.723Weighted Average Crack Spread, Net of RINs ($/bbl)24.5321.86Adjusted Market Capture (percent)0.650.58 8 Found in Note 1 of the September 30, 2025, or the June 30, 2025, interim Consolidated Financial Statements.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts

Investors
Investor Relations general line
403-766-7711

Media
Media Relations general line
403-766-7751

October 31, 2025 6:00 AM EDT | Source: Argyle Resources Corp.
Calgary, Alberta--(Newsfile Corp. - October 31, 2025) - Argyle Resources Corp. (CSE: ARGL) (OTCQB: ARLYF) (FSE: ME0) ("Argyle" or the "Company") is pleased to announce that it has closed its previously announced offering of units ("Units"), offered at a price of C$0.20 per Unit, for aggregate gross proceeds of C$500,000 (the "Offering"). Each Unit is comprised of one common share in the authorized share structure of the Company (a "Share") plus one Share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of C$0.27 for 24 months.

The Units were issued under the listed issuer financing exemption ("LIFE Exemption") under Part 5A.2 of National Instrument 45-106 – Prospectus Exemptions. The Units are therefore not subject to resale restrictions pursuant to applicable securities laws.

There is an offering document ("Offering Document") related to the Offering that can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.argyleresourcescorp.com.

As consideration for the services rendered by certain finders, the Company paid, in aggregate, cash fees of $16,800 and issued 84,000 common share purchase warrants (the "Broker Warrants"), with each Broker Warrant exercisable for one common share of the Company at a price of $0.27 for a period of 24 months.

The net proceeds of the Offering are intended to be used for legal and accounting expenses, marketing and advertising, mineral property exploration activities and expenditures, general working capital purposes and as otherwise described in the Offering Document.

The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Argyle Resources Corp.

Argyle Resources Corp. is a junior mineral exploration company engaged in the business of acquiring, exploring, staking and evaluating natural resource properties in North America. The Company owns a 100% interest in the Pilgrim Islands, Matapédia, Lac Comporté and Saint Gabriel quartzite silica projects in Québec, Canada. The Company also has an option to acquire 100% of the following properties: the Clay Howells Rare Earth Element Project in northern Ontario, Canada and the Frenchvale Graphite Property located in Nova Scotia, Canada. Argyle is engaged in a research partnership with the National Institute of Scientific Research (INRS), a high-level research and training institute funded by the Québec government to conduct exploration programs on the Company's silica projects.

Forward-Looking Statements

All statements included in this press release that address activities, events or developments that Argyle expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements may involve, but are not limited to, statements with respect to the exploration and development of the Company's mineral properties and the use of proceeds from the Offering. These forward-looking statements involve numerous assumptions made by Argyle based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond Argyle's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, Argyle does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

Neither the Canadian Securities Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this news release. Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272683

-

Record Quarterly Revenue of $135.4 Million, a 7.8% increase Year-Over-Year

GAAP Earnings Per Share of $0.30, Non-GAAP Earnings Per Share of $0.47

MINNEAPOLIS--(BUSINESS WIRE)--Proto Labs, Inc. ("Protolabs" or the "Company") (NYSE: PRLB), the world’s leading provider of digital manufacturing services, today announced financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights:

Revenue was a record $135.4 million, a 7.8% increase compared to revenue of $125.6 million in the third quarter of 2024.

Revenue fulfilled through digital factories was $105.3 million, a 4.9% increase year-over-year.

Revenue fulfilled through the Protolabs Network was $30.1 million, a 19.1% increase year-over-year.

Net income was $7.2 million, or $0.30 per diluted share, compared to $7.2 million, or $0.29 per diluted share, in the third quarter of 2024.

Non-GAAP net income was $11.4 million, or $0.47 per diluted share, compared to $11.8 million, or $0.47 per diluted share, in the third quarter of 2024. See “Non-GAAP Financial Measures” below.

“Protolabs generated another quarter of accelerated growth and record revenue, supported by strong performance in several key end markets, and a substantial increase in revenue per customer contact. I am very encouraged by the progress we’ve made over the last two quarters—we have significant momentum into year-end," commented President and Chief Executive Officer Suresh Krishna. "While it’s still early, my short time here has strengthened my confidence that our current strategy—delivering high-quality, custom parts throughout the product lifecycle, from prototyping to production—is the right one. Together with our teams, I am focused on accelerating profitable growth, and positioning Protolabs for long-term shareholder value creation."

