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Bitcoin can’t break through. The digital currency slammed into the $72,000 ceiling once more on March 10, 2026, marking yet another failed attempt to push past what’s becoming crypto’s most stubborn resistance level. Traders are getting pretty frustrated.

The rejection happened fast and hard, just like the previous two times Bitcoin tried to crack this barrier earlier in the year. Each time, sellers jumped in aggressively, pushing prices back down and leaving bulls scratching their heads about what it’ll take to finally break free. Market data from major exchanges shows the same pattern keeps repeating – heavy selling pressure kicks in the moment Bitcoin gets close to $72K, creating a wall that seems impossible to climb.

Things aren’t looking great right now.

Crypto traders are on edge, watching every move Bitcoin makes around this price level. Many see $72,000 as more than just a technical resistance – it’s become a psychological battlefield where fear meets greed. “We’re seeing a classic case of market indecision,” said Sarah Thompson, a well-known crypto analyst, on March 11. She thinks Bitcoin might be stuck in sideways trading for a while before any real breakout happens.

The selling pressure isn’t random. Data shows many investors are basically using $72K as their exit ramp, either to lock in profits or cut potential losses. Can’t really blame them – crypto’s wild swings make people nervous, and this level has proven to be a pretty reliable spot to cash out. But the constant selling makes it nearly impossible for Bitcoin to build the momentum needed for a sustained rally.

Broader economic factors aren’t helping either.

Interest rates keep climbing globally, and crypto markets are feeling the squeeze. The Federal Reserve held off on another rate hike this month, but everyone knows more increases could be coming. That uncertainty is making investors way more cautious about risky assets like Bitcoin. When traditional investments start offering better returns with less volatility, crypto suddenly doesn’t look as attractive. See also: Bitcoin Hits 20 Million Coins as.

Institutional players are still active, though their moves are harder to predict these days. Hedge funds and asset managers can swing Bitcoin’s price dramatically with their large trades, but they’re being more careful now. Grayscale announced on March 9 that it’s keeping its Bitcoin holdings steady rather than making any big moves. Smart move, probably, given how unpredictable things are.

Meanwhile, Binance reported something interesting – short positions have been piling up as Bitcoin approaches $72K. Traders are basically betting that the price will fall, which adds even more selling pressure at this crucial level. It’s like a self-fulfilling prophecy where everyone expects the rejection, so they position for it, making the rejection more likely to happen.

Retail investors are caught in the middle of all this chaos. Diversification and risk management have become more important than ever as Bitcoin’s price swings get more violent. The old “buy and hold” strategy is getting tested hard when prices can’t seem to make any real progress upward.

Regulatory uncertainty keeps hanging over everything too. The SEC is still working on new crypto rules that could change how digital assets get traded and held. Nobody knows exactly what’s coming, but the waiting game is making everyone nervous. When regulators finally make their decisions, it could either boost confidence or send prices tumbling.

Not everyone’s giving up hope. For more details, see XRP Withdrawals Jump as ETF Money.

Some analysts still think Bitcoin’s fundamentals – limited supply, growing adoption, institutional interest – will eventually drive another bull run. But they’re warning it might not happen until the broader economic picture gets clearer and some of this regulatory uncertainty gets resolved.

Glassnode’s latest data from March 10 shows something encouraging, though. Long-term Bitcoin holders aren’t selling, even with all the current volatility. These diamond-handed investors are keeping their coins locked away, suggesting they still believe in Bitcoin’s long-term value despite the short-term struggles. Their supply hoarding might actually help support prices during these rough patches.

Bitcoin’s currently trading around $70,500, reflecting the market’s cautious mood. Traders are waiting for some kind of catalyst – maybe a breakthrough above $72K, maybe a crash below key support levels. The next few weeks could determine which direction things go, but right now nobody’s making any bold predictions.

The crypto community remains split between optimists who see this as just another temporary setback and pessimists who think Bitcoin might be entering a prolonged period of stagnation. Market participants are watching every economic data release and regulatory announcement for clues about what comes next.

Post Views: 10

Renowned author and statistician Nassim Nicholas Taleb found Elon Musk's widely touted X Money payments service better than Bitcoin (CRYPTO: BTC) on Wednesday. X Money A ‘Private' Currency?

The operator, known as Tom, said only users who signed a fake terms-of-service message on the compromised site after the breach were affected. Mar 12, 2026, 4:27 a.m.

The one thing that remains constant in the crypto market, irrespective of whether it's booming or not, is hacks. Thursday, hackers grabbed Bonk.fun's domain, the Raydium- and BONK-backed Solana token launchpad, and planted a wallet drainer there.

Operator Tom announced the hack to the community through his X account @SolportTom. "Do not use the http://bonk.fun domain until further notice, hackers have hijacked a team account forcing a drainer on the DOMAIN," he said. Bonk's official X handle confirmed the same.

The breach underscores persistent vulnerabilities in crypto frontends, even as institutional participation booms and ecosystems become bigger.

Tom added that past connections to bonk.fun remain safe, as do trades executed through third-party terminals. Only those who signed a bogus terms-of-service message on the compromised site after the breach were hit and swift community alerts appear to have limited the damage.

"We're doing everything in our power to fix the situation," the operator said, prioritizing users who have trusted the platform for the past eight months. The operator did not disclose the exact amount of dollar losses, but emphasized that the incident was caught quickly.

BONK's X.More For You

The Protocol: Ethereum Foundation starts experimenting with ‘DVT-lite’ technology

13 hours ago

Also: Nvidia’s rare blog, Aave liquidations, and Pudgy Penguins new game.

What to know:

Welcome to The Protocol, CoinDesk's weekly wrap of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, a reporter at CoinDesk.

In this issue:

Vitalik Buterin pushes ‘DVT-Lite’ to make Ethereum validator setup easierNvidia's Huang argues AI creates jobs, not destroys them, in rare official blog postDeFi lending platform Aave sees a rare $27 million in liquidations after a price glitchPudgy Penguins launches its 'Club Penguin' moment, and the game doesn't feel like crypto at all

XRP futures traders appear to be pulling back as open interest dropped, funding rates weakened, and exchange transaction activity fell significantly.

XRP failed to break above $1.40 on Wednesday despite early-week optimism about a potential resolution to the Iran conflict. At the same time, derivatives data suggest speculative activity in the market has been cooling.

Open interest in XRP derivatives has declined sharply across major trading platforms after a period of strong speculative activity that accompanied the asset’s rally toward its cycle peak in July 2025.

Signs of Cooling After Heavy Long Liquidations New data tracking multi-exchange open interest shows that the total value of active futures contracts has dropped noticeably across nearly all major exchanges, which indicates a reduction in leveraged participation. Open interest represents the total number of futures contracts that remain active in the market, and a decline typically means that traders are closing positions or reducing exposure.

Despite the broader decline, Binance continues to hold the largest share of XRP derivatives activity, as open interest currently stands at approximately $222 million. Bybit follows with about $195 million in open interest. While these figures remain higher than the lowest levels recorded in 2024, they are significantly below the high readings observed during mid-2025 when XRP reached its cycle high and speculative trading activity intensified.

After examining liquidation data across exchanges, CryptoQuant found a clear dominance of long liquidations compared with short liquidations, both in frequency and total value. This pattern suggests that bullish traders have been disproportionately affected by recent market volatility.

The report also said that heavy long liquidations typically push funding rates lower, and often bring them back toward neutral levels or even into negative territory. Such conditions generally reflect weakening bullish sentiment and increased caution among derivatives traders.

Market Participation Slows Meanwhile, activity involving XRP transfers to and from major cryptocurrency exchanges has dropped to its lowest level since the indicator was introduced. The data comes from the Multi Exchanges Daily Depositing/Withdrawing Transactions Delta, a metric that tracks the number of XRP deposit and withdrawal transactions across 15 major trading platforms.

You may also like: XRP Exchange Transactions Fall to Historic Lows: Good or Bad for Ripple’s Price? Ripple Holders Alert: 60% of XRP Circulating Supply Currently Underwater Analyst Tells XRP Holders to Tune Out War Talk and Watch Key Price Levels According to the analysis, the sharp decline in transaction activity comes after XRP’s price fell by more than 60% from the highs recorded last summer. The drop in deposits and withdrawals means that fewer users are currently interacting with exchanges, in what appears to be a notable slowdown in overall exchange-related activity for the cryptocurrency.

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XRP price failed to stay above $1.3950 and started a downside correction. The price is now holding the $1.3680 support but is at risk of more losses.

XRP price started a downside correction and declined below $1.4050. The price is now trading near $1.3720 and the 100-hourly Simple Moving Average. There is a new bearish trend line forming with resistance at $1.3910 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start another increase if it stays above $1.3680. XRP Price Corrects Gains XRP price failed to stay above $1.4120 and started a downside correction, like Bitcoin and Ethereum. The price dipped below the $1.4050 and $1.4020 levels to enter a negative zone.

The price even dipped below the 50% Fib retracement level of the upward move from the $1.3217 swing low to the $1.4430 high. Besides, there is a new bearish trend line forming with resistance at $1.3910 on the hourly chart of the XRP/USD pair.

The price is now trading near $1.3720 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.3840 level. The first major resistance is near the $1.3920 level, above which the price could rise and test $1.40.

Source: XRPUSD on TradingView.com A clear move above the $1.40 resistance might send the price toward the $1.4140 resistance. Any more gains might send the price toward the $1.4250 resistance. The next major hurdle for the bulls might be near $1.450.

More Downside? If XRP fails to clear the $1.40 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.370 level. The next major support is near the $1.3680 level and the 61.8% Fib retracement level of the upward move from the $1.3217 swing low to the $1.4430 high.

If there is a downside break and a close below the $1.3680 level, the price might continue to decline toward $1.340. The next major support sits near the $1.3250 zone, below which the price could continue lower toward $1.3120. Any more losses might call for a test of $1.3050.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $1.3680 and $1.3250.

Major Resistance Levels – $1.3910 and $1.4000.

Bitcoin fell 1.8% to around $69,400 on Thursday as crude oil surged back above $100 a barrel. The move laid bare the leading cryptocurrency’s inability to serve as a safe haven during the war in Iran.

The near-term pain is clear, but the longer-term picture is more complex. Fed policy, war-driven money printing, and sanctioned states’ growing dependence on crypto all demand attention.

Oil Shock Overwhelms Record SPR ReleaseBrent crude jumped more than 9% to hit $101.59 on Thursday. Two tankers were struck in Iraqi waters, prompting Baghdad to halt oil port operations. Bahrain reported an Iranian attack on its fuel tanks. Oman evacuated vessels from its key Mina Al Fahal export terminal.

The attacks came hours after the IEA announced its largest-ever emergency reserve release of 400 million barrels. The US is contributing 172 million barrels. Markets shrugged off the move.

“Dumping barrels from emergency stockpiles is less a solution than a symbolic gesture,” said Stephen Innes at SPI Asset Management.

Polymarket now prices an 82% probability that crude hits $100 by the end of March, up 40 percentage points. The $95 contract stands at 94%. Even $110 or higher commands a probability above 60%, with more than half the market expecting triple-digit oil to persist.

Bitcoin Tracks Risk Assets, Not GoldBitcoin has failed to decouple from equities since the war in Iran began on February 28. It drifted sideways to lower, unable to hold the $74,000 level touched in the war’s first week.

Bitcoin is now down 47% from its October 2025 all-time high of $126,000.

The transmission mechanism is straightforward. Rising oil prices fuel inflation expectations, which push back rate cut timelines. That restricts the liquidity Bitcoin needs to rally. Traders now expect the Fed to cut rates only once this year.

For crypto, the oil move matters more than the geopolitics itself. Sustained crude above $80 hardens the re-inflation narrative and kills hopes of rate cuts. The Strait of Hormuz shutdown adds a transport-cost shock on top of the supply disruption.

ETF Flows Hint at Institutional AccumulationDespite Bitcoin’s lackluster price action, institutional money appears to be quietly accumulating. SoSoValue data shows US spot Bitcoin ETFs logged three consecutive days of net inflows. The tally: $167 million on March 9, $250.92 million on March 10, and $115.17 million on March 11. That totals $533 million over the stretch. Cumulative net inflows have reached $55.9 billion.

The streak reverses the $348 million and $228 million single-day outflows on March 6 and 5. It suggests institutions are treating the war-driven dip as a buying opportunity.

