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HOUSTON, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported second quarter 2026 results.

Second quarter 2026 net income attributable to Targa Resources Corp. was $765 million compared to $629 million for the second quarter of 2025. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)(1) of $1,603 million for the second quarter of 2026 compared to $1,163 million for the second quarter of 2025.

Highlights

Record adjusted EBITDA for the second quarter of $1.6 billion, an increase of 38% year-over-year and a 14% increase compared to the first quarterRecord Permian inlet, NGL transportation, fractionation, and LPG export volumes during the second quarterCommenced operations of our Train 11 fractionator and Delaware Express NGL Pipeline expansion during the second quarterCommenced operations of our new East Driver processing plant in Permian Midland late in the second quarter, ahead of scheduleEstimate full year 2026 adjusted EBITDA to be towards the top end of $5.7 billion to $5.9 billion rangeContinue to estimate 2026 net growth capital expenditures of approximately $4.5 billion On July 16, 2026, the Company declared a quarterly cash dividend of $1.25 per common share, or $5.00 per common share on an annualized basis, for the second quarter of 2026. This dividend represents a 25 percent increase over the common dividend declared with respect to the second quarter of 2025. Total cash dividends of approximately $268 million will be paid on August 14, 2026 on all outstanding shares of common stock to holders of record as of the close of business on July 31, 2026.

During the second quarter of 2026, Targa repurchased 308,102 shares of its common stock at a weighted average per share price of $259.93 for a total net cost of $80 million. As of June 30, 2026, there was $1,239 million remaining under the Company’s share repurchase programs.

Second Quarter 2026 - Sequential Quarter over Quarter Commentary

Targa reported record second quarter adjusted EBITDA of $1,603 million, representing a 14 percent increase compared to the first quarter of 2026. The sequential increase was driven by higher marketing margin in our Logistics and Transportation (“L&T”) segment, record Permian volumes in our Gathering and Processing (“G&P”) segment, and record NGL transportation, fractionation, and LPG export volumes in our L&T segment.

In our G&P segment, higher sequential adjusted operating margin was driven by record Permian natural gas inlet volumes, partially offset by lower natural gas prices. Permian inlet volumes increased more than 450 million cubic feet per day (“MMcf/d”) despite temporary curtailments by certain producer customers in response to negative Waha natural gas prices in the second quarter.

In our L&T segment, higher sequential adjusted operating margin was driven by higher marketing margin, and record NGL pipeline transportation, fractionation, and LPG export volumes. Marketing margin increased due to greater optimization opportunities. NGL pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian G&P systems and the addition of Train 11 early in the second quarter of 2026. LPG export margin increased due to higher volumes and fees.

Capitalization, Financing and Liquidity

The Company’s total consolidated debt as of June 30, 2026 was $19,578 million, net of $128 million of debt issuance costs and $39 million of unamortized discount, with $17,900 million of outstanding senior unsecured notes, $600 million outstanding under our Commercial Paper Program, $451 million outstanding under our accounts receivable securitization facility (the “Securitization Facility”), and $794 million of finance lease liabilities.

Total consolidated liquidity as of June 30, 2026 was approximately $3.2 billion, including $2.9 billion available under the TRGP Revolver, $149 million under the Securitization Facility and $132 million of cash.

In July 2026, Targa amended the Securitization Facility to, among other things, extend the facility termination date to July 30, 2027 and increase borrowing capacity to up to $800 million.

Growth Projects Update

In our G&P segment, we commenced operations of our new East Driver plant in the Permian Midland late in the second quarter, ahead of schedule. Construction remains underway on our Copperhead, Yeti, Yeti II, Roadrunner III, and Copperhead II plants in Permian Delaware, and our G&P projects remain on track.

In our L&T segment, we commenced operations of our Train 11 fractionator in Mont Belvieu, TX and our Delaware Express NGL Pipeline expansion in the second quarter. Construction continues on our Train 12 and Train 13 fractionators in Mont Belvieu, our Speedway NGL Pipeline, our GPMT LPG Export Expansion, and our Bull Run, Buffalo Run and Forza intra-basin residue gas pipeline projects. Our L&T projects remain on track.

2026 Outlook

Given the strength of Targa’s performance through the first two quarters of the year, Targa now estimates full year 2026 adjusted EBITDA to be towards the top end of our $5.7 billion to $5.9 billion range. The higher outlook for full year 2026 is driven by the realization of strong marketing and optimization margin particularly in the first and second quarters of the year, and continued strength of volume growth of our integrated assets across the full year.

We continue to estimate net growth capital expenditures to be approximately $4.5 billion, and our estimate for 2026 net maintenance capital expenditures remains unchanged at approximately $250 million.

An earnings supplement presentation and updated investor presentation are available under Events and Presentations in the Investors section of our website at www.targaresources.com/investors/events.

Conference Call

We will host a conference call for the investment community at 11:00 a.m. Eastern time (10:00 a.m. Central time) on August 6, 2026 to discuss second quarter results. The conference call can be accessed via webcast under Events and Presentations in the Investors section of our website at www.targaresources.com/investors/events, or by going directly to https://edge.media-server.com/mmc/p/o7q55fuf/lan/en/. A webcast replay will be available at the link above approximately two hours after the conclusion of the event.

(1)Adjusted EBITDA and adjusted operating margin (segment) are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”  Targa Resources Corp. – Consolidated Financial Results of Operations

  Three Months Ended June 30,
   Six Months Ended June 30,
     2026
 2025
 2026 vs. 2025
 2026
 2025
 2026 vs. 2025
   (In millions)
 Revenues:
                        Sales of commodities$3,592.9  $3,636.3  $(43.4) (1%) $6,937.5  $7,520.7  $(583.2)(8%)  Fees from midstream services 847.2   623.8   223.4  36%  1,597.3   1,300.9   296.4 23%  Total revenues 4,440.1   4,260.1   180.0  4%  8,534.8   8,821.6   (286.8)(3%) Product purchases and fuel
 2,302.0   2,436.0   (134.0) (6%)  4,696.5   5,693.8   (997.3)(18%) Operating expenses
 354.1   323.6   30.5  9%  687.8   627.2   60.6 10% Depreciation and amortization expense
 453.1   373.7   79.4  21%  879.1   741.3   137.8 19% General and administrative expense
 108.1   95.0   13.1  14%  215.9   189.5   26.4 14% Other operating (income) expense
 (11.7)  (1.8)  (9.9) NM   (25.9)  (7.1)  (18.8)265% Income (loss) from operations
 1,234.5   1,033.6   200.9  19%  2,081.4   1,576.9   504.5 32% Interest expense, net
 (236.6)  (218.4)  (18.2) 8%  (464.2)  (415.5)  (48.7)12% Equity earnings (loss)
 7.8   5.1   2.7  53%  16.4   10.6   5.8 55% Other, net
 (0.8)  1.0   (1.8) NM   (17.4)  1.3   (18.7)NM  Income tax (expense) benefit
 (227.2)  (184.1)  (43.1) 23%  (351.1)  (256.3)  (94.8)37% Net income (loss)
 777.7   637.2   140.5  22%  1,265.1   917.0   348.1 38% Less: Net income (loss) attributable to
noncontrolling interests
 13.1   8.1   5.0  62%  20.9   17.4   3.5 20% Net income (loss) attributable to Targa
Resources Corp.
 764.6   629.1   135.5  22%  1,244.2   899.6   344.6 38% Premium on repurchase of noncontrolling
interests, net of tax
 —   —   —  —   —   70.5   (70.5)(100%) Net income (loss) attributable to common
shareholders
$764.6  $629.1  $135.5  22% $1,244.2  $829.1  $415.1 50% Financial data:
                       Adjusted EBITDA (1)
$1,603.1  $1,163.0  $440.1  38% $3,005.8  $2,341.5  $664.3 28% Adjusted cash flow from operations (1)
 1,371.0   934.4   436.6  47%  2,550.9   1,904.4   646.5 34% Adjusted free cash flow (1)
 205.3   (9.6)  214.9  NM   433.2   318.6   114.6 36%                                (1)Adjusted EBITDA, adjusted cash flow from operations and adjusted free cash flow are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”NMDue to a low denominator, the noted percentage change is disproportionately high and as a result, considered not meaningful.   Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025

Commodity sales were relatively flat due to lower natural gas prices ($784.8 million) and the unfavorable impact of hedges ($291.6 million), partially offset by higher NGL and condensate prices ($597.8 million) and higher NGL, natural gas and condensate volumes ($435.2 million).

The increase in fees from midstream services was primarily due to higher gas gathering and processing fees, higher transportation and fractionation fees, and higher export volumes.

The decrease in product purchases and fuel reflected lower natural gas prices, partially offset by higher NGL prices, and higher NGL and natural gas volumes.

The increase in operating expenses was primarily due to higher labor and maintenance costs in part due to system expansions, and the acquisition of certain assets in the Permian Basin, partially offset by lower compressor rental costs.

See “—Review of Segment Performance—” for additional information on a segment basis.

The increase in depreciation and amortization expense was primarily due to the acquisition of certain assets in the Permian Basin, higher amortization of right-of-use assets for finance leases, and the impact of system expansions on the Company’s asset base.

The increase in general and administrative expense was primarily due to higher compensation and benefits.

The increase in other operating (income) expense was primarily due to lower asset abandonment costs.

The increase in income tax (expense) benefit was primarily due to the increase in pre-tax book income.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

The decrease in commodity sales reflected lower natural gas and NGL prices ($1,309.2 million) and the unfavorable impact of hedges ($244.1 million), partially offset by higher NGL, natural gas and condensate volumes ($899.6 million) and higher condensate prices ($70.5 million).

The increase in fees from midstream services was primarily due to higher gas gathering and processing fees, higher transportation and fractionation fees, and higher export volumes.

The decrease in product purchases and fuel reflected lower natural gas and NGL prices, partially offset by higher NGL and natural gas volumes.

The increase in operating expenses was primarily due to higher labor and maintenance costs, and taxes in part due to system expansions, partially offset by lower compressor rental costs.

See “—Review of Segment Performance—” for additional information on a segment basis.

The increase in depreciation and amortization expense was primarily due to the acquisition of certain assets in the Permian Basin, higher amortization of right-of-use assets for finance leases, and the impact of system expansions on the Company’s asset base.

The increase in general and administrative expense was primarily due to higher compensation and benefits.

The increase in other operating (income) expense was primarily due to recognition of Section 45Q tax credits earned through the Company’s carbon capture and sequestration activities, and lower asset abandonment costs.

The increase in interest expense, net, was primarily due to higher borrowings, partially offset by an increase in capitalized interest.

The decrease in other, net, was primarily due to the premium paid on the redemption of all of the Partnership’s 6.875% Notes due 2029.

The increase in income tax (expense) benefit was primarily due to the increase in pre-tax book income.

The premium on repurchase of noncontrolling interests, net of tax was due to the Badlands Transaction in the first quarter of 2025.

Review of Segment Performance

The following discussion of segment performance includes inter-segment activities. The Company views segment operating margin and adjusted operating margin as important performance measures of the core profitability of its operations. These measures are key components of internal financial reporting and are reviewed for consistency and trend analysis. For a discussion of adjusted operating margin, see “Non-GAAP Financial Measures ― Adjusted Operating Margin.” Segment operating financial results and operating statistics include the effects of intersegment transactions. These intersegment transactions have been eliminated from the consolidated presentation.

The Company operates in two primary segments: (i) Gathering and Processing; and (ii) Logistics and Transportation.

Gathering and Processing Segment

The Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.

The following table provides summary data regarding results of operations of this segment for the periods indicated:

  Three Months Ended June 30,   Six Months Ended June 30,
     2026
 2025 2026 vs. 2025
 2026
 2025
 2026 vs. 2025
    (In millions, except operating statistics and price amounts)  Operating margin
$732.6  $587.6 $145.0  25% $1,436.1  $1,189.8 $246.3  21% Operating expenses
 240.9   219.4  21.5  10%  474.5   427.6  46.9  11% Adjusted operating margin
$973.5  $807.0 $166.5  21% $1,910.6  $1,617.4 $293.2  18% Operating statistics (1):
                            Plant natural gas inlet, MMcf/d (2) (3)
                             Permian Midland (4) 3,393.5   3,106.2  287.3  9%  3,274.4   3,046.3  228.1  7%  Permian Delaware 3,793.8   3,171.8  622.0  20%  3,685.6   3,096.5  589.1  19%  Total Permian 7,187.3   6,278.0  909.3  14%  6,960.0   6,142.8  817.2  13%                                Central (5) 1,010.3   1,086.3  (76.0) (7%)  1,018.8   1,035.8  (17.0) (2%)                                Badlands (5) (6) 133.8   130.9  2.9  2%  130.4   133.9  (3.5) (3%)                                Coastal 577.5   398.8  178.7  45%  562.4   398.8  163.6  41%                                Total 8,908.9   7,894.0  1,014.9  13%  8,671.6   7,711.3  960.3  12% NGL production, MBbl/d (3)
                             Permian Midland (4) 506.1   450.1  56.0  12%  485.6   439.9  45.7  10%  Permian Delaware 500.8   406.7  94.1  23%  485.4   386.8  98.6  25%  Total Permian 1,006.9   856.8  150.1  18%  971.0   826.7  144.3  17%                                Central (5) 118.3   120.2  (1.9) (2%)  110.2   109.1  1.1  1%                                Badlands (5) 16.9   16.6  0.3  2%  16.5   16.5  —  —                                 Coastal 38.7   31.6  7.1  22%  38.2   32.2  6.0  19%                                Total 1,180.8   1,025.2  155.6  15%  1,135.9   984.5  151.4  15% Crude oil gathered, MBbl/d
 143.8   116.5  27.3  23%  139.5   126.3  13.2  10% Natural gas sales, BBtu/d (3)
 3,080.1   2,819.5  260.6  9%  3,060.3   2,706.7  353.6  13% NGL sales, MBbl/d (3)
 680.8   606.4  74.4  12%  653.5   588.4  65.1  11% Condensate sales, MBbl/d
 22.4   20.1  2.3  11%  22.1   19.1  3.0  16% Average realized prices (7):
                            Natural gas, $/MMBtu
 (2.48)  1.01  (3.49) NM   (0.97)  1.59  (2.56) (161%) NGL, $/gal
 0.48   0.41  0.07  17%  0.44   0.46  (0.02) (4%) Condensate, $/Bbl
 90.57   63.79  26.78  42%  78.29   67.80  10.49  15%                               (1)Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period, and the denominator is the number of calendar days during the period.(2)Plant natural gas inlet represents the Company’s undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant.(3)Plant natural gas inlet volumes and gross NGL production volumes include producer take-in-kind volumes, while natural gas sales and NGL sales exclude producer take-in-kind volumes.(4)Permian Midland includes operations in WestTX, of which the Company owns a 72.8% undivided interest, and other plants that are owned 100% by the Company. Operating results for the WestTX undivided interest assets are presented on a pro-rata net basis in the Company’s reported financials.(5)Operations include facilities that are not wholly owned by the Company.(6)Badlands natural gas inlet represents the total wellhead volume and includes the Targa volumes processed at the Little Missouri 4 plant.(7)Average realized prices, net of fees, include the effect of realized commodity hedge gain/loss attributable to the Company’s equity volumes. The price is calculated using total commodity sales plus the hedge gain/loss as the numerator and total sales volume as the denominator, net of fees. Negative realized natural gas prices during the second quarter of 2026 were a result of an extended period of negative Waha prices due to significant egress constraint in the Permian Basin.   The following table presents the realized commodity hedge gain (loss) attributable to the Company’s equity volumes that are included in the adjusted operating margin of the Gathering and Processing segment:

 Three Months Ended June 30, 2026
 Three Months Ended June 30, 2025
  (In millions, except volumetric data and price amounts)
  Volume
Settled Price
Spread (1)
 Gain
(Loss)
 Volume
Settled Price
Spread (1)
 Gain
(Loss)
 Natural gas (BBtu)7.7 $5.351  $41.2  7.4 $2.095  $15.5  NGL (MMgal)106.5  (0.052)  (5.5) 83.6  (0.005)  (0.4) Crude oil (MBbl)0.8  (22.750)  (18.2) 0.7  7.714   5.4         $17.5        $20.5      Six Months Ended June 30, 2026
 Six Months Ended June 30, 2025
   (In millions, except volumetric data and price amounts)
   Volume
Settled Price
Spread (1)
 Gain
(Loss)
 Volume
Settled Price
Spread (1)
 Gain
(Loss)
 Natural gas (BBtu)
16.0 $3.638  $58.2  15.1 $1.517  $22.9  NGL (MMgal)
208.6  (0.022)  (4.6) 181.2  (0.038)  (7.0) Crude oil (MBbl)
1.5  (14.067)  (21.1) 1.4  4.357   6.1          $32.5        $22.0                      (1)The price spread is the differential between the contracted derivative instrument pricing and the price of the corresponding settled commodity transaction.                     Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 

The increase in adjusted operating margin was primarily due to higher natural gas inlet volumes in the Permian which drove higher fee-based margin, partially offset by lower natural gas prices. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Pembrook II plant during the third quarter of 2025, the Bull Moose II plant during the fourth quarter of 2025, the Falcon II plant during the first quarter of 2026, the East Pembrook plant during the second quarter of 2026, continued strong producer activity and the acquisition of certain assets in the Permian Basin during the first quarter of 2026.

The increase in operating expenses was primarily due to higher volumes resulting from multiple plant additions and the acquisition of certain assets in the Permian Basin during the first quarter of 2026.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

The increase in adjusted operating margin was primarily due to higher natural gas inlet volumes in the Permian which drove higher fee-based margin, partially offset by lower natural gas and NGL prices. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Pembrook II plant during the third quarter of 2025, the Bull Moose II plant during the fourth quarter of 2025, the Falcon II plant during the first quarter of 2026, the East Pembrook plant during the second quarter of 2026, continued strong producer activity and the acquisition of certain assets in the Permian Basin during the first quarter of 2026.

