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The Campbell's Co (CPB) Q3 2026 Earnings Call Highlights: Strategic Innovations Amid Inflationary Challenges The Campbell's Co (CPB) focuses on core brand growth and cost-saving measures while navigating inflation and logistics hurdles.

Release Date: June 08, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points The Campbell's Co CPB is focusing on core brands like Goldfish and Pepperidge Farm, which have shown stabilization and potential for growth.The company is implementing significant cost-saving measures, including a $100 million SG&A reduction plan and an early retirement package.There is a strategic focus on innovation, particularly in the Meals & Beverages segment, with new product launches in soups and sauces.The Campbell's Co (CPB) is actively managing its trade investments to improve ROI, focusing on feature and display promotions over less effective TPRs.The company is maintaining its dividend, emphasizing its importance to shareholders while balancing leverage reduction and investment-grade rating maintenance. Negative Points The Campbell's Co (CPB) is facing significant inflationary pressures, with an expected 5% to 6% inflation rate due to oil prices and other factors.There are ongoing challenges in the Snacks segment, particularly with the Salty Snacks category, which may take time to stabilize.The company is experiencing higher logistics and freight costs due to a driver shortage and elevated diesel prices.There is uncertainty around the impact of tariff refunds, with potential pressure from retailers to pass savings back to consumers.The company anticipates a lower end of net sales growth for the fiscal year, with EPS guidance reflecting a wide range due to various cost pressures. Q & A Highlights Q: In today's prepared remarks, you discussed some "tough decisions" in Snacks and potential inflation impacts. Can you elaborate on the magnitude of these factors for next year and potential mitigating actions?
A: Todd Cunfer, CFO: Base inflation was around 3% before the Middle East conflict. With oil prices at $100 a barrel, we're looking at an additional 2% to 3% inflation. There's also a driver shortage causing higher logistics costs. We plan to offset these with elevated productivity, a $100 million SG&A reduction, and potential pricing adjustments if necessary.

Q: Given the costs and reinvestment in fiscal '27, what changes in capital allocation might be needed, and what are your thoughts on the dividend?
A: Todd Cunfer, CFO: The dividend is crucial to shareholders, and we have no plans to increase it soon. We're focused on reducing leverage and maintaining an investment-grade rating. We'll prioritize high-priority CapEx projects and consider hybrid debt instruments. M&A is currently off the table.

Q: Can you expand on the rationalization of the Snacks portfolio and the consolidation of nodes in the network?
A: Mick Beekhuizen, CEO: We're focusing on simplification and the core of our brands, like Goldfish. We're supporting fewer, more meaningful innovations and making conscious choices about brand support. Cost savings initiatives will continue to improve margins, and we're looking at SKU reductions to simplify operations.

Q: Can you provide perspective on the organic sales outlook for the fourth quarter, which implies a significant improvement?
A: Mick Beekhuizen, CEO: The ERP conversion from Sovos affected Q3, but the $30 million impact will benefit Q4. Meals & Beverages will see strong growth due to innovation, while Snacks will be similar to Q3. Overall, net sales should be flat to slightly up.

Q: Regarding potential price increases to address inflation, how would you approach this given the competitive landscape?
A: Mick Beekhuizen, CEO: We'll focus on productivity and cost savings first. If necessary, we'll consider surgical pricing in parts of the portfolio. The external environment is volatile, so we'll take appropriate actions as needed.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Campbell's Today

$22.81 +0.08 (+0.35%)

As of 04:00 PM Eastern

52-Week Range$19.56▼

$34.17Dividend Yield6.84%

P/E Ratio11.29

Price Target$21.88

From a multi-year perspective, Campbell’s Soup Company’s NASDAQ: CPB stock price has experienced a precipitous drop, but it appears to have reached a bottom in 2026, ready for value-oriented buy-and-hold investors to scoop it up.

Weakening sales volume, sluggish trends, and negative guidance revisions have weighed on results, but the company is expected to rebound in the upcoming quarters. The consensus is an inflection and reversion to growth by the middle of fiscal 2027, coinciding with the winter 2027 period, and a quicker recovery may be experienced. Management cited emerging strengths across both core segments in its fiscal Q3 2026 update, underpinned by efforts to simplify operations and improve productivity, sales, and margins.

Get Campbell's alerts:

Buy and Hold CPB for Its 7% Yield and Deep ValueThe primary thesis for CPB investment is the dividend and its durability. The company is a high-yielding stock trading at a multi-decade low and is attractive in that regard. The 7% yield is well above inflation and expected to increase over time, albeit at an irregular pace and timing. Details from the fiscal Q3 release suggest the payment is not in any danger.

While the payout ratio relative to adjusted earnings is a bit high, near 85%, it's not unusual for high-quality consumer staples stocks to pay so much.

Looking ahead, investors shouldn’t anticipate another distribution increase until at least calendar 2028. The company is in fine financial health, has ample cash flow, and poses little threat in that regard, but will likely choose to preserve cash flow until growth resumes. Share buybacks are also part of the equation, but only in token amounts, offsetting dilutive impacts and little else.

Value is another reason to own this stock. The 7% yield comes at a value compared to peers, trading at approximately 10X this year’s earnings and approximately 3X the 10-year forecast. Snacking and Meals peers such as Mondelez International NASDAQ: MDLZ, PepsiCo NASDAQ: PEP, and Hershey NYSE: HSY trade at double the valuation in both metrics, suggesting substantial upside over time and more, assuming management can unlock business value.

Analysts' Sentiment Poised for Shift: Institutions Buy Into Value PropositionAnalyst trends align with CPB’s market decline, including numerous downgrades and price target reductions over the past 12 months. However, with the stock trading near the analysts’ low-end target, a business recovery anticipated, and better-than-expected FQ3 results, the odds are high that the downtrend will end. The question is when an uptrend in sentiment will begin, and that won’t be until business reverts to growth and traction is seen in the results.

Price action will likely wallow at or near current lows until business traction is regained, with $19.65 as the critical support target. $19.65 aligns with the low set in December 2022, nearly 24 years ago. A move below it is not expected, but is possible. The likely outcome is a quick price rebound, as indicated by trading volume and institutional trends.

CPB stock market volume has increased as price action approached the critical support level, coincident with ramping institutional activity. Institutions provide strong support, own approximately 50% of the stock, and have accumulated shares quarterly for years. Activity in early 2026 reflects an aggressive $8-to-$1 pace of accumulation; the fiscal Q3 report provided no reason for them to stop.

The primary catalyst this year will be the stabilization of volumes and margins. Volume fell across segments last quarter, with profitability down in both segments. Premium expansion and product innovation will be critical to the company’s success. A new partnership with Buffalo Wild Wings is expected to reinvigorate interest in soup among younger demographics, and premium products, such as Rao’s sauces, should help margins. In the longer term, macroeconomic headwinds are the critical factor, impairing not only consumer choices but volume.

What the market gets wrong about Campbell’s Soup Company is thinking that near-term headwinds will impair the dividend quality. The company’s brand power provides a moat, and its dividend strength has been mispriced. In the current environment, CPB stock can rise on the back of improving sales and economics, or value and yield as the broader economy struggles. Additionally, it's a low-beta stock with the worst already priced in, providing some insulation for potential index volatility as the summer progresses. No matter how you look at it, Campbell’s stock is a win-win for investors.

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By integrating the BD Pyxis™ Pro and BD Alaris™ platforms, Wellstar Health System is giving clinicians clearer insight, greater accuracy and simple automation, so they can focus on delivering safer, more consistent care to every patient

, /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced a strategic partnership with Wellstar Health System, one of Georgia's largest and most integrated healthcare systems, to enhance the safety and quality of medication delivery for patients across its hospitals and care facilities.

BD and Wellstar Advance Patient Care and Safety with Medication Management Powered by AI Through this collaboration, Wellstar is building a more connected approach to medication management from the pharmacy to the bedside by combining BD Pyxis™ Pro medication dispensing technologies with BD Alaris™ Infusion Systems. By adopting the latest in dispensing and infusion technology, Wellstar is empowering clinicians with greater accuracy, real‑time visibility, and streamlined workflows, helping them focus more on delivering safe, dependable care to their patients.

Powered by artificial intelligence, the new BD Pyxis™ Pro Dispensing Solution with Analytics in BD Incada™ provides Wellstar with enterprise‑wide visibility into medication inventory, including on‑demand insights through natural‑language queries. Customizable dashboards convert data into actionable intelligence, helping clinicians identify trends to ensure medication availability, reduce medication waste and optimize labor efficiency. And with BD Alaris™ EMR Interoperability, Wellstar clinicians can use barcode scanning to send infusion orders directly from the electronic medical record and receive infusion statuses back into the EMR.

"At Wellstar, our focus is on delivering safe, innovative care to every patient, every time," said Susan Wright, Pharm.D., Vice President, Pharmacy Services at Wellstar Health. "Partnering with BD to implement this technology strengthens our ability to focus on patient-centered programs and empower our teams to deliver care with confidence and compassion."

Wellstar also participates on the Strategic Development Council for BD's Medication Management Solutions business, where Wellstar leaders contribute expertise across enterprise pharmacy operations, medication safety, nursing, and informatics. This input helps inform and shape future innovation at BD and drives next-generation solutions to meet the real‑world challenges faced by large, complex healthcare systems.

"BD is proud to partner with Wellstar to advance medication safety and help ensure patients receive the right medications at the right time," said Connor Bates, Worldwide President for Medication Management Solutions at BD. "By integrating BD Pyxis™ and BD Alaris™ technologies, Wellstar is setting an example of how health systems can achieve connected, intelligent medication management that benefits both patients and clinicians."

This collaboration reflects a shared vision to strengthen safety, efficiency, and patient outcomes across the continuum of care, while positioning Wellstar as a leader in leveraging technology to improve the health of the communities it serves.

About BD
BD is one of the world's largest pure-play medical technology companies with a Purpose of advancing the world of health™ by driving innovation across medical essentials, connected care, biopharma systems and interventional. The company supports those on the frontlines of healthcare by developing transformative technologies, services and solutions that optimize clinical operations and improve care for patients. Operating across the globe, with more than 60,000 employees, BD delivers billions of products annually that have a positive impact on global healthcare. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase clinical efficiency, improve safety and expand access to healthcare. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/, X @BDandCo or Instagram @becton_dickinson.

About Wellstar Health System
Wellstar personalizes the patient experience. We call it PeopleCare and it's only possible thanks to our 34,000 team members who provide expert compassionate care for every stage of life. PeopleCare also means we serve our communities as a non-profit health system, providing more than $1 billion annually in charity care and community programs, and operating the largest integrated trauma network in the State of Georgia. We embrace innovation and technology, nurture early-stage companies through our venture firm Catalyst by Wellstar, and train future generations of caregivers with academic institutions including the Medical College of Georgia. Wellstar honors every voice and is one of the Fortune 100 Best Companies to Work For. To learn more, visit Wellstar.org.

Contacts: 

BD Media:

Investors:

Matt Marcus

Shawn Bevec

VP, Public Relations

SVP, Investor Relations

[email protected]

[email protected]

SOURCE BD (Becton, Dickinson and Company)

Revenue of $4.7 billion increased 5.2% as reported, 2.6% FXN GAAP and adjusted diluted EPS from continuing operations of $(0.13) and $2.90, respectively Executed a $2.0 billion accelerated share repurchase (ASR) program and retired $2.1 billion of debt in the quarter Company reaffirms revenue growth guidance, raises full-year adjusted diluted EPS guidance1 , /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced results for its fiscal 2026 second quarter, which ended March 31, 2026.

"We delivered a solid second quarter, with revenue, margins and EPS all ahead of our expectations," said Tom Polen, chairman, CEO and president of BD. "Execution was broad-based, with more than 90% of the business delivering mid‑single‑digit growth, strong performance from our growth platforms and ongoing margin momentum from BD Excellence. Based on our first‑half performance and improved visibility into the balance of the year, we are raising our full‑year adjusted EPS guidance and reaffirming our revenue growth expectations. We remain focused on disciplined execution of our New BD strategy, including advancing our commercial and innovation initiatives across key growth platforms, expanding margins, and delivering on our capital allocation framework, all to drive sustainable long‑term shareholder value."

1BD does not attempt to provide reconciliations of forward-looking adjusted diluted EPS guidance to the comparable GAAP measure. See the discussion below under "Full Year Fiscal 2026 Guidance."

Recent Business Highlights

Medical Essentials: Announced the commercial launch of the BD® CentroVena One™ Insertion System, the first all-in-one central venous catheter (CVC) insertion device on the market designed to simplify central line placement and enhance patient safety in acute settings. Connected Care: Announced a strategic partnership with Wellstar Health System to advance patient care and safety with medication management powered by AI, building a more connected approach from the pharmacy to the bedside by integrating the BD® Pyxis™ Pro and BD® Alaris™ Platforms to give clinicians clearer insight, greater accuracy and simple automation. Launched the BD® Pyxis™ Pro Dispensing Solution and BD® Incada™ Connected Care Platform in Europe, leveraging advanced automation and AI‑driven insights to improve medication management efficiency and safety across pharmacy settings. Launched the HemoSphere Stream™ Module, expanding access to continuous, noninvasive blood pressure monitoring with real‑time arterial waveform data across compatible bedside monitors and care settings. Announced a partnership with Sinteco to expand advanced robotics for end‑to‑end connected medication management, streamlining pharmacy operations and supporting higher‑quality care. Earned three 2026 Best in KLAS Awards with BD Pyxis™ MedStation™ ES recognized for Automated Dispensing Cabinets and the BD Alaris™ Infusion System for Traditional and EHR-Integrated Smart Pumps. Interventional: Received CE Marking for the Revello™ Vascular Covered Stent, advancing BD's peripheral vascular portfolio with a next-generation endovascular solution for iliac artery treatment. Received CE Marking for the Liverty™ TIPS Stent Graft, advancing portal hypertension care with a next‑generation interventional solution for patients with advanced liver disease. Received FDA 510(k) clearance for Surgiphor™ 1000mL, the first and only 1000 mL antimicrobial wound irrigation system designed for powered lavage, enabling standardized, OR‑ready irrigation. BD named a Top 100 Global Innovator by LexisNexis, reflecting the strength of BD's innovation engine and contributions to sustainable growth, margin expansion and competitive advantage. Basis of Presentation— Continuing Operations

On February 9, 2026, the company completed the spin-off of BD's former Biosciences and Diagnostic Solutions business and the combination of the business with Waters Corporation ("Waters"). The historical results of the former Biosciences and Diagnostic Solutions business, which was previously the Life Sciences segment, are reflected as discontinued operations for all periods presented. Financial information presented in this release reflects BD's results on a continuing operations basis. Prior periods have been recast to conform to this presentation.

Second Quarter Fiscal 2026 Operating Results

Three Months Ended March 31,

Reported
Change

Foreign Currency 
Neutral Change1 

(Millions of dollars, except per share amounts)

2026

2025

Revenues

$               4,714

$               4,480

5.2 %

2.6 %

Reported Diluted Earnings per Share

$                (0.13)

$                 0.55

(123.6) %

(130.9) %

Adjusted Diluted Earnings per Share1

$                 2.90

$                 2.79

3.9 %

1.1 %

1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the attached financial tables.

Geographic Results

Revenues (Millions of dollars)

Three Months Ended March 31,

Reported
Change

Foreign Currency 
Neutral Change1

2026

2025

United States

$               2,917

$               2,776

5.1 %

5.1 %

International

$               1,797

$               1,704

5.5 %

(1.4) %

Total Revenues

$               4,714

$               4,480

5.2 %

2.6 %

1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the attached financial tables.

Segment Results

Revenues (Millions of dollars)

Three Months Ended March 31,

Reported
Change

Foreign Currency
Neutral Change1

2026

2025

Medical Essentials2

$               1,647

$               1,573

4.7 %

1.7 %

Connected Care2

$               1,120

$               1,068

4.9 %

3.2 %

BioPharma Systems2

$                  590

$                  575

2.5 %

(1.8) %

Interventional2

$               1,357

$               1,264

7.3 %

5.3 %

Total Revenues

$               4,714

$               4,480

5.2 %

2.6 %

1Represents a non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures in the attached financial tables. 

2Effective October 1, 2025, the company reorganized its organizational units into five distinct, separately-managed segments, which are based on the nature of the company's product and service offerings. Subsequent to the spin-off of the company's former Biosciences and Diagnostic Solutions business and the combination of the business with Waters, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis.

Full Year Fiscal 2026 Guidance

The company updates its full year fiscal 2026 guidance as follows:

Updated New BD Guidance

as of May 7, 2026

Prior New BD Guidance

as of February 9, 2026

GAAP Revenue Growth

Low single-digit plus

Low single-digit plus

Revenue Growth (FXN)

Low single-digit

Low single-digit

Adjusted Diluted EPS

$12.52 to $12.72

$12.35 to $12.65

BD's guidance for full year fiscal 2026 reflects numerous assumptions that could affect its business, based on the information management has reviewed as of this date. Management will discuss its guidance and several of its assumptions on its second fiscal quarter earnings call.

The company's expected adjusted diluted EPS for fiscal 2026 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, separation-related costs, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted EPS guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on GAAP measures of BD's financial performance. We also present our revenue growth for our 2026 fiscal year after adjusting for the illustrative impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD's anticipated underlying revenue performance for our 2026 fiscal year in relation to our underlying 2025 fiscal year performance.

Conference Call and Presentation Materials
BD will host an audio webcast today for the public, investors, analysts and news media to discuss its second quarter results. The audio webcast will be broadcast live on BD's website, www.bd.com/investors, at 8 a.m. (ET) Thursday, May 7, 2026. Accompanying slides will be available on BD's website, www.bd.com/investors at approximately 6:30 a.m. (ET). The conference call will be available for replay on BD's website, www.bd.com/investors. Alternatively, you can dial into the replay at 800-688-9445 (domestic) and 402-220-1371 (international) through the close of business on Thursday, May 14, 2026. A confirmation number is not needed to access the replay.

Non-GAAP Financial Measures/Financial Tables
This press release contains certain non-GAAP financial measures. These include revenue growth rates on a currency-neutral basis and adjusted diluted earnings per share. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States. BD management believes that the use of non-GAAP measures to adjust for items that are considered by management to be outside of BD's underlying operational results or that affect period-to-period comparability helps investors to gain a better understanding of our performance year-over-year, to analyze underlying trends in our businesses, to analyze our operating results, and to understand future prospects. Management uses these non-GAAP financial measures to measure and forecast the company's performance, especially when comparing such results to previous periods or forecasts. We believe presenting such adjusted metrics provides investors with greater transparency to the information used by BD management for its operational decision-making and for comparison to other companies within the medical technology industry. Although BD's management believes non-GAAP results are useful in evaluating the performance of its business, its reliance on these measures is limited since items excluded from such measures may have a material impact on BD's net income, earnings per share or cash flows calculated in accordance with GAAP. Therefore, management typically uses non-GAAP results in conjunction with GAAP results to address these limitations. BD strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by BD may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Non-GAAP measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures.

We present adjusted diluted earnings per share for the second quarter and the first six months of fiscal year 2026, and the corresponding prior periods, after eliminating items we believe are not part of our ordinary operations and affect the comparability of the periods presented. Adjusted diluted earnings per share includes adjustments for the impact of purchase accounting adjustments, integration and restructuring costs, transaction costs, separation-related costs, certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, certain pension settlement costs, and the impact of the extinguishment of debt.