Bloomberg ETF analyst Eric Balchunas noted on X that ETFs collectively hold 1.28 million BTC. That makes them the largest holder in the world, despite a 50% drawdown. Year-to-date flows were about to turn positive, with cumulative lifetime net inflows around $56 billion.

Still, the broader picture is sobering. Bitcoin ETFs bled roughly $4.5 billion between late January and late February, per SoSoValue. The recent inflows, while encouraging, have not yet reversed that tide.

What to WatchNear-term: Friday’s core PCE data, expected at 0.4% month over month, could cement the hawkish Fed stance. Oil above $80 delays rate cuts. Delayed cuts starve Bitcoin of liquidity.

Longer term: Every major US war since 1990 has eventually triggered Fed easing. Deficit-funded war spending expands the dollar supply. If history repeats, the current pain could precede a monetary tailwind for risk assets.

Sanctions and crypto: The war is deepening sanctioned states’ dependence on crypto. Iran’s central bank held over $507 million in USDT before the strikes, per Elliptic. Russia’s A7A5 stablecoin moved $93.3 billion in under a year. FATF’s March 3 report found 84% of illicit crypto runs through stablecoins. That infrastructure will outlast the war.

Bitcoin remains a liquidity play, not a crisis hedge. The open question is whether war-driven money printing eventually changes that.

Brent crude surged 10% after attacks on two oil tankers in Iraqi waters, with the prompt spread hitting levels not seen in years and MSCI Asia Pacific stocks falling 1.8%. Mar 12, 2026, 4:56 a.m.

The bitcoin relief rally due to oil losing gains lasted about 36 hours.

Bitcoin fell to $69,393 on Thursday morning, down 0.8% over the past 24 hours and 4.3% on the week, after attacks on two oil tankers in Iraqi waters sent Brent crude surging back above $100 a barrel.

The move wiped out Wednesday's optimism around the IEA's proposed record reserve release and pushed risk sentiment back into retreat across Asian markets.

The chart tells the story of a market that can't catch a break. Bitcoin touched $71,230 late Wednesday evening before the tanker headlines hit, dropping nearly $2,000 in a matter of hours.

That's the third time in two weeks that bitcoin has pushed above $71,000 only to get knocked back by an escalation in the Middle East conflict.

Brent surged as much as 10.5% on Thursday, driven by a combination of the tanker attacks, clearance of the Mina Al Fahal port in Oman, continued hostilities across the Persian Gulf, and growing doubt about whether the IEA reserve release will be large enough to offset the supply disruption.

MSCI's Asia Pacific index dropped 1.8% with energy the only sector in the green. The session extended losses as it went on, with no signs of stabilization.

The broader crypto market followed bitcoin lower. Ether fell to $2,025, down 0.5% on the day and 4.5% on the week. Solana dropped 1.5% to $85 and is now down 5.7% over seven days, the worst-performing major. XRP lost 0.8% to $1.37.

Dogecoin fell 0.8% to $0.092, giving back most of Tuesday's Musk-driven gains. BNB was flat at $642.

The pattern of the past two weeks has been consistent. Good headlines push bitcoin toward $71,000-$74,000. Bad headlines drag it back toward $66,000-$68,000. The net movement over the period is close to zero, which is exactly what the on-chain data has been suggesting.

Apparent demand remains deeply negative at -30,800 BTC on a 30-day basis. CryptoQuant's bull-bear indicator is still in bear territory, while supply in loss continues to climb. Every bounce gets sold into by holders looking to exit.

Trump said earlier this week the war would resolve "very soon" and that military objectives were "pretty well complete."

But the timeline remains unclear, Iran continues to strike targets across the region, and the Strait of Hormuz is still disrupted. Mixed messaging from Washington has left markets unable to price the conflict's duration with any confidence.

The Fed meeting on March 17-18 is now five days away, and oil back above $100 makes the stagflation case harder to dismiss and rate cuts even more distant.

More For You

Crypto platform Bullish climbs past Coinbase to become third-largest crypto exchange by spot volume

8 hours ago

The institutional-focused exchange saw spot trading jump 62% to $76 billion in February, surpassing Coinbase’s market share.

What to know:

Bullish became the third-largest centralized exchange by spot trading volume in February, with its 5.06% market share surpassing that of Coinbase.Bullish's gain in volume comes at a time when overall activity on centralized exchanges slowed, with combined spot and derivatives volumes falling 2.41% in February to $5.61 trillion amid muted cryptocurrency volatility for at least part of the month.Binance remained the largest exchange, with about 22% of spot market share, but its dominance fell to the lowest level since 2020 as trading activity spread across more competing platforms.

Ethereum price remained above the crucial resistance level at $2,000 on Thursday as the crypto market held fairly steady despite the ongoing challenges in the energy markets. ETH token was trading at $2,025, down substantially from the all-time high of $4,950. This article explores why the coin may be at risk of falling to $1,500.

Ethereum price to retreat as the Iran war will be longer than expectedThe most important reason why the Ethereum price may continue falling in the near term is that the Iranian crisis will continue for longer than expected.

In a statement on Wednesday, Trump hinted that the US was ahead of schedule in its mission and signaled that it will end in the next two weeks. This schedule means that he hopes that it will end before his trip to China on March 31st.

While this is a positive move, the reality is that Iran has all the cards now and it is not in its interest to end the war in Trump's terms. Instead, the country's goal is to inflict substantial pain on the United States, including by pushing crude prices to the highest level on record.

Indeed, data shows that Brent crude oil price has jumped to $100 despite Trump’s measures to limit the climb. It rose even after the US announced that it would release over 172 million barrels from its Strategic Oil Reserves. This release will be part of the 400 million that the International Energy Agency (IEA) has suggested.

Iran also understands that ending the war now will leave it vulnerable to more attacks by the United States and Israel in the coming years. As such, demonstrating its power in the energy market will act as a prevention measure for this.

Soaring crude oil prices mean that global inflation will continue rising this year, making it hard for central banks to cut interest rates. Historically, Ethereum and other cryptocurrencies do well when the Fed is cutting interest rates.

These risks explains why flows in Ethereum ETFs have been limited in the past few months, a sign that investors are cautious. Data shows that the spot Ethereum ETFs inflows rose by $57 million on Tuesday after gaining by $12.5 million a day earlier.  Three inflows bring the cumulative monthly figure to just $41 million.

ETH ETFs have shed over $4 billion in assets in the past few months, bringing the cumulative total net inflows to $11.65 billion. These funds now hold $11.85 billion in assets under management.

Ethereum futures inflows have remained under pressure into the past few months. While the figure has risen this month, it remains much lower than last year's high of $42 billion.

ETH price prediction: Technical analysis  The weekly chart shows that the Ethereum price has tanked from the all-time high of $4,950 in August last year to the current $2,000.

Most recently, the coin has stagnated at the current level, leading to modest ETF inflows and futures open interest surge.

However, the coin remains much lower than all moving averages, while the Supertrend indicator is in the red. It has also sunk below the 61.8% Fibonacci Retracement level at $2,460.

The coin seems to have invalidated the inverted head-and-shoulders pattern, which is a common bullish reversal sign in technical analysis.

Therefore, the token will likely resume the downward trend, potentially to the psychological level at $1,500

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PricesResearchConsensus 2026

Data & Indices

Sponsorednvestors are closely watching the upcoming U.S. Consumer Price Index release, which could influence Federal Reserve policy expectations and risk appetite. Mar 12, 2026, 5:15 a.m.

What to know: XRP traded in a tight range around $1.38 as volatility compressed across crypto markets ahead of key U.S. inflation data that could shape Federal Reserve policy expectations.On-chain and institutional activity remained robust, with daily XRP Ledger transactions topping 2.7 million and XRP-linked investment products amassing about $1.4 billion in assets.Ripple began a $750 million share buyback that would value the company near $50 billion, while traders watched the $1.35–$1.37 support and $1.40–$1.42 resistance zones for the next decisive price move.XRP traded quietly near $1.38 as volatility compressed across crypto markets, with traders positioning ahead of U.S. inflation data that could trigger the next directional move.

News BackgroundXRP has entered a period of consolidation as broader crypto markets adopt a cautious tone ahead of key macroeconomic data. Investors are closely watching the upcoming U.S. Consumer Price Index release, which could influence Federal Reserve policy expectations and risk appetite across digital assets.While price action has been subdued, activity on the XRP Ledger remains elevated. Daily transactions recently climbed above 2.7 million, one of the highest levels in months.Institutional positioning has also continued to evolve. XRP-linked investment products have accumulated roughly $1.4 billion in assets since their launch, suggesting longer-term capital remains engaged even as short-term trading momentum slows.Meanwhile, Ripple, the blockchain firm closely associated with XRP, has begun a $750 million share buyback that would value the company at about $50 billion, according to a person familiar with the matter.The move comes after a $500 million funding round at a $40 billion valuation in November, backed by major hedge funds and crypto investment firms.Price Action SummaryXRP slipped slightly from $1.3818 to $1.3787The token traded within a relatively tight 2.5% intraday rangeA midday surge briefly pushed price to around $1.41 before rejectionSupport near $1.37 held through several tests late in the sessionTechnical AnalysisThe most significant move during the session occurred when XRP briefly rallied toward $1.41 on elevated volume before sellers pushed the token back into consolidation. That rejection reinforced the $1.40–$1.41 area as a near-term resistance zone.Despite the pullback, buyers repeatedly defended the $1.37–$1.373 region, forming a sequence of higher lows on shorter timeframes. This behavior suggests dip demand remains active even as momentum fades.Volatility indicators are now compressing. Bollinger Bands on the daily chart have tightened noticeably, a pattern that often precedes a larger directional move once liquidity returns.The current structure leaves XRP trading between resistance near $1.40 and support closer to $1.35–$1.37, creating a tightening range that may resolve soon.What traders say is next?Market participants are focused on whether XRP can maintain support above the $1.35–$1.37 area.Holding this zone could allow the token to continue consolidating before another attempt to reclaim the $1.40–$1.42 resistance band.A break below $1.35 would weaken the current structure and could expose deeper support around $1.30–$1.32, while a breakout above $1.42 would signal a potential momentum shift toward the mid-$1.40s and higher.More For You

Bitcoin slips below $69,500 as tanker attacks send oil back above $100

22 minutes ago

Brent crude surged 10% after attacks on two oil tankers in Iraqi waters, with the prompt spread hitting levels not seen in years and MSCI Asia Pacific stocks falling 1.8%.

What to know:

Bitcoin slid below $70,000 after attacks on two oil tankers in Iraqi waters sent Brent crude back above $100 a barrel, erasing a brief relief rally.The latest spike in oil and renewed Middle East tensions knocked Asian equities and the broader crypto market lower, with major tokens like ether and solana extending weekly losses.On-chain data show persistent selling pressure and weak demand for bitcoin, as investors grapple with conflict-driven stagflation fears and fading prospects for near-term Federal Reserve rate cuts ahead of next week's meeting.Top Stories

Eskom, South Africa's state-owned power utility, is reversing its previous stance by targeting high-intensity energy consumers, specifically bitcoin mining companies. Nyati announced plans to sell excess electricity generated during the day due to increased solar power usage.

Q4: 2026-03-11 Earnings SummaryEPS of $0.72 misses by $0.04

 |

Revenue of

$261.92M

(9.03% Y/Y)

beats by $6.44M

The Descartes Systems Group Inc. (DSG:CA) Q4 2026 Earnings Call March 11, 2026 5:30 PM EDT

Company Participants

J. Pagan - President & COO
Edward Ryan - CEO & Director
Allan Brett - Chief Financial Officer
Edward Gardner - Executive Vice President of Corporate Development

Conference Call Participants

Dylan Becker - William Blair & Company L.L.C., Research Division
Christopher Quintero - Morgan Stanley, Research Division
Paul Treiber - RBC Capital Markets, Research Division
John Shao - TD Cowen, Research Division
Stephanie Price - CIBC Capital Markets, Research Division
Cole Couzens - Wolfe Research, LLC
Robert Young - Canaccord Genuity Corp., Research Division
Mark Schappel - Loop Capital Markets LLC, Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to The Descartes Systems Group Quarterly Results Conference Call. [Operator Instructions] This call is being recorded on Wednesday, March 11, 2026.