The increase in operating expenses was primarily due to higher volumes resulting from multiple plant additions and the acquisition of certain assets in the Permian Basin during the first quarter of 2026.

Logistics and Transportation Segment

The Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of the Company’s other businesses. The Logistics and Transportation segment also includes Targa’s NGL pipeline system, which connects the Company’s gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with the Company’s Downstream facilities in Mont Belvieu, Texas. The Company’s Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

The following table provides summary data regarding results of operations of this segment for the periods indicated:

  Three Months Ended June 30,
   Six Months Ended June 30,
     2026
 2025
 2026 vs. 2025 2026
 2025
 2026 vs. 2025
   (In millions, except operating statistics)
 Operating margin
$948.3 $632.4 $315.9 50% $1,721.6 $1,279.1 $442.5 35% Operating expenses
 114.3  105.4  8.9 8%  214.5  200.9  13.6 7% Adjusted operating margin
$1,062.6 $737.8 $324.8 44% $1,936.1 $1,480.0 $456.1 31% Operating statistics MBbl/d (1):
                        NGL pipeline transportation volumes (2)
 1,098.9  961.2  137.7 14%  1,058.1  902.7  155.4 17% Fractionation volumes
 1,206.1  969.1  237.0 24%  1,175.8  974.5  201.3 21% Export volumes (3)
 487.1  423.1  64.0 15%  462.2  435.3  26.9 6% NGL sales
 1,310.9  1,151.1  159.8 14%  1,307.5  1,168.6  138.9 12%                           (1)Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.(2)Represents the total quantity of mixed NGLs that earn a transportation margin.(3)Export volumes represent the quantity of NGL products delivered to third-party customers at the Company’s Galena Park Marine Terminal that are destined for international markets.                           Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025

The increase in adjusted operating margin was due to higher marketing margin, higher pipeline transportation and fractionation margin and higher LPG export margin. Marketing margin increased due to greater optimization opportunities. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian Gathering and Processing systems and the addition of Train 11 early in the second quarter of 2026. LPG export margin increased due to higher volumes and fees.

The increase in operating expenses was primarily due to higher compensation and benefits including amounts related to system expansions.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

The increase in adjusted operating margin was due to higher marketing margin, higher pipeline transportation and fractionation margin and higher LPG export margin. Marketing margin increased due to greater optimization opportunities. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from our Permian Gathering and Processing systems and the addition of Train 11 early in the second quarter of 2026. LPG export margin increased due to higher volumes and fees.

The increase in operating expenses was primarily due to higher compensation and benefits including amounts related to system expansions.

Other

 Three Months Ended June 30,   Six Months Ended June 30,    2026 2025 2026 vs. 2025
 2026
 2025 2026 vs. 2025
  (In millions)  Operating margin$103.1 $280.5 $(177.4) $(7.2) $31.7 $(38.9) Adjusted operating margin$103.1 $280.5 $(177.4) $(7.2) $31.7 $(38.9)   Other contains the unrealized mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. The Company has entered into derivative instruments to hedge the commodity price associated with a portion of the Company’s future commodity purchases and sales and natural gas transportation basis risk within the Company’s Logistics and Transportation segment.

About Targa Resources Corp.

Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks.

Targa is a FORTUNE 500 company and is included in the S&P 500.

For more information, please visit the Company’s website at www.targaresources.com.

Non-GAAP Financial Measures

This press release includes the Company’s non-GAAP financial measures: adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment). The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.

The Company utilizes non-GAAP measures to analyze the Company’s performance. Adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment) are non-GAAP measures. The GAAP measures most directly comparable to these non-GAAP measures are income (loss) from operations, Net income (loss) attributable to Targa Resources Corp. and segment operating margin. These non-GAAP measures should not be considered as an alternative to GAAP measures and have important limitations as analytical tools. Investors should not consider these measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Additionally, because the Company’s non-GAAP measures exclude some, but not all, items that affect income and segment operating margin, and are defined differently by different companies within the Company’s industry, the Company’s definitions may not be comparable with similarly titled measures of other companies, thereby diminishing their utility. Management compensates for the limitations of the Company’s non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these insights into the Company’s decision-making processes.

Adjusted Operating Margin

The Company defines adjusted operating margin for the Company’s segments as revenues less product purchases and fuel. It is impacted by volumes and commodity prices as well as by the Company’s contract mix and commodity hedging program.

Gathering and Processing adjusted operating margin consists primarily of:

service fees related to natural gas and crude oil gathering, treating and processing; andrevenues from the sale of natural gas, condensate, crude oil and NGLs less producer settlements, fuel and transport and the Company’s equity volume hedge settlements. Logistics and Transportation adjusted operating margin consists primarily of:

service fees (including the pass-through of energy costs included in certain fee rates);system product gains and losses; andNGL and natural gas sales, less NGL and natural gas purchases, fuel, third-party transportation costs and the net inventory change.
The adjusted operating margin impacts of mark-to-market hedge unrealized changes in fair value are reported in Other.

Adjusted operating margin for the Company’s segments provides useful information to investors because it is used as a supplemental financial measure by management and by external users of the Company’s financial statements, including investors and commercial banks, to assess:

the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis;the Company’s operating performance and return on capital as compared to other companies in the midstream energy sector, without regard to financing or capital structure; andthe viability of capital expenditure projects and acquisitions and the overall rates of return on alternative investment opportunities.
Management reviews adjusted operating margin and operating margin for the Company’s segments monthly as a core internal management process. The Company believes that investors benefit from having access to the same financial measures that management uses in evaluating the Company’s operating results. The reconciliation of the Company’s adjusted operating margin to the most directly comparable GAAP measure is presented under “Review of Segment Performance.”

Adjusted EBITDA

The Company defines adjusted EBITDA as Net income (loss) attributable to Targa Resources Corp. before interest, income taxes, depreciation and amortization, and other items that the Company believes should be adjusted consistent with the Company’s core operating performance. The adjusting items are detailed in the adjusted EBITDA reconciliation table and its footnotes. Adjusted EBITDA is used as a supplemental financial measure by the Company and by external users of the Company’s financial statements such as investors, commercial banks and others to measure the ability of the Company’s assets to generate cash sufficient to pay interest costs, support the Company’s indebtedness and pay dividends to the Company’s investors.

Adjusted Cash Flow from Operations and Adjusted Free Cash Flow

The Company defines adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit. The Company defines adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures and growth capital expenditures, net of any reimbursements of project costs and contributions from noncontrolling interests, and including contributions to investments in unconsolidated affiliates. Adjusted cash flow from operations and adjusted free cash flow are performance measures used by the Company and by external users of the Company’s financial statements, such as investors, commercial banks and research analysts, to assess the Company’s ability to generate cash earnings (after servicing the Company’s debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.

The following table reconciles the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the periods indicated:

  Three Months Ended June 30,
 Six Months Ended June 30,
   2026
 2025
 2026
 2025
   (In millions)
 Reconciliation of Net income (loss) attributable to Targa Resources
Corp. to Adjusted EBITDA, Adjusted Cash Flow from Operations
and Adjusted Free Cash Flow
             Net income (loss) attributable to Targa Resources Corp.$764.6  $629.1  $1,244.2  $899.6   Interest (income) expense, net 236.6   218.4   464.2   415.5   Income tax expense (benefit) 227.2   184.1   351.1   256.3   Depreciation and amortization expense 453.1   373.7   879.1   741.3   (Gain) loss on sale or disposition of assets (0.8)  (0.7)  (1.8)  (1.2)  Write-down of assets 0.7   9.6   5.0   11.6   (Gain) loss from financing activities —   —   10.1   0.6   Equity (earnings) loss (7.8)  (5.1)  (16.4)  (10.6)  Distributions from unconsolidated affiliates 7.2   6.2   11.9   11.1   Change in contingent consideration 0.5   —   1.2   —   Compensation on equity grants 18.0   17.1   41.2   34.7   Risk management activities (103.1)  (280.5)  7.2   (31.7)  Noncontrolling interests adjustments (1) 6.9   2.5   8.8   5.7   Litigation and environmental reserves (2) —   8.6   —   8.6  Adjusted EBITDA
$1,603.1  $1,163.0  $3,005.8  $2,341.5   Interest expense on debt obligations (3) (231.4)  (214.3)  (454.2)  (407.5)  Cash tax (expense) benefit (0.7)  (14.3)  (0.7)  (29.6) Adjusted Cash Flow from Operations
$1,371.0  $934.4  $2,550.9  $1,904.4   Maintenance capital expenditures, net (4) (52.4)  (58.9)  (90.0)  (106.2)  Growth capital expenditures, net (4) (1,113.3)  (885.1)  (2,027.7)  (1,479.6) Adjusted Free Cash Flow
$205.3  $(9.6) $433.2  $318.6                    (1)
Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting.(2)
Litigation and environmental reserves includes charges related to specific litigation and environmental compliance matters that are nonrecurring in nature and outside the ordinary course of our business and/or not reflective of our ongoing core operations. We may incur such charges from time to time, and we believe it is useful to exclude these charges as we do not consider them reflective of our ongoing core operations.(3)
Excludes amortization recognized in interest expense.(4)
Represents capital expenditures, net of any reimbursements of project costs and contributions from noncontrolling interests, and includes contributions to investments in unconsolidated affiliates.                   The following table presents a reconciliation of estimated net income of the Company to estimated adjusted EBITDA for 2026:

  2026E
   (In millions)
 Reconciliation of Estimated Net Income Attributable to Targa Resources Corp. to
   Estimated Adjusted EBITDA
    Net income attributable to Targa Resources Corp.$2,285.0   Interest expense, net 945.0   Income tax expense 680.0   Depreciation and amortization expense 1,785.0   Equity earnings (30.0)  Distributions from unconsolidated affiliates 30.0   Compensation on equity grants 80.0   Risk management activities and other 20.0   Noncontrolling interests adjustments (1) 5.0  Estimated Adjusted EBITDA
$5,800.0        (1)Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting.
       Regulation FD Disclosures 

The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or the Company’s website. The Company routinely posts important information on its website at www.targaresources.com, including information that may be deemed to be material. The Company encourages investors and others interested in the Company to monitor these distribution channels for material disclosures.

Forward-Looking Statements

Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding the Company’s projected financial performance, capital spending, payment of future dividends and stock repurchase activity. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of the Company’s completion of capital projects and business development efforts, the expected growth of volumes on the Company’s systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Targa Investor Relations
[email protected]
(713) 584-1133

Posted by Defense World Staff on Aug 6th, 2026

Amundi boosted its stake in shares of The Western Union Company (NYSE:WU – Free Report) by 1,179.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 576,465 shares of the credit services provider’s stock after acquiring an additional 531,412 shares during the quarter. Amundi owned 0.18% of Western Union worth $5,033,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Parvin Asset Management LLC grew its position in Western Union by 56.1% during the first quarter. Parvin Asset Management LLC now owns 16,625 shares of the credit services provider’s stock valued at $145,000 after buying an additional 5,975 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Western Union by 23.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 8,020 shares of the credit services provider’s stock worth $70,000 after acquiring an additional 1,509 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of Western Union by 18.3% during the 1st quarter. California State Teachers Retirement System now owns 383,223 shares of the credit services provider’s stock worth $3,346,000 after acquiring an additional 59,318 shares in the last quarter. Royal Bank of Canada grew its position in shares of Western Union by 28.5% during the 1st quarter. Royal Bank of Canada now owns 1,922,728 shares of the credit services provider’s stock valued at $16,785,000 after acquiring an additional 426,939 shares during the period. Finally, Empowered Funds LLC grew its position in shares of Western Union by 76.8% during the 1st quarter. Empowered Funds LLC now owns 57,621 shares of the credit services provider’s stock valued at $503,000 after acquiring an additional 25,030 shares during the period. 91.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In A number of equities analysts recently weighed in on the company. Wolfe Research reaffirmed an “underperform” rating and issued a $8.00 price target on shares of Western Union in a report on Friday, July 31st. Cantor Fitzgerald cut their price objective on Western Union from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Monday. JPMorgan Chase & Co. reduced their target price on Western Union from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Monday, July 13th. Weiss Ratings upgraded Western Union from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday. Finally, Barclays dropped their price target on shares of Western Union from $7.00 to $6.00 and set an “underweight” rating on the stock in a research note on Friday, July 31st. Seven research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the company. According to data from MarketBeat.com, Western Union has a consensus rating of “Reduce” and an average price target of $7.55.

Check Out Our Latest Research Report on WU

Western Union Stock Performance NYSE WU opened at $7.23 on Thursday. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.12 and a quick ratio of 1.12. The stock’s 50 day simple moving average is $7.72 and its 200-day simple moving average is $8.69. The company has a market cap of $2.26 billion, a PE ratio of 5.88, a price-to-earnings-growth ratio of 1.26 and a beta of 0.47. The Western Union Company has a 1-year low of $6.27 and a 1-year high of $10.35.

Western Union (NYSE:WU – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The credit services provider reported $0.31 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.11). The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.02 billion. Western Union had a net margin of 9.79% and a return on equity of 50.89%. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.37 earnings per share. Western Union has set its FY 2026 guidance at 1.250-1.350 EPS. As a group, equities research analysts anticipate that The Western Union Company will post 1.29 EPS for the current fiscal year.

Western Union Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 13.0%. The ex-dividend date is Wednesday, September 16th. Western Union’s payout ratio is currently 76.42%.

Western Union Profile (Free Report)

Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. The company enables individuals and businesses to send and receive money through a variety of channels, including its vast agent network, online platforms, and mobile applications. Core services include person-to-person money transfers, business-to-business cross-border payments, bill payment services and prepaid card programs.

Through its digital offerings, Western Union provides customers with the ability to initiate transfers via its website and mobile app, as well as track transactions in real time.

Further Reading Five stocks we like better than Western Union SpaceX: Love the Company, But the Stock Is a Harder Call Ulta’s Growth Is Real, But So Are the Risks BWX Technologies Is Turning the AI Power Problem Into a Nuclear Growth Story Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Want to see what other hedge funds are holding WU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Western Union Company (NYSE:WU – Free Report).

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Posts Record Quarter and Raises Full Year 2026 Guidance

Second Quarter 2026 Highlights1

Revenues of $448.8 million (14.9% growth year-over-year)Net income of $16.9 million (3.8% margin); Diluted net income per share of $0.10Adjusted EBITDA of $128.5 million (28.6% margin)Adjusted Net Income of $61.4 million; Adjusted Diluted Earnings Per Share of $0.35Cash Flows from Operations of $73.6 millionSubsequent to the end of the quarter, voluntary debt prepayment of $45 million made on August 4, in addition to $25 million prepayment made on May 6$18.7 million in shares repurchased under $100 million share repurchase program
Raising Full Year 2026 Guidance

Raising full year 2026 guidance ranges for Revenues of $1.67 billion to $1.71 billion, Adjusted EBITDA of $472 million to $486 million, Adjusted Net Income of $214 million to $225 million, and Adjusted Diluted Earnings Per Share of $1.23 to $1.292
ATLANTA, Aug. 06, 2026 (GLOBE NEWSWIRE) -- First Advantage Corporation (NASDAQ: FA), a global software and data company, today announced financial results for the second quarter ended June 30, 2026.

Key Financials
(Amounts in millions, except per share data and percentages)

 Three Months Ended June 30,2026 2025 ChangeRevenues$448.8  $390.6   14.9%Net income$16.9  $0.3  NM Net income margin 3.8%  0.1% NA Diluted net income per share$0.10  $0.00  NM Adjusted EBITDA1$128.5  $113.9   12.8%Adjusted EBITDA Margin1 28.6%  29.2% NA Adjusted Net Income1$61.4  $47.0   30.8%Adjusted Diluted Earnings Per Share1$0.35  $0.27   29.6% 1 Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted Earnings Per Share are non-GAAP measures. Please see the end of this earnings release for definitions and schedules with reconciliations of these measures to their most directly comparable respective GAAP measures.
Note: "NA" indicates not applicable information; "NM" indicates not meaningful information.

“Our outstanding second quarter performance, highlighted by 15% year-over-year revenue growth and exceptional per share earnings growth, demonstrated the strength of our AI-driven proprietary technology platform and our continued go-to-market momentum. In addition to our team’s excellent execution, our results benefited from sustained momentum driven by our recent large contract wins and continued improvement in base revenue performance. We further showcased the agility, flexibility, and scalability of our operations by seamlessly absorbing increased volumes and continuing to enable our customers to hire with speed and confidence,” said Scott Staples, Chief Executive Officer.

“We continue to see increased customer demand across a number of our verticals, including in transportation & logistics, retail & e-commerce, industrials & manufacturing, and general staffing. We outpaced our previously stated expectations for the quarter as well as our long-term revenue growth algorithm target, supported by exceptional base growth, upsell and cross-sell outperformance, consistent new logo wins, including 20 enterprise bookings in the quarter, and healthy customer retention. As we mark the fifth anniversary of our IPO, we continue to win with our differentiated suite of products, including Digital Identity, underpinned by our proprietary data sets, deep customer relationships, and focused FA 5.0 strategy,” Staples concluded.

Raising Full Year 2026 Guidance

“We are progressing toward our long-term financial targets, with revenue growth, Adjusted EBITDA Margins, and robust cash flow reflecting the consistency and durability of our business. We continue to deploy capital in a balanced and disciplined manner, with a focus on deleveraging, as reflected by our previously announced $25 million debt prepayment during the quarter and an additional, upsized $45 million prepayment subsequent to quarter-end. We also repurchased $18.7 million of common stock during the quarter under our $100 million share repurchase program, with total repurchases through July 31, 2026 of $38.2 million, or approximately 1.9% of total shares outstanding,” said Steven Marks, Chief Financial Officer. “In view of our strong year-to-date performance, current labor market trends, and our confidence in our outlook for the remainder of the year, we are raising our full year guidance.”

The following table summarizes our updated full year 2026 guidance.