Dan Schumacher, Chief Financial Officer, added: "Along with record revenue in the quarter, we continued to demonstrate the strength of our business model by expanding adjusted EBITDA as compared to the second quarter of 2025, continuing our best-in-class cash flow generation, and returning capital to shareholders via repurchases of common stock."

Additional Third Quarter 2025 Highlights:

Customer contact information

Protolabs served 21,252 customer contacts during the quarter.

Revenue per customer contact increased 14.1% year-over-year to $6,370.

EBITDA was $17.4 million. See “Non-GAAP Financial Measures” below.

Adjusted EBITDA was $21.1 million, or 15.6% of revenue. See "Non-GAAP Financial Measures" below.

We generated $29.1 million in cash from operations.

Cash and investments balance was $138.4 million as of September 30, 2025.

Fourth Quarter 2025 Outlook

In the fourth quarter of 2025, the Company expects to generate revenue between $125.0 million and $133.0 million.

The Company expects fourth quarter 2025 diluted net income per share between $0.12 and $0.20, and non-GAAP diluted net income per share between $0.30 and $0.38. See "Non-GAAP Financial Measures" below.

Non-GAAP Financial Measures

The Company has included non-GAAP revenue growth by region and by service line that excludes the impact of changes in foreign currency exchange rates (collectively, “non-GAAP revenue growth”). Management believes these metrics, when viewed in conjunction with the comparable GAAP metrics, are useful in evaluating the underlying business trends and ongoing operating performance of the Company.

The Company has included earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, “Adjusted EBITDA”), in this press release to provide investors with additional information regarding the Company’s financial results. The Company has also included earnings before interest, taxes, depreciation and amortization margin (“EBITDA margin”) and EBITDA margin, adjusted for stock-based compensation expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, “Adjusted EBITDA margin”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP gross margin, adjusted for stock-based compensation expense and amortization expense, in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP operating margin, adjusted for stock-based compensation expense, amortization expense, CEO transition costs and costs related to exit and disposal activities (collectively, “non-GAAP operating margin”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has included non-GAAP net income and non-GAAP net income per share, in each case, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities (collectively, “non-GAAP net income”), in this press release to provide investors with additional information regarding the Company’s financial results.

The Company has provided below reconciliations of GAAP to non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating margin, non-GAAP revenue growth by region and by service line, and Adjusted EBITDA and Adjusted EBITDA margin, the most directly comparable measures calculated and presented in accordance with GAAP. These non-GAAP measures are used by the Company’s management and board of directors to understand and evaluate operating performance and trends, provide useful measures for period-to-period comparisons of the Company’s business, and in determining executive and senior management incentive compensation. Accordingly, the Company believes that these non-GAAP measures provide useful information to investors and others in understanding and evaluating operating results in the same manner as our management and board of directors. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our condensed consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

Conference Call

The Company has scheduled a conference call to discuss its third quarter 2025 financial results and fourth quarter 2025 outlook today, October 31, 2025 at 8:30 a.m. EDT. To access the call in the U.S. please dial 877-709-8150 or outside the U.S. dial 201-689-8354 at least five minutes prior to the 8:30 a.m. EDT start time. No participant code is required. A simultaneous webcast of the call and accompanying presentation will be available via the investor relations section of the Protolabs website and the following link: https://edge.media-server.com/mmc/p/mp2aa5du/. A replay will be available for 14 days following the call on the investor relations section of the Protolabs website.

About Protolabs

Protolabs is the world’s fastest manufacturing service enabling companies across every industry to streamline production of quality parts throughout the entire product life cycle. From custom prototyping to end-use production, we support product developers, engineers, and supply chain teams along every phase of their manufacturing journey. Get started now at protolabs.com.

Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical or current facts are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Protolabs to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are described in the “Risk Factors” section within reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Protolabs’ future results. The forward-looking statements included in this press release are made only as of the date hereof. Protolabs cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Protolabs expressly disclaims any intent or obligation to update any forward-looking statements to reflect subsequent events or circumstances.