I would now like to turn the conference over to Mr. Scott Pagan. Please go ahead, sir.

J. Pagan
President & COO

Thanks, and good afternoon, everyone. Joining me in person on the call today are Ed Ryan, CEO; Allan Brett, CFO; and Ed Gardner, EVP, Corporate Development. And I trust that everyone has received a copy of our financial results press release that was issued earlier today.

Portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws. These forward-looking statements include statements related to our assessment of the current and future impact of geopolitical, trade, tariff and economic uncertainty on our business and financial condition, Descartes' operating performance, financial results and condition, cash flow and use of cash, business outlook, baseline revenues, baseline operating expenses and baseline calibration, anticipated and potential revenue losses and gains, anticipated recognition of revenues and incurrence of expenses, potential acquisitions and acquisition strategy, cost reduction and integration initiatives, timing of management changes, the approval and potential share purchase

BEAVERTON, Ore.--(BUSINESS WIRE)-- #digitalwatermarks--Digimarc will hold a Q&A session on March 16, 2026, at 5 p.m. Eastern time as a supplement to the fourth quarter 2025 conference call.

General Motors has issued a recall affecting more than 17,000 vehicles over a rear toe link fracture that increases the risk of a crash.

The recall from General Motors applies to about 17,050 Buicks due to a rear toe link fracture that can cause loss of vehicle control, increasing the collision risk, the National Highway Traffic Safety Administration (NHTSA) said in a recall report.

Certain 2012–2013 Buick Regal Turbo and GS trim-level vehicles that were sold or registered in more than 20 "high corrosion" states are included in the recall. More specifically, about 4,751 2012 Buick Regals and about 12,299 2013 Buick Regals.

GM TAKES $7B HIT AFTER SHIFTING EV STRATEGY DUE TO SLOWING DEMAND

The recall from General Motors applies to about 17,050 Buicks due to a rear toe link fracture that can cause loss of vehicle control. (Steve Fecht/General Motors via Getty Images / Getty Images)

The "high corrosion" states include Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia and Wisconsin.

Vehicles in Washington, D.C., were also included.

About 4,751 2012 Buick Regal vehicles and about 12,299 2013 Buick Regal models were included in the recall. (Getty Images / Getty Images)

Only about 1% of the vehicles included in the recall may have a defect, which was caused by a supplier’s failure to properly apply corrosion protection.

General Motors said no injuries have been reported in connection with the issue that triggered the recall, which was submitted on Tuesday.

TOYOTA RECALLS 550,000 VEHICLES OVER SEAT DEFECT

General Motors said no injuries have been reported in connection with the issue that triggered the recall. (Paul Hennessy/SOPA Images/LightRocket via Getty Images / Getty Images)

 CLICK HERE TO GET FOX BUSINESS ON THE GO

General Motors dealerships will replace the rear suspension toe links and adjuster fasteners at no cost. Owner notification letters are expected to be mailed on April 13.

The recall expands on multiple others the automaker has filed since late last month about the same issue.

New York, New York--(Newsfile Corp. - March 11, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of PomDoctor Ltd. (NASDAQ: POM) between October 9, 2025 and December 11, 2025, inclusive (the "Class Period"), of the important April 7, 2026 lead plaintiff deadline.

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

WHAT TO DO NEXT: To join the PomDoctor class action, go to https://rosenlegal.com/submit-form/?case_id=52621 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 7, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) PomDoctor was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2) insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) PomDoctor's public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price; and (4) as a result of the foregoing, defendants' positive statements about PomDoctor's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

To join the PomDoctor class action, go to https://rosenlegal.com/submit-form/?case_id=52621 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288228

Source: The Rosen Law Firm PA

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biote Corp. (BTMD) Q4 2025 Earnings Call Transcript

Calgary, Alberta--(Newsfile Corp. - March 12, 2026) - Tenaz Energy Corp. ("Tenaz", "We", "Our", "Us" or the "Company") (TSX: TNZ) is pleased to announce financial and operating results for the fourth quarter and year ended December 31, 2025.

The audited consolidated Financial Statements and related Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2025 and Annual Information Form ("AIF") are available on SEDAR+ at www.sedarplus.ca and on Tenaz's website at www.tenazenergy.com.

HIGHLIGHTS

2025 Acquisitions

In May 2025, we completed the acquisition of NAM Offshore B.V. and renamed the entity Tenaz Energy Netherlands B.V. ("TEN"). As of the closing date, cash consideration was $9.2 million, with deferred contingent consideration depending on future free cash flows, exploration success, and natural gas pricing. During the year, we initiated a multi-year organic growth initiative on the TEN assets with the start of drilling and barge workover activities. Subsequent to the end of Q4 2025, we made an exploratory discovery on our first well at K07-FB-103 (45.6% working interest), which tested at a gross peak rate of 23 MMcf/d with a condensate-gas ratio of 13 bbl/MMscf at a 1,015 psi flowing wellhead pressure(1). In October 2025, we signed and closed the acquisition of Hansa Hydrocarbons Limited, obtaining non-operated interests in the Gateway to the Ems ("GEMS") project on the boundary of the Dutch and German sectors of the North Sea. Purchase price was US$244 million ($339 million), comprised of US$232 million ($323 million) in cash and US$12 million ($17 million) in Tenaz common shares, with contingent consideration based on the success of future exploration projects. This transaction added near-term organic growth and substantial long-term inventory of both development and exploration projects. Fourth Quarter and Year-end 2025 Results

Production volumes averaged 15,556 boe/d(2) in Q4 2025, up 32% from Q3 2025. Higher production was driven by contributions from the GEMS assets and increased production from TEN after completing Q3 2025 turnarounds and our first barge workovers. Full year production of 9,609 boe/d was 257% higher than in 2024, reflecting partial year contributions from both acquisitions in 2025.Funds flow from operations(3) ("FFO") for the fourth quarter was $62.1 million ($2.12/share(3)) as compared to $40.2 million ($1.42/share(3)) in Q3 2025. FFO increased due to the GEMS acquisition and lower current taxes as a result of an increase in capital spending during Q4. Full-year FFO totalled $120.4 million, nearly five times higher than $24.5 million in 2024, reflecting contributions from the two acquisitions.Net income for Q4 2025 was $107.6 million ($3.67/share) as compared to a net loss of $6.0 million ($0.22/share) in Q4 2024. For full-year 2025, net income was $315.6 million ($11.18/share) as compared to a net loss of $7.7 million ($0.28/share) in the prior year. The increases resulted from net income contributions from TEN and the GEMS assets, a $192.2 million gain on acquisition recorded in Q2 2025, and $69.7 million recorded on the remeasurement of contingent consideration in Q4 2025.Tenaz ended 2025 with net debt(3) of $345.2 million, an increase from $55.0 million at Q3 2025, and an adjusted working capital(3) position of $10.0 million at Q4 2024. The increase in net debt during the year primarily resulted from the GEMS acquisition and the recognition of contingent earn-out consideration for the TEN acquisition. Net debt to funds flow from operations ratio(3) for Q4 2025 was 1.4x, as compared to 0.3x as at Q3 2025 and negative net debt as at Q4 2024.Corporate Updates

Concurrent with the GEMS acquisition, we announced the closing of an additional issuance under our November 2024 Senior Unsecured Notes with gross proceeds of $178.9 million at a 9.5% effective interest rate.Also concurrent with the GEMS acquisition, we established new credit facilities with a commitment amount of $115 million from a syndicate comprised of National Bank, Canadian Imperial Bank of Commerce, and Goldman Sachs. Subsequent to year-end 2025 we increased these credit facilities to a new commitment amount of $150 million, with a new institution (DNB Bank ASA) joining the lending syndicate. During 2025, Tenaz repurchased a total of 336,000 shares at a weighted average price of $18.25 per share under the Normal Course Issuer Bid ("NCIB"). Thus far in 2026, Tenaz has repurchased a total of 43,600 shares at a weighted average price of $35.84 per share. Since the NCIB was first established in August of 2022, Tenaz has repurchased a total of 2.5 million shares at a weighted average price of $5.45 per share.We are pleased to announce that Kyle Preston will be joining Tenaz as Vice President of Investor Relations. He replaces David Burghardt, who is retiring from Tenaz.Capital Activity and Outlook

Capital expenditures of $84.2 million during Q4 2025 were primarily for our organic development program on our TEN assets. Capital was deployed in a barge workover and production optimization program, drilling activities on our first operated well, and commencement of non-operated drilling at GEMS and L10. In addition, we elected to make an advanced payment for Ocean Bottom Node ("OBN") 3D seismic data, which will be valuable for developing our main operated licenses. The advance payment also avoids premium charges for the data had we deferred payment. As a result of the election to make advanced payment, our full year capital expenditures of $117.4 million exceeded our guidance range of $101.7 million to $111.7 million.Our 2026 Development and Drilling ("D&D") capital budget is $250 to $275 million. We have commenced both our Canadian program, with three planned horizontal wells (2.6 net), and our TEN operated program, where we expect to drill three to four gross wells and continue our workover campaign. On our non-operated GEMS assets, ONE-Dyas has begun a planned four (1.4 net) well drilling program. At our non-operated L10 license, Eni Netherlands is completing one (0.2 net) new well at the Malachite project. Year-End 2025 Reserves and Resources(4)

Based on an independent engineering reserves evaluation by McDaniel & Associates Consultants Ltd. ("McDaniel") dated March 11, 2026 and effective December 31, 2025, Proved Developed Producing ("PDP") reserves increased 839% from 3.8 million boe ("MMboe") to 32.3 MMboe due to the 2025 acquisitions and organic activities, resulting in a 913% reserve replacement ratio.

Total Proved ("1P") reserves increased 499% from 10.2 MMboe to 57.4 MMboe, resulting in a 1,471% reserve replacement ratio.

Total Proved plus Probable ("2P") reserves increased 472% from 16.6 MMboe to 91.7 MMboe, resulting in a 2,358% reserve replacement ratio. PDP Finding, Developing and Acquisition ("FD&A") costs (including future development costs ("FDC") (5), were $16.76/boe, resulting in a 2.8x recycle ratio. FD&A costs (including FDC) were $16.68/boe and $13.97/boe at the 1P and 2P levels, generating recycle ratios of 2.8x and 3.4x, respectively. Reserve life indices are 5.7 years, 10.1 years, and 16.2 years, respectively, for PDP, 1P and 2P reserves, based on our Q4 2025 annualized production rate. Based on the January 1, 2026 Consultant Average Price Forecast and the year-end Euro to Canadian exchange rate, PDP, 1P, and 2P reserves have been evaluated at after-tax net present values(6) discounted at 10% of $0.62, $1.07, and $1.68 billion, respectively.Tenaz's contingent and prospective resources in the North Sea were also independently evaluated by McDaniel. Contingent resource volumes were assigned to 15 fields with unrisked low (1C), best (2C), and high (3C) estimates of 24.1, 38.0, and 53.4 MMboe, respectively, with a risked best estimate of 24.1 MMboe. A subset of 11 of these fields were economically evaluated, indicating risked after-tax net present value discounted at 10% of $150 million.Prospective resource volumes were assigned to 96 fields with low, mean, and high estimates of 128.3, 329.2, and 603.5 MMboe, respectively, with a risked mean estimate of 101.1 MMboe after applying chance of discovery and chance of development on a prospect-by-prospect basis. A subset of 23 fields were economically evaluated, indicating risked best estimate after-tax net present value discounted at 10% of $734 million.(1) Production test of the Slochteren formation conducted over 16 hours. The peak rate was part of a step rate test and pressure build-up and may differ from stabilized daily production rates. We expect to produce the well at lower production rates relative to the reported test rate.
(2) The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.
(3) This is a non-GAAP and other financial measure. Refer to "Non-GAAP and Other Financial Measures" included in the "Advisories" section.
(4) Reserves and resources evaluated by McDaniel in reports dated March 11, 2026 and effective December 31, 2025. Refer to "Reserves and Resources" included in the "Advisories" section.
(5) "FD&A Cost" and "Recycle Ratio" do not have standardized meanings and therefore may not be comparable with the calculation of similar measures for other entities. Refer to "Reserves and Resources" included in the "Advisories" section.
(6) Euro amounts from the independent engineering reserves and resource evaluations prepared by McDaniel dated March 11, 2026 and effective December 31, 2025 translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

