Track market-moving stories before they get noisy

CINCINNATI, June 08, 2026 (GLOBE NEWSWIRE) -- Roto-Rooter Services Company, a wholly owned subsidiary of Chemed Corporation ("Chemed") (NYSE: CHE) announced it has acquired a formerly independent Roto-Rooter franchise serving 21 counties in south Texas for approximately $12.0 million. The service area includes the cities of Corpus Christi, McAllen, Laredo and Brownsville, Texas.

Listed on the New York Stock Exchange and headquartered in Cincinnati, Ohio, Chemed Corporation (www.chemed.com) operates two wholly owned subsidiaries: VITAS Healthcare and Roto-Rooter. VITAS is the nation's largest provider of end-of-life hospice care and Roto-Rooter is the nation’s leading provider of plumbing and drain cleaning services.

Statements in this press release or in other Chemed communications may relate to future events or Chemed's future performance. Such statements are forward-looking statements and are based on present information Chemed has related to its existing business circumstances. Investors are cautioned that such forward-looking statements are subject to inherent risk and that actual results may differ materially from such forward-looking statements. Further, investors are cautioned that Chemed does not assume any obligation to update forward-looking statements based on unanticipated events or changed expectations.

CONTACT: 
Michael D. Witzeman
(513) 762-6714

Peabody Energy is upgraded from hold to buy after a 30% share price pullback and improving long-term fundamentals. BTU's Q1 results showed rising production costs outpacing revenue growth, leading to a net loss, but external conditions may improve. I see thermal coal demand strengthening as global LNG supplies tighten, while metallurgical coal faces headwinds from slower economic growth.

New York, New York--(Newsfile Corp. - May 11, 2026) - Levi & Korsinsky notifies investors that it has commenced an investigation into Peabody Energy Corporation ("Peabody Energy Corporation") (NYSE: BTU) concerning potential violations of the federal securities laws.

During the Q4 2025 earnings call on February 5, 2026, CFO Mark A. Spurbeck told investors that full-year 2025 results "met or exceeded original guidance for seven of eight volume and cost metrics." CEO James C. Grech described the company as sitting "at the intersection of multiple policy and market trendsmoving in a highly favorable direction" -- a statement made shortly before the Q1 2026 earnings release disclosed a net loss of $32.4 million, a decline in adjusted EBITDA, and surging diesel costs that had not been adequately disclosed to investors.

The gap between the guidance narrative and actual results was stark. Management projected costs "consistent with 2025 levels" while diesel expenses climbed materially. The Centurion mine -- described by the CEO as "well ahead of its original schedule" in February -- was disclosed as delayed, removing expected production volume from the 2026 outlook.

If you suffered a loss on your Peabody Energy Corporation securities and would like to explore a potential recovery under the federal securities laws, Learn More About the Investigation or contact Joseph E. Levi, Esq. via email at [email protected] or call (212)363-7500 to speak to our team of experienced shareholder advocates.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212)363-7500
Fax: (212)363-7171

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296906

Source: Levi & Korsinsky, LLP

Peabody Energy guided investors toward a 3.5 million ton production target for its Centurion mine in 2026 while internal startup delays and surging diesel costs were already undermining that outlook.

, /PRNewswire/ -- Peabody Energy Corporation (NYSE: BTU) shareholders who purchased stock based on the company's forward guidance for 2026 and suffered losses may have legal rights. On the company's Q4 2025 earnings call on February 5, 2026, President and CEO James C. Grech told investors that the Centurion mine would "deliver 3.5 million tons in 2026" and was "well ahead of its original schedule." Weeks later, Q1 2026 results revealed a $32.4 million net loss, a delayed Centurion startup, and materially higher diesel-fuel operating costs.

Shareholders who lost money on BTU are encouraged to submit their information to Levi & Korsinsky . You may also contact Joseph E. Levi, Esq. via email at [email protected]  or by telephone at (212) 363-7500.

The gap between what management projected and what actually materialized was stark. On February 5, 2026, Mr. Grech described visiting the Centurion site and watching the team install "the very last shield" in advance of longwall mining. Mr. Spurbeck reinforced the narrative, telling investors that "Seaborne met volumes are projected to increase... with the start of longwall production at Centurion." Neither executive disclosed that diesel-fuel costs were rising sharply or that the mine's production timeline was at risk.

When Q1 2026 earnings landed, the company reported a net loss of $32.4 million and a decline in adjusted EBITDA. The Centurion mine startup had been delayed, and higher diesel costs -- identified internally as a primary margin headwind -- had not been flagged in the February call. The 3.5 million ton target for 2026 was likely no longer achievable on the original timeline.

If you purchased Peabody Energy shares and suffered a loss, click here to discuss your legal rights with Levi & Korsinsky . You may also contact Joseph E. Levi, Esq. via email at [email protected]  or by telephone at (212) 363-7500.

Levi & Korsinsky, LLP | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com

Frequently Asked Questions About the BTU Investigation

Q: Which statements are being investigated as potentially misleading?  A: The investigation concerns whether Peabody Energy made materially false or misleading statements regarding the Centurion mine's production timeline and the company's cost outlook for 2026. CEO James C. Grech stated the mine was "well ahead of its original schedule" and would produce 3.5 million tons in 2026. CFO Mark A. Spurbeck projected costs "consistent with 2025 levels." Weeks later, Q1 2026 results showed a delayed startup, surging diesel costs, and a $32.4 million net loss.

Q: Who is eligible to participate in the BTU investigation?  A: Investors who purchased BTU stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: What do BTU investors need to do right now?  A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected]  or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.

Q: What happens after I contact Levi & Korsinsky?  A: An attorney will review your trading history at no cost and provide an initial assessment of your potential recovery.

Q: What if I already sold my BTU shares -- can I still recover losses?  A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought BTU and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?  A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: What if I live outside the United States?  A: U.S. securities fraud investigations generally cover purchases on U.S. exchanges regardless of the investor's country of residence.

CONTACT:\
Levi & Korsinsky, LLP\
Joseph E. Levi, Esq.\
Ed Korsinsky, Esq.\
33 Whitehall Street, 27th Floor\
New York, NY 10004\ 
[email protected] \
Tel: (212) 363-7500\
Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP

NEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- Peabody Energy Corporation (NYSE: BTU) reported a net loss of $32.4 million in Q1 2026 after disclosing that the Centurion mine startup -- previously described by CEO James C. Grech as "well ahead of its original schedule" -- had been delayed. Shareholders who lost money on their BTU investment are encouraged to submit their information here. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.

On February 5, 2026, during Peabody's Q4 2025 earnings call, CEO James C. Grech stated he had been in Australia the prior week where he observed the team and that the team was "installing the very last shield and the finishing touches on the Centurion mine in advance of starting long-wall mining, well ahead of its original schedule." He projected the mine would "deliver 3.5 million tons in 2026, ramping up to that 4.7 mark by 2028." When Q1 2026 results were released, the company disclosed that the Centurion startup was delayed -- making the 3.5 million ton target unachievable on the stated timeline.

Levi & Korsinsky is investigating whether Peabody Energy's officers and directors made materially false or misleading statements regarding the Centurion mine's operational readiness and production schedule. The investigation focuses on whether the company had internal knowledge of startup delays at the time the February 2026 statements were made.

BTU investors who suffered losses are encouraged to contact Levi & Korsinsky to discuss their legal rights. You may also reach Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

WHY LEVI & KORSINSKY -- Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors.

Frequently Asked Questions About the BTU Investigation

Q: Who is conducting the BTU investigation? A: Levi & Korsinsky, LLP is investigating potential securities law violations on behalf of investors who purchased BTU securities and suffered financial losses. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.

Q: Which statements are being investigated as potentially misleading? A: The investigation concerns whether Peabody Energy made materially false or misleading statements regarding the Centurion mine's production schedule and operational readiness -- specifically CEO James C. Grech's February 2026 claim that the mine was "well ahead of its original schedule" and would deliver 3.5 million tons in 2026.

Q: Who is eligible to participate in the BTU investigation? A: Investors who purchased BTU stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: What do BTU investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.

Q: What if I already sold my BTU shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought BTU and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: Do I need to go to court or give testimony? A: No. Participating in the investigation does not require court appearances or depositions.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

[email protected]

Tel: (212) 363-7500

Fax: (212) 363-7171

Peabody Energy posts $32.4 million net loss in Q1 2026 as Centurion mine startup delays and surging diesel costs blindside investors.

, /PRNewswire/ -- Peabody Energy Corporation (NYSE: BTU) shareholders suffered steep losses after the company's Q1 2026 earnings release revealed a net loss of $32.4 million, a sharp decline in adjusted EBITDA, a delayed startup for the critical Centurion metallurgical coal mine, and higher-than-expected operating costs driven by diesel fuel. Investors who lost money on BTU are encouraged to submit their information here. You may also contact Joseph E. Levi, Esq. via email at [email protected]  or by telephone at (212) 363-7500.

The Centurion mine represented one of Peabody's most significant capital investments and a central component of its seaborne metallurgical coal growth strategy. On February 5, 2026, during the Q4 2025 earnings call, CEO James C. Grech told investors the mine was "well ahead of its original schedule" and projected it would "deliver 3.5 million tons in 2026, ramping up to that 4.7 mark by 2028."

Levi & Korsinsky, LLP is investigating whether Peabody Energy may have made materially false or misleading statements regarding the Centurion mine's production timeline and the company's cost outlook. Shareholders who purchased BTU and suffered a loss are encouraged to click here to get more information on this investigation. You may also contact Joseph E. Levi, Esq. via email at [email protected]  or by telephone at (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP -- Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report.

Frequently Asked Questions About the BTU Investigation

Q: What is the BTU securities fraud investigation about?  A: A securities fraud investigation has been initiated concerning Peabody Energy Corporation (NYSE: BTU) regarding potentially materially false and misleading statements about the Centurion mine's production schedule.

Q: Who is conducting the BTU investigation?  A: Levi & Korsinsky, LLP is investigating potential securities fraud on behalf of investors who purchased BTU securities. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.

Q: Who is eligible to participate in the BTU investigation?  A: Investors who purchased BTU stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: What do BTU investors need to do right now?  A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected]  or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.

Q: What if I already sold my BTU shares -- can I still recover losses?  A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought BTU and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?  A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

CONTACT:\

Levi & Korsinsky, LLP\

Joseph E. Levi, Esq.\

Ed Korsinsky, Esq.\

33 Whitehall Street, 27th Floor\

New York, NY 10004\

[email protected] \

Tel: (212) 363-7500\

Fax: (212) 363-7171

SOURCE Levi & Korsinsky, LLP

New York, New York--(Newsfile Corp. - May 25, 2026) - Levi & Korsinsky notifies investors that it has commenced an investigation into Peabody Energy Corporation ("Peabody Energy Corporation") (NYSE: BTU) concerning potential violations of the federal securities laws.

During the Q4 2025 earnings call on February 5, 2026, CFO Mark A. Spurbeck told investors that full-year 2025 results "met or exceeded original guidance for seven of eight volume and cost metrics." CEO James C. Grech described the company as sitting "at the intersection of multiple policy and market trendsmoving in a highly favorable direction" -- a statement made shortly before the Q1 2026 earnings release disclosed a net loss of $32.4 million, a decline in adjusted EBITDA, and surging diesel costs that had not been adequately disclosed to investors.

The gap between the guidance narrative and actual results was stark. Management projected costs "consistent with 2025 levels" while diesel expenses climbed materially. The Centurion mine -- described by the CEO as "well ahead of its original schedule" in February -- was disclosed as delayed, removing expected production volume from the 2026 outlook.

If you suffered a loss on your Peabody Energy Corporation securities and would like to explore a potential recovery under the federal securities laws, Learn More About the Investigation or contact Joseph E. Levi, Esq. via email at [email protected] or call (212)363-7500 to speak to our team of experienced shareholder advocates.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212)363-7500
Fax: (212)363-7171

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298726

Source: Levi & Korsinsky, LLP

, /PRNewswire/ -- Peabody (NYSE: BTU) today announced its intention to offer, subject to market and other conditions, $225,000,000 aggregate principal amount of convertible senior notes due 2031 (the "notes") in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Peabody also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $25,000,000 principal amount of notes.

The notes will be senior, unsecured obligations of Peabody, will accrue interest payable semi-annually in arrears and will mature on June 1, 2031, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Peabody will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Peabody's election. Peabody expects that the reference price used to calculate the initial conversion price for the notes will be the U.S. composite volume weighted average price of Peabody's common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on the date of pricing.