Proto Labs, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

September 30,

2025

December 31,

2024

(Unaudited)

Assets

Current assets

Cash and cash equivalents

$

104,422

$

89,071

Short-term marketable securities

14,817

14,019

Accounts receivable, net

77,790

66,504

Inventory

14,073

12,305

Income taxes receivable

4,681

2,906

Prepaid expenses and other current assets

10,009

10,049

Total current assets

225,792

194,854

Property and equipment, net

211,325

227,263

Goodwill

273,991

273,991

Other intangible assets, net

19,539

21,422

Long-term marketable securities

19,149

17,773

Operating lease assets

2,015

2,993

Finance lease assets

491

692

Other long-term assets

4,553

4,524

Total assets

$

756,855

$

743,512

Liabilities and shareholders' equity

Current liabilities

Accounts payable

$

17,388

$

15,504

Accrued compensation

23,268

16,550

Accrued liabilities and other

27,831

19,621

Current operating lease liabilities

890

1,287

Current finance lease liabilities

365

309

Total current liabilities

69,742

53,271

Long-term operating lease liabilities

1,188

1,633

Long-term finance lease liabilities

—

287

Long-term deferred tax liabilities

16,038

13,565

Other long-term liabilities

5,168

4,605

Shareholders' equity

664,719

670,151

Total liabilities and shareholders' equity

$

756,855

$

743,512

Proto Labs, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

Injection Molding

$

47,770

$

46,831

$

143,908

$

148,574

CNC Machining

63,043

53,327

177,831

154,498

3D Printing

20,082

21,437

61,491

64,300

Sheet Metal

4,262

3,743

12,776

11,218

Other Revenue

209

281

628

550

Total Revenue

135,366

125,619

396,634

379,140

Cost of revenue

74,073

68,389

219,869

207,897

Gross profit

61,293

57,230

176,765

171,243

Operating expenses

Marketing and sales

24,574

22,619

73,054

69,070

Research and development

10,705

9,772

32,487

31,600

General and administrative

17,163

16,259

52,763

49,167

Costs related to exit and disposal activities

41

—

151

—

Total operating expenses

52,483

48,650

158,455

149,837

Income from operations

8,810

8,580

18,310

21,406

Other income, net

1,441

1,288

4,600

3,548

Income before income taxes

10,251

9,868

22,910

24,954

Provision for income taxes

3,035

2,679

7,668

7,957

Net income

$

7,216

$

7,189

$

15,242

$

16,997

Net income per share:

Basic

$

0.30

$

0.29

$

0.64

$

0.67

Diluted

$

0.30

$

0.29

$

0.63

$

0.67

Shares used to compute net income per share:

Basic

23,889,157

24,980,536

23,974,054

25,304,985

Diluted

24,191,039

25,022,485

24,249,669

25,382,280

Proto Labs, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

Nine Months Ended

September 30,

2025

2024

Operating activities

Net income

$

15,242

$

16,997

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

25,693

26,984

Stock-based compensation expense

11,928

12,716

Deferred taxes

2,355

(6,140

)

Interest on finance lease obligations

16

26

Loss on impairment of equipment

—

256

Impairments related to exit and closure of facilities

448

—

Loss (gain) on disposal of property and equipment

16

(24

)

Other

(179

)

103

Changes in operating assets and liabilities

2,534

9,617

Net cash provided by operating activities

58,053

60,535

Investing activities

Purchases of property, equipment and other capital assets

(6,792

)

(8,339

)

Proceeds from sales of property, equipment and other capital assets

811

34

Purchases of marketable securities

(13,553

)

(18,087

)

Proceeds from call redemptions and maturities of marketable securities

11,730

15,709

Net cash used in investing activities

(7,804

)

(10,683

)

Financing activities

Proceeds from issuance of common stock from equity plans

4,195

2,094

Purchases of shares withheld for tax obligations

(3,119

)

(1,920

)

Repurchases of common stock

(36,732

)

(45,958

)

Principal repayments of finance lease obligations

(231

)

(220

)

Net cash used in financing activities

(35,887

)

(46,004

)

Effect of exchange rate changes on cash and cash equivalents

989

235

Net increase in cash and cash equivalents

15,351

4,083

Cash and cash equivalents, beginning of period

89,071

83,790

Cash and cash equivalents, end of period

$

104,422

$

87,873

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Net Income and Non-GAAP Net Income per Share