FINANCIAL AND OPERATIONAL SUMMARY

Three months ended
Year ended

Dec 31
Sep 30
Dec 31
Dec 31
Dec 31
($000 CAD, except per share and per boe amounts)
2025
2025
2024
2025
2024
FINANCIAL

Petroleum and natural gas sales
117,600
95,636
16,285
291,036
63,000
Cash flow from operating activities
30,242
34,587
23
110,855
6,244
Funds flow from operations(1)
62,063
40,196
8,299
120,426
24,524
Per share - basic(1)
2.12
1.42
0.30
4.27
0.90
Per share - diluted(1)
1.92
1.22
0.26
3.82
0.79
Net income (loss)
107,555
24,756
(6,037)315,613
(7,713)Per share - basic
3.67
0.87
(0.22)11.18
(0.28)Per share - diluted
3.32
0.75
(0.22)10.02
(0.28)Capital expenditures(1)
84,180
13,096
4,962
117,430
18,225
Net debt(1)
345,150
55,041
(9,953)345,150
(9,953)Net debt to funds flow from operations ratio(1)
1.4
0.3
(0.3)2.9
(0.4)Common shares outstanding (000)
 
 
 
 
 
End of period - basic
31,789
28,374
27,610
31,789
27,610
Weighted average for the period - basic
29,271
28,377
27,542
28,232
27,105
Weighted average for the period - diluted
32,383
33,081
32,279
31,502
31,067

 
 
 
 
 
OPERATING
 
 
 
 
 
Average daily production
 
 
 
 
 
Heavy crude oil (bbls/d)
1,176
1,282
1,097
1,164
988
Natural gas liquids (bbls/d)
375
111
78
164
68
Natural gas (Mcf/d)
84,026
62,634
9,836
49,684
9,792
Total (boe/d)(2)
15,556
11,832
2,814
9,609
2,688

 
 
 
 
 
Netbacks ($/boe)
 
 
 
 
 
Petroleum and natural gas sales
82.17
87.86
62.90
82.98
64.04
Royalties
(1.36)(1.70)(5.00)(1.97)(5.36)Transportation expenses
(2.05)(2.15)(2.99)(2.26)(2.84)Operating expenses
(31.50)(36.53)(33.38)(33.06)(32.26)Midstream income(1)
1.17
1.60
4.24
1.78
5.38
Operating netback(1)
48.43
49.08
25.77
47.47
28.96

 
 
 
 
 
BENCHMARK COMMODITY PRICES
 
 
 
 
 
WTI (US$/bbl)(3)
59.14
64.95
70.28
64.77
75.73
WCS ($/bbl)
66.87
75.15
81.32
77.80
83.91
AECO ($/Mcf)(4)
2.34
0.63
1.48
1.69
1.39
TTF ($/Mcf)(5)
14.28
15.34
19.00
17.40
15.06
(1) This is a non-GAAP measure. Refer to "Non-GAAP and Other Financial Measures" included in the "Advisories" section.
(2) The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.
(3) WTI represents posting price of West Texas Intermediate ("WTI") crude oil.
(4) AECO is the natural gas price index for Alberta.
(5) TTF is the price for natural gas in the Netherlands.

PRESIDENT'S MESSAGE

As we release our Q4 and year-end 2025 results, we find that our disclosure occurs in the context of a world at war. Our primary base of operations is Europe, where for more than four years a revisionist autocratic state has waged unprovoked and irrational war on a key democratic country. Now, less than two weeks before the publication of this report, another dangerous conflict has engulfed one of the major energy-producing regions of the world. These sobering circumstances underscore our company's fundamental mission to supply Europe with secure, sustainable, domestically-produced energy.

Tenaz is fortunate and honoured to have its main assets in two NATO and EU stalwarts, the Netherlands and Germany. We are also fortunate to have our corporate headquarters and oil assets in Canada, also a contributor to NATO and to the war effort in Ukraine. I can assure you that we will do all we can to increase supplies of energy, particularly natural gas in Europe, during this time of war-induced shortage.

As we look ahead to the opportunities of 2026, let me begin by thanking the entire Tenaz staff for a landmark year in 2025. Our progress resulted from the collective efforts of our operations, technical, finance and corporate teams, all working toward the synergistic goals of providing secure energy and building shareholder value.

During the past year, we expanded the scale of our business, strengthened our asset base, and established a clear path for future growth. With this solid foundation established, we will pursue a multi-year development program that we believe can deliver meaningful production growth and increasing free cash flow in the years ahead.

2025 Acquisitions

In 2025, we closed two significant acquisitions that greatly enhanced our Netherlands business in operational scale and future growth potential. Establishing adequate operational scale is an essential element in reducing unit costs, maximizing operating margins, and improving returns on our organic investment program. In so doing, we not only improve profitability, but also increase the reliability of our cash flows and reduce our overall enterprise risk.

On May 1, 2025, Tenaz completed the acquisition of NAM Offshore B.V. ("NOBV"), assumed operatorship, and renamed the entity Tenaz Energy Netherlands B.V. ("TEN"). The transaction converted Tenaz into a Dutch North Sea ("DNS") operator with direct control over capital allocation, operational execution, and development planning. The acquisition closed ahead of schedule, with an operational transition that was executed without any HSE incidents. The transaction provided valuable access to extensive offshore infrastructure, an essential element for TEN's large inventory of exploration and development ("E&D") opportunities. Our technical team began to devise and implement a multi-year E&D strategy shortly after closing.

As a result of free cash flow and purchase price adjustments from the effective date through closing, the total cash consideration measured at closing of the acquisition, before working capital adjustments, was $9.2 million. Furthermore, net working capital at close was approximately neutral excluding future contingent earn-out obligations.

We accrued the estimated contingent earn-out obligations, which are based on free cash flow attributable to TEN for the period from 2025 to 2027, as liabilities on our balance sheet at closing. This estimate has been updated using our current plan for increased capital investment, with a new estimate of €12.6 million ($20.3 million) as compared to the initial estimate of €48.0 million ($87.1 million) recorded upon closing in May 2025. The estimate is subject to change based on realized revenues and costs during the remaining earn-out period.

On October 6, 2025, Tenaz completed the acquisition of Hansa Hydrocarbons Limited, which holds interests in the Gateway to the Ems ("GEMS") asset located on the maritime border of the Dutch and German sectors of the North Sea. This acquisition added production and additional high-quality drilling inventory in a new core area of the basin. GEMS includes the N05-A platform, which began production in March 2025 at a rate of 75 MMcf/d gross (25 MMcf/d net to Tenaz) from a single well and maintains similar rates today. Notably, the N05-A platform is entirely powered by the Riffgat Wind Farm in German waters, giving GEMS one of the lowest emissions profiles of any hydrocarbon development in the world. The GEMS acquisition complements our operated TEN assets and strengthens our TTF position with near-term production growth, low operating costs, and significant long-term E&D opportunities.

Capital Investment Review

Our 2025 capital program initiated what we intend to be a long-term development program for the acquired assets. Total capital spending was approximately $117 million, including:

Capital-efficient Canadian drilling, continuing Leduc-Woodbend's growth pathNetherlands workover and production optimization campaign to take advantage of existing well stockCommencement of our operated Netherlands drilling programNon-operated initial drilling activity at GEMS and L10Investments in OBN seismic data and long-lead items to support future operated drillingThese investments position Tenaz for a step change in production and free cash flow over the coming years. Importantly, the capital deployed in 2025 established the foundation for larger development programs in 2026 and beyond, which we in turn expect to translate into materially higher free cash flow as our project stream comes online.

2025 Year-End Reserves and Resources

Our independent year-end reserves and resource reports are addressed in greater detail later in this report. In summary, these evaluations reflect the significant expansion of our asset base resulting from the acquisitions completed during 2025.

Proved Developed Producing reserves increased to 32.3 MMboe, up from 3.8 MMboe in 2024, while Total Proved plus Probable reserves increased to 91.7 MMboe, up from 16.6 MMboe. These increases were driven primarily by the 2025 acquisitions, complemented by our organic reserve additions from development activities. Reflecting high quality and deep project inventory, our 2P reserve life index remains at 16.2 years based on Q4 2025 annualized production.

In addition to booked reserves, Tenaz holds substantial contingent and prospective resource potential in the North Sea. Our independent evaluation recognizes contingent resources in 15 fields and prospective resources comprising 96 exploration opportunities, illustrating significant long-term growth potential embedded within our offshore portfolio. These identified resources, combined with existing infrastructure and support from the Dutch government for offshore development, allow for relatively short timelines from planning to production compared with many other jurisdictions.

Netherlands Operations

Following the TEN acquisition, we initiated a multi-year workover and drilling program designed to increase production from our existing well stock and from new wells using available platform slots. During Q4 2025, the Seafox 4 jack-up barge began workover operations, successfully restoring approximately 13 MMcf/d of gross production from previously shut-in or intermittent wells at the K15-K platform (45.6% working interest). Additional production optimization activities were completed on several platforms, reducing operating pressures by improving gas compression. The Seafox 4 barge is continuing workover operations in 2026 with another campaign on the K15-A platform.

In parallel, we initiated an operated drilling program on an aggressive timeline through the diligent work of our technical and operations teams. Rapid initiation of drilling generates earlier production times and optimizes the earnout calculation for TEN. In addition, we are participating in two non-operated drilling campaigns. In total, three drilling rigs are active on properties where Tenaz holds an interest.

On our operated assets, we expect the Shelf Drilling Winner to drill throughout 2026, for a total of three-to-four gross wells this year. The first well at K07-FB-103 (45.6% working interest) is an exploratory discovery that was drilled from an existing platform to an untested fault block. It was drilled on budget and on schedule at a gross Drilling, Completion, Equip and Tie-In Cost ("DCET") estimated to be approximately €43 million. Total measured depth is 5,136 meters (3,360 meters true vertical depth "TVD"). The initial well test had a peak gross production rate of 23 MMcf/d with a condensate-gas ratio of 13 bbl/MMscf at a 1,015 psi flowing wellhead pressure during a 16-hour well test from the Slochteren sandstone. Hook-up operations are ongoing, with the well expected to be online during Q2 2026. We expect to produce the well at lower production rates relative to the reported test rate.

The K07-FB-103 location is included in our 2025 prospective resource report, but not in our year-end reserves report because the well test occurred during 2026. We believe our exploration success at this location speaks to the quality of the projects that are included in our contingent and prospective resource portfolio.

The Shelf Drilling Winner has moved to the K17-FA (60% working interest) platform to drill on the southeast portion of this field. The planned well offsets an existing producer and will target a less-drained area with a planned 1,200 meter high-angle lateral. We have the option to stimulate this well to potentially connect a larger vertical column of gas to the lateral. The on-stream date for this well is targeted for Q4 2026, with the actual date dependent on stimulation, if warranted.

At our non-operated GEMS asset, the Borr Prospector-1 drilling rig will drill up to four gross wells in 2026. The rig is currently completing the N05-A-03 development well (33.3% working interest). This well was drilled to its target measured depth of 4,795 meters (4,003 meters TVD), coming in higher on structure than prognosed, which modestly increased gross thickness of the gas column versus pre-drill expectations. It is expected to commence production during Q2 2026. The next well will be another development well in a different part of the N05-A pool. We expect operator ONE-Dyas to conduct extension and exploratory drilling at GEMS during the second half of 2026.

At our Eni operated L10 license (21.4% working interest), the Noble Resolute jack-up drilled the Malachite structure to a measured depth of 4,719 meters (3,714 meters TVD). The well encountered gas-bearing reservoir and will be tested in the coming weeks before being tied in to produce from the L10-M platform. The Noble Resolute will subsequently move to other activities, but is expected to return later in the year to drill another Tenaz-interest well within the K12 block (12.3% working interest).

Canada Operations

During 2025, we drilled three gross (2.4 net) horizontal wells targeting oil-bearing pools, adding approximately 600 boe/d net on $10 million net drilling and development capital expenditures. The 2025 drilling program continued our record of capital-efficient growth while reinvesting 50% of the cash flow from our Canadian asset.

Our capital program for 2026 of two open hole Ellerslie multilateral wells and a horizontal multi-stage frac well in the Sparky formation is in progress. Leduc-Woodbend continues to be a valuable and worthwhile part of Tenaz, providing oil exposure, growth and reliable cash flow. Our Canadian asset has a 2P reserve life index of 16.8 years as at our year-end 2025 reserves report.