 Updated Guidance
As of August 6, 2026Prior Guidance
As of May 7, 2026Revenues$1,670 million – $1,710 million$1,625 million – $1,700 millionAdjusted EBITDA2$472 million – $486 million$460 million – $485 millionAdjusted Net Income2$214 million – $225 million$200 million – $220 millionAdjusted Diluted Earnings Per Share2$1.23 – $1.29$1.15 – $1.25 2 A reconciliation of the foregoing guidance for the non-GAAP metrics of Adjusted EBITDA and Adjusted Net Income to GAAP net income and Adjusted Diluted Earnings Per Share to GAAP diluted net income per share cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.

Actual results may differ materially from First Advantage’s full year 2026 guidance as a result of, among other things, the factors described under “Forward-Looking Statements” below.

Conference Call and Webcast Information

First Advantage will host a conference call to review its second quarter 2026 results today, August 6, 2026, at 8:30 a.m. ET.

To participate in the conference call, please dial 800-274-8461 (domestic) or 203-518-9814 (international) approximately ten minutes before the 8:30 a.m. ET start. Please mention to the operator that you are dialing in for the First Advantage second quarter 2026 earnings call or provide the conference code FA2Q26. The call will also be webcast live on the Company’s investor relations website at https://investors.fadv.com under the “News & Events” and then “Events & Presentations” section, where related presentation materials will be posted prior to the conference call.

Following the conference call, a replay of the webcast will be available on the Company’s investor relations website, https://investors.fadv.com. Alternatively, the live webcast and subsequent replay will be available at https://event.on24.com/wcc/r/5409234/68E3AC95DE943B08FC0B97F9AA813C80.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements relate to matters such as our industry, business strategy, goals, and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. In some cases, you can identify these forward-looking statements by the use of words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “target,” “guidance,” the negative version of these words, or similar terms and phrases.

These forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Such risks and uncertainties include, but are not limited to, the following:

the failure to realize the expected benefits of the Sterling Acquisition;adverse changes in external events beyond our control, including our customers’ onboarding volumes, economic drivers which are sensitive to macroeconomic cycles, such as interest rate volatility and inflation, geopolitical unrest, global trade disputes, uncertainty in financial markets, and changes in tax laws;our operations in a highly regulated industry and the fact that we are subject to numerous and evolving laws and regulations, including with respect to personal data, data security, and artificial intelligence ("AI");our inability to identify and successfully implement our growth strategies on a timely basis or at all;potential harm to our business, brand, and reputation as a result of security breaches, cyber-attacks, social, ethical, and legal issues relating to the use of new and evolving technologies, employee or other internal misconduct, computer viruses, or the mishandling of personal data;operating in a penetrated and competitive market;our reliance on third-party data providers;our sales to government entities and higher-tier contractors to governmental customers which involve unique competitive, procurement, budget, administrative and contractual risks;due to the sensitive and privacy-driven nature of our products and solutions, we could face liability and legal or regulatory proceedings, which could be costly and time-consuming to defend and may not be fully covered by insurance;our international business exposes us to a number of risks;real or perceived errors, failures, or bugs in our products could adversely affect our business, results of operations, financial condition, and growth prospects;our ability to identify attractive targets or successfully complete such transactions;failure to comply with anti-corruption, economic and trade sanctions, and anti-money laundering laws and regulations;disruptions at our Operation Centers of Excellence and other operational sites;our contracts with our customers, which do not guarantee exclusivity or contracted volumes;the timing, manner and volume of repurchases of common stock pursuant to our share repurchase program;disruptions, outages, or other errors with our technology and network infrastructure, including our data centers, servers, and third-party cloud and internet providers and our migration to the cloud;the continued integration of our platforms and solutions with human resource providers such as applicant tracking systems and human capital management systems as well as our relationships with such human resource providers;risks relating to public opinion, which may be magnified by incidents or adverse publicity concerning our industry or operations;our reliance on third-party vendors to carry out certain portions of our operations;our dependence on the service of our key executives and other employees, and our ability to find and retain qualified employees;our ability to obtain, maintain, protect and enforce our intellectual property and other proprietary information;our ability to maintain, protect, and enforce the confidentiality of our trade secrets;the use of open-source software in our applications;seasonality in our operations from quarter to quarter;our indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and prevent us from meeting our obligations;Silver Lake’s control of us and the potential conflict of its interest with ours or those of our stockholders; andchanging interpretations of tax laws. For additional information on these and other factors that could cause First Advantage’s actual results to differ materially from expected results, please see our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in our filings with the SEC, which are or will be accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

Non-GAAP Financial Information

This press release contains “non-GAAP financial measures” that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Adjusted Net Income,” and “Adjusted Diluted Earnings Per Share.”

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted Earnings Per Share have been presented in this press release as supplemental measures of financial performance that are not required by or presented in accordance with GAAP because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted Earnings Per Share to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted Earnings Per Share are not recognized terms under GAAP and should not be considered as an alternative to net income as a measure of financial performance or cash provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP.

We define Adjusted EBITDA as net income (loss) before interest, taxes, depreciation, and amortization, and as further adjusted for loss on extinguishment of debt, share-based compensation, transaction and acquisition-related charges, integration and restructuring charges, and other non-cash charges. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues. We define Adjusted Net Income for a particular period as net income before taxes adjusted for debt-related costs, acquisition-related depreciation and amortization, share-based compensation, transaction and acquisition-related charges, integration and restructuring charges, and other non-cash charges, to which we then apply the related effective tax rate. We define Adjusted Diluted Earnings Per Share as Adjusted Net Income divided by adjusted weighted average number of shares outstanding—diluted.

For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures, see the reconciliations included at the end of this press release.

The presentations of these measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.

Certain monetary amounts, percentages, and other figures have been subject to rounding adjustments. Percentage amounts have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts may vary from those obtained by performing the same calculations using the figures in our press release. Certain other amounts that appear in this press release may not sum due to rounding.

About First Advantage

First Advantage (NASDAQ: FA) is a global software and data company. We provide comprehensive, end-to-end identity solutions, criminal background screening, credential verifications, drug and health screening, and continuous risk monitoring. Combining AI-powered proprietary technology platforms with proprietary data, primary source data, and third-party data, we help organizations hire with confidence and manage risk across the entire employee lifecycle. With over 80,000 customers worldwide – including approximately two-thirds of the Fortune 100 – we deliver fast, comprehensive, and reliable solutions for employers, their candidates, and their employees. We conduct more than 200 million screens annually across over 200 countries and territories, supported by our verticalized go-to-market strategy, decades of experience, and proprietary databases containing over 1 billion records. For more information, please visit our website at https://fadv.com/.

Investor Contact

Stephanie Gorman
Vice President, Investor Relations
[email protected]
(678) 868-4151

Condensed Financial Statements

First Advantage Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
       (in thousands, except share and par value amounts) June 30, 2026 December 31, 2025ASSETS      CURRENT ASSETS      Cash and cash equivalents $237,900  $239,998 Restricted cash  110   86 Accounts receivable (net of allowance for doubtful accounts of $7,792 and $8,084 at June 30, 2026 and December 31, 2025, respectively)  309,282   297,281 Prepaid expenses and other current assets  26,472   15,323 Income tax receivable  7,282   9,010 Total current assets  581,046   561,698 Property and equipment, net  227,267   250,865 Goodwill  2,135,158   2,143,604 Intangible assets, net  785,062   857,111 Deferred tax asset, net  4,289   4,183 Other assets  14,424   16,341 TOTAL ASSETS $3,747,246  $3,833,802 LIABILITIES AND EQUITY      CURRENT LIABILITIES      Accounts payable $124,250  $109,888 Accrued compensation  55,432   60,537 Accrued liabilities  40,564   49,140 Current portion of operating lease liability  3,125   3,568 Income tax payable  1,319   2,298 Deferred revenues  5,251   5,028 Total current liabilities  229,941   230,459 Long-term debt (net of deferred financing costs of $30,756 and $34,498 at June 30, 2026 and December 31, 2025, respectively)  2,033,781   2,080,039 Deferred tax liability, net  172,266   190,255 Operating lease liability, less current portion  4,155   5,525 Other liabilities  13,149   13,972 Total liabilities  2,453,292   2,520,250 EQUITY      Common stock - $0.001 par value; 1,000,000,000 shares authorized, 171,571,364 and 174,190,461 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively  172   174 Additional paid-in-capital  1,541,000   1,528,315 Accumulated deficit  (214,107)  (194,632)Accumulated other comprehensive loss  (33,111)  (20,305)Total equity  1,293,954   1,313,552 TOTAL LIABILITIES AND EQUITY $3,747,246  $3,833,802  First Advantage Corporation
Condensed Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
      Three Months Ended June 30,(in thousands, except share and per share amounts) 2026 2025REVENUES $448,763  $390,633        OPERATING EXPENSES:      Cost of services (exclusive of depreciation and amortization below)  244,771   207,841 Product and technology expense  27,265   25,676 Selling, general, and administrative expense  57,811   57,473 Depreciation and amortization  61,893   61,906 Total operating expenses  391,740   352,896 INCOME FROM OPERATIONS  57,023   37,737        OTHER EXPENSE, NET:      Interest expense, net  31,608   44,785 Loss on extinguishment of debt  359   254 Total other expense, net  31,967   45,039 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES  25,056   (7,302)Provision (benefit) for income taxes  8,142   (7,610)NET INCOME $16,914  $308        Foreign currency translation (loss) income  (5,886)  14,384 COMPREHENSIVE INCOME $11,028  $14,692        NET INCOME $16,914  $308 Basic net income per share $0.10  $0.00 Diluted net income per share $0.10  $0.00 Weighted average number of shares outstanding - basic  171,747,641   173,288,662 Weighted average number of shares outstanding - diluted  173,225,170   175,069,451  First Advantage Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)      Six Months Ended June 30,(in thousands) 2026 2025CASH FLOWS FROM OPERATING ACTIVITIES      Net income (loss) $19,082  $(40,886)Adjustments to reconcile net income (loss) to net cash provided by operating activities:      Depreciation and amortization  124,083   123,572 Loss on extinguishment of debt  733   254 Amortization of deferred financing costs  3,009   3,205 Bad debt expense (recovery)  792   (1,495)Deferred taxes  (18,124)  (26,965)Share-based compensation  9,670   13,709 Loss on disposal and impairment of long-lived assets  6,864   527 Change in fair value of interest rate swaps  (8,172)  6,419 Changes in operating assets and liabilities:      Accounts receivable  (13,486)  (13,033)Prepaid expenses and other assets  (9,854)  1,878 Accounts payable  16,470   (12,049)Accrued compensation and accrued liabilities  (7,452)  2,585 Deferred revenues  241   501 Operating lease liabilities  149   (155)Other liabilities  (1,835)  (308)Income taxes receivable and payable, net  857   (943)Net cash provided by operating activities  123,027   56,816 CASH FLOWS FROM INVESTING ACTIVITIES      Capitalized software development costs  (28,075)  (22,180)Purchases of property and equipment  (7,464)  (1,718)Other investing activities  2,028   82 Net cash used in investing activities  (33,511)  (23,816)CASH FLOWS FROM FINANCING ACTIVITIES      Repayments of First Lien Credit Facility  (50,000)  (20,462)Share repurchases  (38,179)  — Proceeds from issuance of common stock under share-based compensation plans  4,334   2,219 Net settlement of share-based compensation plan awards  (1,318)  (2,761)Cash dividends paid  (79)  (103)Net cash used in financing activities  (85,242)  (21,107)Effect of exchange rate on cash, cash equivalents, and restricted cash  (6,348)  2,969 (Decrease) increase in cash, cash equivalents, and restricted cash  (2,074)  14,862 Cash, cash equivalents, and restricted cash at beginning of period  240,084   169,483 Cash, cash equivalents, and restricted cash at end of period $238,010  $184,345        SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      Cash paid for income taxes, net of refunds received $26,457  $24,273 Cash paid for interest $69,327  $84,140 NON-CASH INVESTING AND FINANCING ACTIVITIES:      Property and equipment acquired on account $1,177  $426 Excise taxes on share repurchases incurred but not paid $381  $—           Reconciliation of Consolidated Non-GAAP Financial Measures

  Three Months Ended June 30,(in thousands, except percentages) 2026 2025Net income $16,914  $308 Interest expense, net  31,608   44,785 Provision (benefit) for income taxes  8,142   (7,610)Depreciation and amortization  61,893   61,906 Loss on extinguishment of debt  359   254 Share-based compensation(a)  5,240   5,742 Transaction and acquisition-related charges(b)  497   2,390 Integration, restructuring, and other charges(c)  3,868   6,171 Adjusted EBITDA $128,521  $113,946 Revenues  448,763   390,633 Net income margin  3.8%  0.1%Adjusted EBITDA Margin  28.6%  29.2% (a)Share-based compensation for the three months ended June 30, 2026 and 2025, includes approximately $0.1 million and $1.8 million, respectively, of incrementally recognized expense associated with the May 2023 modification of the vesting terms of outstanding unvested and unearned performance-based options, restricted stock units, and restricted stock awards.(b)Represents charges incurred related to acquisitions and similar transactions, primarily consisting of change in control-related costs, professional service fees, and other third-party costs. Transaction and acquisition related charges for the three months ended June 30, 2026 and 2025, include approximately $0.3 million and $2.3 million, respectively, of expense associated with the Sterling Acquisition.(c)Represents charges from organizational restructuring and integration activities, non-cash, and other charges primarily related to nonrecurring legal exposures, foreign currency (gains) losses, (gains) losses on the sale of assets, and other non-recurring items. Integration, restructuring, and other charges for the three months ended June 30, 2026 and 2025, include approximately $2.2 million and $3.7 million, respectively, of expense associated with the integration of Sterling.   Reconciliation of Consolidated Non-GAAP Financial Measures (continued) 

  Three Months Ended June 30,(in thousands) 2026 2025Net income $16,914  $308 Provision (benefit) for income taxes  8,142   (7,610)Income (loss) before provision for income taxes  25,056   (7,302)Debt-related charges(a)  (1,632)  5,239 Acquisition-related depreciation and amortization(b)  49,877   50,885 Share-based compensation(c)  5,240   5,742 Transaction and acquisition-related charges(d)  497   2,390 Integration, restructuring, and other charges(e)  3,868   6,171 Adjusted Net Income before income tax effect  82,906   63,125 Less: Adjusted income taxes(f)  21,480   16,160 Adjusted Net Income $61,426  $46,965    Three Months Ended June 30,  2026 2025Diluted net income per share $0.10  $0.00 Adjusted Net Income adjustments per share      Provision (benefit) for income taxes  0.05   (0.04)Debt-related charges(a)  (0.01)  0.03 Acquisition-related depreciation and amortization(b)  0.29   0.29 Share-based compensation(c)  0.03   0.03 Transaction and acquisition related charges(d)  0.00   0.01 Integration, restructuring, and other charges(e)  0.01   0.04 Adjusted income taxes(f)  (0.12)  (0.09)Adjusted Diluted Earnings Per Share (Non-GAAP) $0.35  $0.27        Weighted average number of shares outstanding used in computation of Adjusted Diluted Earnings Per Share:      Weighted average number of shares outstanding—diluted (GAAP and Non-GAAP)  173,225,170   175,069,451  (a)Represents the loss on extinguishment and non-cash interest expense associated with the amortization of debt issuance costs related to the refinancing of the Company’s First Lien Credit Facility. This adjustment also includes the impact of changes in fair value of interest rate swaps, which represents the difference between unrealized fair value gains or losses and actual cash payments and receipts on the interest rate swaps.(b)Represents the depreciation and amortization expense related to incremental intangible and developed technology assets recorded due to the application of ASC 805, Business Combinations. As a result, the purchase accounting related depreciation and amortization expense will recur in future periods until the related assets are fully depreciated or amortized, and the related purchase accounting assets may contribute to revenue generation.(c)Share-based compensation for the three months ended June 30, 2026 and 2025, includes approximately $0.1 million and $1.8 million, respectively, of incrementally recognized expense associated with the May 2023 modification of the vesting terms of outstanding unvested and unearned performance-based options, restricted stock units, and restricted stock awards. (d)Represents charges incurred related to acquisitions and similar transactions, primarily consisting of change in control-related costs, professional service fees, and other third-party costs. Transaction and acquisition related charges for the three months ended June 30, 2026 and 2025, include approximately $0.3 million and $2.3 million, respectively, of expense associated with the Sterling Acquisition.(e)Represents charges from organizational restructuring and integration activities, non-cash, and other charges primarily related to nonrecurring legal exposures, foreign currency (gains) losses, (gains) losses on the sale of assets, and other non-recurring items. Integration, restructuring, and other charges for the three months ended June 30, 2026 and 2025, include approximately $2.2 million and $3.7 million, respectively, of expense associated with the integration of Sterling.(f)Effective tax rates of approximately 25.9% and 25.6% have been used to compute Adjusted Net Income and Adjusted Diluted Earnings Per Share for the three months ended June 30, 2026 and 2025, respectively.  

Posted by Defense World Staff on Aug 6th, 2026

180 Wealth Advisors LLC reduced its holdings in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 19.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,241 shares of the financial services provider’s stock after selling 4,399 shares during the period. 180 Wealth Advisors LLC’s holdings in The PNC Financial Services Group were worth $4,491,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of PNC. Monetary Solutions Ltd acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group during the third quarter worth about $25,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $29,000. Financial Life Planners acquired a new position in The PNC Financial Services Group in the 1st quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC grew its stake in shares of The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after buying an additional 71 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets A number of research analysts recently commented on the company. Morgan Stanley upped their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Stephens lifted their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Oppenheimer increased their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Barclays raised their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, Truist Financial upped their target price on shares of The PNC Financial Services Group from $257.00 to $264.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $265.73.