We also present revenue growth rates for the second quarter and the first six months of fiscal year 2026 over the corresponding prior periods on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We also show the growth in adjusted diluted earnings per share compared to the prior year periods after eliminating the impact of foreign currency translation to further enable investors to evaluate BD's underlying earnings performance compared to the prior period. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results. As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors' ability to understand our operating results and evaluate our performance in comparison to the prior periods.

New BD refers to BD post the separation of the Biosciences and Diagnostic Solutions business from BD.

Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

About BD
BD is one of the world's largest pure-play medical technology companies with a Purpose of advancing the world of health™ by driving innovation across medical essentials, connected care, biopharma systems and interventional. The company supports those on the frontlines of healthcare by developing transformative technologies, services and solutions that optimize clinical operations and improve care for patients. Operating across the globe, with more than 60,000 employees, BD delivers billions of products annually that have a positive impact on global healthcare. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase clinical efficiency, improve safety and expand access to healthcare. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/, X @BDandCo or Instagram @becton_dickinson.

***

This press release and accompanying audio webcast on May 7, 2026 contain certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's future prospects and performance, including, but not limited to, statements relating to future revenues, margins, earnings per share, leverage targets and capital deployment. All such statements are based upon current expectations and assumptions of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to such forward-looking statements, a number of factors could cause actual results to vary materially. These factors include, but are not limited to, risks relating to macroeconomic conditions and their impact on our operations and healthcare spending generally, including any impact related to the imposition of (and changing policies around) new and existing tariffs enacted by the U.S. government (and related countermeasures by non-U.S. governments), or our ability to mitigate the impact of such tariffs, including developments regarding refunds of certain tariffs; import or export licensing requirements and other governmental restrictions; reductions in U.S. government funding for healthcare, disruptions in global transportation networks or other aspects of our supply chain on our ability to source raw materials, components and energy sources needed to produce our products; inflationary pressures, currency and interest rate fluctuations, global oil prices and increased borrowing costs; conditions in international markets, including geopolitical developments such as the continuation and/or escalation of evolving situations in Iran and the Middle East region (which could result in continued disruption of transportation lanes and global energy supplies, as well as increases in global oil prices and adversely affect our supply chain costs, ability to source raw materials and components and our ability to deliver product to customers), Ukraine and Asia; competitive factors, including changing customer and patient preferences and requirements, such as decreased demand for our products as a result of changes to U.S. federal and state policies (such as for pharmaceutical products and vaccines, and increased demand for products utilizing emerging technologies (such as artificial intelligence ("AI")), as well as new products or novel medical therapies introduced by competitors; changes in research and development efforts, investment or suspension by pharmaceuticals companies with regard to vaccine development; changes in reimbursement practices and coverage policies and third-party payer cost containment measures and health insurance coverage levels and costs; decreases or delays in purchases of our products due to reduced research and development spending; product efficacy or safety concerns and related regulatory actions, changes to the labeled indications or permitted uses of our products, non-compliance with applicable regulatory requirements regarding our products, including marketing authorization, registration, quality system and manufacturing requirements (including as a result of product modifications), or other factors that could result in product recalls, field actions, lost revenue, restrictions on our ability to continue selling existing products or commercialize new products (including limitations on future product clearances or approvals and the imposition of civil penalties); increased exposure to product liability or other claims and damage to our reputation (including products we acquire through acquisitions); changes to legislation or regulations that may impact U.S. or foreign healthcare systems, changes in medical or clinical practices or in customer and patient preferences, efforts to improve compliance of healthcare practitioners, potential cuts or freezes in healthcare spending and/or governmental or private measures to contain healthcare costs, such as China's volume-based procurement tender process or changes in pricing and reimbursement policies, which could result in reduced demand for our products or downward pricing pressure; policy and regulatory changes that may be implemented by the U.S. government, including the further elimination, downsizing and/or reduced funding of certain government agencies and programs, as well as further changes in the policy positions of such agencies (including those related to pharmaceutical products and vaccines); other new or changing laws and regulations impacting our business, including changes in tax laws, new and changing environmental laws and regulations (such as those related to sustainability, climate change or materials of concern) and new and changing cybersecurity, AI or privacy laws; other changes in laws impacting international trade or anti-corruption and bribery, or changes in reporting requirements or enforcement practices with respect to such laws; the adverse impact on our business or products of past, current or future information and technology system disruptions, breaches or breakdowns, including through cyberattacks, ransom attacks or cyber-intrusion, and any investigations, legal proceedings, liability, expense or reputational damage arising in connection with any such events; any adverse impact related to the development, deployment and use of AI in our products and business operations; labor disruptions; our suppliers' ability to provide products needed for our operations and BD's ability to maintain favorable supplier arrangements and relationships; increases in raw material, component, labor, duties, freight, energy and other production costs and their effect on, among other things, the cost of producing BD's products; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations; risks relating to our overall indebtedness; the possible impact of natural disasters and public health crises on our business and the global healthcare system, which could decrease demand for our products, disrupt our operations or the operations of our customers and companies within our supply chain, or increase transportation costs; interruptions in our manufacturing or sterilization processes or those of our third-party providers, including any restrictions placed on the use of ethylene oxide for sterilization; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; the overall timing of the replacement or remediation of the BD Alaris™ Infusion System and return to market in the U.S., which may be impacted by, among other things, customer readiness, supply continuity and our continued engagement with the FDA; our ability to achieve our projected level or mix of product sales; our ability to successfully integrate any businesses we acquire; uncertainties of litigation, investigations, regulatory actions, subpoenas, settlements, fines, penalties and/or other sanctions (as described in BD's filings with the Securities and Exchange Commission (the "SEC")); the issuance of new or revised accounting standards; risks associated with the separation of our former BD's Biosciences and Diagnostic Solutions and the combination of the business with Waters, including factors that could diminish our benefits from the transaction; our ability to execute our New BD strategy, Excellence Unleashed, as expected; and other factors discussed in BD's filings with the SEC. Tariff commentary is based on tariff policies in effect as of May 6, 2026. International trade policies, trade restrictions and tariffs (and related countermeasures and developments regarding refunds of certain tariffs) are rapidly evolving and there can be no assurance as to how the landscape may change and what the ultimate impact on our guidance and results of operations will be. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in millions, except share and per share data)

Three Months Ended March 31,

2026

2025

% Change

Revenues

$

4,714

$

4,480

5.2

Cost of products sold

2,560

2,619

(2.3)

Selling and administrative expense

1,213

1,117

8.6

Research and development expense

249

232

7.3

Integration, restructuring and transaction expense

533

93

471.5

Other operating expense, net

66

35

88.5

Total Operating Costs and Expenses

4,620

4,097

12.8

Operating Income

93

383

(75.6)

Interest expense

(149)

(150)

(0.7)

Interest income

9

5

102.6

Other income (expense), net

86

(36)

335.8

Income from Continuing Operations Before Income Taxes

39

201

(80.5)

Income tax provision

76

43

75.1

Net (Loss) Income from Continuing Operations

(37)

158

(123.1)

(Loss) Income from Discontinued Operations, Net of Tax

(274)

150

(283.0)

Net (Loss) Income

$     (311)

$      308

(201.0)

Basic Earnings Per Share

(Loss) Income from Continuing Operations

$    (0.13)

$      0.55

(123.6)

(Loss) Income from Discontinued Operations

(0.98)

0.52

(288.5)

Basic (Loss) Earnings per Share

$

(1.11)

$

1.07

(203.7)

Diluted Earnings Per Share

(Loss) Income from Continuing Operations

$    (0.13)

$      0.55

(123.6)

(Loss) Income from Discontinued Operations

(0.98)

0.52

(288.5)

Diluted (Loss) Earnings per Share

$

(1.11)

$

1.07

(203.7)

Average Shares Outstanding (in thousands)

Basic

280,640

287,293

Diluted

280,640

287,737

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in millions, except share and per share data)

Six Months Ended March 31,

2026

2025

% Change

Revenues

$

9,200

$

8,813

4.4

Cost of products sold

4,994

5,155

(3.1)

Selling and administrative expense

2,442

2,272

7.5

Research and development expense

484

476

1.8

Integration, restructuring and transaction expense

640

182

252.2

Other operating expense, net

78

63

24.4

Total Operating Costs and Expenses

8,639

8,147

6.0

Operating Income

562

665

(15.6)

Interest expense

(302)

(305)

(1.0)

Interest income

13

27

(52.5)

Other income (expense), net

78

(50)

257.1

Income from Continuing Operations Before Income Taxes

350

337

3.9

Income tax provision

76

33

132.6

Net Income from Continuing Operations

274

304

(10.0)

(Loss) Income from Discontinued Operations, Net of Tax

(202)

306

(166.1)

Net Income

$         72

$       611

(88.3)

Basic Earnings Per Share

Income from Continuing Operations

$      0.97

$      1.06

(8.5)

(Loss) Income from Discontinued Operations

(0.72)

1.06

(167.9)

Basic Earnings per Share

$

0.25

$

2.12

(88.2)

Diluted Earnings Per Share

Income from Continuing Operations

$      0.96

$      1.05

(8.6)

(Loss) Income from Discontinued Operations

(0.71)

1.06

(167.0)

Diluted Earnings per Share

$

0.25

$

2.11

(88.2)

Average Shares Outstanding (in thousands)

Basic

283,138

288,411

Diluted

284,634

289,193

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; Amounts in millions)

March 31, 2026

September 30, 2025

Assets

Cash and equivalents

$

813

$

567

Restricted cash

202

210

Short-term investments

3

8

Trade receivables, net

2,205

2,396

Inventories

3,357

3,149

Prepaid expenses and other

1,432

1,379

Current assets of discontinued operations

—

1,545

Total Current Assets

8,012

9,255

Property, plant and equipment, net

6,082

6,383

Goodwill and other intangibles, net

34,303

35,190

Other assets

2,434

2,383

Noncurrent assets of discontinued operations

—

2,114

Total Assets

$

50,832

$

55,325

Liabilities and Shareholders' Equity

Current debt obligations

$

2,573

$

1,559

Other current liabilities

5,934

6,106

Current liabilities of discontinued operations

—

648

Long-term debt

14,706

17,620

Long-term employee benefit obligations

1,026

1,027

Deferred income taxes and other liabilities

2,460

2,632

Noncurrent liabilities of discontinued operations

—

342

Shareholders' equity

24,133

25,390

Total Liabilities and Shareholders' Equity

$

50,832

$

55,325

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; Amounts in millions)

Six Months Ended March 31,

2026

2025

Operating Activities

Net income

$

72

$

611

Less: (Loss) income from discontinued operations, net of tax

(202)

306

Income from continuing operations, net of tax

274

304

Depreciation and amortization

1,134

1,131

Change in operating assets and liabilities and other, net

(80)

(947)

Net Cash Provided by Continuing Operating Activities

1,328

489

Investing Activities

Capital expenditures

(233)

(219)

Maturities and sales of investments

23

413

Acquisitions, net of cash acquired and adjustments

—

13

Other, net

(111)

(136)

Net Cash (Used for) Provided by Continuing Investing Activities

(322)

71

Financing Activities

Change in short-term debt

328

340

Distribution from spin-off entity, net

3,857

—

Payments of debt

(2,000)

(875)

Repurchases of common stock

(2,250)

(750)

Dividends paid

(589)

(600)

Other, net

(63)

(81)

Net Cash Used for Continuing Financing Activities

(716)

(1,966)

Discontinued Operations

Net cash (used for) provided by operating activities

(73)

368

Net cash used for investing activities

(53)

(59)

Net cash provided by (used for) financing activities

71

(3)

      Net Cash (Used for) Provided by Discontinued Operations

(55)

306

Effect of exchange rate changes on cash and equivalents and restricted cash

3

(11)

Net increase (decrease) in cash and equivalents and restricted cash

238

(1,111)

Opening Cash and Equivalents and Restricted Cash

777

1,792

Closing Cash and Equivalents and Restricted Cash

$

1,015

$

681

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Three Months Ended March 31,

(Unaudited; Amounts in millions)

United States

International

Total

% Change

% Change

2026

2025

% Change

2026

2025

FX Impact

Reported

FXN

2026

2025

FX Impact

Reported

FXN

Medical Essentials(1)

Medication Delivery Solutions

$

712

$

687

3.7

$

451

$

430

$

31

4.9

(2.2)

$

1,163

$

1,117

$

31

4.1

1.4

Specimen Management

253

242

4.5

231

213

17

8.1

0.3

484

456

17

6.2

2.5

Total

$

965

$

929

3.9

$

682

$

643

$

47

6.0

(1.4)

$

1,647

$

1,573

$

47

4.7

1.7

Connected Care(1)

Medication Management Solutions

$

660

$

662

(0.2)

$

168

$

149

$

14

12.7

3.3

$

829

$

811

$

14

2.2

0.4

Advanced Patient Monitoring

180

155

15.9

112

102

4

10.0

6.2

292

257

4

13.6

12.0

Total

$

840

$

817

2.9

$

280

$

251

$

18

11.6

4.5

$

1,120

$

1,068

$

18

4.9

3.2

BioPharma Systems(1)(2)

$

178

$

149

19.4

$

411

$

426

$

25

(3.4)

(9.2)

$

590

$

575

$

25

2.5

(1.8)

Interventional(1)

Peripheral Intervention

$

279

$

269

3.9

$

236

$

212

$

15

11.1

4.1

$

515

$

481

$

15

7.1

4.0

Urology and Critical Care

351

323

8.6

79

77

4

3.0

(2.3)

430

400

4

7.5

6.5

Surgery

303

289

4.9

109

94

7

14.9

7.3

411

383

7

7.4

5.5

Total

$

933

$

880

6.0

$

423

$

384

$

26

10.4

3.6

$

1,357

$

1,264

$

26

7.3

5.3

Total Revenues from Continuing Operations

$

2,917

$

2,776

5.1

$

1,797

$

1,704

$

116

5.5

(1.4)

$

4,714

$

4,480

$

116

5.2

2.6

(1)

Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the Company's product and service offerings. Subsequent to the spin-off of the company's former Biosciences and Diagnostic Solutions business (which was previously the Life Sciences segment) and the combination of the business with Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis.

(2)

The BioPharma Systems segment is comprised of the Company's former Pharmaceutical Systems organizational unit.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS

Six Months Ended March 31,

(Unaudited; Amounts in millions)

United States

International

Total

% Change

% Change

2026

2025

% Change

2026

2025

FX Impact

Reported

FXN

2026

2025

FX Impact

Reported

FXN

Medical Essentials(1)

Medication Delivery Solutions

$

1,405

$

1,381

1.7

$

886

$

860

$

43

3.0

(1.9)

$

2,291

$

2,241

$

43

2.2

0.3

Specimen Management

498

481

3.7

453

437

24

3.8

(1.7)

951

917

24

3.7

1.1

Total

$

1,903

$

1,861

2.2

$

1,340

$

1,297

$

67

3.3

(1.9)

$

3,242

$

3,158

$

67

2.7

0.6

Connected Care(1)

Medication Management Solutions

$

1,339

$

1,321

1.4

$

324

$

291

$

20

11.3

4.4

$

1,663

$

1,612

$

20

3.1

1.9

Advanced Patient Monitoring

358

314

14.1

231

215

6

7.5

4.9

589

528

6

11.4

10.4

Total

$

1,697

$

1,635

3.8

$

555

$

506

$

26

9.7

4.6

$

2,252

$

2,141

$

26

5.2

4.0

BioPharma Systems(1)(2)

$

329

$

253

29.9

$

690

$

740

$

32

(6.7)

(11.0)

$

1,019

$

993

$

32

2.6

(0.6)

Interventional(1)

Peripheral Intervention

$

545

$

522

4.5

$

456

$

432

$

21

5.3

0.6

$

1,000

$

954

$

21

4.9

2.7

Urology and Critical Care

690

629

9.8

167

160

5

4.3

1.0

857

789

5

8.6

8.0

Surgery

613

591

3.6

217

187

10

16.2

10.7

829

778

10

6.6

5.3

Total

$

1,847

$

1,742

6.1

$

839

$

779

$

36

7.7

3.1

$

2,687

$

2,521

$

36

6.6

5.2

Total Revenues from Continuing Operations

$

5,776

$

5,490

5.2

$

3,424

$

3,322

$

161

3.1

(1.8)

$

9,200

$

8,813

$

160

4.4

2.6

(1)

Effective October 1, 2025, the Company reorganized its organizational units into five distinct, separately-managed segments, which were based on the nature of the Company's product and service offerings. Subsequent to the spin-off of the company's former Biosciences and Diagnostic Solutions business (which was previously the Life Sciences segment) and the combination of the business with Waters on February 9, 2026, the Life Sciences segment was eliminated, leaving the Company with four distinct, separately-managed segments. Prior period amounts have been recast to reflect the reorganization on a continuing operations basis.

(2)

The BioPharma Systems segment is comprised of the Company's former Pharmaceutical Systems organizational unit.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

(Unaudited)

Three Months Ended March 31,

2026

2025

Change

Translational FX

FXN
Change

Change %

FXN
Change %

Reported Diluted (Loss) Earnings per Share from Continuing Operations

$

(0.13)

$

0.55

$

(0.68)

$

0.04

$

(0.72)

(123.6)

%

(130.9)

%

Purchase accounting adjustments ($368 million and $543 million pre-tax, respectively) (1)

1.31

1.89

0.01

Integration costs ($46 million and $26 million pre-tax, respectively) (2)

0.16

0.09

—

Restructuring costs ($487 million and $66 million pre-tax, respectively) (2)

1.73

0.23

0.02

Separation-related items ($40 million pre-tax) (3)

0.14

—

—

Product, litigation, and other items ($132 million and $139 million pre-tax, respectively) (4)

0.47

0.48

—

Impacts of debt extinguishment (($122) million pre-tax)

(0.43)

—

—

Dilutive impact (5)

(0.01)

—

—

Tax impact of specified items and other tax related (($97) million and ($129) million, respectively)

(0.35)

(0.45)

—

Adjusted Diluted Earnings per Share from Continuing Operations

$

2.90

$

2.79

$

0.11

$

0.08

$

0.03

3.9

%

1.1

%

(1)

Includes amortization and other adjustments related to the purchase accounting for acquisitions.

(2)

Represents costs associated with integration and restructuring activities. Restructuring costs for the three months ended March 31, 2026 reflect non-cash asset impairment charges of $450 million across all reportable segments based upon the Company's commitment to exit certain operational activities and projects which no longer align with and facilitate its current operational strategy, Excellence Unleashed. These exit actions are aimed at simplifying the Company's operations and aligning resources behind its most value-creating platforms. The impairment charges are primarily reflected as decreases of $238 million within Property, plant and equipment, net, and $134 million within Goodwill and other intangibles, net, on the Company's March 31, 2026 condensed consolidated balance sheet.

(3)

Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters.

(4)

Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the three months ended March 31, 2026 reflects charges of $42 million recorded to Cost of products sold to adjust the estimate of future product remediation costs, charges of $52 million recorded to Other operating expense, net, related to various legal matters, and a charge of $25 million to Other expense, net related to pension settlement costs. The amount for the three months ended March 31, 2025 reflects a charge of $76 million recorded to Cost of products sold to adjust the estimate of future product remediation costs and charges of $32 million recorded to Other operating expense, net, related to various legal matters.