Financial Position

Maintaining a strong balance sheet is an essential priority. Balance sheet strength and ample liquidity, in combination with a robust hedge position, provides a solid base for self-funded capital programs and opportunistic M&A. We exited 2025 with a net debt position of $345.2 million, which is approximately one times forecasted 2026 FFO at the current commodity strip. Our 2026 capital program is funded well within FFO at current commodity prices and our commodity hedging program provides significant downside protection.

Net debt is primarily comprised of our outstanding Senior Unsecured Notes, of which the second of two tranches was issued to finance the GEMS acquisition. Total principal outstanding is $305 million. Additional available liquidity is accessible from our revolving reserve-based loan ("RBL") with a total commitment amount of $150 million. The RBL was upsized from $115 million to $150 million on March 6, 2026 through the addition of DNB Bank ASA as a new institution to the lending syndicate. The RBL was undrawn as at the end of 2025.

We continue to allocate a portion of our free cash flow to our NCIB program. During 2025, Tenaz repurchased a total of 336,000 shares at a weighted average price of $18.25 per share. Thus far in 2026, Tenaz has repurchased a total of 43,600 shares at a weighted average price of $35.84 per share. Since the inception of the program in 2022, we have retired 2.5 million shares at an average cost per share of $5.45. We renewed our NCIB program for another year on February 17, 2026.

Commodity Prices

Tenaz is highly concentrated in TTF natural gas, with an approximately 90% weighting to this product on an oil-equivalent basis. At the current strip, and taking into account our hedge book, TTF would provide approximately 92% of our revenue in 2026.

There was considerable TTF price volatility in 2025 during periods of high seasonal demand, demonstrating Europe's delicate market balance and heavy reliance on gas imports. LNG supply to Europe has been increasing from the US Gulf Coast, which may or may not be considered a reliable source of supply depending on future geopolitical conditions. Global LNG availability has also benefitted from slower demand growth in China, caused by increased Russian pipeline gas imports and growing domestic Chinese gas production. Despite these contributors to looser market conditions, European storage incurred some of the largest withdrawal rates on record this winter to meet periods of colder-than-normal weather. Current EU storage is at the lowest level since 2022.

It was against this backdrop that the Middle East conflagration was initiated. The conflict has created near-term uncertainty and disruption to the global energy market for both crude oil and LNG. At present, safe vessel passage through the Strait of Hormuz is not possible. Qatar's Ras Laffan gas complex, which supplied approximately 20% of global LNG, has suspended production and declared force majeure to customers. While the duration and outcome of this significant event is uncertain, European spot and near-term prices have surged to reflect increased competition for available LNG cargos. European gas markets in particular rely on spot or short-term LNG purchases as opposed to long-term contracts.

Looking forward, the situation may well become more difficult until sometime after the Middle East war is resolved. Prior to this winter, EU-directed storage targets of 90% were not met by some member countries. Enforcing these targets for the upcoming gas year would be supportive to the coming summer's gas prices. Conversely, in the absence of mandated storage levels, storage going into next winter's withdrawal season may be inadequate, because the current backwardated term structure of TTF prices does not incentivize storage. Moreover, because of the undesirability and unreliability of Russian gas, the EU has wisely mandated that imports from Russia will cease in 2027.

In our view, these recent events are an unfortunate but vivid illustration of the ongoing benefit of gas production in the Netherlands and Germany. Domestically produced natural gas is the safest, cleanest, most reliable and most sustainable source possible for the EU. Furthermore, domestic production has incontrovertible economic benefits through high-value employment, capital investment, multiplier effects, reduced product prices, and fiscal contributions. At this important juncture, Tenaz will do its utmost to contribute to energy supply in Europe. We also believe that our long-term E&D program will contribute to the EU's resilience to future, as yet unknown, energy supply shocks.

Commodity price hedging is a key element of our risk management program. As of today, we are 51% hedged for full-year 2026 for all products on an oil-equivalent basis, with 54% of TTF exposure, 28% of our WTI exposure, and 63% of AECO exposure hedged. Approximately 43% of projected revenue for 2026 is currently protected via hedging. We continue to monitor commodity prices and will layer in additional revenue protection for 2026 and beyond to protect payout of capital projects and manage cash flow volatility.

Organizational Update

We are pleased to announce that Kyle Preston will be joining Tenaz as Vice President of Investor Relations. He replaces David Burghardt, who is retiring from Tenaz. We thank Mr. Burghardt for his contribution to Tenaz, most notably his role on the Board of Directors of Altura Energy at the time of our recapitalization transaction.

Mr. Preston has more than twenty years of experience in energy-related capital markets. He most recently served as Vice President of Investor Relations at Vermilion Energy. Prior to that, he was an equity analyst covering the energy sector at several investment banks, including National Bank of Canada and Canaccord Genuity Group. Earlier in his career, he gained valuable industry experience working at ExxonMobil and Shell in various financial roles. Mr. Preston has a Bachelor of Commerce degree from the University of Manitoba and is a CFA charterholder.

Summary

We are proud of the performance of our team in initiating a high-quality organic investment program. Nonetheless, we continue to pursue potentially valuable M&A opportunities in parallel to our organic program. Our objective is to augment organic growth when acquisitions provide high returns on capital, are significantly accretive to existing shareholders, and enhance our asset quality. While we like our current transaction pipeline, as always, there is no guarantee that any further transactions will come to pass.

In December 2025, directors and officers exercised 1.7 million warrants and 1.2 million stock options, resulting in the issuance of 2.9 million shares, increasing basic insider ownership from 11.0% to 16.3%. Alignment is an important element of our culture and creates the opportunity for shared success between the Company, employees, and our shareholders who trust us with their capital.

We are honoured and humbled by the recognition of Tenaz' business model in the capital markets. Measured since the date of our recapitalization announcement on August 30, 2021, Tenaz shares have returned more than 3,000%, placing Tenaz in the top percentile of all TSX issuers during this period. This kind of market performance does not happen very often. We know that no market entity will go straight up forever, especially one in a commodity business. However, there are ways to add real value in this industry, and we have a highly skilled, aligned and motivated workforce that has created the basis for our outperformance to date.

We are aware that continued outperformance becomes more of a challenge the bigger and more successful our enterprise becomes. We accept this challenge. It motivates us, as does our responsibility to contribute to energy security in the free world.

/s/ Anthony Marino
President and Chief Executive Officer
March 11, 2026

RESERVES

The independent engineering reserves evaluation of certain oil, natural gas liquid ("NGL") and natural gas interests of the Company by McDaniel dated March 11, 2026 and effective December 31, 2025 ("Reserves Report") was prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Additional reserves and other oil and gas information is included in the AIF available on SEDAR+ at www.sedarplus.ca and on Tenaz's website at www.tenazenergy.com.

The following tables are a summary of Tenaz's crude oil, NGLs and natural gas reserves, as evaluated by McDaniel in the Reserves Report. Under NI 51-101, Tenaz is required to report its reserves and net present value estimates using forecast pricing and costs. The forecast prices reflected in the net present values are based on an average of the price decks of three independent engineering firms, GLJ Ltd., Sproule Associates Limited and McDaniel & Associates Consultants Ltd. (the "Consultant Average Price Forecast") at January 1, 2026 (see the Company's AIF). It should not be assumed that the estimates of future net revenues presented in the tables below represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of our crude oil, NGLs and natural gas reserves provided herein are estimates only and there is no assurance the estimated reserves will be recovered. Actual reserves may be greater or less than the estimates. Reserves information may not add up due to rounding. The Reserves Report includes abandonment, decommissioning and reclamation obligations ("ADR") for properties and associated wells, pipelines, facilities, and surface leases with attributed reserves, as provided for under NI 51-101. All ADR is included in decommissioning liability described in the MD&A.

Information relating to reserves contains forward-looking statements. See "Forward-looking Information" included in the "Advisories" section.

Summary of Reserves

Company Gross Reserves(1)(2)
Light Crude

Natural

Oil & Medium Heavy Conventional Gas Oil
Crude OilCrude OilNatural GasLiquidsEquivalentReserve Category(Mbbl)(Mbbl)(MMcf)(Mbbl)(Mboe)(4)

Proved

Proved Developed Producing450715184,54740532,328Proved Developed Non-Producing 4 3 30,707 43 5,168Proved Undeveloped 399 2,456 100,228 333 19,893Total Proved(3) 853 3,175 315,483 780 57,389Total Probable 770 2,226 184,704 560 34,340Total Proved plus Probable(3) 1,623 5,401 500,187 1,340 91,729(1) Gross reserves are Company working interest reserves before royalty deductions.
(2) Based on the January 1, 2026 Consultant Average Price Forecast.
(3) Numbers may not add due to rounding.
(4) Barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.

Summary of Net Present Value of Future Net Revenue

Benchmark crude oil and NGL prices used are adjusted for quality of crude oil or NGL produced, and for transportation costs. The calculated after-tax net present values ("NPVs") are based on the Consultant Average Price Forecast at January 1, 2026. The NPVs include ADR but do not include a provision for interest, debt service charges and general and administrative expenses. It should not be assumed that the NPV estimate represents the fair market value of the reserves.

After Tax Net Present Value Discounted at(1)(2)(4)

0%

5%

10%

15%

20%
Reserve Category
($M)

($M)

($M)

($M)

($M)

Proved

Proved Developed Producing
308,075

561,246

621,125

614,770

586,638
Proved Developed Non-Producing
249,209

194,200

156,056

128,599

108,188
Proved Undeveloped
485,530

378,195

295,964

233,004

184,389
Total Proved
1,042,814

1,133,642

1,073,145

976,373

879,215
Total Probable
1,229,852

838,857

611,466

466,955

369,124
Total Proved plus Probable(3)
2,272,666

1,972,498

1,684,611

1,443,328

1,248,338
(1) Based on the January 1, 2026 Consultant Average Price Forecast.
(2) Includes abandonment and reclamation costs as defined in NI 51-101.
(3) Numbers may not add due to rounding.
(4) Euro amounts from the independent engineering reserves evaluation prepared by McDaniel dated March 11, 2026 and effective December 31, 2025 translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

Reconciliation of Reserves

Company Gross Reserves(1)(2)

Light Crude

Natural

Oil & Medium

Heavy Crude

Conventional

Gas

Oil

Crude Oil

Oil

Natural Gas

Liquids

Equivalent

(Mbbl)

(Mbbl)

(MMcf)

(Mbbl)

(Mboe)(7)

Total Proved

December 31, 2024
572

3,826

32,523

345

10,163
Economic factors
(28)
(59)
(740)
(10)
(221)Extensions and improved recovery(3)
422

-

1,402

24

680
Technical revisions(4)
150

(429)
4,180

(1)
417
Acquisitions
-

-

296,252

481

49,857
Discoveries(5)
-

-

-

-

-
Production
(263)
(162)
(18,134)
(60)
(3,507)Dispositions
-

-

-

-

-
December 31, 2025(6)
853

3,175

315,483

780

57,389

 

 

 

 

 
Total Proved plus Probable
 

 

 

 

 
December 31, 2024
1,050

6,512

51,288

540

16,650
Economic factors
(36)
(93)
(982)
(15)
(308)Extensions and improved recovery(3)
728

-

2,302

40

1,151
Technical revisions(4)
143

(902)
4,271

51

4
Acquisitions
-

47

442,234

764

74,516
Discoveries(5)
-

-

19,209

21

3,223
Production
(263)
(162)
(18,134)
(60)
(3,507)Dispositions
-

-

-

-

-
December 31, 2025(6)
1,623

5,401

500,187

1,340

91,729
(1) Gross reserves are Company working interest reserves before royalty deductions.
(2) Based on the January 1, 2026 Consultant Average Price Forecast.
(3) Extensions and improved recovery includes all new Ellerslie and Glauconite wells drilled and additional new locations booked at Leduc-Woodbend and Watelet.
(4) Technical revisions were realized in all reserve categories. The revisions were driven by performance deviations from earlier estimates.
(5) Discoveries are related to additional infill and sidetrack well bookings in the Netherlands, transferred from Contingent Resources to 2P Reserves.
(6) Numbers may not add due to rounding.
(7) Barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.