(In thousands, except share and per share amounts)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized (gain) loss on foreign currency, CEO transition costs and costs related to exit and disposal activities

GAAP net income

$

7,216

$

7,189

$

15,242

$

16,997

Add back:

Stock-based compensation expense

3,677

4,196

11,928

12,716

Amortization expense

935

888

2,770

2,796

Unrealized (gain) loss on foreign currency

(2

)

174

(316

)

323

CEO transition costs

14

—

1,376

—

Costs related to exit and disposal activities

41

—

151

—

Total adjustments 1

4,665

5,258

15,909

15,835

Income tax benefits on adjustments 2

(500

)

(627

)

(1,700

)

(1,066

)

Non-GAAP net income

$

11,381

$

11,820

$

29,451

$

31,766

Non-GAAP net income per share:

Basic

$

0.48

$

0.47

$

1.23

$

1.26

Diluted

$

0.47

$

0.47

$

1.21

$

1.25

Shares used to compute non-GAAP net income per share:

Basic

23,889,157

24,980,536

23,974,054

25,304,985

Diluted

24,191,039

25,022,485

24,249,669

25,382,280

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Cost of revenue

$

781

$

817

$

2,350

$

2,428

Marketing and sales

837

727

2,423

2,378

Research and development

764

671

2,124

2,031

General and administrative

2,244

2,869

9,177

8,675

Costs related to exit and disposal activities

41

—

151

—

Total operating expenses

3,886

4,267

13,875

13,084

Other income, net

(2

)

174

(316

)

323

Total adjustments

$

4,665

$

5,258

$

15,909

$

15,835

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Gross Margin

(In thousands)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

135,366

$

125,619

$

396,634

$

379,140

Gross profit

61,293

57,230

176,765

171,243

GAAP gross margin

45.3

%

45.6

%

44.6

%

45.2

%

Add back:

Stock-based compensation expense

439

474

1,323

1,401

Amortization expense

342

343

1,027

1,027

Total adjustments

781

817

2,350

2,428

Non-GAAP gross profit

$

62,074

$

58,047

$

179,115

$

173,671

Non-GAAP gross margin

45.9

%

46.2

%

45.2

%

45.8

%

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Operating Margin

(In thousands)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

135,366

$

125,619

$

396,634

$

379,140

Income from operations

8,810

8,580

18,310

21,406

GAAP operating margin

6.5

%

6.8

%

4.6

%

5.6

%

Add back:

Stock-based compensation expense

3,677

4,196

11,928

12,716

Amortization expense

935

888

2,770

2,796

CEO transition costs

14

—

1,376

—

Costs related to exit and disposal activities

41

—

151

—

Total adjustments

4,667

5,084

16,225

15,512

Non-GAAP income from operations

$

13,477

$

13,664

$

34,535

$

36,918

Non-GAAP operating margin

10.0

%

10.9

%

8.7

%

9.7

%

Proto Labs, Inc.

Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA

(In thousands)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

135,366

$

125,619

$

396,634

$

379,140

GAAP net income

7,216

7,189

15,242

16,997

GAAP net income margin

5.3

%

5.7

%

3.8

%

4.5

%

Add back:

Amortization expense

$

935

$

888

$

2,770

$

2,796

Depreciation expense

7,494

8,021

22,923

24,188

Interest income, net

(1,281

)

(1,287

)

(3,532

)

(3,548

)

Provision for income taxes

3,035

2,679

7,668

7,957

EBITDA

17,399

17,490

45,071

48,390

EBITDA Margin

12.9

%

13.9

%

11.4

%

12.8

%

Add back:

Stock-based compensation expense

3,677

4,196

11,928

12,716

Unrealized (gain) loss on foreign currency

(2

)

174

(316

)

323

CEO transition costs

14

—

1,376

—

Costs related to exit and disposal activities

41

—

151

—

Total adjustments

3,730

4,370

13,139

13,039

Adjusted EBITDA

$

21,129

$

21,860

$

58,210

$

61,429

Adjusted EBITDA Margin

15.6

%

17.4

%

14.7

%

16.2

%

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Region

(In thousands)

(Unaudited)

 