Peabody may not redeem the notes prior to June 5, 2029, except in the event of a cleanup redemption (as defined below). The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Peabody's option at any time, and from time to time, on or after June 5, 2029 and on or before the 31st scheduled trading day immediately before the maturity date, if the last reported sale price per share of Peabody's common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Peabody may redeem for cash all, but not less than all, of the notes at any time if the amount of the notes that remains outstanding is less than 15% of the aggregate principal amount of the notes initially issued under the indenture and certain other conditions are satisfied (a "cleanup redemption"). The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If certain corporate events that constitute a "fundamental change" occur, then, subject to a limited exception, noteholders may require Peabody to repurchase their notes for cash. The repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.

Peabody intends to use the net proceeds from the offering of the notes to fund the cost of entering into capped call transactions (as described below) and, together with available cash, to repurchase a portion of Peabody's outstanding 3.250% Convertible Senior Notes due 2028 (the "2028 Notes"). Peabody intends to use the remainder of the net proceeds, if any, for general corporate purposes.  

In connection with any repurchases of the 2028 Notes, Peabody expects that holders of the 2028 Notes who agree to have their 2028 Notes repurchased and who have hedged their equity price risk with respect to such 2028 Notes (the "hedged holders") will unwind all or part of their hedge positions by buying Peabody's common stock and/or entering into or unwinding various derivative transactions with respect to Peabody's common stock. The amount of Peabody's common stock to be purchased by the hedged holders or the notional number of shares of Peabody's common stock underlying such derivative transactions may be substantial in relation to the historic average daily trading volume of Peabody's common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of Peabody's common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. Peabody cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or Peabody's common stock and the corresponding effect on the initial conversion price of the notes.

In connection with the pricing of the notes, Peabody expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or affiliates thereof and/or one or more other financial institutions (the "option counterparties"). The capped call transactions are expected generally to reduce potential dilution to Peabody's common stock upon any conversion of the notes prior to May 30, 2030, and/or offset any potential cash payments Peabody is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. The capped call transactions are expected to expire over a period of trading days beginning on April 17, 2030. If the initial purchasers exercise their option to purchase additional notes, then Peabody expects to enter into additional capped call transactions with the option counterparties.

Peabody has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Peabody's common stock and/or purchase shares of Peabody common stock concurrently with, or shortly after, the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Peabody's common stock or the notes at that time.

In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Peabody's common stock and/or  purchasing or selling Peabody's common stock or other securities of Peabody in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on April 17, 2030 and (y) following any early conversion of the notes, any repurchase of the notes by Peabody on any fundamental change repurchase date, any redemption date or any other date on which the notes are repurchased by Peabody, in each case if Peabody exercises the relevant election to terminate the corresponding portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Peabody's common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of the notes, it could affect the number of shares and/or value of the consideration that noteholders will receive upon conversion of the notes.

The notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. This press release does not constitute a notice of redemption or an offer to purchase with respect to the 2028 notes.

Peabody is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future.

Contact:
Kala Finklang
Vic Svec
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results, including statements regarding the anticipated terms of the notes being offered and the capped call transactions, the completion, terms, timing and size of the proposed offering and the capped call transactions and the intended use of the proceeds. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Peabody's common stock and risks relating to Peabody's business, including those described in Peabody's most recent Annual Report on Form 10-K and in other periodic reports that Peabody files from time to time with the SEC. Peabody may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

SOURCE Peabody

, /PRNewswire/ -- Peabody (NYSE: BTU) today announced the pricing of its offering of $225,000,000 aggregate principal amount of 0.50% convertible senior notes due 2031 (the "notes") in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The issuance and sale of the notes is scheduled to settle on June 2, 2026, subject to customary closing conditions. Peabody also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $25,000,000 principal amount of notes.

The notes will be senior, unsecured obligations of Peabody and will accrue interest at a rate of 0.50% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2026. The notes will mature on June 1, 2031, unless earlier repurchased, redeemed or converted. Before December 1, 2030, noteholders will have the right to convert their notes only upon the occurrence of certain events. At any time from, and including, December 1, 2030, noteholders may convert their notes at their election until the close of business on the second scheduled trading day immediately before the maturity date. Peabody will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Peabody's election. The initial conversion rate is 26.0970 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $38.32 per share of common stock. The initial conversion price represents a premium of approximately 32.5% over the U.S. composite volume weighted average price of Peabody's common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on May 28, 2026, which was $28.9197 per share. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

Peabody may not redeem the notes prior to June 5, 2029, except in the event of a cleanup redemption (as defined below). The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Peabody's option at any time, and from time to time, on or after June 5, 2029 and on or before the 31st scheduled trading day immediately before the maturity date, if the last reported sale price per share of Peabody's common stock exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Peabody may redeem for cash all, but not less than all, of the notes at any time if the amount of the notes that remains outstanding is less than 15% of the aggregate principal amount of the notes initially issued under the indenture and certain other conditions are satisfied (a "cleanup redemption"). The redemption price will be equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

If certain corporate events that constitute a "fundamental change" occur, then, subject to a limited exception, noteholders may require Peabody to repurchase their notes for cash. The repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

Peabody estimates that the net proceeds from the offering will be approximately $218.9 million (or approximately $243.3 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers' discounts and commissions and Peabody's estimated offering expenses. Peabody intends to use approximately $15.0 million of the net proceeds from the offering of the notes to fund the cost of entering into capped call transactions (as described below) and, together with available cash, to repurchase approximately $241.2 million aggregate principal amount of Peabody's outstanding 3.250% Convertible Senior Notes due 2028 (the "2028 Notes") for a cash purchase price of approximately $388.8 million.

In connection with Peabody's repurchases of the 2028 Notes, Peabody expects that holders of the 2028 Notes who agree to have their 2028 Notes repurchased and who have hedged their equity price risk with respect to such 2028 Notes (the "hedged holders") will unwind all or part of their hedge positions by buying Peabody's common stock and/or entering into or unwinding various derivative transactions with respect to Peabody's common stock. The amount of Peabody's common stock to be purchased by the hedged holders or the notional number of shares of Peabody's common stock underlying such derivative transactions may be substantial in relation to the historic average daily trading volume of Peabody's common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of Peabody's common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. Peabody cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or Peabody's common stock and the corresponding effect on the initial conversion price of the notes.

In connection with the pricing of the notes, Peabody entered into privately negotiated capped call transactions with certain of the initial purchasers or their affiliates and certain other financial institutions (the "option counterparties"). The capped call transactions are expected generally to reduce potential dilution to Peabody's common stock upon any conversion of the notes prior to May 30, 2030, and/or offset any potential cash payments Peabody is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the capped call transactions will initially be $50.6095 per share, which represents a premium of approximately 75.0% over the U.S. composite volume weighted average price of Peabody's common stock from 9:30 a.m. through 4:00 p.m. Eastern Daylight Time on May 28, 2026 (which was $28.9197 per share), and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions will expire over a period of trading days beginning on April 17, 2030. If the initial purchasers exercise their option to purchase additional notes, then Peabody expects to enter into additional capped call transactions with the option counterparties.

Peabody has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Peabody's common stock and/or purchase shares of Peabody common stock concurrently with, or shortly after, the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Peabody's common stock or the notes at that time.

In addition, the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Peabody's common stock and/or purchasing or selling Peabody's common stock or other securities of Peabody in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on April 17, 2030 and (y) following any early conversion of the notes, any repurchase of the notes by Peabody on any fundamental change repurchase date, any redemption date or any other date on which the notes are repurchased by Peabody, in each case if Peabody exercises the relevant election to terminate the corresponding portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Peabody's common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of the notes, it could affect the number of shares and/or value of the consideration that noteholders will receive upon conversion of the notes.

The notes were and will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. This press release does not constitute a notice of redemption or an offer to purchase with respect to the 2028 notes.

Peabody is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future.

Contact:
Kala Finklang
Vic Svec
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results, including statements regarding the notes being offered and the capped call transactions, the completion of the proposed offering and the capped call transactions and the intended use of the proceeds. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Peabody's common stock and risks relating to Peabody's business, including those described in Peabody's most recent Annual Report on Form 10-K and in other periodic reports that Peabody files from time to time with the SEC. Peabody may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

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SOURCE Peabody

VANCOUVER, BC / ACCESS Newswire / June 3, 2026 / BTU METALS CORP. ("BTU" or the "Company") (TSX.V:BTU)(OTCQB:BTUMF) is pleased to announce it has entered into a definitive agreement to acquire a 100% interest in the Dixie East Block 3 Project (the "Project" or the "Property"), located approximately 6 kilometres east of the Kinross-owned Great Bear Project in the eastern part of the Red Lake District, Ontario. The newly acquired claim package is directly adjacent to the Kinross and BTU Dixie Halo Project and further augments the Company's strategic land position in one of Canada's most active and prospective gold exploration districts. The new acquisition brings the Company's total Dixie East Project strike coverage to approximately 17 kilometres (Figure 1).

The Dixie East Block 3 claims strengthen the Company's district-scale exploration footprint surrounding the multi-million-ounce Great Bear gold deposit being advanced toward production by Kinross as well as the easterly extent of their recently announced high-grade Strider gold discovery.

Dixie East Block 3 Acquisition Highlights:

Strategic Expansion Adjacent to Kinross-Optioned Ground: The Dixie East Block 3 claims are directly contiguous with the Company's Dixie Halo Project, currently operated by Kinross under an option and Joint Venture agreement and further enhances the Company's exposure to ongoing exploration success in the broader Great Bear district and increases the Company's cumulative Dixie East land package to approximately 17 km of strike length.

Located Along Prospective Regional Structural Corridor: The newly acquired claims occur within the interpreted extension of the same east-trending regional structural corridor associated with gold mineralization at the Great Bear Project, including the LP Fault system.

Emerging District-Scale Gold Potential: Kinross recently reported high-grade gold drill intercepts west of the new property from the new Strider Zone, including 215.4 g/t gold over 2.1 metres, results that further support the importance of this regional scale gold mineralized structural corridor and that shows the potential of the broader mineralized system to contain high gold values well beyond the current Great Bear known mineralization.1

Cost-Effective Exposure to Discovery Potential: This acquisition expands the Company's strategic land position proximal to the Great Bear gold discovery through a low-cost transaction structure that increases the Company's exposure to exploration success as well as future district-scale opportunities.

Dixie East Properties cover Interpreted Location of Significant Regional Structures: The Company continues to refine the interpreted location of significant regional deep-seated structures known to control gold mineralization throughout the area by assembling and utilizing all available datasets.

There is no history of gold exploration on the property. Geological interpretation and data review work completed to date has not shown any history of gold exploration on the property which is largely overburden covered. The style of a significant portion of the gold mineralization discovered at the Great Bear Project is quite unique and was in fact even overlooked in drill core that had intersected visible gold mineralization within the Great Bear corridor.

The Company will commence work on the Block 3 property this summer. The Company is funded and will commence geological work immediately upon approval of the property agreement.

"The acquisition of Block 3 represents another important step in BTU's strategy of building a district-scale land position east of the Great Bear Project," stated Paul Wood, Chief Executive Officer of BTU. "With approximately 17 kilometres of cumulative strike coverage now controlled across the Dixie East trend, we believe the project offers significant long-term exploration potential within one of the most prolific new gold discovery areas in Canada. The proximity to Kinross' Great Bear Project and their recently announced high grade Strider gold discovery further reinforces our conviction in the broader regional structural corridor and its potential to host new areas of significant gold mineralization."

Figure 1: Dixie East Project Regional Map with Geophysics and Kinross-owned Great Bear ProjectTerms of the Transaction

Pursuant to the definitive purchase agreement, the Company will acquire 100% interest in the Block 3 claim group through the issuance of an aggregate total of 800,000 common shares of the Company, a cash payment of $16,000 plus a 1.5% NSR, with the right for BTU to buy back a 0.5% interest at any time for $500,000, to the arm's length vendors. This transaction is subject to approval from the TSXV. The shares issued will be subject to normal course trading restrictions.

Qualified Person

Bruce Durham, P.Geo., Vice President Exploration of the Company, is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information in this news release. Mr. Durham has verified the technical information disclosed herein through a review of historical exploration records, publicly available information relating to adjacent properties, and regional geological datasets relevant to the Dixie East Project.