(5)

The amount in 2026 represents the exclusion of share equivalents associated with share-based plans from the reported diluted shares outstanding calculation because such equivalents would have been antidilutive due to the net loss incurred during the period. The adjusted diluted average shares outstanding (in thousands) were 281,674.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS

(Unaudited)

Six Months Ended March 31,

2026

2025

Change

Translational FX

FXN
Change

Change %

FXN
Change %

Reported Diluted Earnings per Share from Continuing Operations

$

0.96

$

1.05

$

(0.09)

$

0.04

$

(0.13)

(8.6)

%

(12.4)

%

Purchase accounting adjustments ($751 million and $1.105 billion pre-tax, respectively) (1)

2.64

3.82

0.01

Integration costs ($82 million and $50 million pre-tax, respectively) (2)

0.29

0.17

—

Restructuring costs ($557 million and $128 million pre-tax, respectively) (2)

1.96

0.44

0.03

Transaction costs ($4 million pre-tax) (3)

—

0.01

—

Separation-related items ($41 million pre-tax) (4)

0.14

—

—

Product, litigation, and other items ($140 million and $211 million pre-tax, respectively) (5)

0.49

0.73

—

Impacts of debt extinguishment (($122) million pre-tax)

(0.43)

—

—

Tax impact of specified items and other tax related (($192) million and ($191) million, respectively)

(0.67)

(0.66)

—

Adjusted Diluted Earnings per Share from Continuing Operations

$

5.38

$

5.57

$

(0.19)

$

0.08

$

(0.27)

(3.4)

%

(4.8)

%

(1)

Includes amortization and other adjustments related to the purchase accounting for acquisitions.

(2)

Represents costs associated with integration and restructuring activities. Restructuring costs for the six months ended March 31, 2026 reflect non-cash asset impairment charges of $450 million across all reportable segments based upon the Company's commitment to exit certain operational activities and projects which no longer align with and facilitate its current operational strategy, Excellence Unleashed. These exit actions are aimed at simplifying the Company's operations and aligning resources behind its most value-creating platforms. The impairment charges are primarily reflected as decreases of $238 million within Property, plant and equipment, net, and $134 million within Goodwill and other intangibles, net, on the Company's March 31, 2026 condensed consolidated balance sheet.

(3)

Represents transaction costs recorded to Integration, restructuring and transaction expense incurred in connection with the Advanced Patient Monitoring acquisition.

(4)

Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters.

(5)

Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount for the six months ended March 31, 2026 reflects charges of $42 million recorded to Cost of products sold to adjust the estimate of future product remediation costs, charges of $63 million recorded to Other operating expense, net, related to various legal matters, and a charge of $25 million to Other expense, net, related to pension settlement costs. The amount for the six months ended March 31, 2025 reflects charges of $98 million to Cost of products sold to adjust the estimate of future product remediation costs and charges of $60 million to Other operating expense, net, related to various legal matters.

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2026 GUIDANCE RECONCILIATION

Full Year FY2025

Full Year FY2026 Guidance

($ in millions)

% Change

BDX Reported Revenues from Continuing Operations

$

18,544

FY2026 Reported Revenue Growth

Low single-digit plus

Illustrative Foreign Currency (FX) Impact

~+120 basis points

FY2026 Revenue Growth (FXN)

Low single-digit

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

FY 2026 GUIDANCE RECONCILIATION CONTINUED

Full Year FY 2026 Guidance

Full Year FY2025

Total Company

Reported Diluted Earnings per Share from Continuing Operations

$

3.81

Purchase accounting adjustments ($1.865 billion pre-tax) (1)

6.46

Integration costs ($127 million pre-tax) (2)

0.44

Restructuring costs ($270 million pre-tax) (2)

0.93

Transaction costs ($6 million pre-tax) (3)

0.02

Separation-related items ($3 million pre-tax) (4)

0.01

Product, litigation, and other items ($506 million pre-tax) (5)

1.75

Tax impact of specified items and other tax related (($443) million)

(1.54)

Adjusted Diluted Earnings per Share from Continuing Operations

$

11.90

$12.52 to $12.72

Reported % Change

+5.2% to +6.9%

(1)

Includes amortization and other adjustments related to the purchase accounting for acquisitions.

(2)

Represents costs associated with integration and restructuring activities.

(3)

Represents transaction costs incurred in connection with the Advanced Patient Monitoring acquisition.

(4)

Represents costs recorded to Other operating expense, net, incurred in connection with the separation of our former Biosciences and Diagnostic Solutions business and the combination of the business with Waters.

(5)

Includes certain (income) expense items which are not part of ordinary operations and affect the comparability of the periods presented. Such items may include certain product remediation costs, certain legal matters, certain investment gains and losses, certain asset impairment charges, and certain pension settlement costs. The amount in 2025 reflects charges of $98 million to Cost of products sold to adjust the estimate of future product remediation costs, charges of $297 million to Other operating expense, net, related to product liability and certain other legal matters, and charges of $38 million to Other expense, net, related to pension settlement costs.

SOURCE BD (Becton, Dickinson and Company)

SummaryCompaniesStrong demand for drug delivery devices boosts company's performanceCEO Tom Polen expects injectables to remain key despite oral GLP-1 competitionCompany plans pricing actions to offset high ​oil and resin costs, appoints Vitor Roque as CFOMay 7 (Reuters) - Becton Dickinson (BDX.N), opens new tab raised annual profit forecast and beat estimates for second-quarter results on Thursday, riding strong demand for its drug-delivery devices and surgical equipment, ​sending its shares up more than 5%.

Strong demand for injectable diabetes and obesity ​drugs of GLP-1 class has buoyed the performance of device makers ⁠such as Becton Dickinson, which makes injection pens used to administer these therapies, ​though analysts warn oral weight-loss pills could weigh.

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GLP-1 therapies remain a "strong growth driver," CEO ​Tom Polen said on a call with analysts. "Oral GLP-1 is expected to be incremental and complementary," while injectables will "continue to remain a backbone of the category for the foreseeable future," Polen said.

The ​company, which makes and distributes medical and surgical products such as needles, syringes ​and disposal units, expects its 2026 adjusted profit per share to be between $12.52 and $12.72. That compares ‌with ⁠its previous forecast of $12.35 to $12.65 per share.

Polen also said the company expects to mitigate cost pressures this year from higher oil and resin prices linked to the Middle East conflict through measures including pricing actions.

Resins and molded plastics, used to make syringes ​and catheters, account for ​about 5% of ⁠cost of goods sold, he said.

The company expects oil prices to remain high into next year and plans to offset the ​impact through diversified resin sourcing and further pricing actions.

It posted ​an adjusted ⁠profit of $2.90 per share for the quarter ended March 31, topping analysts' estimate of $2.77, according to data compiled by LSEG.

Separately, the company appointed Vitor Roque as its chief financial ⁠officer. ​Roque, a Becton Dickinson veteran for more than ​25 years, was serving as its interim CFO since December and oversaw key events including completing the separation of ​its biosciences and diagnostics business.

Reporting by Siddhi Mahatole in Bengaluru; Editing by Shilpi Majumdar

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

For the quarter ended March 2026, Becton Dickinson (BDX - Free Report) reported revenue of $4.71 billion, down 10.6% over the same period last year. EPS came in at $2.90, compared to $3.35 in the year-ago quarter.

The reported revenue represents a surprise of +1.04% over the Zacks Consensus Estimate of $4.67 billion. With the consensus EPS estimate being $2.77, the EPS surprise was +4.82%.

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

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

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

Revenues- Medical Essentials- International: $682 million versus $679.24 million estimated by two analysts on average.Revenues- Connected Care- United States: $840 million versus $819.64 million estimated by two analysts on average.Revenues- Connected Care- International: $280 million versus $268.2 million estimated by two analysts on average.Revenues- Connected Care- Medication Management Solutions- International: $168 million versus $156.64 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +12.8% change.Revenues- Interventional- Surgery: $411 million compared to the $410.67 million average estimate based on three analysts. The reported number represents a change of +7.3% year over year.Revenues- Interventional- Peripheral Intervention: $515 million versus the three-analyst average estimate of $507.53 million. The reported number represents a year-over-year change of +7.1%.Revenues- Interventional- Urology and Critical Care: $430 million versus $438.31 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +7.5% change.Revenues- Connected Care- Medication Management Solutions: $829 million versus $819.09 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +2.2% change.Revenues- Connected Care: $1.12 billion compared to the $1.1 billion average estimate based on three analysts.Revenues- Medical Essentials: $1.65 billion versus the three-analyst average estimate of $1.62 billion. The reported number represents a year-over-year change of -40.3%.Revenues- BioPharma Systems: $590 million versus $580.75 million estimated by three analysts on average.Revenues- Medical Essentials- Medication Delivery Solutions: $1.16 billion versus $1.15 billion estimated by three analysts on average.View all Key Company Metrics for Becton Dickinson here>>>

Shares of Becton Dickinson have returned -7.9% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Key Takeaways BDX delivered adjusted EPS of $2.90 on revenues of $4.71 billion, beating consensus estimates.BD's all segments grew on a reported basis, led by Interventional and Medical Essentials revenue gains.BDX expanded gross and operating margins as gross profit and adjusted operating profit rose year over year. Becton, Dickinson and Company (BDX - Free Report) , popularly known as BD, delivered adjusted earnings per share (EPS) of $2.90 in the second quarter of fiscal 2026, up 3.9% year over year. The figure topped the Zacks Consensus Estimate by 4.8%.

The adjustments include expenses related to purchase accounting adjustments and restructuring costs, among others.

GAAP loss per share for the quarter was 13 cents against the year-ago quarter’s EPS of 55 cents.

BDX’s Revenues in DetailBD registered revenues of $4.71 billion in the fiscal second quarter, up 5.2% year over year on a reported basis. The figure surpassed the Zacks Consensus Estimate by 1%.

At constant exchange rate (CER), revenues climbed 2.6% year over year.

Robust performances by all the segments on a reported basis drove the top-line improvement.

Shares of this company gained nearly 2.5% in today’s pre-market trading.

BD’s Segment DetailsEffective Oct. 1, 2025, BD had reorganized its organizational units into five distinct, separately-managed segments, which are based on the nature of its product and service offerings. However, subsequent to the spin-off of BDX's former Biosciences and Diagnostic Solutions business and the combination of the business with Waters, the Life Sciences segment was eliminated, leaving the company with four distinct, separately-managed segments.

In the quarter under review, the Medical Essentials segment reported revenues of $1.65 billion, up 4.7% and 1.7% from the year-ago quarter on a reported basis and at CER, respectively.

Revenues in the Connected Care segment totaled $1.12 billion, up 4.9% year over year on a reported basis and 3.2% at CER.

BioPharma Systems segment generated revenues of $590 million, up 2.5% from the year-ago quarter on a reported basis, but down 1.8% at CER.

BD Interventional segment generated revenues of $1.36 billion, up 7.3% from the year-ago quarter on a reported basis and 5.3% at CER.

BDX’s Geographic ResultsIn the second quarter of fiscal 2026, revenues in the United States improved 5.1% year over year to $2.92 billion.

International revenues grossed $1.79 billion, up 5.5% from the year-ago quarter on a reported basis, but down 1.4% at CER.

BD’s Margin AnalysisIn the quarter under review, BD’s gross profit increased 15.7% year over year to $2.15 billion. The gross margin expanded 415 basis points (bps) to 45.7%.

Selling and administrative expenses increased 8.6% year over year to $1.21 billion. Research and development expenses increased 7.3% year over year to $249 million. Adjusted operating expenses of $1.46 billion rose 8.4% year over year.

Adjusted operating profit totaled $692 million, reflecting a 35.2% increase from the year-ago quarter. The adjusted operating margin in the fiscal second quarter expanded 325 bps to 14.7%.

BDX’s Financial PositionBD exited second-quarter fiscal 2026 with cash and cash equivalents and short-term investments of $816 million compared with $751 million at the fiscal first-quarter end. Total debt (including current debt obligations) at the end of the fiscal second quarter was $17.28 billion compared with $19.54 billion at the fiscal first-quarter end.

Cumulative net cash provided by continuing operating activities at the end of second-quarter fiscal 2026 was $1.33 billion compared with $489 million a year ago.

Meanwhile, BD has a consistent dividend-paying history, with its five-year annualized dividend growth being 5.47%.

BD’s Fiscal 2026 GuidanceBD has revised guidance for fiscal 2026 for New BD.

BD continues to project its full fiscal year revenues to grow above low single-digit on a reported basis, while it continues to expect them to grow at low single-digit at CER.

For the full fiscal year, adjusted EPS is now anticipated to be in the range of $12.52-$12.72, up from the prior outlook of $12.35-$12.65. The Zacks Consensus Estimate is pegged at $12.53.

Our Take on BDBD exited the second quarter of fiscal 2026 with better-than-expected results and solid top-line results. Robust performances by all segments and both geographic regions on a reported basis were encouraging. The expansion of both margins bodes well.

Apart from these, there were a few other developments during the recent period. BDX announced the commercial launch of the BD CentroVena One Insertion System (Medical Essentials segment), the BD Pyxis Pro Dispensing Solution, the BD Incada Connected Care Platform in Europe and the HemoSphere Stream Module (all within the Connected Care segment). The company also progressed on the regulatory front, where it received CE Marking for the Revello Vascular Covered Stent and the Liverty TIPS Stent Graft and FDA 510(k) clearance for Surgiphor 1000mL (all within the Interventional segment). BD also announced a few collaborations during the reported quarter. These raise our optimism about the stock.

However, lower revenues from the BioPharma Systems segment and the international revenues at CER were disappointing.

BD’s Zacks Rank and Key PicksBDX currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space that have announced quarterly results are BrightSpring Health Services, Inc. (BTSG - Free Report) , DaVita Inc. (DVA - Free Report) and Labcorp Holdings Inc. (LH - Free Report) .

BrightSpring, sporting a Zacks Rank of 1 (Strong Buy), reported first-quarter 2026 adjusted EPS of 39 cents, beating the Zacks Consensus Estimate by 35.4%. Revenues of $3.61 billion outpaced the consensus mark by 8.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.

BrightSpring has a long-term estimated growth rate of 44.5%. BTSG’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 14.6%.

DaVita reported first-quarter 2026 adjusted EPS of $2.87, beating the Zacks Consensus Estimate by 19.1%. Revenues of $3.42 billion surpassed the Zacks Consensus Estimate by 3.5%. It currently carries a Zacks Rank #2 (Buy).

DaVita has a long-term estimated growth rate of 20.2%. DVA’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 2.4%.

Labcorp reported first-quarter 2026 adjusted EPS of $4.25, beating the Zacks Consensus Estimate by 3.9%. Revenues of $3.54 billion surpassed the Zacks Consensus Estimate by 1%. It currently carries a Zacks Rank #2.

Labcorp has a long-term estimated growth rate of 7.9%. LH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.3%.

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Insider Selling: MarketAxess (NASDAQ:MKTX) General Counsel Sells 100 Shares of StockMarketBeat

MarketAxess Holdings Inc. (NASDAQ:MKTX - Get Free Report) General Counsel Scott Pintoff sold 100 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $116.03, for a total transaction of $11,603.00. Following the transaction, the general counsel owned 11,786 shares in the company, valued at approximately $1,367,529.58. The trade was a 0.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

NASDAQ:MKTX

Read Insider Selling: MarketAxess (NASDAQ:MKTX) General Counsel Sells 100 Shares of Stock

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Becton, Dickinson and Company (BDX) Presents at Bank of America Global Healthcare Conference 2026 Transcript

, /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced that Peter Menziuso has been named executive vice president and president, BD Interventional, effective June 1.

Peter Menziuso, Executive Vice President and President, BD Interventional Menziuso brings more than 30 years of global healthcare leadership experience and a strong track record of driving growth through disciplined execution. He most recently served as Company Group Chairman of Johnson & Johnson Vision, where he led a $5 billion global business with responsibility for commercial operations, R&D, supply chain, quality, finance and medical affairs.

Throughout his career, Menziuso has been recognized for strengthening market leadership, building high‑performing teams and translating strategy into sustained performance through commercial rigor and operational excellence. His global leadership experience, coupled with his customer obsession and ability to lead at scale position him well to accelerate execution and deliver continued growth for BD Interventional.

"BD Interventional has a strong track record of performance, and Peter is the right leader to build on that momentum and continue delivering results," said Tom Polen, chairman, CEO and president of BD. "Peter brings a strong combination of strategic leadership and operational discipline. He is grounded in delivering for customers and patients, building strong teams and driving consistent performance, positioning the business for sustained growth and continued strength across the portfolio."

About BD
BD is one of the world's largest pure-play medical technology companies with a Purpose of advancing the world of health™ by driving innovation across medical essentials, connected care, biopharma systems and interventional. The company supports those on the frontlines of healthcare by developing transformative technologies, services and solutions that optimize clinical operations and improve care for patients. Operating across the globe, with more than 60,000 employees, BD delivers billions of products annually that have a positive impact on global healthcare. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase clinical efficiency, improve safety and expand access to healthcare. For more information on BD, please visit bd.com or connect with us on LinkedIn at  www.linkedin.com/company/bd1/, X  @BDandCo or Instagram @becton_dickinson.

SOURCE BD (Becton, Dickinson and Company)

Key Takeaways BD unveiled the Elyra TFL System, expanding its U.S. kidney stone management offerings for urology teams.Elyra TFL tech aids stone dusting, cuts migration and stays quiet with a compact air-cooled design.First Elyra Plus cases got positive feedback, with presets and a wireless footswitch option. Becton, Dickinson and Company (BDX - Free Report) , popularly known as BD, recently announced the launch of the Elyra Thulium Fiber Laser (TFL) System, an advanced laser platform within its kidney stone care portfolio. The system is designed to improve efficiency, versatility and procedural workflow across urologic stone management and soft tissue procedures.

Management stated that Elyra reflects BD’s commitment to rapid innovation by delivering technology that enables clinicians to provide efficient, high-quality patient care. The combination of advanced TFL technology and a clinician-centric design, Elyra streamlines kidney stone treatment while offering greater adaptability across a wide range of procedures.

Likely Trend of BDX Stock Following the NewsFollowing the announcement, BDX shares lost 0.5% at yesterday’s closing. In the year-to-date period, shares of the company have declined 24.7% compared with the industry’s 9.4% fall. However, the S&P 500 has risen 9.1% in the same timeframe.

The introduction of the Elyra TFL System may strengthen investor confidence in BD’s urology and medical technology portfolio. Expanding its end-to-end kidney stone management offerings could support broader adoption among healthcare providers and enhance BD’s competitive positioning in the growing urologic care market. Continued innovation and clinician-focused product development may contribute to long-term growth opportunities for the company.

BDX currently has a market capitalization of $40.49 billion.

Image Source: Zacks Investment Research

More on the Elyra TFL SystemThe Elyra TFL System utilizes advanced Thulium Fiber Laser technology to support efficient stone dusting and reduce stone migration. The system’s air-cooled design enables quieter operation and a smaller footprint. BD is offering the platform in two configurations — Elyra and Elyra Plus — allowing flexibility to meet varying operational requirements.

