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Stock Market Finds Rocket Fuel From Trump Canceling Iran Strikes; SpaceX Debut On Deck

Two AI Titans Flash Entries As Rocket Lab Readies For Launch Rare earth stocks continued to snap back early Thursday after a sharp recent sell-off tied to President Donald Trump's China visit and news that Beijing would address U.S. concerns that its export restrictions have resulted in shortages. USA Rare Earth (USAR), which announced new funding from the Department of Energy, MP Materials (MP), Critical Metals (CRML) and REalloys (ALOY) are…

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BSF Enterprise PLC (LSE:BSFA, OTC:BSFAF) said the first product made from T-Rex Leather missed its reserve at a Paris auction, though the company said the exercise had sharpened corporate interest in its bio-leather platform.

The museum-grade luxury handbag, designed by avant-garde techwear designer Enfin Levé, drew a final bid of €150,000 at the Tentation°4 sale managed by Giquello SAS at the Hôtel Drouot auction house on Thursday evening.

That was below the reserve set by BSF and the auction house to reflect what the company described as the “historical significance and uniqueness” of the first-of-its-kind asset, meaning the item was passed in.

BSF said the handbag has now been withdrawn from the public auction format and is being prepared for sale to a select group of high-net-worth collectors and institutions.

The company said the auction result had not dented corporate interest in LGL’s underlying material technology, with discussions continuing with a global sportswear company over potential use in elite athletic footwear and with a “world-renowned” automotive brand over bespoke cabin materials.

BSF said those corporate discussions are focused on the structural integrity, scalability and intellectual property of the bio-leather platform, which it said were demonstrated by the physical handbag.

FTSE 100 jumps 109 points to 10,413 Brent crude futures fall 2% UK economy contracts 0.1% in April  Housebuilders show strong recovery 11.54am: Shell, BP and BAE weigh Weighing on the index today are falls for energy and defence groups, some heavyweights among only 16 London blue-chips that are in the red currently.

Oil giants BP and Shell are down 4.4% and 3.25%. Defence group BAE Systems is down 1.9%, followed by energy suppliers Centrica and SSE, down 1.9% and 1%. 

Next are Sage Group, Bunzl, National Grid, LSE and British American Tobacco. 

11.04am: SpaceX touching down SpaceX’s much anticipated IPO "has been a roaring success", says Kathleen Brooks at XTB, with huge demand for the shares.

The IPO has raised $75 billion, making it the largest ever, valuing the company at $1.77 trillion, the seventh largest firm on the US stock market.

Trading in New York's Nasdaq begins later, with the company worth more than JP Morgan, Meta, Eli Lilly, Berkshire Hathaway and Tesla, Brooks notes. 

It's free float of $75 billion is more on a par with the market caps of Airbnb, Ross Stores and General Motors, though. 

"Today comes the real test," says Brooks, as the shares trade on the open market for the first time.

"After Thursday’s stock market rally the scene is set for a strong start, but any sign of weakness on the main US tech exchange could send shivers across financial markets."

She notes reports that the allocation of shares to the retail market has been lower than originally reported at roughly 20% versus the mooted 30%.

"This is still far higher than the usual allocation to the retail trading community and suggests that institutional demand far outstripped supply.

"This signals that everyone wants a slice of SpaceX right now, which could lead to more shares coming to market, should the underwriters exercise their right to sell additional shares in the coming weeks."

10.30am: More market movers The FTSE 100 has pared some of the morning's gains, and is now 141 points up at 10,445.02. Here's a look at some of the other stocks making big moves today. 

Kier Group PLC (LSE:KIE) rose 3.8% after securing a £140 million contract extension with South West Water, part of Pennon Group PLC (LSE, OTC), running through to 2028. The deal extends a 20-year partnership and keeps Kier as sole contractor on the network services alliance. Read more

BSF Enterprise PLC (LSE:BSFA, OTC:BSFAF) plunged 42% after its first T-Rex Leather handbag failed to meet its reserve at a Paris auction. The €150,000 top bid fell short, leaving the item unsold. The company has now withdrawn it for private sale, but says interest in its bio-leather technology remains strong, with ongoing talks in the sportswear and automotive sectors. Read more

Virgin Wines UK PLC (AIM:VINO) fell 14% to 28.8p after warning of a swing to a £1.5 million pre-tax loss for 2026 despite modest revenue growth. Higher duties and weaker consumer confidence weighed on profits. The group still highlighted improving sales momentum and rising customer acquisition, alongside plans for a new £700,000 warehouse investment funded from cash reserves. Read more

MedPal AI plc (AIM:MPAL) surged 25% to a three-month high around 3.88p after UK approval of Novo Nordisk’s oral weight-loss drug boosted sentiment around its new clinic model. The company says the timing is ideal, with its New Health service launching just as demand for GLP-1 treatments expands. It expects oral options to widen uptake beyond injectables, supported by strong US prescription trends. Read more

Cizzle Biotechnology Holdings PLC (LSE:CIZ) shares jumped 10.9% to 3.05p after the company secured a US patent covering methods used to detect its CIZ1B lung cancer biomarker. The patent strengthens its position in a key market and supports plans with partner Cizzle Bio Inc to commercialise the test across North America and the Caribbean. Read more

9.20am: Footsie bounces higher The FTSE 100 has extended its gains as the morning progresses, now up 148 points at 10,451.84 for a gain of close to 1.5%.

BA-owner International Consolidated Airlines Group SA (LSE:IAG) is now leading the pack, with a 5.5% gain, while Rolls-Royce Holdings PLC (LSE:RR.) has edged into second place, up 4.5%. 

"Global equities are ending the week with a powerful relief rally as markets price a rising chance of a US-Iran diplomatic breakthrough," commented Tickmill Group's Patrick Munnelly. "President Trump said the US is nearing a deal with Tehran, raising hopes that a conflict which has driven volatility for more than three months could be moving toward resolution." 

Munnelly pointed out that oil is the clearest expression of the shift in risk premia. Brent has fallen another 2% to around $88.50/bbl after President Trump softened military threats and pointed to high-level talks with Iranian officials.

"A formal signing ceremony could reportedly take place as soon as this weekend in Europe, with JD Vance expected to attend," he added. "The market is moving from pricing escalation risk to pricing de-escalation relief. That does not remove geopolitical uncertainty, but it materially reduces the immediate threat of a sustained energy shock."

9am: Housebuilders perk up  UK housebuilders surged on Friday as investors warmed to the prospect of lower interest rates and easing tensions in the Middle East.

Persimmon PLC (LSE:PSN) rose 3.9%, Barratt Redrow PLC (LSE:BTRW) gained 3.7%,Taylor Wimpey PLC (LSE:TW.) added 2.9%, while Vistry Group PLC (LSE:VTY) led the sector with a 5.1% jump.

The gains came despite data showing the UK economy shrank by 0.1% in April. Instead of spooking markets, the weaker GDP reading fuelled expectations that the Bank of England may cut rates sooner rather than later to support growth. The BoE's rate-setting committee meets next week. 

Hopes of a peace agreement in the Middle East also lifted sentiment. Oil prices retreated on the prospect of fewer supply disruptions, easing inflation concerns and reducing pressure on policymakers to keep rates higher for longer.

Government bond prices rose, and yields fell as investors increasingly priced in rate cuts rather than hikes. For housebuilders, cheaper borrowing costs could mean more affordable mortgages and stronger demand, helping a sector that has struggled under the weight of higher interest rates.

8.15am: Footsie bounces at the open  The FTSE 100 jumped at the open, gaining 89 points to 10,392.88 in the first 15 minutes of trading on hopes that an end to the conflict in the Middle East is near.

Antofagasta PLC (LSE:ANTO) led the gainers, with a 5.3% gain as copper prices surged on the potential end to the war. Fresnillo PLC (LSE:FRES) was close behind, up 4.9%, while housebuilder Persimmon PLC (LSE:PSN) rose 4.5% after a report suggesting that recent buying activity had been brisk. International Consolidated Airlines Group SA (LSE:IAG) added 4.4% as oil prices fell below $90 a barrel.  

BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) have come under pressure due to the lower oil prices, down 3.3% and 2.4% respectively.

"The FTSE100 rode on the coattails of improved global investor sentiment, with a strong open which built on a resilient performance in the previous session," commented interactive investor's Richard Hunter. "The gains came despite the oil majors following the oil price south, with a broad rally which included the housebuilders after a report suggesting that recent buying activity had been brisk."

While markets staged a strong recovery on hopes that the Middle East conflict could finally be coming to an end, Hunter noted that for the US there is only one show in town today.

"The highly anticipated SpaceX IPO will debut today after what has been an unusual run-up," Hunter said. "The price of $135 per share was announced in advance, Elon Musk reportedly negotiated special deals with Wall Street advisors, and the percentage of shares available to retail investors is much higher than would normally be the case. The offering will raise $75 billion for the company, which will be valued at $1.75 trillion."

7.55am: Fickle markets  Markets look set for a positive end to the week after President Trump made a massive about-turn on his plan to "hit Iran hard." 

It's not the first time he's indicated a peace deal is at hand. According to a CNBC review of the president’s social media posts and public remarks, Trump has signalled or stated outright more than 30 times that a deal is nearly at hand. CNN puts it higher at 38 times since before April's ceasefire was announced. 

"The past 24 hours has seen a sharp reversal in the trajectory of the US–Iran conflict, as mounting hopes of a deal have seen Brent crude fall -1.62% overnight, leaving it on track for a 3-month low of $88.80/bbl. So that’s led to a huge rally across bonds and equities, as lower oil prices have eased fears about a prolonged stagflationary shock," commented Deutsche Bank's Jim Reid. 

"With oil prices coming down sharply, alongside hopes that the Strait of Hormuz will reopen, that’s seen investors price out the chance of rapid rate hikes this year. Indeed, as we go to press, markets are now pricing in just a 77% chance of a Fed rate hike by December, having been fully priced in earlier this week."

7.35am: Middle East conflict hits the economy The UK economy hit a small bump in April, with GDP slipping 0.1% after solid growth in February and March. The monthly decline was largely down to a 0.2% drop in the services sector, while construction edged higher and production was flat.

The bigger picture, though, remains more encouraging. The economy expanded by 0.7% over the three months to April, marking the fifth consecutive period of three-month growth. Services continued to do much of the heavy lifting, with information and communication performing particularly well, alongside retail and professional services. Construction also made a strong contribution.

There were some headwinds. Businesses across sectors said conflict in the Middle East affected trading conditions, with some reporting weaker demand and higher energy and fuel costs.

Even so, GDP was still 1.2% higher than a year earlier, suggesting the UK's growth story remains intact despite a softer start to the second quarter.

FTSE 100 pre-market open Stocks in London are expected to open higher after US President Donald Trump backtracked on a threat to "hit Iran hard" as he hinted at a major breakthrough in talks. 

The FTSE 100 has been called 81 points higher, after closing Thursday's session 49 points up at 10,304. Brent crude has fallen 2% to $88.58 a barrel, while US WTI futures are also lower. 

"What’s unbelievable is that after three months of this nonsense, markets still move on words that have little substance," commented Swissquote's Ipek Ozkardeskaya. "This morning, US crude is testing the $85pb level to the downside, its lowest level since the early days of the Iranian conflict. Yet there is no confirmation from Iranian media, and there is nothing to suggest that this time will be the charm."

Overnight, US stocks staged a powerful comeback, with investors piling back into risk assets after President Trump said he had cancelled planned military strikes against Iran and suggested a diplomatic agreement could be close at hand.

The tech-heavy Nasdaq led the advance, jumping 2.5% as traders reversed much of Wednesday's sharp sell-off. The Dow Jones Industrial Average surged 1.9%, and the S&P 500 climbed 1.8%.

As Friday trade draws to a close in Asia, Tokyo's Nikkei is up 2.9%, Hong Kong's Hang Seng is 1.7% higher, and Shanghai's SSE Composite has gained 1.2%. In Seoul, the Kospi has rallied 4.4% after earlier trading 8% higher as foreign investors shifted to net buying for the first time in 25 trading days. Sydney's ASX 200 closed 2% firmer. 

Q1 2026 Gross Profit of $9.2 Million Increased $11.0 Million
Q1 2026 Net Income of $4.0 Million, or $0.05 per Share, Improved $16.0 Million
Q1 2026 Adjusted EBITDA of $4.7 Million Improved $9.1 Million Compared to Q1 2025

PEKIN, Ill., May 06, 2026 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a producer and distributor of renewable fuels, essential ingredients and specialty alcohols, reported its financial results for the quarter ended March 31, 2026.

“In a seasonally weak period for Alto and the industry, we delivered profitability on an adjusted EBITDA and net income basis through the contributions of strong export sales, higher crush margins and incremental earnings from Section 45Z tax credits. Even without the contribution of the tax credits we were profitable,” said President and Chief Executive Officer Bryon McGregor. “Our strategic realignment, combined with our efforts to improve our operational model and the stability of our business have enhanced our earnings power.”

Added Mr. McGregor, “Looking ahead, our priorities are straightforward: improve utilization and reliability; execute our 2026 optimization and capital projects on time and on budget; and leverage the flexibility we have with multiple revenue streams to respond to market shifts and perform profitably through commodity cycles. In addition, we are focused on expanding the value we capture from 45Z tax credits and on optimally monetizing the value of our biogenic CO2 production across our facilities to lower our carbon footprint. Through our focus on these priorities, we remain committed to enhancing the value of our assets.”