Check Out Our Latest Stock Report on The PNC Financial Services Group

The PNC Financial Services Group Stock Performance NYSE PNC opened at $255.29 on Thursday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $102.52 billion, a P/E ratio of 14.05, a P/E/G ratio of 1.01 and a beta of 0.91. The stock has a 50-day moving average of $242.23 and a two-hundred day moving average of $226.94. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $256.49.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the business earned $3.85 EPS. The PNC Financial Services Group’s revenue was up 21.4% on a year-over-year basis. As a group, analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insider Activity In related news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock valued at $10,694,574 in the last ninety days. 0.38% of the stock is currently owned by company insiders.

The PNC Financial Services Group Profile (Free Report)

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

Read More Five stocks we like better than The PNC Financial Services Group SpaceX: Love the Company, But the Stock Is a Harder Call Ulta’s Growth Is Real, But So Are the Risks BWX Technologies Is Turning the AI Power Problem Into a Nuclear Growth Story Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC – Free Report).

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IPG Photonics (NASDAQ:IPGP) reported second-quarter 2026 revenue of $279 million, up 11% from a year earlier and representing its third consecutive quarter of double-digit year-over-year sales growth. Revenue exceeded the midpoint of the company’s guidance, while bookings improved and book-to-bill remained above one, according to management.

CEO Mark Gitin said growth was led by industrial solutions, particularly welding applications tied to battery manufacturing. The company also cited contributions from cleaning and additive manufacturing, while advanced solutions improved sequentially on demand from semiconductor customers.

“Growth in both revenue and bookings points to sustained demand for our products across our end markets,” Gitin said.

Industrial Growth Led by Battery Welding Industrial solutions revenue increased 16% year over year and 4% sequentially in the second quarter. CFO Tim Mammen attributed the annual increase to growth in welding, marking, cleaning and additive manufacturing, while the sequential gain was driven primarily by welding and cleaning.

Management said demand in battery manufacturing remained strong across electric-vehicle and stationary-storage applications. Gitin said stationary storage is increasingly being supported by data-center energy requirements associated with artificial intelligence, as well as grid stability needs tied to solar and other renewable-energy sources.

The company said its battery-related wins have been supported by its Adjustable Mode Beam lasers, beam-delivery technology and real-time process monitoring capabilities. Gitin said those offerings have helped IPG secure recent business with two major global automotive manufacturers.

Additive manufacturing revenue also grew significantly from the prior year. Gitin said IPG’s latest laser products can raise process speeds by roughly 1.5 to two times in certain applications, which the company said can improve customer productivity and lower the total cost per part. The company is working with OEM customers to expand additive manufacturing beyond its traditional aerospace and defense uses into areas including medical and consumer devices.

Sales of emerging growth products represented 58% of total second-quarter revenue, up from 53% in the first quarter. Mammen said the increase was driven by strong growth in lasers and solutions for battery manufacturing processes.

Advanced Solutions Shows Semiconductor Momentum Advanced solutions revenue declined 9% year over year, as growth in semiconductor applications was offset by lower micromachining and defense revenue. However, the segment increased 10% sequentially, supported by semiconductor growth and an improvement in micromachining applications.

Gitin said the company is gaining business with large semiconductor-equipment manufacturers in lithography, metrology and inspection applications. He said IPG is working with customers on product design and development opportunities as demand rises for GPUs and high-bandwidth memory chips used in AI-related applications.

In defense, IPG began shipping Lockheed Martin’s order for its CROSSBOW directed-energy system during the second quarter and expects to ship additional units in the third quarter. Gitin said the company recently demonstrated CROSSBOW at White Sands Missile Range and that the system has undergone testing in domestic and overseas environments.

Management said it sees potential for the system in military and civilian infrastructure applications, citing the need for cost-effective countermeasures against Group 1 and Group 2 drones.

Medical Acquisition and Business Outlook On July 16, IPG entered into a binding offer to acquire Lumibird Medical, which provides diagnostic and treatment systems for ophthalmology. The company expects the transaction to close in the fourth quarter of 2026.

Gitin said the acquisition would expand IPG’s advanced solutions business into medical markets, combine its urology business with Lumibird Medical’s ophthalmology operations, and increase the company’s addressable medical market by approximately $1 billion. IPG expects the deal to be accretive to gross margin, EBITDA and adjusted earnings per share in its first year.

Separately, management said medical bookings and backlog remain strong, with shipments expected to increase during the second half of 2026. Gitin said the company expects its existing medical business, currently representing roughly 7% to 8% of revenue according to comments on the call, to more than double over the next two to three years. New product approvals and introductions are planned for 2026 and 2027.

Margins, Cash Position and Third-Quarter Guidance GAAP gross margin was 40.4%, while adjusted gross margin was 40.7%, above the company’s guidance range. Results included approximately $4.7 million in tariff refunds, contributing about 170 basis points to gross margin. Lower inventory provisions and product costs also helped margins, though Mammen said manufacturing cost absorption remains below the company’s medium-term target.

GAAP operating income was $5 million, and GAAP diluted earnings per share were $0.12. Adjusted operating income was $24 million, while adjusted diluted earnings per share were $0.58. Adjusted EBITDA totaled $49 million. The company ended the quarter with $871 million in cash equivalents and short-term investments, $33 million in long-term investments and no debt. Cash flow from operations was $38 million, while capital expenditures were $21 million during the quarter. IPG maintained its full-year capital-expenditure outlook of $90 million to $100 million, including spending for a major fiber manufacturing facility in Germany.

For the third quarter, the company forecast revenue of $265 million to $295 million, adjusted gross margin of 37.5% to 40.5%, and adjusted diluted earnings per share of $0.30 to $0.60. The outlook incorporates an estimated tariff impact of about 150 basis points on adjusted gross margin. IPG expects third-quarter adjusted EBITDA of $35 million to $51 million.

Mammen said the company expects operating expenses to rise modestly as it continues investing in growth initiatives, while management continues to pursue product-cost reductions, manufacturing-efficiency improvements and pricing optimization in differentiated applications.

About IPG Photonics (NASDAQ:IPGP) IPG Photonics Corporation is a global leader in the design and manufacture of high-performance fiber lasers and amplifiers used in industrial, medical, scientific, and telecommunications applications. The company’s core products include ytterbium and erbium fiber lasers, diode lasers, and fiber amplifiers that deliver high power and efficiency for precision cutting, welding, marking, and engraving. IPG’s systems are engineered to optimize process speed, reliability, and energy consumption, making them a preferred choice for advanced manufacturing environments.

In addition to stand-alone laser sources, IPG offers turnkey laser systems and integrated solutions tailored to sectors such as automotive, electronics, aerospace, additive manufacturing, and life sciences.

Nintendo reported fiscal first-quarter earnings on Thursday, beating analysts' revenue and profit estimates, even as its Switch 2 console sales saw a sharp decline.

Here's how Nintendo did in its fiscal first quarter ended June 30, compared with LSEG median estimates:

Revenue: 517.8 billion Japanese yen ($3.28 billion) versus 444.96 billion yen expected.Net profit: 147.4 billion yen versus 78.30 billion yen expected. Shares of the Japanese gaming giant closed 2.87% higher ahead of its earnings release.

The company maintained its forecast for the year ending March 2027 announced in May, keeping its net sales outlook unchanged at 2.05 trillion yen. 

Nintendo Switch 2 hardware sales fell 34.4% from a year earlier to 3.82 million units, while sales of the original Nintendo Switch dropped 31.8% to 0.66 million units. The company said consumers continued to adopt the Switch 2 despite lower hardware sales than the year-ago period, supported by the release of new titles and other factors.

Nintendo said it has factored nearly a 100 billion yen impact from higher component prices, particularly for memory, and tariffs into its cost of sales. 

Nintendo's flagship Switch 2, launched last June, uses memory chips whose prices have risen sharply against a backdrop of robust AI demand.

Nintendo game sales were driven by the solid performance of Tomodachi Life: Living the Dream, which sold 7.94 million units, and Pokémon Pokopia, which sold 1.27 million units.

The company said releasing new titles at regular intervals is crucial to expanding the Switch 2's installed base, adding that a steady pipeline of new games helps broaden the console's appeal to a wider range of consumers.

In the Japanese market, where Nintendo raised Switch 2 prices on May 25, hardware sell-through has remained solid, the company said.

Nintendo earlier announced a $50 price increase for the console in the United States, raising its retail price to $499.99 from $449.99 effective Sept. 1. 

Beyond games, Nintendo said "The Super Mario Galaxy Movie" has generated more than $1 billion in global box office revenue since its worldwide release on April 1, making it the second highest-grossing film ever based on a video game. 

VANCOUVER, BRITISH COLUMBIA – TheNewswire - AUGUST 6, 2026 – HI-VIEW RESOURCES INC. (“Hi-View” or the “Company”) (CSE: GXLD; OTC: GXLDF; FSE: B630) announces preliminary 2026 field results from the Borealis Project in the Toodoggone Mining District of north-central British Columbia. Hi-View has now completed 14 line-kilometres of induced polarization ("IP") survey over the historical Cas showing at the Borealis Project. The 2026 survey identified five chargeability anomalies, each representing a potential mineralized target for future drilling. The 2026 geological mapping and rock sampling over these areas have identified zoned alteration and localized copper mineralization suggesting a large-scale hydrothermal system. The Cas showing is located approximately 10 kilometres northwest from Centerra Gold's past-producing Kemess copper-gold mine. The Company will now be conducting three additional lines of IP survey to further define the targets. Rock and soil samples mentioned in this news release from the 2026 Borealis surface program have been submitted to ALS Geochemistry Ltd. (“ALS”) in North Vancouver, BC — an ISO/IEC 17025 accredited laboratory — for sample preparation and geochemical analysis. The samples were sealed in the field, stored securely, and transported by personnel of Apex Geoscience Ltd. of Edmonton, Alberta, to maintain chain of custody.

R. Nick Horsley, Chief Executive Officer of Hi-View, commented: “These new findings further confirm our hypothesis that Borealis contains a large hydrothermal system of the same style that created the porphyry complexes at Centerra’s Kemess and Amarc’s Joy projects. In the first few weeks of our field season, we have advanced from two historical IP targets to five distinct chargeability and resistivity anomalies. The program has reproduced historical signatures and provided new depth extensions, a previously unknown anomaly with copper mineralization at surface, and consistent porphyry-style alteration, giving us high confidence that the Borealis Project has potential for a significant discovery. With assays and hyperspectral analysis pending, new Mobile MT results imminent, and continued IP survey planned, these final datasets will enable further delineation of drill targets at Borealis.”

Highlights

Five distinct strong-to-intense chargeability anomalies are preliminarily identified at Cas, up from two identified by Placer Dome’s historical work (1992), each representing a separate potential drill target. 

The 2026 IP survey reproduced the two main chargeability zones first outlined by the 1992 IP survey (Line 6000E). 

2026 IP survey depth has extended sub-surface data from approximately 200 metres to 400 metres deep, defining a new high chargeability target at depth. 

Refined 2026 data show that the historical southern anomaly is in fact three separate chargeability anomalies, one of which remains open at depth (Line 1800N). 

A new, previously unidentified high-chargeability zone has been outlined southwest of Cas, coincident with copper mineralization mapped at surface (Line 1400N). 

A strong-to-intense chargeability anomaly on Line 2600N is associated with mapped crystal lithic tuff showing quartz-clay-pyrite (herein interpreted as "QSP") alteration and disseminated pyrite, also coincident with low resistivity. 

Background

A 1984 drill campaign in the area included a diamond drill hole (DDH84-7; Figure 1) that reached a final depth of 43.2 m and did not intersect its intended target of a mineralized and altered N-trending fault west of the drill hole collar.  

Historical IP surveying completed in 1992 produced two shallow, strong, high-chargeability zones at Cas, associated with pyritic clay alteration along the margin of a monzonitic intrusive body. The mapped intrusion produced a high-resistivity response typical of disseminated sulphide mineralization associated with copper porphyry systems.

2026 Preliminary Program Results

Click Image To View Full Size

  Figure 1.  Aerial Magnetics with 2026 IP Survey lines showing new Borealis - Cas Targets 1-5 sitting within two approximately 800 m-wide ring-shaped high magnetic anomaly centres. 1992 IP survey high chargeability anomalies represented by dashed lines.

Line 6000E: The 2026 survey reproduced and refined the signatures of both main intense chargeability and coincident intense resistivity zones identified historically (Targets 1 and 2; Figure 2).

Click Image To View Full Size

  Figure 2. Line 6000E IP Survey Results with Targets 1 and 2 highlighted.

Line 1400N: Refined modelling shows the southern of the two historical anomalies is in fact three separate chargeability anomalies, two of which are shown in the line sections in Figure 3. In addition, a new anomalous high-chargeability zone, coincident with a high-resistivity response, has been identified southwest of the southern historical anomaly. Copper mineralization was mapped at surface along this line (Figure 4), including:

Sample A1: A northeast-trending, 15-centimetre-wide granular to saw-tooth quartz vein hosting a malachite, chalcopyrite, and pyrite mineralization, hosted in crystal lithic tuff with weak sugary silica alteration, and locally cut by north-trending, thin, sheeted quartz-chlorite-epidote-sulphide veinlets. Interpreted to be associated with Target 4. 

Sample B1: Left image: Historical BQ drill core (DDH84-7) found littered on the ground, intersected strongly magnetic granodiorite and feldspar porphyry with pyrite-chalcopyrite-hematite veinlets with alteration halos ranging from millimetre-scale up to 0.5 centimetres in width. X-ray Fluorescence (XRF) readings yielded 525 ppm Mo and 133 ppm Zn. Right image: Black banded chalcedonic veins cut a gossanous zone with variable QSP alteration near the DDH84-7 drill site (Target 2). 

Click Image To View Full Size

  Figure 3. Line 1400N IP Survey Results with Targets 2, 4, and 5.

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  Figure 4. Images of surface hand samples and legacy drill core collected along Line 1400N transect.

Line 1800N: A strong to intense chargeability anomaly is coincident with the historical Cas 3-9 mineral showing (Target 5; Figure 5). Another deeper and strong chargeability anomaly (Target 3) extends from approximately 200 to 400 metres depth and remains open at depth. Surface rock samples (Figure 6) in this area returned:

Sample A2: An estimated 15% and 1% disseminated pyrite and chalcopyrite, respectively. Mineralization is hosted in an incohesive volcanic unit with fragments up to 5 cm in size and is interpreted to be associated with an intense chargeability anomaly (Target 5). 

Sample B2: Magnetic quartz monzonite is interpreted to be associated with an intense and large magnetic body, and an intense resistivity anomaly. 

Click Image To View Full Size

  Figure 5. Line 1800N IP Survey Results with Targets 3 (buried) and 5.

Click Image To View Full Size

  Figure 6. Images of surface grab samples collected near Cas 3-9 mineral showing along IP Line 1800N.

Line 2600N: Several geological stations along this line report disseminated pyrite, both fine- and coarse-grained associated with mapped crystal lithic tuff displaying QSP alteration of variable, weak-to-moderate intensity (Figure 8). These observations are interpreted to represent the distal phyllic alteration to a porphyry system and are coincident with strong-to-intense chargeability anomalies that extend up to a collective length of 1 km (Target 1; Figure 7) and with a ring-shaped magnetic anomaly of similar size (see Figure 1).

Click Image To View Full Size

  Figure 7. Line 2600N IP Survey Results with Target 1 shown.

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  Figure 8. Image of surface grab sample with QSP alteration along IP Line 2600N.

Additionally, the Company has retained Expert Geophysics Surveys Inc. to conduct a Mobile MT (Magnetotellurics) Survey consisting of 1,042 line-kilometres. This geophysical technology is utilized to detect deep electrical conductivity and resistivity signatures of copper-gold porphyry systems. It maps subsurface structures, fault conduits, and alteration zones down to depths up to 2 km. The survey was completed this week and results and interpretation are pending.

Qualified Person’s Statement

The technical content of this news release has been reviewed and approved by Nader Mostaghimi, M.Sc., P.Geo. (EGBC #53441), Vice President of Exploration for the Company and a Qualified Person as defined by National Instrument 43-101.

Corporate Update

Hi-View Resources Inc. has elected to rely on Coordinated Blanket Order 51-933, Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers, and move to semi-annual financial reporting.

The blanket order permits eligible venture issuers to voluntarily move from quarterly to semi-annual financial reporting. The company has determined that it meets the eligibility criteria under the blanket order, including that it is a venture issuer listing on the Canadian Securities Exchange, has annual revenue of less than $10-million and has a clean 12-month continuous disclosure record.

Under the blanket order, the company will be exempt from filing interim financial reports and related management discussion and analysis (MD&A) for its first and third quarters. The company's fiscal year ends on September 30. The initial period for which the company will not file an interim financial report and related MD&A in reliance of the quarterly reporting exemption will be for the three-month period ended June 30, 2026. The company will continue to file its audited annual financial report and related MD&A (due within 120 days of September 30) and six-month interim financial report and related MD&A (due within 60 days of March 31). This news release is being filed pursuant to the blanket order.

About Hi-View Resources Inc.

Hi-View Resources Inc., a publicly listed mineral exploration company on the Canadian Securities Exchange, is advancing a portfolio of gold, silver, and copper assets in the Toodoggone region of northern British Columbia. The Company’s 100% owned and optioned projects cover more than 27,791 hectares and include the flagship Golden Stranger Project, the Lawyers claims, and the Borealis Project — all designated as high-priority targets. Additional assets in the portfolio include the Nub and Saunders properties, while the Northern Claims and Harmon Peak remain under active option agreements. The company also has an additional 1,300 hectares currently under mineral claim application. For more information, please visit Hi-View’s website or review the Company’s filings on SEDAR+ (www.sedarplus.ca).

  On Behalf of the Board of Directors,

  “R. Nick Horsley”

R. Nick Horsley, CEO

For further information, please contact:

Hi-View Resources Inc.