The Elyra TFL System features an intuitive user interface, quick startup, customizable presets and an optional wireless footswitch to simplify workflows in stone lithotripsy and soft tissue procedures. The platform also enables faster advancements for future technology generations to address evolving clinician and patient needs.

BD recently carried out its first clinical procedures using the Elyra Plus TFL System at a leading medical center. Urologists and laser technicians reported positive experiences with the system’s usability and integrated safety features.

With Elyra, BD continues to strengthen its urologic stone management portfolio, offering solutions across access, dilation, visualization, fragmentation, removal and drainage. The Elyra and Elyra Plus TFL Systems are currently available in the United States.

Industry Prospects Favoring the MarketGoing by the data provided by Fortune Business Insights, the urology lasers market is valued at $1.37 billion in 2026 and is expected to witness a CAGR of 7.2% through 2033.

Factors like the rising prevalence of urological disorders, growing demand for minimally invasive procedures and strong momentum for thulium fiber laser adoption are driving the market’s growth.

Other NewsRecently, BD exited the second quarter of fiscal 2026 with better-than-expected results and solid top-line results. Robust performances by all segments and both geographic regions on a reported basis were encouraging.

Apart from these, there were a few other developments during the recent period. BDX announced the commercial launch of the BD CentroVena One Insertion System (Medical Essentials segment), the BD Pyxis Pro Dispensing Solution, the BD Incada Connected Care Platform in Europe and the HemoSphere Stream Module (all within the Connected Care segment). The company also progressed on the regulatory front, where it received CE Marking for the Revello Vascular Covered Stent and the Liverty TIPS Stent Graft and FDA 510(k) clearance for Surgiphor 1000mL (all within the Interventional segment).

BDX’s Zacks Rank & Key PicksCurrently, BDX carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are West Pharmaceutical (WST - Free Report) , Globus Medical (GMED - Free Report) and Intuitive Surgical (ISRG - Free Report) .

West Pharmaceutical, sporting a Zacks Rank #1 (Strong Buy) at present, reported first-quarter 2026 earnings per share (EPS) of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.

West Pharmaceutical has an estimated long-term earnings growth rate of 13.9%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 19.4%.

Globus Medical, currently sporting a Zacks Rank #1, reported first-quarter 2026 adjusted EPS of $1.12, which surpassed the Zacks Consensus Estimate by 22.1%. Revenues of $759.9 million beat the Zacks Consensus Estimate by 4.0%.

Globus Medical has an estimated long-term earnings growth rate of 10.2%. GMED’s earnings beat estimates in each of the trailing four quarters, the average surprise being 26.3%.

Intuitive Surgical, carrying a Zacks Rank #2 (Buy) at present, reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.

Intuitive Surgical has a long-term estimated growth rate of 14.6%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.

Targeting Initial ‘Stage 1' DFS & Ore Reserves conversion by H2 CY 2026

HIGHLIGHTS

DFS underway following dual Challenger JORC (2012) Mineral Resources upgrades to 313koz Au 1

~8,000m reverse circulation (RC) drilling underway at Challenger ‘Main', ‘Challenger West' (CW) open pits, plus open pit targets at ‘Challenger South-Southwest' (CSSW) and ‘Challenger 3' 1

~1,490m diamond drilling (DD) program begins for pit design and metallurgical optimisation

DFS objective to model a viable, simplified ‘baseline' Stage 1 operation to underwrite restart of CGM and maximise Challenger, Tarcoola, Wudinna & Tolmer development optionality

Following material rain events in central South Australia which have delayed program execution, Barton is targeting JORC (2012) Ore Reserves and a ‘Stage 1' DFS by H2 CY 2026

1 Refer to ASX announcements dated 30 June and 8 / 28 September 2025

ADELAIDE, AU / ACCESS Newswire / March 17, 2026 / Barton Gold Holdings Limited (ASX:BGD)(OTCQB:BGDFF)(FRA:BGD3) (Barton or Company) is pleased to announce the start of pit optimisation drilling at its South Australian Challenger Gold Project (Challenger), adjacent to its wholly-owned Central Gawler Mill (CGM). Foraco Drilling has been engaged for the program.

A program of ~1,490m diamond drilling (DD) will generate additional geotechnical data, and sample materials for additional metallurgical testwork, to support optimisation of Challenger open pits' designs and operations. Together with ~8,000m of RC drilling program underway with Kennedy Drilling, this work is targeting conversion of existing open pit mineralisation (and new near-surface targets), to JORC (2012) ‘Indicated' Resources and, subsequently, to ‘Ore Reserves' subject to the completion of an ongoing Definitive Feasibility Study (DFS).

The design concept of the DFS is to target an initial 3 - 4 year Stage 1 ‘baseline' operation utilising only historical higher-grade tailings from tailings storage facility 1 (TSF1) and limited, near-surface materials without disturbing Challenger's historical high-grade underground mine, its mineralisation or its infrastructure access.

This model also has the benefit of deferring the technical risk and cost of underground operations to a future date, following the de-risking of ‘Stage 1' operations, and providing further time to optimise development plans.

Reinstatement of the CGM also materially enhances the development optionality of Barton's several ‘regional enhancement' assets such as the Tarcoola Gold Project (Tarcoola) , the Wudinna Gold Project (Wudinna) and high-grade Tolmer silver prospect (Tolmer) all of which could potentially be processed through the CGM.1

Commenting on Challenger's Resource upgrade drilling programs, Barton MD Alexander Scanlon said :

"Recent extreme rains have proved a challenge across outback South Australia, but our exploration team has worked miracles to rebuild regional access roads and keep drilling moving at pace across all Barton development programs.

"Challenger's considerable on-pit and near-surface gold mineralisation, adjacent to our existing Central Gawler Mill, provides an ideal pathway for an initial ‘baseline' operation which underwrites a restart with a reduced risk profile while maximising development optionality for the Challenger underground mine, Tarcoola, Tolmer and Wudinna."

Program background

During September 2025 Barton published a new Challenger JORC (2012) Mineral Resources Estimate (MRE) of 313koz Au (10.6Mt @ 0.92 g/t), with almost all MRE mineralisation located in, on, or adjacent to, existing serviceable open pit and underground development.2

All mineralisation is adjacent to the Company's Central Gawler Mill. The updated MRE excludes various lower-grade stockpiles and higher-grade mill residuals (eg. ball mill rejects) which are located on the Run of Mine (ROM) pad. These materials will likely form a component of early mill feed as the hard rock crushing and grinding circuits are recommissioned for the start of Phase 2 (fresh rock) operations.

Figure 1 - Challenger site map with locations of key infrastructure and JORC (2012) MRE deposits 3

Authorised by the Board of Directors of Barton Gold Holdings Limited.

For further information, please contact:

About Barton Gold

Barton Gold is an ASX, OTCQB and Frankfurt Stock Exchange listed Australian gold developer targeting future gold production of 150,000ozpa with 2.2Moz Au & 3.1Moz Ag JORC Mineral Resources (79.9Mt @ 0.87g/t Au), brownfield mines, and 100% ownership of the region's only gold mill in the renowned Gawler Craton of South Australia.*

Challenger Gold Project

313koz Au + fully permitted Central Gawler Mill ( CGM )

Tarcoola Gold Project

20koz Au in fully permitted open pit mine near CGM

Tolmer discovery grades up to 84g/t Au & 17,600g/t Ag

Tunkillia Gold Project

1.6Moz Au & 3.1Moz Ag JORC Mineral Resources

Competitive 120kozpa gold & 250kozpa silver project

Wudinna Gold Project

279koz Au project located southeast of Tunkillia

Significant optionality, adjacent to main highway

Competent Persons Statement & Previously Reported Information

The information in this announcement that relates to the historic Exploration Results and Mineral Resources as listed in the table below is based on, and fairly represents, information and supporting documentation prepared by the Competent Person whose name appears in the same row, who is an employee of or independent consultant to the Company and is a Member or Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Australian Institute of Geoscientists (AIG) or a Recognised Professional Organisation (RPO). Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to quality as a Competent Person as defined in the JORC Code 2012 (JORC).

Activity

Competent Person

Membership

Status

Tarcoola Mineral Resource (Stockpiles)

Dr Andrew Fowler (Consultant)

AusIMM

Member

Tarcoola Mineral Resource (Perseverance Mine)

Mr Ian Taylor (Consultant)

AusIMM

Fellow

Tarcoola Exploration Results (until 15 Nov 2021)

Mr Colin Skidmore (Consultant)

AIG

Member

Tarcoola Exploration Results (after 15 Nov 2021)

Mr Marc Twining (Employee)

AusIMM

Member

Tunkillia Exploration Results (until 15 Nov 2021)

Mr Colin Skidmore (Consultant)

AIG

Member

Tunkillia Exploration Results (after 15 Nov 2021)

Mr Marc Twining (Employee)

AusIMM

Member

Tunkillia Mineral Resource

Mr Ian Taylor (Consultant)

AusIMM

Fellow

Challenger Mineral Resource (above 215mRL)

Mr Ian Taylor (Consultant)

AusIMM

Fellow

Challenger Mineral Resource (below 90mRL)

Mr Dale Sims

AusIMM / AIG

Fellow / Member

Wudinna Mineral Resource (Clarke Deposit)

Ms Justine Tracey

AusIMM

Member

Wudinna Mineral Resource (all other Deposits)

Mrs Christine Standing

AusIMM / AIG

Member / Member

The information relating to historic Exploration Results and Mineral Resources in this announcement is extracted from the Company's Prospectus dated 14 May 2021 or as otherwise noted, available from the Company's website at www.bartongold.com.au or on the ASX website www.asx.com.au . The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results and Mineral Resource information included in previous announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates, and any production targets and forecast financial information derived from the production targets, continue to apply and have not materially changed. In accordance with ASX Listing Rule 5.19.2, the Company further confirms that the material assumptions underpinning any production targets and the forecast financial information derived therefrom continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons' findings are presented have not been materially modified from the previous announcements.

Cautionary Statement Regarding Forward-Looking Information

This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "expect", "target" and "intend" and statements than an event or result "may", "will", "should", "would", "could", or "might" occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. Barton undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are based upon the best judgment of Barton from information available as of the date of this document. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Any reliance placed by the reader on this document, or on any forward-looking statement contained in or referred to in this document will be solely at the readers own risk, and readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof.

1 Refer to Prospectus and ASX announcements dated 27 March, 15 April, 30 June, 2 / 8 / 25 July, 5 / 6 August and 10 / 23 September 2025

2 Refer to ASX announcement dated 10 September 2025

* Refer to Barton Prospectus dated 14 May 2021 and ASX announcement dated 8 September 2025. Total Barton JORC (2012) Mineral Resources include 1,049koz Au (39.7Mt @ 0.82 g/t Au) in Indicated category and 1,186koz Au (40.2Mt @ 0.92 g/t Au) in Inferred category, and 3,070koz Ag (34.5Mt @ 2.80 g/t Ag) in Inferred category as a subset of Tunkillia gold JORC (2012) Mineral Resources.

SOURCE: Barton Gold Holdings Limited

National survey from DRINKS finds discovery-to-purchase gap widening as two-thirds of consumers want to buy alcohol from their favorite online retailers

LOS ANGELES--(BUSINESS WIRE)--DRINKS, the leading AI-powered SaaS platform for the $285 billion U.S. alcohol market, today released findings from its latest national consumer survey. The headline: social media has crossed over from discovery channel to direct purchase driver for alcohol. Sixty-three percent of consumers aged 21 to 34 have purchased alcohol because of social media content, up from 49 to 55% who cited social media as a key discovery source in March 2025.

The findings come from two national consumer surveys conducted in March 2025 (n=1,000) and January 2026 (n=550). Consumer behavior in alcohol has already moved online, but the industry's infrastructure hasn't caught up. Seven in ten young adults have found alcohol brands online that they wanted to buy but couldn't easily purchase, exposing what DRINKS estimates is a $40 billion discovery-to-purchase gap.

The Discovery Gap: Find It, Can't Buy It

There's a basic disconnect between where consumers find alcohol brands and where they can actually buy them. Seventy percent of 21 to 34 year olds have discovered brands online they couldn't easily purchase. Twenty-four percent of all consumers say buying alcohol online is harder than it should be. And one in five Americans don't even know buying alcohol online is possible.

Content-triggered purchases (16%) are gaining ground on planned purchases (34%) among young adults. Social commerce isn't a fringe behavior. It's becoming the default path to purchase for a generation.

Consumers Expect Alcohol Where They Already Shop

The research confirms that embedded commerce, the ability to purchase alcohol within non-alcohol retail environments, has moved from concept to consumer expectation. Sixty-five percent of all consumers said they would buy alcohol from their favorite online retailers, peaking at 75% among 35 to 44 year olds. Only 14% reject the idea outright. Half of all consumers find shopping for alcohol separately inconvenient.

"The data is clear. Consumers have already changed how they discover and want to buy alcohol. The industry just hasn't built the infrastructure to meet them," said Zac Brandenberg, Co-Founder and CEO of DRINKS. "Brands investing in social and digital marketing without solving for frictionless purchase at the point of discovery are leaving real revenue on the table. Embedded commerce is no longer optional. It's what consumers already expect."

AI-Powered Recommendations Reach Buying Intent

The survey found strong and growing receptivity to AI-driven alcohol recommendations across all age groups. Nearly 70% of 21 to 34 year olds and 73% of 35 to 44 year olds said they would likely buy alcohol based on an AI recommendation. Among consumers 55 and older, 52% are open to the idea. Only 12% of respondents said they would never buy alcohol this way.

That's a real shift from March 2025, when 56% of Millennials and Gen Z expressed interest in personalized AI recommendations for discovery. In ten months, curiosity turned into purchasing intent. AI-driven personalization is becoming a competitive requirement in alcohol eCommerce.

Cannabis Competition Adds Urgency

The research highlights a competitive threat that much of the alcohol industry has been slow to confront. Over half (52%) of adults aged 21 to 34 have purchased cannabis or THC products as an alternative to alcohol, with 22% buying regularly. More than 40% of all consumers surveyed have tried cannabis products. Alcohol brands that don't address this shift risk giving up share to a fast-growing competitor.

The Generational Gulf: A Timing Issue, Not a Permanent Divide

The gap between generations is wide but temporary. Eighty-five percent of consumers 55 and older always shop for alcohol in-store, compared to 59% of 21 to 34 year olds. Only 9% of older consumers plan to increase online alcohol purchases, versus 29% of younger adults. With 75% of 35 to 44 year olds already on board with embedded commerce, the market will tilt toward digital infrastructure as these consumers move into peak earning years.

"The question isn't whether alcohol commerce will go digital. It's who will own it when it does," said Brandenberg. "The brands and retailers building that infrastructure today are positioning themselves to capture the next decade of growth. Everyone else is running out of runway."

Survey Methodology

Findings are based on two national consumer surveys commissioned by DRINKS: March 2025 (n=1,000) and January 2026 (n=550). Year-over-year comparisons are included where applicable.

About DRINKS

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Targeting Initial ‘Stage 1' DFS & Ore Reserves conversion by H2 CY 2026

HIGHLIGHTS

DFS underway following dual Challenger JORC (2012) Mineral Resources upgrades to 313koz Au, targeting JORC (2012) Ore Reserves conversion and a ‘Stage 1’ DFS by H2 CY 20261

DFS objective to model a viable, simplified ‘baseline’ Stage 1 operation to underwrite restart of CGM and maximise Challenger, Tarcoola, Wudinna & Tolmer development optionality

Following the recent completion of 8,065m reverse circulation (RC) Resource upgrade drilling, a total of 1,322m diamond drilling (DD) completed for open pit design and metallurgical optimisation2

First assays from recently completed Resource upgrade RC drilling expected imminently2

1 Refer to ASX announcements dated 30 June and 8 / 28 September 2025

2 Refer to ASX announcements dated 2 February, 26 March 2026

ADELAIDE, AU / ACCESS Newswire / April 15, 2026 / Barton Gold Holdings Limited (ASX:BGD)(OTCQB:BGDFF)(FRA:BGD3) (Barton or Company) is pleased to confirm the completion of pit optimisation drilling at its South Australian Challenger Gold Project ( Challenger ), adjacent to its wholly-owned Central Gawler Mill (CGM). Foraco Drilling was engaged to complete the program.

A total 1,322m diamond drilling ( DD ) was completed across 23 holes to generate additional geotechnical data and sample materials for metallurgical testwork. These analyses will support the optimisation of Challenger open pit designs and operations. Together with 8,065m of recently completed RC drilling, Barton is targeting conversion of existing open pit mineralisation (and new near-surface targets), to JORC (2012) ‘Indicated' Resources and, subject to the completion of a Definitive Feasibility Study (DFS), to ‘Ore Reserves'.

The design concept of the DFS is to target an initial 3 - 4 year Stage 1 ‘baseline' operation utilising only historical higher-grade tailings from tailings storage facility 1 ( TSF1 ) and limited, near-surface materials without disturbing Challenger's historical high-grade underground mine, its mineralisation or its infrastructure access.

This model also has the benefit of deferring the technical risk and cost of underground operations to a future date, following the de-risking of ‘Stage 1' operations, and providing further time to optimise development plans.

Reinstatement of the CGM also materially enhances the development optionality of Barton's several ‘regional enhancement' assets such as the Tarcoola Gold Project (Tarcoola) , the Wudinna Gold Project (Wudinna) and high-grade Tolmer silver prospect (Tolmer) all of which could potentially be processed through the CGM. 1

Commenting on Challenger's development drilling programs, Barton MD Alexander Scanlon said :

"We are pleased to have completed this program in support of Challenger's ongoing DFS, and we thank Foraco Drilling for their safe execution despite the challenges of recent extreme rains across outback South Australia.

"Challenger's significant open pit and near-surface gold mineralisation, immediately adjacent to our existing Central Gawler Mill, provides an ideal foundation for an initial ‘baseline' operation that underwrites a lower-risk restart while maximising development optionality across the Challenger underground mine, Tarcoola, Tolmer and Wudinna.

"Foraco will now move on to development drilling programs at our neighbouring large-scale Tunkillia Gold Project."

Authorised by the Board of Directors of Barton Gold Holdings Limited.

For further information, please contact:

About Barton Gold

Barton Gold is an ASX, OTCQB and Frankfurt Stock Exchange listed Australian gold developer targeting future gold production of 150,000ozpa with 2.2Moz Au & 3.1Moz Ag JORC Mineral Resources (79.9Mt @ 0.87g/t Au), brownfield mines, and 100% ownership of the region's only gold mill in the renowned Gawler Craton of South Australia.*

Challenger Gold Project

313koz Au + fully permitted Central Gawler Mill ( CGM )

Tarcoola Gold Project

20koz Au in fully permitted open pit mine near CGM

Tolmer discovery grades up to 84g/t Au & 17,600g/t Ag

Tunkillia Gold Project

1.6Moz Au & 3.1Moz Ag JORC Mineral Resources

Competitive 120kozpa gold & 250kozpa silver project

Wudinna Gold Project

279koz Au project located southeast of Tunkillia

Significant optionality, adjacent to main highway

Competent Persons Statement & Previously Reported Information

The information in this announcement that relates to the historic Exploration Results and Mineral Resources as listed in the table below is based on, and fairly represents, information and supporting documentation prepared by the Competent Person whose name appears in the same row, who is an employee of or independent consultant to the Company and is a Member or Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Australian Institute of Geoscientists (AIG) or a Recognised Professional Organisation (RPO). Each person named in the table below has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he has undertaken to quality as a Competent Person as defined in the JORC Code 2012 (JORC).