About BTU

BTU Metals Corp. is a junior mining exploration company. BTU's primary assets are the Dixie Halo Project located in Red Lake, Ontario (operated by Kinross) immediately adjacent to the Kinross Great Bear Project and its gold and critical minerals properties in the active Wawa gold district. The Company continues to look to acquire high quality exploration projects to add to its portfolio for the benefit of its stakeholders. The Company has no debt and minimal property obligations.

References

1 Kinross News Release - "Kinross reports strong 2026 first-quarter results" Link NOTE: Results on the Kinross property should not be considered to be representative of results on the Company's properties.

ON BEHALF OF THE BOARD

"Paul Wood"

Paul Wood, CEO, Director
[email protected]

BTU Metals Corp.
Telephone: 1-604-683-3995

Cautionary Statement

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company is forward-looking information. Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: risks relating to the global economic climate; dilution; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. The Company has also assumed that no significant events occur outside of the normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, 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 information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

SOURCE: BTU Metals Corp.

Peabody Energy Corporation is rated Hold with a 12-month price target of $29.12, reflecting balanced risk/reward at current levels. BTU's Q1 results were mixed: revenue beat estimates, but adjusted EBITDA fell 43% YoY and free cash flow turned negative. Centurion mine ramp-up is the key growth driver, but met coal volatility and operational risks temper upside potential.

Key Takeaways Acushnet leans on premium brands, steady growth and margin stability to maintain consistent execution.CALY pushes a transformation strategy, prioritizing margins and efficiency amid near-term revenue pressure.Estimates show Acushnet delivering steady growth, while CALY reflects volatility tied to its ongoing reset. Callaway Golf Company (CALY - Free Report) and Acushnet Holdings Corp. (GOLF - Free Report) are two prominent players in the global golf equipment market, benefiting from sustained participation growth, rising engagement across demographics and resilient demand for premium products. While Callaway is undergoing a strategic transformation to sharpen its focus on higher-margin core businesses, Acushnet continues to build on its premium brand strength and consistent execution across equipment and wearables.

As the golf industry navigates tariff pressures and evolving consumer dynamics, both companies are positioning themselves to capture the next phase of growth through innovation, product differentiation and operational discipline. But which stock currently offers the more compelling risk-reward profile? Let’s break it down.

The Case for Callaway StockCallaway is in the midst of a major transformation, returning to its roots as a focused golf equipment and apparel company after divesting non-core assets. The sale of Jack Wolfskin and a majority stake in Topgolf have streamlined operations and materially strengthened the balance sheet, placing the company in a net cash position.

With the portfolio reset largely complete, management is now prioritizing profitability over pure top-line growth. The company is pulling back from lower-margin categories and channels, rationalizing SKUs and extending product life cycles to improve efficiency and margin durability. While these moves are expected to pressure revenues in the near term — particularly in the second half of 2026 — they are aimed at driving stronger long-term free cash flow and operating leverage.

Innovation remains central to Callaway’s strategy. New product launches, including the Quantum driver with Tri-Force Face technology and updated Chrome Tour golf balls, are designed to strengthen its position in premium segments. Management indicated early feedback has been positive, though still preliminary and subject to validation during the peak selling season.

Operationally, the company is making progress on margins through mix optimization and targeted investments, such as expanding its fitting programs. Equipment margins have shown improvement on an underlying basis, excluding tariff impacts, indicating that internal initiatives are gaining traction.

However, several headwinds remain. Tariff costs are expected to increase further in 2026, weighing on profitability. At the same time, softer consumer confidence and management’s deliberate shift away from lower-margin volume are likely to keep near-term revenue growth muted.

The Case for Acushnet StockAcushnet continues to execute from a position of strength, supported by its premium brands like Titleist and FootJoy. The company delivered solid growth in 2025, driven by strong demand for golf equipment — particularly balls and clubs — along with favorable pricing and product mix.

Its strategy is firmly rooted in premiumization and innovation. Investments in product development, precision manufacturing and custom fitting capabilities are enabling both volume growth and pricing power. Capacity expansion initiatives, especially in golf ball production and club assembly, further enhance its ability to meet demand and support long-term growth.

Acushnet is also entering 2026 with a robust product cycle. Multiple launches across golf balls, wedges, putters and an accelerated driver rollout are expected to support steady revenue growth, with EBITDA margins projected to remain stable despite ongoing tariff pressures.

Operational discipline is another key differentiator. The company continues to invest in its global fitting network, digital infrastructure and supply chain capabilities, while maintaining a balanced capital allocation strategy that includes dividends and share repurchases.

That said, challenges persist. Tariffs remain a meaningful cost headwind, and certain segments — particularly apparel and footwear — have shown softness in international markets such as Japan and Korea. Additionally, ongoing investments in ERP systems and capacity expansion are expected to keep expenses elevated in the near term.

How Does the Consensus Estimate Compare for CALY & GOLF?The Zacks Consensus Estimate for Callaway’s 2026 sales suggests a year-over-year decline of 42.3%, while earnings per share (EPS) indicate a rise of 128.6%. In the past 60 days, earnings estimates for 2026 have jumped 152.6%.

CALY Earnings Estimate Trend
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Acushnet’s 2026 sales and EPS suggests year-over-year increases of 3.9% and 10.6%, respectively. In the past 60 days, earnings estimates for 2026 have inched up 0.3%.

GOLF Earnings Estimate Trend
Image Source: Zacks Investment Research

Price Performance & Valuation of CALY & GOLFCallaway stock has surged 97.7% in the past year against the industry’s fall of 0.6%, while the S&P 500 witnessed growth of 18.2%. Meanwhile, Acushnet shares have gained 36.8% in the same time.

CALY & GOLF Stock 1-Year Price Performance
Image Source: Zacks Investment Research

Callaway is trading at a forward 12-month price-to-earnings (P/E) ratio of 31.21, above the industry average of 18.03 over the last year. Acushnet’s forward 12-month P/E multiple sits at 24.53 over the same time frame.

Image Source: Zacks Investment Research

Conclusion: Acushnet Has an Edge Over CallawayBoth Callaway and Acushnet are well-positioned within the global golf equipment market, but Acushnet stands out as the more compelling investment choice at this stage. Its consistent execution, premium brand strength and stable margin outlook provide a more balanced and visible earnings trajectory, offering investors a clearer risk-reward profile.

While Callaway presents meaningful upside potential through its ongoing transformation and margin-focused strategy, its near-term setup remains more uncertain. Revenue headwinds, tariff exposure and execution risks tied to its strategic reset continue to create variability in earnings visibility. Additionally, its relatively elevated valuation suggests that expectations around the turnaround are already partly reflected in the stock.

Considering these factors, Acushnet currently has the edge as the better investment option for investors seeking more stable, risk-adjusted returns.

Both Callaway and Acushnet carry a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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FAIRHAVEN, Mass.--(BUSINESS WIRE)--Acushnet Holdings Corp. (NYSE: GOLF) (“Acushnet”) will publish its first quarter 2026 financial results on May 6, 2026 at approximately 6:30 a.m. Eastern Time. Acushnet will also issue an advisory news release announcing availability of the results via the Acushnet Investor Relations (http://www.acushnetholdingscorp.com/ir) and the U.S. Securities and Exchange Commission (https://www.sec.gov/cgi-bin/browse-edgar?company=acushnet&owner=exclude&action=getcompany) websites on May 6, 2026.

Acushnet will hold a conference call for investors at 8:30 a.m. Eastern Time on May 6, 2026 to review the first quarter 2026 financial results. A live webcast of that call will be available on the Acushnet Investor Relations website and a replay will be available shortly after the conclusion of the live event.

ABOUT ACUSHNET HOLDINGS CORP.

We are the global leader in the design, development, manufacture and distribution of performance‑driven golf products, and these products are widely recognized for their quality excellence. Driven by our focus on dedicated and discerning golfers and the golf shops that serve them, we believe we are the most authentic and enduring company in the golf industry. Our mission—to be the performance and quality leader in every golf product category in which we compete—has remained consistent since we entered the golf ball business in 1932. Today, we are the steward of two of the most revered brands in golf—Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wearable brands.

Additional information can be found at www.acushnetholdingscorp.com.

More News From Acushnet Holdings Corp.

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FAIRHAVEN, Mass.--(BUSINESS WIRE)--Acushnet Holdings Corp. (NYSE: GOLF) (“Acushnet”) published its first quarter 2026 financial results on May 6, 2026. The results are available via the Acushnet Investor Relations (http://www.acushnetholdingscorp.com/ir) and the U.S. Securities and Exchange Commission (https://www.sec.gov/cgi-bin/browse-edgar?company=acushnet&owner=exclude&action=getcompany) websites.

Acushnet will hold a conference call for investors at 8:30 a.m. Eastern Time on May 6, 2026 to review the first quarter 2026 financial results. A live webcast of that call will be available on the Acushnet Investor Relations website and a replay will be available shortly after the conclusion of the live event.

ABOUT ACUSHNET HOLDINGS CORP.

We are the global leader in the design, development, manufacture and distribution of performance‑driven golf products, and these products are widely recognized for their quality excellence. Driven by our focus on dedicated and discerning golfers and the golf shops that serve them, we believe we are the most authentic and enduring company in the golf industry. Our mission—to be the performance and quality leader in every golf product category in which we compete—has remained consistent since we entered the golf ball business in 1932. Today, we are the steward of two of the most revered brands in golf—Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wearable brands.

Additional information can be found at www.acushnetholdingscorp.com.

More News From Acushnet Holdings Corp.

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Acushnet Holdings Corp. (GOLF) Q1 2026 Earnings Call Transcript

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LONDON, May 11, 2026 (GLOBE NEWSWIRE) -- As UK insurers, brokers, and distributors face increasing pressure to control operating costs, improve customer engagement and bring new products to market faster, digital‑first and technology‑enabled insurance models are gaining traction. Zen Insurance enters the market at a time when speed, efficiency and genuine product choice are becoming critical for competitive differentiators for digital-first brands. One Call is launching Zen Insurance in the UK using Verisk Ignite’s end‑to‑end policy management platform, working in conjunction with Applied Systems Europe’s Applied Rating Hub to support insurer connectivity.

Zen Insurance, a new brand under One Call, will offer a no-touch, fully digital customer experience, enabling consumers to easily manage their policies through online portals, live chat and self-service interactions. This efficient online operating model, powered by Verisk’s policy management system and Applied Rating Hub, enables One Call to pass along cost savings in the competitive customer pricing offered by Zen Insurance.

“Our customers want an easy-to-use platform with seamless transactions and self-service options, and Zen Insurance will deliver just that," said Josh Barnsdale, Chief Technology Officer at One Call. "With Verisk Ignite providing the intuitive end-to-end policy management system and Applied Rating Hub powering real-time access to an influential insurer panel, we have been able to bring Zen Insurance to market with speed and agility.”

Technology Powering Zen Insurance

Verisk Ignite, a cloud‑based policy management platform, will power the brand. Ignite supports the full policy lifecycle — from quote and bind through to mid‑term adjustments, renewals, documentation and billing — enabling high levels of automation while reducing the operational complexity typically associated with launching new insurance brands. As part of Verisk, a long‑standing data analytics and technology partner to the global insurance industry, Ignite brings decades of insurance expertise, enterprise‑grade scale, and strong governance to policy management.

Applied Rating Hub offers a single connection to a marketplace of 30+ personal lines insurers and Managing General Agents (MGAs), featuring more than 100 products and supporting full‑cycle Electronic Data Interchange (EDI) trading across the UK insurance industry. Through a single real‑time connection to multiple insurers, Applied Rating Hub reduces integration complexity and operational bottlenecks, helping businesses reach the market faster and deliver greater choices to customers.

Introducing Zen Insurance’s digital‑first car insurance

Zen Insurance begins with car insurance, supported by technology that enables flexibility across other vehicle categories and home insurance.

“Launching a true customer-first and fully digital insurance solution takes more than a strong front end, it requires process automation and robust, digitally enabled workflows across the entire insurance lifecycle to put real control in the hands of the policyholder and deliver a market-leading customer experience.” said Nick Haldane, Managing Director of Verisk Ignite. “As the market moves rapidly towards a more automated world, the ability to streamline processes, reduce manual intervention, put the power in the hands of the policyholder and respond quickly to change is valuable. We’re excited that Verisk’s end-to-end policy management platform, built for automation and scale, is enabling brands like One Call’s Zen Insurance to enter the market quickly, while delivering the flexibility and efficiency that customers now expect.”

"Digital insurance brands need to enter the market quickly and with genuine product choice if they are to compete effectively, and that requires removing the friction from insurer connectivity," said Matt Wellman, senior director of Enterprise Accounts & Insurer Relationships at Applied Systems. "The collaboration demonstrates exactly how a single connection to Applied Rating Hub can accelerate go-to-market for a fully digital brand, giving Zen Insurance the competitive edge it needs."

###

About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work. For more, visit Verisk.com and the Verisk Newsroom.

About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world's largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied's people and products enable millions of people around the world to safeguard and protect what matters most.  

About One Call/Zen Insurance
Beginning as a local insurance broker in Doncaster in 1995, One Call has grown into one of the UK’s most trusted insurance providers. Over the past three decades, One Call has expanded its product range to include car, home, travel, van and commercial cover, introduced digital services, and built a team of over a thousand dedicated professionals. Launching in 2026, Zen Insurance provides a flexible and fully self-serviced user-friendly system for customers to manage every aspect of their insurance.  

On May 18, 2026, Verisk Analytics Inc VRSK shares rose 5.5%, bringing the current price to $171.52. Despite today's positive movement, the stock has seen significant volatility over the past year, with a 52-week high of $322.92 and a low of $155.94.

GF Value™ verdict: Currently priced at $171.52, which is 45.2% below the GF Value™ of $313.12, indicating substantial upside potential.GF Score™: The stock has a strong GF Score™ of 80/100, suggesting it has favorable characteristics for long-term investment.Notable signal: Insider activity shows that insiders bought $0.4M and sold $0.2M in the last three months, indicating some level of confidence in the company’s future prospects. Is VRSK Overvalued or Undervalued? Verisk Analytics Inc VRSK currently trades at $171.52, significantly below its GF Value™ estimate of $313.12, which indicates that the stock is 45.2% undervalued. This disparity highlights a considerable margin of safety for potential investors. As per the GF Valuation label, the stock is categorized as significantly undervalued, suggesting an opportunity for growth as the market adjusts its valuation.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the substantial difference between the current price and the GF Value™, investors may find VRSK appealing; however, they should consider the risks associated with market volatility and the recent downward trends in the stock price over the year.

How Does VRSK's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 26.1x 43.7x Forward P/E 22.5x N/A The current P/E (TTM) of 26.1x is significantly lower than its 5-year median P/E of 43.7x, indicating that VRSK is trading well below its historical valuation. Furthermore, the forward P/E of 22.5x also supports the notion of undervaluation. This P/E analysis aligns with the GF Value™ verdict, reinforcing the perspective that VRSK presents a potentially attractive entry point based on its historical performance metrics.

What Does VRSK's GF Score™ Tell Us? Metric Rating GF Score™ 80/100 Financial Strength 5/10 Profitability 9/10 Growth 9/10 Valuation 4/10 Momentum 2/10 The GF Score™ of 80/100 indicates that Verisk Analytics Inc has strong characteristics overall, particularly in profitability and growth, where it scores 9/10. However, the valuation and momentum ranks are weaker, at 4/10 and 2/10 respectively. This disparity suggests that while the company showcases robust operational metrics, it may face challenges in market perception and price momentum.

What Are Insiders Doing with VRSK Stock? Insider trading activity for Verisk Analytics Inc shows a mixed sentiment, with insiders buying $0.4M worth of shares while selling $0.2M in the last three months. This pattern could indicate some level of confidence in the company's future performance, as insiders typically have a good insight into the business. However, the selling activity also raises caution and suggests that some insiders may be taking profits or reallocating their investments.

What This Means for Investors Based on the GF Value™ analysis, Verisk Analytics Inc is currently undervalued, offering a potential opportunity for investors looking for stocks with strong fundamentals and significant upside potential. However, it is essential to consider the volatility in its price performance and the mixed signals from insider activity.

For the complete analysis, visit the Verisk Analytics Inc VRSK stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is VRSK's GF Score™?

VRSK has a GF Score™ of 80/100, indicating that the stock possesses favorable characteristics for long-term investment based on various performance metrics.

Is VRSK overvalued or undervalued?

VRSK is currently undervalued, trading at $171.52 compared to the GF Value™ of $313.12, suggesting a significant upside potential.

What is VRSK's P/E ratio?

VRSK's P/E (TTM) ratio is 26.1x, which is 40% below its 5-year median P/E of 43.7x, indicating that the stock is trading at a lower valuation compared to its historical performance.

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].

Kathleen Hogenson retires from the Board of Directors May 20, 2026 08:30 ET  | Source: Verisk Analytics, Inc.

Jersey City, N.J., May 20, 2026 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading strategic data analytics and technology partner to the global insurance industry, today announced that Pradip Patiath has been elected to the company’s Board of Directors, effective immediately. Patiath is a Senior Partner at McKinsey & Company and has co-led the company’s North American digital insurance and consumer and business banking sectors over the past decade.

“We’re pleased to welcome Pradip to Verisk’s Board of Directors,” said Bruce Hansen, chair of Verisk’s Board of Directors. “Pradip brings deep experience helping leading insurers navigate growth, digitalization and large-scale transformation. His perspective across insurance, technology and analytics will be a strong addition to the board as Verisk continues to deliver the data, analytics and innovation the global insurance industry relies on.”

Lee M. Shavel, president and CEO, Verisk, said: “Pradip's background sits at the heart of what Verisk does—helping insurers harness data, embrace new technology and transform how they operate. As we continue embedding AI into essential insurance workflows, his counsel will be invaluable."

About Patiath

Patiath has served as Senior Partner at McKinsey & Company since June 2011 and has been a senior global leader in McKinsey’s Financial Services and Technology practices since 1996. Patiath brings over three decades of experience serving leading institutions in the insurance, banking, wealth/asset management, private equity, payments and fintech sectors on issues of strategy, organic business builds, AI/digital transformations, organizational effectiveness, M&A and large-scale performance turnarounds. His experience has spanned North America and international markets across the UK, Europe, South America and Asia. Prior to joining McKinsey & Company, Patiath served as president and COO of CCC Information Services, where he helped build an enterprise software and information platform company for the digital insurance sector.

Patiath currently serves on the boards of the Smithsonian Museum, Northwestern University’s Kellogg School, Chicago Humanities and Frost Museum of Science and has previously served as the Chair of the Board of the Adler Planetarium of Chicago.

Kathleen Hogenson retires from Verisk’s Board of Directors

Verisk also announced that Kathleen Hogenson has retired from its Board of Directors. Hogenson was elected to the Board of Directors in 2016 and served on the Audit, Executive and Risk committees, chairing the Audit Committee.

“On behalf of my colleagues on the board and the Verisk team, I would like to thank Kathleen for her service and many contributions to Verisk,” Hansen said. “Her leadership and counsel have helped guide the company through an important period of transformation, and we are grateful for her commitment to Verisk and its shareholders.”

Shavel added: “Kathleen has been a thoughtful and trusted advisor to Verisk, and we appreciate the perspective she brought to the board as we’ve strengthened our role as a strategic partner to the global insurance industry.”

About Verisk 

Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, catastrophic events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work. For more, visit Verisk.com and the Verisk Newsroom.

Verisk Welcomes Pradip Patiath to its Board of Directors

Verisk Welcomes Pradip Patiath to its Board of Directors Pradip Patiath

Contact Data Media  Ali Herbert Verisk Public Relations 201-469-3998 [email protected]

BOSTON, May 26, 2026 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK), a leading strategic data analytics and technology partner to the global insurance industry, today announced that KatRisk has entered into an agreement to join Verisk Model Exchange to further expand the open catastrophe risk modeling ecosystem. This initiative is designed to broaden access to third-party catastrophe risk insights for insurers and reinsurers at a time when climate-driven risk and evolving regulatory expectations are increasing the need for transparent, defensible risk assessments.

Verisk Model Exchange is a catastrophe modeling platform that enables the evaluation of multiple independent views of catastrophe risk within a single governed, vendor-neutral platform where open standards ensure every model runs on a consistent financial engine. With more than 20 third-party model providers and over 400 peril models, the platform supports side-by-side model comparison, standardized analysis, and more informed underwriting, portfolio management, capital planning, and regulatory decision-making.

“Building resilience in the face of growing catastrophe risk requires transparency, choice, and the ability to understand uncertainty,” said James Lay, assistant vice president of Verisk Model Exchange, Verisk Catastrophe and Risk Solutions. “By welcoming KatRisk to the platform, we’re working to expand an open ecosystem that gives insurers, brokers and reinsurers access to broader views of risk, enabling more confident and defensible decisions as they navigate increasingly complex markets.”

Broadening Perspectives Across Catastrophe Risk

KatRisk’s models, which include inland flood, storm surge, tropical cyclone wind, severe convective storm, wildfire, and earthquake, incorporate climate variability and forward-looking hazard behavior, providing additional perspectives on various natural catastrophe risks. Adding KatRisk models to Verisk Model Exchange will expand access to specialized catastrophe insights, particularly for new geographic territories and perils where additional modeling perspectives support a clearer understanding of exposure and improved resilience.

“As catastrophe risk becomes more climate-driven and interconnected, insurers need access to transparent frameworks that allow them to evaluate different risk perspectives consistently,” said Martyn Sutton, general manager, KatRisk. “Verisk Model Exchange will allow the market to assess KatRisk’s models alongside other independent approaches within a common analytical framework supporting informed comparison and stronger risk insight across the industry.”

Scale and Choice Across the Catastrophe Modeling Ecosystem

Models available through Verisk Model Exchange span global natural catastrophe perils, including wildfire, severe convective storm, tropical cyclone, storm surge, inland flood, and earthquake, enabling insurers and reinsurers to access independent model perspectives within a single platform. The platform also supports cyber risk modeling, with specialist vendor models available alongside natural catastrophe models, bringing physical and digital risk perspectives together to help the industry address increasingly interconnected risk exposures.

Verisk Model Exchange operates on standardized catastrophe modeling framework and supports access via user interface or API, enabling insurers and reinsurers to integrate third-party models into existing workflows while accommodating a governed, vendor-neutral auditability and the appropriate treatment of intellectual property. Verisk acquired Model Exchange—formerly known as Nasdaq Risk Modelling for Catastrophes—in 2025 to develop an open, multi-vendor catastrophe modeling platform designed to expand access to independent risk insight and support more transparent, defensible decision-making across global insurance markets.

For more information about Verisk Model Exchange: https://www.verisk.com/products/model-exchange/

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About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work. For more, visit Verisk.com and the Verisk Newsroom.

About KatRisk
KatRisk is a global leader in catastrophe risk intelligence and technology, helping organizations better understand, quantify, and manage climate-driven risk. Serving insurers, reinsurers, government institutions, and financial services organizations worldwide, KatRisk delivers forward-looking insight across flood, storm surge, tropical cyclone wind, severe convective storm, wildfire, and earthquake risk, with catastrophe models spanning more than 190 countries. Through transparent science, flexible data architectures, and high-performance computing, KatRisk transforms complex hazard data into practical underwriting, portfolio management, and risk strategy decisions, enabling organizations to act with greater speed, clarity, and confidence. For more information, visit www.katrisk.com.

JERSEY CITY, N.J., May 29, 2026 (GLOBE NEWSWIRE) -- Even a near 20 percent decline in overall claims volume in 2025 couldn’t slow rising roof losses. The 2026 Verisk U.S. Roof Report shows average U.S. residential replacement costs jumped 33 percent and repair costs climbed 25 percent in 2025 compared to the prior four-year average.

According to Verisk (Nasdaq: VRSK), a leading strategic data analytics and technology partner to the global insurance industry, everyday wind and hail events, many of which fall below catastrophe thresholds, continued to drive roof claim severity.

Key takeaways from Verisk’s U.S. Roof Report: The State of America’s Roofs
Taken together, these findings show that roof risk is becoming more expensive and less predictable, even in years with fewer overall claims.

Replacement severity continues to rise: Average residential roof replacement costs reached $17,631 in 2025, with repair costs averaging $4,699. This reflects approximately 33 percent and 25 percent increases over the four-year average (2021-2024), respectively.Lower storm activity masked persistently high replacement costs: Residential roof replacement cost value (RCV) declined to $23 billion in 2025, compared to an average of $24.4 billion from 2021 to 2024. The 2025 decline was driven by a limited U.S. landfall hurricane season, though RCV remained elevated.Hail exposure is widespread but uneven: In Verisk Risk Analyzer®-designated hail states, 57 percent of residential properties have roofs nine years old or newer, compared with 38 percent in non-hail states, highlighting faster replacement cycles alongside significant local volatility.Aging roof risk varies by region: The Midwest and Northeast have the highest shares of older residential roofs (31+ years), at 17 percent and 18 percent, respectively, compared with just 4 percent in the South. The big picture: What’s changing in U.S. roof risk
The 2026 Verisk U.S. Roof Report draws on property, claims and weather analytics to show how hail volatility and aging roof stock are driving increased risk across U.S. insurance, construction and housing markets.

Roofing claims represent a large portion of all property claims within the U.S. with roofing line items representing around 30 percent of all line items within claims estimates. As such, roofing trends are often in line with larger claims trends.Roofs that are visibly in moderate to poor condition show approximately 60 percent higher loss costs than roofs in good or excellent condition, according to Verisk’s Roof Condition Score® (RCS) 2025 baseline data. Hail patterns drive localized volatility
Severe hail—hail greater than or equal to 1 inch in diameter—remains the dominant weather-related threat to roofs across much of the United States. In 2025, Verisk Weather Solutions Respond® data revealed:

Severe hail activity was concentrated in the Central Plains, while previous years have been more impactful to the Northern and Southern Plains.Arkansas, Kansas, Nebraska, Oklahoma and South Dakota rank among the top states by the share of roofs impacted by severe hail.Sixteen states in the U.S. experienced severe hail impacts on more than 20 percent of roofs, up from twelve in 2024.Year-to-year, “giant” hail (greater than or equal to 2 inches) tends to follow more stable geographic patterns, while “large” hail (1–2 inches) shows much wider metro-level volatility, with hundreds of local markets experiencing meaningful year-to-year increases in hail activity. “Hail risk is not just about one monster storm; it’s the cadence of frequent, smaller-scale events that can rapidly age and weaken a roof,” said Tory Farney, vice president, Verisk Weather Solutions. “Large hail may cause less damage per event than giant hail, but its wider footprint and year‑to‑year variability can drive unexpected concentrations of damage. Understanding where hail is most likely to cluster helps insurers, contractors and communities prepare for faster, more resilient recovery.”

Where roofs are aging fastest
In 2025, America's roof inventory showed striking regional variations that directly correlate with the exposure patterns. Verisk Roof Age® data shows pronounced regional differences in roof materials and age distribution, drawing on Census Bureau regional insights:

South: 28 percent of roofs are 0–4 years old, and only 4 percent are 31 years or older, reflecting a higher turnover driven by severe weather events and rapid housing growth.Midwest: 21 percent of roofs are 0–4 years old, while 17 percent are 31 years or older.Northeast: 14 percent of roofs are 0–4 years old; 18 percent are 31 years or older.West: 20 percent of roofs are 0–4 years old; 11 percent are 31 years or older. “Accurately assessing roof age, condition and remaining life is a critical part of understanding a property’s vulnerability to wind and hail,” said Ryan D’Amario, senior vice president of property product management at Verisk. “Aerial imagery analytics reveal that, as of 2025, 38 percent of U.S. residential homes show moderate to poor roof condition—often with visible defects that can materially influence performance during severe weather. When more than a third of the housing stock falls into this category, roof condition becomes a core underwriting signal that has meaningful implications for risk selection, loss predictability and pricing accuracy.”

Beyond claim frequency and weather exposure, inflation in roofing materials continues to outpace labor costs, even as national averages mask significant variation across states. In 2025, roofer labor costs increased 0.79 percent, compared with a 1.48 percent rise in roofing material costs.

That gap is further compounded by sharp regional swings in material pricing. For example, roofing material costs climbed 10.37 percent in Nevada in 2025, while declining 15.80 percent in New Hampshire.

The 2026 Verisk U.S. Roof Report draws on Verisk data to help the insurance, construction and housing industries better understand where roof risk is shifting and what’s driving loss severity.

To learn more, the full report is available here.

About Verisk
Verisk (Nasdaq: VRSK) is a leading strategic data analytics and technology partner to the global insurance industry. It empowers clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, catastrophic events, sustainability and political issues. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk helps build global resilience for individuals, communities and businesses. With teams across more than 20 countries, Verisk consistently earns certification by Great Place to Work. For more, visit Verisk.com and the Verisk Newsroom.

The stock is down nearly 50% from its highs amid fears that AI will erode the value of the company's data and analytics franchise.

Verisk Analytics, Inc. (VRSK) Presents at 46th Annual William Blair Growth Stock Conference Transcript

Key Takeaways B expands production through projects like Goldrush, Fourmile and the Lumwana Super Pit.KGC advances Round Mountain Phase X, Bald Mountain Redbird 2 and Kettle River-Curlew projects.B and KGC maintain solid liquidity and pursue development plans supported by favorable gold prices. Barrick Mining Corporation (B - Free Report) and Kinross Gold Corporation (KGC - Free Report) are two prominent players in the gold mining space with global operations. While gold prices have fallen sharply from their January 2026 highs, they remain supportive. Against this backdrop, comparing these two major gold producers is particularly relevant for investors seeking exposure to the precious metals sector.

Geopolitical tensions, a weaker U.S. dollar, tariff threats and concerns over the independence of the Federal Reserve propelled bullion to a record high of nearly $5,600 per ounce in late January. However, gold prices have retreated significantly from that level on mounting inflation worries stemming from a spike in crude oil prices amid lingering tensions in the Middle East and the blockade of the Strait of Hormuz, with the yellow metal currently trading below $4,500 per ounce. Uncertainties linked to the Middle East conflict and inflation woes have also fueled a hawkish shift in interest rate expectations. Notwithstanding the sharp pullback, bullion prices are still up roughly 40% year over year.

Let’s dive deep and closely compare the fundamentals of these two Canada-based gold miners to determine which one is a better investment now.

The Case for BarrickBarrick is well-positioned to capitalize on advancements across its key growth projects, which are expected to meaningfully boost production. Its major gold and copper initiatives, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile and Lumwana Super Pit, are progressing on schedule and within budget, setting the stage for the next wave of profitable output.

The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the Fourmile project, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. Barrick recently announced the advancement of its planned IPO (expected to be completed by the end of 2026) of a new company that will hold its North American gold assets and the Fourmile project, in which it will hold a significant controlling interest.

The $2-billion Super Pit Expansion Project at Barrick’s Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. Barrick stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia’s long-term development strategy. The expansion is expected to produce 240,000 tons of copper annually.

Barrick has a solid liquidity position and generates healthy cash flows, positioning it well to take advantage of attractive development, exploration and acquisition opportunities, drive shareholder value and reduce debt. At the end of the first quarter of 2026, Barrick’s cash and cash equivalents were around $7.1 billion. It generated strong operating cash flows of roughly $2.6 billion in the quarter, up 111% year over year. Attributable free cash flow shot up 195% year over year to around $1.2 billion.

Barrick returned $2.4 billion to its shareholders in 2025 through dividends and repurchases. It repurchased shares worth $1.5 billion last year. The company’s board recently authorized a new $3 billion share buyback program. Its new dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis.

   Barrick offers a dividend yield of 4.1% at the current stock price. Its payout ratio is 55% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 13.4%.

Barrick, however, is challenged by higher costs, which may weigh on its margins. It saw an 8% sequential increase in all-in-sustaining costs (AISC) — a critical cost metric for miners — in the first quarter, reaching $1,708 per ounce. For 2026, Barrick projects AISC in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint compared with $1,637 in 2025. Cash costs per ounce are forecast to be $1,330-$1,470, up from $1,199 in 2025.

The Case for KinrossKinross has a strong production profile and boasts a promising pipeline of exploration and development projects. Its key development projects and exploration programs remain on track. These projects are expected to boost production and cash flow, and deliver significant value. The successful execution of these projects will position the company for a new wave of low-cost, long-life production.

KGC is progressing with the construction of three organic growth projects to expand its U.S. portfolio. This is aimed at extending mine life and cost optimization. The projects are Round Mountain Phase X and Bald Mountain Redbird 2 in Nevada, and the Kettle River–Curlew project in Washington. Together, the projects are expected to contribute significantly to Kinross’ U.S. production profile. They are expected to contribute 3 million ounces of life-of-mine production to KGC’s portfolio, adding grades and mine lives.

Tasiast and Paracatu, the company’s two biggest assets, remain the key contributors to KGC's cash flow generation and account for more than half of its production. Both Tasiast and Paracatu delivered solid performance in the first quarter of 2026, with production rising from the prior quarter and both operations remaining on track to meet the company’s 2026 guidance.

KGC has strong liquidity of $3.9 billion and generates substantial cash flows, which allows it to finance its development projects, pay down debt and drive shareholder value. Kinross reactivated its share buyback program in April 2025. It completed a $600 million share repurchase program as of Dec. 31, 2025. The Toronto Stock Exchange, in March, accepted the notice to renew its normal course issuer bid program. KGC repurchased shares worth roughly $250 million in the first quarter and $300 million this year through April 29.

KGC generated a record free cash flow of roughly $2.5 billion last year. It returned $752.4 million to its shareholders through dividends and buybacks in 2025. The company also logged attributable free cash flow of $837.5 million in the first quarter, marking the fourth straight quarter of record free cash flow. It ended the quarter with about $1.4 billion in net cash.

In 2025, the company repaid $700 million of debt. With $1.7 billion in available credit (as of March 31, 2026) and no debt maturities until 2033, Kinross is well-positioned to support growth while strengthening its balance sheet and delivering shareholder value.

KGC’s board has approved a 14% increase to its quarterly dividend, amounting to 16 cents per share on an annualized basis. Kinross is targeting to return 40% of its free cash flow through share buybacks and dividends in 2026. KGC offers a dividend yield of 0.6% at the current stock price. It has a payout ratio of 7% with a five-year annualized dividend growth rate of roughly 2.4%.

However, KGC is exposed to higher production costs. It saw first-quarter attributable AISC of $1,732 per ounce, marking a 28% increase from the year-ago quarter. Kinross expects AISC to be $1,730 per ounce (+/-5%) in 2026, indicating a year-over-year increase from $1,571 per ounce in 2025, partly due to inflationary impacts. AISC is expected to be impacted by cost inflation from elevated crude oil prices.

Price Performance and Valuation of B & KGCB stock has popped 109.9% over the past year, while KGC stock has rallied 87.4% compared with the Zacks Mining – Gold industry’s increase of 69.3%.

Image Source: Zacks Investment Research

Barrick is currently trading at a forward 12-month earnings multiple of 10.11, lower than its five-year median. This represents a roughly 5.2% discount when stacked up with the industry average of 10.66X.

Image Source: Zacks Investment Research

Kinross is trading at a discount to Barrick. The KGC stock is currently trading at a forward 12-month earnings multiple of 9.41, below the industry.

Image Source: Zacks Investment Research

How Does Zacks Consensus Estimate Compare for B & KGC?The Zacks Consensus Estimate for B’s 2026 sales and EPS implies a year-over-year rise of 17.3% and 52.9%, respectively. The EPS estimates for 2026 have been trending higher over the past 60 days.

Image Source: Zacks Investment Research

The consensus estimate for KGC’s 2026 sales and EPS implies year-over-year growth of 33.2% and 58.7%, respectively. The EPS estimates for 2026 have been trending northward over the past 60 days.

Image Source: Zacks Investment Research

B or KGC: Which Stock is the Better Pick Now?Both B and KGC currently have a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Both Barrick and Kinross have a strong pipeline of development projects and solid financial health. They are seeing favorable estimate revisions and delivering incremental returns to their shareholders. Both, however, remain exposed to headwinds from higher production costs. Kinross appears to have an edge over Barrick due to its more attractive valuation and higher growth projections. Investors seeking exposure to the gold space might consider Kinross as the more favorable option at this time.

CORRECTING and REPLACING EnerSys Reports Fourth Quarter and Full Year Fiscal 2026 Results The third bullet of First Quarter and Fiscal Year 2027 Outlook of release dated May 20, 2026 should read: Adjusted diluted EPS: $2.80 to $2.90 (instead of Adjusted diluted EPS: $2.70 to $2.90).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260520515143/en/

EnerSys FY’26 Earnings | Image (right): NASA/Cory Huston

The updated release reads:

EnerSys Reports Fourth Quarter and Full Year Fiscal 2026 Results

Delivers Record Full Year Net Sales, up 4%

Fourth Quarter Fiscal 2026 Highlights
(All comparisons against the fourth quarter of fiscal 2025 unless otherwise noted)

Delivered net sales of $988M, +1% Achieved Gross Margin (GM) of 29.4%, (180) bps and GM ex IRC 45X(1) of 24.7%, (200) bps Realized diluted EPS of $2.05, (15%), record adjusted diluted EPS(1) of $3.19, +7%, and record adjusted diluted EPS ex IRC 45X(1) of $1.96, +5% Net leverage ratio(a) 1.1 X EBITDA Generated operating cash flow of $144M Advanced new product pipeline, including BESS for warehouse operators and a lithium data center solution, both in customer commissioning Full Year Fiscal 2026 Highlights
(All comparisons against fiscal 2025 unless otherwise noted)

Delivered record net sales of $3.75B, +4% Achieved GM of 29.3%, down (90) bps and GM ex IRC 45X(1) of 25.1%, roughly flat Realized diluted EPS of $7.70, down (14%), record adjusted diluted EPS(1) of $10.56, +4%, and record adjusted diluted EPS ex IRC 45X(1) of $6.41, +15% Generated operating cash flow of $548M Returned $409M to shareholders through buybacks and dividends Launched EnerGize strategic framework and accelerated operational execution EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter and full year fiscal 2026, which ended on March 31, 2026.

“The fourth quarter capped a strong year for EnerSys, with our second highest revenue quarter in history and important progress advancing both our new lithium data center solution and BESS for warehouse operators into customer commissioning,” said Shawn O’Connell, President and Chief Executive Officer of EnerSys. “For the full year, we delivered record net sales, up 4%, and record adjusted diluted EPS excluding 45X, up 15%, reflecting solid execution and the early impact of our EnerGize strategic framework. Our focus on core end markets, where our leading market share positions afford us the right to win, has created a more durable, diversified portfolio that can perform across varied demand conditions.

“Over the past year, we have taken decisive actions to improve our cost structure, optimize our manufacturing footprint, and increase the speed and focus of our organization. These efforts, combined with a continued shift toward higher-value solutions, are strengthening the quality and consistency of our earnings.

“As we enter fiscal 2027, we are encouraged by improving demand trends and the momentum we are building across the business. We look forward to providing additional detail on our strategy, technology roadmap, and growth opportunities at our Investor Day on June 11th at the NYSE,” O'Connell concluded.

Key Financial Results and Metrics

Fourth quarter ended

Twelve months ended

In millions, except per share amounts

March 31, 2026

March 31, 2025

Change

March 31, 2026

March 31, 2025

Change

Net Sales

$

988.0

$

974.8

1.3

%

$

3,751.4

$

3,617.6

3.7

%

Diluted EPS (GAAP)

$

2.05

$

2.41

$

(0.36

)

$

7.70

$

8.99

$

(1.29

)

Adjusted Diluted EPS (Non-GAAP)(1)

$

3.19

$

2.97

$

0.22

$

10.56

$

10.15

$

0.41

Gross Profit (GAAP)

$

290.9

$

303.7

$

(12.8

)

$

1,097.6

$

1,092.4

$

5.2

Operating Earnings (GAAP)

$

123.7

$

131.3

$

(7.6

)

$

426.4

$

464.7

$

(38.3

)

Adjusted Operating Earnings (Non-GAAP)(2)

$

154.1

$

152.5

$

1.6

$

540.2

$

528.1

$

12.1

Net Earnings (GAAP)

$

77.3

$

96.5

$

(19.2

)

$

293.6

$

363.7

$

(70.1

)

EBITDA (Non-GAAP)(3)

$

141.0

$

155.6

$

(14.6

)

$

511.5

$

558.6

$

(47.1

)

Adjusted EBITDA (Non-GAAP)(3)

$

172.6

$

166.9

$

5.7

$

601.6

$

588.6

$

13.0

Share Repurchases

$

69.3

$

40.0

$

29.3

$

370.7

$

154.0

$

216.7

Dividend per share

$

0.26

$

0.24

$

0.02

$

1.03

$

0.945

$

0.08

Total Capital Returned to Stockholders

$

78.9

$

49.5

$

29.4

$

408.8

$

192.4

$

216.4

(a) Net leverage ratio is a non-GAAP financial measure as defined pursuant to our credit agreement and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

(1) GM (Gross Margin) excluding IRC 45X , Adjusted Diluted EPS and Adjusted Diluted EPS excluding IRC 45X benefit are non-GAAP financial measures and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

(2) Operating Earnings are adjusted for charges that the Company incurs as a result of restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. A reconciliation of operating earnings to Non-GAAP Adjusted Earnings are provided in tables under the section titled Business Segment Operating Results.

(3) Non-GAAP EBITDA is calculated as net earnings adjusted for depreciation, amortization, interest and income taxes. Non-GAAP Adjusted EBITDA is further adjusted for certain charges such as restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and other charges and credits as discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

Summary of Results

Fourth Quarter Fiscal 2026

Net sales for the fourth quarter of fiscal 2026 were $988.0 million, an increase of 1.3% from the prior year fourth quarter net sales of $974.8 million and at the low end of the range of the fourth quarter of fiscal 2026 guidance of $960 million to $1,000 million. The increase compared to prior year quarter was the result of a 4% increase in pricing and a 3% increase in foreign currency translation, partially offset by a 6% decrease in organic volume.

Net earnings attributable to EnerSys stockholders (“Net earnings”) for the fourth quarter of fiscal 2026 were $77.3 million, or $2.05 per diluted share, which included an unfavorable highlighted net of tax impact of $42.8 million, or $1.14 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the fourth quarter of fiscal 2025 were $96.5 million, or $2.41 per diluted share, which included an unfavorable highlighted net of tax impact of $22.0 million, or $0.55 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2026, on a non-GAAP basis, were $3.19, compared to the guidance of $2.95 to $3.05 per diluted share for the fourth quarter given by the Company on February 4, 2026. These earnings compare to the prior year fourth quarter adjusted Net earnings of $2.97 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025.

Fiscal Year 2026

Net sales for the twelve months of fiscal 2026 were $3,751.4 million, an increase of 3.7% from the prior year twelve months net sales of $3,617.6 million. This increase was due to a 3% increase in pricing, a 2% increase in foreign currency translation, and a 1% increase in acquisitions, partially offset by a 2% decrease in organic volume.

Net earnings for the twelve months of fiscal 2026 were $293.6 million, or $7.70 per diluted share, which included an unfavorable highlighted net of tax impact of $109.4 million, or $2.86 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the twelve months of fiscal 2025 were $363.7 million, or $8.99 per diluted share, which included an unfavorable highlighted net of tax impact of $46.7 million, or $1.16 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Adjusted Net earnings per diluted share for the twelve months of fiscal 2026, on a non-GAAP basis, were $10.56. This compares to the prior year twelve months adjusted Net earnings of $10.15 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

Quarterly Dividend

The Company announced today that its Board of Directors has approved a quarterly cash dividend $0.2625 per share of common stock. The dividend is payable on July 2, 2026, to holders of record as of June 19, 2026.

Balance Sheet and Cash Flow

As of March 31, 2026, cash and cash equivalents were $438.7 million and net debt as defined by our credit facility was $684.1 million. The net leverage ratio at the end of the fourth quarter was 1.1 X, down from 1.3 X in the prior year period due to the impact of lower debt and increased earnings. Capital expenditures during the fourth quarter were $12.8 million, down from $30.2 million in the prior year period. During the fourth quarter, cash from operating activities was $144.0 million, up from $135.2 million in the prior year period. Free cash flow, a non-GAAP financial measure, was $131.2 million, as compared to $105.0 million in the prior year period. The increase in cash from operating activities and the increase in free cash flow were both bolstered by improved primary operating capital during the quarter. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025.

The Company also returned approximately $78.9 million to shareholders through $69.3 million in share repurchases and $9.6 million through its quarterly dividend payment in the fourth quarter.

First Quarter and Fiscal Year 2027 Outlook

In the first quarter of fiscal 2027, EnerSys expects:

Net sales: $915M to $955M IRC 45X benefits to cost of sales: $42M to $47M Adjusted diluted EPS: $2.80 to $2.90* Adjusted diluted EPS, ex 45X benefits: $1.61 to $1.71 For the full year fiscal 2027, EnerSys expects:

Capital expenditures ~$70M “We closed fiscal year 2026 with strong financial performance, supported by disciplined execution and the benefits of our diversified portfolio,” said Andrea Funk, EnerSys Chief Financial Officer. “Strength in our Data Center, Communications and Aerospace and Defense businesses drove favorable price/mix that eclipsed inflationary cost increases and, along with realignment cost savings, supported our ability to deliver record full-year results. The breadth of our end markets helped offset the ongoing softness in our Motive Power and Transportation markets, where order trends improved sequentially during our fourth quarter.”

“We entered fiscal year 2027 with encouraging demand signals. Our first quarter fiscal 2027 outlook reflects typical seasonality, with expected net sales of $915 million to $955 million and adjusted diluted EPS excluding 45X of $1.61 to $1.71. We anticipate continued price/mix strength and benefits from our EnerGize strategic initiatives, as well as strong cash flow generation and disciplined capital allocation, including returning capital to shareholders, which position us to drive earnings growth as demand continues to normalize,” concluded Funk.

*Inclusive of IRC 45X Advanced Manufacturing Production Credits.

Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

Conference Call and Webcast Details

The Company will host a conference call to discuss its fourth quarter and full year results at 9:00 AM (ET) Thursday, May 21, 2026. A live broadcast as well as a replay of the call can be accessed via this webcast registration link or the Investor Relations section of the company’s website at https://investor.enersys.com.

If you cannot join via webcast, please reach out to [email protected] for dial-in details.

About EnerSys

EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/.

Caution Concerning Forward-Looking Statements

This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buyback program, judicial or regulatory proceedings, ability to identify and realize benefits in connection with acquisition and disposition opportunities, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buyback programs, application of Section 45X of the Internal Revenue Code, funding, development and construction of the Company's gigafactory in Greenville, South Carolina, adverse developments with respect to the economic conditions in the U.S. in the markets in which we operate and other uncertainties, including the impact of supply chain disruptions, interest rate changes, inflationary pressures, geopolitical and other developments and labor shortages on the economic recovery and our business and changes in law, regulation or policy that may affect our business, including trade policy and tariffs, and other government priorities or budgets are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2026. No undue reliance should be placed on any forward-looking statements.

EnerSys

Consolidated Condensed Statements of Income (Unaudited)

(In millions, except share and per share data)

Quarter ended

Twelve months ended

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net sales

$

988.0

$

974.8

$

3,751.4

$

3,617.6

Gross profit

290.9

$

303.7

$

1,097.6

$

1,092.4

Operating expenses

148.3

$

162.7

$

621.0

$

608.7

Restructuring and other exit charges

19.7

$

5.1

$

51.0

$

14.4

Intangibles Impairment

0.4

$

0.0

$

0.4

$

0.0

(Gain)Loss on assets held for sale

(1.2

)

$

4.6

$

(1.2

)

$

4.6

Operating earnings

123.7

$

131.3

$

426.4

$

464.7

Earnings before income taxes

99.1

$

116.3

$

347.4

$

406.5

Income tax expense

21.8

$

19.8

$

53.8

$

42.8

Net earnings attributable to EnerSys stockholders

$

77.3

$

96.5

$

293.6

$

363.7

Net reported earnings per common share attributable to EnerSys stockholders:

Basic

$

2.11

$

2.45

$

7.84

$

9.15

Diluted

$

2.05

$

2.41

$

7.70

$

8.99

Dividends per common share

$

0.2625

$

0.240

$

1.0275

$

0.945

Weighted-average number of common shares used in reported earnings per share calculations:

Basic

36,691,484

39,369,190

37,439,727

39,760,829

Diluted

37,673,890

39,982,082

38,144,210

40,438,579

EnerSys

Consolidated Condensed Balance Sheets (Unaudited)

(In Thousands, Except Share and Per Share Data)

March 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

438,675

$

343,131

Accounts receivable, net of allowance for doubtful accounts

(2026–$8,583; 2025–$8,675)

506,072

597,942

Inventories, net

724,690

739,994

Prepaid and other current assets

472,373

408,747

Total current assets

2,141,810

2,089,814

Property, plant, and equipment, net

593,002

592,433

Goodwill

752,424

721,073

Other intangible assets, net

342,898

375,430

Deferred taxes

69,008

74,793

Other assets

104,182

117,705

Total assets

$

4,003,324

$

3,971,248

Liabilities and Equity

Current liabilities:

Short-term debt

$

29,201

$

28,502

Current portion of finance leases

998

265

Accounts payable

354,190

405,694

Accrued expenses

419,649

340,607

Total current liabilities

804,038

775,068

Long-term debt, net of unamortized debt issuance costs

1,079,782

1,083,541

Finance leases

2,350

592

Deferred taxes

13,909

17,641

Other liabilities

194,373

174,918

Total liabilities

2,094,452

2,051,760

Commitments and contingencies

Equity:

Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2026 and at March 31, 2025

—

—

Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 57,551,440 shares issued and 36,462,211 shares outstanding at March 31, 2026; 56,839,590 shares issued and 39,192,061 shares outstanding at March 31, 2025

576

568

Additional paid-in capital

734,922

662,725

Treasury stock at cost, 21,089,229 shares held as of March 31, 2026 and 17,647,529 shares held as of March 31, 2025

(1,361,585

)

(988,936

)

Retained earnings

2,743,635

2,489,200

Accumulated other comprehensive loss

(212,264

)

(247,479

)

Total EnerSys stockholders’ equity

1,905,284

1,916,078

Nonredeemable noncontrolling interests

3,588

3,410

Total equity

1,908,872

1,919,488

Total liabilities and equity

$

4,003,324

$

3,971,248

EnerSys

Consolidated Condensed Statements of Cash Flows (Unaudited)

(In Thousands)

Fiscal year ended March 31,

2026

2025

2024

Cash flows from operating activities

Net earnings

$

293,557

$

363,735

$

269,096

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

Depreciation and amortization

113,558

100,876

92,021

Write-off of assets relating to restructuring and other exit charges

5,535

1,973

24,229

(Gain) loss on assets held for sale

(1,187

)

4,634

—

Impairment or disposal of intangible assets

402

880

13,619

Derivatives not designated in hedging relationships:

Net losses (gains)

409

(3,136

)

846

Cash proceeds (settlements)

673

826

(255

)

Provision for doubtful accounts

1,441

3,239

1,873

Deferred income taxes

14,411

(31,925

)

(29,344

)

Non-cash interest expense

2,180

1,927

2,450

Stock-based compensation

37,594

27,825

30,607

Gain on disposal of property, plant, and equipment

644

791

908

Losses (gain) on pension settlement

9,711

(1,548

)

—

Changes in assets and liabilities, net of effects of acquisitions:

Accounts receivable

104,705

(81,795

)

108,631

Inventories

25,888

1,343

75,633

Prepaid and other current assets

(65,244

)

(220,003

)

(112,701

)

Other assets

726

(334

)

6,027

Accounts payable

(52,627

)

36,569

(15,131

)

Accrued expenses

54,961

54,388

(8,254

)

Other liabilities

259

32

(3,226

)

Net cash provided by (used in) operating activities

547,596

260,298

457,029

Cash flows from investing activities

Capital expenditures

(80,074

)

(121,038

)

(86,437

)

Purchase of businesses

(12,667

)

(206,374

)

(8,270

)

Proceeds from disposal of property, plant, and equipment

4,859

1,870

2,228

Investment in Equity Securities

—

(10,852

)

—

Net cash used in investing activities

(87,882

)

(336,394

)

(92,479

)

Cash flows from financing activities

Net borrowings (repayments) on short-term debt

(192

)

(259

)

(231

)

Proceeds from Revolver borrowings

619,563

650,000

182,500

Repayments of Revolver borrowings

(412,000

)

(370,000

)

(427,500

)

Proceeds from 2032 Bonds

—

—

300,000

Repayments of Term Loans

(210,000

)

—

(293,889

)

Debt issuance costs

(3,502

)

—

(4,061

)

Finance lease obligations and other

(71

)

483

1,169

Option proceeds, net

41,977

9,458

10,786

Payment of taxes related to net share settlement of equity awards

(8,842

)

(7,985

)

(9,166

)

Purchase of treasury stock

(370,685

)

(153,961

)

(95,688

)

Dividends paid to stockholders

(38,142

)

(37,466

)

(34,480

)

Other

1,191

—

—

Net cash (used in) provided by financing activities

(380,703

)

90,270

(370,560

)

Effect of exchange rate changes on cash and cash equivalents

16,533

(4,367

)

(7,331

)

Net increase (decrease) in cash and cash equivalents

95,544

9,807

(13,341

)

Cash and cash equivalents at beginning of year

343,131

333,324

346,665

Cash and cash equivalents at end of year

$

438,675

$

343,131

$

333,324

Reconciliations of GAAP to Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, ("GAAP"). EnerSys' management uses the non-GAAP measures “adjusted Net earnings”, “adjusted diluted EPS”, "reported Net earnings excluding (ex) IRC 45X benefit", "adjusted Net earnings excluding (ex) IRC 45X benefit", "reported Net earnings (loss) per share excluding (ex) IRC 45X benefit", " adjusted diluted EPS excluding (ex) IRC 45X benefit", "GM excluding (ex) 45X", "adjusted operating earnings", "adjusted gross profit", "adjusted gross margin", "EBITDA", “adjusted EBITDA”, "adjusted EBITDA per credit agreement", "net debt", "net leverage ratio", "free cash flow", and "adjusted free cash flow conversion" as applicable, in their analysis of the Company's performance. Adjusted Net earnings, adjusted gross profit, adjusted gross margin, and adjusted operating earnings measures, as used by EnerSys in past quarters and years, adjusts Net earnings, gross profit, gross margin, and operating earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and other highlighted charges and income items. Reported Net earnings excluding (ex) IRC 45X benefit, adjusted Net earnings excluding (ex) IRC 45X benefit, reported Net earnings (loss) per share excluding (ex) IRC 45X benefit, adjusted diluted EPS excluding (ex) IRC 45X benefit, and GM excluding (ex) IRC 45X benefit as used by EnerSys in past quarters and years, adjusted Net earnings, adjusted Net earnings, Net earnings (loss) per share, adjusted diluted EPS, and gross margin to reflect the financial impact of IRC 45X. Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure as an overall assessment of our performance, to evaluate the effectiveness of our business strategies and for business planning purposes. We calculate adjusted EBITDA as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization, further adjusted to exclude restructuring and exit activities, impairment of goodwill, indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. EBITDA is calculated as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization. We define adjusted EBITDA per credit agreement as net earnings determined in accordance with GAAP for interest, taxes, depreciation and amortization, and certain charges or credits as permitted by our credit agreements, that were recorded during the periods presented. We define non-GAAP net debt as total debt, finance lease obligations and letters of credit, net of all cash and cash equivalents, as defined in the Fourth Amended Credit Facility on the balance sheet as of the end of the most recent fiscal quarter. We define non-GAAP net leverage ratio as non-GAAP net debt divided by last twelve months adjusted EBITDA per credit agreement. We define free cash flow as net cash provided by or used in operating activities less capital expenditures. We define adjusted free cash flow conversion as free cash flow divided by adjusted net earnings. Free cash flow and adjusted free cash flow conversion are used by investors, financial analysts, rating agencies and management to help evaluate the Company’s ability to generate cash to pursue incremental opportunities aimed toward enhancing shareholder value. Management believes the presentation of these financial measures reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results and overall business performance; in particular, those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, amortization of intangible assets, tax valuation allowance changes, withholding tax from repatriation of prior period earnings, and impacts of changes or reform to income tax laws. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. Although we exclude the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at 0%.

EnerSys does not provide a quantitative reconciliation of the Company’s projected range for adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the fourth quarter of fiscal 2026 to diluted earnings per share, which is the most directly comparable GAAP measure, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. EnerSys' adjusted diluted EPS and adjusted diluted EPS without IRC 45X benefit guidance for the fourth quarter of fiscal 2026 excludes certain items, including but not limited to certain non-cash, large and/or unpredictable charges and benefits, charges from restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles, acquisition and disposition activities, legal judgments, settlements, or other matters, and tax positions, that are inherently uncertain and difficult to predict, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities. Due to the uncertainty of the occurrence or timing of these future excluded items, management cannot accurately forecast many of these items for internal use and therefore cannot create a quantitative adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the first quarter of fiscal 2027 to diluted earnings per share reconciliation without unreasonable efforts.

These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings, Net earnings or net income determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company's ongoing operating results. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to Net earnings determined in accordance with GAAP.

A reconciliation of non-GAAP adjusted operating earnings is set forth in the table below, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X Advanced Manufacturing Production Credits. Also, included are start up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.

Business Segment Operating Results

Quarter ended

($ millions)

March 31, 2026

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

$

425.7

$

370.1

$

192.2

$

—

$

988.0

Operating Earnings

23.7

45.9

13.2

40.9

$

123.7

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

—

1.1

—

—

1.1

Restructuring and other exit charges

12.1

6.7

0.9

—

19.7

Impairment of indefinite-lived intangibles

0.4

—

—

—

0.4

(Gain)Loss on assets held for sale

—

(1.2

)

—

—

(1.2

)

Amortization of intangible assets

5.9

0.1

2.4

—

8.4

Accelerated Stock Compensation Expense

0.2

—

0.4

—

0.6

Other

0.1

—

1.3

—

1.4

Adjusted Operating Earnings

$

42.4

$

52.6

$

18.2

$

40.9

$

154.1

Operating Margin

5.6

%

12.4

%

6.8

%

NM

12.5

%

Adjusted Operating Margin

10.0

%

14.2

%

9.4

%

NM

15.6

%

Quarter ended

($ millions)

March 31, 2025

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

$

398.8

$

392.3

$

177.8

$

5.9

$

974.8

Operating Earnings

27.0

57.9

10.2

36.2

$

131.3

Inventory adjustment relating to exit activities

0.3

—

0.3

—

0.6

Restructuring and other exit charges

1.4

2.2

1.5

—

5.1

(Gain)Loss on assets held for sale

—

4.6

—

—

4.6

Amortization of intangible assets

5.8

0.1

2.4

—

8.3

Other

0.2

1.7

0.7

—

2.6

Adjusted Operating Earnings

$

34.7

$

66.5

$

15.1

$

36.2

$

152.5

Operating Margin

6.8

%

14.8

%

5.7

%

NM

13.5

%

Adjusted Operating Margin

8.7

%

17.0

%

8.5

%

NM

15.6

%

Increase (Decrease) as a % from prior year quarter

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

6.7

%

(5.7

)%

8.1

%

(99.4

)%

1.3

%

Operating Earnings

(12.0

)

(20.8

)

28.9

13.0

(5.8

)

Adjusted Operating Earnings

22.5

(20.9

)

19.8

13.0

1.1

NM = Not Meaningful

Twelve months ended

($ millions)

March 31, 2026

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

$

1,651.3

$

1,431.0

$

665.1

$

4.0

$

3,751.4

Operating Earnings

$

85.3

$

167.0

$

41.4

$

132.7

$

426.4

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

—

2.3

—

—

2.3

Restructuring and other exit charges

23.4

24.0

3.5

0.1

51.0

Amortization of intangible assets

23.5

0.4

9.6

—

33.5

Impairment of indefinite-lived intangibles

0.4

—

—

—

0.4

(Gain)Loss on assets held for sale

—

(1.2

)

—

—

(1.2

)

Accelerated stock compensation expense

5.6

3.4

1.8

10.8

Other

7.3

3.9

5.8

—

17.0

Adjusted Operating Earnings

$

145.5

$

199.8

$

62.1

$

132.8

$

540.2

Operating Margin

5.2

%

11.7

%

6.2

%

NM

11.4

%

Adjusted Operating Margin

8.8

%

14.0

%

9.3

%

NM

14.4

%

Twelve months ended

($ millions)

March 31, 2025

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

$

1,531.1

$

1,484.1

$

593.6

$

8.8

$

3,617.6

Operating Earnings

$

72.7

$

220.1

$

16.8

$

155.1

$

464.7

Inventory step up to fair value relating to recent acquisitions

0.3

—

3.3

—

3.6

Restructuring and other exit charges

6.0

5.7

2.7

—

14.4

Losses on assets held for sale

—

4.6

—

—

4.6

Amortization of intangible assets

23.6

0.7

7.5

—

31.8

Other

0.6

1.7

6.7

—

9.0

Adjusted Operating Earnings

$

103.2

$

232.8

$

37.0

$

155.1

$

528.1

Operating Margin

4.7

%

14.8

%

2.8

%

NM

12.8

%

Adjusted Operating Margin

6.7

%

15.7

%

6.2

%

NM

14.6

%

Increase (Decrease) as a % from prior year

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

7.8

%

(3.6

)%

12.1

%

(52.6

)%

3.7

%

Operating Earnings

17.4

(24.2

)

NM

(14.4

)

(8.2

)

Adjusted Operating Earnings

40.9

(14.2

)

(67.8

)

(14.3

)

2.3

The table below presents a reconciliation of Net Earnings to EBITDA and Adjusted EBITDA:

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net Earnings

$

77.3

$

96.5

$

293.6

$

363.7

Depreciation

20.6

18.2

80.1

69.1

Amortization

8.4

8.3

33.5

31.8

Interest

12.9

12.8

50.5

51.2

Income Taxes

21.8

19.8

53.8

42.8

EBITDA

141.0

155.6

511.5

558.6

Non-GAAP adjustments

31.6

11.3

90.1

30.0

Adjusted EBITDA

$

172.6

$

166.9

$

601.6

$

588.6

The following table provides the non-GAAP adjustments shown in the reconciliation above:

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

1.1

0.6

2.3

3.6

Restructuring and other exit charges

19.7

5.1

51.0

14.4

Impairment of indefinite lived intangible asset

0.4

—

0.4

—

Loss(Gain) on pension settlement

9.6

(1.6

)

9.6

(1.6

)

Loss(Gain) on assets held for sale

(1.2

)

4.6

(1.2

)

4.6

Accelerated stock compensation expense

0.6

—

10.8

—

Other

1.4

2.6

17.2

9.0

Non-GAAP adjustments

$

31.6

$

11.3

$

90.1

$

30.0

The table below presents a reconciliation of Gross Profit and Gross Margin to Adjusted Gross Profit and Adjusted Gross Margin and Gross Profit and Gross Margin to Gross Profit excluding (ex) IRC 45X and Gross Margin excluding (ex) IRC 45X:

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Gross Profit as reported

$

290.9

$

303.7

$

1,097.6

$

1,092.4

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

1.1

0.7

2.3

3.7

Adjusted Gross Profit

292.0

304.4

1,099.8

1,096.1

Gross Margin

29.4

%

31.2

%

29.3

%

30.2

%

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

0.1

%

—

%

0.1

%

0.1

%

Adjusted Gross Margin

29.5

%

31.2

%

29.4

%

30.3

%

Gross Profit

$

290.9

$

303.7

$

1,097.6

$

1,092.4

IRC 45X Benefit

46.2

44.1

158.6

184.6

Gross Profit ex 45X

244.7

259.6

939.0

907.8

Gross Margin

29.4

%

31.2

%

29.3

%

30.2

%

IRC 45X Benefit

4.7

%

4.5

%

4.2

%

5.1

%

Gross Margin ex 45X

24.7

%

26.7

%

25.1

%

25.1

%

The table below presents a reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow Conversion percentages:

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net cash provided by (used in) operating activities

$

144.0

$

135.2

$

547.6

$

260.3

Less Capital Expenditures

(12.8

)

(30.2

)

(80.0

)

(121.0

)

Free Cash Flow

131.2

105.0

467.6

139.3

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net cash provided by (used in) operating activities

$

144.0

$

135.2

$

547.6

$

260.3

Net earnings

77.3

96.5

293.6

363.7

Operating cash flow conversion %

186.3

%

140.1

%

186.5

%

71.6

%

Free Cash Flow

131.2

105.0

467.6

139.3

Net earnings

77.3

96.5

293.6

363.7

Free cash flow conversion %

169.7

%

108.8

%

159.3

%

38.3

%

The following table provides a reconciliation of Net earnings to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP) per credit agreement for March 31, 2026 and March 31, 2025 to calculate our net leverage ratio, in connection with the Fourth Amended Credit Facility:

Last twelve months

March 31, 2026

March 31, 2025

(in millions, except ratios)

Net earnings as reported

$

293.6

$

363.7

Add back:

Depreciation and amortization

113.6

$

100.9

Interest expense

50.5

$

51.1

Income tax expense

53.8

42.8

EBITDA (non-GAAP)

$

511.5

$

558.5

Adjustments per credit agreement definitions(1)

91.9

56.2

Adjusted EBITDA (non-GAAP) per credit agreement(1)

$

603.4

614.7

Total net debt(2)

$

684.1

781.1

Leverage ratios:

Total net debt/credit adjusted EBITDA ratio

1.1 X

1.3 X

(1)

The $91.9 million adjustment to EBITDA in the last twelve months ending March 31, 2026 primarily related to $37.6 million of non-cash stock compensation and $53.2 million of restructuring and other exit charges. The $56.2 million adjustment to EBITDA in the last twelve months ending March 31, 2025 primarily related to $27.8 million of non-cash stock compensation, $22.0 million of restructuring and other exit charges, impairment of indefinite-lived intangibles and write-down of other current assets of $5.5 million.

(2)

Debt includes finance lease obligations and letters of credit and is net of all U.S. cash and cash equivalents and foreign cash and investments, as defined in the Fourth Amended Credit Facility. In the last twelve months ending March 31, 2026 and March 31, 2025, the amounts deducted in the calculation of net debt were U.S. cash and cash equivalents and foreign cash investments of $438.7 million, and in fiscal 2025, were $343.1 million.

Included below is a reconciliation of historical non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and historical Net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures:

Quarter ended

(in millions, except share and per share amounts)

March 31, 2026

March 31, 2025

Net earnings reconciliation

As reported Net Earnings

$

77.3

$

96.5

Non-GAAP adjustments:

Inventory adjustment relating to exit activities

1.1

(1)

0.6

(1)

Impairment of indefinite-lived intangibles

0.4

—

Restructuring and other exit charges

19.7

(2)

5.1

(2)

Loss(gain) on assets held for sale

(1.2

)

(4)

4.6

(4)

Amortization of identified intangible assets

8.4

(3)

8.3

(3)

Accelerated Stock Compensation Expense

0.6

(5)

—

(5)

Other

1.4

(6)

2.6

(6)

Income tax adjustment of benefit from tax law changes and litigation

—

(1.6

)

Loss(gain) on pension settlement

9.6

2.2

Swiss income tax goodwill expiration

—

2.2

Valuation allowance from exit activities

4.2

—

Income tax expense on intercompany sale of IP

5.9

2.5

Other income tax expense items

1.8

—

Income tax effect of above non-GAAP adjustments

(9.0

)

(4.4

)

Non-GAAP adjusted Net earnings

$

120.2

$

118.6

Net Earnings excluding (ex) IRC 45X benefit

As Reported Net Earnings

$

77.3

$

96.5

IRC 45X Benefit

46.2

44.1

Reported Net Earnings excluding (ex) IRC 45X benefit

$

31.1

$

52.4

Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit

Non-GAAP Adjusted Net Earnings

$

120.2

$

118.6

IRC 45X Benefit

46.2

44.1

Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit

$

74.0

$

74.5

Outstanding shares used in per share calculations

Basic

36,691,484

39,369,190

Diluted

37,673,890

39,982,082

Reported Net earnings (Loss) per share:

Basic

$

2.11

$

2.45

Diluted

$

2.05

$

2.41

Dividends per common share

$

0.2625

$

0.24

Non-GAAP adjusted Net earnings per share:

Basic

$

3.27

$

3.01

Diluted

$

3.19

$

2.97

Reported Net Earnings (Loss) per share excluding (ex) IRC 45X benefit

Basic

$

0.85

$

1.33

Diluted

$

0.83

$

1.31

Non-GAAP adjusted Net Earnings (Loss) per share excluding (ex) IRC 45X benefit

Basic

$

2.02

$

1.89

Diluted

$

1.96

$

1.86

The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:

Quarter ended

($ millions)

March 31, 2026

March 31, 2025

Pre-tax

Pre-tax

(1) Inventory adjustment relating to exit activities - Energy Systems

—

0.3

(1) Inventory adjustment relating to exit activities - Motive

1.1

—

(1) Inventory adjustment relating to exit activities - Specialty

—

0.3

(2) Restructuring and other exit charges - Energy Systems

12.1

1.4

(2) Restructuring and other exit charges - Motive Power

6.7

2.2

(2) Restructuring and other exit charges - Specialty

0.9

1.5

(2) Restructuring and other exit charges - Corporate Other

—

—

(3) Amortization of identified intangible assets - Energy Systems

5.9

5.8

(3) Amortization of identified intangible assets - Motive Power

0.1

0.1

(3) Amortization of identified intangible assets - Specialty

2.4

2.4

(4) Loss(gain) on asset held for sale - Motive

(1.2

)

4.6

(5) Accelerated Stock Compensation Expense - Energy Systems

0.2

—

(5) Accelerated Stock Compensation Expense - Specialty

0.4

—

(6) Other - Energy Systems

0.1

0.2

(6) Other - Motive

—

2.4

(6) Other - Specialty

1.3

—

Total Non-GAAP adjustments

$

30.0

$

21.2

Twelve months ended

(in millions, except share and per share amounts)

March 31, 2026

March 31, 2025

Net Earnings reconciliation

As reported Net Earnings

$

293.6

$

363.7

Non-GAAP adjustments:

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

2.3

(1)

3.6

(1)

Impairment of indefinite-lived intangibles

0.4

—

Restructuring and other exit charges

51.0

(2)

14.4

(2)

Amortization of identified intangible assets

33.5

(3)

31.8

(3)

Accelerated Stock Compensation Expense

10.8

(4)

—

(4)

Loss(gain) on assets held for sale

(1.2

)

(5)

4.6

(5)

Other

17.2

(6)

9.0

(6)

Loss(gain) on pension settlement

9.6

(1.6

)

Income tax adjustment of benefit from tax law changes and litigation

—

(4.6

)

Swiss income tax goodwill expiration

—

2.2

Valuation allowance from exit activities

4.2

—

Income tax expense on intercompany sale of IP

5.9

2.5

Other income tax expense items

1.8

—

Income tax effect of above non-GAAP adjustments

(26.1

)

(15.2

)

Non-GAAP adjusted Net Earnings

$

403.0

$

410.4

Net Earnings without IRC 45X

As Reported Net Earnings

$

293.6

$

363.7

IRC 45X Benefit

158.6

184.6

Reported Net Earnings without IRC 45X Benefit

$

135.0

$

179.1

Non-GAAP adjusted Net Earnings without IRC 45X

Non-GAAP Adjusted Net Earnings

$

403.0

$

410.4

IRC 45X Benefit

158.6

184.6

Non-GAAP adjusted Net Earnings without IRC 45X Benefit

$

244.4

$

225.8

Outstanding shares used in per share calculations

Basic

37,439,727

39,760,829

Diluted

38,144,210

40,438,579

Reported Net Earnings (Loss) per share:

Basic

$

7.84

$

9.15

Diluted

$

7.70

$

8.99

Dividends per common share

$

1.0275

$

0.945

Non-GAAP adjusted Net Earnings per share:

Basic

$

10.76

$

10.32

Diluted

$

10.56

$

10.15

Reported Net Earnings (Loss) per share without IRC 45X benefit

Basic

$

3.60

$

4.50

Diluted

$

3.54

$

4.43

Non-GAAP adjusted Net Earnings (Loss) per share without IRC 45X benefit

Basic

$

6.53

$

5.68

Diluted

$

6.41

$

5.58

The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:

Twelve months ended

($ millions)

March 31, 2026

March 31, 2025

Pre-tax

Pre-tax

(1) Inventory adjustment relating to exit activities - Energy Systems

2.3

0.3

(1) Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions - Specialty

—

3.3

(2) Restructuring and other exit charges - Energy Systems

23.4

6.0

(2) Restructuring and other exit charges - Motive Power

24.0

5.7

(2) Restructuring and other exit charges - Specialty

3.5

2.7

(2) Restructuring and other exit charges - Corporate Other

0.1

—

(3) Amortization of identified intangible assets - Energy Systems

23.5

23.6

(3) Amortization of identified intangible assets - Motive Power

0.4

0.7

(3) Amortization of identified intangible assets - Specialty

9.6

7.5

(4) Accelerated stock compensation expense - Energy Systems

5.6

—

(4) Accelerated stock compensation expense - Motive Power

3.4

—

(4) Accelerated stock compensation expense - Specialty

1.8

—

(5) Losses(gains) on assets held for sale

(1.2

)

4.6

(6) Other - Energy Systems

7.3

0.6

(6) Other - Motive Power

3.9

1.7

(6) Other - Specialty

5.8

6.7

(6) Other - N/A

0.2

$

—

Total Non-GAAP adjustments

$

113.6

$

63.4

View source version on businesswire.com: https://www.businesswire.com/news/home/20260520515143/en/