Finding and Development Costs and Recycle Ratios

Finding and development costs ("FDC") reflects the future capital costs, as provided by the Company and included in the Reserves Report, to bring Tenaz's reserves on production. Changes in forecasted FDC occur annually as a result of development activities, acquisition and disposition activities, changes in capital cost estimates based on improvements in well design and performance, and changes in service costs.

Tenaz incurred the following finding, development and acquisition ("FD&A")(3) costs including FDC.

2025

PDP
1P
2P
FD&A (1)(2)(3)

Costs per boe (including FDC)
$16.76
$16.68
$13.97
Recycle ratio (including FDC)

2.8

2.8

3.4
(1) The calculation of FD&A costs includes the change in FDC required to bring reserves into production. FD&A is calculated by dividing the identified capital expenditures by the applicable reserve additions including extensions, infills, revisions, acquisitions and disposals, and economic factors, after changes in FDC costs.
(2) Recycle Ratio is calculated by dividing operating netback (a non-GAAP measure) by the cost of adding reserves ("FD&A Cost").
(3) "FD&A Cost" and "Recycle Ratio" do not have standardized meanings and therefore may not be comparable with the calculation of similar measures for other entities. Refer to "Reserves and Resources" included in the "Advisories" section.

CONTINGENT RESOURCES AND PROSPECTIVE RESOURCES

McDaniel prepared an independent engineering resources evaluation on the resource potential of the Company's offshore assets dated March 11, 2026 and effective December 31, 2025 ("Resource Report"). The Resource Report was prepared by McDaniel in accordance with the COGE Handbook and NI 51-101.

Contingent and prospective resources evaluated in the Resource Report are located offshore in the Netherlands and German portions of the North Sea. Resources have not been evaluated for our Canadian assets.

The Resource Report summarizes estimates of contingent resources and prospective resources of the Company. Contingent resource volumes are reflective of resources evaluated in 15 fields, and the net present value represents both the risked and unrisked values of best estimate contingent resources (2C) for a subset of 11 of these fields using forecast prices and costs. Prospective resource volumes are reflective of resources evaluated in 96 fields, and the net present value represents the risked values of the mean prospective estimate ("PU Mean") for a subset of 23 of these fields using forecast prices and costs.

An estimate of risked net present value of future net revenue of contingent resources and prospective resources is preliminary in nature and is provided to assist the reader in reaching an opinion on the merit and likelihood of the Company proceeding with the required investment. It includes contingent resources and prospective resources that are considered too uncertain with respect to the chance of development and chance of discovery to be classified as reserves. There is uncertainty that the risked net present value of future net revenue will be realized.

Information relating to resources contains forward-looking statements. See "Forward-looking Information" included in the "Advisories" section.

Contingent Resources

Contingent Resources - Company Gross Values

Company Gross Values(1)

Risked

Working

Contingent Resources - Unrisked(2)
Chance of

Resources
Maturity Status: Development on Hold(4)(7)
Interest

1C(6)
2C(6)
3C(6)
Development

2C(3)

Crude Oil (Mbbl)
5
%
1,349
2,464
3,888
60
%
1,478
Natural Gas (MMcf)
34
%
135,901
211,946
294,935
64
%
134,931
NGL (Mbbl)
46
%
123
216
312
62
%
133
Total(7) (Mboe)(5)
26
%
24,122
38,005
53,356
63
%
24,100
(1) Gross values are Company working interest resources. Company gross contingent resources are based on the working interest share of the property gross resources.
(2) There is no certainty that it will be commercially viable to produce any portion of the resources.
(3) The risked 2C contingent resources have been risked for the chance of development. The chance of development is defined as the probability of a project being commercially viable. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are difficult to quantify, the chance of development is uncertain and must be used with caution.
(4) These are contingent resources and are sub-classified in terms of maturity as development on hold.
(5) Based on Mcf to boe conversion of 6 to 1. A boe conversion of 6 to 1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.
(6) Denotes Contingent - Low estimate ("1C"), Contingent - Best estimate ("2C") and Contingent - High estimate ("3C"). Refer to "Reserves and Resources" included in the "Advisories" section.
(7) This includes 15 contingent fields.

Contingent Resources - Net Present Value of Future Net Revenue

Net Present Value Discounted at(1)(4)(5)

0%

5%

8%

10%

15%

($M)

($M)

($M)

($M)

($M)

Before Tax Net Present Values

Unrisked - Best Estimate Contingent (2C) Resources Total(2)
865,136

556,804

433,637

368,612

247,892
Risked - Best Estimate Contingent (2C) Resources Total(2)(3)
536,485

344,437

267,816

227,413

152,542

 

 

 

 

 
After Tax Net Present Values
 

 

 

 

 
Unrisked - Best Estimate Contingent (2C) Resources Total(2)
604,755

382,106

291,365

243,151

153,359
Risked - Best Estimate Contingent (2C) Resources Total(2)(3)
375,018

236,369

179,949

150,010

94,370
(1) Based on the January 1, 2026 Consultant Average Price Forecast.
(2) There is no certainty that it will be commercially viable to produce any portion of the resources.
(3) The risked 2C contingent resources have been risked for the chance of development. The chance of development is defined as the probability of a project being commercially viable. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are difficult to quantify, the chance of development is uncertain and must be used with caution.
(4) This includes 11 contingent fields.
(5) Euro amounts from the independent engineering resources evaluation prepared by McDaniel dated March 11, 2026 and effective December 31, 2025 translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

Prospective Resources

Prospective Resources - Company Gross Values

Company Gross Values(1)

Risked

Working

Prospective Resources - Unrisked(2)(5)(6)
Chance of

Chance of

Mean
Product
Interest

Low(8)
Median(8)
Mean(8)
High(8)
Discovery

Development

Resources(3)

Crude Oil(4) (Mbbl)
5%
373
675
752
1,232
50%
60%
227
Natural Gas(4) (MMcf)
41%
767,402
1,639,269
1,970,811
3,613,684
45%
68%
605,390
Total (Mboe)(4)(7)(9)
40%
128,273
273,887
329,221
603,513
45%
68%
101,125
(1) Gross values are Company working interest resources.
(2) There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be economically viable or technically feasible to produce any portion of the resources.
(3) The risked mean prospective resources have been risked for the chance of discovery and for the chance of development. The chance of discovery is the estimated probability that exploration activities will confirm the existence of a significant accumulation of potentially recoverable petroleum. The chance of development is the probability of a project being commercially viable. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are difficult to quantify, the chance of development is uncertain and must be used with caution.
(4) Subtotal groupings and Total based on the probabilistic aggregation of zones within a prospect and arithmetic aggregation of the individual prospects to the Subtotal grouping and Total level.
(5) The unrisked Total is not representative of the portfolio unrisked total and is provided to give an indication of the resources range assuming all the prospects are successful.
(6) Volumes listed are full life volumes, prior to any cutoffs due to economics.
(7) Based on a Mcf to boe conversion of 6 to 1. A boe conversion of 6 to 1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Refer to "Barrels of Oil Equivalent" included in the "Advisories" section.
(8) Refer to "Reserves and Resources" included in the "Advisories" section.
(9) This includes 96 prospective fields.

Prospective Resources - Net Present Value of Future Net Revenue

Net Present Value Discounted at(1)(4)(5)

0%

5%

8%

10%

15%

($M)

($M)

($M)

($M)

($M)

Before Tax Net Present Values

Risked - Mean ("Best") Estimate Prospective Resources Total(2)(3)
2,985,060

2,087,747

1,711,477

1,515,272

1,131,309

 

 

 

 

 
After Tax Net Present Values
 

 

 

 

 
Risked - Mean ("Best") Estimate Prospective Resources Total(2)(3)
1,572,093

1,061,725

844,634

734,372

515,586
(1) Based on the January 1, 2026 Consultant Average Price Forecast.
(2) There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be economically viable or technically feasible to produce any portion of the resources.
(3) The risked mean prospective resources have been risked for the chance of discovery and for the chance of development. The chance of discovery is the estimated probability that exploration activities will confirm the existence of a significant accumulation of potentially recoverable petroleum. The chance of development is defined as the probability of a project being commercially viable. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are difficult to quantify, the chance of development is uncertain and must be used with caution.
(4) This includes 23 prospective fields
(5) Euro amounts from the independent engineering resources evaluation prepared by McDaniel dated March 11, 2026 and effective December 31, 2025 translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

About Tenaz Energy Corp.

Tenaz Energy Corp. is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz is the largest gas producer in the Dutch sector of the North Sea and develops crude oil and natural gas at Leduc-Woodbend in Alberta. Additional information regarding Tenaz is available on SEDAR+ and at www.tenazenergy.com. Tenaz's Common Shares are listed for trading on the Toronto Stock Exchange under the symbol "TNZ".

ADVISORIES

Non‐GAAP and Other Financial Measures

This press release contains the terms funds flow from operations and capital expenditures which are considered "non-GAAP financial measures" and operating netback which is considered a "non-GAAP financial ratio". These terms do not have a standardized meaning prescribed by GAAP. In addition, this press release contains the term net debt, which is considered a "capital management measure". Accordingly, the Company's use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) determined in accordance with GAAP and these measures should not be considered to be more meaningful than GAAP measures in evaluating the Company's performance.

Funds flow from operations ("FFO")

Tenaz considers funds flow from operations to be a key measure of performance as it demonstrates the Company's ability to generate the necessary funds for sustaining capital, future growth through capital investment, and settling liabilities. Funds flow from operations is calculated as cash flow from operating activities plus income from associate and before non-cash financing costs, changes in non-cash operating working capital and decommissioning liabilities settled. Funds flow from operations is not intended to represent cash flows from operating activities. A summary of the reconciliation of cash flow from operating activities to funds flow from operations is set forth below:

($000)
Q4 2025

Q3 2025

Q4 2024

2025

2024
Cash flow from operating activities
30,242

34,587

23

110,855

6,244
Change in non-cash operating working capital
26,308

3,746

6,114

(1,674)
7,641
Share-based compensation
2,611

-

-

2,611

-
Decommissioning liabilities settled
766

187

1,065

2,151

5,350
Midstream income
1,673

1,745

1,097

6,253

5,289
Amortization of deferred financing costs and premium
463

(69)
-

230

-
Funds flow from operations(1)
62,063

40,196

8,299

120,426

24,524
(1) FFO per share (basic) is calculated as FFO divided by the weighted average common shares outstanding. Diluted FFO per share adjusts for the impact of potentially dilutive securities using the treasury stock method. For the periods presented, FFO per share was as follows: Q4 2025: $2.12 basic, $1.92 diluted; Q3 2025: $1.42 basic, $1.22 diluted; Q4 2024: $0.30 basic, $0.26 diluted; year ended 2025: $4.27 basic, $3.82 diluted; year ended 2024: $0.90 basic, $0.79 diluted.

Capital Expenditures

Tenaz considers capital expenditures to be a useful measure of the Company's investment in its existing asset base calculated as the sum of exploration and evaluation asset expenditures and property, plant and equipment expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. The reconciliation to primary financial statement measures is set forth below:

($000)
Q4 2025

Q3 2025

Q4 2024

2025

2024
Exploration and evaluation
49,390

285

501

50,184

1,948
Property, plant and equipment
34,790

12,811

4,461

67,246

16,277
Capital expenditures
84,180

13,096

4,962

117,430

18,225
Free Cash Flow ("FCF")

Tenaz considers free cash flow to be a key measure of performance as it demonstrates the Company's excess funds generated after capital expenditures for potential shareholder returns, acquisitions, or growth in available liquidity. FCF is a non-GAAP financial measure and is comprised of funds flow from operations less capital expenditures. A summary of the reconciliation of the measure is set forth below.