Financial Results for the Three Months Ended March 31, 2026 Compared to 2025

Net sales were $224.7 million, compared to $226.5 million.Cost of goods sold was $215.5 million, compared to $228.3 million.Gross profit was $9.2 million, compared to a gross loss of $1.8 million. Gross profit was positively impacted by an $8.1 million net unrealized gain on derivatives.Selling, general and administrative expenses were $6.7 million, compared to $7.2 million.Interest expense was $2.2 million, compared to $2.7 million.Net income attributable to common stockholders was $4.0 million, or $0.05 per diluted share, compared to a net loss of $12.0 million, or $0.16 per share.Adjusted EBITDA was $4.7 million, compared to negative $4.4 million, an increase of $9.1 million. Cash and cash equivalents at March 31, 2026 were $20.3 million, compared to $23.4 million at December 31, 2025. The company’s borrowing availability at March 31, 2026 was $94.3 million, including $29.3 million under the company’s operating line of credit and $65 million under its term loan facility.

First Quarter 2026 Results Conference Call
Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Wednesday, May 6, 2026, and will deliver prepared remarks via webcast followed by a question-and-answer session.

To receive a number and unique PIN by email, register here. To dial directly up to 20 minutes prior to the scheduled call time, please dial (833) 630-0017 domestically and (412) 317-1806 internationally. Alternatively, the webcast for the conference call can be accessed from Alto Ingredients’ website at www.altoingredients.com and will be available for one year.

Use of Non-GAAP Measures
Management believes that certain financial measures not in accordance with generally accepted accounting principles ("GAAP") are useful measures of operations. The company defines Adjusted EBITDA as unaudited consolidated net income (loss) before interest expense, interest income, provision (benefit) for income taxes, asset impairments, unrealized derivative gains and losses, acquisition-related expense, excess insurance proceeds and depreciation and amortization expense. A table is provided at the end of this release that provides a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income (loss). Management provides this non-GAAP measure so that investors will have the same financial information that management uses, which may assist investors in properly assessing the company's performance on a period-over-period basis. Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other measure of performance under GAAP, or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of the company's results as reported under GAAP.

About Alto Ingredients, Inc.
Alto Ingredients, Inc. (NASDAQ: ALTO) is a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients. Leveraging the unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information, please visit www.altoingredients.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients’ expectations around profitability and executing on opportunities to grow earnings, including through improved utilization and reliability, optimization and capital projects, monetizing additional Section 45Z tax credits and monetizing the value of its biogenic CO2 to lower its carbon footprint; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon a number of factors affecting Alto Ingredients’ business and plans. These factors include, among others adverse economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints, including from tariffs; Alto Ingredients’ ability to timely and within budget execute on its optimization and capital projects; Alto Ingredients’ ability to expand and monetize the value of its CO2 production to lower its carbon footprint; regulatory developments and Alto Ingredients’ ability to successfully pursue and secure opportunities, and realize the expected results, under existing and new legislation, including the Section 45Z regulations, and to successfully apply for and receive anticipated credit amounts. These factors also include, among others, the inherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the alcohol production, marketing and distribution industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2026.

Company IR and Media Contact:
Michael Kramer, Alto Ingredients, Inc., 916-403-2755
[email protected]

IR Agency Contact:
Jody Burfening, Alliance Advisors Investor Relations, 212-838-3777
[email protected]

ALTO INGREDIENTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)   Three Months Ended
March 31,  2026  2025 Net sales$224,680 $226,540 Cost of goods sold 215,461  228,347 Gross profit (loss) 9,219  (1,807)Selling, general and administrative expenses 6,699  7,190 Income (loss) from operations 2,520  (8,997)Interest expense, net (2,198) (2,729)Transferable tax credits, net 3,900  — Other income, net 49  47 Income (loss) before provision for income taxes 4,271  (11,679)Provision for income taxes —  — Net income (loss)$4,271 $(11,679)Preferred stock dividends$(312)$(312)Net income (loss) attributable to common stockholders$3,959 $(11,991)Net income (loss) per share, basic$0.05 $(0.16)Net income (loss) per share, diluted$0.05 $(0.16)Weighted-average shares outstanding, basic 74,789  73,836 Weighted-average shares outstanding, diluted 76,639  73,836  ALTO INGREDIENTS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except par value)        
ASSETS March 31,
2026  December 31,
2025 Current Assets:      Cash and cash equivalents$20,309 $23,415 Restricted cash 1,334  2,258 Accounts receivable, net 59,700  55,069 Inventories 52,831  61,676 Derivative instruments 7,831  525 Transferable tax credits, net 11,530  7,500 Other current assets 5,017  5,474 Total current assets 158,552  155,917 Property and equipment, net 193,199  198,501 Other Assets:     Right of use operating lease assets, net 17,215  16,931 Intangible assets, net 7,419  7,574 Other assets 9,908  9,863 Total other assets 34,542  34,368 Total Assets$386,293 $388,786  ALTO INGREDIENTS, INC.
CONSOLIDATED BALANCE SHEETS (CONTINUED)
(unaudited, in thousands, except par value)       
LIABILITIES AND STOCKHOLDERS’ EQUITY March 31,
2026  December 31,
2025 Current Liabilities:     Accounts payable$19,303 $14,509 Accrued liabilities 12,332  16,691 Current portion – long-term debt —  16,600 Current portion – operating leases 4,975  4,958 Derivative instruments 301  1,067 Other current liabilities 4,741  5,246 Total current liabilities 41,652  59,071        Long-term debt 73,056  63,027 Operating leases, net of current portion 13,240  13,012 Other liabilities 8,467  8,435 Total Liabilities 136,415  143,545        Stockholders’ Equity:      Preferred stock, $0.001 par value; 10,000 shares authorized;
   Series A: no shares issued and outstanding as of
   March 31, 2026 and December 31, 2025
   Series B: 927 shares issued and outstanding as of
   March 31, 2026 and December 31, 2025 1  1 Common stock, $0.001 par value; 300,000 shares
   authorized; 77,946 and 77,307 shares issued and
   outstanding as of March 31, 2026 and December 31,
   2025, respectively 78  77 Non-voting common stock, $0.001 par value; 3,553
   shares authorized; 1 share issued and outstanding as
   of March 31, 2026 and December 31, 2025 —  — Additional paid-in capital 1,052,472  1,051,795 Accumulated other comprehensive income 5,461  5,461 Accumulated deficit (808,134) (812,093)Total Stockholders’ Equity 249,878  245,241 Total Liabilities and Stockholders’ Equity$386,293 $388,786  Reconciliation of Adjusted EBITDA to Net Income (Loss)

 Three Months Ended
March 31,(in thousands) (unaudited) 2026  2025 Net income (loss)$4,271 $(11,679)Adjustments:  Interest expense 2,198  2,729 Interest income (77) (84)Unrealized derivatives gains (8,073) (1,634)Depreciation and amortization expense 6,366  6,266 Total adjustments 414  7,277 Adjusted EBITDA$4,685 $(4,402) Segment Financials

(in thousands) (unaudited)Three Months Ended
March 31,
  2026  2025 Net sales             Pekin Campus production:      Alcohol sales$107,952 $107,234 Essential ingredient sales 43,993  44,618 Intersegment sales 262  297 Total Pekin Campus sales 152,207  152,149        Marketing and distribution:      Alcohol sales$47,326 $49,058 Intersegment sales 2,450  2,506 Total marketing and distribution sales 49,776  51,564        Western production:      Alcohol sales$16,680 $16,194 Essential ingredient sales 7,280  7,808 Intersegment sales 399  264 Total Western production sales 24,359  24,266        Corporate and other 1,449  1,628 Intersegment eliminations (3,111) (3,067)Net sales as reported$224,680 $226,540        Cost of goods sold:    Pekin Campus production$144,021 $155,222 Marketing and distribution 46,037  47,650 Western production 25,502  25,524 Corporate and other 1,036  1,681 Intersegment eliminations (1,135) (1,730)Cost of goods sold as reported$215,461 $228,347        Gross profit (loss):      Pekin Campus production$8,186 $(3,073)Marketing and distribution 3,739  3,914 Western production (1,143) (1,258)Corporate and other 413  (53)Intersegment eliminations (1,976) (1,337)Gross profit (loss) as reported$9,219 $(1,807) Sales and Operating Metrics (unaudited)

(in thousands) (unaudited)Three Months Ended
March 31,
  2026  2025 Alcohol Sales (gallons in millions)    Pekin Campus renewable fuel gallons sold 31.2  32.6 Western production renewable fuel gallons sold 8.2  8.3 Third party renewable fuel gallons sold 23.5  24.4 Total renewable fuel gallons sold 62.9  65.3 Specialty alcohol gallons sold 23.0  24.3 Total gallons sold 85.9  89.6      Sales Price per Gallon    Pekin Campus$2.00 $1.90 Western production$2.03 $1.95 Marketing and distribution$2.01 $2.01 Average sales price per gallon$2.00 $1.93      Alcohol Production (gallons in millions)    Pekin Campus 51.2  54.3 Western production 7.9  8.3 Total 59.1  62.6      Corn Cost per Bushel    Pekin Campus$4.45 $4.65 Western production$5.54 $5.95 Total$4.58 $4.81       Average Market Metrics  PLATTS Ethanol price per gallon$1.73 $1.71 CME Corn cost per bushel$4.38 $4.72 Board corn crush per gallons (1)$0.17 $0.02    Essential Ingredients Sold (thousand tons)  Pekin Campus:  Distillers grains 80.4  90.7 CO2 43.3  45.3 Corn wet feed 29.9  34.5 Corn dry feed 21.0  23.8 Corn oil and germ 18.1  19.6 Corn meal 9.5  9.4 Syrup and other 9.2  8.2 Yeast 6.1  6.4 Total Pekin Campus essential ingredients sold 217.5  237.9    Western production:  Distillers grains 60.1  58.1 CO2 12.8  12.6 Corn oil 0.8  1.4 Syrup and other 0.8  0.8 Total Western production essential ingredients sold 74.5  72.9    Total Essential Ingredients Sold 292.0  310.8       Essential ingredients return % (2)  Pekin Campus return 54.0% 48.0%Western production return 49.9% 49.0%Consolidated total return 53.4% 48.2%    ________________
            (1)   Assumes corn conversion of 2.80 gallons of alcohol per bushel of corn.
            (2)   Essential ingredients revenues as a percentage of total corn costs consumed.

Alto Ingredients, Inc. (ALTO) Q1 2026 Earnings Call Transcript

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, May 11:

Alto Ingredients, Inc. (ALTO - Free Report) : This specialty alcohols and essential ingredients company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 184.2% over the last 60 days.

Alto’s shares gained 69% over the last three months compared with the S&P 500’s advance of 8.3%. The company possesses a Momentum Score  of A.

Sterling Infrastructure, Inc. (STRL - Free Report) : This e-infrastructure, transportation, and building solutions company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 22.8% over the last 60 days.

Sterling’s shares gained 95.8% over the last three months compared with the S&P 500’s advance of 8.3%. The company possesses a Momentum Score of A.

Lattice Semiconductor Corporation (LSCC - Free Report) : This developer of semiconductor products has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 16.3% over the last 60 days.

Lattice’s shares gained 27.5% over the last three months compared with the S&P 500’s advance of 8.3%. The company possesses a Momentum Score of A.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Learn more about the Momentum score and how it is calculated here.

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, May 15:

Alto Ingredients, Inc. (ALTO - Free Report) : This specialty alcohols and essential ingredients company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 184.2% over the last 60 days.

Alto’s shares gained 73.9% over the last three months compared with the S&P 500’s advance of 9.8%. The company possesses a Momentum Score  of A.

Lattice Semiconductor Corporation (LSCC - Free Report) : This developer of semiconductor products has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 16.3% over the last 60 days.

Lattice’s shares gained 27.9% over the last three months compared with the S&P 500’s advance of 9.8%. The company possesses a Momentum Score of A.

inTEST Corporation (INTT - Free Report) : This company that provides test and process solutions for use in automotive, defense/aerospace, industrial, life sciences, security, and semiconductor markets has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 104.6% over the last 60 days.

inTEST’s shares gained 80% over the last three months compared with the S&P 500’s advance of 9.8%. The company possesses a Momentum Score of B.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Learn more about the Momentum score and how it is calculated here.

For those looking to find strong Consumer Discretionary stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Alto Ingredients (ALTO - Free Report) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Consumer Discretionary peers, we might be able to answer that question.

Alto Ingredients is a member of the Consumer Discretionary sector. This group includes 243 individual stocks and currently holds a Zacks Sector Rank of #8. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Alto Ingredients is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for ALTO's full-year earnings has moved 237.5% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the most recent data, ALTO has returned 81.3% so far this year. Meanwhile, stocks in the Consumer Discretionary group have lost about 8.4% on average. This shows that Alto Ingredients is outperforming its peers so far this year.

Hugo Boss (BOSSY - Free Report) is another Consumer Discretionary stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 5.5%.

For Hugo Boss, the consensus EPS estimate for the current year has increased 4.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Alto Ingredients belongs to the Consumer Products - Discretionary industry, a group that includes 25 individual stocks and currently sits at #96 in the Zacks Industry Rank. Stocks in this group have lost about 0.3% so far this year, so ALTO is performing better this group in terms of year-to-date returns.

On the other hand, Hugo Boss belongs to the Textile - Apparel industry. This 22-stock industry is currently ranked #52. The industry has moved -7.2% year to date.

Investors with an interest in Consumer Discretionary stocks should continue to track Alto Ingredients and Hugo Boss. These stocks will be looking to continue their solid performance.

Here are three stocks with buy rank and strong value characteristics for investors to consider today, June 3:

Alto Ingredients, Inc. (ALTO - Free Report) : This specialty alcohols and essential ingredients company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 184.2% over the last 60 days.