R. Nick Horsley – CEO

Email: [email protected]

Telephone: (604) 377-8994

Website: www.hiviewresources.com

FORWARD-LOOKING STATEMENTS:

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

  The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.                                            

  WE SEEK SAFE HARBOUR

Fastly, Inc. (FSLY) Q2 2026 Earnings Call August 5, 2026 4:30 PM EDT

Company Participants

Vernon Essi - Head of IR
Kip Compton - CEO & Director
Richard Wong - Chief Financial Officer

Conference Call Participants

Aidan Daniels - KeyBanc Capital Markets Inc., Research Division
Frank Louthan - Raymond James & Associates, Inc., Research Division
Peter Levine - Evercore ISI Institutional Equities, Research Division
James Fish - Piper Sandler & Co., Research Division
Paramveer Singh - Oppenheimer & Co. Inc., Research Division
Rudy Kessinger - D.A. Davidson & Co., Research Division
Fatima Boolani - Citigroup Inc., Research Division
Daniel Hibshman - Craig-Hallum Capital Group LLC, Research Division

Presentation

Operator

Good afternoon. My name is Corey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fastly Second Quarter 2026 Earnings Conference Call. [Operator Instructions]

Please be advised that today's conference is being recorded. I would now like to turn the conference over to Vern Essi, Investor Relations at Fastly. Please go ahead.

Vernon Essi
Head of IR

Thank you, and welcome, everyone, to our second quarter 2026 earnings conference call. We have Fastly's CEO, Kip Compton; and CFO, Rich Wong, with us today.

The webcast of this call can be accessed through our website, fastly.com, and will be archived for 1 quarter. A copy of today's earnings press release, related financial tables and supplement, all of which are furnished in our 8-K filing today, can be found in the Investor Relations portion of Fastly's website, along with the investor presentation.

During this call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, product and services, sales and growth, strategy, long-term growth and overall future prospects. These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those projected

Big 3 Music Giant Warner: Streaming Boom Sends Shares HigherWarner Music Group NASDAQ: WMG reported fiscal third-quarter revenue growth and margin expansion, citing subscription price increases, streaming-market-share progress, cost reductions and strong cash-flow generation.

For the quarter ended June 30, total revenue rose 9%, or 11% on an adjusted constant-currency basis. Adjusted OIBDA increased 15%, producing 100 basis points of margin expansion. Operating cash flow increased 209%, lifting the company’s cash balance by roughly $100 million to $618 million.

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How to Invest in Music Stocks CEO Robert Kyncl said the company had met or exceeded its targets for five consecutive quarters. He reiterated Warner Music’s long-term objectives of high-single-digit consolidated revenue growth, double-digit Adjusted OIBDA and adjusted EPS growth, and operating cash flow conversion of 50% to 60%.

Streaming, physical and publishing results Recorded-music revenue increased 9%, led by 12% adjusted growth in subscription streaming revenue. Acting CFO Lou Dickler said subscriber growth contributed roughly 6% to 7% to subscription-streaming growth, while pricing added about 3.5 percentage points and market share accounted for about 1 percentage point.

The Market Is Suddenly All Ears on Warner Music GroupDickler said the pricing contribution reflects contractual per-subscriber minimum, or PSM, increases negotiated with digital service providers. Kyncl said the company now has PSM increases across 88% of subscription-streaming revenue, compared with none two years ago. Warner Music’s recently renewed agreement with Apple completed alignment with its major digital service partners on contractual pricing increases, according to Kyncl.

Ad-supported streaming revenue grew 10% on an adjusted basis. Dickler attributed the performance to a healthy advertising market, improved digital-service-provider economics and elevated spending related to the FIFA World Cup. He said the company expects ad-supported streaming growth to normalize to the mid-single digits in the fourth quarter, as World Cup-related spending does not recur.

Physical revenue increased 17%, supported by new releases as well as catalog and carryover sales. Artist services and expanded-rights revenue rose 15%, driven primarily by concert-promotion revenue in Japan and higher merchandising revenue. Licensing revenue declined 1%.

Music publishing revenue increased 11%, including 14% streaming growth. Sync revenue rose 7% and mechanical revenue increased 19%, while performance revenue declined 2%. Recorded music Adjusted OIBDA rose 16% to a 25.3% margin, up 150 basis points, while music publishing Adjusted OIBDA rose 14% to a 28.9% margin, up 70 basis points.

Management transition and cost initiatives Kyncl addressed the departure of former CFO Armin Zerza, who stepped down for personal reasons. He said Zerza helped sharpen the company’s focus on capital allocation, forecasting and investor communications, and that those practices are now institutionalized. Global Controller and Chief Accounting Officer Lou Dickler is serving as acting CFO while Warner Music conducts a search.

Tom Corson, previously co-chairman and chief operating officer of Warner Records, has been named chief operating officer of Warner Music Group.

Kyncl said the company’s performance reflects a multiyear strategy that included restructurings in fiscal 2023 and 2024 totaling $300 million, alongside reinvestment in technology and artists and repertoire. Dickler said Warner Music remains on track to realize $200 million in savings during fiscal 2026 and $300 million on an annualized basis in fiscal 2027 from its 2025 restructuring plan.

The company expects to deliver fiscal 2026 margin expansion at the high end of its previously stated 150- to 200-basis-point range. Dickler said Warner Music continues to target margins in the mid-20% range in the short term and the high-20% range over the longer term.

Catalog, distribution and capital allocation Kyncl said Warner Music’s year-to-date U.S. streaming share and U.S. new-release streaming share have increased. During the question-and-answer session, he said publicly disclosed U.S. data showed streaming share up 0.3 percentage points year to date and new-release streaming share up 0.8 percentage points, while noting that the company focuses primarily on global trends and longer-term performance.

The company is using proprietary artificial-intelligence tools across a catalog of more than 1 million songs to identify marketing opportunities, optimize music for streaming services and automate workflows. Kyncl cited Chris Rainbow’s 1979 recording “Be Like a Woman,” which grew from 50,000 streams during all of 2025 to more than 140 million streams so far this year after the company used those tools.

Warner Music also expanded its distribution operation through the acquisition of Revelator, a platform providing digital distribution, rights-management, royalty-accounting and analytics tools. The company recently entered distribution arrangements with GoDigital Music and Berlin-based AIM Music.

Kyncl said Warner Music’s joint venture with Bain Capital has deployed $650 million toward catalog acquisitions, out of $1.65 billion in capacity. He said the company is targeting roughly 20% returns on investments, including investments made through the Bain venture, and is focusing on high-margin catalogs with growth potential.

AI licensing and artist protections Management said artificial intelligence represents a prospective revenue source but emphasized the need for artist and songwriter protections. Warner Music has licensing partnerships with Suno, Stability AI, KLAY and Udio, and expects AI licensing agreements to begin contributing materially to subscription-streaming revenue in fiscal 2027.

Kyncl said Suno remains on schedule to transition to a licensed model later this year. He also said operationalizing artist permissions is a complex and labor-intensive process for AI products, rather than a reflection of whether artists support the products.

On protections, Kyncl said Warner Music has agreements with distributors to take down deepfakes and has expanded arrangements requiring fully generative AI content to be identified and excluded from pro-rata revenue pools. He cited Deezer’s public data showing that more than 90,000 AI-generated tracks are uploaded daily, but said their consumption represents approximately 1% to 3% of total listening and monetization is a fraction of that level.

As of June 30, Warner Music had total debt of $4.7 billion and net debt of $4.1 billion. Management said it expects continued growth from global subscriber additions, pricing, catalog, distribution and future AI licensing revenue.

About Warner Music Group (NASDAQ:WMG)Warner Music Group is a major global music company that operates across recorded music and music publishing. Its recorded-music business comprises a portfolio of well-known labels—including Atlantic, Warner Records and Parlophone—as well as distribution and artist-services operations that support both established and emerging artists. The company's publishing arm, Warner Chappell Music, manages songwriting catalogs and administers rights for compositions across multiple media, providing licensing for film, television, advertising and other commercial uses.

WMG's activities span the full music value chain: signing and developing artists, producing and marketing recordings, distributing music through physical channels and streaming platforms, and monetizing rights through licensing, synchronization and neighboring-rights collection.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Should You Invest $1,000 in Warner Music Group Right Now?Before you consider Warner Music Group, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Warner Music Group wasn't on the list.

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Datadog, Inc. (NASDAQ:DDOG) will release its second quarter earnings report before the opening bell on Thursday, Aug. 6.

Analysts expect the New York-based company to report quarterly earnings of 58 cents per share, up from 46 cents per share in the year-ago period. The consensus estimate for Datadog’s quarterly revenue is $1.08 billion. It reported $826.76 million last year, according to Benzinga Pro.

On June 30, Datadog announced it has acquired Adaptive ML.

Shares of Datadog fell 1.7% to close at $283.17 on Wednesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying DDOG stock? Here’s what analysts think:

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Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab

CompaniesAug 6 (Reuters) - Swedish healthcare provider Medicover (MCOVb.ST), opens new tab agreed on Thursday to ​sell its India hospital business ‌to funds managed by global investment firm KKR (KKR.N), opens new tab for €1.2 billion ($1.39 billion).

Medicover ​said the deal would ​help it focus strategically and ⁠operationally on Poland, Germany ​and Romania.

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The divestment will bring Medicover gross cash proceeds ​of €740 million

Medicover's financial targets remain unchanged until after completion of the transaction, ​the company said

It expects ​to complete the divestment in the fourth ‌quarter ⁠of 2026

Medicover’s ownership in Medicover Hospitals India (MHI) amounts to 66.1%, while minority shareholders hold ​33.9%

MHI generated ​annual ⁠revenue of €220.5 million on a last-twelve-months basis ​as of June 30, ​2026

In ⁠the second quarter, India made up 10% of Medicover's revenue, ⁠according ​to its quarterly ​report

($1 = 0.8663 euros)

Reporting by Vera Dvorakova in ​Gdansk; Editing by Izabela Niemiec

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C$ unless otherwise stated   TSX/NYSE/PSE: MFC SEHK: 945

, /PRNewswire/ -- Manulife's Board of Directors today announced quarterly shareholders' dividends on the following non-cumulative preferred shares of Manulife Financial Corporation, payable on or after September 19, 2026 to shareholders of record at the close of business on August 21, 2026:

Class A Shares Series 2 - $0.29063 per share Class A Shares Series 3 - $0.28125 per share Class 1 Shares Series 3 - $0.29000 per share  Class 1 Shares Series 9 - $0.373625 per share Class 1 Shares Series 11 - $0.384938 per share Class 1 Shares Series 13 - $0.396875 per share Class 1 Shares Series 15 - $0.360938 per share Class 1 Shares Series 17 - $0.346375 per share Class 1 Shares Series 19 - $0.323063 per share Class 1 Shares Series 25 - $0.371375 per share About Manulife

Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada.  Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' in Hong Kong stock exchange. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

Media Contact:
Fiona McLean
Manulife
437-441-7491
[email protected]

Investor Relations:
Derek Theobalds
Manulife
416-254-1774
[email protected]

SOURCE Manulife Financial Corporation

Billionaire hedge fund manager Bill Ackman, founder of Pershing Square Capital Management, made a big bet earlier this year on "Magnificent Seven" stock Microsoft (MSFT -1.09%).

In the first-quarter 13F filing, released in May, Pershing Square revealed it bought 5.7 million shares of Microsoft stock at a value of $2.1 billion. The tech giant immediately became Ackman's fourth-largest holding, making up 15.2% of the portfolio.

The purchase came when Microsoft stock was trading at a price-to-earnings (P/E) ratio of 21, the lowest it had been since 2017 and some 32% below Microsoft's average P/E ratio of 31.

At that valuation, getting a powerhouse stock like Microsoft was a no-brainer.

Pershing Square Capital Management founder Bill Ackman. Image source: Getty Images.

In mid-2017, Microsoft was trading at about $75 per share. Over the next four years, the stock price surged some 300% to over $300 per share by October 2021.

The value was not lost on Ackman.

"In our 13F which we will file later today, we will disclose a new position in Microsoft, a company we have followed for many years now offered at a highly compelling valuation," Ackman wrote in an X post on May 15. "Microsoft operates two of the most valuable franchises in enterprise technology, which account for approximately 70% of the company's overall profits: M365 and Azure."

Microsoft stock goes parabolic Since Microsoft reported earnings on July 29, its stock has gone parabolic, as I predicted a few weeks ago. In the past few days, Microsoft stock has gone from $390 per share on July 29 to $488 per share on Aug. 5 -- a 25% jump.

As of the end of June, Microsoft stock had been down about 23% year to date, trading at around $373 per share. The reason the stock was down was mainly due to concerns about too much spending on AI, the potential for AI disruption, and slightly slowing cloud growth, among other factors. In addition, some investors were worried about Microsoft's exclusive partnership with OpenAI, given concerns about OpenAI's profitability.

But those concerns were soon alleviated as Microsoft showed cloud growth in the March-ended quarter and reworked its deal with OpenAI so that it was no longer exclusive. Based on management's projections for accelerating cloud growth in the second half of the year, it seemed that the AI spending was starting to pay off.

Today's Change

(

-1.09

%) $

-5.35

Current Price

$

487.46

These trends continued when the fiscal Q4 earnings were released on July 29. Revenue rose 18% and earnings climbed 32% in the period ended June 30, crushing estimates. Further, Azure cloud revenue blasted past estimates, rising 43%, compared to 40% the previous quarter.

For the current quarter, its fiscal Q1, Microsoft sees 45% growth in its Azure cloud business, showing that the spending on AI infrastructure is providing capacity for growth.

Even after the big jump, Microsoft has more room to run. It's still trading below its average at around 25 times earnings, so it remains a great call by Ackman and a good buy.

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Jamie Dimon said companies are mindful of their token and data center spending. SAUL LOEB / AFP via Getty Images Jamie Dimon is optimistic that the country's AI spending will pay off.

The JPMorgan CEO told CNBC's Leslie Picker in a video interview that aired on Wednesday that he believes the billions pouring into AI infrastructure will ultimately prove worthwhile.

"In my own view, and I may be wrong, it'll ultimately play out and pay out," Dimon said. "These people are doing real calculations about what's needed. They see what it costs to do the frontier models. They see what it costs to do inferencing. The need is going up dramatically."

He said that AI spending is also driving the American economy, "because the increase alone is 1% of GDP, and next year it's going to be another 1% of GDP increase."

"You've got to get steel and cement and all these things to build the data centers," he added.

When asked about whether a cooling AI market would be a threat to the nation's economy, Dimon said that while there are "a lot of things to worry about," this specific scenario is "not high on the list."

JPMorgan has poured significant capital into tech and AI projects this year, with Dimon saying on a January earnings call that he didn't want the bank to fall behind other Wall Street rivals and fintech companies.

"We are going to stay out front, so help us God," he said in response to a question about the bank's spending from Wells Fargo analyst Mike Mayo.

The bank then announced in February that it was planning to boost its technology budget to $19.8 billion this year, which included investments in some AI projects.

Since then, the company has pushed its engineers to use AI more, tracking their usage on internal dashboards. Business Insider saw screenshots of some of these tracking systems and spoke to current and former developers, most of whom were worried about being labeled as underperformers if their AI use didn't increase.

During a second-quarter earnings call in July, Dimon said that AI has led to as much as a 40% reduction in jobs in some areas of the firm, but that it wouldn't suddenly shrink its operational budget.

But that's not to say he hasn't been skeptical about high AI spending, particularly in recent months, as the tokenmaxxing trend has been on the decline. In July, the executive said during a CNBC appearance that companies need to be rational about AI spending, "like any other resource we use."

The company's AI leadership is also undergoing a reset following the July announcement by its AI chief, Teresa Heitsenrether, that she would retire after four decades at the bank.

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At $534.24, Applied Materials (NASDAQ:AMAT | AMAT Price Prediction) sits at a decision point heading into the August 13 earnings report. The stock has staged one of the sharpest recoveries in large-cap semis this year, and the earnings report will decide whether the next leg is toward $600 or back into the low $400s.

Applied Materials is the largest wafer fab equipment vendor by revenue, selling deposition, etch, and inspection tools to TSMC, Samsung, SK hynix, Micron and Intel. It has ridden the Gate-All-Around transition and the HBM buildout hard: shares are up 108.4% year to date and 200.44% over the past year. After peaking near $739.67, a July drawdown pulled the stock back before a 22.41% one-week rebound heading into the report.

Why the Setup Looks Explosive Management raised its calendar 2026 semi equipment growth outlook to more than 30%, and Q3 guidance calls for revenue of $8.95 billion and non-GAAP EPS of $3.36, up nearly 36% year over year. Q2 already delivered $7.91 billion in revenue and $2.86 EPS, a 6.56% beat.

CEO Gary Dickerson expects packaging revenues to grow more than 50% in calendar 2026, with leading-edge foundry logic, DRAM and advanced packaging driving more than 80% of WFE growth. Morningstar raised its fair value to $520 and flagged global WFE spending above $150 billion in 2026. Polymarket puts the odds of another beat at 92.5%.

Why the Rally Could Snap Applied trades at 32 times forward earnings and 51 times trailing, rich for a cyclical toolmaker. Free cash flow collapsed 80.21% year over year to $210 million on working capital build, and operating cash flow fell 46.21%.

China still contributes 27% of revenue after a $253 million BIS settlement, and history shows Applied often sells off on earnings day. The average day-of reaction across the last five beats is -2.18%, including a -14.07% drop after Q3 2025. KLA beat last week and still dipped, a warning that the bar is high.

Why Patience Wins Buy conviction requires the October-quarter guide to hold above $8.95 billion with commentary confirming 2027 strength; Sell conviction requires softness on China licenses or a walk-back on the 30% growth outlook. Both answers arrive only with Wednesday’s report.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Applied Materials didn't make the cut. Grab the names FREE today.

Q2 gross margin at 50%, Semi Systems operating margin at 35.1%, and a 15% dividend hike make it hard to sell here. But the 108.4% YTD move makes it hard to chase.

What the Numbers Say Applied Materials trades at $534.24 against an analyst average target of $629.09, implying roughly 18% upside if consensus is right, though targets are one data point rather than a promise. Of 39 analysts, 32 rate it Buy or Strong Buy, 7 Hold, and none Sell.