($000)
Q4 2025

Q3 2025

Q4 2024

2025

2024
Funds flow from operations
62,063

40,196

8,299

120,426

24,524
Less: Capital expenditures
(84,180)
(13,096)
(4,962)
(117,430)
(18,225)Free cash flow
(22,117)
27,100

3,337

2,996

6,299
Midstream Income

Tenaz considers midstream income an integral part of determining operating netbacks. Operating netbacks assists management and investors with evaluating operating performance. Tenaz's midstream income consists of the income from its associate, Noordgastransport B.V. ("NGT"), and excludes the amortization of fair value increment of NGT that is included in the equity investment on the balance sheet. Under IFRS Accounting Standards, investments in associates are accounted for using the equity method of accounting. Income from associate is Tenaz's share of the investee's net income and comprehensive income:

($000)
Q4 2025

Q3 2025

Q4 2024

2025

2024
Income from associate
1,426

1,497

917

5,281

4,383
Plus: Amortization of fair value increment of NGT
247

248

180

972

906
Midstream income
1,673

1,745

1,097

6,253

5,289
Net debt

Management views net debt as a key industry benchmark and measure to assess the Company's financial position and liquidity. Net debt is calculated as current assets less current liabilities, non-current portion of contingent consideration, and long-term debt, excluding the fair value of derivative instruments. If negative, the amount is referred to as adjusted working capital.

Net debt to funds flow from operations ratio is calculated as net debt divided by funds flow from operations. Net debt to quarterly annualized funds flow from operations ratio is calculated as net debt divided by funds flow from operations for the respective quarter, annualized by multiplying by four. Management views these ratios as measures to assess the Company's financial leverage. Funds flow from operations is a non-GAAP measure. Refer to "Funds flow from operations" included in this "Advisories" section.

December 31

December 31
($000)
2025

2024
Current assets
287,048

188,537
Current liabilities
305,301

40,304
Net working capital
18,253

(148,233)Fair value of net derivative instruments
8,375

5
Long-term debt
312,957

138,275
Contingent consideration, non-current portion
5,565

-
Net debt
345,150

(9,953)Funds flow from operations
120,426

24,524
Net debt to funds flow from operations ratio
2.9

(0.4)Net debt to quarterly annualized funds flow from operations ratio
1.4

(0.3)Operating Netback

Tenaz calculates operating netback on a dollar or per boe basis, as petroleum and natural gas sales less royalties, operating costs and transportation costs, plus midstream income. Operating netback is a key industry benchmark and a measure of performance for Tenaz that provides investors with information that is commonly used by other crude oil and natural gas producers. The measurement on a per boe basis assists management and investors with evaluating operating performance on a comparable basis.

Per Share Ratios

FFO per share (basic) is calculated as FFO divided by the weighted average common shares outstanding. Diluted FFO per share adjusts for the impact of potentially dilutive securities using the treasury stock method.

Reserves and Resources

This press release contains metrics commonly used in the oil and natural gas industry, such as "reserve life indices", "recycle ratio", "finding, development and acquisition (FD&A) costs", and "operating netback". Each of these metrics is determined by Tenaz as set forth in this press release. These terms do not have standardized meanings or standardized methods of calculation and therefore may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Such metrics have been included to provide readers with additional information to evaluate the Company's performance, however such metrics should not be unduly relied upon for investment or other purposes. Management uses these metrics for its own performance measurements and to provide readers with measures to compare Tenaz's performance over time. Such measures are not reliable indicators of the Company's future performance and future performance may not compare to performance in prior periods. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes. FD&A costs take into account reserves revisions during the year on a per boe basis. The aggregate of the costs incurred in the financial year and changes during that year in estimated FDC may not reflect total FD&A costs related to reserves additions for that year.

A summary of Tenaz's crude oil, NGLs and natural gas reserves, and contingent resources and prospective resources, as evaluated by McDaniel in the Reserves Report and the Resource Report (collectively, the "McDaniel Reports"), is contained within the Company's AIF. The AIF is available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.tenazenergy.com.

All amounts in this press release are stated in Canadian dollars unless otherwise specified. Euro amounts from the McDaniel Reports have been translated to Canadian dollars at the December 31, 2025 exchange rate of 1.6089 Canadian dollars per Euro.

It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to reserves estimated by McDaniel represent the fair market value of those reserves. The recovery and reserve estimates of crude oil, NGLs and natural gas reserves are estimates only and there is no assurance the estimated reserves will be recovered. Actual reserves may be greater or less than the estimates provided herein.

The resources estimates in this press release are derived from the Resource Report. The following provides the definitions of the various resource categories used in this press release as set out in the COGE Handbook. "Contingent resource" and "prospective resource" are not, and should not be confused with, petroleum and natural gas reserves.

Contingent resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.

The primary contingencies which currently prevent the classification of contingent resources as reserves include but are not limited to: preparation of firm development plans, including determination of the specific scope and timing of the project; project sanction; access to capital markets; stakeholder and regulatory approvals; access to required services and field development infrastructure; crude oil and natural gas prices internationally in jurisdictions in which Tenaz operates; demonstration of economic viability; future drilling program and testing results; further reservoir delineation and studies; facility design work; corporate commitment; limitations to development based on adverse topography or other surface restrictions; and the uncertainty regarding marketing and transportation of petroleum from development areas.

Prospective resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have two risk components, the chance of discovery and the chance of development. There is no certainty that the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources. Application of any geological and economic chance factor does not equate prospective resources to contingent resources or reserves.

Low estimate prospective resource is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best estimate prospective resource is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High estimate prospective resource is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Mean estimate prospective resource is the arithmetic average from the probabilistic assessment.

Although the Company has identified prospective resources, there are numerous uncertainties inherent in estimating oil and gas resources, including many factors beyond the Company's control and no assurance can be given that the indicated level of resources or recovery of hydrocarbons will be realized. In general, estimates of recoverable resources are based upon a number of factors and assumptions made as of the date on which the resource estimates were determined, such as geological and engineering estimates which have inherent uncertainties and the assumed effects of regulation by governmental agencies and estimates of future commodity prices and operating costs, all of which may vary considerably from actual results. There are several significant negative factors relating to the prospective resource estimate which include (i) structural events that are well defined seismically and are low risk, however, reservoir quality, seal, hydrocarbon migration and associated hydrocarbon column estimates are more at risk than the former, (ii) well costs are very high due to the exploratory nature of the initial group of wells, (iii) due to limited infrastructure proximate to the prospects, gas discoveries may be stranded for some time until infrastructure is in place, which may take some time due to the remoteness of the prospects and costs associated with same, and (iv) other factors which are not within the control of the Company.

There is no certainty that any portion of the resources will be discovered. There is no certainty that it will be commercially viable to produce any portion of the contingent resources or prospective resources or that Tenaz will produce any portion of the volumes currently classified as contingent resources or prospective resources. All contingent resources and prospective resources evaluated by McDaniel were deemed economic at the effective date of December 31, 2025. The estimates of contingent resources and prospective resources involve implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated and that the resources can be profitably produced in the future.

The risked net present value of the future net revenue from the contingent resources and prospective resources does not represent the fair market value. Actual contingent resources and prospective resources (and any volumes that may be reclassified as reserves) and future production therefrom may be greater than or less than the estimates provided herein.

The resource estimates are estimates only and there is no guarantee that the estimated resources will be recovered.

Barrels of Oil Equivalent

The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. The boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Forward‐looking Information

This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "budget", "forecast", "guidance", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "potential", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to: our efforts to contribute to increased energy supply in Europe; Tenaz's inventory of exploration and development opportunities and projects; capital plans, activities and budget for 2026 including workover and drilling opportunities; our anticipated operational and financial performance including expected well performance, production growth and free cash flow; our multi-year development program; estimated contingent earn-out consideration; share buybacks; commodity prices; statements relating to reserves, resources and future net revenue; and the Company's strategy.

The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Tenaz including, without limitation: the continued performance of Tenaz's oil and gas properties in a manner consistent with its past experiences; that Tenaz will continue to conduct its operations in a manner consistent with past operations; expectations regarding future development; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty, tariff and regulatory regimes; expectations regarding future acquisition opportunities; the accuracy of the estimates of the Company's reserves, resources and future net revenue; the continued availability of oilfield services; and the continued availability of adequate debt and equity financing and cash flow from operations to fund its planned expenditures.

Tenaz believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.

The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Tenaz's products; unanticipated operating results or production declines; changes in tax or environmental laws, tariffs, royalty rates or other regulatory matters; changes in development plans of Tenaz or by third party operators of Tenaz's properties; increased debt levels or debt service requirements; inaccurate estimation of reserves or resources; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; a failure to obtain necessary approvals as proposed or at all and certain other risks detailed from time to time in Tenaz's public documents.

The forward-looking information and statements contained in this press release speak only as of the date of this press release and, except as may be required pursuant to applicable laws, Tenaz does not assume any obligation to publicly update or revise them to reflect new events or circumstances.

For further information, contact:

Tenaz Energy Corp.

[email protected]

Anthony Marino
President and Chief Executive Officer
Direct: 587 330 1983Bradley Bennett
Chief Financial Officer
Direct: 587 330 1714/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288187

Source: Tenaz Energy Corp.

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Hyundai earned five Best Cars for Families awards Hyundai secured first place in Best Midsize SUV, Best Compact EV SUV, and Best Midsize EV SUV for Families , /PRNewswire/ -- Hyundai topped the 2026 Best Cars for Families list by U.S. News and World Report with five models recognized: Palisade Hybrid (Best Midsize SUV), IONIQ 5 (Best Compact EV SUV), IONIQ 9 (Best Midsize EV SUV), Tucson, and Tucson Hybrid. These awards highlight exceptional safety, reliability, interior space, and family-focused features.

The Hyundai Palisade Hybrid is photographed in Austin, Texas, on Nov. 11, 2025.

2026 Hyundai Tucson is photographed in California City, Calif., on July 16, 2025. "Families now have more vehicle options than ever, which can make choosing difficult," said Ricky Lao, director, product planning, Hyundai Motor North America. "U.S. News and World Report's Best Cars for Families list helps simplify the process by covering 14 vehicle classes. Hyundai is proud to have the most vehicles recognized in the Best Cars for Families list and remains committed to offering a balanced lineup of ICE, hybrid, plug-in hybrid and EV options that meet the needs of bustling families."

The Palisade Hybrid offers strong fuel efficiency with an EPA estimated 33 mpg city/35 mpg highway/34 mpg combined fuel economy (Hybrid Blue SEL Premium/FWD) and delivers customer-friendly features and a more unique, purposeful, and playful character.

The Tucson is Hyundai's best‑selling model and offers five trim options - 2.5L ICE, Hybrid, Hybrid N Line, Plug‑in Hybrid, and XRT - each designed to deliver enhanced comfort, convenience, and safety based on buyer preferences. The Tucson hybrid redefines the hybrid driving experience by delivering efficiency and emotion in a practical yet stylish package.

The IONIQ 5 offers electric propulsion for those seeking a zero tailpipe-emissions family vehicle. The IONIQ 5 impresses with its comfortable driving experience, high-quality interior, excellent efficiencyi, and ultra-fast 800-volt/350kW chargingii capabilities. Its strong range and full complement of advanced safety features make it a smart option for electric SUV buyers.

While the IONIQ 9 all-electric, three-row SUV includes an expansive interior that fuses innovative design and purpose-driven technology. Providing space for seven passengers and futuristic design elements. The IONIQ 9 is assembled at the new Hyundai Motor Group Metaplant America in Georgiaiii.

"With a variety of new awards added this year, the Best Cars for Families provides households of all kinds with expertly vetted options to fit their specific needs," said Zach Doell, vehicle testing editor at U.S. News. "The 2026 awards recognize the models that deliver a seamless blend of safety and strong interior capacity, making the ride enjoyable for every passenger – from the front seats to the back."

About U.S. News Best Cars
Since 2007, U.S. News Best Cars, the automotive channel of U.S. News & World Report, has published rankings and reviews of the majority of new vehicles sold in America. Each year, U.S. News also publishes the Best Cars Awards, including Best Vehicle Brands, Best Cars for the Money and Best Cars for Families. U.S. News Best Cars supports car shoppers throughout the entire car buying journey, offering industry-leading advice for researching cars and finding cars for sale, as well as its U.S. News Best Price Program.

Hyundai Motor America
Hyundai Motor America offers U.S. consumers a technology-rich lineup of cars, SUVs, and electrified vehicles, while supporting Hyundai Motor Company's Progress for Humanity vision. Hyundai has significant operations in the U.S., including its North American headquarters in California, the Hyundai Motor Manufacturing Alabama assembly plant, the all-new Hyundai Motor Group Metaplant America, several cutting-edge R&D facilities and more than 855 independent dealers. These operations are part of Hyundai Motor Group, which is investing $26 billion in the U.S. from 2025 to 2028. For more information, visit www.hyundainews.com.