Alto Ingredients has a price-to-earnings ratio (P/E) of 10.57, compared with 10.70 for the industry. The company possesses a Value Score  of B.

Banco Macro S.A. (BMA - Free Report) : This company that provides various banking products and services to retail and corporate customers in Argentina carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 11.1% over the last 60 days.

Banco Macro has a price-to-earnings ratio (P/E) of 17.63, compared with 23.81 for the S&P 500. The company possesses a Value Score of B.

Genesco Inc. (GCO - Free Report) : This retailer of apparel and footwear carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 1.9% over the last 60 days.

Genesco has a price-to-earnings ratio (P/E) of 17.01, compared with 23.81 for the S&P 500. The company possesses a Value Score of A.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Learn more about the Value score and how it is calculated here.

When it comes to short-term investing or trading, they say "the trend is your friend." And there's no denying that this is the most profitable strategy. But making sure of the sustainability of a trend to profit from it is easier said than done.

The trend often reverses before exiting the trade, leading to a short-term capital loss for investors. So, for a profitable trade, one should confirm factors such as sound fundamentals, positive earnings estimate revisions, etc. that could keep the momentum in the stock alive.

Investors looking to make a profit from stocks that are currently on the move may find our "Recent Price Strength" screen pretty useful. This predefined screen comes handy in spotting stocks that are on an uptrend backed by strength in their fundamentals, and trading in the upper portion of their 52-week high-low range, which is usually an indicator of bullishness.

There are several stocks that passed through the screen and Alto Ingredients (ALTO - Free Report) is one of them. Here are the key reasons why this stock is a solid choice for "trend" investing.

A solid price increase over a period of 12 weeks reflects investors' continued willingness to pay more for the potential upside in a stock. ALTO is quite a good fit in this regard, gaining 16.2% over this period.

However, it's not enough to look at the price change for around three months, as it doesn't reflect any trend reversal that might have happened in a shorter time frame. It's important for a potential winner to maintain the price trend. A price increase of 21.6% over the past four weeks ensures that the trend is still in place for the stock of this ethanol producer.

Moreover, ALTO is currently trading at 90.6% of its 52-week High-Low Range, hinting that it can be on the verge of a breakout.

Looking at the fundamentals, the stock currently carries a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises -- the key factors that impact a stock's near-term price movements.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Another factor that confirms the company's fundamental strength is its Average Broker Recommendation of #1 (Strong Buy). This indicates that the brokerage community is highly optimistic about the stock's near-term price performance.

So, the price trend in ALTO may not reverse anytime soon.

In addition to ALTO, there are several other stocks that currently pass through our "Recent Price Strength" screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.

This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.

However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.

Click here to sign up for a free trial to the Research Wizard today.

Key Takeaways Alto Ingredients achieved adjusted EBITDA and net income profitability in Q1 2026.Strong renewable fuel exports added $6.7M in revenues through higher volumes and premiums.ALTO offset a 4% volume decline as export demand supported margins and inventories. Alto Ingredients, Inc. (ALTO - Free Report) reported a strong financial turnaround in the first quarter of 2026, driven in large part by the strength of its export business. Despite operating in a seasonally weak period that typically brings higher ethanol inventories and softer demand, the company delivered profitability on both an adjusted EBITDA and net income basis.

A key factor behind this improvement was a more favorable product mix. ALTO benefited from stronger renewable fuel export sales, which generated an incremental $6.7 million in revenues during the first quarter. The gain reflected both higher export volumes and significantly stronger pricing premiums compared with domestic renewable fuel sales.

The export contribution was particularly important as the company faced several operational headwinds. Weather-related disruptions to river logistics led to production curtailments at Alto Ingredients' Pekin campus, contributing to a 4% decline in overall volumes sold, or 3.7 million gallons. Nevertheless, higher-value export sales helped offset the volume shortfall and supported profitability.

Management also highlighted the broader role exports are playing in the ethanol market. During the first-quarter earnings call, executives noted that export demand has helped keep inventories balanced and supported industry margins. For ALTO, the first quarter demonstrated how access to premium international markets can enhance product realizations and provide a meaningful boost to earnings, even during operational and seasonal challenges.

GPRE & MGPI: Different Drivers of ProfitabilityGreen Plains Inc. (GPRE - Free Report) delivered a strong first-quarter 2026 turnaround, largely supported by robust market dynamics. Green Plains benefited significantly from a steady, sustainable pull in U.S. ethanol export demand, which helped balance inventories and provide critical margin support. Management highlighted that overseas blending mandates and international supply deficits continue to fuel this momentum, with Green Plains underscoring the importance of international demand in supporting margins during the quarter.

MGP Ingredients, Inc. (MGPI - Free Report) emphasized inventory optimization, cost management and balance-sheet stewardship during the first quarter of 2026. MGP Ingredients also added more than 20 new customers, reflecting continued demand for its differentiated spirits offerings. By focusing on premium products and customer acquisition, MGP Ingredients strengthened profitability despite ongoing challenges across the broader spirits industry.

ALTO Stock Price Performance, Valuation & EstimatesShares of Alto Ingredients have surged 427.1% over the past year against the industry’s decline of 2.4%.

Image Source: Zacks Investment Research

From a valuation standpoint, ALTO trades at a forward price-to-sales ratio of 0.42, lower than the industry’s average of 2.83.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Alto Ingredients’ current fiscal-year earnings per share (EPS) implies a year-over-year surge of 671.4%, while the consensus mark for the next fiscal year’s EPS suggests growth of 53.7%.

Alto Ingredients currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Alto Ingredients, Inc. (ALTO - Free Report) : This specialty chemicals company has seen the Zacks Consensus Estimate for its current year earnings increasing 184.2% over the last 60 days.

FGI Industries Ltd. (FGI - Free Report) : This bath and kitchen products company has seen the Zacks Consensus Estimate for its current year earnings increasing 32.1% over the last 60 days.

Chegg, Inc. (CHGG - Free Report) : This edtech company has seen the Zacks Consensus Estimate for its current year earnings increasing 27.3% over the last 60 days.

AAON, Inc. (AAON - Free Report) : This heating and cooling equipment company has seen the Zacks Consensus Estimate for its current year earnings increasing 10.4% over the last 60 days.

Dave Inc. (DAVE - Free Report) : This financial services company has seen the Zacks Consensus Estimate for its current year earnings increasing 11.1% over the last 60 days.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.  

Most companies go out of their way to keep their shares accessible. When a stock climbs too high, they authorize a split — cutting the price per share while multiplying the number of shares outstanding. Nothing changes about the business itself, but the move boosts liquidity, draws in more retail buyers, and often sparks fresh momentum. 

A handful of outliers, however, take the opposite path. They let the price keep rising, content with a premium valuation and a tight shareholder base. Seaboard (NYSEAMEX:SEB) is a textbook example. The stock currently trades at $5,554, just 1.7% below its all-time high above $5,654. And it has surged 50% in the last six months alone. For investors used to seeing triple-digit prices, a $5,000 share can feel intimidating, but is Seaboard worth it?

A Quiet Agribusiness and Global Logistics Giant Seaboard operates as a diversified multinational conglomerate with deep roots in food production, commodity trading, and ocean shipping. Its largest U.S. business is pork: the company raises hogs and processes premium fresh and frozen pork products sold under brands like Prairie Fresh to grocers, foodservice operators, and exporters. It also holds a controlling stake in Butterball, one of America’s biggest turkey producers. 

Internationally, Seaboard’s Commodity Trading and Milling segment sources and processes wheat, corn, soybeans, and other grains across Africa, South America, the Caribbean, and Asia, turning them into flour, feed, and oilseed products. The Marine division runs containerized shipping routes linking the U.S. with Central America, the Caribbean, and beyond — reliable routes that move everything from refrigerated cargo to consumer goods. 

Smaller units generate power in the Dominican Republic, produce biodiesel in the U.S., and manufacture sugar and alcohol in Argentina. This vertical integration — from farm to ship to market — gives Seaboard resilience few pure-play food or shipping companies can match.

Why the Stock Has Climbed So Sharply The recent rally traces directly to a powerful earnings rebound in 2025. After a softer 2024, full-year net earnings soared to $496 million from just $88 million the prior year. Earnings jumped more than fivefold to $514.46 per share as revenue grew 7% to $9.75 billion. Operating income also rose 53% on a one-time $170 million tax benefit from reversing a valuation allowance on U.S. deferred tax assets, but operating improvements were real and broad-based. Seaboard’s pork segment stayed solidly profitable amid favorable hog markets, while the Marine business gained from higher freight rates, new vessel deliveries, and expanded service routes. Its commodity trading and milling unit capitalized on global price swings and trading opportunities. 

With roughly 77% of revenue coming from outside the U.S., Seaboard also acts as a natural hedge against domestic economic jitters. Contributing to the forward momentum, management added a $100 million share-repurchase program running through 2027, signaling confidence, while the balance sheet ended the year with more than $1.2 billion in cash and low relative debt.

Will Seaboard Split Its Stock? Given the eye-popping price tag and relatively low daily trading volume, some investors wonder if a split is coming. History says no. Seaboard has never split its shares in more than five decades of public trading. The controlling Bresky family appears comfortable with a high per-share price and a tight float of roughly one million shares. 

Liquidity is thin by design, yet the company has never shown interest in changing that. Instead of chasing broader ownership through a split, Seaboard has returned capital via steady quarterly dividends ($2.25 per share) and opportunistic buybacks. For long-term holders, the lack of a split simply means each share represents a larger slice of a growing global enterprise.

Key Takeaway Wall Street coverage of Seaboard is sparse because of its low float and family-controlled structure, but independent technical analysis has upgraded the stock to a Strong Buy. At current levels, the shares trade near tangible book value with a rock-solid balance sheet and exposure to secular trends in global food security and shipping. 

Patient investors who can tolerate limited liquidity may find this $5,000 name worth owning as it pushes toward fresh highs, provided they believe the agribusiness and logistics tailwinds have further to run.

Posted by Defense World Staff on Apr 7th, 2026

SG Americas Securities LLC lifted its stake in shares of Seaboard Corporation (NYSEAMERICAN:SEB – Free Report) by 79.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 321 shares of the company’s stock after buying an additional 142 shares during the period. SG Americas Securities LLC’s holdings in Seaboard were worth $1,427,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of SEB. EverSource Wealth Advisors LLC lifted its stake in Seaboard by 160.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 13 shares of the company’s stock valued at $37,000 after acquiring an additional 8 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Seaboard by 328.6% in the third quarter. Russell Investments Group Ltd. now owns 30 shares of the company’s stock valued at $109,000 after purchasing an additional 23 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Seaboard by 20.0% during the second quarter. CANADA LIFE ASSURANCE Co now owns 36 shares of the company’s stock valued at $103,000 after purchasing an additional 6 shares in the last quarter. Abel Hall LLC purchased a new position in Seaboard during the third quarter worth about $201,000. Finally, Brighton Jones LLC purchased a new position in Seaboard during the third quarter worth about $208,000. 22.57% of the stock is owned by hedge funds and other institutional investors.

Seaboard Trading Down 1.7% Shares of SEB stock opened at $5,807.52 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.40 and a current ratio of 2.40. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of 11.25 and a beta of 0.28. Seaboard Corporation has a 52-week low of $2,437.00 and a 52-week high of $5,932.39. The company has a 50-day simple moving average of $5,206.98 and a two-hundred day simple moving average of $4,471.90.

Seaboard (NYSEAMERICAN:SEB – Get Free Report) last announced its earnings results on Thursday, February 12th. The company reported $262.99 earnings per share for the quarter. The firm had revenue of $2.41 billion for the quarter. Seaboard had a return on equity of 10.01% and a net margin of 5.09%.

Seaboard Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Monday, February 23rd were given a $2.25 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $9.00 annualized dividend and a yield of 0.2%. Seaboard’s payout ratio is currently 9.93%.

Seaboard Profile (Free Report)

Seaboard Corporation is a diversified agribusiness and transportation company engaged in a range of global operations. Organized into several operating segments, the company’s principal activities include pork production and processing, commodity trading and milling, marine products, sugar production, and shipping. Seaboard’s integrated business model spans the entire value chain—from feed grain procurement and hog production to finished pork products—enabling the company to capture efficiencies across each stage of its operations.

In its pork segment, conducted under the Seaboard Foods subsidiary, the company raises hogs and operates slaughter and processing facilities in the United States.

See Also Five stocks we like better than Seaboard

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MERRIAM, Kan., May 5, 2026 /PRNewswire/ -- The following is a report of earnings for Seaboard Corporation (NYSE American: SEB), with offices at 9000 West 67th Street, Merriam, Kansas, for the three months ended April 4, 2026 and March 29, 2025, in millions of dollars except share and per share amounts.

, /PRNewswire/ -- White Mountains Partners ("WMP"), a White Mountains operating company, announced today that it has acquired a majority interest in BaseSix Systems LLC ("Basesix" or the "Company"), a provider of building systems integration and aftermarket service.  Founded in 2018 and headquartered in Marietta, Georgia, Basesix provides the design, installation, retrofit, maintenance, and repair of mission critical, low voltage building systems for commercial and institutional customers across the fire & life safety, network & wireless, security & access control, and audio-visual disciplines. 

John Daly, White Mountains Partners' CEO and Managing Partner, said, "Basesix was founded with a vision to build a best-in-class multidisciplinary systems integration platform.  Under the leadership of Co-Founders, Robb Borden (CEO) and Chris Atwell (Executive Vice President), the Company's senior management team, and Basesix's divisional and functional Champions, the Company has achieved significant organic growth and earned an exceptional reputation for on-time, on-budget, high quality work for the most complex integration requirements.  We look forward to collaborating with Basesix to help enable the Company's next chapter of growth."