YTD, AMAT is up 108.4%, dwarfing the S&P 500’s low-single-digit gain implied by SPY’s move to $769.79. The 200-day moving average sits at $374.97, showing how much technical distance the stock has traveled.

The Verdict: Hold Through the Earnings Report At $534.24, Applied Materials is a Hold. A clean beat plus October-quarter guidance confirming the 2027 record year commentary from CFO Brice Hill would validate the analyst target and open a path back toward $600. Any hedge on China license timing, HBM order pacing, or 2027 buildouts pushes shares back into the range-bound zone described earlier.

The cost of waiting one week is small; the cost of buying at a 32 forward multiple into a report where the crowd already prices in a 92.5% beat probability is asymmetric to the downside. Investors should watch the October revenue guide, packaging commentary, and China licensing color. When a stock has doubled YTD and history shows a -2.18% average earnings-day move, patience through one report is the cheapest option available.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Applied Materials didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

-

ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, today reported July 2026 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.

July highlights include:

Total average daily volume (ADV) up 25% y/y; open interest (OI) up 18% y/y Total Energy ADV up 13% y/y; OI up 6% y/y Total Oil ADV up 16% y/y Brent ADV up 40% y/y Gasoil ADV up 10% y/y Other Crude & Refined products ADV up 10% y/y Total Natural Gas ADV up 9% y/y; OI up 9% y/y North American Gas OI up 8% y/y TTF gas ADV up 36% y/y; OI up 16% y/y Asia gas ADV up 73% y/y; OI up 40% y/y, including record OI of 272k lots on July 14 Total Environmentals ADV up 18% y/y Total Agriculture & Metals ADV up 38% y/y; OI up 42% y/y Sugar ADV up 11% y/y; OI up 27% y/y Cocoa ADV up 65% y/y; OI up 71% y/y Coffee ADV up 58% y/y; OI up 18% y/y Cotton ADV up 71% y/y; OI up 88% y/y Total Financials ADV up 39% y/y; OI up 38% y/y Total Interest Rates ADV up 40% y/y; OI up 43% y/y Euribor ADV up 25% y/y; OI up 26% y/y SONIA ADV up 66% y/y; OI up 66% y/y Gilts ADV up 7% y/y; OI up 18% y/y Total Equity Indices ADV up 30% MSCI ADV up 45% y/y NYSE Equity Options ADV up 26% y/y About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.

Category: Corporate

SOURCE: Intercontinental Exchange

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DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) released financial results for the quarter ended June 30, 2026 ("second quarter").

“Financial results for the second quarter were strong and we made meaningful progress on executing our priorities,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We continued our disciplined approach to capital allocation. We repaid debt, repurchased and cancelled shares, and invested capital toward our Warintza and Hod Maden portfolio interests. We also continued progress on simplifying the Sandstorm portfolio with the restructuring of the Hod Maden joint venture interest and the settlement of the fixed delivery obligations at the Relief Canyon mine. After a solid first half of the year driven by our large and diversified portfolio, our outlook for the second half remains positive, and we will maintain our discipline and long term focus as we consider alternatives to accretively deploy capital in an active environment for new business development opportunities."

Second Quarter Highlights

Financial/Operating

Revenue of $450.5 million (compared to $209.6 million in the prior year period) Revenue split by commodity: 76% gold, 12% silver, 8% copper Record operating cash flow of $335.2 million (compared to $152.8 million in the prior year period) Net income of $236.4 million ($2.78 per share), and adjusted net income1 of $218.2 million ($2.56 per share) (compared to $132.3 million and $118.8 million, respectively, in the prior year period) Sales volume of 100,000 GEOs2 (compared to 63,900 in the prior year period) Adjusted EBITDA margin1 of 83% (compared to 84% in the prior year period) Corporate

Repaid $200 million on the revolving credit facility Increased total available liquidity to approximately $1.2 billion Paid quarterly dividend of $0.475 per share, a 6% increase over the prior year period Repurchased 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million Sold 5,000 ounces of gold received from the settlement of remaining fixed delivery obligations with Americas Gold and Silver Corporation ("Americas") related to the Relief Canyon mine Advanced a further $50 million under the stream agreement to Solaris Resources Inc. ("Solaris") following technical approval of the environmental impact assessment ("EIA") and publication of a pre-feasibility study ("PFS") for the Warintza Project Restructured ownership of the Hod Maden Project interests and funded $70 million in project costs Added a new $600 million uncommitted accordion facility to the $1.4 billion revolving credit facility Post Quarter Events

Repaid $75 million on the revolving credit facility on July 15, 2026, reducing the amount currently drawn to $325 million and increasing the amount available and undrawn to $1.075 billion Closed the Hod Maden ownership restructuring and received a new 2.5% net smelter return ("NSR") royalty on the Hod Maden Project Revenue Summary

Three Months Ended
June 30,

Six Months Ended
June 30,

Revenue (millions)

2026

2025

% Change

2026

2025

% Change

Gold

$

343.9

$

164.3

109.3

%

$

677.8

$

310.0

118.6

%

Silver

55.6

24.1

131.0

%

128.6

47.7

169.8

%

Copper

37.9

14.8

156.4

%

84.5

31.6

167.7

%

Other Metals

13.2

6.5

103.7

%

28.8

13.8

108.5

%

Total revenue

$

450.5

$

209.6

114.9

%

$

919.7

$

403.1

128.2

%

GEOs2

100,000

63,900

56.5

%

196,000

131,500

49.0

%

Revenue split stream / royalty

69% / 31%

64% / 36%

68% / 32%

63% / 37%

Outlook for 2026

Royal Gold provided guidance for 2026 metal sales volumes, depreciation, depletion and amortization ("DD&A") expense and effective tax rate in March, 2026. We are currently forecasting that performance against these metrics will be within the ranges provided with the exceptions of sales of copper and other metals, which are trending to be around or above the top end of the respective guidance ranges.

2026 Guidance Ranges

Actual Performance Through
June 30, 2026

Total Sales

Gold

(oz)

290,000–320,000

143,968

Silver

(M oz)

3.0–3.5

1.6

Copper

(M lb)

21.0–25.0

14.2

Other Metals

(M)

$34–$38

$29

DD&A

(M)

$339–379

$187

Effective Tax Rate

17–22%

19.9%*

* Year to date effective tax rate excluding discrete tax items.

Corporate Activity

Buyback and Cancellation of Shares

During the second quarter, and in accordance with the previously-announced $500 million share repurchase program approved by the Board of Directors on May 4, 2026, we repurchased 147,205 shares at an average price of $203.80 per share, for total consideration of $30 million. The repurchased shares were cancelled and 84,673,027 shares remain outstanding as of June 30, 2026.

The manner, timing, pricing and amount of any repurchases under the program will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital.

Settlement of Fixed Delivery Obligations for the Relief Canyon Mine

On June 11, 2026, Royal Gold and Americas closed an agreement to settle the remaining fixed delivery obligations owed to Royal Gold related to the Relief Canyon mine. Under the agreement, Americas' obligation to deliver 8,861 ounces of gold over the period between June 2026 and December 2027 was settled in exchange for immediate delivery of 5,000 ounces of gold, which were sold during the second quarter, and 2,652,532 common shares of Americas. The common shares are subject to a four-month hold period after closing.

We recognized a $2.6 million gain due to the agreement in the second quarter, and the proceeds from the sale of the gold delivery were recognized as stream revenue and resulted in the recognition of approximately $12 million of additional DD&A expense. Royal Gold's royalty and stream interest on Relief Canyon remain in place and the net book value of the stream interest was reduced to $0.

Payment to Solaris Resources Upon EIA Approval

As previously announced, on April 14, 2026, after technical approval of the EIA and publication of a PFS for the Warintza project, we advanced Solaris $50 million of the total $100 million outstanding conditional funding under the stream agreement dated May 21, 2025. The remaining $50 million payable to Solaris is subject to the completion of all filings necessary to perfect security in Ecuador, which is underway, and payment is anticipated in the third or fourth quarter of 2026.

Completion of Restructured Ownership Interests in the Hod Maden Project

On May 18, 2026, we announced the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring included a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% NSR royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new effective 4.0% NSR royalty interest over the Project (the “SSR Royalty”) granted to SSR Mining, Inc. (“SSR”). Additionally, as part of this restructuring, Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, acquired SSR's interests in Artmin and assumed operatorship of the Project. Closing of the transactions required to complete this restructuring occurred on July 17, 2026.

Artmin is now owned 15% by Royal Gold and 85% by Lidya, and Royal Gold holds acquisition and certain other rights over the SSR Royalty. Royal Gold retains a perpetual right of first refusal (“ROFR”) over the sale of the SSR Royalty to a third party, and SSR will not be permitted to sell the royalty without Royal Gold’s consent prior to January 1, 2028. SSR also granted Royal Gold the option to acquire half of the SSR Royalty (an equivalent 2.0% NSR royalty interest) for $160 million, exercisable from closing through the period that ends 12 months after the achievement of commercial production at the Project.

As part of the restructuring, Royal Gold further agreed to fund $70 million of Project costs, which was completed in May, 2026. Lidya will complete the funding of the next $397 million of Project costs and further funding will be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Equity funding requirements may be reduced should Artmin secure debt financing for Project development.

Added $600 Million Accordion Feature to the $1.4 Billion Revolving Credit Facility

As previously announced, on May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600 million uncommitted accordion feature to the revolving credit facility. The new accordion feature permits the Company to request additional commitments from the credit facility bank syndicate that would increase aggregate commitments under the revolving credit facility to up to $2.0 billion, subject to customary conditions, including the consent of each lender providing an additional commitment.

Portfolio Revenue and Developments

Overall Revenue and Realized Metal Prices

Three Months Ended
June 30,

Six Months Ended
June 30,

Revenue by Region (millions)

2026

2025

2026

2025

North America

$

250.4

56

%

$

160.3

76

%

$

508.4

55

%

$

301.1

75

%

South and Central America

99.5

22

%

19.1

9

%

209.8

23

%

41.5

10

%

Europe, Middle East, Africa (EMEA)

85.4

19

%

20.4

10

%

170.1

18

%

42.8

11

%

Australia Pacific

15.3

3

%

9.8

5

%

31.4

3

%

17.8

4

%

Total revenue

$

450.5

$

209.6

$

919.7

$

403.1

* Percentages may not sum to 100% due to rounding

Three Months Ended
June 30,

Six Months Ended
June 30,

Average Metal Prices

2026

2025

Change

2026

2025

Change

Gold

($/oz)

$4,506

$3,280

37%

$4,693

$3,067

53%

Silver

($/oz)

$73.15

$33.68

117%

$78.83

$32.76

141%

Copper

($/lb)

$6.05

$4.32

40%

$5.93

$4.28

39%

North America

Revenue by Stream/Royalty Interest (thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

Stream/Royalty

Metal(s)

Current Stream/Royalty Interest*

2026

2025

2026

2025

Mount Milligan**

Gold, copper

35% of payable gold and 18.75% of payable copper

$

57,576

$

63,655

$

114,898

$

106,463

Pueblo Viejo**

Gold, silver

7.5% of Barrick's interest in payable gold and 75% of Barrick's interest in payable silver

44,904

25,618

100,773

54,369

Cortez**

Legacy Zone

Gold

Approx. 9.0% GSR Equivalent

16,312

8,508

32,738

19,650

CC Zone

Gold

Approx. 1.6%–2.6% GSR Equivalent

9,651

8,088

18,444

11,642

Rainy River

Gold, silver

6.5% of gold produced and 60% of silver produced

25,777

9,095

56,992

19,517

Relief Canyon

Gold, silver

2.0% NSR, 1.4% to 2.8% NSR, 4% of payable gold and silver

24,752

–

27,340

–

Peñasquito

Gold, silver, lead, zinc

2.0% NSR

14,373

16,306

40,776

31,715

Voisey's Bay

Copper, nickel, cobalt

2.7% NVR

6,293

3,165

12,359

5,665

Greenstone

Gold

2.375% of payable gold

6,059

–

14,244

–

Manh Choh

Gold, silver

3.0% NSR, 28% NSR (silver)

4,616

6,306

9,769

11,930

Robinson

Gold, copper

3.0% NSR

4,414

4,697

9,792

9,094

Leeville

Gold

1.8% NSR

3,873

2,533

7,515

4,160

South Arturo

Silver

40% of silver produced

2,784

–

6,019

–

Côté Gold

Gold

1.0% NSR

2,671

1,746

4,552

3,061

Granite Creek

Gold

3.0% NSR and 2.94% NSR

2,560

2,368

4,064

2,368

LaRonde Zone 5

Gold

2.0% NSR

2,454

929

5,961

2,102

Other -

North America

Various

Various

21,312

7,296

42,141

19,344

Total revenue - North America

$

250,381

$

160,310

$

508,377

$

301,080

* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.

** Principal Property

NOTABLE PRODUCING PROPERTY DEVELOPMENTS

Mount Milligan: On July 28, 2026, Centerra Gold Inc. (“Centerra”) reported production of 38,175 ounces of gold and 13.1 million pounds of copper in the second quarter of 2026. Centerra further reported that year-to-date gold and copper production through June 30, 2026, is in line with the PFS mine plan and that production remains on track to achieve the previously provided guidance of between 140,000 and 155,000 ounces of gold and 50 to 60 million pounds of copper for 2026. As previously disclosed, Centerra expects gold production to be higher in the third quarter of 2026, reflecting planned mine sequencing, which we expect to be reflected in our results in 2027 based on the delivery lag between production and deliveries.

Pueblo Viejo: On July 23, 2026, Newmont Corporation ("Newmont") (40% non-operating joint venture partner) reported that gold production increased 17% in the second quarter over the prior year period primarily due to higher mill throughput and higher drawdown of in-circuit inventory, partially offset by lower mill recovery and lower ore grade milled.

Cortez: Production attributable to our royalty interests at the Cortez Complex was approximately 169,200 ounces of gold for the three months ended June 30, 2026, of which 38,400 ounces were attributable to the Legacy Zone, and 130,800 ounces were attributable to the CC Zone, compared to approximately 176,900 ounces of gold for the three months ended June 30, 2025, of which 27,900 ounces were attributable to the Legacy Zone, and 149,000 ounces were attributable to the CC Zone.

Rainy River: After completing the acquisition of New Gold Inc. on March 20, 2026, Coeur Mining Inc. ("Coeur”) has disclosed that it commenced a more aggressive exploration program in May focused on near-mine drill testing and exploration of the large land package in the Rainy River district, which extends over 50 kilometers. Additionally, Coeur has reported that it expects annual gold and silver production at Rainy River to average 287,000 ounces and 527,000 ounces, respectively, through 2028.

Peñasquito: On July 23, 2026, Newmont reported that second quarter gold and other metals production was lower due to lower ore grade milled and lower mill recovery, and planned maintenance was completed in the second quarter with higher throughput expected in the third quarter. Newmont confirmed that 2026 production guidance of 185,000 ounces of gold, 32 million ounces of silver, 90,000 tonnes of lead and 220,000 tonnes of zinc is unchanged.

Greenstone: On July 9, 2026, Equinox Gold Corp. (“Equinox”) reported that mining rates averaged more than 199,000 tonnes per day following the winter months and mill throughput averaged 26,856 tonnes per day, and 69% of days exceeded the nameplate capacity of 27,000 tonnes per day in the second quarter compared to 51% in the first quarter. Equinox expects that this trend will continue into the second half of the year resulting in expected higher production quarter over quarter for the balance of the year.

Red Chris: On July 2, 2026, the Government of Canada and the Province of British Columbia signed the new Canada-British Columbia Cooperative Prosperity Agreement, which is intended to accelerate the construction of major energy and trade corridors throughout the province, and includes a C$500 million investment in the block cave project to expand the Red Chris mine. On July 23, 2026, Newmont provided a progress update on the project, which included the receipt of key regulatory approvals from the province of British Columbia, including an amended Environmental Assessment Certificate, the continuation of the feasibility study and advancement of the project toward Board approval toward the end of the year.

Voisey's Bay: On June 9, 2026, Vale S.A. ("Vale") hosted an investor tour of Voisey's Bay and Long Harbour and reported that ramp-up at the underground mines is largely complete, and nickel production at Long Harbour is expected to increase to over 45,000 tonnes in 2026. Vale also reported the expansion of annual mill capacity from the current year-to-date 2.8 million tonnes to 3.8 million tonnes by 2030, with the potential for mine life extension from orebodies that are open at depth and along strike. On July 21, 2026, Vale further reported finished nickel production of 10,400 tonnes in the second quarter.

NOTABLE DEVELOPMENT PROPERTY ACTIVITY

Great Bear (2.0% NSR royalty): On July 29, 2026, Kinross Gold Corporation ("Kinross") provided an update on activity at the Great Bear Project in Ontario. According to Kinross, detailed engineering of the Main Project is 50% complete, and the Advanced Exploration program surface construction is approximately 93% complete and the first blast of the exploration decline was completed on July 27, 2026. Kinross also reported that permitting and procurement progressing as planned for the Main Project.

Cactus (2.0% NSR royalty): On June 24, 2026, Hudbay Minerals Inc. ("Hudbay") announced completion of the acquisition of Arizona Sonoran Copper Company Inc., the owner and operator of the Cactus Project in Arizona. According to Hudbay, the Cactus Project will be integrated into its Arizona portfolio where there are opportunities to realize development, operational and regional synergies with its Copper World Project and create a copper district in Arizona. On July 29, 2026, Hudbay reported that it expects to spend approximately $30 million at the Cactus Project in the second half of 2026 to advance an updated PFS, perform site de-risking activities, conduct exploration activities and for other ongoing site costs. Hudbay expects the updated Cactus Project PFS to be completed in the second half of 2027.