Activity

Competent Person

Membership

Status

Tarcoola Mineral Resource (Stockpiles)

Dr Andrew Fowler (Consultant)

AusIMM

Member

Tarcoola Mineral Resource (Perseverance Mine)

Mr Ian Taylor (Consultant)

AusIMM

Fellow

Tarcoola Exploration Results (until 15 Nov 2021)

Mr Colin Skidmore (Consultant)

AIG

Member

Tarcoola Exploration Results (after 15 Nov 2021)

Mr Marc Twining (Employee)

AusIMM

Member

Tunkillia Exploration Results (until 15 Nov 2021)

Mr Colin Skidmore (Consultant)

AIG

Member

Tunkillia Exploration Results (after 15 Nov 2021)

Mr Marc Twining (Employee)

AusIMM

Member

Tunkillia Mineral Resource

Mr Ian Taylor (Consultant)

AusIMM

Fellow

Challenger Mineral Resource (above 215mRL)

Mr Ian Taylor (Consultant)

AusIMM

Fellow

Challenger Mineral Resource (below 90mRL)

Mr Dale Sims

AusIMM / AIG

Fellow / Member

Wudinna Mineral Resource (Clarke Deposit)

Ms Justine Tracey

AusIMM

Member

Wudinna Mineral Resource (all other Deposits)

Mrs Christine Standing

AusIMM / AIG

Member / Member

The information relating to historic Exploration Results and Mineral Resources in this announcement is extracted from the Company's Prospectus dated 14 May 2021 or as otherwise noted, available from the Company's website at www.bartongold.com.au or on the ASX website www.asx.com.au . The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results and Mineral Resource information included in previous announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates, and any production targets and forecast financial information derived from the production targets, continue to apply and have not materially changed. In accordance with ASX Listing Rule 5.19.2, the Company further confirms that the material assumptions underpinning any production targets and the forecast financial information derived therefrom continue to apply and have not materially changed. The Company confirms that the form and context in which the applicable Competent Persons' findings are presented have not been materially modified from the previous announcements.

Cautionary Statement Regarding Forward-Looking Information

This document may contain forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "expect", "target" and "intend" and statements than an event or result "may", "will", "should", "would", "could", or "might" occur or be achieved and other similar expressions. Forward-looking information is subject to business, legal and economic risks and uncertainties and other factors that could cause actual results to differ materially from those contained in forward-looking statements. Such factors include, among other things, risks relating to property interests, the global economic climate, commodity prices, sovereign and legal risks, and environmental risks. Forward-looking statements are based upon estimates and opinions at the date the statements are made. Barton undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of the information contained herein. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense, net income and performance) are based upon the best judgment of Barton from information available as of the date of this document. There is no guarantee that any of these estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Any reliance placed by the reader on this document, or on any forward-looking statement contained in or referred to in this document will be solely at the readers own risk, and readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof.

1 Refer to Prospectus and ASX announcements dated 27 March, 15 April, 30 June, 2 / 8 / 25 July, 5 / 6 August and 10 / 23 September 2025

*Refer to Barton Prospectus dated 14 May 2021 and ASX announcement dated 8 September 2025. Total Barton JORC (2012) Mineral Resources include 1,049koz Au (39.7Mt @ 0.82 g/t Au) in Indicated category and 1,186koz Au (40.2Mt @ 0.92 g/t Au) in Inferred category, and 3,070koz Ag (34.5Mt @ 2.80 g/t Ag) in Inferred category as a subset of Tunkillia gold JORC (2012) Mineral Resources.

SOURCE: Barton Gold Holdings Limited

ENDEAVOUR ANNOUNCES POSITIVE DFS RESULTS FOR THE ASSAFOU PROJECT THAT UNDERPINS THE NEXT PHASE OF ORGANIC GROWTH

HIGHLIGHTS:•Definitive Feasibility Study confirms Assafou's potential to become a cornerstone asset for Endeavour highlighting: > 320kozpa production at AISC of $1,026/oz over first 8 years. > 16-year mine life based on P&P reserves of 4.4Moz (77.4Mt at 1.76g/t); M&I resources of 5.0Moz (80.1Mt at 1.93g/t).  > Robust project economics with after-tax NPV(5%) of $2.1bn and 28% IRR at a gold price of $2,500/oz, increasing to $5.1bn and 55% at a gold price of $4,000/oz. > Upfront capital of $1,061m based on a scalable 5Mtpa design nameplate capacity gravity / CIL processing plant; increased upfront capital reflects changes to site infrastructure, plant optimisations to de-risk ramp-up and to enable seamless plant expansion in the future. •Significant exploration potential with over 20 highly prospective targets defined: > Assafou deposit (5.0Moz M&I resource) mineralisation is open along strike and at depth; Pala Trend 3 (0.2Moz maiden M&I resource) satellite located 1km away is mineralised from surface. > Assafou is the first discovery in a highly prospective and underexplored belt.•Early works launched including long-lead orders, detailed engineering and design, and key tenders.•Final investment decision targeted before end-2026, with subsequent 24 – 30 month construction.•Assafou underpins the Group’s sector-leading organic growth outlook to 1.5Moz, at first quartile AISC, by 2030. Abidjan, 23 April 2026 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) is pleased to announce the results of the Definitive Feasibility Study (“DFS”) for the Assafou-Dibibango (“Assafou”) project on the Tanda-Iguela property in Côte d’Ivoire.

Ian Cockerill, Chief Executive Officer, commented: “We are pleased with the results of the Assafou project DFS, which confirms the quality and scale of the asset that will underpin the next phase of Endeavour’s organic growth.

Assafou has the potential to become another cornerstone asset for Endeavour, adding 320koz of production per year at a first quartile AISC of $1,026/oz, over the first eight years of its 16-year mine life. It will be our lowest-cost and longest-life mine, further improving our portfolio quality while bolstering the resilience of the business.

The impressive project economics demonstrate our ability to rapidly generate value through the drill bit. Assafou was discovered for $13 million in 2022 and only four years later has a value of $5.1 billion at a $4,000/oz gold price. As we continue to de-risk the project and grow its resource base through exploration, we expect to unlock even more value.

Since its discovery, the Assafou M&I resource has grown 470%, to over 5 million ounces, and we are increasingly excited by more than 20 highly prospective satellite targets, in close proximity to the deposit.

Working closely with our supportive in-country stakeholders, we are advancing the project’s mining convention, and we are targeting a final investment decision before the end of the year. Simultaneously, we have launched early works, detailed engineering and design, key tenders and long-lead orders to expedite construction.

As we advance Assafou, we will remain disciplined and prioritise maximising free cash flow from every ounce of gold we produce, ensuring that we continue to deliver sector leading shareholder returns, while we organically grow production to 1.5 million ounces by 2030.”

Table 1: Assafou Project Highlights
  ASSAFOU DFSSTRATEGIC TARGETSP&P Reserve, Moz14.4>3.0Mine life, years16>10Average annual production, kozpaFirst 8 years320>200Life of mine257AISC, $/oz2First 8 years1,0261st quartileLife of mine1,062Post-tax NPV5%, $m22,059n.a.Post-tax IRR, %228>20¹Based on a $1,500/oz reserve price. ²Based on a gold price of $2,500/oz. The key operational and economic highlights of the Assafou DFS are summarised in Tables 2 and 3 below.

 Table 2: Assafou DFS SummaryOPERATION TYPE  Mine typeOpen PitPlant type5.0Mtpa Gravity / CIL PlantRESERVES & RESOURCES1 P&P reserves77.4Mt at 1.76g/t Au for 4.4MozM&I resources (inclusive of reserves)80.1Mt at 1.93g/t Au for 5.0MozInferred resources0.9Mt at 2.34g/t Au for 0.1MozLIFE OF MINE PRODUCTION Mine life, years16Strip ratio, W:O6.3Tonnes processed, Mt77.4Grade processed, Au g/t1.76Gold contained processed, Moz4.4Average recovery rate, %94Gold production, Moz4.1Average annual production, kozpa257Cash costs, $/oz2952AISC, $/oz21,062AVERAGE FOR YEARS 1 TO 8 Production, kozpa320Cash costs, $/oz887AISC, $/oz21,026CAPITAL COST Upfront capital cost, $m1,061ENVIRONMENTAL DATA GHG Emissions Intensity3, t CO2e/oz0.59Energy Intensity, GJ/oz7.39¹Based on a reserves gold price of $1,500/oz and a resource gold price of $1,900/oz. Reserves and Resources relates to the Assafou Project and are exclusive of Pala Trend 3 Resources. ²Based on a gold price of $2,500/oz. ³GHG Emissions Intensity considers only Scope 1 and 2 emissions. Table 3: Assafou DFS Project Economics  Gold Price $2,000/oz$2,500/oz$3,000/oz$4,000/ozPRE-TAX    NPV5%, $m1,6252,9094,2506,934IRR, %123344566Payback Period, yr14.143.012.431.81AFTER-TAX    NPV5%, $m1,0742,0593,0775,113IRR, %118283755Payback Period, yr14.973.522.731.95¹Payback period and IRR are calculated from the start of commercial production Endeavour expects to file a Technical Report pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“the NI 43-101”) in respect of the Assafou DFS within 45 days of this news release.

Overview

The 100% owned Tanda and Iguela exploration permits (“Tanda-Iguela”) are located in the eastern region of Côte d’Ivoire, approximately 280km northeast of Abidjan, adjacent to the Ghana border. The northern permit, Tanda, was added to Endeavour’s portfolio in November 2015 following the combination of La Mancha’s Ivorian assets with Endeavour. Endeavour conducted an initial drilling campaign during 2016 that yielded positive results and quickly identified the southern permit, Iguela, as having a high degree of geological prospectivity. The Iguela permit was awarded to Endeavour in May 2017, through Côte d’Ivoire’s permit application process.

Figure 1: Tanda-Iguela Regional Map

Refer to Figure 1 within the appended News Release.

A maiden Indicated resource of 1.1Moz (14.9Mt at 2.33 g/t Au) was published on 21 November 2022, based on 56,000 metres of drilling, and was subsequently increased to 4.5Moz (70.9Mt at 1.97 g/t Au) on 29 November 2023, based on an additional 123,000 metres of drilling. Further exploration and advanced grade control drilling at the Assafou deposit and exploration drilling at the Pala Trend 3 satellite deposit resulted in an increase in Measured and Indicated resources to 5.2Moz at 1.91g/t as of 31 December 2025. These resources are based on an additional 99,000 metres of drilling and include maiden Measured resources, reflecting increased resource confidence.

As shown in Figure 2 below, the DFS demonstrates Assafou’s potential to deliver 320kozpa at all-in sustaining cost (“AISC”) of $1,026/oz over the first eight years of operations, with average production of 257kozpa and AISC of $1,062/oz over the 16-year life of mine.

Figure 2: Assafou DFS Production and AISC Profile

Refer to Figure 2 within the appended News Release.

The DFS production profile is based on the Assafou deposits’ mineral reserves only, with an effective date of 31 December 2025. The DFS production profile excludes mineral resources outside of reserves and excludes the maiden Measured and Indicated mineral resource of 4.7Mt at 1.55g/t for 0.2Moz at the Pala Trend 3 satellite deposit, that was defined following successful exploration drilling during 2025. Furthermore, nearly 70,000 metres of exploration drilling has been completed at nearby satellite deposits, which is expected to contribute to further resource and reserve increases supporting higher levels of production, particularly in years 12 to 16 of the production profile.

Reserves and Resources

The Assafou Project’s 31 December 2025 reserve and resource estimate is shown in Table 4 below. The resource estimate is based on a gold price of $1,900/oz and the reserve estimate is based on a conservative gold price of $1,500/oz.

Table 4: Assafou Project Reserves and Resources  TonnageGradeContentOn a 100% basis (Mt)(Au g/t)(Au koz)Assafou Deposit (DFS)    Proven Reserves 21.51.871,295Probable Reserves 55.91.723,085P&P Reserves 77.41.764,379Measured Resource (incl. reserves) 20.82.051,367Indicated Resources (incl. reserves) 59.41.893,606M&I Resources 80.11.934,972Inferred Resources 0.92.3469Pala Trend 3    Proven Reserves ---Probable Reserves ---P&P Reserves ---Measured Resource (incl. reserves) ---Indicated Resources (incl. reserves) 4.71.55231M&I Resources 4.71.55231Inferred Resources 1.01.6853Total Assafou Project    Proven Reserves 21.51.871,295Probable Reserves 55.91.723,085P&P Reserves 77.41.764,379Measured Resource (incl. reserves) 20.82.051,367Indicated Resources (incl. reserves) 64.01.863,837M&I Resources 84.81.915,203Inferred Resources 1.92.00122 1Mineral Resource Estimate effective 31 December 2025. Mineral Reserve Estimate effective 31 December 2025. Mineral Resource and Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not Mineral reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell based on a cut-off grade of 0.40g/t at a $1,900/oz gold price. Reserves are based on a cut-off grade of 0.40g/t for oxide, laterite and transitional ore and 0.50g/t for fresh ore and $1,500/oz gold price. Endeavour is not aware of any legal, political, environmental or other risks that could materially affect the potential development of the mineral resources and mineral reserves other than as noted herein.

For technical notes and drilling results from the Assafou drill programme, please see the Technical Notes section below.

Mining Operations

The Assafou deposit mineralisation extends from surface to depths in excess of 300 metres and is amenable to conventional open-pit, drill and blast, mining. The mine planning, resource and cost estimation for the DFS is based on a contract mining operation with a maximum mining capacity of 53.0 Mt per year, that is expected to be achieved 5 months after the commencement of mining. Mining capacity is expected to exceed processing capacity in order to accumulate stockpiles to allow high grade material to be preferentially processed early in the mine plan.

During the pre-commercial production period approximately 49.3 Mt of pre-stripping is expected to support an accelerated production ramp up. The projects and operations teams will review opportunities to reduce the impact of pre-stripping at the Assafou deposit through supplementing the ore feed with near-surface ore from the Pala Trend 3 deposit, located 1km southwest of the Assafou deposit, as well as additional satellite deposits in close proximity to the Assafou deposit.

Ore mining is expected to occur in 15-metre benches and 6.0 x 2.5-metre flitches in fresh rock, while waste is expected to be mined in 5-metre flitches. Smaller excavators will be used for ore loading to decrease dilution.

Diesel excavators and dump trucks will be used for loading and haulage, with a contractor fleet expected to comprise of 300-tonne class face excavators for waste mining, and 150-tonne class excavators for ore mining.

Processing Operations

Ore will be processed via a 5.0 Mtpa gravity / carbon-in-leach (“CIL”) processing plant. Over the life of mine, the plant will be fed with approximately 88% fresh ore and 12% oxide and transitional ore.

The comminution circuit is expected to comprise of two-stage crushing followed by a high-pressure grinding roll and a ball milling circuit. A primary gyratory crusher will crush ore to a coarse crush size, followed by dual secondary cone crushers. A live primary crushed ore stockpile will provide a buffer storage of primary crushed ore, with reclaim to feed the secondary crushing unit. Ore will then be fed through the high-pressure grinding roll circuit that feeds the ball mill. In the event that the secondary crushers or the high-pressure grinding roll circuits are offline, a fines stockpile located after the high-pressure grinding roll circuit will ensure there is feed available for the ball mill. The ball mill will mill the ore to 80% passing 106µm (microns).

The milled ore will pass through a gravity circuit comprising two Knelson concentrators for separation and recovery of coarse free gold, to produce a gravity concentrate for cyanidation and electrowinning that can be smelted to produce gold doré. High gravity recovery of approximately 70% is estimated.

Coarse feed is returned to the ball mill while screened cyclone overflow is passed via the leach feed thickener to a CIL circuit containing one pre-leach tank and six CIL tanks, in series, for leaching and absorption. Leach residence time will be approximately 36 hours. Following leaching and absorption, gold will be recovered from activated carbon by elution, electrowinning, and gold smelting to produce gold doré.

Extensive multiphase metallurgical test work has demonstrated that ore from the Assafou deposit contains free-milling gold, with a high proportion of gravity recoverable gold, that is amenable to cyanidation. The majority of the remaining gold has a high leach extraction potential resulting in an overall gold recovery rate of 94% over the life of mine.

Operating Cost Summary

Mining operating costs, which are based on Q3-2025 estimates, were prepared by Endeavour, are based on a contractor mining model. Process operating cost estimates were prepared by Lycopodium Minerals Canada Ltd (Lycopodium), who have successfully supported Endeavour through five engineering and construction projects in West Africa over the last twelve years. General and Administration (“G&A”) cost estimates were also prepared by Endeavour, as summarised in the table below.

Table 5: Assafou Project Life of Mine Operating Unit Costs (-10/+15%)  UNIT COSTS (US$)Open Pit Mining and Rehandling$4.11/t minedProcessing$14.38/t processedG&A$4.48/t processedBased on Q3-2025 estimates that exclude escalation. Operating costs have been based on a delivered diesel price of $1.13 per litre and are in line with current local pricing and, therefore do not reflect any potential pricing impact from current hostilities in the Middle East. Power will be sourced from the grid supplying 90kV to site via a ring main system providing power from two different parts of the power grid to increase reliability with an assumed grid availability of 90% and power costs estimated at $0.13/kWh.

Capital Cost and Infrastructure Summary

The project upfront capital cost, which is based on Q3-2025 estimates, was compiled by Lycopodium with input from Knight Piésold Pty Ltd (Knight Piésold) on the tailings storage facility (“TSF”), water infrastructure, site access roads and airstrip, SRK Consulting (UK) Ltd (SRK) for mining cost models and contractor rates, Digby Wells Environmental Holding Ltd (Digby Wells) for RAP costs, compensation and closure costs, Cabinet Enval SARL (ENVAL) for environmental assessments, and from ECG Engineering Pty Ltd (ECG Engineering) on the power infrastructure. Endeavour has provided project specific estimates for mine establishment, facilities, power and owner’s costs.

The initial capital cost is summarized in the table below.

Table 6: Assafou Project Upfront Capital Cost Estimate Summary (-10/+15%)
 CAPITAL COSTS (US$M)Pre-production Mining111.4Processing Plant Costs155.8Reagents and Plant Services30.9Site Infrastructure250.2Contractor Distributables65.4Owner Project and Operations Costs215.7Management Costs50.7Subtotal880.1Pre-production Working Capital76.3Contingency85.4Taxes and Duties18.8Total Upfront Capital Cost1060.6Based on Q3-2025 estimates that exclude escalation.
The Assafou project capital cost estimate assumes a contractor mining model, selected due to the additional fleet flexibility that can accommodate the pre-production mining ramp-up and the potential incorporation of satellite deposits into the mine plan.

The Assafou project benefits from good surrounding infrastructure, including access to the 90kV ring main power supply, which will be diverted via a new 12km transmission line, and access to the A1 national road, which will be diverted via an assumed 55km extension around the operation. In addition, backup power comprised of 28 containerised diesel generators with prime output of 28.0MW has been included in the upfront capital costs. Furthermore, land provision within the existing mine perimeter for a potential 31.5MW solar power plant has been provided. The airstrip will be built 10km from the site’s permanent accommodation. Resettlement of two villages, within close proximity to the project, is required and is included in the upfront capital cost estimate. The tailings storage facility (“TSF”) is expected to be a High-Density Polyethylene (“HDPE“) lined cross-valley storage facility, utilising the natural topography of the project area, that will be formed by multi-zoned earth fill embankments, with a total footprint area (including the basin area) of approximately 239ha for the stage 1 TSF to 265ha for the final TSF. TSF construction will benefit from the high availability of fresh waste rock from the mining pre-stripping activities. The TSF is designed to a life-of-mine capacity accommodating a total of 72.0Mt of tailings. The Stage 1 TSF is designed for 7.5Mt, approximately 18 months storage capacity, and subsequently, downstream raise construction will be used to progressively increase capacity.

Estimated resettlement disbursements and related costs are included in the Owner Project and Operations Costs. These estimates are based on a combination of legislated compensation mechanisms and historic precedents of similar costs. Final costs are subject to negotiation and agreement between various stakeholders, including the State of Côte d’Ivoire and local communities.

Figure 3 below highlights the proposed site and infrastructure layout.

Figure 3: Assafou Project Schematic Site Layout

Refer to Figure 3 within the appended News Release.

Ownership, Permitting, Taxes and Royalties

Endeavour acquired the Tanda exploration permit in 2015, subsequently acquiring the Iguela exploration permit, which contains the Assafou project, in 2017. The exploitation permit for the Assafou project was granted in February 2026. Once the new project company is fully incorporated with the State of Côte d’Ivoire as a shareholder in accordance with Ivorian law, the exploitation permit will be transferred to that company. The current Mining Code envisages a State free carried interest of 10%.

A corporate tax rate of 25% of gross profit, a royalty rate of 8.0% above a gold price of $2,000/oz and a local development fund contribution of 0.5% of gold sales were applied in the DFS. Gold royalties in Côte d’Ivoire are based on a sliding scale with the gold price and vary between 5.0% and 8.0%. A transport and refining charge of $4/oz Au was also applied.

The Mining Code in Côte d’Ivoire is currently under review, and if the proposed new Mining Code, is passed into law before the Assafou mining convention is granted, then the level of State participation and the fiscal terms applicable to the Assafou project may reflect those of the new Mining Code.

Timetable, Early Works and Project Construction

A 24 to 30 month construction period is projected following the final investment decision, which is targeted before the end of 2026. The final investment decision and the construction period do not reflect any potential impact from current hostilities in the Middle East.

As shown below in Figure 4, commencement of procurement for long-lead items, detailed engineering and design, and the EPCM, power and earthworks tenders are already underway.

Figure 4: Assafou Project Early Works

Refer to Figure 4 within the appended News Release.

For FY-2026, growth capital guidance of between $50 – 100 million is expected to be incurred prior to the approval of the final investment decision. The remaining $961 – 1,011 million of the $1,061 million upfront capital is expected to be incurred after the final investment decision.

Following the final investment decision, construction is expected to start, initially prioritising the resettlement, which is on the critical path, and the site infrastructure and earth works. Subsequently tailings and water dam construction, then power supply and process plant construction will commence.

The critical path includes the resettlement, mining pre-stripping and process ore commissioning. The resettlement is required to commence mining pre-stripping. Mining pre-stripping is expected to start approximately five quarters after the final investment decision, in order to provide access to thick, high-grade zones of the ore body early, and support a short processing plant and production ramp-up.

Figure 5: Assafou Project Construction

Refer to Figure 5 within the appended News Release.

Next steps

Q2-2026: Procurement of long-lead items has been launched.Q2-2026: Detailed engineering and design is underway.Q2-2026: EPCM, power and earthworks tender reviews are advancing towards finalisation.Q2-2026: Development of the relocation action plan is underway to support the resettlement.Q3-2026: Expected completion of mining convention negotiations.End-2026: Final investment decision is targeted before the end of 2026. 2026 DFS vs 2024 PFS

The key changes between the Assafou PFS news release published on 11 December 2024 and the Assafou DFS news release published on 23 April 2026 are highlighted in table 7 below. These include the increase in resource and reserve endowment following successful exploration, the increase in processing unit costs reflecting current costs assumptions across the portfolio, and the increase in upfront capital resulting from scope changes to infrastructure as well as plant optimisations, scalability and ramp-up de-risking.

Table 7: Assafou Project DFS vs PFS Highlights
 DFSPFSDFS VS PFSPLANT TYPE, SIZE & CAPEX   Plant typeGravity / CILGravity / CIL Mill capacity, Mtpa5.05.0−RESERVES & RESOURCES4   P&P Reserves, koz4,3794,115+6%M&I Resources, koz4,9724,604+8%Inferred Resources, koz69208(67)%LIFE OF MINE PRODUCTION   Mine life, years1615+7%Strip ratio, W:O6.35.9+7%Tonnes processed, Mt77.472.8+6%Grade processed, Au g/t1.761.76−Gold contained processed, Moz4.44.1+6%Average recovery rate, %9494−Gold production, Moz4.13.9+5%CAPITAL AND OPERATING COSTS   Upfront capital cost, $m1,061734+45%Open Pit Mining & Rehandling, $/t mined4.114.08+1%Processing, $/t processed14.3812.25+17%G&A, $/t processed4.484.10+9%AVERAGE FOR YEARS 1 TO 8   Average annual production, kozpa320327(2)%Cash costs, $/oz1887854+4%AISC, $/oz11,026949+8%ENVIRONMENTAL DATA   GHG Emissions Intensity2, t CO2e/oz0.590.55+7%Energy Intensity, GJ/oz7.397.23+2%ECONOMICS (BASED ON $2,500/oz)   Pre-Tax Returns    NPV5%, $m2,9093,408(15)%IRR, %3448(29)%Payback, years33.02.425%After-Tax Returns    NPV5%, $m2,0592,485(17)%IRR, %2840(30)%Payback, years33.52.730%¹ AISC and cash costs based on a gold price of $2,500/oz. Sliding scale royalty rates from $2,000/oz have increased from 6% per the PFS to 8% in the DFS. ²GHG Emissions Intensity calculated as Scope 1 and 2 emissions. ³ Payback period calculated starting from start of commercial production. ⁴ Based on a reserves gold price of $1,500/oz and a resource gold price of $1,900/oz. Reserves and Resources relates to the Assafou Project and are exclusive of Pala Trend 3 Resources. Table 8 demonstrates a significant uplift in resource and reserve size and confidence within the Assafou deposit. P&P reserves at the Assafou deposit increased by 6% while M&I resources increased by 8%, following 99,000 metres of additional drilling both within, and outside of, the Assafou pit shell, subsequent to the completion of the PFS.

This additional drilling also supported improved reserve and resource confidence, which is reflected by the addition of maiden Proven reserves of 21.5Mt at 1.87g/t for 1.3Moz alongside maiden Measured resources of 20.8Mt at 2.05g/t for 1.4Moz, which cover 40% of the first five years of the mine plan. This improvement is underpinned by closer spaced drilling at 20 x 25 metre spacing, compared to previous drilling at 33 x 40 metre spacing and 100 x 80 metre spacing that supported the PFS and the maiden resources respectively. The increased reserve and resource confidence supports de-risking of the ramp up and the first five years of the mine plan.

Table 8: Assafou Project Mineral Reserves and Resources1
 31 December 20252 31 December 20243 VARIANCEOn a 100% basis. M&I Resources shown inclusive of Reserves. TonnageGradeContent TonnageGradeContent Au Content(Mt)(Au g/t)(Au koz) (Mt)(Au g/t)(Au koz) (Au koz)Proven Reserves21.51.871,295 --- +1,295Probable Reserves55.91.723,085 72.81.764,115 -1,030P&P Reserves 77.41.764,379 72.81.764,115 +264Measured Resource (incl. reserves)20.82.051,367 --- +1,367Indicated Resources (incl. reserves)59.41.893,606 73.61.954,604 -998M&I Resources (incl. reserves)80.11.934,972 73.61.954,604 +368Inferred Resources0.92.3469 3.31.97208 -139¹Excludes maiden Mineral resource Estimate for the Pala Trend 3 deposit, which is excluded from the DFS mine plan. ²Mineral resource Estimate effective 31 December 2025. Mineral Reserve Estimate effective 31 December 2025. Mineral Resource and Reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral resources that are not Mineral Reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell based on a cut-off grade of 0.40g/t at a $1,900/oz gold price. Reserves are based on a cut-off grade of 0.40g/t for oxide, laterite and transitional ore and 0.50g/t for fresh ore and $1,500/oz gold price. ³Mineral resource estimate effective 31 December 2024. Mineral reserve estimate effective 31 December 2024. Mineral resource and reserve estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell based on a cut-off grade of 0.5g/t at a $1,900/oz gold price. Reserves are based on a cut-off grade of 0.40g/t for oxide ore and 0.50g/t for fresh ore and $1,500/oz gold price. Endeavour is not aware of any legal, political, environmental or other risks that could materially affect the potential development of the mineral resources and mineral reserves other than as noted herein. The updated mineral resource estimate for the Assafou deposit, based on a gold price of $1,900/oz is robust, given its high-grade, thickness and continuity, as demonstrated by the sensitivity analysis presented in Table 9.

Table 9: Assafou Deposit Mineral Resource Estimate Sensitivity1       
 TonnageGradeContentMeasured Resource(Mt)(Au g/t)(Au koz)Based on a gold price of $1500/oz20.22.051,334Based on a gold price of $1900/oz20.82.051,367Based on a gold price of $2000/oz20.82.051,370Based on a gold price of $2100/oz20.92.041,372Based on a gold price of $2500/oz20.92.041,375Based on a gold price of $3000/oz21.02.041,382Indicated Resource   Based on a gold price of $1500/oz54.01.923,328Based on a gold price of $1900/oz59.41.893,606Based on a gold price of $2000/oz60.11.883,635Based on a gold price of $2100/oz60.31.883,645Based on a gold price of $2500/oz62.31.873,738Based on a gold price of $3000/oz63.31.863,777Inferred Resource   Based on a gold price of $1500/oz0.62.4646Based on a gold price of $1900/oz0.92.3469Based on a gold price of $2000/oz1.02.2872Based on a gold price of $2100/oz1.02.2574Based on a gold price of $2500/oz1.42.2097Based on a gold price of $3000/oz1.72.14115 ¹Mineral resource estimate effective 31 December 2025. Mineral reserve estimate effective 31 December 2025. Mineral resource and reserve Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards for Mineral Resources and Reserves and have been completed in accordance with the Standards of Disclosure for Mineral Projects as defined by National Instrument 43-101. Reported tonnage and grade figures have been rounded from raw estimates to reflect the relative accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Resources were constrained by MII Pit Shell based on a cut-off grade of 0.40g/t at a $1,900/oz gold price. Reserves are based on a cut-off grade of 0.40g/t for oxide, laterite and transitional ore and 0.50g/t for fresh ore and $1,500/oz gold price.

As illustrated in the figure 6 below, Assafou’s mine life has been extended by approximately one year due to the increase in P&P reserves, while its average annual production and cost profile remain similar to the PFS.

Figure 6: Assafou Project DFS vs PFS Production Profile

Refer to Figure 6 within the appended News Release.

1AISC based on a gold price of $2,500/oz

The upfront capital cost for the project has increased from $734 million in the PFS to $1,061 million in the DFS. As shown in table 10 below, the increase in upfront capital is related to scope changes to infrastructure as well as plant optimisations, scalability and ramp-up de-risking.

Table 10: Assafou Project PFS - DFS Capital Cost Changes
Capital cost changesPFS vs DFSRationaleSite infrastructure: +$130.3m Improved backup power in the DFS incorporating containerised diesel generators with a more robust design comprised of 28 generators with prime output of 28.0MW.Increase in length of the national highway diversion from the original 22km in the PFS to an assumed 55km in the DFS.
Addition of a 10km 33kV power line connecting the Iguela, Assafo, Dibibango and Broukro villages to the grid following mine development.Addition of digital optimisations have been included in the upfront capital. Improved backup power is engineered and capable of supporting the full load requirements in the event that there are any outages or capacity constraints on the grid.The increased diversion length to the East of the Assafou project is fully aligned with the updated infrastructure layout and supports current Government and local community preferences. The additional power line ensures power supply is maintained to local villages and infrastructure following the relocation and mine development.Digitalisation opportunities are expected to drive life of mine operating costs savings and improved productivity. Owner project and operations costs: +$91.3m Owners costs have been increased to account for continued support from the in-house projects team following the completion of commissioning through to the completion of the processing plant ramp-up. Retaining the in-house projects team as well as key consultants and contractors on site and associated costs, following commissioning for the processing plant ramp up, helps de-risk the ramp up and the first year of production. Processing plant costs: +$49.5m Modifications in processing plant flow sheet based on learnings from Lafigué ramp-up, including optimising conveyors, increased crushed ore screens and replacement of the crushed ore stockpile, subsequent to the secondary crushing circuit with a stockpile after the -HPGR.Increase in secondary crusher capacity from two Metso 3.0mtpa capacity HP6 secondary crushers in the PFS to two Metso 5.0mtpa capacity HP900 secondary crushers in the DFS. Flow sheet optimisation is expected to improve processing plant performance and build in additional redundancy, minimising downtime. The addition of the stockpile after the HPGR allows milling activity to continue in the event the crushing or HPGR circuit is down for maintenance or repair.Larger secondary crushers provide capacity to increase throughput beyond processing plant nameplate and ensure that the processing plant can operate at nameplate capacity in the event that one of the secondary crushers is down for repair or maintenance. Pre-production mining and pre-production working capital: +$37.7m Optimisation of the mine plan following 99,000 metres of additional advanced grade control drilling.Mine plan optimisation also resulted in earlier mobilisation of the mining contractor and 35% increased pre-production waste stripping. Advanced grade control drilling covering the first 18 months of production to de-risk the operational ramp-up.Supports access to a higher-grade zone of the ore body earlier in the mine plan helping to de-risk the mining ramp up. Contractor distributables: +$20.5m Alignment of construction distributables to reflect changes to direct capital costs. Improves confidence in growth capital expenditure budget by updating earthwork, concrete, steel and other construction distributable rates. Management costs: -$2.8m Finalisation of EPCM management costs.Savings associated with sterilisation drilling. Finalisation of EPCM and owners cost scope.Completion of sterilisation drilling earlier than initially planned resulted in upfront capital savings. Geology

Mineralisation at the Assafou deposit is both hosted in quartz veins and disseminated within the Tarkwaian Sandstones. The deposit appears to be monometallic, with no potentially deleterious elements associated with the gold. Mineralisation starts at surface and extends to depths of more than 300 metres. It is continuous along strike, following a prominent northwest-trending structure that separates the Tarkwaian Sandstones from the mafic Birimian Basement rocks. The deposit comprises a thick main (up to 100 metres), flat-lying, continuous lens, overlain by a series of stacked lenses dipping at a low angle to the northeast.

High grade mineralisation and the thickest mineralised intercepts are located adjacent to the structural contact between the mafic Birimian Basement rocks and the Tarkwaian Sandstones along the northeast boundary of the Assafou deposit.

Assafou Exploration

The Assafou deposit was discovered in 2022 with the maiden Indicated resource of 14.9Mt at 2.33g/t containing 1.1Moz and an Inferred resource of 32.9Mt at 1.80g/t containing 1.9Moz defined on 31 October 2022, based on 56,000 metres of drilling.

Subsequently, an updated Indicated resource of 70.9Mt at 1.97g/t containing 4.5Moz and an Inferred resource of 2.9Mt at 1.91g/t containing 0.2Moz was defined on 14 November 2023, based on 123,000 metres of drilling.

In 2025, the mineral resource estimate was updated, with a Measured and Indicated resource of 84.8Mt at 1.91g/t for 5.2Moz and an Inferred resource of 1.9Mt at 1.95g/t containing 0.1Moz, based on 99,000 metres of drilling. This includes the maiden Mineral Resource estimate at Pala Trend 3.

Mineralisation at Assafou remains open along strike along the 20km long structural corridor extending from Koumenagaré in the northwest to Kongojdan in the southeast, as well as at depth where mineralisation has been identified below the current resource pit shell, and within the basement mafic Birimian volcanic rocks.

Figure 7 below highlights the additional drilling at the Assafou deposit that supports the increased reserve and resource size and confidence in the DFS. Infill and advanced grade control drilling on the Assafou deposit was completed during 2025 and reconfirmed the existing resource model, providing increased confidence in the initial phases of ore mining at the deposit. Resource definition drilling was completed at the Pala Trend 3 target located approximately 1 kilometre west of the Assafou deposit defining maiden resources.

Figure 7: Assafou Deposit Map
Refer to Figure 7 within appended News Release

Figure 8 below highlights that 2025 drilling has identified mineralisation towards the southeast of the Assafou deposit, below the existing pit shell. Mineralisation starts at surface within the Tarkwaian Sandstones but extends into the Birimian Basement at depth, where it remains open, with further drilling planned for 2026.

Figure 8: Assafou Cross Section A0600
Refer to Figure 8 within appended News Release

Figure 9 below highlights that 2025 drilling has identified high-grade mineralisation towards the southeast of the Assafou deposit, below the existing pit shell, at the basal contact of the Tarkwaian basin.

Figure 9: Assafou Cross Section A0833
Refer to Figure 9 within appended News Release

Figure 10 below highlights several thick, stacked lenses of high-grade mineralisation within the central portion of the Assafou deposit, with mineralisation extending below the resource pit shell and in some cases into the Birimian basement rocks.

Figure 10: Assafou Cross Section A1716
Refer to Figure 10 within appended News Release

Figure 11 below highlights thick continuous stacked lenses of deep-seated mineralisation in the centre of the Assafou deposit.

Figure 11: Assafou Cross Section A1766
Refer to Figure 11 within appended News Release

Figure 12 below highlights that drilling within the centre of the Assafou deposit has improved the confidence in several high-grade stacked lenses of mineralisation throughout the deposit and confirmed the continuation of mineralisation along the contact between the Birimian and the Tarkwaian rocks at depth.

Figure 12: Assafou Cross Section A1850
Refer to Figure 12 within appended News Release

Figure 13 below highlights that drilling within the centre of the Assafou deposit has identified several high-grade intercepts below and adjacent to the existing pit shell, with further drilling planned for 2026 to test the continuity of mineralisation at depth and towards the southwest within the sedimentary basin.

Figure 13: Assafou Cross Section A1866
Refer to Figure 13 within appended News Release

Figure 14 below highlights that drilling in 2025 towards the northwest of the Assafou deposit has confirmed the continuity of several high-grade stacked lenses of mineralisation and identified continuous mineralisation towards the southwest of the Assafou deposit and up to 100 metres below the existing Assafou pit shell.

Figure 14: Assafou Cross Section A2316
Refer to Figure 14 within appended News Release

Figure 15 below highlights that drilling towards the northwest of the Assafou deposit has confirmed several high-grade stacked lenses of mineralisation throughout the Assafou deposit. Mineralisation has also been identified up to 50 metres below the Assafou resource pit shell.

Figure 15: Assafou Cross Section A2416
Refer to Figure 15 within appended News Release

Figure 16 below highlights that drilling towards the northwest of the Assafou deposit has identified significant mineralisation that extends below the existing Assafou pit shell.   

Figure 16: Assafou Cross Section A2966
Refer to Figure 16 within appended News Release     

Regional Exploration

Endeavour’s 2026 – 2030 exploration strategy, published on 2 December 2025, outlines our conceptual resource discovery target for the Assafou project. Near-term targets include the Assafou, Pala Trend 3, Pala Trend 2 and Pala SW targets, which are all in close proximity, with similar mineralisation styles and metallurgy, to the existing Assafou resources.

For FY-2026 exploration at Assafou will advance with a $10 million guided spend focused on testing and progressing several potential satellite targets within 10 kilometres of the Assafou deposit, including the Pala Trend Southwest and Koumenagaré targets, in addition to resource definition at the Pala Trend 2 target.

Following an extensive soil geochemistry and geological mapping campaign, several new targets in close proximity to Assafou have been identified, with planned follow up in 2026. Figure 17 below, highlights some of the high-grade mineralised intercepts identified at these potential satellite targets.

Endeavour also entered a strategic partnership over the Assuéfry and the Koun-Fao permits, located immediately to the east and south of the Assafou permit, respectively, that host similar geology s to the Assafou deposit.     

Figure 17: Iguela Regional Map
Refer to Figure 17 within appended News Release       

Figures 18, 19 and 20 below highlight the drilling completed at the Pala Trend 3 target in 2025. A 20,000 metre drill programme was completed confirming the presence of continuous lenses of mineralisation in both the Tarkwaian sediments and Birimian basement, close to the contact.

In 2026, a maiden Indicated resource at Pala Trend 3 of 4.7Mt at 1.55g/t for 0.2Moz and a maiden Inferred resource of 1.0Mt at 1.68g/t for 53koz was declared. Pala Trend 3 is located approximately 1 kilometre southwest of Assafou. Mineralisation is high-grade and starts from surface with the potential to supplement near-term production at the Assafou project.

Mineralisation remains open towards the northeast and depth, with further drilling at Pala Trend 3 and the other Pala targets planned for FY-2026.

Figure 18: Pala Trend 3 Cross Section P1166
Refer to Figure 18 within appended News Release

Figure 19: Pala Trend 3 Cross Section P1266
Refer to Figure 19 within appended News Release

Figure 20: Pala Trend 3 Cross Section P1366
Refer to Figure 20 within appended News Release

At Pala Trend 2, a 3,331 metre drilling programme was completed during 2025 and defined a 3 kilometre long mineralised trend at the contact between Tarkwaian sediments and Birimian basement. Pala Trend 2 is located approximately 4 kilometres west of the Assafou deposit with continuous, high-grade mineralisation hosted in Birimian Basement rocks.

ASSAFOU TECHNICAL NOTES

All figures are expressed in United States dollars unless otherwise stated.

Assafou Geology

Mineralisation at Assafou is mainly hosted in Tarkwaian Sandstone, at/or immediately in the vicinity of the structural contact with Birimian Basement rocks (mainly mafic rocks). Gold mineralisation occurs both as disseminated occurrences within pervasively altered sandstone and within, or at the edges of, quartz (±carbonate) veins and breccias that crosscut the altered sandstones. Alteration is reflected by an induration (silicification) and by the presence of sulphides (pyrite), disseminated within the matrix and distributed along the sandstone bedding. The more intense the silicification (and presence of pyrite), the more mineralised the sandstones tend to be.

The structural contact likely controlled the initial sandstone deposition (normal fault in extensional regime). It was then reactivated under an SSW-NNE compressive regime at the brittle-ductile transition, associated with strong mylonitisation and alteration (quartz, carbonate, pyrite, ± sericite, ± chlorite) of the Birimian Basement rocks, and with mafic and felsic intrusions as dykes and sills. Gold mineralisation is likely to have occurred during this reversal, in the post-Tarkwaian reactivation event. Mineralising hydrothermal fluids are believed to have preferentially invaded the Tarkwaian Sandstones rather than the Birimian Basement rocks, due to their higher initial porosity, permeability and competency.

Assafou Resource Modelling

The statistical analysis, geological modelling and resource estimation were prepared by Endeavour’s resource team. The Qualified Person as defined by NI 43-101 responsible for the statistical analysis, geological modelling and mineral resource estimate is Kevin Harris, Vice President of Resources at the effective time for Endeavour. Mr. Harris has approved the disclosure relating to such technical information in this press release.

The Assafou mineral resource model was developed in Seequent’s Leapfrog Geo, Snowden’s Supervisor and Geovia’s Surpac software. The database used to generate the mineral resources comprised some 1,367 drill holes, totalling 278,454 metres. The drill hole data was supported by industry-standard quality assurance and quality control systems, with quality control sampling comprising blanks, coarse blanks, certified reference materials, and field and pulp duplicates. The QP has reviewed the QA/QC data available and considers the assay data to be suitable for use in the subsequent mineral resource estimate.

Mineralisation domains were modelled with the Vein System tool in Leapfrog Geo using the interval selection for each vein. The gold assays from the drill holes were composited to 1.0 metre intervals. Grade capping values were applied depending on the mineralised domain, between no cap and 40 g/t Au. Spatial analysis of the gold distribution within the mineralised zone indicated good continuity of the grades along strike and down dip within the mineralised zones. A geostatistical analysis (variography) of the composited gold assay grades was undertaken based on the representative estimation domains. During the variogram analysis, geological interpretation and modelling identified two distinct structural trends: northeast (NE) dipping trend and southwest (SW) dipping trend.

To properly capture spatial continuity within these orientations, the domains containing the highest number of samples were selected for detailed study. Domain 103 for the SW trend and Domain 238 for the NE trend. Variography has been applied using Snowden’s Supervisor for those domains and experimental variogram models were produced for these domains.

Density measurements from 10,224 samples covering each of the lithologies, were averaged based on the material type (and lithology, in the case of fresh material). Average density values were applied to the associated portions of the block model as outlined below:

Laterite 1.98 g/cm3Saprolite: 1.91 g/cm3Saprock: 2.38 g/cm3Fresh: 2.77 g/cm3 Gold grades were estimated in Geovia’s Surpac using Inverse Distance Squared (‘IDW2’) and Ordinary Kriging ('OK’). The grade was estimated in multiple passes to define the higher confidence areas and extend the grade to the interpreted mineralised zone extents.

The grade estimation was validated with visual and statistical analysis, and comparison with the drilling data on sections with swath plots comparing the block grades with the composites.

The majority of the resource is within the fresh rock, approximately 1.0% of the ounces is oxide, 11.0% is transition and 88.0% is fresh rock.

Endeavour considers that the quality and spatial distribution of the data used, the geological continuity of the mineralisation and the quality of the estimated block model for the Assafou deposit are sufficient for the reporting of Measured, Indicated and Inferred mineral resources, in accordance with the CIM Definition Standards (CIM, 2014). Measured mineral resources have typically been defined in in-fill drilling areas with a drill hole spacing of 20 - 25 metres along sections, Indicated mineral resources have typically been defined in areas with a drill hole spacing of 20 - 40 metres along sections, and (30 to 40 metres) between sections, where there is a reasonable level of confidence in geological and grade continuity. Inferred mineral resources have typically been defined in areas with a drillhole spacing of 50 - 75 metres, and where the controls on mineralisation are less well understood, or the continuity is reduced.

Mineral resources are reported within an optimised pit shell using a cut-off grade of 0.40 g/t Au and a gold price of $1,900/oz. Technical and economic assumptions were agreed for mining factors (mining and selling costs, mining recovery and dilution, pit slope angles) and processing factors (gold recovery, processing costs), which were used for optimisation. The optimised factors are summarised below:

Mining cost: $3.75/t ore and $2.72/t wasteProcessing cost: Oxide/Transitional: $11.08/t ore; Fresh: $11.66/t oreG&A cost: $4.68/t oreSustaining capital cost: $1.45/t oreOther ore related costs (including grade control): $0.78/t oreSelling cost: $71.50/oz AuMining recovery: 95.0%; Dilution 0.0%Processing recovery: 95.7% for Oxide/transitional ore and 93.1% for fresh ore at the average gradeAverage slope angles: 28-43°, dependent on geotechnical domain Drilling, Assay, Quality Assurance and Quality Control Procedures

Reverse Circulation (“RC”) and Air Core (“AC”) drilling uses high pressure compressed air to deliver rock materials to the surface. The compressed air is delivered via a dual tube drill rod system, with an outer tube for air going down-hole, and an inner-tube for return going back to surface. In RC drilling, compressed air drives a percussion hammer. In both RC and AC drilling, compressed air carries rock particles back to surface via the inner tube, minimizing potential contamination affects.

The samples are collected from the cyclone at surface at 1 metre intervals. The cyclone is cleaned after every 6-metre rod by flushing the hole and physical opening of the cyclone and blowing out with compressed air at the end of each hole. Additional manual cleaning is required in saprolitic or wet ground, closely monitored by the site geologist / geo-technician to ensure no sample-to-sample contamination occurs. Samples are manually split at the drill site using two different riffle splitters, based on bulk sample weight. 2 to 5 kilograms laboratory samples and a second 2 to 5 kilograms reference sample are collected. Bulk and laboratory sample weights, in addition to moisture levels are recorded. Representative samples for each interval were collected with a spear, sieved into chip trays and retained for reference.

Diamond drilling collects drill core (PQ, HQ and NQ size) samples that are selected by Endeavour geologists and cut in half with a diamond blade at the project site. Half of the core is retained at the site for reference purposes. Sample intervals are generally 1 metre in length, adjusted with geologic and/or structural contacts. All samples are transported by road to Bureau Veritas in Abidjan. Each laboratory sample is secured in poly-woven bags ensuring that there is a clear record of the chain of custody. On arrival samples are weighed. Complete samples are crushed to 2 mm (70% passing) with 1 kilogram split out for pulverization. The entire 1 kilogram is pulverized to 75 μm (85% passing). A 50-gram sample is extracted and analysed for gold using standard fire assay technique. An Atomic Absorption (“AA”) finish provides the final gold value.

Blanks, field duplicates and certified reference material (“CRM’s”) are inserted into the sample sequence by Endeavour geologists at a rate of one of each per 20 samples. This ensures that there is a 5% Quality Assurance / Quality Control (“QA/QC”) sample insertion rate applied to each fire assay batch. The sampling and assaying are monitored through analysis of these QA/QC samples. This QA/QC program was audited by a consultant, independent from Endeavour Mining and has been verified to follow industry best practices.

In 2021 and 2022, 1,757 samples were sent to ALS Ouagadougou for umpire (referee) analysis. For 2023, 6,999 samples were sent for umpire testing at ALS Ouagadougou for preparation and analysis. When the original results for all umpire samples from BV are compared to ALS, for 2021 and 2022 the correlation coefficient is 95.9%. For 2023, the correlation coefficient is 87.7%. Correlation measures the relationship between the two values. The closer a value is to 100%, represents increased correlation. The absolute percent difference between the calculated means for the datasets is 3.15% for 2021 and 2022 and 2.7% for 2023. There is good correlation between the original results and those from the umpire laboratory. Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice.

Assafou Mineral Reserve Estimate

The Mineral Reserve Estimate (as at 31 December 2025) for the Project is supported by engineering designs and modifying factors in accordance with CIM Definition Standards. The Qualified Person as defined by NI 43-101 responsible for the Mineral Reserve estimate is Francois Taljaard, Pr. Eng, BEng (Hons) IND, SAIMM, MIMMM, of SRK Consulting (UK) Ltd. Mr Taljaard is a qualified person and independent for the purposes of National Instrument 43-101 and has reviewed and approved the disclosure relating to the Mineral Reserve Estimate in this press release.

The open pit is designed with three phases, an interim stage, a final phase, and a southern extension. The life-of-mine plan for the Project includes modification to the Resource model to generate the mining block through re-blocking, which introduces a degree of dilution, the pre-mining topographic surface and the Open Pit optimisation analysis. The same economic parameters were used to generate the pit shells for the Mineral Resource and the Mineral Reserve, with the exception of gold price and sales costs, which were $1900/oz and $1500/oz respectively.

A marginal gold cut-off grade of 0.40 g/t was used in the calculation of the open pit quantities for the production schedule and the mineral reserve estimate. The economic cut-off grade is calculated based on the processing cost parameters including cost of; grade control and run-of-mine re-handling; ore premium; processing the ore, plant/infrastructure maintenance, general and administration charges, and sustaining capital costs. Mineral reserve cut-off grades are 0.40 g/t Au for Laterite/, Saprolite/ and Saprock, and 0.50 g/t Au for Fresh rock.

The mineral reserve is reported from an engineered pit design, as a scheduled mining and processing estimate, that includes stockpiling. The scheduled mineral reserve is reported based on aggregating all Measured and Indicated mineral resource blocks incorporated within the life-of-mine plan, and reported inclusive of all appropriate dilution, diluted grade and losses; and all inferred material treated as waste.

QUALIFIED PERSONS

Lucette Hugo, VP Resource and Reserve of Endeavour Mining plc., a “Qualified Person” as defined by NI 43-101, has reviewed and approved the technical information other than in respect of the statistical analysis, geological modelling, and resource estimation and mineral reserve estimate in respect of Assafou disclosed in this release.

Endeavour has presented a comparison of the DFS to PFS for informational purposes and notes that the PFS should no longer be relied on as it is being replaced with the DFS.

CONTACT INFORMATION 

ABOUT ENDEAVOUR MINING PLC

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the London and Toronto Stock Exchanges, under the symbol EDV.

For more information, please visit www.endeavourmining.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking statements" within the meaning of applicable securities laws.  All statements, other than statements of historical fact, are "forward-looking statements". Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates".

Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour’s financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour’s current expectations; actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities; changes in national and local government legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licences by government authorities, or the expropriation or nationalisation of any of Endeavour’s property; risks associated with illegal and artisanal mining; environmental hazards; climate-related physical and transition risks; the availability and performance of emissions-reduction and renewable energy technologies; changes in climate-related disclosure requirements or ESG-related regulation; evolving stakeholder expectations; the reliability and accuracy of ESG-related data (including greenhouse gas emissions estimates, particularly Scope 3 emissions); reliance on third-party information, contractors and suppliers for ESG metrics; and the Company’s ability to achieve ESG-related targets or ambitions; and risks associated with new diseases, epidemics and pandemics.

ESG-related disclosures are inherently subject to measurement uncertainties and methodological limitations. Certain ESG metrics, including greenhouse gas emissions, climate scenario analysis, biodiversity impacts and supply chain data, are based on evolving standards, estimates, assumptions and third-party information, and may not have the same degree of accuracy, comparability or assurance as financial information prepared in accordance with IFRS. As ESG reporting frameworks and regulatory requirements in the United Kingdom and Canada continue to develop, the Company may revise or update its methodologies, baselines or disclosures in future reporting periods.

Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedarplus.ca for further information respecting the risks affecting Endeavour and its business. 

260423 - NR - Assafou DFS 260423 - Financial Model - Assafou DFS 260423 - Drill Results - Assafou project

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

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Zacks Premium includes access to the Zacks Style Scores as well.

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Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

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Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.7% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

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As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Sony (SONY - Free Report) Headquartered in Tokyo, Japan, Sony Group Corporation designs, manufactures and sells several consumer and industrial electronic equipment. The company’s product roster comprises audio and video equipment, televisions, network services, game hardware and software, mobile phones and image sensors. Additionally, Sony is active in the production, acquisition and distribution of recorded music and the management and licensing of the words and music for songs.

SONY is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Consumer Discretionary stock. SONY has a Momentum Style Score of B, and shares are up 1.1% over the past four weeks.

For fiscal 2027, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.05 to $1.34 per share. SONY boasts an average earnings surprise of +32.6%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, SONY should be on investors' short list.

66.8-megapixel full-frame mirrorless interchangeable-lens camera offering the highest resolution and
continuous shooting performance in the Alpha™ series[1]

, /PRNewswire/ -- Sony Electronics introduces the Alpha 7R VI, the sixth generation of its celebrated Alpha 7R series. Built on the series' legacy of leading resolution, this full-frame mirrorless camera pairs an approximately 66.8 effective megapixel back-illuminated fully-stacked Exmor RS™ CMOS sensor with the new BIONZ XR2™ engine. The result: exceptional resolution, accurate color, and reliable performance across subjects ranging from people in motion to wildlife to expansive landscapes.

Sony Electronics Accelerates High-Resolution Photography with the Alpha 7R VI Sony also introduces the XLR-A4 XLR adaptor to expand on-camera audio capabilities for professional productions, including 32-bit float recording [2].

"The Alpha 7R series stands for image quality you can trust on screen, in print, and in the most demanding conditions. The Alpha 7R VI takes that further with the speed, intelligence, battery life, and viewfinder quality our creators have been asking for. Every decision strengthens what this series does best and makes it work harder for the people who rely on it," said Yang Cheng, Vice President of Imaging Solutions, Sony Electronics Inc.

Alpha 7R VI (ILCE-7RM6), mirrorless interchangeable-lens digital camera; Release date: June 2026; Price: $4,499.99 USD, $5,999.99 CAD XLR-A4, XLR adaptor, Release date: June 2026; Price: $779.99 USD, $1089.99 CAD Alpha 7R VI Product Feature video: https://youtu.be/iDhbKSdqqb8

Alpha 7R VI Key Features

Expanded High-Resolution Shooting

66.8 MP (approximate, effective) full-frame fully-stacked Exmor RS sensor with up to 16 stops[3]of dynamic range and reduced noise in the mid-sensitivity range  Precise 5-axis optical image stabilization delivering up to 8.5 stops at the center and 7.0 stops at the periphery[4] Auto White Balance powered by visible light and infrared (IR) sensor and deep-learning illumination estimation, for stable natural color in shaded or indoor scenes Intelligence in Every Frame with High-Speed, High-Precision Continuous Shooting

BIONZ XR2 engine with integrated AI processing unit and approximately 5.6x faster sensor readout than the previous model [5], enabling blackout-free continuous shooting at up to approximately 30 fps[6] delivering up to 60 AF/AE calculations per second with AF/AE tracking Real-time Recognition AF+ (Plus) with skeletal-based human pose estimation and tracking, for reliable focus on fast-moving subjects including athletes and dynamic scenes Built for Professional Demands

 New NP-SA100 high-capacity battery (2670 mAh) supports up to 710 still images via LCD monitor or 600 via viewfinder (CIPA standard), reducing battery changes during extended shoots[7] Approximately 9.44M dot OLED viewfinder with a DCI-P3 equivalent color gamut and 10-bit HDR—maximum brightness is approximately three times higher than conventional models [5] for clear visibility in bright environments Effective heat management allows uninterrupted 8K movie recording up to 120 min[8] Dual USB Type-C🄬 ports for simultaneous charging and data transfer; illuminated rear buttons for low-light operation  Magnesium alloy for a lightweight and durable body; 4-axis multi-angle LCD monitor for flexible shooting angles; mode-dial "Memory Recall" links shooting setups to customizable buttons [9] Supports Sony's Camera Authenticity Solution, including the C2PA standard, enabling verification that still images and videos were captured with a camera (not AI-generated) Professional Video

 8K 30p recording with 8.2K oversampling[10] and full frame 4K 60p and 120p recording without crop[11] Dual Gain Shooting, a first in the Alpha series[12], optimizes sensor performance to reduce noise losing shadow detail for smooth gradation and wide latitude Redesigned in-camera stabilization expands the roll-direction compensation range by 2x[5]; Dynamic active Mode[13] delivers smooth and steady handheld  32-bit float audio internal recording in camera when paired with the XLR-A4 XLR adaptor, eliminating the need for fine adjustment on location[14] Key Features of the XLR-A4 XLR Adaptor

Supports in-camera digital audio recording with up to 4-channel; XLR microphones, such as the ECM-778 (up to 2ch), and connects 3.5 mm stereo mini jack microphones (2ch stereo) via the Multi Interface (MI) Shoe  Dual AD converters digitize microphone signals across a wide dynamic range, capturing quiet ambience through loud action with clarity[2]  Records digital audio at up to 96kHz 32-bit float 4ch on compatible cameras[2], fully leveraging high-end XLR microphone quality. The 32-bit float format eliminates the need for fine gain adjustment on location, significantly reducing the risk of audio distortion[14] Lower profile height design and a reinforced chassis structure compared to the XLR-K3M, supporting stable shooting across on-location scenarios Supplied shoe audio extension cable allows placement up to approximately 60 cm from the camera; side routing minimizes interference with rigs and accessories USB Audio Class 2.0 compatible; functions as a 96 kHz 24-bit 2ch audio interface when connected to a PC for on-site audio monitoring and editing Optional accessories for Alpha 7R VI (sold separately)

Rechargeable Battery Pack NP-SA100- High-capacity battery with InfoLITHIUM functionality, delivering approximately 1.3x the power capacity of the NP-FZ100 Z-series battery. Integrates with camera power management to optimize endurance and thermal behavior. Includes an in-camera battery deterioration indicator. Available June 2026 Price: $119.99 USD, $169.99 CAD Vertical Grip VG-C6- Ergonomic grip for comfortable vertical or horizontal shooting, housing up to two high-capacity SA-series batteries. Dust- and moisture-resistant construction, equivalent to the camera body. Available: June 2026 Price: $459.99 USD, $649.99 CAD Battery Charger BC-SAD1- Dedicated charger for the SA-type battery NP-SA100. With a USB Power Delivery source of 45 W or higher[15], charges two batteries simultaneously in approximately 115 minutes or one battery to 80% in approximately 55 minutes and full charge in approximately 85 minutes. Displays battery pack deterioration status during charging. Available: June 2026 Price: $139.99 USD, $199.99 CAD DC Coupler DC-C2- Provides stable continuous power via an external USB Power Delivery source of 100 W or higher a USB-C® to USB-C cable.[15] Available: June 2026 Price: $149.99 USD, $209.99 CAD For main specifications and details, please visit the product websites:

Alpha 7R VI: https://electronics.sony.com/imaging/interchangeable-lens-cameras/full-frame/p/ilce7rm6b 

XLR-A4: https://electronics.sony.com/imaging/imaging-accessories/interchangeable-lens-camera-accessories/p/xlra4 

Exclusive stories and exciting new content shot with the new Alpha 7R VI, XLR-A4 and Sony's other imaging products can be found at www.alphauniverse.com, a site created to inform, educate, and inspire content creators.

Learn more about the Alpha 7R VI from the newly released in-depth course on AlphaCameraAcademy.com, a free education site for beginner creators.

About Sony Electronics Inc.

Sony Electronics is a subsidiary of Sony Corporation of America and an affiliate of Sony Group Corporation, one of the most comprehensive entertainment companies in the world, with a portfolio that encompasses electronics, music, motion pictures, mobile, gaming, robotics, and financial services. Headquartered in San Diego, California, Sony Electronics is a leader in electronics for the consumer and professional markets. Operations include research and development, engineering, sales, marketing, distribution, and customer service. Sony Electronics creates products that innovate and inspire generations, such as the award-winning Alpha Interchangeable Lens Cameras and revolutionary high-resolution audio products. Sony is also a leading manufacturer of end-to-end solutions from 4K professional broadcast and A/V equipment to industry-leading 4K and 8K Ultra HD TVs. Visit http://www.sony.com/news for more information.

Notes

[1] As of the announcement in May 2026.

[2] Internal recording in camera. Compatible with Alpha 7R VI. Alpha 7 V will be supported via a software update in or after May.

[3] Approximate. Sony tests. Still images at low sensitivities. Mechanical shutter.

[4] CIPA 2024 standards. Pitch/Yaw/Roll compensation. FE 50mm F1.2 GM lens. Long exposure NR off.

[5] Compared to Alpha 7R V. Sony internal measurement.

[6] [Hi+] continuous shooting mode, electronic shutter. Continuous shooting speed may be lower in some conditions. See Sony's support web page for lens compatibility information: https://www.sony.net/tutorial_ilc_2620/continuousshooting/

[7] Actual performance varies based on settings, environmental conditions, and usage. Battery capacity decreases over time and use.

[8] XAVC HS 8K, 30p 200M 4:2:0 10bit, Temp. setting [High], with monitor open. This is when temperature is 25℃.

[9] By setting the mode dial to [⚹], users are able to change the shooting mode or recall up to 10 settings via the menu and the "Memory Recall function" can be used from the menu screen or custom buttons.

[10] When recording in 8K 30p, the angle of view becomes narrower.

[11] Crop-free full-frame 4K 120p recording is available when [4K angle of View Priority] is set to [On].

[12] Available when recording in 4K at 30p or lower.

[13] Angle of view is reduced more than in Active Mode. Clear Image Zoom is not available when using Dynamic active Mode. 8K and 120 fps or higher

[14] If audio clipping has already occurred at the microphone input stage, it cannot be restored even if the volume is adjusted in post-production.

[15] A USB Power Delivery (PD)-compatible external power supply and USB cable are not included.

SOURCE Sony Electronics, Inc.

Artificial intelligence has notoriously struggled with creating images, writing out gibberish on signs, or adding extra fingers to people. But it doesn’t seem to be much help for photography either—and the internet is having a field day over it.

The official X account for the Sony Xperia smartphone shared examples from its new “AI Camera Assistant” tool, which offers lens, exposure, and color suggestions for users.

While it’s a decent idea in theory, the images shared by the post revealed otherwise.

The X post included a series of before-and-after examples, with the tool appearing to create a comedically overexposed effect.

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In one of the images, a picture of a person in a field is turned from one with depth and contrast into an overly bright photograph.

Another before-and-after combo featured a close-up of a sandwich, with the “after” version reducing the contrast to the point that the image appears to be without depth.

[Screenshot: via X]But while someone clearly thought the images were good enough to post online, the X post quickly backfired, turning its comment section into a flurry of criticisms and mockery, with many posting their own satirical before-and-afters.

Explore TopicsAIcamerassony

© ilbusca / iStock Unreleased via Getty Images

It’s getting harder to find value within the AI scene these days, especially after the latest spike in the semiconductor stocks. With the iShares Semiconductor ETF (NASDAQ:SOXX) soaring more than 6% in a single day on Tuesday, it feels like the overheated names are just getting bubblier and bubblier. Of course, there’s still relative value in the semis. But, for the most part, you’re paying historic premiums, and if there’s any hint of a turning of the cycle, investors might be quick to take profits.

Just because AI demand is through the roof doesn’t mean the semis can keep going like this forever. In any case, it’s becoming harder to just keep watching historic gainers in the semi space from the sidelines. Micron (NASDAQ:MU) joining the $1 trillion market cap club was certainly not on the bingo cards of many going into the year.

Sony might be one of the last of the cheap AI plays — a long-term horizon might be needed, though Just because semis are running too hot, potentially fanning bubble fears, though, does not mean there isn’t anything worthy to buy out there in some of the less-obvious corners of the market. Sony (NYSE:SONY | SONY Price Prediction) stands out as more of a hidden gem of an AI beneficiary, while investors ditch the stock over a handful of notable operating stumbles.

Whether we’re talking about the big losses from its Bungie acquisition (active development on its former cash cow Destiny 2 franchise has finally ended) or slowing PlayStation 5 unit sales amid rising component costs due to AI, it feels like Sony is on the wrong side of the AI revolution. Indeed, Sony is feeling the heat as the “memory tax” caused by the rise of AI really takes a bite out of margins.

Still, much of that negativity seems mostly priced into the stock at this point. At the time of this writing, shares of Sony go 16.89 times forward price-to-earnings (P/E). And while price hikes on PlayStation Plus might not be the way around higher DRAM prices or the write-downs over at Bungie, I do think that Sony has more than one way to shift to the right side of the AI boom in the coming years.

Apart from AI’s ability to reduce production timelines and boost productivity in the entertainment segment (Sony is already using “powerful” AI tools to help augment creators), the company could also find itself in the midst of the “physical AI” revolution as robotics takes off, paving the way for greater demand for sensory hardware.

The Taiwan Semiconductor deal could be big Sony is in a rather unique spot, with fab kingpin Taiwan Semiconductor (NYSE:TSM) recently inking an AI sensor deal with Sony. Given Taiwan Semiconductor’s pretty much the chokepoint of the global chip scene, I’d argue that such a move demands investor attention, especially as investors crowd into the obvious trades instead of taking a hint from industry titans as to where the puck could be headed next. Undoubtedly, it’s too soon in the game to think that image sensors are the next DRAM.

As a leader in the space, though, Sony will be ready when the demand wave comes. Given the timing of the Taiwan Semiconductor deal along with Elon Musk’s ambitious Optimus manufacturing timeline, I’d argue that a robotics boom might not be all too far around the corner. The only question is whether there will be enough image sensors to go around.

Of course, Sony has become quite a messy story with the gaming business dragging it down of late. However, in due time, I do expect Sony to be lifted by AI across its segments, from entertainment to image sensors, rather than dragged down by it via the inflation in memory prices. The stock’s down over 26% from its high, but it might be all too long before investors get past that in-line quarter and AI turns from a headwind to a tailwind.

On June 02, 2026, we present a DCF analysis for Sony Group Corp SONY, a company that has experienced a mixed performance in the market recently. Over the past week, the stock has risen by 1.9%, and in the last month, it has gained 14.1%. However, year-to-date, the stock is down by 11.5%, and over the past year, it has also declined by 11.0%. Here are some key points from our analysis:

DCF Earnings-based intrinsic value of $33.48 vs current price of $22.57 (margin of safety: 44.5%) DCF FCF-based intrinsic value of $21.64 vs current price (second opinion indicates fair valued) GF Score™ of 78/100 suggests a reliable DCF input assessment What Is SONY Worth? DCF Earnings-Based Model To determine the intrinsic value of Sony Group Corp, we utilized a two-stage DCF model. The first stage considers a growth phase lasting ten years, during which we expect earnings per share (EPS) to grow at a rate of 19.1% annually. The second stage accounts for a terminal growth phase, where we anticipate a more modest growth rate of 4% for the subsequent ten years. The discount rate applied to both stages is 11%, derived from the risk-free rate and equity risk premium.

Parameter Value Current EPS (TTM, excl. non-recurring) $1.14 10-Year Growth Rate 19.1% 10-Year Treasury Rate 4.43% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% The calculation summary for the DCF model is as follows:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 19.1%, discounted at 11% $17.11 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $16.37 Intrinsic Value Growth + Terminal $33.48 With the current price at $22.57, the intrinsic value of $40.65 indicates that the stock is significantly undervalued, presenting a margin of safety of 44.5%. It is important to note that GuruFocus utilizes EPS without non-recurring items, as research suggests that stock prices correlate more closely with earnings than with free cash flow. For further details, you can access the SONY DCF Calculator.

What Does the Free Cash Flow DCF Say? In addition to the earnings-based DCF model, we also analyzed Sony's intrinsic value using a Free Cash Flow (FCF) DCF model. The FCF-based intrinsic value is calculated at $21.64, which indicates a slight disagreement with the earnings-based valuation. The FCF model suggests that the stock is fair valued, with a margin of safety of -4.3%.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for Sony Group Corp is calculated at $19.55, providing a third perspective on the company's valuation. GF Value™ is GuruFocus' proprietary measure derived from historical trading multiples, past business growth, and future performance estimates. When comparing the three models, we observe that the earnings-based DCF indicates significant undervaluation, while the FCF model suggests fair valuation, and the GF Value™ indicates that the stock is overvalued. For more insights, visit the GF Value™ page.

What Does SONY's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns based on backtested data from 2006 to 2021. Below is the GF Score™ breakdown for Sony:

Metric Rating GF Score™ 78/100 Financial Strength 8/10 Profitability 8/10 Growth 8/10 Valuation 7/10 Momentum 1/10 With a predictability rank of 1/5 stars, it indicates that the DCF model may be less reliable for this stock. For more information, visit the SONY stock page.

Key Assumptions and Limitations It is essential to recognize that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Stocks with low predictability ratings, such as Sony's, tend to produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not reflect future market conditions accurately.

What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find a mixed consensus on Sony's valuation. The earnings-based DCF suggests the stock is significantly undervalued, while the FCF model indicates fair valuation, and the GF Value™ suggests overvaluation. Overall, investors should approach SONY with caution given the discrepancies among the valuation models.

For the full DCF analysis, visit the SONY DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is SONY's intrinsic value based on DCF?

[Answer: earnings-based $40.65, FCF-based $21.64]

Is SONY overvalued or undervalued?

[Answer using DCF + GF Value™ consensus]

How reliable is the DCF model for SONY?

[Answer using predictability rank 1/5]

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

Dubbed “The Internet’s Delete Button,” Midnight Labs is the first enforcement platform to deliver court-admissible evidence at scale, with 2.8 billion takedowns and counting

DUBLIN, TOKYO & SAN FRANCISCO--(BUSINESS WIRE)--Midnight Labs, the market leader in predictive IP protection for entertainment, gaming and content industries, today announced an investment from the Sony Innovation Fund. The investment will fuel the expansion of Midnight Labs’ agentic Enforcement Engine to protect high-value entertainment IP from mass piracy, deepfakes and AI-generated infringement in the U.S. and Japanese markets.

Midnight Labs, the Internet's Delete Button, secures the full IP chain against generative AI misuse, deepfakes and piracy, including creator content, brand identity, NILV, character likeness, studio assets, and audio/video content, including live streams.

Share Video piracy alone will drive an estimated $125 billion in annual revenue leakage by 2028. Dubbed “The Internet’s Delete Button,” Midnight Labs delivers automated enforcement workflows that once took weeks in minutes, performing 120 hours of scanning, detection, analysis, verification and removal in just 60 seconds. To date, Midnight Labs has removed more than 2.8 billion pieces of infringing content, protecting the world's largest streaming platforms, podcast networks, talent agencies and Fortune 100 executives. Through its creator-focused product, Ceartas (/ˈkar-tɪs/, the Irish word for justice), Midnight Labs also protects the world's biggest content creators and creator-economy brands. Unlike traditional legacy solutions that focus on counterfeit goods, Midnight Labs focuses on the content that most directly undermines revenue and erodes reputation, including pirated films, leaked music, cloned livestreams, and weaponized deepfakes targeting talent and executives.

“Generative AI has industrialized piracy, exposing IP holders to both financial loss and real-time reputational damage,” said Dan Purcell, CEO and founder of Midnight Labs. “A single deepfake of a CEO, created in seconds and distributed across thousands of sites, can cause immediate, catastrophic harm before a legal team can even open a ticket. Traditional digital rights management built on manual processes simply cannot keep pace with AI-generated infringement, leaving legal and content protection teams overwhelmed. We make enforcement autonomous by scanning, detecting, proving and removing stolen content faster than it can spread, returning control to IP holders over their content, reputation and revenue. The backing of Sony Innovation Fund accelerates that mission.”

Court-Admissible Evidence at Scale.

Midnight Labs is the first enforcement platform that integrates legal-grade evidence collection directly into an automated pipeline. The platform backs every takedown with a forensic evidence bundle, including time-stamped screenshots, cryptographic hashes, HTML source archives and full network records. This approach turns enforcement from a reactive legal chore into a proactive asset for rights holders and ensures IP holders receive litigation-ready documentation without manual work.

Protecting the Full IP Chain.

Midnight Labs secures the full IP chain against generative AI misuse, deepfakes and piracy, including creator content, brand identity, NILV (Name/Image/Likeness/Voice), character likeness, studio assets, and audio/video content, including live streams. The platform continuously scans more than 75 million sources, including the dark web and non-compliant platforms, identifies threats in real time and automates takedowns, filings and compliance workflows. Critically, Midnight Labs does not rely on external AI models, ensuring full privacy, security and control of sensitive material.

Market Expansion in Japan and APAC.

Manga remains the most pirated content globally, and sophisticated digital piracy syndicates operate at unprecedented scale in Japan, making the country uniquely vulnerable to AI-generated copyright infringement. The investment from the Sony Innovation Fund accelerates Midnight Labs’ expansion in Japan and across APAC, giving the company a stronghold to dismantle these networks by removing content and neutralizing threats before damage spreads.

“Midnight Labs is tackling an important and increasingly complex problem for the creative industries. We are pleased to support the team and look forward to collaborating as they build solutions for rights holders worldwide,” said Antonio Avitabile, Managing Director, Sony Ventures EMEA.

About Midnight Labs

Midnight Labs is the enterprise leader in AI-powered IP protection, trusted by the world's largest streaming platforms, entertainment studios, podcast networks, talent agencies, and Fortune 100 executives. The company has removed over 2.8 billion pieces of infringing content across gaming, anime, manga, film, sports, music and live streaming.

Headquartered in Dublin, Midnight Labs is a Google Trusted Copyright Removal Program partner and a privately held company backed by Sony Innovation Fund, Airbridge Equity Partners, Earlybird VC, and Upside VC. Follow Midnight Labs on LinkedIn or learn more at https://midnightlabs.ai.

About Ceartas

Ceartas (/ˈkar-tɪs/), the Irish word for justice, is the creator-focused product of Midnight Labs, protecting the world's biggest content creators and creator-economy brands from impersonation, piracy, and deepfakes. Founded to fight exploitation and protect victims of non-consensual content, Ceartas empowers creators and agencies with seamless global protection. Follow Ceartas on LinkedIn or learn more at https://ceartas.io.

Sony believes it has found the future of TV technology with True RGB, a new display system that uses independently controlled red, green, and blue LEDs to deliver richer colors, better viewing angles, and brighter images. After getting an early hands-on look in New York, I break down how True RGB works, why it matters, and what to expect from Sony's new Bravia 9 II and Bravia 7 II TVs.

Sony Group Corporation remains a Buy as valuation improves despite recent operational setbacks and market underperformance. Recent losses from the discontinued AFEELA EV project and Bungie impairment are offset by prudent capital allocation and cost discipline. Key upside catalysts include potential outperformance in Gaming and Pictures, notably from GTA 6 and blockbuster film releases.

Take-Two Interactive Software, Inc. confirmed GTA 6's November 19th launch, significantly reducing delay risk and driving strong after-hours gains. TTWO's Q4 delivered a double beat on revenue and EPS, with robust growth in recurrent consumer spending and strong performances from NBA 2K and GTA Online. FY 2027 guidance of $8 billion in net bookings is notably below market expectations, raising questions about management's conservatism or underlying risks.

Take-Two Interactive Software, Inc. (TTWO) Q4 2026 Earnings Call Transcript