Robb Borden, Co-Founder and CEO, commented, "I would like to express my sincere gratitude to all Basesix employees.  Your unwavering dedication and hard work have been the driving force behind building the Company into what it is today.  We have now reached an inflection point in Basesix's evolution where the next logical step is to join forces with a strong financial partner to pursue the significant growth opportunities ahead, including opening new offices and strategic acquisitions.  We sought a capital partner who shared our core principles, unwavering culture, and strategic vision.  We are excited to partner with WMP to build upon our proven model of success."

Morgan, Lewis & Bockius LLP acted as legal counsel to WMP.  Deloitte Corporate Finance LLC acted as financial advisor and Miller & Martin PLLC acted as legal counsel to Basesix.

ABOUT BASESIX

Basesix simplifies building systems by transforming complex technologies into user-friendly integrated solutions.  With a broad brush, Basesix makes buildings, campuses, and environments safer, smarter, and simpler by combining our people and their talents with products designed for a purpose.  Our customers supply the need or desire, and we take it from there.  Additional information is available on Basesix's website located at www.basesix.com.

ABOUT WHITE MOUNTAINS PARTNERS

White Mountains Partners is a wholly-owned business unit of White Mountains Insurance Group, Ltd. (NYSE: WTM) and provides first institutional capital to family, founder, and entrepreneur-owned businesses in the essential services, light industrial and specialty consumer sectors.  Additional information is available on White Mountains Partners' website located at www.wtmpartners.com.

SOURCE White Mountains Partners LLC

Posted by Defense World Staff on Apr 10th, 2026

Bowhead Specialty (NYSE:BOW – Get Free Report) and White Mountains Insurance Group (NYSE:WTM – Get Free Report) are both finance companies, but which is the better business? We will compare the two companies based on the strength of their profitability, analyst recommendations, dividends, earnings, risk, valuation and institutional ownership.

Profitability This table compares Bowhead Specialty and White Mountains Insurance Group’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Bowhead Specialty 9.75% 13.27% 2.73% White Mountains Insurance Group 29.62% 8.12% 3.79% Insider & Institutional Ownership 88.7% of White Mountains Insurance Group shares are owned by institutional investors. 4.2% of Bowhead Specialty shares are owned by insiders. Comparatively, 3.2% of White Mountains Insurance Group shares are owned by insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company will outperform the market over the long term.

Earnings & Valuation This table compares Bowhead Specialty and White Mountains Insurance Group”s revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Bowhead Specialty $551.59 million 1.43 $53.79 million $1.59 15.16 White Mountains Insurance Group $3.74 billion 1.53 $1.11 billion $432.35 5.35 White Mountains Insurance Group has higher revenue and earnings than Bowhead Specialty. White Mountains Insurance Group is trading at a lower price-to-earnings ratio than Bowhead Specialty, indicating that it is currently the more affordable of the two stocks.

Risk and Volatility Bowhead Specialty has a beta of -0.49, suggesting that its stock price is 149% less volatile than the S&P 500. Comparatively, White Mountains Insurance Group has a beta of 0.35, suggesting that its stock price is 65% less volatile than the S&P 500.

Analyst Ratings This is a summary of current ratings and recommmendations for Bowhead Specialty and White Mountains Insurance Group, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Bowhead Specialty 0 4 4 1 2.67 White Mountains Insurance Group 0 0 1 0 3.00 Bowhead Specialty currently has a consensus target price of $32.67, suggesting a potential upside of 35.54%. Given Bowhead Specialty’s higher probable upside, equities analysts plainly believe Bowhead Specialty is more favorable than White Mountains Insurance Group.

Summary White Mountains Insurance Group beats Bowhead Specialty on 9 of the 15 factors compared between the two stocks.

About Bowhead Specialty (Get Free Report)

Bowhead Specialty Holdings Inc. provides specialty property and casualty insurance products in the United States. It underwrites casualty insurance solutions for risks in the construction, distribution, heavy manufacturing, real estate, and hospitality segments; professional liability insurance solutions for financial institutions, private and public directors and officers liability insurance, errors and omissions liability insurance, and cyber segments; and healthcare solutions for hospitals, senior care providers, managed care organizations, miscellaneous medical facilities, and healthcare management liability segments. The company distributes its products through distribution partners in wholesale and retail markets. Bowhead Specialty Holdings Inc. was formerly known as Bowhead Holdings Inc. and changed its name to Bowhead Specialty Holdings Inc. in March 2024. The company was founded in 2020 and is based in New York, New York. Bowhead Specialty Holdings Inc. operates as a subsidiary of Bowhead Insurance Holdings LP.

About White Mountains Insurance Group (Get Free Report)

White Mountains Insurance Group, Ltd., through its subsidiaries, provides insurance and other financial services in the United States. The company operates through HG Global/BAM, Ark/WM Outrigger, Kudu, and Other Operations segments. The HG Global/BAM segment provides insurance on municipal bonds issued to finance public purposes, such as schools, utilities, and transportation facilities, as well as reinsurance protection services. The Ark/WM Outrigger segment offers reinsurance and insurance, including property, marine and energy, accident and health, casualty, and specialty products. The Kudu segment provides capital solutions to boutique asset and wealth managers for generational ownership transfers, management buyouts, acquisitions and growth finances, and legacy partner liquidity, as well as strategic assistance to investees. The Other Operations segment offers insurance solutions to travel industry through broker channel and on a direct-to-consumer basis; and manages separate accounts and pooled investment vehicles for insurance-linked securities sectors, including catastrophe bonds, collateralized reinsurance investments, and industry loss warranties of third-party clients. White Mountains Insurance Group, Ltd. was incorporated in 1980 and is headquartered in Hamilton, Bermuda.

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, /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) reported book value per share of $2,170 as of March 31, 2026, a decrease of 1% for the first quarter of 2026, including dividends.

Liam Caffrey, CEO, commented, "Book value per share ended the quarter at $2,170, down roughly 1% from year-end. Solid operating results were more than offset by a mark-to-market decline in our investment in MediaAlpha. Ark posted a 91% combined ratio and generated $1.1 billion of gross written premiums. Kudu grew adjusted EBITDA and produced a 12% return on equity on a trailing 12 months basis. HG Global assumed $8 million of gross written premiums and grew book value by 2%. Distinguished grew managed premiums by 7% year-over-year and has now launched four new programs since our acquisition. Excluding MediaAlpha, the investment portfolio returned 1.0%, ahead of benchmarks, with modest gains in both equities and fixed income. In February, we deployed $125 million of capital into Bishop Street Underwriters and more recently announced two acquisitions by WTM Partners. Including these deployments, undeployed capital is roughly $0.8 billion." 

Comprehensive income (loss) attributable to common shareholders was $(27) million in the first quarter of 2026 compared to $35 million in the first quarter of 2025. Results in the first quarter of 2026 included $11 million of net realized and unrealized investment gains compared to $87 million in the first quarter of 2025. Results in the first quarter of 2026 also included $65 million of unrealized investment losses from White Mountains's investment in MediaAlpha compared to $37 million in the first quarter of 2025.

Ark/WM Outrigger

The Ark/WM Outrigger segment's combined ratio was 91% in the first quarter of 2026 compared to 97% in the first quarter of 2025. Ark/WM Outrigger reported gross written premiums of $1,091 million, net written premiums of $590 million and net earned premiums of $374 million in the first quarter of 2026 compared to gross written premiums of $1,108 million, net written premiums of $728 million and net earned premiums of $358 million in the first quarter of 2025. 

Ark's combined ratio was 91% in the first quarter of 2026 compared to 94% in the first quarter of 2025. Ark's combined ratio in the first quarter of 2026 included seven points of catastrophe losses, driven by losses related to the war in Iran. This compares to 25 points of catastrophe losses in the first quarter of 2025, driven by losses related to the California wildfires. Ark's combined ratio included five points of net favorable prior year development in the first quarter of 2026, driven primarily by the specialty and property lines of business. This compares to 14 points of net favorable prior year development in the first quarter of 2025, driven primarily by the marine & energy and property lines of business. 

Ark has exposure to the war in Iran, primarily through the specialty and marine & energy lines of business. In the first quarter of 2026, Ark recorded estimated losses of $25 million (net of reinsurance and reinstatement premiums). However, losses could increase as the war is ongoing.

Ark reported gross written premiums of $1,091 million, net written premiums of $590 million and net earned premiums of $371 million in the first quarter of 2026 compared to gross written premiums of $1,108 million, net written premiums of $690 million and net earned premiums of $346 million in the first quarter of 2025. The decline in Ark's written premiums was driven primarily by a change in the timing of recognition of certain delegated authority business. This change had no impact on the timing of recognition of Ark's earned premiums, which increased 7% in the first quarter of 2026 compared to the first quarter of 2025, driven primarily by continued growth in the specialty and property lines of business. Net written premiums were also impacted by Ark's greater use of quota share reinsurance in the current period. As a result, ceded written premiums increased to $501 million in the first quarter of 2026 from $417 million in the first quarter of 2025.

Ark reported pre-tax income of $7 million in the first quarter of 2026 compared to $52 million in the first quarter of 2025. Ark's results included net realized and unrealized investment gains (losses) of $(33) million in the first quarter of 2026 compared to $30 million in the first quarter of 2025. 

Ian Beaton, CEO of Ark, said, "We are off to a good start in 2026, producing a combined ratio of 91% and gross written premiums of $1.1 billion. Market conditions continue to soften, but we still see opportunities to drive profitable growth, including through the addition of new teams and classes of business." 

WM Outrigger Re's combined ratio was 44% in the first quarter of 2026 compared to 166% in the first quarter of 2025. Catastrophe losses in the first quarter of 2025 included $19 million of losses related to the California wildfires (net of reinstatement premiums). Ark renewed Outrigger Re Ltd. for the 2026 underwriting year with $70 million of unaffiliated third-party capital.  

Through March 31, 2026, WM Outrigger Re has generated pre-tax income of $57 million from the 2025 underwriting year, $29 million from the 2024 underwriting year and $76 million from the 2023 underwriting year.

Kudu

Kudu reported total revenues of $63 million, pre-tax income of $52 million and adjusted EBITDA of $17 million in the first quarter of 2026 compared to total revenues of $64 million, pre-tax income of $53 million and adjusted EBITDA of $16 million in the first quarter of 2025. Total revenues, pre-tax income and adjusted EBITDA included $21 million of net investment income in the first quarter of 2026 compared to $19 million in the first quarter of 2025. Total revenues and pre-tax income also included $42 million of net realized and unrealized investment gains (losses) in the first quarter of 2026 compared to $44 million in the first quarter of 2025. On a trailing 12 months basis, return on equity was 12% as of March 31, 2026, down from 13% for the year ended December 31, 2025 due to lower net realized and unrealized investment gains.

Rob Jakacki, CEO of Kudu, said, "Despite heightened volatility in global financial markets, Kudu delivered a solid first quarter that reflects both the resilience of our portfolio and investment discipline. We closed one new deal in the quarter and continue to pursue an active pipeline." 

HG Global

HG Global reported gross written premiums of $8 million and earned premiums of $8 million in the first quarter of 2026 compared to gross written premiums of $7 million and earned premiums of $8 million in the first quarter of 2025. HG Global's total par value of policies assumed was $518 million in the first quarter of 2026 compared to $427 million in the first quarter of 2025. HG Global's total gross pricing was 160 basis points in the first quarter of 2026 compared to 157 basis points in the first quarter of 2025. 

HG Global reported pre-tax income of $11 million in the first quarter of 2026 compared to $25 million in the first quarter of 2025. HG Global's results included net realized and unrealized investment gains (losses) of $(5) million in the first quarter of 2026 compared to $10 million in the first quarter of 2025, driven by movements in interest rates.

The fair value of the BAM surplus notes increased to $346 million as of March 31, 2026 compared to $339 million as of December 31, 2025, resulting from $7 million of accrued interest. 

Kevin Pearson, President of HG Global, said, "HG Global had a strong start to the year, with gross written premiums increasing 24% during the first quarter. The growth in written premiums was driven primarily by an increase in primary market activity and secondary market pricing."

We encourage you to read BAM's first quarter statutory financial statements and operating supplement, which will be available on BAM's website at https://bambonds.com/about-bam/credit-rating-and-financial-information/.

Distinguished

Distinguished reported managed premiums of $132 million, commission and fee revenues of $40 million, pre-tax loss of $18 million and ScaleCo adjusted EBITDA of $4 million for the first quarter of 2026.

On a trailing 12 months basis, Distinguished reported managed premiums of $576 million and ScaleCo adjusted EBITDA of $26 million. This includes periods prior to White Mountains's ownership of Distinguished, which White Mountains believes is useful in understanding Distinguished's performance.

Jason Rotman, President of Distinguished, said "Distinguished had a flattish quarter. Overall ScaleCo growth was muted, with strong premium growth in the environmental program offset by a decline in the umbrella program amid continued market pressure.  During the quarter, we continued to execute well on our inorganic de novo build strategy, launching one new program. We also continue to invest in technology and talent across the platform to drive organic growth over the medium-term." 

MediaAlpha 

As of March 31, 2026, White Mountains owned 17.9 million shares of MediaAlpha, representing a 28% basic ownership interest based on the total class A and class B common shares outstanding. As of March 31, 2026, MediaAlpha's share price was $9.30 per share, which decreased from $12.95 per share as of December 31, 2025. The carrying value of White Mountains's investment in MediaAlpha was $166 million as of March 31, 2026 compared to $231 million as of December 31, 2025. At our current level of ownership, each $1.00 per share increase or decrease in the share price of MediaAlpha will result in an approximate $7.00 per share increase or decrease in White Mountains's book value per share.

We encourage you to read MediaAlpha's first quarter earnings release and related shareholder letter, which is available on MediaAlpha's investor relations website at https://investors.mediaalpha.com.

Other Operations

White Mountains's Other Operations reported pre-tax loss of $80 million in the first quarter of 2026 compared to $59 million in the first quarter of 2025. Unrealized investment losses from White Mountains's investment in MediaAlpha were $65 million in the first quarter of 2026 compared to $37 million in the first quarter of 2025. Excluding MediaAlpha, net realized and unrealized investment gains were $7 million in the first quarter of 2026 compared to $3 million in the first quarter of 2025. Net investment income was $14 million in the first quarter of 2026 compared to $10 million in the first quarter of 2025. 

White Mountains's Other Operations reported other revenues of $56 million in the first quarter of 2026 compared to $14 million in the first quarter of 2025.  White Mountains's Other Operations reported cost of sales of $43 million in the first quarter of 2026 compared to $8 million in the first quarter of 2025.  The increases in other revenues and cost of sales were driven primarily by the consolidation of WTM Partners's investment in Enterprise Solutions in the second quarter of 2025. 

White Mountains's Other Operations reported general and administrative expenses of $55 million in the first quarter of 2026 compared to $36 million in the first quarter of 2025. The increase in general and administrative expenses was driven primarily by higher incentive compensation costs and the consolidation of Enterprise Solutions. 

In the second quarter of 2026, WTM Partners closed two new acquisitions.  The acquisition of BaseSix Systems LLC, a low voltage electrical systems integrator, closed on April 1, 2026 and represented an equity investment of approximately $97 million.  The acquisition of Hawkeye Electric, LLC, a provider of specialty electrical contracting services, closed on May 1, 2026 and represented an equity investment of approximately $35 million.

Investments 

The total consolidated portfolio return was 0.2% in the first quarter of 2026. Excluding MediaAlpha, the total consolidated portfolio return was 1.0% in the first quarter of 2026. The total consolidated portfolio return was 1.7% in the first quarter of 2025. Excluding MediaAlpha, the total consolidated portfolio return was 2.3% in the first quarter of 2025.

Mark Plourde, President of White Mountains Advisors, said, "Excluding MediaAlpha, the total portfolio returned 1.0% in the quarter. Absolute and relative results were solid amid challenging financial markets. The fixed income portfolio returned 0.5%, ahead of the longer-duration Bloomberg Intermediate Aggregate Index return of 0.1%. Excluding MediaAlpha, the equity portfolio returned 1.6%, ahead of the S&P 500 Index return of -4.3%. Relative results were driven by gains from our portfolio of other long-term investments."

Additional Information

White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and the Bermuda Stock Exchange under the symbol WTM.BH. Additional financial information and other items of interest are available at the Company's website located at www.whitemountains.com. White Mountains expects to file its Form 10-Q today with the Securities and Exchange Commission and urges shareholders to refer to that document for more complete information concerning its financial results.

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(millions)

(Unaudited)

March 31, 2026

December 31, 2025

March 31, 2025

Assets

P&C Insurance and Reinsurance (Ark/WM Outrigger)

Fixed maturity investments

$                   1,870.0

$                   1,917.9

$                   1,582.1

Common equity securities

399.2

452.3

420.9

Short-term investments

900.5

866.6

625.2

Other long-term investments

737.7

689.7

586.8

Total investments

3,907.4

3,926.5

3,215.0

Cash (restricted $3.0, $1.1, $0.0)

97.3

104.8

160.5

Reinsurance recoverables

1,179.3

836.1

920.4

Insurance premiums receivable

1,307.4

848.4

1,272.6

Deferred acquisition costs

300.2

211.1

279.7

Goodwill and other intangible assets

292.5

292.5

292.5

Other assets

136.6

134.7

184.8

Total P&C Insurance and Reinsurance assets

7,220.7

6,354.1

6,325.5

Asset Management (Kudu)

Short-term investments

20.9

21.9

11.9

Other long-term investments

1,358.8

1,291.4

1,126.2

Total investments

1,379.7

1,313.3

1,138.1

Cash

13.8

34.5

15.1

Accrued investment income

23.6

25.3

23.5

Goodwill and other intangible assets

7.6

7.7

7.9

Other assets

22.4

21.5

38.7

Total Asset Management assets

1,447.1

1,402.3

1,223.3

Financial Guarantee (HG Global)

Fixed maturity investments

705.2

693.4

631.9

Short-term investments

85.6

90.8

54.1

Total investments

790.8

784.2

686.0

Cash

.2

.1

6.8

BAM surplus notes, at fair value

345.9

339.0

389.2

Insurance premiums receivable

7.8

11.4

7.6

Deferred acquisition costs

97.3

96.9

86.6

Other assets

5.6

5.2

26.9

Total Financial Guarantee assets

1,247.6

1,236.8

1,203.1

Specialty Insurance Distribution (Distinguished)

Short-term investments

66.1

94.0

—

Total investments

66.1

94.0

—

Cash (restricted $0.1, $0.1, $0.0)

.5

2.7

—

Premiums, commissions and fees receivable

45.9

45.7

—

Goodwill and other intangible assets

571.5

577.7

—

Other assets

17.1

15.3

—

Total Specialty Insurance Distribution assets

701.1

735.4

—

  Other Operations

Fixed maturity investments

310.9

159.2

293.1

Common equity securities

147.3

30.7

120.9

Investment in MediaAlpha

166.1

231.2

165.0

Short-term investments

428.1

807.4

290.8

Other long-term investments

1,157.0

977.4

574.9

Total investments

2,209.4

2,205.9

1,444.7

Cash

24.1

42.8

29.6

Goodwill and other intangible assets

140.1

142.3

63.7

Other assets

174.3

181.9

92.9

Assets held for sale - Bamboo Group

—

—

616.2

Assets held for sale - Other

4.5

5.0

5.9

Total Other Operations assets

2,552.4

2,577.9

2,253.0

Total assets

$                  13,168.9

$                  12,306.5

$                  11,004.9

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(millions)

(Unaudited)

March 31, 2026

December 31, 2025

March 31, 2025

Liabilities

P&C Insurance and Reinsurance (Ark/WM Outrigger)

Loss and loss adjustment expense reserves

$                   2,585.6

$                   2,481.0

$                   2,253.9

Unearned insurance premiums

1,613.5

1,026.1

1,500.6

Debt

159.3

159.7

156.1

Reinsurance payable

610.3

286.2

385.8

Contingent consideration

338.3

328.3

165.0

Other liabilities

234.4

247.2

196.7

Total P&C Insurance and Reinsurance liabilities

5,541.4

4,528.5

4,658.1

Asset Management (Kudu)

Debt

350.6

350.4

246.6

Other liabilities

105.4

96.5

84.0

Total Asset Management liabilities

456.0

446.9

330.6

Financial Guarantee (HG Global)

Unearned insurance premiums

328.5

327.9

295.8

Debt

147.9

147.8

147.5

Other liabilities

23.4

23.8

20.0

Total Financial Guarantee liabilities

499.8

499.5

463.3

Specialty Insurance Distribution (Distinguished)

Debt

140.8

140.8

—

Premiums and commissions payable

76.3

81.3

—

Other liabilities

67.5

85.0

—

Total Specialty Insurance Distribution liabilities

284.6

307.1

—

   Other Operations

Loss and loss adjustment expense reserves

12.2

13.6

13.4

Unearned insurance premiums

10.8

9.6

30.8

Debt

36.2

38.3

21.2

Accrued incentive compensation

50.8

102.9

28.2

Other liabilities

98.2

101.4

31.6

Liabilities held for sale - Bamboo Group

—

—

282.7

Liabilities held for sale - Other

2.9

3.6

5.3

Total Other Operations liabilities

211.1

269.4

413.2

Total liabilities

6,992.9

6,051.4

5,865.2

Redeemable noncontrolling interests

131.5

131.5

—

Equity

White Mountains's common shareholders' equity

  White Mountains's common shares and paid-in surplus

581.3

579.0

567.1

     Retained earnings

4,790.8

4,845.6

3,943.0

 Accumulated other comprehensive income (loss), after tax:

 Net unrealized gains (losses) from foreign currency translation

1.4

.8

(.5)

Total White Mountains's common shareholders' equity

5,373.5

5,425.4

4,509.6

Nonredeemable noncontrolling interests

671.0

698.2

630.1

Total equity

6,044.5

6,123.6

5,139.7

Total liabilities, redeemable noncontrolling interests and equity

$                  13,168.9

$                  12,306.5

$                  11,004.9

WHITE MOUNTAINS INSURANCE GROUP, LTD.

BOOK VALUE PER SHARE

(Unaudited)

March 31, 2026

December 31, 2025

March 31, 2025

Book value per share numerator (in millions):

   White Mountains's common shareholders' equity

$           5,373.5

$           5,425.4

$           4,509.6

Book value per share denominator (in thousands):

   Common shares outstanding

2,476.7

2,479.7

2,573.7

Book value per share

$         2,169.66

$         2,187.97

$         1,752.17

Quarter-to-date change in book value per share, including dividends:

(0.8) %

18.2 %

0.4 %

Year-to-date change in book value per share, including dividends:

(0.8) %

25.4 %

0.4 %

Year-to-date dividends per share

$                1.00

$                1.00

$                1.00

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(millions)

(Unaudited)

Three Months Ended March 31,

2026

2025

Revenues:

P&C Insurance and Reinsurance (Ark/WM Outrigger)

Earned insurance premiums

$                373.8

$                358.0

Net investment income

28.7

23.5

Net realized and unrealized investment gains (losses)

(32.9)

29.5

Other revenues

6.7

2.2

Total P&C Insurance and Reinsurance revenues

376.3

413.2

Asset Management (Kudu)

Net investment income

20.8

19.4

Net realized and unrealized investment gains (losses)

42.0

44.0

Other revenues

.2

.4

Total Asset Management revenues

63.0

63.8

Financial Guarantee (HG Global)

Earned insurance premiums

7.7

8.2

Net investment income

7.7

6.3

Net realized and unrealized investment gains (losses)

(5.2)

10.0

Interest income from BAM surplus notes

6.9

7.5

Other revenues

.1

.1

Total Financial Guarantee revenues

17.2

32.1

Specialty Insurance Distribution (Distinguished)

Commission and fee revenues

39.6

—

Other revenues

.7

—

Total Specialty Insurance Distribution revenues

40.3

—

P&C Insurance Distribution (Bamboo)

Commission and fee revenues

—

44.2

Earned insurance premiums

—

14.9

Other revenues

—

2.3

Total P&C Insurance Distribution revenues

—

61.4

Other Operations

Earned insurance premiums

3.4

13.9

Net investment income

13.5

9.7

Net realized and unrealized investment gains (losses)

6.9

2.8

Net realized and unrealized investment gains (losses) from

   investment in MediaAlpha

(65.2)

(36.6)

Commission and fee revenues

3.6

3.9

Net gain on sale of the Bamboo Group

2.4

—

Other revenues

56.4

13.6

Total Other Operations revenues

21.0

7.3

Total revenues

$                517.8

$                577.8

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(millions)

 (Unaudited)

Three Months Ended March 31,

2026

2025

Expenses:

P&C Insurance and Reinsurance (Ark/WM Outrigger)

Loss and loss adjustment expenses

$                206.7

$                233.5

Acquisition expenses

98.8

83.5

General and administrative expenses

47.5

35.9

Change in fair value of contingent consideration

10.0

9.7

Interest expense

4.1

4.2

Total P&C Insurance and Reinsurance expenses

367.1

366.8

Asset Management (Kudu)

General and administrative expenses

4.2

4.0

Interest expense

7.1

6.4

Total Asset Management expenses

11.3

10.4

Financial Guarantee (HG Global)

Acquisition expenses

2.1

1.9

General and administrative expenses

.7

.6

 Interest expense

3.6

4.6

Total Financial Guarantee expenses

6.4

7.1

Specialty Insurance Distribution (Distinguished)

Broker commission expenses

17.2

—

General and administrative expenses

37.2

—

Interest expense

3.5

—

Total Specialty Insurance Distribution expenses

57.9

—

P&C Insurance Distribution (Bamboo)

Broker commission expenses

—

15.5

Loss and loss adjustment expenses

—

10.9

Acquisition expenses

—

6.6

General and administrative expenses

—

20.0

Interest expense

—

2.1

Total P&C Insurance Distribution expenses

—

55.1

Other Operations

Loss and loss adjustment expenses

.3

17.4

Acquisition expenses

1.3

5.1

Cost of sales

42.7

7.5

General and administrative expenses

55.3

35.5

Interest expense

1.0

.5

Total Other Operations expenses

100.6

66.0

Total expenses

543.3

505.4

Pre-tax income (loss)

(25.5)

72.4

 Income tax (expense) benefit

(.8)

(9.6)

Net income (loss)

(26.3)

62.8

 Net (income) loss attributable to noncontrolling interests

(.9)

(28.9)

Net income (loss) attributable to White Mountains's common shareholders

$                 (27.2)

$                  33.9

WHITE MOUNTAINS INSURANCE GROUP, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(millions)

(Unaudited)

Three Months Ended March 31,

2026

2025

Net income (loss) attributable to White Mountains's common shareholders

$               (27.2)

$                 33.9

Other comprehensive income (loss), net of tax

1.0

2.0

Comprehensive income (loss)

(26.2)

35.9

Other comprehensive (income) loss attributable to noncontrolling interests

(.4)

(.8)

Comprehensive income (loss) attributable to White Mountains's common shareholders

$               (26.6)

$                 35.1

WHITE MOUNTAINS INSURANCE GROUP, LTD.

EARNINGS PER SHARE

(Unaudited)

Earnings (loss) per share attributable to White Mountains's common shareholders

Three Months Ended March 31,

2026

2025

Basic earnings (loss) per share

$            (12.59)

$               13.19

Diluted earnings (loss) per share

$            (12.59)

$               13.19

Dividends declared and paid per White Mountains's common share

$                1.00

$                 1.00

WHITE MOUNTAINS INSURANCE GROUP, LTD.

YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS)

(millions)

(Unaudited)

For the Three Months Ended March 31, 2026

Ark/WM Outrigger

Ark

WM

Outrigger
Re

Kudu

HG Global

Distinguished

Other
Operations

Total

Revenues:

Earned insurance premiums

$       371.1

$          2.7

$            —

$           7.7

$                    —

$           3.4

$     384.9

Net investment income (1)

27.4

1.3

20.8

7.7

.7

13.5

71.4

Net realized and unrealized

   investment gains (losses)

(32.8)

(.1)

42.0

(5.2)

—

6.9

10.8

   Net realized and unrealized

      investment gains (losses)

      from investment in MediaAlpha

—

—

—

—

—

(65.2)

(65.2)

Interest income from BAM surplus notes

—

—

—

6.9

—

—

6.9

Commission and fee revenues

—

—

—

—

39.6

3.6

43.2

Net gain on sale of the Bamboo Group

—

—

—

—

—

2.4

2.4

Other revenues

6.7

—

.2

.1

—

56.4

63.4

Total revenues

372.4

3.9

63.0

17.2

40.3

21.0

517.8

Expenses:

Loss and loss adjustment expenses

206.4

.3

—

—

—

.3

207.0

Acquisition expenses

97.9

.9

—

2.1

—

1.3

102.2

Cost of sales

—

—

—

—

—

42.7

42.7

Broker commission expenses

—

—

—

—

17.2

—

17.2

General and administrative expenses

47.5

—

4.2

.7

37.2

55.3

144.9

Change in fair value of contingent

   consideration

10.0

—

—

—

—

—

10.0

Interest expense

4.1

—

7.1

3.6

3.5

1.0

19.3

Total expenses

365.9

1.2

11.3

6.4

57.9

100.6

543.3

Pre-tax income (loss)

$           6.5

$          2.7

$         51.7

$         10.8

$               (17.6)

$       (79.6)

$      (25.5)

(1)   Distinguished's net investment income is included in other revenues in the consolidated statement of operations.

WHITE MOUNTAINS INSURANCE GROUP, LTD.

YTD SEGMENT STATEMENTS OF PRE-TAX INCOME (LOSS) (CONTINUED)

(millions)

(Unaudited)

For the Three Months Ended March 31, 2025

Ark/WM Outrigger

Ark

WM
Outrigger
Re

Kudu

HG Global

Bamboo

Other
Operations

Total

Revenues:

Earned insurance premiums

$       346.0

$         12.0

$            —

$           8.2

$         14.9

$         13.9

$     395.0

Net investment income (1)

21.3

2.2

19.4

6.3

.7

9.7

59.6

Net realized and unrealized

   investment gains (losses) (1)

29.6

(.1)

44.0

10.0

.3

2.8

86.6

Net realized and unrealized

   investment gains (losses)

   from investment in MediaAlpha

—

—

—

—

—

(36.6)

(36.6)

Interest income from BAM surplus notes

—

—

—

7.5

—

—

7.5

Commission and fee revenues

—

—

—

—

44.2

3.9

48.1

Other revenues

2.2

—

.4

.1

1.3

13.6

17.6

Total revenues

399.1

14.1

63.8

32.1

61.4

7.3

577.8

Expenses:

Loss and loss adjustment expenses

213.3

20.2

—

—

10.9

17.4

261.8

Acquisition expenses

83.8

(.3)

—

1.9

6.6

5.1

97.1

Cost of sales

—

—

—

—

—

7.5

7.5

Broker commission expenses

—

—

—

—

15.5

—

15.5

General and administrative expenses

35.8

.1

4.0

.6

20.0

35.5

96.0

 Change in fair value of contingent

      consideration

9.7

—

—

—

—

—

9.7

Interest expense

4.2

—

6.4

4.6

2.1

.5

17.8

Total expenses

346.8

20.0

10.4

7.1

55.1

66.0

505.4

Pre-tax income (loss)

$         52.3

$         (5.9)

$         53.4

$         25.0

$           6.3

$       (58.7)

$       72.4

(1)  Bamboo's net investment income and net realized and unrealized investment gains (losses) are included in other revenues in the consolidated statement of operations.

WHITE MOUNTAINS INSURANCE GROUP, LTD.

SELECTED FINANCIAL DATA (CONTINUED)

($ in millions)

(Unaudited)

Ark/WM Outrigger

Three Months Ended March 31, 2026

Ark

WM

Outrigger Re

Elimination

Total

Insurance premiums:

Gross written premiums

$    1,090.9

$            —

$            —

$    1,090.9

Net written premiums

$       590.1

$            —

$            —

$       590.1

Net earned premiums

$       371.1

$           2.7

$            —

$       373.8

Insurance expenses:

Loss and loss adjustment expenses

$       206.4

$             .3

$            —

$       206.7

Acquisition expenses

97.9

.9

—

98.8

Other underwriting expenses (1)

34.9

—

—

34.9

Total insurance expenses

$       339.2

$           1.2

$            —

$       340.4

Insurance ratios:

Loss and loss adjustment expense

55.6 %

11.1 %

— %

55.3 %

Acquisition expense

26.4

33.3

—

26.4

Other underwriting expense

9.4

—

—

9.4

Combined Ratio

91.4 %

44.4 %

— %

91.1 %

(1) Included within general and administrative expenses in the consolidated statement of operations. 

Ark/WM Outrigger

Three Months Ended March 31, 2025

Ark

WM

Outrigger Re

Elimination

Total

Insurance premiums:

Gross written premiums

$    1,107.6

$         37.5

$       (37.5)

$    1,107.6

Net written premiums

$       690.2

$         37.5

$            —

$       727.7

Net earned premiums

$       346.0

$         12.0

$            —

$       358.0

Insurance expenses:

Loss and loss adjustment expenses

$       213.3

$         20.2

$            —

$       233.5

Acquisition expenses

83.8

(.3)

—

83.5

Other underwriting expenses (1)

28.5

—

—

28.5

Total insurance expenses

$       325.6

$         19.9

$            —

$       345.5

Insurance ratios:

Loss and loss adjustment expense

61.7 %

168.3 %

— %

65.2 %

Acquisition expense

24.2

(2.5)

—

23.3

Other underwriting expense

8.2

—

—

8.0

Combined Ratio

94.1 %

165.8 %

— %

96.5 %

(1) Included within general and administrative expenses in the consolidated statement of operations. 

WHITE MOUNTAINS INSURANCE GROUP, LTD.

SELECTED FINANCIAL DATA (CONTINUED)

($ in millions)

(Unaudited)

Kudu

Three Months Ended
March 31, 2025

Three Months Ended
March 31, 2026

Twelve Months Ended

March 31, 2026

Net investment income (1)

$                    19.4

$                    20.8

$                   80.1

Net realized and unrealized investment gains (losses)

44.0

42.0

101.5

Other revenues

.4

.2

1.0

Total revenues

63.8

63.0

182.6

General and administrative expenses

4.0

4.2

18.1

Interest expense

6.4

7.1

26.6

Total expenses

10.4

11.3

44.7

GAAP pre-tax income (loss)

53.4

51.7

137.9

Income tax (expense) benefit

(11.6)

(13.8)

(26.4)

GAAP net income (loss)

41.8

37.9

111.5

Add back:

Interest expense

6.4

7.1

26.6

Income tax expense (benefit)

11.6

13.8

26.4

Depreciation expense

—

—

.2

Amortization of other intangible assets

.1

.1

.3

EBITDA

59.9

58.9

165.0

Exclude:

Net realized and unrealized investment (gains) losses

(44.0)

(42.0)

(101.5)

Non-cash equity-based compensation expense

—

—

.5

Transaction expenses

(.1)

—

2.0

Adjusted EBITDA

$                    15.8

$                    16.9

$                   66.0

Adjustment to annualize partial year revenues from participation contracts acquired

4.8

Adjustment to remove partial year revenues from participation contracts sold 

(1.5)

Annualized adjusted EBITDA

$                   69.3

GAAP net investment income (1)

$                   80.1

Adjustment to annualize partial year revenues from participation contracts acquired

4.8

Adjustment to remove partial year revenues from participation contracts sold 

(1.5)

Annualized revenue

$                   83.4

Net equity capital drawn

$                 489.3

Debt capital drawn

358.3

Total net capital drawn and invested (2)

$                 847.6

GAAP net investment income revenue yield

9.5 %

Cash revenue yield

9.8 %

Return on equity

11.8 %

(1)  Net investment income includes revenues from participation contracts and income from short-term and other long-term investments.

(2)  Total net capital drawn represents equity and debt capital drawn and invested less cumulative distributions.

WHITE MOUNTAINS INSURANCE GROUP, LTD.

SELECTED FINANCIAL DATA (CONTINUED)

(millions)

(Unaudited)

Three Months Ended March 31,

Kudu

2026

2025

Beginning balance of Kudu's participation contracts (1)

$            1,285.0

$            1,008.4

   Contributions to participation contracts (2)

25.4

68.0

   Proceeds from participation contracts sold

—

—

Net realized and unrealized investment gains (losses) on

   participation contracts sold and pending sale (3)

.3

—

Net unrealized investment gains (losses) on participation

   contracts - all other (4)

41.5

44.0

Ending balance of Kudu's participation contracts (5)

$            1,352.2

$            1,120.4

(1) As of December 31, 2025 and 2024, Kudu's other long-term investments also include $6.4 and $5.6 related to a private debt instrument.

(2) Includes contributions to new and existing participation contracts.

(3) Includes net realized and unrealized investment gains (losses) recognized from participation contracts beginning in the quarter a contract is classified as pending sale.

(4) Includes net unrealized investment gains (losses) recognized from (i) ongoing participation contracts and (ii) participation contracts prior to classification as pending sale.

(5) As of March 31, 2026 and 2025, Kudu's other long-term investments also include $6.6 and $5.8 related to a private debt instrument.

WHITE MOUNTAINS INSURANCE GROUP, LTD.

SELECTED FINANCIAL DATA (CONTINUED)

($ in millions)

(Unaudited)

Three Months Ended March 31,

HG Global

2026

2025

Par value assumed:

Par value of primary market policies assumed (1)

$              418.4

$              327.0

Par value of secondary market policies assumed (1)

99.2

100.3

Total par value of policies assumed

$              517.6

$              427.3

Reinsurance premiums:

Gross written premiums from primary market

$                  4.1

$                  3.8

Gross written premiums from secondary market

4.2

2.9

   Total gross written premiums

8.3

6.7

Ceding commission paid

2.5

2.0

   Total gross written premiums net of ceding commission paid

$                  5.8

$                  4.7

Earned premiums

$                  7.7

$                  8.2

Pricing:

Gross pricing from primary market

                98 bps

              116  bps

Gross pricing from secondary market

              423 bps

              289 bps

   Total gross pricing

              160 bps

              157 bps

Total pricing net of ceding commission paid

              112  bps

              110  bps

(1)   For capital appreciation bonds, par is adjusted to the estimated equivalent par value for current interest paying bonds. 

HG Global

As of
March 31, 2026

As of
December 31, 2025

As of
March 31, 2025

Unearned premiums

$                     328.5

$                     327.9

$                     295.8

Deferred acquisition costs

97.3

96.9

86.6

   Unearned premiums, net of deferred acquisition costs

$                     231.2

$                     231.0

$                     209.2

WHITE MOUNTAINS INSURANCE GROUP, LTD.

SELECTED FINANCIAL DATA (CONTINUED)

(millions)

(Unaudited)

Distinguished

Three Months Ended
March 31, 2026

Commission and fee revenues

$                           39.6

Other revenues

.7

Total revenues

40.3

Broker commission expenses

17.2

General and administrative expenses

37.2

Interest expense

3.5

Total expenses

57.9

GAAP pre-tax income (loss)

(17.6)

Income tax (expense) benefit

3.2

GAAP net income (loss)

(14.4)

Exclude:

Net (income) loss, GrowthCo

7.8

ScaleCo net income (loss)

(6.6)

Add back:

Interest expense

3.5

Income tax expense (benefit)

(3.2)

Depreciation expense

.1

Amortization of other intangible assets

7.4

ScaleCo EBITDA

1.2

Exclude:

Non-cash equity-based compensation expense

2.4

Restructuring expenses

.8

ScaleCo adjusted EBITDA

$                             4.4

Regulation G

This earnings release includes non-GAAP financial measures that have been reconciled from their most comparable GAAP financial measures.

Kudu's EBITDA, adjusted EBITDA, annualized adjusted EBITDA, annualized revenue and cash revenue yield are non-GAAP financial measures. EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to GAAP net income (loss). 

Adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those added back to calculate EBITDA.  The items relate to (i) net realized and unrealized investment gains (losses) on Kudu's revenue and earnings participation contracts, (ii) non-cash equity-based compensation expense and (iii) transaction expenses.  A description of each item follows:

Net realized and unrealized investment gains (losses) - Represents net unrealized investment gains and losses recorded on Kudu's revenue and earnings participation contracts, which are recorded at fair value under GAAP, and realized investment gains and losses from participation contracts sold during the period. Non-cash equity-based compensation expense - Represents non-cash expenses related to Kudu's management compensation that are settled with equity units in Kudu. Transaction expenses - Represents costs directly related to Kudu's mergers and acquisitions activity, such as external lawyer, banker, consulting and placement agent fees, which are not capitalized and are expensed under GAAP. Annualized adjusted EBITDA is a non-GAAP financial measure that (i) annualizes partial year revenues related to Kudu's revenue and earnings participation contracts acquired during the previous 12-month period and (ii) removes partial year revenues related to revenue and earnings participation contracts sold during the previous 12-month period.

Annualized revenue is a non-GAAP financial measure that adds the adjustments for annualized adjusted EBITDA to GAAP net investment income. 

Cash revenue yield is a non-GAAP financial measure that is derived using annualized revenue as a percentage of total net capital drawn and invested.  The most directly comparable GAAP financial measure is net investment income revenue yield, which is derived using GAAP net investment income as a percentage of total net capital drawn and invested. 

White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Kudu's performance.  White Mountains also believes that annualized adjusted EBITDA is useful to management and investors in understanding the full earnings profile of Kudu's business as of the end of any 12-month period.  See page 14 for the reconciliation of Kudu's GAAP net income (loss) to EBITDA, adjusted EBITDA and annualized adjusted EBITDA, and the reconciliation of Kudu's GAAP net investment income to annualized revenue.

Distinguished's ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA are non-GAAP financial measures. ScaleCo net income (loss) is a non-GAAP financial measure that excludes the results of the GrowthCo vertical, which is consolidated under GAAP, from Distinguished's consolidated GAAP net income (loss). 

ScaleCo EBITDA is a non-GAAP financial measure that adds back interest expense on debt, income tax (expense) benefit, depreciation and amortization of other intangible assets to ScaleCo net income (loss).

ScaleCo adjusted EBITDA is a non-GAAP financial measure that excludes certain other items in GAAP net income (loss) in addition to those items added back to calculate ScaleCo EBITDA.  The items relate to (i) non-cash equity-based compensation expense and (ii) restructuring expenses.  A description of each item follows:

Non-cash equity-based compensation expense - Represents non-cash expenses related to Distinguished's management compensation that are settled with equity units in Distinguished. Restructuring expenses - Represents costs directly related to Distinguished's corporate restructuring and capital planning activities. White Mountains believes that these non-GAAP financial measures are useful to management and investors in evaluating Distinguished's performance.  White Mountains also believes that excluding the results of the GrowthCo vertical, which Distinguished views as an investment in start-up programs, is useful to understanding the performance of Distinguished's established programs.  See page 17 for the reconciliation of Distinguished's consolidated GAAP net income (loss) to ScaleCo net income (loss), ScaleCo EBITDA and ScaleCo adjusted EBITDA.

Total consolidated portfolio return excluding MediaAlpha and total equity portfolio return excluding MediaAlpha are non-GAAP financial measures that remove the net investment income and net realized and unrealized investment gains (losses) from White Mountains's investment in MediaAlpha. White Mountains believes these measures to be useful to management and investors by showing the underlying performance of White Mountains's investment portfolio and equity portfolio without regard to White Mountains's investment in MediaAlpha. The following tables present reconciliations from GAAP to the reported percentages:     

Three Months Ended March 31,

2026

2025

Total consolidated portfolio return

0.2 %

1.7 %

Remove MediaAlpha

0.8

0.6

Total consolidated portfolio return excluding MediaAlpha

1.0 %

2.3 %

Three Months Ended
March 31, 2026

Total equity portfolio return

(0.3) %

Remove MediaAlpha

1.9

  Total equity portfolio return excluding MediaAlpha

1.6 %

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This earnings release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements.  The words "may," "could," "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements.  These forward-looking statements include, among others, statements with respect to White Mountains's:

change in book value per share or return on equity; business strategy; financial and operating targets or plans; incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance; projections of revenues, income (or loss), earnings (or loss) per share, EBITDA, adjusted EBITDA, dividends, market share or other financial forecasts of White Mountains or its businesses; expansion and growth of its business and operations; and future capital expenditures. These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances.  However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including:

the risks that are described from time to time in White Mountains's filings with the Securities and Exchange Commission, including but not limited to White Mountains's 2025 Annual Report on Form 10-K; claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures or cyber attacks; recorded loss reserves subsequently proving to have been inadequate; the market value of White Mountains's investment in MediaAlpha; business opportunities (or lack thereof) that may be presented to it and pursued; actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch; the continued availability of capital and financing; the continued availability of fronting and reinsurance capacity; deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease and corresponding mitigation efforts; competitive forces, including the conduct of other insurers; changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and other factors, most of which are beyond White Mountains's control. Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations.  White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Rob Seelig
(603) 640-2212

SOURCE White Mountains Insurance Group, Ltd.

White Mountains Insurance Group, Ltd. (WTM) Analyst/Investor Day Transcript

Key Takeaways Citigroup is tying AI to productivity gains as part of a planned $5B investment through 2028.Goldman is using AI to boost productivity, fee growth and operating leverage via the Anthropic partnership.Wells Fargo expanded AI use; Fargo virtual assistant topped 1 billion interactions by March 31, 2026. The banking industry is entering one of the most significant workforce transformations in its history. For decades, banks relied on a well-established talent model: recruit large numbers of graduates into analyst programs, train them through repetitive but essential work and gradually develop future leaders from this pool of talent. Artificial intelligence (AI) is now challenging that model.

As AI systems become capable of analyzing financial data, generating reports, reviewing documents, conducting compliance checks and supporting customer interactions, many big banks like JPMorgan (JPM - Free Report) , Goldman (GS - Free Report) , Wells Fargo (WFC - Free Report) and Citigroup (C - Free Report) are reconsidering the need for large entry-level hiring classes. The shift is not simply about reducing headcount. It represents a fundamental change in how banks operate, generate profits and develop talent.

Recently, JPMorgan’s chief executive, Jamie Dimon, has said that the technology will eliminate some jobs, and the company will likely hire more AI specialists and fewer traditional bankers as technology adoption accelerates. Likewise, Citigroup’s chief executive, Jane Fraser, has warned that certain positions may no longer be needed due to investments in automation and AI.

Meanwhile, Goldman’s president, John Waldron, has described parts of the banking workforce as vulnerable to automation. Last year, Wells Fargo signaled that its workforce could shrink further in 2026 as part of a broader push to improve efficiency and expand the use of AI across its operations.

Banks’ AI Push Turns ROI-FocusedBanks are moving beyond viewing AI mainly as a cost-cutting tool and are increasingly tying investments to measurable returns, innovation and business growth. The latest Infosys Bank Tech Index shows stronger discipline, with participating banks canceling more projects before AI deployment while reducing post-launch cancellations. This suggests better upfront screening, and about 59% of deployed AI initiatives are now generating measurable business value. 

Major U.S. banks are embedding AI into broader strategic plans. Citigroup is using AI to drive productivity gains as part of its planned $5-billion incremental investment from 2026 through 2028. Goldman is applying AI to improve productivity, support fee growth and expand operating leverage, including through its $1.5-billion partnership with Anthropic. JPMorgan is rolling out AI across investment banking while shifting hiring toward AI-skilled talent. Wells Fargo is using AI to improve workflows and customer engagement, with its Fargo virtual assistant surpassing 1 billion interactions as of March 31, 2026.

Overall, banks’ AI strategies are becoming more selective, disciplined and growth-oriented. The focus is shifting from launching more projects to converting the right projects into productivity gains, better customer service and revenue opportunities.

How AI-Driven Hiring Shifts Could Benefit BanksFrom a financial perspective, the near-term impact is likely to be positive. Personnel expenses are among the largest cost categories for banks. By automating tasks, banks can improve productivity while reducing workforce-related costs. This creates meaningful operating leverage. Revenues can grow while staffing costs rise more slowly, supporting margin expansion. With this, key metrics such as return on equity, efficiency ratios and earnings per share could improve over time.

AI can also accelerate decision-making across the company. Loan underwriting can become faster, compliance reviews more efficient and client reporting more sophisticated. Investment bankers can spend less time preparing presentations and more time engaging with clients. Wealth managers can process larger volumes of market information in real time, while trading desks can analyze data faster and more efficiently. In each case, AI increases employee productivity and allows banks to serve more clients without proportional increases in staff.

Large global banks like JPMorgan, Citigroup, Wells Fargo and Goldman are especially well-positioned to benefit. Their substantial technology budgets allow them to invest in proprietary AI tools, cloud infrastructure, cybersecurity and specialized talent. While these investments may initially raise expenses, they can also create long-term competitive advantages.

Hidden Risks of AI-Driven Hiring ShiftsDespite the financial benefits, reducing entry-level hiring carries meaningful risks. If AI eliminates a substantial portion of junior-level work, banks may find themselves facing a long-term leadership challenge. Future executives need practical experience to understand markets, manage risks and make complex decisions. While AI can automate many analytical tasks, it cannot fully replace human judgment, relationship-building and strategic thinking. Reducing the number of young professionals entering the industry today may create shortages of experienced leaders a decade from now.

Banks also face operational and regulatory risks as they rely more heavily on AI systems. Errors in AI-driven decision-making could lead to flawed credit assessments, compliance failures, inaccurate risk models, or regulatory scrutiny. Greater AI adoption also raises concerns around cybersecurity, transparency, accountability and model bias. 

As a result, banks must align automation with strong governance and human oversight, particularly in critical business and risk-management decisions.

Balancing Act: Technology & TalentAI is set to reshape the banking industry because it depends heavily on processing information quickly and accurately. Banks that integrate AI effectively can become leaner, faster and more profitable, with improved cost structures, higher productivity and more personalized customer service.

However, the long-term winners will not simply be the banks that cut the most jobs. They will be those who balance automation with talent, using AI to improve efficiency while still developing future leaders.

The future of banking will be defined by how well institutions combine AI with human expertise. Investors should monitor efficiency ratios, compensation costs, headcount trends, technology spending and return on equity to determine whether AI investments are improving financial performance. Overall, banks that control cost growth without weakening revenue generation are likely to benefit the most.

Law firms are emerging as one of the strongest drivers of office market recovery, expanding footprints and accelerating investments in artificial intelligence (AI) at a time when many industries continue to reassess their workplace needs, according to a new report from Cushman & Wakefield.

The firm’s latest Bright Insight report found that U.S. law firms leased 4.6 million square feet (msf) of office space in the first quarter of 2026, marking the second-strongest first quarter on record and extending a four-year run of record leasing activity for the legal sector.

Over the past four quarters, law firms leased 31% more office space than they did in 2019, underscoring the sector’s outsized role in supporting demand for high-quality office products across U.S. markets.

At the same time, law firms are rapidly increasing investment in AI and technology platforms, signaling that the future of legal work will be both more technologically advanced and more office-centric than many anticipated.

“Law firms are not treating AI and the office as competing priorities,” said David Smith, Head of Americas Insights at Cushman & Wakefield. “The firms moving aggressively on AI are often the same firms continuing to invest in premium office environments, collaboration space and talent development. They increasingly view office real estate, technology and workforce strategy as interconnected competitive advantages.”

According to the report, 44% of legal sector leases signed in Q1 2026 represented expansions in square footage, while less than one-quarter reflected downsizing activity. Nearly all major law firms continue to require regular in-office attendance, with 93% stated policies of at least three in-office days per week, significantly higher than the average office attendance requirements in finance and technology.

The report also found that AI adoption across the legal industry has accelerated rapidly. Sixty-two percent of law firms now report actively using AI, up from just 17% in 2023. An additional 21% of firms plan to implement AI in the future, meaning more than 80% of firms are expected to integrate AI into daily workflows in the coming years.

According to a SurePoint Technologies report, rather than reducing hiring activity, the rise of AI is reshaping workforce demand across the legal industry. AI-related lateral hiring increased 68% overall in 2025 and 106% among associates, while firms continue to add talent across technology, operations and business management functions.

“AI is changing how legal work gets done, but it is not diminishing the importance of people, mentorship or in-person collaboration,” said Cushman & Wakefield’s Senior Research Analyst, Maggie Tillotson. “Law firms continue to see their offices as essential environments for training, culture, client engagement and high-value work.”

Accordingly, law firms’ workplace design continues to evolve to support attorney collaboration and provide client-facing and event space.

The report also highlights how tighter office supply conditions are reinforcing legal sector demand for premium space. The office construction pipeline has declined 86% since 2020, limiting relocation options and increasing competition for high-quality buildings in gateway and fast-growing secondary markets alike.

Since 2025, gateway markets such as New York City, Washington, D.C. and San Francisco have recorded the highest levels of legal leasing activity, while secondary markets including Atlanta, Houston and Dallas have also emerged as leading destinations for law firm expansion.

“The legal industry is entering a period in which workplace strategy, technology and talent can no longer operate in silos,” said Smith. “The firms gaining an edge are the ones investing across all three simultaneously, using AI to improve productivity while continuing to invest in the offices, culture and collaboration that drive long-term performance.”

The full report can be accessed here.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260610548185/en/

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SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP is investigating Blaize Holdings, Inc. (NASDAQ: BZAI) to determine whether certain Blaize Holdings, Inc. officers and directors violated securities laws and breached fiduciary duties to shareholders. Blaize Holdings, Inc. provides artificial intelligence (AI)-enabled edge computing solutions.

Robbins LLP is Investigating Allegations that the Officers and Directors Blaize Holdings, Inc. (BZAI) Violated Securities Laws and Breached Fiduciary Duties to Shareholders

ShareIn late April 2026, two separate short-seller reports were published within two days of each other, both raising concerns regarding Blaize’s customer agreements and business dealings. One report alleged that Blaize had “artificially boosted [its] share price by engaging in a bogus deal with a 4-month-old counterparty whose website features ‘products’ that appear to be photoshopped to add the Blaize logo.” The report focused on Blaize’s recently announced agreement with NeoTensr, which Blaize had announced was expected to generate up to $50.0 million in revenue.

A second short-seller report published shortly thereafter called Blaize a fraud and raised additional concerns regarding the Company’s prior customer agreements. Following the publication of these reports, Blaize’s stock price declined sharply.

What Now: If you lost money in your investment of Blaize Holdings, Inc., contact Robbins LLP for more information about your rights.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas, Jr.
(800) 350-6003
[email protected]
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.

To be notified if a class action against Blaize Holdings, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

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Santosh Mehrotra, Visiting Professor at the Higher School of Economics in Moscow, says India's jobs challenge will not be solved by AI or deep-tech growth alone, because capital-intensive sectors are unlikely to create employment at the scale the country needs. He argues that India must instead focus on labor-intensive manufacturing and a clear industrial policy to generate meaningful, well-paid non-farm jobs for its vast young workforce.

Austin, June 11, 2026 (GLOBE NEWSWIRE) -- AI Robots Market Size & Growth Outlook:

As per the SNS Insider, “The global AI Robots Market Size was valued at USD 8.77 Billion in 2025 and is expected to reach USD 194.36 Billion by 2035, growing at a CAGR of 29.46% over 2026–2035.”

Rising Industrial Automation Investment and Advances in Autonomous Robotics to Augment Market Expansion Globally

We expect strong market growth to continue in the coming years, fueled by faster industrial automation investment, labor market pressures, and the growing commercial practicality of AI-enabled autonomous systems. Once considered aspirational technology, AI robots are increasingly being deployed by organizations as core operational infrastructure, with commercially proven and well-documented benefits in productivity and efficiency. Additionally, progress in collaborative robots, humanoid robot development, edge computing integration, and cloud robotics are constantly expanding the range of tasks and settings where AI robots provide strong value, creating new commercial growth vectors that add to core industrial and defense demand through 2035.

AI Robots Market Size and Growth:

Market Size in 2025: 8.77 BillionMarket Size by 2035: 194.36 BillionCAGR: 29.46% during 2026–2035Base Year: 2025Forecast Period: 2026–2035Historical Data: 2022–2024 Get a Sample Report of AI Robots Market Forecast @ https://www.snsinsider.com/sample-request/1752

Leading Market Players with their Product Listed in this Report are:

NVIDIA CorporationABB LtdIntel Corporation1XGoogleIBM CorporationHanson RoboticsBoston DynamicsXilinx IncFanuc CorporationKUKA AGBlue Frog RoboticsPromobotVicarious FPC, Inc.Neurala Inc.Veo Robotics Inc.Miso Robotics Inc. AI Robots Market Report Scope:

Report AttributesDetailsBase Year2025Forecast Period2026-2035Historical Data2022-2024Report Scope & CoverageMarket Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast OutlookKey Segmentation• By Offering (Hardware, Software)
• By Type (Service Robots, Industrial Robots)
• By Technology (Machine Learning, Context Awareness, Computer Vision, Natural Language Processing)
• By Application (Law Enforcement, Military and Defense, Public Relations, Personal Assistance and Care) Purchase Single User PDF of AI Robots Market Report (20% Discount) @ https://www.snsinsider.com/checkout/1752

Key Segmentation Analysis:

By Offering, Hardware Dominated the Market; Software Segment to Grow with the Fastest CAGR Globally

Hardware commanded the lion’s share of the AI Robots industry in 2025. This is a fundamental truth that each robotic system necessitates physical sensors, actuators, controllers and computing units before any intelligence can be applied, making hardware the inescapable economic bedrock of the whole industry. Software is projected to be the fastest-growing offering sector between 2026 and 2035, because to significant developments in artificial intelligence algorithms, machine learning frameworks, and cloud computing that are constantly increasing the scope of what robots can sense, think, and do in real-world contexts.

By Type, Industrial Robots Dominated the Market; Service Robots Segment to Grow with the Fastest CAGR Globally

Industrial Robots led the way in 2025, a role they have earned after decades of demonstrated success in automotive, electronics, and industrial settings, where their role in accuracy, productivity, and operational efficiency has made them an essential part of contemporary production. Service Robots are forecast to be the fastest growing type segment during 2026–2035, as healthcare, retail, hospitality and domestic applications find the practical and commercial value of AI-powered service automation in environments where human interaction, adaptability and safety are equally important.

By Technology, Machine Learning Dominated the Market; Computer Vision Segment to Witness Fastest CAGR Growth Globally

Machine Learning dominated the AI Robots Market in 2025 due to its essential function in helping robots to continually improve their performance by learning from operational data and making better autonomous decisions as time goes on. The Computer Vision market is expected to grow at the fastest CAGR during 2026-2035, due to the rising demand for the technology to enable robots to analyze images for navigation, quality inspection, surveillance, and object identification, which are becoming must-haves in manufacturing, logistics, and security applications worldwide.

By Application, Military and Defense Dominated the Market; Personal Assistance and Care Segment to Witness Fastest CAGR Growth Globally

Military and Defense held the largest application share in 2025, reflecting the extraordinary investment of governments into autonomous surveillance systems, unmanned vehicles, and AI-powered tactical platforms that provide strategic and operational advantages in an increasingly complex global security environment. The Personal Assistance and Care application segment is the fastest growing, driven by a rapidly aging global population that creates an urgent need for robots that can support elderly care, rehabilitation and home assistance – an emotional and economic need only expected to intensify through 2035.

Regional Insights:

North America held the largest share in the regional revenue with an approximate share of 39% in 2025. The dominance of this region is attributed to the unique combination of AI research leadership, investment in industrial automation, the scale of defense procurement, and the commercial presence of industry pioneers such as NVIDIA, Rockwell Automation, and Boston Dynamics. The large U.S. market for manufacturing, healthcare, military and logistics applications provides a diversified demand base that supports above-average growth through economic cycles.

The Asia Pacific is the fastest growing regional market with a CAGR of nearly 31.8% over the forecast period from 2026 to 2035. The region is the most active AI robot deployment environment in the world owing to the enormous manufacturing scale of China, the rich robotics heritage of Japan, and the technology-forward industrial culture of South Korea. Rapid industrialization in India, Vietnam and Indonesia is generating new first-time adoption demand for an already commercially dynamic regional market.

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Recent Developments:

2025: NVIDIA Corporation expanded its robotics ecosystem by enhancing AI platforms such as Isaac for autonomous machines, focusing on simulation, training, and deployment of intelligent robots across industrial and service applications globally.2025: ABB Ltd strengthened its robotics portfolio by advancing collaborative robots and AI-driven automation solutions, focusing on flexible manufacturing and smart factory applications that address the growing demand for human-robot collaboration in industrial environments. Exclusive Sections of the AI Robots Market Report (The USPs):

AI ROBOT DEPLOYMENT & OPERATIONAL INTELLIGENCE METRICS – helps you understand adoption trends across industrial, service, and defense robot categories along with improvements in autonomous decision-making performance, task efficiency, and operational reliability.MACHINE LEARNING & COMPUTER VISION INTEGRATION METRICS – helps you evaluate technology adoption trends in AI algorithm deployment, real-time image analysis, object recognition, and autonomous navigation capabilities across industrial and commercial robot applications.SMART FACTORY & INDUSTRY 4.0 ADOPTION METRICS – helps you analyze demand across manufacturing, logistics, and process automation applications along with collaborative robot penetration rates, smart factory investment trends, and IIoT connectivity adoption.HEALTHCARE & SERVICE ROBOT EXPANSION METRICS – helps you uncover growth in elderly care automation, rehabilitation robotics, surgical assistance, retail service deployment, and domestic robot adoption across global healthcare and consumer markets.DEFENSE & AUTONOMOUS SYSTEMS PROCUREMENT METRICS – helps you identify growth opportunities in military surveillance robots, unmanned vehicle deployment, border security automation, and government AI robot investment across global defense budgets.COMPETITIVE LANDSCAPE & AI ROBOT MARKET EXPANSION METRICS – helps you gauge the competitive strength of key market players based on AI platform innovation, robot deployment scale, R&D investment, and commercial application portfolio development globally. About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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AVENTURA, Fla., June 11, 2026 (GLOBE NEWSWIRE) -- Safe Pro Group Inc. (Nasdaq: SPAI) (“Safe Pro” or the “Company”), a developer of artificial intelligence (AI)-enabled defense, security, and situational awareness solutions, announced today that it will be providing operational support to soldiers during an upcoming Army airfield exercise. At the event, Safe Pro will be demonstrating how its recently delivered AI-powered threat detection technology can be a force multiplier for rapid airfield operations. This new application of the Company’s AI technology significantly expands its potential utilization into global airfield operations in addition to its current use in battlefield and post-conflict zone land reclamation and rebuilding missions.

Safe Pro’s team is scheduled to demonstrate this new AI capability for airfield operations at a U.S. Army event scheduled in late June 2026. The ability to rapidly assess the condition of airfields, runways and landing zones utilizing standard drones and its patented AI-powered imagery analysis technologies represents a significant expansion and logical extension of its solution portfolio. This added capability builds upon the over three years of real-world use in Ukraine where Safe Pro’s patented AI-powered computer vision technology has been used to detect a wide array of threats including landmines, cluster munitions, UXO, and ambush drones.

In addition to the airfield exercise, the Company continues to witness strong interest in its capabilities by the U.S. Army, highlighted by:

The Company has been requested to participate in several U.S. Army-funded technology exercises featuring its edge compute AI-powered NODE and drone imagery analysis platform throughout Q3 2026.The Company will also showcase its newest AI threat detection capability featuring the operation of its InFlight software embedded into the Red Cat Black Widow™ drone with real-time mine detections pushed into the Army’s Android Tactical Assault Kit (ATAK) platform. ATAK is a scalable distribution system utilized by the U.S. Army to provide actionable intelligence across vehicles, command posts and soldier devices. To see a video sample of the ATAK integration in action, please click here! “For several years our team has firmly believed that our novel models would grow beyond surveying minefields and this latest Army request to have our AI potentially support their airfield operations is evidence that we have opportunities to globally scale our growth,” said Dan Erdberg Chairman and CEO of Safe Pro Group Inc. “We look forward to this near-term opportunity to work with the Army on airfield assessment tactics and rapidly iterate on feedback to develop additional AI tools that can enhance future mission outcomes.”

Powered by Safe Pro’s patented SPOTD (Safe Pro Object Threat Detection) technology, the NODE edge compute system uses AI and machine learning algorithms trained on one of the world’s largest real-world drone-based imagery datasets to instantly detect small, hard-to-find threats such as landmines, cluster munitions, UXO, and ambush drones. The platform can identify more than 150 types of explosive threats and objects of interest across large-scale, high-risk environments, turning drone-based video data into detailed 2D & 3D models. Operating on the edge without the need for connectivity, NODE enables the rapid generation of orthomosaics, vegetation height, terrain slope and digital surface maps and 3D models, all incorporating detected threats, providing rapid battlefield situational awareness to end users.

Built on battle-tested AI, Safe Pro’s technology converts raw visual data collected by drones into rapidly shareable, high-resolution 2D and 3D maps, providing a novel and scalable approach to situational awareness on the battlefield. Safe Pro’s AI dataset includes more than 2.8 million drone images and over 50,368 confirmed detections collected in over 35,000 acres of land in Ukraine. For more information about Safe Pro’s real-world landmine and UXO detections, visit: https://safeproai.com/landmine-detections/.

For information about Safe Pro Group, its subsidiaries, and technologies, please visit https://safeprogroup.com and connect with us on LinkedIn, Facebook, and X.

About Safe Pro Group Inc.
Safe Pro Group Inc. (Nasdaq: SPAI) is a mission-driven technology company delivering AI-enabled security and defense solutions. Through cutting-edge platforms like SPOTD, Safe Pro provides advanced situational awareness tools for defense, humanitarian, and homeland security applications globally. The Company is a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing, leveraging commercially available off-the-shelf drones with its proprietary machine learning and computer vision technology to enable rapid identification of explosive threats, providing a safer and more efficient alternative to traditional human-based analysis methods. Built on a cloud-based ecosystem and powered by Amazon Web Services (AWS), Safe Pro Group’s scalable platform targets multiple markets, including commercial, government, law enforcement, and humanitarian sectors where its Safe Pro AI software, Safe-Pro USA protective gear, and Airborne Response drone-based services can work in synergy to deliver safety and operational efficiency. For more information on Safe Pro Group Inc., please visit https://safeprogroup.com.

Forward-Looking Statements
Some of the statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements relate to future events, future expectations, plans, and prospects. Forward-looking statements in this press release include, without limitation, statements regarding the anticipated development of new capabilities and the acceptance and/or continued use of its solutions by potential government, military, and humanitarian organizations, and the Company's future business plans and expectations. Although Safe Pro Group believes the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Safe Pro Group has attempted to identify forward-looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “seek," "target," "forecast," "continue," "approximately,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth under Item 1A in the Company’s most recently filed Form 10-K and updated from time to time in the Company’s Form 10-Q filings and in other filings with the Securities and Exchange Commission (the “SEC”), copies of which may be obtained from the SEC’s website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of its date. Safe Pro Group undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except as required by law.

Media Relations for Safe Pro Group Inc.:
[email protected]

Investor Contact:
Ankit Hira, Managing Director
Solebury Strategic Communications for Safe Pro Group Inc.
[email protected]