South and Central America

Revenue by Stream/Royalty Interest (thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

Stream/Royalty

Metal(s)

Current Stream/Royalty Interest*

2026

2025

2026

2025

Andacollo**

Gold

100% of payable gold

49,107

9,489

76,258

22,234

Antamina

Copper, zinc, molybdenum

1.66% NPI

13,665

–

26,675

–

Xavantina

Gold

25% of gold produced

8,256

4,945

36,529

10,322

Caserones

Copper, molybdenum

0.63% NSR

4,956

–

11,107

–

Fruta del Norte

Gold, silver

0.9% NSR (precious metals)

4,150

–

8,851

–

Cerro Moro

Silver

9% of silver produced

3,381

–

7,506

–

Chapada

Copper

4.2% of payable copper

3,124

–

12,529

–

El Limón

Gold, silver

3.0% NSR

2,938

3,024

7,678

6,302

Other -

South and Central America

Various

Various

9,969

1,671

22,646

2,601

Total revenue - South and Central America

$

99,546

$

19,129

$

209,779

$

41,459

* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.

** Principal Property

NOTABLE PRODUCING PROPERTY DEVELOPMENTS

Andacollo: On July 23, 2026, Teck Resources Limited (“Teck”) reported higher copper production in the quarter ended June 30, 2026, compared to the prior year period driven by higher copper grades, stable operations and strong recoveries. Teck also confirmed 2026 annual copper production guidance despite the partial suspension of operations on July 17, 2026, due to the impact of severe weather conditions. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.

Antamina: On July 22, 2026, Teck reported second quarter copper production of 108,500 tonnes and zinc production of 54,000 tonnes (100% basis). According to Teck, the mix of mill feed in the quarter was 67% copper-only ore and 33% copper-zinc ore as expected in the mine plan, compared with 23% copper-only ore and 77% copper-zinc ore in the same period last year. Teck also reaffirmed guidance for 2026 production of 422,000 to 467,000 tonnes of copper, and 156,000 to 200,000 tonnes of zinc (100% basis).

Caserones: On June 16, 2026, Lundin Mining Corporation ("Lundin Mining") provided an update on production expansion and exploration opportunities at Caserones. According to the update, work is underway to increase utilization of the cathode plant and grow copper production from 25,800 tonnes in 2025 to 40,000 tonnes, and 39,000 meters of drilling is planned in 2026 on more than 10 exploration targets in the Caserones district. Lundin Mining is targeting 26,900 meters of drilling at the Angelica target and deep sulphide targets adjacent to the Caserones pit, and expects to complete an initial resource estimate in the first quarter of 2027. Additionally on July 21, 2026, Lundin Mining reported that severe winter weather had disrupted site power and operations were temporarily suspended on July 18, 2026. On July 27, 2026, Lundin Mining reported that full power restoration and gradual restart of operations is expected to take approximately two to three weeks.

Chapada: On June 16, 2026, Lundin Mining provided an update on the Saúva growth project. Lundin Mining expects the Saúva project to increase copper and gold production by approximately 30% and 75%, respectively, with the potential to extend the mine plan beyond 4 years. Lundin Mining reported that earthworks for the additional ball mill were expected to begin in July, and first ore from Saúva is targeted in early 2029.

Fruta del Norte: On July 8, 2026, Lundin Gold Inc. (“Lundin Gold”) reported second quarter gold production of 119,000 ounces and confirmed 2026 gold production guidance of 475,000 to 525,000 ounces. On July 21, 2026, Lundin Gold further reported continued success from its district exploration programs with the discovery of two additional copper-gold porphyries, increasing the district total to seven, with a maiden resource for the Sandia porphyry expected in early 2027. On July 27, 2026, Lundin Gold reported that results from its ongoing conversion and near-mine drilling programs also continue to deliver positive results with four gold-silver epithermal deposits identified to date providing a pipeline to continue growing resources and reserves.

NOTABLE DEVELOPMENT PROPERTY ACTIVITY

Lobo-Marte (NSR royalty): On July 29, 2026, Kinross provided an update on the economics of the Lobo-Marte Project in Chile based on a refresh of the 2021 feasibility study. Kinross reported that Lobo-Marte has the potential to become a long-life, low-cost cornerstone asset in its portfolio, and based on the initial mine plan, is expected to produce an average of approximately 350,000 ounces of gold per year during steady state operations. Kinross also reported that the EIA was accepted for review by the Environmental Assessment Service of Chile in the second quarter of 2026, and engineering and execution planning is progressing with first gold production targeted for the early 2030s.

MARA (NSR royalty with gold stream option): On August 5, 2026, Glencore plc ("Glencore") provided an update on progress at the MARA project in Argentina. According to Glencore, mining restarted at Alumbrera ahead of schedule in June 2026, and Agua Rica feasibility engineering is underway with the environmental permitting submission expected in the coming weeks and RIGI approval expected shortly thereafter.

EMEA

Revenue by Stream/Royalty Interest (thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

Stream/Royalty

Metal(s)

Current Stream/Royalty Interest*

2026

2025

2026

2025

Kansanshi**

Gold

75 ounces of gold per million pounds of recovered copper produced

$

34,303

$

–

$

59,814

$

–

Khoemacau

Silver

100% of payable silver

19,766

10,238

39,334

20,200

Wassa

Gold

10.5% of payable gold

18,578

10,149

37,387

22,568

Bonikro

Gold

6% of gold produced

5,441

–

18,597

–

Houndé

Gold

2.0% NSR

4,554

–

9,412

–

Other - EMEA

Various

Various

2,708

–

5,580

–

Total revenue - EMEA

$

85,350

$

20,387

$

170,124

$

42,768

* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.

** Principal Property

NOTABLE PRODUCING PROPERTY DEVELOPMENTS

Kansanshi: On July 28, 2026, First Quantum Minerals Ltd. ("First Quantum") reported second quarter copper production of 43,997 tonnes, which was 10% higher than the same quarter of 2025, primarily due to contribution from the S3 plant, which was at construction stage in the same period last year. According to First Quantum, S3 throughput was sustained above design capacity in the second quarter, achieving the highest monthly processed tonnes in May 2026 since commissioning in August 2025, driven by higher operating time, strong utilization and milling rates. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.

Khoemacau: On July 21, 2026, MMG Limited ("MMG") reported contained silver production of 370,877 ounces for the second quarter and 697,660 ounces for the year to date through the end of the second quarter. According to MMG, first-half production was affected by development delays and equipment availability constraints, and the operation is expected to benefit from improved equipment utilization, the introduction of new mining equipment, continued access to higher-grade mining areas and the progressive commissioning of refurbished fleet units in the second half of the year. MMG further reported that the expansion to 130,000 tonnes of copper concentrate per year remains on track for first concentrate production in the first half of 2028. MMG reported that construction activities continued to advance with steady progress across engineering, procurement and site works.

Bonikro: On June 10, 2026, Allied Gold Corporation ("Allied") provided an update on studies to extend the mine life and expand processing capacity. According to Allied, the mine life is expected to extend from 2029 to 2036, with average annual gold production of 120,000 ounces per year. Additionally, Allied is studying an increase in processing capacity intended to bring forward the processing of low grade stockpiles at a rate of 15,000 to 20,000 gold ounces per year, beginning in late 2026 to early 2027.

Houndé: On July 30, 2026, Endeavour Mining plc ("Endeavour") confirmed 2026 gold production guidance of 220,000 to 255,000 ounces, with production weighted towards the second half of 2026. Additionally, Endeavour reported that it is finalizing resource definition at the Vindaloo Deeps discovery, and resource definition drilling is underway at the Vindaloo Deeps South East target, a downdip extension of Vindaloo Deeps. Endeavour expects a resource update on Vindaloo Deeps in the second half of 2026 and a maiden resource at Vindaloo Deeps South East in 2027.

NOTABLE DEVELOPMENT PROPERTY ACTIVITY

Platreef: On July 29, 2026, Ivanhoe Mines Ltd. (“Ivanhoe”) reported that Phase 1 operations have not yet reached commercial production and mining rates are expected to ramp up throughout the second half of 2026 with commercial production now expected in the fourth quarter of 2026. Ivanhoe further reported that Shaft #3 commissioning was completed in June and is expected to support the Phase 1 ramp-up to full capacity and Phase 2 expansion, and construction of the Phase 2 concentrator is on schedule for completion in the fourth quarter of 2027.

Hod Maden (15% joint venture interest and various royalty interests): Following the transition of operatorship to Lidya in the second quarter, construction activities have continued while Lidya undertakes a comprehensive review of the Hod Maden Project schedule and execution plan. Based on the work completed to date, project expenditures and commitments remain within the scope reflected in the SLR Technical Report Summary published by SSR on January 29, 2026. Construction activity during the second quarter included work on the main access road, tunnels, site preparation, permanent camp, utility works, water management and diversion, geotechnical investigations and other site infrastructure. As of June 30, 2026, overall project progress was approximately 25% (comprising completion of 74% engineering, 44% contracts and procurement, 8% construction) and cumulative expenditures were approximately $175 million. Lidya continues to target initial concentrate production in 2028 subject to completion of the updated schedule and cost-to-complete review, timely execution of the remaining major construction and procurement packages and other customary development conditions.

Australia Pacific

Revenue by Stream/Royalty Interest (thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

Stream/Royalty

Metal(s)

Current Stream/Royalty Interest*

2026

2025

2026

2025

Bellevue

Gold

2.0% NSR

$

3,383

$

2,508

$

7,415

$

3,847

South Laverton

Gold

1.5% NSR, 4.0% NPI

3,304

2,889

7,074

5,380

King of the Hills

Gold

1.5% NSR

2,401

1,544

4,753

3,129

Other -

Australia Pacific

Various

Various

6,174

2,876

12,142

5,417

Total revenue - Australia Pacific

$

15,262

$

9,817

$

31,384

$

17,773

* For a full description of the Company’s stream and royalty interests, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.

NOTABLE PRODUCING PROPERTY DEVELOPMENTS

Bellevue: On July 7, 2026, Bellevue Gold Limited ("Bellevue") reported full year gold production of approximately 144,000 ounces, within guidance of 130,000 to 150,000 ounces for the fiscal year ending June 30, 2026. According to Bellevue, mined and processed grades were in line with expectations through the quarter ended June 30, 2026, as ore is now sourced from five established mining areas. On July 28, 2026, Bellevue provided gold production guidance of 150,000 to 170,000 ounces for the fiscal year ending June 30, 2027.

King of the Hills: On July 14, 2026, Vault Minerals Limited ("Vault") and Genesis Minerals Limited ("Genesis") agreed to merge, with Genesis acquiring all outstanding shares of Vault. Genesis intends to release its new strategic plan in the first half of 2027 after completing a strategic review of optimization opportunities and the merged group's asset portfolio. Royal Gold holds additional royalty interests at the Gwalia and Ulysses operations owned by Genesis.

Second Quarter 2026 Overview

For the second quarter, we recorded net income attributable to Royal Gold stockholders of $236.4 million, or $2.78 per basic and diluted share, as compared to net income of $132.3 million, or $2.01 per basic and diluted share, for the three months ended June 30, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities, partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.

Revenue

For the second quarter, we recognized total revenue of $450.5 million, comprised of stream revenue of $311.0 million and royalty revenue of $139.6 million at an average gold price of $4,506 per ounce, an average silver price of $73.15 per ounce and an average copper price of $6.05 per pound. This is compared to total revenue of $209.6 million for the three months ended June 30, 2025, comprised of stream revenue of $133.2 million and royalty revenue of $76.5 million, at an average gold price of $3,280 per ounce, an average silver price of $33.68 per ounce and an average copper price of $4.32 per pound.

The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd. (“Sandstorm”) and Horizon Copper Corp. (“Horizon”) assets, higher gold sales at Andacollo and Rainy River, and higher production from the Cortez Legacy Zone. These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.

Cost of Sales and Other Costs

Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.1 million for the three months ended June 30, 2026, from $24.2 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Rainy River and Wassa. These increases were partially offset by lower gold sales from Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.

General and administrative costs increased to $13.4 million for the three months ended June 30, 2026, from $10.3 million for the three months ended June 30, 2025. The increase compared to the prior year period was primarily due to increases in non-cash stock compensation and employee and office related costs.

DD&A increased to $96.2 million for the three months ended June 30, 2026, from $31.2 million for the three months ended June 30, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets, and additional expense recognized with the sale of the ounces related to the Relief Canyon fixed delivery obligation settlement. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.

Fair value changes in equity securities was $21.9 million for the three months ended June 30, 2026 primarily due to the increase in value of the Entrée Resources Ltd. shares acquired as a result of the Sandstorm and Horizon acquisition.

Interest and other expense increased to $10.0 million for the three months ended June 30, 2026, from $1.5 million for the three months ended June 30, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended June 30, 2026, amounts outstanding under our revolving credit facility averaged $476.6 million at an average all-in borrowing rate of 4.8% compared to no outstanding debt for the three months ended June 30, 2025.

For the three months ended June 30, 2026, we recorded income tax expense of $58.2 million, compared to $10.5 million for the three months ended June 30, 2025. The income tax expense resulted in an effective tax rate of 19.7% in the current period, compared with 7.4% for the three months ended June 30, 2025. The three months ended June 30, 2025, included a $9.3 million discrete benefit related to a withholding tax refund on a foreign royalty and a discrete benefit of $4.3 million attributable to the release of a valuation allowance.

Cash Flows

Net cash provided by operating activities totaled a record $335.2 million for the three months ended June 30, 2026, compared to $152.8 million for the three months ended June 30, 2025. The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $222.7 million, partially offset by higher income tax payments of $28.1 million, higher general and administrative costs of $8.1 million and higher interest payments on outstanding debt of $6.7 million when compared to the prior year period.

Net cash used in investing activities totaled $117.2 million for the three months ended June 30, 2026, compared to net cash used in investing activities of $112.8 million for the three months ended June 30, 2025. The increase in cash used was primarily due to lower cash payments for acquisitions of $62.7 million and higher cash calls of $70.0 million for the Hod Maden equity method investment when compared to the prior year period.

Net cash used in financing activities totaled $269.6 million for the three months ended June 30, 2026, compared to net cash used in financing activities of $32.6 million for the three months ended June 30, 2025. The increase in cash used was primarily due to higher debt repayments of $200.0 million, stock repurchase payments of $30.0 million and higher dividend payments of $10.7 million when compared to the prior year period.

Liquidity

Total liquidity at the end of the second quarter was approximately $1.2 billion, which consisted of $243.8 million of working capital and $1.0 billion undrawn and available under the revolving credit facility.

At June 30, 2026, we had $400 million of outstanding debt drawn on the revolving credit facility. Subsequent to the end of the quarter, on July 15, 2026, we repaid $75 million of this amount, resulting in $325 million outstanding and $1.075 billion available as of the date of this press release, excluding the uncommitted accordion feature. In keeping with Royal Gold’s capital allocation strategy to repay outstanding debt as cash flow allows, the Company expects to repay the outstanding balance from future cash flow in the fourth quarter of 2026 at current metal prices and absent further acquisitions.

At June 30, 2026, our contractual cash obligations comprised operating leases and the conditional Warintza funding. With respect to the Warintza funding, we expect to pay the final $50.0 million in the third or fourth quarter of 2026, subject to the completion of all filings necessary to perfect security in Ecuador, which is underway.

Second Quarter 2026 Call Information

Management’s conference call reviewing the second quarter results will be held on Thursday, August 6, 2026, at 12:00 pm Eastern Time (10:00 am Mountain Time). The call will be webcast live and archived on the Company’s website for a limited time.

Dial-In Numbers: +1 833-461-5787 (North America); toll free +1 585-542-9983 (International)   Access Code: 487515672

  Webcast URL: https://events.q4inc.com/attendee/487515672

Corporate Profile

Royal Gold is a high-margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.

Additional Investor Information

Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including our 2026 guidance; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; opportunities for, and anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries and sales of metals; anticipated liquidity, capital resources, financing, and stockholder returns, including share repurchases; borrowings and repayments under our revolving credit facility; and prices for gold, silver, copper and other metals.

Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Sandstorm and Horizon acquisition in the timeframe expected or at all; risks associated with our equity interests in the Hod Maden project; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release or our reports filed with the Securities and Exchange Commission could also have material adverse effects on forward-looking statements.

Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.

Statement Regarding Third-Party Information

Certain information provided in this press release, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties (including limited information provided by the operator of the Hod Maden project in connection with our equity interests and board representation) or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.

ROYAL GOLD, INC.

Consolidated Balance Sheets

(Unaudited, in thousands except share data)

  June 30, 2026

December 31, 2025

ASSETS

Cash and equivalents

$

182,468

$

233,719

Royalty receivables

131,708

110,846

Income tax receivable

19,460

2,108

Stream inventory

30,486

25,883

Prepaid expenses and other

5,913

4,890

Total current assets

370,035

377,446

Stream and royalty interests, net

8,600,469

8,583,875

Equity method investment

228,275

300,854

Marketable securities

132,087

172,880

Other assets

118,442

102,469

Total assets

$

9,449,308

$

9,537,524

LIABILITIES

Accounts payable

$

4,635

$

10,060

Dividends payable

40,263

40,186

Income tax payable

51,616

33,303

Other current liabilities

30,034

37,367

Total current liabilities

126,548

120,916

Debt

395,892

895,436

Deferred tax liabilities

1,164,553

1,190,672

Mount Milligan deferred liability

69,211

69,211

Other liabilities

59,458

55,942

Total liabilities

1,815,662

2,332,177

Commitments and contingencies

EQUITY

Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued

–

–

Common stock, $.01 par value, 200,000,000 shares authorized; and 84,673,027 and 84,499,692 shares outstanding, respectively

844

845

Additional paid-in capital

5,922,062

5,928,123

Accumulated other comprehensive income

–

993

Accumulated earnings

1,664,100

1,227,169

Total Royal Gold stockholders’ equity

7,587,006

7,157,130

Non-controlling interests

46,640

48,217

Total equity

7,633,646

7,205,347

Total liabilities and equity

$

9,449,308

$

9,537,524

  ROYAL GOLD, INC.