Hyundai Motor America on Twitter | YouTube | Facebook | Instagram | LinkedIn | TikTok

i

EPA-estimated 303 mile driving range for 2024 IONIQ 5 SE/SEL/Limited RWD; 260 mile driving range for IONIQ 5 SE/SEL/Limited AWD; and 220 mile driving range for IONIQ 5 SE RWD (Standard Range). All figures are EPA estimates and based on a fully charged battery. For comparison purposes only. Battery capacity decreases with time and use. Actual range will vary based on a number of factors, including vehicle options, driving conditions and habits, vehicle and battery's condition, battery temperature and outside temperature.

ii

Approximately 20 minutes to charge from 10% to 80% on a 350-kW, 800V DC ultra-fast charger using the CCS adapter included with the 2026 IONIQ 5. Actual charging time varies based on a number of factors, including current battery charge level, output of the charging unit, vehicle and battery settings, battery temperature and outside temperature. Ultra-fast charging stations are provided by independent companies and availability is not guaranteed.

iii

The 2026 IONIQ 9 is assembled in Georgia from domestic and foreign-sourced parts.

SOURCE Hyundai Motor America

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

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

An Air New Zealand Airbus A320-200 plane takes off from Kingsford Smith International Airport in Sydney, Australia, February 22, 2018. REUTERS/Daniel Munoz/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesNew Zealand carrier to cut about 5% of its capacity through early MayServices to rural areas thousands of miles from Middle East conflict among those affectedFuel price spike, airspace closures have caused worst aviation industry crisis since COVIDWELLINGTON, March 12 (Reuters) - Air ​New Zealand (AIR.NZ), opens new tab said on Thursday it would slash 5% of its flights, or around 1,100 services, through early ‌May as the Iran war sends jet fuel prices surging and disrupts travel even in rural areas thousands of miles from the conflict zone.

The New Zealand carrier led other airlines including Australia's Qantas Airways (QAN.AX), opens new tab, Scandinavia's SAS and Thai Airways (THAI.BK), opens new tab in announcing airfare hikes this week, blaming an abrupt spike in the cost of fuel that has ​rattled the global aviation sector.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

The Middle Eastern conflict has forced many airlines to cancel flights to and from the region ​or use alternative routes due to drone and missile fire that has severely curtailed airspace and caused ⁠the biggest aviation industry crisis since the pandemic.

Oil prices climbed on Thursday after Iraqi security officials said Iranian explosive-laden boats had ​hit two fuel oil tankers amid other global supply disruptions and Iran said the world should be ready for oil at $200 a ​barrel.

A line chart of the percent change in price of energy commodities since Trump's electionAir New Zealand CEO Nikhil Ravishankar told state-owned Radio New Zealand that about 44,000 customers of the 1.9 million flying through early May would have to be reaccommodated due to domestic and international flight cuts.

Airports servicing areas such as popular New Zealand winemaking region Marlborough and west coast city New Plymouth ​will see a reduction in services over the coming weeks.

Fewer long-haul flights would be cut, Ravishankar said, as its U.S. routes have ​become a more popular stopover on the way to Europe since widespread Middle Eastern airspace closures.

"People want to get to Europe still, and over ‌the U.S. ⁠airspace we can get them into Europe, and that's what we're focused on doing," he said.

Air New Zealand's shares were down 1% on Thursday, in line with drops in Hong Kong's Cathay Pacific (0293.HK), opens new tab, Australia's Qantas Airways (QAN.AX), opens new tab and Japan Airlines (9201.T), opens new tab.

On Wednesday, two drones fell near Dubai's main airport - the world's busiest hub for global passengers - and Bahrain evacuated some planes, as attacks on infrastructure across the Gulf continued ​to wreak havoc on air ​traffic.

Flights in the UAEThe war has also disrupted ⁠shipping via the world's most vital oil export route, sent oil prices surging and upended global travel, pushing airline tickets on some routes sky-high, and sparking fears of a deep travel slump.

Travellers are also scrambling ​to switch to carriers that avoid Middle East airspace, with Thai Airways saying it was already ​taking on board ⁠more passengers to and from Europe.

Cathay Pacific has cancelled its flights to Dubai and Riyadh through the end of March and is instead adding more services to London and Zurich, taking advantage of a spike in demand for Asia-Europe flights that avoid the Middle East.

Highlighting the ripple ⁠effects of ​the conflict beyond the Middle East, the government in Vietnam warned on Wednesday ​that domestic airlines may be at risk of fuel shortages as soon as next month.

Reporting by Lucy Cramer in Wellington and Chayut Setboonsarng in Bangkok, Writing by Anne Marie Roantree; Editing by Jamie Freed

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

Ülker Bisküvi Sanayi A.S. (UELKY) Q4 2025 Press Conference Call March 11, 2026 9:00 AM EDT

Company Participants

Verda Tasar - Director of Investor Relations
Ozgur Kolukfaki - CEO & Executive Director
Fulya Surucu - Chief Financial Officer

Conference Call Participants

Evgeniya Bystrova
Cemal Demirtas - Ata Invest Co., Research Division
Ivo Kovachev - J O Hambro Capital Management Limited
Ali Akkoyunlu - Gedik Yatirim Menkul Degerler A.S., Research Division

Presentation

Verda Tasar
Director of Investor Relations

Hello, everybody. My name is Beste, I am leading the Investor Relations department of Ulker Biskuvi. Welcome to Ulker Biskuvi's Full Year 2025 Results webcast.

Here with me in the room are CEO, Ozgur Kolukfaki; and our CFO, Fulya Banu Surucu. Now I leave the ground to our CEO, Ozgur Bey, please.

Ozgur Kolukfaki
CEO & Executive Director

Thank you, Beste. Good morning, good afternoon, everyone, wherever you are, and thank you for joining Ulker Biskuvi's Fourth Quarter and Full Year 2025 earnings call. I'll walk you through our results, strategic progress and also 2026 road map. I'll start with key highlights, then review operation and financial performance and close with our outlook and 2026 growth plan. And then as usual, we will take a few questions at the end.

Looking at the key highlights. 2025 was a resilient year despite softer demand and regional challenges. We maintained our leadership in Turkiye and strengthened regional competitiveness. Innovation scaled strongly, contributing meaningfully to the growth. Balance sheet discipline remains as a core strength of ours. And [ ESG ] progress continue to differentiate Ulker in our sector as a pioneering company. Looking at the macroeconomic highlights. Turkiye operated in a high inflation environment with low confidence consumer environment.

Looking at inflation, the inflation is around -- we finished year with 30.9% consumer inflation, where the PPI was slightly lower than to 27.7%. And looking

New York, New York--(Newsfile Corp. - March 11, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of securities of Aquestive Therapeutics, Inc. (NASDAQ: AQST) between June 16, 2025 and January 8, 2026, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 4, 2026.

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

WHAT TO DO NEXT: To join the Aquestive class action, go to https://rosenlegal.com/submit-form/?case_id=55756 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 4, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose the true state of Aquestive's New Drug Application ("NDA") for Anaphylm; pertinently, Aquestive concealed or otherwise minimized the significance of the human factors involved in the use and deployment of its sublingual film, such as packaging, use, administration, and labeling. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Aquestive class action, go to https://rosenlegal.com/submit-form/?case_id=55756 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288217

Source: The Rosen Law Firm PA

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TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has invested in Elephantech Inc., a startup developing proprietary nano-ink technology for inkjet printing, and signed a partnership agreement with the company. Through the partnership, Mitsubishi Electric aims to accelerate the industry's shift to manufacturing printed circuit boards (PCBs) using inkjet printing, a process known for its significantly reduced environmental impact. Previously, Mitsubish.

NEW YORK, March 11, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of KDDI Corporation (OTC: KDDIY) resulting from allegations that KDDI may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased KDDI securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=52883 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On February 6, 2026, KDDI posted an announcement on its website entitled “Notice Regarding Expectation that Disclosure of Earnings Report for the Third Quarter of the Fiscal Year Ending March 2026 Will Exceed the 45-Day Period Following the End of Such Quarter.” The announcement stated that KDDI has “decided to postpone the disclosure of its earnings report” and that the reason for postponement was due to uncertainties regarding the quarterly results, in light of a previously announced internal investigation.

On this news, KDDI American Depositary Receipts (under the ticker symbol “KDDIY”) fell 11.4% on February 6, 2026.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

Clifford Capital Partners initiated a new position in WEX (WEX +1.12%) during the fourth quarter, acquiring 95,326 shares worth $14.20 million, according to a recently released SEC filing.

What happenedAccording to a February 17, 2026, SEC filing, Clifford Capital disclosed a new position in WEX, purchasing 95,326 shares during the fourth quarter. The stake's quarter-end value stood at $14.20 million as a result of the new holding.

What else to knowTop five holdings after the filing:NASDAQ: HSIC: $27.97 million (4.8% of AUM)NYSE: SOLV: $24.46 million (4.2% of AUM)NYSE: RKT: $24.33 million (4.1% of AUM)NYSE: HNI: $24.13 million (4.1% of AUM)NYSE: NATL: $23.69 million (4.0% of AUM)As of February 17, 2026, shares of WEX were priced at $153.88, roughly flat for the year despite a 20% gain in the S&P 500 over the same period.Company overviewMetricValueRevenue (TTM)$2.66 billionNet Income (TTM)$304.20 millionMarket Capitalization$5.28 billionPrice (as of market close 2/17/26)$153.88Company snapshotWEX offers fleet payment processing, virtual card-based travel and corporate payment solutions, and healthcare payment platforms.The firm generates revenue primarily through transaction fees, software-as-a-service subscriptions, and value-added analytics for expense management.It serves commercial and government vehicle fleets, corporate travel and accounts payable departments, and healthcare benefit administrators.WEX operates as a diversified financial technology provider, delivering payment processing and software solutions across fleet, travel, and health sectors. The company leverages a scalable platform to address complex payment needs, driving recurring revenue through integrated service offerings. Its broad client base and specialized sector focus position WEX for continued relevance in the evolving fintech landscape.

What this transaction means for investorsCompanies that quietly sit in the middle of everyday financial transactions often build powerful long-term businesses, and there are reasons an investor might consider WEX as one of those operators. The firm’s stock has suffered in recent years, but under the hood, there are reasons to be bullish.

The business reported a record $2.66 billion in revenue for 2025 while generating about $304.1 million in net income, down just a bit from $309.6 million the year prior but up 51% on a per-share basis. Growth was driven by strength across the benefits and corporate payments segment, along with a net $3.3 million favorable impact from fuel prices and spreads, and another $4.2 million from favorable foreign exchange rates.

Within the broader portfolio, the position fits alongside holdings tied to financial infrastructure and consumer spending flows, including names like Rocket Companies. A common thread is exposure to platforms that facilitate transactions rather than take direct credit risk, and that might also be part of the appeal with WEX.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Rocket Companies. The Motley Fool recommends Solventum and Wex. The Motley Fool has a disclosure policy.

NEW YORK, March 11, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of BellRing Brands, Inc. (NYSE: BRBR) between November 19, 2024 and August 4, 2025, both dates inclusive (the “Class Period”), of the important March 23, 2026 lead plaintiff deadline.

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

WHAT TO DO NEXT: To join the BellRing class action, go to https://rosenlegal.com/submit-form/?case_id=51444 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 23, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, BellRing develops, markets, and sells “convenient nutrition” products such as ready-to-drink (“RTD”) protein shakes primarily under the brand name Premier Protein. During the Class Period, defendants represented that sales growth reflected increased end-consumer demand, attributing results to “organic growth,” “distribution gains,” “incremental promotional activity,” and “[s]trong macro tailwinds around protein” among other factors. At the same time, defendants downplayed the impact of competition on demand, insisting BellRing was not experiencing any significant changes in competition, and that in the RTD category particularly, BellRing possessed a “competitive moat,” given that “the ready-to-drink category is just highly complex” and the products are “hard to formulate.” As alleged, in truth, BellRing’s reported sales during the Class Period were driven by its key customers stockpiling inventory and did not reflect increased end-consumer demand or brand momentum. Following the destocking, BellRing admitted that competitive pressures were materially weakening demand. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the BellRing class action, go to https://rosenlegal.com/submit-form/?case_id=51444 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

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

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Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com