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

%

Change2

% Change

Organic3

GAAP

Foreign

Currency1

Non-GAAP

GAAP

Revenues

United States

$

109,361

$

—

$

109,361

$

99,571

9.8

%

9.8

%

Europe

26,005

(1,226

)

24,779

26,048

(0.2

)

(4.9

)

Total revenue

$

135,366

$

(1,226

)

$

134,140

$

125,619

7.8

%

6.8

%

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

%

Change2

% Change

Organic3

GAAP

Foreign

Currency1

Non-GAAP

GAAP

Revenues

United States

$

320,340

$

—

$

320,340

$

299,593

6.9

%

6.9

%

Europe

76,294

(2,055

)

74,239

79,547

(4.1

%)

(6.7

%)

Total revenue

$

396,634

$

(2,055

)

$

394,579

$

379,140

4.6

%

4.1

%

1

Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025.

3

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.

 

Proto Labs, Inc.

Comparison of GAAP to Non-GAAP Revenue Growth by Service Line

(In thousands)

(Unaudited)

 

Three Months Ended

September 30, 2025

Three Months Ended

September 30, 2024

%

Change2

% Change

Organic3

GAAP

Foreign

Currency1

Non-GAAP

GAAP

Revenues

Injection Molding

$

47,770

$

(358

)

$

47,412

$

46,831

2.0

%

1.2

%

CNC Machining

63,043

(667

)

62,376

53,327

18.2

17.0

3D Printing

20,082

(174

)

19,908

21,437

(6.3

)

(7.1

)

Sheet Metal

4,262

(23

)

4,239

3,743

13.9

13.3

Other Revenue

209

(4

)

205

281

(25.6

)

(27.0

)

Total revenue

$

135,366

$

(1,226

)

$

134,140

$

125,619

7.8

%

6.8

%

Nine Months Ended

September 30, 2025

Nine Months Ended

September 30, 2024

%

Change2

% Change

Organic3

GAAP

Foreign

Currency1

Non-GAAP

GAAP

Revenues

Injection Molding

$

143,908

$

(706

)

$

143,202

$

148,574

(3.1

%)

(3.6

%)

CNC Machining

177,831

(981

)

176,850

154,498

15.1

14.5

3D Printing

61,491

(336

)

61,155

64,300

(4.4

)

(4.9

)

Sheet Metal

12,776

(30

)

12,746

11,218

13.9

13.6

Other Revenue

628

(2

)

626

550

14.2

13.8

Total revenue

$

396,634

$

(2,055

)

$

394,579

$

379,140

4.6

%

4.1

%

1

Revenue for the three and nine months ended September 30, 2025 has been recalculated using 2024 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates.

2

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to GAAP revenue for the three and nine months ended September 30, 2025.

3

This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2024 to non-GAAP revenue for the three and nine months ended September 30, 2025 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2024) in order to provide a constant-currency comparison.

 

Proto Labs, Inc.

Customer Contact Information

(In thousands, except customer contacts and per customer contact amounts)

(Unaudited)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

135,366

$

125,619

$

396,634

$

379,140

Customer contacts

21,252

22,511

41,873

43,671

Revenue per customer contact1

$

6,370

$

5,580

$

9,472

$

8,682

Proto Labs, Inc.

Reconciliation of GAAP to Non-GAAP Guidance

(Unaudited)

 

Q4 2025 Outlook

Low

High

GAAP diluted net income per share

$

0.12

$

0.20

Add back:

Stock-based compensation expense

0.14

0.14

Amortization expense

0.03

0.03

Unrealized (gain) loss on foreign currency

0.00

0.00

Total adjustments

0.18

0.18

Non-GAAP diluted net income per share

$

0.30

$

0.38

More News From Proto Labs, Inc.

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HomeIndustriesEnergyEarnings OutlookEarnings OutlookThe two integrated giants have beat quarterly profit expectations for several quarters runningPublished: Oct. 31, 2025 at 6:00 a.m. ET

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SummaryCompaniesGoogle Cloud grew 34% in the third quarter on AI demandCloud is now challenging YouTube as Alphabet's No. 2 cash generatorStrategy shifts help Alphabet compete with Amazon and Microsoft in cloud servicesNEW YORK, NY, Oct 31 (Reuters) - Once a money-losing backwater, Google Cloud has become one of Alphabet's

(GOOGL.O), opens new tab fastest-growing businesses, powered by massive bets on AI and years of costly investment in datacenters, custom chips, and networking gear.

Alphabet’s cloud revenue topped
$15 billion in the third quarter
, a 34% increase reflecting strong demand for AI infrastructure and services, including Google’s own Gemini model, the company announced Wednesday.

Sign up here.

Google Cloud is now challenging YouTube as Alphabet’s No. 2 cash generator behind its search ads business.

“Google Cloud is one of the most important priorities for Alphabet as a whole and I expect it to play an even more central role as the company moves forward,” Alphabet CEO Sundar Pichai told Reuters in an interview earlier in October.

Much of the cloud unit’s growth can be attributed to the business bets and diplomatic maneuvering of its head Thomas Kurian, who joined Google from Oracle in 2018 and grew the unit’s market share from 7% then to 13% in 2025, according to Synergy Research Group, which tracks the cloud industry.

When Pichai replaced Google co-founder Larry Page as CEO in 2019, he identified Google Cloud and YouTube as his two big bets to move Alphabet beyond its core business of search advertising.

Since then, YouTube has largely delivered, becoming the world’s largest video platform with 1 billion hours watched per day.
By contrast, Google Cloud lost billions between 2018 and 2022 due to heavy investments in servers, datacenters and chips until it turned its first profit in 2023.

Now, with generative AI, Alphabet sees a chance to close the gap with rivals Microsoft

(MSFT.O), opens new tab and Amazon

(AMZN.O), opens new tab, which hold 20% and 30% market share respectively.

Making Google Cloud a contender has come at a cost: Alphabet has already shocked Wall Street twice during quarterly earnings this year by proclaiming higher-than-expected capital spending due to the need to build more infrastructure to fulfill cloud demand.

“This is the moment Google Cloud was waiting for,” Dave McCarthy, who directs coverage of the cloud industry for research firm IDC. “A lot of the future growth at Alphabet is being looked at through its potential.”

In exclusive interviews with Reuters, senior Alphabet executives mapped out the gameplan that transformed the also-ran into a growth driver: a cultural shift to a more customer-driven sales approach; changing how it worked with rivals; and a renewed focus on delivering profits.

‘GET OUT OF HERE, KID’Back when Kurian joined Alphabet, Google Cloud struggled to win enterprise customers, unlike the ads side of the business which was dealing with the biggest companies in the world.

“We would go to the ads team asking, ‘Hey, can you help us out with this customer?’ And they would basically be like, ‘Get out of here, kid,’” said Josh Gwyther, a startup founder who worked at Google Cloud from 2016 to 2025.

That’s not a problem anymore: Google’s scope of AI offerings have brought it into conversations with large companies that previously only considered Amazon and Microsoft.

“The ads business is extremely healthy, but it’s not going to grow at the pace that we are,” said Matt Renner, Google Cloud’s president of global revenue.

Nine of the 10 leading AI labs are now customers, Kurian said at an industry conference in September. They include OpenAI, Anthropic and Safe Superintelligence. Details of Google’s deals with two of those labs were
first reported by Reuters
earlier this year.

To get there, Kurian took a mallet to traditional practices, replacing it with what several employees called an “un-Googley” culture.

Kurian, who left a job as one of Larry Ellison’s highest-paid lieutenants at Oracle

(ORCL.N), opens new tab, brought financial discipline to Google’s “loosely-run, ground-up culture” that encouraged side projects and experimentation, said Chirag Mehta, a tech analyst who worked at Google Cloud from 2017 to 2021.

To slash costs, Kurian opened new offices in cheaper locations, such as North Carolina and Poland. He audited Google Cloud’s contracts for internal services and renegotiated those where he deemed his unit was being overcharged by other departments, as was

first reported in The Information, opens new tab
.

He has ordered employees to focus on revenue rather than bookings. Google Cloud also shifted its sales strategy to target customers by sector rather than geography. That helped reduce sales reps being assigned accounts in industries where they lacked specialized knowledge, said Renner.

Its focus on generative AI has allowed it to catch up with rivals Microsoft and Amazon from a technical standpoint, according to some analysts.

“We believe that the three clouds competitively are on roughly equal footing,” said Goldman Sachs managing director Eric Sheridan. “That’s a very different competitive positioning for Google Cloud now than two or three years ago.”

WORKING WITH THE ENEMY

For years, Alphabet had reserved the lion’s share of its own chips, or TPUs, for in-house use only. That changed in 2022, when Kurian successfully lobbied to move the group selling TPUs from Google’s core engineering unit into Google Cloud.

That move drastically increased Google Cloud's allocation of TPUs because the unit could now freely offer the chips rather than having to receive approval from another part of the company, according to two people familiar with the move.

A
t a time when the world was scrambling for compute, Alphabet made the decision to make its chips available to not just its own DeepMind AI unit, but also to its competitors.

That decision stoked tensions internally, according to former employees of both units, but it gave Kurian a stronger sales pitch for courting customers.

“We are the only hyperscaler with both silicon and models of our own,” he said. “How deep is your technical differentiation when the same stuff that you’re reselling can be bought from somebody else?”

Google Cloud quickly leveraged the opportunity to petition Anthropic to test TPUs as a viable alternative to Nvidia’s

(NVDA.O), opens new tab GPUs, according to a former Google Cloud executive involved in the partnership.

By 2024, Anthropic had seen enough to deploy Alphabet’s TPUs at scale. In October, it expanded its deal with Google to use as many as one million TPUs, worth tens of billions of dollars. The startup, which is now valued at $183 billion, has also tapped Amazon for chips as it reduces its dependency on Nvidia, which controls about 80% of the AI chip market.

“The whole world was sort of on GPUs, OpenAI in particular,” said Dan Rosenthal, who manages Anthropic’s partnerships with Google and Amazon. The need for chips “pushed us to be more flexible,” he said.

Other AI developers including Apple

(AAPL.O), opens new tab and Safe Superintelligence have since adopted Alphabet's TPUs. Pichai told analysts on an earnings conference call this week that Alphabet is "investing in TPU capacity to meet the tremendous demand we are seeing from customers and partners."

And although Google Cloud launched an enterprise version of its flagship model Gemini in October, Kurian told Reuters he would welcome adding OpenAI’s family of enterprise models to Google Cloud if the ChatGPT maker was interested.

POWER SHIFTThe ascent of Google Cloud is shifting the balance of power inside Alphabet. Current and former executives told Reuters Kurian has gained clout at Google’s weekly “leads,” the agenda-setting meetings where division leaders jostle over resources and priorities.

“What Thomas has been a powerful voice for is making sure that when we say we’re focusing on the user, that we’re focusing on the enterprise customer too,” Pichai said.

It still has a long way to catch up with its rivals and it will be expensive to get there. In July, Pichai hiked Alphabet’s projected capital spending for 2025 by $10 billion to $85 billion. This week, he raised the projection again to between $91 billion and $93 billion, adding that 2026 was likely to run an even larger bill.

With concerns over an AI bubble growing, Pichai told Reuters that he expects Google Cloud’s business to have “a lot of resilience” against short-term market corrections. “From our standpoint, we've been doing the AI thing for a decade now, and we're going to be doing it a decade from now.”

Reporting by Kenrick Cai in San Francisco. Editing by Kenneth Li and Michael Learmonth

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

Kenrick Cai is a correspondent for Reuters based in San Francisco. He covers Google, its parent company Alphabet and artificial intelligence. Cai joined Reuters in 2024. He previously worked at Forbes magazine, where he was a staff writer covering venture capital and startups. He received a Best in Business award from the Society for Advancing Business Editing and Writing in 2023. He is a graduate of Duke University.

By Reuters

October 31, 202510:05 AM UTCUpdated ago

A Novo Nordisk facility stands in Kalundborg, Denmark, September 12, 2025. REUTERS/Ali Withers/File Photo Purchase Licensing Rights, opens new tab

CompaniesCOPENHAGEN, Oct 31 (Reuters) - Novo Nordisk

(NOVOb.CO), opens new tab has notified employees impacted by the drugmaker's job cuts in the vast majority of its locations although the pace varies according to local laws, its CEO Mike Doustdar wrote in a post on LinkedIn on Friday.

Doustdar launched a restructuring drive last month, including 9,000 job cuts globally as Novo faces heated competition in the United States, the world's biggest drug market, against rival Eli Lilly

(LLY.N), opens new tab.

Sign up here.

Reporting by Stine Jacobsen, writing by Louise Breusch Rasmussen, editing by

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

TDK Corporation (OTCPK:TTDKY) Q2 2026 Earnings Call October 31, 2025 4:30 AM EDT

Company Participants

Tetsuji Yamanishi - CFO, Senior Executive VP & Representative Director
Noboru Saito - President, CEO, GM of Humidifier Countermeasures HQ & Representative Director

Presentation

Operator

We would like to start the performance briefing of TDK Corporation for the first half of fiscal year ending March 2026. Thank you for your participation despite your busy schedules. First, let me introduce the participants. President and CEO. Noboru Saito. Senior Executive Vice President and CFO, Tetsuji Yamanishi. Executive Vice President, Shigeki Sato, Corporate Officer Fumio Sashida. Corporate Officer, Takao Tsutsui.

Those are the participants for today's meeting. We will explain the results for the first half for fiscal year ending March 2026 as well as the outlook for the full year to be followed by a Q&A session. Overall, this will be a 75-minute meeting. The slide deck we are using today will be posted on our website on a later day, both in Japanese and English.

Now let's start.

Tetsuji Yamanishi
CFO, Senior Executive VP & Representative Director

This is Yamanishi speaking. Thank you very much for taking the time to join TDK's performance briefing for the first half of fiscal year ending March 2026. Let me begin with an overview of our consolidated results. First, Key points of the first half results, starting with an overview of the market environment. In the electronics market, which has a significant impact on our business, ICT-related production remained steady year-on-year. Demand for Nearline HDDs for data centers also stayed firm.

And in the industrial equipment market, demand related to renewable energy remained solid. On the other hand, demand for BEVs, continued to stagnate, resulting in component demand that fell short of our initial expectations. Under these circumstances, the 3 business segments, namely Sensor Application, Magnetic Application and Energy

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Oil, in particular, has experienced some of its largest intraday movements since the Twelve-Day War in June. This article summarizes recent developments and then briefly examines the charts of XAUUSD and USOIL.

Although threats of new tariffs on China by the American government contributed to uncertainty and gains for gold earlier this month, these seem to have calmed down somewhat recently. On 22 October, Donald Trump confirmed plans to meet his Chinese counterpart Xi Jinping, at which some degree of compromise seems possible, while exports of rare earth metals have moved out of traders’ focus. Two more cuts by the Fed before the end of the year have been entirely priced in with a 98% probability according to CME FedWatch.

The American government ordered the freezing of all US-based assets of Lukoil and Rosneft this week and threatened secondary sanctions on foreign banks that expedite purchases of oil from these companies. This is a potentially significant move because it could strongly affect supplies of oil to China, India, and other smaller countries, which are primary markets for Russian oil; the shortfall would need to be made up with supplies from elsewhere, likely boosting demand for oil from Gulf countries.

The key releases coming up in the next few weeks are American inflation, currently scheduled for Friday, 24 October, the Fed’s meeting and nearly certain cut on 29 October, and the double NFP on 7 November covering both September and October. The ongoing shutdown of the American government has significantly disrupted the regular release of data and is likely to mean that upcoming figures are at least somewhat less reliable.

Gold Unlikely to Push Back Below $4,000 for Now

New sanctions against Lukoil and Rosneft by the USA pushed oil up recently as traders worried that threatened secondary sanctions on banks working with these companies could disrupt supply to China, India, and other importing countries. While this has alleviated recent concerns about significant oversupply, the medium-term effects are not yet clear.

$54.75-56 seems to be confirmed as an area of support on the weekly chart, with 17-20 October having been the third unsuccessful test. The crossover of the slow stochastic in oversold and a clear break above the 20 SMA might normally be a strong buying signal, but volume doesn’t clearly support the bounce yet.

The 50 SMA from Bands, which is currently being tested, appears to be an important short-term dynamic resistance. Confirmation of more gains might come from a daily close clearly above $62. Beyond that, the 200 SMA, just below $64, is likely to be a strong resistance from which a breakout would probably require a significant uptick in buying volume.

For the latest analysis, ideas for trading, and more, follow Michael on X: @MStarkExness.

This article was submitted by Michael Stark, financial content leader at Exness.

The opinions in this article are personal to the writer; they do not represent those of Exness. This is not a recommendation to trade.