Consolidated Statements of Operations and Comprehensive Income

(Unaudited, in thousands except share data)

  Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Revenue

$

450,539

$

209,643

$

919,664

$

403,080

Costs and expenses

Cost of sales (excludes depreciation, depletion and amortization)

60,094

24,180

120,431

48,685

General and administrative

13,445

10,269

30,976

21,333

Production taxes

3,437

2,201

6,729

3,962

Depreciation, depletion and amortization

96,200

31,153

187,075

64,148

Total costs and expenses

173,176

67,803

345,211

138,128

Gain on settlement of Relief Canyon fixed obligation

2,575

–

2,575

–

Operating income

279,938

141,840

577,028

264,952

Fair value changes in equity securities

21,863

3

27,813

(34

)

Gain on sale of marketable securities

458

–

14,573

–

Interest and other income

3,551

2,713

6,743

4,762

Interest and other expense

(10,010

)

(1,544

)

(23,253

)

(2,701

)

Income before income taxes

295,800

143,012

602,904

266,979

Income tax expense

(58,241

)

(10,538

)

(83,638

)

(20,927

)

Net income

237,559

132,474

519,266

246,052

Net income attributable to non-controlling interests

(1,166

)

(125

)

(1,743

)

(205

)

Net income attributable to Royal Gold common stockholders

$

236,393

$

132,349

$

517,523

$

245,847

Net income

$

237,559

$

132,474

$

519,266

$

246,052

Adjustments to comprehensive income, net of tax:

Realized gain on available-for-sale debt securities

–

–

(993

)

–

Comprehensive income

237,559

132,474

518,273

246,052

Comprehensive income attributable to non-controlling interests

(1,166

)

(125

)

(1,743

)

(205

)

Comprehensive income attributable to Royal Gold stockholders

$

236,393

$

132,349

$

516,530

$

245,847

Net income per share attributable to Royal Gold common stockholders:

Basic earnings per share

$

2.78

$

2.01

$

6.10

$

3.73

Basic weighted average shares outstanding

84,781,861

65,748,410

84,751,231

65,726,903

Diluted earnings per share

$

2.78

$

2.01

$

6.07

$

3.73

Diluted weighted average shares outstanding

85,052,094

65,820,530

85,068,765

65,806,160

Cash dividends declared per common share

$

0.475

$

0.450

$

0.950

$

0.900

  ROYAL GOLD, INC.

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

  Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Cash flows from operating activities:

Net income

$

237,558

$

132,474

$

519,266

$

246,052

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

Depreciation, depletion and amortization

96,200

31,153

187,075

64,148

Non-cash employee stock compensation expense

3,294

2,713

6,886

5,911

Fair value changes in equity securities

(21,863

)

(3

)

(27,813

)

34

Gain on sale of marketable securities

(458

)

–

(14,573

)

–

Gain on settlement of Relief Canyon fixed obligation

(2,575

)

–

(2,575

)

–

Deferred tax benefit

18,106

(2,191

)

(9,658

)

(11,019

)

Other

1,636

222

3,163

446

Changes in assets and liabilities:

Royalty receivables

11,096

(7,265

)

(20,862

)

(1,534

)

Stream inventory

378

1,220

(4,603

)

(363

)

Income tax receivable

(19,351

)

(12,203

)

(17,352

)

(12,434

)

Prepaid expenses and other assets

(702

)

(3,870

)

264

(3,525

)

Accounts payable

(2,634

)

3,043

(5,424

)

3,178

Income tax payable

19,147

9,076

18,313

1,244

Other liabilities

(4,679

)

(1,567

)

(3,392

)

(2,967

)

Net cash provided by operating activities

$

335,153

$

152,802

$

628,715

$

289,171

Cash flows from investing activities:

Acquisition of stream and royalty interests

(50,031

)

(112,733

)

(50,031

)

(170,979

)

Proceeds from the sale of marketable securities

2,892

–

51,865

–

Cash calls for Hod Maden equity method investment

(70,000

)

–

(84,700

)

–

Other

(95

)

(21

)

(261

)

(70

)

Net cash used in investing activities

$

(117,234

)

$

(112,754

)

$

(83,127

)

$

(171,049

)

Cash flows from financing activities:

Repayment of debt

(200,000

)

–

(500,000

)

–

Net payments from issuance of common stock

(24

)

(1,488

)

(5,600

)

(4,499

)

Net proceeds from Sandstorm option exercises

2,482

–

22,655

–

Distributions to non-controlling interests

(1,664

)

(248

)

(3,321

)

(438

)

Stock repurchase

(30,003

)

–

(30,003

)

–

Common stock dividends

(40,330

)

(29,634

)

(80,516

)

(59,245

)

Other

(54

)

(1,258

)

(54

)

(1,258

)

Net cash used in financing activities

$

(269,593

)

$

(32,628

)

$

(596,839

)

$

(65,440

)

Net increase (decrease) in cash and equivalents

(51,674

)

7,420

(51,251

)

52,682

Cash and equivalents at beginning of period

234,142

240,760

233,719

195,498

Cash and equivalents at end of period

$

182,468

$

248,180

$

182,468

$

248,180

Schedule A – Non-GAAP Financial Measures and Certain Other Measures

Overview of non-GAAP financial measures:

Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.

We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgment. Non-GAAP financial measures used by management in this release or elsewhere include the following:

Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. Net debt (or net cash) is a non-GAAP financial measure that is calculated by the Company as debt (excluding debt issuance costs) as of a date minus cash and equivalents for that same date. Net debt (or net cash) to trailing twelve months (TTM) adjusted EBITDA is a non-GAAP financial measure that is calculated by the Company as net debt (or net cash) as of a date divided by the TTM adjusted EBITDA (as defined above) ending on that date. We believe that these measures are important to monitor leverage and evaluate the balance sheet. Cash and equivalents are subtracted from the GAAP measure because they could be used to reduce our debt obligations. A limitation associated with using net debt (or net cash) is that it subtracts cash and equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. We believe that investors may find these measures useful to monitor leverage and evaluate the balance sheet. Adjusted net income and adjusted net income per share are non-GAAP financial measures that are calculated by the Company as net income and net income per share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliations below. We consider these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of our operating results excluding items that we believe are not indicative of our fundamental ongoing operations. The tax effect of adjustments is computed by applying the statutory tax rate in the applicable jurisdictions to the income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero. Free cash flow is a non-GAAP financial measure that is calculated by the Company as net cash provided by operating activities for a period minus acquisition of stream and royalty interests for that same period. We believe that free cash flow represents an additional way of viewing liquidity as it is adjusted for contractual investments made during such period. Free cash flow does not represent the residual cash flow available for discretionary expenditures. We believe it is important to view free cash flow as a complement to our consolidated statements of cash flows. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. Reconciliation of non-GAAP financial measures to U.S. GAAP measures

Adjusted EBITDA, Adjusted EBITDA margin, net debt, and net debt to TTM adjusted EBITDA:

Three Months Ended
June 30,

Six Months Ended
June 30,

(amounts in thousands)

2026

2025

2026

2025

Net income

237,559

$

132,474

$

519,266

$

246,052

Depreciation, depletion and amortization

96,200

31,153

187,075

64,148

Non-cash employee stock compensation

3,294

2,714

6,886

5,911

Fair value changes in equity securities

(21,863

)

(3

)

(27,813

)

34

Gain on settlement of Relief Canyon fixed obligation

(2,575

)

–

(2,575

)

–

Gain on sale of marketable securities

(458

)

–

(14,573

)

–

Interest and other, net

6,459

(1,169

)

16,510

(2,061

)

Income tax expense

58,241

10,538

83,638

20,927

Non-controlling interests in operating income of consolidated subsidiaries

(1,166

)

(125

)

(1,743

)

(205

)

Adjusted EBITDA

$

375,691

$

175,582

$

766,671

$

334,806

Net income margin

53

%

63

%

56

%

61

%

Adjusted EBITDA margin

83

%

84

%

83

%

83

%

  Three Months Ended

June 30,

March 31,

December 31,

September 30,

(amounts in thousands)

2026

2026

2025

2025

Net income

$

237,559

$

281,708

$

93,719

$

131,805

Depreciation, depletion and amortization

96,200

90,875

80,031

32,903

Non-cash employee stock compensation

3,294

3,592

2,952

2,942

Acquisition related costs

–

–

13,710

12,798

Fair value changes in equity securities

(21,863

)

(5,950

)

(362

)

–

Gain on settlement of Relief Canyon fixed obligation

(2,575

)

–

–

–

Loss (gain) on sale of marketable securities

(458

)

(14,115

)

50,017

–

Interest and other, net

6,459

10,050

14,838

1,835

Income tax expense

58,241

25,398

52,659

28,704

Non-controlling interests in operating income of consolidated subsidiaries

(1,166

)

(578

)

(108

)

(4,981

)

Adjusted EBITDA

$

375,691

$

390,980

$

307,456

$

206,006

Net income margin

53

%

60

%

25

%

52

%

Adjusted EBITDA margin

83

%

83

%

82

%

82

%

TTM adjusted EBITDA

$

1,280,133

Debt

$

395,892

Debt issuance costs

4,108

Cash and equivalents

(182,468

)

Net debt / (cash)

$

217,532

Net debt / (cash) to TTM adjusted EBITDA

0.17x

  Cash G&A:

Three Months Ended
June 30,

Six Months Ended
June,

(amounts in thousands)

2026

2025

2026

2025

General and administrative expense

$

13,445

$

10,269

$

30,976

$

21,333

Non-cash employee stock compensation

(3,294

)

(2,714

)

(6,886

)

(5,911

)

Cash G&A

$

10,151

$

7,555

$

24,090

$

15,422

Three Months Ended

June 30,

Mar 31,

December 31,

September 30,

(amounts in thousands)

2026

2026

2025

2025

General and administrative expense

$

13,445

$

17,531

$

17,638

$

10,213

Non-cash employee stock compensation

(3,294

)

(3,592

)

(2,952

)

(2,942

)

Cash G&A

$

10,151

$

13,939

$

14,686

$

7,271

TTM cash G&A

$

46,047

  Adjusted net income and adjusted net income per share:

Three Months Ended
June 30,

Six Months Ended
June 30,

(amounts in thousands, except per share data)

2026

2025

2026

2025

Net income attributable to Royal Gold common stockholders

$

236,393

$

132,349

$

517,523

$

245,847

Fair value changes in equity securities

(21,863

)

(3

)

(27,813

)

34

Gain on settlement of Relief Canyon fixed obligation

(2,575

)

–

(2,575

)

–

Gain on sale of marketable securities

(458

)

–

(14,573

)

–

Withholding tax refund

(9,302

)

–

(11,017

)

Discrete tax benefit for basis adjustment, net of valuation allowance

–

–

–

(12,008

)

Discrete tax benefit for statutory rate change

–

–

(33,657

)

–

Other discrete tax expense (benefit)

–

(4,256

)

–

(4,256

)

Tax effect of adjustments

6,722

1

12,139

(9

)

Adjusted net income attributable to Royal Gold common stockholders

$

218,219

$

118,789

$

451,044

$

218,591

Net income attributable to Royal Gold common stockholders per diluted share

$

2.78

$

2.01

$

6.07

$

3.73

Fair value changes in equity securities

(0.26

)

–

(0.33

)

–

Gain on settlement of Relief Canyon fixed obligation

(0.03

)

–

(0.03

)

–

Gain on sale of marketable securities

(0.01

)

–

(0.17

)

–

Withholding tax refund

–

(0.14

)

–

(0.17

)

Discrete tax benefit for basis adjustment, net of valuation allowance

–

–

–

(0.18

)

Discrete tax benefit for statutory rate change

–

–

(0.40

)

–

Other discrete tax expense (benefit)

–

(0.06

)

–

(0.06

)

Tax effect of adjustments

0.08

–

0.14

–

Adjusted net income attributable to Royal Gold common stockholders per diluted share

$

2.56

$

1.81

$

5.28

$

3.32

  Free cash flow:

Three Months Ended
June 30,

Six Months Ended
June 30,

(amounts in thousands)

2026

2025

2026

2025

Net cash provided by operating activities

$

335,153

$

152,802

$

628,715

$

289,171

Acquisition of stream and royalty interests

(50,031

)

(112,733

)

(50,031

)

(170,979

)

Cash calls for Hod Maden equity method investment

(70,000

)

—

(84,700

)

—

Free cash flow

$

215,122

$

40,069

$

493,984

$

118,192

Net cash used in investing activities

$

(117,234

)

$

(112,754

)

$

(83,127

)

$

(171,049

)

Net cash used in financing activities

$

(269,593

)

$

(32,628

)

$

(596,839

)

$

(65,440

)

  Other measures

We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this release and elsewhere include the following:

Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period. Schedule B – Stream Segment Sales, Purchases and Inventories

Three Months Ended
June 30, 2026

Three Months Ended
June 30, 2025

As of
June 30, 2026

As of
December 31, 2025

Purchases

Sales

Cost

Purchases

Sales

Cost

Inventory

Inventory

Gold Stream

(oz)

(oz)

($/oz)

(oz)

(oz)

($/oz)

(oz)

(oz)

Mount Milligan

10,200

9,700

435

8,200

16,600

435

7,200

6,700

Kansanshi

7,500

7,500

912

—

—

—

2,500

2,500

Pueblo Viejo

6,900

7,000

1,222

6,100

5,800

1,017

6,900

7,000

Andacollo

11,300

10,700

707

5,100

3,000

476

4,700

4,100

Rainy River

4,000

4,500

1,181

2,300

2,200

790

1,600

2,100

Xavantina

2,700

1,800

1,795

1,900

1,500

654

1,300

400

Wassa

3,400

4,000

903

2,900

3,100

657

1,700

2,300

Bonikro

1,600

1,300

400

—

—

—

400

—

Greenstone

1,500

1,400

903

—

—

—

400

300

Other

6,700

6,600

Varies

—

—

—

700

700

Total Gold Streams

55,800

54,500

780

26,500

32,200

647

27,400

26,100

Silver Stream

(oz)

(oz)

($/oz)

(oz)

(oz)

($/oz)

(oz)

(oz)

Pueblo Viejo1

254,000

171,200

19.14

196,900

204,700

10.85

254,000

171,200

Khoemacau

317,400

263,200

15.00

335,300

310,700

6.60

87,300

33,100

Rainy River

66,600

65,500

19.31

74,300

63,300

8.20

23,000

21,900

Cerro Moro

45,800

45,800

22

—

—

—

—

—

South Arturo

36,800

36,800

16

—

—

—

—

—

Woodlawn

19,900

13,000

—

—

—

—

6,900

—

Total Silver Streams

740,500

595,500

16.90

606,500

578,700

8.18

371,200

226,200

Copper Stream

(Mlb)

(Mlb)

($/lb)

(Mlb)

(Mlb)

($/lb)

(Mlb)

(Mlb)

Mount Milligan

2.7

2.0

0.89

1.4

2.3

0.58

0.7

—

Chapada

0.6

0.6

1.71

—

—

—

—

—

Total Copper Streams

3.3

2.5

1.03

1.4

2.3

0.58

0.7

—

Zinc Stream

(Mlb)

(Mlb)

($/lb)

(Mlb)

(Mlb)

($/lb)

(Mlb)

(Mlb)

CEZinc

1.3

1.3

0.29

—

—

—

—

—

Total Zinc Streams

1.3

1.3

0.29

—

—

—

—

—

Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement. Six Months Ended
June 30, 2026

Six Months Ended
June 30, 2025

As of
June 30, 2026

As of
December 31, 2025

Purchases

Sales

Cost

Purchases

Sales

Cost

Inventory

Inventory

Gold Stream

(oz)

(oz)

($/oz)

(oz)

(oz)

($/oz)

(oz)

(oz)

Mount Milligan

22,300

19,000

435

24,300

28,400

435

7,200

3,800

Kansanshi

15,100

12,600

949

—

—

—

2,500

—

Pueblo Viejo

13,800

14,600

1,382

11,900

13,500

956

6,900

7,600

Andacollo

19,000

16,300

714

10,600

7,400

441

4,700

2,100

Rainy River

9,800

9,700

1,166

4,700

5,300

735

1,600

1,500

Xavantina

6,700

7,600

1,841

3,200

3,500

619

1,300

2,300

Wassa

7,100

7,900

950

8,000

7,300

600

1,600

2,500

Bonikro

4,300

3,900

400

—

—

—

400

—

Greenstone

3,500

3,100

944

—

—

—

500

—

Other

9,000

8,300

Varies

—

—

—

700

—

Total Gold Streams

110,600

103,000

851

62,700

65,400

588

27,400

19,800

Silver Stream

(oz)

(oz)

($/oz)

(oz)

(oz)

($/oz)

(oz)

(oz)

Pueblo Viejo1

425,200

384,800

21.95

401,600

424,200

10.39

254,000

213,600

Khoemacau

478,200

489,700

15.35

644,100

629,600

6.47

87,300

98,800

Rainy River

141,900

135,400

19.16

133,000

122,300

8.00

23,000

16,400

Cerro Moro

97,500

97,500

23

—

—

—

—

—

South Arturo

73,100

73,100

17

—

—

—

—

—

Woodlawn

32,600

25,700

—

—

—

—

6,900

—

Total Silver Streams

1,248,500

1,206,200

18.32

1,178,700

1,176,100

7.98

371,200

328,800

Copper Stream

(Mlb)

(Mlb)

($/lb)

(Mlb)

(Mlb)

($/lb)

(Mlb)

(Mlb)

Mount Milligan

4.1

4.1

0.89

4.5

4.5

0.61

0.7

0.7

Chapada

2.1

2.1

1.74

—

—

—

—

—

Total Copper Streams

6.2

6.2

1.18

4.5

4.5

0.61

0.7

0.7

Zinc Stream

(Mlb)

(Mlb)

($/lb)

(Mlb)

(Mlb)

($/lb)

(Mlb)

(Mlb)

CEZinc

2.5

2.5

0.29

—

—

—

—

—

Total Zinc Streams

2.5

2.5

0.29

—

—

—

—

—

Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement.